Professional Documents
Culture Documents
0F$IHH$GYDQFHG7KUHDW'HIHQVH
&23<5Ζ*+7
k0F$IHH//&
75$'(0$5.$775Ζ%87Ζ216
0F$IHHDQGWKH0F$IHHORJR0F$IHH$FWLYH3URWHFWLRQH3ROLF\2UFKHVWUDWRU0F$IHHH32)RXQGVWRQH0F$IHH/LYH6DIH0F$IHH4XLFN&OHDQ0F$IHH6(&85(
6HFXUH260F$IHH6KUHGGHU6LWH$GYLVRU0F$IHH6WLQJHU7UXVWHG6RXUFH9LUXV6FDQDUHWUDGHPDUNVRI0F$IHH//&RULWVVXEVLGLDULHVLQWKH86DQGRWKHUFRXQWULHV
2WKHUPDUNVDQGEUDQGVPD\EHFODLPHGDVWKHSURSHUW\RIRWKHUV
/Ζ&(16(Ζ1)250$7Ζ21
/LFHQVH$JUHHPHQW
127Ζ&(72$//86(56&$5()8//<5($'7+($335235Ζ$7(/(*$/$*5((0(17&255(6321'Ζ1*727+(/Ζ&(16(<28385&+$6(':+Ζ&+6(76)257+7+(
*(1(5$/7(506$1'&21'Ζ7Ζ216)257+(86(2)7+(/Ζ&(16('62)7:$5(Ζ)<28'2127.12::+Ζ&+7<3(2)/Ζ&(16(<28+$9($&48Ζ5('3/($6(
&2168/77+(6$/(6$1'27+(55(/$7('/Ζ&(16(*5$1725385&+$6(25'(5'2&80(1767+$7$&&203$1<<28562)7:$5(3$&.$*Ζ1*257+$7<28+$9(
5(&(Ζ9('6(3$5$7(/<$63$572)7+(385&+$6($6$%22./(7$)Ζ/(217+(352'8&7&'25$)Ζ/($9$Ζ/$%/(217+(:(%6Ζ7()520:+Ζ&+<28
'2:1/2$'('7+(62)7:$5(3$&.$*(Ζ)<28'2127$*5((72$//2)7+(7(5066(7)257+Ζ17+($*5((0(17'2127Ζ167$//7+(62)7:$5(Ζ)
$33/Ζ&$%/(<280$<5(78517+(352'8&7720&$)((257+(3/$&(2)385&+$6()25$)8//5()81'
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQWHQWV
ΖQWURGXFWLRQ
7KHPDOZDUHWKUHDWVFHQDULR
7KH$GYDQFHG7KUHDW'HIHQVHVROXWLRQ
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
7HUPLQRORJLHV
0DOZDUHDQDO\VLVZRUNȵRZ
ΖQWHUQHWDFFHVVWRVDPSOHȴOHV
(QDEOHWKHPDOZDUHSRUW
$GGXVHUV
&UHDWLQJDQDO\]HU90V
$QDO\]HU90UHTXLUHPHQWV
&UHDWHWKHYLUWXDOPDFKLQH
&UHDWHWKH90'.ȴOH
3UHSDUHWKH90'.LPDJHIRUDQDO\VLV
ΖQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDOPDFKLQH
(QDEOH3')ȴOHDQDO\VLV
(QDEOH-$5ȴOHDQDO\VLV
(QDEOH)ODVKȴOHDQDO\VLV
ΖPSRUWWKH90'.ȴOH
&RQYHUWWKH90'.ȴOHWRDQLPDJHȴOH
&UHDWH90SURȴOHV
9LHZWKHV\VWHPORJV
&UHDWHDQDO\]HUSURȴOHV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
ΖQWHJUDWLRQZLWK0F$IHHH32IRU26SURȴOLQJ
&RQȴJXUH0F$IHHH32LQWHJUDWLRQWRSXEOLVKWKUHDWHYHQWV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK';/
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK$FWLYH5HVSRQVH
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK3ULYDWH*7Ζ&ORXG
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK7Ζ(
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK0F$IHH1*):
&RQȴJXUHWKHGDWHDQGWLPH
&RQȴJXUHWKHPD[LPXPZDLWWLPHWKUHVKROG
&RQȴJXUH'16VHWWLQJ
&RQȴJXUH/'$3
&RQȴJXUHSUR[\VHUYHUVIRUΖQWHUQHWFRQQHFWLYLW\
&RQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRFRPPXQLFDWHZLWK0F$IHH*7Ζ
(QDEOHWKHPDOZDUHVLWHSUR[\
&RQȴJXUH6103VHWWLQJ
&RQȴJXUHWKHV\VORJVHWWLQJV
9LHZWKH6\VORJORJV
9LHZWKH$XGLW/RJ
&RQȴJXUHWHOHPHWU\
(QDEOHWHOHPHWU\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQWHQWV
'LVDEOHWHOHPHWU\
&RQȴJXULQJ(PDLO&RQQHFWRU
(QDEOHDQGFRQȴJXUH(PDLO&RQQHFWRU
&RQȴJXULQJ\RXU6HFXUH(PDLO*DWHZD\IRU(PDLO&RQQHFWRU
&RQȴJXUH(PDLO&RQQHFWRUȴOWHULQJUXOHV
8QGHUVWDQGLQJ(PDLO+HDGHUVZLWKDQDO\VLVVWDWXV
6HWPLQLPXP66/7/6YHUVLRQ
(QDEOH&RPPRQ&ULWHULD&&PRGH
(QDEOHDFFRXQWORFNRXW
&RQȴJXUHWKHPLQLPXPQXPEHURISDVVZRUGFKDUDFWHUV
$GGWKH$GYDQFHG7KUHDW'HIHQVHORJRQEDQQHU
*HQHUDWLQJD&HUWLȴFDWHVLJQLQJUHTXHVW&65
*HQHUDWHD&65
8SORDGFHUWLȴFDWHV
8SGDWLQJFRQWHQW
'HȴQLQJ&XVWRP%HKDYLRUDO5XOHV
&UHDWHWKH&XVWRP%HKDYLRUDO5XOHVȴOH
'HȴQH&XVWRP<DUD6FDQQHU
&UHDWH&XVWRP<$5$6FDQQHUȴOHV
ΖPSRUWFXVWRPEHKDYLRUDODQG<$5$VFDQQHUUXOHV
&KDQJHFXVWRPEHKDYLRUDOUXOHVDQG<$5$VFDQQHUȴOHV
'LVDEOHFXVWRPEHKDYLRUDOUXOHV
0DQDJHZKLWHOLVWGDWDEDVHVDPSOHV
0DQDJHWKHȴOHDQG85/VDPSOHV
0DQDJHWKHGLJLWDOVLJQDWXUHVDPSOHV
8SGDWH'$7YHUVLRQIRU0F$IHH*DWHZD\$QWL0DOZDUHDQG$QWL9LUXV
8SGDWHWKHGHWHFWLRQSDFNDJH
$XWRPDWLFDOO\GRZQORDGWKHODWHVW'HWHFWLRQ3DFNDJH
0DQXDOO\XSORDGWKHODWHVW'HWHFWLRQ3DFNDJH
$QDO\]LQJPDOZDUH
$QDO\]HȴOHV
8SORDGȴOHVIRUDQDO\VLV
8SORDGȴOHVIRUDQDO\VLVXVLQJ6)73
$QDO\]H85/V
$QDO\]LQJ85/V
8SORDG85/VIRUDQDO\VLVXVLQJ$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
0RQLWRUWKHVWDWXVRIPDOZDUHDQDO\VLV
9LHZWKHDQDO\VLVUHVXOWV
9LHZWKH7KUHDW$QDO\VLVUHSRUW
9LHZWKH'URSSHG)LOHVUHSRUW
9LHZLQJDQG8QGHUVWDQGLQJWKH'LVDVVHPEO\5HVXOWVUHSRUW
/RJLF3DWK*UDSK
8VHU$3Ζ/RJ
'RZQORDGWKH&RPSOHWH5HVXOWV]LSȴOH
'RZQORDGWKHRULJLQDOVDPSOH
6XEPLWIDOVHSRVLWLYHDQGQHJDWLYHVDPSOHV
6XEPLWIDOVHSRVLWLYHVDPSOHV
6XEPLWIDOVHQHJDWLYHVDPSOHV
7URXEOHVKRRWORZVDQGER[ȴOHVFRUHV
0RQLWRU$GYDQFHG7KUHDW'HIHQVHZLWKWKH'DVKERDUG
&/ΖFRPPDQGV
ΖVVXLQJ&/ΖFRPPDQGV
ΖVVXLQJFRPPDQGV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQWHQWV
ΖVVXLQJDFRPPDQGWKURXJK66+
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
$XWRFRPSOHWH
&/ΖV\QWD[
0DQGDWRU\FRPPDQGV
/RJRQWRWKH&/Ζ
0HDQLQJRI"
/LVWRI&/ΖFRPPDQGV
DFWLYH5HVSRQVH6WDWV
DPDV
DWGFRXQWHU
EDFNXSUHSRUWV
EDFNXSUHSRUWVGDWH
%ODFNOLVW
FOHDUVWDWVDOO
FOHDUVWDWV$FWLYH5HVSRQVH
FOHDUVWDWVG[O
FOHDUVWDWVOE
FOHDUVWDWVWHSXEOLVKHU
FOHDUOEFRQȴJ
FUHDWH'HIDXOW9PV
GEBUHSDLU
GHOHWHEODFNOLVW
GHOHWHVDPSOHVFRUH!
GHOHWHVDPSOHUHSRUW
GLVNFOHDQXS
G[OVWDWXV
([LW
IDFWRU\GHIDXOWV
ȴOHW\SHȴOWHU
IWSWHVW86(5B1$0(
JWLUHVWDUW
KHOS
KWWSBUHGLUHFW
LQVWDOOPVX
LQVWDOOSDFNDJHSDFNDJHSDWK!
OEVHUYLFHUHVWDUWVWDWXV
OEVWDWV
OLVW
ORZVHYHULW\VWDWXV
QRPDOZDUHGQV
QRWLPHRXW
QVORRNXS
SDVVZG
SLQJ
TXLW
UHERRW
UHPRYH
UHPRYH$QGURLG
UHPRYHQHWZRUNDGGUHVV
UHPRYH6DPSOHΖQ:DLWLQJ
UHPRYHYPΖPDJH
UHVHWXLDGPLQSDVVZG
UHVHWXVHUWLPHRXW
UHVWDUWQHWZRUN
UHYHUWSDFNDJHDSSOLFDWLRQ
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQWHQWV
UHYHUWSDFNDJHGHWHFWLRQ
UHYHUWZHEFHUWLȴFDWH
URXWHDGGGHOHWHQHWZRUN
VDPSOHȴOWHU
VHWDSSOLDQFHGQV$%&'()*+:25'
VHWSRUW
VHWDSSOLDQFHJDWHZD\
VHWDSSOLDQFHLS
VHWDSSOLDQFHQDPH
VHWJWLGQVFKHFN
VHWJWLVHUYHULS3ULYDWH&ORXGΖ3!
VHWJWLVHUYHUXUO'RPDLQ1DPH!
VHWJWLVHUYHULS
VHWJWLVHUYHUXUO
VHWLQWISRUW
VHWLQWISRUW!LSGHOHWHLSDGGUHVV!
VHWLQWISRUWDXWR
VHWLQWISRUWLS
VHWLQWISRUWVSHHGGXSOH[
VHWΖ3$GGUHVV6ZDS
VHWOGDSHQDEOH_GLVDEOH
VHWPDOZDUHGQV
VHWPDOZDUHLQWISRUW
VHWPJPWSRUWDXWR
VHWPDOZDUHLQWISRUWPJPW
VHWPJPWSRUWVSHHGDQGGXSOH[
VHWSGȵLQNV
VHWȴOHVL]HV
6HW)73
VHWKHDGHUORJ
VHWORJFRQȴJ
VHWPDUWLPHRXW
VHWQVSVVOFKDQQHOHQFU\SWLRQ
VHWQVSWFSFKDQQHOHQDEOH_GLVDEOH
VHWUHVXOWEDFNXSHQDEOH!GLVDEOH!
VHWVWL[UHSRUWVWDWXV
VHWWFSGXPS
VHWWLPHRXW!
VHWXLORJ
VHWXLWLPHRXW
VKRZ
VKRZGDWYHUVLRQ
VKRZGVVWDWXV
VKRZHF
VKRZHFȴOHW\SHV
VKRZHFȴOWHUUXOHV
VKRZHFSHUPLWWHG+RVWV
VKRZHFUHMHFWPRGH
VKRZHFWOVLQERXQG_GHOLYHU\
VKRZHSRVWDWVQVS
VKRZȴOHTXHXH
VKRZȴOHVL]HV
VKRZIWS
VKRZJWLGQV
VKRZJWLVHUYHU
VKRZKLVWRU\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQWHQWV
VKRZLQWISRUW
VKRZΖ3$GGUHVV6ZDS
VKRZOGDS
VKRZOLFHQVHLQIR
VKRZOLFHQVHVWDWXV
VKRZORJFRQȴJ
VKRZPDUWLPHRXW
VKRZSGȵLQNV
VKRZPVX
VKRZQVSVFDQGHWDLOV
VKRZQVSVVOFKDQQHOHQFU\SWLRQVWDWXV
VKRZSRUW
VKRZUHVXOWEDFNXS
VKRZUPPLQIR
VKRZURXWH
VKRZVWL[UHSRUWVWDWXV
VKRZV\VWHPLG
VKRZWFSGXPS
VKRZWHSXEOLVKHUVWDWXV
VKRZWLPHRXW
VKRZXLWLPHRXW
VKRZXLORJ
VKRZYHUVLRQ
VKRZYHUVLRQDSSOLFDWLRQ
VKRZYHUVLRQGHWHFWLRQ
VKRZYPΖPDJH
VKRZZDLWWLPH
VKXWGRZQ
VWDWXV
WHUPLQDO
XQORFNXVHUXVHUQDPH!
XSGDWHBDYGDW
YPOLVW
ZDWFKGRJ
ZHE
ZKLWHOLVW0HUJH
[OGHVWUR\
0DQDJLQJ$GYDQFHG7KUHDW'HIHQVH
'HOHWH90'.ȴOHV
0RQLWRUWKH$GYDQFHG7KUHDW'HIHQVHSHUIRUPDQFH
8SJUDGHWKHVRIWZDUHDQG$QGURLGDQDO\]HU90
3UHSDUHIRUWKHXSJUDGH
'RZQORDGWKHSURGXFWȴOHV
&RPSOHWHWKHXSJUDGH
9LHZWKHXSJUDGHORJ
8SJUDGHWKHVRIWZDUHLQFUHPHQWDOO\
/LPLWWKHQXPEHURIUHFRUGVLQWKHGDWDEDVH
7URXEOHVKRRWLQJ
([SRUWWKH$GYDQFHG7KUHDW'HIHQVHORJȴOHV
5HFUHDWHWKHDQDO\]HU90V
'HOHWHWKHDQDO\VLVUHVXOWVDQGUHSRUWV
5HVHWHPDLOUHSRUWVDQGFDFKH
%DFNDQGUHVWRUH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHIURPD86%GULYH
&UHDWHWKH86%UHFRYHU\GULYH
5HLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQWHQWV
%DFNXSDQGUHVWRUHWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVH
6FKHGXOHDGDWDEDVHEDFNXS
5HVWRUHDGDWDEDVHEDFNXS
ΖQGH[
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
ΖQWURGXFWLRQ
p
0F$IHH $GYDQFHG7KUHDW'HIHQVH$GYDQFHG7KUHDW'HIHQVHLVDQRQSUHPLVHDSSOLDQFHWKDWIDFLOLWDWHV
GHWHFWLRQDQGSUHYHQWLRQRIPDOZDUH
$GYDQFHG7KUHDW'HIHQVHSURYLGHVSURWHFWLRQIURPNQRZQQHDU]HURGD\DQG]HURGD\PDOZDUHZLWKRXW
FRPSURPLVLQJRQWKHTXDOLW\RIVHUYLFHWR\RXUQHWZRUNXVHUV
$GYDQFHG7KUHDW'HIHQVHKDVWKHDGGHGDGYDQWDJHRIEHLQJDQLQWHJUDWHGVROXWLRQΖQDGGLWLRQWRLWVRZQ
PXOWLOHYHOWKUHDWGHWHFWLRQFDSDELOLWLHVLWVDELOLW\WRVHDPOHVVO\LQWHJUDWHZLWKRWKHU0F$IHHVHFXULW\SURGXFWV
SURWHFWV\RXUQHWZRUNDJDLQVWPDOZDUHDQGRWKHU$GYDQFHG3HUVLVWHQW7KUHDWV$37V
&RQWHQWV
7KHPDOZDUHWKUHDWVFHQDULR
7KH$GYDQFHG7KUHDW'HIHQVHVROXWLRQ
7KHPDOZDUHWKUHDWVFHQDULR
$Q\VRIWZDUHFDSDEOHRIEHLQJLQYROYHGLQKRVWLOHDFWLYLWLHVZLWKUHVSHFWWRDFRPSXWHUDSSOLFDWLRQRUQHWZRUN
FDQEHWHUPHGDVPDOZDUH$GYDQFHG7KUHDW'HIHQVHLVGHVLJQHGIRUGHWHFWLQJȴOHDQG85/EDVHGPDOZDUH
(DUOLHUXVHUVUHFHLYHGPDOZDUHDVDWWDFKPHQWVLQWKHLUHPDLOV:LWKWKHXSVXUJHLQΖQWHUQHWDSSOLFDWLRQVXVHUV
RQO\QHHGWRFOLFNDOLQNWRGRZQORDGȴOHV7RGD\WKHUHDUHPDQ\RWKHURSWLRQVWRSRVWVXFKȴOHVȃEORJVVRFLDO
QHWZRUNLQJVLWHVZHEVLWHVFKDWPHVVDJHVZHEPDLOVPHVVDJHERDUGVDQGVRRQ7KHNH\FKDOOHQJHVLQ
WDFNOLQJWKLVLVVXHDUHWRGHWHFWPDOZDUHLQWKHVKRUWHVWSRVVLEOHWLPHDQGDOVRFRQWDLQLWIURPVSUHDGLQJWR
RWKHUFRPSXWHUV
7KHUHDUHIRXUPDMRUDVSHFWVWRDQDQWLPDOZDUHVWUDWHJ\
ȏ 'HWHFWLRQRIȴOHGRZQORDGV:KHQDXVHUDWWHPSWVWRGRZQORDGDȴOHIURPDQH[WHUQDOUHVRXUFH\RXU
VHFXULW\SURGXFWPXVWEHDEOHWRGHWHFWLW
ȏ $QDO\VLVRIWKHȴOHIRUPDOZDUH<RXPXVWEHDEOHWRYHULI\LIWKHȴOHFRQWDLQVDQ\NQRZQPDOZDUH
ȏ %ORFNIXWXUHGRZQORDGVRIWKHVDPHȴOH6XEVHTXHQWO\LIWKHȴOHLVIRXQGWREHPDOLFLRXV\RXUDQWLPDOZDUH
SURWHFWLRQPXVWSUHYHQWIXWXUHGRZQORDGVRIWKHVDPHȴOHRULWVYDULDQWV
ȏ ΖGHQWLI\DQGUHPHGLDWHDHFWHGKRVWV<RXUVHFXULW\V\VWHPPXVWEHDEOHWRLGHQWLI\WKHKRVWZKLFK
H[HFXWHGWKHPDOZDUHDQGDOVRGHWHFWWKHKRVWVWRZKLFKLWKDVVSUHDG7KHQLWPXVWSURYLGHDQRSWLRQWR
TXDUDQWLQHWKHDHFWHGKRVWVXQWLOWKH\DUHFOHDQDJDLQ
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
ΖQWURGXFWLRQ
7KH$GYDQFHG7KUHDW'HIHQVHVROXWLRQ
7KH$GYDQFHG7KUHDW'HIHQVHVROXWLRQ
$VHFXULW\VROXWLRQWKDWUHOLHVRQDVLQJOHPHWKRGRUSURFHVVPLJKWQRWEHDGHTXDWHWRSURYLGHFRPSOHWHDQG
UHOLDEOHSURWHFWLRQIURPPDOZDUHDWWDFNV<RXPLJKWQHHGDPXOWLOD\HUHGVROXWLRQWKDWLQYROYHVYDULRXV
WHFKQLTXHVDQGSURGXFWV
7KHVROXWLRQFDQLQFOXGHSDWWHUQPDWFKLQJJOREDOUHSXWDWLRQSURJUDPHPXODWLRQVWDWLFDQDO\VLVDQGG\QDPLF
DQDO\VLV$OOWKHVHOD\HUVPXVWEHVHDPOHVVO\LQWHJUDWHGDQGSURYLGH\RXZLWKDVLQJOHSRLQWRIFRQWUROIRUHDV\
FRQȴJXUDWLRQDQGPDQDJHPHQW)RUH[DPSOHSDWWHUQPDWFKLQJPLJKWQRWGHWHFW]HURGD\DWWDFNV6LPLODUO\
VWDWLFDQDO\VLVWDNHVOHVVWLPHWKDQG\QDPLFDQDO\VLV+RZHYHUPDOZDUHFDQDYRLGVWDWLFDQDO\VLVE\FRGH
REIXVFDWLRQ0DOZDUHFDQHVFDSHG\QDPLFDQDO\VLVWRRE\GHOD\LQJH[HFXWLRQRUWDNHDQDOWHUQDWHH[HFXWLRQ
SDWKLIWKHPDOZDUHGHWHFWVWKDWLWLVEHLQJUXQLQDVDQGER[HQYLURQPHQW7KLVLVZK\DUHOLDEOHSURWHFWLRQIURP
PDOZDUHUHTXLUHVDPXOWLOHYHODSSURDFK
7KHUHDUHRWKHULQGXVWU\OHDGLQJ0F$IHHDQWLPDOZDUHSURGXFWVIRUWKHZHEQHWZRUNDQGHQGSRLQWV+RZHYHU
0F$IHHUHFRJQL]HVWKDWDUREXVWDQWLPDOZDUHVROXWLRQUHTXLUHVDPXOWLOD\HUHGDSSURDFKWKHUHVXOWRIZKLFKLV
$GYDQFHG7KUHDW'HIHQVH
$GYDQFHG7KUHDW'HIHQVHLQWHJUDWHVZLWKRWKHU0F$IHHDQGWKLUGSDUW\SURGXFWVWRSURYLGH\RXDPXOWLOD\HUHG
GHIHQVHPHFKDQLVPDJDLQVWPDOZDUH
ȏ 7RTXLFNO\GHWHFWPDOZDUH$GYDQFHG7KUHDW'HIHQVHLQFOXGHVDORFDOEODFNOLVW
KDVDOUHDG\EHHQLGHQWLȴHGE\RUJDQL]DWLRQVWKURXJKRXWWKHJOREH
ȏ ΖQFOXGHVWKH0F$IHH *DWHZD\$QWL0DOZDUH(QJLQHIRUHPXODWLRQFDSDELOLWLHV
p
ȏ ΖQFOXGHVWKH0F$IHH $QWL0DOZDUH(QJLQHIRUVLJQDWXUHEDVHGGHWHFWLRQ
p
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
ΖQWURGXFWLRQ
7KH$GYDQFHG7KUHDW'HIHQVHVROXWLRQ
ȏ '\QDPLFDOO\DQDO\]HVWKHȴOHE\H[HFXWLQJLWLQDYLUWXDOVDQGER[HQYLURQPHQW%DVHGRQKRZWKHȴOH
EHKDYHV$GYDQFHG7KUHDW'HIHQVHGHWHUPLQHVLWVPDOLFLRXVQDWXUH
ȏ $OORZV\RXWRFRQȴJXUH\RXU6HFXUH(PDLO*DWHZD\WRVHQGHPDLOVDQGDWWDFKPHQWVWR$GYDQFHG7KUHDW
'HIHQVHIRUDQDO\VLV
)LJXUH&RPSRQHQWVIRUPDOZDUHDQDO\VLV
+HUHDUHVRPHRIWKHDGYDQWDJHVWKDW$GYDQFHG7KUHDW'HIHQVHSURYLGHV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
ΖQWURGXFWLRQ
7KH$GYDQFHG7KUHDW'HIHQVHVROXWLRQ
ȏ $GYDQFHG7KUHDW'HIHQVHGRHVQRWVQLRUWDSLQWR\RXUQHWZRUNWUDɝFΖWDQDO\]HVWKHȴOHVVXEPLWWHGWRLW
IRUPDOZDUH7KLVPHDQVWKDW\RXFDQSODFHWKH0F$IHH $GYDQFHG7KUHDW'HIHQVH$SSOLDQFHDQ\ZKHUHLQ
p
\RXUQHWZRUNDVORQJDVLWLVUHDFKDEOHWRDOOWKHLQWHJUDWHG0F$IHHSURGXFWVΖWLVDOVRSRVVLEOHIRURQH
$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHWRFDWHUWRDOOVXFKLQWHJUDWHGSURGXFWVDVVXPLQJWKHQXPEHURIȴOHV
VXEPLWWHGLVZLWKLQWKHVXSSRUWHGOHYHO7KLVGHVLJQFDQPDNHLWDFRVWHHFWLYHDQGVFDODEOHDQWLPDOZDUH
VROXWLRQ
ȏ )RUPDOZDUHDQDO\VLV$GYDQFHG7KUHDW'HIHQVHFDQUHFHLYHȴOHVIURPWKHVHLQOLQHGHYLFHV
ȏ Ζ366HQVRUV
ȏ 0F$IHH :HE*DWHZD\
p
ȏ 0F$IHH (PDLO*DWHZD\
p
ȏ $QGURLGLVFXUUHQWO\RQHRIWKHWRSWDUJHWVIRUPDOZDUHGHYHORSHUV:LWKWKLVLQWHJUDWLRQWKH$QGURLGEDVHG
KDQGKHOGGHYLFHVRQ\RXUQHWZRUNDUHDOVRSURWHFWHG<RXFDQG\QDPLFDOO\DQDO\]HWKHȴOHVGRZQORDGHGE\
\RXU$QGURLGGHYLFHVVXFKDVVPDUWSKRQHVDQGWDEOHWV
ȏ )LOHVDUHFRQFXUUHQWO\DQDO\]HGE\YDULRXVHQJLQHV6RLWLVSRVVLEOHIRUNQRZQPDOZDUHWREHEORFNHGLQ
DOPRVWUHDOWLPH
ȏ :KHQ$GYDQFHG7KUHDW'HIHQVHG\QDPLFDOO\DQDO\]HVDȴOHLWVHOHFWVWKHDQDO\]HUYLUWXDOPDFKLQHWKDWXVHV
WKHVDPHRSHUDWLQJV\VWHPDQGDSSOLFDWLRQVDVWKDWRIWKHWDUJHWKRVW7KHG\QDPLFDQDO\VLVFDQEH
IDFLOLWDWHGWKURXJKLWVLQWHJUDWLRQZLWK0F$IHH H3ROLF\2UFKHVWUDWRU 0F$IHH H32 RUWKURXJKSDVVLYH
p p p Ƞ
GHYLFHSURȴOLQJIHDWXUHRI0F$IHH 1HWZRUN6HFXULW\3ODWIRUP$GYDQFHG7KUHDW'HIHQVHUXQVWKHȴOHRQO\LQ
p
WKHYLUWXDOHQYLURQPHQW7KHG\QDPLFDQDO\VLVUHVXOWVKHOS\RXWRLGHQWLI\WKHH[DFWLPSDFWRQDWDUJHWHG
KRVWLIWKHȴOHLVUXQ<RXFDQDOVRFRQȴJXUH\RXUHQYLURQPHQWWRWDNHWKHUHTXLUHGUHPHGLDOPHDVXUHV
ȏ :KHQKRVWVGRZQORDG]HURGD\PDOZDUHWKH6HQVRUVXEPLWVWKHȴOHWR$GYDQFHG7KUHDW'HIHQVH$IWHU
G\QDPLFDQDO\VLV$GYDQFHG7KUHDW'HIHQVHGHWHUPLQHVLIWKHȴOHLVPDOLFLRXV%DVHGRQWKH$GYDQFHG
0DOZDUHSROLF\WKH0DQDJHUDGGVWKHPDOZDUHWRWKH6HQVRUEODFNOLVWΖIWKHȴOHLVDOVRRQWKH$GYDQFHG
7KUHDW'HIHQVHEODFNOLVWWKHȴOH
VDELOLW\WRUHHQWHU\RXUQHWZRUNLVJUHDWO\UHGXFHG
ȏ (YHQWKHȴUVWWLPHZKHQD]HURGD\PDOZDUHLVGRZQORDGHG\RXFDQFRQWDLQLWE\TXDUDQWLQLQJWKHDHFWHG
KRVWVXQWLOWKH\DUHFOHDQHGDQGUHPHGLDWHG
ȏ 3DFNLQJFDQFKDQJHWKHFRPSRVLWLRQRIWKHFRGHRUHQDEOHDPDOZDUHWRHYDGHUHYHUVHHQJLQHHULQJ6R
SURSHUXQSDFNLQJLVYHU\FULWLFDOWRJHWWKHDFWXDOPDOZDUHFRGHIRUDQDO\VLV$GYDQFHG7KUHDW'HIHQVHLV
FDSDEOHRIXQSDFNLQJWKHFRGHVXFKWKDWWKHRULJLQDOFRGHLVVHFXUHGIRUVWDWLFDQDO\VLV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRU
PDOZDUHDQDO\VLV
7RFRQȴJXUH$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLVORJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHE
LQWHUIDFH
(QVXUHWKDW\RXFKDQJHWKHSDVVZRUGIRUFOLDGPLQIURPWKH&RPPDQGOLQHLQWHUIDFHDQGDWGDGPLQIURPWKH
ZHELQWHUIDFHIRUWKHFRQȴJXUDWLRQVWREHVXFFHVVIXO6RPHRIWKHFRQȴJXUDWLRQVPLJKWIDLOLI\RXFRQWLQXHXVLQJ
WKHGHIDXOWSDVVZRUG
&RQWHQWV
7HUPLQRORJLHV
0DOZDUHDQDO\VLVZRUNȵRZ
$GGXVHUV
&UHDWLQJDQDO\]HU90V
&UHDWHDQDO\]HUSURȴOHV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
&RQȴJXUHWKHGDWHDQGWLPH
&RQȴJXUHWKHPD[LPXPZDLWWLPHWKUHVKROG
&RQȴJXUH'16VHWWLQJ
&RQȴJXUH/'$3
&RQȴJXUHSUR[\VHUYHUVIRUΖQWHUQHWFRQQHFWLYLW\
&RQȴJXUH6103VHWWLQJ
&RQȴJXUHWKHV\VORJVHWWLQJV
&RQȴJXUHWHOHPHWU\
&RQȴJXULQJ(PDLO&RQQHFWRU
6HWPLQLPXP66/7/6YHUVLRQ
(QDEOH&RPPRQ&ULWHULD&&PRGH
(QDEOHDFFRXQWORFNRXW
&RQȴJXUHWKHPLQLPXPQXPEHURISDVVZRUGFKDUDFWHUV
$GGWKH$GYDQFHG7KUHDW'HIHQVHORJRQEDQQHU
*HQHUDWLQJD&HUWLȴFDWHVLJQLQJUHTXHVW&65
8SORDGFHUWLȴFDWHV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
7HUPLQRORJLHV
7HUPLQRORJLHV
%HLQJIDPLOLDUZLWKWKHIROORZLQJWHUPLQRORJLHVIDFLOLWDWHVPDOZDUHDQDO\VLVXVLQJ$GYDQFHG7KUHDW'HIHQVH
ȏ 6WDWLFDQDO\VLVȃ:KHQ$GYDQFHG7KUHDW'HIHQVHUHFHLYHVDVXSSRUWHGȴOHIRUDQDO\VLVLWȴUVWSHUIRUPVVWDWLF
DQDO\VLVRIWKHȴOH7KHREMHFWLYHLVWRFKHFNLILWLVDNQRZQPDOZDUHLQWKHVKRUWHVWSRVVLEOHWLPHDQGDOVR
WRSUHVHUYHWKH$GYDQFHG7KUHDW'HIHQVHUHVRXUFHVIRUG\QDPLFDQDO\VLV)RUVWDWLFDQDO\VLV$GYDQFHG
7KUHDW'HIHQVHXVHVWKHVHUHVRXUFHVLQWKHIROORZLQJRUGHU
ȏ *OREDO:KLWHOLVWȃ7KLVLVWKHOLVWRI0'6+$KDVKYDOXHVRIWUXVWHGȴOHVDQG9%$VFULSWVHPEHGGHG
LQVLGHD0LFURVRIW2ɝFHDSSOLFDWLRQZKLFKQHHGQRWEHDQDO\]HG
7KHZKLWHOLVWIHDWXUHLVHQDEOHGE\GHIDXOW7RGLVDEOHLWXVHWKHVHWZKLWHOLVWFRPPDQG
ΖQDORDGEDODQFLQJVFHQDULRDIWHUWKHFOXVWHUFUHDWLRQUXQWKHZKLWHOLVW0HUJHFOXVWHUFRPPDQG
RQWKH$FWLYHQRGHWRPDQXDOO\FRS\WKH*OREDO:KLWHOLVWGDWDEDVHRI$FWLYHQRGHRQWR6HFRQGDU\
%DFNXSQRGHV7KLVLVRQO\DRQHWLPHDFWLYLW\DIWHUZKLFKWKH:KLWHOLVWGDWDEDVHRI6HFRQGDU\%DFNXS
QRGHVLVDXWRPDWLFDOO\RYHUZULWWHQE\WKDWRI$FWLYHQRGHDWKRXUVRQDGDLO\EDVLV
ȏ /RFDO%ODFNOLVWȃ7KLVLVWKHOLVWRI0'KDVKYDOXHVRINQRZQPDOZDUHVWRUHGLQWKH$GYDQFHG7KUHDW
'HIHQVHGDWDEDVH:KHQ$GYDQFHG7KUHDW'HIHQVHGHWHFWVDPDOZDUHWKURXJKLWVKHXULVWLF0F$IHH
*DWHZD\$QWL0DOZDUHHQJLQHRUWKURXJKG\QDPLFDQDO\VLVLWXSGDWHVWKHORFDOEODFNOLVWZLWKWKHȴOH
0'KDVKYDOXH$ȴOHLVDGGHGWRWKLVOLVWDXWRPDWLFDOO\RQO\ZKHQLWVPDOZDUHVHYHULW\DVGHWHUPLQHGE\
$GYDQFHG7KUHDW'HIHQVHLVPHGLXPKLJKRUYHU\KLJK7KHUHDUHFRPPDQGVWRPDQDJHWKHHQWULHVLQ
WKHEODFNOLVW
ȏ 0F$IHH*7,ȃ7KLVLVDJOREDOWKUHDWFRUUHODWLRQHQJLQHDQGLQWHOOLJHQFHEDVHRIJOREDOPHVVDJLQJDQG
FRPPXQLFDWLRQEHKDYLRUZKLFKHQDEOHVWKHSURWHFWLRQRIWKHFXVWRPHUVDJDLQVWERWKNQRZQDQG
HPHUJLQJHOHFWURQLFWKUHDWVDFURVVDOOWKUHDWDUHDV
'16PXVWEHFRQȴJXUHGIRU0F$IHH*7ΖWRUXQ
)RU)LOH5HSXWDWLRQTXHULHVWRVXFFHHGPDNHVXUH$GYDQFHG7KUHDW'HIHQVHLVDEOHWRFRPPXQLFDWHZLWK
WXQQHOPHVVDJHWUXVWHGVRXUFHRUJRYHU+77367&3$GYDQFHG7KUHDW'HIHQVHUHWULHYHVWKH
85/XSGDWHVIURP/LVWVPDUWILOWHUFRPRYHU+7737&3
ȏ *DWHZD\$QWL0DOZDUHȃ0F$IHH*DWHZD\$QWL0DOZDUH(QJLQHDQDO\]HVWKHEHKDYLRURIZHEVLWHVZHEVLWH
FRGHDQGGRZQORDGHG:HEFRQWHQWLQUHDOWLPHWRSUHHPSWLYHO\GHWHFWDQGEORFNPDOLFLRXVZHE
DWWDFNVΖWSURWHFWVEXVLQHVVHVIURPPRGHUQEOHQGHGDWWDFNVLQFOXGLQJYLUXVHVZRUPVDGZDUHVS\ZDUH
ULVNZDUHDQGRWKHUFULPHZDUHWKUHDWVZLWKRXWUHO\LQJRQYLUXVVLJQDWXUHV
ȏ $QWL0DOZDUHȃ7KH'$7LVXSGDWHGDXWRPDWLFDOO\RUPDQXDOO\EDVHGRQWKHQHWZRUNFRQQHFWLYLW\RI
$GYDQFHG7KUHDW'HIHQVH
6WDWLFDQDO\VLVDOVRLQYROYHVDQDO\VLVWKURXJKUHYHUVHHQJLQHHULQJRIWKHPDOLFLRXVFRGH7KLVLQFOXGHV
DQDO\]LQJDOOWKHLQVWUXFWLRQVDQGSURSHUWLHVWRLGHQWLI\WKHLQWHQGHGEHKDYLRUVZKLFKPLJKWQRWVXUIDFH
LPPHGLDWHO\7KLVDOVRSURYLGHVGHWDLOHGPDOZDUHFODVVLȴFDWLRQLQIRUPDWLRQZLGHQVWKHVHFXULW\FRYHU
DQGFDQLGHQWLI\DVVRFLDWHGPDOZDUHWKDWOHYHUDJHVFRGHUHXVH
%\GHIDXOW$GYDQFHG7KUHDW'HIHQVHGRZQORDGVWKHXSGDWHVIRU0F$IHH*DWHZD\$QWL0DOZDUH(QJLQHDQG
0F$IHH$QWL0DOZDUH(QJLQHHYHU\PLQXWHV
ȏ '\QDPLF$QDO\VLVȃ$GYDQFHG7KUHDW'HIHQVHH[HFXWHVWKHȴOHLQDVHFXUH90DQGPRQLWRUVLWVEHKDYLRUWR
FKHFNKRZPDOLFLRXVWKHȴOHLV$WWKHHQGRIWKHDQDO\VLVLWSURYLGHVDGHWDLOHGUHSRUWDVUHTXLUHGE\WKH
XVHU%\GHIDXOWLIVWDWLFDQDO\VLVLGHQWLȴHVWKHPDOZDUH$GYDQFHG7KUHDW'HIHQVHGRHVQRWSHUIRUP
G\QDPLFDQDO\VLV+RZHYHU\RXFDQFRQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRSHUIRUPG\QDPLFDQDO\VLV
UHJDUGOHVVRIWKHUHVXOWVIURPVWDWLFDQDO\VLV<RXFDQDOVRFRQȴJXUHRQO\G\QDPLFDQDO\VLVZLWKRXWVWDWLF
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
0DOZDUHDQDO\VLVZRUNȵRZ
DQDO\VLV'\QDPLFDQDO\VLVLQFOXGHVWKHGLVDVVHPEO\OLVWLQJIHDWXUHRI$GYDQFHG7KUHDW'HIHQVHDVZHOO7KLV
IHDWXUHFDQJHQHUDWHWKHGLVDVVHPEO\FRGHRI3(ȴOHVIRU\RXWRDQDO\]HWKHVDPSOHIXUWKHU7KHG\QDPLF
DQDO\VLVVHTXHQFHXVHVWKHVHUHVRXUFHVLQWKHIROORZLQJRUGHU
ȏ *OREDO:KLWHOLVW
ȏ /RFDO%ODFNOLVW
ȏ 0F$IHH*7Ζ0F$IHH*DWHZD\$QWL0DOZDUH(QJLQHDQG0F$IHH$QWL0DOZDUH(QJLQH
ȏ <$5$VFDQQHU
ȏ '\QDPLF$QDO\VLV
6HHDOVR
'HȴQH&XVWRP<DUD6FDQQHURQSDJH
0DOZDUHDQDO\VLVZRUNȵRZ
&RQVLGHUWKDW\RXKDYHXSORDGHGDȴOHPDQXDOO\XVLQJ$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
$VVXPLQJWKHȴOHIRUPDWLVVXSSRUWHG$GYDQFHG7KUHDW'HIHQVHXQSDFNVWKHȴOHDQGFDOFXODWHVWKH0'
KDVKYDOXH
$GYDQFHG7KUHDW'HIHQVHDSSOLHVWKHDQDO\]HUSURȴOHWKDW\RXVSHFLȴHGGXULQJȴOHXSORDG
%DVHGRQWKHFRQȴJXUDWLRQLQWKHDQDO\]HUSURȴOHLWGHWHUPLQHVWKHPRGXOHVWRXVHIRUVWDWLFDQDO\VLVDQG
FKHFNVWKHȴOHDJDLQVWWKRVHPRGXOHV
ΖIWKHȴOHLVIRXQGWREHPDOLFLRXVGXULQJVWDWLFDQDO\VLV$GYDQFHG7KUHDW'HIHQVHVWRSVIXUWKHUDQDO\VLVDQG
JHQHUDWHVWKHUHTXLUHGUHSRUWV7KLVKRZHYHUGHSHQGVRQKRZ\RXKDYHFRQȴJXUHGWKHFRUUHVSRQGLQJ
DQDO\]HUSURȴOH
ΖIWKHVWDWLFDQDO\VLVGRHVQRWUHSRUWDQ\PDOZDUHRULI\RXKDGFRQȴJXUHG$GYDQFHG7KUHDW'HIHQVHWR
SHUIRUPG\QDPLFDQDO\VLVUHJDUGOHVVRIWKHUHVXOWVIURPVWDWLFDQDO\VLV$GYDQFHG7KUHDW'HIHQVHLQLWLDWHV
G\QDPLFDQDO\VLVIRUWKHȴOH
ΖWH[HFXWHVWKHȴOHLQWKHFRUUHVSRQGLQJDQDO\]HU90VDQGUHFRUGVHYHU\EHKDYLRU7KHDQDO\]HU90LV
GHWHUPLQHGEDVHGRQWKH90SURȴOHLQWKHDQDO\]HUSURȴOH
ΖIWKHȴOHLVIXOO\H[HFXWHGRULIWKHPD[LPXPH[HFXWLRQSHULRGH[SLUHV$GYDQFHG7KUHDW'HIHQVHSUHSDUHV
WKHUHTXLUHGUHSRUWV
$IWHUG\QDPLFDQDO\VLVLVFRPSOHWHLWVHWVWKHDQDO\]HU90VWRWKHLUEDVHOLQHYHUVLRQVRWKDWWKH\FDQEH
XVHGIRUWKHQH[WȴOHLQTXHXH
ΖQWHUQHWDFFHVVWRVDPSOHȴOHV
:KHQEHLQJG\QDPLFDOO\DQDO\]HGDVDPSOHPLJKWDFFHVVDUHVRXUFHRQWKHΖQWHUQHW)RUH[DPSOHWKHVDPSOH
PLJKWDWWHPSWWRGRZQORDGDGGLWLRQDOPDOLFLRXVFRGHRUDWWHPSWWRXSORDGLQIRUPDWLRQWKDWLWFROOHFWHGIURP
WKHKRVWPDFKLQHLQWKLVFDVHWKHDQDO\]HU90
<RXFDQFRQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRSURYLGHQHWZRUNVHUYLFHVWRDQDO\]HU90VVRWKDWWKHQHWZRUN
DFWLYLWLHVRIDVDPSOHȴOHFDQEHDQDO\]HG
3URYLGLQJΖQWHUQHWDFFHVVWRVDPSOHVHQDEOHV$GYDQFHG7KUHDW'HIHQVHWRDQDO\]HWKHQHWZRUNEHKDYLRURID
VDPSOHDQGDOVRGHWHUPLQHWKHLPSDFWRIWKHDGGLWLRQDOȴOHVGRZQORDGHGIURPWKHΖQWHUQHW6RPHPDOZDUH
PLJKWWU\WRGHWHUPLQHLIWKH\DUHEHLQJH[HFXWHGLQDVDQGER[E\UHTXHVWLQJIRUΖQWHUQHWDFFHVVDQGWKHQDOWHU
WKHLUEHKDYLRUDFFRUGLQJO\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
0DOZDUHDQDO\VLVZRUNȵRZ
:KHQDQDQDO\]HU90LVFUHDWHG$GYDQFHG7KUHDW'HIHQVHPDNHVVXUHWKDWWKHDQDO\]HU90KDVWKH
FRQȴJXUDWLRQVWRFRPPXQLFDWHRYHUDQHWZRUNZKHQUHTXLUHG
<RXFDQFRQWUROJUDQWLQJUHDOQHWZRUNDFFHVVWRDQDQDO\]HU90WKURXJKDVHWWLQJLQWKHDQDO\]HUSURȴOHV
1HWZRUNVHUYLFHVDUHSURYLGHGUHJDUGOHVVRIWKHPHWKRGXVHGWRVXEPLWWKHVDPSOH)RUH[DPSOHLWLVSURYLGHG
WRVDPSOHVVXEPLWWHGPDQXDOO\XVLQJWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHDVZHOODVVDPSOHVVXEPLWWHG
E\WKHLQWHJUDWHGSURGXFWV
)LJXUHΖQWHUQHWDFFHVVWRVDPSOHVSURFHVVȵRZ
:KHQVDPSOHVDFFHVVΖQWHUQHWUHVRXUFHV$GYDQFHG7KUHDW'HIHQVHFKHFNVLIWKHΖQWHUQHWFRQQHFWLYLW\LV
HQDEOHGLQWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH%DVHGRQZKHWKHUΖQWHUQHWFRQQHFWLYLW\LVHQDEOHGRUQRW
$GYDQFHG7KUHDW'HIHQVHGHWHUPLQHVWKHPRGHWKDWSURYLGHVWKHQHWZRUNVHUYLFHV
ȏ 6LPXODWRUPRGHȃΖIΖQWHUQHWFRQQHFWLYLW\LVQRWHQDEOHGLQWKHDQDO\]HUSURȴOHWKLVPRGHLVXVHG
$GYDQFHG7KUHDW'HIHQVHFDQUHSUHVHQWLWVHOIDVEHLQJWKHWDUJHWUHVRXUFH)RUH[DPSOHLIWKHVDPSOH
DWWHPSWVWRGRZQORDGDȴOHWKURXJK)73$GYDQFHG7KUHDW'HIHQVHVLPXODWHVWKLVFRQQHFWLRQIRUWKH
DQDO\]HU90
$GYDQFHG7KUHDW'HIHQVHORJVDOOQHWZRUNDFWLYLWLHV7KHW\SHVRIUHSRUWVJHQHUDWHGYDU\EDVHGRQWKHPRGH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
$GGXVHUV
ȏ 1HWZRUNDFWLYLWLHVDUHVXPPDUL]HGDQGSUHVHQWHGLQWKH$QDO\VLV6XPPDU\UHSRUW<RXFDQȴQGWKH'16
TXHULHVDQGVRFNHWDFWLYLWLHVXQGHUQHWZRUNRSHUDWLRQV<RXFDQȴQGDOOWKHQHWZRUNDFWLYLWLHVLQWKH1HWZRUN
2SHUDWLRQVVHFWLRQRIWKHUHSRUW
ȏ 7KHGQVORJUHSRUWDOVRFRQWDLQVWKH'16TXHULHVPDGHE\WKHVDPSOH
ȏ 7KHSDFNHWFDSWXUHRIWKHQHWZRUNDFWLYLWLHVLVSURYLGHGLQWKH1HW/RJIROGHUZLWKLQWKH&RPSOHWH5HVXOWV]LS
ȴOH
(QDEOHWKHPDOZDUHSRUW
%\GHIDXOW$GYDQFHG7KUHDW'HIHQVHXVHVWKHPDQDJHPHQWSRUWHWKWRSURYLGHΖQWHUQHWDFFHVVWRVDPSOHV
EXW\RXFDQDOVRFRQȴJXUHWKHPDOZDUHSRUWWRVHFXUHO\DFFHVVWKHΖQWHUQHW
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH&/ΖDQGHQDEOHWKHPDOZDUHSRUW
)RUH[DPSOHVHWLQWISRUWHQDEOHWRHQDEOHHWKSRUW
&RQȴJXUHWKHPDOZDUHSRUWΖ3DGGUHVVDQGVXEQHWPDVN
)RUH[DPSOHVHWLQWISRUW
0DNHVXUHWKHΖ3DGGUHVVLVRXWVLGH\RXUQHWZRUN
WKHJDWHZD\WKDW\RXZDQWWRURXWHWKHΖQWHUQHWDFFHVV
)RUWKH(WKHUQHWSRUWFRQȴJXUHWKHJDWHZD\WKDW\RXZDQWWRURXWHWKHΖQWHUQHWDFFHVV
)RUH[DPSOHVHWPDOZDUHLQWISRUWJDWHZD\
7RDOORZWKHSRUWWRFKHFNLILWLVFRQȴJXUHGIRUPDOZDUHΖQWHUQHWDFFHVVXVHWKHVKRZLQWISRUWSRUW
QXPEHU!FRPPDQG
)RUH[DPSOHVKRZLQWISRUW
9HULI\WKHVHHQWULHV
ȏ 0DOZDUHΖQWHUIDFH3RUW
ȏ 0DOZDUH*DWHZD\
$GGXVHUV
&UHDWHDFFRXQWVIRUXVHUVRQ\RXUQHWZRUNWKHQDVVLJQWKHPSHUPLVVLRQV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_$7'8VHUVWKHQFOLFN1HZ
&RQȴJXUHWKHXVHURSWLRQVWKHQFOLFN6DYH
7RVDYHWKH)73UHVXOWVIRUDORQJHUWLPHSHULRGFRQȴJXUHWKH)735HVXOW2XWSXWVHWWLQJVWKHQHQDEOH6HW
UHVXOWEDFNXSIURPWKH$GYDQFHG7KUHDW'HIHQVH&/Ζ
&UHDWLQJDQDO\]HU90V
$GYDQFHG7KUHDW'HIHQVHXVHVVHFXUHYLUWXDOPDFKLQHVRUDQDO\]HU90VIRUG\QDPLFDQDO\VLV'XULQJG\QDPLF
DQDO\VLV$GYDQFHG7KUHDW'HIHQVHH[HFXWHVVXVSLFLRXVȴOHVLQWKHDQDO\]HU90WKHQPRQLWRUVWKHȴOHEHKDYLRU
IRUPDOLFLRXVDFWLYLWLHV
7KHQXPEHURIDQDO\]HU90V\RXFDQFUHDWHLVOLPLWHGE\WKHIROORZLQJFRQGLWLRQV
ȏ WKHDYDLODEOH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHGLVNVSDFH
ȏ WKHGLVNVSDFHRFFXSLHGE\WKHRSHUDWLQJV\VWHP
$GYDQFHG7KUHDW'HIHQVHOLPLWVWKHPD[LPXPQXPEHURIDQDO\]HU90V\RXFDQXVHIRUDQDO\VLV
ȏ $7'ȃDQDO\]HU90V
ȏ $7'ȃDQDO\]HU90V
ȏ $7'ȃDQDO\]HU90V
ȏ $7'ȃDQDO\]HU90V
7KHQXPEHURIFRQFXUUHQWOLFHQVHVWKDW\RXVSHFLI\DHFWVWKHQXPEHURIFRQFXUUHQWDFWLYHDQDO\]HU90V
$Q\VHFXULW\VRIWZDUHRUORZOHYHOXWLOLW\WRRORQDQDQDO\]HU90FDQLQWHUIHUHZLWKWKHG\QDPLFDQDO\VLVRIWKH
VDPSOHȴOH7KHVDPSOHȴOHH[HFXWLRQFDQEHWHUPLQDWHGGXULQJG\QDPLFDQDO\VLV$VDUHVXOWWKHUHSRUWVPLJKW
QRWFDSWXUHWKHIXOOEHKDYLRURIWKHVDPSOHȴOHΖI\RXQHHGWRȴQGRXWWKHFRPSOHWHEHKDYLRURIWKHVDPSOHȴOH
GRQRWSDWFKWKHRSHUDWLQJV\VWHPRIWKHDQDO\]HU90RULQVWDOODQ\VHFXULW\VRIWZDUHRQLW
&RQWHQWV
$QDO\]HU90UHTXLUHPHQWV
&UHDWHWKHYLUWXDOPDFKLQH
&UHDWHWKH90'.ȴOH
3UHSDUHWKH90'.LPDJHIRUDQDO\VLV
ΖQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDOPDFKLQH
(QDEOH3')ȴOHDQDO\VLV
(QDEOH-$5ȴOHDQDO\VLV
(QDEOH)ODVKȴOHDQDO\VLV
ΖPSRUWWKH90'.ȴOH
&RQYHUWWKH90'.ȴOHWRDQLPDJHȴOH
&UHDWH90SURȴOHV
9LHZWKHV\VWHPORJV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
$QDO\]HU90UHTXLUHPHQWV
7RFUHDWHWKHDQDO\]HU90DQG90SURȴOHUHYLHZWKHUHFRPPHQGHGUHTXLUHPHQWV
ȏ ΖI\RXDOUHDG\KDYHD90'.ȴOHLWPXVWEHDVLQJOHȴOHWKDWFRQWDLQVDOOWKHȴOHVUHTXLUHGWRFUHDWH
WKH90
ȏ 7KHSODWIRUPVDQGRWKHUVSHFLȴFDWLRQVOLVWHGKHUHDUHEDVHGRQ0F$IHHWHVWUHVXOWV
90ZRUNVWDWLRQV
2SHUDWLQJV\VWHP 5HFRPPHQGHG90ZDUH:RUNVWDWLRQ
0LFURVRIW:LQGRZVELW 90ZDUH:RUNVWDWLRQYHUVLRQ
6HUYLFH3DFN
ΖI\RXXVHDKLJKHUYHUVLRQRIWKH90ZDUHZRUNVWDWLRQVHOHFW:RUNVWDWLRQ
0LFURVRIW:LQGRZVELW IURP+DUGZDUH&RPSDWLELOLW\LQWKH9LUWXDO0DFKLQHLQVWDOODWLRQ
6HUYLFH3DFN ZL]DUG
0LFURVRIW:LQGRZV
3URIHVVLRQDOELW
0LFURVRIW:LQGRZV
3URIHVVLRQDOELW
0LFURVRIW:LQGRZVELW
(QWHUSULVH8SGDWHYHUVLRQ
EXLOG
0LFURVRIW:LQGRZV(QWHUSULVH
ELW5HGVWRQHDQG
7KUHVKROG
0LFURVRIW:LQGRZV6HUYHU
ELW6HUYLFH3DFNDQG
0LFURVRIW:LQGRZV6HUYHU
56HUYLFH3DFN
0LFURVRIW:LQGRZV6HUYHU
'DWDFHQWHU
0LFURVRIW:LQGRZV6HUYHU
5'DWDFHQWHU
0LFURVRIW:LQGRZV6HUYHU
6WDQGDUG
5$0VL]H
2SHUDWLQJV\VWHP 5$0VL]H0%
0LFURVRIW:LQGRZV;3ELW6HUYLFH3DFNDQG
0LFURVRIW:LQGRZVELW6HUYLFH3DFN
0LFURVRIW:LQGRZVELW6HUYLFH3DFN
0LFURVRIW:LQGRZV3URIHVVLRQDOELW
0LFURVRIW:LQGRZV3URIHVVLRQDOELW
0LFURVRIW:LQGRZVELW(QWHUSULVH8SGDWHYHUVLRQEXLOG
0LFURVRIW:LQGRZV(QWHUSULVHELW5HGVWRQHDQG7KUHVKROG
0LFURVRIW:LQGRZV6HUYHUELW6HUYLFH3DFNDQG
0LFURVRIW:LQGRZV6HUYHU56HUYLFH3DFN
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
2SHUDWLQJV\VWHP 5$0VL]H0%
0LFURVRIW:LQGRZV6HUYHU'DWDFHQWHU
0LFURVRIW:LQGRZV6HUYHU5'DWDFHQWHU
0LFURVRIW:LQGRZV6HUYHU6WDQGDUG
6XSSRUWHGRSHUDWLQJV\VWHPV
7RFUHDWHDQΖ62LPDJH$GYDQFHG7KUHDW'HIHQVHVXSSRUWVWKHIROORZLQJRSHUDWLQJV\VWHPV
2SHUDWLQJV\VWHP 9HUVLRQ
0LFURVRIW:LQGRZV ȏ ELW6HUYLFH3DFN
ȏ ELW6HUYLFH3DFN
ȏ 3URIHVVLRQDOELW
ȏ 3URIHVVLRQDOELW
ȏ (QWHUSULVH8SGDWHYHUVLRQEXLOG
ȏ (QWHUSULVHELW5HGVWRQHDQG7KUHVKROG
$QGURLG ȏ
ȏ
ȏ
$QGURLGRUDUHSUHLQVWDOOHGRQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
ΖI\RXDUHXVLQJD0LFURVRIW:LQGRZVRSHUDWLQJV\VWHP\RXPXVWKDYHWKHOLFHQVHNH\DQGLWPXVWFRPHLQRQH
RIWKHVHODQJXDJHV
ȏ (QJOLVK ȏ ΖWDOLDQ
ȏ &KLQHVH6LPSOLȴHG ȏ 6SDQLVK
ȏ -DSDQHVH ȏ )UHQFK
ȏ *HUPDQ
5HTXLUHGDSSOLFDWLRQV
7DEOH5HTXLUHGDSSOLFDWLRQV
$SSOLFDWLRQ 6XSSRUWHGYHUVLRQ 6XSSRUWHGODQJXDJHV
ΖQWHUQHW([SORUHU DQG (QJOLVK&KLQHVH6LPSOLȴHG
-DSDQHVH*HUPDQDQGΖWDOLDQ
0R]LOOD)LUHIR[ DOOYHUVLRQVXQWLO (QJOLVK&KLQHVH6LPSOLȴHG
-DSDQHVH*HUPDQDQGΖWDOLDQ
*RRJOH&KURPH DOOYHUVLRQVXQWLO $OOODQJXDJHV
0LFURVRIW2ɝFH DQG (QJOLVK
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7DEOH5HTXLUHGDSSOLFDWLRQVFRQWLQXHG
$SSOLFDWLRQ 6XSSRUWHGYHUVLRQ 6XSSRUWHGODQJXDJHV
$GREH)ODVK3OD\HUVRIWZDUH (QJOLVK
DQGSOXJLQ
$GREH)ODVK3OD\HUSOXJLQRQO\ (QJOLVK
$GREH5HDGHU ȏ (QJOLVK
ȏ
ȏ
'LVNVSDFH
7KHPLQLPXPDYDLODEOHGLVNVSDFHPXVWEH0%7KHPD[LPXPXVHGWRWDOGLVNVSDFHPXVWQRWH[FHHG
*%
7KHGLVNVSDFHDHFWVWKHPD[LPXPQXPEHURI90V\RXFDQFUHDWH
0D[LPXP90V
7KHIROORZLQJWDEOHVSHFLȴHVWKHPD[LPXPQXPEHURI90VWKDW\RXFDQFUHDWHIRUHDFK0LFURVRIW:LQGRZV
RSHUDWLQJV\VWHP7KHQXPEHURI90VOLVWHGLQWKHWDEOHLVEDVHGRQWKHDVVXPSWLRQWKDWWKHGLVNVSDFH
RFFXSLHGE\:LQGRZVLVQRWPRUHWKDQ*%
7KHGLVNVSDFHRFFXSLHGE\:LQGRZVFRXOGDHFWWKHPD[LPXPQXPEHURI90V\RXFDQFUHDWH)RUH[DPSOHLI
WKH26RFFXSLHV*%WKHQ\RXFDQRQO\FUHDWH90VRQ$7'DQG90VLQ$7'
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
6XSSRUWHG90'.3UHSDUDWLRQ7RRORSHUDWLQJV\VWHPV
7RXVHWKH90'.3UHSDUDWLRQ7RRO\RXPXVWXVHDVXSSRUWHGRSHUDWLQJV\VWHP
ȏ 0LFURVRIW:LQGRZV;3ELW6HUYLFH3DFNDQG
ȏ 0LFURVRIW:LQGRZVELWDQGELW6HUYLFH3DFN
ȏ 0LFURVRIW:LQGRZV3URIHVVLRQDOELWDQGELW
ȏ 0LFURVRIW:LQGRZVELW(QWHUSULVH8SGDWHYHUVLRQEXLOG
ȏ 0LFURVRIW:LQGRZV(QWHUSULVHELW5HGVWRQHDQG7KUHVKROG
ȏ 0LFURVRIW:LQGRZV6HUYHU6HUYLFH3DFN
ȏ 0LFURVRIW:LQGRZV6HUYHU56HUYLFH3DFN
ȏ 0LFURVRIW:LQGRZV6HUYHU'DWDFHQWHU
ȏ 0LFURVRIW:LQGRZV6HUYHU5'DWDFHQWHU
ȏ 0LFURVRIW:LQGRZV6HUYHU6WDQGDUG
&UHDWHWKHYLUWXDOPDFKLQH
7RFUHDWHWKHYLUWXDOPDFKLQH\RXPXVWFRPSOHWHWKH1HZ9LUWXDO0DFKLQH:L]DUG
7DVN
0DNHVXUH\RXKDYH\RXURSHUDWLQJV\VWHPΖ62LPDJHDQGOLFHQVHNH\
'RZQORDGDQGLQVWDOO90ZDUH:RUNVWDWLRQRUODWHU
6WDUWWKH90ZDUH:RUNVWDWLRQ
2QWKH90ZDUH:RUNVWDWLRQSDJHVHOHFW)LOH_1HZ9LUWXDO0DFKLQH
7RFRPSOHWHWKH1HZ9LUWXDO0DFKLQH:L]DUGFRQȴJXUHWKHIROORZLQJRSWLRQVWKHQFOLFN1H[WRQHDFKSDJH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
:LQGRZQDPH &RQȴJXUDWLRQRSWLRQV
:HOFRPHWRWKH1HZ9LUWXDO 6HOHFW&XVWRP$GYDQFHG
0DFKLQH:L]DUG
&KRRVHWKH9LUWXDO0DFKLQH )URPWKH+DUGZDUHFRPSDWLELOLW\GURSGRZQOLVWVHOHFW:RUNVWDWLRQ
+DUGZDUH&RPSDWLELOLW\
ΖI\RXXVH90ZDUH:RUNVWDWLRQRU90ZDUH:RUNVWDWLRQVHOHFW
:RUNVWDWLRQ
)RUDOORWKHUȴHOGVXVHWKHGHIDXOWYDOXHV
*XHVW2SHUDWLQJ6\VWHP 6HOHFWRQHRIWKHVHRSWLRQV
,QVWDOODWLRQ ȏ ,QVWDOOHUGLVF
ȏ ,QVWDOOHUGLVFLPDJHILOHLVRWKHQFOLFN%URZVHDQGVHOHFWWKHΖ62LPDJH
(DV\,QVWDOO,QIRUPDWLRQ (QWHUWKHIROORZLQJ
ȏ :LQGRZVSURGXFWNH\ȃ/LFHQVHNH\RIWKH:LQGRZVRSHUDWLQJV\VWHPZKHUH\RX
ZDQWWRFUHDWHWKH90'.ȴOH
ȏ )XOOQDPHȃDGPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHUZKLFKLVWKHSDVVZRUGWKDW$GYDQFHG7KUHDW'HIHQVH
XVHVWRORJRQWRWKH90
ȏ &RQILUPȃFU#FNHU
ȏ /RJRQDXWRPDWLFDOO\UHTXLUHVDSDVVZRUGȃ'HVHOHFW
ΖIWKH90ZDUH:RUNVWDWLRQPHVVDJHGLVSOD\VFOLFN<HV
1DPHWKH9LUWXDO0DFKLQH (QWHUWKHIROORZLQJ
ȏ 9LUWXDO0DFKLQHQDPH
ȏ /RFDWLRQȃ&OLFN%URZVHWKHQVHOHFWWKHIROGHUZKHUH\RXZDQWWRFUHDWHWKH
90'.ȴOH
3URFHVVRU&RQILJXUDWLRQ 8VHWKHGHIDXOWYDOXHV
0HPRU\IRUWKH9LUWXDO (QWHUWKHDPRXQWRI5$0IRU\RXURSHUDWLQJV\VWHP6HH$QDO\]HU90
0DFKLQH UHTXLUHPHQWVWRNQRZWKH5$0VL]HUHTXLUHGIRU\RXURSHUDWLQJV\VWHP
1HWZRUN7\SH 8VHWKHGHIDXOWYDOXH
6HOHFW,2&RQWUROOHU7\SHV 8VHWKHGHIDXOWYDOXH
6HOHFWD'LVN7\SH 6HOHFW,'(
6&6ΖGLVNVDUHQRWFRPSDWLEOHZLWK$GYDQFHG7KUHDW'HIHQVH
6HOHFWD'LVN 6HOHFW&UHDWHDQHZYLUWXDOGLVN
6SHFLI\'LVN&DSDFLW\ (QWHUWKH0D[LPXPGLVNVL]H*%WKHQVHOHFWWKHVHRSWLRQV
ȏ $OORFDWHDOOGLVNVSDFHQRZ
ȏ 6WRUHYLUWXDOGLVNDVDVLQJOHILOH
6SHFLI\'LVNILOH 0DNHVXUHWKDWYLUWXDO0DFKLQHΖPDJHYPGNDSSHDUVLQWKHȴHOG
ΖI\RXVSHFLȴHGDGLHUHQWYLUWXDOPDFKLQHQDPHWKHQDPHDSSHDUVKHUH
5HDG\WR&UHDWH9LUWXDO 6HOHFW3RZHURQWKLVYLUWXDOPDFKLQHDIWHUFUHDWLRQWKHQFOLFN)LQLVK
0DFKLQH 7KLVVWHSFDQWDNHXSWRPLQXWHVWRFRPSOHWH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&UHDWHWKH90'.ȴOH
&UHDWHD9LUWXDO0DFKLQH'LVN90'.ȴOHRIWKHΖ62LPDJH
7DVNV
ȏ &UHDWHD90'.ȴOHIRU:LQGRZVRQSDJH
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZVRQSDJH
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZV;3RQSDJH
ΖI\RXDUHXVLQJ:LQGRZV;3XVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZV6HUYHURQSDJH
ΖI\RXDUHXVLQJ:LQGRZV6HUYHUXVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZV6HUYHURQSDJH
ΖI\RXDUHXVLQJ:LQGRZV6HUYHUXVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZVRQSDJH
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZVRQSDJH
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZVYHUVLRQ5HGVWRQHRQSDJH
ΖI\RXDUHXVLQJ:LQGRZVYHUVLQR5HGVWRQHXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZVRQSDJH
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZV5RQSDJH
ΖI\RXDUHXVLQJ:LQGRZV5XVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
ȏ &UHDWHD90'.ȴOHIRU:LQGRZV6HUYHU6WDQGDUGRQSDJH
ΖI\RXDUHXVLQJ:LQGRZV6HUYHU6WDQGDUGXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
&UHDWHD90'.ȴOHIRU:LQGRZV
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
ΖQWKH5HPRYDEOH'HYLFHVZLQGRZVHOHFW'RQRWVKRZWKLVKLQWDJDLQWKHQFOLFN2.
7KH:LQGRZVLQVWDOODWLRQFDQWDNHXSWRPLQXWHV
ΖQWKH6HW1HWZRUN/RFDWLRQZLQGRZVHOHFW3XEOLF1HWZRUNWKHQFORVHWKHZLQGRZ
6WRSWKH90ZDUH7RROVLQVWDOODWLRQ
$GYDQFHG7KUHDW'HIHQVHGRHVQRWVXSSRUW90ZDUH7RROV:KHQ\RXIDLOWRVWRSWKH90ZDUH7RROV
LQVWDOODWLRQ\RXFDQFRQWLQXHZLWKWKH90'.ȴOHFUHDWLRQSURFHVVEXWPDNHVXUHLWLVXQLQVWDOOHGZKHQWKH
90'.ȴOHLVUHDG\
'RZQORDGDQGLQVWDOO0LFURVRIW1(7)UDPHZRUN
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&UHDWHD90'.ȴOHIRU:LQGRZV
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
&RQȴJXUH$GREH5HDGHUDVWKHGHIDXOWDSSOLFDWLRQWRRSHQ3')ȴOHV
D 2SHQWKH&RQWURO3DQHOWKHQVHOHFW3URJUDPV_'HIDXOW3URJUDPV_$VVRFLDWHDILOHW\SHRUSURWRFROZLWKDSURJUDP
E 'RXEOHFOLFNSGIWKHQVHOHFW$GREH5HDGHU
F &OLFN&ORVH
ΖQWKH5HPRYDEOH'HYLFHVZLQGRZVHOHFW'RQRWVKRZWKLVKLQWDJDLQWKHQFOLFN2.
7KH:LQGRZVLQVWDOODWLRQFDQWDNHXSWRPLQXWHV
7RORJRQWRYLUWXDO0DFKLQHΖPDJHXVHWKHVHFUHGHQWLDOV
ȏ $GPLQLVWUDWRU
ȏ FU#FNHU
7RVZLWFKWRGHVNWRSPRGHFOLFNWKHGHVNWRSWLOH
'RZQORDGDQGLQVWDOO0LFURVRIW1(7)UDPHZRUN
&UHDWHD90'.ȴOHIRU:LQGRZV;3
ΖI\RXDUHXVLQJ:LQGRZV;3XVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
&RPSOHWHWKH:LQGRZV;3VHWXS
D 2QWKH6HWXSFDQQRWFRQWLQXHXQWLO\RXHQWHU\RXUQDPH$GPLQLVWUDWRUDQG*XHVWDUHQRWDOORZDEOHQDPHVWRXVH
PHVVDJHFOLFN2.
E ΖQWKH:LQGRZV;33URIHVVLRQDO6HWXSZLQGRZHQWHUWKHIROORZLQJWKHQFOLFN1H[W
ȏ 1DPHȃURRW
ȏ 2UJDQL]DWLRQȃ/HDYHEODQN
F ΖISURPSWHGORJRQWRYLUWXDO0DFKLQHΖPDJHZLWKWKHIROORZLQJFUHGHQWLDOV
ȏ 8VHUȃDGPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
2QWKH90ZDUH7RROV6HWXSPHVVDJHFOLFN1R
$GYDQFHG7KUHDW'HIHQVHGRHVQRWVXSSRUW90ZDUH7RROV:KHQ\RXIDLOWRVWRSWKH90ZDUH7RROV
LQVWDOODWLRQ\RXFDQFRQWLQXHZLWKWKH90'.ȴOHFUHDWLRQSURFHVVEXWPDNHVXUHLWLVXQLQVWDOOHGZKHQWKH
90'.ȴOHLVUHDG\
2QWKH90ZDUH:RUNVWDWLRQULJKWFOLFNWKH90WKHQVHOHFW6HWWLQJV
ΖQWKH9LUWXDO0DFKLQH6HWWLQJVZLQGRZVHOHFW&''9','(
1H[WWRWKH8VH,62LPDJHILOHȴHOGFOLFN%URZVHORFDWHWKHΖ62ȴOHWKHQFOLFN2.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
'RZQORDGDQGLQVWDOOWKHIROORZLQJ5HGLVWULEXWDEOH3DFNDJHVDQG1(7)UDPHZRUN
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN6HUYLFH3DFN[
&UHDWHD90'.ȴOHIRU:LQGRZV6HUYHU
ΖI\RXDUHXVLQJ:LQGRZV6HUYHUXVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
ΖQWKH90ZDUH:RUNVWDWLRQWXUQRQWKHYLUWXDOPDFKLQHWKHQLQVWDOO:LQGRZV6HUYHU
ȏ 7KLVVWHSFDQWDNHXSWRPLQXWHV
ȏ 7RIRUPDWWKHSDUWLWLRQGXULQJLQVWDOODWLRQ\RXFDQXVHWKH17)6ȴOHV\VWHP
ȏ $GYDQFHG7KUHDW'HIHQVHGRHVQRWVXSSRUW90ZDUH7RROV:KHQ\RXIDLOWRVWRSWKH90ZDUH7RROV
LQVWDOODWLRQ\RXFDQFRQWLQXHZLWKWKH90'.ȴOHFUHDWLRQSURFHVVEXWPDNHVXUHLWLVXQLQVWDOOHGZKHQ
WKH90'.ȴOHLVUHDG\
)RUHDFK:LQGRZVVHWXSZLQGRZFRQȴJXUHWKHRSWLRQVWKHQFOLFN1H[W
:LQGRZQDPH &RQȴJXUDWLRQRSWLRQV
5HJLRQDODQG/DQJXDJH2SWLRQV &RQȴJXUHWKHVHWWLQJVIRU\RXUHQYLURQPHQW
:LQGRZV6HWXS (QWHUWKHIROORZLQJFUHGHQWLDOV
ȏ 1DPHȃURRW
ȏ 2UJDQL]DWLRQȃ/HDYHEODQN
<RXU3URGXFW.H\ (QWHUWKHSURGXFWNH\
/LFHQVLQJ0RGHV 6HOHFW3HU6HUYHUWKHQHQWHUWKHQXPEHURIFRQFXUUHQWFRQQHFWLRQV
&RPSXWHU1DPHDQG$GPLQLVWUDWRU3DVVZRUG &RQȴJXUHWKHIROORZLQJRSWLRQV
ȏ &RPSXWHUQDPHȃ8VHWKHGHIDXOWYDOXH
ȏ $GPLQLVWUDWRUSDVVZRUGȃFU#FNHU
ȏ &RQILUPSDVVZRUGȃFU#FNHU
'DWHDQG7LPH6HWWLQJV 8VHWKHGHIDXOWYDOXHV
1HWZRUN6HWWLQJV 8VHWKHGHIDXOWYDOXHV
:RUNJURXSRU&RPSXWHU'RPDLQ 8VHWKHGHIDXOWYDOXHV
7RORJRQWRWKHYLUWXDOPDFKLQHXVHWKHVHFUHGHQWLDOV
ȏ 8VHUȃDGPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ΖQWKH:LQGRZV6HUYHU3RVW6HWXS6HFXULW\8SGDWHVZLQGRZFOLFN)LQLVK
ΖI\RXDUHXVLQJ:LQGRZV6HUYHU63FRPSOHWHWKHIROORZLQJ
D ΖQVWDOOWKHKRWȴ[IRU0LFURVRIW:LQGRZV6HUYHU
E 5HVWDUW\RXUFRPSXWHU
F 2QWKHFRPPDQGSURPSWHQWHUWOQWVYUVHUYLFHWKHQSUHVV(QWHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
'RZQORDGDQGLQVWDOOWKHIROORZLQJ5HGLVWULEXWDEOH3DFNDJHVDQG1(7)UDPHZRUN
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN6HUYLFH3DFN[
&UHDWHD90'.ȴOHIRU:LQGRZV6HUYHU
ΖI\RXDUHXVLQJ:LQGRZV6HUYHUXVHWKHIROORZLQJVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
ΖQWKH5HPRYDEOH'HYLFHVZLQGRZVHOHFW'RQRWVKRZWKLVKLQWDJDLQWKHQFOLFN2.
7KH:LQGRZVLQVWDOODWLRQFDQWDNHXSWRPLQXWHV
ΖQWKH,QLWLDO&RQILJXUDWLRQ7DVNVZLQGRZVHOHFW'RQRWVKRZWKLVZLQGRZDWORJRQWKHQFOLFN&ORVH
6WRSWKH90ZDUH7RROVLQVWDOODWLRQ
$GYDQFHG7KUHDW'HIHQVHGRHVQRWVXSSRUW90ZDUH7RROV:KHQ\RXIDLOWRVWRSWKH90ZDUH7RROV
LQVWDOODWLRQ\RXFDQFRQWLQXHZLWKWKH90'.ȴOHFUHDWLRQSURFHVVEXWPDNHVXUHLWLVXQLQVWDOOHGZKHQWKH
90'.ȴOHLVUHDG\
'RZQORDGDQGLQVWDOO0LFURVRIW1(7)UDPHZRUN
&UHDWHD90'.ȴOHIRU:LQGRZV
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
)URP1HZ9LUWXDO0DFKLQHZL]DUGVHOHFW%,26DVWKHȴUPZDUHW\SH
)URPWKHLQVWDOODWLRQZL]DUGVHOHFWWKHODQJXDJHWLPHDQGFXUUHQF\IRUPDWNH\ERDUGRULQSXWPHWKRGWKHQ
FOLFN1H[W
&OLFN,QVWDOO1RZWKHQFOLFN1H[W
ΖQVWDOODWLRQSURFHVVLVFRPSOHWHGLQYDULRXVVWDJHV7KHVHWXSLVȴUVWLQLWLDOL]HG
2QWKH$FWLYDWH:LQGRZVSDJHHQWHU\RXU:LQGRZVSURGXFWNH\RUVHOHFW,GRQ
WKDYHDSURGXFWNH\WRDFWLYDWH
LWODWHUWKHQFOLFN1H[W
$FFHSWWKHOLFHQVHWHUPVWKHQFOLFN1H[W
7KHVWHSLVFRPSOHWHGLQȴYHVWDJHV:DLWIRUDOOVWDJHVWRFRPSOHWH
ΖQWKH6HWWLQJVZLQGRZVHOHFW8VH([SUHVVVHWWLQJV
)RUWKHW\SHRIRZQHUVHOHFW,RZQLWWKHQFOLFN1H[W
$VNHGWRHQWHU\RXU0LFURVRIW$FFRXQW'HWDLOVVHOHFW6NLSWKLVVWHS
$VNHGWRFUHDWHDQDFFRXQWXVHWKHVHFUHGHQWLDOVWKHQFOLFN1H[W
ȏ 8VHUQDPHȃDGPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
$VNHGDERXW&RUWDQDVHOHFW1RWQRZ
:DLWXQWLOWKHLQVWDOODWLRQLVFRPSOHWHWKHQLQVWDOOWKHUHTXLUHGVRIWZDUH
/RJRQWR\RXUFRPSXWHUDQGPDNHVXUHWKDWWKHVHUHGLVWULEXWDEOHSDFNDJHVDUHLQVWDOOHG
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN
&UHDWHD90'.ȴOHIRU:LQGRZV
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
)URP1HZ9LUWXDO0DFKLQHZL]DUGVHOHFW%,26DVWKHȴUPZDUHW\SH
)URPWKHLQVWDOODWLRQZL]DUGVHOHFWWKHODQJXDJHWLPHDQGFXUUHQF\IRUPDWNH\ERDUGRULQSXWPHWKRGWKHQ
FOLFN1H[W
&OLFN,QVWDOO1RZWKHQFOLFN1H[W
ΖQVWDOODWLRQSURFHVVLVFRPSOHWHGLQYDULRXVVWDJHV7KHVHWXSLVȴUVWLQLWLDOL]HG
2QWKH$FWLYDWH:LQGRZVSDJHHQWHU\RXU:LQGRZVSURGXFWNH\RUVHOHFW,GRQ
WKDYHDSURGXFWNH\WRDFWLYDWH
LWODWHUWKHQFOLFN1H[W
$FFHSWWKHOLFHQVHWHUPVWKHQFOLFN1H[W
7KHVWHSLVFRPSOHWHGLQȴYHVWDJHV:DLWIRUDOOVWDJHVWRFRPSOHWH
ΖQWKH6HWWLQJVZLQGRZVHOHFW8VH([SUHVVVHWWLQJV
)RUWKHW\SHRIRZQHUVHOHFW,RZQLWWKHQFOLFN1H[W
ΖQWKH0DNHLW\RXUVZLQGRZVHOHFW6NLSWKLVVWHS
ΖQWKH&UHDWHDQDFFRXQWIRUWKLV3&ZLQGRZVXVHWKHVHFUHGHQWLDOVWKHQFOLFN1H[W
ȏ 8VHUQDPHȃDGPLQ
ȏ 3DVVZRUGȃFU#FNHU
ΖQWKH&KRRVHKRZ\RX
OOFRQQHFW
ZLQGRZVHOHFW-RLQDORFDO$FWLYH'LUHFWRU\GRPDLQ
ΖQWKH0HHW&RUWDQDZLQGRZVVHOHFW1RWQRZ
:DLWXQWLOWKHLQVWDOODWLRQLVFRPSOHWHWKHQLQVWDOOWKHUHTXLUHGVRIWZDUH
/RJRQWR\RXUFRPSXWHUDQGPDNHVXUHWKDWWKHVHUHGLVWULEXWDEOHSDFNDJHVDUHLQVWDOOHG
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&UHDWHD90'.ȴOHIRU:LQGRZVYHUVLRQ5HGVWRQH
ΖI\RXDUHXVLQJ:LQGRZVYHUVLQR5HGVWRQHXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
)URP1HZ9LUWXDO0DFKLQHZL]DUGVHOHFW%,26DVWKHȴUPZDUHW\SH
)URPWKHLQVWDOODWLRQZL]DUGVHOHFWWKHODQJXDJHWLPHDQGFXUUHQF\IRUPDWNH\ERDUGRULQSXWPHWKRGWKHQ
FOLFN1H[W
&OLFN,QVWDOO1RZWKHQFOLFN1H[W
ΖQVWDOODWLRQSURFHVVLVFRPSOHWHGLQYDULRXVVWDJHV7KHVHWXSLVȴUVWLQLWLDOL]HG
2QWKH$FWLYDWH:LQGRZVSDJHHQWHU\RXU:LQGRZVSURGXFWNH\RUVHOHFW,GRQ
WKDYHDSURGXFWNH\WRDFWLYDWH
LWODWHUWKHQFOLFN1H[W
$FFHSWWKHOLFHQVHWHUPVWKHQFOLFN1H[W
7KHVWHSLVFRPSOHWHGLQȴYHVWDJHV:DLWIRUDOOVWDJHVWRFRPSOHWH
ΖQWKH6HWWLQJVZLQGRZVHOHFW8VH([SUHVVVHWWLQJV
)RUWKHW\SHRIRZQHUVHOHFW,GRWKHQFOLFN1H[W
ΖQWKH0DNHLW\RXUVZLQGRZVHOHFW6NLSWKLVVWHS
ΖQWKH0HHW&RUWDQDZLQGRZVVHOHFW1RWQRZ
ΖQWKH&KRRVHKRZ\RX
OOFRQQHFW
ZLQGRZVHOHFW-RLQDORFDO$FWLYH'LUHFWRU\GRPDLQ
ΖQWKH&UHDWHDQDFFRXQWIRUWKLV3&ZLQGRZVXVHWKHVHFUHGHQWLDOVWKHQFOLFN1H[W
ȏ 8VHUQDPHȃDGPLQ
ȏ 3DVVZRUGȃFU#FNHU
ΖQWKH&KRRVH3ULYDF\VHWWLQJVZLQGRZNHHSWKHGHIDXOWVHWWLQJVWKHQFOLFN1H[W
:DLWXQWLOWKHLQVWDOODWLRQLVFRPSOHWHWKHQLQVWDOOWKHUHTXLUHGVRIWZDUH
/RJRQWR\RXUFRPSXWHUDQGPDNHVXUHWKDWWKHVHUHGLVWULEXWDEOHSDFNDJHVDUHLQVWDOOHG
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN
&UHDWHD90'.ȴOHIRU:LQGRZV
ΖI\RXDUHXVLQJ:LQGRZVXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
)URPWKHLQVWDOODWLRQZL]DUGVHOHFWWKHODQJXDJHWLPHDQGFXUUHQF\IRUPDWNH\ERDUGRULQSXWPHWKRGWKHQ
FOLFN1H[W
&OLFN,QVWDOO1RZDFFHSWWKHOLFHQVHWHUPVWKHQFOLFN1H[W
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
6HOHFW&XVWRP,QVWDOO:LQGRZV:LQGRZV6HUYHU'DWDFHQWHUXVHWKHGHIDXOWGLVNVSDFHVHWWLQJVWKHQFOLFN1H[W
ΖQVWDOODWLRQSURFHVVLVFRPSOHWHGLQYDULRXVVWDJHV
6HWSDVVZRUGIRUDGPLQLVWUDWRUDFFRXQW
/RJRQWRWKHFRPSXWHUWKHQGRZQORDGDQGLQVWDOOWKHIROORZLQJUHGLVWULEXWDEOHSDFNDJHVDQG1(7
IUDPHZRUN
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN
&UHDWHD90'.ȴOHIRU:LQGRZV5
ΖI\RXDUHXVLQJ:LQGRZV5XVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
)URPWKHLQVWDOODWLRQZL]DUGVHOHFWWKHODQJXDJHWLPHDQGFXUUHQF\IRUPDWNH\ERDUGRULQSXWPHWKRGWKHQ
FOLFN1H[W
&OLFN,QVWDOO1RZDFFHSWWKHOLFHQVHWHUPVWKHQFOLFN1H[W
6HOHFW&XVWRP,QVWDOO:LQGRZV:LQGRZV6HUYHU5'DWDFHQWHUXVHWKHGHIDXOWGLVNVSDFHVHWWLQJVWKHQFOLFN
1H[W
ΖQVWDOODWLRQSURFHVVLVFRPSOHWHGLQYDULRXVVWDJHV
6HWSDVVZRUGIRUDGPLQLVWUDWRUDFFRXQW
/RJRQWRWKHFRPSXWHUWKHQGRZQORDGDQGLQVWDOOWKHIROORZLQJUHGLVWULEXWDEOHSDFNDJHVDQG1(7
IUDPHZRUN
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN
&UHDWHD90'.ȴOHIRU:LQGRZV6HUYHU6WDQGDUG
ΖI\RXDUHXVLQJ:LQGRZV6HUYHU6WDQGDUGXVHWKHVHVWHSVWRFUHDWHWKH90'.ȴOH
7DVN
)URPWKHLQVWDOODWLRQZL]DUGVHOHFWWKHODQJXDJHWLPHDQGFXUUHQF\IRUPDWNH\ERDUGRULQSXWPHWKRGWKHQ
FOLFN1H[W
&OLFN,QVWDOO1RZDFFHSWWKHOLFHQVHWHUPVWKHQFOLFN1H[W
6HOHFW&XVWRP,QVWDOO:LQGRZV:LQGRZV6HUYHU6WDQGDUGXVHWKHGHIDXOWGLVNVSDFHVHWWLQJVWKHQFOLFN1H[W
ΖQVWDOODWLRQSURFHVVLVFRPSOHWHGLQYDULRXVVWDJHV
6HWSDVVZRUGIRUDGPLQLVWUDWRUDFFRXQW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
/RJRQWRWKHFRPSXWHUWKHQGRZQORDGDQGLQVWDOOWKHIROORZLQJUHGLVWULEXWDEOHSDFNDJHVDQG1(7
IUDPHZRUN
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW9LVXDO&5HGLVWULEXWDEOH3DFNDJH[
ȏ 0LFURVRIW1(7)UDPHZRUN
3UHSDUHWKH90'.LPDJHIRUDQDO\VLV
3UHSDUH\RXU90'.LPDJHVWRFDSWXUHPDOZDUHEHKDYLRUVLQWKHVDQGER[HQYLURQPHQW
:HUHFRPPHQGWKDW\RXUXQWKH90'.3UHSDUDWLRQ7RROWKDW
VDYDLODEOHLQWKH$GYDQFHG7KUHDW'HIHQVH
LQWHUIDFH+RZHYHULIWKHWRROGRHVQ
WZRUNLQ\RXUHQYLURQPHQW\RXFRXOGDOVRSUHSDUH\RXUVDQGER[
HQYLURQPHQWPDQXDOO\
7DVNV
ȏ 5XQWKH90'.3UHSDUDWLRQ7RRORQSDJH
'RZQORDGWKH90'.3UHSDUDWLRQ7RROIURPWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHWKHQUXQWKH
WRROWRSUHSDUH\RXU90'.LPDJHVWRFDSWXUHPDOZDUHEHKDYLRUVLQWKHVDQGER[HQYLURQPHQW
ȏ 3UHSDUH\RXU90'.LPDJHIRUDQDO\VLVPDQXDOO\RQSDJH
3UHSDUH\RXUHQYLURQPHQWPDQXDOO\WRFDSWXUHPDOZDUHEHKDYLRUVLQWKHVDQGER[HQYLURQPHQW
5XQWKH90'.3UHSDUDWLRQ7RRO
'RZQORDGWKH90'.3UHSDUDWLRQ7RROIURPWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHWKHQUXQWKHWRROWR
SUHSDUH\RXU90'.LPDJHVWRFDSWXUHPDOZDUHEHKDYLRUVLQWKHVDQGER[HQYLURQPHQW
5XQWKH90'.3UHSDUDWLRQ7RRODIWHULQVWDOOLQJDOOUHTXLUHGVRIWZDUHRQDOO:LQGRZV90LPDJHVWKDW\RXFUHDWH
7KH90'.3UHSDUDWLRQ7RROVXSSRUWVRSHUDWLQJV\VWHPVFRQȴJXUHGIRUWKHVXSSRUWHGODQJXDJHV(QJOLVK
6SDQLVK-DSDQHVH&KLQHVH6LPSOLȴHG*HUPDQ)UHQFKΖWDOLDQ
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,PDJH
&OLFN'RZQORDG90'.3UHSDUDWLRQ7RRO
6DYHWKH90'.3UHSDUDWLRQ7RROH[HȴOHRQ\RXUYLUWXDOPDFKLQH
0DNHVXUHWKDWWKH9LVXDO6WXGLR&5HGLVWULEXWDEOHLVLQVWDOOHGRQWKH90
'RZQORDGWKH[YHUVLRQRIWKH9LVXDO6WXGLR&5HGLVWULEXWDEOHIRU\RXUFRUUHVSRQGLQJRSHUDWLQJ
V\VWHPODQJXDJHIURPKWWSVZZZPLFURVRIWFRP(186'2:1/2$''(7$Ζ/6$63;"Ζ'
2SHQDQGUXQWKH90'.3UHSDUDWLRQ7RROH[HȴOH
ΖIWKH90'.3UHSDUDWLRQ7RROUHSRUWVHUURUVSHUIRUPWKHVWHSVPDQXDOO\WKHQUXQWKHWRRODJDLQWRYHULI\
7RYLHZWKHORJȴOHWKDWFRQWDLQVDOOH[HFXWHGFRPPDQGVDQGFKDQJHGUHJLVWULHVJRWR&?YPGNBSUHSORJ
%HIRUH\RXVKXWGRZQWKHYLUWXDOPDFKLQHFRS\WKHORJȴOHWRDQRWKHUV\VWHPRXWVLGHRIWKH90IRUODWHU
UHIHUHQFHWKHQUHPRYHWKHORJȴOH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
3UHSDUH\RXU90'.LPDJHIRUDQDO\VLVPDQXDOO\
3UHSDUH\RXUHQYLURQPHQWPDQXDOO\WRFDSWXUHPDOZDUHEHKDYLRUVLQWKHVDQGER[HQYLURQPHQW
7DVNV
ȏ 3UHSDUHD:LQGRZV;3LPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZV;3YLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZV6HUYHULPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZV6HUYHUYLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZVLPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZV6HUYHULPDJHRQSDJH
&RQȴJXUH\RXU:LQGRZV6HUYHUYLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZVLPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZVLPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZVRU:LQGRZVY5HGVWRQHLPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZV5LPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZV6HUYHU5YLUWXDOV\VWHPIRUDQDO\VLV
ȏ 3UHSDUHD:LQGRZV6HUYHU6WDQGDUGLPDJHIRUDQDO\VLVRQSDJH
&RQȴJXUH\RXU:LQGRZV6HUYHU6WDQGDUGYLUWXDOV\VWHPIRUDQDO\VLV
3UHSDUHD:LQGRZV;3LPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZV;3YLUWXDOV\VWHPIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
&RQȴJXUHWKHYLUWXDOPDFKLQHLQ90ZDUH:RUNVWDWLRQ
D 5LJKWFOLFNRQWKH:LQGRZV;3LPDJHWKHQVHOHFW6HWWLQJV
E ΖQWKH9LUWXDO0DFKLQH6HWWLQJVZLQGRZVHOHFW&''9','(
F ΖQ8VH,62LPDJHILOHEURZVHWRWKHΖ62ȴOHWKDW\RXXVHGDQGFOLFN2.
G ΖQWKH:HOFRPHWR0LFURVRIW:LQGRZV;3SDJHFOLFN([LW
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH6HOHFW6WDUW_&RQWURO3DQHO_6HFXULW\&HQWHU_:LQGRZV)LUHZDOO_2))
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D &OLFN6WDUWDQGULJKWFOLFN0\&RPSXWHU
E 6HOHFW0DQDJH_6HUYLFHVDQG$SSOLFDWLRQV_6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
(QDEOH)73LQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_$GGRUUHPRYH3URJUDPV_$GGRUUHPRYH:LQGRZVFRPSRQHQWV
E ΖQWKH:LQGRZV&RPSRQHQWVZL]DUGGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ6HUYLFHV,,6
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
ȏ &RPPRQ)LOHV
ȏ ,QWHUQHW,QIRUPDWLRQ6HUYLFHV6QDS,Q
G &OLFN2.WKHQFOLFN1H[W
H ΖQWKH:LQGRZV&RPSRQHQWVZL]DUGFOLFN)LQLVKWRȴQLVKLQVWDOOLQJ)73
I ΖQWKH,QVHUW'LVNPHVVDJHFOLFN&DQFHO
J ΖQWKH:LQGRZV;36HWXSPHVVDJHVHOHFW2.
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_6ZLWFKWR&ODVVLF9LHZ_$GPLQLVWUDWLYH7RROVWKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ
6HUYLFHV
E ΖQWKHΖQWHUQHWΖQIRUPDWLRQ6HUYLFHVSDJHH[SDQGWKHHQWU\XQGHU,QWHUQHW,QIRUPDWLRQ6HUYLFHVWKHQH[SDQG
)736LWHV
F 5LJKWFOLFNRQ'HIDXOW)736LWHVHOHFW3URSHUWLHV_+RPH'LUHFWRU\
G %URZVHWRWKH&?GULYHVHOHFW5HDG:ULWHDQG/RJYLVLWV
H &OLFN$SSO\WKHQ2.
6HWDXWRPDWLFORJRQ
D 6HOHFW6WDUW_5XQW\SHUXQGOOQHWSOZL]GOO8VHUV5XQ'OOWKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUDQGFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
'LVDEOH:LQGRZVXSGDWHV
D 6HOHFW6WDUW_6HWWLQJV_&RQWURO3DQHO
E 2SHQ6\VWHP
F ΖQWKH$XWRPDWLF8SGDWHVWDEGHVHOHFW.HHSP\FRPSXWHUXSWRGDWH
G &OLFN$SSO\DQGWKHQ2.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGDQGVHOHFW7RROV_
0DFUR_6HFXULW\VHOHFW/RZWKHQFOLFN2.'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG
3RZHU3RLQW
F *RWRKWWSZZZPLFURVRIWFRPHQXVGRZQORDGGHWDLOVDVS["LG DQGGRZQORDGWKHUHTXLUHG
0LFURVRIW2ɝFHFRPSDWLELOLW\SDFNIRU:RUG([FHODQG3RZHU3RLQW)LOH)RUPDWVWKHQLQVWDOOWKHPRQ
WKHYLUWXDOPDFKLQH
<RXQHHGWKHFRPSDWLELOLW\SDFNWRRSHQ0LFURVRIW2ɝFHȴOHVWKDWZHUHFUHDWHGLQDQHZHUYHUVLRQRI
0LFURVRIW2ɝFH)RUH[DPSOHWRRSHQDGRF[ȴOHXVLQJ2ɝFH\RXQHHGWKHFRUUHVSRQGLQJ
FRPSDWLELOLW\SDFNLQVWDOOHG
G ΖQWKH&RPSDWLELOLW\3DFNIRUWKH2ɝFHV\VWHPGLDORJVHOHFW&OLFNKHUHWRDFFHSWWKH0LFURVRIW6RIWZDUH
/LFHQVH7HUPVWKHQFOLFN2.
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGFRS\LWWRWKH90
E 2SHQ$GREH5HDGHUDQGFOLFN$FFHSW
F ΖQ$GREH5HDGHUVHOHFW(GLW_3UHIHUHQFHV_*HQHUDOWKHQUHPRYH&KHFNIRUXSGDWHV
G ΖQ$GREH5HDGHUVHOHFW+HOS_&KHFNIRUXSGDWHV_3UHIHUHQFHVWKHQGHVHOHFW$GREH8SGDWHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEGHVHOHFWUHDGHUBVODQGMXVFKHGWKHQFOLFN2.
UHDGHUBVOLVDYDLODEOHRQO\ZKHQ$GREH5HDGHULVLQVWDOOHG
F ΖQWKH6\VWHP&RQȴJXUDWLRQPHVVDJHVHOHFW5HVWDUW
G ΖQWKH6\VWHP&RQȴJXUDWLRQ8WLOLW\PHVVDJHVHOHFW'RQ
WVKRZWKLVPHVVDJHRUODXQFKWKH6\VWHP&RQILJXUDWLRQ
8WLOLW\ZKHQ:LQGRZVVWDUWWKHQFOLFN2.
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_3RSXS%ORFNHU_7XUQRII3RSXS%ORFNHU
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
3UHSDUHD:LQGRZV6HUYHULPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZV6HUYHUYLUWXDOV\VWHPIRUDQDO\VLV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
ΖIWKH:LQGRZV6HUYHU3RVW6HWXS6HFXULW\8SGDWHVSDJHDSSHDUVVHOHFW)LQLVK
ΖIWKH0DQDJH<RXU6HUYHUZLQGRZSDJHDSSHDUVVHOHFW'RQ
W'LVSOD\WKHSDJHDWORJRQDQGFORVHWKHSDJH
'LVDEOHWKHVKXWGRZQHYHQWWUDFNHU
D 6HOHFW6WDUW_5XQW\SHJSHGLWPVFWKHQFOLFN2.
E ΖQWKH*URXSSROLF\REMHFWHGLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHPWKHQ
GRXEOHFOLFN'LVSOD\6KXWGRZQ(YHQW7UDFNHU
F 6HOHFW'LVDEOHGWKHQFOLFN2.
G &ORVHWKH*URXSSROLF\REMHFWHGLWRUSDJH
ΖQVWDOOWKHKRWȴ[IRU:LQGRZV6HUYHU6HUYLFH3DFNLIDSSOLFDEOH
6NLSWKLVVWHSLI\RXKDYH:LQGRZV6HUYHU6HUYLFH3DFN
E 5HVWDUWWKHYLUWXDOPDFKLQH
F ΖQWKH:LQGRZVFRPPDQGSURPSWUXQWKHWOQWVYUVHUYLFHFRPPDQG
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV)LUHZDOO_2))
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D &OLFN6WDUWDQGULJKWFOLFN0\&RPSXWHU
E 6HOHFW0DQDJH_6HUYLFHVDQG$SSOLFDWLRQV_6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
(QDEOH)73LQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_$GGRUUHPRYH3URJUDPV_$GGRUUHPRYH:LQGRZVFRPSRQHQWV
E ΖQWKH:LQGRZV&RPSRQHQWVZL]DUGGRXEOHFOLFN$SSOLFDWLRQ6HUYHUWKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ
6HUYLFHV,,6
ȏ &RPPRQ)LOHV
ȏ ,QWHUQHW,QIRUPDWLRQ6HUYLFHV0DQDJHU
G &OLFN2.WKHQFOLFN1H[W
H ΖQWKH:LQGRZV&RPSRQHQWVZL]DUGFOLFN)LQLVKZKHQWKH)73LQVWDOODWLRQLVFRPSOHWH
I ΖQWKH,QVHUW'LVNPHVVDJHFOLFN&DQFHO
J ΖQWKH:LQGRZV;36HWXSPHVVDJHVHOHFW2.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_6ZLWFKWR&ODVVLF9LHZ_$GPLQLVWUDWLYH7RROVWKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ
6HUYLFHV
E ΖQWKHΖQWHUQHWΖQIRUPDWLRQ6HUYLFHVSDJHH[SDQGWKHHQWU\XQGHU,QWHUQHW,QIRUPDWLRQ6HUYLFHVWKHQH[SDQG
)736LWHV
F 5LJKWFOLFNRQ'HIDXOW)736LWHVHOHFW3URSHUWLHV_+RPH'LUHFWRU\
G %URZVHWRWKH&?GULYHVHOHFW5HDG:ULWHDQG/RJYLVLWV
H &OLFN$SSO\WKHQFOLFN2.
6HWDXWRPDWLFORJRQ
D 6HOHFW6WDUW_5XQW\SHUXQGOOQHWSOZL]GOO8VHUV5XQ'OOWKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUDQGFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
'LVDEOH:LQGRZVXSGDWHV
D 6HOHFW6WDUW_&RQWURO3DQHO_6\VWHP_$XWRPDWLF8SGDWHV
E 6HOHFW7XUQRII$XWRPDWLF8SGDWHV
F &OLFN$SSO\DQGWKHQFOLFN2.
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGDQGVHOHFW7RROV_
0DFUR_6HFXULW\VHOHFW/RZWKHQFOLFN2.'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG
3RZHU3RLQW
F *RWRKWWSZZZPLFURVRIWFRPHQXVGRZQORDGGHWDLOVDVS["LG DQGGRZQORDGWKHUHTXLUHG
0LFURVRIW2ɝFHFRPSDWLELOLW\SDFNIRU:RUG([FHODQG3RZHU3RLQW)LOH)RUPDWVWKHQLQVWDOOWKHPRQ
WKHYLUWXDOPDFKLQH
<RXQHHGWKHFRPSDWLELOLW\SDFNWRRSHQ0LFURVRIW2ɝFHȴOHVWKDWZHUHFUHDWHGLQDQHZHUYHUVLRQRI
0LFURVRIW2ɝFH)RUH[DPSOHWRRSHQDGRF[ȴOHXVLQJ2ɝFH\RXQHHGWKHFRUUHVSRQGLQJ
FRPSDWLELOLW\SDFNLQVWDOOHG
G ΖQWKH&RPSDWLELOLW\3DFNIRUWKH2ɝFHV\VWHPGLDORJVHOHFW&OLFNKHUHWRDFFHSWWKH0LFURVRIW6RIWZDUH
/LFHQVH7HUPVWKHQFOLFN2.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGFRS\LWWRWKH90
E 2SHQ$GREH5HDGHUDQGFOLFN$FFHSW
F ΖQ$GREH5HDGHUVHOHFW(GLW_3UHIHUHQFHV_*HQHUDOWKHQUHPRYH&KHFNIRUXSGDWHV
G ΖQ$GREH5HDGHUVHOHFW+HOS_&KHFNIRUXSGDWHV_3UHIHUHQFHVWKHQGHVHOHFW$GREH8SGDWHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEGHVHOHFWUHDGHUBVODQGMXVFKHGWKHQFOLFN2.
UHDGHUBVOLVDYDLODEOHRQO\ZKHQ$GREH5HDGHULVLQVWDOOHG
F ΖQWKH6\VWHP&RQȴJXUDWLRQPHVVDJHVHOHFW5HVWDUW
G ΖQWKH6\VWHP&RQȴJXUDWLRQ8WLOLW\PHVVDJHVHOHFW'RQ
WVKRZWKLVPHVVDJHRUODXQFKWKH6\VWHP&RQILJXUDWLRQ
8WLOLW\ZKHQ:LQGRZVVWDUWWKHQFOLFN2.
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_3RSXS%ORFNHU_7XUQRII3RSXS%ORFNHU
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
3UHSDUHD:LQGRZVLPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_6\VWHPDQG6HFXULW\_7XUQRQ:LQGRZV)LUHZDOO2QRU2II
(QDEOHUHTXLUHG:LQGRZVIHDWXUHV
D 6HOHFW6WDUW_&RQWURO3DQHO_3URJUDPV_3URJUDPVDQG)HDWXUHV_7XUQ:LQGRZVIHDWXUHRQRURII
E 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_)73VHUYHU_)73([WHQVLELOLW\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
F 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_:HE0DQDJHPHQW7RROV_,,60DQDJHPHQW6HUYLFH
G 6HOHFW7HOQHW6HUYHUWKHQFOLFN2.
7KLVRSHUDWLRQPLJKWWDNHDURXQGPLQXWHVWRFRPSOHWH
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D &OLFN6WDUWDQGULJKWFOLFN0\&RPSXWHU
E 6HOHFW0DQDJH_6HUYLFHVDQG$SSOLFDWLRQV_6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_6\VWHPDQG6HFXULW\_$GPLQLVWUDWLYH7RROVWKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ
6HUYLFHV
F 6HOHFW6LWHVULJKWFOLFNRQ'HIDXOW)736LWHVHOHFW5HPRYHWKHQFOLFN<HVWRFRQȴUP
G 5LJKWFOLFN6LWHVVHOHFW$GG)736LWHWKHQGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
6HWDXWRPDWLFORJRQ
D 6HOHFW6WDUW_5XQW\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
'LVDEOH:LQGRZVXSGDWHV
D 6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV8SGDWH_&KDQJHVHWWLQJV
E 8QGHU,PSRUWDQWXSGDWHVVHOHFW1HYHUFKHFNIRUXSGDWHVQRWUHFRPPHQGHG
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
F 'HVHOHFWDOORSWLRQVXQGHU5HFRPPHQGHGXSGDWHV:KRFDQLQVWDOOXSGDWHV0LFURVRIWXSGDWH6RIWZDUHQRWLILFDWLRQV
G &OLFN2.
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGDQGVHOHFW7RROV_
0DFUR_6HFXULW\VHOHFW/RZWKHQFOLFN2.'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG
3RZHU3RLQW
F *RWRKWWSZZZPLFURVRIWFRPHQXVGRZQORDGGHWDLOVDVS["LG DQGGRZQORDGWKHUHTXLUHG
0LFURVRIW2ɝFHFRPSDWLELOLW\SDFNIRU:RUG([FHODQG3RZHU3RLQW)LOH)RUPDWVWKHQLQVWDOOWKHPRQ
WKHYLUWXDOPDFKLQH
<RXQHHGWKHFRPSDWLELOLW\SDFNWRRSHQ0LFURVRIW2ɝFHȴOHVWKDWZHUHFUHDWHGLQDQHZHUYHUVLRQRI
0LFURVRIW2ɝFH)RUH[DPSOHWRRSHQDGRF[ȴOHXVLQJ2ɝFH\RXQHHGWKHFRUUHVSRQGLQJ
FRPSDWLELOLW\SDFNLQVWDOOHG
G ΖQWKH&RPSDWLELOLW\3DFNIRUWKH2ɝFHV\VWHPGLDORJVHOHFW&OLFNKHUHWRDFFHSWWKH0LFURVRIW6RIWZDUH
/LFHQVH7HUPVWKHQFOLFN2.
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGFRS\LWWRWKH90
E 2SHQ$GREH5HDGHUDQGFOLFN$FFHSW
F ΖQ$GREH5HDGHUVHOHFW(GLW_3UHIHUHQFHV_*HQHUDOWKHQUHPRYH&KHFNIRUXSGDWHV
G ΖQ$GREH5HDGHUVHOHFW+HOS_&KHFNIRUXSGDWHV_3UHIHUHQFHVWKHQGHVHOHFW$GREH8SGDWHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEGHVHOHFWUHDGHUBVODQGMXVFKHGWKHQFOLFN2.
UHDGHUBVOLVDYDLODEOHRQO\ZKHQ$GREH5HDGHULVLQVWDOOHG
F ΖQWKH6\VWHP&RQȴJXUDWLRQPHVVDJHVHOHFW5HVWDUW
G ΖQWKH6\VWHP&RQȴJXUDWLRQ8WLOLW\PHVVDJHVHOHFW'RQ
WVKRZWKLVPHVVDJHRUODXQFKWKH6\VWHP&RQILJXUDWLRQ
8WLOLW\ZKHQ:LQGRZVVWDUWWKHQFOLFN2.
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_3RSXS%ORFNHU_7XUQRII3RSXS%ORFNHU
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
'LVDEOHWKH+773DXWRSUR[\VHUYHU2SHQFRPPDQGSURPSWZLWKDGPLQLVWUDWRUSULYLOHJHWKHQUXQWKHVH
FRPPDQGV
ȏ 1HWVWRS:LQ+WWS$XWR3UR[\6YF
ȏ 6FFRQILJ:LQ+WWS$XWR3UR[\6YFVWDUW GLVDEOHG
3UHSDUHD:LQGRZV6HUYHULPDJH
&RQȴJXUH\RXU:LQGRZV6HUYHUYLUWXDOV\VWHPIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
ΖIWKH0DQDJH<RXU6HUYHUZLQGRZSDJHDSSHDUVVHOHFW'RQ
W'LVSOD\WKHSDJHDWORJRQDQGFORVHWKHSDJH
'LVDEOHWKHVKXWGRZQHYHQWWUDFNHU
D 6HOHFW6WDUW_5XQW\SHJSHGLWPVFWKHQFOLFN2.
E ΖQWKH/RFDO*URXS3ROLF\(GLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHPWKHQ
GRXEOHFOLFN'LVSOD\6KXWGRZQ(YHQW7UDFNHU
F 6HOHFW'LVDEOHGWKHQFOLFN2.
G &ORVHWKH/RFDO*URXS3ROLF\(GLWRUSDJH
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV)LUHZDOO_7XUQRQ:LQGRZV)LUHZDOO2QRU2II
E 6HOHFW2IIWKHQFOLFN2.
ΖQVWDOOWHOQHWLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_$GPLQLVWUDWLYH7RROV_6HUYHU0DQDJHU
E ΖQWKH6HUYHU0DQDJHUZLQGRZULJKWFOLFN)HDWXUHVDQGVHOHFW$GG)HDWXUHV
F ΖQWKH$GG)HDWXUHV:L]DUGVHOHFW7HOQHW6HUYHU
G &OLFN1H[WWKHQ,QVWDOO
H &OLFN&ORVHDIWHUWKHLQVWDOODWLRQVXFFHHGV
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_$GPLQLVWUDWLYH7RROV_6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_$GPLQLVWUDWLYH7RROV_,QWHUQHW,QIRUPDWLRQ6HUYLFHV,,60DQDJHU
E ΖQWKHΖQWHUQHWΖQIRUPDWLRQ6HUYLFHV0DQDJHUSDJHVHOHFW6LWHVVHOHFW$GG)736LWH
F ΖQWKH$GG)736LWHZL]DUGGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
6HWDXWRPDWLFORJRQ
D 6HOHFW6WDUW_5XQW\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
'LVDEOH:LQGRZVXSGDWHV
D 6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV8SGDWH_&KDQJHVHWWLQJV
E 8QGHU,PSRUWDQWXSGDWHVVHOHFW1HYHUFKHFNIRUXSGDWHVQRWUHFRPPHQGHG
F 'HVHOHFW5HFRPPHQGHGXSGDWHVZKHQGRZQORDGLQJLQVWDOOLQJRUQRWLI\LQJPHDERXWXSGDWHV
G &OLFN2.
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGDQGVHOHFW7RROV_
0DFUR_6HFXULW\VHOHFW/RZWKHQFOLFN2.'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG
3RZHU3RLQW
F *RWRKWWSZZZPLFURVRIWFRPHQXVGRZQORDGGHWDLOVDVS["LG DQGGRZQORDGWKHUHTXLUHG
0LFURVRIW2ɝFHFRPSDWLELOLW\SDFNIRU:RUG([FHODQG3RZHU3RLQW)LOH)RUPDWVWKHQLQVWDOOWKHPRQ
WKHYLUWXDOPDFKLQH
<RXQHHGWKHFRPSDWLELOLW\SDFNWRRSHQ0LFURVRIW2ɝFHȴOHVWKDWZHUHFUHDWHGLQDQHZHUYHUVLRQRI
0LFURVRIW2ɝFH)RUH[DPSOHWRRSHQDGRF[ȴOHXVLQJ2ɝFH\RXQHHGWKHFRUUHVSRQGLQJ
FRPSDWLELOLW\SDFNLQVWDOOHG
G ΖQWKH&RPSDWLELOLW\3DFNIRUWKH2ɝFHV\VWHPGLDORJVHOHFW&OLFNKHUHWRDFFHSWWKH0LFURVRIW6RIWZDUH
/LFHQVH7HUPVWKHQFOLFN2.
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGFRS\LWWRWKH90
E 2SHQ$GREH5HDGHUDQGFOLFN$FFHSW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
F ΖQ$GREH5HDGHUVHOHFW(GLW_3UHIHUHQFHV_*HQHUDOWKHQUHPRYH&KHFNIRUXSGDWHV
G ΖQ$GREH5HDGHUVHOHFW+HOS_&KHFNIRUXSGDWHV_3UHIHUHQFHVWKHQGHVHOHFW$GREH8SGDWHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEGHVHOHFWUHDGHUBVODQGMXVFKHGWKHQFOLFN2.
UHDGHUBVOLVDYDLODEOHRQO\ZKHQ$GREH5HDGHULVLQVWDOOHG
F ΖQWKH6\VWHP&RQȴJXUDWLRQPHVVDJHVHOHFW5HVWDUW
G ΖQWKH6\VWHP&RQȴJXUDWLRQ8WLOLW\PHVVDJHVHOHFW'RQ
WVKRZWKLVPHVVDJHRUODXQFKWKH6\VWHP&RQILJXUDWLRQ
8WLOLW\ZKHQ:LQGRZVVWDUWWKHQFOLFN2.
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_3RSXS%ORFNHU_7XUQRII3RSXS%ORFNHU
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
3UHSDUHD:LQGRZVLPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
)URPWKHQDWLYHV\VWHPVHWXS:LQGRZVWRGLVSOD\LQWKH'HVNWRSPRGHLQVWHDGRIWKHGHIDXOW0HWUR8Ζ
PRGHZKHQLWVWDUWV
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\ZKLFKLVWKHVKRUWFXWWRRSHQWKH5XQGLDORJER[
E ΖQWKH5XQGLDORJER[W\SHUHJHGLWWKHQSUHVV(QWHU
F ΖQ5HJLVWU\(GLWRUVHOHFW+.(<B/2&$/B0$&+,1(_62)7:$5(_0LFURVRIW_:LQGRZV17_&XUUHQW9HUVLRQ_
:LQORJRQWKHQGRXEOHFOLFNRQ6KHOO
G &KDQJH9DOXHGDWDWRH[SORUHUH[HH[SORUHUH[HLQVWHDGRIWKHGHIDXOWYDOXHRIH[SORUHUH[H
WKHQFOLFN2.
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\WKHQVHOHFW&RQWURO3DQHO_6\VWHPDQG6HFXULW\_7XUQRQ
:LQGRZV)LUHZDOO2QRU2II
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
'LVDEOH:LQGRZV'HIHQGHU
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW:LQGRZV'HIHQGHU_6HWWLQJV_$GPLQLVWUDWRUVGHVHOHFW7XUQRQ:LQGRZV'HIHQGHUWKHQFOLFN6DYHFKDQJHV
F &ORVHWKH:LQGRZV'HIHQGHUPHVVDJHER[
'LVDEOHȴUVWORJRQDQLPDWLRQ
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\
E ΖQWKH5XQGLDORJER[W\SHJSHGLWPVFWKHQSUHVV(QWHU
F ΖQWKH/RFDO*URXS3ROLF\(GLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHP_
/RJRQ
G 'RXEOHFOLFN6KRZILUVWVLJQLQDQLPDWLRQVHOHFW'LVDEOHGWKHQFOLFN2.
(QDEOHUHTXLUHG:LQGRZVIHDWXUHV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW3URJUDPV_3URJUDPVDQG)HDWXUHV_7XUQ:LQGRZVIHDWXUHRQRURII
F 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_)73VHUYHU_)73([WHQVLELOLW\
G 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_:HE0DQDJHPHQW7RROV_,,60DQDJHPHQW6HUYLFH
H 6HOHFW7HOQHW6HUYHU
J ΖIWKH:LQGRZVQHHGVILOHVIURP:LQGRZV8SGDWHWRILQLVKLQVWDOOLQJVRPHIHDWXUHVPHVVDJHDSSHDUVVHOHFW'RZQORDG
ILOHVIURP:LQGRZV8SGDWH
7KLVRSHUDWLRQPLJKWWDNHDURXQGPLQXWHVWRFRPSOHWH$FRQȴUPDWLRQPHVVDJHLVGLVSOD\HGZKHQWKH
RSHUDWLRQFRPSOHWHV
(GLWWKHSRZHURSWLRQV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW3RZHU2SWLRQV_&KRRVHZKHQWRWXUQRIIWKHGLVSOD\VHOHFW1HYHUIRUERWK7XUQRIIWKHGLVSOD\DQG3XWWKH
FRPSXWHUWRVOHHSRSWLRQVWKHQFOLFN6DYHFKDQJHV
F 6HOHFW3RZHU2SWLRQV_&KRRVHZKDWWKHSRZHUEXWWRQVGRVHOHFW&KDQJH6HWWLQJVWKDWDUHFXUUHQWO\XQDYDLODEOHIRU
ERWK7XUQRIIWKHGLVSOD\DQG3XWWKHFRPSXWHUWRVOHHSRSWLRQVWKHQFOLFN6DYHFKDQJHV
G )RUVKXWGRZQVHWWLQJVGHVHOHFW7XUQRQIDVWVWDUWXSDQG+LEHUQDWHRSWLRQVWKHQFOLFN6DYHFKDQJHV
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RPSXWHU0DQDJHPHQW_6HUYLFHVDQG$SSOLFDWLRQV_
6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW$GPLQLVWUDWLYH7RROVWKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ6HUYLFHV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
G ΖI\RXVHHWKH'R\RXZDQWWRJHWVWDUWHGZLWK0LFURVRIW:HE3ODWIRUPWRVWD\FRQQHFWHGZLWKODWHVW:HE3ODWIRUP
&RPSRQHQWV"PHVVDJHVHOHFW'RQRWVKRZWKLVPHVVDJHWKHQFOLFN&DQFHO
H 6HOHFW6LWHVULJKWFOLFNRQ'HIDXOW:HE6LWHVHOHFW5HPRYHWKHQFOLFN<HVWRFRQȴUP
I 5LJKWFOLFN6LWHVVHOHFW$GG)736LWHWKHQGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
7XUQRDXWRPDWLFXSGDWLQJIRU:LQGRZV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW:LQGRZV8SGDWH_&KDQJH
&RQȴJXUH7HOQHWFOLHQWV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW$GPLQLVWUDWRU7RROV_&RPSXWHU0DQDJHPHQW
G 'RXEOHFOLFN7HOQHW&OLHQWV
H &OLFN$GGW\SH$GPLQLVWUDWRUFOLFN&KHFN1DPHVWKHQFOLFN2.
6HWDXWRPDWLFORJRQ
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\W\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGDQGVHOHFW7RROV_
0DFUR_6HFXULW\VHOHFW/RZWKHQFOLFN2.'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG
3RZHU3RLQW
F *RWRKWWSZZZPLFURVRIWFRPHQXVGRZQORDGGHWDLOVDVS["LG DQGGRZQORDGWKHUHTXLUHG
0LFURVRIW2ɝFHFRPSDWLELOLW\SDFNIRU:RUG([FHODQG3RZHU3RLQW)LOH)RUPDWVWKHQLQVWDOOWKHPRQ
WKHYLUWXDOPDFKLQH
<RXQHHGWKHFRPSDWLELOLW\SDFNWRRSHQ0LFURVRIW2ɝFHȴOHVWKDWZHUHFUHDWHGLQDQHZHUYHUVLRQRI
0LFURVRIW2ɝFH)RUH[DPSOHWRRSHQDGRF[ȴOHXVLQJ2ɝFH\RXQHHGWKHFRUUHVSRQGLQJ
FRPSDWLELOLW\SDFNLQVWDOOHG
G ΖQWKH&RPSDWLELOLW\3DFNIRUWKH2ɝFHV\VWHPGLDORJVHOHFW&OLFNKHUHWRDFFHSWWKH0LFURVRIW6RIWZDUH
/LFHQVH7HUPVWKHQFOLFN2.
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGFRS\LWWRWKH90
E 2SHQ$GREH5HDGHUDQGFOLFN$FFHSW
F ΖQ$GREH5HDGHUVHOHFW(GLW_3UHIHUHQFHV_*HQHUDOWKHQUHPRYH&KHFNIRUXSGDWHV
G ΖQ$GREH5HDGHUVHOHFW+HOS_&KHFNIRUXSGDWHV_3UHIHUHQFHVWKHQGHVHOHFW$GREH8SGDWHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEWKHQFOLFN2SHQ7DVN0DQDJHU
H ΖQWKH6\VWHP&RQȴJXUDWLRQPHVVDJHVHOHFW5HVWDUW
I ΖQWKH6\VWHP&RQȴJXUDWLRQ8WLOLW\PHVVDJHVHOHFW'RQ
WVKRZWKLVPHVVDJHRUODXQFKWKH6\VWHP&RQILJXUDWLRQ
8WLOLW\ZKHQ:LQGRZVVWDUWWKHQFOLFN2.
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_3RSXS%ORFNHU_7XUQRII3RSXS%ORFNHU
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
'LVDEOHWKH+773DXWRSUR[\VHUYHU2SHQFRPPDQGSURPSWZLWKDGPLQLVWUDWRUSULYLOHJHWKHQUXQWKHVH
FRPPDQGV
ȏ 1HWVWRS:LQ+WWS$XWR3UR[\6YF
ȏ 6FFRQILJ:LQ+WWS$XWR3UR[\6YFVWDUW GLVDEOHG
3UHSDUHD:LQGRZVLPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZVYLUWXDOV\VWHPIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
)URPWKHQDWLYHV\VWHPVHWXS:LQGRZVWRGLVSOD\LQWKH'HVNWRSPRGHLQVWHDGRIWKHGHIDXOW0HWUR8Ζ
PRGHZKHQLWVWDUWV
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\ZKLFKLVWKHVKRUWFXWWRRSHQWKH5XQGLDORJER[
E ΖQWKH5XQGLDORJER[W\SHUHJHGLWWKHQSUHVV(QWHU
F ΖQ5HJLVWU\(GLWRUVHOHFW+.(<B/2&$/B0$&+,1(_62)7:$5(_0LFURVRIW_:LQGRZV17_&XUUHQW9HUVLRQ_
:LQORJRQWKHQGRXEOHFOLFNRQ6KHOO
G &KDQJH9DOXHGDWDWRH[SORUHUH[HH[SORUHUH[HLQVWHDGRIWKHGHIDXOWYDOXHRIH[SORUHUH[H
WKHQFOLFN2.
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\WKHQVHOHFW&RQWURO3DQHO_6\VWHPDQG6HFXULW\_7XUQRQ
:LQGRZV)LUHZDOO2QRU2II
'LVDEOH:LQGRZV'HIHQGHU
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW:LQGRZV'HIHQGHU_6HWWLQJV_$GPLQLVWUDWRUVGHVHOHFW7XUQRQWKLVDSSWKHQFOLFN6DYHFKDQJHV
F ΖID:LQGRZV'HIHQGHUPHVVDJHDSSHDUVFORVHWKHPHVVDJHVFUHHQ
'LVDEOHȴUVWORJRQDQLPDWLRQ
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\W\SHJSHGLWPVFWKHQSUHVV(QWHU
E ΖQWKH/RFDO*URXS3ROLF\(GLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHP_
/RJRQ
F 'RXEOHFOLFN6KRZILUVWVLJQLQDQLPDWLRQVHOHFW'LVDEOHGWKHQFOLFN2.
(QDEOHUHTXLUHG:LQGRZVIHDWXUHV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\WKHQVHOHFW&RQWURO3DQHO_3URJUDPV_3URJUDPVDQG)HDWXUHV_
7XUQ:LQGRZVIHDWXUHRQRURII
E 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_)73VHUYHU_)73([WHQVLELOLW\
F 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_:HE0DQDJHPHQW7RROV_,,60DQDJHPHQW6HUYLFH
G 6HOHFW7HOQHW6HUYHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
I ΖIWKH:LQGRZVQHHGVILOHVIURP:LQGRZV8SGDWHWRILQLVKLQVWDOOLQJVRPHIHDWXUHVPHVVDJHDSSHDUVVHOHFW'RZQORDG
ILOHVIURP:LQGRZV8SGDWH
7KLVRSHUDWLRQPLJKWWDNHDURXQGPLQXWHVWRFRPSOHWH$FRQȴUPDWLRQPHVVDJHLVGLVSOD\HGZKHQWKH
RSHUDWLRQFRPSOHWHV
'RZQORDGDQGLQVWDOOWKH1(7)UDPHZRUNRQWKH90LPDJH
ΖID%ORFNLQJΖVVXHVPHVVDJHDSSHDUVLQVWDOOWKHVXJJHVWHGFRPSRQHQWVWKHQVHOHFW&RQWLQXH
(GLWWKHSRZHURSWLRQV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW3RZHU2SWLRQV_&KRRVHZKHQWRWXUQRIIWKHGLVSOD\VHOHFW1HYHUIRUERWK7XUQRIIWKHGLVSOD\DQG3XWWKH
FRPSXWHUWRVOHHSRSWLRQVWKHQFOLFN6DYHFKDQJHV
F )RUVKXWGRZQVHWWLQJVGHVHOHFW7XUQRQIDVWVWDUWXSDQG+LEHUQDWHRSWLRQVWKHQFOLFN6DYHFKDQJHV
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RPSXWHU0DQDJHPHQW_6HUYLFHVDQG$SSOLFDWLRQV_
6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHO_6\VWHPDQG6HFXULW\_$GPLQLVWUDWLYH7RROV
WKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ6HUYLFHV
F ΖI\RXVHHWKH'R\RXZDQWWRJHWVWDUWHGZLWK0LFURVRIW:HE3ODWIRUPWRVWD\FRQQHFWHGZLWKODWHVW:HE3ODWIRUP
&RPSRQHQWV"PHVVDJHVHOHFW'RQRWVKRZWKLVPHVVDJHWKHQFOLFN&DQFHO
G 6HOHFW6LWHVULJKWFOLFNRQ'HIDXOW:HE6LWHVHOHFW5HPRYHWKHQFOLFN<HVWRFRQȴUP
H 5LJKWFOLFN6LWHVVHOHFW$GG)736LWHWKHQGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
7XUQRDXWRPDWLFXSGDWLQJIRU:LQGRZV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\WKHQVHOHFW&RQWURO3DQHO_:LQGRZV8SGDWH_&KDQJH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH7HOQHWFOLHQWV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW$GPLQLVWUDWLYHWRROV_&RPSXWHU0DQDJHPHQW
G 'RXEOHFOLFN7HOQHW&OLHQWV
H &OLFN$GGW\SH$GPLQLVWUDWRUFOLFN&KHFN1DPHVWKHQFOLFN2.
6HWDXWRPDWLFORJRQ
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\W\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_0DFUR
6HWWLQJVWKHQVHOHFW(QDEOHDOOPDFURVQRWUHFRPPHQGHGSRWHQWLDOO\GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRU
RWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
F 2QWKH:HOFRPHWR0LFURVRIW2ɝFHSDJHFOLFN1H[WEXWWRQ
G 2QWKH6LJQXSIRU0LFURVRIW8SGDWHSDJHVHOHFW,GRQ
WZDQWWRXVH0LFURVRIW8SGDWHWKHQFOLFN)LQLVK
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGLQVWDOOLWWRWKH90
E ΖQ$GREHUHDGHULI$GREH5HDGHU3URWHFWHG0RGHPHVVDJHDSSHDUVVHOHFW2SHQZLWK3URWHFWHG0RGH
GLVDEOHGWKHQVHOHFW2.
F ΖI$FFHVVLELOLW\6HWXS$VVLVWDQFHPHVVDJHDSSHDUVVHOHFW&DQFHO
G 6HOHFW(GLW_3UHIHUHQFHV_8SGDWHUVHOHFW'RQRWGRZQORDGRULQVWDOOXSGDWHGDXWRPDWLFDOO\VHOHFW2.WKHQVHOHFW
<HVWRFRQȴUPWKHFKDQJHV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEWKHQFOLFN2SHQ7DVN0DQDJHU
H ΖQWKH6\VWHP&RQȴJXUDWLRQGLDORJVHOHFW'RQ
WVKRZWKLVPHVVDJHDJDLQWKHQVHOHFW5HVWDUW
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_,QWHUQHWRSWLRQV_3ULYDF\VHOHFW7XUQRII3RSXS%ORFNHUWKHQVHOHFW2.
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
'LVDEOHWKH+773DXWRSUR[\VHUYHU2SHQFRPPDQGSURPSWZLWKDGPLQLVWUDWRUSULYLOHJHWKHQUXQWKHVH
FRPPDQGV
ȏ 1HWVWRS:LQ+WWS$XWR3UR[\6YF
ȏ 6FFRQILJ:LQ+WWS$XWR3UR[\6YFVWDUW GLVDEOHG
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
)URPWKHQDWLYHV\VWHPVHWXS:LQGRZVWRGLVSOD\LQWKH'HVNWRSPRGHLQVWHDGRIWKHGHIDXOW0HWUR8Ζ
PRGHZKHQLWVWDUWV
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\ZKLFKLVWKHVKRUWFXWWRRSHQWKH5XQGLDORJER[
E ΖQWKH5XQGLDORJER[W\SHUHJHGLWWKHQSUHVV(QWHU
F ΖQ5HJLVWU\(GLWRUVHOHFW+.(<B/2&$/B0$&+,1(_62)7:$5(_0LFURVRIW_:LQGRZV17_&XUUHQW9HUVLRQ_
:LQORJRQWKHQGRXEOHFOLFNRQ6KHOO
G &KDQJH9DOXHGDWDWRH[SORUHUH[HH[SORUHUH[HLQVWHDGRIWKHGHIDXOWYDOXHRIH[SORUHUH[H
WKHQFOLFN2.
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\WKHQVHOHFW&RQWURO3DQHO_6\VWHPDQG6HFXULW\_7XUQRQ
:LQGRZV)LUHZDOO2QRU2II
'LVDEOH:LQGRZV'HIHQGHU
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW:LQGRZV'HIHQGHUWKHQWXUQRDOOIHDWXUHVRQWKH:LQGRZV'HIHQGHU6HWWLQJVSDJH
F ΖID:LQGRZV'HIHQGHUPHVVDJHDSSHDUVFORVHWKHPHVVDJHVFUHHQ
'LVDEOHȴUVWORJRQDQLPDWLRQ
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\
E ΖQWKH5XQGLDORJER[W\SHJSHGLWPVFWKHQSUHVV(QWHU
F ΖQWKH/RFDO*URXS3ROLF\(GLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHP_
/RJRQ
G 'RXEOHFOLFN6KRZILUVWVLJQLQDQLPDWLRQVHOHFW'LVDEOHGWKHQFOLFN2.
(QDEOHUHTXLUHG:LQGRZVIHDWXUHV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW3URJUDPV_3URJUDPVDQG)HDWXUHV_7XUQ:LQGRZVIHDWXUHRQRURII
F 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_)73VHUYHU_&RQWURO3DQHO_)73([WHQVLELOLW\
G 6HOHFW,QWHUQHW,QIRUPDWLRQ6HUYLFHV_:HE0DQDJHPHQW7RROV_,,60DQDJHPHQW6HUYLFH
H 6HOHFW1(7)UDPHZRUN$GYDQFHG6HUYLFHVDQGHQVXUHWKDW$631(7LVHQDEOHGWKHQSUHVV2.
I 6HOHFW:&)6HUYLFH/LEUDU\HQVXUHWKDW7&33RUW6KDULQJLVHQDEOHG
J ΖIWKH:LQGRZVQHHGVILOHVIURP:LQGRZV8SGDWHWRILQLVKLQVWDOOLQJVRPHIHDWXUHVPHVVDJHDSSHDUVVHOHFW'RZQORDG
ILOHVIURP:LQGRZV8SGDWH
7KLVRSHUDWLRQPLJKWWDNHDURXQGPLQXWHVWRFRPSOHWH$FRQȴUPDWLRQPHVVDJHLVGLVSOD\HGZKHQWKH
RSHUDWLRQFRPSOHWHV
(GLWWKHSRZHURSWLRQV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW3RZHU2SWLRQV_&KRRVHZKHQWRWXUQRIIWKHGLVSOD\VHOHFW1HYHUIRU7XUQRIIWKHGLVSOD\WKHQFOLFN6DYH
FKDQJHV
F )RUVKXWGRZQVHWWLQJVGHVHOHFW7XUQRQIDVWVWDUWXSDQG+LEHUQDWHRSWLRQVWKHQFOLFN6DYHFKDQJHV
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW$GPLQLVWUDWLYH7RROVWKHQGRXEOHFOLFN,QWHUQHW,QIRUPDWLRQ6HUYLFHV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
G ΖI\RXVHHWKH'R\RXZDQWWRJHWVWDUWHGZLWK0LFURVRIW:HE3ODWIRUPWRVWD\FRQQHFWHGZLWKODWHVW:HE3ODWIRUP
&RPSRQHQWV"PHVVDJHVHOHFW'RQRWVKRZWKLVPHVVDJHWKHQFOLFN&DQFHO
H 6HOHFW6LWHVULJKWFOLFNRQ'HIDXOW:HE6LWHVHOHFW5HPRYHWKHQFOLFN<HVWRFRQȴUP
I 5LJKWFOLFN6LWHVVHOHFW$GG)736LWHWKHQGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
7XUQRDXWRPDWLFXSGDWLQJIRU:LQGRZV
D 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\VHOHFW&RQWURO3DQHOWKHQVHOHFW6PDOO,FRQVXQGHU9LHZE\
E 6HOHFW$GPLQLVWUDWLYH7RROV_6HUYLFHVWKHQGRXEOHFOLFN:LQGRZV8SGDWH
F 6HOHFW6WDUWXSW\SHDV'LVDEOHG
G 6WRSWKHVHUYLFHLIWKHVHUYLFHLVUXQQLQJ
H 3UHVVWKH:LQGRZVDQG;NH\VVLPXOWDQHRXVO\WKHQVHOHFW&RQWURO3DQHO_:LQGRZV8SGDWH_&KDQJH
6HWDXWRPDWLFORJRQ
D 3UHVVWKH:LQGRZVDQG5NH\VVLPXOWDQHRXVO\W\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃDGPLQ
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_0DFUR
6HWWLQJVWKHQVHOHFW(QDEOHDOOPDFURVQRWUHFRPPHQGHGSRWHQWLDOO\GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRU
RWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
F /RZHUWKHVHFXULW\WRUXQ$FWLYH;IRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_$FWLYH;
6HWWLQJVWKHQVHOHFW(QDEOHDOOFRQWUROVZLWKRXWUHVWULFWLRQVDQGZLWKRXWSURPSWLQJQRWUHFRPPHQGHGSRWHQWLDOO\
GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
G 6HOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVWHG&HQWHU6HWWLQJV_7UXVWHG/RFDWLRQVWKHQXVHWKH$GGQHZORFDWLRQ
EXWWRQWRDGG&?XQGHU8VHU/RFDWLRQV2QFHDGGHGGRXEOHFOLFNRQWKHHQWU\IRU&?WKHQLQWKHSRSXS
VHOHFW6XEIROGHUVRIWKLVORFDWLRQDUHDOVRWUXVWHGWKHQFOLFN2.
H 2QWKH:HOFRPHWR0LFURVRIW2ɝFHSDJHFOLFN1H[WEXWWRQ
I 2QWKH6LJQXSIRU0LFURVRIW8SGDWHSDJHVHOHFW,GRQ
WZDQWWRXVH0LFURVRIW8SGDWHWKHQFOLFN)LQLVK
J :KHQ\RXRSHQDQ\RIWKH0LFURVRIW2ɝFHVRIWZDUH\RXZRXOGVHHWKH+HOS3URWHFWDQGΖPSURYH
0LFURVRIW2ɝFHSRSXS)URPWKHSRSXSVHOHFW'RQ
WPDNHFKDQJHVWKHQFOLFN2.
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGLQVWDOOLWWRWKH90
E ΖQ$GREHUHDGHULI$GREH5HDGHU3URWHFWHG0RGHPHVVDJHDSSHDUVVHOHFW2SHQZLWK3URWHFWHG0RGH
GLVDEOHGWKHQVHOHFW2.
F ΖI$FFHVVLELOLW\6HWXS$VVLVWDQFHPHVVDJHDSSHDUVVHOHFW&DQFHO
G 6HOHFW(GLW_3UHIHUHQFHV_8SGDWHUVHOHFW'RQRWGRZQORDGRULQVWDOOXSGDWHGDXWRPDWLFDOO\VHOHFW2.WKHQVHOHFW
<HVWRFRQȴUPWKHFKDQJHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEWKHQFOLFN2SHQ7DVN0DQDJHU
H ΖQWKH6\VWHP&RQȴJXUDWLRQGLDORJVHOHFW'RQ
WVKRZWKLVPHVVDJHDJDLQWKHQVHOHFW5HVWDUW
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_,QWHUQHWRSWLRQV_3ULYDF\VHOHFW7XUQRII3RSXS%ORFNHUWKHQVHOHFW2.
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
'LVDEOHWKH+773DXWRSUR[\VHUYHU2SHQFRPPDQGSURPSWZLWKDGPLQLVWUDWRUSULYLOHJHWKHQUXQWKHVH
FRPPDQGV
ȏ 1HWVWRS:LQ+WWS$XWR3UR[\6YF
ȏ 6FFRQILJ:LQ+WWS$XWR3UR[\6YFVWDUW GLVDEOHG
5XQWKH90'.3UHSDUDWLRQ7RROIRUIXUWKHUFKDQJHV
3UHSDUHD:LQGRZV5LPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZV6HUYHU5YLUWXDOV\VWHPIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
ΖIWKH0DQDJH<RXU6HUYHUZLQGRZSDJHDSSHDUVVHOHFW'RQ
W'LVSOD\WKHSDJHDWORJRQDQGFORVHWKHSDJH
ΖIWKH6HUYHU0DQDJHUZLQGRZVLVGLVSOD\HGVHOHFW0DQDJH_6HUYHU0DQDJHU3URSHUWLHVVHOHFW'RQRWVWDUW6HUYHU
0DQDJHUDXWRPDWLFDOO\DWORJRQWKHQVHOHFW2.
'LVDEOHWKHVKXWGRZQHYHQWWUDFNHU
D 6HOHFW6WDUW_5XQW\SHJSHGLWPVFWKHQFOLFN2.
E ΖQWKH/RFDO*URXS3ROLF\(GLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHPWKHQ
GRXEOHFOLFN'LVSOD\6KXWGRZQ(YHQW7UDFNHU
F 6HOHFW'LVDEOHGWKHQFOLFN2.
G &ORVHWKH/RFDO*URXS3ROLF\(GLWRUSDJH
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV)LUHZDOO_7XUQRQ:LQGRZV)LUHZDOO2QRU2II
E 6HOHFW2IIWKHQFOLFN2.
ΖQVWDOOWHOQHWLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_$GPLQLVWUDWLYH7RROV_6HUYHU0DQDJHU
E ΖQWKH6HUYHU0DQDJHUZLQGRZVHOHFW$GG5ROHVDQG)HDWXUHV
F ΖQ$GG5ROHVDQG)HDWXUHV:L]DUGVHOHFW7HOQHW6HUYHU
G &OLFN1H[WWKHQ,QVWDOO
H &OLFN&ORVHDIWHUWKHLQVWDOODWLRQVXFFHHGV
6WDUWWKHWHOQHWVHUYLFHLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_$GPLQLVWUDWLYH7RROV_6HUYLFHVWKHQGRXEOHFOLFN7HOQHW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D ΖQVWDOOΖΖ60DQDJHULIQRWDOUHDG\SUHVHQWDQGPDNHVXUH\RXFKHFNWKH)736HUYHUFKHFNER[ZKHQ
LQVWDOOLQJΖΖ60DQDJHU
)URP6HUYHU0DQDJHUSDJHVHOHFW$GG5ROHVDQG)HDWXUHVWKHQFOLFN1H[W
ΖQWKHΖQVWDOODWLRQW\SHSDJHVHOHFW5ROHEDVHGRUIHDWXUHEDVHGLQVWDOODWLRQWKHQFOLFN1H[W
ΖQWKH6HUYHUVHOHFWLRQSDJHVHOHFW6HOHFWDVHUYHUIURPWKHVHUYHUSRROWKHQFOLFN1H[W
ΖQWKH6HOHFWIHDWXUHVSDJHFOLFN1H[WWKHQFOLFN,QVWDOO
F ΖQWKHΖQWHUQHWΖQIRUPDWLRQ6HUYLFHV0DQDJHUSDJHVHOHFW6LWHVVHOHFW$GG)736LWH
G ΖQWKH$GG)736LWHZL]DUGGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
'RZQORDGDQGLQVWDOOWKH1(7)UDPHZRUNRQWKH90LPDJH
ΖID%ORFNLQJΖVVXHVPHVVDJHDSSHDUVLQVWDOOWKHVXJJHVWHGFRPSRQHQWVWKHQVHOHFW&RQWLQXH
6HWDXWRPDWLFORJRQ
D 6HOHFW6WDUW_5XQW\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
'LVDEOH:LQGRZVXSGDWHV
D 6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV8SGDWH_&KDQJHVHWWLQJV
E 8QGHU,PSRUWDQWXSGDWHVVHOHFW1HYHUFKHFNIRUXSGDWHVQRWUHFRPPHQGHG
F 'HVHOHFW5HFRPPHQGHGXSGDWHVZKHQGRZQORDGLQJLQVWDOOLQJRUQRWLI\LQJPHDERXWXSGDWHV
G &OLFN2.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_0DFUR
6HWWLQJVWKHQVHOHFW(QDEOHDOOPDFURVQRWUHFRPPHQGHGSRWHQWLDOO\GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRU
RWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
F /RZHUWKHVHFXULW\WRUXQ$FWLYH;IRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_$FWLYH;
6HWWLQJVWKHQVHOHFW(QDEOHDOOFRQWUROVZLWKRXWUHVWULFWLRQVDQGZLWKRXWSURPSWLQJQRWUHFRPPHQGHGSRWHQWLDOO\
GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
G 2QWKH:HOFRPHWR0LFURVRIW2ɝFHSDJHFOLFN1H[WEXWWRQ
H 2QWKH6LJQXSIRU0LFURVRIW8SGDWHSDJHVHOHFW,GRQ
WZDQWWRXVH0LFURVRIW8SGDWHWKHQFOLFN)LQLVK
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGLQVWDOOLWWRWKH90
E ΖQ$GREHUHDGHULI$GREH5HDGHU3URWHFWHG0RGHPHVVDJHDSSHDUVVHOHFW2SHQZLWK3URWHFWHG0RGH
GLVDEOHGWKHQVHOHFW2.
F ΖI$FFHVVLELOLW\6HWXS$VVLVWDQFHPHVVDJHDSSHDUVVHOHFW&DQFHO
G 6HOHFW(GLW_3UHIHUHQFHV_8SGDWHUVHOHFW'RQRWGRZQORDGRULQVWDOOXSGDWHGDXWRPDWLFDOO\VHOHFW2.WKHQVHOHFW
<HVWRFRQȴUPWKHFKDQJHV
&RQȴJXUH-DYD
D 2SHQ-DYDLQWKH&RQWURO3DQHO
E ΖQWKH8SGDWHWDEGHVHOHFW&KHFNIRU8SGDWHV$XWRPDWLFDOO\
F ΖQWKH-DYD8SGDWH:DUQLQJPHVVDJHVHOHFW'R1RW&KHFNDQGWKHQFOLFN2.
&RQȴJXUHV\VWHPVWDUWXS
D 5XQWKHPVFRQILJFRPPDQG
E )URPWKH6WDUWXSWDEGHVHOHFWUHDGHUBVODQGMXVFKHGWKHQFOLFN2.
UHDGHUBVOLVDYDLODEOHRQO\ZKHQ$GREH5HDGHULVLQVWDOOHG
F ΖQWKH6\VWHP&RQȴJXUDWLRQGLDORJVHOHFW'RQ
WVKRZWKLVPHVVDJHDJDLQWKHQVHOHFW5HVWDUW
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_,QWHUQHWRSWLRQV_3ULYDF\VHOHFW7XUQRII3RSXS%ORFNHUWKHQVHOHFW2.
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
3UHSDUHD:LQGRZV6HUYHU6WDQGDUGLPDJHIRUDQDO\VLV
&RQȴJXUH\RXU:LQGRZV6HUYHU6WDQGDUGYLUWXDOV\VWHPIRUDQDO\VLV
7DVN
/RJRQWRWKHYLUWXDOPDFKLQHDVDGPLQLVWUDWRU
ΖIWKH0DQDJH<RXU6HUYHUZLQGRZSDJHDSSHDUVVHOHFW'RQ
W'LVSOD\WKHSDJHDWORJRQDQGFORVHWKHSDJH
ΖIWKH6HUYHU0DQDJHUZLQGRZVLVGLVSOD\HGVHOHFW0DQDJH_6HUYHU0DQDJHU3URSHUWLHVVHOHFW'RQRWVWDUW6HUYHU
0DQDJHUDXWRPDWLFDOO\DWORJRQWKHQVHOHFW2.
'LVDEOHWKHVKXWGRZQHYHQWWUDFNHU
D 6HOHFW6WDUW_5XQW\SHJSHGLWPVFWKHQFOLFN2.
E ΖQWKH/RFDO*URXS3ROLF\(GLWRUSDJHVHOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_6\VWHPWKHQ
GRXEOHFOLFN'LVSOD\6KXWGRZQ(YHQW7UDFNHU
F 6HOHFW'LVDEOHGWKHQFOLFN2.
G &ORVHWKH/RFDO*URXS3ROLF\(GLWRUSDJH
7XUQRWKHȴUHZDOOLQWKHYLUWXDOLPDJH
D 6HOHFW6WDUW_&RQWURO3DQHO_:LQGRZV)LUHZDOO_7XUQRQ:LQGRZV)LUHZDOO2QRU2II
ȏ 3XEOLFQHWZRUNV
&RQȴJXUH)73VHWWLQJVLQWKHYLUWXDOLPDJH
D ΖQVWDOOΖΖ60DQDJHULIQRWDOUHDG\SUHVHQWDQGPDNHVXUH\RXFKHFNWKH)736HUYHUFKHFNER[ZKHQ
LQVWDOOLQJΖΖ60DQDJHU
)URP6HUYHU0DQDJHUSDJHVHOHFW$GG5ROHVDQG)HDWXUHVWKHQFOLFN1H[W
ΖQWKHΖQVWDOODWLRQW\SHSDJHVHOHFW5ROHEDVHGRUIHDWXUHEDVHGLQVWDOODWLRQWKHQFOLFN1H[W
ΖQWKH6HUYHUVHOHFWLRQSDJHVHOHFW6HOHFWDVHUYHUIURPWKHVHUYHUSRROWKHQFOLFN1H[W
ΖQWKH6HOHFWIHDWXUHVSDJHFOLFN1H[WWKHQFOLFN,QVWDOO
F ΖQWKHΖQWHUQHWΖQIRUPDWLRQ6HUYLFHV0DQDJHUSDJHVHOHFW$'0,1,675$725_6LWHVWKHQULJKWFOLFNRQ6LWHV
DQGVHOHFW$GG)736LWH
G ΖQWKH$GG)736LWHZL]DUGGRWKHIROORZLQJ
ȏ 3URYLGHWKH)73VLWHQDPHDVURRWDQG3K\VLFDOSDWKDV&?WKHQFOLFN1H[W
ȏ )RU%LQGLQJVDQG66/6HWWLQJVVHOHFW1R66/WKHQFOLFN1H[W
ȏ )RU$XWKHQWLFDWLRQDQG$XWKRUL]DWLRQΖQIRUPDWLRQVHOHFW%DVLFXQGHU$XWKHQWLFDWLRQVHOHFW$OO8VHUV
XQGHU$OORZDFFHVVWRVHOHFWERWK5HDGDQG:ULWHXQGHU3HUPLVVLRQV
ȏ &OLFN)LQLVK
(QVXUHWKDW1(7)UDPHZRUNLVLQVWDOOHG
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
6HWDXWRPDWLFORJRQ
D 6HOHFW6WDUW_5XQW\SHQHWSOZL]WKHQSUHVV(QWHU
E ΖQWKH8VHU$FFRXQWVZLQGRZGHVHOHFW8VHUVPXVWHQWHUDXVHUQDPHDQGSDVVZRUGWRXVH
WKLVFRPSXWHUWKHQFOLFN$SSO\
F ΖQWKH$XWRPDWLFDOO\ORJRQSDJHSURYLGHWKHVHFUHGHQWLDOV
ȏ 8VHUQDPHȃ$GPLQLVWUDWRU
ȏ 3DVVZRUGȃFU#FNHU
ȏ &RQILUP3DVVZRUGȃFU#FNHU
5XQWKH0HUJHΖ'(EDWFKȴOHRQWKHYLUWXDOPDFKLQH
D 'RZQORDG0HUJHΖ'(]LSIURPKWWSVZZZYLUWXDOER[RUJDWWDFKPHQWZLNL0LJUDWHB:LQGRZV
0HUJHΖ'(]LSRQWKHQDWLYHFRPSXWHUDQGWKHQFRS\LWWRWKHYLUWXDOPDFKLQH
E ([WUDFW0HUJHΖ'(]LSDQGUXQWKH0HUJHΖ'(EDWFKȴOHLQWKH90
'LVDEOH:LQGRZVXSGDWHVDQG:LQGRZV'HIHQGHU
D 6HOHFW6WDUW_5XQW\SHJSHGLWPVFWKHQSUHVV(QWHU
E 6HOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_:LQGRZV&RPSRQHQWV_:LQGRZVXSGDWH
F 2QWKHULJKWSDQHGRXEOHFOLFN&RQILJXUH$XWRPDWLF8SGDWHVWKHQVHOHFW'LVDEOH
G &OLFN2.
H 6HOHFW&RPSXWHU&RQILJXUDWLRQ_$GPLQLVWUDWLYH7HPSODWHV_:LQGRZV&RPSRQHQWV_:LQGRZV'HIHQGHU
I 2QWKHULJKWSDQHGRXEOHFOLFN7XUQRII:LQGRZV'HIHQGHUWKHQVHOHFW'LVDEOH
J &OLFN2.
&RQȴJXUH0LFURVRIW2ɝFH
D 7RDQDO\]H0LFURVRIW:RUG([FHODQG3RZHU3RLQWȴOHVLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDO
PDFKLQH
E /RZHUWKHVHFXULW\WRUXQPDFURVIRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_0DFUR
6HWWLQJVWKHQVHOHFW(QDEOHDOOPDFURVQRWUHFRPPHQGHGSRWHQWLDOO\GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRU
RWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
F /RZHUWKHVHFXULW\WRUXQ$FWLYH;IRUWKH2ɝFHDSSOLFDWLRQVΖQ0LFURVRIW:RUGVHOHFWWKH0LFURVRIW
2ɝFHRSWLRQRQWKHWRSOHIWFRUQHUWKHQVHOHFW:RUGRSWLRQV_7UXVW&HQWHU_7UXVW&HQWHU6HWWLQJV_$FWLYH;
6HWWLQJVWKHQVHOHFW(QDEOHDOOFRQWUROVZLWKRXWUHVWULFWLRQVDQGZLWKRXWSURPSWLQJQRWUHFRPPHQGHGSRWHQWLDOO\
GDQJHURXVFRGHFDQUXQ'RWKHVDPHIRURWKHUDSSOLFDWLRQVVXFKDV0LFURVRIW([FHODQG3RZHU3RLQW
G 2QWKH:HOFRPHWR0LFURVRIW2ɝFHSDJHFOLFN1H[WEXWWRQ
H 2QWKH6LJQXSIRU0LFURVRIW8SGDWHSDJHVHOHFW,GRQ
WZDQWWRXVH0LFURVRIW8SGDWHWKHQFOLFN)LQLVK
&RQȴJXUH$GREH5HDGHU
D 7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGLQVWDOOLWWRWKH90
E ΖQ$GREHUHDGHULI$GREH5HDGHU3URWHFWHG0RGHPHVVDJHDSSHDUVVHOHFW2SHQZLWK3URWHFWHG0RGH
GLVDEOHGWKHQVHOHFW2.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
F ΖI$FFHVVLELOLW\6HWXS$VVLVWDQFHPHVVDJHDSSHDUVVHOHFW&DQFHO
G 6HOHFW(GLW_3UHIHUHQFHV_8SGDWHUVHOHFW'RQRWGRZQORDGRULQVWDOOXSGDWHGDXWRPDWLFDOO\VHOHFW2.WKHQVHOHFW
<HVWRFRQȴUPWKHFKDQJHV
&RQȴJXUH-DYD
D 2SHQ5HJLVWU\(GLWRU
E 1DYLJDWHWR+.(<B/2&$/B0$&+,1(?62)7:$5(?0LFURVRIW?$FWLYH6HWXS?,QVWDOOHG&RPSRQHQWV
?
F 2QWKHULJKWSDQHGRXEOHFOLFN^$%$()EI&)&)$`WKHQVHWLWVYDOXHWR
G &ORVHWKH5HJLVWU\(GLWRU
&RQȴJXUH$GREHȵDVKSOD\HU
D 5XQWKHFRPPDQGSURPSWDVDQ$GPLQLVWUDWRU
E ([HFXWHWKHIROORZLQJFRPPDQG
GLVPH[HRQOLQHDGGSDFNDJHSDFNDJHSDWK$GREH)ODVK)RU:LQGRZV3DFNDJH!PXP
5HSODFH$GREH)ODVK)RU:LQGRZV3DFNDJH!ZLWKWKHQDPHDQGSDWKRIWKH$GREH)ODVKIRU
:LQGRZVSDFNDJH080ȴOH
F 5HVWDUWWKH90
&RQȴJXUHV\VWHPVWDUWXS
D 6HOHFW6WDUW_5XQW\SHPVFRQILJWKHQFOLFN2.
E )URPWKH6WDUWXSWDEGHVHOHFWUHDGHUBVODQGMXVFKHGWKHQFOLFN2.
UHDGHUBVOLVDYDLODEOHRQO\ZKHQ$GREH5HDGHULVLQVWDOOHG
F ΖQWKH6\VWHP&RQȴJXUDWLRQGLDORJVHOHFW'RQ
WVKRZWKLVPHVVDJHDJDLQWKHQVHOHFW5HVWDUW
&RQȴJXUHWKHGHIDXOWEURZVHU
D ΖQΖQWHUQHW([SORUHUVHOHFW7RROV_,QWHUQHWRSWLRQV_3ULYDF\VHOHFW7XUQRII3RSXS%ORFNHUWKHQVHOHFW2.
E 6HOHFW7RROV_,QWHUQHW2SWLRQVIRU+RPHSDJHVHOHFW8VH%ODQNRU8VHQHZWDEEDVHGRQWKHYHUVLRQRI,QWHUQHW
([SORUHU
F *RWRWKH$GYDQFHGWDERIWKHΖQWHUQHW2SWLRQVDQGORFDWH6HFXULW\WKHQVHOHFW$OORZDFWLYHFRQWHQWWRUXQLQ
ILOHVRQ0\&RPSXWHU
ΖQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDOPDFKLQH
7RLQVWDOO0LFURVRIW2ɝFHRQWKHYLUWXDOPDFKLQH\RXPXVWGRZQORDGWKHFRPSDWLELOLW\SDFNIURP0LFURVRIW
7DVN
ΖQWKH0LFURVRIW2IILFH6HWXSZLQGRZVHOHFWWKHIROORZLQJRSWLRQVWKHQFOLFN1H[W
ȏ 0LFURVRIW:RUG
ȏ 0LFURVRIW([FHO
ȏ 0LFURVRIW3RZHU3RLQW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7RRSHQ0LFURVRIW2ɝFHȴOHVFUHDWHGLQDQHZHUYHUVLRQRI0LFURVRIW2ɝFHLQVWDOOWKHFRPSDWLELOLW\SDFN
D 'RZQORDGWKHUHTXLUHG0LFURVRIW2ɝFHFRPSDWLELOLW\SDFNIRU:RUG([FHODQG3RZHU3RLQWȴOHIRUPDWV
E ΖQVWDOOWKHFRPSDWLELOLW\SDFNRQWKHYLUWXDOPDFKLQH
ΖQWKH&RPSDWLELOLW\3DFNIRUWKH2IILFHV\VWHPZLQGRZVHOHFW&OLFNKHUHWRDFFHSWWKH0LFURVRIW6RIWZDUH/LFHQVH
7HUPVWKHQFOLFN2.
(QDEOH3')ȴOHDQDO\VLV
7RDQDO\]H3')ȴOHVGRZQORDG$GREH5HDGHUWRWKHQDWLYHKRVWDQGFRS\LWWRWKH90
7DVN
ΖQVWDOO$GREH5HDGHURQWKHYLUWXDOPDFKLQH
2SHQ$GREH5HDGHUWKHQFOLFN$FFHSWRQWKH/LFHQVH$JUHHPHQWZLQGRZ
(QDEOH-$5ȴOHDQDO\VLV
7RDQDO\]H-$5ȴOHVGRZQORDGDQGLQVWDOO-DYD5XQWLPH(QYLURQPHQW-5(
%\GHIDXOW$GYDQFHG7KUHDW'HIHQVHVXSSRUWV-5(YHUVLRQ
7DVN
'RZQORDGDQGLQVWDOOWKH-DYD6('HYHORSPHQW.LWIRU\RXUFRPSXWHU
2Q\RXUFRPSXWHUFOLFN6WDUW_-DYD_&RQILJXUH-DYD
2QWKH-DYD&RQWURO3DQHOFOLFNWKH6HFXULW\WDE
&KDQJHWKH6HFXULW\/HYHOWR0HGLXPWKHQFOLFN2.
(QDEOH)ODVKȴOHDQDO\VLV
7RG\QDPLFDOO\DQDO\]H)ODVKȴOHVLQVWDOO$GREH)ODVK3OD\HURUWKH)ODVKSOXJLQ
7DVN
0DNHVXUHWKDWΖQWHUQHW([SORUHULV\RXUGHIDXOWEURZVHU
ΖQVWDOO$GREH)ODVK3OD\HURUWKH)ODVKSOXJLQRQ\RXUFRPSXWHU
ȏ 'RZQORDGDQGLQVWDOO$GREH)ODVK3OD\HUWKHQYHULI\WKDWLWLVWKHGHIDXOWȵDVKH[WHQVLRQ
ȏ 'RZQORDGDQGLQVWDOO$GREH)ODVKSOXJLQWKHQYHULI\WKDW6KRFNZDYH)ODVK2EMHFWLVHQDEOHG
ΖPSRUWWKH90'.ȴOH
7RFUHDWHDQDQDO\]HU90\RXPXVWLPSRUWWKHFRUUHVSRQGLQJ90'.ȴOHLQWR$GYDQFHG7KUHDW'HIHQVH
7DVN
&OLFN6WDUW_6KXWGRZQ
/RFDWHWKHYLUWXDO0DFKLQHΖPDJHȵDWYPGN90'.ȴOH
0DNHVXUHWKH90'.ȴOHQDPHGRHVQRWFRQWDLQDQ\VSDFHVRUXQVXSSRUWHGFKDUDFWHUVΖILWFRQWDLQVDQ\
VSDFHVRUXQVXSSRUWHGFKDUDFWHUVWKH90'.WRLPDJHȴOHFRQYHUVLRQIDLOV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7RHQDEOH)73XVHWKHVHWIWSHQDEOH&/ΖFRPPDQG
)73WUDQVIHULVIDVWHUWKDQ6)73EXWOHVVVHFXUHΖI\RXU$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHLVLQDQ
XQVHFXUHGQHWZRUNVXFKDVDQH[WHUQDOQHWZRUNXVH6)73
2SHQWKH)73FOLHQW
)RUH[DPSOH\RXFDQXVH:LQ6&3RU)LOH=LOOD
7RFRQQHFWWRWKH)73VHUYHURQ$GYDQFHG7KUHDW'HIHQVHXVHWKHIROORZLQJFUHGHQWLDOV
ȏ +RVWȃΖ3DGGUHVVRI$GYDQFHG7KUHDW'HIHQVH
ȏ 8VHUQDPHȃDWGDGPLQ
ȏ 3DVVZRUGȃDWGDGPLQ
ȏ 3RUWȃ7KHFRUUHVSRQGLQJSRUWQXPEHUEDVHGRQWKHSURWRFRO\RXZDQWWRXVH
8SORDGWKH90'.ȴOHIURPWKHORFDOPDFKLQHWR$GYDQFHG7KUHDW'HIHQVH
6HHDOVR
6HW)73RQSDJH
&RQYHUWWKH90'.ȴOHWRDQLPDJHȴOH
7RFUHDWHDQDQDO\]HU90\RXPXVWFRQYHUWWKH90'.ȴOHWRDQLPDJHȴOH
)RUPDOZDUHDQDO\VLV\RXFDQFUHDWHPXOWLSOH90VWKDWUXQRQWKHVDPHRSHUDWLQJV\VWHPEXWZLWKGLHUHQW
DSSOLFDWLRQV)RUH[DPSOH\RXFDQFUHDWHD:LQGRZV63DQDO\]HU90IRUΖQWHUQHW([SORUHUDQGDQRWKHU
:LQGRZV63DQDO\]HU90IRUΖQWHUQHW([SORUHU
8VHUVZLWKRXWDGPLQLVWUDWRUSHUPLVVLRQVDUHDEOHWRFRQYHUW90'.ȴOHVWRLPDJHȴOHV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,PDJH
)URPWKH90'.,PDJHGURSGRZQOLVWVHOHFWWKHLPSRUWHG90'.ȴOH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
ΖQWKH,PDJH1DPHȴHOGHQWHUWKHLPDJHQDPHWKDWFRUUHVSRQGVWR\RXURSHUDWLQJV\VWHP
7DEOHΖPDJHQDPHV
2SHUDWLQJV\VWHP ΖPDJHQDPH
0LFURVRIW:LQGRZV;3ELW6HUYLFH3DFN ZLQ;3VSLPJ
0LFURVRIW:LQGRZV;3ELW6HUYLFH3DFN ZLQ;3VSLPJ
0LFURVRIW:LQGRZVELW6HUYLFH3DFN ZLQVSLPJ
0LFURVRIW:LQGRZVELW6HUYLFH3DFN ZLQ[VSLPJ
0LFURVRIW:LQGRZV3URIHVVLRQDOELW ZLQS[LPJ
0LFURVRIW:LQGRZV3URIHVVLRQDOELW ZLQS[LPJ
:LQGRZV(QWHUSULVH8SGDWHYHUVLRQEXLOGELW ZLQS[LPJ
:LQGRZV(QWHUSULVH5HGVWRQHDQG7KUHVKROGELW ZLQS[LPJ
0LFURVRIW:LQGRZV6HUYHUELW6HUYLFH3DFN ZLQNVSLPJ
0LFURVRIW:LQGRZV6HUYHUELW6HUYLFH3DFN ZLQNVSLPJ
0LFURVRIW:LQGRZV6HUYHU56HUYLFH3DFN ZLQNVSLPJ
:LQGRZV'DWDFHQWHUELW ZLQNLPJ
:LQGRZV5'DWDFHQWHUELW ZLQNULPJ
0F$IHHH32DQG26SURȴOLQJZRUNRQO\ZKHQ\RXXVHWKHGHIDXOWQDPH
6HOHFWWKH2SHUDWLQJ6\VWHP
$GYDQFHG7KUHDW'HIHQVHDWWDFKHVWKHQDPHWKDW\RXSURYLGHWRWKHGHIDXOWQDPH
([DPSOH<RXVHOHFW:LQGRZV6HUYHUELW6HUYLFH3DFNWKHQHQWHUZLWKB3')LQWKH,PDJH1DPHȴHOG
7KHLPDJHȴOHQDPHLVZLQNVSBZLWKB3')
7KHLPDJHȴOHQDPHPXVWEHDQDOSKDEHWQXPEHURUXQGHUVFRUHB
&OLFN&RQYHUW
2QWKH,QIRZLQGRZFOLFN2.
9LHZWKHLPDJHFRQYHUVLRQORJV
D )URPWKH6HOHFW/RJGURSGRZQOLVWVHOHFWWKHLPDJHQDPH
E &OLFN9LHZ
&UHDWH90SURȴOHV
<RXPXVWFRQȴJXUHHDFKLPDJHȴOHWKDW\RXFRQYHUWZLWKDVLQJOHXQXVHG90SURȴOH<RXFDQFRQYHUWWKHVDPH
90'.ȴOHLPDJHȴOHVPXOWLSOHWLPHV7KLVHQDEOHV\RXWRFUHDWHPXOWLSOHLPDJHȴOHVIURPRQH90'.ȴOH
90SURȴOHVFRQWDLQWKHRSHUDWLQJV\VWHPDQGDSSOLFDWLRQVLQDQLPDJHȴOH7KLVHQDEOHV\RXWRLGHQWLI\WKH
LPDJHVWKDW\RXXSORDGHGWR$GYDQFHG7KUHDW'HIHQVHDQGWKHQXVHWKHDSSURSULDWHLPDJHWRG\QDPLFDOO\
DQDO\]HȴOHV<RXFDQDOVRVSHFLI\WKHQXPEHURIOLFHQVHVWKDW\RXSRVVHVVIRUWKHRSHUDWLQJV\VWHPDQGWKH
DSSOLFDWLRQV$GYDQFHG7KUHDW'HIHQVHIDFWRUVWKLVLQZKHQFUHDWLQJFRQFXUUHQWDQDO\]HU90VIURPWKH
FRUUHVSRQGLQJLPDJHȴOH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWLQJDQDO\]HU90V
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHWKHQVHOHFW3ROLF\_903URILOH_1HZ
)URPWKH,PDJHGURSGRZQOLVWVHOHFWWKHLPDJHWKHQFOLFN$FWLYDWH
%DVHGRQ\RXUEURZVHUVHWWLQJVWKHDFWLYDWLRQZLQGRZRSHQVLQDQHZWDERUZLQGRZ
$FWLYDWH:LQGRZVRQWKH90
D &OLFN6WDUW_&RQWURO3DQHO_:LQGRZV$FWLYDWLRQ_$FWLYDWH:LQGRZVQRZ
E 2SHQ0LFURVRIW:RUGWKHQFOLFN$FWLYDWH
F 2QWKH0LFURVRIW2IILFH$FWLYDWLRQ:L]DUGIROORZWKHRQVFUHHQSURPSWV
G 6KXWGRZQWKH90WKHQFOLFN'LVFRQQHFW
2QWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHFOLFN9DOLGDWH
&ORVHWKHQIODVKQRWH[LVW2.PHVVDJH
'RZQORDG)ODVK3OD\HU
D 7RUXQWKHRULJLQDO90'.LPDJHXVH90ZDUH:RUNVWDWLRQ
E 2QWKHUXQQLQJ90GRZQORDG)ODVK3OD\HU
F 8Q]LSWKHȴOH
G )URPWKHFRPPDQGOLQHUXQWKHIROORZLQJFRPPDQGVWKHQSUHVV(QWHU
ȏ ȵDVKSOD\HU;B;B;BZLQH[H
ȏ ȵDVKSOD\HU;B;B;BZLQBGHEXJH[H
ȏ ȵDVKSOD\HU;B;B;BZLQBVDBGHEXJH[H
H &ORVHWKH)ODVK3OD\HUZLQGRZ
I 6WRSWKH90WKHQFRS\WKH90'.LPDJHWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7RYLHZWKHLPDJHYDOLGDWLRQORJFOLFNΖIWKHYDOLGDWLRQIDLOVFUHDWHDQHZ90'.ȴOHZLWKWKHFRUUHFWVHWWLQJV
WKHQFUHDWHWKHDQDO\]HU90
&OLFN&KHFN6WDWXVWKHQYHULI\WKDWWKHIROORZLQJYDOLGDWLRQWHVWVDUHVXFFHVVIXORQWKH,PDJH9DOLGDWLRQ/RJ
ZLQGRZ
ȏ )73FRQQHFWWR90Ζ3DGGUHVV!2.
ȏ )73ORJLQ2.
ȏ )73ȴOHXSORDG2.
ȏ 7HOQHWORJLQVXFFHVVIXO
ȏ 26ZLQ[S
ȏ 0XOWLSURFHVVLQJ2.
ȏ )732.
ȏ 7(/1(72.
ȏ $872/2*212.
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&UHDWHDQDO\]HUSURȴOHV
ȏ $'0Ζ1Ζ675$7252.
ȏ )Ζ5(:$//2.
ȏ 6LJFKHFN2.
ȏ 6FDQ&RPSOHWH
ΖIWKHYDOLGDWLRQWHVWVIDLOFUHDWHDQHZ90'.ȴOHWKHQFUHDWHWKHDQDO\]HU90
&UHDWHWKH90SURȴOH
D &RQȴJXUHWKHRSWLRQV
E &OLFN6DYH
2QWKH,QIRUPDWLRQZLQGRZFOLFN2.
ȏ 7RPRQLWRUWKH90FUHDWLRQSURJUHVVFOLFN'DVKERDUG7KH90FUHDWLRQSURJUHVVDSSHDUVRQWKH906WDWXV
PRQLWRU
ȏ 7RYLHZWKH90FUHDWLRQORJVFOLFN0DQDJH_6\VWHP
9LHZWKHV\VWHPORJV
:KHQ\RXFUHDWHD90SURȴOHXVLQJWKH903URILOHSDJH$GYDQFHG7KUHDW'HIHQVHFUHDWHVDQDQDO\]HU90IURP
WKHLPDJHȴOH\RXVHOHFWHGLQWKH90SURȴOHUHFRUG6LPXOWDQHRXVO\LWSULQWVWKHUHODWHGORJVZKLFK\RXFDQ
YLHZLQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH7KURXJKWKHVHORJHQWULHV\RXFDQYLHZZKDWLVKDSSHQLQJ
DVWKHDQDO\]HU90LVEHLQJFUHDWHG<RXFDQXVHWKLVLQIRUPDWLRQIRUWURXEOHVKRRWLQJSXUSRVHV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_/RJV_6\VWHP
&UHDWHDQDO\]HUSURȴOHV
:KHQ\RXVXEPLWDȴOHPDQXDOO\RUDXWRPDWLFDOO\IRUDQDO\VLVWKHȴOHXVHVWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH
WRGHWHUPLQHKRZWKHȴOHLVDQDO\]HGDQGUHSRUWHG
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
0DNHVXUHWKHXVHUVDVVLJQHGWRWKHDQDO\]HUSURȴOHDUHORJJHGRRI$GYDQFHG7KUHDW'HIHQVH
&OLFN3ROLF\_$QDO\]HU3URILOH_1HZ
&RQȴJXUHWKHRSWLRQVWKHQFOLFN6DYH
$VVRFLDWHWKHDQDO\]HUSURȴOHWRDXVHU
D &OLFN$7'&RQILJXUDWLRQ_$7'8VHUV
E 6HOHFWWKHDGPLQLVWUDWRUWKHQFOLFN(GLW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
F )URPWKH'HIDXOW$QDO\]HU3URILOHOLVWVHOHFWWKHDQDO\]HUSURȴOH
G &OLFN6DYH
6HHDOVR
9LHZWKH7KUHDW$QDO\VLVUHSRUWRQSDJH
9LHZWKH'URSSHG)LOHVUHSRUWRQSDJH
9LHZWKH'LVDVVHPEO\5HVXOWVUHSRUWRQSDJH
/RJLF3DWK*UDSKRQSDJH
8VHU$3Ζ/RJRQSDJH
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
7RHQKDQFHPDOZDUHDQDO\VLV\RXFDQLQWHJUDWLRQ$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOH0F$IHHSURGXFWV
7DVNV
ȏ ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK3ULYDWH*7Ζ&ORXGRQSDJH
<RXFDQFRQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRVHQGTXHULHVWRD3ULYDWH*7Ζ&ORXG
ȏ ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK0F$IHH1*):RQSDJH
0F$IHH1*):LQWHJUDWHVVHFXULW\IHDWXUHVZLWKKLJKDYDLODELOLW\DQGPDQDJHDELOLW\ΖWLQWHJUDWHV
DSSOLFDWLRQFRQWUROΖQWUXVLRQ3UHYHQWLRQ6\VWHPΖ36DQGHYDVLRQSUHYHQWLRQLQWRDVLQJOH
DRUGDEOHVROXWLRQ)ROORZLQJVWHSVVKRXOGEHSHUIRUPHGE\0F$IHH1*):FXVWRPHULQRUGHUWR
LQWHJUDWH0F$IHH1*):ZLWK$GYDQFHG7KUHDW'HIHQVH
ΖQWHJUDWLRQZLWK0F$IHHH32IRU26SURȴOLQJ
:KHQ\RXLQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK0F$IHHH32\RXFDQFRUUHFWO\LGHQWLI\WKHWDUJHWKRVW
HQYLURQPHQWDQGXVHWKHFRUUHVSRQGLQJDQDO\]HU90IRUG\QDPLFDQDO\VLV
26SURȴOLQJUHTXLUHVD90SURȴOHZLWKWKHGHIDXOWQDPH7RGHWHUPLQHWKHDQDO\]HU90IRUDȴOHVXEPLWWHGE\
1HWZRUN6HFXULW\3ODWIRUPRU0F$IHH:HE*DWHZD\$GYDQFHG7KUHDW'HIHQVHXVHVWKHIROORZLQJVRXUFHVRI
LQIRUPDWLRQLQWKHVDPHRUGHURISULRULW\
$GYDQFHG7KUHDW'HIHQVHTXHULHV0F$IHHH32IRUWKHRSHUDWLQJV\VWHPRIDKRVWEDVHGRQLWVΖ3DGGUHVVΖI
LQIRUPDWLRQIURPWKLVVRXUFHRUWKHFRUUHVSRQGLQJDQDO\]HU90LVQRWDYDLODEOHLWJRHVWRWKHQH[WVRXUFH
ΖI'HYLFH3URȴOLQJLVHQDEOHGWKH6HQVRUSURYLGHVWKHRSHUDWLQJV\VWHPDQGDSSOLFDWLRQGHWDLOVZKHQ
IRUZDUGLQJDȴOHIRUDQDO\VLVΖILQIRUPDWLRQIURPWKLVVRXUFHRUWKHFRUUHVSRQGLQJDQDO\]HU90LVQRW
DYDLODEOHLWJRHVWRWKHQH[WVRXUFH
)URPWKHDQDO\]HUSURȴOHLQWKHFRUUHVSRQGLQJXVHUUHFRUG$GYDQFHG7KUHDW'HIHQVHGHWHUPLQHVWKH90
SURȴOHΖILQIRUPDWLRQIURPWKLVVRXUFHRULIWKHFRUUHVSRQGLQJDQDO\]HU90LVQRWDYDLODEOHLWJRHVWRWKH
QH[WVRXUFH
<RXFDQVHOHFWD90SURȴOHLQ\RXUVHWXSDVWKHGHIDXOW
:KHQ$GYDQFHG7KUHDW'HIHQVHUHFHLYHVKRVWLQIRUPDWLRQIRUDSDUWLFXODUΖ3DGGUHVVIURP0F$IHHH32LW
FDFKHVWKLVGHWDLO
ȏ )RUWKHȴUVWKRXUV$GYDQFHG7KUHDW'HIHQVHXVHVMXVWWKHKRVWLQIRUPDWLRQLQWKHFDFKH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
ȏ )RUWKHVHFRQGKRXUV$GYDQFHG7KUHDW'HIHQVHXVHVWKHKRVWLQIRUPDWLRQIURPWKHFDFKHEXWDOVR
TXHULHV0F$IHHH32DQGXSGDWHVLWVFDFKH7KLVXSGDWHGLQIRUPDWLRQLVYDOLGIRUWKHQH[WKRXUV
ȏ ΖIWKHFDFKHGLQIRUPDWLRQLVPRUHWKDQKRXUVROGLWWUHDWVLWDVLIWKHUHLVQRFDFKHGLQIRUPDWLRQIRUWKH
FRUUHVSRQGLQJΖ3DGGUHVV7KDWLVLWDWWHPSWVWRȴQGWKHLQIRUPDWLRQIURPRWKHUVRXUFHVDQGDOVRVHQGVD
TXHU\WR0F$IHHH32
7KHIROORZLQJH[SODLQVKRZ$GYDQFHG7KUHDW'HIHQVHFROODERUDWHVZLWK0F$IHHH32
1HWZRUN6HFXULW\3ODWIRUPRU:HE*DWHZD\VHQGVDȴOHWR$GYDQFHG7KUHDW'HIHQVHIRUDQDO\VLV:KHQ
1HWZRUN6HFXULW\3ODWIRUPVHQGVDȴOHWKHΖ3DGGUHVVRIWKHWDUJHWKRVWLVDOVRVHQW
$GYDQFHG7KUHDW'HIHQVHFKHFNVLWVFDFKHWRVHHLIWKHUHLVDYDOLGRSHUDWLQJV\VWHPPDSSHGWRWKDWΖ3
DGGUHVV
ΖILWLVWKHȴUVWWLPHWKDWDȴOHIRUWKDWΖ3DGGUHVVLVEHLQJDQDO\]HGWKHUHLVQRLQIRUPDWLRQLQWKHFDFKH6RLW
GHWHUPLQHVWKHDQDO\]HU90IURPWKHGHYLFHSURȴOLQJLQIRUPDWLRQLQFDVHRI1HWZRUN6HFXULW\3ODWIRUPDQG
XVHUUHFRUGLQFDVHRI0F$IHH:HE*DWHZD\6LPXOWDQHRXVO\LWVHQGVDTXHU\WR0F$IHHH32IRUKRVW
LQIRUPDWLRQEDVHGRQWKHΖ3DGGUHVV
0F$IHHH32IRUZDUGVWKHKRVWLQIRUPDWLRQWR$GYDQFHG7KUHDW'HIHQVHZKLFKLVFDFKHGIRUIXUWKHUXVH
&RQȴJXUH0F$IHHH32LQWHJUDWLRQWRSXEOLVKWKUHDWHYHQWV
<RXFDQHQDEOH$GYDQFHG7KUHDW'HIHQVHWRVHQGVDPSOHGDWDWR0F$IHHH32
$GYDQFHG7KUHDW'HIHQVHVHQGVWKHIROORZLQJGDWDWR0F$IHHH32
ȏ -REΖ' ȏ 0'YDOXH
ȏ 7DVNΖ' ȏ 7LPHVWDPS
ȏ $GYDQFHG7KUHDW'HIHQVHΖ3DGGUHVV ȏ 6L]H
ȏ 6RXUFHΖ3DGGUHVV ȏ 6HYHULW\
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK0F$IHHH32
ΖQWHJUDWLRQHQDEOHV0F$IHHH32WRJDWKHULQIRUPDWLRQRQWKHWDUJHWKRVWDQGHQDEOHV$GYDQFHG7KUHDW'HIHQVH
WRVHQGUHOHYDQWGDWDDERXWVXEPLWWHGVDPSOHVWR0F$IHHH32
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
$VDQDGPLQLVWUDWRUORJRQWR0F$IHHH32WKHQLQVWDOOWKH$GYDQFHG7KUHDW'HIHQVHH[WHQVLRQ
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_H32/RJLQ';/
6HOHFW(QDEOHH32/RJLQ
&RQȴJXUHWKHH328VHU&UHGHQWLDOVRSWLRQV
D 7RHQDEOH0F$IHHH32WRFROOHFWWDUJHWKRVWLQIRUPDWLRQFRQȴJXUHWKHRSWLRQV
E &OLFN7HVWH32/RJLQ
F ΖIVXFFHVVIXOFOLFN6XEPLW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
&RQȴJXUHWKH3XEOLVK7KUHDW(YHQWVWRH32RSWLRQV
D 7RHQDEOH$GYDQFHG7KUHDW'HIHQVHWRVHQGUHOHYDQWGDWDDERXWVXEPLWWHGVDPSOHVWR0F$IHHH32
VHOHFW(QDEOH7KUHDW(YHQW3XEOLVKHU
E )URPWKH6HYHULW\/HYHOGURSGRZQOLVWVHOHFWWKHVHFXULW\OHYHOIRUWKHHYHQWV\RXZDQWWRVHQGWR0F$IHH
H32
F 2QWKH3XEOLVK7KUHDW(YHQWV6HWWLQJXSGDWHGVXFFHVVIXOO\PHVVDJHFOLFN2.
G &OLFN$SSO\
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK';/
';/LQFOXGHVFOLHQWVRIWZDUHDQGRQHRUPRUHEURNHUVWKDWDOORZELGLUHFWLRQDOFRPPXQLFDWLRQEHWZHHQ
HQGSRLQWVRQDQHWZRUN7KH';/FOLHQWLVLQVWDOOHGRQHDFKPDQDJHGHQGSRLQWVRWKDWWKUHDWLQIRUPDWLRQFDQ
EHVKDUHGLPPHGLDWHO\ZLWKDOORWKHUVHUYLFHVDQGGHYLFHVUHGXFLQJWKHVSUHDGRIWKUHDWV
ΖQWHJUDWLQJ$GYDQFHG7KUHDW'HIHQVHZLWK';/HQDEOHV$GYDQFHG7KUHDW'HIHQVHWRVHQGWKHDQDO\VLVUHSRUWRI
WKHVDPSOHVDQDO\]HGDW$GYDQFHG7KUHDW'HIHQVHWRWKH';/EURNHU$QDO\VLVUHSRUWVRIVDPSOHVWKDWPHHWWKH
IROORZLQJDUHVHQWWR';/
ȏ 3RUWDEOHH[HFXWDEOH3(ȴOHVZLWKDVHYHULW\VFRUHJUHDWHUWKDQRUHTXDOWR
ȏ 1RQ3(ȴOHVZLWKDVHYHULW\VFRUHJUHDWHUWKDQRUHTXDOWR
7KHVHDQDO\VLVUHSRUWVDUHSXEOLVKHGWRDWRSLFORFDWHGDWPFDIHHHYHQWDWGȴOHUHSRUWRQWKH';/EURNHU
&OLHQWVVXFKDV6HFXULW\ΖQIRUPDWLRQDQG(YHQW0DQDJHPHQW6Ζ(0WKDWVXEVFULEHWRWKLVWRSLFFDQIHWFK
DQDO\VLVUHSRUWVIURP';/EURNHUWREXLOGDUREXVWVHFXULW\UHSXWDWLRQGDWDEDVH6XEVFULELQJFOLHQWVFDQUHIHUWR
WKLVGDWDEDVHDQGWUHDWȴOHVHQWHULQJWKHLUQHWZRUNDFFRUGLQJWRWKHDQDO\VLVUHSRUWRIWKHȴOHV
$GYDQFHG7KUHDW'HIHQVHJHWVWKHVDPSOHȴOHVIURPGLHUHQWFKDQQHOVOLNH1HWZRUN6HFXULW\3ODWIRUP:HE
*DWHZD\DQGVRRQIRUDQDO\VLV
7KHDQDO\VLVVXPPDU\LVWKHQVHQWWRWKH';/EURNHUIRUIXUWKHURQGHPDQGGLVWULEXWLRQWRVXEVFULELQJ
FOLHQWV
7KHIROORZLQJGLDJUDPH[SODLQV$GYDQFHG7KUHDW'HIHQVHDQG';/LQWHJUDWLRQ
)LJXUH';/ΖQWHJUDWLRQ
ΖI\RXZDQW\RXU$GYDQFHG7KUHDW'HIHQVHWRKDYHH[FOXVLYHULJKWVWRSXEOLVKRQWKH$GYDQFHG7KUHDW'HIHQVH
WRSLFWKHQ\RXPXVWLQVWDOOWKH$7'';/7DJJLQJH[WHQVLRQRQ0F$IHHH327KLVUHVWULFWVSXEOLVKLQJRQWKH
$GYDQFHG7KUHDW'HIHQVHWRSLFE\DQ\RWKHUVHQGHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK';/
&RQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRFRPPXQLFDWHZLWK';/
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJUDWLRQ_H32/RJLQ';/
6HOHFW(QDEOH';/FRPPXQLFDWLRQ
)URP7,(3XEOLVKLQJ&ULWHULDVHOHFWDVHYHULW\EDVHGFULWHULD
ȏ 0DOLFLRXV0HGLXPWR9HU\+LJKȃ7RSXEOLVKRQO\PDOLFLRXVȴOHVWKDWKDYHVHYHULW\OHYHORI0HGLXPWR9HU\
+LJK
ȏ $OO6DPSOHVȃ7RSXEOLVKDOOWKHVDPSOHV
ȏ 1RQHȃ7RSXEOLVKQRVDPSOHV
&OLFN7HVW&RQQHFWLRQ
9HULȴHVWKHFRQQHFWLRQEHWZHHQ$GYDQFHG7KUHDW'HIHQVHDQGWKH';/EURNHUFKDQQHO
&OLFN$SSO\
ΖIPRUHWKDQRQH90LVFRQȴJXUHGLQWKHDQDO\]HUSURȴOH$GYDQFHG7KUHDW'HIHQVHSXEOLVKHVWKHUHSRUWIRU
HDFK90
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK$FWLYH5HVSRQVH
$FWLYH5HVSRQVHLVDWKUHDWGHWHFWLRQDQGUHVSRQVHWRROΖWSURYLGHVUHDOWLPHLQIRUPDWLRQDERXWHQGSRLQWVRQ
\RXUQHWZRUN
ΖQWHJUDWLQJ$FWLYH5HVSRQVHHQDEOHV$GYDQFHG7KUHDW'HIHQVHWRLGHQWLI\DOOHQGSRLQWVLQ\RXUQHWZRUNZKLFK
DUHLQIHFWHGZLWKDPDOLFLRXVȴOHKDYLQJDWKUHDWVFRUHRIDQGDERYH
7KLVIHDWXUHGRHVQRWVXSSRUW85/DQDO\VLV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK$FWLYH5HVSRQVH
&RQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRFRPPXQLFDWHZLWK$FWLYH5HVSRQVH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJUDWLRQ_H32/RJLQ';/
6HOHFW(QDEOH';/FRPPXQLFDWLRQ
9HULI\WKDWWKH';/6WDWXVLV83WKHQVHOHFW(QDEOH$FWLYH5HVSRQVH
&OLFN7HVW&RQQHFWLRQ
2QWKH7HVWFRQQHFWLRQLVVXFFHVVIXOZLQGRZFOLFN$SSO\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWKFRPSDWLEOHSURGXFWV
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK3ULYDWH*7Ζ&ORXG
<RXFDQFRQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRVHQGTXHULHVWRD3ULYDWH*7Ζ&ORXG
%HIRUH\RXEHJLQ
ȏ )RU$GYDQFHG7KUHDW'HIHQVHWRLQWHJUDWHZLWKWKH3ULYDWH*7Ζ&ORXG\RXPXVWKDYHFHUWDLQ
0F$IHHFHUWLȴFDWHVLQVWDOOHGRQDOO$GYDQFHG7KUHDW'HIHQVHQRGHV&RQWDFW6XSSRUWIRUPRUH
LQIRUPDWLRQ
ȏ (QVXUHWKDW\RXKDYHUHVHW\RXUFOLDGPLQSDVVZRUGΖI\RXFRQWLQXHXVLQJWKHGHIDXOW
SDVVZRUGWKHFRQȴJXUDWLRQVPLJKWIDLO
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_*OREDO6HWWLQJV
ΖQWKH*7Ζ&ORXG6HWWLQJVHFWLRQVHOHFW(QDEOH3ULYDWH*7,&ORXG
ΖQ3ULYDWH&ORXG,3RU+RVWQDPHHQWHUWKHΖ3DGGUHVVRUWKHKRVWGRPDLQQDPHRI\RXU3ULYDWH*7Ζ&ORXG
ΖI\RXKDYHFRQȴJXUHGDKRVWQDPHWKHQHQVXUHWKDWWKH'16UHVROYHVWKHKRVWQDPHIRU$GYDQFHG7KUHDW
'HIHQVH
&OLFN7HVW&RQQHFWLRQWRFKHFNWKHFRQQHFWLRQVWDWXVWKHQFOLFN6DYH
:HUHFRPPHQG\RXFRQȴJXUH3ULYDWH*7Ζ&ORXGXVLQJWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
ΖQD/RDG%DODQFLQJVFHQDULRLI\RXFRQȴJXUH3ULYDWH*7Ζ&ORXGXVLQJ&/ΖWKHQWKHFRQȴJXUDWLRQZLOO
QRWV\QFDXWRPDWLFDOO\DPRQJWKHRWKHUQRGHV<RX
GQHHGWRFRQȴJXUHWKHQRGHVPDQXDOO\
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK7Ζ(
<RXFDQHQDEOH$GYDQFHG7KUHDW'HIHQVHWRFROOHFWWKH7Ζ((QWHUSULVHDQG0F$IHH*7Ζ5HSXWDWLRQGDWDIURPWKH
7Ζ(VHUYHUWKURXJKWKH';/FKDQQHO
:KHQWKH';/FKDQQHOLVHQDEOHGDQGWKH0F$IHH*7Ζ5HSXWDWLRQLVFRQȴJXUHGLQWKHDQDO\]HUSURȴOH
$GYDQFHG7KUHDW'HIHQVHGRHVDȴOHUHSXWDWLRQORRNXSXVLQJ0F$IHH*7ΖRU7Ζ((QWHUSULVH5HSXWDWLRQIRUWKH
VXEPLWWHGVDPSOHVWKURXJKWKH';/FKDQQHOΖIWKH7Ζ((QWHUSULVH5HSXWDWLRQLVFRQȴJXUHGE\WKHDGPLQLVWUDWRU
RQWKH0F$IHHH32WKH7KUHDW$QDO\VLV5HSRUWVKRZVWKH7Ζ((QWHUSULVH5HSXWDWLRQVHYHULW\VFRUHΖIQRWVHW
WKH0F$IHH*7ΖȴOHUHSXWDWLRQIHWFKHGIURPWKH7Ζ(VHUYHULVGLVSOD\HGLQWKH7KUHDW$QDO\VLV5HSRUW
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK0F$IHH1*):
0F$IHH1*):LQWHJUDWHVVHFXULW\IHDWXUHVZLWKKLJKDYDLODELOLW\DQGPDQDJHDELOLW\ΖWLQWHJUDWHVDSSOLFDWLRQ
FRQWUROΖQWUXVLRQ3UHYHQWLRQ6\VWHPΖ36DQGHYDVLRQSUHYHQWLRQLQWRDVLQJOHDRUGDEOHVROXWLRQ)ROORZLQJ
VWHSVVKRXOGEHSHUIRUPHGE\0F$IHH1*):FXVWRPHULQRUGHUWRLQWHJUDWH0F$IHH1*):ZLWK$GYDQFHG
7KUHDW'HIHQVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
$VDQDGPLQLVWUDWRUORJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&UHDWHWKH0F$IHH1*):XVHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWKHGDWHDQGWLPH
)URPWKH&/ΖUHVWDUWDPDV
6HH&/ΖFRPPDQGVIRUWKHDPDVFRPPDQGGHWDLOV
7RPDNH5(67$3ΖFDOOVXVHWKH0F$IHH1*):XVHUFUHGHQWLDOVRQ6&0
7KHUHLVQRFKDQJHWRWKHH[LVWLQJ62)$SURWRFROIRUȴOHVXEPLVVLRQΖIDXVHUQDPHGȊQJIZȋXVHUW\SH
1*):H[LVWVDOOȴOHVXEPLVVLRQVWKURXJKWKH62)$FKDQQHOLVDVVXPHGWREHIURP0F$IHH1*):
DSSOLDQFHV
&RQȴJXUHWKHGDWHDQGWLPH
$GYDQFHG7KUHDW'HIHQVHXVHVWKHGDWHDQGWLPHWKDW\RXFRQȴJXUHIRUDOOLWVIXQFWLRQDODQGGLVSOD\SXUSRVHV
7KHGDWHDQGWLPHGLVSOD\VRQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHUHSRUWVORJȴOHVDQG&/Ζ
7RXVHWKH1HWZRUN6HFXULW\3URWRFROVHUYHUGRPDLQQDPHVPDNHVXUH\RXKDYHFRQȴJXUHGWKH'16VHUYHUV
ȏ %\GHIDXOWV\QFKURQL]DWLRQZLWK173VHUYHUVLVHQDEOHGLQ$GYDQFHG7KUHDW'HIHQVH$OVRSRROQWSRUJLV
FRQȴJXUHGDVWKHGHIDXOW173VHUYHU7KHGHIDXOWWLPH]RQHLV3DFLȴF6WDQGDUG7LPH87&
ȏ :KHQ\RXXSJUDGHIURPDSUHYLRXVYHUVLRQZLWKRXWVHOHFWLQJWKH5HVHW'DWDEDVHRSWLRQWKHGDWHDQGWLPH
VHWWLQJVIURPWKHSUHYLRXVO\LQVWDOOHGYHUVLRQDUHSUHVHUYHGΖI\RXXSJUDGHZLWKWKH5HVHW'DWDEDVHRSWLRQ
VHOHFWHGWKHGHIDXOWGDWHDQGWLPHVHWWLQJVDVGHVFULEHGDERYHDUHVHW
ȏ $WDQ\SRLQWLQWLPHWKHUHPXVWEHDWOHDVWRQHYDOLG173VHUYHUVSHFLȴHGLQWKH'DWHDQG7LPH6HWWLQJVSDJHRI
$GYDQFHG7KUHDW'HIHQVH<RXFDQDGGHGLWRUGHOHWHWKHOLVWRI173VHUYHUVVSHFLȴHGLQ$GYDQFHG7KUHDW
'HIHQVH
ȏ %DVHGRQWKHDFFHVVDYDLODEOHWR$GYDQFHG7KUHDW'HIHQVH\RXFDQVSHFLI\SXEOLF173VHUYHUVRUWKHRQHV
ORFDOO\RQ\RXUQHWZRUN
ȏ <RXFDQVSHFLI\WKHGRPDLQQDPHRUWKHΖ3YDGGUHVVRI173VHUYHUVΖI\RXVSHFLI\WKHGRPDLQQDPHVWKHQ
\RXPXVWKDYHFRQȴJXUHG'16VHWWLQJVLQ$GYDQFHG7KUHDW'HIHQVH
ΖI\RXVSHFLI\SXEOLF173VHUYHUVWKHQXVLQJWKHGRPDLQQDPHVLQVWHDGRIΖ3DGGUHVVHVLVUHFRPPHQGHG7KH
GRPDLQRIDSXEOLF173VHUYHUPLJKWUHVROYHWRGLHUHQWΖ3DGGUHVVHVEDVHGRQYDULRXVIDFWRUV
ȏ :KHWKHU\RXHQDEOH173VHUYHUV\QFKURQL]DWLRQRUPDQXDOO\VHWWKHGDWHDQGWLPH\RXPXVWVHOHFWWKH
UHTXLUHGWLPH]RQHLQWKH'DWHDQG7LPH6HWWLQJVSDJHΖI\RXFRQȴJXUHDQ173VHUYHU$GYDQFHG7KUHDW
'HIHQVHFRQVLGHUVRQO\WKHGDWHDQGWLPHIURPWKH173VHUYHU%XWIRUWKHWLPH]RQHLWUHOLHVRQZKDWLV
VSHFLȴHGLQWKH'DWHDQG7LPH6HWWLQJVSDJH
ȏ 7KHGDWHDQGWLPHRQD$GYDQFHG7KUHDW'HIHQVHFOLHQWKDVQRLPSDFWRQWKHWLPHVWDPSVWKDWDUH
GLVSOD\HG&RQVLGHUWKDWWKHFXUUHQWWLPHRQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHLVDP36787&
5HJDUGOHVVRIWKHWLPH]RQHIURPZKLFK\RXDFFHVVWKLV$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHDOOWKH
WLPHVWDPSVDUHGLVSOD\HGLQ367RQO\7KDWLVWKHWLPHVWDPSVDUHQRWFRQYHUWHGEDVHGRQDFOLHQW
VGDWH
DQGWLPH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWKHPD[LPXPZDLWWLPHWKUHVKROG
ȏ :KHQWKHFXUUHQWGDWHDQGWLPHVHWWLQJVDUHFKDQJHGWKHWLPHVWDPSIRUDOOWKHROGHUUHFRUGVDUHDOVR
FKDQJHGDFFRUGLQJO\&RQVLGHUWKDWWKHFXUUHQWWLPH]RQHLV36787&DQG\RXFKDQJHLWWR-DSDQ6WDQGDUG
7LPH87&7KHQWKHWLPHVWDPSIRUWKHROGHUUHFRUGVDUHDOOFRQYHUWHGDVSHU-DSDQ6WDQGDUG7LPH-67
)RUH[DPSOHLIWKHWLPHVWDPSGLVSOD\HGIRUDUHFRUGLQWKH$QDO\VLV6WDWXVSDJHZDVKRXUVDP367
EHIRUH\RXFKDQJHGWKHWLPH]RQH$IWHU\RXFKDQJHWKHWLPH]RQHWR-67WKHWLPHVWDPSIRUWKHVDPH
UHFRUGLVKRXUV-67
ȏ 7KHGDWHDQGWLPHVHWWLQJVRIDOOWKHDQDO\]HU90VDUHLPPHGLDWHO\V\QFKURQL]HGWRWKHGDWHDQGWLPHRQWKH
$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_'DWH 7LPH
&RQȴJXUHWKH'DWHDQG7LPH6HWWLQJVWKHQFOLFN6XEPLW
&RQȴJXUHWKHPD[LPXPZDLWWLPHWKUHVKROG
&RQȴJXUHWKHPD[LPXPZDLWWLPHWKDW$GYDQFHG7KUHDW'HIHQVHXVHVWRDQDO\]H(PDLO*DWHZD\VDPSOHVΖIWKH
DQDO\VLVWLPHLVORQJHUWKDQWKHWKUHVKROG$GYDQFHG7KUHDW'HIHQVHUHMHFWVWKHVDPSOHV
ΖQDORDGEDODQFLQJVFHQDULRWKHWKUHVKROGZDLWWLPHLVKRXUV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_*OREDO6HWWLQJV
7RFRQȴJXUHWKH0(*:DLW7LPH7KUHVKROGLQ6HFRQGVXVHWKHDUURZV
&RQȴJXUH'16VHWWLQJ
:KHQ\RXH[HFXWHȴOHVWKHȴOHVFDQVHQG'16TXHULHVWRUHVROYHQDPHV'16TXHULHVDUHDQDWWHPSWE\
PDOZDUHWRGHWHUPLQHLIWKH\DUHEHLQJUXQLQDVDQGER[HQYLURQPHQWΖIWKH'16TXHU\IDLOVWKHȴOHPLJKWWDNH
DQDOWHUQDWHSDWK:KHQ$GYDQFHG7KUHDW'HIHQVHG\QDPLFDOO\DQDO\]HVVXFKDȴOH\RXPLJKWZDQWWRSURYLGHD
SUR[\'16VHUYLFHLQRUGHUWREULQJRXWWKHDFWXDOEHKDYLRURIWKHȴOH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7KHΖ3FRQȴJXUHGIRU'16VKRXOGEHUHVROYHGE\WKH'16VHUYHUXVLQJUHYHUVHORRNXS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_'16
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUH/'$3
ΖQ'166HWWLQJFRPSOHWHWKHVHVHWWLQJVWKHQFOLFN$SSO\
ȏ 'RPDLQȃ7\SH\RXUGRPDLQQDPH
ȏ 3UHIHUUHG'166HUYHUȃ7\SHΖ3DGGUHVVRIWKHSULPDU\'16VHUYHU
ȏ $OWHUQDWH'166HUYHUȃ7\SHΖ3DGGUHVVRIWKHVHFRQGDU\'16VHUYHU
ΖQ0DOZDUH'166HWWLQJW\SHΖ3DGGUHVVRIWKH'16VHUYHUWRXVHIRUPDOZDUHDQDO\VLVLQWKHVDQGER[
HQYLURQPHQWWKHQFOLFN$SSO\
7RUHVWDUWWKHDPDVVHUYLFHVXVHWKHDPDVUHVWDUW&/ΖFRPPDQG
&RQȴJXUH/'$3
/'$3/LJKWZHLJKW'LUHFWRU\$FFHVV3URWRFROHQDEOHV$GYDQFHG7KUHDW'HIHQVHWRFRQȴJXUHDGHGLFDWHG/'$3
VHUYHUIRUXVHUDXWKHQWLFDWLRQ$VHSDUDWHVHUYHUIRUXVHUDXWKHQWLFDWLRQIDFLOLWDWHVDVHFXUHGDQGFHQWUDOL]HG
DXWKHQWLFDWLRQV\VWHPΖWSURYLGHVDUREXVWDQGVHFXUHFUHGHQWLDODXWKHQWLFDWLRQDQGPDQDJHPHQWV\VWHPIRU
YDULRXVW\SHVRI$GYDQFHG7KUHDW'HIHQVHXVHUV
7KHIROORZLQJXVHUDFFRXQWVGDWDPXVWEHFUHDWHGRQWKH/'$3VHUYHU$FFRXQWVFUHDWHGRQWKH/'$3VHUYHU
PXVWEHWKHVDPHDVRQWKH$GYDQFHG7KUHDW'HIHQVHDSSOLDQFH
ȏ $GPLQ&UHGHQWLDOVȃ7RHQDEOHWKH/'$3RSWLRQ\RXPXVWSURYLGHWKH$GPLQ8VHUFUHGHQWLDOVLQWKH
$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHΖIWKH$GPLQ8VHUKDVQRWEHHQFUHDWHG\RXPXVWFUHDWHWKHVDPH
LQWKH/'$3VHUYHUGLUHFWRU\
ȏ 8VHUFUHDWLRQȃ&UHDWHXVHUVPDQXDOO\RQDQ/'$3VHUYHU7KHIROORZLQJWDEOHFRQWDLQVWKHOLVWRIXVHUV
QHHGHG
7DEOH/'$3VHUYHUXVHUV
8VHUB1DPH 7\SH 6HUYLFHXVHG
DGPLQ 8VHUΖQWHUIDFH 8Ζ6)73
FOLDGPLQ 6\VWHP &/Ζ
DWGDGPLQ
'XULQJWKH/'$3ORJRQXVHUQDPHPXVWPDWFKWKHXVHUQDPHFUHDWHGORFDOO\LQWKH$GYDQFHG7KUHDW'HIHQVH
GDWDEDVH8VHUQDPHLVFDVHVHQVLWLYH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_/'$3WKHQVHOHFW(QDEOH/'$3
&RQȴJXUHWKH/'$38VHU&UHGHQWLDOVRSWLRQVWKHQFOLFN7HVW&RQQHFWLRQ
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHSUR[\VHUYHUVIRUΖQWHUQHWFRQQHFWLYLW\
2QWKH/'$37HVWFRQQHFWLRQVXFFHVVIXOZLQGRZFOLFN2.
&OLFN6XEPLW
6HOHFW(QDEOH)DOOEDFNLQFDVHWKHFRQȴJXUHG/'$3VHUYHULVQRWUHDFKDEOHDQGWKHDXWKHQWLFDWLRQFKDQQHO
QHHGVWREHURXWHGWR$GYDQFHG7KUHDW'HIHQVHORFDOGDWDEDVH)RUFOLDGPLQXVHUV(QDEOH)DOOEDFNLVDOZD\V
HQDEOHG
/'$3DXWKHQWLFDWLRQLVXVHGIRU6)73FRPPXQLFDWLRQZLWK$GYDQFHG7KUHDW'HIHQVH7KHIDOOEDFNIHDWXUHLV
QRWVXSSRUWHGZKHQ6)73FRPPXQLFDWLRQLVXVHG
&RQȴJXUHSUR[\VHUYHUVIRUΖQWHUQHWFRQQHFWLYLW\
$GYDQFHG7KUHDW'HIHQVHFRQQHFWVWRGLHUHQWSUR[\VHUYHUVIRUΖQWHUQHWFRQQHFWLYLW\%DVHGRQWKHVRXUFHRI
WKHWUDɝF$GYDQFHG7KUHDW'HIHQVHGHWHUPLQHVWKHSUR[\VHUYHURQZKLFKWKHΖQWHUQHWDFFHVVUHTXHVWVIURP
WKHWUDɝFKDYHWREHURXWHG
7KHVHSUR[\VHUYHUVFDQEHFRQȴJXUHGRQ$GYDQFHG7KUHDW'HIHQVHWRKDQGOHΖQWHUQHWDFFHVVUHTXHVWV
ȏ *7,+7733UR[\ȃ7KLVVHWWLQJLVUHOHYDQWIRUWKRVHDQDO\]HUSURȴOHVZKLFKKDYH*7Ζ5HSXWDWLRQHQDEOHGLQWKHLU
$QDO\]LQJ2SWLRQV$GYDQFHG7KUHDW'HIHQVHVHQGVDTXHU\WRD0F$IHH*7ΖVHUYHUWRIHWFK0F$IHH*7Ζ
VFRUHIRUWKHVXVSLFLRXVȴOHEHLQJDQDO\]HGΖIWKHFXVWRPHUQHWZRUNLVSURWHFWHGXQGHUSUR[\VSHFLI\WKH
SUR[\VHUYHUGHWDLOVKHUHVRWKDWWKH0F$IHH*7ΖTXHULHVFDQEHVHQWRXW
ȏ 0DOZDUH6LWH3UR[\ȃ7KLVVHWWLQJLVDSSOLFDEOHZKHQVDPSOHVEHLQJDQDO\]HGDWDQDO\]HU90VUHTXHVWΖQWHUQHW
DFFHVV7KHSUR[\VHUYHUVSHFLȴHGXQGHU0DOZDUH6LWH3UR[\KDQGOHVWKHUHTXHVW%HFDXVHWKHWUDɝFIURPDQ
DQDO\]HU90PLJKWEHPDOLFLRXV\RXPLJKWZDQWWRVHJUHJDWHWKLVWUDɝFIURP\RXUSURGXFWLRQQHWZRUN
7DVNV
ȏ &RQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRFRPPXQLFDWHZLWK0F$IHH*7ΖRQSDJH
7RXVH0F$IHH*7ΖZLWK$GYDQFHG7KUHDW'HIHQVHFRQȴJXUHWKHRSWLRQV
ȏ (QDEOHWKHPDOZDUHVLWHSUR[\RQSDJH
$OORZDQDO\]HU90VWRFRQQHFWWRWKHLQWHUQHWIRUVDPSOHDQDO\VLV
&RQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRFRPPXQLFDWHZLWK0F$IHH*7Ζ
7RXVH0F$IHH*7ΖZLWK$GYDQFHG7KUHDW'HIHQVHFRQȴJXUHWKHRSWLRQV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
9HULI\WKDWWKH*7,)LOH5HSXWDWLRQRSWLRQLVHQDEOHG
D &OLFN3ROLF\_$QDO\]HU3URILOH
E 6HOHFWWKHDQDO\]HUSURȴOHWKHQFOLFN(GLW
F 6HOHFW*7,)LOH5HSXWDWLRQ
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_3UR[\
&RQȴJXUHWKH*7,+7733UR[\RSWLRQVWKHQFOLFN7HVW
&OLFN6XEPLW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUH6103VHWWLQJ
(QDEOHWKHPDOZDUHVLWHSUR[\
$OORZDQDO\]HU90VWRFRQQHFWWRWKHLQWHUQHWIRUVDPSOHDQDO\VLV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_3UR[\
&RQȴJXUHWKH0DOZDUH6LWH3UR[\RSWLRQVWKHQFOLFN7HVW
&OLFN6XEPLW
&RQȴJXUH6103VHWWLQJ
7RHQDEOHXVHUVWRPDQDJH$GYDQFHG7KUHDW'HIHQVHUHVRXUFHVHɝFLHQWO\WKH6103VHUYLFHREWDLQVLQWHJUDO
YDOXHVIRUVHYHUDO$GYDQFHG7KUHDW'HIHQVHFRPSRQHQWTXDQWLȴDEOHDWWULEXWHV
7KHTXDQWLȴDEOHDWWULEXWHVLQFOXGH
ȏ &388WLOL]DWLRQ ȏ ΖQWHUIDFH&RXQWHU
ȏ 0HPRU\8WLOL]DWLRQ ȏ 1XPEHURIVDPSOHVLQSHQGLQJTXHXH
ȏ +''6\VWHP6SDFH8WLOL]DWLRQ ȏ 1XPEHURIVDPSOHVXQGHUDQDO\VLV
ȏ +'''DWD6SDFH8WLOL]DWLRQ
$GYDQFHG7KUHDW'HIHQVHVXSSRUWVWKHREMHFWLGHQWLȴHU
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_6103
6HOHFW$OORZ61030RQLWRULQJWKHQFRQȴJXUHWKHRSWLRQV
6HOHFW6HQG61037UDSVFRQȴJXUHWKH61037UDSVRSWLRQVWKHQFOLFN6XEPLW
&388WLOL]DWLRQȴHOGDSSHDULQJLQWKH61036HWWLQJSDJHLVGLHUHQWIURP&38/RDGIHDWXULQJXQGHU6\VWHP+HDOWK
XQGHU'DVKERDUGWDE
7RUHWULHYHWKHDWWULEXWHQXPHULFYDOXHVHQWHUWKHVQPSJHWFRPPDQGLQWKHFRPPDQGSURPSWRUDQ\0Ζ%
EURZVHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWKHV\VORJVHWWLQJV
&RQȴJXUHWKHV\VORJVHWWLQJV
7KHV\VORJPHFKDQLVPWUDQVIHUVWKH$GYDQFHG7KUHDW'HIHQVHHYHQWVRYHUWKHV\VORJFKDQQHOWR6HFXULW\
ΖQIRUPDWLRQDQG(YHQW0DQDJHPHQW6Ζ(0OLNH0F$IHH(QWHUSULVH6HFXULW\0DQDJHU0F$IHH(60
7KLVLVGRQHIRUDOOWKHȴOHVDQDO\]HGE\$GYDQFHG7KUHDW'HIHQVH<RXFDQFRQȴJXUHDQH[WHUQDOV\VORJVHUYHU
WRZKLFKWKHIROORZLQJLQIRUPDWLRQLVVHQW
ȏ $QDO\VLV5HVXOWV0DOLFLRXVRQO\RU$OO
ȏ &388WLOL]DWLRQDERYHDWKUHVKROGSHUFHQWDJH
ȏ 0HPRU\8WLOL]DWLRQDERYHDWKUHVKROGSHUFHQWDJH
ȏ +''8WLOL]DWLRQDERYHDWKUHVKROGSHUFHQWDJH
ȏ ,QWHUIDFH6WDWXV
ȏ 8VHU/RJLQ/RJRXW
ȏ $XGLW/RJ
ȏ +77366HVVLRQ/RJ
2QFHWKHXVHUGHȴQHGWKUHVKROGOLPLWH[FHHGVIRU&388WLOL]DWLRQ0HPRU\8WLOL]DWLRQDQG+''8WLOL]DWLRQ
V\VORJHYHQWVDUHJHQHUDWHGDQGVHQWWR6Ζ(0UHFHLYHU0LQLPXPWKUHVKROGOHYHOVXSSRUWHGLV0D[LPXP
WKUHVKROGOHYHOVXSSRUWHGLV%\GHIDXOWWKHWKUHVKROGSHUFHQWDJHGLVSOD\HGXQGHU6\VORJ6HWWLQJSDJHLV
:KHQHYHUWKHLQWHUIDFHOLQNJRHVGRZQRUFRPHVXSV\VORJHYHQWVDUHJHQHUDWHGDQGVHQWWR6Ζ(0UHFHLYHU
$QDO\VLVUHVXOWVDQGORJRQORJRHYHQWVDUHVHQWWRWKH6Ζ(0UHFHLYHU
$IWHUV\VORJHYHQWVDUHJHQHUDWHGDQGVHQWWR6Ζ(0UHFHLYHUWKHLQIRUPDWLRQDUHSDUVHGDQGVHQWWR(607KH
VXPPDU\LVWKHQGLVSOD\HGRQWKH(60XVHULQWHUIDFH
7KH6Ζ(0UHFHLYHUDQG(60FDQEHRQVHSDUDWHDSSOLDQFHVRUFDQEHWRJHWKHULQDYLUWXDOHQYLURQPHQW
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_6\VORJWKHQVHOHFW(QDEOH/RJJLQJ
&RQȴJXUHWKH6\VWHP/RJ6HUYHURSWLRQV
ΖQQRQ&&PRGHDQ\YDOLGFHUWLȴFDWHDORQJZLWKNH\FDQEHXSORDGHGDVQRFKHFNVRQNH\OHQJWKRUVLJQDWXUH
DOJRULWKPLVSHUIRUPHG+RZHYHULQ&&PRGH
ȏ NH\OHQJWKVKRXOGEHDQGDERYHDQGVLJQDWXUHDOJRULWKPVKRXOGEHPLQLPXP6+$
ZLWK56$(QFU\SWLRQ
ȏ 'HIDXOWOLVWHQLQJSRUWIRU$XGLWIXQFWLRQLVDQGSURWRFROXVHGIRUVDPHLV7&37/6
(QFU\SWLRQ
ȏ :KLOHXSORDGLQJ6\VORJ&HUWLȴFDWHIRU7/6(QFU\SWLRQ$GYDQFHG7KUHDW'HIHQVHSHUIRUPV
YDULRXVVHFXULW\YDOLGDWLRQVRQWKHV\VORJFHUWLȴFDWHVΖI\RXDUHSURPSWHGZLWKVHFXULW\
ZDUQLQJV\RXFDQHLWKHUDFFHSWWKHPRUȴ[WKHLVVXHVEHIRUHXSORDGWKH6\VORJ&HUWLȴFDWH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWKHV\VORJVHWWLQJV
&OLFN7HVW&RQQHFWLRQ:KHQWKH7HVWFRQQHFWLRQVXFFHVVIXOPHVVDJHDSSHDUVFOLFN2.
:KHQ\RXVHOHFW8'3DVWKH3URWRFROIURPWKHGURSGRZQOLVWWKHQ7HVW&RQQHFWLRQWDELVGLVDEOHGDV8'3XVHVD
VLPSOHFRQQHFWLRQOHVVWUDQVPLVVLRQPRGHOUHQGHULQJWKHFRQQHFWLRQVWDWXVXQYHULȴDEOH
ΖQWKH6WDWLVWLFWR/RJDUHDPDNHWKHVHVHOHFWLRQVDQGHQWULHVDVSHUUHTXLUHPHQW
ȏ 6HOHFW$QDO\VLV5HVXOWV
ȏ 6HOHFWDOHYHOIURPWKH6HYHULW\/HYHOGURSGRZQOLVW
ȏ 6HOHFW&388WLOL]DWLRQDQGVSHFLI\7KUHVKROGOHYHOLQWKHUHVSHFWLYH7KUHVKROGGURSGRZQ
ȏ 6HOHFW0HPRU\8WLOL]DWLRQDQGVSHFLI\7KUHVKROGOHYHOLQWKHUHVSHFWLYH7KUHVKROGGURSGRZQ
ȏ 6HOHFW+''8WLOL]DWLRQDQGVSHFLI\7KUHVKROGOHYHOLQWKHUHVSHFWLYH7KUHVKROGGURSGRZQ
ȏ 6HOHFW,QWHUIDFH6WDWXVWRUHFHLYHLQIRUPDWLRQUHJDUGLQJLQWHUIDFHOLQNVWDWXV
ȏ ΖI\RXZDQWWRVWRUHWKHORJRQORJRLQIRUPDWLRQZLWKDWLPHVWDPSVHOHFW8VHU/RJLQ/RJRXW
ȏ 6HOHFW$XGLW/RJWRYLHZORJVIRUDGPLQLVWUDWLYHDFWLRQVSHUIRUPHGRQ$GYDQFHG7KUHDW'HIHQVH$XGLW/RJ
LVVHOHFWHGE\GHIDXOW
ȏ 6HOHFW+77366HVVLRQ/RJWRYLHZORJVIRUHYHU\VHVVLRQHVWDEOLVKHGRUWHUPLQDWHG
7KLVRSWLRQLVRQO\DYDLODEOHZKHQ&RPPRQ&ULWHULD0RGHLVHQDEOHGLQ$GYDQFHG6HFXULW\6HWWLQJV
:KHQ+77366HVVLRQ/RJLVHQDEOHG$GYDQFHG7KUHDW'HIHQVHZHESHUIRUPDQFHLVLPSDFWHG
&OLFN6XEPLW
7DVNV
ȏ 9LHZWKH6\VORJORJVRQSDJH
6\VORJVWDUWVORJJLQJV\VORJHYHQWVWDNLQJSODFHZLWKLQWKH$GYDQFHG7KUHDW'HIHQVH
6LPXOWDQHRXVO\LWSULQWVWKHUHODWHGORJVZKLFK\RXFDQYLHZLQWKH$GYDQFHG7KUHDW'HIHQVHZHE
LQWHUIDFH<RXFDQXVHWKLVLQIRUPDWLRQIRUWURXEOHVKRRWLQJSXUSRVHV
ȏ 9LHZWKH$XGLW/RJRQSDJH
:KHQ\RXFRQȴJXUHDXGLWIXQFWLRQE\FKHFNLQJRQWKH$XGLW/RJXVLQJ6\VORJ6HWWLQJSDJH$GYDQFHG
7KUHDW'HIHQVHVWDUWVORJJLQJWKHDGPLQLVWUDWLYHDFWLRQVSHUIRUPHGZLWKLQWKH$GYDQFHG7KUHDW
'HIHQVH7KURXJKWKHVHORJHQWULHV\RXFDQYLHZZKDWLVKDSSHQLQJDVWKHDGPLQLVWUDWLYHDFWLRQV
IRUH[DPSOHFRQȴJXUDWLRQFKDQJHVHVVLRQHVWDEOLVKPHQWVHVVLRQWHUPLQDWLRQDQGVRRQDUH
SHUIRUPHG7KHVHORJHQWULHVDUHGLVSOD\HGLQDWDEXODUIRUP<RXFDQXVHWKLVLQIRUPDWLRQIRU
WURXEOHVKRRWLQJSXUSRVHV
9LHZWKH6\VORJORJV
6\VORJVWDUWVORJJLQJV\VORJHYHQWVWDNLQJSODFHZLWKLQWKH$GYDQFHG7KUHDW'HIHQVH6LPXOWDQHRXVO\LWSULQWV
WKHUHODWHGORJVZKLFK\RXFDQYLHZLQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH<RXFDQXVHWKLV
LQIRUPDWLRQIRUWURXEOHVKRRWLQJSXUSRVHV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_/RJV_6\VORJ
$PD[LPXPRIHYHQWVDUHGLVSOD\HGLQ$GYDQFHG7KUHDW'HIHQVHXVHULQWHUIDFHZLWKODWHVWHYHQWVDW
WKHERWWRP0RUHHYHQWVDUHDYDLODEOHLQWKHFRQȴJXUHGV\VORJVHUYHU<RXFDQQRWSULQWRUH[SRUWWKHORJ
HQWULHV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWHOHPHWU\
9LHZWKH$XGLW/RJ
:KHQ\RXFRQȴJXUHDXGLWIXQFWLRQE\FKHFNLQJRQWKH$XGLW/RJXVLQJ6\VORJ6HWWLQJSDJH$GYDQFHG7KUHDW
'HIHQVHVWDUWVORJJLQJWKHDGPLQLVWUDWLYHDFWLRQVSHUIRUPHGZLWKLQWKH$GYDQFHG7KUHDW'HIHQVH7KURXJK
WKHVHORJHQWULHV\RXFDQYLHZZKDWLVKDSSHQLQJDVWKHDGPLQLVWUDWLYHDFWLRQVIRUH[DPSOHFRQȴJXUDWLRQ
FKDQJHVHVVLRQHVWDEOLVKPHQWVHVVLRQWHUPLQDWLRQDQGVRRQDUHSHUIRUPHG7KHVHORJHQWULHVDUHGLVSOD\HGLQ
DWDEXODUIRUP<RXFDQXVHWKLVLQIRUPDWLRQIRUWURXEOHVKRRWLQJSXUSRVHV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_/RJV_$XGLW
$PD[LPXPRIHYHQWVDUHGLVSOD\HGZLWKWKHPRVWUHFHQWHYHQWVDWWKHWRS0RUHHYHQWVDUHDYDLODEOH
LQWKHFRQȴJXUHGV\VORJVHUYHU<RXFDQQRWSULQWRUH[SRUWWKHORJHQWULHV
&RQȴJXUHWHOHPHWU\
7HOHPHWU\DOORZV$GYDQFHG7KUHDW'HIHQVHWRFROOHFWGDWDDERXWPDOZDUHDQGWKH$GYDQFHG7KUHDW'HIHQVH
$SSOLDQFH
$GYDQFHG7KUHDW'HIHQVHFDSWXUHVWKHVHWZRFDWHJRULHVRIGDWD
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWHOHPHWU\
7DEOH&DWHJRU\GHȴQLWLRQV
&DWHJRU\ 'HȴQLWLRQ
7HOHPHWU\GDWD $GYDQFHG7KUHDW'HIHQVHFROOHFWV$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHWHOHPHWU\GDWDWR
WKDW$GYDQFHG
7KUHDW'HIHQVH ȏ ΖPSURYH$GYDQFHG7KUHDW'HIHQVH
XVHVIRUWKH ȏ 8QGHUVWDQGKRZWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHLVXVHG
$GYDQFHG7KUHDW
'HIHQVH 7KHV\VWHPGDWDWKDW$GYDQFHG7KUHDW'HIHQVHFROOHFWVLQFOXGHV
$SSOLDQFH
ȏ 6HULDOQXPEHU
ȏ 6RIWZDUHYHUVLRQ
ȏ :KHWKHU6\VORJLVHQDEOHG
ȏ :KHWKHU/'$3LVHQDEOHG
ȏ :KHWKHU0F$IHHH32LVHQDEOHG
ȏ :KHWKHU6103LVHQDEOHG
ȏ :KHWKHUSUR[\VHWWLQJVDUHFRQȴJXUHG
ȏ :KHWKHU/RDG%DODQFLQJLVHQDEOHG
ȏ :KHWKHU7Ζ(LVHQDEOHG
ȏ 1XPEHURIGRFXPHQWVVXEPLWWHG
ȏ 1XPEHURIȵDVKȴOHVVXEPLWWHG
ȏ 1XPEHURI0LFURVRIW:RUGȴOHVVXEPLWWHG
ȏ 1XPEHURI3')ȴOHVVXEPLWWHG
ȏ 1XPEHURIȴOHVVFDQQHGE\0F$IHH*DWHZD\$QWL0DOZDUH
ȏ 1XPEHURIȴOHVVFDQQHGE\0F$IHH*7Ζ
ȏ 1XPEHURIȴOHVVFDQQHGE\9LUXV6FDQ(QWHUSULVH
ȏ 1XPEHURIȴOHVVFDQQHGE\<$5$
ȏ 1XPEHURIȴOHVDQDO\]HGE\WKHVDQGER[
ȏ 1XPEHURIȴOHVVXEPLWWHGWRWKHVDQGER[
ȏ 9HUVLRQRIWKH'HWHFWLRQ3DFNDJHGRZQORDGHG
7HOHPHWU\GDWD 0F$IHH/DEVUHTXLUHVWKHDQDO\VLVUHVXOWVIURP$GYDQFHG7KUHDW'HIHQVHWHOHPHWU\GDWD
IRU WR
ȏ 0F$IHH*7Ζ ȏ 8SGDWHWKH0F$IHH/DEVGDWDEDVHV
ȏ 0F$IHH/DEV ȏ &DWHJRUL]HWKHVDPSOHVDQGPDOZDUHWKDW$GYDQFHG7KUHDW'HIHQVHDQDO\]HV
7HOHPHWU\GDWDFRQWDLQVLQIRUPDWLRQDERXWWKHDQDO\]HGVDPSOHVDQGLQFOXGHV
ȏ 6+$RIVDPSOH
ȏ 6+$RIVDPSOH
ȏ 0'KDVKYDOXHRIVDPSOH
ȏ $GYDQFHG7KUHDW'HIHQVHGHWHFWLRQVFRUH
ȏ 'LJLWDOVLJQDWXUHGDWDIURPVDPSOH
ȏ 3DUHQWPHWDGDWDFRUUHVSRQGLQJWRGURSSHGȴOHV
ȏ $GYDQFHG7KUHDW'HIHQVHSURGXFWLQIRUPDWLRQ
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXUHWHOHPHWU\
7DEOH&DWHJRU\GHȴQLWLRQVFRQWLQXHG
&DWHJRU\ 'HȴQLWLRQ
ȏ $GYDQFHG7KUHDW'HIHQVHDQDO\]LQJRSWLRQVFRUHV
ȏ 85/YLVLWHGE\ȴOH
ȏ Ζ3YDGGUHVVYLVLWHGE\ȴOH
ȏ 3URGXFWYHUVLRQWKDWWKHVDPSOHEHORQJVWR
ȏ 3XEOLVKHUQDPHRIWKHVDPSOH
ȏ 3URGXFWQDPHWKDWWKHVDPSOHEHORQJVWR
ȏ )LOHYHUVLRQRIWKHVDPSOH26QDPHDQG26YHUVLRQRQZKLFKWKHȴOHZDVIRXQGRQ
7DVNV
ȏ (QDEOHWHOHPHWU\RQSDJH
$GYDQFHG7KUHDW'HIHQVHVHQGVV\VWHPWHOHPHWU\GDWDRQO\ZKHQ\RXDOORZDXWRPDWLFXSGDWHV
ȏ 'LVDEOHWHOHPHWU\RQSDJH
<RXFDQGLVDEOHV\VWHPDQG0F$IHH/DEVWHOHPHWU\ZLWKRXWGLVDEOLQJWKHDXWRPDWLFXSGDWH
(QDEOHWHOHPHWU\
$GYDQFHG7KUHDW'HIHQVHVHQGVV\VWHPWHOHPHWU\GDWDRQO\ZKHQ\RXDOORZDXWRPDWLFXSGDWHV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_&RQWHQW8SGDWH
8QGHU$OORZ$XWRPDWLF8SGDWHFOLFN$SSO\WKHQFOLFN2.
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_7HOHPHWU\
(QVXUHWKDWWKHIROORZLQJRSWLRQVDUHVHOHFWHGWKHQFOLFN6XEPLW
ȏ 6HQGIHHGEDFNWR0F$IHHDERXWV\VWHPLQIRUPDWLRQLQRUGHUWRLPSURYHWKHSURGXFW
ȏ 6HQGIHHGEDFNWR0F$IHHDERXWSRWHQWLDOPDOLFLRXVILOHVDQGXUOV
7KHVHRSWLRQVDUHHQDEOHGE\GHIDXOW
'LVDEOHWHOHPHWU\
<RXFDQGLVDEOHV\VWHPDQG0F$IHH/DEVWHOHPHWU\ZLWKRXWGLVDEOLQJWKHDXWRPDWLFXSGDWH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_7HOHPHWU\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXULQJ(PDLO&RQQHFWRU
'HVHOHFWWKHIROORZLQJRSWLRQVWKHQFOLFN6XEPLW
ȏ 6HQGIHHGEDFNWR0F$IHHDERXWV\VWHPLQIRUPDWLRQLQRUGHUWRLPSURYHWKHSURGXFW
ȏ 6HQGIHHGEDFNWR0F$IHHDERXWSRWHQWLDOPDOLFLRXVILOHVDQGXUOV
&RQȴJXULQJ(PDLO&RQQHFWRU
(PDLO&RQQHFWRUSURWHFWV\RXIURPHPDLOERUQHWKUHDWVE\DQDO\]LQJHPDLODWWDFKPHQWVWKURXJK$GYDQFHG
7KUHDW'HIHQVH
ȏ (PDLO&RQQHFWRULVQRWLQVWDOOHGZLWK$GYDQFHG7KUHDW'HIHQVH)RUPRUHLQIRUPDWLRQRQ
LQVWDOOLQJ(PDLO&RQQHFWRUVHH0F$IHH$GYDQFHG7KUHDW'HIHQVHΖQVWDOODWLRQ*XLGH
ȏ ΖI\RXKDYHFRQȴJXUHGDFOXVWHUHQVXUHWKDW\RXLQVWDOO(PDLOFRQQHFWRULQ\RXUSULPDU\DVZHOO
DVWKHEDFNXSQRGHV
ȏ (QVXUHWKDW\RXKDYHUHVHW\RXUFOLDGPLQSDVVZRUGΖI\RXFRQWLQXHXVLQJWKHGHIDXOWSDVVZRUG
WKHFRQȴJXUDWLRQVPLJKWIDLO
$GYDQFHG7KUHDW'HIHQVHUHFHLYHVHPDLOVIURPDVHFXUHHPDLOJDWHZD\SHUIRUPVDQDQDO\VLVRQWKHHPDLO
DWWDFKPHQWVDGGVDYHUGLFWLQWKHHPDLOKHDGHUDQGVHQGVLWEDFNWRWKHHPDLOVHUYHU<RXFDQYLHZWKHDQDO\VLV
UHSRUWIURP$QDO\VLV_(PDLO5HSRUWVRQ\RXU$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
:KLOH\RXYLHZWKHUHSRUWVWKHPD[LPXPQXPEHURIUHSRUWV\RXFDQQDYLJDWHWRDUHRQHPLOOLRQΖI\RXZDQWWR
YLHZWKHUHSRUWVEH\RQGRQHPLOOLRQXVHWKHVHDUFKȴOWHUWRUHGXFHWKHUHVXOWRIWKHQXPEHURIUHSRUWV
<RXQHHGWRFRQȴJXUH\RXUHPDLOJDWHZD\WRVHQGHPDLOVWRWKH$GYDQFHG7KUHDW'HIHQVHIRUDQDO\VLV<RXFDQ
DGGȴOWHUVVXFKDVVHQGWKHRQHVZLWKDWWDFKPHQWRQO\DQGVRRQ:HUHFRPPHQG\RXFRQȴJXUH\RXU6(*WR
VHQGHPDLOVIRUDQDO\VLVWR$GYDQFHG7KUHDW'HIHQVHRQO\ZKHQ\RXU6(*
V$9DQDO\VLVKDYHUHWXUQHGDQ
LQFRQFOXVLYHUHVXOW
(QDEOHDQGFRQȴJXUH(PDLO&RQQHFWRU
(QDEOH(PDLO&RQQHFWRUDQGFRQȴJXUHRSWLRQVIRUWKH6HFXUH(PDLO*DWHZD\6(*IURPZKHUHWKHHPDLOVDUH
UHFHLYHGȴOHDQDO\VLVVHWWLQJVDQGGHVWLQDWLRQ6(*RUPHVVDJHWUDQVIHUDJHQW07$WRZKLFKWKHHPDLOVZLWK
DQDO\VLVKHDGHUVDUHIRUZDUGHG
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHWKHQFOLFN0DQDJH_(PDLO&RQQHFWRU_&RQILJXUDWLRQ
ΖQ5HFHLYLQJ(PDLOVHOHFW(QDEOH(PDLO&RQQHFWRUDQGFRPSOHWHWKHVHVHWWLQJV
ȏ /LVWHQ3RUWȃ7\SHWKHSRUWQXPEHUWRXVHIRUUHFHLYLQJHPDLOV7KHGHIDXOWSRUWQXPEHULV
ȏ 8VH7/6&RQQHFWLRQȃ6HOHFWRQHRIWKHWKUHHRSWLRQVIURPWKHGURSGRZQWRXVH7/6VHFXUHG
FRPPXQLFDWLRQZKHQDYDLODEOHDOZD\VRUQRWXVHDWDOOIRUUHFHLYLQJHPDLOV
ȏ 3HUPLWWHG+RVWVȃ)URPWKHGURSGRZQVHOHFWWKH+RVWW\SHDV,3DGGUHVV+RVWQDPHRU1HWZRUNWKHQHQWHUWKH
Ζ3DGGUHVVHVKRVWQDPHRUQHWZRUNDGGUHVVRIWKHVRXUFH6(*IRU$GYDQFHG7KUHDW'HIHQVHWRUHFHLYH
HPDLOV&OLFN$GGWRDGGDQΖ3DGGUHVV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXULQJ(PDLO&RQQHFWRU
ΖQ6HQGLQJ(PDLOFRPSOHWHWKHVHVHWWLQJV
ȏ 6PDUW+RVW+RVWQDPHȃ7\SHWKHΖ3DGGUHVVRUKRVWQDPHRIWKHGHVWLQDWLRQ6(*RU07$
7KLVLVXVXDOO\WKHVDPHDVWKH3HUPLWWHG+RVW
ȏ 6PDUW+RVW3RUWȃ7\SHWKHSRUWQXPEHURIWKHGHVWLQDWLRQHPDLOVHUYHU7KHGHIDXOWSRUWQXPEHULV
ȏ 8VH7/6&RQQHFWLRQȃ6HOHFWRQHRIWKHWKUHHRSWLRQVIURPWKHGURSGRZQWRXVH7/6VHFXUHG
FRPPXQLFDWLRQZKHQDYDLODEOHDOZD\VRUQRWXVHDWDOOIRUVHQGLQJHPDLOV
ȏ 7HVW&RQQHFWLRQȃ&OLFN7HVW&RQQHFWLRQWRHQVXUHWKDWWKHFRQȴJXUHGHPDLOVHUYHULVUHDFKDEOH
ΖQ6FDQQLQJ(PDLOFRPSOHWHWKHVHVHWWLQJV
ȏ 0D[LPXPWLPHSHUHPDLOWRZDLWIRUDOOVFDQVWRFRPSOHWHȃ7KHPD[LPXPWLPHLQVHFRQGVZLWKLQZKLFKWKH
DQDO\VLVPXVWFRPSOHWH7KHDQDO\VLVWLPHVRXWZKHQWKHWLPHH[FHHGVWKHWLPHVSHFLȴHGDQGWKHHPDLO
LVTXHXHGLQWKH6(*'HIDXOWLV
ȏ 6FDQWKHVHILOHW\SHVȃ)LOHW\SHVRIWKHHPDLODWWDFKPHQWVWKDWFDQEHVFDQQHG6HOHFW$OORUDPLQLPXP
RQHRIWKHȴOHW\SHV
ȏ 6NLS3URWHFWHG)LOHVȃΖJQRUHVSURWHFWHGȴOHVIURPWKHVFDQQLQJ
ȏ $FWLRQZKHQV\VWHPLVRYHUORDGHGȃ&KRRVHZKHWKHUWRGHOLYHUHPDLOVZLWKRXWVFDQQLQJRUGURS6073
FRQQHFWLRQVZKHQWKHV\VWHPLVRYHUORDGHG
ΖI\RX
YHVHOHFWHG'HOLYHUHPDLOVXQVFDQQHGWKHQWKHHPDLOVDUHGHOLYHUHGZLWKWKH;$7'9(5'Ζ&7DV
ΖQ$WWDFKPHQW3URȴOLQJFRPSOHWHWKHVHVHWWLQJV
ȏ (QDEOH3URILOLQJ0RGH$WWDFKPHQWVZLOOQRWEHVFDQQHGLQWKLVPRGHȂ(QDEOHVHPDLOSURȴOLQJ7KLVRSWLRQGLVDEOHV
VFDQQLQJWKHHPDLODWWDFKPHQWV2QO\HPDLOFRXQWLVLQFUHPHQWHGDQGVHQWWRWKHWUDQVSRUWLQJHPDLO
VHUYHU
ΖI\RXHQDEOHWKLVRSWLRQWKHKHDGHU;$7'9(5'Ζ&7LVDGGHGWRWKHHPDLOV
ȏ 'RFXPHQW)RUPDWȂ6HOHFWWKHIRUPDWLQZKLFK\RXZDQW\RXUSURȴOLQJUHSRUWWRJHWJHQHUDWHG
ȏ 5HSRUWLQJ3HULRGȂ6HOHFWWKHSHULRGIRUZKLFK\RXZDQWWKHHPDLOVWREHSURȴOHG
ȏ *UDQXODULW\Ȃ6HOHFWWKHSHULRGLQDJUDQXODUOHYHO
ȏ 'RZQORDG5HSRUWȂ'RZQORDGVDUHSRUWDERXWWKHRYHUDOOHPDLODWWDFKPHQWSURȴOLQJ
&OLFN$SSO\
<RXFDQYLHZWKHWRWDOQXPEHURIHPDLOVDQGDWWDFKPHQWVDQDO\]HGLQWKH(PDLO&RXQWHUPRQLWRUIURPWKH
'DVKERDUG
&RQȴJXULQJ\RXU6HFXUH(PDLO*DWHZD\IRU(PDLO&RQQHFWRU
:KHQDWWDFKPHQWVDUHUHTXLUHGDIXOO6DQGER[VFDQHPDLOVVHQWWR$GYDQFHG7KUHDW'HIHQVHFRXOGWDNHVHYHUDO
PLQXWHVWRVFDQ
$GYDQFHG7KUHDW'HIHQVHGRHVQRWDFFHSWHPDLOVIURPWKHVHQGLQJ6HFXUH(PDLO*DWHZD\6(*XQWLO
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXULQJ(PDLO&RQQHFWRU
WKHVFDQLVFRPSOHWH
WKHPHVVDJHLVGHOLYHUHGWRWKHFRQȴJXUHGVPDUWKRVW
6HWWLQJXS6(*WLPHRXW
6HWWLQJWKHULJKWWLPHRXWRQ\RXU6(*LVLPSRUWDQWVRWKDWLWZDLWVXQWLOWKH$GYDQFHG7KUHDW'HIHQVHVFDQLV
FRPSOHWH$VXLWDEOHYDOXHIRUWLPHRXWGHSHQGVRQWKHVHWWLQJVIRUWKHDQDO\]HUSURȴOHFRQȴJXUHGIRU\RXU
(PDLO&RQQHFWRU
ΖIWKHWLPHRXWLVWRRVKRUWDQGDQ$GYDQFHG7KUHDW'HIHQVHVFDQLVLQSURJUHVV$GYDQFHG7KUHDW'HIHQVH
GRHVQ
WDFFHSWWKHHPDLO$WVXFKWLPHVWKHVRXUFH6(*ZRXOGUHTXHXHWKHPHVVDJHIRUGHOLYHU\EDFNWRWKH
$7'IRUDODWHUWLPH'HSHQGLQJRQWKHUHWU\SHULRGVHWRQ\RXU6(*DQGWKHORDGRQ$GYDQFHG7KUHDW'HIHQVH
FDFKHGUHVXOWVFDQEHDYDLODEOHDWWKHWLPHDVXEVHTXHQWGHOLYHU\DWWHPSWLVPDGH7KLVFRXOGOHDGWRWKH
WLPHRXWWRQRWWULJJHUDJDLQ7KHGHIDXOWWLPHRXWYDOXHLVPLQXWHV
6HWWLQJ$GYDQFHG7KUHDW'HIHQVHDVDSHUPLWWHGKRVWLQ\RXU6(*
'HSHQGLQJRQ\RXU6(*DQGLWVFRQȴJXUDWLRQ\RXPLJKWEHUHTXLUHGWRLQFOXGHWKHΖ3DGGUHVVRIWKH$GYDQFHG
7KUHDW'HIHQVHDSSOLDQFHWR\RXU6(*7KLVDOORZV$GYDQFHG7KUHDW'HIHQVHWRGHOLYHUWKHVFDQQHGPHVVDJHV
WR\RXU6(*
6HWWLQJXS6(*IXQFWLRQV
<RXU6(*LVH[SHFWHGWRSHUIRUPDOODQWLVSDPDQWLYLUXVRURWKHUEORFNLQJDQGȴOWHULQJIXQFWLRQV$GYDQFHG
7KUHDW'HIHQVHGRHVQRWSHUIRUPDQ\RIWKHVH6(*IXQFWLRQV0HVVDJHVWR$GYDQFHG7KUHDW'HIHQVHPXVWEH
UHGLUHFWHGRQO\ZKHQWKH6(*
ȏ LVQRWVXUHDERXWWKHFRQWHQWRIWKHHPDLO
ȏ UHTXLUHVDQ$GYDQFHG7KUHDW'HIHQVHYHUGLFWWRHQIRUFHDSROLF\DFFRUGLQJO\
&RQȴJXUH(PDLO&RQQHFWRUȴOWHULQJUXOHV
&UHDWHUXOHVWRH[FOXGHHPDLODWWDFKPHQWVIURPDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHWKHQFOLFN0DQDJH_(PDLO&RQQHFWRU_)LOWHULQJ5XOHV
7\SHDQDPHIRUWKHUXOHWKHQVHOHFWRQHRUDFRPELQDWLRQRIWKHVHȴOWHULQJRSWLRQV
ȏ )LOH1DPHȃ$GGȴOHQDPHVVHSDUDWHGE\VHPLFRORQV
DQG"FDQEHXVHGDVZLOGFDUGFKDUDFWHUV
ȏ )LOH6L]Hȃ6HOHFWOHVVWKDQRUJUHDWHUWKDQFULWHULDW\SHWKHȴOHVL]HWKHQVHOHFWWKHXQLW
ȏ )LOH7\SHȃ6HOHFWWKHȴOHW\SHVWRH[FOXGH
&OLFN$GG5XOH
7KHUXOHLVDGGHGLQWKH)LOWHULQJ5XOHVWDEOH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
&RQȴJXULQJ(PDLO&RQQHFWRU
8QGHUVWDQGLQJ(PDLO+HDGHUVZLWKDQDO\VLVVWDWXV
$IWHUDQDO\]LQJWKHHPDLODWWDFKPHQWIRUWKUHDWV$GYDQFHG7KUHDW'HIHQVHXSGDWHVDGGVWKHVHKHDGHUVRIWKH
UHVSHFWLYHHPDLOVZLWKWKHREVHUYDWLRQVDQGVHQGVWKHHPDLOVWRWKHFRQȴJXUHGWUDQVSRUWLQJHPDLOVHUYHURU
07$
+HDGHU 9DOXHV
;$7'),/(1$0(6 /LVWVWKHQDPHVRIDOODWWDFKPHQWVRIWKHHPDLOVHSDUDWHGE\FRPPD
;$7'$/7),/(1$0(6 /LVWVWKHDOWHUQDWHQDPHVRIVFDQQHGDWWDFKPHQWVWKDWKDYHWKHVDPHKDVKYDOXHDV
GHWHUPLQHGGXULQJWKHHDUOLHUVFDQV)RUH[DPSOHLIDIWHUVFDQQLQJDȴOHȴOHDQRWKHU
DWWDFKPHQWZLWKWKHVDPHKDVKEXWDGLHUHQWȴOHQDPHȴOHLVGHWHFWHGWKH
;$7'$/7),/(1$0(6KHDGHULVDGGHGZLWKWKHYDOXHȴOHȴOH
;$7'),/(+$6+(6 $GGVWKHKDVKHVRIDOOHPDLODWWDFKPHQWV)RUH[DPSOH0'6+$
;$7'),/(9(5',&76 $GGVWKHYHUGLFWIRUHDFKHPDLODWWDFKPHQWWKDWZDVVXEPLWWHGIRUDQDO\VLV
ȏ ȃ9HU\KLJKULVN
ȏ ȃ0DOLFLRXV
ȏ ȃ/LNHO\WREHPDOLFLRXV
ȏ ȃ/RZDFWLYLWLHV
ȏ ȃ9HU\ORZDFWLYLW\
ȏ ȃΖQIRUPDWLRQDO
ȏ ȃ&OHDQ
ȏ ȃ)DLOHGWRVFDQEHFDXVHRIXQVXSSRUWHGȴOHW\SH
ȏ ȃ6FDQ7LPHGRXW
ȏ ȃ)LOWHUHGE\WKH)LOH7\SH&RQȴJXUDWLRQ
ȏ ȃ)LOWHUHGE\)LOH)LOWHULQJ5XOHV
;$7'9(5',&7 $GGVWKHRYHUDOOYHUGLFWIRUDQHPDLO
ȏ ȃ9HU\KLJKULVN
ȏ ȃ0DOLFLRXV
ȏ ȃ/LNHO\WREHPDOLFLRXV
ȏ ȃ/RZDFWLYLWLHV
ȏ ȃ9HU\ORZDFWLYLW\
ȏ ȃΖQIRUPDWLRQDO
ȏ ȃ&OHDQ
ȏ ȃ)DLOHGWRVFDQEHFDXVHRIXQVXSSRUWHGȴOHW\SH
ȏ ȃ6FDQWLPHGRXW
ȏ ȃ1RȴOHDWWDFKPHQWVZDVVFDQQHG
ȏ ȃ6LOHQW0RGH:KHQ$GYDQFHG7KUHDW'HIHQVHLVVHWWRGLVDEOHȴOHVFDQQLQJ
ZKHUHWKHHPDLOVDWWDFKPHQWDUHQRWVFDQQHGDQGRQO\HPDLOFRXQWLVLQFUHPHQWHG
IRUHYHU\HPDLO
ȏ ȃ$GYDQFHG7KUHDW'HIHQVHLVWRREXV\WRVHUYLFHQHZVFDQQLQJUHTXHVWV$WOHDVW
RQHDWWDFKPHQWKDVQRWEHHQVFDQQHGDQGGRHVQRWKDYHDFDFKHGUHVXOWVHH
;$7'722%86<
ȏ ȃ$GYDQFHG7KUHDW'HIHQVHIDLOHGWRUHFHLYHRUGHOLYHUWKHHPDLOV
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
6HWPLQLPXP66/7/6YHUVLRQ
+HDGHU 9DOXHV
;$7'6,/(1702'( $GGVWKHYDOXHRILIDQHPDLOZDVVFDQQHGLQVLOHQWPRGH2WKHUZLVHWKLVKHDGHULVQRW
DGGHG
;$7'722%86< $GGVWKLVKHDGHUWRDOOPHVVDJHVWKDWSDVVWKURXJK$GYDQFHG7KUHDW'HIHQVHZKLOHLWLV
ȏ SURFHVVLQJQHZDWWDFKPHQWVIRUVFDQQLQJ
ȏ FRQȴJXUHGLQ(PDLOSDVVWKURXJKPRGH
7KH;$7'722%86<YDOXHLVDOZD\V6LQFH$GYDQFHG7KUHDW'HIHQVHLQFOXGHVDUHVXOWV
FDFKHWKH;$7'9(5',&7VKRXOGEHUHIHUHQFHGWRGHWHUPLQHZKHWKHUWKHDWWDFKPHQWV
ZHUHVFDQQHGLQDSUHYLRXVVXEPLVVLRQ
6HWPLQLPXP66/7/6YHUVLRQ
<RXFDQVHWWKHPLQLPXP66/7/6SURWRFROYHUVLRQIRUFRPPXQLFDWLRQEHWZHHQ$GYDQFHG7KUHDW'HIHQVHDQG
RWKHUSURGXFWV7KLVVHWWLQJHQVXUHVWKDW$GYDQFHG7KUHDW'HIHQVHGRHVQ
WDOORZ66/7/6FRQQHFWLRQVEHORZ
WKHGHȴQHGYHUVLRQ
)RUH[DPSOHLIWKHPLQLPXP66/7/6YHUVLRQVHWLV7/6YHUVLRQ$GYDQFHG7KUHDW'HIHQVHVXSSRUWVDOO7/6
YHUVLRQIURPDQGDERYH+RZHYHULI\RXVHW7/6YHUVLRQ$GYDQFHG7KUHDW'HIHQVHVXSSRUWVRQO\7/6
YHUVLRQ
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
*RWR0DQDJH_6HFXULW\_$GYDQFHG6HFXULW\6HWWLQJV
ΖQWKH0LQLPXP66/7/63URWRFRO9HUVLRQGURSGRZQVHOHFWWKHPLQLPXP66/7/6YHUVLRQ
(QVXUHWKDWWKHSURGXFWV\RXU$GYDQFHG7KUHDW'HIHQVHFRPPXQLFDWHVZLWKVXSSRUWVWKHPLQLPXP66/7/6
SURWRFROYHUVLRQ\RXGHȴQHKHUH
%HIRUH\RXEHJLQ
(QDEOHORJJLQJWRHQDEOH&RPPRQ&ULWHULDPRGHLQ$GYDQFHG7KUHDW'HIHQVH
ȏ )73$FFHVV+7733RUWDQG)RUFH+7736RSWLRQVDUHGLVDEOHG
ȏ $GYDQFHG7KUHDW'HIHQVHXVHVRQO\66/FRQQHFWLRQVZLWK163
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
(QDEOHDFFRXQWORFNRXW
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_6\VORJWKHQVHOHFW(QDEOH/RJJLQJ
&RQȴJXUHWKH6\VWHP/RJ6HUYHURSWLRQVWKHQFOLFN7HVWFRQQHFWLRQWRWHVWWKHFRQQHFWLRQ
&HUWLȴFDWHXSORDGHGIRU6\VORJ6HWWLQJLVYDOLGDWHGDJDLQVWNH\OHQJWKVLJQDWXUHDOJRULWKPDQGH[SLU\GDWHΖQ
FDVHRIDSUREOHPZLWKFHUWLȴFDWH$GYDQFHG7KUHDW'HIHQVHGLVSOD\VDQHUURUPHVVDJH
ΖQWKH6WDWLVWLFVWR/RJDUHDPDNHVXUH$XGLW/RJLVFKHFNHG%\GHIDXOW$XGLW/RJLVHQDEOHG
&OLFN6XEPLW
*RWR0DQDJH_6HFXULW\_$GYDQFHG6HFXULW\6HWWLQJVVHOHFW&RPPRQ&ULWHULD0RGH
$XGLWIXQFWLRQVWDUWVDV$GYDQFHG7KUHDW'HIHQVHERRWVXSDQGVWRSVZLWK$GYDQFHG7KUHDW'HIHQVH
VKXWGRZQ7KHIXQFWLRQUHVWDUWVLQWKHIROORZLQJWZRVFHQDULRV
ȏ &KDQJHLQ6\VORJFHUWLȴFDWH
ȏ 0DQXDOFKDQJHLQ'DWHDQG7LPHLQIRUPDWLRQ
6HHDOVR
KWWSBUHGLUHFWRQSDJH
(QDEOHDFFRXQWORFNRXW
<RXFDQFRQȴJXUH$GYDQFHG7KUHDW'HIHQVHWRORFNDFFRXQWVDIWHUDGHȴQHGQXPEHURILQYDOLGORJRQDWWHPSWV
<RXFDQDOVRGHȴQHWKHWLPHSHULRGWKHDFFRXQWUHPDLQVORFNHG'XULQJWKLVWLPHWKHXVHUFDQQRWORJRQWR
$GYDQFHG7KUHDW'HIHQVHXQWLOWKHORFNRXWSHULRGLVHODSVHG
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_6HFXULW\_$GYDQFHG6HFXULW\6HWWLQJV
6HOHFW(QDEOHG$FFRXQW/RFN2XWWKHQVHWWKHORFNRXWGXUDWLRQDQGWKHQXPEHURIDOORZHGLQFRUUHFWORJRQ
DWWHPSWV
ȏ 'XUDWLRQRI/RFN2XWLQ0LQXWHVȂ6HWWKHGXUDWLRQRIWKHORFNRXWSHULRGLQPLQXWHV
ȏ 0D[LPXP/RJLQ5HWULHVȂ6HWWKHQXPEHURIDOORZHGLQFRUUHFWORJRQDWWHPSWVDIWHUZKLFKWKHDFFRXQWLV
ORFNHG
&RQȴJXUHWKHPLQLPXPQXPEHURISDVVZRUGFKDUDFWHUV
&RQȴJXUHWKHPLQLPXPQXPEHURIFKDUDFWHUVWKDWXVHUVFDQXVHLQWKHSDVVZRUGWKH\FUHDWHWRORJRQWR
$GYDQFHG7KUHDW'HIHQVH
7KHGHIDXOWSDVVZRUGOHQJWKLVFKDUDFWHUV7KHSDVVZRUGVHWWLQJVDOVRDSSO\WRFRQVROHDQG&/ΖDFFHVV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
$GGWKH$GYDQFHG7KUHDW'HIHQVHORJRQEDQQHU
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_6HFXULW\_$GYDQFHG6HFXULW\6HWWLQJV
7RVHOHFWWKHPLQLPXPQXPEHURISDVVZRUGFKDUDFWHUVXVHWKHDUURZV
&OLFN6DYH
$GGWKH$GYDQFHG7KUHDW'HIHQVHORJRQEDQQHU
8SORDGFXVWRPWH[WWRWKH$GYDQFHG7KUHDW'HIHQVHORJRQSDJH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_6HFXULW\_$GYDQFHG6HFXULW\6HWWLQJV
6HOHFW'LVSOD\/RJLQ%DQQHU
ΖQWKH%DQQHU0HVVDJHȴHOGHQWHUWKHORJRQPHVVDJH
<RXFDQRQO\XVHWKH$6&ΖΖFKDUDFWHUVHW7KHPD[LPXPQXPEHURIFKDUDFWHUV\RXFDQXVHLV
&OLFN6DYH
*HQHUDWLQJD&HUWLȴFDWHVLJQLQJUHTXHVW&65
$GYDQFHG7KUHDW'HIHQVHDOORZV\RXWRJHQHUDWHDFHUWLȴFDWHVLJQLQJUHTXHVW&65IURPWKHZHELQWHUIDFH
:KHQ\RXJHQHUDWHD&65$GYDQFHG7KUHDW'HIHQVHDWWDFKHVWKHNH\WRWKH&657KLVLVEHFDXVHWKHNH\IRU
WKH&65LVZLWK$GYDQFHG7KUHDW'HIHQVH
7RJHQHUDWHD&65\RXQHHGWRHQWHU\RXURUJDQL]DWLRQGHWDLOVDQGWKHNH\VL]H<RXFDQWKHQJHQHUDWH\RXU
&65H[SRUWLWDQGVXEPLWLWWRDFHUWLȴFDWHVLJQLQJDXWKRULW\WRJHWLWVLJQHG
*HQHUDWHD&65
<RXFDQJHQHUDWHD&65IURP$GYDQFHG7KUHDW'HIHQVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_6HFXULW\_&65*HQHUDWLRQ
)LOOWKH&65*HQHUDWLRQȴHOGVZLWK\RXURUJDQL]DWLRQGHWDLOV
ȏ &RPPRQ1DPH>&1@Ȃ(QWHUWKHGRPDLQQDPHRI\RXURUJDQL]DWLRQ
ȏ 2UJDQL]DWLRQ1DPH>2@Ȃ(QWHU\RXURUJDQL]DWLRQQDPH
ȏ 2UJDQL]DWLRQ8QLW>28@Ȃ(QWHUWKHRUJDQL]DWLRQXQLWWKDWLVRUGHULQJWKHFHUWLȴFDWH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
&RQȴJXULQJ$GYDQFHG7KUHDW'HIHQVHIRUPDOZDUHDQDO\VLV
8SORDGFHUWLȴFDWHV
ȏ &LW\7RZQ>/@6WDWH3URYLQFH>67@&RXQWU\>&@Ȃ(QWHUWKHDGGUHVVRI\RXURUJDQL]DWLRQ
ȏ (PDL/,G>HD@Ȃ(QWHUWKHHPDLODGGUHVVWRFRQWDFW\RXURUJDQL]DWLRQ
ȏ +DVK)XQFWLRQȂ6HOHFWDKDVKIXQFWLRQIRU\RXUFHUWLȴFDWH
&OLFN*HQHUDWHWRJHQHUDWH\RXU&65
<RXU&65LVQRZOLVWHGLQWKH&HUWLILFDWH6LQJLQJ5HTXHVW0HVVDJHVHFWLRQ<RXFDQXVHWKHLFRQLQWKH$FWLRQFROXPQ
WR([SRUWRU5HPRYH\RXU&652QFHWKHFHUWLȴFDWHLVVLQJHG\RXFDQXSORDGLWDV:HE&HUWLILFDWHIURPWKH0DQDJH
&HUWLILFDWHSDJH
8SORDGFHUWLȴFDWHV
)RUZHEVHUYHUDXWKHQWLFDWLRQ$GYDQFHG7KUHDW'HIHQVHDOORZV\RXWRXSORDGFHUWLȴFDWHV
:KHQ\RXXSORDGDFHUWLȴFDWH$GYDQFHG7KUHDW'HIHQVHFKHFNVIRUWKHDWWDFKHGSXEOLFNH\ΖIDNH\LVQRW
DWWDFKHGWKHFHUWLȴFDWHXSORDGIDLOVΖIDNH\LVDWWDFKHG$GYDQFHG7KUHDW'HIHQVHYDOLGDWHVWKHPHWDGDWD3RVW
YDOLGDWLRQ\RXPLJKWVHHVHFXULW\ZDUQLQJVDVDUHVXOWRIWKHYDOLGDWLRQZKLFK\RXPD\DFFHSWRUȴ[
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_6HFXULW\_0DQDJH&HUWLILFDWH
1H[WWRRQHRIWKHVHRSWLRQVFOLFN%URZVH
ȏ :HE&HUWLILFDWH
ȏ &$&HUWLILFDWH
ȏ 7UXVWHG&$&HUWLILFDWH
/RFDWHDQGVHOHFWWKHFHUWLȴFDWHWKHQFOLFN2SHQ
7KHFHUWLȴFDWHPXVWKDYHDNH\LQ3(0IRUPDW7KHNH\OHQJWKPXVWEHFKDUDFWHUVPRUHDQGWKH
VLJQDWXUHDOJRULWKPPXVWEH6+$PLQLPXPVWDQGDUGVZLWKDQ56$HQFU\SWLRQΖI$GYDQFHG7KUHDW
'HIHQVHLVXQDEOHWRGHWHFWWKHNH\\RX
GEHSURPSWHGWRXSORDGDYDOLGNH\ΖI\RXUFHUWLȴFDWHKDVDYDOLG
NH\EXWIDLOVYDOLGDWLRQWKH&HUWLILFDWHLVLQYDOLGPHVVDJHDSSHDUVDQG\RX
GEHSURPSWHGWRXSORDGDYDOLG
FHUWLȴFDWHRUFRQWLQXHZLWKWKHH[LVWLQJFHUWLȴFDWH8SRQXSORDGLQJDYDOLGFHUWLȴFDWHWKDWSDVVHVWKH
YDOLGDWLRQWKHZHEVHUYHUUHVWDUWVDQG\RXPXVWORJEDFNLQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN8SORDG
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
7RXSORDGFRQWHQWWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHXVHWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&RQWHQWV
'HȴQLQJ&XVWRP%HKDYLRUDO5XOHV
'HȴQH&XVWRP<DUD6FDQQHU
ΖPSRUWFXVWRPEHKDYLRUDODQG<$5$VFDQQHUUXOHV
&KDQJHFXVWRPEHKDYLRUDOUXOHVDQG<$5$VFDQQHUȴOHV
'LVDEOHFXVWRPEHKDYLRUDOUXOHV
0DQDJHZKLWHOLVWGDWDEDVHVDPSOHV
8SGDWH'$7YHUVLRQIRU0F$IHH*DWHZD\$QWL0DOZDUHDQG$QWL9LUXV
8SGDWHWKHGHWHFWLRQSDFNDJH
'HȴQLQJ&XVWRP%HKDYLRUDO5XOHV
&XVWRP%HKDYLRUDO5XOHVLVDVHWRI<$5$UXOHV<$5$LVDUXOHEDVHGWRROWRLGHQWLI\DQGFODVVLI\PDOZDUH
$GYDQFHG7KUHDW'HIHQVHHQDEOHV\RXWRXVH\RXURZQ<$5$UXOHVWRLGHQWLI\DQGFODVVLI\PDOZDUH<RXFDQ
WKHUHIRUHLPSRUW\RXURZQGHVFULSWLRQVRIPDOZDUHLQWR$GYDQFHG7KUHDW'HIHQVH
&XVWRP%HKDYLRUDO5XOHVDOVRHQDEOH\RXWRFXVWRPL]HWKHGHWHFWLRQFDSDELOLWLHVRI$GYDQFHG7KUHDW'HIHQVHWR
VXLW\RXUQHHGV)RUH[DPSOH\RXFDQXVH&XVWRP%HKDYLRUDO5XOHVLI\RXZRXOGOLNHFHUWDLQUHJLVWU\RSHUDWLRQV
WREHUHSRUWHGDVDSDUWLFXODUVHYHULW\OHYHOUDWKHUWKDQWKHGHIDXOWVHYHULW\OHYHODVVLJQHGE\$GYDQFHG7KUHDW
'HIHQVH<RXFDQDOVRZULWH&XVWRP%HKDYLRUDO5XOHVWRFDWFK]HURϢGD\RUQHDU]HURGD\PDOZDUH<RXFDQZULWH
\RXURZQ&XVWRP%HKDYLRUDO5XOHVRUXVHWKH<$5$UXOHVIURPDWKLUGSDUW\
ΖQWKLVVHFWLRQWKHZRUGVDPSOHUHIHUVWRERWKȴOHVDQG85/VWKDWKDYHEHHQVXEPLWWHGWR$GYDQFHG7KUHDW
'HIHQVHIRUPDOZDUHDQDO\VLV
<RXFDQVWRUH\RXU&XVWRP%HKDYLRUDO5XOHVLQDWH[WȴOH<RXFDQQDPHWKLVȴOHVXFKWKDWLWHQDEOHV\RXWUDFN
PRGLȴFDWLRQVWR\RXU&XVWRP%HKDYLRUDO5XOHVVHW<RXLPSRUWWKLVWH[WȴOHLQWR$GYDQFHG7KUHDW'HIHQVH
WKURXJKWKHZHELQWHUIDFH
$VVXPLQJ\RXKDYHHQDEOHGDOODQDO\]HRSWLRQVZLWKFXVWRP<$5$UXOHV$GYDQFHG7KUHDW'HIHQVHSURFHVVHV
WKHVDPSOHȴOHVDQG85/VLQWKHIROORZLQJRUGHURISULRULW\
*OREDO:KLWHOLVW
/RFDOEODFNOLVW
0F$IHH*7Ζ
0F$IHH*DWHZD\$QWL0DOZDUH(QJLQH
0F$IHH$QWL0DOZDUH(QJLQH
&XVWRP<DUD6FDQQHU
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
'HȴQLQJ&XVWRP%HKDYLRUDO5XOHV
'\QDPLF$QDO\VLV
&XVWRP%HKDYLRUDO5XOHVȃ8VHUPDQDJHG<$5$UXOHV
ΖQWHUQDO<$5$UXOHVȃΖQWHUQDO<$5$UXOHVWKDWDUHGHȴQHGE\0F$IHHDQGXSGDWHGGXULQJ$GYDQFHG7KUHDW
'HIHQVHVRIWZDUHXSJUDGHV<RXFDQQRWYLHZRUGRZQORDGWKHVHUXOHV
$GYDQFHG7KUHDW'HIHQVHFKHFNVDVDPSOHDJDLQVW<$5$UXOHVRQO\LIWKHVDPSOHLVG\QDPLFDOO\DQDO\]HG
$IWHU\RXLPSRUW\RXU&XVWRP%HKDYLRUDO5XOHVLQWR$GYDQFHG7KUHDW'HIHQVHWKHPDOZDUHGHWHFWLRQDQG
FODVVLȴFDWLRQDUHEDVHGRQWKHVHUXOHVDVZHOO)LQDOVHYHULW\UHVXOWRIVDPSOHDQDO\VLVLVGHWHUPLQHGDVD
PD[LPXPYDOXHIURPDQDO\VLVPHWKRGVPHQWLRQHGDERYHLQFOXGLQJFXVWRP<$5$UXOHV
&RQVLGHUDWLRQV
ȏ $GYDQFHG7KUHDW'HIHQVHVXSSRUWVFXVWRP<$5$UXOHVRQO\IURP$GYDQFHG7KUHDW'HIHQVHUHOHDVH
ȏ $GYDQFHG7KUHDW'HIHQVHVXSSRUWV<$5$YHUVLRQRQO\6RDOO<$5$IHDWXUHVGRFXPHQWHGLQ<$5$
8VHU
V0DQXDOIRUYHUVLRQDUHVXSSRUWHG
ȏ $GYDQFHG7KUHDW'HIHQVHVXSSRUWV<$5$YHUVLRQ
ȏ $GYDQFHG7KUHDW'HIHQVHVXSSRUWV<$5$YHUVLRQ
ȏ ΖQDQ$GYDQFHG7KUHDW'HIHQVHFOXVWHUVHWXSHDFKQRGHPDLQWDLQVLWVVHWRI&XVWRP%HKDYLRUDO5XOHV
VHSDUDWHO\7KDWLVWKHFXVWRP<$5$UXOHVWKDW\RXGHȴQHLQWKHSULPDU\QRGHDUHQRWVHQWWRWKHVHFRQGDU\
QRGHVDXWRPDWLFDOO\
ȏ 7KHUHLVQROLPLWRQWKHQXPEHURIUXOHVWKDW\RXFDQLQFOXGHLQ\RXU&XVWRP%HKDYLRUDO5XOHVȴOH1HLWKHULV
WKHUHDOLPLWRQWKHVL]HRIWKLVȴOH+RZHYHUWKHQXPEHURIUXOHVDQGWKHLUFRPSOH[LW\PLJKWDHFWWKH
SHUIRUPDQFHRI$GYDQFHG7KUHDW'HIHQVH
&UHDWHWKH&XVWRP%HKDYLRUDO5XOHVȴOH
$GYDQFHG7KUHDW'HIHQVHDSSOLHVWKH&XVWRP%HKDYLRUDO5XOHVRQWKH8VHU$3ΖORJRIDQDQDO\]HGVDPSOH7R
FUHDWH&XVWRP%HKDYLRUDO5XOHVWRFDWFKDVSHFLȴFEHKDYLRU\RXFDQXVHWKHXVHU$3ΖORJRIDVDPSOHWKDW
FDXVHGWKHVDPHEHKDYLRU<RXFDQXVH<$5$UXOHVWRFDWFKUXQWLPH'//VȴOHRSHUDWLRQVUHJLVWU\RSHUDWLRQV
SURFHVVRSHUDWLRQVDQGRWKHURSHUDWLRQVUHSRUWHGLQDQDO\VLVVXPPDU\UHSRUWIRUDVDPSOH)RUH[DPSOHWR
FDWFKDVSHFLȴFUXQWLPH'//VHHDVDPSOH
VXVHU$3ΖORJDQGZULWHD<$5$UXOHIRUWKDW'//
%HIRUH\RXEHJLQ
ȏ <RXDUHIDPLOLDUZLWKDOOIHDWXUHVRI&XVWRP%HKDYLRUDO5XOHVWKDW$GYDQFHG7KUHDW'HIHQVH
FXUUHQWO\VXSSRUWV
ȏ <RXKDYHLGHQWLȴHGWKHXVHU$3ΖORJRIWKHVDPSOHWKDW\RXZDQWWRXVHDVDUHIHUHQFHIRU
FUHDWLQJ\RXU&XVWRP%HKDYLRUDO5XOHV
7DVN
&UHDWHDWH[WȴOHDQGRSHQLWLQDWH[WHGLWRUVXFKDV:LQGRZV1RWHSDG
(QWHUWKHFRPPHQWVLQWKHWH[WȴOHWRWUDFNWKH$3ΖVRUGDWDWKDWDUHWKHVRXUFHVIRU\RXU&XVWRP%HKDYLRUDO
5XOHV
:ULWHWKHȴUVWUXOHDQGSURYLGHLWDQDPH
(QWHUWKHPHWDGDWDIRUWKHUXOH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
'HȴQH&XVWRP<DUD6FDQQHU
0HWDGDWDLVPDQGDWRU\IRUVWDQGDUGUXOHVDQGRSWLRQDOIRUKHOSHUUXOHV5HJDUGLQJFXVWRP<$5$UXOHV
PHWDGDWDFDQFRQWDLQFODVVLȴFDWLRQGHVFULSWLRQDQGVHYHULW\8VHD>PHWDGDWDȴHOGQDPH@ >VWULQJYDOXH@
IRUPDWWRGHȴQHDOOWKHVHWKUHHPHWDGDWDȴHOGV7KHVHȴHOGVDUHFDVHLQVHQVLWLYH
D 2SWLRQDOO\HQWHUWKHFODVVLȴFDWLRQYDOXHIRU&XVWRP%HKDYLRUDO5XOHV&ODVVLȴFDWLRQLVWKHPDOZDUH
FODVVLȴFDWLRQFDWHJRU\WRZKLFKDEHKDYLRUDOUXOHEHORQJV8VHWKHIROORZLQJLQIRUPDWLRQWRFDOFXODWHWKH
FODVVLȴFDWLRQYDOXH
&ODVVLȴFDWLRQ 9DOXH
3HUVLVWHQFHΖQVWDOODWLRQ%RRW6XUYLYDO
+LGLQJ&DPRXȵDJH6WHDOWKLQHVV'HWHFWLRQDQG5HPRYDO3URWHFWLRQ
6HFXULW\6ROXWLRQ0HFKDQLVPE\SDVVWHUPLQDWLRQDQGUHPRYDO$QWL'HEXJJLQJ90'HWHFWLRQ
6SUHDGLQJ
([SORLWLQJ6KHOOFRGH
1HWZRUNLQJ
'DWDVS\LQJ6QLɝQJ.H\ORJJLQJ(EDQNLQJ)UDXG
E (QWHUWKHGHVFULSWLRQIRUWKHUXOHZKLFKLVGLVSOD\HGLQWKHDQDO\VLVUHSRUWV
F (QWHUDVHYHULW\YDOXHIRUWKHEHKDYLRUGHVFULEHGE\WKH<$5$UXOH
6HYHULW\YDOXHPXVWEHDQLQWHJHUIURPȂZLWKLQGLFDWLQJPRVWPDOLFLRXVEHKDYLRU6HYHULW\YDOXHV
DUHLUUHOHYDQWIRUKHOSHUUXOHV
/RJRQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV5HSRUWVFOLFN WKHQVHOHFW8VHU$3,/RJ
2QWKHWH[WHGLWRUHQWHUWKHVWULQJVDQGFRQGLWLRQVDFFRUGLQJWR<$5$V\QWD[
$GGPRUHUXOHVDFFRUGLQJWR\RXUUHTXLUHPHQWLQWKHVDPHFXVWRP<$5$WH[WȴOHWKHQVDYHWKHȴOH
'HȴQH&XVWRP<DUD6FDQQHU
&XVWRP<DUD6FDQQHULVDOVRDVHWRI<$5$UXOHVVLPLODUWR&XVWRP%HKDYLRUDOUXOHV7KHWZRGLHULQWKHIDFW
WKDW&XVWRP%HKDYLRUDO5XOHVLVDSSOLHGRQWKH8VHU$3ΖORJRIDQDQDO\]HGVDPSOHZKHUHDV&XVWRP<DUD
6FDQQHUVHUYHVDVDQDQDO\]LQJRSWLRQLQDQDO\]HUSURȴOHEHIRUHDQDO\VLV&XVWRP<DUD6FDQQHULVDYDLODEOHDVD
VWDWLFDQDO\VLVRSWLRQZLWKQRGHSHQGHQF\RQG\QDPLFDQDO\VLV
2QO\HQDEOHWKH&XVWRPHU<$5$VFDQQHULQWKHFRUUHVSRQGLQJ<$5$ȴOHWKDW\RXXSORDGWR$GYDQFHG7KUHDW
'HIHQVH
6HHDOVR
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK$FWLYH5HVSRQVHRQSDJH
ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK$FWLYH5HVSRQVHRQSDJH
&UHDWH&XVWRP<$5$6FDQQHUȴOHV
<$5$6FDQQHUȴOHVLVDVHWRIUXOHVZULWWHQLQDFFRUGDQFHZLWK<$5$PDQXDO7KHVHUXOHVDUHXVHUGHȴQHG
ZULWWHQWRLGHQWLI\DQ\VSHFLȴFSDWWHUQLQDȴOH
ΖI&XVWRP<$5$6FDQQHULVHQDEOHGLQ\RXUDQDO\]HUSURȴOHDVDQDQDO\]LQJRSWLRQ$GYDQFHG7KUHDW'HIHQVH
FKHFNVIRUDSUHVHQFHRIWKHVHXVHUGHȴQHGUXOHVLQWKHVDPSOHVEHLQJDQDO\]HGΖIDQ\GHȴQHGUXOHLVSUHVHQW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
ΖPSRUWFXVWRPEHKDYLRUDODQG<$5$VFDQQHUUXOHV
LQDȴOHDQDO\]HGWKHQDIWHUWKHDQDO\VLV9HU\+LJKVHYHULW\LVGLVSOD\HGLQWKHDQDO\VLVUHSRUWZLWKWKUHDWQDPHDV
WKHUXOHQDPHΖIGHȴQHGUXOHLVQRWSUHVHQWLQWKHȴOHDQDO\]HGWKHQ8QYHULILHGLVGLVSOD\HGLQWKHDQDO\VLVUHSRUW
IRUWKHȴOH
ΖPSRUWFXVWRPEHKDYLRUDODQG<$5$VFDQQHUUXOHV
ΖPSRUWWKHFXVWRPUXOHȴOHVLQWR$GYDQFHG7KUHDW'HIHQVH<RXFDQLPSRUWDPD[LPXPRIWZR<$5$UXOHV
YHUVLRQV7KHVHFRQGYHUVLRQWKDW\RXXSORDGEHFRPHVWKH&XUUHQWȴOHDQGUHQGHUVWKHȴUVWYHUVLRQWKH%DFNXS
ȴOHV$GYDQFHG7KUHDW'HIHQVHDSSOLHVWKHUXOHVLQWKH&XUUHQW'$7ȴOHIRUPDOZDUHGHWHFWLRQ
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
&OLFNWKH<$5$5XOHVWDE
1H[WWR8SORDG)LOHFOLFN%URZVHWKHQORFDWHDQGRSHQWKH<$5$ȴOH
ΖQWKHSRSXSZLQGRZVHOHFWWKH<$5$ȴOHW\SH
&OLFN8SORDG
ΖIWKHUHDUHV\QWD[HUURUVLQWKHȴOH$GYDQFHG7KUHDW'HIHQVHGLVSOD\VWKH8SORDGHGILOHFRQWDLQVLQYDOLG&XVWRP
%HKDYLRUDO5XOHV3OHDVHFKHFNV\VWHPORJIRUPRUHGHWDLOVPHVVDJH
ΖI\RXGHOHWHWKH&XUUHQW<$5$UXOHȴOHWKH%DFNXSȴOHUHSODFHVWKH&XUUHQWȴOH7RUHLQVWDWHWKH&XUUHQWȴOHFOLFN
5HYHUW
/RDGEDODQFLQJVFHQDULR
0DQXDOO\XSORDGWKH&XVWRP<DUD6FDQQHUȴOHVRQWKHVHQRGHV
ȏ 3ULPDU\
ȏ 6HFRQGDU\
ȏ %DFNXS
2QWKHSULPDU\QRGHFOLFN3ROLF\_$QDO\]HU3URILOHVHOHFWWKHDQDO\]HUSURȴOHWKHQFOLFN(GLW(QDEOH
&XVWRP<DUD6FDQQHU
&KDQJHFXVWRPEHKDYLRUDOUXOHVDQG<$5$VFDQQHUȴOHV
$GGDQGFKDQJHWKHUXOHVLQFXVWRPEHKDYLRUDOUXOHVDQG<$5$VFDQQHUȴOHV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
&OLFNWKH<$5$5XOHVWDE
7RGRZQORDGWKHȴOHIURPWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVHRQWR\RXUFOLHQWFOLFNWKH)LOH1DPHOLQN
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
'LVDEOHFXVWRPEHKDYLRUDOUXOHV
2SHQWKHȴOHWKDW\RXGRZQORDGHGLQDWH[WHGLWRUPDNH\RXUFKDQJHVWKHQVDYHWKHȴOH
2QWKH,QFUHPHQWDO8SGDWHVSDJHFOLFN%URZVHORFDWHDQGRSHQWKHȴOHWKHQFOLFN8SORDG
'LVDEOHFXVWRPEHKDYLRUDOUXOHV
7RWURXEOHVKRRW$GYDQFHG7KUHDW'HIHQVH\RXFDQGLVDEOH$GYDQFHG7KUHDW'HIHQVHFXVWRPHUEHKDYLRUDO
UXOHV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_*OREDO6HWWLQJV
'HVHOHFW$SSO\&XVWRP%HKDYLRUDO5XOHV
7RUHHQDEOHWKHFXVWRPEHKDYLRUDOUXOHVVHOHFW(QDEOH&XVWRP%HKDYLRUDO5XOHVWKHQFOLFN6XEPLW
0DQDJHZKLWHOLVWGDWDEDVHVDPSOHV
8VHWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHWRPDQDJHZKLWHOLVWHGȴOHV85/VDQGGLJLWDOVLJQDWXUHV
7KHZKLWHOLVWGDWDEDVHOLVWVWKH0'6+$KDVKYDOXHVRIWUXVWHGȴOHVDQGGRQRWQHHGWREHDQDO\]HG
7DVNV
ȏ 0DQDJHWKHȴOHDQG85/VDPSOHVRQSDJH
$GGDQGUHPRYHȴOHDQG85/VDPSOHVWKDW\RXKDYHDGGHGWRWKHZKLWHOLVWGDWDEDVH
ȏ 0DQDJHWKHGLJLWDOVLJQDWXUHVDPSOHVRQSDJH
$GGDQGUHPRYHWKHGLJWDOVLJQDWXUHVDPSOHVWKDW\RXKDYHDGGHGWRWKHZKLWHOLVWGDWDEDVH
0DQDJHWKHȴOHDQG85/VDPSOHV
$GGDQGUHPRYHȴOHDQG85/VDPSOHVWKDW\RXKDYHDGGHGWRWKHZKLWHOLVWGDWDEDVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_*OREDO:KLWHOLVW_)LOHDQG85/
&RQȴJXUHWKHRSWLRQV\RXQHHG
ȏ 7RXSORDGDȴOHRU85/WRWKHZKLWHOLVWFRQȴJXUHWKHRSWLRQV
7RXSORDGDȴOHRU85/WRWKHZKLWHOLVWRQWKH0DQXDO8SORDGSDJHJRWR$QDO\VLV_0DQXDO8SORDG
ȏ 7RDGGD85/RU0'WRWKHZKLWHOLVWFRQȴJXUHWKHRSWLRQV
ȏ 7RVHDUFKDQGDQDO\]HWKHUHFRUGVFRQȴJXUHWKHRSWLRQV
$OWHUQDWHO\\RXFDQDGGDQDQDO\]HGVDPSOHWRWKHZKLWHOLVWGDWDEDVHRQWKH$QDO\VLV5HSRUWVSDJHLQWKH
$QDO\VLVWDE
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
8SGDWH'$7YHUVLRQIRU0F$IHH*DWHZD\$QWL0DOZDUHDQG$QWL9LUXV
0DQDJHWKHGLJLWDOVLJQDWXUHVDPSOHV
$GGDQGUHPRYHWKHGLJWDOVLJQDWXUHVDPSOHVWKDW\RXKDYHDGGHGWRWKHZKLWHOLVWGDWDEDVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_*OREDO:KLWHOLVW_'LJLWDO6LJQDWXUH
&RQȴJXUHWKHRSWLRQV\RXQHHG
ȏ 7RXSORDGDGLJLWDOVLJQDWXUHWRWKHZKLWHOLVWFRQȴJXUHWKHRSWLRQV
7RXSORDGDGLJLWDOVLJQDWXUHWRWKHZKLWHOLVWRQWKH0DQXDO8SORDGSDJHJRWR$QDO\VLV_0DQXDO8SORDG
ȏ 7RVHDUFKDQGDQDO\]HWKHUHFRUGVXVHWKHIROORZLQJRSWLRQV
$OWHUQDWHO\\RXFDQDGGDQDQDO\]HGVDPSOHWRWKHZKLWHOLVWGDWDEDVHXVLQJ$QDO\VLV5HSRUWVSDJHLQWKH
$QDO\VLVWDE
8SGDWH'$7YHUVLRQIRU0F$IHH*DWHZD\$QWL0DOZDUHDQG$QWL9LUXV
ΖPSRUWXSWRWZR'$7IRU0F$IHH*DWHZD\$QWL0DOZDUH(QJLQHDQG0F$IHH$QWL9LUXVYHUVLRQV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
8QGHU$XWRPDWLF8SGDWHGHVHOHFW&RQWHQWVWKHQFOLFN$SSO\
&OLFN'RZQORDG&RQWHQW
<RXFDQDOVRDFFHVVWKHXSGDWHSDFNDJHDWKWWSVFRQWHQWVHFXULW\PFDIHHFRPXSGDWH
&OLFN%URZVHORFDWHWKH'$7ȴOHVWKHQFOLFN8SORDG
8SGDWHWKHGHWHFWLRQSDFNDJH
$SSO\WKHODWHVWGHWHFWLRQSDFNDJHWR$GYDQFHG7KUHDW'HIHQVH
7DVNV
ȏ $XWRPDWLFDOO\GRZQORDGWKHODWHVW'HWHFWLRQ3DFNDJHRQSDJH
$XWRPDWLFDOO\GRZQORDGDQGLQVWDOOWKHODWHVW'HWHFWLRQ3DFNDJHLQ$GYDQFHG7KUHDW'HIHQVH
ȏ 0DQXDOO\XSORDGWKHODWHVW'HWHFWLRQ3DFNDJHRQSDJH
0DQXDOO\XSORDGDQGLQVWDOOWKHODWHVW'HWHFWLRQ3DFNDJHLQ$GYDQFHG7KUHDW'HIHQVH
$XWRPDWLFDOO\GRZQORDGWKHODWHVW'HWHFWLRQ3DFNDJH
$XWRPDWLFDOO\GRZQORDGDQGLQVWDOOWKHODWHVW'HWHFWLRQ3DFNDJHLQ$GYDQFHG7KUHDW'HIHQVH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
8SGDWHWKHGHWHFWLRQSDFNDJH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
$OORZDXWRPDWLF'HWHFWLRQ3DFNDJHGRZQORDGV
D &OLFN0DQDJH_$7'&RQILJXUDWLRQ_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
E 8QGHU$XWRPDWLF8SGDWHVHOHFW&RQWHQWVWKHQFOLFN$SSO\
F ΖQWKH6XFFHVVPHVVDJHFOLFN2.
ΖQVWDOOWKH'HWHFWLRQ3DFNDJH
D 2QWKH$GYDQFHG7KUHDW'HIHQVHWRROEDUFOLFNWKH'HWHFWLRQ3DFNDJHDOHUWPHVVDJH
E 2QWKH,QFUHPHQWDO8SGDWHVZLQGRZFOLFN,QVWDOOQH[WWRWKHQHZGHWHFWLRQSDFNDJH
0DQXDOO\XSORDGWKHODWHVW'HWHFWLRQ3DFNDJH
0DQXDOO\XSORDGDQGLQVWDOOWKHODWHVW'HWHFWLRQ3DFNDJHLQ$GYDQFHG7KUHDW'HIHQVH
$GYDQFHG7KUHDW'HIHQVHDOORZV\RXWRLPSRUWDPD[LPXPRIWZRYHUVLRQVRIWKH'HWHFWLRQ3DFNDJH7KHODWHVW
XSORDGHGYHUVLRQLVWKH&XUUHQWXSORDGE\GHIDXOWDQGUHQGHUVWKHSUHYLRXVXSORDGDV%DFNXS7KH'HWHFWLRQ
3DFNDJHGHVLJQDWHGDV&XUUHQWLVDSSOLHGIRUPDOZDUHGHWHFWLRQ
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
7RGRZQORDGWKHGHWHFWLRQSDFNDJHFRQWDFW6XSSRUW
2QWKH,QFUHPHQWDO8SGDWHVSDJHFOLFN%URZVHWKHQVHOHFWWKHGHWHFWLRQSDFNDJHȴOH
&OLFN8SORDG
7RUHLQVWDWHWKH%DFNXSȴOHDVWKH&XUUHQWȴOHFOLFN5HYHUW
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
8SGDWLQJFRQWHQW
8SGDWHWKHGHWHFWLRQSDFNDJH
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
$QDO\]LQJPDOZDUH
8SORDGȴOHVDQG85/VIRUDQDO\VLV<RXFDQPRQLWRUWKHVWDWXVRIPDOZDUHDQDO\VLVXVLQJ$GYDQFHG7KUHDW
'HIHQVHZHELQWHUIDFHWKHQYLHZWKHUHVXOWV
&RQWHQWV
$QDO\]HȴOHV
$QDO\]H85/V
0RQLWRUWKHVWDWXVRIPDOZDUHDQDO\VLV
9LHZWKHDQDO\VLVUHVXOWV
6XEPLWIDOVHSRVLWLYHDQGQHJDWLYHVDPSOHV
7URXEOHVKRRWORZVDQGER[ȴOHVFRUHV
0RQLWRU$GYDQFHG7KUHDW'HIHQVHZLWKWKH'DVKERDUG
$QDO\]HȴOHV
$GYDQFHG7KUHDW'HIHQVHSHUIRUPVVWDWLFDQGG\QDPLFDQDO\VLVRQWKHȴOHV\RXVXEPLW
7DEOH)LOHJXLGHOLQHV
*XLGHOLQH 'HȴQLWLRQ
)LOHVXEPLVVLRQ <RXFDQVXEPLWȴOHVXVLQJWKHIROORZLQJPHWKRGV
PHWKRGV
ȏ /RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHDQGPDQXDOO\XSORDGWKHȴOHV
ȏ 3RVWWKHȴOHVRQWKH)73VHUYHUZKLFKLVKRVWHGRQWKH$GYDQFHG7KUHDW'HIHQVH
$SSOLDQFH
ȏ 8VHWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH5(67IXO$3ΖV)RUPRUHLQIRUPDWLRQUHIHU
WRWKH0F$IHH$GYDQFHG7KUHDW'HIHQVH$3ΖV5HIHUHQFH*XLGH
ȏ 7KHPD[LPXPȴOHVL]HVXSSRUWHGLV0%LI\RXXVHWKH$GYDQFHG7KUHDW'HIHQVHZHE
LQWHUIDFH5(67IXO$3ΖVRU:HE*DWHZD\
ȏ ΖQWHJUDWH$GYDQFHG7KUHDW'HIHQVHZLWK1HWZRUN6HFXULW\3ODWIRUPDQG:HE*DWHZD\
ZKLFKDXWRPDWLFDOO\VXEPLWVDPSOHVWR$GYDQFHG7KUHDW'HIHQVH
0D[LPXPȴOH 7KH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH5(67IXO$3ΖVDQG:HE*DWHZD\VXSSRUWD
VL]H PD[LPXPRI0%LQȴOHVL]H
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
$QDO\]LQJPDOZDUH
$QDO\]HȴOHV
7DEOH)LOHJXLGHOLQHVFRQWLQXHG
*XLGHOLQH 'HȴQLWLRQ
)LOHQDPH ȏ $GYDQFHG7KUHDW'HIHQVHVXSSRUWVXQLFRGH
UHTXLUHPHQWV
ȏ )LOHQDPHVFDQEHXSWRE\WHVORQJ
ȏ )LOHQDPHVFDQFRQWDLQQRQ(QJOLVKDQGVSHFLDOFKDUDFWHUV
:KHQ\RXXVHWKHIROORZLQJFKDUDFWHUVȴOHQDPHVDUHGLVSOD\HGDVWKHȴOH0'KDVK
YDOXH
ȏ ȏ
ȏ
ȏ
ȏ C ȏ "
ȏ ȏ
ȏ ! ȏ
ȏ _ ȏ
)RUH[DPSOH\RXVXEPLWYWHVWH[H$GYDQFHG7KUHDW'HIHQVHGLVSOD\VWKHȴOHQDPHDV
HFIHFFHEIFH[H
ȏ ΖI\RXXVHWKH?FKDUDFWHU$GYDQFHG7KUHDW'HIHQVHLVXQDEOHWRGLVSOD\WKHFKDUDFWHUDQG
DQ\IROORZLQJFKDUDFWHUV
ȏ ΖI\RXXVHDVSDFHLQWKHȴOHQDPH$GYDQFHG7KUHDW'HIHQVHGLVSOD\VLWDVB
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
$QDO\]LQJPDOZDUH
$QDO\]HȴOHV
7DEOH6XSSRUWHGȴOHW\SHV
)LOH7\SHV 6WDWLF$QDO\VLV '\QDPLF$QDO\VLV
ELW3RUWDEOH ȏ H[H ȏ V\V ȏ H[H ȏ V\V
([HFXWDEOHV3(ȴOHV
ȏ GOO ȏ FRP ȏ GOO ȏ FRP
ELW3(ȴOHV
ȏ VFU ȏ FSO ȏ VFU ȏ FSO
ȏ RF[ ȏ FJL ȏ RF[ ȏ FJL
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
$QDO\]LQJPDOZDUH
$QDO\]HȴOHV
7DEOH6XSSRUWHGȴOHW\SHVFRQWLQXHG
)LOH7\SHV 6WDWLF$QDO\VLV '\QDPLF$QDO\VLV
ΖPDJHȴOHV ȏ MSHJ 1RWVXSSRUWHG
ȏ SQJ
ȏ JLI
8SORDGȴOHVIRUDQDO\VLV
7RVXEPLWDȴOHIRUDQDO\VLV\RXPXVWVHOHFWDQDQDO\]HUSURȴOH7KHDQDO\]HUSURȴOHRYHUULGHVWKHGHIDXOW
DQDO\]HUSURȴOHDVVRFLDWHGZLWK\RXUXVHUDFFRXQW
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
0DNHVXUHWKDWWKHUHTXLUHGDQDO\]HUSURȴOHLVDYDLODEOH
&OLFN$QDO\VLV_0DQXDO8SORDG
&RQȴJXUHWKHRSWLRQVWKHQFOLFN6XEPLW
7DVNV
ȏ 0DQXDOO\XSORDGȴOHVRQSDJH
0DQXDOO\XSORDGȴOHVWR$GYDQFHG7KUHDW'HIHQVHIRUDQDO\VLV
0DQXDOO\XSORDGȴOHV
0DQXDOO\XSORDGȴOHVWR$GYDQFHG7KUHDW'HIHQVHIRUDQDO\VLV
%HIRUH\RXEHJLQ
0DNHVXUHWKDWWKHUHTXLUHGDQDO\]HUSURȴOHLVDYDLODEOHZLWKWKH(QDEOH0DOZDUH,QWHUQHW$FFHVVRSWLRQ
VHOHFWHG
7RFRPSOHWHO\H[HFXWHVRPHPDOZDUHXVHULQWHUYHQWLRQPLJKWEHUHTXLUHG
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
$QDO\]LQJPDOZDUH
$QDO\]HȴOHV
)RUH[DPSOHDGHIDXOWVHWWLQJLQWKHDQDO\]HU90PLJKWSDXVHWKHH[HFXWLRQXQOHVVWKHVHWWLQJLVPDQXDOO\
RYHUULGGHQ6RPHȴOHVPLJKWGLVSOD\GLDORJER[HVZKHUH\RXDUHUHTXLUHGWRPDNHDVHOHFWLRQRUD
FRQȴUPDWLRQ0DOZDUHGHPRQVWUDWHVVXFKEHKDYLRUWRGHWHUPLQHLIWKH\DUHEHLQJH[HFXWHGLQDVDQGER[7KH
EHKDYLRURIWKHPDOZDUHPLJKWYDU\EDVHGRQ\RXULQWHUYHQWLRQ:KHQ\RXVXEPLWȴOHVLQXVHULQWHUDFWLYH
PRGHWKHDQDO\]HU90RSHQVLQDSRSXSZLQGRZRQ\RXUFOLHQWFRPSXWHUDQG\RXFDQSURYLGH\RXULQSXW
ZKHQSURPSWHG
<RXFDQXSORDGȴOHVWREHH[HFXWHGLQWKHXVHULQWHUDFWLYHPRGH7KLVRSWLRQLVDYDLODEOHRQO\ZKHQ\RX
PDQXDOO\XSORDGDȴOHXVLQJWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH)RUȴOHVVXEPLWWHGE\RWKHUPHWKRGV
VXFKDV)73XSORDGDQGȴOHVVXEPLWWHGE\1HWZRUN6HFXULW\3ODWIRUPUHTXHVWVIRUXVHULQWHUYHQWLRQE\WKH
PDOZDUHDUHQRWKRQRUHG+RZHYHUWKHVFUHHQVKRWVRIDOOVXFKUHTXLUHPHQWVDUHDYDLODEOHLQWKH6FUHHQVKRWV
VHFWLRQRIWKH$QDO\VLV6XPPDU\UHSRUW7KHQ\RXFDQPDQXDOO\UHVXEPLWVXFKȴOHVLQWKHXVHULQWHUDFWLYHPRGH
WRNQRZWKHDFWXDOEHKDYLRURIWKHȴOH
)RU;0RGH*RRJOH&KURPHYHUVLRQDQGODWHUDQG0R]LOOD)LUHIR[YHUVLRQDQGODWHUDUH
VXSSRUWHG0LFURVRIWΖQWHUQHW([SORUHULVQRWVXSSRUWHG
%HFDXVHWKHDQDO\]HU90LVRSHQHGLQDSRSXSZLQGRZPDNHVXUHWKHSRSXSEORFNHULVGLVDEOHGLQ\RXU
EURZVHU
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_0DQXDO8SORDG_%URZVHWKHQORFDWHDQGRSHQWKHȴOH\RXZDQWWRVXEPLWIRUDQDO\VLV
<RXFDQDOVRGUDJDQGGURSWKHȴOHRQWKH'URS\RXUILOHKHUHER[
ȏ ΖI\RXDUHXSORDGLQJDSDVVZRUGSURWHFWHG]LSȴOHPDNHVXUH\RXKDYHSURYLGHGWKHSDVVZRUGLQWKH
DQDO\]HUSURȴOHWKDW\RXZDQWWRXVHIRUDQDO\VLV
ȏ ΖIG\QDPLFDQDO\VLVLVUHTXLUHGWKHȴOHVLQWKH]LSȴOHDUHH[HFXWHGRQGLHUHQWLQVWDQFHVRIWKHDQDO\]HU
90ΖIHQRXJKDQDO\]HU90VDUHQRWDYDLODEOHVRPHRIWKHȴOHVDUHLQWKHSLSHOLQHXQWLODQDO\]HU90VDUH
DYDLODEOH
ȏ %HFDXVHWKHȴOHVLQWKH]LSȴOHDUHDQDO\]HGVHSDUDWHO\VHSDUDWHUHSRUWVDUHFUHDWHGIRUHDFKȴOH
ȏ 8QLFRGHLVVXSSRUWHGIRUWKHȴOHQDPHRIVDPSOHV$ȴOHQDPHVFDQFRQWDLQQRQ(QJOLVKFKDUDFWHUVDQG
VSHFLDOFKDUDFWHUV
)LOHQDPHVDUHGLVSOD\HGDVWKH0'KDVKYDOXHRIWKHȴOHLIWKHIROORZLQJFKDUDFWHUVDUHXVHG
C!_
"
ȏ 7KHȴOHQDPHFDQEHXSWRE\WHVLQOHQJWK
)URPWKH$QDO\]HU3URILOHGURSGRZQOLVWVHOHFWWKHDQDO\]HUSURȴOH
)URPWKH6XEPLVVLRQ3ULRULW\GURSGRZQOLVWVHOHFWWKHSULRULW\
0F$IHH$GYDQFHG7KUHDW'HIHQVH 3URGXFW*XLGH
$QDO\]LQJPDOZDUH
$QDO\]HȴOHV
6HOHFWRQHRIWKHVHRSWLRQVWKHQFOLFN6XEPLW
ȏ 8VHU,QWHUDFWLYH0RGH;0RGH
2QWKH8SORDGHG)LOH6XFFHVVIXOO\ZLQGRZFOLFN2.WKHQFOLFN2.RQWKHSRSXSPHVVDJH2QWKH$QDO\VLV
6WDWXVSDJHORFDWHWKHVDPSOHDQGFOLFN;0RGH
:KHQWKHȴOHH[HFXWLRQFRPSOHWHVWKH90DXWRPDWLFDOO\VKXWVGRZQDQG\RXDUHXQDEOHWRXVH&RQQHFW
WRYLHZWKH91&VHVVLRQ:KHQ\RXFOLFN'LVFRQQHFW$GYDQFHG7KUHDW'HIHQVHFORVHVWKH91&VHVVLRQ
IURPWKHFOLHQWDQGGLVSOD\VWKH91&GLVFRQQHFWHGPHVVDJH
(QDEOLQJ;0RGHRYHUULGHVWKHPD[LPXPH[HFXWLRQWLPHLQWKH$QDO\]HUSURȴOHWRWKH;0RGHWLPH
ȏ 6NLSILOHVLISUHYLRXVO\DQDO\]HG
$GYDQFHG7KUHDW'HIHQVHLVXQDEOHWRVNLSVDPSOHDQDO\VLVLQWKHVHVFHQDULRV
ȏ $QDO\]HUSURȴOHVHWWLQJVFKDQJHDIWHUWKHODVWDQDO\VLV
ȏ 7KHODVWVXEPLWWHGVDPSOHDQDO\VLVRFFXUUHGWKUHHGD\VSULRU
ȏ <RXXVHG85/'RZQORDGWRVXEPLWWKHVDPSOHV
:KHQ\RXVXEPLWDSUHYLRXVO\DQDO\]HG]LSȴOH$GYDQFHG7KUHDW'HIHQVHGLVSOD\VWKHVDPSOHZLWKWKH
KLJKHVWVHYHULW\
8SORDGȴOHVIRUDQDO\VLVXVLQJ6)73
8VLQJ6)73\RXFDQXSORDGVXSSRUWHGȴOHW\SHVWRWKH)73VHUYHURQ$GYDQFHG7KUHDW'HIHQVH
%HIRUH\RXEHJLQ
ȏ <RXUXVHUQDPHKDV)73$FFHVVSULYLOHJH7KLVLVUHTXLUHGWRDFFHVVWKH)73VHUYHUKRVWHGRQ
$GYDQFHG7KUHDW'HIHQVH
ȏ <RXKDYHFUHDWHGWKHUHTXLUHGDQDO\]HUSURȴOHWKDW\RXZDQWWRXVH
ȏ <RXKDYHLQVWDOOHGDQ)73FOLHQWRQ\RXUPDFKLQH
%\GHIDXOW)73LVQRWDVXSSRUWHGSURWRFROIRUXSORDGLQJVDPSOHV7RXVH)73WRXSORDGȴOHV\RXPXVWHQDEOHLW
XVLQJWKHVHWIWSHQDEOH&/ΖFRPPDQG
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
2SHQ\RXU)73FOLHQWDQGFRQQHFWWR$GYDQFHG7KUHDW'HIHQVHXVLQJWKHIROORZLQJLQIRUPDWLRQ
ȏ +RVWȃ(QWHUWKHΖ3DGGUHVVRI$GYDQFHG7KUHDW'HIHQVH
ȏ 8VHUQDPHȃ(QWHU\RXU$GYDQFHG7KUHDW'HIHQVHXVHUQDPH
ȏ 3DVVZRUGȃ(QWHU\RXU$GYDQFHG7KUHDW'HIHQVHSDVVZRUG
ȏ 3RUWȃ(QWHUZKLFKLVWKHVWDQGDUGSRUWIRU6)73)RU)73HQWHU
8SORDGWKHȴOHVIURPWKHORFDOVLWHWRWKHUHPRWHVLWHZKLFKLVRQ$GYDQFHG7KUHDW'HIHQVH
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV6WDWXVDQGPRQLWRUWKHVWDWXVRIWKHXSORDGHGȴOHV
6HHDOVR
6HW)73RQSDJH
$QDO\]H85/V
$GYDQFHG7KUHDW'HIHQVHDQDO\]HVWKH85/LQDQDQDO\]HU90GHWHUPLQHGE\WKHXVHUSURȴOHDQGUHSRUWVWKH
ȴOHDQDO\VLVUHVXOWV$GYDQFHG7KUHDW'HIHQVHXVHVRQO\WKHORFDOEODFNOLVWDQGG\QDPLFDQDO\VLVIRUWKH
GRZQORDGHGȴOHΖQDGGLWLRQWKH0F$IHH*7ΖUHSXWDWLRQRIWKH85/LVUHSRUWHG7KHEHKDYLRURIWKHEURZVHU
ZKHQRSHQLQJWKH85/LVDOVRDQDO\]HGIRUPDOLFLRXVDFWLYLW\
)ROORZWKHVHPHWKRGVWRVXEPLW85/V
ȏ 0DQXDOO\XSORDGWKH85/XVLQJWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
ȏ 8VHWKHUHVWIXO$3ΖVWRXSORDG85/V6HHWKH0F$IHH$GYDQFHG7KUHDW'HIHQVH5(67IXO$3ΖV5HIHUHQFH*XLGH
0DOLFLRXVZHEVLWHVW\SLFDOO\FRQWDLQPXOWLSOHW\SHVRIPDOZDUH:KHQDYLFWLPYLVLWVWKHZHEVLWHWKHPDOZDUH
WKDWVXLWVWKHYXOQHUDELOLWLHVSUHVHQWLQWKHHQGSRLQWLVGRZQORDGHG<RXFDQFUHDWHPXOWLSOHDQDO\]HU90VHDFK
ZLWKGLHUHQWRSHUDWLQJV\VWHPVEURZVHUVDSSOLFDWLRQVEURZVHUSOXJLQVWKDWDUHUHOHYDQWWR\RXUQHWZRUN
$OVRLIWKHEURZVHUVDQGRSHUDWLQJV\VWHPVDUHXQSDWFKHGLWPLJKWHQDEOH\RXWRDQDO\]HWKHDFWXDOEHKDYLRU
RIZHEVLWHV
7KHDGYDQWDJHRIXVLQJ$GYDQFHG7KUHDW'HIHQVHLVWKDW\RXFDQJHWDGHWDLOHGUHSRUWRISUHYLRXVO\XQNQRZQ
PDOLFLRXVGRPDLQVZHEVLWHVDQGΖ3DGGUHVVHVDVZHOODVWKHFXUUHQWEHKDYLRURINQRZQRQHV<RXFDQDOVRJHW
DGHWDLOHGDQDO\VLVUHSRUWIRUHYHQEHQLJQVLWHVWKDWDUHUHFHQWO\FRPSURPLVHG
ȏ :KHQDQDO\]LQJD85/VDPSOHHQVXUHWRVHOHFWDQDQDO\]HUSURȴOHWKDWGRHVQRWKDYHWKH)XOO
/RJLF3DWKRSWLRQHQDEOHG)XOO/RJLF3DWKLVRQO\VXSSRUWHGIRU3(ȴOHVW\SHV
ȏ *7Ζ5HSXWDWLRQLVHQDEOHGE\GHIDXOW7KLVVHWWLQJDOORZV$GYDQFHG7KUHDW'HIHQVHWRDQDO\]H
85/V
$QDO\]LQJ85/V
7RDQDO\]H85/VVHOHFWDQDQDO\]HUSURȴOHWKDWKDVERWKVDQGER[DQGΖQWHUQHWDFFHVVHQDEOHG
$GYDQFHG7KUHDW'HIHQVHXVHVDSURSULHWDU\SURFHGXUHWRFDOFXODWHWKH0'KDVKYDOXHRIWKH85/7KHQLW
FKHFNVWKLV0'DJDLQVWLWVORFDOEODFNOLVW
ΖWLVDVVXPHGWKDWWKHȴOHWKDWWKH85/UHIHUVWRLVRIDVXSSRUWHGȴOHW\SH7KHQ$GYDQFHG7KUHDW'HIHQVH
G\QDPLFDOO\DQDO\]HVWKHȴOHXVLQJWKHFRUUHVSRQGLQJDQDO\]HU90ΖWLVDVVXPHGWKDWWKH0'RIWKH85/LV
QRWSUHVHQWLQWKHEODFNOLVWRU5XQ$OO6HOHFWHGRSWLRQLVVHOHFWHGLQWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH
0F$IHH*7Ζ)LOH5HSXWDWLRQ$QWL0DOZDUHDQG*DWHZD\$QWL0DOZDUHDQDO\]HRSWLRQVDUHQRWUHOHYDQWIRU
85/V
'\QDPLFDQDO\VLVDQGUHSRUWLQJIRU85/VLVVLPLODUWRWKDWRIȴOHVΖWUHFRUGVDOODFWLYLWLHVLQWKHDQDO\]HU90
LQFOXGLQJUHJLVWU\RSHUDWLRQVSURFHVVRSHUDWLRQVȴOHRSHUDWLRQVUXQWLPH'//VDQGQHWZRUNRSHUDWLRQVΖI
WKHZHESDJHGRZQORDGVDQ\GURSSHUȴOHV$GYDQFHG7KUHDW'HIHQVHG\QDPLFDOO\DQDO\]HVWKHVHȴOHVDVZHOO
DQGLQFOXGHVWKHUHVXOWVLQWKHVDPHUHSRUWXQGHUHPEHGGHGGURSSHGFRQWHQWVHFWLRQ
ΖIDGURSSHGȴOHFRQQHFWVWRRWKHU85/VDOOWKHVH85/VDUHFKHFNHGZLWK7UXVWHG6RXUFHIRU85/UHSXWDWLRQ
DQGFDWHJRUL]DWLRQ
:KHQDQDO\]LQJD85/VDPSOHHQVXUHWRVHOHFWDQDQDO\]HUSURȴOHWKDWGRHVQRWKDYHWKH)XOO/RJLF3DWKRSWLRQ
HQDEOHG
2QO\+773+7736DQG)73SURWRFROVDUHVXSSRUWHGIRU85/DQDO\VLV
8SORDG85/VIRUDQDO\VLVXVLQJ$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
<RXFDQXSORDGWKH85/VXVLQJWZRGLHUHQWRSWLRQVEDVHGRQWKHLUUHTXLUHPHQWV
%HIRUH\RXEHJLQ
0DNHVXUHWKDWWKHUHTXLUHGDQDO\]HUSURȴOHLVDYDLODEOHZLWKVDQGER[DQG(QDEOH0DOZDUH,QWHUQHW
$FFHVVRSWLRQVVHOHFWHG
7KHVHRSWLRQVDUHDYDLODEOHIRUPDQXDOO\XSORDGLQJ85/V
ȏ 85/ȃ7KHVHOHFWHG85/LVVHQWWRWKHDQDO\]HU90DQGWKHȴOHSRLQWHGWRE\WKH85/LVGRZQORDGHGWRWKH
DQDO\]HU90IRUDQDO\VLV)RUH[DPSOHZKHQDXVHUVXEPLWVWKH85/KWWSWKHHDUWKOLaVJWDWKDPSXWW\
ODWHVW[SXWW\H[HWKH85/LVVHQWWRWKHDQDO\]HU90WKHQWKHSXWW\H[HȴOHLVGRZQORDGHGWRWKH
DQDO\]HU90
ȏ 85/'RZQORDGȃ7KHVHOHFWHG85/LVGRZQORDGHGWRWKH$GYDQFHG7KUHDW'HIHQVH7KHȴOHZKLFKWKH85/LV
SRLQWLQJWRLVGRZQORDGHGORFDOO\LQWKH$GYDQFHG7KUHDW'HIHQVHDQGWKHGRZQORDGHGȴOHLVWKHQVHQWWR
WKHVWDWLFDQDO\]HUVDQGWKHDQDO\]HU90IRUDQDO\VLV)RUH[DPSOHZKHQDXVHUVXEPLWVWKH85/KWWS
WKHHDUWKOLaVJWDWKDPSXWW\ODWHVW[SXWW\H[HWKHSXWW\H[HȴOHLVGRZQORDGHGWRWKH$GYDQFHG7KUHDW
'HIHQVHWKHQVHQWWRWKHDQDO\]HU90
:KHQ\RXXVHWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHWRVXEPLWD85/IRUDQDO\VLVVHOHFWDQDQDO\]HU
SURȴOH7KLVDQDO\]HUSURȴOHRYHUULGHVWKHGHIDXOWDQDO\]HUSURȴOHDVVRFLDWHGZLWK\RXUXVHUDFFRXQW
0DQXDOXSORDGXVLQJ85/RSWLRQ
0DQXDOO\XSORDG85/VWR$GYDQFHG7KUHDW'HIHQVHIRUDQDO\VLV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_0DQXDO8SORDG
&RQȴJXUHWKHRSWLRQVWKHQFOLFN6XEPLW
0RQLWRUWKHVWDWXVRIPDOZDUHDQDO\VLV
7KH$QDO\VLV6WDWXVSDJHSURYLGHVVWDWXVRI\RXUVXEPLWWHGȴOHVWLOOWKHDQDO\VLVLVFRPSOHWH
2QFHWKHDQDO\VLVLVFRPSOHWHWKHDQDO\VLVGHWDLOVFDQEHIRXQGRQWKH$QDO\VLV5HSRUWVSDJH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV6WDWXV
)URPWKHGURSGRZQOLVWVFRQȴJXUHWKHYLHZDQGUHIUHVKFULWHULD
ȏ 7KHGHIDXOWUHIUHVKLQWHUYDOLVPLQXWH
ȏ %\GHIDXOWUHVXOWVIURPWKHODVWKRXUVDUHGLVSOD\HG<RXFDQVSHFLI\WKLVFULWHULDEDVHGRQWLPHRU
QXPEHU)RUH[DPSOH\RXFDQVHOHFWWRYLHZWKHVWDWXVIRUȴOHVVXEPLWWHGLQWKHODVWPLQXWHVRUIRUWKH
ODVWVDPSOHV
ȏ 7RUHIUHVKWKH$QDO\VLV6WDWXVSDJHQRZFOLFN
(QWHU\RXUȴOWHUFULWHULDWKHQFOLFN6HDUFK
6XSSRVHWKDW\RXKDYHVHOHFWHG)LOH1DPHDQG6WDWXVDVWKHFULWHULDVHOHFWHG&DVH6HQVLWLYHDQGVSHFLȴHG&RP
$OOWKHUHFRUGVLQWKHFRPSOHWHGVWDWHDQGȴOHQDPHVVWDUWLQJZLWKWKHFKDUDFWHUV&RPDUHOLVWHG
+LGHWKHFROXPQVWKDW\RXGRQRWUHTXLUH
D 0RYHWKHPRXVHRYHUWKHULJKWFRUQHURIDFROXPQKHDGLQJDQGFOLFNWKHGURSGRZQDUURZ
E 6HOHFW&ROXPQV
F 6HOHFWRQO\WKHUHTXLUHGFROXPQQDPHVIURPWKHOLVW
<RXFDQFOLFNDFROXPQKHDGLQJDQGGUDJLWWRWKHUHTXLUHGSRVLWLRQ
7RVRUWWKHUHFRUGVEDVHGRQDSDUWLFXODUFROXPQQDPHFOLFNWKHFROXPQKHDGLQJ
<RXFDQVRUWWKHUHFRUGVLQWKHDVFHQGLQJRUGHVFHQGLQJRUGHU$OWHUQDWLYHO\PRYHWKHPRXVHRYHUWKHULJKW
FRUQHURIDFROXPQKHDGLQJDQGFOLFNWKHGURSGRZQDUURZ7KHQVHOHFW6RUW$VFHQGLQJRU6RUW'HVFHQGLQJ%\
GHIDXOWWKHUHFRUGVDUHVRUWHGLQGHVFHQGLQJRUGHUEDVHGRQWKH6XEPLWWHG7LPHFROXPQ
7RFDQFHODQDO\VLVRIPXOWLSOHSHQGLQJȴOHVVHOHFWWKHȴOHVXVLQJWKHFKHFNER[DQGFOLFN&DQFHO6HOHFWHG
7RFDQFHODQDO\VLVDOOSHQGLQJȴOHVFOLFN&DQFHO$OO3HQGLQJ
&DQFHO6HOHFWHGDQG&DQFHO$OO3HQGLQJDUHDSSOLFDEOHRQO\IRUWKHȴOHVLQ3HQGLQJVWDWHDQGQRWLQ$QDO\]LQJVWDWH
&OLFN
9LHZWKHDQDO\VLVUHVXOWV
9LHZWKHȴOHDQDO\VLVUHVXOWVRQWKH$QDO\VLV5HSRUWVSDJHΖQFDVHRIG\QDPLFDQDO\VLVLI\RXKDYHVHOHFWHG
PXOWLSOH90SURȴOHVWKHQWKHȴOHZLOOKDYHRQH-REΖ'DQGVHSDUDWH7DVNΖ'VIRUHDFK90SURȴOHΖQFDVHD
VDPSOHLVGHWHFWHGE\6WDWLF$QDO\VLVWKHQRQO\RQHHQWU\ZLWKRQH-REΖ'DQGRQH7DVNΖ'ZLOOEHFUHDWHG
ȏ 2OGHUUHSRUWVDUHGHOHWHGZKHQWKHGDWDGLVNRI$GYDQFHG7KUHDW'HIHQVHLVSHUFHQWIXOO<RX
FDQYLHZWKHFXUUHQWGDWDGLVNVSDFHDYDLODEOHLQWKH6\VWHP+HDOWKPRQLWRURIWKH'DVKERDUGΖI\RX
FRQȴJXUHWKHRSWLRQVXQGHU)735HVXOW2XWSXWLQWKH8VHU0DQDJHPHQWSDJHDQGXVHWKHVHW
UHVXOWEDFNXSHQDEOHFRPPDQGWKHQ$GYDQFHG7KUHDW'HIHQVHVDYHVWKHUHVXOWVORFDOO\DVZHOODV
VHQGVWKHPWRWKHFRQȴJXUHG)73VHUYHUIRU\RXUORQJWHUPXVH
ȏ :KLOH\RXYLHZWKHUHSRUWVWKHPD[LPXPQXPEHURIUHSRUWV\RXFDQQDYLJDWHWRDUHRQHPLOOLRQ
ΖI\RXZDQWWRYLHZWKHUHSRUWVEH\RQGWKDWXVHWKHVHDUFKȴOWHUWRUHGXFHWKHUHVXOWRIWKH
QXPEHURIUHSRUWV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV5HSRUWV
7KH$QDO\VLV5HSRUWVSDJHOLVWVWKHVWDWXVIRUWKHFRPSOHWHGȴOHV
ΖI\RXGRQRWKDYHDGPLQSHUPLVVLRQVRQO\WKRVHȴOHVWKDW\RXVXEPLWWHGDUHOLVWHG$XVHUZLWKDGPLQ
SHUPLVVLRQVFDQYLHZWKHVDPSOHVVXEPLWWHGE\DOOXVHUV
&OLFNRQ([SRUW&69WRH[SRUWORFDOO\WKHVWDWXVRIFRPSOHWHGȴOHVLQ&69IRUPDW
6SHFLI\WKHFULWHULDIRUYLHZLQJDQGUHIUHVKLQJWKHUHFRUGVLQWKH$QDO\VLV5HSRUWVSDJH
D 6HWWKHFULWHULDWRGLVSOD\UHFRUGVLQWKH$QDO\VLV5HSRUWVSDJH
%\GHIDXOWWKHUHVXOWVIRUWKHȴOHVFRPSOHWHGLQWKHODVWKRXUVDUHVKRZQ
<RXFDQVSHFLI\WKLVFULWHULDEDVHGRQWLPHRUQXPEHU)RUH[DPSOH\RXFDQVHOHFWWRYLHZWKHȴOHVIRU
ZKLFKWKHDQDO\VLVZDVFRPSOHWHGLQWKHODVWPLQXWHVRUIRUWKHODVWFRPSOHWHGȴOHV
E 6HWWKHIUHTXHQF\DWZKLFKWKH$QDO\VLV5HSRUWVSDJHPXVWUHIUHVKLWVHOI
7KHGHIDXOWUHIUHVKLQWHUYDOLVPLQXWH
F 7RUHIUHVKWKH$QDO\VLV5HSRUWVSDJHQRZFOLFN
&KRRVHWRKLGHWKHFROXPQVWKDW\RXGRQRWUHTXLUH
D 0RYHWKHPRXVHRYHUWKHULJKWFRUQHURIDFROXPQKHDGLQJDQGFOLFNWKHGURSGRZQDUURZ
E 6HOHFW&ROXPQV
F 6HOHFWRQO\WKHUHTXLUHGFROXPQQDPHVIURPWKHOLVW
<RXFDQFOLFNDFROXPQKHDGLQJDQGGUDJLWWRWKHUHTXLUHGSRVLWLRQ
7RVRUWWKHUHFRUGVEDVHGRQDSDUWLFXODUFROXPQQDPHFOLFNWKHFROXPQKHDGLQJ
<RXFDQVRUWWKHUHFRUGVLQWKHDVFHQGLQJRUGHVFHQGLQJRUGHU$OWHUQDWLYHO\PRYHWKHPRXVHRYHUWKHULJKW
FRUQHURIDFROXPQKHDGLQJDQGFOLFNWKHGURSGRZQDUURZ7KHQVHOHFW6RUW$VFHQGLQJRU6RUW'HVFHQGLQJ
%\GHIDXOWYHU\KLJKVHYHULW\ȴOHVDUHVKRZQDWWKHWRSRIWKHOLVW
7RVDYHWKH$QDO\VLV5HSRUWVSDJHVHWWLQJVFOLFN
9LHZWKH7KUHDW$QDO\VLVUHSRUW
7KH7KUHDW$QDO\VLVUHSRUWLVDQH[HFXWLYHEULHIGHWDLOLQJNH\EHKDYLRUVRIWKHVDPSOHȴOH
$GYDQFHG7KUHDW'HIHQVHDOORZV\RXWRGRZQORDGWKH7KUHDW$QDO\VLVUHSRUWLQWKHVHȴOHW\SHV
ȏ +70/
ȏ 7H[W
ȏ 3')
$GYDQFHG7KUHDW'HIHQVHVXSSRUWV;0/DQG-621IRUPDWVZKLFKSURYLGHZHOONQRZQPDOZDUHEHKDYLRUWDJV
IRUKLJKOHYHOSURJUDPPLQJVFULSWWRH[WUDFWNH\LQIRUPDWLRQ1HWZRUN6HFXULW\3ODWIRUPDQG:HE*DWHZD\XVH
WKH-621IRUPDWVWRGLVSOD\WKHUHSRUWGHWDLOVLQWKHLUXVHULQWHUIDFHV
$GYDQFHG7KUHDW'HIHQVHDOVRVXSSRUWV2SHQΖ2&DQG67Ζ;IRUPDWVZKLFK\RXFDQXVHWRVKDUHWKUHDW
LQIRUPDWLRQ:LWKWKH2SHQΖ2&DQG67Ζ;IRUPDWV\RXFDQVKDUHWKH$QDO\VLV6XPPDU\UHSRUWVZLWKRWKHU
VHFXULW\DSSOLFDWLRQVIRUDEHWWHUXQGHUVWDQGLQJGHWHFWLRQDQGFRQWDLQPHQWRIPDOZDUH)RUH[DPSOH\RXFDQ
PDQXDOO\VXEPLWWKH2SHQΖ2&DQG67Ζ;UHSRUWVWRDQDSSOLFDWLRQZKLFKTXHU\KRVWVIRUWKHLQGLFDWRUVLQWKH
UHSRUW7KLVZD\\RXFDQGHWHFWWKHLQIHFWHGKRVWVDQGWKHQWDNHWKHUHTXLUHGUHPHGLDODFWLRQVWRFRQWDLQDQG
UHPRYHWKHPDOZDUH
7KH7KUHDW$QDO\VLVUHSRUWVLQWKH2SHQΖ2&DQG67Ζ;IRUPDWVDUHDYDLODEOHLQWKHVDPSOH&RPSOHWH5HVXOWVȴOH
7DEOH7KUHDW$QDO\VLVUHSRUWFRQWHQW
)RUPDWV 6HYHULW\ 6HYHULW\ 6HYHULW\ 6HYHULW\ 6HYHULW\ 6HYHULW\ 6HYHULW\
+70/ ; ; ; ; ; ; ;
7H[W ; ; ; ; ; ;
3') ; ; ; ; ; ;
;0/ ; ; ; ; ; ;
-621 ; ; ; ; ; ; ;
2SHQΖ2& ; ; ;
67Ζ; ; ; ;
:KDWWKHVHYHULW\WUDQVODWHVWR
ȏ 6HYHULW\Ȃ)DLOHG$GYDQFHG7KUHDW'HIHQVHLVXQDEOHWRDQDO\]HWKHVXEPLWWHGȴOH
ȏ 6HYHULW\Ȃ&OHDQ7KHVXEPLWWHGȴOHLVQRWDPDOZDUH
ȏ 6HYHULW\ȂΖQIRUPDWLRQDO7KHVXEPLWWHGȴOHKDVLQVXɝFLHQWRULQYDOLGLQIRUPDWLRQIRUDQDO\VLV
ȏ 6HYHULW\Ȃ9HU\ORZDFWLYLW\7KHVXEPLWWHGȴOHKDVQ
WVKRZQVLJQVRIDPDOZDUH8VHZLWKFDXWLRQ
ȏ 6HYHULW\Ȃ/RZDFWLYLWLHV7KHVXEPLWWHGȴOHVKRZVVLJQVRIDPDOZDUHWKDWSRVHORZULVN
ȏ 6HYHULW\Ȃ/LNHO\WREHPDOLFLRXV7KHVXEPLWWHGȴOHVKRZVVLJQVRIDPDOZDUHWKDWSRVHPHGLXPULVN
ȏ 6HYHULW\Ȃ0DOLFLRXV7KHVXEPLWWHGȴOHVKRZVVLJQVRIDPDOZDUHWKDWSRVHKLJKULVN
ȏ 6HYHULW\Ȃ9HU\KLJK7KHVXEPLWWHGȴOHVKRZVVLJQVRIDPDOZDUHWKDWSRVHYHU\KLJKULVN
7KH'HHS1HXUDO1HWZRUNVHFWLRQGLVSOD\VWKHYHUGLFWDQGSUREDELOLW\IDFWRURIWKHDQDO\VLVWKURXJKPDFKLQH
OHDUQLQJ7RHQDEOH'HHS1HXUDO1HWZRUNIRU\RXUDQDO\]HUSURȴOHHQDEOH0DFKLQH/HDUQLQJ'HHS1HXUDO1HWZRUNXQGHU
'\QDPLF$QDO\VLVE\HGLWLQJ\RXUDQDO\]HUSURȴOHRUZKHQ\RXFUHDWHDQHZDQDO\]HUSURȴOH
'HHS1HXUDO1HWZRUNDQDO\VLVRQO\VFDQV3(ȴOHV
7KH)DPLO\&ODVVLILFDWLRQVHFWLRQGLVSOD\VWKHFDWHJRU\RIPDOZDUHSUHVHQWLQWKHȴOHVXEPLWWHG
ΖIWKHSDUHQWȴOHJHQHUDWHVRWKHUȴOHVZLWKPDOLFLRXVFRQWHQWLWVKRZVFDWHJRULHVRIPDOZDUHLQWKHVXERUGLQDWH
ȴOHVWRR
7RXVHWKH)DPLO\&ODVVLILFDWLRQRSWLRQ\RXPXVWKDYHHQDEOHGWKH'LVDVVHPEO\5HVXOWVRSWLRQLQWKHFRUUHVSRQGLQJ
DQDO\]HUSURȴOH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV5HSRUWV
9LHZWKH7KUHDW$QDO\VLV5HSRUW
ȏ
7RYLHZWKH7KUHDW$QDO\VLV5HSRUWLQ+70/IRUPDWFOLFN WKHQVHOHFW$QDO\VLV6XPPDU\+70/
<RXFDQDOVRGRXEOHFOLFNWKHUHSRUW
ȏ
7RYLHZWKH7KUHDW$QDO\VLV5HSRUWLQ3')IRUPDWFOLFN WKHQVHOHFW$QDO\VLV6XPPDU\3')
'RZQORDGWKH7KUHDW$QDO\VLV5HSRUW
D
&OLFN WKHQVHOHFW&RPSOHWH5HVXOWV
E 6DYHWKH]LSȴOHWR\RXUFRPSXWHU
7KH]LSȴOHLVWKHVDPHDVWKHVDPSOHȴOH
F 2SHQDQGH[WUDFWWKH]LSȴOH
9LHZWKH'URSSHG)LOHVUHSRUW
<RXFDQGRZQORDGD]LSȴOHFRQWDLQLQJDOOWKHȴOHVWKDWWKHVDPSOHFUHDWHGRUWRXFKHGGXULQJG\QDPLFDQDO\VLV
<RXFDQGRZQORDGWKHVHȴOHVXVLQJRQHRIWKHIROORZLQJPHWKRGV
ȏ
ΖQWKH$QDO\VLV5HSRUWVSDJH$QDO\VLV_$QDO\VLV5HSRUWVFOLFN DQGVHOHFW'URSSHG)LOHV'RZQORDGWKH
GURSȴOHV]LSȴOHZKLFKFRQWDLQVWKHȴOHVWKDWWKHVDPSOHFUHDWHGLQWKHVDQGER[7RXVHWKLVRSWLRQ\RX
PXVWKDYHHQDEOHGWKH'URSSHG)LOHVRSWLRQLQWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH
ȏ
$IWHU\RXFOLFN VHOHFW&RPSOHWH5HVXOWV'RZQORDGWKHVDPSOHBQDPH!]LSȴOH7KLV]LSȴOHFRQWDLQVWKH
VDPHGURSȴOHV]LSLQVLGHWKH$QDO\VLV/RJIROGHU7KH&RPSOHWH5HVXOWVFRQWDLQVWKHGURSȴOHV]LSUHJDUGOHVV
RIZKHWKHU\RXKDYHHQDEOHG'URSSHG)LOHVRSWLRQLQWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH
9LHZLQJDQG8QGHUVWDQGLQJWKH'LVDVVHPEO\5HVXOWVUHSRUW
7KH'LVDVVHPEO\5HVXOWVUHSRUWSURYLGHVWKHGLVDVVHPEO\RXWSXWOLVWLQJIRUSRUWDEOHH[HFXWDEOH3(ȴOHV7KLV
UHSRUWLVJHQHUDWHGEDVHGRQWKHVDPSOHȴOHDIWHUWKHXQSDFNLQJSURFHVVKDVFRPSOHWHGΖWSURYLGHVGHWDLO
LQIRUPDWLRQDERXWWKHPDOZDUHȴOHVXFKDVWKH3(KHDGHULQIRUPDWLRQ
7KH'LVDVVHPEO\5HVXOWVUHSRUWLQFOXGHVWKHIROORZLQJLQIRUPDWLRQ
ȏ 'DWHDQGWLPHRIWKHFUHDWLRQRIWKHVDPSOHȴOH
ȏ )LOH3(DQG2SWLRQDO+HDGHULQIRUPDWLRQ
ȏ 'LHUHQWVHFWLRQKHDGHUVLQIRUPDWLRQ
ȏ 7KHΖQWHOGLVDVVHPEO\OLVWLQJ
(QDEOH'LVDVVHPEO\5HVXOWVUHSRUWIRUDQDQDO\]HUSURȴOH
&KDQJHWKHDQDO\]HUSURȴOHVHWWLQJVDQGHQDEOH'LVDVVHPEO\5HVXOWV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
0DNHVXUHWKHXVHUVDVVLJQHGWRWKHDQDO\]HUSURȴOHDUHORJJHGRIURP$GYDQFHG7KUHDW'HIHQVH
&OLFN3ROLF\_$QDO\]HU3URILOHVHOHFWDSURȴOHWKHQFOLFN(GLW
)URP5HSRUWV/RJVDQG$UWLIDFWVVHOHFW'LVDVVHPEO\5HVXOWVWKHQFOLFN6DYH
9LHZWKH'LVDVVHPEO\5HVXOWVUHSRUW
<RXFDQYLHZWKH'LVDVVHPEO\5HVXOWVUHSRUWLQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHRUGRZQORDGLWDVDȴOH
WR\RXUFOLHQWFRPSXWHU7KHFRQWHQWVRIWKHUHSRUWDUHWKHVDPHLQERWKWKHPHWKRGV
ȏ 7RYLHZWKH'LVDVVHPEO\5HVXOWVUHSRUWLQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHVHOHFW$QDO\VLV_$QDO\VLV
5HSRUWVΖQWKH$QDO\VLV5HSRUWVSDJHFOLFN DQGVHOHFW'LVDVVHPEO\5HVXOWV7RXVHWKLVRSWLRQ\RXPXVWKDYH
HQDEOHGWKH'LVDVVHPEO\5HVXOWVRSWLRQLQWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH
ȏ
7RGRZQORDGWKHUHSRUWDVDȴOHFOLFN LQWKH$QDO\VLV5HSRUWVSDJHDQGVHOHFW&RPSOHWH5HVXOWV'RZQORDGWKH
VDPSOHBQDPH!]LSȴOH7KLV]LSȴOHFRQWDLQVDȴOHQDPHGDVȴOHQDPH!BGHWDLODVPLQWKH$QDO\VLV/RJ
IROGHU7KH=LS5HSRUWFRQWDLQVWKLVDVPȴOHUHJDUGOHVVRIZKHWKHU\RXKDYHHQDEOHG'LVDVVHPEO\5HVXOWV
RSWLRQLQWKHFRUUHVSRQGLQJDQDO\]HUSURȴOH
7KH'LVDVVHPEO\5HVXOWVUHSRUWSURYLGHVWKHDVVHPEOHULQVWUXFWLRQVDORQJZLWKDQ\VWDWLFVWDQGDUGOLEUDU\FDOO
QDPHVOLNHSULQWIDQG:LQGRZVV\VWHP'//$3ΖFDOOQDPHVHPEHGGHGLQWKHOLVWLQJΖIWKHJOREDOYDULDEOHVVXFK
DVVWULQJWH[WDUHUHIHUHQFHGLQWKHFRGHWKHVHVWULQJWH[WVDUHDOVROLVWHG
7DEOH$VHFWLRQRIDVDPSOH'LVDVVHPEO\5HVXOWVUHSRUW
&ROXPQ &ROXPQ &ROXPQ
HIF FDOOF
FDOO85/'RZQORDG7R)LOH$
7KHYLUWXDODGGUHVVRIWKHLQVWUXFWLRQLVVKRZQLQFROXPQWKHELQDU\LQVWUXFWLRQLQFROXPQDQGWKH
DVVHPEO\LQVWUXFWLRQZLWKFRPPHQWVLVLQFROXPQΖQWKHSUHFHGLQJH[DPSOHWKHFDOOFLQVWUXFWLRQ
DWPHPRU\ORFDWLRQRILVPDNLQJDIXQFWLRQDOFDOODW[FPHPRU\ORFDWLRQZKLFKLVGHWHUPLQHG
WREHV\VWHP'//$3ΖIXQFWLRQFDOOGHWHUPLQHGWREH85/'RZQORDG7R)LOH$7KHFRPPHQWVKRZQZLWK
WKHLQWKLVOLVWLQJSURYLGHVWKHOLEUDU\IXQFWLRQQDPH
/RJLF3DWK*UDSK
7KH/RJLF3DWK*UDSKLVDJUDSKLFDOUHSUHVHQWDWLRQRIIXQFWLRQFDOOFURVVUHIHUHQFHVWKDW$GYDQFHG7KUHDW'HIHQVH
GLVFRYHUVGXULQJG\QDPLFDQDO\VLV<RXFDQXVHWKHUHSRUWWRYLHZWKHH[HFXWHGDQGQRQH[HFXWHGIXQFWLRQVLQ
DQDO\]HGȴOHVWKDWRFFXUUHGGXULQJG\QDPLFDQDO\VLV
ΖI\RXȴQGQRQH[HFXWHGIXQFWLRQV\RXPXVWȴ[WKHPLPPHGLDWHO\
<RXFDQGRZQORDGWKH/RJLF3DWK*UDSKȴOHXVLQJRQHRIWKHIROORZLQJPHWKRGV
ȏ
ΖQWKH$QDO\VLV5HSRUWVSDJH$QDO\VLV_$QDO\VLV5HSRUWVFOLFN DQGVHOHFW/RJLF3DWK*UDSK7KHQGRZQORDGWKH
ȴOHQDPH!BORJLFSDWKJPOȴOH7RXVHWKLVRSWLRQ\RXPXVWKDYHHQDEOHGWKH/RJLF3DWK*UDSKRSWLRQLQWKH
FRUUHVSRQGLQJDQDO\]HUSURȴOH
ȏ
$IWHU\RXFOLFN VHOHFW&RPSOHWH5HVXOWV'RZQORDGWKHVDPSOHBQDPH!]LSȴOH7KLV]LSȴOHFRQWDLQVWKH
VDPHȴOHQDPH!BORJLFSDWKJPOȴOHLQWKH$QDO\VLV/RJIROGHU7KH=LS5HSRUWFRQWDLQVWKHȴOH
QDPH!BORJLFSDWKJPOȴOHUHJDUGOHVVRIZKHWKHU\RXKDYHHQDEOHG/RJLF3DWK*UDSKRSWLRQLQWKH
FRUUHVSRQGLQJDQDO\]HUSURȴOH
7KLVVHFWLRQXVHV\:RUNV\(G*UDSK(GLWRUWRH[SODLQKRZWRXVHWKH/RJLF3DWK*UDSK*0/ȴOHΖQWKH\(G
*UDSK(GLWRU\RXPXVWȴUVWVHWWKH5RXWLQJ6W\OH<RXQHHGWRGRWKLVRQO\RQFHDQGWKLVVHWWLQJLVVDYHGIRU
IXUWKHUXVH
7RRSHQWKH/RJLF3DWK*UDSKȴOHXVH\RXU\(G*UDSK(GLWRU
&OLFN/D\RXW_+LHUDUFKLFDO
&OLFN(GJHVVHOHFW3RO\OLQHIURPWKH5RXWLQJ6W\OHGURSGRZQOLVWWKHQFOLFN2N
:KHQ\RXRSHQWKHȴOHQDPH!BORJLFSDWKJPOȴOHLQ\(G*UDSK(GLWRULQLWLDOO\\RXPLJKWVHHPDQ\
UHFWDQJOHER[HVRYHUODSSLQJHDFKRWKHU
)LJXUH/D\RXWRIWKHVXEURXWLQHVUHODWLRQVKLSV
7KHJUDSKGHSLFWVDQRYHUYLHZRIWKHFRPSOH[LW\RIWKHVDPSOHDVVHHQE\WKHFURVVUHIHUHQFHRIIXQFWLRQFDOOV
7KHIROORZLQJVKRZVPRUHGHWDLORQWKHIXQFWLRQQDPHVDQGWKHLUDGGUHVVHVDVVHHQE\]RRPLQJLQ
)LJXUH=RRPLQRQWKHOD\RXW
7ZRFRORUVDUHXVHGWRLQGLFDWHWKHH[HFXWHGSDWK7KHUHGGDVKOLQHVVKRZWKHQRQH[HFXWHGSDWKDQGWKH
EOXHVROLGOLQHVVKRZWKHH[HFXWHGSDWK
7KH6XEB$VXEURXWLQHLVPDNLQJFDOOVDVWKHUHDUHOLQHVFRPLQJRXWRIWKLVER[6HYHQRIWKHVH
FDOOVZHUHH[HFXWHGGXULQJG\QDPLFDQDO\VLV2QHRIWKHPLVFDOOLQJ6XEBDVWKHUHLVDEOXHVROLGOLQH
SRLQWLQJIURP6XEB$WR6XEB&DOOVWR6XEBSULQWI6XEBDQG
6XEBZHUHQRWH[HFXWHGDQGVKRZQZLWKUHGGDVKHGOLQHSRLQWLQJDWWKHP
7KH6XEBVXEURXWLQHLVPDNLQJRQO\RQHXQLTXHFDOODVWKHUHLVRQO\RQHOLQHFRPLQJRXWIURPWKLVER[
7KLVFDOOZDVH[HFXWHGGXULQJG\QDPLFDQDO\VLV
8VHU$3Ζ/RJ
7KH8VHU$3Ζ/RJVDUHFRQWDLQHGLQYDULRXVȴOHV
ȏ 7KHORJȴOHFRQWDLQVWKH:LQGRZVXVHUOHYHO'//$3ΖFDOOVPDGHGLUHFWO\E\WKHDQDO\]HGȴOHGXULQJG\QDPLF
DQDO\VLV7RYLHZWKLVȴOHLQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHVHOHFW$QDO\VLV_$QDO\VLV5HSRUWV
7KHQFOLFN DQGVHOHFW8VHU$3,/RJ$OWHUQDWLYHO\FOLFN VHOHFW&RPSOHWH5HVXOWV'RZQORDGWKH
VDPSOHBQDPH!]LSȴOH7KLV]LSȴOHFRQWDLQVWKHVDPHLQIRUPDWLRQLQWKHVDPSOHQDPH!ORJȴOHLQWKH
$QDO\VLV/RJIROGHU7KHFRQWHQWRIWKHORJȴOHLQFOXGHVWKHIROORZLQJ
ȏ $UHFRUGRIDOOV\VWHPV'//$3ΖFDOOLQJVHTXHQFH
ȏ $QDGGUHVVZKLFKLQGLFDWHVWKHDSSUR[LPDWHFDOOLQJDGGUHVVZKHUHWKH'//$3ΖFDOOZDVPDGH
ȏ 2SWLRQDOLQSXWDQGRXWSXWSDUDPHWHUVDQGUHWXUQFRGHIRUNH\V\VWHPV'//$3ΖFDOOV
ȏ 7KHIROORZLQJDUHWKHRWKHUȴOHVFRQWDLQLQJWKHG\QDPLFH[HFXWLRQORJV$OOWKHVHȴOHVDUHFRQWDLQHGLQWKH
VDPSOHQDPH!]LSȴOH
ȏ VDPSOHQDPH!QWYW[WȴOH7KLVȴOHFRQWDLQVWKH:LQGRZV=ZYHUVLRQRIQDWLYHV\VWHPVHUYLFHV$3ΖFDOOLQJ
VHTXHQFHGXULQJWKHG\QDPLFDQDO\VLV7KH$3ΖQDPHW\SLFDOO\VWDUWVZLWK=ZDVLQ=Z&UHDWH)LOH
ȏ ORJ]LS
ȏ GXPS]LS
ȏ GURSȴOHV]LS
ȏ QHWZRUNGULYH]LS
'RZQORDGWKH&RPSOHWH5HVXOWV]LSȴOH
$GYDQFHG7KUHDW'HIHQVHSURGXFHVGHWDLOHGDQDO\VLVIRUHDFKVXEPLWWHGVDPSOH$OOWKHDYDLODEOHUHSRUWVIRUDQ
DQDO\]HGVDPSOHDUHDYDLODEOHLQD]LSȴOHZKLFK\RXFDQGRZQORDGIURPWKH$GYDQFHG7KUHDW'HIHQVHZHE
LQWHUIDFH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV5HSRUWV
&OLFN DQGVHOHFW&RPSOHWH5HVXOWV
'RZQORDGWKHVDPSOHBQDPH!]LSȴOHWRWKHORFDWLRQ\RXZDQW7KLV]LSȴOHFRQWDLQVWKHUHSRUWVIRUHDFK
DQDO\VLV7KHȴOHVLQWKLV]LSȴOHDUHFUHDWHGDQGVWRUHGZLWKDVWDQGDUGQDPLQJFRQYHQWLRQ&RQVLGHUWKDW
WKHVDPSOHVXEPLWWHGLVYWHVWH[H7KHQWKH]LSȴOHFRQWDLQVWKHIROORZLQJUHVXOWV
ȏ YWHVWBVXPPDU\KWPOMVRQW[W[POȃ7KLVLVWKHVDPHDVWKH$QDO\VLV6XPPDU\UHSRUW7KHUHDUHIRXU
ȴOHIRUPDWVIRUWKHVDPHVXPPDU\UHSRUWLQWKH]LSȴOH7KHKWPODQGW[WȴOHVDUHPDLQO\IRUHQGXVHUV
WRUHYLHZWKHDQDO\VLVUHSRUW7KHMVRQDQG[POȴOHVSURYLGHZHOONQRZQPDOZDUHEHKDYLRUWDJVIRU
KLJKOHYHOSURJUDPPLQJVFULSWWRH[WUDFWNH\LQIRUPDWLRQ
ΖIWKHPDOZDUHVHYHULW\LVDQGDERYHWKHQLWFRQWDLQVLRFDQGVWL[[POIRUPDWVRIWKH$QDO\VLV
6XPPDU\UHSRUWIRUWKHVDPSOH
ȏ YWHVWORJȃ7KLVȴOHFDSWXUHVWKH:LQGRZVXVHUOHYHO'//$3ΖFDOOLQJDFWLYLWLHVGXULQJG\QDPLFDQDO\VLV
<RXPXVWWKRURXJKO\H[DPLQHWKLVȴOHWRXQGHUVWDQGWKHFRPSOHWH$3ΖFDOOLQJVHTXHQFHDVZHOODVWKH
LQSXWDQGRXWSXWSDUDPHWHUV7KLVLVWKHVDPHDVWKH8VHU$3,/RJUHSRUW
ȏ YWHVWQWYW[Wȃ7KLVȴOHFDSWXUHVWKH:LQGRZVQDWLYHVHUYLFHV$3ΖFDOOLQJDFWLYLWLHVGXULQJG\QDPLF
DQDO\VLV
ȏ YWHVWW[Wȃ7KLVȴOHVKRZVWKH3(KHDGHULQIRUPDWLRQRIWKHVXEPLWWHGVDPSOH
ȏ YWHVWBGHWDLODVPȃ7KLVLVWKHVDPHDVWKH'LVDVVHPEO\5HVXOWVUHSRUW7KLVȴOHFRQWDLQV
UHYHUVHHQJLQHHULQJGLVDVVHPEO\OLVWLQJRIWKHVDPSOHDIWHULWKDVEHHQXQSDFNHGRUGHFU\SWHG
ȏ YWHVWBORJLFSDWKJPOȃ7KLVȴOHLVWKHJUDSKLFDOUHSUHVHQWDWLRQRIFURVVUHIHUHQFHRIIXQFWLRQFDOOV
GLVFRYHUHGGXULQJG\QDPLFDQDO\VLV7KLVLVWKHVDPHDVWKH/RJLF3DWK*UDSKUHSRUW
ȏ ORJ]LSȃ7KLVȴOHFRQWDLQVDOOWKHUXQWLPHORJȴOHVIRUDOOSURFHVVHVDHFWHGE\WKHVDPSOHGXULQJWKH
G\QDPLFDQDO\VLVΖIWKHVDPSOHJHQHUDWHVDQ\FRQVROHRXWSXWWH[WWKHRXWSXWWH[WPHVVDJHLVFDSWXUHG
LQWKH&RQVROH2XWSXWORJȴOH]LSSHGXSLQWKHORJ]LSȴOH8VHDQ\UHJXODUXQ]LSXWLOLW\WRVHHWKHFRQWHQW
RIDOOȴOHVLQVLGHWKLVORJ]LSȴOH
ȏ GURSȴOHV]LSȃ7KLVLVWKHVDPHDVWKH'URSSHG)LOHVUHSRUWLQWKH$QDO\VLV5HSRUWVSDJH7KHGURSȴOHV]LS
ȴOHFRQWDLQVDOOȴOHVFUHDWHGRUWRXFKHGE\WKHVDPSOHGXULQJWKHG\QDPLFDQDO\VLVΖWLVDOVRSDVVZRUG
SURWHFWHG7KHSDVVZRUGLVYLUXV
'RZQORDGWKHRULJLQDOVDPSOH
'RZQORDGRULJLQDOO\VXEPLWWHGȴOHV$OOWKHVXEPLWWHGVDPSOHVDUHDYDLODEOHLQD]LSȴOH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_$7'&RQILJXUDWLRQ_$7'8VHUV
6HOHFWWKHXVHUSURȴOHWKHQFOLFN(GLW
6HOHFW6DPSOH'RZQORDG$FFHVVWKHQFOLFN6DYH
&OLFN$QDO\VLV_$QDO\VLV5HSRUWV
&OLFNWKH5HSRUWVLFRQVHOHFW2ULJLQDO6DPSOH
6DYHWKH]LSSHG6$03/(1$0(!B0'6802)6$03/(!]LSȴOHRQ\RXUORFDOPDFKLQHWKHQH[WUDFWWKHFRQWHQWV
DQGXVHLQIHFWHGDVWKHSDVVZRUG
6XEPLWIDOVHSRVLWLYHDQGQHJDWLYHVDPSOHV
ΖI\RXȴQGIDOVHSRVLWLYHDQGQHJDWLYHVDPSOHVLQ$GYDQFHG7KUHDW'HIHQVHVXEPLWWKHVDPSOHVIRUIXUWKHU
DQDO\VLV
6XEPLWIDOVHSRVLWLYHVDPSOHV
:KHQ\RXUHFHLYHIDOVHSRVLWLYHVDPSOHVVXEPLWLWIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
'RZQORDGWKHVDPSOH
D &OLFN0DQDJH_$7'&RQILJXUDWLRQ_$7'8VHUV
E 6HOHFWWKHXVHUWKHQFOLFN(GLW
F 6HOHFW6DPSOH'RZQORDG$FFHVVWKHQFOLFN6DYH
G &OLFN$QDO\VLV_$QDO\VLV5HSRUWV
H &OLFNWKH5HSRUWVLFRQWKHQVHOHFW2ULJLQDO6DPSOH
I 6DYHWKH]LSȴOHRQ\RXUFRPSXWHU
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN$QDO\VLV_$QDO\VLV5HSRUWV
&OLFNWKH5HSRUWVWKHQVHOHFW$QDO\VLV6XPPDU\
/RFDWH(QJLQH$QDO\VLVWKHQGHWHUPLQHZKHUHWRVXEPLWWKHVDPSOH
ȏ *7,)LOH5HSXWDWLRQȃ6XEPLWWKHȴOHDVD6HUYLFH5HTXHVWVRUWRWKH85/UHSXWDWLRQWHDP
ȏ 7RVXEPLWDȴOHVDPSOHJRWRKWWSVXSSRUWPFDIHHFRPVHOHFW6HUYLFH5HTXHVWVWKHQVXEPLWWKHIDOVH
SRVLWLYHȴOHVDPSOH
ȏ 7RVXEPLWDQ85/VDPSOHJRWRKWWSZZZWUXVWHGVRXUFHRUJWKHQVXEPLWWKHIDOVHSRVLWLYH85/
ȏ *DWHZD\$QWL0DOZDUHȃ6XEPLWWKHVDPSOHWRWKH*DWHZD\$QWL0DOZDUHWHDP
ȏ 6XEPLWE\HPDLOȃ6HQGDQHPDLOWRYLUXVBUHVHDUFKBJDWHZD\#DYHUWODEVFRPDWWDFKWKHIDOVH
SRVLWLYHVDPSOHWKHQHQWHU3RVVLEOH)DOVHDVWKHVXEMHFW
ȏ 6XEPLWE\VHUYLFHUHTXHVWȃ*RWRKWWSVXSSRUWPFDIHHFRPVHOHFW6HUYLFH5HTXHVWVWKHQVXEPLW
WKHIDOVHSRVLWLYHVDPSOH
ȏ $QWL0DOZDUHȃ*RWRKWWSVXSSRUWPFDIHHFRPVHOHFW6HUYLFH5HTXHVWVWKHQVXEPLWWKHIDOVHSRVLWLYH
VDPSOH
ȏ 6DQGER[ȃ*RWRKWWSVXSSRUWPFDIHHFRPVHOHFW6HUYLFH5HTXHVWVWKHQVXEPLWWKHIDOVHSRVLWLYH
VDPSOH
6XEPLWIDOVHQHJDWLYHVDPSOHV
:KHQ\RXUHFHLYHIDOVHQHJDWLYHVDPSOHVVXEPLWLWIRUDQDO\VLV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
'RZQORDGWKHVDPSOH
D &OLFN0DQDJH_$7'&RQILJXUDWLRQ_$7'8VHUV
E 6HOHFWWKHXVHUWKHQFOLFN(GLW
F 6HOHFW6DPSOH'RZQORDG$FFHVVWKHQFOLFN6DYH
G &OLFN$QDO\VLV_$QDO\VLV5HSRUWV
H &OLFNWKH5HSRUWVLFRQWKHQVHOHFW2ULJLQDO6DPSOH
I 6DYHWKH]LSȴOHRQ\RXUFRPSXWHU
*RWRKWWSVXSSRUWPFDIHHFRPVHOHFW6HUYLFH5HTXHVWVWKHQVXEPLWWKHIDOVHQHJDWLYHVDPSOH
0DNHVXUHWKDW\RXLQFOXGHWKH$QDO\VLVΖ'
7URXEOHVKRRWORZVDQGER[ȴOHVFRUHV
8VH$GYDQFHG7KUHDW'HIHQVHHOHPHQWVWRWURXEOHVKRRWXQH[SHFWHGO\ORZVDQGER[ȴOHVFRUHV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
&RPSOHWHWKHIROORZLQJWKHQVXEPLWDVDPSOHDIWHUHDFKWDVNWRFKHFNLIWKHVDQGER[ȴOHVFRUHUHPDLQVORZ
ȏ 9HULI\WKDW\RXDUHXVLQJWKHODWHVW$GYDQFHG7KUHDW'HIHQVHYHUVLRQΖI\RXDUHXVLQJDQROGHUYHUVLRQ
XSJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUH
ȏ (GLWWKH$QDO\]HU3URILOHWKHQVHOHFW(QDEOH0DOZDUH,QWHUQHW$FFHVV
ȏ 9HULI\WKDW\RXDUHXVLQJWKHFRUUHFWRSHUDWLQJV\VWHP
)RUH[DPSOH\RXPXVWXVHDELWRSHUDWLQJV\VWHPWRVXEPLWDELWVDPSOHDQGDELWRSHUDWLQJ
V\VWHPWRVXEPLWDELWVDPSOH
ȏ 9HULI\WKDW0LFURVRIW2ɝFH$GREH)ODVK$GREH5HDGHUDQG-DYDDUHLQVWDOOHGRQWKHYLUWXDOPDFKLQH
)RUH[DPSOHZKHQ\RXVXEPLWD0LFURVRIW2ɝFHGRFXPHQW\RXPXVWKDYH0LFURVRIW2ɝFHLQVWDOOHG
ȏ 6HOHFW$QDO\VLV_0DQXDO8SORDG_8VHU,QWHUDFWLYH0RGHFRQȴJXUHWKHUHPDLQLQJRSWLRQVWKHQFOLFN6XEPLW
ȏ 6XEPLWWKHVDPSOHWR0F$IHH
0RQLWRU$GYDQFHG7KUHDW'HIHQVHZLWKWKH'DVKERDUG
7RDQDO\]HWKHPDOZDUHRQ\RXUQHWZRUNXVHWKH$GYDQFHG7KUHDW'HIHQVH'DVKERDUGPRQLWRUV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
6HOHFW'DVKERDUG
6SHFLI\WKHWLPHSHULRGIRUWKHLQIRUPDWLRQWREHGLVSOD\HGLQWKHPRQLWRUV
)RUH[DPSOH\RXFDQVHOHFWWRYLHZWKHLQIRUPDWLRQIRUWKHSDVWRQHKRXU%\GHIDXOWGDWDIRUWKHSDVW
GD\VLVVKRZQ7KLVȴHOGGRHVQRWDHFWWKH6\VWHP+HDOWKDQG6\VWHPΖQIRUPDWLRQPRQLWRUV
&RQȴJXUHWKHGLVSOD\VHWWLQJVIRUHDFKPRQLWRU
ȏ 7RFROODSVHDPRQLWRUFOLFN
ȏ 7RKLGHDPRQLWRUFOLFN
ȏ 7RFKDQJHWKHGLVSOD\IRUPDWRIDPRQLWRUFOLFN
&RQWHQWV
ΖVVXLQJ&/ΖFRPPDQGV
&/ΖV\QWD[
/RJRQWRWKH&/Ζ
0HDQLQJRI"
/LVWRI&/ΖFRPPDQGV
ΖVVXLQJ&/ΖFRPPDQGV
<RXFDQLVVXH&/ΖFRPPDQGVORFDOO\IURPWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHFRQVROHRUUHPRWHO\WKURXJK
66+
ΖVVXLQJFRPPDQGV
7RSHUIRUPDQRSHUDWLRQRQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH\RXPXVWSHUIRUPWKHRSHUDWLRQIURPWKH
FRPPDQGOLQHRIWKHFRQVROHKRVWWKDWFRQQHFWVWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH)RUH[DPSOHZKHQ
\RXȴUVWFRQȴJXUHWKHQHWZRUNGHWDLOVIRUWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH\RXPXVWGRVRIURPWKH
FRQVROH
6HHDOVR
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHRQSDJH
ΖVVXLQJDFRPPDQGWKURXJK66+
<RXFDQDGPLQLVWHUD$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHUHPRWHO\IURPDFRPPDQGSURPSWRYHUVVK
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
8VHWKH66+FOLHQWWRORJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7DVN
2SHQDQ66+FOLHQWVHVVLRQ
(QWHUWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHΖ3YDGGUHVV
(QWHUDVWKH66+SRUWQXPEHU
(QWHUWKHORJRQFUHGHQWLDOV
ȏ 8VHUQDPHȃFOLDGPLQ
ȏ 3DVVZRUGȃDWGDGPLQ
ΖI\RXDUHORJJLQJRQIRUWKHȴUVWWLPH\RXDUHSURPSWHGWRFKDQJHGWKHXVHUQDPHDQGSDVVZRUG
<RXDUHXQDEOHWRDFFHVVWKHDFFRXQWDVVRFLDWHGWRWKHQHZXVHUQDPHDQGSDVVZRUGRUFUHDWHDQRWKHU
XVHUWRDFFHVVWKH&/Ζ
'HSHQGLQJRQ\RXU66+FOLHQWWKHQXPEHURIORJRQDWWHPSWVGLHU)RUH[DPSOH3XWW\DQGDOORZ
\RXWKUHHORJRQDWWHPSWVDQG3XWW\DQG/LQX[66+FOLHQWVDOORZ\RXIRXUDWWHPSWV
$XWRFRPSOHWH
7KH&/ΖDOORZV\RXWRDXWRFRPSOHWHFRPPDQGV
7RDXWRFRPSOHWHDFRPPDQGSUHVV7DEDIWHUW\SLQJDIHZFKDUDFWHUVRIDYDOLGFRPPDQGDQGWKHQSUHVV
(QWHU)RUH[DPSOHW\SLQJSDVDQGSUHVVLQJ7DEZRXOGUHVXOWLQWKH&/ΖDXWRFRPSOHWLQJWKHHQWU\ZLWKWKH
FRPPDQGSDVVZG
ΖIWKHSDUWLDOO\HQWHUHGWH[WPDWFKHVPXOWLSOHRSWLRQVWKH&/ΖGLVSOD\VDOODYDLODEOHPDWFKLQJFRPPDQGV
&/ΖV\QWD[
<RXLVVXHFRPPDQGVDWWKHFRPPDQGSURPSWDVVKRZQ
FRPPDQG!YDOXH!
ȏ 9DOXHVWKDW\RXPXVWHQWHUDUHHQFORVHGLQDQJOHEUDFNHWV!
ȏ 2SWLRQDONH\ZRUGVRUYDOXHVDUHHQFORVHGLQVTXDUHEUDFNHWV>@
ȏ 2SWLRQVDUHVKRZQVHSDUDWHGE\DOLQH_
ȏ 9DULDEOHVDUHLQGLFDWHGE\LWDOLFV
'RQRWW\SHWKHRU>@V\PEROV
0DQGDWRU\FRPPDQGV
7KHUHDUHFHUWDLQFRPPDQGVWKDWPXVWEHH[HFXWHGRQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHEHIRUHLWLVIXOO\
RSHUDWLRQDO7KHUHPDLQLQJFRPPDQGVLQWKLVFKDSWHUDUHRSWLRQDODQGZLOODVVXPHGHIDXOWYDOXHVIRUWKHLU
SDUDPHWHUVXQOHVVWKH\DUHH[HFXWHGZLWKRWKHUVSHFLȴFSDUDPHWHUYDOXHV
7KHVHDUHWKHUHTXLUHGFRPPDQGV
ȏ VHWDSSOLDQFHQDPH
ȏ VHWDSSOLDQFHLS
ȏ VHWDSSOLDQFHJDWHZD\LVDOVRUHTXLUHGLIDQ\RIWKHIROORZLQJDUHWUXH
ȏ ΖIWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHLVRQDGLHUHQWQHWZRUNWKDQWKH0F$IHHSURGXFWV\RXSODQ
WRLQWHJUDWH
ȏ ΖI\RXSODQWRDFFHVV$GYDQFHG7KUHDW'HIHQVHIURPDGLHUHQWQHWZRUNHLWKHUXVLQJDQ66+FOLHQWRUD
EURZVHUIRUDFFHVVLQJWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
/RJRQWRWKH&/Ζ
%HIRUH\RXFDQHQWHU&/ΖFRPPDQGV\RXPXVWȴUVWORJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHZLWKD
YDOLGXVHUQDPHGHIDXOWXVHUQDPHLVFOLDGPLQDQGSDVVZRUGGHIDXOWLVDWGDGPLQ
7RORJRW\SHH[LW
&KDQJHWKHSDVVZRUGXVLQJWKHSDVVZGFRPPDQGZLWKLQ\RXUȴUVWLQWHUDFWLRQZLWKWKH$GYDQFHG7KUHDW'HIHQVH
$SSOLDQFH
0HDQLQJRI"
"GLVSOD\VWKHSRVVLEOHFRPPDQGVWULQJVWKDW\RXFDQHQWHU
6\QWD[
"
ΖI\RXXVH"LQFRQMXQFWLRQZLWKDQRWKHUFRPPDQGLWVKRZVWKHQH[WZRUG\RXFDQW\SHΖI\RXH[HFXWHWKH"
FRPPDQGLQFRQMXQFWLRQZLWKWKHVHWFRPPDQGIRUH[DPSOHDOLVWRIDOORSWLRQVDYDLODEOHZLWKWKHVHW
FRPPDQGLVGLVSOD\HG
/LVWRI&/ΖFRPPDQGV
7KLVVHFWLRQOLVWV$GYDQFHG7KUHDW'HIHQVH&/ΖFRPPDQGVLQWKHDOSKDEHWLFDORUGHU
DFWLYH5HVSRQVH6WDWV
'LVSOD\VWKHVWDWLVWLFVRQ0F$IHH$FWLYH5HVSRQVHDQG0F$IHH$GYDQFHG7KUHDW'HIHQVHLQWHJUDWLRQ
6\QWD[
DFWLYH5HVSRQVH6WDWV
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
DFWLYH5HVSRQVH6WDWV
>$FWLYH5HVSRQVH6WDWLVWLFV@
6WDWXV',6$%/('
5HTXHVW)LOHV5HFHLYHG
6HDUFKLQ3HQGLQJVWDWH
6HDUFKLQ&RPSOHWHGVWDWH
(5525&2817
DPDV
8VHWKLVFRPPDQGWRUHVWDUWVWDUWVWRSWKHDPDVVHUYLFHV
6\QWD[DPDVZRUG!
3DUDPHWHU 'HVFULSWLRQ
:25'! 7KHDPDVVHUYLFH\RXZDQWWRVWRS
([DPSOHDPDVVWDUWVWRSUHVWDUW
DWGFRXQWHU
'LVSOD\VWKHHQJLQHVSHFLȴFFRXQWHUHJȴOHVVHQWDQGSURFHVVHGE\0F$IHH*7Ζ$QWL9LUXV(QJLQH*DWHZD\
$QWL9LUXV(QJLQHDQGDPDV
6\QWD[DWGFRXQWHU
7KLVFRPPDQGKDVQRSDUDPHWHUV
EDFNXSUHSRUWV
8VHWKLVFRPPDQGWRFUHDWHDEDFNXSRIWKH0F$IHH$GYDQFHG7KUHDW'HIHQVHUHSRUWVRQDQH[WHUQDO)736)73
VHUYHUFRQȴJXUHGIRUDXVHUXQGHUWKH)73UHVXOWVRXWSXWVHWWLQJLQWHUIDFHSRUWV
6\QWD[
EDFNXSUHSRUWV
7KLVFRPPDQGKDVQRSDUDPHWHUV
EDFNXSUHSRUWVGDWH
7KLVFRPPDQGFUHDWHVDEDFNXSRIWKH0F$IHH$GYDQFHG7KUHDW'HIHQVHUHSRUWVIRUDSDUWLFXODUGDWHUDQJHRQ
DQH[WHUQDO)736)73VHUYHUFRQȴJXUHGIRUDXVHUXQGHUWKH)73UHVXOWVRXWSXWVHWWLQJ
6\QWD[EDFNXSUHSRUWVGDWH\\\\PPGG!
3DUDPHWHU 'HVFULSWLRQ
\\\\PPGG\\\\PPGG 7KHGDWHUDQJHIRUZKLFK\RXZDQWWRFUHDWHDEDFNXSIRUUHSRUWV
([DPSOH
%ODFNOLVW
8VHWKHIROORZLQJFRPPDQGVWRPDQDJHWKH0F$IHH$GYDQFHG7KUHDW'HIHQVHEODFNOLVW
6\QWD[
ȏ 7RDGGDQ0'WRWKHEODFNOLVWXVHEODFNOLVWDGGPG!VFRUH!ILOHBQDPH!PDOZDUHBQDPH!
(QJ,'!26,'!
3DUDPHWHU 'HVFULSWLRQ
PG! 7KH0'KDVKYDOXHRIDPDOZDUHWKDW\RXZDQWWRDGGWRWKHEODFNOLVW
VFRUH! 7KHPDOZDUHVHYHULW\VFRUH$YDOLGYDOXHLVIURPWR
ȴOHBQDPH! 7KHȴOHQDPHIRUWKH0'
PDOZDUHBQDPH! 7KHPDOZDUHQDPHIRUWKH0'
(QJΖ'! 7KHQXPHULFDOΖ'IRUWKHHQJLQHWKDWGHWHFWHGWKHPDOZDUH)ROORZLQJLVWKHQXPHULFDO
FRGLQJ6DQGER[ȃ*7Ζȃ*$0ȃ$QWL0DOZDUHȃ
26Ζ'! 7KHQXPHULFDOΖ'RIWKHRSHUDWLQJV\VWHPWKDWZDVXVHGWRG\QDPLFDOO\DQDO\]HWKH
PDOZDUH
([DPSOHEODFNOLVWDGG$$$(($)&%)([DPSOH)LOH1DPH
([DPSOH0DOZDUH1DPH
ȏ 7RGHOHWHDQ0'IURPWKHEODFNOLVWXVHEODFNOLVWGHOHWHPG!
3DUDPHWHU 'HVFULSWLRQ
PG! 7KH0'KDVKYDOXHRIDPDOZDUHWKDW\RXZDQWWRGHOHWHIURPWKHEODFNOLVW
([DPSOHEODFNOLVWGHOHWH$$$(($)&%)
ȏ 7RFKHFNLIDQ0'LVSUHVHQWLQWKHEODFNOLVWXVHEODFNOLVWTXHU\PG!
3DUDPHWHU 'HVFULSWLRQ
PG! 7KH0'KDVKYDOXHRIDPDOZDUHWKDW\RXZDQWWRTXHU\LILWLVSUHVHQWLQWKHEODFNOLVW
([DPSOHEODFNOLVWTXHU\$$$(($)&%)
ΖIWKH0'LVSUHVHQWWKHGHWDLOVVXFKDVWKHHQJLQHΖ'PDOZDUHVHYHULW\VFRUHDQGVRRQDUHGLVSOD\HG
ȏ 7RXSGDWHWKHGHWDLOVIRUDQHQWU\LQWKHEODFNOLVWXVHEODFNOLVWXSGDWHPG!VFRUH!ILOHBQDPH!
PDOZDUHBQDPH!(QJ,'!26,'!
3DUDPHWHU 'HVFULSWLRQ
PG! 7KH0'KDVKYDOXHRIDPDOZDUHWKDW\RXZDQWWRXSGDWH7KLVYDOXHPXVWH[LVWLQWKH
EODFNOLVWIRU\RXWRXSGDWHWKHUHFRUG
VFRUH! 7KHQHZPDOZDUHVHYHULW\VFRUHWKDW\RXZDQWWRFKDQJHWR$YDOLGYDOXHLVIURPWR
ȴOHBQDPH! 7KHQHZȴOHQDPHIRUWKH0'
PDOZDUHBQDPH! 7KHQHZPDOZDUHQDPHIRUWKH0'
(QJΖ'! 7KHQHZHQJLQHΖ'WKDW\RXZDQWWRFKDQJHWR
26Ζ'! 7KHQHZYDOXHIRUWKHRSHUDWLQJV\VWHPWKDWZDVXVHGWRG\QDPLFDOO\DQDO\]HWKH
PDOZDUH
([DPSOHEODFNOLVWXSGDWH$$$(($)&%)([DPSOH)LOH1DPH
([DPSOH0DOZDUH1DPH
FOHDUVWDWVDOO
8VHWKLVFRPPDQGWRUHVHWDOOWKH0F$IHH$GYDQFHG7KUHDW'HIHQVHVWDWLVWLFVWR]HUR
6\QWD[FOHDUVWDWVDOO
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
';/67$786 !
6WDWXV',6$%/('
';/&KDQQHO6WDWXV'2:1
6DPSOH)LOHV5HFHLYHG&RXQW
6DPSOH)LOHV3XEOLVKHG&RXQW
6DPSOH)LOHV4XHXHG&RXQW
FOHDUVWDWV$FWLYH5HVSRQVH
&OHDUVDOOSUHYLRXVVWDWLVWLFVIURP0F$IHH$FWLYH5HVSRQVHDQG0F$IHH$GYDQFHG7KUHDW'HIHQVHLQWHJUDWLRQ
6\QWD[
FOHDUVWDWV$FWLYH5HVSRQVH
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
FOHDUVWDWV$FWLYH5HVSRQVH
$OO$FWLYH5HVSRQVHVWDWVDUHUHVHWWR]HUR
5HTXHVW)LOHV5HFHLYHG
6HDUFKLQ3HQGLQJVWDWH
6HDUFKLQ&RPSOHWHGVWDWH
5HVSRQVHIURP0$5
FOHDUVWDWVG[O
5HVHWVWKH';/ȴOHFRXQWHUWR]HUR
6\QWD[FOHDUVWDWVG[O
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
$OO';/VWDWVDUHUHVHWWR]HUR
6DPSOH)LOHV5HFHLYHG&RXQW
6DPSOH)LOHV3XEOLVKHG&RXQW
FOHDUVWDWVOE
8VHWKLVFRPPDQGWRUHVHWDOOWKH0F$IHH$GYDQFHG7KUHDW'HIHQVHORDGEDODQFLQJVWDWLVWLFVWR]HUR
6\QWD[FOHDUVWDWVOE
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
/%VWDWVDUHUHVHWWR]HUR
FOHDUVWDWVWHSXEOLVKHU
&OHDUWKHFRXQWRIHYHQWVVHQWWR0F$IHHH32
6\QWD[FOHDUVWDWVWHSXEOLVKHU
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
$OO7(3VWDWVDUHUHVHWWR]HUR
6DPSOH)LOHV5HFHLYHG&RXQW
6DPSOH)LOHV3XEOLVKHG&RXQW
FOHDUOEFRQȴJ
7KLVFRPPDQGLVXVHGWRGHVWUR\FOXVWHUXVLQJ&/ΖFRPPDQGSURPSWΖWLVSHUPLWWHGWRUXQDWDOOQRGHV
3ULPDU\%DFNXS6HFRQGDU\ΖWZLSHVRXWDOOFOXVWHUUHODWHGFRQȴJXUDWLRQVIURPWKDWQRGHDQGPDNHVLWDVD
VWDQGDORQHER[
7KLVFRPPDQGFDQEHXVHGLQVFHQDULRVZKHUHQRUPDOPHDQVRIUHPRYLQJDQRGH5HPRYH1RGH:LWKGUDZ
)URP&OXVWHUGRHVQRWUHPRYHWKDWQRGHIURPFOXVWHU
:KHQ\RXH[HFXWHWKHFOHDUOEFRQȴJFRPPDQGRQD3ULPDU\RU$FWLYHQRGH\RXPXVWH[HFXWHWKHFRPPDQGRQ
DOORWKHUQRGHVLQWKHFOXVWHU
6\QWD[FOHDUOEFRQILJ
7KLVFRPPDQGKDVQRSDUDPHWHUV
FUHDWH'HIDXOW9PV
'HOHWHDOORIWKHH[LVWLQJDQDO\]HU90VDQGFUHDWHGHIDXOWDQDO\]HU90V
6\QWD[FUHDWH'HIDXOW9PV
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KLVFRPPDQGZLOOQRWZRUNRQWKHQRQDFWLYHQRGHVLQWKHFOXVWHU
GEBUHSDLU
5HSDLUVWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVHZKHQWKHGDWDEDVHLVFRUUXSW
6\QWD[GEBUHSDLU
7KLVFRPPDQGKDVQRSDUDPHWHUV
GHOHWHEODFNOLVW
5HPRYHDOOWKHHQWULHVIURPWKH$GYDQFHG7KUHDW'HIHQVHEODFNOLVW
6\QWD[GHOHWHEODFNOLVW
7KLVFRPPDQGKDVQRSDUDPHWHUV
GHOHWHVDPSOHVFRUH!
'HOHWHVDOOVDPSOHUHSRUWVZLWKWKHVSHFLȴHGVHYHULW\VFRUH
6\QWD[
GHOHWHVDPSOHVFRUH!
3DUDPHWHU 'HVFULSWLRQ
! (QWHUDVHYHULW\VFRUHEHWZHHQWR
([DPSOH
GHOHWHVDPSOHVFRUH
'HOHWLQJDOOVDPSOHUHVXOWVZLWKVFRUH
GHOHWHVDPSOHHQWULHVZLWK
GHOHWHVDPSOHUHSRUW
'HOHWHVDOORIWKHDQDO\VLVUHSRUWVIRUDȴOH
6\QWD[GHOHWHVDPSOHUHSRUWPG!
3DUDPHWHU 'HVFULSWLRQ
PG! 7KHȴOH0'YDOXHWKDW\RXZDQWWRXVHWRGHOHWHDOOWKHUHSRUWVLQ$GYDQFHG7KUHDW'HIHQVH
([DPSOHGHOHWHVDPSOHUHSRUWFEIHFH
GLVNFOHDQXS
'HOHWHROGDQDO\VLVUHSRUWVZKHQWKH$GYDQFHG7KUHDW'HIHQVHGLVNVSDFHLVORZ
6\QWD[GLVNFOHDQXS
7KLVFRPPDQGKDVQRSDUDPHWHUV
7RSUHYHQW$GYDQFHG7KUHDW'HIHQVHIURPORVLQJ\RXUUHVXOWVDQGUHSRUWVHQDEOHVHWUHVXOWEDFNXS
G[OVWDWXV
9LHZWKH';/VWDWXV
6\QWD[G[OVWDWXV
7KLVFRPPDQGKDVQRSDUDPHWHU
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
';/67$786 !
6WDWXV',6$%/('
';/&KDQQHO6WDWXV'2:1
6DPSOH)LOHV5HFHLYHG&RXQW
6DPSOH)LOHV3XEOLVKHG&RXQW
6DPSOH)LOHV4XHXHG&RXQW
([LW
([LWVWKH&/Ζ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
H[LW
IDFWRU\GHIDXOWV
'HOHWHVDOOVDPSOHVUHVXOWVORJVDQGDQDO\]HU90LPDJHVWKHQUHVHWVWKHΖ3DGGUHVVHVEHIRUHUHERRWLQJWKH
GHYLFH7KLVFRPPDQGGRHVQRWDSSHDUZKHQ\RXW\SH"QRUGRHVWKHDXWRFRPSOHWHIXQFWLRQDSSOLHVWRWKLV
FRPPDQG<RXPXVWW\SHWKHFRPPDQGLQIXOOWRH[HFXWHLW
7KLVFRPPDQGKDVQRSDUDPHWHUV
ȏ <RXDUHZDUQHGWKDWWKHRSHUDWLRQZLOOFOHDU$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHDQG\RXPXVWFRQȴUPWKH
DFWLRQ7KHZDUQLQJRFFXUVVLQFHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHUHWXUQVWRLWVFOHDQSUHFRQȴJXUHG
VWDWHWKXVORVLQJDOOFXUUHQWFRQȴJXUDWLRQVHWWLQJVLQERWKWKHDFWLYHDQGEDFNXSGLVNV2QFH\RXFRQȴUP
WKLVFRPPDQGLPPHGLDWHO\FOHDUVDOO\RXUFRQȴJXUDWLRQVHWWLQJVLQFOXGLQJVDPSOHVUHVXOWVORJVDQG
DQDO\]HU90LPDJHVLQERWKWKHDFWLYHDQGEDFNXSGLVNV
ȏ 7KHFXUUHQWVRIWZDUHYHUVLRQLQWKHEDFNXSGLVNLVDSSOLHGRQWKHDFWLYHGLVN
6\QWD[
IDFWRU\GHIDXOWV
ȴOHW\SHȴOWHU
(QDEOHV$GYDQFHG7KUHDW'HIHQVHWRXVHWKHȴOHH[WHQVLRQWKDWWKHȴOHFDUULHVEHIRUHVHQGLQJLWIRUG\QDPLF
DQDO\VLV
6\QWD[ILOHW\SHILOWHUHQDEOH!GLVDEOH!VWDWXV!
3DUDPHWHU 'HVFULSWLRQ
VWDWXV 'LVSOD\VZKHWKHUWKHȴOHW\SHȴOWHUIHDWXUHLVHQDEOHGRUGLVDEOHG
%\GHIDXOWLWLVGLVDEOHG
HQDEOH (QDEOHVVDPSOHȴOWHULQJ:KHQHQDEOHG$GYDQFHG7KUHDW'HIHQVHXVHVWKHIROORZLQJVXSSRUWHG
ȴOHW\SHVIRUDQDO\VLV
]DFHDSNDUMEDWFDEFJLFKPFODVVFPGFRP
GOOGRFGRFPGRF[GRWPGRW[HPOH[HKWP
KWPOLQILQVMVOQNO]KO]PDPRIPVJ
RF[SGISRWPSRW[SSDPSSVSSVPSSV[
GLVDEOH 'LVDEOHVVDPSOHȴOWHULQJ
:KHQGLVDEOHG$GYDQFHG7KUHDW'HIHQVHXVHVWKHGHIDXOWȴOHW\SHVWKDWG\QDPLFDQDO\VLV
VXSSRUWV
IWSWHVW86(5B1$0(
7HVWVWKH)73VHWWLQJV
6\QWD[IWSWHVW86(5B1$0(
3DUDPHWHU 'HVFULSWLRQ
86(5B1$0( 7KHXVHUQDPHWKDW\RXZDQWWRWHVWWKH)73VHWWLQJV
([DPSOH163XVHU
JWLUHVWDUW
5HVWDUWVWKH0F$IHH*7ΖHQJLQH
6\QWD[JWLUHVWDUW
7KLVFRPPDQGKDVQRSDUDPHWHUV
KHOS
3URYLGHVDGHVFULSWLRQRIWKHLQWHUDFWLYHKHOSV\VWHP
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
KHOS
KWWSBUHGLUHFW
(QDEOHVRUGLVDEOHVWKHUHGLUHFWLRQRIKWWSEURZVHUUHTXHVWVWRKWWSV:KHQKWWSBUHGLUHFWLVGLVDEOHGVHFXUH
DFFHVVWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHLVLJQRUHG
6\QWD[
VHWKWWSBUHGLUHFW
:KHQSRUWLVGLVDEOHGWKHQWKH+773SRUWLVXVHGWRDFFHVVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
LQWHUIDFHLQDEURZVHU
$Q\VDPSOHWKDW\RXVXEPLWGXULQJWKHFRPPDQGH[HFXWLRQLVUHMHFWHGDVOLJKWWSGLVUHVWDUWHG
3DUDPHWHU 'HVFULSWLRQ
HQDEOH$GYDQFHG7KUHDW :KHQKWWSBUHGLUHFWLVHQDEOHGWKHKWWSXUOLVUHGLUHFWHGWRKWWSV5HVW$3ΖFDOOVZLWK
'HIHQVH$SSOLDQFH RQO\WKHKWWSVSURWRFRODUHDFFHSWHG
GLVDEOH :KHQKWWSBUHGLUHFWLVGLVDEOHGKWWSLVQRWUHGLUHFWHGWRKWWSV5HVW$3ΖFDOOVZLWK
WKHKWWSRUKWWSVSURWRFRODUHDFFHSWHG
0DNHVXUHKWWSBUHGLUHFWLVDOZD\VHQDEOHG'LVDEOHKWWSBUHGLUHFWRQO\ZKHQWKHUHDUHLVVXHVZLWKFHUWLȴFDWH
YDOLGDWLRQ
7RYLHZLIKWWSWRKWWSVUHGLUHFWLRQLVHQDEOHGRUGLVDEOHGRQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHXVHWKH
VKRZKWWSBUHGLUHFWFRPPDQG%\GHIDXOWWKHUHGLUHFWIHDWXUHLVHQDEOHG
6\QWD[VKRZKWWSBUHGLUHFW
LQVWDOOPVX
ΖQVWDOOVWKHVHPVXȴOHV
ȏ DPDV[[[[PVX
ȏ V\VWHP[[[[PVX
6\QWD[
LQVWDOOPVX
3DUDPHWHU 'HVFULSWLRQ
6:1$0(! 7KHPVXȴOHQDPHWKDW\RXZDQWWRLQVWDOO
5(6(7B'%! $FFHSWVWKHIROORZLQJYDOXHV
ȏ ȃPVXȴOHLQVWDOOVZLWKRXWUHVHWWLQJWKHGDWDEDVH
ȏ ȃPVXȴOHLQVWDOODQGWKHGDWDEDVHLVUHVHW
([DPSOHLQVWDOOPVXDPDVPVX
LQVWDOOSDFNDJHSDFNDJHSDWK!
ΖQVWDOOVWKHGHWHFWLRQRUDSSOLFDWLRQSDFNDJHLQWKHEDFNJURXQG
%HIRUH\RXUXQWKLVFRPPDQG6)73WKHLQVWDOOSDFNDJHWR\RXU$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHZLWK
DWGDGPLQXVHUDFFRXQW
6\QWD[
LQVWDOOSDFNDJHSDFNDJHSDWK!
3DUDPHWHU 'HVFULSWLRQ
SDFNDJHSDWK! (QWHUWKHSDFNDJHSDWKDQGQDPH
OEVHUYLFHUHVWDUWVWDWXV
8VHWKLVFRPPDQGWRUHVWDUWWKH/%VHUYLFHVRUWRFKHFNWKHVWDWXVRI/%VHUYLFHV
6\QWD[
OEVHUYLFHUHVWDUW!VWDWXV!
([DPSOH
$7'!OEVHUYLFHVWDWXV
OEVHUYLFHLVUXQQLQJ
$7'!OEVHUYLFHUHVWDUW
OEVHUYLFHUHVWDUWHG
$7'!
OEVWDWV
6KRZVWKHVWDWLVWLFVIRU3ULPDU\QRGH%DFNXSQRGHDQG6HFRQGDU\QRGHLQDORDGEDODQFLQJFOXVWHU
7KLVFRPPDQGKDVQRSDUDPHWHUV1RRXWSXWLVGLVSOD\HGLIWKH$GYDQFHG7KUHDW'HIHQVHLVQRWSDUWRID
FOXVWHU
6\QWD[
OEVWDWV
6HHDOVR
OLVW
/LVWVDOORIWKHDYDLODEOH&/ΖFRPPDQGV
6\QWD[OLVW
7KLVFRPPDQGKDVQRSDUDPHWHUV
ORZVHYHULW\VWDWXV
$GYDQFHG7KUHDW'HIHQVHWUHDWVVHYHULW\DQGVDPSOHVDVORZVHYHULW\DQGVHYHULW\DQGDVPDOLFLRXV
%\GHIDXOWZKHQ\RXFRQȴJXUHG\QDPLFDQDO\VLVWKHG\QDPLFDQDO\VLVVFRUHLVGLVSOD\HGLQWKHVXPPDU\UHSRUW
IRUDOOVDPSOHV7KHVFRUHDOVRDHFWVWKHȴQDOVFRUHIRUWKHVDPSOH<RXFDQXVHWKHORZVHYHULW\VWDWXV
FRPPDQGWRDOWHUWKHEHKDYLRU)RUH[DPSOHIRUORZVHYHULW\VDPSOHVWKDWDUHG\QDPLFDOO\DQDO\]HG$GYDQFHG
7KUHDW'HIHQVHGRHVQRWGLVSOD\WKHG\QDPLFDQDO\VLVVFRUHLQWKHVXPPDU\UHSRUWRUFRQVLGHUWKHVFRUHWR
FRPSXWHWKHȴQDOVFRUH
7KHORZVHYHULW\VWDWXVFRPPDQGDSSOLHVRQO\WRQRQ3(VDPSOHVVXFKDV0LFURVRIW:RUGGRFXPHQWVDQG3')
ȴOHV
6\QWD[ORZVHYHULW\VWDWXVVKRZ!KLGH!
([DPSOHORZVHYHULW\VWDWXVKLGH
3DUDPHWHU 'HVFULSWLRQ
VKRZ 7KHGHIDXOWEHKDYLRUΖIDVDPSOHLVG\QDPLFDOO\DQDO\]HG$GYDQFHG7KUHDW'HIHQVHGLVSOD\VWKH
G\QDPLFDQDO\VLVVFRUHLQWKHUHSRUWΖWDOVRFRQVLGHUVWKHVFRUHWRFRPSXWHWKHȴQDOVFRUH
KLGH $VVXPHWKDWWKHVDPSOHLVDQRQ3(ȴOHZKLFKKDVXQGHUJRQHG\QDPLFDQDO\VLVΖI$GYDQFHG
7KUHDW'HIHQVHGHWHFWVWKHȴOHWREHORZVHYHULW\LWGRHVQRWGLVSOD\WKHG\QDPLFDQDO\VLVVFRUH
LQWKHUHSRUWXQGHU6DQGER[LQWKH'RZQ6HOHFWRU
V$QDO\VLVVHFWLRQ$GYDQFHG7KUHDW'HIHQVHDOVR
GRHVQRWFRQVLGHUWKHG\QDPLFDQDO\VLVVFRUHIRUFRPSXWLQJWKHȴQDOVFRUH+RZHYHUWKHGHWDLOV
RIWKHG\QDPLFDQDO\VLVVXFKDVȴOHVRSHQHGDQGȴOHVFUHDWHGDUHLQFOXGHGLQWKHUHSRUW
7KHORZVHYHULW\VWDWXVKLGHFRPPDQGDHFWVRQO\WKHVFRUHGLVSOD\HGLQWKHUHSRUWDQGGRHVQRW
DHFWKRZWKHUHVXOWVDUHGLVSOD\HGLQWKH$QDO\VLV5HSRUWVSDJH
QRPDOZDUHGQV
8VHWKLVFRPPDQGWRFRQȴJXUHWKHPDOZDUHGQVWRWKHGHIDXOW
6\QWD[
QRPDOZDUHGQV
QRWLPHRXW
5HPRYHVWLPHRXWIRU66+VHVVLRQV
6\QWD[
QRWLPHRXW
7KLVFRPPDQGKDVQRSDUDPHWHUV
QVORRNXS
4XHULHVWKHUHVXOWVIRUGRPDLQQDPHV<RXFDQXVHQVORRNXSWRYHULI\LI$GYDQFHG7KUHDW'HIHQVHFDQSHUIRUP
QVORRNXSTXHULHVFRUUHFWO\
6\QWD[QVORRNXS:25'!
3DUDPHWHU 'HVFULSWLRQ
:25'! 7KHGRPDLQQDPHWKDW\RXZDQWWRTXHU\IRUQVORRNXS
([DPSOHQVORRNXSPFDIHHFRP
SDVVZG
&KDQJHVWKHSDVVZRUGRIWKH&/ΖFOLDGPLQXVHU
$SDVVZRUGPXVWEHEHWZHHQDQGFKDUDFWHUVLQOHQJWKDQGFDQFRQVLVWRIDQ\DOSKDQXPHULFFKDUDFWHURU
V\PERO
<RXDUHDVNHGWRHQWHUWKHFXUUHQWSDVVZRUGEHIRUHFKDQJLQJWRDQHZSDVVZRUG
6\QWD[
SDVVZG
SLQJ
3LQJVDQHWZRUNKRVWRUGRPDLQQDPH<RXFDQVSHFLI\DQΖ3YDGGUHVVWRSLQJQHWZRUNKRVWDQGGRPDLQQDPH
WRSLQJGRPDLQQDPHV
6\QWD[
SLQJ$%&'!
3DUDPHWHU 'HVFULSWLRQ
$%&'! 'HQRWHVWKHELWQHWZRUNKRVWΖ3DGGUHVVZULWWHQDVIRXUHLJKWELWQXPEHUVVHSDUDWHGE\
SHULRGV(DFKQXPEHU$%&RU'LVDQHLJKWELWQXPEHUEHWZHHQȂ
:25'! 7KHGRPDLQQDPHWKDW\RXZDQWWRSLQJ
TXLW
([LWVWKH&/Ζ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
TXLW
UHERRW
5HERRWVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHZLWKWKHLPDJHLQWKHFXUUHQWGLVN<RXPXVWFRQȴUPWKDW\RX
ZDQWWRUHERRW
6\QWD[
UHERRW
3DUDPHWHU 'HVFULSWLRQ
UHERRWYPFUHDWRU 5HFUHDWHVWKHDQDO\]HU90VFRQȴJXUHGLQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
ZKLOHUHERRWLQJWKHDSSOLDQFH
UHPRYH
7KLVFRPPDQGUHPRYHVDOORULJLQDOVDPSOHVIURP$7'IRUZKLFKDQDO\VLVLVFRPSOHWH
7KHUHPRYHFRPPDQGKDVWKHVHSDUDPHWHUV
ȏ QRZ:KHQH[HFXWHGLPPHGLDWHO\UHPRYHVWKHRULJLQDOVDPSOHVIRUDOOWKHFRPSOHWHGVDPSOHVSUHVHQWRQ
$7'(YHQLI\RXHQDEOH6DPSOH'RZQORDG$FFHVV\RXFDQQRWGRZQORDGWKHVDPSOH
ȏ HQDEOH:KHQH[HFXWHGLPPHGLDWHO\UHPRYHVWKHRULJLQDOVDPSOHVIRUDOOWKHFRPSOHWHGVDPSOHVSUHVHQW
RQ$7'ΖWDOVRHQDEOHV\RXWRVHWDGDLO\WDVNWRDXWRPDWLFDOO\UHPRYHRULJLQDOVDPSOHVIURPQHZO\
FRPSOHWHGVDPSOHVDWDFRQȴJXUHGWLPH
ȏ GLVDEOH:KHQH[HFXWHGGLVDEOHVWKHGDLO\WDVNWRUHPRYHRULJLQDOVDPSOHVIURPQHZO\FRPSOHWHGVDPSOH
ȴOHVDWWKHFRQȴJXUHGWLPH
6\QWD[UHPRYHVDPSOHVDOOQRZ!HQDEOH!GLVDEOH!
([DPSOH$7'!UHPRYHVDPSOHVDOOQRZ
5HPRYLQJDOOVDPSOHILOHVQRZ
VDPSOHILOHVUHPRYHG
([DPSOH$7'!UHPRYHVDPSOHVDOOHQDEOH
5HPRYLQJDOOVDPSOHILOHVQRZ
VDPSOHILOHVUHPRYHG
6HWWLQJXSGDLO\WDVNWRUHPRYHQHZO\FRPSOHWHGVDPSOHILOHVDW
([DPSOH$7'!UHPRYHVDPSOHVDOOGLVDEOH
'LVDEOLQJGDLO\WDVN
UHPRYH$QGURLG
5HPRYHWKH$QGURLG90IURPWKH90SURȴOHOLVW
(QVXUHWKDW$QGURLGLVQRWWKHGHIDXOW90SURȴOHDQGWKH9PFUHDWRUSURFHVVLVQRWUXQQLQJ
6\QWD[UHPRYH$QGURLG
7KLVFRPPDQGKDVQRSDUDPHWHUV
6DPSOH2XWSXW
$7'B8B!UHPRYH$QGURLG
6WDUWHGGHOHWLQJWKHDQGURLG90
6XFFHVVIXOO\GHOHWHGWKHDQGURLG90
7KLVFRPPDQGZLOOQRWZRUNRQWKHQRQDFWLYHQRGHVLQWKHFOXVWHU
UHPRYHQHWZRUNDGGUHVV
5HPRYHVWKHΖ3VXEQHWPDVNDQGJDWHZD\DGGUHVVHVIURPWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7KHFKDQJHVDUHUHȵHFWHGDIWHUWKHER[LVUHERRWHG7KLVLVDKLGGHQFRPPDQGEXWLVXVHIXOIRU6XSSRUW
6\QWD[UHPRYHQHWZRUNDGGUHVV
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH$7'!UHPRYHQHWZRUNDGGUHVV
5HPRYHWKHDSSOLDQFHQHWZRUNDGGUHVVHV"
3OHDVHHQWHU<WRFRQILUP
UHPRYH6DPSOHΖQ:DLWLQJ
5HPRYHDOORIWKHVDPSOHVWREHDQDO\]HGE\$GYDQFHG7KUHDW'HIHQVH
6\QWD[UHPRYH6DPSOH,Q:DLWLQJ
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
6WDUWLQJWKHVDPSOHTXHXHFOHDQLQJ
7KHFOHDQLQJLVGRQH
UHPRYHYPΖPDJH
7RGHOHWHWKH90ΖPDJHIURPDOOQRGHVLQWKH/%FOXVWHUZKHQRSWLRQLVVSHFLȴHGDVDOOH[HFXWHWKLVFRPPDQG
IURP3ULPDU\>$FWLYH@RU%DFNXS>$FWLYH@$GYDQFHG7KUHDW'HIHQVH
ΖIRSWLRQLVVSHFLȴHGDV$%&'LWGHOHWHVWKHΖPDJHRQO\IURP6HFRQGDU\ZLWKΖ3$%&'
5HGXFHWKH/LFHQVHFRXQWIRUΖPDJH1DPHWR]HUREHIRUHH[HFXWLQJWKLVFRPPDQGRUWKHFRPPDQGH[HFXWLRQ
IDLOV7KLVFRPPDQGGRHVQRWGHOHWHWKHΖPDJH1DPHIURP$FWLYH3ULPDU\%DFNXS$GYDQFHG7KUHDW'HIHQVH
7RREWDLQΖPDJH1DPHXVHWKHVKRZYPΖPDJHFRPPDQG
6\QWD[
UHPRYHYP,PDJH,PDJH1DPH!DOO_$%&'!
([DPSOH
UHPRYHYP,PDJHZLQ[SVSDOO
UHPRYHYP,PDJHZLQ[SVS
UHVHWXLDGPLQSDVVZG
5HVHWVWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHDGPLQLVWUDWRUSDVVZRUG:KHQ\RXXVHWKHFRPPDQGWKH
SDVVZRUGLVUHVHWWRWKHGHIDXOWYDOXHZKLFKLVDGPLQ7KHFXUUHQWO\ORJJHGRQVHVVLRQVDUHXQDHFWHG$
FKDQJHLQSDVVZRUGDHFWVRQO\QHZORJRQDWWHPSWV
6\QWD[UHVHWXLDGPLQSDVVZG
3UHVV<WRFRQȴUPRU1WRFDQFHO
UHVHWXVHUWLPHRXW
(QDEOHV\RXWRORJRQWR$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHZLWKRXWZDLWLQJIRUWKHWLPHUWRH[SLUH
6\QWD[UHVHWXVHUWLPHRXW:25'!
3DUDPHWHU 'HVFULSWLRQ
:25'! 7KH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHXVHUQDPHWKDW\RXZDQWWRUHPRYHWKHORJRQWLPHU
:KHQWKHDFWLRQLVVXFFHVVIXOWKH5HVHWGRQHPHVVDJHGLVSOD\V
([DPSOHUHVHWXVHUWLPHRXWDGPLQ
UHVWDUWQHWZRUN
5HVWDUWVWKH$GYDQFHG7KUHDW'HIHQVHQHWZRUN
5HVWDUWDPDVDIWHUXVLQJWKLVFRPPDQG
6\QWD[UHVWDUWQHWZRUN
7KLVFRPPDQGKDVQRSDUDPHWHUV
UHYHUWSDFNDJHDSSOLFDWLRQ
5HYHUWWKHFXUUHQWDSSOLFDWLRQVRIWZDUHSDFNDJHDQGLQVWDOOWKHEDFNXSDSSOLFDWLRQVRIWZDUHDVFXUUHQW
6\QWD[UHYHUWSDFNDJHDSSOLFDWLRQ
7KLVFRPPDQGKDVQRSDUDPHWHUV
8VHWKLVFRPPDQGZKHQ\RXFDQQRWUHYHUWWKHDSSOLFDWLRQVRIWZDUHIURPWKH$GYDQFHG7KUHDW'HIHQVH
LQWHUIDFH
UHYHUWSDFNDJHGHWHFWLRQ
5HYHUWWKHFXUUHQWGHWHFWLRQVRIWZDUHSDFNDJHDQGLQVWDOOWKHEDFNXSGHWHFWLRQSDFNDJHDVFXUUHQW
6\QWD[UHYHUWSDFNDJHGHWHFWLRQ
8VHWKLVFRPPDQGZKHQ\RXFDQQRWUHYHUWWKHDSSOLFDWLRQVRIWZDUHIURPWKH$GYDQFHG7KUHDW'HIHQVH
LQWHUIDFH
UHYHUWZHEFHUWLȴFDWH
5HYHUWWKHXSORDGHGZHEFHUWLȴFDWHWRWKHGHIDXOWFHUWLȴFDWH
6\QWD[UHYHUWZHEFHUWLILFDWH
7KLVFRPPDQGKDVQRSDUDPHWHUV
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
UHYHUWZHEFHUWLILFDWH
6XFFHVVIXOO\UHYHUWHGEDFNZHEFHUWLILFDWHWRGHIDXOW
5HVWDUWLQJOLJKWWSGVHUYLFH
URXWHDGGGHOHWHQHWZRUN
&/ΖFRPPDQGVDUHDYDLODEOHIRUDGGLQJDQGGHOHWLQJVWDWLFURXWHVWR$GYDQFHG7KUHDW'HIHQVH
7RDGGDSRUW
URXWHDGGQHWZRUNQHWZRUNLS!QHWPDVNQHWPDVN!JDWHZD\JDWHZD\LS!LQWISRUWSRUW
QXPEHU!SRUWQXPEHU!SRUWQXPEHU!
([DPSOHURXWHDGGQHWZRUNQHWPDVNJDWHZD\LQWISRUW
7RGHOHWHDSRUW
URXWHGHOHWHQHWZRUNQHWZRUNLS!QHWPDVNQHWPDVN!JDWHZD\JDWHZD\LS!LQWISRUW
SRUWQXPEHU!SRUWQXPEHU!SRUWQXPEHU!
([DPSOHURXWHGHOHWHQHWZRUNQHWPDVNJDWHZD\LQWISRUW
VDPSOHȴOWHU
7KLVFRPPDQGLVVSHFLȴFWR1HWZRUN6HFXULW\3ODWIRUP6HQVRUVDQGDOO5(67FKDQQHOVXEPLVVLRQV8VHWKLV
FRPPDQGWRSUHYHQW6HQVRUVIURPVHQGLQJXQVXSSRUWHGȴOHW\SHVWR0F$IHH$GYDQFHG7KUHDW'HIHQVHIRU
DQDO\VLV
6\QWD[
VDPSOHILOWHUVWDWXV!HQDEOH!GLVDEOH!
3DUDPHWHU 'HVFULSWLRQ
VWDWXV GLVSOD\VZKHWKHUWKHVDPSOHȴOWHULQJIHDWXUHLVHQDEOHGRUGLVDEOHGFXUUHQWO\%\GHIDXOWLWLV
HQDEOHG
HQDEOH VHWVWKHVDPSOHȴOWHULQJRQ:KHQLWLVHQDEOHG0F$IHH$GYDQFHG7KUHDW'HIHQVHFRQVLGHUVRQO\
WKHVXSSRUWHGȴOHW\SHVIURP1HWZRUN6HFXULW\3ODWIRUPIRUDQDO\VLV
0F$IHH$GYDQFHG7KUHDW'HIHQVHLJQRUHVDOORWKHUȴOHW\SHVDQGDOVRLQIRUPV1HWZRUN6HFXULW\
3ODWIRUPWKDWDVDPSOHLVRIDQXQVXSSRUWHGȴOHW\SH7KLVSUHYHQWVUHVRXUFHVEHLQJVSHQWRQ
XQVXSSRUWHGȴOHW\SHVRQERWK0F$IHH$GYDQFHG7KUHDW'HIHQVHDQG1HWZRUN6HFXULW\3ODWIRUP
GLVDEOH VHWVWKHVDPSOHȴOWHULQJWRR:KHQGLVDEOHG0F$IHH$GYDQFHG7KUHDW'HIHQVHFRQVLGHUVDOO
WKHȴOHVVXEPLWWHGE\1HWZRUN6HFXULW\3ODWIRUPIRUDQDO\VLVEXWRQO\WKHVXSSRUWHGȴOHW\SHV
DUHDQDO\]HG7KHUHPDLQLQJDUHUHSRUWHGDVXQVXSSRUWHGLQWKH$QDO\VLV6WDWXVDQG$QDO\VLV5HSRUWV
SDJHV
([DPSOH
VDPSOHILOWHUVWDWXV
6HHDOVR
$QDO\]LQJPDOZDUHRQSDJH
VHWDSSOLDQFHGQV$%&'()*+:25'
&RQȴJXUHVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHSUHIHUUHGDQGDOWHUQDWH'16DGGUHVV
6\QWD[
VHWDSSOLDQFHGQV$%&'()*+:25'
3DUDPHWHU 'HVFULSWLRQ
$%&'! '16SUHIHUUHGDGGUHVV
()*+! '16DOWHUQDWHDGGUHVV
:25'! $SSOLDQFHGRPDLQQDPH
([DPSOH$7'!VHWDSSOLDQFHGQVQDLFRP
'16VHWWLQJKDGEHHQFRQILJXUHG
VHWSRUW
$OORZV\RXWRDFFHVV$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHIURPDZHEEURZVHUWKURXJK+773SRUW
6\QWD[
VHWSRUWHQDEOHGLVDEOH!
3DUDPHWHU 'HVFULSWLRQ
HQDEOH! 7KH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHFDQEHDFFHVVHGXVLQJWKHKWWSV$GYDQFHG7KUHDW
'HIHQVHΖ3DGGUHVV!OLQNIURPDEURZVHU
5HSODFH$GYDQFHG7KUHDW'HIHQVHΖ3DGGUHVVZLWKWKHDFWXDOΖ3DGGUHVV
GLVDEOH! 7KH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHFDQ
WEHDFFHVVHGIURPDEURZVHU
'HOHWHWKHEURZVHUFDFKHEHIRUH\RXDFFHVVWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
ΖI\RXGLVDEOHSRUWWKHKWWSUHGLUHFWZLOODOVRQRWZRUN
([DPSOH
VHWSRUWHQDEOH
(QDEOLQJ+773SRUW
+WWSSRUWHQDEOHG
VHWDSSOLDQFHJDWHZD\
6SHFLȴHVWKHΖ3YDGGUHVVRIWKHJDWHZD\IRUWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
6\QWD[
VHWDSSOLDQFHJDWHZD\$%&'!
3DUDPHWHU 'HVFULSWLRQ
$%&'! $ELWDGGUHVVZULWWHQDVIRXUHLJKWELWQXPEHUVVHSDUDWHGE\SHULRGV$%&RU'UHSUHVHQWV
DQHLJKWELWQXPEHUEHWZHHQȂ
([DPSOH
VHWDSSOLDQFHJDWHZD\
VHWDSSOLDQFHLS
6SHFLȴHVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHΖ3YDGGUHVVDQGVXEQHWPDVN&KDQJLQJWKHΖ3DGGUHVV
UHTXLUHVDUHVWDUWIRUWKHFKDQJHVWRWDNHHHFW6HHWKHUHERRWFRPPDQGIRULQVWUXFWLRQVRQKRZWRUHERRW
WKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
6\QWD[
VHWDSSOLDQFHLS$%&'()*+!
3DUDPHWHU 'HVFULSWLRQ
$%&' ΖQGLFDWHVDQΖ3YDGGUHVVIROORZHGE\DQHWPDVN7KHQHWPDVNVWULSVWKHKRVWΖ'IURPWKHΖ3
()*+! DGGUHVVOHDYLQJRQO\WKHQHWZRUNΖ'(DFKQHWPDVNFRQVLVWVRIELQDU\RQHVGHFLPDOWR
PDVNWKHQHWZRUNΖ'DQGELQDU\]HURHVGHFLPDOWRUHWDLQWKHKRVWΖ'RIWKHΖ3
DGGUHVV)RUH[DPSOHWKHGHIDXOWQHWPDVNVHWWLQJIRUD&ODVV&DGGUHVVLV
([DPSOH
VHWDSSOLDQFHLS
VHWDSSOLDQFHQDPH
6HWVWKHQDPHRIWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH7KLVQDPHLVXVHGWRLGHQWLI\WKH$GYDQFHG7KUHDW
'HIHQVH$SSOLDQFHLI\RXLQWHJUDWHLWZLWK1HWZRUN6HFXULW\3ODWIRUP
6\QWD[
VHWDSSOLDQFHQDPH:25'!
3DUDPHWHU 'HVFULSWLRQ
:25'! ΖQGLFDWHVDFDVHVHQVLWLYHFKDUDFWHUVWULQJXSWRFKDUDFWHUV7KHVWULQJFDQLQFOXGHK\SKHQV
XQGHUVFRUHVDQGSHULRGVDQGPXVWEHJLQZLWKDOHWWHU
([DPSOH
VHWDSSOLDQFHQDPH6DQ-RVHB0$7'
VHWJWLGQVFKHFN
7KLVFRPPDQGUHTXLUHV'16WREHVHWIRU0F$IHH*7ΖWRZRUN%\GHIDXOWWKLVFRPPDQGLVVHWWRGLVDEOHG
ZKLFKPHDQVWKDWLIWKHUHLVQRLQWHUQHWDFFHVV0F$IHH*7ΖZRUNVȴQHΖIWKLVFRPPDQGLVHQDEOHG0F$IHH*7Ζ
ZLOOQRWZRUNXQOHVV$GYDQFHG7KUHDW'HIHQVHLVFRQQHFWHGWRWKHΖQWHUQHWDQGUHVROYHV0F$IHH*7ΖORRNXS
85/V<RXQHHGWRUHVWDUWDPDVIRUWKHVHFKDQJHVWRUHȵHFWLQ$GYDQFHG7KUHDW'HIHQVH
6\QWD[VHWJWLGQVFKHFNHQDEOH!GLVDEOH!
([DPSOH$7'!VHWJWLGQVFKHFNHQDEOH
'16DFFHVVFKHFNLVQRZHQDEOHG
$7'!VHWJWLGQVFKHFNGLVDEOH
'16DFFHVVFKHFNLVQRZGLVDEOHG
VHWJWLVHUYHULS3ULYDWH&ORXGΖ3!
6HWVWRDYDOLG*7Ζ3ULYDWH&ORXGXVLQJLWVΖ3DGGUHVV
6\QWD[
VHWJWLVHUYHULS3ULYDWH&ORXG,3!
3DUDPHWHU 'HVFULSWLRQ
3ULYDWH&ORXGΖ3! (QWHUWKHΖ3DGGUHVVIRUWKH*7Ζ3ULYDWH&ORXG
VHWJWLVHUYHUXUO'RPDLQ1DPH!
6HWVWRDYDOLG*7Ζ3ULYDWH&ORXGXVLQJLWV85/
6\QWD[
VHWJWLVHUYHUXUO'RPDLQ1DPH!
3DUDPHWHU 'HVFULSWLRQ
'RPDLQQDPH! (QWHUWKH85/IRUWKH*7Ζ3ULYDWH&ORXG
VHWJWLVHUYHULS
5HVHWV*7ΖWR3XEOLF&ORXG
6\QWD[
VHWJWLVHUYHULS
VHWJWLVHUYHUXUO
5HVHWV*7ΖWR3XEOLF&ORXG
6\QWD[
VHWJWLVHUYHUXUO
VHWLQWISRUW
(QDEOHRUGLVDEOHWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHSRUWV
6\QWD[
VHWLQWISRUW!!!HQDEOH!GLVDEOH!
([DPSOHVHWLQWISRUWHQDEOH
VHWLQWISRUW!LSGHOHWHLSDGGUHVV!
5HPRYHVΖ3DGGUHVVHVDVVLJQHGWRDQLQWHUIDFH
6\QWD[
VHWLQWISRUW!LSGHOHWHLSDGGUHVV!
3DUDPHWHU 'HVFULSWLRQ
! (QWHURQHRIWKHWKUHHDYDLODEOHSRUWV
LSDGGUHVV! (QWHUWKHΖ3DGGUHVVWKDW\RXZDQWWRUHPRYH
([DPSOH
VHWLQWISRUWLSGHOHWH
,QWHUIDFHSRUW,3GHOHWHGVXFFHVVIXOO\
VHWLQWISRUWDXWR
6HWVDQLQWHUIDFHSRUWWRDXWRQHJRWLDWHWKHFRQQHFWLRQZLWKWKHLPPHGLDWHQHWZRUNGHYLFH
6\QWD[
VHWLQWISRUW!!!DXWR
([DPSOH
VHWLQWISRUWDXWR
VHWLQWISRUWLS
6HWVDQΖ3DGGUHVVWRDQLQWHUIDFHSRUW
6\QWD[
VHWLQWISRUW!!!LS$%&'()*+
([DPSOH
VHWLQWISRUW
VHWLQWISRUWVSHHGGXSOH[
&RQȴJXUHVWKHVSHHGDQGGXSOH[VHWWLQJRQWKHVSHFLȴHGLQWHUIDFHSRUW
6\QWD[
VHWLQWISRUW!!!VSHHG_!GXSOH[KDOI_IXOO!
3DUDPHWHU 'HVFULSWLRQ
!!! 6SHFLȴHVWKHLQWHUIDFHSRUWΖ'WKDW\RXZDQWWRXVHWRFRQȴJXUHWKHVSHHGDQGGXSOH[
_! &RQȴJXUHVWKHVSHHGRQWKHLQWHUIDFHSRUW7KHVSHHGYDOXHFDQEHHLWKHURU
KDOI_IXOO! &RQȴJXUHVWKHGXSOH[VHWWLQJRQWKHLQWHUIDFHSRUW6HWWKHYDOXHKDOI
IRUKDOIGXSOH[DQGIXOO
IRU
IXOO
GXSOH[
([DPSOH
VHWLQWISRUWVSHHGGXSOH[IXOO
VHWΖ3$GGUHVV6ZDS
:KHQ\RXVXEPLWVDPSOHVIRUDQDO\VLVWKURXJK1HWZRUN6HFXULW\3ODWIRUPWKHVRXUFHDQGGHVWLQDWLRQΖ3
LQIRUPDWLRQLVVZDSSHGIRUWKHVXEPLWWHGVDPSOHV
7RUHYHUVHWKHDEHUUDWLRQFDXVHGE\1HWZRUN6HFXULW\3ODWIRUP$GYDQFHG7KUHDW'HIHQVHHQDEOHVVHW
,3$GGUHVV6ZDSFRPPDQG7KLVFRPPDQGQXOOLȴHVWKHVZDSHHFWRI1HWZRUN6HFXULW\3ODWIRUPDQGGLVSOD\V
WKHFRUUHFWWKHVRXUFHDQGGHVWLQDWLRQΖ3LQIRUPDWLRQIRUVDPSOHVVXEPLWWHGWKURXJK1HWZRUN6HFXULW\
3ODWIRUP:KHQVDPSOHVDUHVXEPLWWHGIURP0F$IHH1*):WR$GYDQFHG7KUHDW'HIHQVHWKHVRXUFHDQG
GHVWLQDWLRQΖ3LQIRUPDWLRQDUHGLVSOD\HGFRUUHFWO\%DVHGRQWKHSUHIHUHQFH\RXFDQXVHWKHIROORZLQJ
FRPPDQGWRHQDEOHRUGLVDEOHΖ3$GGUHVV6ZDS
6\QWD[VHW,3$GGUHVV6ZDSHQDEOH!GLVDEOH!
%\GHIDXOWVHWΖ3$GGUHVV6ZDSLVHQDEOHG
([DPSOHVHW,3$GGUHVV6ZDSHQDEOH
VHWOGDSHQDEOH_GLVDEOH
(QDEOHVRUGLVDEOHV/'$3DXWKHQWLFDWLRQ0DNHVXUHWKDWDOO/'$3SDUDPHWHUVDUHFRQȴJXUHGFRUUHFWO\LQWKH
ZHELQWHUIDFHWRXVHWKLVFRPPDQG/'$3
6\QWD[
VHWOGDSHQDEOH_GLVDEOH
3DUDPHWHU 'HVFULSWLRQ
HQDEOH (QDEOHV/'$3DXWKHQWLFDWLRQ
GLVDEOH 'LVDEOH/'$3DXWKHQWLFDWLRQ
([DPSOH
VHWOGDSGLVDEOH
'LVDEOLQJOGDSVXSSRUW
1RWH
$XWKHQWLFDWLRQPHWKRGJRWFKDQJHG
7HUPLQDWLQJPDWGFOLVHVVLRQLQVHFRQGV
3OHDVHORJLQDJDLQ
VHWPDOZDUHGQV
8VHWKLVFRPPDQGWRFRQȴJXUHWKHPDOZDUH'16Ζ3WKDW$GYDQFHG7KUHDW'HIHQVHXVHVWRURXWHWKHPDOZDUH
'16TXHULHV
6\QWD[VHWPDOZDUHGQV
([DPSOHVHWPDOZDUHGQV
VHWPDOZDUHLQWISRUW
&RQȴJXUHWKHUHTXLUHGSRUWWRURXWHΖQWHUQHWWUDɝFIURPDQDQDO\]HU90
%HIRUH\RXUXQWKLVFRPPDQGPDNHVXUHWKDWWKHUHTXLUHGSRUWLVHQDEOHGDQGFRQȴJXUHGZLWKDQΖ3DGGUHVV
6\QWD[VHWPDOZDUHLQWISRUW!!!JDWHZD\$%&'
([DPSOHVHWPDOZDUHLQWISRUW
5XQWKHVKRZLQWISRUWDQGYHULI\WKH0DOZDUH,QWHUIDFH3RUWDQG0DOZDUH*DWHZD\HQWULHV
$GYDQFHG7KUHDW'HIHQVHXVHVWKHFRQȴJXUHGSRUWWRSURYLGHΖQWHUQHWDFFHVVWRDQDO\]HU90V
6HHDOVR
ΖQWHUQHWDFFHVVWRVDPSOHȴOHVRQSDJH
VHWPJPWSRUWDXWR
&RQȴJXUHVWKHQHWZRUNSRUWWRDXWRQHJRWLDWHWKHFRQQHFWLRQEHWZHHQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
DQGWKHLPPHGLDWHQHWZRUNGHYLFH
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
VHWPJPWSRUWDXWR
'HIDXOW9DOXH
%\GHIDXOWWKHQHWZRUNSRUWLVVHWWRDXWRDXWRQHJRWLDWH
VHWPDOZDUHLQWISRUWPJPW
%\GHIDXOWΖQWHUQHWDFFHVVWRDQDO\]HU90VLVWKURXJKWKH0F$IHH$GYDQFHG7KUHDW'HIHQVH
VPDQDJHPHQWSRUW
HWK8VHWKLVFRPPDQGLI\RXKDGFRQȴJXUHGDGLHUHQWSRUWIRUURXWLQJΖQWHUQHWWUDɝFDQGZDQWWRUHYHUW
WRWKHPDQDJHPHQWSRUW
6\QWD[VHWPDOZDUHLQWISRUWPJPW
5XQWKHVKRZLQWISRUWPJPWDQGYHULI\WKH0DOZDUH,QWHUIDFH3RUWDQG0DOZDUH*DWHZD\HQWULHV
0F$IHH$GYDQFHG7KUHDW'HIHQVHXVHVWKHPDQDJHPHQWSRUWWRSURYLGHΖQWHUQHWDFFHVVWRDQDO\]HU90V6HH
ΖQWHUQHWDFFHVVWRVDPSOHȴOHVRQSDJH
VHWPJPWSRUWVSHHGDQGGXSOH[
&RQȴJXUHVWKHQHWZRUNSRUWWRPDWFKWKHVSHHGRIWKHQHWZRUNGHYLFHFRQQHFWLQJWRWKH$GYDQFHG7KUHDW
'HIHQVH$SSOLDQFHWKHQUXQVLQIXOORUKDOIGXSOH[PRGH
6\QWD[
VHWPJPWSRUWVSHHG_!GXSOH[IXOO_KDOI!!
3DUDPHWHU 'HVFULSWLRQ
_! 6SHFLȴHVWKHVSHHGRQWKH(WKHUQHWQHWZRUNSRUW7KHVSHHGYDOXHFDQEHHLWKHURU0ESV
7RVHWWKHVSHHGWR0ESVXVHWKHVHWPJPWSRUWDXWRFRPPDQG
KDOI_IXOO! 6SHFLȴHVWKHGXSOH[VHWWLQJRQWKH(WKHUQHWQHWZRUNSRUW
ȏ KDOIȃ+DOIGXSOH[
ȏ IXOOȃ)XOOGXSOH[
'HIDXOW9DOXH
%\GHIDXOWWKHQHWZRUNSRUWLVVHWWRDXWRDXWRQHJRWLDWH
VHWSGȵLQNV
(QDEOHRUGLVDEOHYDOLGDWLRQRSHUDWLRQSHUIRUPHGE\0F$IHH*7ΖRQOLQNVHPEHGGHGLQVLGH3')VGXULQJ
G\QDPLFDQDO\VLV
6\QWD[VHWSGIOLQNVHQDEOH!GLVDEOH!
6DPSOH2XWSXWVHWSGIOLQNVHQDEOH(QDEOHSGIOLQNVRSHUDWLRQ
VHWȴOHVL]HV
(QDEOHV\RXWRFKDQJHWKHPLQLPXPDQGPD[LPXPȴOHVL]HV
6\QWD[
VHWILOHVL]HVW\SHQXPEHU!PLQLPXPVL]H!PD[LPXPVL]H!UHVWDUWHQJLQH!
3DUDPHWHU 'HVFULSWLRQ
W\SHQXPEHU 7\SHRIȴOHVXEPLWWHGIRUDQDO\VLV
PLQLPXPVL]H 0LQLPXPȴOHVL]H
PD[LPXPVL]H 0D[LPXPȴOHVL]H
UHVWDUWHQJLQH 8VHVDYDOXHRIRU
ȃ5HVWDUW$0$6VHUYLFHWKLVLVUHTXLUHGIRU163DQG1*):LQWHJUDWLRQ
ȃ.HHSV$0$6VHUYLFHUXQQLQJXVHWKLVZKHQVXEPLVVLRQLVWKURXJK*8Ζ5HVW$3Ζ
)RUH[DPSOHLI\RXZDQWWRFKDQJHWKHPLQLPXPȴOHVL]HRID-3(*LPDJHȴOHWRE\WHVWKHQUXQWKH
FRPPDQGVHWILOHVL]HV
ΖIWKHȴOHVL]HVSHFLȴHGLVEH\RQGWKHPLQLPXPRUPD[LPXPYDOXHOLVWHGLQWKHDERYHWDEOHWKHIROORZLQJHUURU
PHVVDJHLVGLVSOD\HG
7KHPD[!PLQ!ȴOHVL]HYDOXH QXPHULFYDOXHVSHFLȴHG!LVLQYDOLG
6HW)73
:KHQ\RXXSORDGȴOHVIRUDQDO\VLVXVLQJDQ)73FOLHQWRUZKHQ\RXLPSRUWD90'.ȴOHLQWR$GYDQFHG7KUHDW
'HIHQVHWRFUHDWHDQDQDO\]HU90\RXXVH6)73VLQFH)73LVQRWVXSSRUWHGE\GHIDXOW+RZHYHULI\RXSUHIHUWR
XVH)73IRUWKHVHWDVNV\RXFDQHQDEOH)73
6\QWD[VHWIWSHQDEOH!GLVDEOH!
%\GHIDXOW)73LVGLVDEOHG
([DPSOHVHWIWSHQDEOH
6HHDOVR
VKRZIWSRQSDJH
VHWKHDGHUORJ
8VHWKLVFRPPDQGWRHQDEOHRUGLVDEOHWKHORJJLQJRILQIRUPDWLRQUHJDUGLQJKWWSKHDGHU7KHOLJKWWSGZHE
VHUYHULVUHVWDUWHGRQH[HFXWLRQRIWKLVFRPPDQG
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[VHWKHDGHUORJHQDEOH!GLVDEOH!
%\GHIDXOWLQIRUPDWLRQUHJDUGLQJKWWSKHDGHULVQRWORJJHG
([DPSOHVHWKHDGHUORJHQDEOH!
6HHDOVR
VHWORJFRQȴJ
6HWWKHGHEXJJLQJPRGHWREHDSSOLHGIRUORJV
6\QWD[VHWORJFRQILJHQDEOH!GLVDEOH!
7KHIROORZLQJLQIRUPDWLRQLVGLVSOD\HGXVLQJWKLVFRPPDQG
,36(QDEOHORJFRQILJVXSSRUW
$Y'DW'LVDEOHORJFRQILJVXSSRUW
&/,
(32
0RQLWRU
$PDVOLE
*7,
*$0
0$9
6FDQQHUV
/%
';/
,1,
6103
&21),*
VHWPDUWLPHRXW
&RQȴJXUHDWLPHRXWSHULRGDIWHUZKLFK$GYDQFHG7KUHDW'HIHQVHVWRSVTXHU\LQJ0$5VHUYHUIRUUHVXOWV
6\QWD[VHWPDUWLPHRXWVHFRQGV!
6DPSOH2XWSXW8SGDWHGWKH0$5WLPHRXWYDOXHWRVHFRQGV
VHWQVSVVOFKDQQHOHQFU\SWLRQ
8VHWKLVFRPPDQGWRFRQȴJXUHDQHQFU\SWHGFKDQQHOIRUFRPPXQLFDWLRQEHWZHHQ$GYDQFHG7KUHDW'HIHQVH
DQG1HWZRUN6HFXULW\3ODWIRUP
6\QWD[VHWQVSVVOFKDQQHOHQFU\SWLRQHQDEOH!GLVDEOH!
([DPSOH$7'!VHWQVSVVOFKDQQHOHQFU\SWLRQHQDEOH
(QFU\SWHGGDWDWUDQVIHUIURP1HWZRUN6HFXULW\3ODWIRUP
8VHWKHVHVWHSVIRUVHFXUHFRPPXQLFDWLRQEHWZHHQ$GYDQFHG7KUHDW'HIHQVHDQG1HWZRUN6HFXULW\3ODWIRUP
ȏ ΖIHQFU\SWLRQLVHQDEOHGRQ$GYDQFHG7KUHDW'HIHQVHDQG1HWZRUN6HFXULW\3ODWIRUPWKHGDWDVHQWIURP
1HWZRUN6HFXULW\3ODWIRUPWR$GYDQFHG7KUHDW'HIHQVHLVHQFU\SWHGDQGXVHVDQ$(66+$FLSKHU
ȏ /RJRQWRWKH6HQVRU&/ΖDQGHQWHULQWRGHEXJPRGH
ȏ ([HFXWHVHWDPFKDQQHOHQFU\SWLRQRQ
ȏ /RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH&/ΖDQGH[HFXWHVHWQVSVVOFKDQQHOHQFU\SWLRQHQDEOH
ȏ ΖIHQFU\SWLRQLVGLVDEOHGRQ$GYDQFHG7KUHDW'HIHQVHDQG1HWZRUN6HFXULW\3ODWIRUPWKHGDWDVHQWIURP
1HWZRUN6HFXULW\3ODWIRUPWR$GYDQFHG7KUHDW'HIHQVHLVQRWHQFU\SWHGDQGXVHVD18//6+$FLSKHU
ȏ /RJRQWRWKH6HQVRU&/ΖDQGHQWHULQWRGHEXJPRGH
ȏ ([HFXWHVHWDPFKDQQHOHQFU\SWLRQRII
ȏ /RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH&/ΖDQGH[HFXWHVHWQVSVVOFKDQQHOHQFU\SWLRQ
GLVDEOH
VHWQVSWFSFKDQQHOHQDEOH_GLVDEOH
(QDEOHVRUGLVDEOHVFRPPXQLFDWHEHWZHHQ1HWZRUN6HFXULW\3ODWIRUPDQG$GYDQFHG7KUHDW'HIHQVHRYHU7&3
6\QWD[
VHWQVSWFSFKDQQHOHQDEOH_GLVDEOH
3DUDPHWHU 'HVFULSWLRQ
HQDEOH (QDEOH7&3FKDQQHOVXSSRUW
GLVDEOH 'LVDEOH7&3FKDQQHOVXSSRUW
([DPSOH
VHWQVSWFSFKDQQHOHQDEOH
1637&3&KDQQHO6XSSRUW(QDEOHGDQGUHVWDUWHGVHUYLFH
VHWUHVXOWEDFNXSHQDEOH!GLVDEOH!
8VHWKLVFRPPDQGWREDFNXSROGUHSRUWVDQGUHVXOWVWRWKH)73VHUYHUGXULQJGLVNFOHDQXS:KHQHQDEOHG
$GYDQFHG7KUHDW'HIHQVHEDFNVXSROGUHSRUWVDQGUHVXOWVEHIRUHGLVNFOHDQXS
6\QWD[
VHWUHVXOWEDFNXSHQDEOH!GLVDEOH!
VHWVWL[UHSRUWVWDWXV
8VHWKLVFRPPDQGWRHQDEOHRUGLVDEOHWKH67Ζ;UHSRUWJHQHUDWLRQ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[VHWVWL[UHSRUWVWDWXVHQDEOH!GLVDEOH!
%\GHIDXOWVWL[UHSRUWVWDWXVLVGLVDEOHG
([DPSOHVHWVWL[UHSRUWVWDWXVHQDEOH!
6HHDOVR
VKRZVWL[UHSRUWVWDWXVRQSDJH
VHWWFSGXPS
&RQȴJXUHVWKHSDFNHWFDSWXUHIXQFWLRQDOLW\
6\QWD[VHWWFSGXPS
VHWWFSGXPSVWDUW!SRUWRSWLRQVVHSHDUWHGE\XQGHUVFRUH!
([DPSOHVHWWFSGXPSVWDUWLBHWKBFB
VHWWFSGXPSVWRS!
3DUDPHWHU 'HVFULSWLRQ
VWDUW 6WDUWVWKHSDFNHWFDSWXUHRSHUDWLRQRQWKHVSHFLȴHGWFSGXPS
VWRS 6WRSVWKHSDFNHWFDSWXUHRSHUDWLRQ
VHWWLPHRXW!
6HWVWKH66+WLPHRXWLQVHFRQGV
6\QWD[
VHWWLPHRXW!
3DUDPHWHU 'HVFULSWLRQ
! 9DOXHWRVHWWKH66+WLPHRXWLQVHFRQGV
([DPSOH
VHWWLPHRXW
&/,VHVVLRQWLPHRXWYDOXHVHWWRVHFRQGV
VHWXLORJ
6HWVWKHDPRXQWRIZHELQWHUIDFHDFFHVVLQIRUPDWLRQWREHORJJHG/HYHOYDULHVIURPWR
6\QWD[
VHWXLORJVHFRQGV!
3DUDPHWHU 'HVFULSWLRQ
QXPHULF! 6HWVWKHDPRXQWRI8ΖDFFHVVLQIRUPDWLRQWREHORJJHG
$7'!VHWXLORJ
QHZORJOHYHOLV
VHWXLWLPHRXW
6SHFLȴHVWKHQXPEHURIPLQXWHVWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHLVLQDFWLYHEHIRUHWKHFRQQHFWLRQ
WLPHVRXW
6\QWD[
VHWXLWLPHRXW!
3DUDPHWHU 'HVFULSWLRQ
! <RXFDQVHWDWLPHRXWSHULRGIURPWRVHFRQGV
([DPSOHVHWXLWLPHRXW
'HIDXOW9DOXHPLQXWHV
VKRZ
6KRZVDOOWKHFXUUHQWFRQȴJXUDWLRQVHWWLQJVRQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
VKRZ
ΖQIRUPDWLRQGLVSOD\HGE\WKHVKRZFRPPDQGLQFOXGHV
>6HQVRUΖQIR@
ȏ 6\VWHP1DPH ȏ 6RIWZDUH9HUVLRQ
ȏ 'DWH ȏ $FWLYH9HUVLRQ
ȏ 6\VWHP8SWLPH ȏ %DFNXS9HUVLRQ
ȏ 6\VWHP7\SH ȏ 0*07(WKHUQHW3RUW
ȏ 6HULDO1XPEHU
>6HQVRU1HWZRUN&RQȴJ@
ȏ Ζ3$GGUHVV
ȏ 1HWPDVN
ȏ 'HIDXOW*DWHZD\
ȏ '16DGGUHVV
VKRZGDWYHUVLRQ
9LHZWKHFXUUHQW'$7YHUVLRQRIDQDO\]LQJRSWLRQV
6\QWD[VKRZGDWYHUVLRQ
6DPSOH2XWSXW
$9'$7YHUVLRQ
$9(QJLQHYHUVLRQ
*$0'$7YHUVLRQ
*$0(QJLQHYHUVLRQ
VKRZGVVWDWXV
9LHZWKHVWDWXVRIDOODQDO\]LQJRSWLRQV
6\QWD[VKRZGVVWDWXV
7KLVFRPPDQGKDVQRSDUDPHWHUV
6DPSOH2XSWXW
*7,LVDOLYH
0$9LVDOLYH
*$0LVDOLYH
<DUDLVDOLYH
VKRZHF
'LVSOD\VWKHVWDWXVDQGFRQȴJXUDWLRQVRIHPDLOFRQQHFWRU
6\QWD[VKRZHF
([DPSOH
VKRZHF
(PDLO&RQQHFWRU6WDWXVHQDEOHG
/LVWHQ3RUW
6PDUW+RVWQDPH
6PDUW+RVWSRUW
0D[LPXPWLPHSHUHPDLO
1RUPDO0RGHHQDEOHG
(&+HDOWK6WDWXV+HDOWK\
6NLS3URWHFWHG)LOHVGLVDEOHG
VKRZHFȴOHW\SHV
6KRZVZKHWKHUWKHHPDLOFRQQHFWRUȴOHW\SHVDUHHQDEOHGRUGLVDEOHGIRUVFDQV
6\QWD[VKRZHFILOHW\SHV
VKRZHFȴOWHUUXOHV
6KRZVWKHOLVWRI(PDLO&RQQHFWRU)LOWHU5XOHV
6\QWD[VKRZHFILOWHUUXOHV
VKRZHFSHUPLWWHG+RVWV
6KRZVWKHHPDLOFRQQHFWRUSHUPLWWHGKRVWV
6\QWD[VKRZHFSHUPLWWHG+RVWV
VKRZHFUHMHFWPRGH
6KRZVZKDWDFWLRQLVWREHWDNHQZKHQWKHV\VWHPLVRYHUORDGHG
6\QWD[VKRZHFUHMHFWPRGH
VKRZHFWOVLQERXQG_GHOLYHU\
6KRZVWKH7/6RSWLRQWKDWLVFRQȴJXUHGIRULQERXQGDQGRXWERXQGFRPPXQLFDWLRQ
6\QWD[
VKRZHFWOVLQERXQG
VKRZHFWOVGHOLYHU\
([DPSOH
VKRZHFWOVLQERXQG
7/6,QERXQGFRQQHFWLRQRSWLRQDO
VKRZHSRVWDWVQVS
'LVSOD\VWKHQXPEHURIUHTXHVWVVHQWWR0F$IHHH32WKHFRXQWRIUHVSRQVHVUHFHLYHGIURP0F$IHHH32DQG
WKHFRXQWRIUHTXHVWVWKDWIDLOHG
6\QWD[VKRZHSRVWDWVQVS
7KLVFRPPDQGKDVQRSDUDPHWHUV
VKRZȴOHTXHXH
'LVSOD\VWKHȴOHTXHXHVWDWLVWLFVVXFKDVWKHHVWLPDWHGDYHUDJHSURFHVVLQJWLPHDQDO\]LQJWLPHDQGȴOHVWKDW
DUHSHQGLQJ
7KLVFRPPDQGKDVQRSDUDPHWHU
6\QWD[VKRZILOHTXHXH
)ROORZLQJLVWKHLQIRUPDWLRQGLVSOD\HGE\WKHVKRZILOHTXHXHFRPPDQG
3URFHVVLQJ7LPH
$QDO\]LQJ7LPH
)LOHVLQZDLWLQJ
ILOHVLQ6DQG%R[
(VWLPDWHGDYHUDJHSURFHVVLQJWLPHIRUDOOVDPSOHVVHFRQGV
VKRZȴOHVL]HV
'LVSOD\VDOOWKHȴOHW\SHVVXSSRUWHGE\$GYDQFHG7KUHDW'HIHQVHZLWKGHWDLOVVXFKDVW\SHQXPEHUPLQLPXP
DQGPD[LPXPȴOHVL]HDQGVKRUWGHVFULSWLRQ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
VKRZILOHVL]HV
)ROORZLQJLVWKHLQIRUPDWLRQGLVSOD\HGE\WKHVKRZILOHVL]HVFRPPDQG
VKRZIWS
8VHWKLVFRPPDQGWRNQRZLI)73LVHQDEOHGRUGLVDEOHGFXUUHQWO\%\GHIDXOW)73LVGLVDEOHG
6\QWD[VKRZIWS
6HHDOVR
6HW)73RQSDJH
VKRZJWLGQV
&KHFNVWKHVWDWXVRI'16ORRNXSIRU*7ΖTXHULHVΖIWKHVWDWXVLVHQDEOHGWKHQHQVXUHWKDW$GYDQFHG7KUHDW
'HIHQVHKDVDFFHVVWRWKH'16IRUWKH*7ΖTXHULHVWREHJHQHUDWHG
6\QWD[
VKRZJWLGQV
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZJWLGQV
'16DFFHVVFKHFNLVGLVDEOHG
VKRZJWLVHUYHU
'LVSOD\VWKHFXUUHQWFRQȴJXUDWLRQRI\RXU0F$IHH0F$IHH*7ΖLQWHJUDWLRQ
6\QWD[
VKRZJWLVHUYHU
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZJWLVHUYHU
*7,6HUYHUFRQILJXUHGWR3ULYDWH&ORXG
3ULYDWH&ORXGDGGUHVVH[DPSOHFRP
VKRZKLVWRU\
'LVSOD\VWKHOLVWRI&/ΖFRPPDQGVLVVXHGLQWKHVHVVLRQ
6\QWD[VKRZKLVWRU\
7KLVFRPPDQGKDVQRSDUDPHWHUV
VKRZLQWISRUW
6KRZVWKHVWDWXVRIWKHVSHFLȴHGLQWHUIDFHSRUWRUWKHPDQDJHPHQWSRUWRI0F$IHH$GYDQFHG7KUHDW'HIHQVH
6\QWD[VKRZLQWISRUWPJPW!!!!
ΖQIRUPDWLRQGLVSOD\HGE\WKHVKRZLQWISRUWFRPPDQGLQFOXGHV
ȏ :KHWKHUWKHSRUW
VDGPLQLVWUDWLYHVWDWXVLVHQDEOHGRUGLVDEOHG
ȏ 7KHSRUW
VOLQNVWDWXV
ȏ 7KHVSHHGRIWKHSRUW
ȏ :KHWKHUWKHSRUWLVVHWWRKDOIRUIXOOGXSOH[
ȏ 7RWDOSDFNHWVUHFHLYHG
ȏ 7RWDOSDFNHWVVHQW
ȏ 7RWDO&5&HUURUVUHFHLYHG
ȏ 7RWDORWKHUHUURUVUHFHLYHG
ȏ 7RWDO&5&HUURUVVHQW
ȏ 7RWDORWKHUHUURUVVHQW
ȏ Ζ3DGGUHVVRIWKHSRUW
ȏ 0$&DGGUHVVRIWKHSRUW
ȏ :KHWKHUWKHSRUWLVXVHGWRSURYLGHΖQWHUQHWDFFHVVWRDQDO\]HU90V
ȏ ΖIFRQȴJXUHGWRSURYLGHΖQWHUQHWDFFHVVWRDQDO]\HU90VWKHQWKHFRUUHVSRQGLQJJDWHZD\IRUWKLVWUDɝF
VKRZΖ3$GGUHVV6ZDS
8VHWKLVFRPPDQGWRNQRZLIΖ3$GGUHVV6ZDSLVHQDEOHGRUGLVDEOHGFXUUHQWO\%\GHIDXOW)73LVHQDEOHG
6\QWD[VKRZ,3$GGUHVV6ZDS
6HHDOVRVHWΖ3$GGUHVV6ZDSRQSDJH
VKRZOGDS
'LVSOD\VWKHFRQȴJXUHGSDUDPHWHUVIRU/'$3DXWKHQWLFDWLRQ
6\QWD[
VKRZOGDS
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZOGDS
/'$3&RQILJXUDWLRQ
/'$3XVHUQDPHQXOO
%DVH'1QXOO
/'$3/RJLQ$WWULEXWHQXOO
/'$36HDUFKVFRSHVXEWUHH
/'$3$XWK0HWKRG6LPSOH
/'$36HUYHU,3>QXOO@3RUW>@
/'$36HUYLFHVWDWXV'2:1
/'$3)DOOEDFNVWDWXV',6$%/(
VKRZOLFHQVHLQIR
'LVSOD\VWKHOLFHQVHLQIRUPDWLRQRIWKHDSSOLDQFH
6\QWD[
VKRZOLFHQVHLQIR
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZOLFHQVHLQIR
$7'/LFHQVH0DQDJHURQQRQOLFHQVHUHVWULFWHGSODWIRUP
$XWKRUL]HGWR6\VWHP,G1$
9DOLGEHIRUHGDWH,QILQLW\
VKRZOLFHQVHVWDWXV
'LVSOD\VWKHOLFHQVHVWDWXVRIWKHDSSOLDQFH
6\QWD[
VKRZOLFHQVHVWDWXV
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZOLFHQVHVWDWXV
$7'/LFHQVH0DQDJHURQQRQOLFHQVHUHVWULFWHGSODWIRUP
9DOLG/LFHQVH
VKRZORJFRQȴJ
/LVWVWKHFXUUHQWGHEXJPRGHHPSOR\HGIRUGHEXJJLQJ
6\QWD[VKRZORJFRQILJ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6DPSOH2XWSXW/RJJLQJLV21PRGHVHQGWRV\VORJ
VKRZPDUWLPHRXW
'LVSOD\VDFRQȴJXUHGWLPHRXWSHULRGDIWHUZKLFK$GYDQFHG7KUHDW'HIHQVHVWRSVTXHU\LQJ0$5VHUYHUIRU
UHVXOWV
6\QWD[VKRZPDUWLPHRXW
7KLVFRPPDQGKDVQRSDUDPHWHUV
'HIDXOWYDOXH6HFRQGV
6DPSOH2XWSXW0$57LPHRXWLVFXUUHQWO\VHWWRVHFRQGV
VKRZSGȵLQNV
YLHZZKHWKHURUQRWYDOLGDWLRQRSHUDWLRQLVSHUIRUPHGE\0F$IHH*7ΖRQOLQNVHPEHGGHGLQVLGH3')VGXULQJ
G\QDPLFDQDO\VLV
6\QWD[VKRZSGIOLQNV
7KLVFRPPDQGKDVQRSDUDPHWHUV
6DPSOH2XWSXW*7,YDOLGDWLRQRI3')85/VLV2))
VKRZPVX
'LVSOD\VDOOWKHPVXȴOHVFRSLHGWR$GYDQFHG7KUHDW'HIHQVHYLD6)73
6\QWD[VKRZPVX
VKRZQVSVFDQGHWDLOV
6KRZVWKHȴOHVFDQGHWDLOVUHJDUGLQJWKHLQWHJUDWHGΖ366HQVRUV
6\QWD[VKRZQVSVFDQGHWDLOV6HQVRU,3DGGUHVV!
ΖI\RXGRQRWVSHFLI\WKH6HQVRUΖ3DGGUHVVWKHGHWDLOVDUHGLVSOD\HGIRUDOOWKH6HQVRUVLQWHJUDWHGZLWKWKH
$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
ΖQIRUPDWLRQGLVSOD\HGE\WKHVKRZQVSVFDQGHWDLOVFRPPDQGLQFOXGHV
ȏ 7KHΖ3DGGUHVVRIWKHΖ366HQVRU
ȏ 7RWDOQXPEHURISDFNHWVUHFHLYHGIURPWKH6HQVRU
ȏ 7RWDOQXPEHURISDFNHWVVHQWWRWKH6HQVRU
ȏ 7KHWLPHVWDPSRIZKHQWKHODVWSDFNHWZDVVHQWWRDQGUHFHLYHGIURPWKH6HQVRU
ȏ 7KHHQFU\SWLRQPHWKRGXVHGIRUWKHFRPPXQLFDWLRQZLWKWKH6HQVRU
ȏ 6HVVLRQKDQGOHQXOOFRXQWV
ȏ &RXQWRILQWHUQDOHUURUV
ȏ &RXQWRIXQNQRZQFRPPDQGVUHFHLYHGIURPWKH6HQVRU
ȏ )LOHVWULQJQXOO
ȏ )LOHGDWDQXOO
ȏ &RXQWRIXQNQRZQȴOHV
ȏ &RXQWRIRXWRIRUGHUSDFNHWV
ȏ &RXQWRI0'PLVPDWFKHVEHWZHHQZKDWZDVVHQWE\WKH6HQVRUDQGZKDWZDVFDOFXODWHGE\$GYDQFHG
7KUHDW'HIHQVH
ȏ &RXQWRIPHPRU\DOORFDWLRQIDLOXUHV
ȏ )LOHWUDQVIHUWLPHRXW
ȏ 1HZȴOHFRXQW
ȏ &RXQWRIVKDUHGPHPRU\DOORFDWLRQIDLOXUHV
ȏ &RXQWRIWKHQXPEHURIVWDWLFDQDO\VLVUHVSRQVHVVHQW
ȏ &RXQWRIWKHQXPEHURIG\QDPLFDQDO\VLVUHVSRQVHVVHQW
ȏ &RXQWRIVFDQUHTXHVWUHFHLYHG
ȏ 0'RIWKHODVWȴOHWKDWZDVVWUHDPHGE\WKH6HQVRU
VKRZQVSVVOFKDQQHOHQFU\SWLRQVWDWXV
'LVSOD\VWKH66/FKDQQHOHQFU\SWLRQVWDWXVIRU1HWZRUN6HFXULW\3ODWIRUP
6\QWD[
VKRZQVSVVOFKDQQHOHQFU\SWLRQVWDWXV
3DUDPHWHU 'HVFULSWLRQ
VWDWXV 'LVSOD\VWKH66/FKDQQHOHQFU\SWLRQVWDWXVIRU1HWZRUN6HFXULW\3ODWIRUP
([DPSOH
VKRZQVSVVOFKDQQHOHQFU\SWLRQVWDWXV
16366/&KDQQHO(QFU\SWLRQLV(QDEOHG
VKRZSRUW
'LVSOD\VWKHVWDWXVRI+773SRUW
6\QWD[
VKRZSRUW
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZSRUW
+773SRUWLVFORVHGRUEORFNHG
VKRZUHVXOWEDFNXS
7KLVFRPPDQGGLVSOD\VWKHUHVXOWEDFNXSVWDWXV
6\QWD[
VKRZUHVXOWEDFNXS
VKRZUPPLQIR
'LVSOD\VDOOKDUGZDUHDQG500UHODWHGLQIRUPDWLRQ
6\QWD[
VKRZUPPLQIR
7KLVFRPPDQGKDVQRSDUDPHWHUV
VKRZURXWH
'LVSOD\VWKHURXWHVWKDW\RXFRQȴJXUHGXVLQJWKHURXWHDGGFRPPDQGDVZHOODVWKHV\VWHPΖ3URXWLQJWDEOH
6\QWD[
VKRZURXWH
7KHGHWDLOVIURPDVDPSOHRXWSXWRIWKHFRPPDQGLQWKHIROORZLQJWDEOH
7DEOH6\VWHPΖ3URXWLQJWDEOH
'HVWLQDWLRQ *DWHZD\ *HQPDVN )ODJV 0HWULF 5HI 8VH ΖIDFH
8 PJPW
8 PJPW
8 PJPW
8 PJPW
8* PJPW
VKRZVWL[UHSRUWVWDWXV
'LVSOD\VWKHFXUUHQWVWDWXVRIWKHVWL[UHSRUWVWDWXV
7KLVFRPPDQGKDVQRSDUDPHWHU
6\QWD[VKRZVWL[UHSRUWVWDWXV
6DPSOH2XWSXW67,;UHSRUWLQJLV2))
VKRZV\VWHPLG
'LVSOD\VWKHV\VWHPΖ'
6\QWD[
VKRZV\VWHPLG
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOHVKRZV\VWHPLG
[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
VKRZWFSGXPS
'LVSOD\VWKHFXUUHQWVWDWXVRISDFNHWFDSWXUHIXQFWLRQDOLW\7KHPD[LPXPȴOHVL]HIRUWKHFDSWXUHLV0%
6\QWD[VKRZWFSGXPS
7KLVFRPPDQGKDVQRSDUDPHWHUV
6DPSOH2XWSXW7&3GXPSLVQRWUXQQLQJ
VKRZWHSXEOLVKHUVWDWXV
'LVSOD\VWKHVWDWXVRI0F$IHHH327KUHDW(YHQW3XEOLVKHU
6\QWD[
VKRZWHSXEOLVKHUVWDWXV
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOHVKRZWHSXEOLVKHUVWDWXV
H327KUHDW(YHQW3XEOLVKHU6WDWXV
WHSXEOLVKHULVQRWUXQQLQJ
VKRZWLPHRXW
'LVSOD\VWKHWLPHRXWYDOXHFRQȴJXUHGIRU66+
6\QWD[VKRZWLPHRXW
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
VKRZWLPHRXW
&/,VHVVLRQWLPHRXWLVVHFRQGV
VKRZXLWLPHRXW
'LVSOD\VWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHFOLHQWWLPHRXWLQVHFRQGV
6\QWD[VKRZXLWLPHRXW
6DPSOHRXWSXW&XUUHQWWLPHRXWYDOXH
VKRZXLORJ
&KHFNWKHFXUUHQWOHYHORIXLORJ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
VKRZXLORJ
)ROORZLQJLVWKHLQIRUPDWLRQGLVSOD\HGE\WKHVKRZXLORJFRPPDQG
$7'!VKRZXLORJ
&XUUHQWORJOHYHOLV
VKRZYHUVLRQ
'LVSOD\VWKH]HEUDYHUVLRQRI$GYDQFHG7KUHDW'HIHQVH
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
VKRZYHUVLRQ
)ROORZLQJLVWKHLQIRUPDWLRQGLVSOD\HGE\WKHVKRZYHUVLRQFRPPDQG
=HEUDD
&RS\ULJKW.XQLKLUR,VKLJXUR
$7'!
VKRZYHUVLRQDSSOLFDWLRQ
'LVSOD\VWKHFXUUHQWDQGEDFNXSYHUVLRQVRIWKHDSSOLFDWLRQVRIWZDUH
6\QWD[
VKRZYHUVLRQDSSOLFDWLRQ
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
$7'!VKRZYHUVLRQDSSOLFDWLRQ
&XUUHQW9(56,21
&XUUHQW/DVW0RGLILHG7LPH
%DFNXS9(56,21
%DFNXS/DVW0RGLILHG7LPH
VKRZYHUVLRQGHWHFWLRQ
'LVSOD\VWKHFXUUHQWDQGEDFNXSYHUVLRQVRIWKHGHWHFWLRQVRIWZDUH
6\QWD[
VKRZYHUVLRQGHWHFWLRQ
7KLVFRPPDQGKDVQRSDUDPHWHUV
([DPSOH
$7'!VKRZYHUVLRQGHWHFWLRQ
&XUUHQW9(56,21
&XUUHQW/DVW0RGLILHG7LPH
VKRZYPΖPDJH
7KLVFRPPDQGGLVSOD\VWKHOLVWRIWKH90ΖPDJHVLQ$GYDQFHG7KUHDW'HIHQVH
6\QDW[
VKRZYP,PDJH
([DPSOH
$7'!VKRZYP,PDJH
DQGURLG
ZLQ[S6S
ZLQVS
$7'!
VKRZZDLWWLPH
'LVSOD\VWKHZDLWWLPHWKUHVKROGVHWIRU(PDLO*DWHZD\
6\QWD[VKRZZDLWWLPH
6DPSOHRXWSXW&XUUHQW0(*ZDLWWLPHWKUHVKROG VHFRQGV
VKXWGRZQ
6WRSVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHVR\RXFDQSRZHULWGRZQ
7KHQDIWHUDERXWDPLQXWH\RXFDQSRZHUGRZQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHPDQXDOO\DQGXQSOXJ
ERWKWKHSRZHUVXSSOLHV$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHGRHVQRWSRZHURDXWRPDWLFDOO\<RXPXVW
FRQȴUPWKDW\RXZDQWWRVKXWLWGRZQ
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[
VKXWGRZQ
VWDWXV
6KRZV$GYDQFHG7KUHDW'HIHQVHV\VWHPVWDWXVVXFKDVWKHKHDOWKDQGWKHQXPEHURIȴOHVVXEPLWWHGWRYDULRXV
HQJLQHV
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[VWDWXV
6DPSOHRXWSXW
6\VWHP+HDOWK6WDWXVJRRG
6DPSOHILOHVUHFHLYHGFRXQW
6DPSOHILOHVVXEPLWWHGFRXQW
*7,6FDQQHUILOHVVXEPLWWHGFRXQW
*$06FDQQHUILOHVVXEPLWWHGFRXQW
0$96FDQQHUILOHVVXEPLWWHGFRXQW
6DQGER[ILOHVVXEPLWWHGFRXQW
6DQGER[ILOHVILQLVKHGFRXQW
6DPSOHILOHVILQLVKHGFRXQW
6DPSOHILOHVHUURUFRXQW
WHUPLQDO
6HWVWKHQXPEHURIOLQHVWRGLVSOD\RQWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
6\QWD[
WHUPLQDOOHQJWK!æQR
3DUDPHWHU 'HVFULSWLRQ
OHQJWK! 6HWVWKHQXPEHURIOLQHVWRGLVSOD\7KHYDOXHUDQJHVIURP
QR 1HJDWHVWKHSUHYLRXVFRPPDQGRUVHWVWKHGHIDXOWYDOXH
XQORFNXVHUXVHUQDPH!
8QORFNDORFNHGDFFRXQW
6\QWD[
XQORFNXVHUXVHUQDPH!
3DUDPHWHU 'HVFULSWLRQ
XVHUQDPH! (QWHUWKHXVHUQDPHRIWKHORFNHGXVHUDFFRXQW
([DPSOH
XQORFNXVHUDGPLQ
8QORFNXVHUDGPLQ
8VHUXQORFNHG
XSGDWHBDYGDW
%\GHIDXOW$GYDQFHG7KUHDW'HIHQVHXSGDWHVWKH'$7ȴOHVIRUWKH0F$IHH*DWHZD\$QWL0DOZDUH(QJLQHDQG
0F$IHH$QWL0DOZDUH(QJLQHHYHU\PLQXWHV7RXSGDWHWKHVHȴOHVLPPHGLDWHO\XVHWKHXSGDWHBDYGDW
FRPPDQG
7KLVFRPPDQGKDVQRSDUDPHWHUV
6\QWD[XSGDWHBDYGDW
YPOLVW
'LVSOD\VDOLVWRIDOOWKH90VFRQȴJXUHGLQ$GYDQFHG7KUHDW'HIHQVH
6\QWD[YPOLVW
ZDWFKGRJ
7KHZDWFKGRJSURFHVVUHERRWVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHZKHQDQXQUHFRYHUDEOHIDLOXUHLV
GHWHFWHG
6\QWD[
ZDWFKGRJRQ_RII_VWDWXV!
3DUDPHWHU 'HVFULSWLRQ
RQ! (QDEOHVWKHZDWFKGRJ
R! 'LVDEOHVWKHZDWFKGRJ8VHLWLIWKHDSSOLDQFHUHERRWVFRQWLQXRXVO\GXHWRUHSHDWHGV\VWHP
IDLOXUH
VWDWXV! 'LVSOD\VWKHVWDWXVRIWKHZDWFKGRJSURFHVV
ZHE
5HVWDUWVWDUWVWRSDQGFKHFNWKHZHEVHUYLFH
6\QWD[
ZHESDUDPHWHUV!
3DUDPHWHU 'HVFULSWLRQ
UHVWDUW 5HVWDUWWKHZHEVHUYLFH
VWDUW 6WDUWWKHZHEVHUYLFH
3DUDPHWHU 'HVFULSWLRQ
VWRS 6WRSWKHZHEVHUYLFH
FKHFN &KHFNWKHZHEVHUYLFH
([DPSOH
ZHEUHVWDUW
6HUYLFHUHVWDUW
:HEUHVWDUWHG
:HEUHTXHVWGRQH
ZKLWHOLVW0HUJH
0DQXDOO\FRS\WKH*OREDO:KLWHOLVWGDWDEDVHRIWKH$FWLYHQRGHRQWRWKH6HFRQGDU\RU%DFNXSQRGHV
7KLVLVRQO\DRQHWLPHDFWLYLW\DIWHUZKLFKWKH:KLWHOLVWGDWDEDVHRI6HFRQGDU\%DFNXSQRGHVLVDXWRPDWLFDOO\
RYHUZULWWHQE\WKDWRI$FWLYHQRGHDWKRXUVRQDGDLO\EDVLV
6\QWD[ZKLWHOLVW0HUJHFOXVWHU!VWDQGDORQH!
ȏ ZKLWHOLVW0HUJHFOXVWHU!H[HFXWHGRQ$FWLYHQRGHRIDFOXVWHUΖQWKLVVFHQDULRWKH*OREDO:KLWHOLVW
GDWDEDVHRIWKH$FWLYHQRGHLVFRSLHGRQWR6HFRQGDU\%DFNXSQRGHVDQGIROORZLQJVDPSOHRXWSXWLV
GLVSOD\HG
6DPSOH2XWSXW
3HUIRUPLQJPHUJHRIZKLWHOLVWG%IURP/%FOXVWHUQRGHV
ȏ ZKLWHOLVW0HUJHFOXVWHU!H[HFXWHGRQ6HFRQGDU\QRGHRU%DFNXSQRGHRIDFOXVWHUΖQWKLVVFHQDULR
WKHIROORZLQJVDPSOHRXWSXWLVGLVSOD\HG
6DPSOH2XWSXW
1RWDQDFWLYH/%FOXVWHUQRGH
([HFXWHWKLVFRPPDQGIURPDFWLYHQRGHLQ/%PRGH
ȏ ZKLWHOLVW0HUJHVWDQGDORQH!H[HFXWHGRQDVWDQGDORQH$GYDQFHG7KUHDW'HIHQVHΖQWKLVVFHQDULRWKH
IROORZLQJVDPSOHRXWSXWLVGLVSOD\HG
6DPSOH2XWSXW
3HUIRUPLQJ:KLWHOLVW0HUJHIRUVWDQGDORQH
[OGHVWUR\
'HOHWHWKHGHVLUHGVQDSVKRWRI90
6\QWD[[OGHVWUR\9LUWXDO0DFKLQH1DPHRU90'RPDLQΖ'!
8VH&/ΖFRPPDQGYPOLVWWRJHWGHWDLOHGLQIRUPDWLRQRQ9LUWXDO0DFKLQH1DPHRU90'RPDLQΖ'
6DPSOH2XWSXW
$7'![OGHVWUR\
>[OGHVWUR\@FRPPDQGVXFFHVVIXO90WHUPLQDWHGVXFFHVVIXOO\
7KLVFRPPDQGZLOOQRWZRUNRQWKHQRQDFWLYHQRGHVLQWKHFOXVWHU
0DQDJHWKHPDOZDUHDQDO\VLVFRQȴJXUDWLRQVDQGPRQLWRUWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
SHUIRUPDQFH
&RQWHQWV
'HOHWH90'.ȴOHV
0RQLWRUWKH$GYDQFHG7KUHDW'HIHQVHSHUIRUPDQFH
8SJUDGHWKHVRIWZDUHDQG$QGURLGDQDO\]HU90
/LPLWWKHQXPEHURIUHFRUGVLQWKHGDWDEDVH
7URXEOHVKRRWLQJ
%DFNDQGUHVWRUH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHIURPD86%GULYH
%DFNXSDQGUHVWRUHWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVH
'HOHWH90'.ȴOHV
5HPRYHXQXVHG90'.ȴOHVIURP$GYDQFHG7KUHDW'HIHQVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVH&/Ζ
(QWHUVHWIWSHQDEOHWKHQSUHVV(QWHU
7RFRQQHFWWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHXVH\RXU)73FOLHQW
)RUH[DPSOH)LOH=LOOD
'HOHWHWKH90'.ȴOH
0RQLWRUWKH$GYDQFHG7KUHDW'HIHQVHSHUIRUPDQFH
<RXFDQXVHWKHIROORZLQJRSWLRQVWRPRQLWRUWKHSHUIRUPDQFHRI$GYDQFHG7KUHDW'HIHQVH
ȏ 7RFRQWLQXRXVO\PRQLWRUWKHSHUIRUPDQFHXVHWKHPRQLWRUVRQWKH$GYDQFHG7KUHDW'HIHQVHGDVKERDUG
ȏ 8VHWKHVWDWXVFRPPDQGLQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH&/Ζ
6HHDOVR
&/ΖFRPPDQGVRQSDJH
8SJUDGHWKHVRIWZDUHDQG$QGURLGDQDO\]HU90
8SJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHDQG$QGURLGDQDO]\HU90WRWKHODWHVWYHUVLRQV
%HVWSUDFWLFH8SJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHWRWKHODWHVWYHUVLRQ
:KHQ\RXXSJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUH
ȏ <RXDUHXQDEOHWRXVHWKHV\VWHPPVXȴOHVWRGRZQJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUH
ȏ 2SHQ66/DXWRPDWLFDOO\XSJUDGHV
3UHSDUHIRUWKHXSJUDGH
3UHSDUH\RXUHQYLURQPHQWWRXSJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHDQG$QGURLGDQDO\]HU90
7DVN
7RFRPSOHWHDVXFFHVVIXOXSJUDGH\RXPXVWDOUHDG\XVH$GYDQFHG7KUHDW'HIHQVHRUODWHU)RUGHWDLOV
DERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&KDQJHWKHDGPLQLVWUDWRUDFFRXQWVHWWLQJV
D &OLFN0DQDJH_$7'&RQILJXUDWLRQ_$7'8VHUV
E 6HOHFWWKH$GYDQFHG7KUHDW'HIHQVHDGPLQLVWUDWRUWKHFOLFN(GLW
F ΖQWKH8VHU&UHGHQWLDOVFRQȴJXUDWLRQDUHDVHOHFW$OORZ0XOWLSOH/RJLQV
G ΖQWKH5ROHVFRQȴJXUDWLRQDUHDVHOHFW:HE$FFHVV
2QWKH/'$3VHUYHUPDNHVXUHWKHJLG1XPEHUYDOXHLVIRUWKHDWGDGPLQXVHU
0DNHVXUHWKDW\RXKDYHWKHIROORZLQJORJRQFUHGHQWLDOV
ȏ $GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHDGPLQLVWUDWRUDFFRXQW
ȏ 7KH$GYDQFHG7KUHDW'HIHQVH&/ΖXVLQJ66+
ȏ 7KH6)73FUHGHQWLDOVWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
'RZQORDGWKHSURGXFWȴOHV
'RZQORDGWKH$GYDQFHG7KUHDW'HIHQVHSURGXFWȴOHVIURP0F$IHH'RZQORDGVSDJH
7DVN
*RWRWKH0F$IHH'RZQORDGVSDJH
(QWHUWKH*UDQW1XPEHUWKHOHWWHUVRUQXPEHUVGLVSOD\HGWKHQFOLFN6XEPLW
&OLFN1HWZRUN6HFXULW\5HVHOOHU6XSSRUW_$GYDQFHG7KUHDW'HIHQVH6RIWZDUH
&OLFNDQGGRZQORDGWKHLQVWDOODWLRQȴOHVWR\RXUFOLHQWFRPSXWHU
&RPSOHWHWKHXSJUDGH
8SJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHDQG$QGURLGDQDO\]HU90WRWKHODWHVWYHUVLRQ
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
8VHDQ)73FOLHQWVXFKDV)LOH]LOODWRORJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
/RJRQDVWKHDWGDGPLQXVHU
8VLQJ6)73XSORDGWKHVHȴOHVWRWKH$GYDQFHG7KUHDW'HIHQVHURRWGLUHFWRU\
ȏ ΖQVWDOODWLRQȴOH
ȏ $QGURLGPVXȴOH
0DNHVXUHWKDWWKHWUDQVIHUPRGHLVELQDU\
8VHWKHIROORZLQJWRXSJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHWKHQUHSHDWWKHVHVWHSVWRXSJUDGHWKH
$QGURLGDQDO\]HU90
D /RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHDVWKHDGPLQLVWUDWRU
E &OLFN0DQDJH_,PDJH 6RIWZDUH_6RIWZDUH
F )URPWKH6\VWHP6RIWZDUHGURSGRZQOLVWVHOHFWWKHȴOH
G 0DNHVXUHWKDW5HVHW'DWDEDVHLVGHVHOHFWHGWKHQFOLFN,QVWDOO
H 2QWKHLQVWDOODWLRQ6WDWXVPHVVDJHFOLFN2.
ΖI\RXDUHXQDEOHWRYLHZWKHLQVWDOODWLRQ6WDWXVPHVVDJHGHOHWHWKHEURZVHUFDFKH
7KHLQVWDOODWLRQWDNHVDPLQLPXPRIPLQXWHV
:KHQWKHLQVWDOODWLRQFRPSOHWHVWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHUHVWDUWV
I 2QWKHUHERRW6WDWXVPHVVDJHFOLFN2.
ΖI\RXDUHXQDEOHWRYLHZWKHUHERRW6WDWXVPHVVDJHGHOHWHWKHEURZVHUFDFKH
:KHQWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHVWDUWVORJRQWRWKH&/ΖDQGYHULI\WKHVRIWZDUHYHUVLRQ
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHDQGYHULI\WKHIROORZLQJ
ȏ 6RIWZDUHYHUVLRQ
ȏ $OOGDWDDQGFRQȴJXUDWLRQVHWWLQJVDUHWUDQVIHUUHGIURPWKHSUHYLRXV$GYDQFHG7KUHDW'HIHQVH
LQVWDOODWLRQ
&OLFN'DVKERDUGWKHQYHULI\WKDWWKH90&UHDWLRQVWDWXVLV6XFFHVVIXORQWKH906WDWXVPRQLWRU
$GYDQFHG7KUHDW'HIHQVHDXWRPDWLFDOO\UHFUHDWHVDOODQDO\]HU90V7KHDPRXQWRIWLPHLWWDNHVWRUHFUHDWH
WKHDQDO\]HU90VGHSHQGVRQWKHQXPEHURIDQDO\]HU90VFRQȴJXUHGLQ$GYDQFHG7KUHDW'HIHQVH
7KH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHVWRUHVWKHVRIWZDUHYHUVLRQRQWKHDFWLYHGLVN
:KHQ\RXXSJUDGHWKHVRIWZDUH$GYDQFHG7KUHDW'HIHQVHGLVDEOHVWKH:KLWHOLVWVWDWXV
9LHZWKHXSJUDGHORJ
:KHQ\RXXSJUDGH$GYDQFHG7KUHDW'HIHQVH\RXFDQYLHZWKHXSJUDGHSDWKDQGYHUVLRQKLVWRU\ORJV
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_/RJV_8SJUDGH
8SJUDGHWKHVRIWZDUHLQFUHPHQWDOO\
8SJUDGHWKH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHWRDQDYDLODEOHSDWFKYHUVLRQ
7KLVDSSOLFDWLRQVRIWZDUHXSJUDGHRSWLRQSURYLGHVDQLQFUHPHQWDOXSJUDGHRIWKHVRIWZDUHWRDQDYDLODEOHSDWFK
YHUVLRQ)RUDFRPSOHWHXSJUDGHRIWKHVRIWZDUH\RXQHHGWRGRZQORDGWKHVRIWZDUHIURPWKH0F$IHH'RZQORDGV
SDJH6HHWKHUHVSHFWLYHVHFWLRQVIRUGHWDLOHGLQVWUXFWLRQVRQWKHWDVNV
8SJUDGLQJWKHDSSOLFDWLRQVRIWZDUHDOVRXSJUDGHVWKHGHWHFWLRQSDFNDJHV<RXZRXOGQRWVHHDQ\SUHYLRXVO\
LQVWDOOHGGHWHFWLRQSDFNDJHVDIWHUWKLVXSJUDGH$OVRWKHV\VWHPVHUYLFHVDQGV\VWHPPLJKWUHVWDUWGXULQJWKH
DSSOLFDWLRQVRIWZDUHXSJUDGHSURFHVV
:KHQXSGDWHVDUHDYDLODEOHIRUWKHDSSOLFDWLRQVRIWZDUHDQGGHWHFWLRQVRIWZDUHSDFNDJHQRWLȴFDWLRQPHVVDJHV
DSSHDULQWKHWRROEDURIWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
7DVNV
ȏ $XWRPDWLFDOO\GRZQORDGWKHODWHVWDSSOLFDWLRQVRIWZDUHSDFNDJHRQSDJH
$XWRPDWLFDOO\GRZQORDGDQGLQVWDOOWKHODWHVWDSSOLFDWLRQVRIWZDUHLQ$GYDQFHG7KUHDW'HIHQVH
$SSOLDQFH
ȏ 0DQXDOO\XSORDGWKHODWHVWDSSOLFDWLRQVRIWZDUHSDFNDJHRQSDJH
0DQXDOO\XSORDGDQGLQVWDOOWKHODWHVWDSSOLFDWLRQVRIWZDUHLQ$GYDQFHG7KUHDW'HIHQVH
$XWRPDWLFDOO\GRZQORDGWKHODWHVWDSSOLFDWLRQVRIWZDUHSDFNDJH
$XWRPDWLFDOO\GRZQORDGDQGLQVWDOOWKHODWHVWDSSOLFDWLRQVRIWZDUHLQ$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFHWKHQGRRQHRIWKHVHWRDFFHVVWKH,QFUHPHQWDO8SGDWHV
SDJH
ȏ &OLFN&OLFNWR8SGDWH6RIWZDUHIURPWKHKHDGHU
:KHQPXOWLSOHQRWLȴFDWLRQVDUHDYDLODEOHVHOHFW&OLFNWR8SGDWH6RIWZDUHIURPWKHOLVWRIQRWLȴFDWLRQV
ȏ &OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
8QGHU$XWRPDWLF8SGDWHVHOHFW$SSOLFDWLRQ6RIWZDUHWKHQFOLFN$SSO\
6HOHFWWKH$SSOLFDWLRQ6RIWZDUHWDEWKHQFOLFN,QVWDOODJDLQVWWKHDYDLODEOHVRIWZDUHYHUVLRQ
$FRQȴUPDWLRQPHVVDJHDSSHDUVEHIRUHWKHLQVWDOODWLRQVWDUWV$OO$GYDQFHG7KUHDW'HIHQVHVHUYLFHVDUH
UHVWDUWHG2QFHWKHSURFHVVLVFRPSOHWHDVWDWXVPHVVDJHDSSHDUVWKDWSURYLGHVLQIRUPDWLRQDERXWD
VXFFHVVIXOXSJUDGHDQGDVXJJHVWLRQWRORJRQDJDLQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHLQWHUIDFHDJDLQWKHQYDOLGDWHZKHWKHUWKHXSJUDGHZDVVXFFHVVIXO
ȏ )URPWKHKHDGHURQ$GYDQFHG7KUHDW'HIHQVHLQWHUIDFH
ȏ 9HULI\WKDWWKHYHUVLRQLVOLVWHGDV&XUUHQW&OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHVWKHQFOLFNWKH
$SSOLFDWLRQ6RIWZDUHWDE
ΖQFDVHRIDQ\LVVXHVZLWKWKHXSJUDGHFOLFN5HYHUWWRUHYHUVHWKHVRIWZDUHWRWKHSUHYLRXVEDFNHGXSYHUVLRQ
<RXZRQ
WVHHWKH5HYHUWRSWLRQLI$GYDQFHG7KUHDW'HIHQVHVRIWZDUHKDVEHHQXSJUDGHGXVLQJV\VWHPPVX
0DQXDOO\XSORDGWKHODWHVWDSSOLFDWLRQVRIWZDUHSDFNDJH
0DQXDOO\XSORDGDQGLQVWDOOWKHODWHVWDSSOLFDWLRQVRIWZDUHLQ$GYDQFHG7KUHDW'HIHQVH
$GYDQFHG7KUHDW'HIHQVHDOORZV\RXWRLPSRUWDPD[LPXPRIWZRYHUVLRQVRIWKHDSSOLFDWLRQVRIWZDUH7KH
ODWHVWXSORDGHGYHUVLRQLVWKH&XUUHQWXSORDGE\GHIDXOWDQGUHQGHUVWKHSUHYLRXVXSORDGDV%DFNXS
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_,PDJH 6RIWZDUH_,QFUHPHQWDO8SGDWHV
7RGRZQORDGWKHDSSOLFDWLRQVRIWZDUHSDFNDJHFRQWDFW6XSSRUW
2QWKH,QFUHPHQWDO8SGDWHVSDJHFOLFN%URZVHWKHQVHOHFWWKHDSSOLFDWLRQVRIWZDUHSDFNDJH
&OLFN8SORDG
7RUHLQVWDWHWKH%DFNXSȴOHDVWKH&XUUHQWȴOHFOLFN5HYHUW
/LPLWWKHQXPEHURIUHFRUGVLQWKHGDWDEDVH
7RHQVXUH\RXKDYHHQRXJKVWRUDJHOLPLWWKHQXPEHURIUHFRUGVLQWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
6HOHFW0DQDJH_0DLQWHQDQFH_'DWDEDVH3UXQLQJ
&RQȴJXUHWKH'DWDEDVH3UXQLQJ6HWWLQJRSWLRQV
&OLFN6FKHGXOH
7URXEOHVKRRWLQJ
7KHUHDUHVHYHUDOPHWKRGVWRWURXEOHVKRRW$GYDQFHG7KUHDW'HIHQVHLQ\RXUQHWZRUN
7DVNV
ȏ ([SRUWWKH$GYDQFHG7KUHDW'HIHQVHORJȴOHVRQSDJH
ΖI\RXH[SHULHQFHDQ\$GYDQFHG7KUHDW'HIHQVHLVVXHVH[SRUWWKHORJȴOHVWR0F$IHHIRUDQDO\VLV
ȏ 5HFUHDWHWKHDQDO\]HU90VRQSDJH
<RXFDQGHOHWHDOOH[LVWLQJ90VLQFOXGLQJWKHGHIDXOW$QGURLG90DQGKHDOWK\DQDO\]HU90VWKHQ
UHFUHDWHWKHP
ȏ 'HOHWHWKHDQDO\VLVUHVXOWVDQGUHSRUWVRQSDJH
5HPRYHDOOH[LVWLQJDQDO\VLVUHVXOWVDQGUHSRUWVIURP$GYDQFHG7KUHDW'HIHQVH
ȏ 5HVHWHPDLOUHSRUWVDQGFDFKHRQSDJH
5HPRYHDOOWKHHPDLOUHSRUWVDQGFDFKHGYHUGLFWVIRUHPDLODWWDFKPHQWVWKDWDUHVFDQQHGE\
$GYDQFHG7KUHDW'HIHQVH
([SRUWWKH$GYDQFHG7KUHDW'HIHQVHORJȴOHV
ΖI\RXH[SHULHQFHDQ\$GYDQFHG7KUHDW'HIHQVHLVVXHVH[SRUWWKHORJȴOHVWR0F$IHHIRUDQDO\VLV
ȏ &RQILJXUDWLRQ/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWRFRQȴJXUDWLRQV
ȏ 6\VWHP/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWRIHDWXUHVRSHUDWLRQVDQGHYHQWV
ȏ 'LDJQRVWLF/RJVȃ7URXEOHVKRRWFULWLFDOLVVXHVVXFKDVV\VWHPFUDVKHVLQ$GYDQFHG7KUHDW'HIHQVH
ȏ 'HEXJ/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWRGDWDEDVHRSHUDWLRQVV\VWHPSURFHVVHVDQGRWKHUHUURUV
ȏ 90/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWR90V
ȏ ,QVWDOO/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWRLQVWDOODWLRQV
ȏ 8,/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWR8ΖHUURUV
ȏ ,QWHJUDWLRQ/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWRLQWHJUDWLRQ
ȏ (PDLO&RQQHFWRU/RJVȃ7URXEOHVKRRWLVVXHVUHODWHGWRHPDLOFRQQHFWRU
2QO\0F$IHH6XSSRUWFDQUHDGWKH$GYDQFHG7KUHDW'HIHQVHORJFRQWHQW
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_7URXEOHVKRRWLQJ
6HOHFWWKHORJȴOHV\RXZDQWWRVHQGFRQȴJXUHWKHDPRXQWRIORJV\RXZDQWWRLQFOXGHWKHQFOLFN&UHDWH
6XSSRUW%XQGOH
2QWKH7LFNHW1XPEHUZLQGRZHQWHU\RXUWLFNHWQXPEHUWKHQFOLFN2.
5HFUHDWHWKHDQDO\]HU90V
<RXFDQGHOHWHDOOH[LVWLQJ90VLQFOXGLQJWKHGHIDXOW$QGURLG90DQGKHDOWK\DQDO\]HU90VWKHQUHFUHDWH
WKHP
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_7URXEOHVKRRWLQJ_&UHDWH90V
2QWKH&RQILUPDWLRQZLQGRZFOLFN<HV
ȏ 7RYLHZWKH90UHFUHDWLRQORJVFOLFN0DQDJH_/RJV_6\VWHP
ȏ 7RYLHZWKH90UHFUHDWLRQVWDWXVFOLFN'DVKERDUG7KHVWDWXVLVGLVSOD\HGRQWKH90&UHDWLRQ6WDWXVPRQLWRU
7KH&UHDWH90VRSWLRQEHFRPHVDYDLODEOHDJDLQZKHQ$GYDQFHG7KUHDW'HIHQVHFRPSOHWHVWKHDQDO\]HU90
UHFUHDWLRQSURFHVV
'HOHWHWKHDQDO\VLVUHVXOWVDQGUHSRUWV
5HPRYHDOOH[LVWLQJDQDO\VLVUHVXOWVDQGUHSRUWVIURP$GYDQFHG7KUHDW'HIHQVH
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_7URXEOHVKRRWLQJ
6HOHFW5HPRYHDOO$QDO\VLV5HVXOWVDQG5HSRUWVWKHQFOLFN6XEPLW
&OLFN6XEPLW
5HVHWHPDLOUHSRUWVDQGFDFKH
5HPRYHDOOWKHHPDLOUHSRUWVDQGFDFKHGYHUGLFWVIRUHPDLODWWDFKPHQWVWKDWDUHVFDQQHGE\$GYDQFHG7KUHDW
'HIHQVH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_7URXEOHVKRRWLQJ
6HOHFW5HPRYHDOO(PDLO5HSRUWVWKHQVHOHFW&OHDU(PDLO5HVXOWV&DFKH
&OLFN6XEPLW
%DFNDQGUHVWRUH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHIURPD86%GULYH
&UHDWHD86%UHFRYHU\GULYHWKHQUHLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7DEOH$SSUR[LPDWHWLPHUHTXLUHG
7DVN 5HTXLUHGWLPH
&UHDWHWKHUHFRYHU\86%GULYH KRXU
5HLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH KRXUV
7DVNV
ȏ &UHDWHWKH86%UHFRYHU\GULYHRQSDJH
&UHDWHWKH86%GULYHWKDW\RXXVHWRUHFRYHUWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
ȏ 5HLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHRQSDJH
8VHWKH86%UHFRYHU\GULYHWRUHLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
&UHDWHWKH86%UHFRYHU\GULYH
&UHDWHWKH86%GULYHWKDW\RXXVHWRUHFRYHUWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7DVN
0DNHVXUHWKDW\RXUHQYLURQPHQWPHHWVWKHIROORZLQJUHTXLUHPHQWV
ȏ /LQX[EDVHGFRPSXWHUZLWKD86%SRUWDQGURRWDGPLQLVWUDWLRQSULYLOHJHV
ȏ 86%GULYHZLWK*%RIIUHHVSDFH
7RGRZQORDGWKHDWGXVEFUHDWRUELQUHFRYHU\86%LPDJHȴOHFRQWDFW6XSSRUW
'RZQORDGWKHVRIWZDUHLPDJHV
D *RWRWKH3URGXFW'RZQORDGVSDJH
E 8QGHU3URGXFW'RZQORDGVFOLFN'RZQORDG
F (QWHU\RXUJUDQWQXPEHUHQWHUWKHOHWWHUVRUQXPEHUVGLVSOD\VWKHQFOLFN6XEPLW
G 2QWKH3URGXFWVWDEFOLFN1HWZRUN6HFXULW\5HVHOOHU6XSSRUW
H 2QWKH&XUUHQW9HUVLRQWDEFOLFN$GYDQFHG7KUHDW'HIHQVH
I 'RZQORDGWKHVHLPDJHV
ȏ V\VWHPLPDJHPVX
ȏ $QGURLGPVX
3OXJLQWKH86%GULYHWR\RXUFRPSXWHUWKHQFRS\WKHDWGXVEFUHDWRUELQȴOHWRWKHGHVNWRS
7RVWRUHWKHELQȴOH\RXPXVWKDYH*%RIIUHHVSDFHRQWKHFRPSXWHUDQG86%GULYH
)URPWKHFRPPDQGSURPSWHQWHUEDVKDWGXVEFUHDWRUELQWKHQSUHVV(QWHU
&RPSOHWHWKHRQVFUHHQLQVWUXFWLRQV
5HLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
8VHWKH86%UHFRYHU\GULYHWRUHLPDJHWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
7DVN
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
&RPSOHWHWKHLQVWDOODWLRQSURFHVV
D 3OXJLQWKH86%GULYHWR\RXU$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHWKHQWXUQRQRUUHVWDUW\RXU$GYDQFHG
7KUHDW'HIHQVH$SSOLDQFH
E 'XULQJWKHVWDUWXSSURFHVVSUHVV)
F 2QWKHERRWXSPHQXVHOHFWWKH86%GULYH
G 6HOHFW,QVWDOO$7'6\VWHPWKHQSUHVV(QWHU
'XULQJWKHLQVWDOODWLRQSURFHVV
ȏ 7KH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHUHVWDUWVWZLFH
ȏ 'RQRWUHVWDUWRUORJRQWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
8VHWKHVHFUHGHQWLDOVWRORJRQWRWKH$GYDQFHG7KUHDW'HIHQVH&/Ζ
ȏ 8VHUQDPHȃFOLDGPLQ
ȏ 3DVVZRUGȃDWGDGPLQ
)RUHDFKRIWKHIROORZLQJHQWHUWKHFRPPDQGWKHQSUHVV(QWHU
ȏ 0DQDJHVHWDSSOLDQFHΖ3[[[[[[[[[[[[[[[[[[
ȏ VHWDSSOLDQFHJDWHZD\[[[[[[[[[
ȏ VHWIWSHQDEOH
8VLQJWKH6)73FRS\V\VWHPLPDJHPVXWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
8VLQJWKHDWGDGPLQDFFRXQWXSORDGWKHȴOH
7RFKHFNLIWKHȴOHXSORDGLVVXFFHVVIXOHQWHUVKRZPVXWKHQSUHVV(QWHU
(QWHUPVXV\VWHPWKHQSUHVV(QWHU
7KH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHUHVWDUWV
ΖQVWDOODQGURLGPVX
D 8VLQJWKH6)73FRS\DQGURLGPVXWRWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
E /RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
F 6HOHFW0DQDJH_,PDJH 6RIWZDUH_6RIWZDUH
G )URPWKH6\VWHP6RIWZDUHGURSGRZQOLVWVHOHFW$QGURLGPVXWKHQFOLFN,QVWDOO
&UHDWHWKH90SURȴOH
D 6HOHFW3ROLF\_903URILOH_1HZ
E ΖQWKH0D[LPXP/LFHQVHVȴHOGHQWHU
F &RQȴJXUHWKHUHPDLQLQJRSWLRQVWKHQFOLFN6DYH
7KH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHLVUHVWRUHGWRWKHGHIDXOWVHWWLQJV
8VLQJWKH&/ΖHQWHUUHERRWYPFUHDWRUWKHQSUHVV(QWHU
8SORDGWKHYPGNLPDJHȴOHVIRU\RXURSHUDWLQJV\VWHPWKHQFUHDWHWKH90SURȴOHVDQGDQDO\]HUSURȴOHV
7RPDNHVXUHWKDWWKHV\VWHPZRUNVDVLQWHQGHGVXEPLWDVDPSOH
%DFNXSDQGUHVWRUHWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVH
$VDSUHFDXWLRQ\RXFDQSHULRGLFDOO\EDFNXSWKH$GYDQFHG7KUHDW'HIHQVHGDWDEDVH<RXFDQWKHQUHVWRUHD
EDFNXSRI\RXUFKRLFHZKHQUHTXLUHG)RUH[DPSOHLI\RXZDQWWRGLVFDUGDOOFKDQJHVPDGHGXULQJD
WURXEOHVKRRWLQJH[HUFLVH\RXFDQUHVWRUHWKHEDFNXSWKDWZDVWDNHQEHIRUH\RXVWDUWHGWURXEOHVKRRWLQJ
<RXFDQVFKHGXOHDXWRPDWLFEDFNXSVWRDGHVLJQDWHG)73VHUYHURQDGDLO\ZHHNO\RUPRQWKO\EDVLV
:KHQ\RXZDQWWRUHVWRUHDEDFNXS$GYDQFHG7KUHDW'HIHQVHFROOHFWVWKHVHOHFWHGEDFNXSȴOHIURPWKH)73
VHUYHUDQGRYHUZULWHVLWVGDWDEDVHZLWKWKHFRQWHQWVRIWKHEDFNXSȴOH
7DEOH%DFNXSGDWD
'DWD
'DWDLQFOXGHG ȏ /RFDOEODFNOLVW
LQEDFNXS
ȏ *OREDO:KLWHOLVW
ȏ 90SURȴOHV
7KHDQDO\]HU90LPDJHRU90'.ȴOHVDUHQRWLQFOXGHGLQWKHEDFNXS%HIRUH\RXUHVWRUHD
EDFNXSPDNHVXUHWKHLPDJHȴOHVVSHFLȴHGLQWKHEDFNHGXS90SURȴOHVDUHORFDWHGLQ
$GYDQFHG7KUHDW'HIHQVH
ȏ $QDO\]HUSURȴOHV
ȏ 8VHULQIRUPDWLRQ
ȏ 0F$IHHH32LQWHJUDWLRQGHWDLOV
ȏ 3UR[\VHWWLQJV
ȏ '16VHWWLQJV
ȏ 6\VORJVHWWLQJV
ȏ 6103VHWWLQJV
ȏ 'DWHDQGWLPHVHWWLQJVLQFOXGLQJWKH173VHUYHUGHWDLOV
ȏ /RDGEDODQFLQJFOXVWHUVHWWLQJV
7KLVGRHVQRWLQFOXGHWKHFRQȴJXUDWLRQDQGDQDO\VLVUHVXOWVIURPWKHRWKHUQRGHVLQWKH
FOXVWHU
ȏ &XVWRP<$5$UXOHVDQGFRQȴJXUDWLRQ
ȏ %DFNXSVFKHGXOHUVHWWLQJV
ȏ )LOHEDFNXSGHWDLOV
'DWDQRW ȏ $Q\VDPSOHȴOHRU85/WKDWLVEHLQJDQDO\]HGDWWKHWLPHRIEDFNXS
LQFOXGHGLQ
EDFNXS 7KH$QDO\VLV6WDWXVSDJHRQO\VKRZVWKHȴOHEHLQJFXUUHQWO\DQDO\]HG
ȏ 7KH90'.RULPDJHȴOHVRIDQDO\]HU90V
ȏ 7KH$GYDQFHG7KUHDW'HIHQVHVRIWZDUHLQWKHDFWLYHRUEDFNXSGLVN
ȏ 7KHORJȴOHVDQGGLDJQRVWLFȴOHV
ȏ $GYDQFHG7KUHDW'HIHQVH$SSOLDQFHQHWZRUNLQIRUPDWLRQ
6FKHGXOHDGDWDEDVHEDFNXS
6FKHGXOHGDLO\ZHHNO\RUPRQWKO\$GYDQFHG7KUHDW'HIHQVHGDWDEDVHEDFNXSV
%HIRUH\RXEHJLQ
ȏ 0DNHVXUHWKDW\RXKDYHWKHIROORZLQJ
ȏ $FRQȴJXUHG)73VHUYHUWKDWVWRUHVWKHEDFNXSȴOHV
ȏ $GLUHFWRU\RQWKH)73VHUYHUZKHUH\RXZDQWWRVWRUHWKHEDFNXSȴOHV
ȏ &ROOHFWWKHIROORZLQJ)73VHUYHULQIRUPDWLRQ
ȏ Ζ3YDGGUHVV
ȏ 7KHXVHUQDPHWKDW$GYDQFHG7KUHDW'HIHQVHXVHVWRDFFHVVWKH)73VHUYHU
0DNHVXUHWKDWWKHXVHUQDPHKDVZULWHDFFHVVWRWKHVSHFLȴHGIROGHU
ȏ 7KHFRUUHVSRQGLQJSDVVZRUGWKDW$GYDQFHG7KUHDW'HIHQVHXVHVWRDFFHVVWKH)73VHUYHU
ȏ 0DNHVXUHWKDWWKHFRPPXQLFDWLRQRYHU6)73RU)73LVSRVVLEOHEHWZHHQ$GYDQFHG7KUHDW
'HIHQVHDQGWKH)73VHUYHU
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_0DLQWHQDQFH_%DFNXS 5HVWRUH_%DFNXS
&RQȴJXUHWKHRSWLRQVWKHQFOLFN6FKHGXOH
7KHEDFNXSLVVWRUHGLQDSDVVZRUGSURWHFWHG]LSȴOHLQWKHVSHFLȴHGGLUHFWRU\RQWKH)73VHUYHU
'RQRWXQ]LSRUWDPSHUZLWKWKH]LSȴOHΖIWKHȴOHFRUUXSWV\RXFDQQRWUHVWRUHWKHGDWDEDVHEDFNXSZLWK
WKH]LSȴOH
7RYLHZWKHEDFNXSORJVFOLFN0DQDJH_/RJV_6\VWHP
5HVWRUHDGDWDEDVHEDFNXS
ΖIWKH$GYDQFHG7KUHDW'HIHQVH$SSOLDQFHEHFRPHVFRUUXSWHGUHVWRUHDVSHFLȴHGRUSUHYLRXVEDFNXSȴOHRQ
DQ\$GYDQFHG7KUHDW'HIHQVH$SSOLDQFH
%HIRUH\RXEHJLQ
9HULI\WKHIROORZLQJ
ȏ 7KHYHUVLRQQXPEHULQWKHEDFNXSȴOHPDWFKHVWKHFXUUHQW$GYDQFHG7KUHDW'HIHQVHYHUVLRQ
)RUH[DPSOH$GYDQFHG7KUHDW'HIHQVHLVXQDEOHWRUHVWRUHDEDFNXSIURPRQ
ȏ $OOXVHUVDUHORJJHGRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH5(67$3ΖVDQG&/Ζ
ȏ 7KH)73VHUYHULVVXFFHVVIXOO\FRQȴJXUHGZLWK$GYDQFHG7KUHDW'HIHQVH
ȏ $OOVDPSOHȴOHDQG85/DQDO\VLVLVFRPSOHWH
:KHQ\RXUHVWRUHDGDWDEDVHEDFNXSGXULQJDEDFNXSWKHUHVWRUDWLRQIDLOV
)RUGHWDLOVDERXWSURGXFWIHDWXUHVXVDJHDQGEHVWSUDFWLFHVFOLFN"RU+HOS
7DVN
/RJRQWRWKH$GYDQFHG7KUHDW'HIHQVHZHELQWHUIDFH
&OLFN0DQDJH_0DLQWHQDQFH_5HVWRUH %DFNXS_5HVWRUH
5HVWRUHWKHEDFNXSȴOH
ȏ <RXFDQXSORDGDORFDOEDFNXSȴOH
ȏ <RXFDQEDFNXSIURP\RXU)73VHUYHU
ȏ 6HOHFW6SHFLILFEDFNXSILOHWKHQFRQȴJXUHWKHRSWLRQV
ȏ 6HOHFW3UHYLRXVEDFNXSILOHWKHQVHOHFWWKHȴOH
ΖIWKHΖ3DGGUHVVFKDQJHVRQWKH)73VHUYHUXSGDWHWKHFRQȴJXUDWLRQRQWKH%DFNXS6FKHGXOHU6HWWLQJSDJHWKHQ
FRPSOHWHWKHUHVWRUDWLRQΖIWKH)73VHUYHUFKDQJHV\RXUUHVWRUHWREDFNXSRQWKHROGVHUYHUIDLOV<RXZRXOG
RQO\EHDEOHWRUHVWRUHIURPWKHȴOHVRQWKHQHZVHUYHU
&OLFN5HVWRUH
7RYLHZWKHUHVWRUDWLRQORJVFOLFN0DQDJH_/RJV_6\VORJ
7KHVDPSOHDQDO\VLVSURFHVVHVVWRSEHIRUHWKHUHVWRUHSURFHVVDQGUHVWDUWZKHQWKHUHVWRUDWLRQFRPSOHWHV
'XULQJUHVWRUDWLRQPDNHVXUHWRDYRLGWKHIROORZLQJ
ȏ 6DPSOHVXEPLVVLRQVIURPLQWHJUDWHGSURGXFWVXVHUVDQGVFULSWV
ȏ $GYDQFHG7KUHDW'HIHQVHVRIWZDUHXSJUDGH
$ (
$FFRXQW (PDLO&RQQHFWRU
ORFNRXWSHULRG &OHDUFDFKH
DQDO\VLVUHVXOWV 2YHUYLHZ
YLHZLQJ 5HPRYHDQDO\VLVUHSRUWV
DQDO\VLVVWDWXV (PDLOKHDGHUV
PRQLWRULQJ H32VHUYHUFRQȴJXUDWLRQ
DQDO\]HUSURȴOH H32VHUYHULQWHJUDWLRQ
DGGLQJ H[SRUWLQJORJV
YLHZLQJ
DQDO\]HU90 )
FUHDWLQJ IDOVHQHJDWLYHVDPSOHVVXEPLWWLQJ
$QWL0DOZDUH(QJLQH IDOVHSRVLWLYHVDPSOHVVXEPLWWLQJ
)DPLO\&ODVVLȴFDWLRQ
%
EDFNXSDQGUHVWRUH *
*DWHZD\$QWL0DOZDUH(QJLQH
& JHQHUDWH
&/ΖFRPPDQGV FHUWLȴFDWHVLJQLQJUHTXHVW
LVVXLQJ &65
OLVW
PDQGDWRU\FRPPDQGV Ζ
V\QWD[
ΖQWHJUDWLRQ
&/ΖFRPPDQGVLVVXH
3ULYDWH*7Ζ&ORXG
DXWRFRPSOHWH
ΖQWHUQHWDFFHVV
FRQVROH
ΖQWHUQHWSUR[\VHUYHU
VVK
&/ΖORJRQ
-
&RPPRQ&ULWHULD
FRQȴJXUH -621
HPDLOFRQQHFWRU
&RQȴJXUH6(* /
FXVWRP<$5$UXOHV ORFDOEODFNOLVW
ORFDOZKLWHOLVW
' ORJȴOHV
GDVKERDUG ORJRQEDQQHUFXVWRPL]H
GDWDEDVH
EDFNXSDQGUHVWRUH 0
GDWHDQGWLPHȂ PDOZDUHDQDO\VLV
'HHS1HXUDO1HWZRUN SURFHVVȵRZ
GLDJQRVWLFȴOHV PDOZDUHDQDO\VLVFRQȴJXUDWLRQ
'16VHWWLQJVFRQȴJXUDWLRQȂ RYHUYLHZ
G\QDPLFDQDO\VLV
0F$IHH$GYDQFHG7KUHDW'HIHQVH WHUPLQRORJLHV
EDFNXSDQGUHVWRUH 7/6
GDVKERDUG WURXEOHVKRRWLQJ
VRIWZDUHLPSRUW
VROXWLRQGHVFULSWLRQ 8
XSJUDGH 8SORDGFHUWLȴFDWHV
XVHUPDQDJHPHQW &$&HUWLȴFDWH
7UXVWHG&$&HUWLȴFDWH
1 :HE&HUWLȴFDWH
1HWZRUN6LPXODWRU XSORDGȴOHV
PDQXDO
2 6)73
XVHULQWHUDFWLYHPRGH
2SHQΖ2&
ZHEDSSOLFDWLRQ
RYHUYLHZ
XSORDGVDPSOHV
PDQXDO
3
6)73
SDVVZRUGVHWWLQJVFRQȴJXUH ZHEDSSOLFDWLRQ
SURFHVVȵRZ XSORDG85/V
PDQXDO
5 ZHEDSSOLFDWLRQ
UHDOΖQWHUQHWPRGH XVHU
UHSRUWV XVHU$3ΖORJ
DQDO\VLVVXPPDU\ XVHULQWHUDFWLYHPRGH
GLVDVVHPEO\UHVXOWV
GURSSHGȴOHV 9
ORJLFSDWKJUDSK YLHZDQDO\VLVUHVXOWV
90FUHDWLRQORJ
6 90SURȴOH
VDPSOHDQDO\VLV DGGLQJ
VDPSOHV FUHDWLQJ
GLJLWDOVLJQDWXUHV GHOHWLQJ
IDOVHQHJDWLYHV HGLWLQJ
IDOVHSRVLWLYHV PDQDJHPHQW
ȴOH YLHZLQJ
XUO 90'.ȴOH
6HFXUH(PDLO*DWHZD\&RQȴJXUDWLRQ LPDJHFRQYHUVLRQ
6(*WLPHRXW LPSRUWLQJ
VHQVRUORJRQ66+ 90'.ȴOHFUHDWH
VLPXODWLRQPRGH
VWDWLFDQDO\VLV
;
67Ζ; ;0RGH
VXSSRUWEXQGOH ;0/
;0RGH
7
WHOHPHWU\
<
GLVDEOH <$5$UXOHV
HQDEOH