578770
33
Verklein
Vergroot
Pagina terug
1/46
Pagina verder
$95 +$1'%22.0$18(/+$1'%8&++$1'/(,',1 *
$UFDP$95VXUURXQGVRXQGUHFHLYHU
$PSOLWXQHUDXGLRYLGpR$UFDP$95
$UFDP$956XUURXQG6RXQG(PSIlQJHU
$UFDP$95VXUURXQGVRXQGRQWYDQJHU
(QJOLVK
)UDQoDLV
'HXWVFK
1HGHUODQG
V
$95
(
2)315%$%#(/#%,%#42)15%
.%0!3/562)2
!44%.4)/.
#!54)/.
2)3+/&%,%#42)#
3(/#+$/./4/0%.
&$87,217RUHGXFHWKHULVNRIHOHFWULFVKRFNGRQRWUHPRYHFRYHURUEDFN1RXVHUVHUYLFHDEOHSDUWV
LQVLGH5HIHUVHUYLFLQJWRTXDOL¿HGVHUYLFHSHUVRQQHO
:$51,1*7RUHGXFHWKHULVNRI¿UHRUHOHFWULFVKRFNGRQRWH[SRVHWKLVDSSDUDWXVWRUDLQRUPRLVWXUH
7KHOLJKWQLQJÀDVKZLWKDQDUURZKHDGV\PEROZLWKLQDQHTXLODWHUDOWULDQJOHLVLQWHQGHGWRDOHUWWKHXVHUWRWKHSUHVHQFH
RIXQLQVXODWHGµGDQJHURXVYROWDJH¶ZLWKLQWKHSURGXFW¶VHQFORVXUHWKDWPD\EHRIVXI¿FLHQWPDJQLWXGHWRFRQVWLWXWHDULVN
RIHOHFWULFVKRFNWRSHUVRQV
7KHH[FODPDWLRQSRLQWZLWKLQDQHTXLODWHUDOWULDQJOHLVLQWHQGHGWRDOHUWWKHXVHUWRWKHSUHVHQFHRILPSRUWDQWRSHUDWLQJ
DQGPDLQWHQDQFHVHUYLFLQJLQVWUXFWLRQVLQWKHOLWHUDWXUHDFFRPSDQ\LQJWKHSURGXFW
&$87,21,Q&DQDGDDQGWKH86$WRSUHYHQWHOHFWULFVKRFNPDWFKWKHZLGHEODGHRIWKHSOXJWRWKHZLGH
VORWLQWKHVRFNHWDQGLQVHUWWKHSOXJIXOO\LQWRWKHVRFNHW
6DIHW\JXLGHOLQHV
,PSRUWDQWVDIHW\LQVWUXFWLRQV
7KLVSURGXFWLVGHVLJQHGDQGPDQXIDFWXUHGWRPHHWVWULFW
TXDOLW\DQGVDIHW\VWDQGDUGV+RZHYHU\RXVKRXOGEHDZDUH
RIWKHIROORZLQJLQVWDOODWLRQDQGRSHUDWLRQSUHFDXWLRQV
7DNHKHHGRIZDUQLQJVDQGLQVWUXFWLRQV
<RXVKRXOGUHDGDOOWKHVDIHW\DQGRSHUDWLQJLQVWUXFWLRQV
EHIRUHRSHUDWLQJWKLVDSSOLDQFH5HWDLQWKLVKDQGERRNIRU
IXWXUHUHIHUHQFHDQGDGKHUHWRDOOZDUQLQJVLQWKHKDQGERRN
RURQWKHDSSOLDQFH
:DWHUDQGPRLVWXUH
7KHSUHVHQFHRIHOHFWULFLW\QHDUZDWHUFDQEHGDQJHURXV'R
QRWXVHWKHDSSOLDQFHQHDUZDWHU±IRUH[DPSOHQH[WWRD
EDWKWXEZDVKERZONLWFKHQVLQNLQDZHWEDVHPHQWRUQHDU
DVZLPPLQJSRROHWF
2EMHFWRUOLTXLGHQWU\
7DNHFDUHWKDWREMHFWVGRQRWIDOODQGOLTXLGVDUHQRW
VSLOOHGLQWRWKHHQFORVXUHWKURXJKDQ\RSHQLQJV/LTXLG
¿OOHGREMHFWVVXFKDVYDVHVVKRXOGQRWEHSODFHGRQWKH
HTXLSPHQW
9HQWLODWLRQ
'RQRWSODFHWKHHTXLSPHQWRQDEHGVRIDUXJRUVLPLODU
VRIWVXUIDFHRULQDQHQFORVHGERRNFDVHRUFDELQHWVLQFH
YHQWLODWLRQPD\EHLPSHGHG:HUHFRPPHQGDPLQLPXP
GLVWDQFHRIPPLQFKHVDURXQGWKHVLGHVDQGWRSRIWKH
DSSOLDQFHWRSURYLGHDGHTXDWHYHQWLODWLRQ
+HDW
/RFDWHWKHDSSOLDQFHDZD\IURPQDNHGÀDPHVRUKHDW
SURGXFLQJHTXLSPHQWVXFKDVUDGLDWRUVVWRYHVRURWKHU
DSSOLDQFHVLQFOXGLQJRWKHUDPSOL¿HUVWKDWSURGXFHKHDW
&OLPDWH
7KHDSSOLDQFHKDVEHHQGHVLJQHGIRUXVHLQPRGHUDWH
FOLPDWHV
5DFNVDQGVWDQGV
2QO\XVHDUDFNRUVWDQGWKDWLVUHFRPPHQGHGIRUXVHZLWK
DXGLRHTXLSPHQW,IWKHHTXLSPHQWLVRQDSRUWDEOHUDFNLW
VKRXOGEHPRYHGZLWKJUHDWFDUHWRDYRLGRYHUWXUQLQJWKH
FRPELQDWLRQ
&OHDQLQJ
8QSOXJWKHXQLWIURPWKHPDLQVVXSSO\EHIRUHFOHDQLQJ
7KHFDVHVKRXOGQRUPDOO\RQO\UHTXLUHDZLSHZLWKDVRIW
GDPSOLQWIUHHFORWK'RQRWXVHSDLQWWKLQQHUVRURWKHU
FKHPLFDOVROYHQWVIRUFOHDQLQJ
:HGRQRWDGYLVHWKHXVHRIIXUQLWXUHFOHDQLQJVSUD\VRU
SROLVKHVDVWKH\FDQFDXVHLQGHOLEOHZKLWHPDUNVLIWKHXQLW
LVVXEVHTXHQWO\ZLSHGZLWKDGDPSFORWK
3RZHUVRXUFHV
2QO\FRQQHFWWKHDSSOLDQFHWRDSRZHUVXSSO\RIWKHW\SH
GHVFULEHGLQWKHRSHUDWLQJLQVWUXFWLRQVRUDVPDUNHGRQWKH
DSSOLDQFH
3RZHUFRUGSURWHFWLRQ
3RZHUVXSSO\FRUGVVKRXOGEHURXWHGVRWKDWWKH\DUHQRW
OLNHO\WREHZDONHGRQRUSLQFKHGE\LWHPVSODFHGXSRQRU
DJDLQVWWKHPSD\LQJSDUWLFXODUDWWHQWLRQWRFRUGVDQGSOXJV
DQGWKHSRLQWZKHUHWKH\H[LWIURPWKHDSSOLDQFH
*URXQGLQJ
(QVXUHWKDWWKHJURXQGLQJPHDQVRIWKHDSSOLDQFHLVQRW
GHIHDWHG
3RZHUOLQHV
/RFDWHDQ\RXWGRRUDQWHQQDDHULDODZD\IURPSRZHUOLQHV
1RQXVHSHULRGV
,IWKHXQLWKDVDVWDQGE\IXQFWLRQDVPDOODPRXQWRI
FXUUHQWZLOOFRQWLQXHWRÀRZLQWRWKHHTXLSPHQWLQWKLV
PRGH8QSOXJWKHSRZHUFRUGRIWKHDSSOLDQFHIURPWKH
RXWOHWLIOHIWXQXVHGIRUDORQJSHULRGRIWLPH
$EQRUPDOVPHOO
,IDQDEQRUPDOVPHOORUVPRNHLVGHWHFWHGIURPWKH
DSSOLDQFHWXUQWKHSRZHURIILPPHGLDWHO\DQGXQSOXJWKH
XQLWIURPWKHZDOORXWOHW&RQWDFW\RXUGHDOHULPPHGLDWHO\
6HUYLFLQJ
<RXVKRXOGQRWDWWHPSWWRVHUYLFHWKHDSSOLDQFHEH\RQGWKDW
GHVFULEHGLQWKLVKDQGERRN$OORWKHUVHUYLFLQJVKRXOGEH
UHIHUUHGWRTXDOL¿HGVHUYLFHSHUVRQQHO
'DPDJHUHTXLULQJVHUYLFH
7KHDSSOLDQFHVKRXOGEHVHUYLFHGE\TXDOL¿HGVHUYLFH
SHUVRQQHOZKHQ
$ WKHSRZHUVXSSO\FRUGRUWKHSOXJKDVEHHQGDPDJHG
RU
% REMHFWVKDYHIDOOHQRUOLTXLGKDVVSLOOHGLQWRWKH
DSSOLDQFHRU
& WKHDSSOLDQFHKDVEHHQH[SRVHGWRUDLQRU
' WKHDSSOLDQFHGRHVQRWDSSHDUWRRSHUDWHQRUPDOO\RU
H[KLELWVDPDUNHGFKDQJHLQSHUIRUPDQFHRU
( WKHDSSOLDQFHKDVEHHQGURSSHGRUWKHHQFORVXUH
GDPDJHG
6DIHW\FRPSOLDQFH
7KLVSURGXFWKDVEHHQGHVLJQHGWRPHHWWKH,(&
LQWHUQDWLRQDOHOHFWULFDOVDIHW\VWDQGDUG
$95
(
(QJOLVK
&RQWHQWV
6DIHW\JXLGHOLQHV(
,PSRUWDQWVDIHW\LQVWUXFWLRQV (
6DIHW\FRPSOLDQFH (
%HIRUH\RXVWDUW(
,QVWDOODWLRQ (
3RVLWLRQLQJWKHXQLW (
1RWHVRQLQVWDOOLQJWKH$95(
$XGLRFRQQHFWLRQV(
9LGHRFRQQHFWLRQV(
&RQQHFWLQJORXGVSHDNHUV (
=RQHFRQQHFWLRQV(
&RQQHFWLQJWKH$0DQG)0DQWHQQDV (
&RQWUROFRQQHFWLRQV (
&RQQHFWLQJWRDSRZHUVXSSO\  (
&RQ¿JXULQJWKH$95 (
6HWXSPRGH(
7KHµ%DVLF¶6HWXS0HQXV (
7KHµ$GYDQFHG¶6HWXS0HQXV(
6DYLQJ6HWWLQJVDQG([LW6HWXS  (
5HPRWHFRQWURO(
2SHUDWLQJ\RXU$95(
6ZLWFKLQJRQRII (
9ROXPHFRQWURO(
)URQWSDQHOGLVSOD\ (
,QSXWVHOHFWLRQ (
6WHUHR'LUHFW (
=RQH (
+HDGSKRQHV(
(IIHFWV);(
0RGH (
7UHEOH%DVV(
5HPRWHFRQWUROEXWWRQV (
8VLQJWKHWXQHU (
8VLQJWKH0DLQ0HQX(
8VLQJ=RQH(
6XUURXQGPRGHV(
,QWURGXFWLRQ(
'LJLWDOPXOWLFKDQQHOVRXUFHV  (
7ZRFKDQQHOVRXUFHPRGHV  (
0XOWLFKDQQHOVRXUFHPRGHV (
'63(IIHFWV0RGHV (
6SHDNHUSRVLWLRQLQJ (
%LZLULQJDQGELDPSLQJORXGVSHDNHUV (
%HIRUH\RXVWDUW±LPSRUWDQWLQIRUPDWLRQ (
%LZLULQJ\RXUORXGVSHDNHUV (
%LDPSLQJ\RXUV\VWHP  (
7URXEOHVKRRWLQJ(
,55HPRWH&RGHV(
6&$57FRQQHFWLRQV(
7HFKQLFDOVSHFL¿FDWLRQV(
*XDUDQWHH (
:RUOGZLGH*XDUDQWHH(
2QOLQHUHJLVWUDWLRQ (
$SSHQGL[6HULDOSURJUDPPLQJLQWHUIDFH (
,QWURGXFWLRQ(
&RPPDQG6SHFL¿FDWLRQV(
7KHVPDOOSULQW
0DQXIDFWXUHGXQGHUOLFHQFHIURP'ROE\/DERUDWRULHV,QF
µ'ROE\¶µ3UR/RJLF¶µ6XUURXQG(;¶DQGWKHGRXEOH'V\PERODUH
WUDGHPDUNVRI'ROE\/DERUDWRULHV
&RQILGHQWLDOXQSXEOLVKHGZRUNV&RS\ULJKW±'ROE\
/DERUDWRULHV,QF$OOULJKWVUHVHUYHG
0DQXIDFWXUHGXQGHUOLFHQVHIURP'LJLWDO7KHDWHU6\VWHPV,QF
863DW1R¶V
DQGRWKHU86DQGZRUOGZLGHSDWHQWV
LVVXHGDQGSHQGLQJ³'76´³'76(6´³1HR´DQG³'76´DUH
WUDGHPDUNVRI'LJLWDO7KHDWHU6\VWHPV,QF
&RS\ULJKW'LJLWDO7KHDWHU6\VWHPV,QF$OO5LJKWV
5HVHUYHG
$95
(
%HIRUH\RXVWDUW
,QWURGXFWLRQ
7KH$95LVDKLJKTXDOLW\DQGKLJKSHUIRUPDQFHKRPHFLQHPDSURFHVVRUDQGPXOWLFKDQQHODXGLR
DPSOL¿HUEXLOWWR$UFDP¶VWUDGLWLRQDOKLJKTXDOLW\GHVLJQDQGPDQXIDFWXULQJVWDQGDUGV,WFRPELQHV
KLJKUHVROXWLRQGLJLWDOSURFHVVLQJZLWKKLJKSHUIRUPDQFHDXGLRDQGYLGHRFRPSRQHQWVWREULQJ\RXDQ
XQULYDOOHGKRPHHQWHUWDLQPHQWFHQWUH
,QDGGLWLRQWRWKHEXLOWLQWXQHUWKH$95DOORZVVZLWFKLQJDQGYROXPHFRQWURORIVHYHQDQDORJXHDQG
VL[GLJLWDOVRXUFHVPDNLQJLWDQLGHDOFRPSDQLRQIRUERWKKRPHFLQHPDDQGWZRFKDQQHOVWHUHRV\VWHPV
6LQFHPDQ\RIWKHVHVRXUFHFRPSRQHQWVDUHDOVRFDSDEOHRIRXWSXWWLQJKLJKTXDOLW\YLGHRVLJQDOVWKH
$95LQFOXGHVEURDGFDVWTXDOLW\YLGHRVZLWFKLQJIRUFRPSRVLWH6YLGHRFRPSRQHQWDQGPRVW5*%
YLGHRVLJQDOV7KHUHDUHLQSXWVDQGRXWSXWVIRUERWKWDSHDQG9&5DVZHOODVDGLJLWDORXWSXW'9'
$XGLRRU6$&'FDQEHFRQQHFWHGYLDWKHPXOWLFKDQQHOLQSXW&RQWURORIWKH$95LVHLWKHUE\IURQW
SDQHOFRQWUROEXWWRQV,5UHPRWHFRQWURORUDQ56SRUWZKLFKDOVRFDQEHXVHGWRXSORDGIXWXUH
VRIWZDUHHQKDQFHPHQWV
$VZHOODVSURYLGLQJWKHDXGLRDQGYLGHREHLQJXVHGLQWKHPDLQOLVWHQLQJDUHDWKH$95DOORZV
WKHVDPHRUDGLIIHUHQWVRXUFHWREHURXWHGWRDVHFRQGDUHDFDOOHGµ=RQH¶VXFKDVWKHNLWFKHQ
EHGURRPORXQJHHWF=RQHFDQKDYHIXOOUHPRWHFRQWURORYHUWKHVRXUFHVHOHFWLRQDQGYROXPHLQWKDW
DUHD
7KHFXVWRPLVHGLQVWDOODWLRQRIWKH$95LQDOLVWHQLQJURRPLVDQLPSRUWDQWSURFHVVZKLFKUHTXLUHV
FDUHDWHYHU\VWDJH)RUWKLVUHDVRQWKHLQVWDOODWLRQLQIRUPDWLRQLVYHU\FRPSUHKHQVLYHDQGVKRXOGEH
IROORZHGFDUHIXOO\
8VLQJWKLVKDQGERRN
7KDQN\RXIRUSXUFKDVLQJWKH$UFDP$956XUURXQG6RXQG5HFHLYHU
7KLVKDQGERRNKDVEHHQGHVLJQHGWRJLYH\RXDOOWKHLQIRUPDWLRQ\RXQHHGWRLQVWDOOFRQQHFWVHWXS
DQGXVHWKH$UFDP$956XUURXQG6RXQG5HFHLYHU7KHUHPRWHFRQWUROKDQGVHWVXSSOLHGZLWKWKH
HTXLSPHQWLVDOVRGHVFULEHG
,WPD\EHWKDWWKH$95KDVEHHQLQVWDOOHGDQGVHWXSDVSDUWRI\RXU+L)LLQVWDOODWLRQE\DTXDOL¿HG
$UFDPGHDOHU,QWKLVFDVH\RXPD\ZLVKWRVNLSWKHVHFWLRQVRIWKLVKDQGERRNGHDOLQJZLWKLQVWDOODWLRQ
DQGVHWWLQJXSWKHXQLWDQGPRYHGLUHFWO\WRWKHVHFWLRQGHWDLOLQJWKHRSHUDWLRQRI\RXUXQLW
6DIHW\
6DIHW\JXLGHOLQHVDUHVHWRXWRQSDJHRIWKLVKDQGERRN
0DQ\RIWKHVHLWHPVDUHFRPPRQVHQVHSUHFDXWLRQVEXWIRU\RXURZQVDIHW\DQGWRHQVXUHWKDW\RXGR
QRWGDPDJHWKHXQLWZHUHFRPPHQGWKDW\RXUHDGWKHP
7KLVLVDFODVVSURGXFWDQGUHTXLUHVDQHDUWKFRQQHFWLRQ
:KDW¶VLQWKHER["
3OHDVHFRQ¿UPWKDWWKHIROORZLQJLWHPVDUHLQWKHER[ZKHQ\RXUHFHLYHLW
$UFDP$95VXUURXQGVRXQGUHFHLYHU²WKHPRGHOQXPEHULVVKRZQRQWKHULJKWRIWKHIURQW
SDQHORIWKHSOD\HU
$UFDP&5UHPRWHFRQWUROZLWKµ$$$¶EDWWHULHV²WKHUHPRWHFRQWUROPRGHOQXPEHULVVKRZQ
RQWKHIURQWDWWKHERWWRPRIWKHUHPRWHFRQWURO
)0ULEERQDQG$0ORRSDQWHQQDH
0DLQVSRZHUOHDGDSSURSULDWHIRUWKHPDLQVVXSSO\LQ\RXUDUHD
3URGXFWUHJLVWUDWLRQFDUGDQGHQYHORSH
,IDQ\RIWKHVHLWHPVDUHPLVVLQJRULQFRUUHFWSOHDVHFRQWDFW\RXU$UFDPGHDOHULPPHGLDWHO\
$95
(
(QJOLVK
%HIRUHPDNLQJFRQQHFWLRQV
%HIRUHFRQQHFWLQJ\RXUHTXLSPHQWLWLVLPSRUWDQWWRWKLQNDERXWWKHIROORZLQJSRLQWVDVWKHVHZLOODIIHFW
\RXUFKRLFHRIFRQQHFWLRQVDQGVXEVHTXHQWXVHRIWKHV\VWHP
$XGLR
:KHUHYHUSRVVLEOHFRQQHFWERWKDQDORJXHDQGGLJLWDORXWSXWVRIGLJLWDOVRXUFHV7KLVHQDEOHVXVHRI
DGLJLWDOLQSXWIRUWKHPDLQ]RQHZLWKWKHFRUUHVSRQGLQJDQDORJXHLQSXWXVHGIRUUHFRUGLQJRQWRDQ
DQDORJXHWDSHGHFNRU9&5RUIRUWKH=RQHRXWSXW
9LGHR
7KH$95DOORZVIRUFRQYHUVLRQEHWZHHQGLIIHUHQWYLGHRIRUPDWV7KLVPHDQVWKDWWKH$95FDQ
FRQYHUWEHWZHHQFRPSRVLWH6YLGHRDQGFRPSRQHQWLIUHTXLUHG
)RUH[DPSOHLI\RXDUHZDWFKLQJDFRPSRVLWHLQSXWIURPD9&5\RXPD\YLHZLWIURPWKH6YLGHRRU
&RPSRQHQW5*%YLGHRRXWSXWVRIWKH$957KLVDOORZV\RXWRXVHDVLQJOHW\SLFDOO\KLJKTXDOLW\
&RPSRQHQW5*%FRQQHFWLRQEHWZHHQWKH$95DQG\RXUGLVSOD\GHYLFH
+RZHYHUQHLWKHUWKHUHFRUGORRSVQRU=RQHZRUNIURPWKHYLGHRFRQYHUWHU7KLVPHDQVWKDWWRUHFRUG
D6YLGHRRUFRPSRVLWHVLJQDOD6YLGHRRUFRPSRVLWHVLJQDOUHVSHFWLYHO\PXVWEHVXSSOLHGWRYLHZ
YLGHRLQ=RQHDFRPSRVLWHVLJQDOLVUHTXLUHG
7KHYLGHRTXDOLW\KLHUDUFK\LVDVIROORZV
&RPSRQHQW5*%±KLJKHVW
6YLGHR±PLGGOH
&RPSRVLWH±ORZHVW
,IDOOWKHYLGHRLQSXWVDUHFRQQHFWHGVLPXOWDQHRXVO\IURPRQHGHYLFHHJD'9'SOD\HUWKH$95ZLOO
VHOHFWDXWRPDWLFDOO\WKHEHVWIRUPDWDYDLODEOH
=RQH
$OLQHOHYHOVLJQDOIURPWKHVWHUHRDQDORJXHDXGLRWRJHWKHUZLWKWKHFRPSRVLWHYLGHRLQSXWVDUHDYDLODEOH
IRU=RQH7KHDQDORJXHLQSXWVIURPVRXUFHFRPSRQHQWVDUHUHTXLUHGEHFDXVHWKH$95SURYLGHVQR
DQDORJXHWRGLJLWDO'63SURFHVVLQJRUGLJLWDOWRDQDORJXHFRQYHUVLRQWKHFRPSRVLWHYLGHRFRQQHFWLRQV
DUHUHTXLUHGVLQFHWKH$95GRHVQRWSHUIRUPYLGHRIRUPDWFRQYHUVLRQIRU=RQH
)RUWKHVHUHDVRQVZHUHFRPPHQGWKDWVRXUFHGHYLFHVWKDWKDYHDGLJLWDOFRQQHFWLRQDUHDOVRFRQQHFWHG
WRWKHDQDORJXHLQSXWV+LJKTXDOLW\<895*%DQG6YLGHRVRXUFHVVKRXOGDOVRKDYHWKHLUFRPSRVLWH
RXWSXWVFRQQHFWHGWRWKH$95IRUXVHLQ=RQH
,QVHUWLQJWKHEDWWHULHVLQWRWKHUHPRWHFRQWURO
7KHUHPRWHFRQWUROUHTXLUHVµ$$$¶EDWWHULHVWRRSHUDWH7RLQVHUWWKHEDWWHULHV
LQWRWKHUHPRWHFRQWUROSOHDVHIROORZWKHVHLQVWUXFWLRQV
2SHQWKHEDWWHU\FRPSDUWPHQWFRYHURQWKHEDFNRIWKHUHPRWHFRQWURO
,QVHUWWZR$$$EDWWHULHVLQWRWKHEDWWHU\FRPSDUWPHQWIROORZLQJWKH
SRODULW\LQGLFDWLRQVJLYHQLQVLGHWKHFRPSDUWPHQWLWVHOI
&ORVHWKHFRYHU
1RWHVRQLQVHUWLQJWKHUHPRWHFRQWUROEDWWHULHV
,QFRUUHFWXVHRIEDWWHULHVFDQUHVXOWLQKD]DUGVVXFKDVOHDNDJHDQG
EXUVWLQJ
'RQRWPL[ROGDQGQHZEDWWHULHVWRJHWKHU
'RQRWXVHGLIIHUHQWNLQGVRIEDWWHU\WRJHWKHU²DOWKRXJKWKH\PD\ORRN
VLPLODUGLIIHUHQWEDWWHULHVPD\KDYHGLIIHUHQWYROWDJHV
(QVXUHWKDWWKHSOXVDQGPLQXV²HQGVRIHDFKEDWWHU\PDWFKWKH
LQGLFDWLRQVLQWKHEDWWHU\FRPSDUWPHQW
5HPRYHEDWWHULHVIURPHTXLSPHQWWKDWLVQRWJRLQJWREHXVHGIRUDPRQWK
RUPRUH
:KHQGLVSRVLQJRIXVHGEDWWHULHVSOHDVHFRPSO\ZLWKJRYHUQPHQWDORU
RWKHUUHJXODWLRQVWKDWDSSO\LQ\RXUFRXQWU\RUDUHD
8VLQJWKHUHPRWHFRQWURO
3OHDVHNHHSLQPLQGWKHIROORZLQJZKHQXVLQJWKHUHPRWHFRQWURO
(QVXUHWKDWWKHUHDUHQRREVWDFOHVEHWZHHQWKHUHPRWHFRQWURODQGWKH
UHPRWHVHQVRURQWKH$957KHUHPRWHKDVDUDQJHRIDERXWPHWUHV
,IWKHUHPRWHVHQVRULVREVFXUHGWKHUHPRWHFRQWUROLQSXWMDFNRQWKH
UHDUSDQHOLVDYDLODEOH3OHDVHFRQWDFW\RXUGHDOHUIRUIXUWKHULQIRUPDWLRQ
5HPRWHRSHUDWLRQPD\EHFRPHXQUHOLDEOHLIVWURQJVXQOLJKWRUÀXRUHVFHQW
OLJKWLVVKLQLQJRQWKHUHPRWHVHQVRURIWKH$95
5HSODFHWKHEDWWHULHVZKHQ\RXQRWLFHDUHGXFWLRQLQWKHRSHUDWLQJUDQJHRI
WKHUHPRWHFRQWURO
2
3
$2SHQWKHFRYHURIWKHUHPRWHFRQWURO
EDWWHU\FRPSDUWPHQW
%,QVHUWWKHEDWWHULHVLQWRWKHUHPRWH
FRQWURO
2
3
&&ORVHWKHFRYHURIWKHUHPRWHFRQWURO
EDWWHU\FRPSDUWPHQW
$95
(
,QVWDOODWLRQ
3RVLWLRQLQJWKHXQLW
 3ODFHWKHUHFHLYHURQDOHYHO¿UPVXUIDFH
 $YRLGSODFLQJWKHXQLWLQGLUHFWVXQOLJKWRUQHDUVRXUFHVRIKHDWRUGDPS
 'RQRWSODFHWKHXQLWRQWRSRIDSRZHUDPSOL¿HURURWKHUVRXUFHRIKHDW
 (QVXUHDGHTXDWHYHQWLODWLRQ'RQRWSODFHWKHXQLWLQDQHQFORVHGVSDFHVXFKDVDERRNFDVH
RUFORVHGFDELQHWXQOHVVWKHUHLVJRRGSURYLVLRQIRUYHQWLODWLRQ7KHUHFHLYHULVGHVLJQHGWRUXQ
ZDUPGXULQJQRUPDORSHUDWLRQ
 0DNHVXUHWKH,5UHFHLYHULQWKHFHQWUHRIWKHIURQWSDQHOGLVSOD\LVXQREVWUXFWHGRWKHUZLVH
WKLVZLOOLPSDLUWKHXVHRIWKHUHPRWHFRQWURO,IOLQHRIVLJKWLVLPSUDFWLFDODQLQIUDUHGUHPRWH
UHSHDWHUFDQEHXVHGZLWKWKHUHDUSDQHO,5FRQQHFWRU
 'RQRWSODFH\RXUUHFRUGGHFNRQWRSRIWKLVXQLWRUDQ\RWKHUXQLWZKLFKLVPDLQVVXSSOLHG
5HFRUGGHFNVDUHYHU\VHQVLWLYHWRWKHQRLVHJHQHUDWHGE\PDLQVSRZHUVXSSOLHVZKLFKZLOOEH
KHDUGDVµKXP¶LIWKHUHFRUGGHFNLVWRRFORVH
'RQRWSODFHDQ\RWKHUFRPSRQHQWRULWHPRQWRSRIWKH$95DVWKLVPD\REVWUXFWWKHYHQWLODWLRQ
KROHVFDXVLQJWKH$95WRUXQKRW7KHXQLWSODFHGRQWRSRIWKH$95ZRXOGEHFRPHKRWWRR
1RWHVRQLQVWDOOLQJWKH$95
7KHLQSXWVDUHQDPHGWRPDNHLWHDVLHUWRUHIHUHQFHZKHQFRQQHFWLQJVRXUFHFRPSRQHQWVWRWKH$95
HJD'9'RU9&5EXWDOOLQSXWVKDYHWKHVDPHFLUFXLWU\7KLVPHDQVWKDWWKHUHLVQRUHDVRQZK\\RX
VKRXOGQRWFRQQHFWDGLIIHUHQWGHYLFHIURPWKDWODEHOOHGWRDQ\RIWKHLQSXWV)RUH[DPSOHLI\RXKDGWZR
'9'SOD\HUVDQGWKH$9LQSXWZDVQRWEHLQJXVHGWKHQWKHVHFRQG'9'SOD\HUFRXOGEHFRQQHFWHGWR
WKH$9LQSXW
&DEOHV
:HUHFRPPHQGWKHXVHRIKLJKTXDOLW\VFUHHQHGDQDORJXHGLJLWDODQGYLGHRFDEOHVVLQFHLQIHULRU
TXDOLW\FDEOHVZLOOGHJUDGHWKHRYHUDOOTXDOLW\RI\RXUV\VWHP8VHRQO\FDEOHVWKDWDUHGHVLJQHGIRUWKH
SDUWLFXODUDSSOLFDWLRQDVRWKHUFDEOHVZLOOKDYHGLIIHUHQWLPSHGDQFHFKDUDFWHULVWLFVWKDWZLOOGHJUDGH
WKHSHUIRUPDQFHRI\RXUV\VWHPIRUH[DPSOHGRQRWXVHFDEOLQJLQWHQGHGIRUDXGLRXVHWRFDUU\YLGHR
VLJQDOV$OOFDEOHVVKRXOGEHNHSWDVVKRUWDVLVSUDFWLFDOO\SRVVLEOH
9LGHRDQGGLJLWDOFRQQHFWLRQVPXVWEHPDGHZLWKFDEOHVWKDWDUHGHVLJQHGIRUWKLVSXUSRVHLHFRD[LDO
FDEOHZLWKDLPSHGDQFH,IVXEVWDQGDUGFDEOHVDUHXVHG\RXPD\VXIIHUIURPSRRUSLFWXUHTXDOLW\
VXFKDVJKRVWLPDJHVDQGRUJUDLQ\SLFWXUHTXDOLW\VQRZ
6SHDNHUFDEOHVVKRXOGEHNHSWVKRUWWRHQVXUHHI¿FLHQWSRZHUWUDQVPLVVLRQDQGDYRLGDXGLEOHGLVWRUWLRQ
,WLVJRRGSUDFWLFHZKHQFRQQHFWLQJ\RXUHTXLSPHQWWRHQVXUHWKDWWKHPDLQVSRZHUVXSSO\FDEOLQJLV
NHSWDVIDUDZD\DVSRVVLEOHIURP\RXUDXGLRDQGYLGHRFDEOHVDVWKLVZLOOSURYLGHWKHEHVWVRXQGDQG
SLFWXUHTXDOLW\)DLOXUHWRGRVRPD\UHVXOWLQXQZDQWHGQRLVHLQWKHDXGLRDQGYLGHRVLJQDOV
/*
 6Ê
"1/*1/-
1" 6" /Ê
,"/
,-ÓÎÓÊ" /,"
,
  ,-
- ,- -
"1/
6,
"1/
*6,
6
-/
6
-
"
"1/
<" Ó
6"
"1/
/
"1/

6
6
-/
*6,
/*
,
,
"1/
,
,-
,-


-
-
-1
,
,-
,-


-
-
-1
<" 
Ó
"
"1/
£É, ÓÉ-6
£Ó6
/,,
<£ÊEÊ<Ó®
6"Ê/,,

 /
6
6
"1/
-/

 
Ê+1/9Ê6"Ê

1-®Ê£ä
1®ÊÊ
Ê-/*
,"1 
/
,"1 
ÓÎä
-*,
* 
7KH$95UHDUSDQHO
$95
(
(QJOLVK
$XGLRFRQQHFWLRQV

:KHUHYHUSRVVLEOHFRQQHFWERWKWKHDQDORJXHDQGGLJLWDORXWSXWVRIGLJLWDOVRXUFHV7KLVHQDEOHV
XVHRIDGLJLWDOLQSXWIRUWKHPDLQ]RQHDQGWKHFRUUHVSRQGLQJDQDORJXHLQSXWIRUUHFRUGLQJRQWR
DQDQDORJXHWDSHGHFNRU9&5DQGIRUWKH=RQHRXWSXWLIXVHG

7DNHFDUHWRSODFHWKHDXGLRFDEOHVDVIDUIURPDQ\SRZHUVXSSO\FDEOLQJDVLVSUDFWLFDOO\SRVVLEOH
WRUHGXFHKXPDQGRWKHUQRLVHSUREOHPV
$QDORJXHDXGLRFRQQHFWLRQV
67(5(2,13876
9&5
395
$9
6$7
'9'
(8
7$3(,1
(9
&'
&RQQHFWWKHOHIWDQGULJKWRXWSXWVRI\RXUVRXUFHHTXLSPHQWWRWKHOHIWDQGULJKWLQSXWV
&RQQHFWLRQRIUHFRUGGHFNV
7KH$95LVQRW¿WWHGZLWKDSKRQRSUHDPSOL¿HU,I\RXZLVKWRFRQQHFWDUHFRUGGHFN
WRWKH$95WKHQ\RXZLOOQHHGDQH[WHUQDOSUHDPSOL¿HU3OHDVHFRQWDFW\RXUGHDOHUIRU
IXUWKHULQIRUPDWLRQDQGUHFRPPHQGDWLRQVRQWKHEHVWRSWLRQIRU\RXUV\VWHP
08/7,&+$11(/'9'$6$&',13876
5,*+7
/()7
(1
5,*+76855281'
(2
/()76855281'
(5
&(175(
(6
68%
&RQQHFWWKHDXGLRRXWSXWVRI\RXU'9'$XGLRRU6$&'SOD\HUWRWKHVHLQSXWVRFNHWV
(3
56%$&.DQG
(4
/6%$&.
7KHVHDUHDYDLODEOHIRUIRUPDWVUHTXLULQJHLJKWFKDQQHOV&XUUHQWO\QRIRUPDWVDUHDYDLODEOH
UHTXLULQJWKHVHFRQQHFWLRQVZKLFKDUHSURYLGHGIRUIXWXUHFRPSDWLELOLW\
7KHPXOWLFKDQQHOLQSXWLVLQWHQGHGIRUXVHZLWKVRXUFHVWKDWGHFRGHWKHVXUURXQGFKDQQHOV
LQWHUQDOO\VXFKDV'9'$RU6$&'SOD\HUV
7KH$95VZLWFKHVWKHVHDQDORJXHLQSXWVGLUHFWO\WRWKHDQDORJXHRXWSXWVYLDLWVRZQYROXPH
FRQWUROFLUFXLW7KLVGLUHFWSDWKPDLQWDLQVWKHEHVWSRVVLEOHVRXQGTXDOLW\IRU'9'$DQG6$&'
VRXUFHVLWKDVWKHVLGHHIIHFWWKDWWKHUHLVQREDVVPDQDJHPHQWIRU'9'$RU6$&'SOD\HUV,Q
WKLVFDVHWKHEDVVPDQDJHPHQWIXQFWLRQDOLW\RIWKHSOD\HULWVHOIVKRXOGEHXVHG
67(5(22873876
9&5287
395287
(7
7$3(287
&RQQHFWWKHOHIWDQGULJKWDXGLRRXWSXWVVRFNHWVWRWKHOHIWDQGULJKWLQSXWVRFNHWVRI\RXUFDVVHWWH
GHFN9&5RU395XVXDOO\ODEHOOHGµ5(&25',1¶7KH9&5395FRQQHFWLRQVPD\DOVREHXVHGIRUD
VHFRQGRUWKLUGFDVVHWWHGHFN
'LJLWDODXGLRFRQQHFWLRQV
,13876
)2
&'
)3
'9'
)4
$9
)5
6$7
)6
395
)7
7$3(
&RQQHFWWKHGLJLWDORXSXWVRI\RXUDYDLODEOHVRXUFHHTXLSPHQWWRWKHVHLQSXWV
,IUHTXLUHGHDFKRIWKHVHVL[GLJLWDOLQSXWVFDQEHDOORFDWHGWRDGLIIHUHQWDXGLRLQSXWIURPWKDW
LQGLFDWHGE\WKHLQSXWODEHOWKURXJKWKHµ'LJLWDO6HWWLQJV¶SDJHRIWKH6HWXSPHQX7KLVPHDQVWKDW
IRUH[DPSOHLI\RXZLVKWRXVHDQRSWLFDOFRQQHFWLRQIRU\RXU'9'SOD\HUWKHRSWLFDOFRQQHFWLRQIRU
WKH6$7395RU7$3(FDQEHXVHGDQGWKHDXGLRIURPWKDWGLJLWDOLQSXWDVVLJQHGWRWKH'9'EXWWRQ
2873876
(:
)1
',*,7$/287
7ZRGLJLWDORXWSXWFRQQHFWLRQVDUHDYDLODEOHRSWLFDODQGFRD[LDO7KHWZRFRQQHFWLRQVFDUU\WKHVDPH
LQIRUPDWLRQDWDOOWLPHVDQGERWKPD\EHXVHGVLPXOWDQHRXVO\&RQQHFWWKHGLJLWDORXWSXWVWR\RXU
GLJLWDOUHFRUGLQJGHYLFHVVXFKDVD&'5GLJLWDO9&5RU0LQL'LVFSOD\HU
:KHQDGLJLWDOVRXUFHLVVHOHFWHGWKHGLJLWDORXWSXWZLOOVHQGDQH[DFWFRS\RIWKHLQFRPLQJGLJLWDO
VLJQDO)RUH[DPSOHIRUDGLJLWDOVRXUFHWKHGLJLWDORXWSXWZLOODOVREHLQIRUPDW
:KHQDQDQDORJXHVRXUFHLVVHOHFWHGWKHGLJLWDORXWSXWZLOOEHPXWHG
$QDORJXHSUHDPSOL¿HURXWSXWV
7KHSUHDPSOL¿HURXWSXWVDUHXVHGWRVHQGVLJQDOVWRH[WHUQDOSRZHUDPSOL¿HUV7KLVPD\EH
HLWKHUIRUµELDPSLQJ¶VSHDNHUVRUIRUXVHZLWKDPRUHSRZHUIXOH[WHUQDODPSOL¿HUVXFKDVWKH
$UFDP3VHYHQFKDQQHODPSOL¿HU1RWHWKDWLI\RXZLVKWRELDPSOLI\VSHDNHUV\RXPXVWXVHDQ
DPSOL¿HUZLWKWKHVDPHJDLQDVWKH$95G%RWKHUZLVHWKHEDVVDQGWKHWUHEOHZLOOEHFRPH
XQEDODQFHG3OHDVHFRQWDFW\RXUGHDOHULI\RXUHTXLUHPRUHLQIRUPDWLRQRQELDPSLQJ\RXUVSHDNHUV
$OOWKHVHDQDORJXHRXWSXWVDUHEXIIHUHGDQGDUHDWOLQHOHYHO
)5
5,*+7
)6
/()7
*1
&(175(&RQQHFWWKHVHWRWKHHTXLYDOHQWIURQWFKDQQHOLQSXWVRI\RXUSRZHU
DPSOL¿HU
*2
68%6XEZRRIHURXWSXW&RQQHFWWKLVWRWKHLQSXWRI\RXUDFWLYHVXEZRRIHULI\RXKDYHRQH
)7
/68556XUURXQGOHIWRXWSXW&RQQHFWWKLVRXWSXWWRWKHVXUURXQGOHIWSRZHUDPSOL¿HULQSXW
)8
568556XUURXQGULJKWRXWSXW&RQQHFWWKLVRXWSXWWRWKHVXUURXQGULJKWSRZHUDPSOL¿HULQSXW
)9
/6%$&.
):
56%$&.6XUURXQGEDFNOHIWDQGULJKWRXWSXWVRQO\XVHGLQFKDQQHOV\VWHPV
&RQQHFWWKHVHRXWSXWVWRWKHLQSXWVRI\RXU/6EDFNDQG56EDFNDPSOL¿HUV
1"
"1/
6,
"1/
*6,
6
-/
6
,
/Ê
/
"1/

6
6
-/
*6,
/*
dn
dp
dl
cu
dq
dr
dm
do
"1/*1/-
,
,-
,-


-
-
-1
du
em
ds
dq
dt
el
dr
dp
/*

,
"1/
ct
cs
cr
$95
(
9LGHRFRQQHFWLRQV
7KH$95DOORZVIRUFRQYHUVLRQEHWZHHQGLIIHUHQWYLGHR
IRUPDWV7KLVPHDQVWKDWWKH$95FDQFRQYHUWEHWZHHQ
FRPSRVLWH6YLGHRDQGFRPSRQHQWLIUHTXLUHG
)RUH[DPSOHLI\RXDUHZDWFKLQJDFRPSRVLWHLQSXWIURPD9&5
\RXPD\YLHZLWIURPWKH6YLGHRRU&RPSRQHQW5*%YLGHR
RXWSXWVRIWKH$957KLVDOORZV\RXWRXVHDVLQJOHW\SLFDOO\
KLJKTXDOLW\&RPSRQHQW5*%FRQQHFWLRQEHWZHHQWKH$95
DQG\RXUGLVSOD\GHYLFH
7KHUHFRUGORRSVGRQRWZRUNIURPWKHYLGHRFRQYHUWHU
7KLVPHDQVWKDWWRUHFRUGD6YLGHRRUFRPSRVLWHVLJQDO
D6YLGHRRUFRPSRVLWHVLJQDOUHVSHFWLYHO\PXVWEH
VXSSOLHG
&RPSRVLWH6YLGHRYLGHRFRQQHFWLRQV
*3
*4
021,725287
7ZRYLGHRRXWSXWFRQQHFWRUVDUHSURYLGHGRQHIRU69LGHRDQGRQHIRUFRPSRVLWHYLGHR7KH
RXWSXWVFDUU\WKHVDPHLQIRUPDWLRQDWDOOWLPHVDQGERWKPD\EHXVHGVLPXOWDQHRXVO\LIUHTXLUHG
&RQQHFWRQHRIWKHVHRXWSXWVWRWKHYLGHRLQSXWRI\RXUGLVSOD\GHYLFH
*7
9&5,1
*9
395,1
*:
$9
+1
6$7
+2
'9'
&RQQHFWWKHFRPSRVLWHYLGHRRXWSXWVRI\RXUVRXUFHHTXLSPHQWWRWKHVHLQSXWV7KHFKRLFHRI
FRQQHFWLRQWRXVH6YLGHRRUFRPSRVLWHGHSHQGVRQZKHUHWKHVLJQDOLVWREHURXWHGWRLIWKH
VLJQDOLVWREHXVHGLQ=RQHWKHQDFRPSRVLWHFRQQHFWLRQLVUHTXLUHGLIWKHVLJQDOLVWREHXVHG
IRUUHFRUGLQJURXWHGWRD9&5IRUH[DPSOHWKHQWKHFRQQHFWLRQW\SHPXVWPDWFKWKHFRQQHFWLRQ
WRWKHUHFRUGLQJGHYLFHLHLIWKHUHFRUGLQJGHYLFHUHTXLUHVD6YLGHRVLJQDOWKHQD6YLGHR
FRQQHFWLRQIURPWKHVRXUFHHTXLSPHQWPXVWEHXVHG
,IERWKFRQQHFWLRQVDUHPDGHWKHVLJQDOIURPWKH6YLGHRLQSXWZLOOEHXVHGIRUWKHPDLQ]RQHLIQR
&RPSRQHQW5*%VLJQDOLVVXSSOLHG
*6
9&5287
*8
395287
&RQQHFWRQHRIWKH6YLGHRRUFRPSRVLWHYLGHRRXWSXWVWRWKHYLGHRLQSXWRI\RXU9&5RU3957KH
FRQQHFWLRQXVHGPXVWPDWFKWKHYLGHRW\SHRIWKHVRXUFH\RXZLVKWRUHFRUGDVGHVFULEHGDERYH
)RUH[DPSOHLI\RXZLVKWRUHFRUGD6YLGHRVLJQDOIURP\RXUVDWHOOLWHUHFHLYHURQ\RXU9&5WKH
FRQQHFWLRQWRWKH9&5PXVWDOVRXVH6YLGHR
+LJKTXDOLW\&RPSRQHQWYLGHRFRQQHFWLRQV
7KHVHLQSXWVDUHVXLWDEOHIRUFRQQHFWLRQWRFRPSRQHQW<89<&U&ERU5*%RXWSXWV7KHVH
VLJQDOVDUHXVXDOO\DYDLODEOHIURPD'9'SOD\HUVHWWRSER[RUJDPHVFRQVROHDQGRIIHUWKH
EHVWSRVVLEOHSLFWXUHTXDOLW\
1RWHWKDWWKHKLJKTXDOLW\FRPSRQHQWYLGHRFRQQHFWLRQVRSHUDWHLQGHSHQGHQWO\RIWKH
FRPSRVLWH6YLGHRFRQQHFWLRQV
*HQHUDOO\WKHFRPSRQHQWYLGHRVWDQGDUGLVXVHGLQ1RUWK$PHULFD176&UHJLRQVZKLOH5*%
LVXVHGLQ(XURSH
+3
$9
+5
'9'
+6
6$7,13876&RQQHFWWKHYLGHRRXWSXWVRI\RXUKLJKTXDOLW\YLGHR
VRXUFHVWRWKHVHLQSXWV
+4
+,*+48$/,7<9,'(2287&RQQHFWWKHVHVRFNHWVWRWKHFRPSRQHQWYLGHRLQSXWVRI\RXU
GLVSOD\GHYLFH
,PSRUWDQWQRWHVDERXW+4YLGHRLQSXWVDQGRXWSXWV

,QWKHµ9LGHR6HWWLQJV¶VHWXSPHQXHDFKRIWKHVHWKUHHKLJKTXDOLW\FRPSRQHQWYLGHR
LQSXWVFDQEHDOORFDWHGLQGLYLGXDOO\WRDQ\RIWKHRWKHULQSXWVHJWKHLQSXWODEHOOHG
³'9'´GRHVQRWKDYHWREHXVHGIRU'9'EXWFDQEHXVHGIRUVRPHWKLQJHOVH6HHSDJH
IRUIXUWKHUGHWDLOV

<RXFDQQRWPL[FRPSRQHQWDQG5*%VRXUFHV6HOHFWLRQRIFRPSRQHQWRU5*%FDQEH
PDGHLQWKH6HWXSPHQXµ*HQHUDO6HWWLQJV¶SDJHVHHSDJH

7KHKLJKTXDOLW\FRPSRQHQWYLGHRLQSXWVKDYHVXI¿FLHQWEDQGZLGWKIRUOLQHGRXEOHG
176&RU3$/YLGHR³SURJUHVVLYHVFDQ´DQGDOVR86+'79YLGHR
VLJQDOV+RZHYHUZKHQXVHGZLWKVXFKVLJQDOVWKH26'LVQRWRYHUODLGRQWKHSLFWXUH
EXWLVRXWSXWDWVWDQGDUGLQWHUODFHG176&RU3$/RUOLQHUDWHRQDVROLG
EDFNJURXQG

:KHQXVLQJWKH+4YLGHRLQSXWVWKHFRPSRVLWHDQG6YLGHRRXWSXWVZLOOEHPXWHG7KLV
LVEHFDXVHWKHSURFHVVLQJIRUWKHRQVFUHHQGLVSOD\ZRXOGFUHDWHLQYDOLGYLGHRVLJQDOVRQWKHVH
RXWSXWV
6&$575*%:,5(&211(&7,21
6&$57UHIHUVWRWKHPXOWLSROH$9FRQQHFWRUXVHGFRPPRQO\RQ(XURSHDQ$9HTXLSPHQW
6RPHYLGHRSURMHFWRUVDQGPRVW(XURSHDQ79VHWVUHTXLUHWKHXVHRIDZLUH5*%FRQQHFWLRQZKHUH
WKHµV\QF¶VLJQDOLVVHSDUDWHIURP5*%,QWKLVFDVH\RXQHHGWRXVHWKHFRPSRVLWHYLGHR021,725
287
*4
IRUWKHV\QFLQIRUPDWLRQ$FDEOHLVDYDLODEOHIURP\RXUGHDOHUWRPDNHWKLVZLUH5*%
FRQQHFWLRQUHIHUWRWKHWDEOHRI6&$57FRQQHFWLRQVDWWKHEDFNRIWKHPDQXDO1RWHWKDWXVHRIWKLV
IHDWXUHUHTXLUHVLQDGGLWLRQWRWKH5*%FRQQHFWLRQVDFRPSRVLWHYLGHRFRQQHFWLRQEHWZHHQWKHVRXUFH
DQGWKH$95LQRUGHUWRVXSSO\WKHDGGLWLRQDOV\QFKURQLVDWLRQVLJQDO
1RWHWKDWPRVW6&$5779LQSXWVZLOOUHTXLUHWKH6&$575*%VWDWXVOLQHWREHFRQWUROOHGEHIRUHWKH5*%
VLJQDOZLOOEHGLVSOD\HG7KH5*%WULJJHURXWSXWZLOOFRQWUROWKLVVLJQDOZKHQFRQQHFWHGWRWKH6&$57
VRFNHWXVLQJDFDEOHRIWKHW\SHJLYHQRQSDJH7KHVHFDEOHVDUHDYDLODEOHIURP\RXUGHDOHU
7KH$95GRHVQRWVXSSRUWHLWKHUZLUH5*%+9RUZLUH5*%V\QFRQJUHHQFRQQHFWLRQV
6"
"1/
6,
"1/
*6,
6
-/
6
-
"
"1/
<" Ó
6"
"1/
eq
er
es
et
eu
fl
fm
en eo ep
6
6
"1/
-/
Ê+1/9Ê6"Ê
fofn
fp fq
7KHIROORZLQJYLGHRFRQYHUVLRQVDUHSRVVLEOH
7R
)URP
&RPSRVLWH 6YLGHR &RPSRQHQW
5*%
&RPSRVLWH <HV <HV <HV
6YLGHR <HV <HV <HV
&RPSRQHQW
5*%
1R 1R <HV
1RWHWKDWFRQYHUVLRQEHWZHHQ5*%DQG&RPSRQHQWYLGHR
RUYLFHYHUVDLVQRWVXSSRUWHGE\WKH$95
:KHQ\RXFRQQHFW
\RXUGHYLFHVWRWKHVH
FRQQHFWRUVWDNHFDUHWR
IROORZWKHOHWWHUFRORXU
FRGLQJIRUHDFKLQSXW
1RGDPDJHZLOORFFXULI
FRQQHFWHGLQFRUUHFWO\
EXWXQXVXDOO\FRORXUHG
RUXQVWDEOHSLFWXUHVZLOO
UHVXOW
$95
(
(QJOLVK
&RQQHFWLQJORXGVSHDNHUV
7KHUHGDQGEODFNWHUPLQDOVRQWKHEDFNRIWKH$95DUHXVHGWRPDNHWKHFRQQHFWLRQVWRWKH
ORXGVSHDNHUV7KHVSHDNHUVVKRXOGEHFRQQHFWHGWRWKHORXGVSHDNHUWHUPLQDOVUHIHULQJWRWKH
ODEHOVRQWKHUHDUSDQHO
:KHQFRQQHFWLQJWKHVSHDNHUWHUPLQDOVRIWKHDPSOL¿HUZLWKWKHWHUPLQDOVRQWKHVSHDNHUVPDNH
VXUHWKDWOLNHSRODULWLHVDUHPDWFKHGLHPDWFK³´ZLWK³´XVXDOO\UHGDQG³±´ZLWK³±´
XVXDOO\EODFN0LVPDWFKLQJRISRODULWLHVZLOOUHVXOWLQDZHDNFHQWUDOVRXQGXQFOHDURULHQWDWLRQ
RIWKHLQVWUXPHQWVDQGWKHVHQVHRIGLUHFWLRQRIWKHVWHUHREHLQJLPSDLUHG
7KHUHDUHWZRRSWLRQVIRUFRQQHFWLQJWKHVSHDNHUFDEOHWRWKHDPSOL¿HU
8VLQJEDUHZLUHHQGHGOHDGV
 6WULSEDFNWKHLQVXODWLRQRQWKHZLUHWRUHYHDODERXWFPRIFRQGXFWRUWKHPHWDOLQVLGH
WKHFDEOH
 ,IWKHFRQGXFWRULVVWUDQGHGWZLVWWKHVWUDQGVWRJHWKHUWLJKWO\WRDYRLGORRVHVWUDQGVPDNLQJ
FRQWDFWZLWKWKHDGMDFHQWWHUPLQDOVRUWKHEDFNSDQHO
 /RRVHQWKHWHUPLQDOE\WXUQLQJLWDQWLFORFNZLVH
 ,QVHUWWKHWZLVWHGZLUHWKURXJKWKHKROHLQWKHWHUPLQDO
 7LJKWHQE\WXUQLQJFORFNZLVH
:KHQPDNLQJFRQQHFWLRQVZLWKVWUDQGHGEDUHHQGHGZLUHVWDNHJUHDWFDUHWKDWQRLQGLYLGXDOVWUDQGVRI
ZLUHFRPHLQWRFRQWDFWZLWKWKHDGMDFHQWWHUPLQDOVRUZLWKWKHEDFNSDQHO,IWKLVVKRXOGKDSSHQLWZLOO
FDXVHDVKRUWFLUFXLWRQWKHRXWSXWRIWKHDPSOL¿HUDQGFRXOGGDPDJHWKHDPSOL¿HU
8VLQJVSDGHWHUPLQDOV
 /RRVHQWKHWHUPLQDOE\WXUQLQJLWDQWLFORFNZLVH
 ,QVHUWWKHVSDGHFRQQHFWRUXQGHUWKHWHUPLQDO
 7LJKWHQE\WXUQLQJFORFNZLVH
6SHDNHULPSHGDQFH
%HIRUHFRQQHFWLQJORXGVSHDNHUVWR\RXU$95\RXPXVWVHWWKHLPSHGDQFHVZLWFKRQWKHUHDUWRWKH
FRUUHFWSRVLWLRQQHYHUDGMXVWWKLVVZLWFKZLWKWKHSRZHURQRU\RXPD\GDPDJH\RXUVSHDNHUV,I\RXU
ORXGVSHDNHUVDUHUDWHGDWRUORZHUVHWWKHVZLWFKWRWKHSRVLWLRQLI\RXUORXGVSHDNHUVDUHUDWHG
KLJKHUWKDQVHWWKHVZLWFKWRWKHSRVLWLRQ7KLVXQLWVKRXOGRQO\EHXVHGZLWKORXGVSHDNHUVZLWK
DQLPSHGDQFHUDWLQJDERYH
1RWHWKDWIDLOXUHWRVHWWKLVVZLWFKFRUUHFWO\IRU\RXUVSHDNHUVPD\FDXVHWKHDPSOL¿HUWRVKXWGRZQGXH
WRRYHUKHDWLQJ
=RQHFRQQHFWLRQV
7KH$95DOORZVLQGHSHQGHQWURXWLQJDQGFRQWURORIDQDORJXHDXGLRDQGFRPSRVLWH
YLGHRWRDVHFRQGURRPVXFKDVDNLWFKHQEHGURRPRUORXQJH7KLVVHFRQGURRPLVNQRZQ
DVµ=RQH¶
)RU=RQHWKH$95RXWSXWVDOLQHOHYHODXGLRVLJQDOWDNHQIURPWKHVWHUHRDQDORJXH
DXGLRDQGDFRPSRVLWHYLGHRVLJQDOWDNHQIURPWKHFRPSRVLWHYLGHRLQSXWIRUDJLYHQ
VRXUFH7KHDQDORJXHLQSXWVDUHUHTXLUHGEHFDXVHWKHUHLVQRDQDORJXHWRGLJLWDO'63
SURFHVVLQJRUGLJLWDOWRDQDORJXHFRQYHUVLRQDYDLODEOHIRU=RQHVLJQDOV$VWKH$95
GRHVQRWFRQYHUWYLGHRIRUPDWVIRU=RQHDFRPSRVLWHYLGHRVLJQDOPXVWDOVREH
FRQQHFWHGIURPWKHVRXUFH
)RUWKHVHUHDVRQVZHUHFRPPHQGWKDWVRXUFHGHYLFHVWKDWKDYHDGLJLWDOFRQQHFWLRQDUH
DOVRFRQQHFWHGYLDWKHDQDORJXHLQSXWV+LJKTXDOLW\<895*%DQG6YLGHRVRXUFHVVKRXOG
DOVRKDYHWKHLUFRPSRVLWHYLGHRRXWSXWVFRQQHFWHGWRWKH$95IRUXVHLQ=RQH
127($VDFRPSRVLWHLQSXWLVUHTXLUHGIRU=RQHLWPD\QRWEH
SRVVLEOHWRUXQ\RXU'9'SOD\HULQSURJUHVVLYHVFDQPRGHDQGWRXVH
=RQHDWWKHVDPHWLPHXQOHVV\RXU'9'SOD\HUFDQRXWSXWERWK
SURJUHVVLYHVFDQDQGFRPSRVLWHVLJQDOVVLPXWDQHRXVO\
+7
=21(287
7KLVLVWKHDXGLRRXWSXWIRU=RQH&RQQHFWWKHVHWRDOLQHOHYHOLQSXWRQ
\RXU=RQHDPSOL¿HU
*5
=21(9,'(2287&RPSRVLWHYLGHRFRQQHFWLRQ
7KLVLVWKHYLGHRRXWSXWIRU=RQH&RQQHFWWR\RXU=RQHYLGHRGLVSOD\
XVLQJORZORVVFRD[LDOFDEOH
,1
,1=21(
7KLVDOORZVWKH$95WREHFRQWUROOHGUHPRWHO\IURP=RQHYLDLQIUDUHG
UHPRWHFRQWURO6HHWKHSDQHOIRUFRQQHFWLRQLQIRUPDWLRQ
"
"1/
<" Ó
6"
"1/
<" 
Ó
ep
fr
,"/
<" 
Ó
"
"1/
£Ó6
/,,
<£ÊEÊ<Ó®
gl
fs ft fu
=RQHUHPRWHFRQWUROOHUFRQQHFWLRQ
$UHFHLYHUFRPSDWLEOHZLWKWKLVFRQQHFWRU
,1
LV
DYDLODEOHIURP;DQWHFKSDUWQR3OHDVH
FRQWDFWD;DQWHFKUHJLVWHUHGGHDOHUIRUWKLVSDUW
DV$5&$0GRHVQRWVWRFNWKHP
6HHZZZ[DQWHFKFRPIRUPRUHLQIRUPDWLRQ
7KHPPMDFNSOXJIRUWKLVFRQQHFWRULVZLUHG
DVIROORZV
PPVWHUHRMDFN )XQFWLRQ
7LS 6LJQDO
5LQJ 9
6OHHYH 9
P$FXUUHQWOLPLWHG
7KLVIROORZVWKH;DQWHFKVWDQGDUGIRU,5
WUDQVPLVVLRQRYHUZLUH
-*,
* 
7KHVSHDNHUFRQQHFWRUV
RQWKHUHDUSDQHODUH
ODEHOOHGDVIROORZV
)/)URQW/HIW
)5)URQW5LJKW
&(1&HQWUH
565LJKW6XUURXQG
/6/HIW6XUURXQG
56%5LJKW6XUU%DFN
/6%/HIW6XUU%DFN
$95
(
&RQQHFWLQJWKH$0DQG)0DQWHQQDV
)0DQWHQQD
$Q)0DQWHQQDLVUHTXLUHGWRUHFHLYH9+)UDGLRVLJQDOV
$OWKRXJKD)0ULEERQDQWHQQDLVVXSSOLHGDVDQDFFHVVRU\WRWKH$95IRURSWLPDO)0UDGLRUHFHSWLRQ
DURRIRUORIWPRXQWHGDHULDOLVDGYLVHGDVWKLVZLOOJLYHVXSHULRUUHFHSWLRQ,WLVUHFRPPHQGHGWKDWDQ\
URRIWRSDQWHQQDLV¿WWHGE\DQH[SHULHQFHGFRQWUDFWRUDVDFRQWUDFWRUZLOOEHDEOHWRDOLJQ\RXUDQWHQQD
WRWKHQHDUHVW)0WUDQVPLWWHU
,QVRPHDUHDVFDEOHUDGLRPD\EHDYDLODEOHRULQDQDSDUWPHQWEXLOGLQJDGLVWULEXWHGDQWHQQDV\VWHP
PD\EHLQVWDOOHG,QHLWKHURIWKHVHFDVHV\RXVKRXOGKDYHVRFNHWVLQ\RXUKRPHPDUNHG)0RU9+)GR
QRWXVHWKRVHPDUNHG79ZKLFKVKRXOGEHFRQQHFWHGWRWKH)0LQVRFNHW
,8
RIWKH$95
,I\RXZLVKWRXVHWKHVXSSOLHG)0ULEERQFDEOHPRXQWWKLVDVKLJKXSDVSRVVLEOHRQDZDOOZLWKWKHµ7¶
HOHPHQWVSRVLWLRQHGKRUL]RQWDOO\7U\HDFKXVDEOHZDOORIWKHURRPWRVHHZKLFKJLYHVEHVWUHFHSWLRQDQG
XVHWDFNVRUDGKHVLYHWDSHWRVHFXUHWKHDHULDOLQD7VKDSHQRWHWKDWQRWDFNVVKRXOGFRPHLQWRFRQWDFW
ZLWKWKHLQWHUQDOZLUHRIWKHDHULDO:KHQDVVHPEOHGVHHER[ULJKWWKHSOXJRQWKHULEERQFDEOH
VKRXOGEHFRQQHFWHGWRWKH)0LQVRFNHW
,8
RIWKH$95
$0DQWHQQD
$Q$0DQWHQQDLVUHTXLUHGWRUHFHLYH$0PHGLXPZDYHUDGLRVLJQDOV
$Q$0ORRSDQWHQQDLVVXSSOLHGDVDQDFFHVVRU\ZLWKWKH$957KLVVKRXOGEHDWWDFKHGWR
WKH$0DQWHQQDLQSXWV
,7
ZLWKRQHHQGFRQQHFWHGWR$0DQGWKHRWKHUWR*URXQGLWGRHVQRW
PDWWHUZKLFKZD\URXQGWKLVDQWHQQDLV¿WWHG5RWDWHWKHDQWHQQDWRGLVFRYHUZKLFKSRVLWLRQ
JLYHVWKHEHVWUHFHSWLRQ
,QDUHDVRIZHDNUHFHSWLRQRUZKHQWKH$95LVLQXVHLQVLGHDVWHHOIUDPHGEXLOGLQJVXFK
DVDQDSDUWPHQWEXLOGLQJ\RXFDQXVHDZLUHEHWZHHQDQGPHWUHVORQJWRVWUHQJWKHQ
UHFHSWLRQ0RXQWWKLVKLJKXSRXWVLGHWKHEXLOGLQJLISRVVLEOHDQGFRQQHFWRQHHQGRIWKLVZLUH
WRWKH$0DQWHQQDLQSXWLQDGGLWLRQWRWKHORRSDHULDOVXSSOLHGGRQRWGLVFRQQHFWWKH$0ORRS
DQWHQQD
$067(36,=(
7KH$0WXQLQJµVWHSVL]H¶QHHGVWREHVHWDFFRUGLQJWR\RXUORFDWLRQ7KLVLVGRQHXVLQJWKHVZLWFKRQWKH
UHDUSDQHO
,9
VHWLWWRN+]LI\RXDUHLQ1RUWK$PHULFDRUN+]DQ\ZKHUHHOVH1RWHWKDWWKLVVKRXOG
EHVHWFRUUHFWO\HYHQLI\RXGRQRWLQWHQGWRXVH$0UHFHSWLRQDVLWDOVRDOWHUVVRPH)0WXQHUVHWWLQJV
IRUXVHLQ1RUWK$PHULFD
&RQWUROFRQQHFWLRQV
+9
5(027(2877KLVRXWSXWVDQ\UHPRWHFRQWUROVLJQDOWKDWLVUHFHLYHGE\HLWKHUWKHIURQWSDQHORU
IURPRQHRIWKHUHPRWHFRQWUROFRQQHFWLRQV,WDOORZVUHPRWHFRQWURORIVRXUFHFRPSRQHQWVFRQWUROLV
SRVVLEOHE\HLWKHUFRQQHFWLQJWKLVRXWSXWWRWKHGHYLFHVWREHFRQWUROOHGYLDWKHPP,5MDFNVRFNHW
$UFDPXQLWVRQO\RUE\XVLQJDQ,5HPLWWHUVWXFNWRWKHFHQWUHRIWKH,5VHQVRUZLQGRZRQWKHVRXUFH
FRPSRQHQWVXFKDVD;DQWHFK0:PLQLHPLWWHU
+:
,1/2&$/8VHZLWKDORFDO,5UHFHLYHUZKHQWKH$95IURQWSDQHO,5UHFHLYHULVREVWUXFWHG
,1
,1=21(7KLVDOORZVWKH$95WREHFRQWUROOHGUHPRWHO\IURP=RQHYLDLQIUDUHGUHPRWH
FRQWUROVHHVHFWLRQµ=RQHFRQQHFWLRQV¶DERYHIRUIXUWKHUGHWDLOV
,4
56&21752/8VHZLWKFRQWUROGHYLFHVKDYLQJDQ56VHULDOSRUWIRUH[DPSOH&UHVWURQDQG
$0;WRXFKVFUHHQFRQWUROOHUV7KLVFRQQHFWLRQLVDOVRXVHGIRUXSJUDGLQJFRQWUROVRIWZDUH6HHWKH
VHFWLRQVDWWKHHQGRIWKLVPDQXDOIRUFRQWURODQGSURJUDPPLQJLQIRUPDWLRQ
7ULJJHURXWSXWV
7KHUHDUHWKUHHWULJJHURXWSXWVRFNHWVRQWKH$95HDFKRIZKLFKLV
DPPVWHUHRMDFNZLWKWZRFRQWDFWVµWLS¶DQGµULQJ¶6HHWKHWDEOHVIRU
WHFKQLFDOLQIRUPDWLRQRQWKHWULJJHURXWSXWV
+8
975,**(57KLVFDQEHXVHGIRUWXUQLQJRQDQGRIIDXWRPDWLFDOO\
SRZHUDPSVRUVRXUFHHTXLSPHQWIRUWKHPDLQ]RQHDQG=RQH7KHWULJJHU
OHDGLVZLUHGDVVKRZQLQWKHSDQHO
,3
9,'(275,**(5
,2
9,'(275,**(57KHVHWULJJHURXWSXWVKDYH
GLIIHUHQWIXQFWLRQVGHSHQGLQJRQKRZWKHµ9LGHR6WDWXV¶KDVEHHQVHWLQWKHµ*HQHUDO6HWWLQJV¶PHQX6HH
SDJHIRUIXOOGHWDLOV
&RQQHFWLQJWRDSRZHUVXSSO\
,5
32:(5,1/(77KH$95KDVDGXDOYROWDJHSRZHUVXSSO\WKDWFDQEHVZLWFKHGEHWZHHQ9DQG
9$&$VVXSSOLHGWKLVVZLWFKVKRXOGEHVHWFRUUHFWO\IRU\RXUORFDOVXSSO\
,6
*5281'/,)7VZLWFK,QFRPSOH[VHWXSVWKDWLQFOXGHVDWHOOLWHLQSXWVRUUDGLRDQWHQQDVJURXQGLQJ
WKHXQLWPD\LQFUHDVHWKHOHYHORIEDFNJURXQGKXPRUEX]]LQWKHORXGVSHDNHUV,IWKLVRFFXUVVHWWKH
*5281'/,)7VZLWFKWROLIWWKHVLJQDOJURXQGIURPWKHFKDVVLVJURXQG
'21275(029(WKHVDIHW\HDUWKIURPWKHPDLQVFDEOHXQGHUDQ\FLUFXPVWDQFHV
0DLQVOHDG
7KHDSSOLDQFHLVQRUPDOO\VXSSOLHGZLWKDPRXOGHGPDLQVSOXJDOUHDG\¿WWHGWRWKHOHDG&KHFNWKDWWKH
SOXJVXSSOLHGZLWKWKHXQLW¿WV\RXUVXSSO\,I\RXUPDLQVSOXJLVGLIIHUHQWFRQVXOW\RXU$UFDPGHDOHU
,IIRUDQ\UHDVRQWKHSOXJQHHGVWREHUHPRYHGLWPXVWEHGLVSRVHGRILPPHGLDWHO\DQGVHFXUHO\DVLW
LVDSRWHQWLDOVKRFNKD]DUGZKHQLQVHUWHGLQWRWKHPDLQVVRFNHW6KRXOG\RXUHTXLUHDQHZPDLQVOHDG
FRQWDFW\RXU$UFDPGHDOHU
3OXJJLQJLQ
3XVKWKHSOXJ,(&OLQHVRFNHWRIWKHSRZHUFDEOHVXSSOLHGZLWKWKHXQLWLQWRWKHSRZHULQSXWVRFNHW
,5
LQWKHEDFNRIWKHXQLW0DNHVXUHLWLVSXVKHGLQ¿UPO\
3XWWKHSOXJRQWKHRWKHUHQGRIWKHFDEOHLQWR\RXUSRZHUVXSSO\VRFNHWDQGVZLWFKWKHVRFNHWRQ
,"/
,-ÓÎÓÊ" /,"
<" 
Ó
"
"1/
£É, ÓÉ-6
£Ó6
/,,
<£ÊEÊ<Ó®
gn gm gl
fs ft fu
go
&RQQHFWLRQ )XQFWLRQ 9ROWDJH
7LS 0DLQ]RQHRQ 2Q 9P$
2II 9
5LQJ =RQHRQ 2Q 9P$
2II 9
6OHHYH *URXQG 9

 /
,"1 
/
,"1 
ÓÎä
,5
,6

 

1-®Ê£ä
1®ÊÊ
Ê-/*
,7
,8
,9
&RQQHFWLQJWKHSOXJWR
WKH)0ULEERQFDEOH
ORRVHQWKHWZRVFUHZV
RQWKHSOXJ
LQVHUWWKHVSDGH
FRQQHFWRUVRIWKHULEERQ
FDEOHXQGHUWKHVFUHZV
UHWLJKWHQWKHVFUHZV
RQWRWKHFRQQHFWRUV
$95
(
(QJOLVK
&RQ¿JXULQJWKH$95
7KH$95µ6HWXS0HQX¶KDVVL[µ%DVLF¶DQG¿YHµ$GYDQFHG¶PHQXVFUHHQVWKDWWDNH\RXWKURXJK
WKHFRQ¿JXUDWLRQSURFHVV7KHµ%DVLF¶PHQXVHQDEOH\RXWRPDWFK\RXU$95WR\RXUVSHDNHUVWKH
µ$GYDQFHG¶PHQXVDOORZ\RXWRRSWLPLVHWKHRSHUDWLRQRI\RXUV\VWHP6FUHHQVKRWVRIWKHVHPHQXVDUH
VKRZQLQVKDGHGER[HVRQWKHIROORZLQJSDJHV
7KHEHVWZD\WRVHWXSWKH$95LVXVLQJWKHRQVFUHHQGLVSOD\26'7RYLHZWKH26'IRUWKHLQLWLDO
VHWXSXVHWKHFRPSRVLWHYLGHRRXWSXWWRFRQQHFWWR\RXU797KLVLVEHFDXVHWKHKLJKTXDOLW\YLGHR
RXWSXWKDVVHYHUDOGLVSOD\PRGHVDQGPD\EHLQFRPSDWLEOHZLWK\RXUKLJKTXDOLW\GLVSOD\GHYLFHLQLWV
GHIDXOWFRQ¿JXUDWLRQ
6HWXSPRGH
7RHQWHUWKH6HWXSPHQXVSUHVVDQGKROGWKH0(18EXWWRQRQWKHUHPRWHFRQWURORURQWKHIURQWSDQHO
IRUDWOHDVWWZRVHFRQGV7KHµ6HWXS0HQX,QGH[¶LVGLVSOD\HGRQ\RXUGLVSOD\GHYLFH
6HWXS0HQX,QGH[
7KH6HWXSPHQXLQGH[SDJHLVWKH¿UVWSDJHWKDWLVGLVSOD\HGZKHQWKH6HWXSPHQXLV
HQWHUHG7KLVSDJHDOORZV\RXDFFHVVWRWKHVL[µ%DVLF¶DQG¿YHµ$GYDQFHG¶PHQXV
1DYLJDWLQJWKH6HWXSPHQX
%<86,1*7+(5(027(&21752/
7KH6HWXSPHQXFDQEHQDYLJDWHGE\XVLQJWKHFXUVRUDUURZNH\VRQWKHUHPRWH
FRQWURO7KLVLVE\IDUWKHHDVLHVWPHWKRG
 7RHQWHUWKH6HWXSPHQXSUHVVDQGKROGWKH0(18EXWWRQZKLFKLVORFDWHG
LPPHGLDWHO\XQGHUWKHQDYLJDWLRQEXWWRQVIRUDWOHDVWWZRVHFRQGVXQWLOWKH
,QGH[SDJHDSSHDUV3UHVVLQJWKHPHQXEXWWRQIRUMXVWDVKRUWWLPHZLOOWDNH
\RXWRµ0DLQ0HQX6FUHHQ¶,IWKLVKDSSHQVWKH0DLQ0HQXFDQEHFORVHGE\SUHVVLQJ0(18IRU
DVHFRQGWLPH
 :KHQWKHPHQXKHDGLQJLVKLJKOLJKWHGXVLQJWKH
DQG
NH\VZLOOQDYLJDWHEHWZHHQPHQX
SDJHV8VLQJWKLVPHWKRGWRQDYLJDWHEHWZHHQSDJHVWKH¿UVWWLPHWKHXQLWLVEHLQJFRQ¿JXUHG
ZLOOKHOSWRHQVXUHWKDWQRSDJHVDUHPLVVHGRXW
 8VHWKH
DQG
NH\VWRQDYLJDWHXSDQGGRZQWKHPHQXOLQHV
 7RFKDQJHWKHVHWWLQJIRUDSDUWLFXODUPHQXLWHPKLJKOLJKWWKHLWHPWKHQXVHWKH

NH\VWR
F\FOHWKURXJKWKHRSWLRQVIRUWKDWLWHP
 2QFH\RXKDYHVHWDOOWKHPHQXLWHPVRQDSDJHWRKDYHYDOXHVWKDWDUHDSSURSULDWHIRU\RXU
V\VWHPPRYHWKHPHQXKLJKOLJKWWRWKHWRSRIWKHVFUHHQWKHPHQXKHDGLQJDQGSUHVV
WR
PRYHWRWKHQH[WPHQXSDJH
 $WDQ\WLPHSUHVVWKH0(18EXWWRQWRUHWXUQWRWKHPDLQ6HWXSPHQXLQGH[VFUHHQ
 7RVDYHWKHFKDQJHV\RXKDYHPDGHUHWXUQWRWKH6HWXSPHQXLQGH[SDJHDQGKLJKOLJKWWKH
µ6DYH6HWXS¶LWHPDWWKHERWWRPRIWKHVFUHHQ3UHVVWKH2.EXWWRQWRVDYHWKHVHWWLQJV3UHVV
2.DJDLQWRH[LWWKH6HWXSPHQX
,QDGGLWLRQWRWKHDERYHPHWKRGRIPRYLQJIURPSDJHWRSDJHXVLQJWKH

NH\VHDFKPHQXSDJH
FDQEHDFFHVVHGGLUHFWO\IURPWKH6HWXSPHQXLQGH[SDJH7KLVLVDFKLHYHGE\XVLQJWKHFXUVRUNH\VWR
PRYHWKHPHQXKLJKOLJKWWRWKHGHVLUHGSDJHRQWKH,QGH[SDJHWKHQSUHVVLQJ2.
%<86,1*7+(%877216217+()52173$1(/2)7+($95
7KH$95IURQWSDQHOFRQWUROVFDQEHXVHGWRFRQ¿JXUHWKHRSWLRQV)ROORZWKHLQVWUXFWLRQVJLYHQIRU
XVLQJWKHUHPRWHFRQWUROLQWKLVFDVHXVLQJWKH())(&7
EXWWRQIRUµGRZQ¶WKH02'(
EXWWRQIRU
µXS¶DQGWKHYROXPHFRQWUROIRUOHIWDQGULJKW
 1
"
$95
(
7KHµ%DVLF¶6HWXS0HQXV
±*HQHUDO6HWWLQJV
0D[9ROXPH7KLVOLPLWVWKHPD[LPXPYROXPHVHWWLQJWKHV\VWHPFDQEHWXUQHG
XSWR7KLVLVDXVHIXOIHDWXUHWRSUHYHQWDFFLGHQWDORYHUGULYLQJRIORZSRZHU
KDQGOLQJVSHDNHUVIRUH[DPSOH
0D[2Q9ROXPH/LPLWVWKHPD[LPXPYROXPHWKHV\VWHPRSHUDWHVDWZKHQLWLV
¿UVWVZLWFKHGRQ7KHV\VWHPFRPHVRQDWWKHµ0D[2Q9ROXPH¶LIWKHODVWXVHG
SRVVLEO\YHU\ORXGYROXPHH[FHHGVWKLVYDOXH
'HOD\XQLWV&RQWUROVZKHWKHUWKHGHOD\VHWWLQJVIRUWKHVSHDNHUVLQVXUURXQG
PRGHVDUHVSHFL¿HGLQ,PSHULDORU0HWULFPHDVXUHPHQWVIURPWKHOLVWHQLQJ
SRVLWLRQRULQWHUPVRIWLPH(LWKHUHQWHUWKHWLPHGHOD\WRHDFKFKDQQHOLI
FDOFXODWLQJWKHGHOD\LQPLOOLVHFRQGVRUVHOHFWEHWZHHQ,PSHULDORU0HWULF
PHDVXUHPHQWVDQGDOORZWKH$95WRFDOFXODWHWKHWLPHGHOD\DXWRPDWLFDOO\
,PSHULDOLVPHDVXUHGLQIHHWDQG0HWULFLVPHDVXUHGPRUHSUHFLVHO\LQP
FPLQFUHPHQWVIRRWLVDSSUR[LPDWHO\PHWUHV
1RWHWKDWFKDQJLQJWKHXQLWVUHVHWVDOOGLVWDQFHVWLPHVWR]HUR,WLVWKHUHIRUH
LPSRUWDQWWRFKRRVHWKHXQLWV7LPH,PSHULDORU0HWULFEHIRUHVHWXS
26'0RGH&RQWUROVKRZWKHRQVFUHHQGLVSOD\LVYLHZHG

0,;('WKH26'ZLOODSSHDURQWRSRIWKHH[LVWLQJYLGHRSLFWXUH

)8//3$*(WKH26'LVGLVSOD\HGLQZKLWHRQDIXOOVFUHHQEODFNEDFNJURXQG
2QYLGHRVLJQDOVWKDWKDYHDV\QFUDWHRIJUHDWHUWKDQWKHQRUPDOLQWHUODFHGUDWHLH
SURJUHVVLYHVFDQIUDPHVFDOHGYLGHR+'79WKH26'ZLOODXWRPDWLFDOO\JRLQWR)XOO3DJHPRGH
EODFNEDFNJURXQGVRWKDWWKHFRQWUROPHQXFDQEHDFFHVVHG$Q\SRSXSGLVSOD\VVXFKDVWKH
YROXPHEDUVRXUFHVHOHFWLRQLQIRUPDWLRQHWFZLOOEHVZLWFKHGRII
9LGHR6WDWXV7KHYLGHRVWDWXVFRQWUROLVLQWHQGHGIRUXVHZLWK6&$57FRQQHFWLRQVEXWPD\¿QG
XVHIRURWKHUSXUSRVHV,WLVSRVVLEOHWRXVHD6&$57FRQQHFWLRQEHWZHHQWKH$95DQG\RXU
WHOHYLVLRQHYHQWKRXJKWKH$95GRHVQRWKDYHD6&$57VRFNHWDSLQRXWIRUD6&$57OHDG
VXLWDEOHIRUWKLVSXUSRVHLVJLYHQRQSDJH:HVXJJHVWWKHµ64$57¶FDEOHVPDQXIDFWXUHGE\
4('ZZZTHGFRXNSOHDVHDVN\RXUGHDOHUIRUGHWDLOV
7KLVVHWWLQJFRQWUROVWKHWZRYLGHRWULJJHUV
,2
,3
RQWKHUHDUSDQHODQGLVXVHGWRLQIRUPWKH
$95ZKLFKW\SHRIYLGHRFRQQHFWLRQLVSUHVHQWEHWZHHQLWDQG\RXU79LQRUGHUWKDWWKH
$95FDQVHWWKHFRQWUROOLQHVFRUUHFWO\IRU6&$57FRQQHFWLRQV1RWHWKDWLI\RXGRQRWZLVKWR
XVHWKHYLGHRWULJJHUVRUD6&$57FRQQHFWLRQWKHQLWGRHVQRWPDWWHUZKLFKYDOXHWKLVLWHPKDV
7KLVLWHPKDVIRXUVHWWLQJV&20326,7(69,'(25*%DQG6&51&75/
&20326,7(7KLVPRGHLVXVHGWRLQGLFDWHWR\RXU79WKDWFRPSRVLWHYLGHRLVEHLQJVHQW,WXVHV
WKHWULJJHUODEHOOHG5*%
,2
ZKLFKVKRXOGEHFRQQHFWHGWRWKH5*%6&$57LQSXWRQ\RXU79
DVVKRZQ6HOHFWWKLVRSWLRQLI\RXDUHXVLQJWKHFRPSRVLWHYLGHRRXWSXWRIWKH$95
7KH69,'(2WULJJHULVQRWDFWLYHLQWKLVPRGH
69,'(27KLVPRGHLVXVHGWR
LQGLFDWHWR\RXU79WKDW6YLGHRLV
EHLQJVHQW,WXVHVWKHWULJJHUODEHOOHG
69,'(2
,3
DVVKRZQ6HOHFWWKLV
RSWLRQLI\RXDUHXVLQJWKH6YLGHR
RXWSXWRIWKH$95
1RWHWKDWLIWKLVRSWLRQLVVHOHFWHG
WKHFRQQHFWLRQODEHOOHGµ6YLGHR
6&$57¶RUVLPLODUPXVWEHXVHGRQ
WKH79DVQRWDOO6&$57FRQQHFWRUV
DUHZLUHGIRU6YLGHR
7KH5*%WULJJHULVQRWDFWLYHLQWKLV
PRGH
5*%7KLVPRGHLVXVHGWRLQGLFDWHWR
\RXU79WKDW5*%YLGHRLVEHLQJVHQW
,WXVHVWKHWULJJHUODEHOOHG5*%DV
VKRZQ6HOHFWWKLVRSWLRQLI\RXDUH
XVLQJWKH5*%RXWSXWRIWKH$95
,IWKLVRSWLRQLVVHOHFWHGWKH
FRQQHFWLRQODEHOOHGµ5*%6&$57¶RU
VLPLODUPXVWEHXVHGRQWKH79DV
QRWDOO6&$57FRQQHFWRUVDUHZLUHG
IRU5*%
7KH69,'(2WULJJHULVQRWDFWLYHLQ
WKLVPRGH
6&51&75/7KHWZRYLGHRWULJJHUVRQ
WKHUHDUSDQHOKDYHWKHVDPHVLJQDO
IRUDOORXWSXWV7KLVZLOOEH9
ZKHQDQ\YLGHRVRXUFHLVVHOHFWHG
RWKHUZLVH97KLVFDQEHXVHGIRU
H[DPSOHWRXQIXUOSURMHFWRUVFUHHQV
DXWRPDWLFDOO\ZKHQDYLGHRVRXUFHLV
VHOHFWHG
5*%WULJJHURXWSXWZLWK&20326,7(VHOHFWHG
&RQQHFWRU )XQFWLRQ 9ROWDJH
7LS 5*%PRGHVHOHFW 9
5LQJ 5*%FRPSRVLWH6&$57LQSXW
VHOHFW&9%6VWDWXV
$VSHFWUDWLR
9LGHRSUHVHQWDVSHFW 9
9LGHRSUHVHQWDVSHFW 9
1RYLGHRVLJQDO 9
6OHHYH *URXQG 9
69,'(2WULJJHURXWSXWZLWK69,'(2VHOHFWHG
&RQQHFWRU )XQFWLRQ 9ROWDJH
7LS 9LGHRVRXUFHWULJJHU $Q\YLGHRVRXUFHVHOHFWHG 9
1RYLGHRVRXUFHVHOHFWHG 9
5LQJ 6YLGHR6&$57LQSXWVHOHFW
&9%6VWDWXV
$VSHFWUDWLR
$VSHFW 9
$VSHFW 9
1RYLGHRVLJQDO 9
6OHHYH *URXQG 9
5*%WULJJHURXWSXWZLWK5*%VHOHFWHG
&RQQHFWRU )XQFWLRQ 9ROWDJH
7LS 5*%PRGHVHOHFW 5*%YLGHR 9LQWRDRKP
ORDG
5LQJ 5*%FRPSRVLWH6&$57LQSXW
VHOHFW&9%6VWDWXV
$VSHFWUDWLR
9LGHRSUHVHQWDVSHFW 9
9LGHRSUHVHQWDVSHFW 9
1RYLGHRVLJQDO 9
6OHHYH *URXQG 9
5*%DQG69,'(2WULJJHURXWSXWVZLWK6&51&75/VHOHFWHG
&RQQHFWRU )XQFWLRQ 9ROWDJH
7LS 0DLQ]RQHRQWULJJHU 0DLQ]RQHWXUQHGRQ 9
0DLQ]RQHWXUQHGRII 9
5LQJ 0DLQ]RQHRQWULJJHU 0DLQ]RQHWXUQHGRQ 9
0DLQ]RQHWXUQHGRII 9
6OHHYH *URXQG 9
$95
(
(QJOLVK
+49LGHR&KRRVHEHWZHHQ5*%RU<89LI\RXKDYHD<89GLVSOD\VHWWKLVLWHPWR<89RWKHUZLVH
VHWLWWR5*%
7KLVVHWWLQJFRQWUROVWKHURXWLQJRIWKH+4YLGHRZLWKLQWKH$95HLWKHUDVZLUH<89RU
ZLUH5*%VLJQDOVZLWKWKHV\QFKURQLVDWLRQVLJQDORQFRPSRVLWHIRU5*%,QDGGLWLRQLWFRQWUROV
WKHRSHUDWLRQRIWKH6YLGHRFRPSRVLWHWR+4YLGHRFRQYHUWHU
:KHQVHWWR<89LQFRPLQJFRPSRVLWHDQG6YLGHRVLJQDOVDUHFRQYHUWHGWR<89LQ5*%PRGH
WKHLLQFRPLQJVLJQDOVDUHFRQYHUWHGWR5*%ZLWKWKHV\QFKURQLVDWLRQVLJQDORQWKHFRPSRVLWH
RXWSXW
±6SHDNHU6L]HV
7KHVL]HDQGQXPEHURIORXGVSHDNHUVDUHGH¿QHGRQWKLVSDJH
$XWR6HWXS$OORZVWKHVHWWLQJRIµVWDQGDUGFRQ¿JXUDWLRQV¶DVLQWKHWDEOHEHORZ
6SHDNHU &RQ¿J &RQ¿J &RQ¿J &XVWRP
)URQW/5 6PDOO /DUJH /DUJH 6PDOO/DUJH
&HQWUH 6PDOO 6PDOO 6PDOO 6PDOO/DUJH1RQH
6XUU/5 6PDOO 6PDOO /DUJH 6PDOO/DUJH1RQH
6XUU%DFN/5 6PDOO 6PDOO 6PDOO 6PDOO1RQH
6XEZRRIHU 3UHVHQW 1RQH 3UHVHQW 3UHVHQW1RQH
5HDUV %RWK %RWK %RWK 6XUU/5
6XU%DFN/5
%RWK
7KH&XVWRPVHWWLQJDOORZV\RXWRFKRRVHDQ\FRPELQDWLRQRIVSHDNHUVWRVXLW\RXUV\VWHP1RWHWKDW
WKHFHQWUHDQGUHDUVSHDNHUVFDQQRWEHVHWWRµODUJH¶LIWKHIURQWVSHDNHUVDUHVHWWRµVPDOO¶
5HDUVGH¿QHVKRZWKHVSHDNHUVLQDIXOOµ¶LQVWDOODWLRQKDQGOHGHFRGHGVRXUFHV

6855/5UHGLUHFWVVXUURXQGVLJQDOWRWKHVXUURXQGOHIWDQGULJKWVSHDNHUV1RVLJQDOZLOOEH
GLUHFWHGWRWKHVXUURXQGEDFNOHIWRUULJKWVSHDNHUV

6855%$&./5UHGLUHFWVVXUURXQGVLJQDOWRWKHVXUURXQGEDFNOHIWDQGULJKWVSHDNHUV1R
VLJQDOZLOOEHGLUHFWHGWRWKHVXUURXQGOHIWRUULJKWVSHDNHUV

%27+UHGLUHFWVWKHVXUURXQGVLJQDOWRERWKSDLUVRIVSHDNHUVZLWKWKHVLJQDOWRHDFKVHW
UHGXFHGE\G%
$QRWHRQVSHDNHUVL]HV
$/DUJHVSHDNHULVRQHWKDWLVFDSDEOHRIKDQGOLQJDIXOOUDQJHVLJQDOLH+]±N+]
$6PDOOVSHDNHULVRQHWKDWLVQRWFDSDEOHRIUHSURGXFLQJDGHHSEDVVVLJQDOLHEHORZ+]
IRUH[DPSOHDVDWHOOLWHVSHDNHU
1RQHLQGLFDWHVWKDWWKHUHLVQRVSHDNHUFRQQHFWHGWRWKDWFKDQQHO
±6XEZRRIHU6HWWLQJV
,IQRVXEZRRIHUZDVVHOHFWHGLQWKHSUHYLRXVVSHDNHUPHQXVWKHQVRPHRIWKHLWHPVRQ
WKLVSDJHZLOOQRWEHDGMXVWDEOH
&URVVRYHU)UHT7KLVVHWWLQJGH¿QHVWKHIUHTXHQF\DWZKLFKEDVVUHGLUHFWLRQEHJLQV
)UHTXHQFLHVEHORZWKLVOHYHODUHUHGLUHFWHGIURPµVPDOO¶VSHDNHUVWRWKH)URQWVRUWR
WKHVXEZRRIHUIUHTXHQFLHVDERYHWKLVOHYHODUHQRWUHGLUHFWHG7KHYDOXHIRUWKLV
VHWWLQJGHSHQGVRQ\RXUVSHDNHUVHQYLURQPHQWDQGWDVWHDQGLVEHVWGHWHUPLQHGE\
H[SHULPHQWDWLRQ
7KHDGMXVWPHQWFDQEHPDGHLQLQFUHPHQWVRI+]EHWZHHQ+]DQG+]
6WHUHR0RGH6HOHFWEHWZHHQ/DUJH/DUJH6XERU6DW6XE
,I\RXKDYHFRQ¿JXUHG\RXUV\VWHPWRKDYHDVXEZRRIHUWKHQ\RXKDYHWKHÀH[LELOLW\
WRFKRRVHKRZEDVVLQIRUPDWLRQLVGLVWULEXWHGEHWZHHQWKHIURQWOHIWULJKWVSHDNHUVDQG
WKHVXEZRRIHUZKHQOLVWHQLQJWRVWHUHRVRXUFHV&KRRVHWKHRSWLRQZKLFKJLYHV\RXWKHPRVWVROLGHYHQ
VRXQGLQJEDVVIRUEHVWUHVXOWVWHVWZLWKDVHWXSGLVFRUOLYHSURJUDPPDWHULDO
/$5*(3XUHVWHUHRLQIRUPDWLRQ²DOODXGLRLVVHQWWRWKHIURQWOHIWDQGULJKWVSHDNHUV8VHWKLV
VHWWLQJLI\RXKDYHODUJHIURQWVSHDNHUV
1RWHWKDWWKLVRSWLRQZLOORYHUULGHWKHVHWWLQJFRQ¿JXUHGRQWKH³6SHDNHU6L]HV´PHQXSDJH
/$5*(68%3XUHVWHUHRLVIHGWROHIWDQGULJKWDQGH[WUDFWHGEDVVLVVHQWWRWKHVXEZRRIHU,Q
WKLVFDVHWKHORZIUHTXHQF\LQIRUPDWLRQLVHIIHFWLYHO\GXSOLFDWHG
6$768%8VHWKLVVHWWLQJLI\RXKDYHµ6PDOO¶VDWHOOLWHOHIWDQGULJKWVSHDNHUV)XOOEDVV
PDQDJHPHQWLVXVHGLQDQDORJXHVWHUHRVRWKDWDQDORJXHVRXUFHVDUHIHGWRWKH'63ZKHUHWKH
EDVVLV¿OWHUHGRIIOHIWDQGULJKWDQGUHGLUHFWHGWRWKHVXEZRRIHU
1RWHWKDWWKHDERYHWKUHH6WHUHR0RGHVHWWLQJVSDVVWKHDXGLRWKURXJKWKH'63ZKLFKPD\GHJUDGH
WKHVRXQGTXDOLW\VOLJKWO\7KLVFDQEHDYRLGHGIRUWKHµ/DUJH¶VHWWLQJE\SUHVVLQJWKH',5(&7EXWWRQWR
E\SDVVWKH'63SURFHVVLQJ
'76/)(*DLQ'76VRXQGWUDFNVW\SLFDOO\KDYHWKH/)(WUDFNUHFRUGHGG%ORZHUWKDQWKHPDLQDXGLR
WUDFNV,WLVWKHUHIRUHQHFHVVDU\WRFRPSHQVDWHIRUWKLVE\UDLVLQJWKH/)(RXWSXWOHYHOE\G%DQG
VHWWLQJWKH'76/)(JDLQWRµ1RUPDO¶DFWLYDWHVWKLVFRPSHQVDWLRQ6RPH'76VRXQGWUDFNVKDYHEHHQ
UHFRUGHGZLWKWKH/)(VLJQDODWWKHVDPHOHYHOVDVWKHPDLQDXGLRKRZHYHUDQGWKHUHIRUHUHTXLUHQR
JDLQFRPSHQVDWLRQ)RUWKHVHGLVNVVHWWKH'76/)(JDLQWRG%
1250$/7KLVLQFUHDVHVWKH/)(VLJQDOE\G%DQGLVWKHUHFRPPHQGHGVHWWLQJIRUWKH$95
'%7KLVDOORZVWKH/)(WRSDVVGLUHFWO\WRWKHRXWSXWZLWKQRJDLQDGMXVWPHQW
8QIRUWXQDWHO\WKHUHLVQRUXOHIRUGHWHUPLQLQJZKLFKGLVFVDUHUHFRUGHGXVLQJZKLFKPHWKRG$VD
JHQHUDOJXLGHKRZHYHULWLVRQO\HDUO\'76PXVLFGLVFVWKDWUHTXLUHWKHG%VHWWLQJ
$95
(
6XE6WHUHR7KLVVHWWLQJDOORZVWKHYROXPHOHYHORIWKHVXEZRRIHUWREHDGMXVWHGIRUZKHQWKH
VXEZRRIHULVEHLQJXVHGZLWKFKDQQHOVWHUHRVRXUFHV7KHVXEZRRIHUOHYHOIRUVWHUHRPXVLFRIWHQ
QHHGVWREHVHWDWDORZHUOHYHOWKDQWKDWIRUFLQHPDXVHXVHWKLVWULPVHWWLQJZLWKDVWHUHRVRXUFHWR
UHGXFHWKHVXEZRRIHURXWSXWLQVWHUHRSOD\EDFNWRDQDFFHSWDEOHOHYHO7KHOHYHOUHTXLUHGGHSHQGVRQ
YDULRXVIDFWRUVVXFKDVVSHDNHUVWKHW\SHVDQGVW\OHVRIPXVLFWREHSOD\HGDQGSHUVRQDOWDVWH
'9'$6XE/HYHO7KLVVHWWLQJDOORZVFRPSHQVDWLRQIRUVXEZRRIHUOHYHOJDLQIURPH[WHUQDOGHFRGHUVRU
VRXUFHVVXFKDV'9'$SOD\HUV
:KHQGHFRGLQJGLJLWDOLQSXWVWKH$95IROORZVWKHFRQYHQWLRQIRUSURGXFWVRIWKLVW\SHDQGVHWVWKH
VXEZRRIHUOHYHOG%KLJKHUWKDQWKDWRIWKHRWKHUFKDQQHOV6RXUFHSURGXFWVVXFKDV'9'DXGLRSOD\HUV
GRQRWIROORZWKLVSDWWHUQKRZHYHUVHWWLQJWKHVXEZRRIHUOHYHOWREHWKHVDPHDVWKHRWKHUFKDQQHOV
7KLVPHDQVWKDWVZLWFKLQJIURPPDWHULDOWKDWKDVEHHQGHFRGHGE\WKH$95WRWKDWGHFRGHG
H[WHUQDOO\PD\PHDQWKDWWKHVXEZRRIHUVRXQGVYHU\TXLHW7KLVVHWWLQJSURYLGHVIRUWKHUHPRYDORIWKDW
GLIIHUHQFHE\DOORZLQJWKHVXEZRRIHUOHYHORIWKH'9'$PXOWLFKDQQHOLQSXWWREHUDLVHGE\G%
1250$/1RJDLQFRPSHQVDWLRQ7KLVDOORZVWKH'9'$VXEOHYHOWRSDVVGLUHFWO\WRWKHRXWSXW
ZLWKQRJDLQDGMXVWPHQW
'%7KLVLQFUHDVHVWKH'9'$PXOWLFKDQQHOLQSXWVXEOHYHOE\G%
,I\RXDUHXVLQJWKH$95LQFRPELQDWLRQZLWKWKHPXOWLFKDQQHODQDORJXHRXWSXWVRIDQ$UFDP'9'$
SOD\HUWKHQWKLVLWHPVKRXOGEHVHWWRµG%¶
±6SHDNHU'HOD\6HWWLQJV
7KHUHODWLYHSRVLWLRQLQJRIVSHDNHUVZLWKLQDURRPPD\PHDQWKDWVRXQGIURPVRPH
VSHDNHUVDUULYHVDWWKHOLVWHQHUODWHU
WKDQVRXQGIURPRWKHUV%\DOWHULQJ
WKHGHOD\VHWWLQJVIRUWKHGLIIHUHQW
VSHDNHUVWKLVGLIIHUHQFHLQDUULYDOWLPH
FDQEHUHGXFHGRUHOLPLQDWHG
:KHQVHWWLQJWKHGHOD\LWVKRXOGEH
LPDJLQHGWKDWWKHOLVWHQHULVVLWWLQJ
LQDFLUFOHRIWKHVSHDNHUVWKHGHOD\
LQGLFDWHVWKHGLVWDQFHRIWKHVSHDNHU
IURPWKHOLVWHQHU
7KHVSHDNHUGLVWDQFHFRQWUROFDQEH
XVHGWRVHWDXWRPDWLFDOO\WKHDSSURSULDWHWLPHGHOD\V
UHTXLUHGIRUDOOWKHVSHDNHUVLQ\RXUV\VWHP7RXVHWKLV
PHDVXUHIURPWKHXVXDOOLVWHQLQJSRVLWLRQWRWKHIURQW
RIHDFKLQGLYLGXDOVSHDNHULQWKHV\VWHPDQGHQWHUWKLV
YDOXHLQWKHDSSURSULDWHSODFH7KHPHDVXUHPHQWVFDQ
EHHQWHUHGHLWKHULQIHHWRUPHWUHVDVVHOHFWHGIURPWKH
µ*HQHUDO6HWWLQJV¶PHQXSDJH
$QDOWHUQDWLYHWRXVLQJWKHVSHDNHUGLVWDQFHFRQWUROLVWR
HQWHUWKHGHOD\VPDQXDOO\LQPLOOLVHFRQGV
1RWHWKDWWKHGHOD\DGMXVWPHQWLVQRWDVXEVWLWXWHIRU
SURSHUVSHDNHUSODFHPHQWEXWFDQKHOSWRHQVXUH
DFFXUDWHDQGFRUUHFWVLJQDODUULYDOWLPHVIURPDOOWKH
FKDQQHOVWRWKHSULPDU\OLVWHQLQJSRVLWLRQ
1RPHDVXUHPHQWFDQEHHQWHUHGIRUDVSHDNHUWKDWLV
QRWVHOHFWHGLQWKHSUHYLRXVµ6SHDNHU6L]HV¶PHQX
1RWH2QO\HQWHUWKHVHGHOD\VHWWLQJVRQFH\RXKDYHVSHFL¿HGZKLFKGHOD\XQLWVLH7LPH,PSHULDO
RU0HWULF\RXZLOOEHXVLQJ7KHGHOD\VHWWLQJVZLOOEHORVWLIWKHXQLWVDUHFKDQJHG
,IWKHGHOD\XQLWVDUHVHWWR7LPHWKHQHQWHUWKHGHOD\LQPLOOLVHFRQGVIRUHDFKFKDQQHO
À
Ì
ivÌ
-ÕÀÀ
ivÌ
-ÕÀÀ
À}Ì
-ÕÀÀ
L>V
ivÌ
-ÕL
ÜviÀ
ÀÌ
À}Ì
iÌÀi
i°}°ÊÎ
vÌ®
i°}°Ê{
£ÓvÌ®
i°}°ÊÓ
ÈvÌ®
-ÕÀÀ
L>V
ivÌ
-ÕÀÀ
L>V
À}Ì
'LVWDQFHPHDVXUHPHQWVIRU>DQG@
VSHDNHUGHOD\VHWWLQJV
$95
(
±/HYHOVHWWLQJV
7KHUHODWLYHVHQVLWLYLW\RIGLIIHUHQWVSHDNHUVFDQOHDGWRVRPHVSHDNHUVVRXQGLQJ
GLVSURSRUWLRQDWHO\ORXGRUTXLHWUHODWLYHWRRWKHUVLQWKHV\VWHP7KHOHYHOVHWWLQJVRI
\RXU$95FDQKHOSWRDGGUHVVWKLVLQEDODQFH
,WLVLPSRUWDQWWRFDOLEUDWHWKHVSHDNHUVFRUUHFWO\WRDFKLHYHDQDFFXUDWHO\FHQWUHGVRXQG
VWDJH,ISRVVLEOHZHUHFRPPHQG\RXXVHDVRXQGSUHVVXUHOHYHOPHWHU63/PHWHU
WRSHUIRUPWKLVSDUWRIWKHVHWXSDVLWLVGLI¿FXOWWRMXGJHWKHOHYHOVDFFXUDWHO\E\HDU
DORQH
7HVW7RQH&\FOH
0$18$/LVEHVWIRUVHWWLQJXSZLWKD63/PHWHUDVWKHWHVWWRQHZLOOQRWFKDQJH
WRWKHQH[WVSHDNHUXQWLOLQVWUXFWHGE\\RX3LQNQRLVHLVHPLWWHGE\WKH
KLJKOLJKWHGVSHDNHUZKHQ\RXZLVKWRPHDVXUHDGLIIHUHQWVSHDNHUPRYHWKH
KLJKOLJKWWRWKHQHZVSHDNHU
$872LVEHVWIRUVHWWLQJXSE\HDU,QWKLVVWDWHWKHWHVWWRQHFKDQJHVDXWRPDWLFDOO\EHWZHHQ
VSHDNHUVDIWHUDWZRVHFRQGEXUVWRIVRXQG
2Q¿UVWLQVWDOODWLRQZDWFKWKH26'GLVSOD\DV\RXF\FOHWKURXJKWKHDYDLODEOHVSHDNHUVZLWKWKHWHVW
WRQH&KHFNWKDWWKHVSHDNHUJHQHUDWLQJWKHVRXQGFRUUHVSRQGVWRWKDWLQGLFDWHGRQWKH26',IWKHUHLV
DGLVFUHSDQF\WKHQFKHFNDQGFRUUHFWWKHV\VWHPFDEOLQJEHIRUHSURFHHGLQJIXUWKHU
7RFDOLEUDWHWKHVSHDNHUVZLWKD63/PHWHUSODFHWKHPHWHUDWHDUOHYHOZLWKWKHPLFURSKRQHSRLQWLQJ
WRZDUGVWKHFHLOLQJZKHQVHDWHGLQWKHXVXDOOLVWHQLQJSRVLWLRQ<RXZLOOQHHGWRVHWWKHPHWHUWRµ&¶Ã
VHWWLQJZLWKDµVORZ¶ÃUHVSRQVHDQGWRUHDGG%63/DWWKHFHQWUHRIWKHVFDOH,I\RXGRQRWKDYHD63/
PHWHUVLPSO\VHWWKHIURQWOHIWVSHDNHUWRG%RQWKHPHQXDQGWKHQPDWFKDOOWKHRWKHUVSHDNHUVWR
WKLVOHYHO
(DFKVSHDNHUFDQEH¿QHWXQHGE\G%LQFUHPHQWVWRG%7KHRXWSXWIURPHDFKVSHDNHUQHHGVWREH
DGMXVWHGWRWKHG%63/VRXQGOHYHO1RDGMXVWPHQWVFDQEHPDGHIRUDVSHDNHUWKDWLVQRWVHOHFWHGLQ
WKHSUHYLRXVµ6SHDNHU6L]HV¶PHQX
1RWHWKDWLQVHUWLQJKHDGSKRQHVLQWRWKHIURQWSDQHORIWKH$95ZLOOFDXVHDOOWHVWWRQHVWREHPXWHG
LQFOXGLQJWKHKHDGSKRQHRXWSXW
1RWH,I\RXDUHXVLQJDVSHDNHUFRQ¿JXUDWLRQDVLQJOHVXUURXQGEDFNVSHDNHUZHUHFRPPHQG
FRQQHFWLQJWKHVXUURXQGEDFNVSHDNHUWRWKHVXUURXQGEDFNOHIWFKDQQHORIWKH$95
,QWKLVFDVHWKHOHYHORIWKHFRQQHFWHGVXUURXQGEDFNFKDQQHOVKRXOGEHLQFUHDVHGE\G%LHWKH
63/PHWHUVKRXOGVKRZDUHVSRQVHRIG%IRUWKLVFKDQQHO
±(;6HWWLQJV
6XUU(;7KLVFDQHLWKHUEHVHWWR$872RU0$18$/DQGLVDSSOLFDEOHRQO\ZKHQSOD\LQJ
µ6XUURXQG(;¶HQFRGHGPDWHULDO
$872''(;7KH$95ZLOOVZLWFKDXWRPDWLFDOO\WRµ6XUURXQG(;¶GHFRGLQJ
ZKHQVXLWDEO\HQFRGHGPDWHULDOLVGHWHFWHGWKLVFDQEHWHPSRUDULO\RYHUULGGHQ
E\SUHVVLQJWKH02'(EXWWRQRQWKHUHPRWHFRQWURO
$8723/,,;029,(7KH$95ZLOOVZLWFKDXWRPDWLFDOO\WRµ3UR/RJLF,,[0RYLH¶
GHFRGLQJZKHQVXLWDEO\HQFRGHGPDWHULDOLVGHWHFWHGWKLVFDQEHWHPSRUDULO\
RYHUULGGHQE\SUHVVLQJWKH02'(EXWWRQRQWKHUHPRWHFRQWURO

0$18$/7KH$95ZLOOQRWVHOHFW6XUURXQG(;DXWRPDWLFDOO\,WFDQKRZHYHU
EHVHOHFWHGPDQXDOO\E\SUHVVLQJWKH02'(EXWWRQ
8VH&KDQQHOVIRU
&KRRVHRQHIURP

'2/%<6855(;µ'ROE\6XUURXQG(;¶SURYLGHVWZRDGGLWLRQDOUHDUFKDQQHOVIURPFKDQQHO
(;HQFRGHGPDWHULDO7KLVLVLQWHQGHGWRJLYHEHWWHUHIIHFWVVWHHULQJ,QWKLVPRGHDPSOL¿HU
FKDQQHOVDQGDUHXVHGWRGULYHWKH(;VSHDNHUV

=21(,QWKLVPRGHDPSOL¿HUFKDQQHOVDQGDUHXVHGWRSURYLGHVSHDNHUOHYHORXWSXWIRU
XVHLQ=RQH

%,$03/57KHDPSOL¿HUFKDQQHODQGDUHXVHGWRSURYLGHDVHFRQGDPSOL¿HGRXWSXWRIWKH
OHIWDQGULJKWFKDQQHOV7KLVDOORZV\RXWRELDPSOLI\\RXUIURQWVSHDNHUVZKLFKVKRXOGJLYHDQ
LPSURYHPHQWLQWKHVRXQGTXDOLW\RIWKHVHFKDQQHOV
,I\RXZRXOGOLNHWRGRWKLVSOHDVHUHIHUWRSDJHIRUIXUWKHULQIRUPDWLRQ
1RWH&KDQJLQJWKLVVHWWLQJZLOOUHTXLUH\RXWRFKDQJHWKHFRQ¿JXUDWLRQRIWKHFDEOHVFRQQHFWHG\RXU
VSHDNHUV
$95
(
7KHµ$GYDQFHG¶6HWXS0HQXV
$'9±6SHDNHU(T
7KLVDOORZV¿QHDGMXVWPHQWRIEDVVDQGWUHEOHLQG%VWHSVXSWRG%IRUHDFKRIWKH
VSHDNHUVLQWKHV\VWHP8VHWKHVHDGMXVWPHQWVVSDULQJO\WRFRPSHQVDWHIRUVSHDNHU
UHVSRQVHSUREOHPVFDXVHGE\SRVLWLRQLQJDGMDFHQWVXUIDFHWH[WXUHVRUPL[HGEUDQGVRI
ORXGVSHDNHUV
:RUNZLWKRQHVSHDNHURQDWDWLPHDQGDVDQH[DPSOHXVHWKHEDVVFRQWUROWRUHGXFH
ERRPSUREOHPVIRUVSHDNHUVSODFHGLQFRUQHUVDQGWKHWUHEOHFRQWUROIRUVSHDNHUV
SODFHGQHDUUHÀHFWLYHVXUIDFHV:HUHFRPPHQGWU\LQJWRREWDLQDJRRGVSHDNHU
UHVSRQVHE\VSHDNHUSODFHPHQW¿UVWWKHQDSSO\VSHDNHUHTXDOLVDWLRQODVW
7KHWRQHFRQWUROQRPLQDOFRUQHUIUHTXHQFLHVDUHDW+]DQGN+]VKHOIW\SH
$XWR6WHUHR7RQH%\SDVV6HWWKLVLWHPWR<(6LIZKHQDVWHUHRLQSXWVLJQDOLV
GHWHFWHGDQDORJXHRUGLJLWDOWKHWRQHDGMXVWPHQWVVHWRQWKLVSDJHDUHWREHE\
SDVVHG1RWHWKDWWKLVGRHVQRWVZLWFKWKH$95LQWRµ'LUHFW¶PRGHLWVLPSO\VHWVWKHWRQHFRQWUROVWR
]HUR
$'9±9LGHR6HWWLQJV
7KLVPHQXDOORZVDGYDQFHGDGMXVWPHQWRIWKHYLGHRVHWWLQJVIRU\RXU$95
=RQH26'6HOHFWVZKHWKHUWKHPDLQ]RQH26'LVRQRURII
 :KHQVHWWR21ÃDOOXVHUDGMXVWPHQWVWKDWDUHPDGHGXULQJWKHJHQHUDOXVHRI
WKH$95DUHGLVSOD\HGRQWKHVFUHHQ7KLVLQFOXGHVWKHDGMXVWPHQWRIWKH
YROXPHFRQWUROWKHLQSXWVVHOHFWHGDQGWKHVHWXSPHQXV
 :KHQVHWWR2))ÃWKHUHZLOOEHQRGLVSOD\RIWKHJHQHUDOXVHUDGMXVWPHQWV±RQO\
WKHVHWXSPHQXVDQGWKHPDLQPHQXVDUHGLVSOD\HG
,WLVUHFRPPHQGHG\RXNHHSWKH26'WXUQHG21ÃVLQFHLI\RXFDQQRWVHHWKHIURQWSDQHO
RIWKH$95\RXZLOOKDYHQRLGHDLIDQ\DGMXVWPHQWV\RXKDYHPDGHWRWKHSURFHVVRU
DUHFRUUHFWRUWR\RXUOLNLQJ
9LGHR,QSXWV
&RPSRVLWHDQG6YLGHRLQSXWVIRU'9'6DW$99&5DQG395KDYHWKHLUDXGLRDQGYLGHR
DVVLJQHGWRWUDFNHDFKRWKHUE\GHIDXOW7KH¿YHµ9LGHR,QSXW¶OLQHVIRU7DSH&')0$0DQG'9'$
DOORZDVVLJQPHQWRIDYLGHRVRXUFHWRWKHVHQRUPDOO\DXGLRRQO\VRXUFHV,IGHVLUHGLWLVSRVVLEOHWR
DOORFDWHWKHVDPHYLGHRVRXUFHWRPRUHWKDQRQHDXGLRLQSXW7KLVIDFLOLW\DOORZV\RXWROLVWHQWRDQDXGLR
VRXUFHDQGYLHZDVHSDUDWHYLGHRVRXUFHDWWKHVDPHWLPH±IRUH[DPSOH\RXFDQOLVWHQWRUDGLRZKLOH
ZDWFKLQJ79IRUDVSRUWVVLPXOFDVW
+49LGHR'9'$9DQG6$7$OORFDWHWKHKLJKTXDOLW\FRPSRQHQWRU5*%YLGHRLQSXWVWRDQ\VRXUFH
EXWWRQV)RUH[DPSOHWRDVVLJQWKH&RPSRQHQW5*%YLGHRIURPWKHµ+49LGHR'9'¶LQSXWWRWKH'9'
EXWWRQVHWWKHµ+49LGHR'9'¶LWHPLQWKLVPHQXWRµ'9'¶
,I+49,'(2LVVHWWR5*%DVGHVFULEHGRQSDJHDQGDQ+4YLGHRLQSXWLVDVVLJQHGWRDEXWWRQ
WKH$95DVVXPHVWKDW5*%VLJQDOVDUHSUHVHQWIRUWKDWLQSXWLIDFRPSRVLWHVLJQDOLVIRXQGRQWKH
FRUUHVSRQGLQJFRPSRVLWHLQSXW,IWKLVDVVLJQPHQWLVPDGHEXWQR5*%VLJQDOVDUHVXSSOLHGWKH
GLVSOD\ZLOOEHEODQNIRUWKHDVVLJQHGVRXUFH
$'9±'LJLWDO6HWWLQJV
&RD[LDOLQSXWVDQG2SWLFDOLQSXWV(DFKRIWKHGLJLWDOLQSXWVFDQEHDVVLJQHGWRDQ\
RIWKHVHYHQVWHUHRVRXUFHEXWWRQV&'7$3('9'6$7$99&5DQG395RUFDQEH
DVVLJQHG1REXWWRQ
7KLVPHQXSDJHOLVWVWKHSK\VLFDOLQSXWVDVSHUWKHEDFNSDQHORQWKHOHIWKDQGVLGHRI
WKHVFUHHQZLWKWKHEXWWRQVXVHGWRVHOHFWWKHLQSXWVOLVWHGRQWKHULJKWKDQGVLGH
(DFKGLJLWDOLQSXWFDQEHDOORFDWHGRQO\WRRQHVRXUFHEXWWRQ)RUH[DPSOHLI\RXFKRRVH
WKHµ&RD[LDO'9'LQSXW¶WREHDVVLJQHGWRWKH'9'EXWWRQWKHQWKHFKRLFHVIRUWKHRWKHU
GLJLWDOLQSXWVDUH&'7$3(6$7$99&5395DQG12%87721,I\RXZLVKWRUH
DOORFDWHWKH'9'LQSXWWRDGLIIHUHQWEXWWRQµ&RD[LDO'9'LQSXW¶PXVWEHDVVLJQHGWRD
GLIIHUHQWEXWWRQRU1REXWWRQEHIRUH\RXFDQUHDVVLJQWKH'9'LQSXW
$95
(
$'9±=RQH6HWWLQJV
=21(92/6HWVWKHYROXPHIRU=RQH
0D[9RO±/LPLWVWKHPD[LPXPYROXPHVHWWLQJIRU=RQH7KLVLVDXVHIXO
IHDWXUHWRSUHYHQWDFFLGHQWDORYHUGULYLQJRIORZSRZHUKDQGOLQJVSHDNHUVIRUH[DPSOH
)L[9RO7KLVVHOHFWVEHWZHHQ¿[HGDQGYDULDEOHDXGLRRXWSXWWR=RQH,I12LV
VHOHFWHGWKHRXWSXWOHYHOFDQEHFRQWUROOHGIURP=RQHRUWKHPDLQV\VWHP,I\RXZLVK
WR¿[WKHYROXPHOHYHO¿UVWVHWWKH=RQHYROXPHWRWKHGHVLUHGOHYHOWKHQVHOHFW<(6
0D[2Q9RO/LPLWVWKHPD[LPXPYROXPH=RQHRSHUDWHVDWZKHQLWLV¿UVWVZLWFKHG
RQ=RQHFRPHVRQDWWKLVYROXPHLIWKHODVWXVHGYROXPHH[FHHGVWKLVYDOXH
6WDQGE\7KLVDOORZV]RQHWKHPDLQ]RQHWREHSXWLQWRVWDQGE\HLWKHUORFDOO\
RQO\RUE\=RQHDVZHOO

/2&$/21/<2QO\WKHPDLQ]RQHZLOOEHVZLWFKHGLQWRVWDQGE\IURPWKHPDLQ]RQH

$//2))%RWKWKHPDLQ]RQHDQG=RQHZLOOEHVZLWFKHGLQWRVWDQGE\IURPWKHPDLQ]RQH
$FFHVV7KLVDFWVDVDµSDUHQWDOFRQWURO¶GHYLFHWRGLVDEOHRUHQDEOHDFFHVVWRVRXUFHVIRU=RQH
3UHVVWKHXQZDQWHGVRXUFHEXWWRQRQWKHUHPRWHFRQWUROKDQGVHWRUIURQWSDQHOWRGLVDEOHLWIRU=RQH
3UHVVDJDLQWRHQDEOHWKHVRXUFH
(QDEOHGVRXUFHVDUHOLVWHGRQWKHµ$FFHVV¶OLQHRIWKHPHQXSDJH
1RWHLIDVRXUFHLVDOUHDG\LQXVHLQ=RQHZKHQDFFHVVWRLWLVUHPRYHGWKHVRXUFHUHPDLQVDFWLYH
XQWLODGLIIHUHQWVRXUFHLVVHOHFWHGLQWKDW]RQH$IWHUWKLVWLPHWKHRULJLQDOVRXUFHLVXQDYDLODEOH
$'9±$QDORJXH6HWWLQJV
,QSXWWULPV$OORZVWKHDGMXVWPHQWRIWKHLQSXWVHQVLWLYLW\RIWKHDQDORJXHLQSXWVLQ
9ROWVUPVVRWKDWHDFKRQHDFKLHYHVWKHRSWLPXPG\QDPLFUDQJHDQGVRXQGVVLPLODULQ
ORXGQHVVWRWKHRWKHUV
$YDLODEOHOHYHOVHWWLQJVDUH/2:90(',8095()(5(1&(9+,*+97KH
UHIHUHQFHOHYHORI9VKRXOGEHDSSURSULDWHIRUPRVWLQSXWV
,IDVRXUFHLVYHU\TXLHWFRPSDUHGZLWKWKHRWKHUVRXUFHV\RXFDQLQFUHDVHLWVORXGQHVV
E\VHOHFWLQJWKH0(',809RU/2:9VHWWLQJV
6DYLQJ6HWWLQJVDQG([LW6HWXS
<RXFDQHLWKHUVDYHWKHVHWWLQJVQRZRUH[LWZLWKRXWVDYLQJWKHFKDQJHV
6DYH6HWXS
 3UHVV0(18WRJRWRWKHµ6HWXS0HQX,QGH[¶DWWKHµ6DYH6HWXS¶SRLQW
 3UHVV2.WRVDYH
 3UHVV2.WRVHOHFWµ([LW6HWXS¶DQGH[LWV\VWHPFRQ¿JXUDWLRQ
([LWZLWKRXWVDYLQJ
,I\RXFKRRVHWRµ([LW6HWXS¶ZLWKRXW¿UVWVDYLQJWKHFKDQJHVWKHQWKHQHZVHWWLQJVZLOOEHORVW
 3UHVV0(18WRJRWRWKHµ6HWXS0HQX,QGH[¶DWWKHµ6DYH6HWXS¶SRLQW
 3UHVV

WRVHOHFWµ([LW6HWXS¶
 3UHVV2.ZKHQµ([LW6HWXS¶LVVHOHFWHGWRH[LWV\VWHPFRQ¿JXUDWLRQ
$95
(
5HPRWHFRQWURO
-/Ê6
-/
-/
-*
q
8/
1

6"
1/
äÊ
nÊ6 ÊÇÊ/1
xÊ18 ÈÊ/*{ÊÊ
Ó
ÊÊ-/
Î
ÊÊ6,
£
Ê6
/8
8
-1
*°" -1/ //  1
<"" 1"  ,/1,
  -/1* -//1- -,
- /, £ Ó
/-/ -9 9 -*
*Êq *ʳ / 6
"
"*
 1
 "
,nä
6 6, /6
-/  * 18
"

127(
5HPHPEHUWRLQVWDOOWKHWZR$$EDWWHULHVVXSSOLHGEHIRUH
WU\LQJWRXVH\RXUUHPRWHFRQWURO
7KH&5UHPRWHFRQWUROLVDPXOWLIXQFWLRQXQLWWKDWFRQWUROVWKH
$95DQGXSWRVHYHQRWKHUGHYLFHV7KHLQVWUXFWLRQVRQWKLVSDJH
RQO\UHIHUWRWKHFRQWURORIWKH$UFDP$95
)RULQIRUPDWLRQRQXVLQJWKHUHPRWHFRQWUROIRURWKHUGHYLFHVDQG
DIXOOOLVWRIIHDWXUHVVHHWKHLQVWUXFWLRQERRNOHWVXSSOLHGZLWKWKH
&5
6<1/LSV\QF
3UHVVRQFHWRDGMXVWWKH/LSV\QFDXGLRGHOD\8VH
WKH
DQG
QDYLJDWLRQEXWWRQV
3UHVVDJDLQWRH[LWWKH/LSV\QFIXQFWLRQ
7506SHDNHUWULP
3UHVVWRGLVSOD\WKH26'6SHDNHUWULPOHYHO
PHQX750DOORZVWHPSRUDU\DGMXVWPHQWRI
VSHDNHUOHYHOVXVLQJWKHQDYLJDWLRQEXWWRQV
3UHVVDJDLQWRH[LWWKHµ6SHDNHU7ULP¶IXQFWLRQ
6RXUFHVHOHFWLRQ
'9'±'9'LQSXW
6$7±6DWHOOLWHLQSXW
9&5±WRJJOHEHWZHHQWKH9&5DQG395LQSXWV
&'±&'SOD\HULQSXW
7$3(±7DSHPRQLWRULQSXW
$9±$9LQSXW
0&+±'9'$PXOWLFKDQQHOLQSXW
)0±)0WXQHULQSXW
$0±$0WXQHULQSXW
3UHVVWKHUHOHYDQWEXWWRQRQFHWRVHOHFWLQSXW
SUHVVDQGKROGWRVHOHFWWKHDQDORJXHLQSXWLID
GLJLWDOLQSXWLVSUHVHQW
'HYLFHVHOHFWLRQ
,03257$173UHVVWKHµ$03¶EXWWRQ¿UVWWRRSHUDWH
WKH$95
2Q6WDQGE\
7KLVDOORZVWKH$95WREHSXWLQWRDQG
WDNHQRXWRIVWDQGE\UHPRWHO\
1DYLJDWLRQEXWWRQV
$UURZEXWWRQVDOORZQDYLJDWLRQDURXQGWKH
PHQXVRQWKH$95
&RQ¿UPVHOHFWLRQE\SUHVVLQJ2.
68%6XEZRRIHUWULP
$OORZVDWHPSRUDU\WULPRIWKHVXEZRRIHU
OHYHO3UHVV68%WKHQDGMXVWXVLQJ
WKH

EXWWRQVRQWKHQDYLJDWLRQSDQHO
);'63HIIHFWVPRGH
8VHWKLVEXWWRQWRF\FOHWKURXJKHIIHFWV
PRGHVIRUWZRFKDQQHOVRXUFHV
087(
3UHVVRQFHWRPXWHWKHPDLQV\VWHP3UHVVDJDLQ
RUXVH92/±WRXQPXWH
92/80(±
$GMXVWVWKHYROXPH
02'(
8VHWKLVEXWWRQWRF\FOHWKURXJKDYDLODEOH
VXUURXQGPRGHV
,1)2
3UHVVWRFKDQJHWKH5'6GLVSOD\PRGHIRUWKH
WXQHU
',6'LVSOD\
3UHVVWRF\FOHWKURXJK2II'LP%ULJKWLOOXPLQDWLRQ
RIWKHIURQWSDQHOGLVSOD\
7KHRWKHUEXWWRQVLQWKLVDUHDDUHXVHGIRU
'9'FRQWURODQGGRQRWHIIHFWWKH$95
0(18
3UHVVWRVHOHFWWKH26'0DLQPHQX
3UHVVDQGKROGIRUPRUHWKDQWZRVHFRQGVWR
VHOHFWWKHµ6HWXS0HQX,QGH[¶
7+;
,Q=RQHXVHWKLVEXWWRQWRHQDEOHµ)ROORZ
=RQH¶PRGH
1RWHWKDWWKH$95GRHVQRWVXSSRUW7+;
SURFHVVLQJ
337XQH3UHVHW'RZQ8S
,IWKHWXQHULVLQ35(6(7PRGHWKHQWKHVH
EXWWRQVGHFUHDVHLQFUHDVHWKHSUHVHWVHOHFWLRQ
,IWKHWXQHULVLQ781(PRGHWKHQWKHVHEXWWRQV
GHFUHDVHLQFUHDVHWKHVHOHFWHGIUHTXHQF\
'<10(0
8VHGWRVWRUHDUDGLRVWDWLRQLQDSUHVHW
3UHVVRQFHWRHQWHUVWRUHPRGHXVHWKH
33EXWWRQVWRVHOHFWWKHSUHVHWWRXVH
WKHQSUHVVWKLVEXWWRQDJDLQWRFRQ¿UPWKH
VHOHFWLRQ
67$786
3UHVVWKLVEXWWRQWRWRJJOHEHWZHHQ)0
µVWHUHRPXWH¶DQGµPRQR¶RQWKHWXQHU
70
7XQLQJPRGHSUHVVWKLVEXWWRQWRWRJJOH
EHWZHHQµSUHVHW¶DQGµWXQLQJ¶PRGHVRQWKH
WXQHU
$95
(
2SHUDWLQJ\RXU$95
)RULQIRUPDWLRQGLVSOD\ZHUHFRPPHQG\RXXVHWKH26'RQ\RXU79VFUHHQZKHQHYHUSRVVLEOH+RZHYHU
DOONH\LQIRUPDWLRQLVDOVRGXSOLFDWHGRQHOLQHDWDWLPHRQWKHIURQWSDQHOGLVSOD\RIWKH$95
6ZLWFKLQJRQRII
3UHVVWKHSRZHUEXWWRQLQ$IWHUDSSUR[LPDWHO\WZRVHFRQGVWKHSRZHU/('ZLOOWXUQJUHHQDQGWKH
FXUUHQWLQSXWDQGYROXPHOHYHOZLOOEHVKRZQDIWHUDIXUWKHUVHFRQGVWKH$95LVUHDG\IRUXVH
3OHDVHZDLWXQWLOWKHXQLWKDV¿QLVKHGLQLWLDOLVLQJEHIRUHDWWHPSWLQJWRRSHUDWHWKH$95,WLV
UHFRPPHQGHGWKDWLIWKHXQLWLVVZLWFKHGRII\RXVKRXOGZDLWDWOHDVWVHFRQGVEHIRUHVZLWFKLQJWKH
XQLWEDFNRQ
6WDQGE\
7KH$95KDVDVWDQGE\PRGHZKLFKFDQEHHQWHUHGE\SUHVVLQJWKHJUHHQVWDQGE\EXWWRQRQWKH
UHPRWHFRQWURO:KHQLQVWDQGE\PRGHWKHGLVSOD\LVEODQNDQGWKHSRZHU/('JORZVUHG,I\RXGRQRW
ZLVKWRSXW=RQHLQWRVWDQGE\DWWKHVDPHWLPHDVWKHPDLQ]RQHSUHVVDQGKROGWKHVWDQGE\EXWWRQ
RQWKHUHPRWHFRQWUROIRUDERXWVHFRQGV$IWHUWKLVWLPHWKHIURQWSDQHORIWKH$95ZLOOGLVSOD\WKH
WH[W³0DLQ2II´EHIRUHJRLQJLQWRVWDQGE\WKH/('IRU=RQHZLOOEHLOOXPLQDWHGWRVKRZWKDW=RQHLV
VWLOORSHUDWLQJ
:KHQQRWEHLQJXVHGWKH$95PD\EHOHIWLQVWDQGE\PRGHDVSRZHUFRQVXPSWLRQLVORZ,I\RX
DUHQRWXVLQJ\RXU$95IRUVHYHUDOGD\VKRZHYHUZHUHFRPPHQG\RXVZLWFKWKHXQLWRIIFRPSOHWHO\
XVLQJWKHIURQWSDQHOSRZHUEXWWRQ
7RVZLWFKRQIURPVWDQGE\SUHVVRQHRIWKHVRXUFHEXWWRQVRQWKHIURQWSDQHORURQWKHUHPRWHFRQWURO
RUXVHWKHVWDQGE\EXWWRQRQWKHUHPRWHFRQWURO
9ROXPHFRQWURO
7RDGMXVWWKHYROXPHOHYHORIWKHORXGVSHDNHUVSUHDPSRXWSXWVDQGKHDGSKRQHVXVHWKHYROXPH
FRQWURONQRE7KHYROXPHOHYHOLVVKRZQRQWKHGLVSOD\1RWHWKDWGLIIHUHQWVRXUFHVPD\UHTXLUHGLIIHUHQW
VHWWLQJVRIWKHYROXPHFRQWUROWRDFKLHYHWKHVDPHSHUFHLYHGYROXPHOHYHO
,WLVLPSRUWDQWWRUHDOLVHWKDWWKHYDOXHLQGLFDWHGIRUWKHYROXPHOHYHOLVQRWDQDFFXUDWHLQGLFDWLRQRI
WKHSRZHUGHOLYHUHGWR\RXUORXGVSHDNHUV7KH$95PD\GHOLYHULWVIXOORXWSXWSRZHUORQJEHIRUHWKH
YROXPHFRQWUROUHDFKHVLWVPD[LPXPSRVLWLRQSDUWLFXODUO\ZKHQOLVWHQLQJWRKHDYLO\UHFRUGHGPXVLF
,QFRPSDULVRQVRPHPRYLHVRXQWUDFNVFDQDSSHDUWREHYHU\TXLHWDVPDQ\GLUHFWRUVOLNHWRNHHSWKH
PD[LPXPOHYHOVLQUHVHUYHIRUVSHFLDOHIIHFWVHTXHQFHV
7KHYROXPHFDQEHFRQWUROOHGRYHUDUDQJHRIG%LQG%VWHSV
0XWLQJWKHYROXPH
3UHVVLQJWKH087(EXWWRQZLOOPXWHWKHRXWSXWRIWKH$95WRWKHVSHDNHUVDQGIURPWKHµSUHDPS
RXW¶FRQQHFWRUVWKHRXWSXWWRWKHUHFRUGORRSVUHPDLQVXQDIIHFWHGµ087(¶ZLOOEHVKRZQRQWKHGLVSOD\
ZKLOHLQWKLVVWDWH
3UHVV087(IRUDVHFRQGWLPHRUDGMXVWWKHYROXPHWRH[LWWKHPXWHVWDWH
)URQWSDQHOGLVSOD\
,QQRUPDORSHUDWLRQWKHGLVSOD\VKRZVWKHFXUUHQWYROXPHVHWWLQJVPDOOHULOOXPLQDWHGDUHDVLQGLFDWHWKH
DXGLRLQSXWW\SHGLJLWDORUDQDORJXHDQGWKHGLJLWDOVWUHDPW\SHLIDSSOLFDEOH,IWKHSURFHVVLQJPRGH
FKDQJHVIRUH[DPSOHIURP'ROE\3UR/RJLFGHFRGLQJWR'ROE\'LJLWDOWKHQWKLVZLOOEHGLVSOD\HG³LQ
ODUJHOHWWHUV´IRUDERXWVHFRQGV
&KDQJLQJWKHGLVSOD\EULJKWQHVVWKH',63/$<EXWWRQ
,WLVSRVVLEOHWRVHOHFWWKHLOOXPLQDWLRQOHYHORIWKHIURQWSDQHOGLVSOD\3UHVV',63/$<RQWKHIURQWSDQHO
RU',6RQWKHUHPRWHWRF\FOHWKURXJKWKHWKUHHLOOXPLQDWLRQOHYHOV2II'LP%ULJKW
É6Ê-1,,"1 Ê-"1 Ê,6 ,
6,Ê£6-/6 1--  
" //,
"
*" -
,-Ê "
Ê1/É
" " -/",
*,-/É
/1  "7 É1*
6,ÊÓ  8/ÊÇ°£ <" ÊÓ ,/ -*9 1/
*"7,
6,Îä ä
6"1
Ç°£Ê ÊÊ*,", Ê* /"
$95
(
,QSXWVHOHFWLRQ
7RVHOHFWDSDUWLFXODUVRXUFHSUHVVWKHFRUUHVSRQGLQJEXWWRQRQWKHIURQWSDQHORURQWKHUHPRWHFRQWURO
7KHUHDUHHLJKWLQSXWVDYDLODEOH'9'6DW$93959&57DSH&'DQG'9'$PXOWLFKDQQHO,Q
DGGLWLRQ$0DQG)0UDGLRUHFHSWLRQFDQEHVHOHFWHGIURPWKHEXLOWLQWXQHU$Q\SLFWXUHVLJQDODVVRFLDWHG
ZLWKWKHVHOHFWHGLQSXWLVVZLWFKHGWRWKHPRQLWRURXWSXW
2QVHOHFWLQJDVRXUFHWKH$95ZLOODWWHPSWWRXVHWKHGLJLWDOLQSXWLQSUHIHUHQFHWRDQDQDORJXH
LQSXWDVVXPLQJDGLJLWDOVLJQDOLVGHWHFWHGIRUWKHVRXUFH,I\RXZDQWWRRYHUULGHWKHGLJLWDOLQSXWDQG
VHOHFWWKHDQDORJXHLQSXWLQVWHDGKRZHYHUWKLVFDQEHDFKLHYHGE\SUHVVLQJDQGKROGLQJWKHEXWWRQIRU
WKHVHOHFWHGVRXUFHIRUDWOHDVWWZRVHFRQGV
7KHSURFHVVLQJPRGHDQGµ6WHUHR'LUHFW¶IXQFWLRQVDUHUHPHPEHUHGDQGUHFDOOHGIRUHDFKLQSXW7KH
GLJLWDOLQSXWDQGKLJKTXDOLW\YLGHRLQSXWDVVRFLDWHGZLWKHDFKVRXUFHPD\EHFRQ¿JXUHGLQWKHGHYLFH
PHQXV
7KH'9'$LQSXWLVLQWHQGHGIRUGLUHFWDQDORJXHSDVVWKURXJKRI'9'$XGLRRU6$&'VXUURXQGVRXUFHV
$SDUWIURPYROXPHFRQWURODQGOHYHOWULPQRSURFHVVLQJLVSHUIRUPHGRQWKLVLQSXW
7DSHRSHUDWLRQ
7KH7$3(EXWWRQVHOHFWVWKHDXGLRIURPDFDVVHWWHGHFNFRQQHFWHGWRWKH7$3(,1SKRQRVRFNHWVRIWKH
$95
3UHVVLQJWKH7$3(EXWWRQZLOOVHOHFWDXGLRIURPWKHWDSHLQSXWWKH7$3(/('ZLOOLOOXPLQDWHWRJHWKHU
ZLWKWKH/('RIWKHSUHYLRXVO\VHOHFWHGLQSXW,OOXPLQDWLQJWKHWDSHDQGVRXUFH/('VLQGLFDWHVWKDWWKH
WDSHORRSLVDFWLYHDQGLQGLFDWHVWKHVRXUFHWKDWZLOOEHUHFRUGHG
([DPSOH
,I\RXZDQWWRUHFRUGIURPWKH&'LQSXW
6HOHFWWKH&'LQSXW
3UHVVWKH7$3(EXWWRQ±\RXFDQQRZOLVWHQWRWKHVRXQGUHWXUQHGIURPWKHUHFRUGLQJGHYLFH,Q
WKHFDVHRIDWKUHHKHDGFDVVHWWHGHFNWKLVZLOOEHWKHDXGLRDVUHFRUGHGRQWRWKHWDSH
1RWHWKDWVHOHFWLQJDGLIIHUHQWVRXUFHIURP&'ZLOOFDXVHWKHUHFRUGLQJWRFKDQJHWRWKLVQHZVRXUFH
9&53952SHUDWLRQ
7KH$95KDV9&5DQG395UHFRUGORRSVIRUDXGLRDQGYLGHR&RPSRVLWHDQG6YLGHRRQO\7KHVHDUH
FRQ¿JXUHGWRDOORZUHFRUGLQJRIWKHVRXUFHWKDW\RXDUHZDWFKLQJ
3UHVVLQJWKH9&5RU395EXWWRQVHOHFWVDXGLRDQGYLGHRIURPWKH9&5395LQSXW
7KH9&5395/('ZLOOLOOXPLQDWHWRJHWKHUZLWKWKH/('RIWKHSUHYLRXVO\VHOHFWHGLQSXW
,OOXPLQDWLQJWKH9&5DQGVRXUFH/('VLQGLFDWHVWKDWWKHWDSHORRSLVDFWLYHDQGLQGLFDWHVWKHVRXUFHWKDW
ZLOOEHUHFRUGHG
)RUH[DPSOHLI\RXZDQWWRUHFRUGWKH6$7LQSXW
6HOHFWWKH6$7LQSXWWKHQSXW\RXU9&5395LQWRUHFRUGSDXVHVRWKDWLWZLOOPRQLWRULWVLQSXW
3UHVVWKH9&5RU395EXWWRQDVDSSURSULDWHDQG\RXFDQQRZZDWFKWKHDXGLRDQGYLGHR
DFWXDOO\EHLQJUHFRUGHGE\\RXU9&5395IURPWKHVDWHOOLWHV\VWHP
1RWHWKDWLI\RXVHOHFWDGLIIHUHQWVRXUFHIURP6$7WKHUHFRUGLQJFKDQJHVWRWKLVQHZVRXUFH
6WHUHR'LUHFW
7ROLVWHQWRDSXUHDQDORJXHVWHUHRLQSXWSUHVVWKH',5(&7EXWWRQ7KH'LUHFWPRGHE\SDVVHV
DXWRPDWLFDOO\DOOSURFHVVLQJDQGDQ\VXUURXQGIXQFWLRQV,Q'LUHFWPRGHGLJLWDOSURFHVVLQJLVVKXWGRZQ
WRLPSURYHWKHVRXQGTXDOLW\E\UHGXFLQJWKHGLJLWDOQRLVHZLWKLQWKH$95WRDQDEVROXWHPLQLPXP
7KH/('DERYHWKH',5(&7EXWWRQRQWKHIURQWSDQHOZLOOLOOXPLQDWHWRLQGLFDWHWKLVPRGH
,PSRUWDQWQRWH:KHQ³VWHUHRGLUHFW´PRGHLVHQDEOHGEDVVPDQDJHPHQWLVGLVDEOHG)RUWKLV
UHDVRQ³VWHUHRGLUHFW´PRGHLVQRWUHFRPPHQGHGLQV\VWHPVFRPSULVLQJVPDOOµVDWHOLWH¶VSHDNHUVDV
WKHIXOOIUHTXHQF\LQIRUPDWLRQWKDWZRXOGEHGLUHFWHGWRWKHVHXQLWVPD\FDXVHGDPDJHWRWKHVSHDNHU
=RQH
3UHVVLQJWKH=21(EXWWRQDOORZVERWKWKHYROXPHDQGWKHVRXUFHEHLQJYLHZHGLQ=RQHWREHFKDQJHG
IURPWKHPDLQ]RQH:KLOHLQWKLVµ=RQH¶PRGHWKH/('DERYHWKH=RQHEXWWRQLVLOOXPLQDWHG
:KHQ¿UVWSUHVVHGWKHWH[W=21(65&LVGLVSOD\HGRQWKHIURQWSDQHOZKHUHµ65&¶LQGLFDWHVWKHVRXUFH
EHLQJYLHZHGLQ=RQH3UHVVLQJWKHVRXUFHEXWWRQVRQWKHIURQWSDQHOZKLOHLQWKLVVWDWHFKDQJHVWKH
VRXUFHURXWHGWR=RQHPRYLQJWKHYROXPHNQREDGMXVWVWKH=RQHYROXPH
7RH[LWWKLVVWDWHSUHVV=21(DVHFRQGWLPH
+HDGSKRQHV
7RXVHKHDGSKRQHVZLWKWKH$95SOXJWKHKHDGSKRQHVLQWRWKHVRFNHWRQWKHOHIWKDQGVLGHRIWKH
IURQWSDQHO
:KHQKHDGSKRQHVDUHSOXJJHGLQWRWKHKHDGSKRQHVVRFNHWWKHPDLQRXWSXWLVPXWHG
$95
(
(QJOLVK
(IIHFWV);
7KH())(&7EXWWRQ);RQWKHUHPRWHF\FOHVWKURXJKWKHDYDLODEOH
HIIHFWPRGHV7KHHIIHFWVDUHRQO\DYDLODEOHZKHQWKH$95LVLQ
VWHUHRPRGH
)RUPRUHLQIRUPDWLRQRQWKHHIIHFWVVHHWKHVHFWLRQµ'63(IIHFWV
0RGHV¶SDJH
0RGH
:KHQDVHOHFWHGGLJLWDOLQSXWFDUULHVD'ROE\'LJLWDORU'76VLJQDO
WKH$95GHWHFWVLWDXWRPDWLFDOO\DQGSURFHVVHVWKHVLJQDO
DFFRUGLQJO\
)RUDQDQDORJXHLQSXWRUZKHQQR'ROE\'LJLWDORU'76VLJQDOLV
GHWHFWHGSUHVVLQJWKH02'(EXWWRQF\FOHVWKURXJKWKHDYDLODEOH
VXUURXQGVRXQGPRGHVIRU'ROE\'LJLWDORU'76VLJQDOVWKHPRGHEXWWRQF\FOHVWKURXJKWKHSURFHVVLQJ
PRGHVDYDLODEOHIRUWKHVHW\SHVRIVLJQDO$OORIWKHDYDLODEOHPRGHVDUHGHWDLOHGODWHULQWKLVKDQGERRN
VWDUWLQJRQSDJH
7KHVHOHFWHGPRGHLVGLVSOD\HGLQWKHPDLQVHFWLRQRIWKHGLVSOD\IRUWKUHHVHFRQGVEHIRUHUHYHUWLQJWR
VKRZWKHFXUUHQWYROXPH7KHVXUURXQGPRGHFRQWLQXHVWREHVKRZQRQWKHGLVSOD\
7UHEOH%DVV
7KHVHDOORZ\RXWRDOWHUWHPSRUDULO\WKHEDVVDQGWUHEOHFRQWUROVIRUDOOFXUUHQWO\DFWLYHVSHDNHUV,QWKH
FDVHRI6WHUHRWKLVZRXOGRQO\DSSO\WRWKHIURQWOHIWDQGULJKWVSHDNHUV,Q(IIHFWV3UR/RJLF,,[0XVLF
'ROE\'LJLWDODQG'76PRGHVIRUH[DPSOHWKLVZRXOGDSSO\WRDOOSUHVHQWVSHDNHUV
<RXFDQDGMXVWWKHEDVVDQGWUHEOHE\XSWRG%7KHVHDGMXVWPHQWVDUHLQDGGLWLRQWRWKRVHPDGHLQ
µ6SHDNHU(T¶LQWKH6HWXS0HQX+RZHYHUWKHPD[LPXPRYHUDOOWRQHFRQWUROUDQJHIRUHDFKVSHDNHU
XVLQJWKLVVFUHHQSOXVWKHVHWWLQJVLQµ6SHDNHU(T¶LVVWLOOG%QRWG%
7RVHOHFWWKHVSHDNHUWREHDGMXVWHGSUHVVWKH7UHEOH%DVVEXWWRQUHSHDWHGO\XQWLOWKHGHVLUHGVSHDNHULV
VKRZQRQWKHIURQWSDQHOGLVSOD\7KHQXVHWKHYROXPHFRQWURONQREWRDGMXVWWKHVHWWLQJXSRUGRZQ
1RWHWKDWEDVVDQGWUHEOHDOWHUDWLRQVDUHQRWDYDLODEOHLQ6WHUHRPRGHZKHQ$87267(5(2721(%<3$66
LVVHWWR<(6RULQ6WHUHR'LUHFWPRGH
5HPRWHFRQWUROEXWWRQV
,QDGGLWLRQWRWKHEXWWRQVGHWDLOHGDERYHWKHIROORZLQJUHPRWHFRQWUROEXWWRQVDUHDOVRUHOHYDQW
68%
7KLVEXWWRQRQWKHUHPRWHDOORZVDGMXVWPHQWRIWKH6XEZRRIHUYROXPH3UHVV68%WKHQDGMXVWXVLQJ
WKH

EXWWRQVRQWKHQDYLJDWLRQSDG
,1)2
7KLVEXWWRQKDVWKHVDPHHIIHFWDVWKH5'6EXWWRQRQWKHIURQWSDQHO6HHEHORZIRUGHWDLOVRILWV
RSHUDWLRQ
6<1
'HOD\VPD\EHLQWURGXFHGLQWRWKHYLGHRVLJQDOE\H[WHUQDOYLGHRSURFHVVLQJHTXLSPHQWZKLFKFDXVHV
DPLVPDWFKEHWZHHQWKHDXGLRDQGYLGHRWLPLQJ<RXZLOOQRWLFHWKLVE\VSHHFKVRXQGEHLQJRXWRI
V\QFKURQLVDWLRQZLWKWKHOLSPRYHPHQWVLQWKHYLGHR
7RFRPSHQVDWHIRUWKLV\RXFDQDGMXVWWKHOLSV\QFDXGLRGHOD\3UHVV6<1DQGXVHWKH

QDYLJDWLRQ
EXWWRQVWRFKDQJHWKHGHOD\
6HHSDJHIRUDIXOOH[SODQDWLRQRIWKLVIHDWXUH
750
7KLVDOORZVWHPSRUDU\DGMXVWPHQWRIWKHVSHDNHUOHYHOV3UHVV750WRDFFHVVWKH26'µ6SHDNHU7ULPV¶
PHQXXVLQJWKHQDYLJDWLRQEXWWRQVWRDGMXVWWKHOHYHOVUHTXLUHG3UHVVDJDLQWRH[LWWKHWULPIXQFWLRQ
(IIHFW 'HVFULSWLRQ
1RQH 1RHIIHFWVDFWLYHVWHUHRVLJQDO
0XVLF ([WUDFWHGDPELHQFHDQGFHQWUHLQIRUPDWLRQ
3DUW\ $OOVSHDNHUVRQ
&OXE 6PDOOURRP
+DOO 0HGLXPUHYHUEHUDQWURRP
6SRUW 9HU\UHYHUEHUDQWZLWKH[WUDFWHGDPELHQFH
DQGGU\FHQWUHGLDORJXH
&KXUFK /RQJUHYHUEHUDQWURRP
$95
(
8VLQJWKHWXQHU
7KH$95¶VUDGLRWXQHUFDQEHFRQWUROOHGIURPWKHXSSHUURZRIIURQWSDQHOEXWWRQVVHHGLDJUDP
EHORZRUIURPWKHUHPRWHFRQWUROKDQGVHW1RWHWKDWWKHWXQHUEHKDYLRXUFDQEHVHHQRQO\YLDWKHIURQW
SDQHOGLVSOD\DVWKHUHLVQRRQVFUHHQGLVSOD\IRUWKHWXQHU
7XQLQJWRDVWDWLRQ
3UHVVLQJWKH35(6(7781(EXWWRQRU70RQWKHUHPRWHWRJJOHVEHWZHHQWKHWZRWXQLQJPRGHVRIWKH
XQLW±µ7XQH¶RUµ3UHVHW¶7KHVHOHFWHGPRGHLVVKRZQEULHÀ\RQWKHGLVSOD\:KHQLQIUHTXHQF\GLVSOD\
PRGHWKHIUHTXHQF\ZLOOEHIROORZHGE\Dµ7¶LQWXQHPRGHDQGµ3¶LQSUHVHWPRGH
781(02'(
,Q7XQHPRGH
 3UHVVWKH
DQG
EXWWRQVRQWKHIURQWSDQHORURU3RQWKHUHPRWHFRQWUROKDQGVHWIRU
ORQJHUWKDQWZRVHFRQGVWRHQJDJHDXWRPDWLFWXQLQJ7KHWXQHUVHDUFKHVIRUDUDGLRVWDWLRQ
VLJQDORIVXI¿FLHQWVWUHQJWKDQGVWRSV7RVNLSWRWKHQH[WVWDWLRQSUHVVRQHRIWKHEXWWRQV
DJDLQ$XWRPDWLFWXQLQJLVDYDLODEOHIRUERWKWKH)0DQG$0EDQGV
 7DSSLQJWKH
DQG
EXWWRQVHQJDJHVPDQXDOWXQLQJ7KLVFDQEHXVHGIRUWXQLQJWRDVSHFL¿F
IUHTXHQF\,WLVDOVRXVHIXOLI\RXDUHWU\LQJWRVHOHFWDVWDWLRQWKDWLVWRRZHDNIRUWKHDXWR
VHDUFKPRGH
5HJDUGOHVVRIWKHPRGHXVHGWRWXQH\RXU$95ZKHQLWLVDFFXUDWHO\WXQHGWRDVWDWLRQµ781('¶
OLJKWVXSLQWKHGLVSOD\
35(6(702'(
:KHQRQHRUPRUHSUHVHWVKDYHEHHQGH¿QHGµ3UHVHW¶PRGHFDQEHXVHG,Q3UHVHWPRGHXVHWKH

DQG
EXWWRQVRQWKHIURQWSDQHORURU3RQWKHUHPRWHFRQWUROKDQGVHWWRF\FOHXSDQGGRZQWKH
SUHVHWVWDWLRQV
6HHEHORZIRULQVWUXFWLRQVRQVWRULQJDQGGHOHWLQJSUHVHWV
6WRULQJDSUHVHW
7RVWRUHDSUHVHWWXQHWRWKHUDGLRVWDWLRQ\RXZLVKWRVWRUH3UHVVWKH6725(EXWWRQRU'<1RQWKH
UHPRWHFRQWUROWKHVWDWLRQIUHTXHQF\LVVKRZQRQWKHGLVSOD\IROORZHGE\DSUHVHWQXPEHU6HOHFWWKH
SUHVHWQXPEHU\RXZLVKWRDVVLJQWRWKHVWDWLRQXVLQJWKH
DQG

EXWWRQVRQWKHIURQWSDQHORURU
3RQWKHUHPRWHFRQWUROKDQGVHWWKHQSUHVVWKH6725(EXWWRQDJDLQ
2QFHWKHSUHVHWLVVWRUHGWKHGLVSOD\UHYHUWVWRVKRZWKHVWDWLRQQDPHLI5'6LQIRUPDWLRQLV
WUDQVPLWWHGRULWVIUHTXHQF\
7RTXLWWKHPHPRU\IXQFWLRQZLWKRXWVWRULQJDSUHVHWOHDYHWKHWXQHUFRQWUROVXQWRXFKHGIRU¿YH
VHFRQGV,WLVDOVRSRVVLEOHWRRYHUZULWHDVWRUHGVWDWLRQE\VDYLQJDQRWKHULQLWVSODFH7KHUHDUHWKLUW\
SUHVHWVDYDLODEOHIRU)0XVHDQGWHQIRU$0XVH
'HOHWLQJDSUHVHW
3UHVVWKH6725(EXWWRQWKHQVHOHFWWKHSUHVHWQXPEHU\RXZDQWWRGHOHWHXVLQJWKH
DQG

EXWWRQV
RURU3RQWKHUHPRWHFRQWUROKDQGVHWIROORZHGE\WKH)0087(0212EXWWRQ67$786RQWKH
UHPRWHFRQWURO
7KHGLVSOD\EULHÀ\VKRZVµ'(/(7(¶DQGµ±±¶LVVKRZQLQSODFHRIWKHSUHVHWQXPEHU<RXFDQUHDFWLYDWHD
GHOHWHGSUHVHWQXPEHUE\VWRULQJDVWDWLRQLQWKHQRUPDOZD\
5'65DGLR'DWD6\VWHP
7KH$UFDP$95VXSSRUWV5'63URJUDPPH6HUYLFHDQG5'65DGLR7H[WRQ)0EURDGFDVWV
:KHQDVWDWLRQFDUU\LQJ5'6LQIRUPDWLRQLVVHOHFWHGµ5'6¶OLJKWVXSLQWKHGLVSOD\DQGVKRUWO\DIWHUZDUGV
WKHVWDWLRQ¶V5'6QDPHHJµ%%&5¶LVVKRZQ
3UHVVWKH5'6,1)2EXWWRQWRYLHZDQ\5'6WH[WLQIRUPDWLRQLIDVWDWLRQLVQRWWUDQVPLWWLQJWH[W
LQIRUPDWLRQWKHGLVSOD\EULHÀ\LQGLFDWHVµ127(;7¶DQGUHYHUWVWRVKRZWKHVWDWLRQQDPH
3UHVV5'6,1)2DJDLQWRGLVSOD\WKHVWDWLRQ¶VIUHTXHQF\
3UHVVLQJ5'6,1)2DWKLUGWLPHUHWXUQV\RXWRDGLVSOD\RIWKHVWDWLRQQDPH
,IWKH5'6,1)2EXWWRQLVSUHVVHGZKLOHWXQHGWRDQRQ5'6VWDWLRQWKHGLVSOD\VKRZVµ121$0(¶IRU
WKUHHVHFRQGVEHIRUHUHYHUWLQJWRWKHGHIDXOWGLVSOD\
,-Ê "
Ê1/É
" " -/",
*,-/É
/1  "7 É1*
Ê-/
$95
(
(QJOLVK
)00XWH0RQR
7KH$95¶VWXQHUKDVDQDXWRPXWLQJFLUFXLWWKDWZKHQHQJDJHGPXWHVDQ\VLJQDOWKDWLVRI
LQVXI¿FLHQWVWUHQJWKIRUOLVWHQLQJ7RHQJDJHWKLVFLUFXLWSUHVVWKH)0087(0212EXWWRQRQWKHIURQW
SDQHOµ)0087(¶LVVKRZQLQWKHGLVSOD\,IDVLJQDOLVPXWHG\RXZLOOKHDUQRVRXQGWKURXJKWKH
ORXGVSHDNHUV
6KRXOG\RXZLVKWROLVWHQWRDVWDWLRQWKDWLVµDXWRPXWHG¶SUHVVWKH)0087(0212EXWWRQDJDLQWR
GLVHQJDJHWKHPXWLQJFLUFXLW7KHWXQHUQRZVZLWFKHVWRPRQRDXUDOUHFHSWLRQFDQFHOOLQJPXFKRIWKH
EDFNJURXQGKLVVµ)0087(¶LVQRORQJHUGLVSOD\HGDQG\RXDUHDEOHWRFRQWLQXHOLVWHQLQJ
/LVWHQLQJWRWKHWXQHULQ=RQH
7KHWXQHUFDQEHVHOHFWHGDVRWKHULQSXWVIRUURXWLQJWR=RQH1RWHWKRXJKWKDWLWLVQRWSRVVLEOHWR
OLVWHQWRGLIIHUHQWVWDWLRQVLQWKHPDLQ]RQHDQG=RQHVLPXOWDQHRXVO\7KLVLVEHFDXVHWKH$95LV
¿WWHGZLWKMXVWDVLQJOHWXQHUPRGXOH
8VLQJWKH0DLQ0HQX
7KUHHµ0DLQ0HQX¶VFUHHQVDOORZGD\WRGD\FKDQJHVWREHPDGHWRWKHZD\WKH$95RSHUDWHV
([DPSOHVLQFOXGHDGMXVWLQJWKHWRQHFRQWUROIRUDSDUWLFXODULQSXWRUVHOHFWLRQRIµGLUHFW¶PRGH
7KHWKUHH0DLQ0HQXVFUHHQVDUHDYDLODEOHRQ\RXUGLVSOD\GHYLFH7KHVHOHFWHGOLQHRIHDFKVFUHHQLV
DOVRGLVSOD\HGRQWKHIURQWSDQHORIWKH$95(DFKRIWKHIROORZLQJVHFWLRQVKDVDSLFWXUHVKRZLQJWKH
VFUHHQWKDWLVGLVSOD\HGDV\RXPRYHWKURXJKWKHPHQXV
8VLQJWKHUHPRWHFRQWUROWRHQWHUWKH0DLQ0HQX
%ULHÀ\SUHVVWKH0(18EXWWRQWRHQWHUµ0DLQ0HQX6FUHHQ¶8VHWKHQDYLJDWLRQ
DQG
EXWWRQVWR
JRXSDQGGRZQWKHPHQXUHVSHFWLYHO\7KH
DQG

EXWWRQVDUHXVHGWRDOWHUWKHVHOHFWLRQRQWKH
KLJKOLJKWHGOLQHRUWRFKDQJHWRWKHQH[WVFUHHQLIWKHPHQXKHDGLQJLVKLJKOLJKWHG
8VLQJWKHIURQWSDQHOWRHQWHUWKH0DLQ0HQX
3UHVVWKH0(18EXWWRQWRHQWHUWKHPDLQPHQX7RF\FOHWKURXJKWKHLWHPVRQDPHQXXVHWKH
())(&7
EXWWRQWRJRGRZQDQG
02'(
EXWWRQWRJRXSRQHOLQHIRUHDFKSUHVV8VHWKHYROXPH
FRQWURONQREIRUWKH
DQG

IXQFWLRQVLQRUGHUWRF\FOHWKURXJKWKHDYDLODEOHFKRLFHVRUWRFKDQJHWKH
PHQXSDJHLIWKHPHQXKHDGLQJLVKLJKOLJKWHG
0DLQ0HQX6FUHHQ
9RO6KRZVWKHSUHVHQWYROXPHEHLQJXVHGIRUWKHPDLQ]RQHDQGFDQEHDGMXVWHG
IURPKHUH
$XGLR,QSXW7KLVVKRZVWKHFXUUHQWDXGLRLQSXWVRXUFHVHOHFWHG7KHFXUUHQW
DXGLRLQSXWFDQEHFKDQJHGZKHQWKLVOLQHLVKLJKOLJKWHGXVLQJWKHVRXUFHVHOHFW
EXWWRQVRQWKHIURQWSDQHORUWKHUHPRWH1RWHWKDWFKDQJLQJWKHDXGLRLQSXW
DOVRFKDQJHVWKHYLGHRLQSXWWRWKHVDPHVHWWLQJ
9LGHR,QSXW7KLVVKRZVWKHFXUUHQWYLGHRLQSXWVRXUFHVHOHFWHG7KHFXUUHQW
YLGHRLQSXWFDQEHFKDQJHGZKHQWKLVOLQHLVKLJKOLJKWHGXVLQJWKHVRXUFHVHOHFW
EXWWRQVRQWKHIURQWSDQHORUWKHUHPRWH
&KDQJLQJWKHYLGHRLQSXWGRHVQRWFKDQJHWKHDXGLRLQSXWVR\RXFDQZDWFKD
GLIIHUHQWLQSXWIURPWKHRQH\RXDUHOLVWHQLQJWR
,IWKHDXGLRDQGYLGHRDUHVHWWRGLIIHUHQWLQSXWVWKH\ZLOOEHUHVHWWREHWKHVDPHLQSXWZKHQ
WKHDXGLRLQSXWLVQH[WFKDQJHG
1RWHWKHFRPSRVLWH6YLGHRLQSXWVDQGWKHKLJKTXDOLW\YLGHRLQSXWVDUHLQGHSHQGHQW
RIHDFKRWKHU,I\RXDUHZDWFKLQJDYLGHRVRXUFHE\XVLQJWKHRQHRIWKHKLJKTXDOLW\
YLGHRLQSXWVLWLVQRWSRVVLEOHWRFKDQJHWKHYLGHRLQSXWLQGHSHQGHQWO\RIWKHDXGLR
9LGHR7\SH7KLVVHWWLQJLVDSSOLFDEOHRQO\WR79VEHLQJIHGYLDD6&$57OHDGZKHUHWKHWULJJHU
RXWSXWV
,2
DQG
,3
DUHFRQQHFWHGYLDVXLWDEOH6&$57KHDGHU,WVKRZVWKHYLGHRDVSHFWUDWLR
FXUUHQWO\VHOHFWHGIRUWKHGLVSOD\ZKLFKFDQEHVHWPDQXDOO\WRRUGHSHQGLQJRQZKLFK
IRUPDW\RXDUHIHHGLQJLQWR\RXU796HHSDJHIRUIXUWKHUGHWDLOVRQXVLQJWKHVHWULJJHUV
6WHUHR'LUHFW

2))WKH$95IXQFWLRQVLQLWVQRUPDOZD\

21WKH$95XVHVWKHDQDORJXHLQSXWVLJQDOIRUWKHVRXUFHE\SDVVLQJWKHGLJLWDOFLUFXLWU\,Q
WKLVPRGHWKH$95IXQFWLRQVOLNHDQDQDORJXHDPSOL¿HULWDOVRVKXWVGRZQDOOWKHXQXVHG
GLJLWDOFLUFXLWU\IRURSWLPXPVWHUHRSHUIRUPDQFH1RWHWKDWQRGLJLWDORXWSXWLVDYDLODEOHLQWKLV
FDVH
%DVVDQG7UHEOH7KHVHDOORZ\RXWRDOWHUWHPSRUDULO\WKHEDVVDQGWUHEOHFRQWUROVIRUDOOFXUUHQWO\
DFWLYHVSHDNHUV,QWKHFDVHRI6WHUHRWKLVZRXOGRQO\DSSO\WRWKHIURQWOHIWDQGULJKWVSHDNHUV
,Q(IIHFWV3UR/RJLF,,[0XVLF'ROE\'LJLWDODQG'76PRGHVIRUH[DPSOHWKLVZRXOGDSSO\WR
DOOSUHVHQWVSHDNHUV
<RXFDQDGMXVWWKHEDVVDQGWUHEOHE\XSWRG%7KHVHDGMXVWPHQWVDUHLQDGGLWLRQWRWKRVH
PDGHLQµ6SHDNHU(T¶LQWKH6HWXS0HQX+RZHYHUWKHPD[LPXPRYHUDOOWRQHFRQWUROUDQJHIRU
HDFKVSHDNHUXVLQJWKLVVFUHHQSOXVWKHVHWWLQJVLQµ6SHDNHU(T¶LVVWLOOG%QRWG%
1RWHWKDWEDVVDQGWUHEOHDOWHUDWLRQVDUHQRWDYDLODEOHLQ6WHUHRPRGHZKHQ$87267(5(2721(
%<3$66LVVHWWR<(6RULQ6WHUHR'LUHFWPRGH
%DODQFH7RDOWHUWHPSRUDULO\WKHVRXQGEDODQFHEHWZHHQWKHIURQWOHIWDQGULJKWVSHDNHUV<RXFDQ
DOWHUWKHVRXQGVWDJHWRHLWKHUWKHOHIWRUULJKWE\XSWRG%1RWHWKDWLWLVQRWSRVVLEOHWRVKLIW
WKHDXGLRVLJQDOFRPSOHWHO\RYHUWRRQHFKDQQHO
$95
(
0DLQ0HQX6FUHHQ
&RPSUHVVLRQ$OORZVVHOHFWLRQRIWKUHHGLIIHUHQWFRPSUHVVLRQUDWLRV2))0(',80
DQG+,*+ZKHUHWKHKLJKHUFRPSUHVVLRQLVLQWHQGHGIRUµODWHQLJKW¶OLVWHQLQJ
7KHFRPSUHVVLRQHIIHFWLQFUHDVHVWKHYROXPHRIWKHTXLHWSDVVDJHVDQG
GHFUHDVHVWKHYROXPHRIWKHORXGHUSDVVDJHV&RPSUHVVLRQFDQEHGLVDEOHGE\
VHWWLQJWKLVLWHPWR2))
&RPSUHVVLRQLVRQO\DYDLODEOHRQ'ROE\'LJLWDOUHFRUGLQJVDQGRQVRPH'76
UHFRUGLQJV
/LS6\QF$OORZVWKHLQWURGXFWLRQDQGDGMXVWPHQWRIDWLPHGHOD\EHWZHHQWKH
DXGLRDQGYLGHRVLJQDOVWRFRPSHQVDWHIRUWKHVRXQGDQGSLFWXUHQRWEHLQJ
V\QFKURQLVHG7KLVPD\EHUHTXLUHGZKHQH[WUDYLGHRSURFHVVLQJLVXVHGLQWKH
V\VWHPIRUOLQHGRXEOLQJRUSURJUHVVLYHVFDQYLGHRRUIRUZKHQD'9'KDVEHHQ
SRRUO\PDVWHUHGRUDEURDGFDVWVKRZVQRWLFHDEOHGHOD\EHWZHHQWKHYLGHRDQG
DXGLR
7KHOLSV\QFIXQFWLRQZRUNVRQDOOVRXUFHVXQOHVV6WHUHR'LUHFWLVVHOHFWHG/LSV\QFLVDOVR
GLUHFWO\DYDLODEOHRQWKH6<1EXWWRQRQWKHUHPRWHFRQWURO
7KHUDQJHRIOLSV\QFGHOD\LVWRPLOOLVHFRQGV7KHOLSV\QFDGMXVWPHQWFDQRQO\FRUUHFWIRU
GHOD\HGYLGHRLIWKHDXGLRLVGHOD\HGVHWOLSV\QFWRLWVPLQLPXP
3UR/RJLF,,[0XVLF0RGH7KLVDOORZVWKHDGMXVWPHQWRIWKHVRXQG¿HOGIRU'ROE\3UR/RJLF,,,,[
0XVLFGHFRGLQJRIWZRFKDQQHOVRXUFHV
'LPHQVLRQDOORZVWKHXVHUJUDGXDOO\WRDGMXVWWKHVRXQG¿HOG
HLWKHUWRZDUGVWKHIURQWRUWRZDUGVWKHUHDU,IDUHFRUGLQJLV
WRRVSDFLRXVRUVWURQJIURPWKHVXUURXQGVLWFDQEHDGMXVWHG
µIRUZDUG¶WRJHWDEHWWHUEDODQFH/LNHZLVHLIDVWHUHRUHFRUGLQJ
LVVRPHZKDWWRRµQDUURZ¶VRXQGLQJLWFDQEHDGMXVWHGWRZDUGWKH
UHDUWRJHWDPRUHHQYHORSLQJLPPHUVLYHUHVXOW:HUHFRPPHQG
µ'LPHQVLRQ¶LVVHWWRIRUQRUPDOXVH
&HQWUH:LGWK:LWK3UR/RJLFGHFRGLQJ
GRPLQDQWFHQWUHVLJQDOVFRPHRQO\IURPWKH
FHQWUHVSHDNHU,IQRFHQWUHVSHDNHULVSUHVHQW
WKHGHFRGHUVSOLWVWKHFHQWUHVLJQDOHTXDOO\WR
WKHOHIWDQGULJKWVSHDNHUVWRFUHDWHDµSKDQWRP¶
FHQWUHLPDJH7KH&HQWUH:LGWKFRQWURODOORZV
YDULDEOHDGMXVWPHQWRIWKHFHQWUHLPDJHVRLWPD\
EHKHDUGRQO\IURPWKHFHQWUHVSHDNHURQO\IURP
WKHOHIWULJKWVSHDNHUVDVDSKDQWRPLPDJHRU
IURPDOOWKUHHIURQWVSHDNHUVWRYDU\LQJGHJUHHV
:HUHFRPPHQGµ&HQWUH:LGWK¶LVVHWWRIRU
QRUPDOXVH
3DQRUDPD0RGH([WHQGVWKHIURQWFHQWUH
LPDJHWRLQFOXGHWKHVXUURXQGVSHDNHUVIRU
DQH[FLWLQJµZUDSDURXQG¶HIIHFWZLWKVLGHZDOO
LPDJLQJ
0$,10(18VFUHHQ
7KLVSDJHUHIHUVWR=RQHIXQFWLRQV7KHVHDUHUHTXLUHGLI\RXUV\VWHPLVLQVWDOOHG
WRVHQGDXGLRDQGYLGHRWRDVHSDUDWHµ=RQH¶URRPRU\RXZLVKWRPDNHXVHRIWKH
=RQHKHDGSKRQHIDFLOLW\
9RO6KRZVSUHVHQWYROXPHEHLQJXVHGLQ=RQHDQGFDQEHDGMXVWHGIURPKHUH
7KLVLVDOVRWKHYROXPHFRQWUROIRUWKHKHDGSKRQHVRXWSXWLILWLVDVVLJQHGWR
=RQH
=RQH6RXUFH6HOHFWVZKLFKVRXUFHLVVHQWWR=RQH7KHVRXUFHFDQEHVHOHFWHG
VSHFL¿FDOO\RUFDQEHVHWWR)ROORZ=RQH
1RWHWKDWSUHVVLQJWKH7+;EXWWRQLQ=RQHZLOOFDXVHWKHLQSXWIRU=RQHWR
EHVHWWRµ)ROORZ]RQH¶
8VLQJ=RQH
,QWURGXFWLRQ
=RQHSURYLGHVWKHRSWLRQIRUWKHRFFXSDQWVRIWKHPDVWHUEHGURRPFKLOGUHQ¶VURRPRUNLWFKHQWRYLHZ
RUOLVWHQWRDGLIIHUHQWVRXUFHDWDGLIIHUHQWYROXPHOHYHOIURPWKHPDLQ]RQH
&RQWURORI=RQHLVYLDDQLQIUDUHGUHFHLYHUWKDWVHQGVFRPPDQGVEDFNWRWKH$956HHµ&RQWURO
&RQQHFWLRQV¶RQSDJHIRUIXUWKHULQIRUPDWLRQ
'LVSOD\ &HQWUHVSUHDGLQJ
HIIHFW
1RFHQWUHVSUHDGLQJ






 3KDQWRPFHQWUH
7KHµ&HQWUH:LGWK¶VHWWLQJIRU
'ROE\3UR/RJLF,,[0XVLF0RGH
$95
(
(QJOLVK
6XUURXQGPRGHV
,QWURGXFWLRQ
<RXU$95SURFHVVRUSURYLGHVDOOWKHNH\GHFRGLQJDQGSURFHVVLQJPRGHVIRUDQDORJXHDQGGLJLWDO
VLJQDOV
0RGHVIRU'LJLWDOVRXUFHV
'LJLWDOUHFRUGLQJVDUHXVXDOO\HQFRGHGWRLQFOXGHLQIRUPDWLRQDERXWWKHLUIRUPDWW\SH7KH$95
GHWHFWVDXWRPDWLFDOO\WKHUHOHYDQWIRUPDWLQDGLJLWDOVLJQDOVXFKDV'ROE\'LJLWDORU'76DQGVZLWFKHV
LQWKHDSSURSULDWHGHFRGLQJ
0RGHV)RU$QDORJXHVRXUFHV
$QDORJXHUHFRUGLQJVGRQRWFRQWDLQLQIRUPDWLRQDERXWWKHLUHQFRGLQJIRUPDWVVRWKHGHVLUHGGHFRGLQJ
PRGH±VXFKDV'ROE\3UR/RJLF±QHHGVWREHVHOHFWHGPDQXDOO\
0RGH0HPRU\
7KH$95KDVDFRPSUHKHQVLYHPHPRU\WKDWDOORZVLWWRVWRUHGLIIHUHQWVHWWLQJVIRUHDFKVRXUFH
EXWWRQ7KHWH[WEHORZDSSOLHVWRDOOLQSXWVH[FHSWµ'9'$¶
'ROE\'LJLWDORU'76DXGLRGDWDVRPHWLPHVFROOHFWLYHO\UHIHUUHGWRDVµELWVWUHDP¶VRXUFHVFDQEHRXWSXW
LQWKUHHPL[PRGHVVHOHFWHGXVLQJWKH02'(EXWWRQ
 6XUURXQGHJ¿YHPDLQFKDQQHOVSOXVDVXEZRRIHUIRUDVRXUFH
 6WHUHR'RZQPL[
 0RQR'RZQPL[
7KH$95ZLOOUHPHPEHUZKLFKPL[PRGHZDVODVWXVHGZLWKDELWVWUHDPVRXUFH6HHµ0XOWLFKDQQHO
6RXUFH0RGHV¶IRUPRUHLQIRUPDWLRQ
7ZRFKDQQHODXGLRUHJDUGOHVVRIZKHWKHULWLVDQDORJXHRUGLJLWDODOVRFDQEHRXWSXWLQWKUHHPL[PRGHV
VHOHFWHGXVLQJWKH02'(EXWWRQ
 6XUURXQGHJ'ROE\3UR/RJLF,,[0RYLH1HR0XVLFHWF
 6WHUHRZLWKHIIHFWVDSSOLHGIRUDQDORJXHRUGLJLWDO3&0
 0RQR
7KH$95ZLOOUHPHPEHUZKLFKPL[PRGHZDVODVWXVHGZLWKDWZRFKDQQHOVRXUFHDQGLIµ6XUURXQG¶
ZKLFKSDUWLFXODUVXUURXQGPRGH6HHµ7ZR&KDQQHO6RXUFH0RGHV¶IRUPRUHLQIRUPDWLRQ,IDQHIIHFW
PRGHKDVEHHQDSSOLHGZKLOVWLQ6WHUHRWKLVZLOODOVREHUHPHPEHUHG
7KHUHLVDOLQNEHWZHHQWKHPL[PRGHVIRUPXOWLFKDQQHOELWVWUHDPHJDQGWZRFKDQQHOELWVWUHDP
RUVRXUFHV,IDVRXUFHLVSOD\HGLQ6XUURXQGPL[PRGHWKH$95ZLOOUHPHPEHUWKLV
IRUDOOELWVWUHDPVRXUFHVHJ'76(60DWUL['ROE\'LJLWDOHWFDQGXVHWKHPD[LPXPQXPEHURI
VSHDNHUVWKHVLJQDOLVHQFRGHGIRU$VDUHVXOWZKHQDRUELWVWUHDPLVSOD\HGWKH6XUURXQGPL[
PRGHLVUHFDOOHGDQGWKH$95HQWHUV'ROE\3UR/RJLF,,[0RYLHPRGHWRWU\WRUHFUHDWHWKHVXUURXQG
HQYLURQPHQWIURPZKDWPD\EHD3UR/RJLFHQFRGHGVRXUFH,I\RXZRXOGUDWKHUOLVWHQWRDRU
ELWVWUHDPLQRUGLQDU\VWHUHRZLWKRUZLWKRXWDVXEZRRIHUSUHVV02'(WRF\FOHWKURXJKWRWKH6WHUHR
PL[PRGHHJ'ROE\'LJLWDORQWKHGLVSOD\+RZHYHULIWKHVRXUFHEHFRPHVPXOWLFKDQQHO
ELWVWUHDPHJDJDLQWKH$95ZLOOUHFDOO6WHUHRPL[PRGHDQGWKHUHIRUHRXWSXWD6WHUHR
'RZQPL[RIWKHPXOWLFKDQQHOVLJQDO)XOOVXUURXQGRXWSXWFDQEHUHDFKLHYHGE\SUHVVLQJ02'(WRF\FOH
WKURXJKWRWKHVXUURXQGPRGHHQFRGHGRQWKHGLVF
'LJLWDOPXOWLFKDQQHOVRXUFHV
'LJLWDOPXOWLFKDQQHOVRXUFHPDWHULDOLVQRUPDOO\SURYLGHGDVµDXGLR¶7KHµFKDQQHOV¶FRPSULVHRI
OHIWFHQWUHDQGULJKWIURQWVSHDNHUVWZRVXUURXQGVSHDNHUVDQGDORZIUHTXHQF\HIIHFWV/)(FKDQQHO
6LQFHWKH/)(FKDQQHOLVQRWDIXOOUDQJHFKDQQHOLWLVUHIHUUHGWRDVµ¶
6XUURXQGV\VWHPVGHFRGHDQGUHSURGXFHWKHFKDQQHOVGLUHFWO\'ROE\'LJLWDO(;DQG'76(6
HQKDQFHGGHFRGLQJV\VWHPVFUHDWHRQHH[WUDUHDUFKDQQHOIURPLQIRUPDWLRQEXULHGLQWKHWZRVXUURXQG
VLJQDOVRIWKHVRXUFH7KHVH(;DQG(6HQKDQFHGV\VWHPVDUHVRPHWLPHVUHIHUUHGWRDVµ¶
V\VWHPV7KLVH[WUDVXUURXQGEDFNFKDQQHOLVQRUPDOO\UHSURGXFHGWKURXJKWZRVHSDUDWHORXGVSHDNHUV
FUHDWLQJDµV\VWHP¶
3OD\EDFNRQVSHDNHUV\VWHPV
:KHQOLVWHQLQJWRFKDQQHOGLJLWDOUHFRUGLQJVVXFKDV'ROE\'LJLWDODQG'76RQDFKDQQHOVSHDNHU
V\VWHP\RXZLOOKDYHWZRVSHDNHUVSURGXFLQJQRVRXQG7KHVHWZRVXUURXQGEDFNVSHDNHUVFDQEH
DVVLJQHGWKHVDPHVLJQDODVWKHVXUURXQGVSHDNHUVLQWKHµ6SHDNHU6L]HV¶SDJHRIWKH6HWXS0HQX
:KHQERWKWKHVXUURXQGDQGVXUURXQGEDFNVSHDNHUVDUHVHOHFWHGWKHYROXPHIURPERWKZLOOEHUHGXFHG
E\G%WRNHHSWKHVRXQGOHYHOVLQEDODQFH
$95
(
7ZRFKDQQHOVRXUFHPRGHV
7KHIROORZLQJGHFRGLQJDQGVXUURXQGPRGHVDUHDYDLODEOH

0RQR

3UR/RJLF(PXODWLRQ

6WHUHR

1HR&LQHPD

3UR/RJLF,,,,[0RYLH

1HR0XVLF

3UR/RJLF,,,,[0XVLF
7KHVHPRGHVDUHDYDLODEOHZLWKWZRFKDQQHODQDORJXHDQGWZRFKDQQHO3&0GLJLWDOVRXUFHVDOWKRXJKD
'ROE\'LJLWDOVRXUFHPD\RQO\EHGHFRGHGDV0RQR6WHUHRRU3UR/RJLF,,[0RYLH
0RQR7KH$95ZLOOFRPELQHWKHOHIWDQGULJKWDXGLRFKDQQHOVIURPDVWHUHRVLJQDOWRSURGXFHD
PRQRVLJQDO7KLVFDQEHRIEHQH¿WZKHQSOD\LQJROGHUDXGLRUHFRUGLQJVRU9&5WDSHVHVSHFLDOO\
PRQR/3UHFRUGV
$QDORJXH6WHUHR,QWKLVPRGHWKH$95ZRUNVDVDFRQYHQWLRQDOKLJKTXDOLW\DXGLRDPSOL¿HU
1RWHWKDWLIWKHVXEZRRIHULVHQDEOHGLQVWHUHRPRGHWKHQVRPHSURFHVVLQJRIWKHVLJQDOZLOOEH
FDUULHGRXW)RUXOWLPDWHVRXQGTXDOLW\ZLWKDQDORJXHVRXUFHVWKHUHIRUHVHOHFWWKH6WHUHR'LUHFW
IXQFWLRQ
'LJLWDO6WHUHR'HFRGHVWZRFKDQQHOGLJLWDOVLJQDOVVXFKDV3&0VLJQDOVIURPVRXUFHVVXFKDV&'V
DQGVRPH'9'V
'ROE\3UR/RJLF,,,,['ROE\3UR/RJLF,,GHFRGLQJLVGHVLJQHGWRSURGXFHDFKDQQHORXWSXW
IURPWZRFKDQQHOVRXUFHPDWHULDO7KLVLVH[WHQGHGE\'ROE\3UR/RJLF,,[GHFRGLQJZKLFKLV
GHVLJQHGWRSURGXFHDRUFKDQQHORXWSXWIURPWZRFKDQQHOVRXUFHPDWHULDODQGDFKDQQHO
RXWSXWIURPFKDQQHOPDWHULDO
7KHUHDUHWZRGLIIHUHQWPRGHVDYDLODEOHLQ3UR/RJLF,,,,[³0RYLH´DQG³0XVLF´PRGHVZKLFK
DUHLQWHQGHGIRUXVHDVWKHLUQDPHVVXJJHVW'XHWRWKHGLIIHUHQWUHFRUGLQJPHWKRGVXVHGIRU
PRYLHVDQGPXVLFLWLVUHFRPPHQGHGWKDWWKHFRUUHFWGHFRGLQJPRGHIRU\RXUVRXUFHPDWHULDOLV
XVHGWRREWDLQWKHEHVWUHVXOWV
 0RYLH0RGH7KLVLVLQWHQGHGIRUXVHZLWK³FLQHPDWLF´PDWHULDOZKLFKLVPL[HGDQGPRQLWRUHGLQ
DFDOLEUDWHGPXOWLFKDQQHOHQYLURQPHQW0RYLHPRGHLVD³¿[HG´PRGHWKDWLVGHVLJQHGWRJLYHD
VLPLODUVRXQGZKHQOLVWHQLQJXVLQJDKRPHFLQHPDV\VWHPWRWKDWREWDLQHGLQDFLQHPD

0XVLF0RGH6WHUHRPXVLFLVQRWGHVLJQHGIRUVXUURXQGSURFHVVLQJDOWKRXJKJRRGVXUURXQG
HIIHFWVFDQEHREWDLQHGWKURXJKFDUHIXOSURGXFWLRQ$VWKHRSWLPXPGHFRGLQJPHWKRGYDULHV
DFFRUGLQJWRWKHUHFRUGLQJ0XVLFPRGHDOORZVXVHUDGMXVWPHQWRIWKHSURFHVVLQJFKDUDFWHULVWLFV
,QIRUPDWLRQDERXWDGMXVWLQJWKH0XVLFPRGHE\XVLQJµ'LPHQVLRQ¶DQGµ&HQWUH:LGWK¶FRQWUROV
FDQEHIRXQGLQWKHµ0DLQ0HQX6FUHHQ¶VHFWLRQ
'ROE\3UR/RJLF'ROE\3UR/RJLFGHFRGLQJLVDOHJDF\PRGHWKDWLVGHVLJQHGWRSURGXFHD¿YH
FKDQQHORXWSXWIURPWZRFKDQQHOVRXUFHPDWHULDO,WVKRXOGEHXVHGRQO\ZKHQWKHVRXUFH
PDWHULDOLVHQFRGHGDV'ROE\3UR/RJLFRWKHUZLVHZHUHFRPPHQGWKHXVHRI'ROE\3UR/RJLF
,,[7KLVLVEHFDXVH3UR/RJLFSURFHVVLQJRQVWUDLJKWVWHUHRVRXUFHVFDQVRXQGPXIÀHGDQG
FRPSUHVVHG
'761(2'761HRSURYLGHVXSWRVL[IXOOEDQGFKDQQHOVRIGHFRGLQJIURPVWHUHRPDWHULDO
7KH$95ZLOOGHULYHVHSDUDWHFKDQQHOVFRUUHVSRQGLQJWRWKHVWDQGDUGKRPHWKHDWUHVSHDNHU
OD\RXW
 &LQHPD$PRYLHPRGHGHVLJQHGWRUHSURGXFHDPRYLHWKHDWUHHQYLURQPHQW1HRWHFKQRORJ\
DOORZVYDULRXVVRXQGHOHPHQWVZLWKLQDFKDQQHORUFKDQQHOVWREHVWHHUHGVHSDUDWHO\DQGLQD
ZD\ZKLFKIROORZVWKHRULJLQDOSUHVHQWDWLRQQDWXUDOO\
 0XVLF$PXVLFPRGHGHVLJQHGWRSURGXFHDOLYHO\KLJKLQWHJULW\VXUURXQGHIIHFWIURPPRVWWZR
FKDQQHOPXVLFVRXUFHVIURPDOODYDLODEOHVSHDNHUV1HRPXVLFPRGHH[SDQGVVWHUHRUHFRUGLQJV
LQWRWKH¿YHRUVL[FKDQQHOOD\RXWZLWKRXWGLPLQLVKLQJWKHVXEWOHW\DQGLQWHJULW\RIWKHRULJLQDO
VWHUHRUHFRUGLQJ
0XOWLFKDQQHOVRXUFHPRGHV
7KHIROORZLQJPRGHVDUHDYDLODEOHIRUPXOWLFKDQQHOGLJLWDOVRXUFHV6SHFLDOPRGHVOLNH'76(6
0DWUL[DQG'76(6'LVFUHWHDUHDYDLODEOHRQO\IURPWKHFRUUHFWVRXUFHPDWHULDO
)RU'ROE\'LJLWDOVRXUFHV )RU'76VRXUFHV

'ROE\'LJLWDO

'76

'ROE\'LJLWDO6WHUHR'RZQPL[

'766WHUHR'RZQPL[

'ROE\'LJLWDO0RQR'RZQPL[

'760RQR'RZQPL[

'ROE\'LJLWDO([

'76(60DWUL[

'ROE\'LJLWDO3UR/RJLF,,[

'76(6'LVFUHWH
'ROE\'LJLWDO7KHPRVWFRPPRQO\XVHGVRXQGIRUPDWIRU'9'YLGHRDQGLVDOVRWKHVWDQGDUG
IRU86GLJLWDOWHOHYLVLRQ'ROE\'LJLWDOVRXUFHVGHOLYHUVXUURXQGVRXQGZLWK¿YHGLVFUHWHIXOO
UDQJHFKDQQHOVOHIWFHQWUHULJKWVXUURXQGOHIWDQGVXUURXQGULJKWSOXVDORZIUHTXHQF\HIIHFWV
/)(FKDQQHO
'ROE\'LJLWDO([7KLVLVDQH[WHQVLRQWR'ROE\'LJLWDOGHFRGLQJWKDWSURYLGHVDFKDQQHORXWSXW
IURPDFKDQQHOLQSXW7KHH[WUDFKDQQHOLVWKHFHQWUHVXUURXQGFKDQQHOIRUZKLFKWKHWZR
VXUURXQGEDFNVSHDNHUVDUHXVHGDQGLVGHULYHGIURPWKHOHIWDQGULJKWVXUURXQGFKDQQHO
LQIRUPDWLRQ7KLVGHFRGHPRGHVKRXOGEHXVHGRQO\ZKHQWKHVRXUFHPDWHULDOLV³6XUURXQG
(;´HQFRGHGZKLFKLVQRUPDOO\LQGLFDWHGRQWKHGLVFSDFNDJLQJDQGVKRXOGEHGHWHFWHG
DXWRPDWLFDOO\E\WKH$95EXWPD\EHXVHGDWRWKHUWLPHVLIGHVLUHG
'ROE\'LJLWDO3UR/RJLF,,[7KLVLVDQH[WHQVLRQWR'ROE\'LJLWDOGHFRGLQJWKDWSURYLGHVD
FKDQQHORXWSXWIURPDFKDQQHOLQSXW7KHH[WUDFKDQQHOVDUHWKHVXUURXQGEDFNFKDQQHOVWKDW
DUHGHULYHGIURPWKHOHIWDQGULJKWVXUURXQGFKDQQHOLQIRUPDWLRQ
'76/HVVFRPPRQWKDQWKH'ROE\'LJLWDOIRUPDWEXWJHQHUDOO\UHFRJQLVHGZLWKLQWKHDXGLR
LQGXVWU\DVEHLQJRIVXSHULRUVRXQGTXDOLW\'76GHOLYHUVVXUURXQGVRXQGZLWK¿YHIXOOUDQJH
FKDQQHOVSOXVDQ/)(FKDQQHO
'76(60DWUL[7KLVLVDFKDQQHOIRUPDWEDVHGRQ'76,WKDVWKHVL[WKFKDQQHOPDWUL[
HQFRGHGLQWRWKHVXUURXQGOHIWDQGVXUURXQGULJKWFKDQQHOV7KHVL[WKFKDQQHOLVDVXUURXQG
FHQWUHFKDQQHODQGLVGLUHFWHGWRWKHVXUURXQGEDFNOHIWDQGVXUURXQGEDFNULJKWVSHDNHUV
$95
(
(QJOLVK
'76(6'LVFUHWH7KLVLVDWUXHGLVFUHWHFKDQQHOVRXQGIRUPDWXQOLNH'76(60DWUL[
ZKHUHWKHVL[WKVXUURXQGFHQWUHFKDQQHOLQIRUPDWLRQLVH[WUDFWHGIURPWKHWZRVXUURXQG
FKDQQHOV'76(6'LVFUHWHPRGHRSHUDWHVRQO\RQVRXUFHVZLWK'76(6'LVFUHWHDXGLR
HQFRGLQJVXFKDVFHUWDLQ'9'GLVFV
$OLVWRIDYDLODEOHVRIWZDUHWLWOHVZLWK'76(60DWUL[DQG'76(6'LVFUHWHWLWOHVFDQEHIRXQGDW
ZZZGWVRQOLQHFRP
'63(IIHFWV0RGHV
7KH$95KDVDQXPEHURIHIIHFWVPRGHVWKDWFDQEHXVHGWRHQKDQFHDVWHUHRVLJQDODQGWRPDNH
XVHRIWKHVXUURXQGORXGVSHDNHUV'63HIIHFWVPRGHVDUHRQO\DYDLODEOHZLWKVWHUHRVRXUFHVLJQDOV
0XVLF0XVLFVXUURXQGPDNHVIXOOXVHRIWKHDGGLWLRQDOVSHDNHUVSODFHGDWWKHFHQWUHVLGHVDQGUHDU
RIWKHURRP7KLVHIIHFWXVHVDPELDQFHH[WUDFWLRQIRUWKHVLGHDQGUHDUVSHDNHUVDQGRIIHUVWKH
PRVWVXEWOHVXUURXQGSURFHVVLQJZLWKQRUHYHUEHUDWLRQRUUHÀHFWLRQV
3DUW\7KH3DUW\HIIHFWDOORZVXQSURFHVVHGVWHUHRVLJQDOVWREHSOD\HGRYHUDOOVSHDNHUVIRU
EDFNJURXQGPXVLFRUIRUPD[LPXPDFRXVWLFDORXWSXWRIWKHV\VWHP
&OXE7KH&OXEHIIHFWJHQHUDWHVUHÀHFWLRQVDQGVKRUWUHYHUEHUDWLRQLQIRUPDWLRQWRWKHIURQWVLGHDQG
UHDUVSHDNHUV,WVLPXODWHVDVPDOOFOXEYHQXHVXFKDVD-D]]&OXE
&RQFHUW+DOO7KH&RQFHUW+DOOHIIHFWJHQHUDWHVWKHDPELHQWLQIRUPDWLRQIRUWKHVLPXODWLRQRI
DPHGLXPVL]HKDOO5HÀHFWLRQVDQGPHGLXPOHQJWKUHYHUEHUDWLRQLQIRUPDWLRQDUHVHQWWRDOO
FKDQQHOV
6SRUWV6SRUWVVWDGLXPHIIHFWLVLGHDOIRUXVHZKHQZDWFKLQJOLYHVSRUWVHYHQWVZKLFKZRXOG
QRUPDOO\EHLQVWHUHR7KHRSHQDPELHQFHRIDVSRUWVVWDGLXPLVDFWLYHO\UHFUHDWHGDURXQG\RX
H[FHSWIURPWKHFHQWUHFKDQQHOZKLFKLVNHSWFOHDUIRUFRPPHQWDU\
&KXUFK7KH&KXUFKHIIHFWXVHVDUHYHUEHUDWLRQDOJRULWKPZKLFKHPSKDVLVHVULFKVPRRWK
UHYHUEHUDQWGHFD\LQODUJHVSDFHV$VLWVQDPHVXJJHVWVLWZRUNVZHOOIRUVLPXODWLQJDVSDFH
ZLWKORQJUHYHUEHUDWLRQWLPHUHODWLYHWRLWVVL]HVXFKDVDODUJHFKXUFKRUFDWKHGUDO
6SHDNHUSRVLWLRQLQJ
7KH$95DOORZV\RXWRFRQQHFWXSWRVHYHQVSHDNHUVDQG
DQDFWLYHVXEZRRIHULQWKHPDLQV\VWHP7KHRXWSXWFKDQQHOV
FRUUHVSRQGWRVSHDNHUVLQVWDOOHGLQWKHIURQWOHIWFHQWUHIURQW
ULJKWVXUURXQGOHIWVXUURXQGULJKWOHIWVXUURXQGEDFNULJKW
VXUURXQGEDFNDQGDQDFWLYHVXEZRRIHUVHHGLDJUDP
$OOVSHDNHUVZLWKWKHH[FHSWLRQRIWKHVXEZRRIHUVKRXOGEH
DUUDQJHGDURXQG\RXUQRUPDOYLHZLQJOLVWHQLQJSRVLWLRQVHH
GLDJUDP7KHVXEZRRIHUVKRXOGEHSODFHGLQDFFRUGDQFHZLWK
WKHLQVWUXFWLRQVRIWKHPDQXIDFWXUHUH[SHULPHQWZLWKLWLQ
YDULRXVSRVLWLRQVWRREWDLQWKHEHVWUHVXOW
)URQWOHIWDQGULJKW
3RVLWLRQ\RXUIURQWOHIWDQGULJKWVSHDNHUVWRDFKLHYHDJRRG
VWHUHRLPDJHIRUQRUPDOPXVLFDOUHSURGXFWLRQ,IWKH\DUH
SODFHGWRRFORVHWRJHWKHUWKHUHZLOOEHDODFNRIVSDFLRXVQHVV
LIWKH\DUHSODFHGWRRIDUDSDUWDVWHUHRLPDJHZLOODSSHDUWR
KDYHDODUJHµKROH¶LQWKHPLGGOHDQGZLOOEHSUHVHQWHGLQWZRKDOYHV,IWKHUHLVQRSUDFWLFDODOWHUQDWLYH
WRSODFLQJWKHVSHDNHUVZLGHO\DSDUWWKLVHIIHFWFDQEHRYHUFRPHLQPXVLFUHSURGXFWLRQE\XVLQJFHQWUH
VRXQGH[WUDFWLRQIURPWKHOHIWDQGULJKWVSHDNHUVVHHWKHGHVFULSWLRQRI³'ROE\3UR/RJLF,,[0XVLF
0RGH´ODWHULQWKLVKDQGERRN
&HQWUH
7KHFHQWUHVSHDNHUDOORZVIRUDPRUHUHDOLVWLFUHSURGXFWLRQRIGLDORJXHDQGFHQWUHVRXQGV7KHFHQWUH
VSHDNHUVKRXOGKDYHDVLPLODUWRQDOEDODQFHWRWKHIURQWOHIWDQGULJKWVSHDNHUVDQGEHSRVLWLRQHGDWD
VLPLODUKHLJKW
6XUURXQGOHIWDQGULJKW
7KHVXUURXQGOHIWDQGULJKWVSHDNHUVUHSURGXFHWKHDPELHQWVRXQGDQGHIIHFWVSUHVHQWLQDPXOWLFKDQQHO
KRPHFLQHPDV\VWHPDQGIRUKRPHWKHDWUHXVHVKRXOGEHLQVWDOOHGDSSUR[LPDWHO\RQHPHWUHKLJKHU
WKDQWKHOLVWHQHU¶VHDUV
6XUURXQGEDFNOHIWDQGULJKW
7KHVXUURXQGEDFNOHIWDQGULJKWVSHDNHUVDUHXVHGWRDGGH[WUDGHSWKDQGEHWWHUVRXQGORFDOLVDWLRQDQG
VKRXOGEHLQVWDOOHGDSSUR[LPDWHO\RQHPHWUHKLJKHUWKDQWKHOLVWHQHU¶VHDUV3ODFHWKHWZRVXUURXQGEDFN
VSHDNHUVVXFKWKDWWKHUHLVDQDUFRIDSSUR[LPDWHO\GHJUHHVEHWZHHQHDFKVXUURXQGEDFNVSHDNHU
DQGWKHFHQWUHVSHDNHU7KHVXUURXQGEDFNVSHDNHUVVKRXOGIDFHWKHIURQWRIWKHURRPDVVKRZQLQWKH
GLDJUDPWRSURYLGHWKHODUJHVWµVZHHWVSRW¶
1RWHLI\RXKDYHDVSHDNHUV\VWHPZLWKDVLQJOHVXUURXQGEDFNVSHDNHUZHUHFRPPHQGWKDW\RX
FRQQHFWWKLVVSHDNHUWRWKHVXUURXQGEDFNOHIWFKDQQHORIWKH$95
6XEZRRIHU
$VXEZRRIHUZLOOJUHDWO\LPSURYHWKHEDVVSHUIRUPDQFHRI\RXUV\VWHP7KLVLVXVHIXOIRUUHSURGXFLQJ
VSHFLDOFLQHPDHIIHFWVHVSHFLDOO\ZKHUHDGHGLFDWHG/)(/RZ)UHTXHQF\(IIHFWVFKDQQHOLVDYDLODEOHDV
ZLWKPDQ\'ROE\'LJLWDORU'76HQFRGHGGLVFV
-ÕÀÀÕ`
L>VÊivÌ
-ÕÀÀÕ`
L>VÊÀ}Ì
iÌÀiÀÌ
ivÌ
ÀÌ
À}Ì
-ÕLÜviÀ
-ÕÀÀÕ`
ivÌ
-ÕÀÀÕ`
À}Ì
$95
(
%LZLULQJDQGELDPSLQJORXGVSHDNHUV
%LZLULQJLPSURYHVWKHVRXQGRI\RXUV\VWHPDVLWGLYLGHVWKHKLJKDQGORZIUHTXHQF\VLJQDOFXUUHQWVLQWR
VHSDUDWHVSHDNHUFDEOHV7KHSHUIRUPDQFHRI\RXUV\VWHPFDQEHIXUWKHUHQKDQFHGRYHUWKDWDFKLHYHG
ZLWKELZLULQJE\H[WHQGLQJWKHSULQFLSOHRQHVWDJHIXUWKHUWRLQFOXGHVHSDUDWHDPSOL¿FDWLRQIRUWKHORZ
DQGKLJKIUHTXHQF\GULYHXQLWVLQHDFKORXGVSHDNHUHQFORVXUH7KLVLVFDOOHG³ELDPSLQJ´
%HIRUH\RXVWDUW±LPSRUWDQWLQIRUPDWLRQ
(QVXUHWKDWWKHYROXPHFRQWUROLVVHWWRPLQLPXPEHIRUHVWDUWLQJWKHVHSURFHGXUHV
'RQRWPDNHDQ\FRQQHFWLRQVWR\RXU$95ZKLOHLWLVVZLWFKHGRQRUFRQQHFWHGWRWKH
PDLQVVXSSO\
$IWHUFRQQHFWLQJWKHORXGVSHDNHUVEXWEHIRUHVZLWFKLQJRQWKH$95SOHDVHFKHFNDOO
FRQQHFWLRQVWKRURXJKO\PDNLQJVXUHEDUHZLUHVRUFDEOHVDUHQRWWRXFKLQJWKH$95LQWKH
ZURQJSODFHVZKLFKFRXOGFDXVHVKRUWFLUFXLWVDQGWKDW\RXKDYHFRQQHFWHGSRVLWLYHWR
SRVLWLYHDQGQHJDWLYH±WRQHJDWLYH
%LZLULQJ\RXUORXGVSHDNHUV
%LZLULQJDYRLGVVLJQDOGLVWRUWLRQVDULVLQJIURPWKHKLJKDQGORZIUHTXHQF\FXUUHQWVLQWHUDFWLQJ
ZLWKRQHDQRWKHUZLWKLQDVLQJOHFDEOHDVRFFXUVLQFRQYHQWLRQDOO\ZLUHGV\VWHPV
<RXZLOOQHHG
6SHDNHUV±ZLWKIRXULQSXWWHUPLQDOVHDFKWKHWHUPLQDOVZLOOEHPDUNHG+)+LJK)UHTXHQF\
DQG±DQG/)/RZ)UHTXHQF\DQG±
/RXGVSHDNHUFDEOHV±WZRSDLUVRIFDEOHVSHUORXGVSHDNHU
+RZWRELZLUHORXGVSHDNHUV
 5HPRYHWKHWHUPLQDOOLQNVRQWKHUHDURI\RXUORXGVSHDNHUV
127(,I\RXGRQRWUHPRYHWKHVKRUWLQJOLQNVIURPWKHVSHDNHUWHUPLQDOVWKHVSHDNHUV
ZLOOVWLOOEHVLQJOHZLUHG
 &RQQHFWWKHFDEOHVDVVKRZQLQWKHGLDJUDPHQVXULQJFRUUHFWSRODULW\DWDOOWLPHV
%LDPSLQJ\RXUV\VWHP
1RWHV
,QRUGHUWRELDPSOLI\\RXUVSHDNHUV\RXUVSHDNHUVZLOOQHHGWREHELZLUDEOHKDYHSRVLWLYH
DQGQHJDWLYHWHUPLQDOVIRUERWKKLJKIUHTXHQF\+)DQGORZIUHTXHQF\/)LQIRUPDWLRQ,I\RXU
VSHDNHUVDUHELZLUDEOHHQVXUHWKDWWKHOLQNVEHWZHHQWKH+)DQG/)WHUPLQDOVDUHUHPRYHG
:$51,1*7KLVVWHSLVHVVHQWLDORUGDPDJHWR\RXU$95PD\UHVXOWZKLFKLVQRW
FRYHUHGXQGHUZDUUDQW\
,I\RXZLVKWRELDPSOLI\VSHDNHUVXVLQJH[WHUQDOSRZHU
DPSOL¿HUV\RXPXVWXVHDPSOL¿HUVZLWKWKHVDPHJDLQDVWKH
$95G%RWKHUZLVHWKHEDVVDQGWKHWUHEOHZLOOEHFRPH
XQEDODQFHG3OHDVHFRQWDFW\RXUGHDOHULI\RXUHTXLUHPRUH
LQIRUPDWLRQRQELDPSLQJ\RXUVSHDNHUV
%LDPSLQJXVLQJWKH$95
,IFKDQQHOVDQGRI\RXUV\VWHPDUHQRWLQXVHLH\RX
KDYHDV\VWHPFRPSULVHGRIDPD[LPXPRI¿YHVSHDNHUV
H[FOXGLQJWKHVXEZRRIHUWKHVHVSDUHDPSOL¿FDWLRQFKDQQHOV
PD\EHXVHGWRELDPSOLI\WKHIURQWOHIWDQGULJKWVSHDNHUVRI
\RXUV\VWHP
)ROORZWKHVHVWHSV
 5HPRYHWKHWHUPLQDOOLQNVRQWKHUHDURI\RXU
ORXGVSHDNHUV
:$51,1*7KLVVWHSLVHVVHQWLDORUGDPDJH
WR\RXU$95PD\UHVXOWZKLFKLVQRW
FRYHUHGXQGHUZDUUDQW\
 &RQQHFWWKHFDEOHVDVVKRZQLQWKHGLDJUDPEHORZ
HQVXULQJFRUUHFWSRODULW\DWDOOWLPHV
 (QVXUHWKDWWKH86(&+$11(/6IRUVHWWLQJLQ%DVLF
PHQX³(;6HWWLQJV´LVVHWWR%,$03/56HHSDJH
IRUGHWDLOVRIKRZWRGRWKLV
,-
-
,-
-

 /
"1/
-/
,"1 
/
,"1 
ÓÎä
-*,
* 


³ q
³
q
%LZLULQJXVLQJWKH
$95RQO\RQHVSHDNHU
LVVKRZQIRUFODULW\
,-ÓÎÓÊ" /,"
,   ,- - ,- -

 /
"1/
-/
Ê+1/9Ê6"Ê
,"1 
/
,"1 
ÓÎä
-*,
* 


³ q
³
q


³ q
³
q
ivÌ
ëi>iÀ
,}Ì
ëi>iÀ
%LDPSLQJXVLQJWKHVXUURXQGEDFNFKDQQHOVRIWKH
$95RQO\WKHIURQWOHIWDQGULJKWVSHDNHUVDUH
VKRZQIRUFODULW\
(
(QJOLVK
%LDPSLQJXVLQJDQH[WHUQDOSRZHUDPSOL¿HU
7RELDPSOLI\\RXUVSHDNHUVXVLQJRQHRUPRUHH[WHUQDOSRZHUDPSOL¿HUV\RXZLOOQHHGDVPDQ\
FKDQQHOVRIDPSOL¿FDWLRQDVWKHUHDUHFKDQQHOV\RXZLVKWRELDPSOLI\)RUH[DPSOHWRELDPSOLI\MXVW
WKHIURQWOHIWDQGULJKWFKDQQHOVDWZRFKDQQHODPSOL¿HUVXFKDVWKH$UFDP3LVUHTXLUHGWREL
DPSOLI\DOOVHYHQFKDQQHOVHLWKHUPXOWLSOHWZRFKDQQHODPSOL¿HUVRUDVLQJOHVHYHQFKDQQHODPSOL¿HURU
VRPHYDULDWLRQWKHUHRIDUHUHTXLUHG
&RQQHFWWKHSUHDPSOL¿HURXWSXWVRIWKH$95WRWKHOLQHLQSXWVRIWKHSRZHUDPSOL¿HUV\RXDUH
XVLQJ,IPXOWLSOHWZRFKDQQHOSRZHUDPSOL¿HUVDUHLQXVHLWLVUHFRPPHQGHGWRURXWHSDLUVRIFKDQQHOV
WKURXJKWKHVDPHDPSOL¿HUHJWKHIURQWOHIWDQGULJKWFKDQQHOVVKRXOGEHDPSOL¿HGE\WKHVDPH
DPSOL¿HU
&RQQHFWWKH+)WHUPLQDORI\RXUVSHDNHUWRWKHFRUUHFWVSHDNHUWHUPLQDORIWKH$95WKH$95
DPSOL¿FDWLRQFLUFXLWVZLOOEHXVHGWRSURYLGHWKHKLJKIUHTXHQF\VLJQDOVFRQQHFWWKH/)WHUPLQDORI
\RXUVSHDNHUWRWKHFRUUHFWVSHDNHUWHUPLQDORIWKHSRZHUDPSOL¿HUWKHSRZHUDPSOL¿HUZLOOEHXVHGWR
SURYLGHWKHORZIUHTXHQF\VLJQDOV
(QVXUHWKDWLQDOOFDVHVWKHSRVLWLYHWHUPLQDOVRQWKHVSHDNHUVDUHFRQQHFWHGWRWKHSRVLWLYHUHG
WHUPLQDOVRQWKHDPSOL¿HUDQGVLPLODUO\IRUWKHQHJDWLYHEODFNWHUPLQDOV


/*
 6Ê
"1/*1/-
1" 6" /Ê
,"/
,-ÓÎÓÊ" /,"
, 
 ,- - ,-
-
"1/
6,
"1/
*6,
6
-/
6
-
"
"1/
<" Ó
6"
"1/
/
"1/

6
6
-/
*6,
/*
,
,
"1/
,
,-
,-


-
-
-1
,
,-
,-


-
-
-1
<" 
Ó
"
"1/
£É, ÓÉ-6
£Ó6
/,,
<£ÊEÊ<Ó®
6"Ê/,,

 /
6
6
"1/
-/

 
Ê+1/9Ê6"Ê

1-®Ê£ä
1®ÊÊ
Ê-/*
,"1 
/
,"1 
ÓÎä
-*,
* 
³ ,É£ q
/,ÉÎ
-*£
-*Ó
*"7,Ê /
"1/
,
6"/
-/
ÓÎä6
{ÊqÊ£ÈÊ"-
³ ÉÓ q
³ ,É£ q
³ ÉÓ q
1"
-*£
-*Ó
{ÊqÊ£ÈÊ"-
³ /,ÉÎ q
³ /,ÉÎ q
1"
"1/
 
,"/
/,
"1/
ivÌ
ëi>iÀ
,}Ì
ëi>iÀ
³ q
³
q
6,Îää
*ä


³ q
³
q
%LDPSLQJXVLQJWKH$95DQGD3RQO\WKHIURQWOHIWDQGULJKWFKDQQHOVDUHVKRZQIRUFODULW\
$95
(
7URXEOHVKRRWLQJ
7KHUHDUHQROLJKWVRQWKHXQLW
&KHFNWKDW
 WKHSRZHUFRUGLVSOXJJHGLQWRWKH$95DQGWKH
PDLQVVRFNHWRXWOHWLWLVSOXJJHGLQWRLVVZLWFKHGRQ
 WKHSRZHUEXWWRQLVSUHVVHGLQ
 WKHPDLQVIXVHLQWKHSOXJLIDSSOLFDEOHKDVQRW
EORZQ7KH$95UHTXLUHVDDPSIXVHRUJUHDWHU
,IDUHG/('LVSUHVHQWWKH$95LVLQVWDQGE\PRGH
3UHVVDQ\VRXUFHEXWWRQRQWKHIURQWSDQHORURQWKHUHPRWH
FRQWURO
7KHXQLWUHVSRQGVHUUDWLFDOO\RUQRWDWDOOWRWKH
UHPRWHFRQWURO
&KHFNWKDW
 WKHUHDUHIUHVKEDWWHULHVLQWKHUHPRWHFRQWURO
 WKH5HPRWH,5UHFHLYHULVYLVLEOHWKLVLVORFDWHGLQWKH
PLGGOHRIWKHIURQWSDQHOGLVSOD\DQGWKDW\RXDUH
SRLQWLQJWKHUHPRWHFRQWUROWRZDUGVLW
7KHIURQWSDQHOGLVSOD\LVEODQN
&KHFNWKDW
 WKHGLVSOD\KDVQ¶WEHHQWXUQHGRII3UHVVWKH',6
EXWWRQRQWKHUHPRWHFRQWURO
1RSLFWXUHLVSURGXFHG
&KHFNWKDW
 \RXUYLHZLQJGHYLFHLVWXUQHGRQDQGVZLWFKHGWR
GLVSOD\\RXU$957HVWE\SUHVVLQJWKH0(18
EXWWRQRQWKH$95RU$95UHPRWHDQGORRNIRU
WKH$95µ0DLQ0HQX6FUHHQ¶GLVSOD\HGRQ\RXU
GHYLFH
 WKHFRUUHFWYLGHRLQSXWLVVHOHFWHGRQWKH$95
 WKHYLGHRVRXUFHLVRQLVRSHUDWLQJQRUPDOO\DQGLVLQ
µSOD\¶PRGHLIDSSURSULDWH
7KHYLGHRVRXUFHLVGLIIHUHQWIURPWKHDXGLR
&KHFNWKDW
 WKHYLGHRDQGDXGLRLQSXWVDUHFRUUHFWO\VHOHFWHG
LQµ0DLQ0HQX6FUHHQ¶3UHVV0(18WKHQFKDQJH
HLWKHUWKHYLGHRRUDXGLRVRXUFHE\¿UVWXVLQJWKH
QDYLJDWLRQ
DQG

EXWWRQVWKHQXVHWKHVRXUFH
EXWWRQVWRVHOHFWWKHFRUUHFWLQSXW
 WKHGLJLWDODXGLRLQSXWVDQG+4YLGHRLQSXWVDUH
FRUUHFWO\DVVLJQHGWRWKHLUVRXUFHVRQWKHµ'LJLWDO
6HWWLQJV¶SDJHLQWKH6HWXS0HQX
7KHUHDUHEULJKWHGJHVRUµJKRVWV¶RQWKHSLFWXUH
&KHFNWKDW
 WKHFDEOHVXVHGIRUYLGHRFRQQHFWLRQVDUHGHVLJQHGIRU
WKDWSXUSRVHLHWKH\DUHFRD[LDOFDEOHV
 WKHµ6KDUSQHVV¶FRQWURORQ\RXUYLGHRGLVSOD\GHYLFHLV
VZLWFKHGRIIRUVHWQHDUPLQLPXP
7KHUHLVQRRQVFUHHQGLVSOD\26'
&KHFNWKDW
 \RXUYLGHRGLVSOD\GHYLFHLVFRQQHFWHGWR\RXU$95
FRUUHFWO\
 WKHRQVFUHHQGLVSOD\KDVQRWEHHQWXUQHGRIIRQWKH
µ9LGHR6HWWLQJV¶SDJHLQWKH6HWXS0HQX
 LI\RXDUHXVLQJDFRPSRQHQWGLVSOD\FKHFNWKDWWKH
$95LVVHWIRUFRPSRQHQWYLGHR6HHWKHµ%DVLF
6HWXS¶VHFWLRQ
26''LVSOD\LVSLQNUHG
,IDFRPSRQHQWYLGHRVLJQDOLVIHGLQWRWKH$95ZKHQ
WKHµ+49LGHR¶VHWWLQJLVVHWWR5*%\RXZLOOKDYHDSLQNUHG
26'
7RFRUUHFWWKLV\RXPXVWVHWWKHµ+49LGHR¶OLQHRQWKH
*HQHUDO6HWWLQJVPHQXWRµ&RPSRQHQW¶
1R2Q6FUHHQ'LVSOD\26'RYHUODLGRQYLGHR
7KH$95FDQQRWRYHUOD\YLGHRRQWRSURJUHVVLYHVFDQRU
+'79VLJQDOV,QWKLVFDVHWKH$95FUHDWHVDIXOOVFUHHQ
GLVSOD\ZLWKDEODFNEDFNJURXQGIRUWKHPHQXVDQGWXUQVRII
WKHSRSXSPHVVDJHV
1RVRXQGLVSURGXFHG
&KHFNWKDW
 WKHFRUUHFWLQSXWKDVEHHQVHOHFWHG
 WKHVRXUFHHTXLSPHQWLVRQLVRSHUDWLQJQRUPDOO\DQG
LVLQµSOD\¶PRGHLIDSSURSULDWH
 WKHYROXPHLVWXUQHGXSWRDUHDVRQDEOHOHYHODQG
µ087(¶LVQRWGLVSOD\HGRQWKHIURQWSDQHOGLVSOD\
 \RXUSRZHUDPSOL¿HUVLIDQ\DUHWXUQHGRQDQG
ZRUNLQJFRUUHFWO\
 \RXKDYHDVVLJQHGWKHGLJLWDOLQSXWWRWKHFRUUHFW
VRXUFHEXWWRQ
 WKH$95LVQRWLQ6WHUHR'LUHFWPRGHZLWKZLWKRQO\
DGLJLWDOVLJQDOVXSSOLHG
7KHVRXQGLVSRRURUGLVWRUWHG
&KHFNWKDW
 WKHFDEOHVWRWKDWVRXUFHDQGWRWKHSRZHUDPSOL¿HU
DUHPDNLQJDJRRGFRQQHFWLRQ,IQHFHVVDU\ZLWKGUDZ
WKHFDEOHIURPWKHFRQQHFWRUDQGSOXJLWEDFNLQDJDLQ
7XUQWKHSRZHURIIEHIRUHGRLQJWKLV
 \RXKDYHQRWH[FHVVLYHO\UHGXFHGWKHLQSXWVHQVLWLYLW\
RQWKHµ,QSXW7ULPV¶SDJHLQWKH6HWXS0HQXLIDQ
DQDORJXHLQSXWKDVEHHQVHOHFWHG&KHFNWKDWWKHLQSXW
LVQRWFOLSSLQJE\XVLQJWKHµ$QDORJXH6HWWLQJV¶SDJH
 \RXKDYHVHOHFWHGWKHFRUUHFWVL]HRIVSHDNHUVWRVXLW
\RXUV\VWHPRQWKHµ6SHDNHU6L]HV¶SDJHLQWKH6HWXS
0HQX
6RXQGRQO\FRPHVIURPVRPHRIWKHVSHDNHUV
&KHFNWKDW
 \RXKDYHDQDSSURSULDWHVXUURXQGVRXQGVRXUFH
VHOHFWHGDQGSOD\LQJ
 WKH'9'GLVFLVHQFRGHGLQWKHDSSURSULDWHIRUPDWDQG
WKDWWKHFRUUHFWIRUPDWKDVEHHQVHOHFWHGLQWKHGLVF
PHQXRIWKH'9'SOD\HULIDSSOLFDEOH
 WKH'9'SOD\HUKDVEHHQVHWWRRXWSXWµ%LWVWUHDP¶
DXGLRRQWKHGLJLWDORXWSXW
 WKHGLVSOD\ZLQGRZLQGLFDWHVWKDWWKHGLVF\RXDUH
SOD\LQJLVDPXOWLFKDQQHOUHFRUGLQJ
 DOOWKHVSHDNHUVDUHFRUUHFWO\FRQQHFWHGDQGDUH
VHFXUH
 \RXKDYHQRWVHOHFWHGµ6WHUHR¶LQWKHPRGHVHOHFWLRQ
 \RXUVSHDNHUEDODQFHLVFRUUHFW
 DOODPSOL¿HUVDUHWXUQHGRQDQGDOOFKDQQHOVDUH
ZRUNLQJFRUUHFWO\
 \RXKDYHFRQ¿JXUHG\RXU$95WRLQFOXGHDOOWKH
VSHDNHUVLQ\RXUV\VWHP
8QDEOHWRVHOHFW'ROE\'LJLWDORU'76GHFRGLQJPRGHV
7KH$95FDQRQO\DSSO\'ROE\'LJLWDODQG'76GHFRGLQJ
WRVRXUFHVZKLFKKDYHEHHQHQFRGHGLQWKHVDPHIRUPDW
&KHFNWKDW
 DGLJLWDOVRXUFHLVVHOHFWHGDQGFRQQHFWHG
 WKHVRXUFHLVSOD\LQJDSSURSULDWHO\HQFRGHGPDWHULDO
 WKH'9'GLVFLVHQFRGHGLQWKHDSSURSULDWHIRUPDWDQG
WKDWWKHFRUUHFWIRUPDWKDVEHHQVHOHFWHGLQWKHGLVF
PHQXRIWKH'9'SOD\HULIDSSOLFDEOH
 WKH'9'SOD\HUKDVEHHQVHWWRRXWSXWµ%LWVWUHDP¶
DXGLRRQWKHGLJLWDORXWSXW
:KHQSOD\LQJD'ROE\'LJLWDO'9'WKH$95VHOHFWV
'ROE\3UR/RJLF
&KHFNWKDW
 \RXKDYHDGLJLWDOFRQQHFWLRQIURP\RXU'9'SOD\HU
 VRPHWLPHV'ROE\'LJLWDO'9'GLVFVFRQWDLQPDWHULDO
DWHLWKHUWKHEHJLQQLQJRUWKHHQGRIWKHPDLQPRYLH
WKDWLVQRWLQIXOOIRUPDWEXWLQWZRFKDQQHORU3UR
/RJLFHQFRGLQJ
$95
(
(QJOLVK
+XPRQDQDQDORJXHLQSXW
&KHFNWKDW
 DOOFDEOHVDUHPDNLQJDJRRGFRQQHFWLRQ,IQHFHVVDU\
ZLWKGUDZWKHFDEOHIURPWKHFRQQHFWRUDQGSOXJLWIXOO\
LQDJDLQ7XUQWKHSRZHURIIEHIRUHGRLQJWKLV
 WKHFRQQHFWLRQVLQVLGHWKHVRXUFHFDEOHFRQQHFWRUDUH
QRWEURNHQRUEDGO\VROGHUHG
 LIWKHKXPRULJLQDWHVRQO\ZKHQRQHSDUWLFXODUVRXUFH
FRPSRQHQWLVFRQQHFWHGWKDWDQDHULDOFDEOHRUGLVK
FRQQHFWLRQWRWKLVVRXUFHLVJURXQGLVRODWHG&RQWDFW
\RXULQVWDOODWLRQFRQWUDFWRU
 WU\VZLWFKLQJWKHJURXQGOLIWVZLWFKRQWKHEDFNSDQHO
7KHUHLVUDGLRRUWHOHYLVLRQUHFHSWLRQLQWHUIHUHQFH
 FKHFNZKHUHWKHLQWHUIHUHQFHLVFRPLQJIURP6ZLWFK
RIIHDFKVRXUFHFRPSRQHQWLQWXUQWKHQDQ\RWKHU
HTXLSPHQW0RVWHOHFWURQLFHTXLSPHQWGRHVJHQHUDWH
ORZOHYHOVRILQWHUIHUHQFH
 WU\UHDUUDQJLQJFDEOLQJIURPWKHQXLVDQFHVRXUFHDZD\
IURPRWKHUFDEOLQJ

HQVXUHWKDWWKHFDEOLQJXVHGLVKLJKTXDOLW\VSHFL¿HG
IRULWVSXUSRVHDQGLVSURSHUO\VFUHHQHG

LIWKHSUREOHPSHUVLVWVFRQWDFW\RXULQVWDOOHU
7KHVRXUFHVZLWFKLQJFKDQJHVUDQGRPO\RUIUHH]HVRQ
RQHVRXUFH
&KHFNWKDW

WKHUHDUHQRVWDWLFRULPSXOVHLQWHUIHUHQFHSUREOHPV
FDXVHGE\QHDUE\SRZHUHTXLSPHQWVZLWFKLQJHJ
KHDWLQJRUDLUFRQGLWLRQLQJFRQWURO6ZLWFKWKH$95
RIIZDLWWHQVHFRQGVWKHQVZLWFKLWRQDJDLQWRFOHDU
DQRSHUDWLQJSUREOHP&RQWDFW\RXULQVWDOOHULIWKH
SUREOHPUHWXUQVRUSHUVLVWV
9ROXPHLVDOZD\VWRRORXGZKHQ,WXUQWKHV\VWHPRQ
IRUWKHPDLQ]RQHRU=RQH
&KHFN

WKHµ0D[2Q9ROXPH¶OLQHRIµ*HQHUDO6HWWLQJV¶RU
µ=RQH6HWWLQJV¶SDJHVLQWKH6HWXS0HQX7KH\ZLOO
QHHGDGMXVWLQJWRDORZHUOHYHO
<RXFDQ¶WVHOHFWDSDUWLFXODULQSXWLQ=RQH
&KHFNWKDW

\RXKDYHQRWEORFNHGWKDWSDUWLFXODULQSXWXVLQJWKH
µ$FFHVV¶OLQHRIµ=RQH6HWWLQJV¶LQWKH6HWXS0HQX
:KHQ=RQHLVSXWLQWRVWDQGE\WKHPDLQ]RQHLV
DOVRWXUQHGRII
&KHFNWKDW
 WKHµ=RQH6WDQGE\¶OLQHRIµ=RQH6HWWLQJV¶LQWKH
6HWXS0HQXLVVHWWR/RFDO2QO\
8QVWDEOH26'RQVFUHHQGLVSOD\
7KH$95GHIDXOWVWRWKH176&YLGHRVWDQGDUGIRU86
XQLWVDQG3$/IRU(XURSHDQXQLWV
,I\RXUGLVSOD\GHYLFHLVXQDEOHWRGLVSOD\WKHGHIDXOWYLGHR
VWDQGDUGDWWDFKDVRXUFHFRPSRQHQWWKHJHQHUDWHVWKH
YLGHRVWDQGDUG\RXZLVKWRXVHWKH$95ZLOOVZLWFK
DXWRPDWLFDOO\WRWKHVXSSOLHGYLGHRVWDQGDUGZKHQWKH
VRXUFHLVVHOHFWHG
1R=RQHDXGLRZKHQSOD\LQJ'76¿OP
0RVWWZRFKDQQHO'9'SOD\HUVFDQQRWRXWSXWDVWHUHR
GHFRGHGYHUVLRQRIWKH'76VLJQDO±WKHDQDORJXHRXWSXWV
DUHPXWHGZKHQSOD\LQJEDFN'76¿OPV,I\RXZDQWWR
ZDWFKD'9'LQERWKWKH0DLQ]RQHDQG=RQHSOHDVHXVH
WKH'ROE\'LJLWDOVRXQGWUDFN
1RFHQWUHLPDJHYRFDOLQ=RQHZKHQXVLQJWKH
PXOWLFKDQQHOLQSXW
0RVW'9'6$&'SOD\HUVDUHXQDEOHWRSURYLGHDWZRFKDQQHO
GRZQPL[RIVRXUFHPDWHULDODWWKHVDPHWLPHDVGHFRGLQJ
DPXOWLFKDQQHODXGLRVWUHDP7KHUHIRUHRQO\WKHIURQW
OHIWDQGULJKWFKDQQHOVIURPWKHPXOWLFKDQQHOPL[ZLOOEH
DYDLODEOHLQ=RQH
7RRYHUFRPHWKLVSOD\WKHVWHUHRPL[IURPWKH'9'DXGLR
GLVFLQVWHDG
6WUDQJHDVSHFWUDWLRRIYLGHRLQ=RQH
0RVW'9'SOD\HUVFDQRQO\GHFRGHYLGHRWRRQHDVSHFWUDWLR
DWDWLPH)RUH[DPSOHLI\RXDUHXVLQJZLGHVFUHHQLQWKH
PDLQ]RQHWKHQZLGHVFUHHQLQIRUPDWLRQZLOODOVREHIHGWR
=RQH
7RRYHUFRPHWKLVHLWKHUVHWWKH¿OPWRIRUWKHPDLQ
]RQHZKHQ\RXZDQWWRXVH=RQHDVZHOORUFKDQJHWKH
=RQHGLVSOD\WRDZLGHVFUHHQFDSDEOHW\SH
8QDEOHWRDGMXVWEDVVDQGWUHEOHFRQWUROV
%DVVDQGWUHEOHLVQRWDYDLODEOHLQµ'LUHFW¶PRGH)RU
$QDORJXH6WHUHRDQG'LJLWDO6WHUHRPRGHVFKHFNWKDWWKH
µ$XWR6WHUHR7RQH%\SDVV¶OLQHRIµ6SHDNHU(T¶LQWKH6HWXS
0HQXLVVHWWR12
'LJLWDOVLJQDOGURSVRXWZKHQRWKHUHOHFWULFDO
DSSOLDQFHVWXUQRQKHDWLQJIULGJHIUHH]HUHWF
,IDSRRUTXDOLW\RULQFRUUHFWW\SHRIFDEOHKDVEHHQXVHGIRU
WKHGLJLWDOLQSXWVWKH\FDQSLFNXSHOHFWULFDOQRLVH&KDQJH
WKHFDEOHWRDORZORVVFRD[LDOW\SH
&KHFNWKHFRQQHFWLRQVKDYHQRWR[LGLVHG&OHDQWKH
FRQQHFWRUVZLWKFRQWDFWFOHDQHULIWKH\DSSHDUR[LGLVHG
$95
(
,55HPRWH&RGHV
7KHIROORZLQJLQIRUPDWLRQLVVXSSOLHGIRURZQHUVRIDGYDQFHGSURJUDPPDEOHUHPRWHFRQWUROVVXFKDVWKH
3KLOLSVµ3URQWR¶DQGVLPLODUGHYLFHVZKHUHLWLVSRVVLEOHWRSURJUDPUHPRWHFRGHVGLUHFWO\LQWRWKHGHYLFH
7KHFRGLQJV\VWHPIRUWKH$95LVEDVHGRQWKH3KLOLSV5&VWDQGDUG7KHPDLQV\VWHPFRQWUROXVHV
5&V\VWHPFRGHVµ¶ZLWKWKHWXQHUVHFWLRQXVLQJV\VWHPFRGHµ¶WKLVLVWRSURYLGHFRPSDWDELOLW\
ZLWKH[LVWLQJ$5&$0WXQHUV6RIRUH[DPSOHWRSURJUDPLQDµ6WDQGE\¶FRPPDQGXVHWKHFRPPDQG
µ¶
=RQHDOVRXVHV5&V\VWHPFRGHDVVWDQGDUGDV=RQHLVQRUPDOO\RSHUDWHGLQDVHSDUDWHURRP
XVLQJDVWDQGDUGV\VWHPFRGHUHPRWHFRQWURO
0DLQV\VWHPFRQWUROFRGHV\VWHPFRGH,WHPVVKRZQLQ7+,667</(LQGLFDWHWKHHTXLYDOHQWUHPRWH
FRQWUROEXWWRQRIWKHVXSSOLHG&5UHPRWHFRQWURO
&RPPDQG &RPPDQGFRGH &RPPDQG &RPPDQGFRGH
6WDQGE\ 
02'(

2Q  0RQRPRGH 
3RZHUWRJJOH  6WHUHRPRGH 
'LVSOD\',6  'ROE\3/,,0RYLH 
0HQX0(18  'ROE\3/,,0XVLF 
,QIR  5HVHUYHG 
'ROE\3/(PXODWLRQ 
0XWH  '761HR&LQHPD 
8QPXWH  '761HR0XVLF 
0XWHWRJJOH087(  'ROE\3/,,[0RYLH 
9ROXPHXS  'ROE\3/,,[0XVLF 
9ROXPHGRZQ  5HVHUYHG 
6$7LQSXW (IIHFW); 
$9LQSXW (IIHFWRII 
781(5LQSXW (IIHFW0XVLF 
'9'LQSXW (IIHFW3DUW\ 
7$3(LQSXW (IIHFW&OXE 
9&5LQSXW (IIHFW+DOO 
395LQSXW$8; (IIHFW6SRUW 
&'LQSXW (IIHFW&KXUFK 
'9'$LQSXW
7ULPPHQX750 
6WHUHR'LUHFWRQ  6XEWULPPHQX68% 
6WHUHR'LUHFWRII  /LSV\QF6<1 
6WHUHR'LUHFWWRJJOH 
6DWHOOLWHYLGHR 
8S  $9YLGHR 
'RZQ  '9'YLGHR 
/HIW  7DSHYLGHR 
5LJKW  9&5YLGHR 
2.  9LGHRVWDQGDUG 
=RQHPRGHRQ  3UHVHW7XQHGRZQ3 
=RQHPRGHRII  3UHVHW7XQHXS3 
3UHVHW7XQHPRGHWRJJOH 
$95
(
(QJOLVK
7KHVHH[WUDFRPPDQGVRQFRGHDOORZIXOOFRQWURORIWKHWXQHULQWKH$95XVLQJWKHUHPRWHFRQWURO
VXSSOLHGZLWKWKH777KH$95UHVSRQGVWRWKHVHFRPPDQGVLQERWKWKHPDLQ]RQHDQG=RQH
6\VWHPFRGH
&RPPDQG &RPPDQGFRGH
7XQHGRZQVHHNGRZQLI
SUHVVHGIRU!VHFRQG

7XQHXSVHHNXSLI
SUHVVHGIRU!VHFRQG

6HHNGRZQ 
6HHNXS 
3UHVHW7XQHXS 
3UHVHW7XQHGRZQ 
3UHVHW7XQHPRGHWRJJOH 
3UHVHWVWRUH 
5'6SURJUDPPH 
5'6WH[W 
5'6IUHTXHQF\ 
0RQR 
6WHUHR 
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
&RPPDQG &RPPDQGFRGH
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHWSUHVHWLI
SUHVVHGIRU!VHFRQG
3UHVHW
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
3UHVHW 
,QDGGLWLRQWRWKHV\VWHPµ¶FRPPDQGVVKRZQDERYH=RQHDOVRUHVSRQGVWRWKHIROORZLQJ
FRPPDQGV
6\VWHPFRGH
&RPPDQG &RPPDQGFRGH &RPPDQG &RPPDQGFRGH
6WDQGE\  6$7LQSXW
2Q  $9LQSXW
3RZHUWRJJOH  781(5LQSXW
'9'LQSXW
0XWH  7$3(LQSXW
8QPXWH  9&5LQSXW
0XWHWRJJOH087(  395LQSXW$8;
9ROXPHXS  &'LQSXW
9ROXPHGRZQ  '9'$LQSXW
3UHVHW7XQHGRZQ 
3UHVHW7XQHXS 
3UHVHW7XQHPRGHWRJJOH 
$95
(
6&$57FRQQHFWLRQV
7KHVHSLQRXWVGHVFULEHWKHVLJQDOFRQQHFWLRQVEHWZHHQWKH$95DQG\RXUGLVSOD\GHYLFHLQSXW
6&$575*%FDEOHZLWKDXGLREDFNWRSURFHVVRU
3LQ 6LJQDO &RQQHFWRUW\SH &RQQHFWRU3LQ &DEOH7\SH /DEHO
$XGLRRXWSXW%
ULJKWIURP797XQHU
5&$3KRQR &HQWUH &RD[LDOFDEOH $XGLRRXW5
$XGLRLQSXW%ULJKW 1RWFRQQHFWHG
$XGLRRXWSXW$OHIW
IURP797XQHU
5&$3KRQR &HQWUH &RD[LDOFDEOH $XGLRRXW/
*URXQGDXGLR 5&$3KRQR
DQG
6OHHYH &RD[LDOFDEOH
DQG
*URXQGEOXH 5&$3KRQR 6OHHYH &RD[LDOFDEOH
$XGLRLQSXW$OHIW 1RWFRQQHFWHG
%OXHLQSXW 5&$3KRQR &HQWUH &RD[LDOFDEOH %OXH
5*%FRPSRVLWH
6&$57LQSXWVHOHFW
&9%6VWDWXV
6WHUHR0LQL-DFN
PP
5LQJ 6FUHHQHGWZLQ
FDEOH
7ULJJHU5*%
*URXQGJUHHQ 5&$3KRQR 6OHHYH &RD[LDOFDEOH
 &RPPVGDWD 1RWFRQQHFWHG
 *UHHQLQSXW 5&$3KRQR &HQWUH &RD[LDOFDEOH *UHHQ
 &RPPVGDWD 1RWFRQQHFWHG
 *URXQGUHG 5&$3KRQR 6OHHYH &RD[LDOFDEOH
 *URXQGFRPPV 1RWFRQQHFWHG
 5HGLQSXW 5&$3KRQR &HQWUH &RD[LDOFDEOH 5HG
 5*%PRGHVHOHFW 6WHUHR0LQL-DFN
PP
7LS 6FUHHQHGWZLQ
FDEOH
 *URXQGYLGHRLQSXW
RXWSXW
5&$3KRQRDQG 6OHHYH &RD[LDOFDEOH
DQG
 *URXQG5*%
VZLWFKLQJFRQWURO
6WHUHR0LQL-DFN
PP
6OHHYH 6FUHHQHGFDEOH
 9LGHRRXWSXW
FRPSRVLWH
5&$3KRQR &HQWUH &RD[LDOFDEOH &RPSRXW
 9LGHRLQSXW
FRPSRVLWH
5&$3KRQR &HQWUH &RD[LDOFDEOH 5*%V\QF
&RPSLQ
 &RPPRQJURXQG
VKLHOG
6&$57 6OHHYH 2YHUDOO&DEOH
6FUHHQ
6&$576YLGHRFDEOHZLWKDXGLREDFNWRSURFHVVRU
3LQ
6LJQDO &RQQHFWRU7\SH &RQQHFWRU3LQ &DEOH7\SH /DEHO
$XGLRRXWSXW%ULJKW
IURP797XQHU
5&$3KRQR &HQWUH &RD[LDOFDEOH $XGLRRXW5
1RWFRQQHFWHG
$XGLRRXWSXW$OHIW
IURP797XQHU
5&$3KRQR &HQWUH &RD[LDOFDEOH $XGLRRXW/
*URXQGDXGLR 5&$3KRQRDQG 6FUHHQ &RD[LDOFDEOH
DQG
1RWFRQQHFWHG
1RWFRQQHFWHG
1RWFRQQHFWHG
&9%6$9FRQWURO 6WHUHR0LQL-DFN
PP
5LQJ 6FUHHQHGFDEOH 7ULJJHU6YLGHR
1RWFRQQHFWHG

1RWFRQQHFWHG

1RWFRQQHFWHG

1RWFRQQHFWHG

*URXQGFKURPD 6YLGHR0LQL',1 3LQ &RD[LDOFDEOH
VFUHHQ
6YLGHR

1RWFRQQHFWHG

&KURPDLQSXW 6YLGHR0LQL',1 3LQ &RD[LDOFDEOH
FHQWUH
6YLGHR

1RWFRQQHFWHG

*URXQGYLGHRLQSXW
RXWSXW
6YLGHR0LQL',1 3LQ &RD[LDOFDEOH
VFUHHQ
6YLGHR

*URXQG6YLGHR
6&$57LQSXWVHOHFW
6WHUHR0LQL-DFN
PP
6OHHYH 6FUHHQHGWZLQ
FDEOH

1RWFRQQHFWHG

9LGHRLQSXWOXPD 6YLGHR0LQL',1 3LQ &RD[LDOFDEOH
FHQWUH
6YLGHR

&RPPRQJURXQG
VKLHOG
6&$57 2YHUDOO&DEOH
6FUHHQ
$95
(
(QJOLVK
7HFKQLFDOVSHFL¿FDWLRQV
$QDORJXHDXGLRLQSXWV
/LQHLQSXWVHQVLWLYLW\ 9UPV9UPVQRUPDO
2YHUORDGPDUJLQ G%
,QSXWLPSHGDQFH !N
$QDORJXHDXGLRRXWSXWV
/HYHODWG%JDLQ 9UPV
0D[LPXPOHYHO 9UPV
,PSHGDQFH 
6LJQDO1RLVHUDWLRDQDORJXHLQSXW G%XQZHLJKWHGPHDVXUHPHQWEDQGZLGWKN+]
6LJQDO1RLVHUDWLRGLJLWDOLQSXW G%XQZHLJKWHGPHDVXUHPHQWEDQGZLGWKN+]
7+'1DQDORJXHLQSXW G%PHDVXUHPHQWEDQGZLGWKN+]
7+'1GLJLWDOLQSXW G%PHDVXUHPHQWEDQGZLGWKN+]
)UHTXHQF\UHVSRQVH +]±N+]G%
+HDGSKRQHLPSHGDQFH 
3RZHUDPSOL¿HU
&RQWLQXRXVSRZHURXWSXWRU
DQ\FKDQQHOVGULYHQ :+]±N+]#7+'
DOOFKDQQHOVGULYHQ :N+]#7+'
7+'DWUDWHGSRZHURXWSXW DWN+]
9LGHRLQSXWVDQGRXWSXWV
,QSXWDQGRXWSXWLPSHGDQFH 
&RPSRVLWHYLGHROHYHO 9
+)UHVSRQVHWRG% 0+]
6YLGHROHYHO<& 99
+)UHVSRQVHWRG% 0+]
+4FRPSRQHQWYLGHR
OHYHO<&U&E 999
OHYHO5*% 999
+)UHVSRQVHWRG% 0+]
'LJLWDODXGLRLQSXWV
&RD[LDOFRQQHFWLRQOHYHOLPSHGDQFH 9
$FFHSWDEOHVDPSOLQJIUHTXHQFLHV N+]N+]DQGN+]
'LJLWDORXWSXWOHYHOLPSHGDQFH 9
7ULJJHURXWSXWV
2XWSXW'&YROWDJHOHYHO
H[FO5*%VWDWXV
99
$OORZDEOHORDG P$PD[PLQ
5HPRWHLQSXWVDQGRXWSXW
6LJQDO PRGXODWHGN+]FDUULHU
&RGLQJ 3KLOLSV5&
*HQHUDO
0DLQVYROWDJH 9DQG9VZLWFKDEOH
3RZHUFRQVXPSWLRQPD[LPXP 9$
'LPHQVLRQV:['[+LQFOXGLQJIHHW [[PP
:HLJKWQHW NJ
:HLJKWSDFNHG NJ
6XSSOLHGDFFHVVRULHV 0DLQVOHDG&5UHPRWHFRQWURO[$$EDWWHULHV
(2($OOVSHFL¿FDWLRQYDOXHVDUHW\SLFDOXQOHVVRWKHUZLVHVWDWHG
&RQWLQXDOLPSURYHPHQWSROLF\
$UFDPKDVDSROLF\RIFRQWLQXDOLPSURYHPHQWIRULWVSURGXFWV7KLVPHDQVWKDWGHVLJQVDQGVSHFL¿FDWLRQV
DUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH
5DGLRLQWHUIHUHQFH
7KH$95LVDGLJLWDODXGLRGHYLFHZKLFKKDYHEHHQGHVLJQHGWRYHU\KLJKVWDQGDUGVRI
HOHFWURPDJQHWLFFRPSDWLELOLW\
7KHXQLWFDQUDGLDWH5)UDGLRIUHTXHQF\HQHUJ\,QVRPHFDVHVWKLVFDQFDXVHLQWHUIHUHQFHZLWK)0DQG
$0UDGLRUHFHSWLRQ,IWKLVLVWKHFDVHNHHSWKH$95SOD\HUDQGLWVFRQQHFWLQJFDEOHVDVIDUIURPWKH
WXQHUDQGLWVDHULDOVDVSRVVLEOH&RQQHFWLQJWKH$95DQGWKHWXQHUWRGLIIHUHQWPDLQVVRFNHWVFDQ
DOVRKHOSWRUHGXFHLQWHUIHUHQFH
(8&28175,(6±7KHVHSURGXFWVKDYHEHHQGHVLJQHGWRFRPSO\ZLWKGLUHFWLYH((&
86$±7KHVHSURGXFWVFRPSO\ZLWK)&&UHTXLUHPHQWV
$95
(
*XDUDQWHH
:RUOGZLGH*XDUDQWHH
7KLVHQWLWOHV\RXWRKDYHWKHXQLWUHSDLUHGIUHHRIFKDUJHGXULQJWKH¿UVWWZR\HDUVDIWHUSXUFKDVHDW
DQ\DXWKRULVHG$UFDPGLVWULEXWRUSURYLGHGWKDWLWZDVRULJLQDOO\SXUFKDVHGIURPDQDXWKRULVHG$UFDP
GHDOHURUGLVWULEXWRU7KHPDQXIDFWXUHUFDQWDNHQRUHVSRQVLELOLW\IRUGHIHFWVDULVLQJIURPDFFLGHQW
PLVXVHDEXVHZHDUDQGWHDUQHJOHFWRUWKURXJKXQDXWKRULVHGDGMXVWPHQWDQGRUUHSDLUQHLWKHUFDQ
WKH\DFFHSWUHVSRQVLELOLW\IRUGDPDJHRUORVVRFFXUULQJGXULQJWUDQVLWWRRUIURPWKHSHUVRQFODLPLQJ
XQGHUWKHJXDUDQWHH
7KHZDUUDQW\FRYHUV
3DUWVDQGODERXUFRVWVIRUWZR\HDUVIURPWKHSXUFKDVHGDWH$IWHUWZR\HDUV\RXPXVWSD\IRUERWKSDUWV
DQGODERXUFRVWV7KHZDUUDQW\GRHVQRWFRYHUWUDQVSRUWDWLRQFRVWVDWDQ\WLPH
&ODLPVXQGHUJXDUDQWHH
7KLVHTXLSPHQWVKRXOGEHSDFNHGLQWKHRULJLQDOSDFNLQJDQGUHWXUQHGWRWKHGHDOHUIURPZKRPLWZDV
SXUFKDVHGRUIDLOLQJWKLVGLUHFWO\WRWKH$UFDPGLVWULEXWRULQWKHFRXQWU\RIUHVLGHQFH,WVKRXOGEH
VHQW³FDUULDJHSUHSDLG´E\DUHSXWDEOHFDUULHU²127E\SRVW1RUHVSRQVLELOLW\FDQEHDFFHSWHGIRUWKH
XQLWZKLOVWLQWUDQVLWWRWKHGHDOHURUGLVWULEXWRUDQGFXVWRPHUVDUHWKHUHIRUHDGYLVHGWRLQVXUHWKHXQLW
DJDLQVWORVVRUGDPDJHZKLOVWLQWUDQVLW
)RUIXUWKHUGHWDLOVFRQWDFW$UFDPDW
$UFDP&XVWRPHU6XSSRUW'HSDUWPHQW
3HPEURNH$YHQXH
:DWHUEHDFK
&$0%5,'*(&%45
(QJODQG
,I\RXKDYHDSUREOHPDOZD\VFRQWDFW\RXUGHDOHULQWKH¿UVWLQVWDQFH,I\RXUGHDOHULVXQDEOHWRDQVZHU
DQ\TXHU\UHJDUGLQJWKLVRUDQ\RWKHU$UFDPSURGXFWSOHDVHFRQWDFW$UFDP&XVWRPHU6XSSRUWDQGZH
ZLOOGRRXUEHVWWRKHOS\RX
2QOLQHUHJLVWUDWLRQ
<RXFDQUHJLVWHU\RXU$UFDPSURGXFWRQOLQHDWZZZDUFDPFRXN
$95
(
(QJOLVK
$SSHQGL[6HULDOSURJUDPPLQJLQWHUIDFH
,QWURGXFWLRQ
7KLVVHFWLRQGHVFULEHVWKHUHPRWHFRQWUROSURWRFROIRUFRQWUROOLQJWKH$95YLDWKH56LQWHUIDFH
&RQYHQWLRQV
$OOYDOXHVLQWKLVVHFWLRQDUHKH[DGHFLPDOYDOXHVXQOHVVRWKHUZLVHVSHFL¿HG
'DWDWUDQVIHUIRUPDW
7UDQVIHUUDWHESV
VWDUWELWGDWDELWVVWRSELWQRSDULW\QRÀRZFRQWURO
&RPPDQGDQGUHVSRQVHIRUPDWV
&RPPXQLFDWLRQEHWZHHQWKHUHPRWHFRQWUROOHU5&DQGWKH$95WDNHVWKHIRUPRIVHTXHQFHVRI
$6&,,FKDUDFWHUVZLWKDOOFRPPDQGVDQGUHVSRQVHVKDYLQJWKHVDPHEDVLFIRUPDW7KH$95VKDOO
DOZD\VUHVSRQGWRDUHFHLYHGFRPPDQGEXWPD\DOVRVHQGPHVVDJHVDWRWKHUWLPHVLHIXOOGXSOH[
FRPPXQLFDWLRQ
(DFKWUDQVPLVVLRQE\WKH5&LVVHYHQE\WHVORQJZLWKWKHIROORZLQJIRUPDW
675!&&!3!3!(75!
6756WDUWWUDQVPLVVLRQ[[[)³3&B´
&&&RPPDQGFRGHWKHFRGHIRUWKHFRPPDQG
3[3DUDPHWHUFRGHWKHSDUDPHWHUVIRUWKHFRPPDQG
(75(QGWUDQVPLVVLRQ[G
(DFKUHVSRQVHE\WKH$95LVHLJKWE\WHVORQJZLWKWKHIROORZLQJIRUPDW
675!5&!$&!3!3!(75!
6756WDUWWUDQVPLVVLRQ[[[I³$9B´
5&5HSO\FRGH FRPPDQGFRGH
$&$QVZHUFRGHDQVZHUFRGHVHHEHORZ
3[3DUDPHWHUFRGHWKHSDUDPHWHUVIRUWKHUHSRQVH
(75(QGWUDQVPLVVLRQ[G
7KH$95UHVSRQGVWRHDFKFRPPDQGIURPWKH5&ZLWKLQWKUHHVHFRQGV7KH5&PD\VHQGIXUWKHU
FRPPDQGVEHIRUHDSUHYLRXVFRPPDQGUHVSRQVHKDVEHHQUHFHLYHG
$QVZHUFRGHV
7KHIROORZLQJDQVZHUFRGHVDUHGH¿QHG
&RPPDQG2.±µ3¶[7KHFRPPDQGKDVEHHQDFFHSWHGDQGSURFHVVHGFRPSOHWHO\
&RPPDQG(UURU±µ5¶[$QHUURURFFXUUHGUHODWLQJWRWKHFRPPDQGUHFHLYHG7KLVPD\EH
HLWKHUDQLQYDOLGFRPPDQGDWWKLVWLPHRUDFRPPDQGIRUPDWWLQJHUURU
6WDWHFKDQJHVDVDUHVXOWRIRWKHULQSXWV
,WLVSRVVLEOHWKDWWKHVWDWHRIWKH$95PD\EHFKDQJHGDVDUHVXOWRIXVHULQSXWYLDWKHIURQWSDQHO
EXWWRQVRUYLDWKH,5UHPRWHFRQWURO&KDQJHVUHVXOWLQJIURPWKHVHLQSXWVLVUHOD\HGWRWKH5&XVLQJWKH
DSSURSULDWHPHVVDJHW\SH
)RUH[DPSOHLIWKHXVHUFKDQJHGWKHIURQWSDQHOGLVSOD\EULJKWQHVVXVLQJWKH',63/$<EXWWRQRQWKH
IURQWSDQHODGLVSOD\PHVVDJHGH¿QHGEHORZZRXOGEHVHQWWRWKH5&$VLPLODUDFWLRQZRXOGEHWDNHQ
IRUDOORWKHUVWDWHFKDQJHVLQFOXGLQJGHFRGHPRGHFKDQJHV
([DPSOHFRPPDQGDQGUHVSRQVHVHTXHQFH
$VDQH[DPSOHWKHFRPPDQGWREHVHQWWREULQJWKHPDLQ]RQHRXWRIVWDQGE\GH¿QHGEHORZLVDV
IROORZV
675 &&3 3 (75
3&B    [G
$VVXPLQJWKDWWKHFRPPDQGZDVDFFHSWHGE\WKH$95WKH$95VKDOOUHVSRQGWRWKLVFRPPDQG
ZLWKWKHIROORZLQJVHTXHQFH
675 5&$& 3 3 (75
$9B  3  [G
$95
(
&RPPDQG6SHFL¿FDWLRQV6SpFL¿FDWLRQVGHVFRPPDQGHV
%HIHKOVVSH]L¿NDWLRQHQ2SGUDFKWVSHFL¿FDWLHV
3RZHU$OLPHQWDWLRQ%HWULHEVEHUHLWVFKDIW6WURRP
&KDQJHWKHVWDQGE\VWDWHRID]RQH
0RGL¿H]O¶pWDWGHYHLOOHG¶XQH]RQH
bQGHUQGHV6WDQGE\=XVWDQGVHLQHU=RQH
'HVWDQGE\VWDWXVYDQHHQ]RQHZLM]LJHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWREULQJWKHPDLQ]RQHRXWRIVWDQGE\
6pTXHQFHFRPPDQGHUpSRQVHSRXUGpVDFWLYHUOHPRGHYHLOOHGHOD]RQH
SULQFLSDOH
%HIHKOV5FNPHOGHVHTXHQ]]XU$NWLYLHUXQJGHULP6WDQGE\0RGXV
EH¿QGOLFKHQ+DXSW]RQH
2SGUDFKWHQUHVSRQVUHHNVRPGHKRRIG]RQHXLWVWDQGE\WHKDOHQ
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
'LVSOD\%ULJKWQHVV/XPLQRVLWpGHO¶DI¿FKDJH
+HOOLJNHLWGHV'LVSOD\V'LVSOD\KHOGHUKHLG
&KDQJHWKHEULJKWQHVVRIWKHGLVSOD\RQWKHIURQWSDQHORIWKH$95
0RGL¿H]ODOXPLQRVLWpGHO¶DI¿FKDJHGXSDQQHDXDYDQWGXV\VWqPH$95
bQGHUQGHU+HOOLJNHLWGHV'LVSOD\VDQGHU*HUlWHYRUGHUVHLWHGHV$95
'HKHOGHUKHLGYDQKHWGLVSOD\RSGHYRRUNDQWYDQGH$95ZLM]LJHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHEULJKWQHVVRIWKHGLVSOD\WR³RII´
6pTXHQFHFRPPDQGHUpSRQVHSRXUGpVDFWLYHUODOXPLQRVLWpGHO¶DI¿FKDJH
%HIHKOV5FNPHOGHVHTXHQ]PLWGHUGHU+HOOLJNHLWVVWDWXVGHV'LVSOD\VDXI
ÄDXV³JHVHW]WZLUG
2SGUDFKWHQUHVSRQVUHHNVRPGHKHOGHUKHLGYDQKHWGLVSOD\RSXLWWH]HWWHQ
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
2SHQDPHQX2XYHUWXUHG¶XQPHQX
$XIUXIHQHLQHV0HQV(HQPHQXRSHQHQ
2SHQRQHRIWKHPHQXVRIWKH$95
,IWKH6HWXSPHQXLVFORVHGDVDUHVXOWRIRSHQLQJDGLIIHUHQWPHQXDQ\FKDQJH
PDGHLQWKH6HWXSPHQXLVORVW
2XYUH]O¶XQGHVPHQXVGXV\VWqPH$95
6LOHPHQX6HWXSHVWIHUPpHQUDLVRQGHO¶RXYHUWXUHG¶XQDXWUHPHQXWRXWH
PRGL¿FDWLRQDSSRUWpHDXPHQX6HWXSHVWSHUGXH
$XIUXIHQHLQHVGHU0HQVGHV$95
)DOOVGDV6HWXS0HQDXIJUXQGGHV$XIUXIVHLQHVDQGHUHQ0HQVJHVFKORVVHQZLUG
JHKHQVlPWOLFKHLP6HWXS0HQYRUJHQRPPHQHQbQGHUXQJHQYHUORUHQ
(HQYDQGHPHQXVYDQGH$95RSHQHQ
$OVKHWVHWXSPHQXJHVORWHQZRUGWRPGDWHUHHQDQGHUPHQXJHRSHQGZRUGW
JDDQHYHQWXHOHZLM]LJLQJHQGLHLQKHWVHWXSPHQXJHPDDNW]LMQYHUORUHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRRSHQWKHµ7ULP¶PHQX
6pTXHQFHFRPPDQGHUpSRQVHSRXURXYULUOHPHQX7ULP
%HIHKOV5FNPHOGHVHTXHQ]]XP$XIUXIHQGHV7ULP0HQV
2SGUDFKWHQUHVSRQVUHHNVRPKHWPHQX7ULPWHRSHQHQ
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[D&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
µ¶[±=RQH
3 5HTXHVW
µ¶[±(QWHUVWDQGE\VWDWH
µ¶[±(QWHUSRZHURQVWDWH
µ¶[±5HTXHVWSRZHUVWDWH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[D5HSO\&RGH
$& $QVZHUFRGH
3 =RQH
µ¶[±=RQH
µ¶[±=RQH
3 5HVSRQVH
µ¶[±=RQHLVLQVWDQGE\
µ¶[±=RQHLVRQ
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[E&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
3 5HTXHVW
µ¶[±)URQWSDQHORII
µ¶[±)URQWSDQHOGLPPHG
µ¶[±)URQWSDQHOEULJKW
µ¶[±5HTXHVWEULJKWQHVV
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[E5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
µ¶[±)URQWSDQHOLVRII
µ¶[±)URQWSDQHOLVGLPPHG
µ¶[±)URQWSDQHOLVEULJKW
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[F&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
3 5HTXHVW
µ¶[±2SHQWKH0DLQ0HQX
µ¶[±2SHQWKH6HWXS0HQX
µ¶[±2SHQWKH7ULP0HQX
µ¶[±2SHQWKH6XE7ULP0HQX
µ¶[±2SHQWKH/LS6\QF0HQX
µ¶[±5HTXHVWWKHRSHQPHQX
VWDWH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[F5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
µ¶[±1RPHQXLVRSHQ
RUWKHFXUUHQWRSHQPHQXLVUHWXUQHG
DVOHIW
$95
(
(QJOLVK
&ORVHDPHQX)HUPHWXUHG¶XQPHQX
6FKOLHHQHLQHV0HQV(HQPHQXVOXLWHQ
&ORVHRQHRIWKHPHQXVRIWKH$95
$QHUURUPHVVDJHLVUHWXUQHGLIWKHFORVHLQVWUXFWLRQUHODWHVWRDPHQXWKDWLVQRW
RSHQ)RUH[DPSOHLIWKH0DLQPHQXLVRSHQDQGDFORVHLQVWUXFWLRQIRUWKH6HWXS
PHQXLVUHFHLYHGWKHQDQHUURULVUHWXUQHG
)HUPH]O¶XQGHVPHQXVGXV\VWqPH$95
8QPHVVDJHG¶HUUHXUV¶DI¿FKHVLO¶LQVWUXFWLRQGHIHUPHWXUHHVWUHODWLYHjXQ
PHQXQRQRXYHUW3DUH[HPSOHVLOHPHQX0DLQHVWRXYHUWHWXQHLQVWUXFWLRQGH
IHUPHWXUHSRXUOHPHQX6HWXSHVWUHoXHXQPHVVDJHG¶HUUHXUV¶DI¿FKH
6FKOLHHQHLQHVGHU0HQVGHV$95
%H]LHKWVLFKGHU%HIHKO]XP6FKOLHHQDXIHLQ0HQGDVQLFKWDNWLYLVWZLUGHLQH
)HKOHUPHOGXQJDXVJHJHEHQ:HQQEHLVSLHOVZHLVHGDV+DXSWPHQJH|IIQHWLVWXQG
GHU%HIHKO]XP6FKOLHHQGHV6HWXS0HQVHPSIDQJHQZLUGZLUGHLQH)HKOHU
DXVJHJHEHQ
(HQYDQGHPHQXVYDQGH$95VOXLWHQ
(UZRUGWHHQIRXWPHOGLQJJHUHWRXUQHHUGDOVGHLQVWUXFWLHYRRUKHWVOXLWHQ
EHWUHNNLQJKHHIWRSHHQPHQXGDWQLHWRSHQLV$OVKHWKRRIGPHQXELMYRRUEHHOG
RSHQLVHQHUHHQLQVWUXFWLHYRRUKHWVOXLWHQYDQKHWVHWXSPHQXZRUGWRQWYDQJHQ
ZRUGWHUHHQIRXWJHUHWRXUQHHUG
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFORVHWKHPDLQPHQX
6pTXHQFHFRPPDQGHUpSRQVHSRXUIHUPHUOHPHQX0DLQ
%HIHKOV5FNPHOGHVHTXHQ]]XP6FKOLHHQGHV+DXSWPHQV
2SGUDFKWHQUHVSRQVUHHNVRPKHWKRRIGPHQXWHVOXLWHQ
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
0XWH&RXSXUHGXVRQ6WXPP'HPSHQ
0XWHXQPXWHWKHDXGLRRXWSXW
$FWLYH]GpVDFWLYH]OHVRQGHODVRUWLHDXGLR
6WXPPVFKDOWXQJGHU$XGLRDXVJDEHDNWLYLHUHQGHDNWLYLHUHQ
'HJHOXLGVXLWYRHUGHPSHQGHPSHQRSKHIIHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRPXWHWKHPDLQ]RQH
6pTXHQFHFRPPDQGHUpSRQVHSRXUFRXSHUOHVRQGHOD]RQHSULQFLSDOH
%HIHKOV5FNPHOGHVHTXHQ]]XP6WXPPVFKDOWHQGHU+DXSW]RQH
2SGUDFKWHQUHVSRQVUHHNVRPGHKRRIG]RQHWHGHPSHQ
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[G&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
3 5HTXHVW
µ¶[±&ORVHWKH0DLQ0HQX
µ¶[±&ORVHWKH6HWXS0HQX
µ¶[±&ORVHWKH7ULP0HQX
µ¶[±&ORVHDQ\RSHQPHQX
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[G5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
µ¶[±1RPHQXLVRSHQ
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[H&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
µ¶[±=RQH
3 5HTXHVW
µ¶[±0XWHWKH]RQH
µ¶[±8QPXWHWKH]RQH
µ¶[±5HTXHVWPXWHVWDWXV
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[H5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
µ¶[±=RQH
3 5HVSRQVH
µ¶[±=RQHLVPXWHG
µ¶[±=RQHLVQRWPXWHG
µ¶[±)URQWSDQHOLVEULJKW
$95
(
9ROXPHFKDQJH0RGL¿FDWLRQGXYROXPH
bQGHUQGHU/DXWVWlUNH9ROXPHZLM]LJLQJ
,QFUHPHQWGHFUHPHQWWKHDXGLRYROXPHLQD]RQH
7KHYDOXHUHWXUQHGIRUWKHQHZYROXPHLVRIIVHWE\[7RREWDLQWKHFRUUHFW
YDOXHVXEWUDFW[IURPWKHUHSRUWHGYDOXH
)RUPXODDFWXDOYROXPH UHSRUWHGYROXPH±[
)RUWKLVUHDVRQWKHFRPPDQGPD\UHWXUQYDOXHVWKDWFDQQRWEHWUDQVODWHGLQWR
$6&,,FKDUDFWHUVRFFXUVLIWKHUHVXOWLQJYROXPHLVJUHDWHUWKDQG%
$XJPHQWH]EDLVVH]OHYROXPHGHO¶DXGLRG¶XQH]RQH
/DYDOHXUUHWUDQVPLVHSRXUOHQRXYHDXYROXPHHVWGpFDOpHGH[3RXUREWHQLUOD
YDOHXUFRUUHFWH{WH][GHODYDOHXUUDSSRUWpH
)RUPXOHYROXPHUpHO YROXPHUDSSRUWp±[
3RXUFHWWHUDLVRQODFRPPDQGHSHXWUHWUDQVPHWWUHGHVYDOHXUVQHSRXYDQWSDV
rWUHWUDGXLWHVHQFDUDFWqUHV$6&,,ORUVTXHOHYROXPHREWHQXHVWVXSpULHXUj
G%
(UK|KHQ9HUULQJHUQGHU/DXWVWlUNHLQHLQHU=RQH
'HUDXVJHJHEHQH:HUWIUGLHQHXH/DXWVWlUNHLVWXP[YHUVHW]W6XEWUDKLHUHQ
6LH[YRPDQJHJHEHQHQ:HUWXPGHQULFKWLJHQ:HUW]XHUKDOWHQ
)RUPHOWDWVlFKOLFKH/DXWVWlUNH DQJHJHEHQH/DXWVWlUNH±[
$XVGLHVHP*UXQGNDQQHVYRUNRPPHQGDVVGHU%HIHKOP|JOLFKHUZHLVH
:HUWHOLHIHUWGLHVLFKQLFKWDOV$6&,,=HLFKHQGDUVWHOOHQODVVHQ'LHVJHVFKLHKW
LQVEHVRQGHUHZHQQGHUDXVJHJHEHQH/DXWVWlUNHZHUWJU|HUDOVG%LVW
+HWJHOXLGVYROXPHLQHHQ]RQHYHUKRJHQYHUODJHQ
'HJHUHWRXUQHHUGHZDDUGHYRRUKHWQLHXZHYROXPHZRUGWPHW[YHUVFKRYHQ:LOWXGHMXLVWHZDDUGH
YHUNULMJHQGDQPRHWX[YDQGHJHUDSSRUWHHUGHZDDUGHDIWUHNNHQ
)RUPXOHIHLWHOLMNYROXPH JHUDSSRUWHHUGYROXPH±[
'HRSGUDFKWNDQKLHUGRRUZDDUGHQUHWRXUQHUHQGLHQLHWLQ$6&,,WHNHQVRPJH]HWNXQQHQZRUGHQ
JHEHXUWDOVKHWUHVXOWHUHQGHYROXPHJURWHULVGDQG%
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
([DPSOHFRPPDQGUHVSRQVHVHTXHQFHWRGHFUPHQWWKHYROXPHE\G%LQ=RQHZKHUHWKH
UHVXOWLQJYROXPHLVG%
6pTXHQFHFRPPDQGHUpSRQVHSRXUEDLVVHUOHYROXPHGHOD]RQHGHG%ROHYROXPHREWHQXHVW
G%
%HIHKOV5FNPHOGHVHTXHQ]]XU9HUULQJHUXQJGHU/DXWVWlUNHLQ=RQHXPG%DXIG%
2SGUDFKWHQUHVSRQVUHHNVRPKHWYROXPHLQ=RQHPHWG%WHYHUODJHQZDDUELMKHWUHVXOWHUHQGH
YROXPHG%LV
&RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3K±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
6RXUFHVHOHFWLRQ6pOHFWLRQGHODVRXUFH
4XHOOHQDXVZDKO%URQVHOHFWLH
&KDQJHVWKHDXGLRDQGYLGHRLQSXWWRD]RQH
&KDQJHO¶HQWUpHDXGLRHWYLGpRG¶XQH]RQH
bQGHUXQJGHV$XGLRRGHU9LGHRHLQJDQJVHLQHU=RQH
'HDXGLRHQYLGHRLQJDQJQDDUHHQ]RQHZLM]LJHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHVRXUFHIRU=RQHWRµ)0¶
6pTXHQFHFRPPDQGHUpSRQVHSRXUUHPSODFHUODVRXUFHGHOD=RQHSDU)0
%HIHKOV5FNPHOGHVHTXHQ]]XUbQGHUXQJGHU4XHOOHYRQ=RQHDXIÄ)0³
9RRUEHHOGRSGUDFKWHQUHVSRQVUHHNVRPGHEURQYRRU=RQHQDDU)0WH
ZLM]LJHQ
&RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3±IROORZHGE\DFDUULDJHUHWXUQ[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
µ¶[±=RQH
3 6RXUFH
µ¶[±'9'
µ¶[±6$7
µ¶[±$9
µ¶[±395
µ¶[±9&5
µ¶[±&'
µ¶[±)0
µ¶[±$0
µ¶[±
'9'$
µ¶[±5HT
FXUUHQWLQSXW
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
µ¶[±=RQH
3 5HVSRQVH
7KHFXUUHQWVRXUFHLVUHWXUQHGDVIRU
WKHFRPPDQG
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[I&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
µ¶[±=RQH
3 5HTXHVW
µ¶[±
'HFUHPHQWYROXPHE\G%
µ¶[±,QFUHPHQWYROXPHE\G%
µ¶[±5HTXHVWWKHFXUUHQWYROXPH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[I5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
µ¶[±=RQH
3 5HVSRQVH
±1HZYROXPHRI]RQHLQG%
µ¶[
$95
(
(QJOLVK
9ROXPHVHW5pJODJHGXYROXPH
(LQVWHOOHQGHU/DXWVWlUNH9ROXPHLQVWHOOLQJ
6HWWKHYROXPHRID]RQH
7KHYDOXHWUDQVPLWWHGIRUWKHQHZYROXPHPXVWEHRIIVHWE\[
)RUPXOD WUDQVPLWWHGYROXPH UHTXLUHGYROXPH[
7KHYDOXHUHWXUQHGIRUWKHQHZYROXPHLVRIIVHWE\[7RREWDLQWKHFRUUHFW
YDOXHVXEWUDFW[IURPWKHUHSRUWHGYDOXH
)RUPXOD DFWXDOYROXPH UHSRUWHGYROXPH±[
)RUWKHVHUHDVRQVWKLVFRPPDQGPD\UHTXLUHUHWXUQYDOXHVWKDWFDQQRWEH
WUDQVODWHGLQWR$6&,,FKDUDFWHUVRFFXUVLIWKHYROXPHVDUHJUHDWHUWKDQG%
5pJOH]OHYROXPHG¶XQH]RQH
/DYDOHXUWUDQVPLVHSRXUOHQRXYHDXYROXPHGRLWrWUHGpFDOpHGH[
)RUPXOHYROXPHWUDQVPLV YROXPHUHTXLV[
/DYDOHXUUHWUDQVPLVHSRXUOHQRXYHDXYROXPHHVWGpFDOpHGH[3RXUREWHQLUOD
YDOHXUFRUUHFWH{WH][GHODYDOHXUUDSSRUWpH
)RUPXOHYROXPHUpHO YROXPHUDSSRUWp±[
&¶HVWSRXUFHODTXHODFRPPDQGHSHXWQpFHVVLWHUUHWUDQVPHWWUHGHVYDOHXUV
QHSRXYDQWSDVrWUHWUDGXLWHVHQFDUDFWqUHV$6&,,ORUVTXHOHVYROXPHVVRQW
VXSpULHXUVjG%
(LQVWHOOHQGHU/DXWVWlUNHHLQHU=RQH
'HUEHUWUDJHQH:HUWIUGLHQHXH/DXWVWlUNHPXVVXP[YHUVHW]WZHUGHQ
)RUPHO EHUWUDJHQH/DXWVWlUNH JHZQVFKWH/DXWVWlUNH[
'HUDXVJHJHEHQH:HUWIUGLHQHXH/DXWVWlUNHLVWXP[YHUVHW]W6XEWUDKLHUHQ6LH[YRP
DQJHJHEHQHQ:HUWXPGHQULFKWLJHQ:HUW]XHUKDOWHQ
)RUPHO WDWVlFKOLFKH/DXWVWlUNH DQJHJHEHQH/DXWVWlUNH±[
$XVGLHVHP*UXQGNDQQHVYRUNRPPHQGDVVGHU%HIHKOP|JOLFKHUZHLVH:HUWHOLHIHUWRGHUEHQ|WLJWGLH
VLFKQLFKWDOV$6&,,=HLFKHQGDUVWHOOHQODVVHQ'LHVLVWLQVEHVRQGHUHGHU)DOOZHQQGHU/DXWVWlUNHZHUW
JU|HUDOVG%LVW
+HWYROXPHYDQHHQ]RQHLQVWHOOHQ
'HRYHUJHGUDJHQZDDUGHYRRUKHWQLHXZHYROXPHPRHWPHW[YHUVFKRYHQZRUGHQ
)RUPXOHRYHUJHGUDJHQYROXPH YHUHLVWYROXPH[
'HJHUHWRXUQHHUGHZDDUGHYRRUKHWQLHXZHYROXPHZRUGWPHW[YHUVFKRYHQ:LOWXGHMXLVWHZDDUGH
YHUNULMJHQGDQPRHWX[YDQGHJHUDSSRUWHHUGHZDDUGHDIWUHNNHQ
)RUPXOHIHLWHOLMNYROXPH JHUDSSRUWHHUGYROXPH±[
'HRSGUDFKWNDQKLHUGRRUZDDUGHQYHUHLVHQUHWRXUQHUHQGLHQLHWLQ$6&,,WHNHQVRPJH]HWNXQQHQ
ZRUGHQJHEHXUWDOVGHYROXPHVJURWHU]LMQGDQG%
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRVHWWKHYROXPHWRG%LQ=RQH
6pTXHQFHFRPPDQGHUpSRQVHSRXUUpJOHUOHYROXPHGHOD]RQHVXUG%
%HIHKOV5FNPHOGHVHTXHQ]]XU(LQVWHOOXQJGHU/DXWVWlUNHLQ=RQHDXIG%
2SGUDFKWHQUHVSRQVUHHNVRPKHWYROXPHLQ=RQHRSG%LQWHVWHOOHQ
&RP3&B@±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3@±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
9LGHRVHOHFWLRQ6pOHFWLRQGHODYLGpR
$XVZDKOGHU9LGHRTXHOOH9LGHRVHOHFWLH
&KDQJHVWKHYLGHRLQSXWIRUWKHPDLQ]RQH
&KDQJHO¶HQWUpHYLGpRGHOD]RQHSULQFLSDOH
bQGHUXQJGHU9LGHRTXHOOHGHU+DXSW]RQH
'HYLGHRLQJDQJYRRUGHKRRIG]RQHZLM]LJHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHYLGHRVRXUFHIRUWKHPDLQ]RQHWR
µ395¶
6pTXHQFHFRPPDQGHUpSRQVHSRXUUHPSODFHUODVRXUFHYLGpRGHOD]RQH
SULQFLSDOHSDU395
%HIHKOV5FNPHOGHVHTXHQ]]XUbQGHUXQJGHU9LGHRTXHOOHGHU+DXSW]RQHDXI
Ä395³VWHOOWVLFKEHLVSLHOVZHLVHGDUZLHIROJW
2SGUDFKWHQUHVSRQVUHHNVRPGHYLGHREURQYRRUGHKRRIG]RQHQDDU395WH
ZLM]LJHQ
&RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 =RQH
µ¶[±=RQH
µ¶[±=RQH
3 5HTXHVW
±9ROXPHIRU=RQHLQG%
µ¶[
±9ROXPHIRU=RQHLQG%
µ¶[
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
µ¶[±=RQH
3 5HVSRQVH
±1HZYROXPHRI]RQHLQG%
µ¶[
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 6RXUFH
µ¶[±'9'
µ¶[±6$7
µ¶[±$9
µ¶[±395
µ¶[±9&5
µ¶[±5HTFXUUHQWLQSXW
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
7KHFXUUHQWYLGHRVRXUFHLVUHWXUQHGDV
IRUWKHFRPPDQG
$95
(
'LUHFWPRGH0RGH'LUHFW'LUHNWPRGXV0RGXV'LUHFW
&KDQJHWKHVWDQGE\VWDWHRID]RQH
0RGL¿H]O¶pWDWGHYHLOOHG¶XQH]RQH
bQGHUQGHV6WDQGE\=XVWDQGVHLQHU=RQH
'HVWDQGE\VWDWXVYDQHHQ]RQHZLM]LJHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRVZLWFKµ'LUHFWPRGH¶RQ
6pTXHQFHFRPPDQGHUpSRQVHSRXUDFWLYHUOHPRGH'LUHFW
%HIHKOV5FNPHOGHVHTXHQ]]XU$NWLYLHUXQJGHV'LUHNWPRGXV
2SGUDFKWHQUHVSRQVUHHNVRPPRGXV'LUHFWLQWHVFKDNHOHQ
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
'HFRGHPRGH²WZRFKDQQHO
0RGHGHGpFRGDJH±GHX[FDQDX[
'HNRGLHUPRGXV±=ZHLNDQDO
'HFRGHULQJVPRGXV±WZHHNDQDDOV
6HWWKHGHFRGHPRGHIRUWZRFKDQQHOPDWHULDO
5pJOH]OHPRGHGHGpFRGDJHSRXUOHPDWpULDXjGRXEOHFDQDO
(LQVWHOOHQGHV'HNRGLHUPRGXVDXI=ZHLNDQDOPDWHULDO
'HGHFRGHULQJVPRGXVYRRUWZHHNDQDDOVPDWHULDDOLQVWHOOHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHGHFRGHPRGHWR3UR/RJLF,,[
0RYLH0RGH
6pTXHQFHFRPPDQGHUpSRQVHSRXUUHPSODFHUOHPRGHGHGpFRGDJHSDUOH
PRGH3UR/RJLF,,[0RYLH
%HIHKOV5FNPHOGHVHTXHQ]]XUbQGHUXQJGHV'HNRGLHUPRGXVLQGHQ0RGXV
Ä3UR/RJLF,,[0RYLH³
2SGUDFKWHQUHVSRQVUHHNVRPGHGHFRGHULQJVPRGXVWHZLM]LJHQQDDUGH
PRGXV3UR/RJLF,,[0RYLH
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
'HFRGHPRGH²PXOWLFKDQQHO
0RGHGHGpFRGDJH±PXOWLFDQDO
'HNRGLHUPRGXV±0HKUNDQDO
'HFRGHULQJVPRGXV±PHHUNDQDDOV
6HWWKHGHFRGHPRGHIRUPXOWLFKDQQHOPDWHULDO
5pJOH]OHPRGHGHGpFRGDJHSRXUOHPDWpULDXPXOWLFDQDO
(LQVWHOOHQGHV'HNRGLHUPRGXVDXI0HKUNDQDOPDWHULDO
'HGHFRGHULQJVPRGXVYRRUPHHUNDQDDOVPDWHULDDOLQVWHOOHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHGHFRGHPRGHWR3UR/RJLF,,[
0RYLH0RGH
6pTXHQFHFRPPDQGHUpSRQVHSRXUUHPSODFHUOHPRGHGHGpFRGDJHSDUOH
PRGH3UR/RJLF,,[0RYLH
%HIHKOV5FNPHOGHVHTXHQ]]XUbQGHUXQJGHV'HNRGLHUPRGXVLQGHQ0RGXV
Ä3UR/RJLF,,[0RYLH³
2SGUDFKWHQUHVSRQVUHHNVRPGHGHFRGHULQJVPRGXVWHZLM]LJHQQDDUGH
PRGXV3UR/RJLF,,[0RYLH
 &RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
 5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 5HTXHVW
µ¶[±6HWµ'LUHFW0RGH¶RII
µ¶[±6HWµ'LUHFW0RGH¶RQ
µ¶[±5HTXHVWPRGHVHWWLQJ
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
µ¶[±µ'LUHFWPRGH¶LVRII
µ¶[±µ'LUHFWPRGH¶LVRQ
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 µ¶[H±0RQR
µ¶[I±6WHUHR
µ¶[±3UR/RJLF,,0RYLH0RGH
µ¶[±3UR/RJLF,,0XVLF0RGH
µ¶[±3UR/RJLF,,[0RYLH0RGH
µ¶[±3UR/RJLF,,[0XVLF0RGH
µ¶[±'ROE\3UR/RJLF(PXODWLRQ
µ¶[±1HR&LQHPD
µ¶[±1HR0XVLF
µ¶[±5HTXHVWGHFRGHPRGH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
7KHFXUUHQWGHFRGHPRGHLVUHWXUQHG
DVIRUWKHFRPPDQG
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 µ¶[H±0RQRGRZQPL[
µ¶[I±6WHUHRGRZQPL[
µ¶[±0XOWLFKDQQHOPRGH
µ¶[±3UR/RJLF,,[PRGH
µ¶[±5HTXHVWGHFRGHPRGH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
7KHFXUUHQWGHFRGHPRGHLVUHWXUQHG
DVIRUWKHFRPPDQG
$95
(
(QJOLVK
(IIHFW(IIHW(IIHNW(IIHFW
6HWWKHHIIHFWPRGHIRUWZRFKDQQHOPDWHULDO
$QHUURUPHVVDJHLVUHWXUQHGLIWKHVHOHFWHGHIIHFWLVQRWDYDLODEOHIRUWKHFXUUHQW
VRXUFH
5pJOH]OHPRGHG¶HIIHWVSRXUOHPDWpULDXjGRXEOHFDQDO
8QPHVVDJHG¶HUUHXUV¶DI¿FKHVLO¶HIIHWVpOHFWLRQQpQ¶HVWSDVGLVSRQLEOHSRXUOD
VRXUFHDFWXHOOH
(LQVWHOOHQGHV(IIHNWPRGXVDXI=ZHLNDQDOPDWHULDO
)DOOVGHUJHZlKOWH(IIHNWIUGLHDNWXHOOH4XHOOHQLFKW]XU9HUIJXQJVWHKWZLUGHLQH
)HKOHUPHOGXQJDXVJHJHEHQ
'HHIIHFWPRGXVYRRUWZHHNDQDDOVPDWHULDDOLQVWHOOHQ
(UZRUGWHHQIRXWEHULFKWJHUHWRXUQHHUGDOVKHWJHVHOHFWHHUGHHIIHFWQLHWYRRUGH
KXLGLJHEURQEHVFKLNEDDULV
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHHIIHFWPRGHWR3DUW\
6pTXHQFHFRPPDQGHUpSRQVHSRXUUHPSODFHUOHPRGHG¶HIIHWSDU3DUW\
%HIHKOV5FNPHOGHVHTXHQ]]XUbQGHUXQJGHV(IIHNWPRGXVLQÄ3DUW\³
2SGUDFKWHQUHVSRQVUHHNVRPGHHIIHFWPRGXVQDDU3DUW\WHZLM]LJHQ
&RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
6HOHFWDQDORJXHGLJLWDO
6pOHFWLRQDQDORJLTXHQXPpULTXH
$QDORJGLJLWDODXVZlKOHQ
$QDORRJGLJLWDDOVHOHFWHUHQ
6HOHFWDQDQDORJXHGLJLWDODXGLRLQSXWIRUWKHFXUUHQWVRXUFH
6pOHFWLRQQH]XQHHQWUpHDXGLRDQDORJLTXHQXPpULTXHSRXUODVRXUFHDFWXHOOH
$XVZlKOHQHLQHUDQDORJHQRGHUGLJLWDOHQ$XGLRTXHOOHDOVDNWXHOOH4XHOOH
(HQDQDORJHGLJLWDOHJHOXLGVLQJDQJYRRUGHKXLGLJHEURQVHOHFWHUHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRFKDQJHWKHDXGLRLQSXWWRµGLJLWDO¶
6pTXHQFHFRPPDQGHUpSRQVHSRXUUHPSODFHUO¶HQWUpHDXGLRSDUQXPpULTXH
%HIHKOV5FNPHOGHVHTXHQ]]XUbQGHUXQJGHU$XGLRTXHOOHLQÄGLJLWDO³
2SGUDFKWHQUHVSRQVUHHNVRPGHJHOXLGVLQJDQJQDDUGLJLWDOWHZLM]LJHQ
&RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
1DYLJDWLRQ1DYLJDWLRQ1DYLJDWLRQ1DYLJDWLH
&XUVRU2.LQVWUXFWLRQV
,QVWUXFWLRQV&XUVHXU2.
&XUVRU2.$QZHLVXQJHQ
,QVWUXFWLHVYRRUFXUVRU2.
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRPRYHWKHFXUVRUXS
6pTXHQFHFRPPDQGHUpSRQVHSRXUIDLUHPRQWHUOHFXUVHXUG¶XQQLYHDX
%HIHKOV5FNPHOGHVHTXHQ]XPGHQ&XUVRUQDFKREHQ]XEHZHJHQ
2SGUDFKWHQUHVSRQVUHHNVRPGHFXUVRURPKRRJWHEHZHJHQ
&RP3&B±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 µ¶[±2II
µ¶[±0XVLF
µ¶[±3DUW\
µ¶[±&OXE
µ¶[±+DOO
µ¶[±6SRUWV
µ¶[±&KXUFK
µ¶[±5HTXHVWHIIHFWPRGH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
7KHFXUUHQWHIIHFWPRGHLVUHWXUQHGDV
IRUWKHFRPPDQG
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 µ¶[±8VHWKHDQDORJXHDXGLRIRU
WKHFXUUHQWVRXUFH
µ¶[±8VHWKHGLJLWDODXGLRIRU
WKHFXUUHQWVRXUFHLIDYDLODEOH
µ¶[±5HTXHVWWKHDXGLRW\SHLQ
XVHIRUWKHFXUUHQWVRXUFH
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
µ¶[±7KHDQDORJXHDXGLRLVLQ
XVHIRUWKHFXUUHQWVRXUFH
µ¶[±7KHGLJLWDODXGLRLVLQXVH
IRUWKHFXUUHQWVRXUFH
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µ¶[±=RQH
3 µ¶[D±&XUVRUXS
µ¶[E±&XUVRUGRZQ
µ¶[F±&XUVRUOHIW
µ ¶[G±2.
µ!¶[H±&XUVRUULJKW
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µ¶[±=RQH
3 5HVSRQVH
7KHODVWFXUVRUDFWLRQLVUHWXUQHG
$95
(
6WRUH0pPRULVDWLRQ6SHLFKHUQ2SVODDQ
6WRUHWKHFXUUHQWIUHTXHQF\LQDSUHVHW
7KHYDOXHWUDQVPLWWHGUHWXUQHGIRUWKHSUHVHWLVRIIVHWE\[
)RUPXOD DFWXDOSUHVHW UHFHLYHGSUHVHW[
0pPRULVH]ODIUpTXHQFHDFWXHOOHGDQVXQHSUpVpOHFWLRQ
/DYDOHXUWUDQVPLVHUHWRXUQpHSRXUODSUpVpOHFWLRQHVWGpFDOpHGH[
)RUPXOHSUpVpOHFWLRQUpHOOH SUpVpOHFWLRQUHoXH[
$NWXHOOH)UHTXHQ]LQHLQHU9RUHLQVWHOOXQJDEVSHLFKHUQ
'HUEHUWUDJHQHDXVJHJHEHQH:HUWGHU9RUHLQVWHOOXQJLVWXP[YHUVHW]W
)RUPHO DNWXHOOH9RUHLQVWHOOXQJ HPSIDQJHQH9RUHLQVWHOOXQJ[
'HKXLGLJHIUHTXHQWLHLQHHQYRRULQVWHOOLQJRSVODDQ
'HRYHUJHGUDJHQJHUHWRXUQHHUGHZDDUGHYRRUGHYRRULQVWHOOLQJZRUGWPHW[
YHUVFKRYHQ
)RUPXOHIHLWHOLMNHYRRULQVWHOOLQJ RQWYDQJHQYRRULQVWHOOLQJ[
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRVWRUHWKHFXUUHQWVWDWLRQLQWRSUHVHW
6pTXHQFHFRPPDQGHUpSRQVHSRXUPpPRULVHUODVWDWLRQDFWXHOOHGDQVODSUpVpOHFWLRQ
%HIHKOV5FNPHOGHVHTXHQ]]XU6SHLFKHUXQJGHVDNWXHOOHQ6HQGHUVLQGHU9RUHLQVWHOOXQJVLHKW
EHLVSLHOVZHLVHZLHIROJWDXV
2SGUDFKWHQUHVSRQVUHHNVRPKHWKXLGLJHVWDWLRQLQYRRULQVWHOOLQJRSWHVODDQ
&RP3&B%a1±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B%a1±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
3UHVHW3UpVpOHFWLRQ9RUHLQVWHOOXQJ9RRULQVWHOOLQJ
,QFUHPHQWGHFUHPHQWWKHFXUUHQWWXQHUSUHVHW
7KHYDOXHUHWXUQHGIRUWKHQHZSUHVHWLVRIIVHWE\[7RREWDLQWKHFRUUHFWYDOXHVXEWUDFW[IURP
WKHUHSRUWHGYDOXH
)RUPXOD DFWXDOSUHVHW UHSRUWHGSUHVHW±[
$XJPHQWDWLRQGLPLQXWLRQGHODSUpVpOHFWLRQDFWXHOOHGXWXQHU
/DYDOHXUUHWUDQVPLVHSRXUODQRXYHOOHSUpVpOHFWLRQHVWGpFDOpHGH[3RXU
REWHQLUODYDOHXUFRUUHFWH{WH][GHODYDOHXUUDSSRUWpH
)RUPXOHSUpVpOHFWLRQUpHOOH SUpVpOHFWLRQUDSSRUWpH[
(UK|KHQ9HUULQJHUQGHUDNWXHOOHQ7XQHU9RUHLQVWHOOXQJ
'HUDXVJHJHEHQH:HUWIUGLHQHXH9RUHLQVWHOOXQJLVWXP[YHUVHW]W
6XEWUDKLHUHQ6LH[YRPDQJHJHEHQHQ:HUWXPGHQULFKWLJHQ:HUW]XHUKDOWHQ
)RUPHO DNWXHOOH9RUHLQVWHOOXQJ DQJHJHEHQH9RUHLQVWHOOXQJ[
'HKXLGLJHYRRULQVWHOOLQJYDQWXQHUYHUKRJHQYHUODJHQ
'HJHUHWRXUQHHUGHZDDUGHYRRUGHQLHXZHYRRULQVWHOOLQJZRUGWPHW[
YHUVFKRYHQ:LOWXGHMXLVWHZDDUGHYHUNULMJHQGDQPRHWX[YDQGH
ZHHUJHJHYHQZDDUGHDIWUHNNHQ
)RUPXOHIHLWHOLMNHYRRULQVWHOOLQJ ZHHUJHJHYHQYRRULQVWHOOLQJ±[
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRLQFUHPHQWWKHSUHVHWQXPEHUIURPWR
6pTXHQFHFRPPDQGHUpSRQVHSRXUDXJPHQWHUOHQRPEUHGHSUpVpOHFWLRQGH
j
%HIHKOV5FNPHOGHVHTXHQ]XPGLH6HQGHUQXPPHUYRQDXI]XHUK|KHQ
2SGUDFKWHQUHVSRQVUHHNVRPKHWYRRULQVWHOOLQJVQXPPHUYDQQDDUWHYHUKRJHQ
&RP3&Ba±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B3a±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ¶[&RPPDQGFRGH
3 µa¶[H5HVHUYHG
3 µ¶[±'HFUHPHQWWXQHUSUHVHW
µ¶[±,QFUHPHQWWXQHUSUHVHW
µ¶[±5HTXHVWWKHFXUUHQWSUHVHW
QXPEHU
5(63216(
%\WH 'HVFULSWLRQ
5& µ¶[5HSO\&RGH
$& $QVZHUFRGH
3 µa¶[H5HVHUYHG
3 5HVSRQVH
7KHSUHVHWQXPEHUDIWHUWKHFRPPDQG
KDVEHHQSURFHVVHGµ¶[
&200$1'
%\WH 'HVFULSWLRQ
&& µ%¶[&RPPDQGFRGH
3 µa¶[H5HVHUYHG
3 WKHQXPEHURIWKHSUHVHWWRXVH
µ¶[
5(63216(
%\WH 'HVFULSWLRQ
5& µ%¶[5HSO\&RGH
$& $QVZHUFRGH
3 µa¶[H5HVHUYHG
3 WKHQXPEHURIWKHSUHVHWXVHG
µ¶[
$95
(
(QJOLVK
7XQH5pJODJH6HQGHUDEVWLPPXQJ$IVWHPPHQ
,QFUHPHQW'HFUHPHQWWKHWXQHUIUHTXHQF\LQ0+]VWHSV)0RU.+]
VWHSV$0
7KHUHWXUQHGIUHTXHQF\LVFDOFXODWHGDVIROORZV
$0IUHTN+] ¶V¶V±[
 ¶V¶V±[
)0IUHT0+]  UHSRUWHGIUHT0+]
)0IUHTN+]  UHSRUWHGIUHTN+]±[
)RUWKHVHUHDVRQVWKLVFRPPDQGPD\UHWXUQYDOXHVWKDWFDQQRWEHWUDQVODWHGLQWR
$6&,,FKDUDFWHUV
$XJPHQWDWLRQGLPLQXWLRQGHODIUpTXHQFHGXWXQHUHQLQFUpPHQWVGH0+]
)0RX.+]$0
/DIUpTXHQFHUHWUDQVPLVHHVWFDOFXOpHFRPPHVXLW
)UpT$0N+] ¶V¶V±[
 ¶V¶V±[
)UpT)00+] IUpTUDSSRUWpH0+]
)UpT)0N+] IUpTUDSSRUWpHN+]±[
&¶HVWSRXUTXRLODFRPPDQGHSHXWUHWUDQVPHWWUHGHVYDOHXUVQHSRXYDQWSDVrWUH
WUDGXLWHVHQFDUDFWqUHV
(UK|KHQRGHU9HUULQJHUQGHU7XQHU)UHTXHQ]LQ(LQKHLWHQYRQ0+]8.:
RGHUN+]0:
'LHDXVJHJHEHQH)UHTXHQ]ZLUGZLHIROJWEHUHFKQHW
0:)UHTXHQ]N+] [X[±[
[[±[
8.:)UHTXHQ]0+] DQJHJHEHQH)UHTXHQ]0+]
8.:)UHTXHQ]N+] DQJHJHEHQH)UHTXHQ]N+]±[
$XVGLHVHP*UXQGNDQQHVYRUNRPPHQGDVVGHU%HIHKOP|JOLFKHUZHLVH:HUWHOLHIHUWGLHVLFKQLFKWDOV
$6&,,=HLFKHQGDUVWHOOHQODVVHQ
'HWXQHUIUHTXHQWLHLQVWDSSHQYDQ0+])0RI.+]$0YHUKRJHQYHUODJHQ
'HJHUHWRXUQHHUGHIUHTXHQWLHZRUGWDOVYROJWEHUHNHQG
$0IUHTN+] GXL]HQGWDOOHQHQKRQGHUGWDOOHQ±[
 WLHQWDOOHQHQHHQKHGHQ±[
)0IUHT0+] JHUDSSRUWHHUGHIUHT0+]
)0IUHTN+] JHUDSSRUWHHUGHIUHTN+]±[
'H]HRSGUDFKWNDQKLHUGRRUZDDUGHQUHWRXUQHUHQGLHQLHWQDDU$6&,,WHNHQVRPJH]HWNXQQHQZRUGHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRLQFUHPHQWWKH)0WXQLQJIURP0+]WR0+]
6pTXHQFHFRPPDQGHUpSRQVHSRXULQFUpPHQWHUOHUpJODJH)0GH0+]j0+]
%HIHKOV5FNPHOGHVHTXHQ]]XU(UK|KXQJGHU8.:)UHTXHQ]YRQDXI0+]
2SGUDFKWHQUHVSRQVUHHNVRPGH)0DIVWHPPLQJYDQ0+]QDDU0+]WHYHUKRJHQ
&RP3&B#a±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B#3±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5'66\VWqPH5'65'65'6
&KDQJHWKH5'6GLVSOD\PRGH
0RGL¿H]OHPRGHG¶DI¿FKDJH5'6
bQGHUQGHV5'6$Q]HLJHPRGXV
'H5'6GLVSOD\PRGXVZLM]LJHQ
([DPSOH([HPSOH%HLVSLHO9RRUEHHOG
&RPPDQGUHVSRQVHVHTXHQFHWRVHWWKHGLVSOD\WRWKHVWDWLRQQDPH
6pTXHQFHFRPPDQGHUpSRQVHSRXUUpJOHUO¶DI¿FKDJHVXUOHQRPGHODVWDWLRQ
%HIHKOV5FNPHOGHVHTXHQ]]XU$Q]HLJHGHV6HQGHUQDPHQV
2SGUDFKWHQUHVSRQVUHHNVRPKHWGLVSOD\RSGHVWDWLRQVQDDPLQWHVWHOOHQ
&RP3&B$a±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
5HVS$9B$a±IROORZHGE\VXLYLHG¶XQJHIROJWYRQJHYROJGGRRU[G
&200$1'
%\WH 'HVFULSWLRQ
&& µ#¶[&RPPDQGFRGH
3 µa¶[H5HVHUYHG
3 µ¶[±'HFUHPHQWWXQHUIUHTXHQF\
E\VWHS
µ¶[±,QFUHPHQWWXQHUIUHTXHQF\
E\VWHS
µ¶[±5HTXHVWWKHFXUUHQWWXQHU
IUHTXHQF\
5(63216(
%\WH 'HVFULSWLRQ
5& µ#¶[5HSO\&RGH
$& $QVZHUFRGH
3 $01HZIUHTXHQF\
¶V¶VN+]µ¶[
)01HZIUHTXHQF\0+]
3 $01HZIUHTXHQF\
¶V¶VN+]µ¶[
)01HZIUHTXHQF\N+]µ¶[
&200$1'
%\WH 'HVFULSWLRQ
&& µ$¶[&RPPDQGFRGH
3 µa¶[H5HVHUYHG
3 µ¶[±6KRZWKHFXUUHQW
IUHTXHQF\
µ¶[±6KRZWKHVWDWLRQQDPH
µ¶[±6KRZWKHVWDWLRQWH[W
µ¶[±5HTXHVWWKHFXUUHQW
5'6VHWWLQJ
5(63216(
%\WH 'HVFULSWLRQ
5& µ$¶[5HSO\&RGH
$& $QVZHUFRGH
3 µa¶[H5HVHUYHG
3 µ¶[±)UHTXHQF\LVVKRZQ
µ¶[±6WDWLRQQDPHLVVKRZQ
µ¶[±6WDWLRQWH[WLVVKRZQ
$95
(
33

Hulp nodig? Stel uw vraag in het forum

Spelregels

Misbruik melden

Gebruikershandleiding.com neemt misbruik van zijn services uitermate serieus. U kunt hieronder aangeven waarom deze vraag ongepast is. Wij controleren de vraag en zonodig wordt deze verwijderd.

Product:

Bijvoorbeeld antisemitische inhoud, racistische inhoud, of materiaal dat gewelddadige fysieke handelingen tot gevolg kan hebben.

Bijvoorbeeld een creditcardnummer, een persoonlijk identificatienummer, of een geheim adres. E-mailadressen en volledige namen worden niet als privégegevens beschouwd.

Spelregels forum

Om tot zinvolle vragen te komen hanteren wij de volgende spelregels:

Belangrijk! Als er een antwoord wordt gegeven op uw vraag, dan is het voor de gever van het antwoord nuttig om te weten als u er wel (of niet) mee geholpen bent! Wij vragen u dus ook te reageren op een antwoord.

Belangrijk! Antwoorden worden ook per e-mail naar abonnees gestuurd. Laat uw emailadres achter op deze site, zodat u op de hoogte blijft. U krijgt dan ook andere vragen en antwoorden te zien.

Abonneren

Abonneer u voor het ontvangen van emails voor uw Arcam DiVA AVR300 bij:


U ontvangt een email met instructies om u voor één of beide opties in te schrijven.


Ontvang uw handleiding per email

Vul uw emailadres in en ontvang de handleiding van Arcam DiVA AVR300 in de taal/talen: Engels als bijlage per email.

De handleiding is 2,13 mb groot.

 

U ontvangt de handleiding per email binnen enkele minuten. Als u geen email heeft ontvangen, dan heeft u waarschijnlijk een verkeerd emailadres ingevuld of is uw mailbox te vol. Daarnaast kan het zijn dat uw internetprovider een maximum heeft aan de grootte per email. Omdat hier een handleiding wordt meegestuurd, kan het voorkomen dat de email groter is dan toegestaan bij uw provider.

Stel vragen via chat aan uw handleiding

Stel uw vraag over deze PDF

Uw handleiding is per email verstuurd. Controleer uw email

Als u niet binnen een kwartier uw email met handleiding ontvangen heeft, kan het zijn dat u een verkeerd emailadres heeft ingevuld of dat uw emailprovider een maximum grootte per email heeft ingesteld die kleiner is dan de grootte van de handleiding.

Er is een email naar u verstuurd om uw inschrijving definitief te maken.

Controleer uw email en volg de aanwijzingen op om uw inschrijving definitief te maken

U heeft geen emailadres opgegeven

Als u de handleiding per email wilt ontvangen, vul dan een geldig emailadres in.

Uw vraag is op deze pagina toegevoegd

Wilt u een email ontvangen bij een antwoord en/of nieuwe vragen? Vul dan hier uw emailadres in.



Info