View KS9246_435840.PDF datasheet online --- IC-ON-LINE

Datasheet File OCR Text:

$7$3,y$XWRPDWHGy&'520y&RQWUROOHU :LWKy(PEHGGHGy'5$0
3UHOLPLQDU\y7HFKQLFDOy0DQXDO
.6aeec
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
y7DEOHyRIy&RQWHQWV
&KDSWHUyiy iii iiiiiy iiiie iiiie iiiiy iiiii iiiie iiiie iiiie iiey iiey iiey iieii iieie iieie iieie iieie iieic iie &KDSWHUye eiiy eiey &KDSWHUye &KDSWHUyei &KDSWHUye &KDSWHUyc &KDSWHUyae &KDSWHUya &KDSWHUyay &KDSWHUyiiy iiiiy iiie iiie iiie ,QWURGXFWLRQiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ii )HDWXUHVy6XPPDU\iyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ie 'HVFULSWLRQyRIy%ORFNy'LDJUDPiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ie .6aeecy)XQFWLRQDOy%ORFNy'LDJUDPiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ie )XQFWLRQDOyDQGy)HDWXUHVy'HVFULSWLRQiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ie 0LFURSURFHVVRUy,QWHUIDFHy)XQFWLRQDOy'HVFULSWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ie $7$3,y+RVWy,QWHUIDFHy)XQFWLRQDOy'HVFULSWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyic %XIIHUy,QWHUIDFHi0DQDJHUy)XQFWLRQDOy'HVFULSWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ia &'y'HFRGHUy,QWHUIDFHi0DQDJHUy)XQFWLRQDOy'HVFULSWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iii .6aeecy4)3y3LQy'LDJUDPiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iie 3LQy$VVLJQPHQWiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iie 3LQy'HVFULSWLRQiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iei 3LQy'HVFULSWLRQyLQy$7$y+RVWy,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiei 3LQy'HVFULSWLRQyLQy0LFURSURFHVVRUy,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iei 3LQy'HVFULSWLRQyLQy'63y,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiee 3LQy'HVFULSWLRQyLQy3RZHUi*URXQGi5HVWy3LQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iee 3LQy'HVFULSWLRQyLQy6\VWHPy&RQILJXUDWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iee 3LQy'HVFULSWLRQyLQy$XGLRy'$&y,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iee 5HJLVWHUy0DSyIRUy.6aeeciyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iec $7$i$7$3,y+RVWy,QWHUIDFHy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ei $7$y7DVNy)LOHy5HJLVWHUVyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ei +RVWy,QWHUIDFHy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ei +DUGZDUHy6HTXHQFHy&RPPDQGy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ei 0LFURSURFHVVRUy,QWHUIDFHy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ei %XIIHUi&'y&DFKHy0DQDJHUy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ei &'y%ORFNy'HFRGHUy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ci 'LDJQRVWLFyDQGy0LVFHOODQHRXVy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi aei (QKDQFHPHQWy&RQWUROy5HJLVWHUViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi ai *HQHUDOy3XUSRVHy5HJLVWHUVyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiai (OHFWULFDOy6SHFLILFDWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiii $EVROXWHy0D[LPXPy5DWLQJViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iii 5HFRPPHQGHGy2SHUDWLRQy&RQGLWLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiii '&y&KDUDFWHULVWLFiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iii ,QSXWi2XWSXWy'&y&KDUDFWHULVWLFiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iie
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0iyiyiyiyiyiyiii
&KDSWHUyii iiii iiiiii iiiiie iiiiie iiiey iiieii iiieie iiieie iiieie iiie iiieii iiieie iiieie iiieie iiieie iiie iiieii iiieie iiie &KDSWHUyie &KDSWHUyie ieii ieie ieie ieie ieie ieic ieiae *HQHUDOy7LPLQJiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiii 0LFURSURFHVVRUy,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iii 0XOWLSOH[HGy,QWHOy0RGHy5HJLVWHUy5HDGi:ULWHy7LPLQJiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iii 0XOWLSOH[HGy0RWRURODy0RGHy5HJLVWHUy5HDGi:ULWHy7LPLQJiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiie ,QGLUHFWy$FFHVVy5HJLVWHUy0RGHy5HDGi:ULWHy7LPLQJiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iie $7$y,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iie 6LQJOHy:RUGy'0$y'DWDy7UDQVIHUiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iie 0XOWLZRUGy:RUGy'0$y'DWDy7UDQVIHUiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iic 8OWUDy'0$y'DWDy7UDQVIHUiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiae 3URJUDPPHGy,i2y5HDGi:ULWHy7LPLQJiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiiie &'y'63y,QWHUIDFHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iiie 6%&/.y)DOOLQJy(GJHy6WUREHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiie 6%&/.y5DLVLQJy(GJHy6WUREHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiie $XGLRy2XWSXWy(GJHy6WUREHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiie '63y,QWHUIDFHy)RUPDWiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iiie $XGLRy2XWSXWy,QWHUIDFHy)RUPDWiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiiae 6XEFRGHy,QWHUIDFHyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiia 5&.y)DOOLQJy(GJHy6WUREHyDQGy5&.yDFWLQJyDVyLQSXWiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiia 5&.y5LVLQJy(GJHy6WUREHyDQGy5&.yDFWLQJyDVyLQSXWiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiia 3RZHU2Q5HVHWy,QWHUIDFHy7LPLQJiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iiia 3DFNDJHyDQGy'LPHQVLRQViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiei +DUGZDUHy$SSOLFDWLRQy1RWHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iei 3,2i'0$y6XSSRUWy0RGHViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iei )LUPZDUHy6HFWRUy3URFHVVy7LPHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiiei 6OHHSy0RGHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iee $XWRPDWLFy3RZHUy6DYLQJVy0RGHiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iee ,QWHOy/y0RWRURODy0LFURSURFHVVRUy'LUHFWy$FFHVViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiy iee ,QWHOy/y0RWRURODy0LFURSURFHVVRUy,QGLUHFWy$FFHVViyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iee &$9y$XGLRy3OD\EDFNyDQGy'LJLWDOy$XGLRy6XSSRUWiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyiyi iec
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyi ,QWURGXFWLRQyWR .6aeec $7$3,y$XWRPDWHGy&'520y&RQWUROOHU :LWKy(PEHGGHGy'5$0 , iiiyyQWURGXFWLRQ
7KHy .6aeecy LVy Dy KLJKy SHUIRUPDQFHy VLQJOHFKLSy &'520y GHFRGHUy ZLWKy HPEHGGHGy '5$0y IRUy WKH $7$3,y LQWHUIDFHiy 7KHy .6aeecy LQWHJUDWHVy Dy %XIIHUy 0DQDJHUy ZLWKy i0ELWy oiea.y E\WHVoy RIy '5$0ny D &'520yGHFRGHUny(&&yHQJLQHnyPLFURFRQWUROOHUyLQWHUIDFHnyDQGy$7$3,yKRVWyLQWHUIDFHyORJLFiy7KHyFKLS GHFRGHVy &'520y PHGLDy DFFRUGLQJy WRy WKHy 6RQ\3KLOLSVy &'520ny &''$*ny &'520i;$ny &', DQGy &'y (QKDQFHGy IRUPDWVny DQGy LVy GHVLJQHGy IRUy RSHUDWLRQy LQy Dy FRVWy HIIHFWLYHy 1RWHERRNy &'520 GULYHy V\VWHPy ZLWKy LQGXVWU\y VWDQGDUGy '63Vy DQGy PLFURFRQWUROOHUViy 7KHy .6aeecy KDVy VXIILFLHQWy GDWD UDWHVy WRy VXSSRUWy XSy WRy ei;y VSHHGy &'520y GULYHVy ZKLFKy FDQy EHy GDLV\FKDLQHGy WRy Dy KDUGy GULYH WKURXJKyWKHy,'(i$7$yLQWHUIDFHiy7KXVnyWKHy.6aeecyZLOOyFRQWLQXHyWRySURPRWHyWKHy&'520yGULYHyDVyD QHZyVWDQGDUGyGHYLFHyLQyPXOWLPHGLDy1RWHERRNy3&Vi 7KHy+RVWy,QWHUIDFHyORJLFyVXSSRUWVy$7$3,ySURWRFROVyDQGyKDQGOHVy$7$3,ySDFNHWyFRPPDQGVyDOOyIURP KDUGZDUHyWRyPD[LPL]HyV\VWHPySHUIRUPDQFHyDQGyUHGXFHyILUPZDUHyRYHUKHDGiy7KHy$7$3,y&RPPDQG DQGy &RQWUROy %ORFNy UHJLVWHUVy DUHy LQFOXGHGy LQy WKHy .6aeec(c)Vy UHJLVWHUy VHWny DOORZLQJy ERWKy WKHy KRVWy DQG ORFDOyPLFURFRQWUROOHUyDFFHVViy7KHy.6aeecyVXSSRUWVy3,2yPRGHVyeyDQGyeny'0$yPRGHVyiyDQGyenyDQG 8OWUD'0$eey PRGHVy iy DQGy eny DOORZLQJy IRUy VXSHUy IDVWy KRVWy WUDQVIHUViy ,Qy DGGLWLRQny WKHy .6aeecy DOVR VXSSRUWVyFRPPDQGyRYHUODSSLQJyWRySUHYHQWyWKHyVORZHUy&'520yGULYHyIURPyEHFRPLQJyDyERWWOHQHFNyDW WKHyV\VWHPyOHYHOyZKHQyGDLV\FKDLQHGyWRyDyIDVWHUy(,'(i$7$yGHYLFHi 7KHy%XIIHUy0DQDJHUyFRQWUROVyGDWDyIORZyEHWZHHQyWKHyKRVWyDQGyDy&'y'63iyy6LQFHyWKHy%XIIHUy0DQDJHU LQFRUSRUDWHVyi0ELWyoiea.y%\WHVoyRIy'5$0yXVLQJy,0/(c)VyVXSHULRUyHPEHGGHGy'5$0yWHFKQRORJ\nyWKH .6aeecyFDQySURYLGHyXSyWRyaiy0%iVyRIyPHPRU\yEDQGZLGWKyIRUyKRVWyWUDQVIHUVyVXFKyDVy3,2yPRGHeien '0$yPRGHiienyDQGy8OWUDy'0$yGDWDyDFFHVVHVi 7KHy.6aeecyXQLTXHO\yLQWHJUDWHVyDQGyDXWRPDWHVyWKHy$7$3,yVHTXHQFHVny&'y&DFKHy0DQDJHUny'54 3DFNHWy KDQGOHUy DQGy 6FDWWHUi*DWKHUy IHDWXUHViy 7KLVy DOORZVy 0XOWLSOHy %ORFNy 7UDQVIHUVy RIy XSy WRy iiee. E\WHVyLQyVLQJOHyEXUVWyDQGyDXWRyGDWDyWUDQVIHUVyXSyWRyiea0yE\WHViy7KHyHQWLUHyGDWDyWUDQVIHUyIRUy$7$3, 5HDGy DQGy 5HDGy &'y FRPPDQGVy DUHy FRPSOHWHO\y SURFHVVHGy E\y WKHy .6aeecy ZLWKRXWy ILUPZDUH LQWHUYHQWLRQiy$VyDyUHVXOWnyORZy&38yXWLOL]DWLRQyLVyDFKLHYHGyLQyKLJKyVSHHGy&'520yDSSOLFDWLRQVi 7KHy &''$y FRS\y DQGy DXGLRy GDWDy EXIIHULQJy LVy VXSSRUWHGy IRUy DXGLRy DSSOLFDWLRQViy 7KHy UDZy 3: VXEFRGHy EXIIHULQJy DQGy 4VXEFRGHy GHLQWHUYHDOLQJy ZLWKy &5&y FKHFNy DUHy DXWRPDWHGy LQy WKHy .6aeeci 7KHyDXGLRySOD\EDFNyLQy&$9yPRGHyLVyIXOO\yVXSSRUWHGyE\y.6aeeciy:LWKyVXSHULRUy&''$yFRQFDWHQDWHG WHFKQLTXHVyDQGy$XGLRy+DUGZDUHy%XIIHUy0DQDJHUnyWKHy.6aeecyJXDUDQWHHVyWKDWyWKHyDXGLRyGDWDyFDQyEH SOD\HGyZLWKRXWyORVLQJyDXGLRyIUDPHVyGXULQJy&$9ySOD\EDFNi 7KHy PLFURFRQWUROOHUy ,QWHUIDFHy VXSSRUWVy KLJKy VSHHGny ORZy FRVWy ,QWHOny 0RWRURODny DQGy +LWDFKL PLFURFRQWUROOHUVnyVXFKyDVyWKHyaieinyca+&iinyRUy+aiy,WyVXSSRUWVyPXOWLSOH[HGyDGGUHVVyDQGyGDWDyEXVHVn WKXVny H[WHUQDOy JOXHy ORJLFy SUHYLRXVO\y UHTXLUHGy PD\y EHy UHPRYHGy DQGy V\VWHPy FRVWy PLQLPL]HGiy y )RU IXUWKHUyIOH[LELOLW\nyieyJHQHUDOySXUSRVHy,i2ySLQVyDUHySURYLGHGyE\yWKHy.6aeecnyZKLFKyPD\yEHyXVHGyIRU YDULRXVyFRQWUROySXUSRVHVnyVXFKyDVyWUD\yDQGyYROXPHyFRQWUROnyHWFi
iiiiiy)HDWXUHVy6XPPDU\
xy *HQHUDO
y)XOO\yFRPSDWLEOHyZLWKy$7$3,y6SHFLILFDWLRQy6))aieiLi y$7$3,yFRPPDQGyDQGyFRQWUROyUHJLVWHUVyFRQWDLQHGyLQyWKHy.6aeecyUHJLVWHUyVHWi y$XWRPDWLFySRZHUGRZQyRQyLQWHUIDFHVyZKHQyLGOHi y6XSSRUWVyXSyWRyei;y&'520yGULYHi yiieeyPLFURQnyORZSRZHUy&026y'5$0yWHFKQRORJ\i yiiiSLQy34)3ySDFNDJHi yORZySRZHUyFRQVXPSWLRQyiie:yW\SLFDOi y6\VWHPy&ORFNyUXQQLQJyDWyXSyWRyeiiay0+]i
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy %XIIHUy0DQDJHU
y$GYDQFHGy&'y&DFKHy0DQJHUyIRUyORZy&38yXWLOL]DWLRQyUDWHyDQGyDXWRyGDWDyWUDQVIHUi y$GYDQFHGySULRULW\yDUELWUDWLRQyVFKHPHyWRyPD[LPL]HyEXIIHUyEDQGZLGWKyIRUyDOOyUHTXHVWVi y0XOWLSOHy%ORFNy7UDQVIHUy8SyWRyi0yE\WHVi y$XWRyGDWDyWUDQVIHUyIRUy5HDGny5HDGy&'yFRPPDQGy8SyWRyiea0yE\WHVi y,QWHUQDOyi0ELWy'5$0yRUJDQL]HGyDVyce.y[yicyELWVi y6XSSRUWVyERWKySK\VLFDOyRUyEORFNyDGGUHVVLQJyPRGHVyIRUyPLFURFRQWUROOHUy'5$0yDFFHVVi y6FDWWHUi*DWKHUyKRVWyWUDQVIHUyIRUy5HDGy&'yFRPPDQGi y8SyWRyaiy0%iVHFyEXIIHUyEDQGZLGWKyIRUyKRVWyWUDQVIHUVi y8SyWRyyce.yE\WHVyGLUHFWyKRVWyWUDQVIHUyIRUy72&yGDWDi
xy $7$3,y+RVWy,QWHUIDFH
y6XSSRUWy,QGXVWU\y6WDQGDUGy8OWUD'0$ieey0RGHyinyiyDQGy0RGHyei y7UXHyUHDOWLPHyKDUGZDUHiILUPZDUHy$7$3,yFRPSDWLELOLW\i y+DUGZDUHyLPSOHPHQWDWLRQyRIy$7$3,ySDFNHWyFRPPDQGyUHFHLYLQJi y$XWRPDWHGy$7$yVKDGRZyFRPPDQGySURFHVVi y$XWRPDWHGy$7$3,y6LJQDWXUHyUHVSRQVHi y$XWRPDWHGySURWRFROyFRQWUROyRQyEORFNyWUDQVIHUVyIRUy$7$3,yUHDGyFRPPDQGVi y$XWRPDWHGyFRPPDQGyFRPSOHWLRQyFRQWUROyIRUyDOOy$7$3,yyFRPPDQGVi y$XWRPDWHGy'54y3DFNHWyKDQGOHUyIRUyEHVWy&38yXWLOL]DWLRQi y+DUGZDUHy6HUYLFHi5HOHDVHySURFHVVyIRUyRYHUODSyFRPPDQGi y6XSSRUWVy3,2yPRGHVyeyDQGyeyEXVyWUDQVIHUyUDWHi y6XSSRUWVy'0$yPRGHVyinyiyDQGyeyWUDQVIHUyUDWHi y3URYLVLRQyIRUyGDLV\FKDLQLQJyWZRy$7$i,'(yRUy$7$3,HPEHGGHGyGULYHVi y6XSSRUWVyDXWRPDWLFy'$63yKDQGVKDNHyEDVHGyRQyPDVWHUyRUyVODYHyPRGHi y
xy &'520y'63yLQWHUIDFH
y6XSSRUWVy6RQ\3KLOLSVy&'520ny&''$*ny&',yDQGy&'y(QKDQFHGyIRUPDWVi y6XSSRUWVyYDULRXVy'63yFRQWUROOHUVyVXFKyDVy3KLOLSVny7RVKLEDny6DQ\Rny0DWVXVKLWDi y6XSSRUWVyHUDVXUHyFRUUHFWLRQyXSyWRyeyHUURUVySHUy&RGHZRUGi y6XSSRUWVy3n4yFRUUHFWLRQyXSyWRyiyHUURUySHUy&RGHZRUGi y5HSHDWHGyHUURUyFRUUHFWLRQyVXSSRUWi 70 y2Q7KH)O\ y('&yFRUUHFWLRQyXSyWRyei;yGDWDyUDWHi y&e32yHUURUyIODJVny5DZyVXEFRGHnyDQGy&''$yEXIIHULQJyVXSSRUWi y6XSSRUWVyDXWRPDWLFyV\QFySDWWHUQyVHDUFKyDQGySURWHFWLRQyIRUy'5$0yGDWDi y6HFWRUyKHDGHUyYDOLGLW\yFKHFNyGRQHyE\yKDUGZDUHyGXULQJyGDWDyWUDQVIHUi y6XSSRUWVyUHDOWLPHyGHLQWHUOHDYHGy4VXEFRGHyEXIIHULQJyDQGy&5&yHUURUyFKHFNLQJi y6XSSRUWVyVHULDOy'63ySURJUDPPLQJyLQWHUIDFHi y&'WR'63yGDWDyWUDQVIHUyUDWHVyXSyWRyei;yGULYHyVSHHGi
y$XGLRy3OD\EDFNyLQy&$9y0RGHyVXSSRUWi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy 0LFURFRQWUROOHUy,QWHUIDFH
y6XSSRUWVyKLJKyVSHHGy,QWHOny0RWRURODny/y+LWDFKLyPLFURFRQWUROOHUVyVXFKyDVyaieinyca+&iiny/y+ai y6XSSRUWVyPXOWLSOH[HGyDGGUHVVyDQGyGDWDyEXVHVi y6XSSRUWVyVHSDUDWHyKRVWiEXIIHUyDQGyGLVNyLQWHUUXSWyVLJQDOVi y(LJKWy*HQHUDOy3XUSRVHy,i2ySLQVyDUHySURYLGHGi y,QWHUUXSWyRUySROOHGPLFURFRQWUROOHUyLQWHUIDFHi y$XWRPDWLFySRZHUGRZQyZKHQyLGOHayDXWRPDWLFySRZHUXSyZKHQyFRPPDQGyLVyUHFHLYHGi y'LUHFWyUHJLVWHUyDFFHVVyWRyIDFLOLWDWHyORZy&38yXWLOL]DWLRQi
iiiiey'HVFULSWLRQyRIy%ORFNy'LDJUDP
7KHUHyDUHyVL[yNH\yIXQFWLRQDOyEORFNVyLQWHJUDWHGyLQyWKHy.6aeeca ioyy eoyy eoyy eoyy eoyy coyy &'520y'63y,QWHUIDFH %XIIHUy0DQDJHU +RVWy,QWHUIDFH 0LFURFRQWUROOHUy,QWHUIDFH (&&y'DWDy&RUUHFWRU ('&&5&y&KHFNHUi
7KHy&'520y'63y,QWHUIDFHyORJLFySHUIRUPVyV\QFPDUNyGHWHFWLRQyDQGyLQVHUWLRQyIRUy&'520yVHFWRU V\QFKURQL]DWLRQiy$IWHUyGHVFUDPEOLQJyDQGyDVVHPEOLQJyGDWDyIURPyWKHy&''63nyWKHy.6aeecyVHQGVyWKH 70 GDWDyWKURXJKyWKHy2Q7KH)O\('& y'DWDy&KHFNHUyEHIRUHyVWRULQJyWKHyGDWDyLQWRyEXIIHUy'5$0i 7KHy 2Q7KH)O\('& y ORJLFy WKHQy YHULILHVy WKHy &''63y LQFRPLQJy GDWDy VWUHDPiy y ,Iy DQy HUURUy LV 70 HQFRXQWHUHGnyWKHy2Q7KH)O\('& yORJLFyLQYRNHVyWKHy(&&yORJLFyWRyFRUUHFWyWKHyHUURUiy,IyQRyHUURUyLV HQFRXQWHUHGnyWKHy(&&yORJLFyUHPDLQVyLGOHi 7KHy (&&y &RUUHFWLRQy &RGHy FLUFXLWy SHUIRUPVy &,5&y (UURUy &RUUHFWLRQy RQy HDFKy GDWDy EORFNiy 7KHy ('& &5&y&KHFNHUyWKHQySHUIRUPVyDyF\FOLFyUHGXQGDQF\yFKHFNyRQyWKHyFRUUHFWHGyGDWDiy$OOy(&&yFRUUHFWLRQn LQFOXGLQJyHUDVXUHySRLQWHUyFRUUHFWLRQnyDUHyGRQHyLQyUHDOWLPHyZLWKRXWyPLFURFRQWUROOHUyLQWHUYHQWLRQiy7KLV UHGXFHVy ILUPZDUHy RYHUKHDGy DQGy FRPSOH[LW\ny DQGy PLQLPL]HVy PLFURFRQWUROOHUy SHUIRUPDQFH UHTXLUHPHQWVi
70
. iiiieyy 6aeecy)XQFWLRQDOy%ORFNy'LDJUDP
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
723y%ORFNy'LDJUDP
03y%XV 0LFURy&RQWUROOHU ,QWHUIDFH y5HJLVWHUy'HFRGLQJ
%XV
,'(y,QWHUIDFH $7$y7DVNy)LOHy5HJLVWHU $7$3,y6HTXHQFHU
'63 GDWD %XIIHUy0DQDJHU &'y&DFKHy0DQDJHU 3DFNHWy),)2 (&&y/RJLF $GGUHVVy*HQ ('&y/RJLF
+HDGHUyDQGy6XEKHDGHUyORJLF )RUPy'HWHFWRU
7UDQVIHUy$XWRy6HTXHQFHU
GDWD 6XEFRGHy,QWHUIDFH &5&yORJLF 4y'HLQWHUOHDYHy/RJLF
&HQWUDOy'5$0y&RQWUROy/RJLF
'DWDy%ORFNy6\QFy'HWHFWRU 6XEFRGHy6\QFiy'HWHFWRU
,QWHUQDOy'5$0 ,QWHUIDFH
ce.y;yicy%LWV '5$0
7KHy%XIIHUy0DQDJHUyFRQWUROVyWKHyGDWDyIORZyEHWZHHQyWKHy,'(yDQGy'63yLQWHUIDFHViy7KHVHyLQWHUIDFHV VWRUHy DQGy UHWULHYHy GDWDy WRy iy IURPy WKHy ce.y [y icy LQWHUQDOy '5$0y EXIIHUy PHPRU\y XVLQJy LQWHUOHDYHG DFFHVVyF\FOHVi 7KHy+RVWy,QWHUIDFHyVXSSRUWVy$7$3,ySURWRFROnyDQGySURYLGHVyWKHyFRQWUROyIRUyWKHyFRUUHFWHGyGDWDyWRyEH WUDQVIHUUHGyIURPyWKHy'5$0yWRyWKHyKRVWy&38iy'LDJQRVWLFyGDWDyFDQyEHyWUDQVIHUUHGyIURPyWKHyKRVWy&38 WRyWKHy'5$0yWRyDOORZyWHVWLQJyRIyWKHy(&&ny('&nyDQGy+RVWy,QWHUIDFHyORJLFi 7KHy0LFURFRQWUROOHUy,QWHUIDFHyORJLFyDOORZVyWKHy.6aeecyWRyEHyFRQWUROOHGyE\yDyPLFURFRQWUROOHUyWKURXJK DQyaELWyEXViy7KHyFKLSyDOVRySURYLGHVyUHJLVWHUVyDQGyFRQWUROyIXQFWLRQVyIRUyWUDQVIHUULQJyGDWDyEHWZHHQyWKH PLFURFRQWUROOHUyDQGy'5$0yWKURXJKyWKHy0LFURFRQWUROOHUy,QWHUIDFHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiiyy)XQFWLRQDOyDQGy)HDWXUHVy'HVFULSWLRQ
0 iiiiiyy LFURSURFHVVRUy,QWHUIDFHy)XQFWLRQDOy'HVFULSWLRQV
y
xy ,QWHOyDQGy0RWRURODyPLFURSURFHVVRUyLQWHUIDFHyVXSSRUW
7KHy .6aeecy VXSSRUWVy ERWKy ,QWHOy DQGy 0RWRURODy W\SHy PLFURSURFHVVRUy LQWHUIDFHVy ZLWKy PXOWLSOH[HG DGGUHVVLQJy PRGHiy ,Qy WKLVy PRGHny WKHy PLFURSURFHVVRUy DGGUHVVy DQGy GDWDy OLQHVy DUHy VKDUHGy LQy $'iae SLQViy$GGUHVVHVyDUHyODWFKHGyRQyWKHyWUDLOLQJyHGJHyRIyWKHy$/(yVLJQDOiyy7KHy5'%i:5%yySLQVyDUHyXVHG DVy UHDGy DQGy ZULWHy VWUREHVy UHVSHFWLYHO\iy 6XSSRUWLQJy ERWKy ,QWHOy DQGy 0RWRURODy W\SHy PLFURSURFHVVRUV GLUHFWO\yHQKDQFHVyWKHyIOH[LELOLW\yRIyWKHy.6aeeci
xy +LWDFKLyPLFURSURFHVVRUyLQWHUIDFHyVXSSRUW
7KHy .6aeecy DOVRy VXSSRUWVy WKHy +LWDFKLy +aieeaaey VHULHVy RIy PLFURSURFHVVRUVy ZLWKy QRQPXOWLSOH[HG $GGUHVVyDQGy'DWDyEXVHVyLIyWKHy$6(/ySLQyLVySXOOHGyGRZQyE\yDyii.yUHVLVWRUiy,QyQRQPXOWLSOH[HGyPRGH IRUy +LWDFKLy PLFURSURFHVVRUVny $$aeiy UHFHLYHVy DGGUHVVy LQIRUPDWLRQy ZKLOHy $'aeiy FDUULHVy ELGLUHFWLRQDO 'DWDyLQIRUPDWLRQiyy,IyWKHy$6(/ySLQyLVySXOOHGyKLJKyE\yDyee.yUHVLVWRUnyWKHy$GGUHVVyDQGy'DWDySLQVyZLOOyEH PXOWLSOH[HGyRQWRyWKHy$'aeiySLQVyIRUyGLUHFWyDFFHVVyRIy,QWHOyiy0RWRURODyIDPLO\yPLFURSURFHVVRUVi
xy &RPELQHGyKRVWiEXIIHUyDQGyGLVNyLQWHUUXSWyFLUFXLW
7KHy .6aeecy VXSSRUWVy KRVWiEXIIHUy LQWHUUXSWVy YLDy WKHy +,17%y SLQy DQGy GHFRGHUiGLVNy LQWHUUXSWVy YLDy WKH ',17%y SLQiy 8VLQJy VHSDUDWHy LQWHUUXSWy VLJQDOVny WKHy LQWHUUXSWy SULRULWLHVy DUHy HDVLO\y UHDOL]HGiy 7KLV LQFUHDVHVyWKHyUHDOWLPHyILUPZDUHySURFHVVLQJyFDSDELOLWLHVyIRUyKLJKyVSHHGy&'520yDSSOLFDWLRQVi $OVRnyDOOyLQWHUUXSWVyFDQyEHyFRPELQHGyRQWRyWKHy+,17%ySLQyE\yFOHDULQJyWKHy,QW0RGHyELWyLQyWKHy,QWHUIDFH &RQILJXUDWLRQy&RQWUROy5HJLVWHUyoi%KnyELWyaeoiy:KHQySRZHURQyRUyUHVHWyRFFXUVnyWKHyFRPELQHGyLQWHUUXSW RQyWKHy+,17%ySLQyLVyWKHyGHIDXOWyFRQILJXUDWLRQi 7KHy KRVWiEXIIHUy LQWHUUXSWy LQFOXGHVy KRVWy FRPPDQGy UHFHLYHGny UHVHWny RUy GDWDy WUDQVIHUy FRPSOHWHG LQWHUUXSWViyy7KHyGHFRGHUyLQWHUUXSWyLQFOXGHVy&'yGHFRGHUyRUyVXEFRGHyLQWHUUXSWViy7KHyLQWHUUXSWyVWDWXVyLV UHSRUWHGyLQyWKHy+RVWy,QWHUUXSWy6WDWXVy5HJLVWHUyoiiKoyDQGyWKHy'HFRGHUy,QWHUUXSWy6WDWXVy5HJLVWHUyoiiKoi %RWKy+,17%yDQGy',17%yDUHyDFWLYHyORZnyOHYHOyWULJJHUHGyVLJQDOViy:LWKyWKHyRUJDQL]HGyLQWHUUXSWyFRQWURO LQy WKHy +RVWy ,QWHUUXSWy &OHDUi0DVNy 5HJLVWHUy oiiKoy DQGy 'LVNy ,QWHUUXSWy &OHDUi0DVNy 5HJLVWHUy oiiKony WKH ILUPZDUHyLVyHQVXUHGyRIyREWDLQLQJyLQWHUUXSWVyZLWKRXWyDFFLGHQWDOO\yFOHDULQJyRUyGLVDEOLQJyRIyWKHyLQWHUUXSWVi $VyDyUHVXOWnyUHOLDELOLW\yRIyUHDOWLPHySURFHVVyLVyDFKLHYHGi 3ROOLQJyPRGHyIRUyLQWHUUXSWySURFHVVLQJyLVyDOVRyVXSSRUWHGyLQyWKHy.6aeecyE\yFOHDULQJyWKHyPDVNyELWVyLQ +RVWy,QWHUUXSWy0DVNy5HJLVWHUyoiiKoyDQGy'LVNy,QWHUUXSWy0DVNy5HJLVWHUyoiiKoi
xy 'LUHFWyUHJLVWHUyDFFHVVyIURPyPLFURSURFHVVRU
7KHy.6aeecyVXSSRUWVyGLUHFWy UHJLVWHUyDFFHVVHViy1RUPDOO\ny QRyH[WHUQDOyJOXHyORJLFy LVyUHTXLUHGyWRy XVH WKLVyIHDWXUHiy8VLQJyGLUHFWyUHJLVWHUyDFFHVVnyILUPZDUHyRYHUKHDGyLVyPLQLPL]HGyDQGyV\VWHPySHUIRUPDQFH HQKDQFHGi
xy *HQHUDOySXUSRVHy,2ySLQVyVXSSRUW
(LJKWyJHQHUDOySXUSRVHy,i2ySLQVyDUHyVXSSRUWHGyLQyWKHy.6aeeciy7KH\yDUHyWKHy*3iaeySLQViy*3iaeyDUH DOZD\Vy HLWKHUy ,QSXWy RUy 2XWSXWy DQGy FDQy EHy FRQILJXUHGy E\y SURJUDPPLQJy WKHy *HQHUDOy 3RUWy &RQWURO 5HJLVWHUoaeiKoiy7KHyYDOXHVyRIy*3iaeyDUHyWKHyGHWHUPLQHGyE\yWKHy*HQHUDOy3RUWy9DOXHy5HJLVWHUyoaeiKoi y
xy 3RZHUy0DQDJHPHQWi$XWRyZDNHXSyVXSSRUW
6OHHSy 0RGHy SRZHUy PDQDJHPHQWy LVy VXSSRUWHGy E\y .6aeeciy ,Qy WKLVy PRGHny WKHy 'HFRGHUny %XIIHU 0DQDJHUny DQGy KRVWy LQWHUIDFHy FLUFXLWVy DUHy LQy SRZHUy VDYLQJVy PRGHiy 'XULQJy 6OHHSy 0RGHny WKHy EXIIHU '5$0y FRQWHQWVy DUHy VXVWDLQHGy E\y WKHy .6aeec(c)Vy LQWHUQDOy UHIUHVKy ORJLFy DQGy WKHy $7$y 7DVNy )LOH 5HJLVWHUVyDUHyDYDLODEOHyWRyWKHyKRVWiy6OHHSy0RGHyLVyHQDEOHGyE\yVHWWLQJyWKHy66OHHSyELWyLQyWKHy *OREDO &RQWUROy 5HJLVWHUy oe)Kny %LWaeoiy 6OHHSy 0RGHy ZLOOy DXWRPDWLFDOO\y DZDNHy DQGy VZLWFKy LQWRy WKHy QRUPDO RSHUDWLRQy PRGHy LIy WKHy KRVWy KDVy ZULWWHQy Dy FRPPDQGy WRy WKHy $7$3,y &RPPDQGy 5HJLVWHUy oiaeKoy RUy DQ $7$y 5HVHWy HYHQWy RFFXUViy 7KHy DXWRy ZDNHXSy LVy SHUIRUPHGy WUDQVSDUHQWO\y DQGy DXWRPDWLFDOO\iy 7KH 6OHHSy0RGHyFDQyRQO\yEHyDSSOLHGyZKHQyWKHUHyLVyQRyKRVWyWUDQVIHUVyDQGyWKHyGHFRGHUyLVyLQy6WRSy0RGHi 7KXVnyWKHy.6aeec(c)VySRZHUyPDQDJHPHQWyIHDWXUHVySURYLGHVyDQyHIIHFWLYHyVROXWLRQyIRUySRZHUyUHVWULFWHG HQYLURQPHQWVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiiieyy 7$3,y+RVWy,QWHUIDFHy)XQFWLRQDOy'HVFULSWLRQV $
7KHy $7$3,y LQWHUIDFHy ORJLFy LVy FRPSOHWHO\y DXWRPDWHGiy 7KHy .6aeecy FDQy UHFHLYHy WKHy $7$3,y 3DFNHW &RPPDQGyDQGyVWRUHy WKHyieE\WHy FRPPDQGyySDFNHWy LQyDy 3DFNHWy),)2iy'XULQJy GDWDyWUDQVIHUy VWDJHn WKHy$7$3,yWUDQVIHUySURWRFROVyDUHySURFHVVHGyE\y.6aeecyZLWKRXWyILUPZDUHyLQWHUYHQWLRQiy$OVRnyWKHy'54 SDFNHWy WUDQVIHU(c)Vy FDOFXODWLRQy RIy WKHy $7$3,y %\WHy &RXQWy 5HJLVWHUVy DUHy SURFHVVHGy E\y WKHy .6aeeci 'XULQJy WKHy FRPPDQGy FRPSOHWLRQy VWDJHny WKHy .6aeecy LVy DEOHy WRy SURFHVVy HLWKHUy 6XFFHVVIXOy RUy (UURU &RPSOHWLRQy 6HTXHQFHVy DXWRPDWLFDOO\iy :LWKy WKHy EXIIHUy PDQDJHUny ZKHQy WKHy WRWDOy QXPEHUy RIy KRVW UHTXHVWHGy EORFNVy VSHFLILHGy LQy 7RWDOy +RVWy 7UDQVIHUy %ORFNy 5HJLVWHUVy oicKny iaeKoy DUHy WUDQVIHUUHGny WKH $7$3,yFRPPDQGyFRPSOHWLRQyZLOOyEHySRVWHGyLIy$&SO(yELWyRIy7UDQVIHUy6HTXHQFHy&RPPDQGy 5HJLVWHU oi)KnyELWycoyLVyVHWi y
xy $XWRPDWHGy'$63yKDQGOHyWRyLQFUHDVHy0DVWHUi6ODYHy&RPSDWLELOLW\
7KHy.6aeecyZLOOyDVVHUWyWKHy'$63%ySLQyRIyWKHy$7$yLQWHUIDFHyVLJQDOVyLQyWKHyVODYHyPRGHyZKHQy3RZHU RQy 5HVHWny +DUGZDUHy 5HVHWny RUy $7$y 6567y FRPPDQGy LVy UHFHLYHGiy %\y DVVHUWLQJy WKHy '$63%y SLQny LW DOORZVyWKHyPDVWHUyGULYHyWRyLGHQWLI\yWKHyH[LVWHQFHyRIyWKHy.6aeecyDVyDyVODYHyGULYHiy,QyVRPHyFDVHVnyWKH '$63%yVLJQDOyLVyVDPSOHGyE\yPDVWHUyGULYHyDVyVRRQyDVyWKHyDERYHyHYHQWyRFFXUViy,IyWKHy'$63%yVLJQDO GRHVyQRWyDVVHUWyIDVWyHQRXJKnyVRPHyPDVWHUyGULYHVyFDQQRWyUHFRJQL]HyWKHyH[LVWHQFHyRIyWKHyVODYHyGULYHi 7KLVyIHDWXUHyLVySURYLGHGyWRyLQVXUHyWKHyPRVWyFRPSDWLELOLW\yLQyWKHy0DVWHUi6ODYHyKDQGVKDNLQJyVHTXHQFHi 7KHyPDVWHUyRUyVODYHyGULYHyLVyFRQILJXUHGyE\yWKHy067%ySLQiy7KHy.6aeecyZLOOyVDPSOHyWKLVySLQyZKHQyWKH DERYHy HYHQWVy RFFXUiy y ,Iy WKHy .6aeecy LVy FRQILJXUHGy DVy Dy PDVWHUy GULYHny WKHy 3',$*%y DQGy '$63% VLJQDOVy ZLOOy EHy QHJDWHGy DQGy OHIWy WKHy VODYHy GULYHy WRy FRQWUROy WKHVHy VLJQDOViy $GGLWLRQDOO\ny WKHy 3',$*% DQGy '$63%y SLQVy FDQy EHy DVVHUWHGy RUy QHJDWHGy E\y VHWWLQJy 6HW'$63%ny 6HW3',$*%ny &OU'$63%n &OU3',$*%yELWVyLQy+RVWy,QWHUIDFHy&RQWUROy5HJLVWHUyoi$KnyELWycnenenioiy7KHyPLFURSURFHVVRUyFDQyUHDG '$63%yDQGy3',$*%yELWVyLQyWKHy+RVWy,QWHUIDFHy6LJQDOy9DOXHy5HJLVWHUyoi$KnyELWyenyioyWRyJHWyWKHyYDOXHV RIyWKHy'$63%yDQGy3'$,*%yVLJQDOVyRIyWKHy$7$yLQWHUIDFHi 7KHy $7$3,y 6LJQDWXUHy LVy WKHy UHTXLUHGy LQIRUPDWLRQy IRUy KRVWy WRy LGHQWLI\y DQy $7$3,y GHYLFHiy 7KHy $7$3, 6LJQDWXUHyLVyUHSRUWHGyLQyWKHy$7$3,y%\WHy&RXQWy5HJLVWHUVyoieKnyieKoyDVyieKi(%KyZKHQHYHUyDy3RZHU RQy5HVHWny+DUGZDUHy5HVHWny$7$y6567nyRUy$7$3,y5HVHWy&RPPDQGyoiaKoyRFFXUViy7KHy.6aeecyZLOO LQLWLDOL]Hy WKHy $7$y 7DVNy )LOHy 5HJLVWHUVy DQGy VHWXSy WKHy $7$3,y 6LJQDWXUHy DXWRPDWLFDOO\y ZKHQy WKHVH HYHQWVyRFFXUiy0RUHRYHUnyWKHy.6aeecyVXSSRUWVyWKHy$7$3,y6LJQDWXUHyIRUy$7$y5HDGyDQGy$7$y,GHQWLI\ FRPPDQGViy7KHy$7$3,y6LJQDWXUHyLVyUHSRUWHGyDQGyFRPPDQGyDERUWyVHTXHQFHyZLOOyEHySRVWHGyE\yWKH .6aeecyLIy'LV6KDG5yELWyLQyWKHy,QWHUIDFHy&RQILJXUDWLRQy&RQWUROy5HJLVWHUyoi%KnyELWyeoyLVyFOHDUHGi y
xy $XWRPDWHGy$7$3,y6LJQDWXUHySURFHVV
xy $XWRPDWHGy3DFNHWy&RPPDQGy5HFHLYLQJ
7KHy.6aeecyZLOOySURFHVVyWKHy$7$3,y3DFNHWy&RPPDQGyo$iKoyDQGyUHFHLYHyieE\WHyFRPPDQGySDFNHW DIWHUy KRVWy KDVy ZULWWHQy WKHy FRPPDQGy SDFNHWy LQWRy WKHy $7$3,y 'DWDy 5HJLVWHUiy 7KHy ieE\WHy FRPPDQG SDFNHWy LVy VWRUHGy LQy Dy 3DFNHWy ),)2iy 7KHy ILUPZDUHy LVy DEOHy WRy UHWULHYHy ieE\WHy FRPPDQGy SDFNHWy E\ FRQVHFXWLYHO\yUHDGLQJyWKHy3DFNHWy),)2y5HJLVWHUyoiiKoiy7KHyieE\WHy3DFNHWy),)2yLVySURWHFWHGyIURP RYHUUXQyLIyPRUHyWKDQyWZHOYHyE\WHVyKDYHyZULWWHQiy$OVRnyWKHyGDWDySRLQWHUyRIyWKHy3DFNHWy),)2yLVyUHVHW
ZKHQHYHUyDyQHZy$7$3,yFRPPDQGy LVyUHFHLYHGiy7KHy3DFNHWy &RPPDQGy,QWHUUXSWyPRGHyDVVHUWLRQy RI WKHy,1754yOLQHyZLWKyWKHyDVVHUWLRQyRIyFRPPDQGySDFNHWy'54yLVyVXSSRUWHGiy7KLVyLVyHQDEOHGyE\yVHWWLQJ WKHy3FPG,QWyELWyLQyWKHy,QWHUIDFHy&RQILJXUDWLRQy&RQWUROy5HJLVWHUyoi%KnyELWyioi y
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy $XWRPDWHGy'54y3DFNHWy+DQGOH
7KHy .6aeecy LVy DEOHy WRy FDOFXODWHy WKHy WUDQVIHUy E\WHy FRXQWy DQGy ORDGy LWy LQWRy WKHy $7$3,y %\WHy &RXQW 5HJLVWHUVyoieKnyieKoyZKHQyKRVWyWUDQVIHUyRFFXUViy0RUHRYHUnyWKHy.6aeecyZLOOyEUHDNyWKHyEORFNRULHQWHG WUDQVIHUVyLQyWKHy%XIIHUy0DQDJHUyLQWRyE\WHRULHQWHGyWUDQVIHUVyLQyWKHy$7$3,yLQWHUIDFHyZLWKRXWyILUPZDUH LQWHUYHQWLRQiy%HIRUHy Dy'54y SDFNHWyWUDQVIHUy VWDUWVnyWKHy $7$3,y%\WHy &RXQWy5HJLVWHUVy DUHy FDOFXODWHG DQGy WKHy $7$3,y GDWDy WUDQVIHUy SURWRFROy DUHy SURFHVVHGy E\y WKHy .6aeeciy 7KHy '54y 0D[y %\WHy &RXQW 5HJLVWHUVyoi&Knyi'KoyDUHyORDGHGyZLWKy$7$3,y%\WHy&RXQWy/RZi+LJKy5HJLVWHUVyE\yWKHy.6aeecyZKHQ WKHy$7$3,y&RPPDQGyLVyUHFHLYHGiy7KHy.6aeecyZLOOyXVHyWKHVHyDVyWKHyPD[LPXPy'54ySDFNHWyOHQJWK LQyVXFFHHGLQJyKRVWyWUDQVIHUViy7KHVHyYDOXHVyFDQyEHyPRGLILHGyE\yILUPZDUHyLIyQHFHVVDU\i
xy $XWRPDWHGy%67KHy%6xy $XWRPDWHGy'54yELWyKDQGOH
7KHy '54y ELWy LQy $7$3,y 6WDWXVy 5HJLVWHUy LVy DXWRPDWHGy E\y WKHy .6aeeciy 7KHy '54y ELWy LQy WKHy $7$3, 6WDWXVy5HJLVWHUyLVyVHWyEHIRUHyDQ\yRIyWKHyIROORZLQJyHYHQWVyRFFXUa iiy 5HFHLYLQJyWKHyieE\WHyFRPPDQGySDFNHWi eiy 6HQGLQJyGDWDyWRyWKHyKRVWi eiy 5HFHLYLQJyGDWDyIURPyWKHyKRVWi 6HTXHQFHVyeyDQGyeyDUHyVWDUWHGyE\ySURJUDPPLQJyWKHy 7UDQVIHUy6HTXHQFHy&RPPDQGy5HJLVWHUy oi)Kn ELWyenyinyioiy6HTXHQFHyiyLVyDOZD\VyDFWLYHyDQGyQRySURJUDPPLQJyLVyUHTXLUHGiy7KHy'54yELWyLQyWKHy$7$3, 6WDWXVy5HJLVWHUyLVyFOHDUHGyE\yWKHy.6aeecyDIWHUyWKHyGDWDyWUDQVIHUyKDVyFRPSOHWHGyLQy3,2y0RGHi
xy $XWRPDWHGyy'6&yELWyKDQGOH
7KHy '6&y ELWy LQy WKHy $7$3,y 6WDWXVy 5HJLVWHUy LVy IXOO\y DXWRPDWHGiy 7KLVy LVy XVHGy WRy SRVWy RYHUODSy VHHN FRPPDQGy FRPSOHWLRQiy 7KLVy VHTXHQFHy VWDUWVy E\y VHWWLQJy WKHy 6'6&y ELWy LQy WKHy +RVWy 6HTXHQFH &RPPDQGy5HJLVWHUyoi(KnyELWyioi
xy $XWRPDWHGyyFRPPDQGyFRPSOHWLRQyKDQGOH
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KHy FRPPDQGy ZLWKy HLWKHUy 6XFFHVVIXOy RUy (UURUy &RPSOHWLRQy VHTXHQFHy LVy VXSSRUWHGy E\y WKHy .6aeeci 7KHyVHTXHQFHyVWDUWVyE\yVHWWLQJyWKHy6&SOyRUy6&SO&KNyELWVyLQyWKHy+RVWy6HTXHQFHy&RPPDQGy5HJLVWHU oi(KnyELWyenyioyIRUy$7$3,yHUURUyRUyVXFFHVVIXOyFRQGLWLRQVnyUHVSHFWLYHO\iy$OVRnyWKHyDXWRPDWHGyFRPPDQG FRPSOHWLRQyLVyH[WHQGHGyLQWRyGDWDyWUDQVIHUViy:LWKyWKHyFRPSOHWLRQyRIyDQyHQWLUHyKRVWyWUDQVIHUnyWKHy$7$3, FRPSOHWLRQy VWDWXVy LVy SRVWHGy WRy WKHy KRVWy LIy WKHy $&SO(y ELWy LQy WKHy 7UDQVIHUy 6HTXHQFHy &RPPDQG 5HJLVWHUyLVyVHWyoi)KnyELWycoi
2YHUODSy FRPPDQGy RSHUDWLRQVy DUHy VXSSRUWHGy E\y WKHy .6aeeciy 7KHy $7$3,y 5HOHDVHy DQGy 6HUYLFH SURWRFROVyDUHyLPSOHPHQWHGyE\yWKHy.6aeeciy7KHy5HOHDVHyVHTXHQFHyVWDUWVyE\yVHWWLQJyWKHy6UHOHDVHyELW LQyWKHy+RVWy6HTXHQFHy&RPPDQGy5HJLVWHUy oi(Kny%LWyeoiy7KHy6HUYLFHyVHTXHQFHyVWDUWVyE\yVHWWLQJyWKH 6VHUYLFHyELWy LQy WKHy +RVWy 6HTXHQFHy &RPPDQGy 5HJLVWHUy oi(Kny %LWy eoiy %RWKy LQWHUUXSWVy RQy 5HOHDVHy RU 6HUYLFHy FDQy EHy GLVDEOHGy E\y VHWWLQJy WKHy 'LV6HU,QWy RUy 'LV5HO,QWyELWVy LQy WKHy +RVWy ,QWHUIDFHy 'LDJQRVWLF &RQWUROyey5HJLVWHUyyoeiKnyELWyaenycoi 7KHy VKDGRZy FRPPDQGy LVy XVHGy ZKHQy WKHy GULYHy LVy LQy WKHy PDVWHUy PRGHy DQGy WKHUHy LVy QRy VODYHy GULYH FRQQHFWHGiy 7KHy .6aeecy ZLOOy DERUWy WKHy FRPPDQGy ZLWKRXWy ILUPZDUHy LQWHUYHQWLRQy ZKHQy WKHy KRVWy KDV LVVXHGy WKHy FRPPDQGy WRy Dy QRQH[LVWHQWy VODYHy GULYHiy 7KHy VHTXHQFHy LVy HQDEOHGy E\y FOHDULQJy WKH 'LV6KD5y ELWy LQy WKHy ,QWHUIDFHy &RQILJXUDWLRQy &RQWUROy 5HJLVWHUy oi%Kny ELWy eoy ZKHQy WKHy &'59y ELWy LV FOHDUHGy oi%Kny ELWy eoy DQGy WKHy 66KDGRZy oi%Kny ELWy eoy ELWy LVy VHWy LQy WKHy ,QWHUIDFHy &RQILJXUDWLRQy &RQWURO 5HJLVWHUi
xy $7$3,y2YHUODSy&RPPDQGyy6HUYLFHi5HOHDVHyVXSSRUW
xy $XWRPDWHGyy$7$y6KDGRZyFRPPDQGyVXSSRUW
iiiiey%XIIHUy,QWHUIDFHi0DQDJHUy)XQFWLRQDOy'HVFULSWLRQV
7KHy &'y &DFKHy 0DQDJHUy LVy VXSSRUWHGy E\y KDUGZDUHy LQy WKHy .6aeeciy :LWKy WKHy DXWRPDWHGy DQG LQWHJUDWHGyDUFKLWHFWXUHnyWKHyGDWDyWUDQVIHUVyIRUyHQWLUHy5HDGyDQGy5HDGy&'yFRPPDQGyDUHyDFKLHYHGi 7KHy%XIIHUy0DQDJHUyVWDWHyPDFKLQHyZLOOyPRQLWRUyWKHyEXIIHUyEORFNyFRXQWyVSHFLILHGyLQyWKHy9DOLGy&DFKH %ORFNy &RXQWy 5HJLVWHUy oieKny ieKoiy $Vy VRRQy DVy WKHy GDWDy DUHy DYDLODEOHny KRVWy WUDQVIHUVy DXWRPDWLFDOO\ VWDUWViy 7KHy KDUGZDUHy &DFKHy 0DQDJHUy LVy HQDEOHGy E\y VHWWLQJy WKHy $&DFKH(y ELWy LQy WKHy 7UDQVIHU 6HTXHQFHy&RPPDQGy5HJLVWHUyoi)KnyELWyaeoi 7KHyPD[LPXPyQXPEHUyRIyEORFNVyWKDWyFDQyEHyDXWRPDWLFDOO\yWUDQVIHUUHGyLVyce.yEORFNVnyRUyDERXWyiea0 E\WHViy:LWKyWKHySRZHUIXOy'54ySDFNHWyKDQGOLQJyRIyWKHy.6aeecnyWKHyKRVWyWUDQVIHUVyDUHyUHDOL]HGyZLWK YHU\y KLJKy SHUIRUPDQFHiy $Vy Dy UHVXOWny ORZy &38y XWLOL]DWLRQy IRUy KLJKy VSHHGy &'520y LVy DFKLHYHGy DQG FRGHyVL]HyPLQLPL]HGi 7KHy .6aeecy VXSSRUWVy XSy WRy iea.y E\WHVy RIy icELWy HPEHGGHGy '5$0iy 7KHy &'y GDWDy EORFNy DUH RUJDQL]HGy LQy HLWKHUy eie.y E\WHVy RUy e.y E\WHVy SHUy EORFNy E\y VHWWLQJy WKHy %ON&RQIy ELWy LQy WKHy %XIIHU &RQILJXUDWLRQy &RQWUROy iy 5HJLVWHUy oe$Kny %LWy eoiy y 7KHy &'y GDWDy DQGy VXEFRGHy FDQy EHy FKRVHQy WRy EH EXIIHUHGyLQyERWKyFRQILJXUDWLRQViy,QyWKHyODWWHUyFDVHnyWKHyEXIIHULQJyIRUy&e32yHUURUyIODJVyDQGy%ORFNy(UURU IODJVyDUHyLQFOXGHGi $OOyGDWDyEORFNVyDUHyOLQHDUO\yDUUDQJHGyZLWKRXWyVHSDUDWLQJyDVyDX[LOLDU\yRUyGDWDyEORFNiy:LWKyWKHyVWUDLJKW DGGUHVVLQJyPHFKDQLVPnyILUPZDUHyRYHUKHDGyDQGySURJUDPPLQJyPLVWDNHVyDUHyPLQLPL]HGi
xy 0XOWLSOHy%ORFNy7UDQVIHUyVXSSRUW
0XOWLSOHy%ORFNy7UDQVIHUyLVyVXSSRUWHGyE\yWKHy.6aeeciy7KHyWUDQVIHUyEORFNyLVyVSHFLILHGyLQyWKHy &XUUHQW +RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUVyoiaKnyiaKoiy)RUy0XOWLSOHy%ORFNy7UDQVIHUVnyXSyWRyeecyEORFNVnyRU eie.yE\WHVnyFDQyEHyEXUVWyWRyWKHyKRVWyZLWKRXWyILUPZDUHyLQWHUYHQWLRQi ,Qy WKHy $7$3,y VSHFLILFDWLRQny WKHy PD[LPXPy KRVWy WUDQVIHUy LQy Dy VLQJOHy '54y SDFNHWy LVy ce.y E\WHViy 7KH .6aeecyZLOOyVHQGyWKHyPD[LPXPyQXPEHUyRIyE\WHVyLQyDy'54ySDFNHWyWUDQVIHUi :KHQy RQHy EORFNy LVy WUDQVIHUUHGny WKHy &XUUHQWy +RVWy 7UDQVIHUy %ORFNy /HQJWKy 5HJLVWHUy LVy GHFUHDVHGy E\ RQHiy :KHQy WKLVy YDOXHy UHDFKHVy ]HURny WKHy HQGy RIy GDWDy WUDQVIHUy LVy UHDFKHGiy 7KHy &[IU'RQHy ELWy LQy WKH +RVWy ,QWHUUXSWy 6WDWXVy 5HJLVWHUy oiiKny ELWy coy ZLOOy EHy VHWy DQGy Dy PLFURSURFHVVRUy LQWHUUXSWy ZLOOy EH JHQHUDWHGyLIyWKHy&[IU'RQH(yELWyLQyWKHy+RVWy,QWHUUXSWy0DVNy5HJLVWHUyoieKnyELWycoyLVyVHWi 7KHy .6aeecny ZLWKy LWVy DGYDQFHGy KDUGZDUHy &'y &DFKHy 0DQDJHUny VXSSRUWVy KRVWy WUDQVIHUVy IRUy HQWLUH 5HDGy RUy 5HDGy &'y FRPPDQGVy RIy XSy WRy ce.y EORFNVny RUy iea0y E\WHVny ZLWKRXWy ILUPZDUHy LQWHUYHQWLRQi :KHQy WKHy $&DFK(y ELWy LQy WKHy 7UDQVIHUy 6HTXHQFHy &RPPDQGy 5HJLVWHUy oi)Kny ELWy aeoy LVy VHWny WKHy &' &DFKHy 0DQJHUy LVy HQDEOHGiy $Wy WKHy FRPSOHWLRQy RIy WKHy WRWDOy WUDQVIHUVy VSHFLILHGy LQy WKHy 7RWDOy +RVW 7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUVyoicKnyiaeKonyWKHy$7$3,yFRPSOHWLRQyVWDWXVyZLOOyEHySRVWHGyWRyWKHyKRVW LIyWKHy$&SO(yELWyLQyWKHy7UDQVIHUy6HTXHQFHy&RPPDQGy5HJLVWHUyoi)KnyELWycoyLVyVHWiy$OVRnyWKHy7[IU'RQH ELWyLQyWKHy+RVWy,QWHUUXSWy6WDWXVy5HJLVWHUyoiiKnyELWyaeoyZLOOyEHyVHWyDQGyDyPLFURSURFHVVRUyLQWHUUXSWyZLOOyEH JHQHUDWHGyLIyWKHy7[IU'RQH(yELWyLQyWKHy+RVWy,QWHUUXSWy0DVNy5HJLVWHUyoieKnyELWyaeoyLVyVHWi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy $XWRPDWHGyWUDQVIHUyIRUyHQWLUHy5HDGyFRPPDQG
xy 6FDWWHUi*DWKHUy6XSSRUW
7KHy.6aeecySURYLGHVyWZRyVHWVyRIyVHJPHQWyUHJLVWHUVyZKLFKyVSHFLI\yWKHyVWDUWyRIIVHWyDGGUHVVyDQGyWKH WUDQVIHUyE\WHyOHQJWKVyZLWKLQy DyGDWDyEORFNiy :KHQyWKHyWUDQVIHUy LVyFRPSOHWHGyLQy WKHyILUVWyVHJPHQWny WKH KDUGZDUHy ZLOOy DXWRPDWLFDOO\y FKDLQy WKHy VHFRQGy VHJPHQWy DQGy FRQWLQXHy WKHy KRVWy WUDQVIHUViy 7KH DGYDQWDJHy WRy XVLQJy 6FDWWHUi*DWKHUy IHDWXUHy LVy WRy DYRLGy EUHDNLQJy WUDQVIHUy LQWRy WZRy RUy PRUHy VXE WUDQVIHUVy LIy GDWDy LVy VFDWWHUHGy ZLWKLQy Dy EORFNiy 7ZRy VHJPHQWy UHJLVWHUVy DUHy VSHFLILHGy LQy WKHy 7UDQVIHU 2IIVHWy /HQJWKy /RZi+LJKy iiey oi(Kny i)Kny eeKny eeKoy DQGy +RVWy %ORFNy 2IIVHWy $GGUHVVy /RZi+LJKy iie 5HJLVWHUVyoi&Knyi'KnyeiKnyeiKoiy,QyDy5HDGy&'yFRPPDQGnyWKHyKRVWyUHTXHVWHGyGDWDyPD\yQRWyEHyLQyD FRQWLJXRXVy ORFDWLRQiy )RUy H[DPSOHny WKHy eieaE\WHy GDWDy EORFNy DQGy eaeE\WHy &e32y HUURUy IODJVy DUH UHTXHVWHGyLQyWKHyVDPHyWUDQVIHUiy7KHyILUPZDUHyFDQyXWLOL]HyWKLVy6FDWWHUi*DWKHUyIHDWXUHyWRyFKDLQyWKHVH WUDQVIHUVyWRJHWKHUi y 7KHy KDUGZDUHy &'y &DFKHy 0DQDJHUy LVy VXSSRUWHGy LQy .6aeeciy 7KHy KDUGZDUHy ZLOOy DXWRPDWLFDOO\ GHFUHDVHyRQHyIURPyWKHyIROORZLQJyUHJLVWHUVyZKHQyWKHyKRVWyWUDQVIHUyLVyFRPSOHWHGayy9DOLGy&DFKHy%ORFN &RXQWy5HJLVWHUVyoieKnyieKony&XUUHQWy+RVWy7UDQVIHUy%ORFNy/HQJWKyoiaKnyiaKonyDQGy7RWDOy+RVWy7UDQVIHU %ORFNy/HQJWKy5HJLVWHUVyoicKnyiaeKoiy:KHQyRQHyEORFNyLVyFRPSOHWHGyZLWKyWKHy(&&yRUy('&yFKHFNnyDQ GHFRGHUyLQWHUUXSWyZLOOyEHyJHQHUDWHGiy7KHyPLFURSURFHVVRUyDGGVyRQHyEORFNyLQWRyWKHy9DOLGy&DFKHy%ORFN &RXQWy5HJLVWHUVyoieKnyieKoyE\yVHWWLQJyWKHy,QF%ON&QWyELWyLQyWKHy%XIIHUy$FFHVVy&RQWUROy5HJLVWHUyoeaKn ELWycoiy$yKDUGZDUHyVHPDSKRUHyLVyLPSOHPHQWHGyWRySURWHFWyWKHy9DOLGy&DFKHy&RXQWy5HJLVWHUVyoieKnyieKo IURPyEHLQJyXSGDWHGyE\yKDUGZDUHyDQGyILUPZDUHyVLPXOWDQHRXVO\iy:KHQyWKHy$&DFK(yELWyLQyWKHy7UDQVIHU 6HTXHQFHy&RPPDQGy5HJLVWHUyoi)KnyELWyaeoyLVyVHWnyWKHy&'y&DFKHy0DQDJHUyLQLWLDWHVyWKHyKRVWyWUDQVIHU DVyVRRQyDVyGDWDyLVyDYDLODEOHyLQyWKHyFDFKHiy7KDWyLVnyWKHy9DOLGy&DFKHy%ORFNy&RXQWy5HJLVWHUVyoieKnyieKo DUHyQRWyHTXDOyWRy]HURnyXQWLOyWKHy7RWDOy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUVyoicKnyiaeKoyLVyGHFUHDVHG WRy ]HURiy 7KHy KRVWy WUDQVIHUy SURFHVVy LVy FRQWLQXRXVO\y PRQLWRUHGy E\y KDUGZDUHy XQWLOy DOOy GDWDy DUH WUDQVIHUUHGi
xy &'y&DFKHy0DQDJHU
xy %ORFNy$GGUHVVyVXSSRUW
$OOyGDWDyEORFNVyFDQyEHyDGGUHVVHGyE\yDyVHTXHQWLDOyEORFNyQXPEHUyZKLFKyVWDUWVyIURPy]HURyDWyWKHyWRSyRI WKHyEXIIHUy'5$0yDQGyHQGVyDWyWKHyODVWyRUyERWWRPyRIyWKHyEORFNyDGGUHVVyVSHFLILHGyLQyWKHy%XIIHUy%RWWRP %ORFNy $GGUHVVy 5HJLVWHUy oe&Koiy %HIRUHy VWDUWLQJy KRVWy WUDQVIHUVny WKHy +RVWy 7UDQVIHUy %ORFNy $GGUHVV
/RZi+LJKy5HJLVWHUVyoi$Knyi%KoyPXVWyEHyORDGHGyZLWKyWKHyVWDUWLQJyEORFNyDGGUHVViy%HIRUHyVWDUWLQJyWKH GHFRGHUyWUDQVIHUVnyWKHy'LVNy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHUyoeaKoyPXVWyEHyORDGHGyZLWKyWKHyVWDUWLQJ EORFNy DGGUHVViy %RWKy KRVWy DQGy GLVNy DGGUHVVy SRLQWHUVy DUHy DXWRPDWLFDOO\y LQFUHDVHGy E\y RQHy ZKHQy D EORFNyRIyGDWDyLVyWUDQVIHUUHGyWRyKRVWyRUyIURPyWKHyGLVNiy:KHQyWKHVHyUHJLVWHUVyUHDFKyWKHyYDOXHVyRIy%XIIHU %RWWRPy%ORFNy$GGUHVVy5HJLVWHUySOXVyRQHnyWKH\yDUHyZUDSSHGyDURXQGyWRyWKHyWRSyRIyWKHyEXIIHUy'5$0i %RWKy WKHy SK\VLFDOy DQGy EORFNy DGGUHVVLQJy PRGHVy IRUy DFFHVVLQJy '5$0y E\y WKHy PLFURSURFHVVRUy DUH VXSSRUWHGiy 7KHy 3$0Ey ELWy LQy WKHy %XIIHUy $FFHVVy &RQWUROy 5HJLVWHUy oeaKny ELWy eoy LVy XVHGy WRy VSHFLI\y WKH DGGUHVVLQJy PRGHiy 8VLQJy 3K\VLFDOy $GGUHVVy 0RGHy o3$0ony WKHy '5$0y SK\VLFDOy DGGUHVVy PXVWy EH ORDGHGyLQWRyWKHy03y$FFHVVy3K\VLFDOy$GGUHVVy/6%i0,'i06%yUHJLVWHUVyoeeKnyeeKnyecKoiy7KLVyPRGHyLV XVHGy IRUy DFFHVVLQJy WKHy ILUPZDUHy YDULDEOHVy VXFKy DVy 72&y GDWDy LQy WKHy 6\VWHPy $UHDiy 8VLQJy %ORFN $GGUHVVy0RGHyo%$0onyWKHyEORFNyDQGyRIIVHWyDGGUHVVHVy PXVWyEHyORDGHGyLQWRyWKHy03y%ORFNy $GGUHVV 5HJLVWHUyoecKoyDQGy03y%ORFNy2IIVHWy/RZi+LJKy$GGUHVVy5HJLVWHUVyoeeKnyeeKoiy7KLVyPRGHyLVyXVHGyWR DFFHVVyGDWDyZLWKLQyWKHy&'yE\yWKHy.6aeeciy7KLVyDOORZVyWKHyILUPZDUHyWRyHDVLO\yFKHFNyWKHyFRQWHQWVyRI WKHyGDWDy EORFNny VXFKyDVy 6\QFy 3DWWHUQny ZLWKRXWyFRQYHUWLQJy WKHy EORFNy DGGUHVVyLQWRy Dy '5$0y SK\VLFDO DGGUHVViy7KHy'5$0yUHDGyRUyZULWHyRSHUDWLRQyZLOOyEHyLQLWLDWHGyZKHQyWKHy 6'UDP5GyDQGy6'UDP:UWyELWV DUHy VHWy LQy WKHy %XIIHUy $FFHVVy &RQWUROy 5HJLVWHUy oeaKny ELWy iny iony UHVSHFWLYHO\iy 7KHy GDWDy IRUy UHDG RSHUDWLRQVyZLOOyEHyDYDLODEOHyLQyWKHy03y$FFHVVy'DWDy3RUWy5HJLVWHUyoeaKoyDIWHUyWKHy'UDP%V\yELWyRIyWKH %XIIHUy$FFHVVy&RQWUROy5HJLVWHUyLVyFOHDUHGyoeaKnyELWyaeoiy7KHyGDWDyIRUyZULWHyRSHUDWLRQyPXVWyEHyORDGHG LQWRy WKHy 03y $FFHVVy 'DWDy 3RUWy 5HJLVWHUy oeaKoiy 7KHy ZULWHy RSHUDWLRQy ZLOOy EHy FRPSOHWHGy ZKHQy WKH 'UDP%V\yELWyRIyWKHy%XIIHUy$FFHVVy&RQWUROy5HJLVWHUyLVyFOHDUHGyoeaKnyELWyaeoi 7KHyEXIIHUy'5$0yLVySDUWLWLRQHGyLQWRyWZRyVHJPHQWVayy7KHy'DWDyDQGy6\VWHPyDUHDViy7KHy'DWDyDUHDnyLV XVHGyIRUyVWRULQJyWKHy&'yGDWDyEORFNyDVyFDFKHyDUHDyZKLOHyWKHy6\VWHPyDUHDyLVyIRUyVWRULQJy&'yV\VWHP LQIRUPDWLRQy VXFKy DVy 72&y GDWDy ny ,GHQWLI\y GHYLFHy LQIRUPDWLRQny ,QTXLU\y GDWDny DQGy ILUPZDUHy YDULDEOHVi 7KHy6\VWHPyDUHDyVWDUWVyEHORZyWKHyODVWyE\WHyRIyWKHyERWWRPyRIyWKHyEORFNyDGGUHVVyZKLFKyLVyVSHFLILHGyLQ WKHy%XIIHUy%RWWRPy%ORFNy$GGUHVVy5HJLVWHUVyoe&Knye'Koiy7KHUHIRUHnyWKHyVL]HyRIyWKHy6\VWHPy$UHDyFDQ EHyDGMXVWDEOHyE\yVHWWLQJyWKHy%XIIHUy%RWWRPy%ORFNy$GGUHVVy5HJLVWHUVyoe&Knye'Koi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy 0LFURSURFHVVRUy3K\VLFDOyDQGy%ORFNyDFFHVVy'5$0yVXSSRUW
xy 6HJPHQWHGy%XIIHUyVXSSRUW
xy 8SyWRyce.yE\WHVyGLUHFWyWUDQVIHUyIURPy'5$0
+RVWy WUDQVIHUVy IURPy WKHy 6\VWHPy $UHDy LVy QRWy OLPLWHGy WRy EORFNy ERXQGDULHViy 8Sy WRy ce.y E\WHVy FDQy EH GLUHFWO\yWUDQVIHUUHGyIURPyWKHyEXIIHUy'5$0yWRyWKHyKRVWiy7KLVyDOORZVyWKHy72&yo7DEOHyRIy&RQWHQWVoyGDWD WRy EHy WUDQVIHUUHGy ZLWKRXWy WKHy OLPLWDWLRQy RIy WKHy eie.E\WHy RUy e.E\WHy EORFNy ERXQGDU\iy 7KLVy DYRLGV KDYLQJyWRyEUHDNyDyWUDQVIHUyLQWRyPXOWLSOHyVXEWUDQVIHUViy$VyDyUHVXOWnyWKHyILUPZDUHyFDQyVXSSRUWyWKHy72& HIILFLHQWO\yDQGyFRGHyVL]HyLVyUHGXFHGiy%\yVHWWLQJyWKHy7UDQVIHUy2IIVHWy/HQJWKy/RZi+LJKyiiey 5HJLVWHUV oi(Kny i)Kny eeKny eeKoy ZLWKy WKHy GHVLUHGy WUDQVIHUy OHQJWKny WKHy WUDQVIHUy ZLOOy QRWy FRPSOHWHy XQWLOy WKHy WRWDO QXPEHUyRIyE\WHVyVSHFLILHGyLQyWKHVHyUHJLVWHUVyDUHyWUDQVIHUUHGi
7KHy .6aeecy VXSSRUWVy YDULRXVy '63y GHYLFHVy VXFKy DVy 7RVKLEDny 6RQ\ny 6DQ\Rny DQGy 0DWVXVKLWDy E\ VHWWLQJy WKHy '63y 'HYLFHy 7\SHy 6HOHFWLRQy 5HJLVWHUy oe(Koiy $OVRny YDULRXVy VXEFRGHy LQWHUIDFHy VXFKy DV 3KLOLSVy 9eny (,$-,y DQGy (,$-ey FDQy EHy SURJUDPPHGy E\y VHWWLQJy 6XEFRGHy 'HYLFHy 7\SHy 6HOHFWLRQ 5HJLVWHUyoeeKoi 7KHy PDLQy '63y GDWDny &e32y HUURUy IODJVny DQGy VXEFRGHy EXIIHULQJy DUHy VXSSRUWHGy E\y VHWWLQJy WKHy '63 &KDQQHOy 6HOy ELWy LQy WKHy %XIIHUy &RQILJXUDWLRQy &RQWUROy iy 5HJLVWHUy oe$Kny ELWy cny eny eoiy 0RUHRYHUny WKH .6aeecy XVHVy WKHy &e32y HUURUy IODJVy WRy SHUIRUPy WKHy (UDVXUHy &RUUHFWLRQy XSy WRy eE\WHy HUURUy SHU &RGHZRUGyE\yVHWWLQJyWKHy(UD&RUUyELWyLQyWKHy(&&y&RQWUROyiy5HJLVWHUyoe%KnyELWyioiy7KHy4VXEFRGHyZLWK GHLQWHUOHDYLQJyDQGy&5&yFKHFNyDUHyGRQHyE\yKDUGZDUHi
iiiiey&'y'HFRGHUy,QWHUIDFHi0DQDJHUy)XQFWLRQDOy'HVFULSWLRQV yy

6\QFy SDWWHUQy SURWHFWLRQy ORJLFy LVy LPSOHPHQWHGy LQy WKHy .6aeecy WRy SUHYHQWy ORVWy V\QFy LQy WKHy '63 LQFRPLQJy VWUHDPViy 7KHy V\QFy SDWWHUQVy LQy EXIIHUy '5$0y DUHy IXUWKHUy SURWHFWHGy WRy IDFLOLWDWHy WKHy 5HDG 5DZyRSHUDWLRQViy7KLVyDVVXUHVyWKDWyWKHyDSSOLFDWLRQyLVyDEOHyWRyUHWULHYHyWKHyFRUUHFWyV\QFySDWWHUQyZKHQ 6\QFy,QVHUWLRQyRFFXUVi 7KHy GHFRGHUy ORJLFy RSHUDWHVy LQy YDULRXVy PRGHVy DFFRUGLQJy WRy WKHy VHWWLQJy RIy WKHy 'HFRGHUy &RQWURO 5HJLVWHUyoe$Koiy7KHy0RQLWRUy0RGHyLVyXVHGyWRyVHDUFKyWKHyWDUJHWyEORFNyDQGyV\QFKURQL]HyWKHy6\QFy0DUN LQyWKHyPDLQyGDWDyFKDQQHOyEHIRUHyGDWDyEXIIHULQJyRSHUDWLRQyRFFXUViy,QyWKLVyPRGHnyQRyEXIIHULQJyRUy(&& RSHUDWLRQyLVyDFWLYHiy7KHyGHFRGHUyLQWHUUXSWyRFFXUVyDWyWKHyUHODWLYHyORFDWLRQyRIy+HDGHUyRUy6XEKHDGHUyRI WKHyLQFRPLQJy'63yGDWDyVWUHDPVi 7KHy$XGLRy%XIIHULQJy0RGHyLVyXVHGyIRUy&''$yFRS\yRSHUDWLRQViy,QyWKLVyPRGHnyWKHyGHVFUDPEOHUny(&&n DQGy('&yORJLFyDUHyQRWyDFWLYHyDQGyDyGHFRGHUyLQWHUUXSWyLVyJHQHUDWHGyWRyWKHyPLFURSURFHVVRUyIRUyHYHU\ eeeeE\WHiy 7KHy EXIIHULQJy RSHUDWLRQy IRUy GDWDy VWUHDPy LVy DFWLYHiy 7KHy &''$y GDWDy FDQy EHy DFFXUDWHO\ V\QFKURQL]HGyZLWKyWKHyVXEFRGHyGDWDyVWUHDPyLIyWKHy$V\Q:UWyELWyLQyWKHy(&&y&RQWUROyey5HJLVWHUyoe&Kn ELWyeoyLVyVHWi ,Qy WKHy (&&y PRGHny WKHy GHVFUDPEOHUny ('&ny DQGy (&&y DUHy DOOy DFWLYHy ZLWKy YDULRXVy FRUUHFWLRQ FRQILJXUDWLRQViy 7KLVy PRGHy LVy QRUPDOO\y XVHGy IRUy EXIIHULQJy &'y GDWDy VXFKy DVy 70 xy 2QWKHIO\('& yFRUUHFWLRQ
70
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy $GYDQFHGy(UDVXUHy&RUUHFWLRQyXSyWRyeE\WHyHUURUySHUy&RGHZRUG
xy &''$y&237KHy.6aeecyDOVRy VXSSRUWVy&''$y EXIIHULQJyRSHUDWLRQViy %\yVHWWLQJyWKHy $XGL:UWyELWy LQyWKHy 'HFRGHU &RQWUROy5HJLVWHUyoe%KnyELWyeonyWKHyGHFRGHUyLVySODFHGyLQWRy$XGLRy%XIIHULQJy0RGHiy7KHyGHFRGHUyFLUFXLW VWDUWVy WRy V\QFKURQL]Hy ZLWKy WKHy ILUVWy OHIWy FKDQQHOiy ,Iy WKHy $6\Q:UWy ELWy LQy WKHy (&&y &RQWUROy ey 5HJLVWHU oe&KnyELWyeoyLVyVHWnyWKHy&''$yGDWDyVWUHDPyZLOOyEHyV\QFKURQL]HGyZLWKyWKHyVXEFRGHy6\QFy0DUNiy$VyD UHVXOWny WKHy GDWDy RIy &''$y RSHUDWLRQVy DUHy VPRRWKO\y FRQQHFWHGy IRUy GLIIHUHQWy DFFHVVHViy ,Qy $XGLR %XIIHULQJy 0RGHny WKHy LQWHUQDOy FRXQWHUy LVy DFWLYHy DQGy DQy LQWHUUXSWy LVy JHQHUDWHGy WRy WKHy KRVWy IRUy HYHU\ eeeeE\WHVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
xy $XGLRy3OD\EDFNyLQy&$9yPRGHyVXSSRUW
,Qy&$9yo&RQVWDQWy$QJXODUy9HORFLW\oyDSSOLFDWLRQVnyWKHy.6aeecyDOORZVyDXGLRyGDWDyWRyEHyEXIIHUHGyDQG SOD\HGy DWy UHJXODUy &$9y VSHHGVy ZLWKRXWy FKDQJLQJy WKHy VSHHGy WRy &/9y o&RQVWDQWy /LQHDUy 9HORFLW\oy RU VLQJOHyVSHHGyPRGHViy$ORQJyZLWKyWKHy&''$yVXEFRGHyV\QFKURQL]DWLRQyWHFKQLTXHVyLQy.6aeecny$XGLR IUDPHy GDWDy LVy JXDUDQWHHGy WRy EHy VPRRWKO\y FRQFDWHQDWHGy ZLWKRXWy ORVLQJy DXGLRy IUDPHVy GXULQJy &$9 SOD\EDFNiy,QyWKHy.6aeecnyXSyWRyei;y&$9yRSHUDWLRQyLQyRXWHUyWUDFNVyLVyVXSSRUWHGi 7KHyEXIIHUHGyDXGLRyGDWDyLVyRXWSXWyWRyWKHyH[WHUQDOyDXGLRy'$&yDWyeeii.K]yo:RUGy&ORFNoyLQyHLWKHUy(,$RUy ,e6y DXGLRy IRUPDWVy UHJDUGOHVVy RIy WKHy GLVNy VSHHGiy $OVRny WKHy DXGLRy GDWDy XQGHUUXQy FRQGLWLRQy LV PDVNHGyE\yPXWLQJyERWKyRXWSXWyFKDQQHOVyWRyJXDUGyDJDLQVWyXQGHVLUHGyDXGLRyQRLVHiy$VyUHVXOWVnyLQy&$9 DSSOLFDWLRQVnyWKHyDXGLRySOD\EDFNyFDQyEHyDFKLHYHGyE\y&'520yFRQWUROOHUyLQyDyORZyFRVWyGHVLJQi ,QyRUGHUyWRyVLPSOLI\yILUPZDUHyHIIRUWVyDQGyHIILFLHQWO\yFRQWUROyWKHyDXGLRySOD\EDFNyVHTXHQFHVnyWKHy$XGLR +DUGZDUHy%XIIHUy0DQDJHUyLPSOHPHQWHGyZLOOyDXWRPDWLFDOO\yNHHSyWUDFNyRIyWKHyDYDLODEOHyDXGLRyEORFNoVo LQyEXIIHUy'5$0iy:KHQyWKLVyEXIIHUyLVyIXOOnyILUPZDUHyLVyDEOHyWRyyVWRSyWKHy'63yEXIIHULQJyRSHUDWLRQiy,IyWKH EXIIHUy LVy HPSW\y RUy XQGHUUXQny WKHy DXGLRy PXWHy RSHUDWLRQy LVy DXWRPDWLFDOO\y SHUIRUPHGy E\y KDUGZDUHy WR DYRLGyDQ\yQRLVHyIURPyEHLQJyRXWSXWWHGi 7KHyDXGLRyRXWSXWySLQVyFDQyEHyVHOHFWHGyDQGyFRQILJXUHGyYLDyWKHy$:&.ny$%&.ny$'$7yDQGy(%82ySLQVi 7KHy FORFNy VRXUFHy LVy GHULYHGy GLUHFWO\y IURPy WKHy V\VWHPy FORFNy WKXVy HOLPLQDWLQJy WKHy QHHGy IRUy DQRWKHU FU\VWDOyIRUyWKHyDXGLRyFORFNi
xy 5HSHDWHGy&RUUHFWLRQyVXSSRUW
5HSHDWHGy FRUUHFWLRQy LVy VXSSRUWHGy E\y WKHy .6aeecy IRUy LQWHQVLYHO\y QRQy UHDOWLPHy FRUUHFWLRQ HQYLURQPHQWViy %\y VHWWLQJy WKHy DSSURSULDWHy 'LVNy 7UDQVIHUy %ORFNy $GGUHVVy 5HJLVWHUVy oeaKny eaKoy DQG ZULWLQJyDyRQHyLQyWKHy5HS&RUUyELWyLQyWKHy(&&y&RQWUROyey5HJLVWHUyoe&KnyELWyeonyWKHyFRUUHFWLRQyLVyVWDUWHGi $QyLQWHUUXSWyZLOOyEHyJHQHUDWHGyZLWKyWKHy'HF,QWyELWyVHWyLQyWKHy'HFRGHUy,QWHUUXSWy6WDWXVy5HJLVWHUyoiiKn ELWyioyLIyWKHy'HF,QW(yELWyLQy'HFRGHUy,QWHUUXSWy0DVNy5HJLVWHUyoieKnyELWyioyLVyVHWi y
xy 6\QFy0DUNy,QVHUWLRQyVXSSRUW
7KHy6\QFy0DUNyLQVHUWLRQyLVyVXSSRUWHGyE\yWKHy .6aeeciy:KHQyWKHyGHFRGHUyLVyLQyWKHy(&&ny %XIIHULQJ 2QO\y0RGHnyRUy0RQLWRUy0RGHnyWKHy6\QFy,QVHUWLRQyORJLFyLVyDFWLYHiy7KLVyDOORZVyWKHy'63y,QWHUIDFHyORJLF WRyUHFRYHUyIURPyORVWyV\QFKURQL]DWLRQyHUURUViy,IyWKHyGHFRGHUyLVyLQyWKHy0RQLWRUy0RGHnyWKHy6\QFy,QVHUWLRQ ORJLFy ZLOOy DOZD\Vy UHV\QFKURQL]Hy ZLWKy WKHy PRVWy UHFHQWy 6\QFy 0DUNy WRy LQVXUHy WKDWy V\QFKURQL]DWLRQy LV QHYHUyORVWi
xy 46XEFRGHyGHLQWHUOHDYHyZLWKy&5&yFKHFNyVXSSRUW
7KHyieE\WHyGHLQWHUOHDYHGy4yVXEFRGHyLVyVXSSRUWHGyE\yWKHy.6aeeciy7KHyGHLQWHUOHDYHGy4yVXEFRGH GDWDyZLWKyIRXUy]HURVyGDWDyDUHyZULWWHQyLQWRyEXIIHUy'5$0yZLWKRXWyILUPZDUHyLQWHUYHQWLRQiy$OVRnyWKHy&5& FKHFNy IRUy 4y VXEFRGHy LVy GRQHy E\y KDUGZDUHy DQGy WKLVy &5&y UHVXOWy LVy UHSRUWHGy LQy WKHy6XEFRGHy 6WDWXV 5HJLVWHUyoeiKnyELWyaenycoyZKHQyDyVXEFRGHyLQWHUUXSWyRFFXUVi
xy 5HDOWLPHy(&&yDQGy6HFWRUy6\QFKURQL]HGyPHWKRGyVXSSRUW
(&&yRSHUDWLRQyVWDUWVyDVyVRRQyDVyWKHySUHYLRXVyEORFNyKDVyILQLVKHGyEXIIHULQJyRSHUDWLRQyZLWKy('&yHUURUi 7KHy(&&yRSHUDWLRQyLVyV\QFKURQL]HGyZLWKyWKHyVHFWRUyV\QFySDWWHUQiy$VyDyUHVXOWnyWKHyGDWDyEORFNyDGGUHVV IRUy(&&yRSHUDWLRQyLVyDOZD\VyRQHyEORFNyEHKLQGyWKHy'63yEXIIHULQJyRSHUDWLRQiy%HFDXVHyRIyWKHyVHFWRU V\QFKURQL]HGyDUFKLWHFWXUHyRIy(&&yFRUUHFWLRQVnyEORFNVyDUHySURFHVVHGyLQyUHDOWLPHiy,QyRWKHUy|EXIIHUHG GDWDyFRUUHFWLRQyRUy|GHOD\HGySLSHOLQHy(&&yFRUUHFWLRQyPHWKRGVnyWKHyEXIIHUy'5$0yZLOOyTXLFNO\yILOOyZKHQ VRPHyHUURQHRXVyEORFNVyRFFXUiyy$VyDyUHVXOWnyDyFRQVHTXHQWyVHHNyPD\yEHyUHTXLUHGiy7KHUHIRUHnyWKHyUHDO WLPHy(&&yFRUUHFWLRQyRIyWKHy.6aeecyRIIHUVyDyVXSHULRUyFRUUHFWLRQyVFKHPHyWRyRWKHUyPHWKRGVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
9&& $6(/ ,6(/ 966 ;6(/ 9&& 7(670i 7(670i +567% ''ae ''a ''c ''a
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
. iieyy 6aeecy4)3y3LQy'LDJUDP
$$i $$i $$e $$e 966 966 $$e $$e $$c $$ae 06(/ 9&&
aa ai ai ae ae ae ae ac aae aa aa iii
aec aeae aea aea ai ai ae ae ae ae ac aae aa aee aee aee aee aei aei ca ca cae cc ce ce ce ce ci ci ea ea eae ec ee ee ee ee ei
*3i *3i *3e *3e 9&& *3e *3e *3c *3ae 966 966 $;,1 $:&. $%&. $'$7 '$82 567% 68% 6)6< 6%6< 5&. 6%&/. 6'$7$ /5&/. &e32,
i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee ee ee
0LFURFRQWUROOHU 1RQPXOWLSOH[HG $GGUHVVy,QWHUIDFH *HQHUDO 3XUSRVHy,i2 ,QWHUIDFH
,QWHUIDFHy&RQILJ
&$9y y $XGLR ,QWHUIDFH
.6aeec iiiy3LQy74)3
$7$y+RVW ,QWHUIDFH
'63y y 6XEFRGH ,QWHUIDFH
'63yPDLQGDWD ,QWHUIDFH
0LFURFRQWUROOHU ,QWHUIDFH
''e ''ii ''e ''ii 966 ''e ''ie ''e ''ie ''i ''ie ''i ''ie 966 '0$54 ',2:% ',25% ,25'< '0$&.% ,1754 ,2&6ic% '$i 3',$*% '$i '$e
1RWHay7(670iyoSLQyaeoyDQGy7(670iyoSLQyaioyPXVWyEHyOHIWyXQFRQQHFWHGyRUyWLHG ORZyIRUyQRUPDOyRSHUDWLRQi
;287 ;,1yi6<6&/. $567% &6% $'i $'i $'e $'e 966 $'e $'e $'c $'ae 9&& $/(i56% 5'%i'6% :5%i5:% +,17% ',17% 966 067% '$63% &6e);% &6i);%
966
ei ea ea eae ec ee ee ee ee ei ei ea ea eae ec ee ee ee ee ei ei ea ea eae ec
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiey3LQy$VVLJQPHQW
7KHySLQyDVVLJQPHQWVyDUHyOLVWHGyLQyVHTXHQWLDOyRUGHUyRIySLQyQXPEHUyZLWKyVKRUWyGHVFULSWLRQyLQyWKH IROORZLQJyWDEOHi
' 2 , 7 W I [ 03 '63 '6368% '5$0 +RVW 0DVWHU 6ODYH '$&
2SHQ'UDLQ 2XWSXW ,QSXW 7ULVWDWH 7R )URP GRQ(c)WyFDUH
6\PEROyDQGy&RQYHQWLRQ
SLQyXVHGyDVyDQyRSHQGUDLQyVLJQDO SLQyXVHGyDVyDQyRXWSXWyVLJQDO SLQyXVHGyDVyDQyLQSXWyVLJQDO SLQyXVHGyDVyDyWULVWDWHyVLJQDO SLQyLVyDQyRXWSXWyVLJQDOyWRyRXWVLGHyFRPSRQHQW SLQyLVyDQyLQSXWyVLJQDOyIURPyRXWVLGHyFRPSRQHQW SLQyPD\yHLWKHUyEHyXVHGyRUyQRWyXVHG 0LFURSURFHVVRUyRUy0LFURFRQWUROOHU &'y'63yPDLQyGDWDyFKDQQHOyLQWHUIDFH &'y'63y6XEFRGHyLQWHUIDFH '\QDPLFy5DQGRPy$FFHVVy0HPRU\ ,'(y+RVW ,'(y0DVWHUy'ULYHnyGULYHyi ,'(y6ODYHy'ULYHnyGULYHyi ([WHUQDOy$XGLRy'$&
3K\VLFDOy3LQy$VVLJQPHQW
6LJQDO *3i *3i *3e *3e 9&& *3e *3e *3c *3ae 3LQ i e e e e c ae a a ,i2 ,i2 ,i2 ,i2 ,i2 , ,i2 ,i2 ,i2 ,i2 'HVFULSWLRQ *HQHUDOy3XUSRVHy,i2y/LQHyi *HQHUDOy3XUSRVHy,i2y/LQHyi *HQHUDOy3XUSRVHy,i2y/LQHye *HQHUDOy3XUSRVHy,i2y/LQHye 3RZHU *HQHUDOy3XUSRVHy,i2y/LQHye *HQHUDOy3XUSRVHy,i2y/LQHye *HQHUDOy3XUSRVHy,i2y/LQHyc *HQHUDOy3XUSRVHy,i2y/LQHyae 6RXUFHi 'HVWLQDWLRQ
3K\VLFDOy3LQy$VVLJQPHQW
6LJQDO 966 966 $;,1 $:&. $%&. $'$7 '$82 567% 68% 6)6< 6%6.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
3K\VLFDOy3LQy$VVLJQPHQW
6LJQDO $/( 56% 5'% '6% :5% 5i:% +,17% ',17% 966 067% '$63% &6e);% &6i);% '$e '$i 3',$*% '$i ,2&6ic% ,1754 '0$&.% ,25'< ',25% ',2:% '0$54 966 ''ie ''i ''ie ''i ''ie ''e ''ie ''e 3LQ ei ee ee ee ee ec eae ea ea ei ei ee ee ee ee ec eae ea ea ci ci ce ce ce ce cc cae ca ca aei ,i2 , , , 2' 2' , , ,i2 , , , , ,i2 , 2' 27 , 27 , , 27 , ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 'HVFULSWLRQ PLFURSURFHVVRUyy$GGUHVVy/DWFKy(QDEOH $GGUHVVy5HJLVWHUyVHOHFWyLQyLQGLUHFW DFFHVVyPRGHi PLFURSURFHVVRUyUHDGyVWUREHyo,QWHOo GDWDyVWUREHyVLJQDOyo0RWRURODo PLFURSURFHVVRUyZULWHyVWUREHyo,QWHOo UHDGiZULWHyVWUREHyo0RWRURODo PLFURSURFHVVRUy+RVWyLQWHUUXSW PLFURSURFHVVRUy'LVNyLQWHUUXSW *URXQG 0DVWHUi6ODYHy&RQILJXUDWLRQ ,'(yGULYHyDFWLYHVODYHySUHVHQW ,'(yKRVWyFKLSyVHOHFWyi ,'(yKRVWyFKLSyVHOHFWyi ,'(yKRVWyDGGUHVVye ,'(yKRVWyDGGUHVVyi ,'(y3DVVHGy'LDJQRVWLFV ,'(yKRVWyDGGUHVVyi ,'(yicELWyGDWDyWUDQVIHU ,'(yKRVWyLQWHUUXSWyUHTXHVW ,'(yKRVWy'$0yDFNQRZOHGJH ,'(y,i2yFKDQQHOyUHDG\ ,'(y,i2yUHDGyVWUREH ,'(y,i2yZULWHyVWUREH ,'(yGULYHy'0$yUHTXHVW *URXQG ,'(yKRVWyGDWDyEXVyie ,'(yKRVWyGDWDyEXVyi ,'(yKRVWyGDWDyEXVyie ,'(yKRVWyGDWDyEXVyi ,'(yKRVWyGDWDyEXVyie ,'(yKRVWyGDWDyEXVye ,'(yKRVWyGDWDyEXVyie ,'(yKRVWyGDWDyEXVye 6RXUFHi 'HVWLQDWLRQ Iny03 Iny03 Iny03 Wny03 Wny03 'ULYHy6(/ 0DVWi6ODYH Iny+RVW Iny+RVW Iny+RVW Iny+RVW 0DVWi6ODYH Iny+RVW Wny+RVW Wny+RVW Iny+RVW Wny+RVW Iny+RVW Iny+RVW Wny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
3K\VLFDOy3LQy$VVLJQPHQW
6LJQDO 966 ''ii ''e ''ii ''e ''a ''c ''a ''ae +567% 7(670i 3LQ aei aee aee aee aee aec aeae aea aea ai ai ,i2 , ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 , , 'HVFULSWLRQ *URXQG ,'(yKRVWyGDWDyEXVyii ,'(yKRVWyGDWDyEXVye ,'(yKRVWyGDWDyEXVyii ,'(yKRVWyGDWDyEXVye ,'(yKRVWyGDWDyEXVya ,'(yKRVWyGDWDyEXVyc ,'(yKRVWyGDWDyEXVya ,'(yKRVWyGDWDyEXVyae $7$yy+RVWyUHVHW 7HVWy0RGHyi 1RWHayy7KLVySLQyPXVWyEHyOHIW XQFRQQHFWHGyRUyWLHGyORZyIRUyQRUPDO RSHUDWLRQ 7HVWy0RGHyi 1RWHayy7KLVySLQyPXVWyEHyOHIW XQFRQQHFWHGyRUyWLHGyORZyIRUyQRUPDO RSHUDWLRQ 3RZHU )UHTXHQF\y6HOHFW ee.y3XOOXSyIRUyeiia0+]y6\VFON ii.y3XOOGRZQyIRUyeeiac0+]y6\VFON *URXQG 03y'LUHFWi,QGLUHFWy$FFHVy6HOHFW ee.y3XOOXSyIRUy03y5HJLVWHUy,QGLUHFW ii.y3XOOGRZQyIRUy03y5HJLVWHUy'LUHFW $GGUHVVy6HOHFW 3RZHU 3RZHU ,QWHOi0RWRURODy03y6HOHFW ee.y3XOOXSyIRUy0RWRURODy03y6HOHFW ii.y3XOOGRZQyIRUy,QWHOy03y6HOHFW 1RQ0XOWLSOH[HGy$GGUHVVy/LQHyae 1RQ0XOWLSOH[HGy$GGUHVVy/LQHyc 1RQ0XOWLSOH[HGy$GGUHVVy/LQHye 1RQ0XOWLSOH[HGy$GGUHVVy/LQHye *URXQG 'HVFULSWLRQ 6RXUFHi 'HVWLQDWLRQ WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW WnyIny+RVW
7(670i
ae
,
9&& ;6(/ 966 ,6(/ $6(/ 9&& 9&& 06(/ $$ae $$c $$e $$e 966 6LJQDO
ae ae ae ac aae aa aa ai ai ae ae ae ae 3LQ
, , , , , , , , , , , , , ,i2
Iny03 Iny03 Iny03 Iny03 6RXUFHi
2SHQoiii.yLQWHUQDOy3XOOXSoay0X[y$GGUHVV ii.y3XOOGRZQay1RQ0XOWLSOH[HGy$GGUHVV
3K\VLFDOy3LQy$VVLJQPHQW
966 $$e $$e $$i $$i ac aae aa aa iii , , , , , *URXQG 1RQ0XOWLSOH[HGy$GGUHVVy/LQHye 1RQ0XOWLSOH[HGy$GGUHVVy/LQHye 1RQ0XOWLSOH[HGy$GGUHVVy/LQHyi 1RQ0XOWLSOH[HGy$GGUHVVy/LQHyi 'HVWLQDWLRQ Iny03 Iny03 Iny03 Iny03
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiey3LQy'HVFULSWLRQ
iieiiy3LQy'HVFULSWLRQyLQy$7$y+RVWy,QWHUIDFH
y y y y y y y y y y y y y y y y y y y y &6i);%yo'ULYHyFKLSyVHOHFWyio 3LQyei 7KLVyLVyWKHyFKLSyVHOHFWyVLJQDOyGHFRGHGyIURPyWKHyKRVWyDGGUHVVyEXVyXVHGyWRyVHOHFWyWKHy&RPPDQG %ORFNy5HJLVWHUVi &6e);%yo'ULYHyFKLSyVHOHFWyio 3LQyea 7KLVyLVyWKHyFKLSyVHOHFWyVLJQDOyGHFRGHGyIURPyWKHyKRVWyDGGUHVVyEXVyXVHGyWRyVHOHFWyWKHy&RQWURO %ORFNy5HJLVWHUVi '$inineyo'ULYHyDGGUHVVyEXVo 3LQyeeneenei 7KLVyLVyWKHyFKLSyVHOHFWyVLJQDOyGHFRGHGyIURPyWKHyKRVWyDGGUHVVyEXVyXVHGyWRyVHOHFWyWKHy&RQWURO %ORFNy5HJLVWHUVi '$63%yo'ULYHyDFWLYHyVODYHySUHVHQWo y 3LQyea 7KLVyLVyDyWLPHPXOWLSOH[HGyVLJQDOyZKLFKyLQGLFDWHVyWKDWyDyGULYHyLVyDFWLYHyRUyGULYHyiyLVySUHVHQWiy7KLV VLJQDOyLVyDQyRSHQyFROOHFWRUyRXWSXWyZLWKyDyii.yRKPySXOOXSyUHVLVWRUi 3LQycenccnncanaeinaeenaeenaeaenaean y aeanaecnaeenaeencancaencence y 7KHVHyVLJQDOVyDUHyXVHGyIRUyicELWyELGLUHFWLRQyGDWDyEXVyEHWZHHQyWKHyKRVWyDQGyWKHy.6aeeciy7KH ''iaeyDUHyXVHGyIRUyDFFHVVLQJyaELWy$7$y7DVNy)LOHy5HJLVWHUVi y ,Qy$7$3,yGDWDyWUDQVIHUyPRGHnyLWyLVyDOZD\VyicELWyZLGHi ',25%yo'ULYHy,i2y5HDGo 3LQyea y 7KLVyLVyWKHy5HDGyVWUREHyVLJQDOiy7KHyULVLQJyHGJHyRIy',25%yHQDEOHVyGDWDyIURPyDyUHJLVWHUyRUyWKH GDWDySRUWyRIyWKHy.6aeecyRQWRyWKHyKRVWyGDWDyEXVny''i''aeyRUy''i''ieiy7KHyULVLQJyHGJHyRI ',25%yODWFKHVyGDWDyDWyWKHyKRVWiyy,Qy8OWUDy'0$yPRGHnyWKLVyVLJQDOyLVyXVHGyE\yWKHy+RVWyDVyWKH '0$5'<%yVLJQDOyGXULQJyKRVWyUHDGVnyDQGyDVyWKHyGDWDy6752%(yVLJQDOyGXULQJy+RVWyZULWHVi ',2:%yo'ULYHy,i2y:ULWHo 3LQyci 7KLVyLVyWKHy:ULWHyVWUREHyVLJQDOiy7KHyULVLQJyHGJHyRIy',2:%yFORFNVyGDWDyIURPyWKHyKRVWyGDWDyEXVn ''i''aeyRUy''i''ienyLQWRyWKHyGDWDySRUWyRIyWKHy.6aeeciyy,Qy8OWUDy'0$yPRGHnyWKLVyVLJQDOyLV XVHGyE\yWKHy+267yDVyWKHy6723yVLJQDOi '0$&.%yo'0$y$FNQRZOHGJHo 3LQyeae 7KLVyVLJQDOyLVyXVHGyE\yWKHyKRVWyLQyUHVSRQVHyWRy'0$54yWRyHLWKHUyDFNQRZOHGJHyWKDWyGDWDyKDVyEHHQ DFFHSWHGnyRUyWKDWyGDWDyLVyDYDLODEOHi '0$54yo'0$y5HTXHVWo 3LQyci 7KLVy VLJQDOy LVy XVHGy IRUy '0$y GDWDy WUDQVIHUy EHWZHHQy KRVWy DQGy .6aeeciy ,Wy LVy DVVHUWHGy E\y WKH .6aeecy ZKHQy LWy LVy UHDG\y WRy WUDQVIHUy GDWDy WRy RUy IURPy WKHy KRVWiy 7KHy GLUHFWLRQy RIy WUDQVIHUy LV FRQWUROOHGy E\y ',25%y DQGy ',2:%iy 7KLVy VLJQDOy LVy XVHGy LQy Dy KDQGVKDNHy PDQQHUy ZLWKy '0$&.% VLJQDOi :KHQyDy'0$yRSHUDWLRQyLVyHQDEOHGny,2&6ic%ny&6i);%yDQGy&6e);%yDUHyQRWyDVVHUWHGyDQGyGDWD WUDQVIHUyDUHyicELWVyZLGHi ,25'y y y y y y y y y
y y y y

y y y y 7KLVy VLJQDOy LVy GHDVVHUWHGy LQy RUGHUy WRy H[WHQGy WKHy KRVWy DFFHVVy ZKHQy .6aeecy LVy QRWy UHDG\y WR UHVSRQVHyWRyWKHyUHTXHVWiyy,Qy8OWUDy'0$yPRGHnyWKLVyVLJQDOyLVyXVHGyE\yWKHy.6aeecyDVyWKHyGULYH(c)V '0$5'<%yVLJQDOyGXULQJy+RVWyZULWHVnyDQGyDVyWKHyGULYH(c)VyGDWDy6752%(yVLJQDOyGXULQJy+RVWyUHDGVi ,1754yo'ULYHyLQWHUUXSWo 3LQyec y 7KLVy VLJQDOy LVy XVHGy WRy LQWHUUXSWy WKHy KRVWiy ,1754y SLQy LVy DVVHUWHGy RQO\y ZKHQy WKHy .6aeecy KDVy D SHQGLQJyLQWHUUXSWyZKLOHyWKHyGULYHyLVyVHOHFWHGnyDQGyWKHyKRVWyKDVyFOHDUHGyQ,(1yLQyWKHy$7$y'HYLFH &RQWUROy5HJLVWHUiy,IyQ,(1 iyRUyWKHyGULYHyLVyQRWyVHOHFWHGnyWKLVyRXWSXWyLVyLQyDyKLJKyLPSHGDQFHyVWDWHn UHJDUGOHVVyRIyWKHySUHVHQFHyRUyDEVHQFHyRIyDySHQGLQJyLQWHUUXSWi ,2&6ic%yo'HYLFHyicELWy,i2o 3LQyee ([FHSWy IRUy '0$y WUDQVIHUVny ,2&ic%y LQGLFDWHVy WRy WKHy KRVWy WKDWy WKHy icELWy GDWDy SRUWy KDVy EHHQ DGGUHVVHGiy7KLVyLVyDQyRSHQyFROOHFWRUyRXWSXWi ,Qy$7$3,y3,2yGDWDyWUDQVIHUyPRGHnyWKHy,2&6ic%yVKDOOyDOZD\VyEHyDVVHUWHGi 3',$*%yo'ULYHySDVVHGyGLDJQRVWLFVo 3LQyee 7KLVy VLJQDOy LVy DVVHUWHGy E\y GULYHy iy oVODYHy GULYHoy WRy LQGLFDWHy WRy GULYHy iy oPDVWHUy GULYHoy WKDWy LWy KDV FRPSOHWHGyGLDJQRVWLFViy$yii.yRKPySXOOXSyUHVLVWRUyLVyXVHGyRQyWKLVyVLJQDOyE\yHDFKyGULYHyRQyWKH VDPHyFDEOHi +567%yo$7$y+RVWy5HVHWo 3LQyai 7KLVy VLJQDOy IURPy WKHy KRVWy V\VWHPy LVy DVVHUWHGy IRUy DWy OHDVWy eey XVHFy DIWHUy YROWDJHy OHYHOVy GXULQJ SRZHURQyDQGy QHJDWHGyWKHUHDIWHUy XQOHVVyVRPHy HYHQWyUHTXLUHVy WKDWyWKHy GULYHyEHy UHVHWy IROORZLQJ SRZHUyRQiy:KHQyWKLVyLQSXWyVLJQDOyLVyDVVHUWHGnyWKHy$7$y7DVNy)LOHy5HJLVWHUVyZLOOyEHyLQLWLDOL]HGyDQG WKHy%6.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
y y y y y y y y y y y
y
y y y y y y y y y y y y y y y y y y y
iieiey3LQy'HVFULSWLRQyLQy0LFURSURFHVVRUy,QWHUIDFH
$'iaeyo0LFURSURFHVVRUyDGGUHVVyDQGyGDWDyEXVo 3LQyeineeneeneenecneaeneanea 7KHVHyVLJQDOVyDUHyELGLUHFWLRQDOyPXOWLSOH[HGyPLFURSURFHVVRUyDGGUHVVyDQGyGDWDyOLQHVi $$iaeyo1RQ0XOWLSOH[yPLFURSURFHVVRUyDGGUHVVyEXVo 3LQyiiinaanaanaaenaenaenaenai 7KHVHyVLJQDOVyUHFHLYHyQRQPXOWLSOH[HGyDGGUHVVyIURPyWKHyPLFURSURFHVVRUi $/(o$GGUHVVyODWFKyHQDEOHo 3LQyei 56%o5HJLVWHUy6HOHFWo 7KHyIDOOLQJyHGJHyRIyWKLVyVLJQDOyLVyXVHGyDVyDGGUHVVyODWFKyIRUyUHJLVWHUyDFFHVVyLQy,QWHOy0RGHi 7KLVyVLJQDOyLVyXVHGyDVy$GGUHVVy5HJLVWHUy6HOHFWyLQyLQGLUHFWyUHJLVWHUyDFFHVVyPRGHiy,QyWKLVyPRGHn 56%y SLQy LVy DVVHUWHGy DVy ORJLFy ORZy VWDWHy IRUy $GGUHVVy 5HJLVWHUy DQGy 56%y SLQy LVy QHJDWHGy DVy ORJLF KLJKyVWDWHyIRUy'DWDy5HJLVWHUi 5'%yoPLFURSURFHVVRUyUHDGyVWUREHo 3LQyee '6%yoGDWDyVWUREHo 7KLVy VLJQDOy LVy XVHGy DVy WKHy UHDGy VWUREHy VLJQDOy LQy ,QWHOy PXOWLSOH[HGy UHJLVWHUy DGGUHVVLQJy PRGHi :KHQyWKHy0RWRURODyPLFURSURFHVVRUyLVyVHOHFWHGnyWKLVyVLJQDOyLVyDFWHGyDVyGDWDyVWUREHyVLJQDOi :5%yoPLFURSURFHVVRUyZULWHyVWUREHo 3LQyee 5i:%yo5i:y6WUREHo 7KLVy VLJQDOy LVy XVHGy DVy WKHy ZULWHy VWUREHy VLJQDOy LQy ,QWHOy PXOWLSOH[HGy UHJLVWHUy DGGUHVVLQJy PRGHi :KHQyWKHy0RWRURODyPLFURSURFHVVRUyLVyVHOHFWHGnyWKLVyVLJQDOyLVyDFWHGyDVyUHDGiZULWHyVWUREHyVLJQDOi
y y y y y y +,17%yo0LFURSURFHVVRUyKRVWiEXIIHUyLQWHUUXSWo 3LQyee 7KLVyVLJQDOyLVy DVVHUWHGyDVy ORJLFyORZy VWDWHyZKHQyLQWHUUXSWy VWDWXVyLVy DYDLODEOHyWRy PLFURSURFHVVRUi 7KLVyLQWHUUXSWyLQGLFDWHVyWKHUHyLVyDWyOHDVWyRQHyKRVWyRUyEXIIHUyHYHQWyZKLFKyQHHGVyWRyEHyVHUYLFHGyE\ PLFURSURFHVVRUi ',17%yo0LFURSURFHVVRUyGLVNyLQWHUUXSWo 3LQyee 7KLVyVLJQDOyLVy DVVHUWHGyDVy ORJLFyORZy VWDWHyZKHQyLQWHUUXSWy VWDWXVyLVy DYDLODEOHyWRy PLFURSURFHVVRUi 7KLVyLQWHUUXSWyLQGLFDWHVyWKHUHyLVyDWyOHDVWyRQHyGHFRGHUyRUyGLVNyHYHQWyZKLFKyQHHGVyWRyEHyVHUYLFHG E\yPLFURSURFHVVRUiy7KHy GLVNyLQWHUUXSWy FDQyEHy FRPELQHGyZLWKyKRVWy LQWHUUXSWyLQy +,17%yVLJQDOy E\ FOHDULQJy,QW0RGHyELWyLQy,QWHUIDFHy&RQILJXUDWLRQy&RQWUROy5HJLVWHUyoi%KnyELWyaeoiy7KHyFRPELQHGyPRGH LVyWKHyGHIDXOWyPRGHyDWySRZHURQi &6%yo&KLSy6HOHFWo 3LQyei 7KLVyVLJQDOyPXVWyEHyDVVHUWHGyDVyORJLFyORZyVWDWHyIRUyDFFHVVLQJyUHJLVWHUVyRIy.6aeeci 06(/yo0LFURSURFHVVRUyVHOHFWo 3LQyai 7KLVy SLQy LVy XVHGy WRy VHOHFWy WKHy 0RWRURODy PLFURSURFHVVRUy ZKHQy LWy FRQQHFWVy ZLWKy SXOOXSy UHVLVWRU ee.iy 2WKHUZLVHny ZLWKy SXOOGRZQy UHVLVWRUy ii.ny WKHy ,QWHOy PLFURSURFHVVRUy LVy VHOHFWHGiy 7KLVy SLQy LV VDPSOHGyRQO\yZKHQy,6(/ySLQyLVyQHJDWHGyDWyWKHySRZHUyRQyVWDJHi ,6(/yoPLFURSURFHVVRUyLQGLUHFWyUHJLVWHUyDFFHVVyVHOHFWo3LQyac 7KLVy SLQy LVy XVHGy WRy VHOHFWy WKHy LQGLUHFWy UHJLVWHUy DFFHVVy PRGHy ZKHQy LWy FRQQHFWVy ZLWKy SXOOXS UHVLVWRUy ee.iy 2WKHUZLVHny ZLWKy SXOOGRZQy UHVLVWRUy ii.ny WKHy GLUHFWy UHJLVWHUy DFFHVVy PRGHy LV VHOHFWHGiy7KLVySLQyLVyVDPSOHGyRQO\yDWyWKHySRZHUyRQyVWDJHi ,Qy WKHy LQGLUHFWy UHJLVWHUy DFFHVVy PRGHny WKHy $/(i56%y SLQy LVy XVHGy WRy VHOHFWy UHJLVWHUy LQSXWiy :KHQ 56%yLVyDVVHUWHGnyWKHy$GGUHVVy5HJLVWHUyLVyVHOHFWHGiy:KHQy56%yLVyQHJDWHGnyWKHyLQWHUQDOyUHJLVWHU DGGUHVVHGyE\y$GGUHVVy5HJLVWHUyLVyDFFHVVHGyE\yPLFURSURFHVVRUi $6(/yoPLFURSURFHVVRUy1RQ0XOWLSOH[y$GGUHVVy6HOHFWo3LQyaae 7KLVy SLQy LVy XVHGy WRy VHOHFWy 1RQ0XOWLSOH[HGy $GGUHVVLQJy PRGHy ZKHQy LWy FRQQHFWVy WRy Dy ii.y SXOO GRZQy UHVLVWRUiy ,Qy 1RQ0XOWLSOH[HGy PRGHny $$iaey UHFHLYHy DGGUHVVy LQIRUPDWLRQy IURPy WKH PLFURFRQWUROOHUy ZKLOHy $'iaey FDUU\y ELGLUHFWLRQDOy GDWDy LQIRUPDWLRQy WRiIURPy WKHy PLFURFRQWUROOHUi :KHQy WKLVy SLQy LVy OHIWy XQFRQQHFWHGny 0XOWLSOH[HGy $GGUHVVLQJy PRGHy LVy VHOHFWHGiy ,Qy 0XOWLSOH[HG PRGHny$GGUHVVy DQGy 'DWDy LQIRUPDWLRQy IURPy WKHyPLFURFRQWUROOHUy DUHy PXOWLSOH[HGy RQWRy WKHy $'iae EXVyZKLOHyWKHy$$iaeyEXVyLVyQRWyXVHGi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
y y y y y y
y y y y
y
iieie 3LQy'HVFULSWLRQyLQy'63y,QWHUIDFH
y y y y y y y y y 68%yo6XEFRGHy6HULDOyGDWDyLQo 7KLVySLQyLVyXVHGyWRyLQSXWyWKHyVXEFRGHyFKDQQHOyGDWDi 3LQyia
6)6y y y y y y y y y y 7KLVySLQyLVyXVHGyWRyRXWSXWyDQGyFORFNyWKHyVXEFRGHyGDWDyIURPy'63iy,Qy3KLOLSVy9ey6XEFRGHyPRGHn WKLVySLQyVKRXOGyQRWyEHyFRQQHFWHGi /5&/.yo'63y/HIWy&KDQQHOy&ORFNo 3LQyee 7KLVySLQyLVyXVHGyWRyLQGLFDWHyWKHyOHIWiULJKWyFKDQQHOyGDWDi 6'$7$yo'63yPDLQyFKDQQHOyGDWDo 3LQyee 7KLVySLQyLVyXVHGyWRyLQSXWyWKHy'63yPDLQyFKDQQHOyGDWDi 6%&/.yo'63yELWyFORFNo 3LQyee 7KLVySLQyLVyXVHGyWRyLQSXWyWKHyGDWDyFORFNyRIy'63yPDLQyFKDQQHOi &e32,yo&ey3RLQWHUy,QSXWo 3LQyee 7KLVySLQyLVyXVHGyWRyLQGLFDWHyWKHyHUURUyIODJVyRIy'63yPDLQyFKDQQHOyGDWDi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iieiey3LQy'HVFULSWLRQyLQy3RZHUi*URXQGi0LVFHOODQHRXVy3LQV
y y y y y y y y y y y y y y y 966yo*URXQGo 9&&yo3RZHUy6XSSO\yZLWKyeyYROWyVRXUFHo 3LQyiiniinecneenyecncenaeinaenaenac y 3LQyyeneinaenaanaa
7(670i 3LQyai 7KLVySLQyLVyXVHGyIRUy,0/yLQWHUQDOyWHVWLQJiyy7KLVySLQyPXVWyQRWyEHyFRQQHFWHGyRUyLWyPXVWyEHyWLHGyORZ IRUy QRUPDOy RSHUDWLRQy PRGHiy y :KHQy WKLVy SLQy LVy WLHGy KLJKny WKHy .6aeecy ZLOOy EHy SODFHGy LQWRy WHVW PRGHi 7(670i 3LQyae 7KLVySLQyLVyXVHGyIRUy,0/yLQWHUQDOyWHVWLQJiyy7KLVySLQyPXVWyQRWyEHyFRQQHFWHGyRUyLWyPXVWyEHyWLHGyORZ IRUy QRUPDOy RSHUDWLRQy PRGHiy y :KHQy WKLVy SLQy LVy WLHGy KLJKny WKHy .6aeecy ZLOOy EHy SODFHGy LQWRy WHVW PRGHi ;6(/yo)UHTXHQF\y6HOHFWo 3LQyae 7KLVyVLJQDOyLVyXVHGyWRyVHOHFWyWKHy.6aeec(c)VyFU\VWDOyLQSXWyIUHTXHQF\iyy7KLVySLQyPXVWyEHySXOOHGyKLJK WKURXJKy Dy ee.y 2KPy UHVLVWRUy WRy VHOHFWy eiia0+]y V\VWHPy FORFNiy y 7KLVy SLQy PXVWy EHy SXOOHGy ORZ WKURXJKyDyii.y2KPyUHVLVWRUyWRyVHOHFWyeeiac0+]yV\VWHPyFORFNi ,6(/yo03y'LUHFWi,QGLUHFWy$FFHVVy6HOHFWo 3LQyaa 7KLVyVLJQDOyLVyXVHGyWRyVHOHFWyPLFURSURFHVVRUy'LUHFWyRUy,QGLUHFWyDFFHVVyPRGHViyy7KLVySLQyPXVWyEH SXOOHGyKLJKy WKURXJKyDy ee.y2KPy UHVLVWRUyWRy VHOHFWyPLFURSURFHVVRUy ,QGLUHFWyDFFHVVy PRGHiyy 7KLV SLQy PXVWy EHy SXOOHGy ORZy WKURXJKy Dy ii.y 2KPy UHVLVWRUy WRy VHOHFWy PLFURSURFHVVRUy 'LUHFWy DFFHVV PRGHi 06(/yo,QWHOi0RWRURODy0LFURSURFHVVRUy6HOHFWo 3LQyai 7KLVy VLJQDOy LVy XVHGy WRy VHOHFWy HLWKHUy ,QWHOi0RWRURODy PLFURSURFHVVRUVy PRGHViy 7KLVy SLQy PXVWy EH SXOOHGyKLJKyWKURXJKyDyee.y2KPyUHVLVWRUyWRyVHOHFWy0RWRURODyPLFURSURFHVVRUyPRGHiyy7KLVySLQyPXVW EHySXOOHGyORZyWKURXJKyDyii.y2KPyUHVLVWRUyWRyVHOHFWy,QWHOyPLFURSURFHVVRUyPRGHi
y y y
iieie 3LQy'HVFULSWLRQyLQy6\VWHPy&RQILJXUDWLRQ
y y 067%yo0DVWHUi6ODYHy&RQILJXUDWLRQo 3LQyeae
y y y y y y y y y y y y y y y y y y y 7KLVyVLJQDOyLVyXVHGyWRyLQIRUPyWKHy.6aeecyWKDWyWKHyGULYHyLVyFRQILJXUHGyDVyPDVWHUyRUyVODYHiy:KHQ WKLVy VLJQDOy LVy DVVHUWHGy DVy ORJLFy ORZy VWDWHny LWy LQGLFDWHVy WKHy GULYHy LVy FRQILJXUHGy DVy PDVWHUiy :KHQ WKLVyVLJQDOyLVyQHJDWHGyDVyORJLFyKLJKyVWDWHnyLWyLQGLFDWHVyWKHyGULYHyLVyFRQILJXUHGyDVyVODYHi 7KHy'$63%yVLJQDOyZLOOyEHyDVVHUWHGyZKHQyWKHy067%ySLQyLVyQHJDWHGyoVODYHyPRGHoyGXULQJy3RZHU RQi+DUGZDUHy5HVHWi$7$y6567i 7KHy 3',$*%y VLJQDOy ZLOOy EHy QHJDWHGy ZKHQy WKHy 067%y SLQy LVy DVVHUWHGy oPDVWHUy PRGHoy GXULQJ 3RZHURQi+DUGZDUHy5HVHWi$7$y6567yDQGy$7$y'LDJQRVWLFyFRPPDQGi y 567%yo&KLSy5HVHWo 3LQyiae $yORJLFyORZyLQSXWyZLOOyUHVHWyWKHy.6aeeciy$OOyKRVWyLQWHUIDFHyRXWSXWVyDUHyVHWyWRyWKHyKLJKLPSHGDQFH VWDWHiy7KHyUHJLVWHUVyRIy.6aeecyZLOOyEHyLQLWLDOL]HGyDVyWKHLUyGHIDXOWyYDOXHVi $567%yo$7$3,yiay&PGy5HVHWo 3LQyea $yORJLFyORZySXOVHyZLWKyeiyXVHFyZLOOyEHyDVVHUWHGyZKHQyKRVWyLVVXHVyWKHy$7$3,y5HVHWy&RPPDQG oiaKoyWRyWKHy.6aeeciy7KLVyVLJQDOyFRXOGyXVHyDVyWKHySXOVHyWRyUHVHWyWKHyPLFURFRQWUROOHUiy7KHyRXWSXW RIyciyXVHFyFORFNySXOVHyLVyDVVXPHGyWKDWyWKHy6\VWHPy&ORFNyRIyeeiacaay0+]yyLVyXVHGi ;,1i6<6&/.yo&U\VWDOyRUy6\VWHPyFORFNyLQSXWo 3LQyea 7KLVyVLJQDOyLVyWKHyFU\VWDOyRUy&026OHYHOyFORFNyLQSXWyDVyV\VWHPyFORFNiyy7KHy.6aeecyFRQWDLQVyDQ LQWHUQDOy UHVLVWHUy EHWZHHQy ;,1i;287iy 7KHUHy LVy QRy H[WHUQDOy UHVLVWHUy UHTXLUHGy WRy FRQQHFWy WKHVH SLQViy7KHyVWDQGDUGyFU\VWDOyRUy&026OHYHOyFORFNyLVyHLWKHUyeeiacaay0+]yRUyeiia0+]i ;287yo2VFLOODWRUyRXWSXWoy 7KLVyVLJQDOVyLVyWKHyRVFLOODWRUyRXWSXWi 3LQyeae
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
;6(/yo6\VWHPy&ORFNy6HOHFWoy 3LQyac 7KHy.6aeecyVXSSRUWVyWZRyIUHTXHQFLHViy7KLVySLQyFDQyXVHyDQyH[WHUQDOyMXPSHUyVHOHFWyWRyFRQILJXUH IRUyHLWKHUyeeiac0+]yRUyeiia0+]iyy7KLVySLQyVKRXOGyEHySXOOHGXSyE\yDyee.y2KPyUHVLVWRUyIRUyeiia 0+]yRSHUDWLRQnyDQGyVWUDSSHGGRZQyE\yDyii.y2KPyUHVLVWRUyIRUyeeiac0+]yRSHUDWLRQi *3iaeyoJHQHUDOySXUSRVHy,QSXWi2XWSXWy/LQHVo 3LQyinenenencnaenana 7KHVHyVLJQDOVyDUHyXVHGyDVyJHQHUDOySXUSRVHyLQSXWiRXWSXWySLQViy7KHVHySLQVyFDQyEHyFRQILJXUHGyDV LQSXWyRUyRXWSXWyE\yVHWWLQJyRUyFOHDULQJyWKHy*3&iaeyELWVyLQyWKHy*HQHUDOy3RUWy&RQWUROy5HJLVWHUyoaeiKoi $IWHUySRZHURQnyWKHVHySLQVyGHIDXOWyWRyWKHyLQSXWyVWDWHi
y y y
iieicy3LQy'HVFULSWLRQyLQy$XGLRy'$&y,QWHUIDFH
y y y $;,1yo$XGLRy&ORFNy,QSXWo 3LQyie 7KLVyLVyWKHyFORFNyLQSXWyIRUyWKHy$XGLRy'$&yLQWHUIDFHiy7KHy'$&yFORFNyFDQyEHyHLWKHUyiciaeee0+]yRU eeiacaa0+]iy:KHQyWKHy'$&yFORFNyLVyiciaeee0+]nyWKHy;,1$y'LYyELWVyoELWinioyRIyWKHy$XGLRy&ORFN &RQWUROy5HJLVWHUyoe(KoyPXVWyEHyVHWyWRyiniiy:KHQyWKHy'$&yFORFNyLVyeeiacaa0+]nyWKHy;,1$y'LY ELWVyPXVWyEHyVHWyWRyinii '$82yo'LJLWDOy$XGLRy2XWSXWo 3LQyic 7KLVySLQyLVyXVHGyWRyRXWSXWyWKHyGLJLWDOyDXGLRyDVy,(&aeayIRUPDWi $'$7yo$XGLRy'DWDyRXWSXWo 3LQyie 7KLVySLQyLVyXVHGyWRyDVyDyDXGLRyGDWDyRXWSXWySLQyZKHQyWKHyDXGLRySOD\EDFNyLQy&$9yPRGHyLVyVHOHFWHG WRyEHyXVHGi $%&.yo$XGLRyELWyFORFNyRXWSXWo 3LQyie
y y y y y y y y
y y y y 7KLVySLQyLVyXVHGyWRyDVyDyDXGLRyELWyFORFNyRXWSXWySLQi $:&.yo$XGLRyZRUGyFORFNyRXWSXWo 3LQyie 7KLVySLQyLVyXVHGyWRyDVyDyDXGLRyZRUGyFORFNyRXWSXWySLQi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iieyy5HJLVWHUy0DSyIRUy.6aeec
3DJH u $GGUHV V 1DPH %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
+RVWy,QWHUIDFHy5HJLVWHUVyo&KDSWHUyeo
iiKy5 iiKy5 iiKy: ieKy5 ieKy: ieK 5i: ieK 5i: ieK 5i: icK 5i: iaeKy5 iaKy5 iaKy5 iaKy: i$Ky5 i$Ky: i%K 5i: i&K 5i: i'K 5i: 3),)2 $)($7 $(55 $6(&& $,175 $6$0 $%&/ $%&+ $'6(/ $&0' $'&9 $,67$7 +6& +,69 +,& ,&& '0%&/ '0%&+ 6HW%6< ,QW0RG H %6< 5VYG '5'< '5'< 5VYG 5HVHUYHG 6HQVHy.H\ 3DFNHWy),)2y5HJLVWHU 5HVHUYHG 0&5 $%57 $7$y6HFWRUy&RXQWy5HJLVWHU 5HOHDV ,2 H $7$3,y6$0y7DJy5HJLVWHUiy$7$y6HFWRUy1XPEHU &R' 2YHUODS (20 '0$ ,/,
$7$3,y%\WHy&RXQWy/RZy5HJLVWHUiy$7$y&\OLQGHUy/RZyy5HJLVWHU $7$3,y%\WHy&RXQWy+LJKy5HJLVWHUiy$7$y&\OLQGHUy+LJKy5HJLVWHU /%$ 5VYG '59 5HVHUYHG
$7$3,y&RPPDQGy5HJLVWHUiy$7$y&RPPDQGyy5HJLVWHU 5HVHUYHG 5VYG 5VYG '6& '6& 6HW+,1 7 &'59 5VYG '54 '54 067% 6567 &RUU &RUU '$63% Q,(1 5VYG 5VYG 3',$*% &OU3',$* % 3FPG,QW 5VYG &+(&. &+(&. 5VYG &OU+,17 'LV,25'<
5HVHUYHG 6HW'$6 6HW3',$ 3% *% $7$y7UDQVIHUy0RGH
&OU%6 &OU'$63 < % 66KDGR 'LV6KD Z G5 '54y0D[y%\WHy&RXQWy/RZy5HJLVWHU
'54y0D[y%\WHy&RXQWy+LJKy5HJLVWHU
+DUGZDUHy6HTXHQFHy&RPPDQGy5HJLVWHUVyo&KDSWHUyeo
i(Ky: i)Ky: i)Ky5 +6& 76& 766 5VYG $&DFKH ( $&DFKH ( 6$$ERUW $&SO( $&SO( 6VHUYLF H 5VYG 6UHOHD VH 66[IU 5HVHUYHG 67),QL W 6$ERU W 6&SO 63DXV H 63DXV H 6&SO&KN :5'LU :5'LU 6'6& 6'[IU +[IU%V\
0LFURSURFHVVRUy,QWHUUXSWy5HJLVWHUVyo&KDSWHUyeo
iiK 5i: iiK 5i: ieK 5i: ieK 5i: +,65i+, &5 ',65i', &5 +,0 ',0 7[IU'RQ H &[IU'RQH $VUVW 6UVW +UVW 6FPG5F Y '$&,QW 6FPG5F Y( '$&,QW ( $FPG5F Y 6XE,QW $FPG5F Y( 6XE,QW( 3FPG5FY 'HF,QW 3FPG5FY ( 'HF,QW(
5HVHUYHG 7[IU'RQ H( &[IU'RQH ( $VUVW( 5HVHUYHG 6UVW ( +UVW(
%XIIHUi&'y&DFKHyPDQJHUy5HJLVWHUVyo&KDSWHUyeo
ieK 5i: ieK 9&%&/ 5HVHUYHG 9DOLGy&DFKHy%ORFNy&RXQWy5HJLVWHUyy%ea%i 5HVHUYHG
5i: icK 77%// 5i: iaeK 5i: iaK &+7%/ 5i: iaK 5i: i$K +7%/$ 5i: i%K 5i: i&K +%2$/ 5i: i i'K +%2$+ 5i: i i(K 72//i 5i: i)K 72/+i 5i: eiK +%2$/ 5i: e eiK +%2$+ 5i: e eeK 72//e 5i: eeK 72/+e 5i: $GGUHV 1DPH V eeK 03$/6% 5i: 0%2$/ eeK 03$0,' 5i: 0%2$+ ecK 03$06 5i: % 0%$ eaeK 5i: eaK 03'3 5i: eaKy5 %$& eaKy: e$K 5i: e%K 5i: e&K 5i: e'K 5i: e(K 5i: e)K 5i: %$& %&&i %&&e %%%$ 5HVHUYHG 7RWDOy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUy%ea%i 5HVHUYHG 5HVHUYHG &XUUHQWy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUy%ea%i 5HVHUYHG 5HVHUYHG +RVWy7UDQVIHUy%ORFNy$GGUHVVy/RZy5HJLVWHUy%ea%i 5HVHUYHG +RVWy%ORFNy2IIVHWy$GGUHVVy/RZyiy5HJLVWHUy%aea%i 5HVHUYHG %ii %ii %a %a
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7UDQVIHUy2IIVHWy/HQJWKy/RZyyiy5HJLVWHUy%aea%i 5HVHUYHG %ii %ii %a %a
+RVWy%ORFNy2IIVHWy$GGUHVVy/RZyey5HJLVWHUy%aea%i 5HVHUYHG %ii %ii %a %a
7UDQVIHUy2IIVHWy/HQJWKy/RZyey5HJLVWHUy%aea%i 5HVHUYHG %,7yae %,7yc %,7ye %,7ye %ii %,7ye %ii %,7ye %a %,7yi %a %,7yi
3DJH
03y$FFHVVy3K\VLFDOy$GGUHVVy/6%y%aea%i 03y%ORFNy2IIVHWy$GGUHVVy/RZy5HJLVWHUy%aea%i 03y$FFHVVy3K\VLFDOy$GGUHVVy0,'y%iea%a 03y%ORFNy2IIVHWy$GGUHVVy+LJKy5HJLVWHUy%iia%a 03y$FFHVVy3K\VLFDOy$GGUHVVy06%y%iaa%ic 03y%ORFNy$GGUHVVy5HJLVWHUy%ea%i 5HVHUYHG 03y$FFHVVy'DWDy3RUWy5HJLVWHUy%aea%i 'UDP%V \ ,QF$XG& QW &e(UU2 5 5VYG 5HVHUYHG ,QF%ON&QW 'VHF 5VYG 6VHO 5VYG 5HVHUYHG &VHO %ON&RQ I 5VYG 3$0E 3$0E 5VYG 6'UDP:U W 'UDPV] 5VYG 6'UDP5 G
5'5$6
60(
%XIIHUy%RWWRPy%ORFNy$GGUHVVy5HJLVWHUy%ea%i 5HVHUYHG
'5&5 *&5 66OHHS 6)5HVHW
'5$0y5HVIUHVKy&RQWUROy5HJLVWHU %XUVW1X P 'VSEXU VW 5VYG &VSHHG>eai@
&'y%ORFNy'HFRGHUy5HJLVWHUVyo&KDSWHUyco
eiKy5 eiKy5 eeKy5 eeKy5 eeKy5 eeKy5 ecKy5 eaeKy5 eaK 5i: eaK 5i: e$K 5i: e%K 5i: e&K 5i: e'K 5i: e(K 5i: e)Ky5 eiK 5i: eiKy5 eeK 5i: eeKy5 eeK eeKy5i : ecKy5i : eaeKy5i : eaKy5i : eaKy5i : e$Ky5i : e%Ky5i : e&K 5i: e'K 5i: e(K 5i: e)K 5i: 6&$5i 6&$5e 5HVHUYHG 6&&5379 5HVHUYHG 9$%& 9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUy%ea%i 5HVHUYHG '$%$ '$&y%ORFNy$GGUHVVy5HJLVWHUy%ea%i 5HVHUYHG '2)6 '$&5 $&&5 $9&5 $&.6 /&0 $%36 5&0 $'$7ia $%&.' i $)36 5HVHUYHG '$8( 5HVHUYHG '296 '6&' 92/ $%&./ $/6% ) $/&+ $&& $%&.) 63$ ;,1$y'LY '+0,1 '+6(& '+)5$0 ( '+02' ( '68%+i '68%+i '68%+e '68%+e '7%$ 'HFRGHUy+HDGHUy0LQy5HJLVWHU 'HFRGHUy+HDGHUy6HFy5HJLVWHU 'HFRGHUy+HDGHUy)UDPHy5HJLVWHU 'HFRGHUy+HDGHUy0RGHy5HJLVWHU 'HFRGHUy6XEKHDGHUyiyy5HJLVWHU 'HFRGHUy6XEKHDGHUyiy5HJLVWHU 'HFRGHUy6XEKHDGHUyey5HJLVWHU 'HFRGHUy6XEKHDGHUyey5HJLVWHU 'LVNy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHU 5HVHUYHG '&5 (&&i (&&e '(65 ''76 '+(5 6&&5 665 6'76 9&5 6FUF(UU 6XE(UU 5HVHUYHG 9HUVLRQy1XPEHU 5HVHUYHG 6&&5/e% ,Q9DOLG +/%6: (6+i 5HVHUYHG ;$0RGH 'LV)O\( GF 5HVHUYHG 29(UU %&.'i (6+i $XG0R $XGL:UW Q 5HVHUYHG (&&54 (GFHQ 'HF:UW (FF3HQ 5HS&R UU 1R6\ QF /6%) (VHF 'HFHQ (FF4H Q 5VYG ,OO6\QF /&+ (IUDPH 'HVFHQ (UD&RUU 'LV&RZU 5VYG %&.) (PRGH
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
3DFNHW: $6\Q:UW U (FF)DW (FF(UU &%ON )36 (6+e %&./HQJWK (6+e (PLQ
6XEFRGHy&ORFNy&RQWUROy5HJLVWHU 5HVHUYHG 6E6\VH O 5FN'LU
6XEy)RUPDW 6HOHFWLRQ
3DJH $GGUHV V 1DPH %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
'LDJQRVWLFy0LVFHOODQHRXV5HJLVWHUVyo&KDSWHUyaeo 1RWy8VHGyIRUy1RUPDOy2SHUDWLRQV
eiK 5i: eiK 5i: eeK 5i: eeK 5i: eeK 5i: eeK 5i: ecK 5i: eaeKy5 eaeKy: eaKy5 eaK 5i: e%Ky5 e&Ky5 +,'&5i +,'&5e $'%&/5 $'%&+5 +,',65 +',05 ''&5i ''&5e ''&5e 8'&5i ''&5e (UD&QW/ (UD&QW+ (&&8& ( $85XQ 5HVHUYH G 6&&5/ VE &IOJ(Q &IOJ(Q 'LV$i'V F 'LV6HU,Q W 'LV+,1 7 'LV5HO, QW 'LV'3N 'LV6LJ ''0$%V (Q'DVS W \ 3' 60G'U 6KZ$OW 6KZ$OWi '\DUE Y i $7$3,y'54y%\WHy&RXQWy/RZ $7$3,y'54y%\WHy&RXQWy+LJK 5HVHUYHG 5HVHUYHG 6%429 (FDVce (FDVce 6%29 &e29 '632 9 'WVWP G 'WVWP G 'UT'RQ H 'UT'RQ H( 4FWUO (17HFF (17HFF &PG&SO &PG&SO ( 6UDLVH (&$6% (&$6% 65$ERU W $WD,QW 5HVHUYH G +)5VW
)GVSSZR $WVWPG Q )GVSSZR $WVWPG Q 'PD6P>aeai@ 5HVHUYHG
&eI6Z
(UDVXUHy)ODJy&RXQWy/RZy5HJLVWHUyo%aeaio 5HVHUYHG (UDVXUHy)ODJy&RXQWy+LJKy5HJLVWHU o%iiaao
(QKDQFHPHQWy&RQWURO5HJLVWHUVyo&KDSWHUyao
ciK 5i: ciy5i: ceK 5i: ceK 5i: ccK 5i: caeK 5i: caKy5i : caKy5 caKy: c$Ky5 c%K 5i: c&K 5i: c'K 5i: c(K 5i: aeiK 8'75 8&7/ $+3 5VYG $&& 5VYG $+&5 $+65 $+6&5 $+,0 '7,5 1/%$+ 1/%$0 1/%$/ *3& *3&ae *3&c 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG 1H[Wy/%$y$GGUHVVy+LJKy5HJLVWHUyo%aeaio 1H[Wy/%$y$GGUHVVy0LGGOHy5HJLVWHUyo%aeaio 1H[Wy/%$y$GGUHVVy/RZy5HJLVWHUyo%aeaio *3&e *3&e *3&e *3& *3&i *3&i 8'(UU ;6(/2 5HVHUYHG 5HVHUYHG $XWR5HORDGy+RVWy3RLQWHUy/RZy5HJLVWHUyo%aeaio 5HVHUYHG $GMXVWy&DFKHy&RXQWy/RZy5HJLVWHUyo%aeaio 5HVHUYHG $+RVW ( $ea( $$a( $'ee( $+RVW,QW $+RVW,QW $+RVW,QW( 0RGH7\SH 8'PD&\F>eai@
5i: aeiK 5i: *39 *3ae *3c *3e *3e *3e e *3e *3i *3i
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
*HQHUDOy3XUSRVH5HJLVWHUVyo&KDSWHUyao
&iK 5i: &iK 5i: &eK 5i: &eK 5i: &eK 5i: &eK 5i: &cK 5i: &aeK 5i: &aK 5i: &aK 5i: &$K 5i: &%K 5i: &&K 5i: &'K 5i: &(K 5i: $GGUHV V &)K 5i: 'iK 5i: 'iK 5i: 'eK 5i: 'eK 5i: 'eK 5i: 'eK 5i: 'cK 5i: 'aeK 5i: 'aK 5i: *35i *35e *35e *35e *35e *35c *35ae *35a *35a *35ii *35ii *35ie *35ie *35ie *35ie 1DPH *35ic *35iae *35ia *35ia *35ei *35ei *35ee *35ee *35ee *35ee %,7yae %,7yc *HQHUDOy3XUSRVHy5HJLVWHUyi *HQHUDOy3XUSRVHy5HJLVWHUye *HQHUDOy3XUSRVHy5HJLVWHUye *HQHUDOy3XUSRVHy5HJLVWHUye *HQHUDOy3XUSRVHy5HJLVWHUye *HQHUDOy3XUSRVHy5HJLVWHUyc *HQHUDOy3XUSRVHy5HJLVWHUyae *HQHUDOy3XUSRVHy5HJLVWHUya *HQHUDOy3XUSRVHy5HJLVWHUya *HQHUDOy3XUSRVHy5HJLVWHUyii *HQHUDOy3XUSRVHy5HJLVWHUyii *HQHUDOy3XUSRVHy5HJLVWHUyie *HQHUDOy3XUSRVHy5HJLVWHUyie *HQHUDOy3XUSRVHy5HJLVWHUyie *HQHUDOy3XUSRVHy5HJLVWHUyie %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
3DJH
*HQHUDOy3XUSRVHy5HJLVWHUyic *HQHUDOy3XUSRVHy5HJLVWHUyiae *HQHUDOy3XUSRVHy5HJLVWHUyia *HQHUDOy3XUSRVHy5HJLVWHUyia *HQHUDOy3XUSRVHy5HJLVWHUyei *HQHUDOy3XUSRVHy5HJLVWHUyei *HQHUDOy3XUSRVHy5HJLVWHUyee *HQHUDOy3XUSRVHy5HJLVWHUyee *HQHUDOy3XUSRVHy5HJLVWHUyee *HQHUDOy3XUSRVHy5HJLVWHUyee

'aK 5i: '$K 5i: '%K 5i: '&K 5i: ''K 5i: '(K 5i: ')K 5i: *35ec *35eae *35ea *35ea *35ei *35ei *35ee *HQHUDOy3XUSRVHy5HJLVWHUyec *HQHUDOy3XUSRVHy5HJLVWHUyeae *HQHUDOy3XUSRVHy5HJLVWHUyea *HQHUDOy3XUSRVHy5HJLVWHUyea *HQHUDOy3XUSRVHy5HJLVWHUyei *HQHUDOy3XUSRVHy5HJLVWHUyei *HQHUDOy3XUSRVHy5HJLVWHUyee
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUye $7$i$7$3,y+RVWy,QWHUIDFHy5HJLVWHUV eiiy$7$y7DVNy)LOHy5HJLVWHUV
7KHy$7$y7DVNy)LOHy5HJLVWHUVyFDQyEHyDGGUHVVHGyE\y&6i);i&6e);i'$ei'$ii'$iySLQVyRIy$7$ ,QWHUIDFHy6LJQDOiyy7KHy$7$y7DVNy)LOHy5HJLVWHUVyDUHyVSHFLILHGyDVyIROORZVa
&6i);% $ $ $ $ $ $ $ $ 1 &6e);% 1 1 1 1 1 1 1 1 $ '$e i i i i i i i i i '$i i i i i i i i i i '$i i i i i i i i i i '$ei iiK iiK ieK ieK ieK ieK icK iaeK icK +RVWy5HDG $7$y'DWDy5HJLVWHU $7$3,y'DWDy5HJLVWHU $7$y(UURUy5HJLVWHU $7$3,y(UURUy5HJLVWHU $7$y6HFy&RXQWy5HJLVWHU $7$3,y,QWHUUXSWy5HDVRQy5HJLVWHU $7$y6HFyQXPEHUy5HJLVWHU $7$3,y6DPy7DJy5HJLVWHU $7$y&\Oiy/RZy5HJLVWHU $7$3,y%\WHy&RXQWy/RZy5HJLVWHU $7$y&\Oiy+LJKy5HJLVWHU $7$3,y%\WHy&RXQWy+LJKy5HJLVWHU $7$y'ULYHy6HOy5HJLVWHU $7$3,y'ULYHy6HOy5HJLVWHU $7$y6WDWXVy5HJLVWHU $7$3,y6WDWXVy5HJLVWHU $7$y$OWHUQDWHy6WDWXVy5HJLVWHU $7$3,y$OWHUQDWHy6WDWXVy5HJLVWHU +RVWy:ULWH $7$y'DWDy5HJLVWHU $7$3,y'DWDy5HJLVWHU $7$y)HDWXUHVy5HJLVWHU $7$3,y)HDWXUHVy5HJLVWHU $7$y6HFy&RXQWy5HJLVWHU $7$3,yUHVHUYHG $7$y6HFyQXPEHUy5HJLVWHU $7$3,y6DPy7DJy5HJLVWHU $7$y&\Oiy/RZy5HJLVWHU $7$3,y%\WHy&RXQWy/RZy5HJLVWHU $7$y&\Oiy+LJKy5HJLVWHU $7$3,y%\WHy&RXQWy+LJKy5HJLVWHU $7$y'ULYHy6HOy5HJLVWHU $7$3,y'ULYHy6HOy5HJLVWHU $7$y&RPPDQGy5HJLVWHU $7$3,y&RPPDQGy5HJLVWHU $7$y'HYLFHy&RQWUROyy5HJLVWHU $7$3,y'HYLFHy&RQWUROy5HJLVWHU
1RWHa
|$yUHSUHVHQWVyVLJQDOyDVVHUWHGiyy|1yUHSUHVHQWVyVLJQDOyQHJDWHGi
:KHQyWKHy%6eiey+RVWy,QWHUIDFHy5HJLVWHUV
5HJLVWHUyiiKyay $FURQ\Pa %,7yae %,7yc 3DFNHWy),)2y5HJLVWHUyo5HDGo 3),)2 %,7ye %,7ye %,7ye %,7ye
$7$3,y3DFNHWy),)2y5HJLVWHU 7KHy 3DFNHWy ),)2y 5HJLVWHUy FRQWDLQVy iey E\WHVy IRUy UHFHLYLQJy WKHy 3DFNHWy &RPPDQGiy $IWHUy WKHy KRVW ZULWHVyWKHy3DFNHWy&RPPDQGyo$iKoyLQWRyWKHy$7$3,y&RPPDQGy5HJLVWHUnyWKHy.6aeecyZLOOyDXWRPDWLFDOO\ EHyVHWyWRyUHFHLYHyieE\WHVyRIyFRPPDQGySDFNHWyIURPyWKHyKRVWyWRyVWRUHyLQWRyWKHy3DFNHWy),)2yUHJLVWHUi 7KHyILUPZDUHyVKRXOGyWKHQySHUIRUPyFRQVHFXWLYHyUHDGyRSHUDWLRQVyIURPyWKLVyUHJLVWHUyWRyREWDLQyWKHyie E\WHySDFNHWyFRPPDQGi
%,7yi
%,7yi
5HJLVWHUyiiKyay
$7$3,y)HDWXUHVy5HJLVWHUyo5HDGo
$FURQ\Pa %,7yae
5VYG
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
$7$y)HDWXUHVy5HJLVWHUyo5HDGo $)($7 %,7yc %,7ye %,7ye %,7ye %,7ye
5HVHUYHGyo7DJy7\SHo 5HVHUYHG
%,7yi
2YHUODS
%,7yi
'0$
7KHy $7$3,y )HDWXUHVy 5HJLVWHUy FRQWDLQVy WKHy VSHFLILFy IHDWXUHVy oVXFKy DVy '0$i3,2y PRGHy RUy 2YHUODS 2SHUDWLRQoyZKLFKyWKHyKRVWyUHTXHVWVyWKHyGULYHyWRySHUIRUPi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiay2YHUODS :KHQyWKLVyELWyLVyVHWyGXULQJyWKHyLVVXDQFHyRIyDQy$7$3,y3DFNHWy&RPPDQGnyWKHy.6aeecyPD\yUHOHDVH WKHy$7$yEXVySULRUyWRyWKHyFRPSOHWLRQyRIyWKDWy3DFNHWy&RPPDQGiyy,QyWKLVyFDVHnyWKHy.6aeecyZLOOyXVHyWKH 5HOHDVHy ELWy LQy LW(c)Vy $7$3,y ,QWHUUXSWy 5HDVRQy 5HJLVWHUy o5HJieKny ELWeoy WRy LQIRUPy WKHy KRVWy WKDWy LWy KDV UHOHDVHGyWKHy$7$yEXVyEHIRUHyFRPSOHWLQJyWKHyFRPPDQGyLQySURJUHVVi %LWyiay'0$ :KHQy'0$yELWyLVyVHWnyGDWDyWUDQVIHUVyIRUyWKHyFRPPDQGyZLOOyXVHyWKHy'0$yFKDQQHOiy:KHQyWKHy'0$yELW LVyFOHDUHGnyGDWDyWUDQVIHUVyIRUyWKHyFRPPDQGyZLOOyEHy3,2yPRGHiyy)LUPZDUHyXVHVyWKLVyELWyWRyFRQILJXUH 3,2y RUy '0$y PRGHy IRUy KRVWy GDWDy WUDQVIHUViy y 7KHy $7$y 7UDQVIHUy 0RGHy ELWVy LQy WKHy ,QWHUIDFH &RQILJXUDWLRQy&RQWUROy5HJLVWHUyo5HJi%KnyELWVcneoyDUHyXVHGyWRyVHOHFWyYDULRXVyWUDQVIHUyPRGHVi
5HJLVWHUyiiKyay $FURQ\Pa %,7yae %,7yc
$7$3,y(UURUy5HJLVWHUyo:ULWHo $7$y(UURUy5HJLVWHUyo:ULWHo $(55 %,7ye %,7ye %,7ye %,7ye
0&5 $%57
%,7yi
(20
%,7yi
,/,
6HQVHy.H\
7KHy $7$3,y (UURUy 5HJLVWHUy FRQWDLQVy WKHy HUURUVy DWy WKHy FRPPDQGy SURFHVVy RUy FRPSOHWLRQy VWDJHiy 7KH ILUPZDUHy PXVWy VHWy WKHy DSSURSULDWHy HUURUy ELWVy DQGy 6HQVHy .H\y FRGHy ZKHQy DQy HUURUy RFFXUVy LQy WKH FRPPDQGySURFHVVLQJyVWDJHi %LWyaeeay6HQVHy.H\ 7KHVHyELWVyFRQWDLQyWKHy6HQVHy.H\yLQIRUPDWLRQi %LWyeay0&5yo0HGLDy&KDQJHy5HTXHVWHGo :KHQyWKLVyELWyLVyVHWnyLWyLQGLFDWHVyWKDWyDyPHGLDyFKDQJHyKDVyRFFXUUHGi %LWyeay$%57yo$ERUWo :KHQyWKLVyELWyLVyVHWnyLWyLQGLFDWHVyWKDWyWKHyFRPPDQGyKDVyEHHQyDERUWHGi %LWyiay(20yo(QGyRIy0HGLDo :KHQyWKLVyELWyLVyVHWnyLWyLQGLFDWHVyWKDWyWKHyHQGyRIyPHGLDyKDVyEHHQyUHDFKHGi
%LWyiay,/,yo,OOHJDOy/HQJWKy,QGLFDWLRQo :KHQy WKLVy ELWy LVy VHWny LWy LQGLFDWHVy WKDWy DQy LOOHJDOy OHQJWKy KDVy RFFXUUHGy LQy WKHy FRPPDQGy SURFHVVLQJ VWDJHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyiea $FURQ\Pa %,7yae %,7yc
$7$y6HFWRUy&RXQWy5HJLVWHUyo5HDGo $6(&& %,7ye %,7ye %,7ye %,7ye
$7$y6HFWRUy&RXQWy5HJLVWHU
%,7yi
%,7yi
7KHy $7$y 6HFWRUy &RXQWy 5HJLVWHUy FRQWDLQVy WKHy QXPEHUy RIy VHFWRUVy WRy EHy WUDQVIHUUHGy IRUy WKHy $7$ RSHUDWLRQiy7KLVyUHJLVWHUyLVyUHVHUYHGyLQy$7$3,yPRGHi
5HJLVWHUyiea $FURQ\Pa %,7yae %,7yc
$7$3,y,QWHUUXSWy5HDVRQy5HJLVWHUyo:ULWHo $,175 %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG 5HOHDVH ,2
%,7yi
&R'
7KHy$7$3,y,QWHUUXSWy5HDVRQy5HJLVWHUyFRQWDLQVyWKHyFDXVHVyRIyLQWHUUXSWyZKHQyWKHy.6aeecyDVVHUWVyWKH ,1754yVLJQDOyWRyWKHyKRVWiy7KHy$7$3,y,QWHUUXSWy5HDVRQy5HJLVWHUyDQGyWKHy$7$3,y6WDWXVy5HJLVWHUyDUH LQWHUSUHWHGyWRJHWKHUyWRyLQGLFDWHyWKHyFRUUHFWy$7$3,yFRPPDQGySKDVHyDVyIROORZVa
,2 i i i i '54 i i i i &R' i i i i &RPPDQGy3KDVH &RPPDQGy)URPyKRVWyyFRPPDQGyUHFHLYLQJySKDVH 'DWDy7Ry+RVWyyyGDWDyVHQGLQJySKDVH 'DWDy)URPy+RVWyyyGDWDyUHFHLYLQJySKDVH &RPSOHWLRQy6WDWXVyyFRPPDQGyFRPSOHWLRQyVWDWXV
7KHy $7$3,y ,QWHUUXSWy 5HDVRQy 5HJLVWHUy LVy FRPSOHWHO\y DXWRPDWHGy E\y WKHy .6aeecy LIy WKHy 7UDQVIHU 6HTXHQFHy&RPPDQGy5HJLVWHUyoi)KoyRUyWKHy+RVWy6HTXHQFHy5HJLVWHUyoi(KoyLVyXVHGiyy1RUPDOO\nyWKLV UHJLVWHUyLVyFRQWUROOHGyE\yKDUGZDUHyVHTXHQFHiyy1RyILUPZDUHyLQWHUYHQWLRQyLVyQHHGHGi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWV %LWyeay5HOHDVH :KHQyWKLVyELWyLVyVHWnyLWyLQGLFDWHVyWRyKRVWyWKDWyWKHyGHYLFHyKDVyUHOHDVHGy$7$yEXVySULRUyWRyFRPSOHWLQJyWKH FXUUHQWyRYHUODSSHGyFRPPDQGi %LWyiay,2yo,Qi2XWo 7KLVyELWyLQGLFDWHVyWKHyGLUHFWLRQyIRUyWKHyLQIRUPDWLRQyWUDQVIHUiy:KHQyWKLVyELWyLVyVHWnyWKHyWUDQVIHUyGLUHFWLRQ LVyIURPyWKHy.6aeecyWRyWKHyKRVWiyy:KHQyWKLVyELWyLVyUHVHWnyWKHyWUDQVIHUyGLUHFWLRQyLVyIURPyWKHyKRVWyWRyWKH .6aeeci %LWyiay&R'yo&RPPDQGi'DWDo 7KLVyELWyGLVWLQJXLVKHVyEHWZHHQy&RPPDQGyRUy'DWDyLQIRUPDWLRQiy:KHQyWKLVyELWyLVyVHWnyWKHyLQIRUPDWLRQ EHLQJyWUDQVIHUUHGyLVyXVHUyGDWDiy:KHQyWKLVyELWyLVyUHVHWnyyWKHyLQIRUPDWLRQyWUDQVIHUUHGyLVyFRPPDQGyGDWDi
5HJLVWHUyiea $FURQ\Pa %,7yae %,7yc $7$3,y6$0y7DJy5HJLVWHUyo5HDGi:ULWHo $7$y6HFWRUy1XPEHUyo5HDGi:ULWHo $6$0 %,7ye %,7ye %,7ye %,7ye %,7yi
$7$3,y6$0y7DJy9DOXHyo5HVHUYHGo 7KHy $7$3,y 6$0y 7DJy 5HJLVWHUy FRQWDLQVy WKHy 6$0y 7DJy QXPEHUy IRUy $7$3,i$7$y RSHUDWLRQViy 7KLV UHJLVWHUyLVyUHVHUYHGyLQy$7$3,yPRGHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7yi
5HJLVWHUyiea $FURQ\Pa %,7yae %,7yc
$7$3,y%\WHy&RXQWy/RZy5HJLVWHUyo5HDGi:ULWHo $7$y&\OLQGHUy/RZy5HJLVWHUyo5HDGi:ULWHo $%&/ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
$7$3,y%\WHy&RXQWy/RZy5HJLVWHU
7KHy $7$3,y %\WHy &RXQWy /RZi+LJKy 5HJLVWHUVy FRQWDLQy WKHy PD[LPXPy E\WHy FRXQWy IRUy HDFKy KRVWy '54 SDFNHWyWUDQVIHUVi
5HJLVWHUyiea $FURQ\Pa %,7yae %,7yc
$7$3,y%\WHy&RXQWy+LJKy5HJLVWHUyo5HDGi:ULWHo $7$y&\OLQGHUy+LJKy5HJLVWHUyo5HDGi:ULWHo $%&+ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
$7$3,y%\WHy&RXQWy+LJKy5HJLVWHU
6HHyWKHy$7$3,y%\WHy&RXQWy/RZy5HJLVWHUyGHVFULSWLRQi
5HJLVWHUyica $FURQ\Pa %,7yae %,7yc
5VYG /%$
$7$3,y'ULYHy6HOHFWy5HJLVWHUyo5HDGi:ULWHo $7$y'ULYHy6HOHFWy5HJLVWHUyo5HDGi:ULWHo $'6(/ %,7ye %,7ye %,7ye %,7ye %,7yi
5VYG '59 5HVHUYHGyIRUy6$0y/81
%,7yi
%LWyaeay5VYGyo5HVHUYHGo 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWycay/%$yo/RJLFy%ORFNy$GGGUHVVo 7KLVyELWyLVyUHVHUYHGyLQy$7$3,yPRGHi %LWyeay5VYGyo5HVHUYHGo 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay'59yo'ULYHy6HOHFWo :KHQy WKLVy ELWy LVy VHWny LWy LQGLFDWHVy WKDWy GULYHy iy oVODYHy GULYHoy LVy VHOHFWHGiy :KHQy WKLVy ELWy LVy UHVHWny LW LQGLFDWHVyWKDWyGULYHyiyoPDVWHUyGULYHoyLVyVHOHFWHGi %LWyeiay5HVHUYHGyIRUy6$0y/81
7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyiaea $FURQ\Pa %,7yae %,7yc
$7$3,y&RPPDQGy5HJLVWHUyo5HDGo $7$y&RPPDQGy5HJLVWHUyo5HDGo $&0' %,7ye %,7ye %,7ye %,7ye
$7$3,y&RPPDQGy5HJLVWHU
%,7yi
%,7yi
7KHy$7$3,y&RPPDQGy5HJLVWHUyFRQWDLQVyWKHy&RPPDQGy2SHUDWLRQy&RGHi
5HJLVWHUyiaKa
$7$3,y'HYLFHy&RQWUROy5HJLVWHUyo5HDGo $7$y'HYLFHy&RQWUROy5HJLVWHUyo5HDGo $FURQ\Pa $'&9 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG 6567 Q,(1
%,7yi
5VYG
7KHy$7$3,y 'HYLFHy &RQWUROy 5HJLVWHUy FRQWDLQVy WKHy LQIRUPDWLRQy IRUy $7$y VRIWy UHVHWy DQGy KRVWy LQWHUUXSW FRQWUROi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay6567yo$7$y6RIWy5HVHWo :KHQyWKHyKRVWyZULWHVyDyRQHyWRy6567yELWyRIyWKHy$7$y'HYLFHy&RQWUROy5HJLVWHUnyDQy$7$yVRIWyUHVHWyLV SHUIRUPHGi %LWyiayQ,(1yo+RVWy,QWHUUXSWy(QDEOHo :KHQyWKHyKRVWyZULWHVyDy|iyWRyWKHyQ,(1yELWyDQGyWKHy.6aeecyVHOHFWHGnyWKHy,1754yVLJQDOyLVyHQDEOHGi :KHQyWKHyKRVWyZULWHVyDy|iyWRyWKLVyELWyRUyWKHy.6aeecyLVyQRWyVHOHFWHGnyWKHy,1754yVLJQDOyLVyWULVWDWHGi %LWyiay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyiaKa $FURQ\Pa %,7yae %,7yc
%6< '5'<
$7$3,y,PDJHy6WDWXVy5HJLVWHUyo5HDGo $7$y,PDJHy6WDWXVy5HJLVWHUyo5HDGo $,67$7 %,7ye %,7ye %,7ye %,7ye %,7yi
5VYG '6&yi 6(59,&( '54 &RUU 5VYG
%,7yi
&+(&.
7KLVyUHJLVWHUyFRQWDLQVyDQyLPDJHyRIyWKHy$7$3,y6WDWXVy5HJLVWHUiyy%\yUHDGLQJyWKLVyUHJLVWHUnyWKHyILUPZDUH FDQyREWDLQyWKHyUHDOWLPHyYDOXHyRIyWKHy$7$3,y6WDWXVy5HJLVWHUyLQyWKHy$7$y7DVNy)LOHi
%LWyaeay%6.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyiaKa $FURQ\Pa %,7yae %,7yc
5VYG '5'<
+RVWy6WDWXVy&RQWUROy5HJLVWHUyo:ULWHo +6& %,7ye %,7ye %,7ye %,7ye
5VYG '6&yi 6(59,&( '54 &RUU
%,7yi
5VYG
%,7yi
&+(&.
7KHy+RVWy6WDWXVy&RQWUROy5HJLVWHUyFRQWUROVyWKHy$7$3,y6WDWXVy5HJLVWHUyRIyWKHy$7$y7DVNy)LOHi %LWyaeay5VYGyo5HVHUYHGo 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWycay'5'%LWyiay&KHFNyo&KHFNy&RQGLWLRQo 7KLVyELWyLVyVHWyZKHQyDQyHUURUyRFFXUVyGXULQJyH[HFXWLRQyRIyWKHyFRPPDQGi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyi$Ka +RVWy,QWHUIDFHy6LJQDOy9DOXHy5HJLVWHUyo5HDGo $FURQ\Pa +,69 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG 067% '$63% 3',$*%
%,7yi
5VYG
7KHy+RVWy,QWHUIDFHy6LJQDOy9DOXHy5HJLVWHUyPRQLWRUVyWKHy$7$yLQWHUIDFHyVLJQDOViyy7KHyPLFURSURFHVVRU FDQyUHDGyWKLVy UHJLVWHUyWRy FKHFNyWKHy VWDWHyRIy WKHy067%i'$63%i3',$*%y VLJQDOViyy )RUyH[DPSOHny WKH 3',$*%yDQGy'$63%yVLJQDOVyDUHyUHTXLUHGyE\yILUPZDUHyWRySURFHVVyPDVWHUiVODYHyKDQGVKDNLQJi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay067%yo067%y0DVWHUi6ODYHy3LQy6LJQDOo 7KLVyELWyUHIOHFWVyWKHyVWDWHyRIyWKHy067%ySLQiyy7KLVyELWyLVy|iyZKHQyWKHy067%ySLQyLVyKLJKiyy7KLVyELWyLVy|i ZKHQyWKHy067%ySLQyLVyORZi %LWyeay'$63%yo'$63%y6LJQDOyRIy$7$y,QWHUIDFHo 7KLVyELWyUHIOHFWVyWKHySK\VLFDOyVWDWHyRIyWKHy'$63%ySLQiyy:KHQyWKLVyELWyLVy|inyWKHy'$63%ySLQyLVyKLJKyoQRW DVVHUWHGoiyy:KHQyWKLVyELWyLVy|inyWKHy'$63%ySLQyLVyORZyoDVVHUWHGoi %LWyiay3',$*%yo3',$*%y6LJQDOyRIy$7$y,QWHUIDFHo 7KLVyELWyUHIOHFWVyWKHySK\VLFDOyVWDWHyRIyWKHy3',$*%ySLQiyy:KHQyWKLVyELWyLVy|inyWKHy3',$*%ySLQyLVyKLJK oQRWyDVVHUWHGoiyy:KHQyWKLVyELWyLVy|inyWKHy3',$*%ySLQyLVyORZyoDVVHUWHGoi %LWyiay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyi$Ka +RVWy,QWHUIDFHy&RQWUROy5HJLVWHUyyo:ULWHo $FURQ\Pa +,& %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye
6HW%6< 6HW'$63% 6HW3',$*% 6HW+,17 &OU%6< &OU'$63%
%,7yi
&OU3',$*%
%,7yi
&OU+,17
7KHy +RVWy ,QWHUIDFHy &RQWUROy 5HJLVWHUy FRQWUROVy WKHy %6%LWyeay6HW3',$*%yo6HWy3',$*%y6LJQDOyRIy$7$y,QWHUIDFHo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyDVVHUWVyLWVy3',$*%ySLQyORZi %LWyeay6HW+,17yo6HWy,1754y6LJQDOyRIy$7$y,QWHUIDFHo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyDVVHUWVyLWVy,1754ySLQyKLJKi %LWyeay&OU%6.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyi%Ka $FURQ\Pa %,7yae %,7yc
,QW0RGH
,QWHUIDFHy&RQILJXUDWLRQy&RQWUROy5HJLVWHUyo5HDGo ,QWHUIDFHy&RQILJXUDWLRQy&RQWUROy5HJLVWHUyo:ULWHo ,&& %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
&'59 66KDGRZ 'LV6KDG5 3FPG,QW 'LV,25'<
$7$y7UDQVIHUy0RGH
7KHy,QWHUIDFHy&RQILJXUDWLRQy&RQWUROy5HJLVWHUyLVyXVHGyE\yILUPZDUHyWRyLQIRUPyWKHy.6aeecyZLWKyVSHFLILF GULYHyFRQILJXUDWLRQyVXFKyDVyPDVWHUiVODYHyGULYHyDQGy3,2i'0$yHWFii %LWyaeay,QW0RGHyo,QWHUUXSWy6LJQDOy0RGHy&RQWUROo :KHQy WKLVy ELWy LVy FOHDUHGny DOOy LQWHUUXSWy HYHQWVy oLQFOXGLQJy GLVNny KRVWny DQGy EXIIHUoy DUHy UHSRUWHGy YLD DVVHUWLQJy WKHy +,17%y SLQiy :KHQy WKLVy ELWy LVy VHWny LQWHUUXSWy HYHQWVy IURPy GLVNiGHFRGHUy DUHy UHSRUWHGy YLD DVVHUWLQJy',17%ySLQyZKLOHyKRVWiEXIIHUyLQWHUUXSWyHYHQWVyDUHyUHSRUWHGyYLDyDVVHUWLQJyWKHy+,17%ySLQi yy %LWyceay$7$y7UDQVIHUy0RGH 7KHVHyWZRyELWVyVSHFLI\yWKHyYDULRXVy$7$yWUDQVIHUyPRGHVi %LWyc i i i i $7$y3,2i'0$y0RGHy6HOHFWLRQy7DEOH %LWye $7$yGDWDyWUDQVIHUyPRGH i 3,2y7UDQVIHUy0RGHyo'HIDXOWo i 6LQJOHy:RUGy'0$y7UDQVIHUy0RGH i 0XOWLZRUGy'0$y7UDQVIHUy0RGH i 8OWUDy'0$y7UDQVIHUy0RGH
%LWyeay&'59yo&RQWUROOHUy'ULYHy&RQILJXUDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyLVyFRQILJXUHGyDVyGULYHyiyoVODYHyGULYHoiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKH .6aeecyLVyFRQILJXUHGyDVyGULYHyiyoPDVWHUyGULYHoi %LWyeay66KDGRZyo6ODYHy6KDGRZy)HDWXUHy(QDEOHGo 7KLVyELWyLVyXVHGyWRJHWKHUyZLWKyWKHy&'59yELWiyy7KHyIROORZLQJyWDEOHyVXPPDUL]HVyWKHyIXQFWLRQyRIyWKLVyELWi 6XPPDU\yIRUy'ULYHy&RQILJXUDWLRQ
&'59y%LWye i i i 6VKDGRZy%LWye i i ; 'ULYHy2SHUDWLRQy0RGH PDVWHUyRQO\yPRGHyZLWKy6KDGRZyIHDWXUHyGLVDEOHG PDVWHUyRQO\yPRGHyZLWKy6KDGRZyIHDWXUHyHQDEOHG VODYHyGULYHyPRGH
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%LWyeay'LV6KDG5yo'LVDEOHy6KDGRZy$XWRy5HVSRQVHo :KHQyWKHy 'LV6KDG5y ELWy LVyFOHDUHGny WKHy 66KDGRZy ELWy LVyVHWny WKHy &'59y ELWyLVy FOHDUHGny DQGy WKHy KRVW LVVXHVyDyFRPPDQGyWRyWKHyQRQH[LVWHQWyVODYHyGULYHnyWKHy.6aeecyUHVSRQGVyWRyWKHyVKDGRZyFRPPDQG VHTXHQFHy DXWRPDWLFDOO\iy :KHQy ERWKy 'LV6KDG5y DQGy 66KDGRZy ELWVy DUHy VHWny WKHy DXWRy VKDGRZ UHVSRQVHyVHTXHQFHyLVyGLVDEOHGi %LWyiay3FPG,QWyo$7$3,y3DFNHWy&RPPDQGyKRVWyLQWHUUXSWyHQDEOHy0RGHo :KHQyWKLVyELWyLVyVHWyDQGyWKHyGULYHyLVyVHOHFWHGnyDy+,1754yLVyJHQHUDWHGyZKHQyWKHy.6aeecyLVyUHDG\yWR UHFHLYHyWKHyieE\WHyFRPPDQGySDFNHWi %LWyiay'LV,25'5HJLVWHUyi&Ka $FURQ\Pa %,7yae %,7yc
'54y0D[y%\WHy&RXQWy/RZy5HJLVWHUyo5HDGo '54y0D[y%\WHy&RXQWy/RZy5HJLVWHUyo:ULWHo '0%&/ %,7ye %,7ye %,7ye %,7ye %,7yi
'54y0D[y&RXQWy/RZy5HJLVWHU
%,7yi
7KHy'54y0D[y%\WHy&RXQWy+LJKi/RZy5HJLVWHUVyVSHFLI\yWKHyPD[LPXPyQXPEHUyRIyE\WHVyWKDWyFDQyEH WUDQVIHUUHGyEHWZHHQyWKHyKRVWyDQGyWKHyGULYHyIRUyHDFKy'54ySDFNHWyWUDQVIHUi
5HJLVWHUyi'Ka $FURQ\Pa %,7yae %,7yc
'54y0D[y%\WHy&RXQWy+LJKy5HJLVWHUyo5HDGo '54y0D[y%\WHy&RXQWy+LJKy5HJLVWHUyo:ULWHo '0%&+ %,7ye %,7ye %,7ye %,7ye %,7yi
'54y0D[y&RXQWy+LJKy5HJLVWHU
%,7yi
6HHy'54y0D[y%\WHy&RXQWy/RZy5HJLVWHUyGHVFULSWLRQi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN

.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUye +DUGZDUHy6HTXHQFHy&RPPDQGy5HJLVWHUV
5HJLVWHUyi(Kyay $FURQ\Pa %,7yae %,7yc
5VYG 6$$ERUW
+RVWy6HTXHQFHy&RPPDQGy5HJLVWHUyo:ULWHo +6& %,7ye %,7ye %,7ye %,7ye %,7yi
6VHUYLFH 6UHOHDVH 67),QLW 6&SO 6&SO&KN
%,7yi
6'6&
7KHy +RVWy 6HTXHQFHy &RPPDQGy 5HJLVWHUy LVy XVHGy WRy VWDUWy WKHy KDUGZDUHy $7$3,y LQWHUIDFHy VHTXHQFHi %\y XVLQJy WKHy IHDWXUHVy LQy WKLVy UHJLVWHUny ILUPZDUHy RYHUKHDGy FDQy EHy PLQLPL]HGy DQGy FRPPDQG RSHUDWLRQVyDFFHOHUDWHGiyy(DFKyRIyyWKHVHyRSHUDWLRQVyDUHySHUIRUPHGyLPPHGLDWHO\yDIWHUyDy|iyLVyZULWWHQ WRy WKHy FRUUHVSRQGLQJy ELWiy y 7KHUHIRUHny SROOLQJy LVy QRWy UHTXLUHGy WRy FKHFNy FRPSOHWLRQiy y :ULWLQJy Dy |iy WR WKHVHyELWVyZLOOyQRWyFDXVHyDQ\yRSHUDWLRQi %LWyaeay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyWKHyIXWXUHyHQKDQFHPHQWVi %LWycay6$$ERUWyo6WDUWy$7$y$ERUWy2SHUDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyDXWRPDWLFDOO\yDERUWVy$7$yLOOHJDOyFRPPDQGVa %LWyeay6VHUYLFHyo6WDUWy$7$3,y6HUYLFHy2SHUDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyDXWRPDWLFDOO\ySHUIRUPVyWKHy$7$3,y6HUYLFHyVHTXHQFHyLQyRYHUODSSHG FRPPDQGyRSHUDWLRQi %LWyeay6UHOHDVHyo6WDUWy$7$3,y5HOHDVHy2SHUDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyDXWRPDWLFDOO\ySHUIRUPVyWKHy$7$3,y5HOHDVHyVHTXHQFHyLQyRYHUODSSHG FRPPDQGyRSHUDWLRQi %LWyeay67),QLWyo7DVNy)LOHy5HJLVWHUVy,QLWLDOL]HGo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyLQLWLDOL]HVyWKHy$7$y7DVNy)LOHy5HJLVWHUVi %LWyeay6&SOyo6WDUWy&RPPDQGy&RPSOHWLRQyZLWKyQRy(UURUy6HWWLQJo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecySHUIRUPVyWKHy$7$3,yFRPPDQGyFRPSOHWLRQyZLWKRXWyFKHFNyFRQGLWLRQ VHTXHQFHi %LWyiay6&SO&KNyo6WDUWy&RPPDQGy&RPSOHWLRQyZLWKy(UURUy6HWWLQJo :KHQy WKLVy ELWy LVy VHWny WKHy .6aeecy SHUIRUPVy WKHy $7$3,y FRPPDQGy FRPSOHWLRQy ZLWKy FKHFNy FRQGLWLRQ VHTXHQFHi %LWyiay6'VFyo6HWy'6&yELWyIRUy6HHNy&RPSOHWLRQy2SHUDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecySHUIRUPVyWKHy$7$3,yVHHNyFRPPDQGyFRPSOHWLRQyVHTXHQFHi
5HJLVWHUyi)Kyay 7UDQVIHUy6HTXHQFHy&RPPDQGy5HJLVWHUyo:ULWHo $FURQ\Pa 76& %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
$&DFKH( $&SO( 5VYG 66[IU 6DERUW 63DXVH :5'LU
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7yi
6'[IU
7KHy 7UDQVIHUy 6HTXHQFHy &RPPDQGy 5HJLVWHUy LVy XVHGy WRy VWDUWy RUy FRQWUROy WKHy $7$3,y KRVWy WUDQVIHU RSHUDWLRQVi %LWyaeay$&DFKH(yo$XWRPDWHGy&DFKHy&RQWUROo :KHQyWKHy$&DFKH(yELWyLVy|inyWKHy$XWRy&DFKHy0RGHyLVyHQDEOHGyDQGyKRVWyWUDQVIHUVyDUHyFRPSOHWHO\ DXWRPDWHGiy:KHQyWKHy$&DFKH(yELWyLVy|inyWKHy$XWRy&DFKHy)HDWXUHyLVyGLVDEOHGi %LWycay$&SO(yo$XWRPDWHGy&RPPDQGy&RPSOHWLRQy(QDEOHGo :KHQyWKLVyELWyLVyVHWnyWKHy$7$3,yFRPPDQGyFRPSOHWLRQyVHTXHQFHyZLOOyDXWRPDWLFDOO\yVWDUWyZKHQyDQ\yRI WKHyIROORZLQJyHYHQWVyRFFXUa xy y xy 7KHy7RWDOy+RVWy7UDQVIHUy/HQJWKy5HJLVWHUyLVyGHFUHDVHGyWRy]HURyZKHQyWKHyKRVWyWUDQVIHUyLVyLQyWKH 'DWDy$UHDyDQGyLQLWLDOL]HGyE\yVHWWLQJyWKHy6'[IUyELWyLQyWKHy7UDQVIHUy6HTXHQFHy&RPPDQGy5HJLVWHU oi)KnyELWyioi 7KHy KRVWy WUDQVIHUy LVy LQy WKHy 6\VWHPy $UHDy DQGy LQLWLDOL]HGy E\y VHWWLQJy WKHy 66[IUy ELWy LQy 7UDQVIHU 6HTXHQFHy&RPPDQGy5HJLVWHUyoi)KnyELWyeoi
%LWyeay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay66[IUyo6WDUWy+RVWy7UDQVIHUy2SHUDWLRQyLQy6\VWHPy$UHDo :KHQyWKLVyELWyLVy|inyWKHy.6aeecyVWDUWVyKRVWyWUDQVIHUyRSHUDWLRQVyWRyiyIURPyWKHy6\VWHPy$UHDi %LWyeay6$ERUWyo6WDUWy7UDQVIHUy$ERUWy2SHUDWLRQo 7KLVyIXQFWLRQyLVyXVHGyWRyDERUWyWKHyKRVWyWUDQVIHUyLQyDQyHPHUJHQWyRFFDVLRQyVXFKyDVyDQyDERUWyFRPPDQG RUyHMHFWyGLVFyRFFXUUHQFHiyy:KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyDERUWVyWKHyFXUUHQWyKRVWyWUDQVIHUyRSHUDWLRQ LPPHGLDWHO\i %LWyeay63DXVHyo6WDUWy+RVWy7UDQVIHUy3DXVHy2SHUDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecySDXVHVyWKHyKRVWyWUDQVIHUyRSHUDWLRQyZKHQyWKHyWUDQVIHUyLQyWKHy&XUUHQW +RVWy7UDQVIHUy/HQJWKy5HJLVWHUyoiaKoyDUHyFRPSOHWHi %LWyiay:5'LUyo:ULWHi5HDGy'LUHFWLRQy&RQWUROo :KHQy WKLVy ELWy LVy VHWny WKHy KRVWy LVy WUDQVIHUULQJy GDWDy WRy .6aeeciy y :KHQy WKLVy ELWy LVy UHVHWny WKHy KRVWy LV UHDGLQJyGDWDyIURPyWKHy.6aeeci %LWyiay6'[IUyo6WDUWy+RVWy7UDQVIHUy2SHUDWLRQyLQy'DWDy$UHDo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyVWDUWVyKRVWyEORFNyWUDQVIHUyRSHUDWLRQVi
5HJLVWHUyi)Kyay 7UDQVIHUy6HTXHQFHy6WDWXVy5HJLVWHUyo5HDGo $FURQ\Pa 766 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
$&DFKH( $&SO( 5HVHUYHG 63DXVH :5'LU
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7yi
+[IU%V\
7KHy7UDQVIHUy6HTXHQFHy6WDWXVy5HJLVWHUyLQGLFDWHVyWKHyVWDWXVyRIyWKHy7UDQVIHUy&RPPDQGy5HJLVWHUi %LWyaeay$&DFKH(yo$XWRPDWHGy&DFKHy&RQWUROo :KHQyWKLVyELWyLVyVHWny$XWRy&DFKHyLVyHQDEOHGiyy:KHQyWKLVyELWyLVyUHVHWny$XWRy&DFKHyLVyGLVDEOHGi %LWycay$&SO(yo$XWRPDWHGy&RPPDQGy&RPSOHWLRQy(QDEOHGo :KHQyWKLVyELWyLVyVHWnyWKHyDXWRPDWHGy$7$3,y&RPPDQGy&RPSOHWLRQy6HTXHQFHyLVyHQDEOHGiy:KHQyWKLV ELWyLVyUHVHWnyWKHyDXWRPDWHGy$7$3,y&RPPDQGy&RPSOHWLRQy6HTXHQFHyLVyGLVDEOHGi %LWyeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay63DXVHyo6WDUWy+RVWy7UDQVIHUy3DXVHy2SHUDWLRQo :KHQy WKLVy ELWy LVy VHWny WKHy WUDQVIHUy SDXVHy RSHUDWLRQy LVy LQy SURFHVViy y :KHQy WKLVy ELWy LVy UHVHWny QRy SDXVH RSHUDWLRQyLVySHUIRUPHGi %LWyiay:5'LUyo:ULWHi5HDGy'LUHFWLRQy&RQWUROo :KHQyWKLVyELWyLVyVHWnyWKHyWUDQVIHUyRSHUDWLRQyLVyDyZULWHyIURPyWKHyKRVWyWRyWKHy.6aeeciy:KHQyWKLVyELWyLV UHVHWnyWKHyWUDQVIHUyRSHUDWLRQyLVyDyUHDGyIURPyWKHy.6aeecyWRyWKHyKRVWi %LWyiay+[IU%V\yo+RVWy7UDQVIHUy2SHUDWLRQy%XV\o :KHQy WKLVy ELWy VHWny WKHy KRVWy WUDQVIHUy RSHUDWLRQy LVy LQy SURJUHVViy y :KHQy WKLVy ELWy LVy FOHDUHGny WKHy KRVW WUDQVIHUyKDVyFRPSOHWHGi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUye 0LFURSURFHVVRUy,QWHUIDFHy5HJLVWHUV
5HJLVWHUyiiKa $FURQ\Pa %,7yae
7[IU'RQH
+RVWy,QWHUUXSWy6WDWXVy5HJLVWHUyo5HDGo +RVWy,QWHUUXSWy&OHDUy5HJLVWHUyo:ULWHo +,65i+,&5 %,7yc %,7ye %,7ye %,7ye %,7ye
$VUVW 6UVW +UVW 6FPG5FY
%,7yi
$FPG5FY
%,7yi
3FPG5FY
&[IU'RQH
7KLVyUHJLVWHUyLQIRUPVyILUPZDUHyRIyYDULRXVyLQWHUUXSWVyZKLFKyDUHyUHSRUWHGyE\yWKHy.6aeeciyy:ULWLQJyDy|i WRy DQ\y ELWy FOHDUVy WKDWy UHVSHFWLYHy LQWHUUXSWiy y :ULWLQJy Dy |iy WRy DQ\y ELWy FDXVHVy QRy FKDQJHy IRUy WKDW UHVSHFWLYHyLQWHUUXSWi %LWyaeay7[IU'RQHyo7RWDOy+RVWy5HTXHVWy7UDQVIHUy'RQHo 7KLVyELWyLVyVHWyZKHQyRQHyRIyWKHyIROORZLQJyHYHQWVyRFFXUa xy xy 'DWDy$UHDy7UDQVIHUy&RPSOHWHG 6\VWHPy$UHDy7UDQVIHUy&RPSOHWHG
%LWycay&[IU'RQHyo&XUUHQWy+RVWy7UDQVIHUy'RQHo )ROORZLQJyDyKRVWyWUDQVIHUnyWKLVyELWyLVyVHWyZKHQyWKHy&XUUHQWy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUyoiaKo KDVyGHFUHPHQWHGyWRy]HURiyy7KLVyELWyLVyXVHGyIRUyGHEXJySXUSRVHVyRQO\i %LWyeay$VUVWyo$7$3,y6RIWy5HVHWy&RPPDQGyoiaKoyUHFHLYHGo 7KLVy ELWy LVy VHWy ZKHQy WKHy KRVWy ZULWHVy WKHy $7$3,y 6RIWy 5HVHWy &RPPDQGy oiaKoy LQWRy $7$3,y &RPPDQG 5HJLVWHUyoiaeKoyZKLOHyWKHyGULYHyLVyVHOHFWHGi %LWyeay6UVWyo$7$y6567y5HVHWo 7KLVyELWyLVyVHWyZKHQyWKHy6567yELWyLQyWKHy'HYLFHy&RQWUROy5HJLVWHUyoiaKnyELWyeoyLVyVHWyE\yWKHyKRVWi %LWyeay+UVWyo+RVWy5HVHWo 7KLVyELWyLVyVHWyZKHQyWKHy+567%ySLQyLVyDVVHUWHGi %LWyeay6FPG5FYyo6KDGRZy&RPPDQGyUHFHLYHGo 7KLVyELWyLVyVHWyZKHQyWKHyKRVWyZULWHVyDyFRPPDQGyE\WHyLQWRyWKHy$7$3,y&RPPDQGy5HJLVWHUyoiaeKoyRIyWKH QRQH[LVWHQWyVODYHyGULYHi %LWyiay$FPG5FYyo$7$y&RPPDQGyUHFHLYHGo 7KLVy ELWy LVy VHWy ZKHQy WKHy KRVWy ZULWHVy Dy FRPPDQGy LQy WKHy $7$3,y &RPPDQGy 5HJLVWHUy oiaeKoy ZKLOHy WKH GULYHyVHOHFWHGi %LWyiay3FPG5FYyo$7$3,y3DFNHWy&RPPDQGyUHFHLYHGo 7KLVyELWyLVyVHWyZKHQyWKHyKRVWyZULWHVyWKHy3DFNHWy&RPPDQGyo$iKoyLQWRyWKHy$7$3,y&RPPDQGy5HJLVWHU oiaeKoyZKLOHyWKHyGULYHyVHOHFWHGi
5HJLVWHUyiiKa $FURQ\Pa %,7yae %,7yc 'HFRGHUy,QWHUUXSWy6WDWXVy5HJLVWHUyo5HDGo 'HFRGHUy,QWHUUXSWy&OHDUy5HJLVWHUyo:ULWHo ',65i',&5 %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG '$&,QW 6XE,QW
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7yi
'HF,QW
7KLVy UHJLVWHUy LQIRUPVy WKHy ILUPZDUHy RIy YDULRXVy &'y GHFRGHUy LQWHUUXSWVy UHSRUWHGy E\y WKHy .6aeeci :ULWLQJyDy|iyWRyDQ\yELWyFOHDUVyWKDWyUHVSHFWLYHyLQWHUUXSWiyy:ULWLQJyDy|iyWRyDQ\yELWyFDXVHVyQRyFKDQJHyIRU WKDWyUHVSHFWLYHyLQWHUUXSWi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay'$&,QWyo$XGLRy'$&y2XWSXWy,QWHUUXSWo 7KLVyELWyLVyVHWyZKHQyRQHyEORFNyRIyDXGLRyGDWDyoeeeeyE\WHoyLVyRXWSXWyWRyWKHyH[WHUQDOyDXGLRy'$&yYLDyWKH $:&.i$%&.i$'$7ySLQVi %LWyiay6XE,QWyo&'y6XEFRGHy,QWHUUXSWo 7KLVyELWyLVyVHWyZKHQyWKHy&'y6XEFRGHyLQWHUUXSWyRFFXUVi %LWyiay'HF,QWyo&'y'HFRGHUy,QWHUUXSWo 7KLVyELWyLVyVHWyZKHQyDy&'yGHFRGHUyLQWHUUXSWyRFFXUVi
5HJLVWHUyieKa $FURQ\Pa %,7yae
7[IU'RQH(
+RVWy,QWHUUXSWy0DVNy5HJLVWHUyo5HDGo +RVWy,QWHUUXSWy0DVNy5HJLVWHUyo:ULWHo +,0 %,7yc %,7ye %,7ye %,7ye %,7ye
$VUVW( 6UVW( +UVW( 6FPG5FY(
%,7yi
$FPG5FY(
%,7yi
3FPG5FY(
&[IU'RQH(
7KLVyUHJLVWHUyFRQWUROVyWKHyPDVNLQJyIRUyHDFKyLQWHUUXSWyVRXUFHiyy:ULWLQJyDy|iyWRyHDFKyELWyHQDEOHVyWKH LQWHUUXSWy IRUy WKDWy FRUUHVSRQGLQJy IXQFWLRQiy y :ULWLQJy Dy |iy WRy HDFKy ELWny GLVDEOHVy WKHy LQWHUUXSWy IRUy WKDW FRUUHVSRQGLQJyIXQFWLRQi %LWyaeay7[IU'RQH(yo7RWDOy+RVWy5HTXHVWy7UDQVIHUy'RQHy(QDEOHo :KHQy WKLVy ELWy LVy VHWny WKHy 7[IU'RQHy LQWHUUXSWy oiiKny ELWy aeoy LVy HQDEOHGiy :KHQy WKLVy ELWy LVy UHVHWny WKH 7[IU'RQHyLQWHUUXSWyLVyGLVDEOHGi %LWycay&[IU'RQH(yo+RVWy%ORFNy7UDQVIHUy'RQHy,QWHUUXSWy(QDEOHo :KHQy WKLVy ELWy LVy VHWny WKHy &[IU'RQHy LQWHUUXSWy oiiKny ELWy coy LVy HQDEOHGiy y :KHQy WKLVy ELWy LVy UHVHWny WKH &[IU'RQHyLQWHUUXSWyLVyGLVDEOHGi %LWyeay$VUVW(yo$7$3,y6RIWy5HVHWy&RPPDQGy,QWHUUXSWy(QDEOHGo :KHQy WKLVy ELWy LVy VHWny WKHy $VUVWy LQWHUUXSWy oiiKny ELWy eoy LVy HQDEOHGiy :KHQy WKLVy ELWy LVy UHVHWny WKHy $VUVW LQWHUUXSWyLVyGLVDEOHGi %LWyeay6UVW(o$7$y6567y5HVHWy,QWHUUXSWy(QDEOHGo :KHQy WKLVy ELWy LVy VHWny WKHy 6UVWy LQWHUUXSWy oiiKny ELWy eoy LVy HQDEOHGiy y :KHQy WKLVy ELWy LVy UHVHWny WKHy 6UVW LQWHUUXSWyLVyGLVDEOHGi %LWyeay+UVW(o$7$y+RVWy5HVWy,QWHUUXSWy(QDEOHGo
:KHQyWKLVyELWyLVyVHWnyWKHy+UVWyLQWHUUXSWyoiiKnyELWyeoyLVyHQDEOHGiy:KHQyWKLVyELWyLVyUHVHWnyWKHy+UVWyLQWHUUXSW LVyGLVDEOHGi %LWyeay6FPG5FY(yo6KDGRZy&RPPDQGy,QWHUUXSWy(QDEOHGo :KHQy WKLVy ELWy LVy VHWny WKHy 6FPG5FYy LQWHUUXSWy oiiKny ELWy eoy LVy HQDEOHGiy :KHQy WKLVy ELWy LVy UHVHWny WKH 6FPG5FYyLQWHUUXSWyLVyGLVDEOHGi %LWyiay$FPG5FY(yo$7$y&RPPDQGy,QWHUUXSWy(QDEOHGo :KHQy WKLVy ELWy LVy VHWny WKHy $FPG5FYy oiiKny ELWy ioy LQWHUUXSWy LVy HQDEOHGiy :KHQy WKLVy ELWy LVy UHVHWny WKH $FPG5FYyLQWHUUXSWyLVyGLVDEOHGi %LWyiay3FPG5FY(yo$7$3,y3DFNHWy&RPPDQGy,QWHUUXSWy(QDEOHGo :KHQy WKLVy ELWy LVy VHWny WKHy 3FPG5FYy LQWHUUXSWy oiiKny ELWy ioy LVy HQDEOHGiy y :KHQy WKLVy ELWy LVy UHVHWny WKH 3FPG5FYyLQWHUUXSWyLVyGLVDEOHGi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyieKa $FURQ\Pa %,7yae %,7yc
'HFRGHUy,QWHUUXSWy0DVNy5HJLVWHUyo5HDGo 'HFRGHUy,QWHUUXSWy0DVNy5HJLVWHUyo:ULWHo ',0 %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG '$&,QW( 6XE,QW(
%,7yi
'HF,QW(
7KLVyUHJLVWHUyFRQWUROVyWKHyPDVNLQJyIRUyHDFKyLQWHUUXSWyVRXUFHiyy:ULWLQJyDy|iyWRyHDFKyELWyHQDEOHVyWKH LQWHUUXSWy IRUy WKDWy FRUUHVSRQGLQJy IXQFWLRQiy y :ULWLQJy Dy |iy WRy HDFKy ELWny GLVDEOHVy WKHy LQWHUUXSWy IRUy WKDW FRUUHVSRQGLQJyIXQFWLRQi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay'$&,QW(yo$XGLRy'$&y2XWSXWy,QWHUUXSWy(QDEOHo :KHQyWKLVyELWyLVyVHWnyWKHy'$&,QWyLQWHUUXSWyoiiKnyELWyeoyLVyHQDEOHGiyy:KHQyWKLVyELWyLVyUHVHWnyWKHy'$&,QW LQWHUUXSWyLVyGLVDEOHGi %LWyiay6XE,QW(yo&'y6XEFRGHy,QWHUUXSWy(QDEOHGo :KHQyWKLVyELWyLVyVHWnyWKHy6XE,QWyLQWHUUXSWyoiiKnyELWyioyLVyHQDEOHGiyy:KHQyWKLVyELWyLVyUHVHWnyWKHy6XE,QW( LQWHUUXSWyLVyGLVDEOHGi %LWyiay'HF,QWyo&'y'HFRGHUy,QWHUUXSWo :KHQyWKLVyELWyLVyVHWnyWKHy'HF,QWyLQWHUUXSWyoiiKnyELWyioyLVyHQDEOHGiyy:KHQyWKLVyELWyLVyUHVHWnyWKHy'HF,QW LQWHUUXSWyLVyGLVDEOHGi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUye %XIIHUi&'y&DFKHy0DQDJHUy5HJLVWHUV
5HJLVWHUyieKyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
9DOLGy&DFKHy%ORFNy&RXQWy5HJLVWHUyo5HDGo 9DOLGy&DFKHy%ORFNy&RXQWy5HJLVWHUyo:ULWHo 9&%& %,7ye %,7ye %,7ye %,7ye %,7yi
9DOLGy&DFKHy%ORFNy&RXQWy5HJLVWHUy%ea%i
%,7yi
7KHy 9DOLGy &DFKHy %ORFNy &RXQWy 5HJLVWHUy LQGLFDWHy WKHy QXPEHUy RIy YDOLGy EORFNVy LQy WKHy EXIIHUy '5$0i 7KHVHyEORFNVyKDYHySDVVHGyHLWKHUy(&&yFRUUHFWLRQyRUy('&yFKHFNyDQGyDUHyUHDG\yWRyEHyWUDQVIHUUHGyWR WKHyKRVWi
5HJLVWHUyieKyay %,7yae %,7yc
5HVHUYHG %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyicKyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
7RWDOy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUyo5HDGo 7RWDOy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUyo:ULWHo 77%/ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
7RWDOy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUy%ea%i
7KHy 7RWDOy +RVWy 7UDQVIHUy /HQJWKy 5HJLVWHUy LQGLFDWHy WKHy UHPDLQLQJy EORFNy OHQJWKy WRy EHy WUDQVIHUUHG EHWZHHQyWKHyKRVWyDQGyWKHyGULYHyEHIRUHyILQLVKLQJyDQy$7$3,y5HDGyoieKoyRUy5HDGy&'yo%(Koy&RPPDQGi
5HJLVWHUyiaeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG
5HJLVWHUyiaKyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&+7% %,7ye
&XUUHQWy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUyo5HDGo &XUUHQWy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUyo:ULWHo
%,7ye
%,7ye
%,7ye
%,7yi
%,7yi
&XUUHQWy+RVWy7UDQVIHUy%ORFNy/HQJWKy5HJLVWHUy%ea%i
7KHy &XUUHQWy +RVWy 7UDQVIHUy %ORFNy /HQJWKy 5HJLVWHUy VSHFLI\y WKHy FXUUHQWy QXPEHUy RIy EORFNVy WRy EH WUDQVIHUUHGyEHWZHHQyWKHyKRVWyDQGyWKHyGULYHyIRUyWKHyFXUUHQWyKRVWyWUDQVIHUi
5HJLVWHUyiaKyay %,7yae %,7yc
5HVHUYHG
%,7ye
%,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyi$Kyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
+RVWy7UDQVIHUy%ORFNy$GGUHVVy/RZy5HJLVWHUyo5HDGo +RVWy7UDQVIHUy%ORFNy$GGUHVVy/RZy5HJLVWHUyo:ULWHo +7%$/ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
+RVWy7UDQVIHUy%ORFNy$GGUHVVy/RZy5HJLVWHUy%ea%i
6HHy+RVWy7UDQVIHUy%ORFNy$GGUHVVy+LJKy5HJLVWHUi
5HJLVWHUyi%Kyay $FURQ\Pa %,7yae %,7yc
+RVWy7UDQVIHUy%ORFNy$GGUHVVy+LJKy5HJLVWHUo5HDGo +RVWy7UDQVIHUy%ORFNy$GGUHVVy+LJKy5HJLVWHUo:ULWHo +7%$+ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
5HVHUYHG
7KHy+RVWy7UDQVIHUy%ORFNy$GGUHVVy/RZi+LJKy5HJLVWHUVyVSHFLI\yWKHyVWDUWLQJyEORFNyDGGUHVVyRIyWKHyGDWD LQyWKHyEXIIHUy'5$0yEHIRUHyKRVWyWUDQVIHUyVWDUWVi
5HJLVWHUyi&Kyay $FURQ\Pa %,7yae %,7yc
+RVWy%ORFNy2IIVHWy$GGUHVVy/RZyiy5HJLVWHUyo5HDGo +RVWy%ORFNy2IIVHWy$GGUHVVy/RZyiy5HJLVWHUyo:ULWHo +%2$/i %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
+RVWy%ORFNy2IIVHWy$GGUHVVy/RZyiy5HJLVWHUy%aea%i
6HHy+RVWy%ORFNy2IIVHWy$GGUHVVy+LJKyiy5HJLVWHUi
5HJLVWHUyi'Kyay $FURQ\Pa %,7yae %,7yc +RVWy%ORFNy2IIVHWy$GGUHVVy+LJKyiy5HJLVWHUyo5HDGo +RVWy%ORFNy2IIVHWy$GGUHVVy+LJKyiy5HJLVWHUo:ULWHo +%2$+i %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
%ii %ii %a %a
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HVHUYHG
7KHy+RVWy%ORFNy2IIVHWy$GGUHVVy/RZi+LJKy5HJLVWHUVyVSHFLI\yWKHyVWDUWLQJyRIIVHWyDGGUHVVyRIyWKHyILUVW VHJPHQWyZLWKLQyDyEORFNyLQyWKHyEXIIHUy'5$0i
5HJLVWHUyi(Kyay $FURQ\Pa %,7yae %,7yc
7UDQVIHUy2IIVHWy/HQJWKy/RZyiy5HJLVWHUyo5HDGo 7UDQVIHUy2IIVHWy/HQJWKy/RZyiy5HJLVWHUyo:ULWHo 72//i %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
7UDQVIHUy2IIVHWy/HQJWKy/RZyiy5HJLVWHUy%aea%i
6HHyWKHy7UDQVIHUy2IIVHWy/HQJWKy+LJKyiy5HJLVWHUi
5HJLVWHUyi)Kyay $FURQ\Pa %,7yae %,7yc
7UDQVIHUy2IIVHWy/HQJWKy+LJKyiy5HJLVWHUyo5HDGo 7UDQVIHUy2IIVHWy/HQJWKy+LJKyiy5HJLVWHUyo:ULWHo 72/+i %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
%ii %ii %a %a
5HVHUYHG
7KHy 7UDQVIHUy 2IIVHWy /HQJWKy /RZi+LJKy iy 5HJLVWHUVy oi(Kny i)Koy VSHFLI\y WKHy QXPEHUy RIy FRQWLQXRXV E\WHVyWRyEHyWUDQVIHUUHGyWRyWKHyILUVWyVHJPHQWi
5HJLVWHUyeiKyay $FURQ\Pa %,7yae %,7yc
+RVWy%ORFNy2IIVHWy$GGUHVVy/RZyey5HJLVWHUyo5HDGo +RVWy%ORFNy2IIVHWy$GGUHVVy/RZyey5HJLVWHUyo:ULWHo +%2$/e %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
+RVWy%ORFNy2IIVHWy$GGUHVVy/RZyey5HJLVWHUy%aea%i
6HHy+RVWy%ORFNy2IIVHWy$GGUHVVy+LJKyey5HJLVWHUi
5HJLVWHUyeiKyay $FURQ\Pa %,7yae %,7yc
+RVWy%ORFNy2IIVHWy$GGUHVVy+LJKyey5HJLVWHUyo5HDGo +RVWy%ORFNy2IIVHWy$GGUHVVy+LJKyey5HJLVWHUo:ULWHo +%2$+e %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
%ii %ii %a %a
5HVHUYHG
7KHy +RVWy %ORFNy 2IIVHWy $GGUHVVy /RZi+LJKy ey 5HJLVWHUVy VSHFLI\y WKHy VWDUWLQJy WUDQVIHUy RIIVHWy DGGUHVV DIWHUyILQLVKLQJyWKHyWUDQVIHUyIRUyWKHyILUVWyVHJPHQWi
5HJLVWHUyeeKyay
7UDQVIHUy2IIVHWy/HQJWKy/RZyey5HJLVWHUyo5HDGo
$FURQ\Pa %,7yae %,7yc 7UDQVIHUy2IIVHWy/HQJWKy/RZyey5HJLVWHUyo:ULWHo 72//e %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
7UDQVIHUy2IIVHWy/HQJWKy/RZyey5HJLVWHUy%aea%i 6HHy7UDQVIHUy2IIVHWy/HQJWKy+LJKyey5HJLVWHUi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7UDQVIHUy2IIVHWy/HQJWKy+LJKyey5HJLVWHUyo5HDGo 7UDQVIHUy2IIVHWy/HQJWKy+LJKyey5HJLVWHUyo:ULWHo $FURQ\Pa 72/+e %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
5HVHUYHG %ii %ii %a %a 7KHy7UDQVIHUy2IIVHWy/HQJWKy/RZi+LJKyey5HJLVWHUVyVSHFLI\yWKHyFRQWLQXRXVyQXPEHUyRIyE\WHVyWRyEH WUDQVIHUUHGnyDIWHUyILQLVKLQJyWKHyILUVWyVHJPHQWi
5HJLVWHUyeeKyay
5HJLVWHUyeeKyay
$FURQ\Pa %,7yae %,7yc
03y$FFHVVy3K\VLFDOy$GGUHVVy/6%y5HJLVWHUo5HDGo 03y$FFHVVy3K\VLFDOy$GGUHVVy/6%y5HJLVWHUo:ULWHo RU 03y%ORFNy2IIVHWy$GGUHVVy/RZy5HJLVWHUyo5HDGo 03y%ORFNyy2IIVHWy$GGUHVVy/RZy5HJLVWHUyo:ULWHo 03$/6% 0%2$/ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
03y$FFHVVy3K\VLFDOy$GGUHVVy/6%y%aea%i 03yy%ORFNy2IIVHWy$GGUHVVy/RZy5HJLVWHUy%aea%i
7KHVHy UHJLVWHUVy VSHFLI\y WKHy '5$0y SK\VLFDOy DGGUHVVy RUy EORFNy DGGUHVVy ZKHQy WKHy PLFURSURFHVVRU ZDQWVyWRyDFFHVVyWKHy'5$0i
5HJLVWHUyeeKyay 03y$FFHVVy3K\VLFDOy$GGUHVVy0,'yo5HDGo 03y$FFHVVy3K\VLFDOy$GGUHVVy0,'yo:ULWHo RU 03y%ORFNy2IIVHWy$GGUHVVy+LJKy5HJLVWHUyo5HDGo 03y%ORFNyy2IIVHWy$GGUHVVy+LJKy5HJLVWHUyo:ULWHo 03$0,' 0%2$+ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
$FURQ\Pa %,7yae %,7yc
03y$FFHVVy3K\VLFDOy$GGUHVVy0,'y%iea%a 5HVHUYHG 03y%ORFNy2IIVHWy$GGUHVVy+LJKy5HJLVWHUy%iia%a 6HHy03y$FFHVVy3K\VLFDOy/6%y5HJLVWHUyoeeKoi
5HJLVWHUyecKyay
$FURQ\Pa %,7yae %,7yc
03y$FFHVVy3K\VLFDOy$GGUHVVy06%yo5HDGo 03y$FFHVVy3K\VLFDOy$GGUHVVy06%yo:ULWHo RU 03y%ORFNy$GGUHVVy5HJLVWHUyo5HDGo 03y%ORFNy$GGUHVVy5HJLVWHUyo:ULWHo 03$06% 0%$ %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG
%,7yi
5HVHUYHG
'5$0y$FFHVVy3K\VLFDOy$GGUHVVy06% %iaa%ic 03y%ORFNy$GGUHVVy5HJLVWHUy%ea%i
,Qy %ORFNy $GGUHVVLQJy PRGHny WKHy 03y %ORFNy $GGUHVVy UHJLVWHUy VSHFLI\y WKHy EORFNy DGGUHVVy LQy EXIIHU '5$0iyy$OVRnyUHIHUyWRyWKHy03y$FFHVVy3K\VLFDOy/6%y5HJLVWHUyoeeKoyGHVFULSWLRQi
5HJLVWHUyeaeKyay %,7yae %,7yc
5HVHUYHG %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyeaKyay $FURQ\Pa %,7yae %,7yc
03y$FFHVVy'DWDy3RUWy5HJLVWHUyo5HDGo 03y$FFHVVy'DWDy3RUWy5HJLVWHUyo:ULWHo 03'3 %,7ye %,7ye %,7ye %,7ye %,7yi
03y$FFHVVy'DWDy3RUWy%aea%i
%,7yi
7KHy03y$FFHVVy'DWDy3RUWy5HJLVWHUyLVyXVHGyWRyDFFHVVyWKHyFRQWHQWyRIyWKHy'5$0yIRUyERWKyUHDGyDQG ZULWHyRSHUDWLRQVi
5HJLVWHUyeaKyay
%XIIHUy$FFHVVy&RQWUROy5HJLVWHUyo5HDGo
$FURQ\Pa %,7yae %,7yc
'UDP%V\
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%$& %,7ye
%,7ye
%,7ye
%,7ye
3$0E
%,7yi
5VYG
%,7yi
5HVHUYHG
%LWyaeay'UDP%V\yo'5$0y%XV\y6WDWXVo 7KLVyELWyVHWyZKHQyWKHy'5$0yLVyEXV\i %LWyceay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay3$0Eyo3K\VLFDOy$GGUHVVLQJy0RGHy'LVDEOHGo :KHQy WKLVy ELWy LVy UHVHWny 3K\VLFDOy $GGUHVVLQJy 0RGHy o3$0oy LVy XVHGy IRUy '5$0y DFFHVVHVy E\y WKH PLFURSURFHVVRUiyyy:KHQyWKLVyELWyLVyVHWny%ORFNy$GGUHVVLQJy0RGHyo%$0oyLVyXVHGyIRUy'5$0yDFFHVVHV E\y WKHy PLFURSURFHVVRUiy y $OVRny UHIHUy WRy WKHy 03y $FFHVVy 3K\VLFDOy $GGUHVVy /6%y 5HJLVWHUy oeeKo GHVFULSWLRQi yy %LWyiiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyeaKyay $FURQ\Pa %,7yae %,7yc
,QF$XG&QW ,QF%ON&QW
%XIIHUy$FFHVVy&RQWUROy5HJLVWHUyo:ULWHo %$& %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG 3$0E 6'UDP:UW
%,7yi
6'UDP5G
%LWyaeay,QF$XG&QW :ULWLQJyDy|iyWRyWKLVyELWyLQFUHPHQWVyWKHy9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUyoeaKoyE\yRQHiy:ULWLQJyDy|i WRyWKLVyELWyFDXVHVyQRyRSHUDWLRQi %LWycay,QF%ON&QW :ULWLQJyDy|iyWRyWKLVyELWyLQFUHPHQWVyWKHy9DOLGy&DFKHy%ORFNy&RXQWy5HJLVWHUyoieKoyE\yRQHi %LWyeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay3$0Eyo3K\VLFDOy$GGUHVVLQJy0RGHy'LVDEOHGo :ULWLQJy Dy |iy WRy WKLVy ELWy SODFHVy WKHy .6aeecy LQWRy 3K\VLFDOy $GGUHVVLQJy 0RGHy o3$0oy IRUy '5$0 DFFHVVHViy:ULWLQJyDy|iyWRyWKLVyELWySODFHVyWKHy.6aeecyLQWRy%ORFNy$GGUHVVLQJy0RGHyo%$0oyIRUy'5$0 DFFHVVHVi %LWyiay6'UDP:UWyo6WDUWy'5$0y:ULWHo :ULWLQJyDy|iyWRyWKLVyELWyFDXVHVyWKHy.6aeecyWRyVWDUWyWKHy'5$0yZULWHyRSHUDWLRQi %LWyiay6'UDP5Gyo6WDUWy'5$0y5HDGo :ULWLQJyDy|iyWRyWKLVyELWyFDXVHVyWKHyKDUGZDUHyWRyVWDUWyWKHy'5$0yUHDGyRSHUDWLRQi
5HJLVWHUye$Kyay $FURQ\Pa %,7yae %,7yc
&e(UU25 &e(UU25 y'VHO
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%XIIHUy&RQILJXUDWLRQy&RQWUROyiy5HJLVWHUyo5HDGo %XIIHUy&RQILJXUDWLRQy&RQWUROyiy5HJLVWHUyo:ULWHo %&&i %,7ye %,7ye %,7ye %,7ye %,7yi
%ON&RQI %ON&RQI
%,7yi
6VHO &VHO '63y&KDQQHOy6HO
'UDPV]yo5HDGy2QO\o 'UDPV]yo5HDGy2QO\o
7KHy%XIIHUy&RQILJXUDWLRQy&RQWUROyiy5HJLVWHUyVSHFLILHVyWKHy'5$0yVL]HyDQGyFRQILJXUDWLRQi %LWyaeay&e(UU25o&ey(UURUy%ORFNy25y)RUPDWo :KHQyWKLVyELWyLVyVHWnyWKHyILUVWyE\WHyRIy&ey%ORFNy(UURUyLVyWKHyUHVXOWyRIyORJLFDOO\y25LQJyDOOyRIyWKHy&ey(UURU )ODJy E\WHViy :KHQy WKLVy ELWy LVy FOHDUHGny WKHy ILUVWy E\WHy RIy WKHy &ey %ORFNy (UURUy LVy WKHy ORQJLWXGLQDOy SDULW\ o;25oyRIyDOOyWKHy&ey(UURUy)ODJyE\WHVi %LWyceyay'63y&KDQQHOy6HOyo'63y&KDQQHOy6HOHFWyIRUy%XIIHULQJo 7KHy'63y&KDQQHOy6HOyELWVyVHOHFWyYDULRXVy'63yGDWDyFKDQQHOVyWRyEHyEXIIHUHGyZKHQyWKHyGHFRGHUyLVyLQ %XIIHUy2QO\yiy(&&yiy$XGLRy%XIIHULQJyiy7HVWy0RGHVi %LWycay'VHOyo'DWDy&KDQQHOy6HOHFWy'63yIRUy%XIIHULQJo :ULWLQJy Dy |iy WRy WKLVy ELWy VHOHFWVy WKHy '63y PDLQy GDWDy FKDQQHOy IRUy EXIIHULQJiy y :ULWLQJy Dy |iy WRy WKLVy ELW GLVDEOHVyWKHy'63yPDLQyGDWDyFKDQQHOyDQGySUHYHQWVyLWyIURPyEHLQJyEXIIHUHGi %LWyeay6VHOyo6XEFRGHy&KDQQHOy6HOHFWy'63yIRUy%XIIHULQJo :ULWLQJy Dy |iy WRy WKLVy ELWy VHOHFWVy WKHy '63y VXEFRGHy FKDQQHOy IRUy EXIIHULQJiy :ULWLQJy Dy ]HURy WRy WKLVy ELW GLVDEOHVyWKHy'63yVXEFRGHyFKDQQHOyDQGySUHYHQWVyLWyIURPyEHLQJyEXIIHUHGi %LWyeay&VHOyo&e3iy&KDQQHOy6HOHFWy'63yIRUy%XIIHULQJo :ULWLQJy Dy |iy WRy WKLVy ELWny VHOHFWVy WKHy '63y &e32y HUURUy IODJVy IRUy EXIIHULQJiy y :ULWLQJy Dy |iy WRy WKLVy ELW SUHYHQWVyWKHy'63y&e32yHUURUyIODJVyIURPyEHLQJyEXIIHUHGi %LWyeay%ON&RQIyo'5$0y%ORFNy&RQILJXUDWLRQo 7KLVy ELWy FRQILJXUHVy WKHy &'y %ORFNy VL]Hy LQy '5$0iy y :KHQy WKLVy ELWy LVy VHWny HDFKy &'y %ORFNy VL]Hy LV SDUWLWLRQHGyDVyeie.yoeeciyE\WHVoiyy:KHQyWKLVyELWyLVyFOHDUHGnyHDFKy&'y%ORFNyVL]HyLVySDUWLWLRQHGyDVye. oeiaeeyE\WHVoi %LWyeiay'UDPV]yo'5$0y6L]Hy6HOHFWLRQo 7KHVHyELWVyVSHFLI\yWKHy'5$0yVL]HyIRUyWKHy.6aeecyDVyHPEHGGHGyce.y[ici
5HJLVWHUye%Kyay $FURQ\Pa %,7yae %,7yc
%XIIHUy&RQILJXUDWLRQy&RQWUROyey5HJLVWHUyo5HDGo %XIIHUy&RQILJXUDWLRQy&RQWUROyey5HJLVWHUyo:ULWHo %&&e %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG '5$6
%,7yi
60(
7KHy%XIIHUy&RQILJXUDWLRQy&RQWUROyey5HJLVWHUyVSHFLILHVyWKHy'5$0yFRQILJXUDWLRQi %LWyaeeayy5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeiay'5$6yo'5$0yW53yDQGyW5&'o
7KHVHyeyELWVyGHILQHyWKHyW53yDQGyW5&'ySDUDPHWHUVi %LWyiay60(yo'5$0y6LQJOHy0RGHy&\FOHy([WHQWLRQo :KHQyWKLVyELWyLVyVHWnyWKHyF\FOHyWLPHyLVyH[WHQGHGyE\yRQHyDGGLWLRQDOy6<6&/.yIRUyWKHy5$6yDQGy&$6yORZ WLPHyLIy6LQJOHy0RGHy'5$0yDFFHVVyLVyDFWLYHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUye&Kyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
%XIIHUy%RWWRPy%ORFNy$GGUHVVy5HJLVWHUo5HDGo %XIIHUy%RWWRPy%ORFNy$GGUHVVy5HJLVWHUo:ULWHo %%%$ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
%XIIHUy%RWWRPy%ORFNy$GGUHVVy5HJLVWHUy%eai
7KHy %XIIHUy %RWWRPy %ORFNy $GGUHVVy 5HJLVWHUy FRQILJXUHVy WKHy HQGy RUy WKHy ODVWy &'y EORFNy DGGUHVVy LQ '5$0i
5HJLVWHUye'Kyay %,7yae %,7yc
5HVHUYHG %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUye(Kyay $FURQ\Pa %,7yae %,7yc
'5$0y5HIUHVKy&RQWUROy5HJLVWHUyo5HDGo '5$0y5HIUHVKy&RQWUROy5HJLVWHUyo:ULWHo '5&5 %,7ye %,7ye %,7ye %,7ye %,7yi
'5$0y5HIUHVKy&RQWUROy5HJLVWHU
%,7yi
7KHy'5$0y5HIUHVKy&RQWUROy5HJLVWHUyLVyXVHGyWRySURJUDPyWKHy'5$0yUHIUHVKySHULRGi
5HJLVWHUye)Kyay $FURQ\Pa %,7yae %,7yc
66OHHS 6)5HVHW
*OREDOy&RQWUROy5HJLVWHUyo:ULWHo *OREDOy&RQWUROy5HJLVWHUyo5HDGo *&5 %,7ye %,7ye %,7ye %,7ye
%XUVW1XP 'VSEXUVW 5VYG
%,7yi
&VSHHG>eai@
%,7yi
7KHy *OREDOy &RQWUROy 5HJLVWHUy FRQWUROVy SRZHUy PDQDJHPHQWny '5$0y DUELWUDWLRQy PRGHny DQGy VRIWy UHVHW RSHUDWLRQi %LWyaeay66OHHSyo6WDUWy6OHHSy0RGHo :KHQy WKLVy ELWy LVy VHWy WRy |iny WKHy .6aeecy HQWHUVy VOHHSy PRGHy LPPHGLDWHO\iy :ULWLQJy Dy |iy WRy WKLVy ELW FDXVHVyWKHy.6aeecyWRyZDNHyWRyQRUPDOyRSHUDWLRQi %LWycay6)5HVHWyo6WDUWy)LUPZDUHy5HVHWo :ULWLQJyDy|iyWRyWKLVyELWyFDXVHVyDyILUPZDUHyUHVHWyIRUyWKHy.6aeeci %LWyeay%XUVW1XPyy+RVWy'5$0ySDJHyDFFHVVyEXUVWyo%\WHoy6L]H
:KHQyWKLVyELWyLVy|inyDyPD[LPXPyRIya:RUGVyDFFHVVyLVyDOORZHGyIRUy'5$0y3DJHyWUDQVIHUULQJyRQy+RVW VLGHiyy:KHQyWKLVyELWyLVy|inyDyPD[LPXPyRIye:RUGVyLVyDOORZHGyIRUy'5$0y3DJHyWUDQVIHUULQJiyy7KLVyELW FDQQRWyEHyFKDQJHGyGXULQJyKRVWyWUDQVIHUViyy7KHyGHIDXOWyVWDWHyRIyWKLVyELWyLVy|ii %LWyeay'VS%XUVWyyy&'y%XIIHUyWRy'5$0yEXUVWyVL]H :KHQyWKLVyELWyLVyLQyGHIDXOWyVWDWHyo|i|onyDyPD[LPXPyRIye:RUGVyDFFHVVyLVyDOORZHGyIRUy'5$0y3DJH WUDQVIHUULQJyRQy&'iyy:KHQyWKLVyELWyLVy|inyDyPD[LPXPyRIye:RUGVyDUHyDOORZHGySHUy'5$0yUHTXHVWi 7KLVyELWyFDQQRWyEHyFKDQJHGyGXULQJyKRVWyWUDQVIHUViyy7KHyGHIDXOWyVWDWHyRIyWKLVyELWyLVy|ii %LWyeay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeiay&VSHHG>eai@yyy$GMXVWy$UELWHU(c)Vy3ULRULW\y6FKHPH ,Qy .6aeecny WKHy %XUVW1XPy %LWny 'VS%XUVWy %LWny DQGy &VSHHG>eai@y ELWVy DUHy XVHGy WRy RSWLPL]Hy WKH SHUIRUPDQFHyRIy+RVWyDQGy'LVNy7UDQVIHUy5DWHViy7KLVyRSWLPL]DWLRQyLVyEDVHGyRQyWKHyW\SHyRIy'5$0nyWKH VSHHGyUHTXLUHPHQWyRIy&'y'LVNyDQGy6\VWHPy&ORFNi .6aeecy3HUIRUPDQFHy7DEOHyoy,QWHUQDOy8VHy2QO\o 6\VWHP &ORFN eeiay0+] eiiay0+] 'UDPy7\SH eeQVy(PEHGGHGy('2 eeQVy(PEHGGHGy('2 0D[ 'LVN 6SHHG eaey; eey; %XUVW1XPn'VS%XUVW &VSHHG>eai@ 3URJUDPPLQJy9DOXH >inyinyinyinyi@ >inyinyinyinyi@ 6XVWDLQy0RGH 3,2eyiy'0$e 8OWUDy'0$i 0D[y+RVW 0RGH 8OWUDy'0$e 8OWUDy'0$e
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN

.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyc &'y%ORFNy'HFRGHUy5HJLVWHUV
5HJLVWHUyeiKyay 'HFRGHUy+HDGHUy0LQy5HJLVWHUyo5HDGo $FURQ\Pa '+0,1 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy+HDGHUy0LQy5HJLVWHU 7KHy 'HFRGHUy +HDGHUy 0LQy 5HJLVWHUy FRQWDLQVy WKHy 0LQXWHy E\WHy RIy WKHy &'y +HDGHUy LQIRUPDWLRQiy 7KLV UHJLVWHUyLVyYDOLGyRQO\yDIWHUyDy&'yGHFRGHUyLQWHUUXSWyRFFXUVi
%,7yi
5HJLVWHUyeiKyay 'HFRGHUy+HDGHUy6HFy5HJLVWHUyo5HDGo $FURQ\Pa '+6(& %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy+HDGHUy6HFRQGy5HJLVWHU
%,7yi
7KHy'HFRGHUy+HDGHUy6HFy5HJLVWHUyFRQWDLQVyWKHy6HFRQGyE\WHyRIyWKHy&'y+HDGHUyLQIRUPDWLRQi
5HJLVWHUyeeKyay 'HFRGHUy+HDGHUy)UDPHy5HJLVWHUyo5HDGo $FURQ\Pa '+)5$0( %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy+HDGHUy)UDPHy5HJLVWHU
%,7yi
7KHy'HFRGHUy+HDGHUy)UDPHy5HJLVWHUyFRQWDLQVyWKHy)UDPHyE\WHyRIyWKHy&'y+HDGHUyLQIRUPDWLRQi
5HJLVWHUyeeKyay 'HFRGHUy+HDGHUy0RGHy5HJLVWHUyo5HDGo $FURQ\Pa '+02'( %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy+HDGHUy0RGHy5HJLVWHU
%,7yi
7KHy'HFRGHUy+HDGHUy0RGHy5HJLVWHUyFRQWDLQVyWKHy0RGHyE\WHyRIyWKHy&'y+HDGHUyLQIRUPDWLRQi
5HJLVWHUyeeKyay 'HFRGHUy6XEKHDGHUyiy5HJLVWHUyo5HDGo $FURQ\Pa '68%+i %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy6XEKHDGHUyiy5HJLVWHU
%,7yi
7KHy 'HFRGHUy 6XEKHDGHUy iy 5HJLVWHUy FRQWDLQVy WKHy ILUVWy E\WHy RIy WKHy VXEKHDGHUny ZKLFKy LVy WKHy )LOH 1XPEHUyE\WHiy7KLVyUHJLVWHUyLVyYDOLGyRQO\yDIWHUyDy&'yGHFRGHUyLQWHUUXSWyRFFXUVi
5HJLVWHUyeeKyay $FURQ\Pa %,7yae %,7yc 'HFRGHUy6XEKHDGHUyiy5HJLVWHUyo5HDGo '68%+i %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy6XEKHDGHUyiy5HJLVWHU 7KHy 'HFRGHUy 6XEKHDGHUy iy 5HJLVWHUy FRQWDLQVy WKHy VHFRQGy E\WHy RIy WKHy VXEKHDGHUny ZKLFKy LVy WKH &KDQQHOy1XPEHUyE\WHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7yi
5HJLVWHUyecKyay $FURQ\Pa %,7yae %,7yc
'HFRGHUy6XEKHDGHUyey5HJLVWHUyo5HDGo '68%+e %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy6XEKHDGHUyey5HJLVWHU
%,7yi
7KHy'HFRGHUy6XEKHDGHUyey5HJLVWHUyFRQWDLQVyWKHyWKLUGyE\WHyRIyWKHyVXEKHDGHUnyZKLFKyLVyWKHy6XEPRGH E\WHi
5HJLVWHUyeaeKyay $FURQ\Pa %,7yae %,7yc
'HFRGHUy6XEKHDGHUyey5HJLVWHUyo5HDGo '68%+e %,7ye %,7ye %,7ye %,7ye %,7yi
'HFRGHUy6XEKHDGHUyey5HJLVWHU
%,7yi
7KHy 'HFRGHUy 6XEKHDGHUy ey 5HJLVWHUy FRQWDLQVy WKHy IRXUWKy E\WHy RIy WKHy VXEKHDGHUny ZKLFKy LVy &RGLQJ ,QIRUPDWLRQyE\WHi
5HJLVWHUyeaKyay $FURQ\Pa %,7yae %,7yc
'LVNy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHUyo5HDGo 'LVNy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHUyo:ULWHo '7%$ %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
'LVNy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHU
7KHy'LVNy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHUyLQGLFDWHyWKHyEORFNyDGGUHVVyRIyWKHyLQFRPLQJy'63yGDWD FXUUHQWO\yEHLQJyEXIIHUHGi
5HJLVWHUyeaKyay %,7yae %,7yc
5HVHUYHG %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUye$Kyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
'HFRGHUy&RQWUROy5HJLVWHUyo5HDGo 'HFRGHUy&RQWUROy5HJLVWHUyo:ULWHo '&5 %,7ye %,7ye %,7ye %,7ye
6XE0RQ $XG:UW (&&54 'HF:UW
%,7yi
'HFHQ
%,7yi
'HFVHQ
7KLVy UHJLVWHUy LVy XVHGy WRy FRQWUROy WKHy &'y GHFRGHUy RSHUDWLRQiy y 7KHy &'y GHFRGHUy VWD\Vy LQy RQHy RIy WKH IROORZLQJyPRGHVa
6WRSy0RGHya
,Qy6WRSy0RGHnyWKHyGHFRGHUyFRPSOHWHO\yVWRSSHGi
'DWDy0RQLWRUy0RGHa
,Qy0RQLWRUy0RGHnyWKHyGHFRGHUyDQGyGHVFUDPEOHUyRSHUDWLRQVyDUHyDFWLYHi
%XIIHULQJy2QO\y0RGHa
,Qy%XIIHULQJy2QO\y0RGHnyWKHyGHFRGHUyDQGyGHVFUDPEOHUyRSHUDWLRQVyDUHyDFWLYHi
$XGLRy%XIIHULQJy0RGHa
,Qy$XGLRy%XIIHULQJy0RGHnyWKHy'VHOyELWyLQyWKHy%XIIHUy&RQILJXUDWLRQy&RQWUROyiy5HJLVWHUyoe$KnyELWycoyPXVW EHyVHWi
6XEFRGHy0RQLWRUy0RGHa (&&y0RGHa 7HVWy0RGHa
,IyWKHy6XE0RQyELWyLVyVHWyDQGyWKHy$XG:UWyELWyLVyFOHDUHGnyWKHyGHFRGHUyLVyLQyWKHy6XEFRGHy0RQLWRUy0RGHi ,Qy(&&y0RGHnyWKHyGHFRGHUyDQGyGHVFUDPEOHUyRSHUDWLRQVyDUHyDFWLYHi ,Qy7HVWy0RGHnyWKHyGHFRGHUyRSHUDWLRQyLVyDFWLYHyZKLOHyWKHyGHVFUDPEOHUyORJLFyLVyGLVDEOHGi
'HFRGHUy2SHUDWLRQy6WDWH
6XE0RQ i i i i i i i $XG:UW i i i i i i i (&&54 'HF:UW i i i i i i [ [ [ [ i i i i 2WKHUy9DOXHV 'HFHQ i i i [ [ i i 'HFVFHQ i i i [ [ i i 2SHUDWLRQy6WDWXV 'HFRGHUy6WRSy0RGH 0RQLWRUy0RGH %XIIHULQJy2QO\y0RGH $XGLRy%XIIHULQJy0RGH 6XEFRGHy0RQLWRUy0RGH (&&y0RGH 7HVWy0RGH ,QYDOLGy0RGH
%LWyaecay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWi
%LWyeay6XE0RQyo6XEFRGHy0RQLWRUy0RGHy(QDEOHo :KHQyWKLVyELWyLVyVHWyDQGyWKHy$XG:UWyELWyLVyFOHDUHGnyWKHyGHFRGHUyLVySODFHGyLQWRyWKHy6XEFRGHy0RQLWRU 0RGHi %LWyeay$XGL:UWyo$XGLRy%XIIHUy0RGHy(QDEOHo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyZLOOyEXIIHUyWKHy&''$yGDWDi %LWyeay(&&54yo(UURUy&RUUHFWLRQy5HTXHVWo :ULWLQJyDy|iyWRyWKLVyELWyZKHQyERWKyWKHy'HFHQyDQGy'HF:UWyELWVyDUHyVHWyFDXVHVyWKHyGHFRGHUyORJLFyWR VZLWFKyLQWRy(&&y0RGHi %LWyeay'HF:UWyo'HFRGHUy:ULWLQJi%XIIHULQJy(QDEOHo :ULWLQJyDy|iyWRyWKLVyELWyZKHQyWKHy'HFHQyELWyLVyVHWyFDXVHVyWKHyEXIIHULQJyIRUyyWKHyPDLQyGDWDyVWUHDPVn '63yVXEFRGHny&e32y(UURUy)ODJVyWRyEHFRPHyDFWLYHi %LWyiay'HFHQyo'HFRGHUy2SHUDWLRQy(QDEOHo :KHQyWKLVyELWyVHWnyWKHy&'yGHFRGHUyRSHUDWLRQyLVyDFWLYHyIRUySURFHVVLQJyWKHyLQFRPLQJy'63yGDWDi %LWyiay'HVFHQyo'HVFUDPEOHUy(QDEOHGo :KHQyWKLVyELWyVHWnyWKHyGHVFUDPEOHUyORJLFyLVyDFWLYHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
(&&y&RQWUROyiy5HJLVWHUyo5HDGo (&&y&RQWUROyiy5HJLVWHUyo:ULWHo $FURQ\Pa (&&i %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye
;$0RGH 'LV)O\(GF 5HVHUYHG (GFHQ (FF3HQ 7KHy(&&y&RQWUROyiy5HJLVWHUyFRQWUROVyWKHy(&&ny('&nyDQGyGHFRGHUyRSHUDWLRQVi
5HJLVWHUye%Kyay
%,7yi
(FF4HQ
%,7yi
(UD&RUU
%LWyaeay;$0RGHyo&'y;$y'DWDy0RGHy(QDEOHo :KHQy WKLVy ELWy FOHDUHGny WKHy (&&i('&y ORJLFy DVVXPHVy WKHy GDWDy EORFNy LVy %LWyiay(FF4HQyo(&&y4y3DULW\y&KHFNo :KHQy WKLVy ELWy VHWny WKHy (&&y 4y 3DULW\y &KHFNHUy LVy HQDEOHGy DQGy WKHy (&&y ORJLFy ZLOOy FRUUHFWy WKHy GDWD XVLQJyWKHy4y&RGHZRUGVi %LWyiay(UD&RUUyo&e32y(UDVXUHy&RUUHFWLRQy(QDEOHo :KHQyWKLVyELWyLVyFOHDUHGnyWKHy&e32yHUURUyIODJVyDUHyQRWyXVHGyIRUyFRUUHFWLRQyUHIHUHQFHi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
(&&y&RQWUROyey5HJLVWHUyo5HDGo (&&y&RQWUROyey5HJLVWHUyo:ULWHo $FURQ\Pa (&&e %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye
5HVHUYHG 3DFNHW:U $6\Q:UW 5HS&RUU 7KHy(&&y&RQWUROyey5HJLVWHUyFRQWUROVyVSHFLDOyGHFRGHUyRSHUDWLRQVi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUye&Kyay
%,7yi
5VYG
%,7yi
'LV&RZU
%LWyeayy3DFNHW:Uyo3DFNHWy:ULWLQJy%ORFNVy6WDUWi6WRSo :KHQyWKLVyELWyLVyVHWny.6aeecyZLOOyVWDUWyUHDGLQJy&':2yGLVFyZLWKySDFNHWyZULWLQJi yy %LWyeay$6\Q:UWyo$XGLRy6\QFKURQL]HGy%XIIHULQJo :KHQyWKLVyELWyLVyVHWnyWKHyZULWLQJyRUyEXIIHULQJyRIy&''$yGDWDyLVyGHOD\HGyXQWLOyWKHyILUVWyVXEFRGHyLQyWKH LQFRPLQJy'63yVXEFRGHyVWUHDPyLVyGHWHFWHGi %LWyeay5HS&RUUyo5HSHDWy&RUUHFWLRQy6WDUWo 7KHy5HS&RUUyELWyWULJJHUVyWKHyUHSHDWyFRUUHFWLRQyIHDWXUHi %LWyiay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiay'LV&RZUyo'LVDEOHy&RUUHFWLRQy:ULWHy%DFNyo :KHQyWKLVyELWyLVyFOHDUHGnyWKHyFRUUHFWHGyGDWDyE\WHVyDUHyDOORZHGyWRyEHyZULWWHQyEDFNyLQWRyEXIIHUy'5$0i :KHQyWKLVyELWyLVyVHWnyWKHyFRUUHFWHGyGDWDyE\WHVyZLOOyQRWyEHyZULWWHQyEDFNyLQWRyEXIIHUy'5$0iy7KLVyELWyLV XVHGyIRUyGHEXJySXUSRVHVyRQO\i
5HJLVWHUye'Kyay $FURQ\Pa %,7yae %,7yc
,Q9DOLG 29(UU
(&&y6WDWXVy5HJLVWHUyo5HDGo (&&6 %,7ye %,7ye %,7ye %,7ye
(FF)DW (FF(UU &%ON 1R6\QF
%,7yi
,OO6\QF
%,7yi
5VYG
7KHy(&&y6WDWXVy5HJLVWHUyLVyXVHGyWRySURYLGHyWKHyUHVXOWVyRIy(&&yDQGy('&yRSHUDWLRQVi %LWyaeay,Q9DOLGyo(&&y6WDWXVyLQIRUPDWLRQy,QYDOLGo 7KLVy ELWy LVy VHWy ZKHQy WKHy VXFFHHGLQJy (&&y RUy '63y VWDWXVy KDVy RYHUZULWWHQy WKHy (&&y 6WDWXVy 5HJLVWHU EHIRUHyILUPZDUHyKDVyUHDGyWKHyVWDWXVi
%LWycay29(UUyo'63y),)2y2YHUIORZy(UURUo 7KLVyELWyLVyVHWyZKHQyDy),)2yRYHUIORZyHUURUyRFFXUVyLQyWKHy'63yLQWHUIDFHi %LWyeay(FF)DWyo)DWDOy(UURUyLQy(&&yORJLFo 7KLVyELWyLVyVHWyZKHQyWKHy(&&yORJLFyGHWHFWHGyDyIDWDOyHUURUi %LWyeay(FF(UUyo8QFRUUHFWDEOHy(UURUyEORFNo :KHQyWKLVyELWyLVyVHWnyWKHUHyLVyDQyXQFRUUHFWDEOHyHUURUyLQyWKHyGDWDyEORFNi %LWyeay&%ONyo&RUUHFWHGy%ORFNo 7KLVyELWyLVyVHWyZKHQyRQHyRUyPRUHyHUURUyE\WHVyKDYHyEHHQyFRUUHFWHGyE\yWKHyODVWy(&&yRSHUDWLRQi %LWyeay1R6\QFyo1Ry6\QFy(UURUo 7KLVyELWyLVyVHWyZKHQyWKHyV\QFySDWWHUQyZDVyQRWyGHWHFWHGyLQyLWVyH[SHFWHGyORFDWLRQi %LWyiay,OO6\QFyo,OOHJDOy6\QFy(UURUo 7KLVyELWyLVyVHWyZKHQyWKHyV\QFySDWWHUQyLVyQRWyGHWHFWHGyDVyH[SHFWHGi %LWyiay5HVHUYHG 7KLVyELWyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUye(Kyay $FURQ\Pa %,7yae %,7yc
+/%6: %&.'i
'63y'HYLFHy7\SHy6HOHFWLRQy5HJLVWHUyo5HDGo '63y'HYLFHy7\SHy6HOHFWLRQy5HJLVWHUyo:ULWHo ''76 %,7ye %,7ye %,7ye %,7ye %,7yi
)36 %&./HQJWK /6%) /&+
%,7yi
%&.)
7KHy'63y'HYLFHy7\SHy6HOHFWLRQy5HJLVWHUyVHOHFWVyYDULRXVy&'y'63yDQGy6XEFRGHy,QWHUIDFHyIRUPDWVi %LWyaeay+/%6: 7KLVyELWyLVyXVHGyWRyVZDSyWKHyKLJKyDQGyORZyE\WHVyRIyWKHyLQFRPLQJy'63yPDLQyGDWDyFKDQQHOi %LWycay%&.'iyo%&.yGDWDyVDPSOLQJyGHOD\yRQHyFORFNo :KHQyWKLVyELWyLVyVHWnyWKHyGDWDyLVyGHOD\HGyE\yRQHy%&.yFORFNyLQyVDPSOLQJi %LWyeay)36yo)RUZDUGy3DFNHWy6WUHDPo :KHQyWKLVyELWyLVyVHWnyWKHyPDLQyGDWDyVWUHDPyLVyDyIRUZDUGySDFNHWyVWUHDPi %LWyeeay%&./HQJWKyo&ORFNy/HQJWKo 7KHVHyELWVyVSHFLI\yWKHy'63yPDLQyFKDQQHOy&ORFNy/HQJWKi %LWyeay/6%)yo0DLQy&KDQQHOy'DWDy/6%yE\WHyFRPHVyILUVWo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyWDNHVyWKHyILUVWyE\WHyRIyWKHy'63yFKDQQHOyGDWDyDVyWKHy/6%yDQGyWKH VHFRQGyE\WHyDVyWKHy 06%yRQyWKHy6'$7$y 3LQiyy:KHQyWKLVy ELWyLVyFOHDUHGnyWKHy .6aeecyWDNHVyWKHy ILUVW E\WHyRIyWKHy'63yFKDQQHOyGDWDyDVyWKHy06%yDQGyWKHyVHFRQGyE\WHyDVyWKHy/6%yRQyWKHy6'$7$y3LQi %LWyiay/&+yo/HIWy&KDQQHOy+LJKo :KHQy WKLVy ELWy LVy VHWny Dy KLJKy OHYHOy RQy WKHy /5&.y SLQy LQGLFDWHVy WKHy OHIWy FKDQQHOiy y :KHQy WKLVy ELWy LV FOHDUHGnyDyKLJKyOHYHOyRQyWKHy/5&.ySLQyLQGLFDWHVyWKHyULJKWyFKDQQHOi %LWyiay%&.)yo'DWDy/DWFKHGyRQy)DOOLQJy(GJHo
:KHQyWKLVyELWyLVyVHWnyWKHyGDWDyLVyYDOLGyRQyWKHyIDOOLQJyHGJHyRIyWKHy%&.yVLJQDOiyy:KHQyWKLVyELWyLVyFOHDUHGn WKHyGDWDyLVyYDOLGyRQyWKHyULVLQJyHGJHyRIyWKHy%&.yVLJQDOi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUye)Kyay $FURQ\Pa %,7yae %,7yc
(6+i (6+i
'HFRGHUy+HDGHUy(UDVXUHy5HJLVWHUyo5HDGo '+(5 %,7ye %,7ye %,7ye %,7ye %,7yi
(6+e (6+e (PLQ (VHF (IUDPH
%,7yi
(PRGH
7KHy'HFRGHUy+HDGHUy(UDVXUHy5HJLVWHUyFRQWDLQVyWKHyHUURUyIODJVyIRUyWKHyKHDGHUyRUyVXEKHDGHUyRIyWKH GDWDyEORFNi %LWyaeay(6+iyo(UURUyIODJyIRUy6XEKHDGHUyiyy)LOHy1XPEHUo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy)LOHy1XPEHUy%\WHyLQyERWKyVXEKHDGHUVyLVyVHWiyy:KHQyWKLVyELW LVyFOHDUHGnyWKHyHUURUyIODJyRIyWKHy)LOHy1XPEHUy%\WHyLQyHLWKHUyRIyWKHyVXEKHDGHUVyLVyFOHDUHG %LWycay(6+iyo(UURUyIODJyIRUy6XEKHDGHUyiyy&KDQQHOy1XPEHUo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy&KDQQHOy1XPEHUy%\WHyLQyERWKyVXEKHDGHUVyLVyVHWiyy:KHQyWKLV ELWyLVyFOHDUHGnyWKHyHUURUyIODJyRIyWKHy&KDQQHOy%\WHyLQyHLWKHUyRIyWKHyVXEKHDGHUVyLVyFOHDUHGi %LWyeay(6+eyo(UURUyIODJyIRUy6XEKHDGHUyeyy6XEPRGHo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy6XEPRGHy%\WHyLQyERWKyVXEKHDGHUVyLVyVHWiyy:KHQyWKLVyELWyLV FOHDUHGnyWKHyHUURUyIODJyRIyWKHy6XEPRGHy%\WHyLQyHLWKHUyRIyWKHyVXEKHDGHUVyLVyFOHDUHGi %LWyeay(6+eyo(UURUyIODJyIRUy6XEKHDGHUyeyy&RGLQJy,QIRUPDWLRQo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy&RGLQJy,QIRUPDWLRQy%\WHyLQyERWKyVXEKHDGHUVyLVyVHWiyy:KHQ WKLVy ELWy LVy FOHDUHGny WKHy HUURUy IODJy RIy WKHy &RGLQJy ,QIRUPDWLRQy %\WHy LQy HLWKHUy RIy WKHy VXEKHDGHUVy LV FOHDUHGi %LWyeay(PLQyo(UURUyIODJyIRUy+HDGHUy0LQy%\WHo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy+HDGHUy0LQy%\WHyLVyVHWiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHyHUURU IODJyRIyWKHy+HDGHUy0LQy%\WHyLVyFOHDUHGi %LWyeay(VHFyo(UURUyIODJyIRUy+HDGHUy6HFy%\WHo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy+HDGHUy6HFy%\WHyLVyVHWiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHyHUURU IODJyRIyWKHy+HDGHUy6HFy%\WHyLVyFOHDUHGi %LWyiay(IUDPHyo(UURUyIODJyIRUy+HDGHUy)UDPHy%\WHo :KHQyWKLVyELWyLVyVHWny WKHyHUURUyIODJyRIy WKHy+HDGHUy)UDPHy%\WHy LVyVHWiyy:KHQy WKLVyELWyLVyFOHDUHGny WKH HUURUyIODJyRIyWKHy+HDGHUy)UDPHy%\WHyFOHDUHGi %LWyiay(PRGHyo(UURUyIODJyIRUy+HDGHUy0RGHy%\WHo :KHQyWKLVyELWyLVyVHWnyWKHyHUURUyIODJyRIyWKHy+HDGHUy0RGHy%\WHyLVyVHWiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHyHUURU IODJyRIyWKHy+HDGHUy0RGHy%\WHyLVyFOHDUHGi
5HJLVWHUyeiKyay $FURQ\Pa %,7yae %,7yc 6XEFRGHy&ORFNy&RQWUROy5HJLVWHUyo5HDGo 6XEFRGHy&ORFNy&RQWUROy5HJLVWHUyo:ULWHo 6&&5 %,7ye %,7ye %,7ye %,7ye %,7yi
6XEFRGHy&ORFNy&RQWUROy5HJLVWHU 7KHy6XEFRGHy&ORFNy&RQWUROy5HJLVWHUySURJUDPVyWKHy6XEFRGHyFORFNyELWyZLGWKyIRUyYDULRXVy&'yVSHHGVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7yi
5HJLVWHUyeiKyay 6XEFRGHy6WDWXVy5HJLVWHUyo5HDGo $FURQ\Pa 665 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye
6&UF(UU 6XE(UU 5HVHUYHG 7KHy6XEFRGHy6WDWXVy5HJLVWHUySURYLGHVyWKHyUHVXOWVyRIyVXEFRGHyRSHUDWLRQVi
%,7yi
%,7yi
%LWyaeay6&UF(UUyo6XEFRGHy&5&y(UURUo :KHQyWKLVyELWyLVyVHWnyDy&5&yHUURUyLQyH[LVWVyLQyWKHy4yFKDQQHOyVXEFRGHiyy:KHQyWKLVyELWyLVyFOHDUHGnyQR &5&yHUURUyH[LVWVyLQyWKHy4yFKDQQHOyVXEFRGHi %LWycay6XE(UUyo6XEFRGHy%XIIHUy(UURUo :KHQyWKLVyELWyLVyVHWnyRQHyRIyWKHyIROORZLQJyHUURUVyRFFXUUHGa y xy $yVXEFRGHyV\QFyZRUGyLVyQRWyIRXQGi xy $yVXEFRGHyV\QFyLQGLFDWLRQyFRPHVyHLWKHUyHDUOLHUyRUyODWHUyWKDQyWKHyacyE\WHyVXEFRGHyGDWDi %LWyeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
6XEFRGHy'HYLFHy7\SHy6HOHFWLRQy5HJLVWHUyo5HDGo 6XEFRGHy'HYLFHy7\SHy6HOHFWLRQy5HJLVWHUyo:ULWHo $FURQ\Pa 6'76 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
6XEy)RUPDWy6HOHFWLRQ 5HVHUYHG 6E6\VHO 5FN'LU %LWyaecay6XEy)RUPDWy6HOHFWLRQ 7KHVHyELWVyVSHFLI\yWKHy6XEFRGHy,QWHUIDFHyIRUPDWyDQGy6XEFRGHy,QWHUIDFHySLQyFRQQHFWLRQiyy7KHy3KLOLSV(c) 9e6XEFRGHy,QWHUIDFHny(,-$iyoeZLUHGoyDQGy(,$-eyoeZLUHGonyDUHyVXSSRUWHGi %LWyeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiay6E6\VHO 7KLVyELWyLVy XVHGyIRUy6XEFRGHy (,$-yeZLUHyLQWHUIDFHiy :KHQyWKLVyELWy LVyinyWKHy 6%65HJLVWHUyeeKyay
%LWyiay5FN'LU :KHQyWKLVyELWyLVyVHWnyWKHy5&.ySLQyLVyFRQILJXUHGyDVyRXWSXWiy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy5&.ySLQyLV FRQILJXUHGyDVyLQSXWi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyeeKyay $FURQ\Pa %,7yae %,7yc
9HUVLRQy&RQWUROy5HJLVWHUyo5HDGo 9&5 %,7ye %,7ye %,7ye %,7ye
9HUVLRQy&RQWUROy1XPEHU
%,7yi
%,7yi
7KHy9HUVLRQy&RQWUROy5HJLVWHUyLQGLFDWHVyWKHyYHUVLRQyQXPEHUyRIyWKHy.6aeeciyy7KHyYHUVLRQyQXPEHUyIRU WKHy.6aeecyLVyeiKiyy7KLVyUHJLVWHUyLVyKDUGZLUHGyDQGyUHDGRQO\i
5HJLVWHUyeeKyay %,7yae %,7yc
5HVHUYHG %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyeeKyay $FURQ\Pa %,7yae %,7yc
6XEFRGHy&ORFNy$GMXVWPHQWy5HJLVWHUy,yo5HDGo 6XEFRGHy&ORFNy$GMXVWPHQWy5HJLVWHUy,yo:ULWHo 6&$5i %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG
%,7yi
6&&5/e%
7KLVyUHJLVWHUySURYLGHVyPDQXDOyDGMXVWPHQWVyWRyWKHy6XEFRGHy&ORFNi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiiay6&&5/e%yo7KHy$GMXVWPHQWyRIyy6XEFRGHy&ORFNy&RQWUROy9DOXHo 7KHy 6&&5/e%y ELWVy DUHy H[WUDFWHGy IURPy %LWy iy DQGy %LWy iy RIy WKHy LQWHJHUy SRUWLRQy RIy y ooiieiiy iy o;y o 76<6&/.yooyyioyYDOXHnyyZKHUHy;yLVyWKHy6SHHGy)DFWRUyDQGy76<6&/.yoQVoyLVyWKHyV\VWHPyFORFNyF\FOH WLPHiyy7KHUHyLVyQRyQHHGyWRySURJUDPyWKLVyUHJLVWHUyLIyWKHy&'y'63yUXQVyEHORZyie[i yy
5HJLVWHUyecKyay
$FURQ\Pa %,7yae %,7yc
6XEFRGHy&ORFNy$GMXVWPHQWy5HJLVWHUy,,yo5HDGo 6XEFRGHy&ORFNy$GMXVWPHQWy5HJLVWHUy,,yo:ULWHo 6&$5e %,7ye %,7ye %,7ye %,7ye %,7yi
6&&5379
%,7yi
7KLVyUHJLVWHUySURYLGHVyPDQXDOyDGMXVWPHQWVyWRyWKHy6XEFRGHy&ORFNi %LWyaeiay6&&5379yo7KHy6HFRQGy$GMXVWPHQWyRIyy6XEFRGHy&ORFNy&RQWUROy9DOXHo 7KHy6&&5379yELWVyLPSURYHyWKHyDFFXUDF\yRIyWKHy6XEFRGHyFORFNyWLPLQJyZKLOHyWKHy&'y'63yLVyUXQQLQJ DWyKLJKyVSHHGVyoei;oyDQGy6\VWHPyFORFNyLVyUXQQLQJyDWyORZyIUHTXHQFLHVyoeeia0K]oi
5HJLVWHUyeaeKyay
5HVHUYHG
%,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
5HVHUYHG 7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyeaKyay
9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUyo5HDGo 9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUyo:ULWHo $FURQ\Pa 9$%& %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG 9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUy%ea%i
%,7yi
7KHy9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUyLQGLFDWHyWKHyQXPEHUyRIyYDOLGyDXGLRyEORFNVyLQyWKHyEXIIHUy'5$0 ZKLFKyDUHyDYDLODEOHyIRUyDXGLRySOD\EDFNyLQy&$9yPRGHi
5HJLVWHUyeaKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG
5HJLVWHUye$Kyay $FURQ\Pa %,7yae %,7yc
5HVHUYHG
'$&y%ORFNy$GGUHVVy5HJLVWHUyo5HDGo '$&y%ORFNy$GGUHVVy5HJLVWHUyo:ULWHo '$%$ %,7ye %,7ye %,7ye %,7ye %,7yi
'$&y%ORFNy$GGUHVVy5HJLVWHUy%eai
%,7yi
7KHy'$&y%ORFNy$GGUHVVy5HJLVWHUySRLQWyWRyWKHyDGGUHVVyRIyWKHyGDWDyEORFNyFXUUHQWO\yEHLQJyRXWSXWyWRyWKH H[WHUQDOy'$&yGXULQJyDXGLRySOD\EDFNi
5HJLVWHUye%Kyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG

5HJLVWHUye&Kyay $FURQ\Pa %,7yae %,7yc
$'$7ia $%&.'i
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
'$&y2XWSXWy)RUPDWy6HOHFWLRQy5HJLVWHUyo5HDGo '$&y2XWSXWy)RUPDWy6HOHFWLRQy5HJLVWHUyo:ULWHo '2)6 %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
$)36 $%&./ $/6%) $/&+ $%&.)
7KHy'$&y2XWSXWy)RUPDWy6HOHFWLRQy5HJLVWHUyVHOHFWVyYDULRXVyDXGLRyRXWSXWy,QWHUIDFHyIRUPDWVyLQy&$9 SOD\EDFNyPRGHyRQO\i %LWyaeay$'$7iayo$XGLRyGDWDyRXWSXWyDVyiayELWyIRUPDWo :KHQyWKLVyELWyLVyVHWnyWKHyDXGLRyGDWDyIRUPDWyLVyiaELWViyy:KHQyWKLVyELWyLVyFOHDUHGnyDXGLRyGDWDyIRUPDWyLV icELWVi %LWycay$%&.'iyo$%&.yGDWDyVDPSOLQJyGHOD\yRQHyFORFNo :KHQyWKLVyELWyLVyVHWnyWKHyGDWDyLVyGHOD\HGyE\yRQHy$%&.yFORFNyLQyVDPSOLQJi %LWyeay$)36yo$XGLRy)RUZDUGy3DFNHWy6WUHDPo :KHQyWKLVyELWyLVyVHWnyWKHyPDLQyGDWDyVWUHDPyLVyDyIRUZDUGySDFNHWyVWUHDPi %LWyeeay$%&./yo$XGLRy%LWy&ORFNy/HQJWKo 7KHVHyWZRyELWVyVSHFLI\yWKHyDXGLRyGDWDyELWyFORFNyOHQJWKi %LWyeay$/6%)yo$XGLRy&KDQQHOy'DWDy/6%yE\WHyFRPHVyILUVWo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyWDNHVyWKHyILUVWyE\WHyRIyDXGLRyGDWDyDVyWKHy/6%yDQGyWKHyVHFRQGyE\WH DVyWKHy06%yLQyWKHy$'$7y3LQiyy:KHQyWKLVyLVyFOHDUHGnyWKHy.6aeecyWDNHVyWKHyILUVWyE\WHyRIyDXGLRyGDWDyDV WKHy06%yDQGyWKHyVHFRQGyE\WHyDVyWKHy/6%yLQyWKHy$'$7y3LQi %LWyiay$/&+yo$XGLRy/HIWy&KDQQHOy+LJKo :KHQyWKLVyELWyLVyVHWnyDyKLJKyOHYHOyRQy$:&.ySLQyLQGLFDWHVyWKHyOHIWyFKDQQHOiyy:KHQyWKLVyLVyFOHDUHGnyD KLJKyOHYHOyRQyWKHy$:&.yLQGLFDWHVyWKHyULJKWyFKDQQHOi %LWyiay$%&.)yo$XGLRy'DWDy/DWFKHGyRQy)DOOLQJy(GJHo :KHQy WKLVy ELWy LVy VHWny WKHy GDWDy LVy YDOLGy RQy WKHy IDOOLQJy HGJHy RIy WKHy $%&.y VLJQDOiy y :KHQy WKLVy ELWy LV FOHDUHGnyWKHyGDWDyLVyYDOLGyRQyULVLQJyHGJHyRIyWKHy$%&.yVLJQDOi
5HJLVWHUye'Kyay
'$&y&RQWUROy5HJLVWHUyo5HDGo '$&y&RQWUROy5HJLVWHUo:ULWHo $FURQ\Pa '$&5 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye
5HVHUYHG $&&
%,7yi
%,7yi
63$
7KHy'$&y&RQWUROy5HJLVWHUyFRQWUROVyYDULRXVy'$&yRXWSXWyRSHUDWLRQVyVXFKyDVyPRQRnyVWHUHRnyDQGyVZDS OHIWyiyULJKWyFKDQQHOyPRGHVi %LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%LWyeiay$&&yo$XGLRy&KDQQHOy&RQWUROo 7KHVHyELWVyFRQWUROyYDULRXVyDXGLRyFKDQQHOyRXWSXWVi %LWyiay63$yo6WDUWy3OD\y$XGLRo :KHQy WKLVy ELWy LVy VHWy DQGy WKHy $%36y ELWy LQy WKHy $XGLRy &ORFNy &RQWUROy 5HJLVWHUy oe(ny ELWy coy LVy iny WKH .6aeecyVWDUWVyRXWSXWWLQJyWKHyDXGLRyGDWDySRLQWHGyWRyE\yWKHy'$&y%ORFNy$GGUHVVy5HJLVWHUyoe$Koi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
$XGLRy&ORFNy&RQWUROy5HJLVWHUyo5HDGo $XGLRy&ORFNy&RQWUROy5HJLVWHUo:ULWHo $FURQ\Pa $&&5 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye
$&.6 $%36 '$8( '296 '6&'
5HJLVWHUye(Kyay
%,7yi
%,7yi
;,1$y'LY
7KHy $XGLRy &ORFNy &RQWUROy 5HJLVWHUy VHOHFWVy WKHy DXGLRy FORFNy VRXUFHy DQGy YDULRXVy DXGLRy HQDEOHVy IRU %\SDVVyPRGHyDQGy'LJLWDOy$XGLRyDVyZHOOyDVyWKHy'63yLQSXWyRYHUVDPSOLQJyUDWHi %LWyaey$&.6yoy$XGLRy&ORFNy6RXUFHy6HOHFWyo 7KLVyELWyLVyXVHGyWRyVHOHFWyWKHyDXGLRyFORFNyVRXUFHiy:KHQyWKLVyELWyLVyFOHDUHGyWRyuiunyWKHyDXGLRyFORFNyLV GHULYHGy IURPy WKHy ;LQi6\V&ONy SLQiy :KHQy WKLVy ELWy LVy VHWy WRy uiuny WKHy DXGLRy FORFNy LVy GHULYHGy IURPy WKH
$[LQySLQi
%LWycay$%36yo$XGLRy%\SDVVy0RGHy6WDUWo :KHQyWKLVyELWyLVyVHWyUHJDUGOHVVyRIyZKDWyPRGHyWKHy&'yGHFRGHUyLVyLQnyWKHyDXGLRyGDWDyLVyGLUHFWO\yVHOHFWHG IURPy WKHy '63y LQSXWy DQGy WKHQy RXWSXWy WRy $:&.y iy $%&.y iy $'$7y iy '$82y SLQViy y :KHQy WKLVy ELWy LV FOHDUHGnyWKHyDXGLRy%\SDVVy0RGHyLVyGLVDEOHGi %LWyeay'$8(yo'LJLWDOy$XGLRy2XWSXWy(QDEOHo :ULWLQJyDQy|iyWRyWKLVyELWyHQDEOHVyWKHy'LJLWDOy$XGLRyRXWSXWny,(&yaeanyRQyWKHy'$82ySLQi %LWyeeay'296yo'63y,QSXWy2YHUy6DPSOLQJy5DWHo 7KHVHyELWVyVHOHFWyWKHyRYHUVDPSOLQJyUDWHyIRUyWKHy'63yLQSXWi %LWyeay'6&'yo'LVDEOHy6XEFRGHy&ORFNy'HWHFWo :KHQyWKLVy ELWy LVyVHWny WKHy VXEFRGHyFORFNy DXWRGHWHFWLRQy LVyGLVDEOHGy DQGy WKHy6XEFRGHy &ORFNy &RQWURO DQGy $GMXVWPHQWVy 5HJLVWHUVy oeiKny eeKny DQGy ecKoy DUHy YDOLGiy y :KHQy WKLVy ELWy LVy FOHDUHGny WKHy VXEFRGH FORFNyDXWRGHWHFWLRQyLVyHQDEOHGyDQGyWKHy6XEFRGHy&ORFNy&RQWUROy5HJLVWHUyLVyLQYDOLGi %LWyiiay;,1$y'LYyo$XGLRy&ORFNy6HOHFWo 7KHVHyELWVyVHOHFWyWKHy$XGLRy&ORFNyZRUGyOHQJWKyIRUy&$9yPRGHyRQO\i
5HJLVWHUye)Kyay
$XGLRy9ROXPHy&RQWUROy5HJLVWHUyo5HDGo $XGLRy9ROXPHy&RQWUROy5HJLVWHUyo:ULWHo $FURQ\Pa $9&5 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi
/&0 5&0 5HVHUYHG 92/
%,7yi
%LWyaeay/&0yo/HIWy$XGLRy&KDQQHOy0XWHo :KHQyWKLVyELWyLVyVHWnyWKHy.6aeecyPXWHVyWKHyOHIWyDXGLRyFKDQQHOiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy.6aeec HQDEOHVyWKHyOHIWyDXGLRyFKDQQHOi %LWycay5&0yo5LJKWy$XGLRy&KDQQHOy0XWHo :KHQy WKLVy ELWy LVy VHWny WKHy .6aeecy PXWHVy WKHy ULJKWy DXGLRy FKDQQHOiy y :KHQy WKLVy ELWy LVy FOHDUHGny WKH .6aeecyHQDEOHVyWKHyULJKWyDXGLRyFKDQQHOi %LWyeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeiay92/yo9ROXPHy&RQWUROo 7KHVHyELWVyFRQWUROyWKHyYROXPHyOHYHOi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyae 'LDJQRVWLFyDQGy0LVFHOODQHRXV 5HJLVWHUV
7KHyIROORZLQJyUHJLVWHUVyDUHyXVHGyIRUyGLDJQRVWLFySXUSRVHVyRQO\iyy,QyQRUPDOyRSHUDWLRQnyWKHVHyUHJLVWHUV QHHGyQRWyEHySURJUDPPHGi
5HJLVWHUyeiKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeiKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyecKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeaeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeaKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHVi
5HJLVWHUyeaKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHV
5HJLVWHUye$Kyay 5HVHUYHG %,7yae %,7yc %,7ye
%,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHV
5HJLVWHUye%Kyay 5HVHUYHG %,7yae %,7yc %,7ye
%,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHV
5HJLVWHUye&Kyay 5HVHUYHG %,7yae %,7yc %,7ye
%,7ye
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyLQWHUQDOyGLDJQRVWLFySXUSRVHV
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUya (QKDQFHPHQWy&RQWUROy5HJLVWHUV
5HJLVWHUyciKyay $FURQ\Pa %,7yae %,7yc
8'(UU
8OWUDy'0$y7LPLQJy5HJLVWHUyo5HDGo 8OWUDy'0$y7LPLQJy5HJLVWHUyo:ULWHo 8'75 %,7ye %,7ye %,7ye %,7ye
5HVHUYHG
%,7yi
%,7yi
8GPDF\F
%LWyaeyay8'(UUyoy8OWUDy'0$y(UURUyo 7KLVy VWDWXVy ELWy ZLOOy EHy VHWy ZKHQy WKHy &5&y ORJLFy RIy WKHy 8OWUDy '0$y HQJLQHy GHWHFWVy DQy HUURUy ZKLOH WUDQVIHUULQJyGDWDi %LWyceyay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyWKHyIXWXUHyHQKDQFHPHQWVi %LWyeiyay8GPDF\Fyoy8OWUDy'0$y3URJUDPPLQJy&\FOHy7LPHyo 7KHVHyELWVyGHILQHGyWKHyF\FOHyWLPLQJyIRUyWKHy8OWUDy'0$yHQJLQHi
5HJLVWHUyciKyay $FURQ\Pa %,7yae %,7yc
;6(/2
8OWUDy'0$y&RQWUROy5HJLVWHUyo5HDGo 8OWUDy'0$y&RQWUROy5HJLVWHUyo:ULWHo 8&7/ %,7ye %,7ye %,7ye %,7ye
%,7yi
%,7yi
%LWyaeyay;6(/2oy;6(/y2YHUZULWHyo 7KLVyELWyLVyWRyRYHUZULWHyWKHyGHIDXOWyV\VWHPyFORFNiy$IWHUySRZHUXSnyWKLVyELGyLVyGHIDXOWyWRyiyLIyeiiay0+] FORFNyXVHGiy7KLVyELWyLVyGHIDXOWyWRyiyLIyeeiay0+]yFORFNyXVHGiy7KHyILUPZDUHyFDQyFKDQJHyWKLVyYDOXHyLIyWKH FORFNyLVyFKDQJHGyDIWHUySRZHUyXSi %LWyciyay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
5HJLVWHUyceKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG
5HJLVWHUyceKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG
5HJLVWHUyceKyay $XWR5HORDGy+RVWy3RLQWHUy/RZy5HJLVWHUyo5HDGi:ULWHo $FURQ\Pa $+3 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
$XWRy+RVWy3RLQWHUy/RZy5HJLVWHUy%aea%i 7KLVy UHJLVWHUy LVy WKHy ORZy E\WHy RIy WKHy DXWRy KRVWy SRLQWHUiy 7KHy $XWR5HORDGy +RVWy 3RLQWHUy $GGUHVV 5HJLVWHUVyVSHFLI\yWKHyVWDUWLQJyEORFNyDGGUHVVyRIyWKHyGDWDyLQyWKHyEXIIHUy'5$0yZKLFKyDUHyORDGHGyWRyWKH +RVWy7UDQVIHUy%ORFNy$GGUHVVy5HJLVWHUVyE\yWKHy.6aeecyEHIRUHyWKHyKRVWyEORFNyGDWDyWUDQVIHUyVWDUWVi
5HJLVWHUyceKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG
5HJLVWHUyccKyay $GMXVWy&DFKHy&RXQWy/RZy5HJLVWHUyo5HDGi:ULWHo $FURQ\Pa $&& %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
$GMXVWy&DFKHy&RXQWy/RZy5HJLVWHUy%aea%i 7KHy $GMXVWy &DFKHy &RXQWy 5HJLVWHUy DOORZVy WKHy ILUPZDUHy WRy VLJQDOy WKHy KDUGZDUHy WRy DGMXVWy WKHy 9DOLG &DFKHy%ORFNy&RXQWyoieKoi
5HJLVWHUycaeKyay 5HVHUYHG %,7yae %,7yc %,7ye %,7ye
7KLVyUHJLVWHUyLVyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi
%,7ye
%,7ye
%,7yi
%,7yi
5HVHUYHG
5HJLVWHUycaKa %,7yae %,7yc
$XWRy+RVWy&RQWUROy5HJLVWHUyo5HDGi:ULWHo $FURQ\Pa $+&5 %,7ye %,7ye %,7ye %,7ye %,7yi
$+RVW( $ea( $$a(
%,7yi
$'ee(
5HVHUYHG 7KLVyUHJLVWHUyFRQWUROVyWKHy$XWRy+RVWyIXQFWLRQVi
%LWyaeeay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyeay$+RVW(yo$XWRy+RVWy(QDEOHo :KHQyWKHy$+RVW(yELWyLVy|inyWKHyDXWRyKRVWyIHDWXUHyLVyHQDEOHGiy:KHQyWKHy$+RVW(yELWyLVy|inyWKHyDXWR KRVWyIHDWXUHyLVyGLVDEOHGi %LWyeay$ea(yo$XWRy5HDGyiiyFRPPDQGy(QDEOHo :KHQy WKHy $ea(y ELWy LVy |iny WKHy $7$3,y UHDGy iiy FRPPDQGy oeaKoy FDQy EHy SURFHVVHGy E\y WKHy .6aeec DXWRPDWLFDOO\iy:KHQyWKHy$ea(yELWyLVy|inyWKHy$7$3,yUHDGyiiyFRPPDQGyoeaKoyVKDOOyEHySURFHVVHGyE\ ILUPZDUHi %LWyiay$$a(yo$XWRy5HDGyieyFRPPDQGy(QDEOHo :KHQy WKHy $$a(y ELWy LVy |iny WKHy $7$3,y UHDGy iey FRPPDQGy o$aKoy FDQy EHy SURFHVVHGy E\y WKHy .6aeec DXWRPDWLFDOO\iy:KHQyWKHy$$a(yELWyLVy|inyWKHy$7$3,yUHDGyieyFRPPDQGyo$aKoyVKDOOyEHySURFHVVHGyE\ ILUPZDUHi %LWyiay$'ee(yo$XWRy'0$eey(QDEOHo :KHQyWKHy$'ee(yELWyLVy|inyWKHy8OWUDy'0$eeyPRGHyLVyXVHGyLIyWKHyKRVWyUHTXHVWVy'0$yDFFHVViy:KHQ WKHy$'ee(yELWyLVy|inyWUDGLWLRQDOyVLQJOHiPXOWLSOHy'0$yPRGHyLVyXVHGyLIyWKHyKRVWyUHTXHVWVy'0$yDFFHVVi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUycaKa $FURQ\Pa %,7yae %,7yc
$XWRy+RVWy6WDWXVy5HJLVWHUyo5HDGo $XWRy+RVWy6WDWXVy&OHDUy5HJLVWHUyo:ULWHo $+65i$+6&5 %,7ye %,7ye %,7ye %,7ye %,7yi
%,7yi

7KLVy UHJLVWHUy UHSRUWVy WKHy $XWRy +RVWy LQWHUUXSWy VWDWXViy :ULWLQJy Dy |iy WRy DQ\y ELWy FOHDUVy WKDWy UHVSHFWLYH LQWHUUXSWiyy:ULWLQJyDy|iyWRyDQ\yELWyFDXVHVyQRyFKDQJHyIRUyWKDWyUHVSHFWLYHyLQWHUUXSWi %LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiay$+RVW,QWyo$XWRy+RVWy,QWHUUXSWo 7KLVyELWyLVyVHWyZKHQyDQy$XWRy+RVWyLQWHUUXSWyRFFXUVi
5HJLVWHUyc$Ka $FURQ\Pa %,7yae %,7yc
$XWRy+RVWy,QWHUUXSWy0DVNy5HJLVWHUyo5HDGo $XWRy+RVWy,QWHUUXSWy0DVNy5HJLVWHUyo:ULWHo $+,0 %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG
%,7yi
$+RVW,QW(
7KLVyUHJLVWHUyFRQWUROVyWKHyPDVNLQJyIRUyHDFKyLQWHUUXSWyVRXUFHiyy:ULWLQJyDy|iyWRyHDFKyELWyHQDEOHVyWKH LQWHUUXSWy IRUy WKDWy FRUUHVSRQGLQJy IXQFWLRQiy y :ULWLQJy Dy |iy WRy HDFKy ELWny GLVDEOHVy WKHy LQWHUUXSWy IRUy WKDW FRUUHVSRQGLQJyIXQFWLRQi
%LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiay$+RVW,QW(yo$XWRy+RVWy,QWHUUXSWy(QDEOHo :KHQy WKLVy ELWy LVy VHWny WKHy $+RVW,QWy LQWHUUXSWy ocaKny ELWy ioy LVy HQDEOHGiy y :KHQy WKLVy ELWy LVy FOHDUHGny WKH $+RVW,QWyLQWHUUXSWyLVyGLVDEOHGi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5HJLVWHUyc%Kyay $FURQ\Pa %,7yae %,7yc
'LVFy7\SHy,QIRUPDWLRQy5HJLVWHUyo5HDGi:ULWHo '7,5 %,7ye %,7ye %,7ye %,7ye %,7yi
5HVHUYHG
%,7yi
0RGH7\SH
%LWyaeiay5HVHUYHG 7KHVHyELWVyDUHyUHVHUYHGyIRUyIXWXUHyHQKDQFHPHQWVi %LWyiay0RGH7\SHyo'LVFyPRGHyW\SHo :KHQyWKLVyELWyLVyVHWnyWKHyFRQWHQWyRIyWKHyEXIIHUyLVyPRGHyeyIRUPyii
5HJLVWHUyc&Kyay 1H[Wy/%$y$GGUHVVy+LJKy5HJLVWHUyo5HDGi:ULWHo $FURQ\Pa 1/%$+ %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
&'i'9'y/%$y$GGUHVVy+LJKy5HJLVWHU 7KLVyUHJLVWHUyLVyWKHyKLJKyE\WHyRIyWKHyQH[Wy/%$yDGGUHVVyZKLFKyLQGLFDWHyWKHyEORFNyWRyEHyUHDGyE\yWKHyKRVW LIyLWyLVyDyVHTXHQWLDOyDFFHVVi
5HJLVWHUyc'Kyay 1H[Wy/%$y$GGUHVVy0LGGOHy5HJLVWHUyo5HDGi:ULWHo $FURQ\Pa 1/%$0 %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
&'i'9'y/%$y$GGUHVVy0LGGOHy5HJLVWHU 7KLVyUHJLVWHUyLVyWKHyPLGGOHyE\WHyRIyWKHyVHFWRUy/%$yDGGUHVVi
5HJLVWHUyc(Kyay 1H[Wy/%$y$GGUHVVy/RZy5HJLVWHUyo5HDGi:ULWHo $FURQ\Pa 1/%$/ %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
&'i'9'y/%$y$GGUHVVy/RZy5HJLVWHU 7KLVyUHJLVWHUyLVyORZyE\WHyRIyWKHyVHFWRUy/%$yDGGUHVVi
5HJLVWHUyaeiKyay $FURQ\Pa %,7yae %,7yc
*3&ae *3&c
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
*HQHUDOy3RUWy&RQILJXUDWLRQy5HJLVWHUyo:ULWHo *HQHUDOy3RUWy&RQILJXUDWLRQy5HJLVWHUyo5HDGo *3& %,7ye %,7ye %,7ye %,7ye %,7yi
*3&e *3&e *3&e *3&e *3&i
%,7yi
*3&i
7KHy*HQHUDOy3RUWy&RQWUROy5HJLVWHUyFRQILJXUHVyWKHyJHQHUDOySXUSRVHy,i2ySRUWVy*3iny*3iny*3eny*3en *3eny*3eny*3cyDQGy*3aeySLQVyDVyHLWKHUyLQSXWyRUyRXWSXWiyy:ULWLQJyDyRQHyWRyHDFKyELWyFRQILJXUHVyWKDW SRUWyDVyDQyRXWSXWySRUWiyy:ULWLQJyDy]HURyWRyHDFKyELWyFRQILJXUHVyWKDWySRUWyDVyDQyLQSXWySRUWi %LWyaeay*3&aeyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3aeo :KHQyWKLVyELWyLVyVHWnyWKHy*3aeySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3ae SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWycay*3&cyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3co :KHQyWKLVyELWyLVyVHWnyWKHy*3cySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3c SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWyeay*3&eyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3eo :KHQyWKLVyELWyLVyVHWnyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3e SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWyeay*3&eyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3eo :KHQyWKLVyELWyLVyVHWnyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3e SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWyeay*3&eyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3eo :KHQyWKLVyELWyLVyVHWnyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3e SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWyeay*3&eyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3eo :KHQyWKLVyELWyLVyVHWnyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3e SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWyiay*3&iyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3io :KHQyWKLVyELWyLVyVHWnyWKHy*3iySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3i SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi %LWyiay*3&iyo*HQHUDOy3RUWy&RQILJXUDWLRQyIRUy*3io :KHQyWKLVyELWyLVyVHWnyWKHy*3iySLQyLVyFRQILJXUHGyDVyDQy2XWSXWySLQiyy:KHQyWKLVyELWyLVyFOHDUHGnyWKHy*3i SLQyLVyFRQILJXUHGyDVyDQy,QSXWySLQi
5HJLVWHUyaeiKyay $FURQ\Pa %,7yae %,7yc
*39ae *39c
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
*HQHUDOy3RUWy9DOXHy5HJLVWHUyo:ULWHo *HQHUDOy3RUWy9DOXHy5HJLVWHUyo5HDGo *39 %,7ye %,7ye %,7ye %,7ye
*39e *39e *39e *39e
%,7yi
*39i
%,7yi
*39i
7KHy*HQHUDOy3RUWy9DOXHy5HJLVWHUyFRQWDLQVyWKHyYDOXHyRIyJHQHUDOySXUSRVHy,i2ySRUWVy*3iaei %LWyaeay*3aeyo*HQHUDOy3RUWyYDOXHyIRUy*3aeyo :KHQy WKHy *3aey SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3aey 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3aeySLQyORZiyy:KHQyWKHy*3aeySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3aeySLQi %LWycay*3cyo*HQHUDOy3RUWyYDOXHyIRUy*3cyo :KHQy WKHy *3cy SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3cy 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3cySLQyORZiyy:KHQyWKHy*3cySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3cySLQi %LWyeay*3eyo*HQHUDOy3RUWyYDOXHyIRUy*3eyo :KHQy WKHy *3ey SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3ey 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3eySLQyORZiyy:KHQyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3eySLQi %LWyeay*3eyo*HQHUDOy3RUWyYDOXHyIRUy*3eyo :KHQy WKHy *3ey SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3ey 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3eySLQyORZiyy:KHQyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3eySLQi %LWyeay*3eyo*HQHUDOy3RUWyYDOXHyIRUy*3eyo :KHQy WKHy *3ey SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3ey 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3eySLQyORZiyy:KHQyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3eySLQi %LWyeay*3eyo*HQHUDOy3RUWyYDOXHyIRUy*3eyo :KHQy WKHy *3ey SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3ey 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3eySLQyORZiyy:KHQyWKHy*3eySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3eySLQi %LWyiay*3iyo*HQHUDOy3RUWyYDOXHyIRUy*3iyo :KHQy WKHy *3iy SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3iy 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3iySLQyORZiyy:KHQyWKHy*3iySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3iySLQi %LWyiay*3iyo*HQHUDOy3RUWyYDOXHyIRUy*3iyo :KHQy WKHy *3iy SLQy LVy FRQILJXUHGy DVy DQy RXWSXWy SLQny ZULWLQJy Dy |iy WRy WKLVy ELWy VHWVy WKHy *3iy 3LQy KLJKi :ULWLQJyDy|iyUHVHWVyWKHy*3iySLQyORZiyy:KHQyWKHy*3iySLQyLVyFRQILJXUHGyDVyDQyLQSXWySLQnyUHDGLQJyWKLV ELWyREWDLQVyWKHyVWDWHyRIyWKHy*3iySLQi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUya *HQHUDOy3XUSRVHy5HJLVWHUV
5HJLVWHUVy&iK&)Kyay *HQHUDOy3XUSRVHy5HJLVWHUVyiicyo5HDGi:ULWHo $FURQ\Pa *35iyy*35ic %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
*HQHUDOy3XUSRVHy5HJLVWHUVyiyyic 7KHy UHJLVWHUVy DWy ORFDWLRQy &iKy WKURXJKy &)Ky DUHy icy E\WHZLGHy JHQHUDOy SXUSRVHy UHDGiZULWHy UHJLVWHUV WKDWyFDQyEHyXVHGyE\yILUPZDUHyIRUyWKHyJHQHUDOySXUSRVHyVWRUDJHyRIyGDWDyRUyYDULDEOHViy$IWHUySRZHURQ UHVHWny WKHy YDOXHVy RIy WKHVHy UHJLVWHUVy DUHy LQGHWHUPLQDWHiy +RZHYHUny WKHy YDOXHVy RIy WKHVHy UHJLVWHUVy DUH UHWDLQHGyIROORZLQJyDQy$7$yRUyILUPZDUHyUHVHWi
5HJLVWHUVy'iK')Kyay *HQHUDOy3XUSRVHy5HJLVWHUVyiaeeeyo5HDGi:ULWHo $FURQ\Pa *35iaeyy*35ee %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi
*HQHUDOy3XUSRVHy5HJLVWHUVyiaeyyee 7KHy UHJLVWHUVy DWy ORFDWLRQy 'iKy WKURXJKy ')Ky DUHy icy E\WHZLGHy JHQHUDOy SXUSRVHy UHDGiZULWHy UHJLVWHUV WKDWyFDQyEHyXVHGyE\yILUPZDUHyIRUyWKHyJHQHUDOySXUSRVHyVWRUDJHyRIyGDWDyRUyYDULDEOHViy$IWHUySRZHURQ UHVHWny WKHy YDOXHVy RIy WKHVHy UHJLVWHUVy DUHy LQGHWHUPLQDWHiy +RZHYHUny WKHy YDOXHVy RIy WKHVHy UHJLVWHUVy DUH UHWDLQHGyIROORZLQJyDQy$7$yRUyILUPZDUHyUHVHWi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyii (OHFWULFDOy6SHFLILFDWLRQV
iiiiy$EVROXWHy0D[LPXPy5DWLQJV
,WHP '&y6XSSO\yYROWDJH 6WRUDJHy7HPSHUDWXUH 3RZHUy'LVVLSDWLRQ '&y,QSXWy9ROWDJH '&y,QSXWy&XUUHQW 6\PERO 9&& 7VWJ 3G 9LQ ,LQ 5DWLQJ iieyWRyae eiy7Ryiee iie iieyWRy9&&oiie iiyWRyii 8QLW 9 & : 9 P$
iiiey5HFRPPHQGHGy2SHUDWLQJy&RQGLWLRQV
,WHP '&y6XSSO\yYROWDJH &RPPHUFLDOy7HPSHUDWXUH 6\PERO 9&& 7D 5DWLQJ eieyWRyeie iyWRyaei 8QLW 9 &
iiiey'&y&KDUDFWHULVWLF
o9&& e9eoyWRye9oeony7D iyWRyaeiy&ny966 io ,WHP 6\PERO 0LQi ,QSXWy+LJKy9ROWDJH 9LK eii ,QSXWy/RZy9ROWDJH 9LO 2XWSXWy+LJK 9RK eie 9ROWDJH 2XWSXWy/RZ 9RO 9ROWDJH ,QSXWy+LJKy&XUUHQW ,LK ii 9LQ 9&& ,QSXWy/RZy&XUUHQW ,LO ii 9LQ 966 ,QSXWyZLWKySXOOXS eii 2XWSXWy/HDNDJH ,R] ii &XUUHQW 7\SHi 0D[i iia iie ii ii ii ii 8QLW 9 9 9 9 X$ X$ X$

iiiey,QSXWi2XWSXWy'&y&KDUDFWHULVWLF
'&y&KDUDFWHULVWLFVyRIy3LQV
6LJQDO *3i *3i *3e *3e 9&& *3e *3e *3c *3ae 966 966 $;,1 $:&. $%&. $'$7 '$82 567% 68% 6)6< 6%6< 5&. 6%&/. 6'$7$ /5&/. &e32, 966 ;287 ;,1i6<6&/. $567% &6% $'i $'i $'e 3LQ ,i2 ,QSXWy/HYHO 2XWSXW &XUUHQW 5HPDUN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee ee ee ec eae ea ea ei ei ee ee
,i2 ,i2 ,i2 ,i2 , ,i2 ,i2 ,i2 ,i2 , , , 2 2 2 2 , , , , 2 , , , , , 2 , 2 , ,i2 ,i2 ,i2
77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/
eyP$ eyP$ eyP$ eyP$
*HQHUDOy3XUSRVHy,i2 *HQHUDOy3XUSRVHy,i2 *HQHUDOy3XUSRVHy,i2 *HQHUDOy3XUSRVHy,i2 3RZHU *HQHUDOy3XUSRVHy,i2 *HQHUDOy3XUSRVHy,i2 *HQHUDOy3XUSRVHy,i2 *HQHUDOy3XUSRVHy,i2 *URXQG *URXQG iciaeeeyiyeeiacaay0+] 2ay$XGLRy:RUGy&ORFN 2ay$XGLRy%LWy&ORFN 2ay$XGLRy'DWD 2ay'LJLWDOy$XGLR 6FKPLWWy7ULJJHU
eyP$
*URXQG eeiacaay0+]yiyeiia0+]
77/ 77/ 77/ 77/
eyP$ eyP$ eyP$ eyP$

6LJQDO $'e 966 $'e $'e $'c $'ae 9&& $/(i56% 5'%i'6% :5% 5i:% +,17% ',17% 966 067% '$63% &6e);% &6i);% '$e '$i 3',$*% '$i ,2&6ic% ,1754 '0$&.% ,25'< ',25% ',2:% '0$54 966 ''ie ''i ''ie ''i ''ie ''e 3LQ ,i2 ,QSXWy/HYHO 2XWSXW &XUUHQW 5HPDUN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
ee ee ec eae ea ea ei ei ee ee ee ee ec eae ea ea ei ei ee ee ee ee ec eae ea ea ci ci ce ce ce ce cc cae ca
,i2 , ,i2 ,i2 ,i2 ,i2 , , , , 2' 2' , , ,i2 , , , , ,i2 , 2' 27 , 27 , , 27 , ,i2 ,i2 ,i2 ,i2 ,i2 ,i2
77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/
eyP$ eyP$ eyP$ eyP$ eyP$
*URXQG
3RZHU
eyP$ eyP$ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/
ieyP$
,QWHUQDOy3XOOy8Sy5HVLVWRU
ieyP$ ieyP$ ieyP$ ieyP$
,QWHUQDOy3XOOy8Sy5HVLVWRU
77/ 77/ 77/
ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$
77/ 77/ 77/ 77/ 77/ 77/

6LJQDO ''ie ''e 966 ''ii ''e ''ii ''e ''a ''c ''a ''ae +567% 7(670i 7(670i 9&& ;6(/ 966 ,6(/ $6(/ 9&& 9&& 06(/ $$ae $$c $$e $$e 966 966 $$e $$e $$i $$i 3LQ ,i2 ,QSXWy/HYHO 2XWSXW &XUUHQW 5HPDUN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
ca aei aei aee aee aee aee aec aeae aea aea ai ai ae ae ac ae ac aae aa aa ai ai ae ae ae ae ac aae aa aa iii
,i2 ,i2 , ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 ,i2 , , , , , , , , , , , , , , , , , , , , ,
77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/ 77/
ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$ ieyP$
6FKPLWWy7ULJJHU
3RZHU ([WHUQDOy-XPSHU *URXQG ([WHUQDOy-XPSHU ([WHUQDOy-XPSHU 3RZHU 3RZHU ([WHUQDOy-XPSHU 1RQ0XOWLSOH[y$GGUyae 1RQ0XOWLSOH[y$GGUyc 1RQ0XOWLSOH[y$GGUye 1RQ0XOWLSOH[y$GGUye *URXQG *URXQG 1RQ0XOWLSOH[y$GGUye 1RQ0XOWLSOH[y$GGUye 1RQ0XOWLSOH[y$GGUyi 1RQ0XOWLSOH[y$GGUyi

.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyii *HQHUDOy7LPLQJ iiiiy0LFURSURFHVVRUy,QWHUIDFH
iiiiii0XOWLSOH[HGy,QWHOy0RGHy5HJLVWHUy5HDGi:ULWHy7LPLQJ 0LFURFRQWUROOHUyy5HDGyy&\FOH
W$6 $/( W$/( W5' W5'/< W5& W$+ W53
5'% $'>aeai@ &6%
W&6
W5'+ W'$5
W5'6
W&+
DGGUHVV
GDWDyLQ
DGGUHVV
GDWDyLQ
0LFURFRQWUROOHUyy:ULWHyy&\FOH
$/( W$/( W&6 :5% $'>aeai@ &6% DGGUHVV W5'/< W'/< W$+ W:3
W:'6
W:'+
W&+
GDWDyRXW
DGGUHVV
GDWDyRXW
yyyyyyyy3DUDPHWHU 6\PERO 0LQi 0D[i 8QLW
QV QV QV QV QV QV QV QV QV QV QV QV QV
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
$/(y3XOVHy:LGWK $GGUHVVy6HWXSy7LPH $GGUHVVy+ROGy7LPH &KLSy6HOHFWy6HWXSyIRUy5HDGyiy:ULWH &RPPDQG &KLSy6HOHFWy+ROGyIRUy5HDGyiy:ULWH &RPPDQG $/(y$FWLYHyIURPy5HDGyiy:ULWHy5LVLQJ (GJHyy'HOD\ :ULWHy3XOVHy:LGWK 5HDGy3XOVHy:LGWK 5HDGy3XOVHyWRy1H[Wy$GGUHVVy9DOLG 'DWDy6HWXSy7LPHy)RUy:ULWH 'DWDy+ROGy7LPHyIRUy:ULWH $/(yIDOOLQJyWRy5'%iy:5%yIDOOLQJ 5HDGy'DWDy6HWXSy7LPH 5HDGy'DWDy+ROGy7LPH
W$/( W$6 W$+ W&6 W&+
iy6\VFON ii e ii i i ey6\VFON ey6\VFON ii ii ii ie iy6\VFON i
W'/< W:3 W53 W'$5 W:'6 W:'+ W5'/< W5'6 W5'+
iiiiiey0XOWLSOH[HGy0RWRURODy0RGHy5HJLVWHUy5HDGi:ULWHy7LPLQJ
y$'oaeaioyyLQ W$+ $GG W$6 W$/( ,Q W'(/< W&6+ W&6 W$5: W5:6 W'+
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
$/( &6
'6%
W'63 W+5:
W'6/
5i:%yo:ULWHo y$'oaeaioyyRXW 5i:%yo5HDGo W'$
W'6
W5'+ 2XW
$/(y3XOVHy:LGWK $GGUHVVy6HWXSy7LPH $GGUHVVy+ROGy7LPH $GGUHVVy9DOLGy%HIRUHy5HDGi:ULWH &RPPDQG &KLSy6HOHFWy6HWXSyIRUy5HDGi:ULWH &KLSy6HOHFWy+ROGyIRUy5HDGi:ULWH 5i:%y6HWXSy%HIRUHy'6 5i:%y+ROGy$IWHUy'6 '6%y3XOVHy:LGWK '6%y5HFRYHUy7LPH 'DWDy6HWXSy7LPHy)RUy:ULWH 'DWDy+ROGy7LPHyIRUy:ULWH 5HDGy$FFHVVy7LPH '6%yWRy$/(y)DOOLQJy(GJHy'HOD\ 5HDGy'DWDy+ROGy7LPH
yyyyyyyy3DUDPHWHU
W$/( W$6 W$+ W$5:
6\PERO
iy6\VFON ii ii ie ii i e e ey6\VFON iy6\VFON ii ii iy6\VFON iiey6\VFON i
0LQi
0D[i
8QLW
QV QV QV QV
W&6 W&+ W5:6 W+5: W'63 W'6/ W'6 W'+ W'$ W'(/< W5'+
ey6\VFON
QV QV QV QV QV QV QV QV QV QV QV
iiiiiey,QGLUHFWy$FFHVVy5HJLVWHUy0RGHy5HDGi:ULWHy7LPLQJ
y$'oaeaioyyLQ W5:% W$6 W'$ W+= 9DOLGy'DWD W53 W'+ 9DOLGy'DWD W5:% W$6 W:3 W'6 W5:+
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
5'% y$'oaeaioyyRXW
:5% 56% &6
/yay$GGUHVVy3RUWyny+yay'DWDy3RUW
:5%y5HFRYHUy7LPHyWRyQH[Wy5'%yRU :5% &6yRUy56%y6HWXSyIRUy5HDGi:ULWH :5%y3XOVHy:LGWK 5'%y3XOVHy:LGWK &6yRUy56%y+ROGy7LPH 'DWDy6HWXSy7LPHy)RUy:ULWH 'DWDy+ROGy7LPHyIRUy:ULWH 5HDGy$FFHVVy7LPH 5HDGy'DWDy+ROGy7LPH
yyyyyyyy3DUDPHWHU
W5:%
6\PERO
yey6\VFON ii ei ei e ii ii ii i
0LQi
0D[i
8QLW
QV QV QV QV QV QV QV QV QV
W$6 W:3 W53 W5:+ W'6 W'+ W'$ W+=
ei
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiie $7$y,QWHUIDFH
iiieiiy6LQJOHy:RUGy'0$y'DWDy7UDQVIHU
'0$54 '0$&.% K'5:3V K'5(4+V K'5:+V
',25%i',2:% +'$7yy5HDG +'$7yy:ULWH
K'5:6V K'5$V
K''6V K'5+V K''+V
3DUDPHWHU
'0$&.%yWRy'0$54y'HOD\ '0$&.%yWRy',25o:o%y6HWXS ',25%i',2:%y3XOVHy:LGWK ',25o:o%yWRy'0$&.%y+ROG ',25%y5HDGy$FFHVVy7LPH ',25%y'DWDy+ROG ',2:%y'DWDy6HWXS ',2:%y'DWDy+ROG
6\PERO
K'5(4+V K'5:6V K'5:3V K'5:+V K'5$V K'5+V K''6V K''+V
0LQi
ai i iei i ci e ee ei
0D[i
8QLW
QV QV QV QV QV QV QV QV
iiieiey0XOWLZRUGy:RUGy'0$y'DWDy7UDQVIHU
'0$54 '0$&.% K'5:& K''6 K'5:3 K'5:+ K'5$ K'5+ K''+ K'5(4+ K'5:+
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
',25%i',2:% +'$7yy5HDG +'$7yy:ULWH
K'5:6
3DUDPHWHU
',25o:o%yWRy'0$&.%y'HOD\ ',25o:o%yWRy'0$&.%y+ROG '0$&.%yWRy',25o:oy6HWXS ',25%i',2:%y3XOVHy:LGWK ',25%i',2:%y1HJDWHGy3XOVHy:LGWK ',25%i',2:%y&\FOHy7LPH ',25%y5HDGy$FFHVVy7LPH ',25%y'DWDy+ROG ',2:%y'DWDy6HWXS ',2:%y'DWDy+ROG
6\PERO
K'5(4+ K'5:+ K'5:6 K'5:3 K'5:+ K'5:& K'5$ K'5+V K''6 K''+
0LQi
ee e i aei ee iei ci e ei ii
0D[i
8QLW
QV QV QV QV QV QV QV QV QV QV
iiieiey8OWUDy'0$y'DWDy7UDQVIHU
'ULYHy,QLWLDWLQJy'0$y%XUVWy5HDG '0$54yo'ULYHy'0$54o 7XL 7DFN '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o ',25%yo+RVWy'0$5'<%o ,25'.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7HQY
''>ieai@yo'$7$287o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic%
7D]
7GYV '$7$
'ULYHy,QLWLDWLQJy'0$y%XUVWy:ULWH '0$54yo'ULYHy'0$54o 7XL 7DFN '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o ,25'7HQY 7OL 7XL
''>ieai@yo'$7$,1o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic%
6XVWDLQLQJy8OWUDy'0$y%XUVW 7eF\F 7eF\F ,25'.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7GYK 7GYK 7GYV ''>ieai@yo'$7$287yGXULQJyUHDGVo '$7$ '$7$ 7eF\F
7eF\F ',25%yo+RVWy6752%(yGXULQJyZULWHVo 7GK '$7$ 7F\F 7GV 7F\F 7GV 7F\F 7GV
''>ieai@yo'$7$,1yGXULQJyZULWHVo
7GK '$7$
7GK '$7$
7GK '$7$
'ULYHy3DXVLQJy'0$y%XUVWy:ULWH '0$54yo'ULYHy'0$54o '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o 7VU 7US
,25'ieai@yo'$7$,1o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic%
7UIV '$7$ '$7$
6\QFQURQRXVy3DXVHayyyyy,Iy'0$5'<%yLVyGHDVVHUWHGyZLWKLQy7VUyWLPHi $V\QFKURQRXVy3DXVHayyy,Iy'0$5'<%yLVyGHDVVHUWHGyRXWVLGHy7VUyWLPHi
'ULYHy3DXVLQJy'0$y%XUVWy5HDG ,25'.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
''>ieai@yo'$7$287o
!"#$%& 'ULYHy7HUPLQDWLQJy'0$y%XUVWy5HDG '0$54yo'ULYHy'0$54o '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o ',25%yo+RVWy'0$5'<%o ,25'ieai@yo'$7$287o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic% 7D] 7GYV &5& 7OL 7LRUGY] 7OL 7POL 7DFN
7GYK
'ULYHy7HUPLQDWLQJy'0$y%XUVWy:ULWH '0$54yo'ULYHy'0$54o '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o ,25'.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
''>ieai@yo'$7$,1o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic%
+RVWy7HUPLQDWLQJy'0$y%XUVWy5HDG '0$54yo'ULYHy'0$54o '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o ',25%yo+RVWy'0$5'<%o ,25'ieai@yo'$7$287o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic% 7D] 7LRUG\] 7OL 7POL 7DFN
7GYK 7GYV &5&

+RVWy7HUPLQDWLQJy'0$y%XUVWy:ULWH '0$54yo'ULYHy'0$54o '0$&.%yo+RVWy'0$&.%o ',2:%yo+RVWy6723o ,25'.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
''>ieai@yo'$7$,1o '$iny'$iny'$e &6i);%ny&6e);% ,2&6ic% 'ULYHy6WRSy5HTXHVWy'XULQJy5HDG ,25' 8OWUDy'0$y7LPLQJy3DUDPHWHUVyo0RGHeo
3DUDPHWHU
&\FOHy7LPH 7ZRy&\FOHy7LPH 'DWDy6HWXSy7LPHyDWy5HFHLYHU 'DWDy+ROGy7LPHyDWy5HFHLYHU 'DWDy9DOLGy6HWXSy7LPHyDWy6HQGHU 'DWDy9DOLGy+ROGy7LPHyDWy6HQGHU )LUVWy6WUREHy7LPHyyWLPHyDOORZHGyIRUyGULYHyWRyVHQGyILUVWy6752%( /LPLWHGy,QWHUORFNy7LPH /LPLWHGy,QWHUORFNy7LPHyZLWKy0LQLPXP 8QOLPLWHGy,QWHUORFNy7LPH 0D[LPXPyWLPHyDOORZHGyIRUyRXWSXWVyWRyWULVWDWH 0LQLPXPyGHOD\yUHTXLUHGyIRUyRXWSXWyGULYHUVyWRyWXUQyRQyIURPy+LJKy= (QYHORSHy7LPH 6752%(WR'0$5'.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
6\PERO
7F\F 7eF\F 7GV 7GK 7GYV 7GYK 7IV 7OL 7POL 7XL 7D] 7]DK 7]DG 7HQY 7VU 7UIV 7US 7LRUG\] 7]LRUG\ 7DFN 7VV
0LQi 0D[ i
ee iiae ae e ee c i i ei i ei i ei
8QLW
QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV QV
iaei iei
ii aei ei ei ei i ei ei
iii
iiieiey3URJUDPPHGy,i2y5HDGi:ULWHy7LPLQJ
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
'$n&6ioeo);% K5:3
K$+
',25%i',2:% +'$7yy:ULWH +'$7yy5HDG ,2&6ic%
K$6
K'6 K'+
K5$& K&6ic6 K5'$ K5'<3
W5'+ W&6ic+
,25'<
K5'<6
3DUDPHWHU
$GGUHVVy6HWXSy7LPH $GGUHVVy+ROGy7LPH ',25i',2:y3XOVHy:LGWKyayic %LWV ',2:y'DWDy6HWXSy7LPH ',2:y'DWDy+ROGy7LPH ',25y5HDGy$FFHVVy7LPH ',25y5HDGy'DWDy+ROGy7LPH $GGUHVVy9DOLGy7Ry,2&6ic%y'HOD\ $GGUHVVy9DOLGy7Ry,2&6ic%y+ROG ,25'6\PERO
K$6 K$+ K5:3 K'6 K'+ K5$& K5'+ K&6ic6 K&6ic+ K5'<6 K5'$ K5'<3
0LQi
ee ii aei ei ii ee e ei ee ee i
0D[i
8QLWV
QV QV QV QV QV QV QV QV QV QV QV
ieei
QV
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiiey&'y'63y,QWHUIDFH
iiieiiy6%&/.y)DOOLQJy(GJHy6WUREH
&e32Lny6'$7$ny/5&/. 6%&/. G'6 G'+
3DUDPHWHU
&e3RLny6'$7$ny/5&/.y6HWXSy%HIRUHy6%&/. &e3RLny6'$7$ny/5&/.y+ROGy$IWHUy6%&/.
6\PERO
G'6 G'+
0LQi
e e
0D[i
8QLW
QV QV
iiieiey6%&/.y5DLVLQJy(GJHy6WUREH
&e32Lnyy6'$7$nyy/5&/. 6%&/.y yG'6 yG'+
3DUDPHWHU
&e3RLny6'$7$ny/5&/.y6HWXSy%HIRUHy6%&/. &e3RLny6'$7$ny/5&/.y+ROGy$IWHUy6%&/.
6\PER O
G'6 G'+
0LQi
e e
0D[i
8QLW
QV QV
iiieiey$XGLRy2XWSXWy(GJHy6WUREH
$'$7ny$:&. $%&. G'6 G'+
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
3DUDPHWHU
$'$7ny$:&.y6HWXSy%HIRUHy$%&. $'$7ny$:&.y+ROGy$IWHUy$%&.
6\PERO
G'6 G'+
0LQi
e e
0D[i
8QLW
QV QV
iiieiey'63y,QWHUIDFHy)RUPDW
3KLOLSVy,,6y'63y,QWHUIDFHy)RUPDW
6%&/. /5&/. 6'$7$ &e32L 06% ie ie ie ie ii ii a i i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee i i
+yy5LJKWy&KDQQHOyny/yy/HIWy&KDQQHO a ae c e e e e i
/6% i /RZHUy%\WHy)ODJ
ie
8SSHUy%\WHy)ODJ
6DQ\Ry'63y,QWHUIDFHy)RUPDW
6%&/.y /5&/.y 6'$7$y /6% ii e e e e c ae i i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee i i
+yy/HIWy&KDQQHOyny/yy5LJKWy&KDQQHO 06% aa ii ii ie ie ie ie
,QYDOLG
i
7RVKLEDy'63y,QWHUIDFHy)RUPDW
6%&/.y /5&/.y 6'$7$y &e32Ly 06% ie ie ie ie i i e e e e c ae a a ii ii ie ie ie ie i
+yy/HIWy&KDQQHOyny/yy5LJKWy&KDQQHO ii ii a a ae c e e e e i
/6% i
8SSHUy%\WHy)ODJ
/RZHUy%\WHy)ODJ
6RQ\yee&ORFNy'63y,QWHUIDFHy)RUPDWi
6%&/.y /5&/.y 6'$7$y &e32Ly 06%yie 8SSHUy%\WHy)ODJ i i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee i
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
+yy/HIWy&KDQQHOyny/yy5LJKWy&KDQQHO ie ie ie ii ii a a ae c e e e e i
/6% i
/RZHUy%\WHy)ODJ
6RQ\yee&ORFNy'63y,QWHUIDFHy)RUPDWe
6%&/.y /5&/.y 6'$7$y &e32Ly 06%yie 8SSHUy%\WHy)ODJ i i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee i
+yy/HIWy&KDQQHOyny/yy5LJKWy&KDQQHO ie ie ie ii ii a a ae c e e e e i
/6% i
/RZHUy%\WHy)ODJ
6RQ\yee&ORFNy'63y,QWHUIDFHy)RUPDWe
6%&/.y /5&/.y 6'$7$y /6%yi i i e e ee c ae a a ii ii ie ie ie ie ic iae ia ia ei +yy5LJKWy&KDQQHOyny/yy/HIWy&KDQQHO ie ee ec ae a ei ei i
06% a ii ii ie ie ie ie
0DWVXVKLWDy'63y,QWHUIDFHy)RUPDW
6%&/. /5&/. 6'$7$ y &e32L 5FK /FKy8SSHUyay%LWV i ie 06% /FK /FKy/RZHUyay%LWV i ie
/6% 5FK
6DPVXQJy0RGHey'63y,QWHUIDFHy)RUPDW
6%&/. /5&/. 6'$7$ i i e e e e c ae a a ii ii ie ie ie ie i i e e e ie ie i
+yy5LJKWy&KDQQHOyny/yy/HIWy&KDQQHO
ie ie ie ii ii a a ae c e e e e i i ie ie ie ii ii a a ae c e e e e i i
8SSHUy%\WHyo+ (UURUo
06%
-#
'()$* +,,()$* '()$*
6DPVXQJy0RGHey'63y,QWHUIDFHy)RUPDW
6%&/. /5&/. 6'$7$ i i e e e e c ae a a ii ii ie ie ie ie i i e e e ie ie i
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
+yy5LJKWy&KDQQHOyny/yy/HIWy&KDQQHO
i e e e e c ae a a ii ii ie ie ie ie i e e e e c ae a a ii ii ie ie ie ie
8SSHUy%\WHyo+ (UURUo
06%
-#
'()$* +,,()$* '()$*
iiieiey$XGLRy2XWSXWy,QWHUIDFHy)RUPDW
(,$-yoicELWoy$XGLRy'DWDy,QWHUIDFHy)RUPDW
$%&. $'$7 $:&. ee ee i i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee i i e ii ie ieie ie ii ii a a ae c /HIWy&KDQQHOy'DWD ee e e i i ie
(,$-yoiaELWoy$XGLRy'DWDy,QWHUIDFHy)RUPDW
$%&. $'$7 $:&. ee ee i ii i e e e e c ae a a ii ii ie ie ie ie ic iae ia ia ei ei ee ee i i e iae ic ie ieie ie ii ii a a ae c /HIWy&KDQQHOy'DWD ee ee i i iae
3KLOLSVy,e6yoicELWoy$XGLRy'DWDy,QWHUIDFHy)RUPDW
$%&. $'$7 $:&. ii eieeee i i e e e e c ae a a iiiiieieieieiciaeiaiaeieieeee i i e ie ie ieiiii a a ae c e e e e i i ie /HIWy&KDQQHOy'DWD ieie
3KLOLSVy,e6yoiaELWoy$XGLRy'DWDy,QWHUIDFHy)RUPDW
$%&. $'$7 $:&. ii eieeee i i e e e e c ae a a iiiiieieieieiciaeiaiaeieieeee i i e iae ic ieieieiiii a a ae c e e e e i i ie /HIWy&KDQQHOy'DWD iae ic
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiiey6XEFRGHy,QWHUIDFH
iiieiiy5&.y)DOOLQJy(GJHy6WUREHyDQGy5&.yDFWLQJyDVyLQSXW
68% 5&. G'6 G'+
3DUDPHWHU
68%y6HWXSyWLPHy%HIRUHy5&. 68%y+ROGyWLPHy$IWHUy5&.
6\PERO
G'6 G'+
0LQi
e e
0D[i
8QLW
QV QV
iiieiey5&.y5LVLQJy(GJHy6WUREHyDQGy5&.yDFWVyDVyLQSXW
68% 5&. yG'6 yG'+
3DUDPHWHU
68%y6HWXSyWLPHy%HIRUHy5&. 68%y+ROGyWLPHy$IWHUy5&.
6\PER O
G'6 G'+
0LQi
e e
0D[i
8QLW
QV QV
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
iiiey3RZHU2Q5HVHWyy,QWHUIDFHy7LPLQJ
W5673 W5673
567% +567%
3DUDPHWHU
5HVHWy3XOVHy:LGWK
6\PERO
W5673
0LQi
ii
0D[i
yyyyyyyyyy
8QLWV
XV
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN

.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyie 3DFNDJHyDQGy'LPHQVLRQV
3DFNDJHyDQGy'LPHQVLRQVy5HPRYHGyIRUy(PDLOy7UDQVSRUW o.6aeecyLVyiiiSLQy74)3nyiiePPySLWFKo
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
&KDSWHUyie +DUGZDUHy$SSOLFDWLRQy1RWHV ieiiy3,2i'0$y6XSSRUWy0RGHV
7KHy IROORZLQJy WDEOHVy OLVWy WKHy YDULRXVy GLVNy VSHHGy DQGy 3,2i'0$y PRGHy ZKLFKy DUHy VXSSRUWHGy LQy RXU VSHFLILFDWLRQi 3,2y0RGHy6XPPDU\i'LVNy6SHHG
3,2y0RGH 0RGHyi 0RGHyi 0RGHye 0RGHye 0RGHye %XUVWy6SHHG eieey0%i6HF eieey0%i6HF aieey0%i6HF iiiiy0%i6HF iciaey0%i6HF &\FOHy7LPH ciiyQVHF eaeyQVHF eeiyQVHF iaiyQVHF ieiyQVHF 6XSSRUW \HV \HV \HV \HV \HV 5HPDUN ZLWKRXWyIORZyFRQWURO ZLWKRXWyIORZyFRQWURO ZLWKRXWyIORZyFRQWURO ZLWKRXWyIORZyFRQWURO ZLWKRXWyIORZyFRQWURO
'0$y0RGHy6XPPDU\i'LVNy6SHHG
6LQJOHi0XOWLy:RUG 6LQJOHy:RUGy0RGHyi 6LQJOHy:RUGy0RGHyi 6LQJOHy:RUGy0RGHye 0XOWL:RUGy0RGHyi 0XOWL:RUGy0RGHyi 0XOWL:RUGy0RGHye %XUVWy6SHHG eiiay0%i6HF eiiaey0%i6HF aieey0%i6HF eiiaey0%i6HF ieiey0%i6HF iciaey0%i6HF &\FOHy7LPH aciyQVHF eaiyQVHF eeiyQVHF eaiyQVHF ieiyQVHF ieiyQVHF 6XSSRUW \HV \HV \HV \HV \HV \HV 5HPDUN
ieiey)LUPZDUHy6HFWRUy3URFHVVy7LPH
7KHyIROORZLQJyWDEOHVyOLVWyWKHyYDULRXVyGLVNyUDWHyDJDLQVWyWKHyZRUVWyFDVHyWLPHyOHIWyIRUyILUPZDUHyWRySURFHVV DyVHFWRUyDIWHUyGHFRGHUyLQWHUUXSWyLVyJHQHUDWHGyE\yKDUGZDUHi
)LUPZDUHyVHFWRUySURFHVVyWLPH '63y5DWH :RUVWy)i:y6HFWRUy7LPH iei.%i6HF eii.%i6HF cii.%i6HF aii.%i6HF iie0%i6HF iie0%i6HF iia0%i6HF eii0%i6HF eie0%i6HF eic0%i6HF cicccyPVHF eieeeyPVHF iicccyPVHF iiiiiyPVHF iaeeyPVHF icccyPVHF ieeeyPVHF ieaecyPVHF ieicyPVHF ieaeaeyPVHF
'LVN 6SHHG i; e; e; c; a; ii; ie; ie; ic; ei;
6HFWRU 3HULRG ieieeeyPV cicccyPV eieeeyPV yeieeeyPV iicccyPV iieeeyPV iiiiiyPV iaeeyPV yiaeeyPV yieeeyPV
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
ieiey6OHHSy0RGH
+RZy7Ry(QWHUy6OHHSy0RGH
.6aeecyFDQyEHySURJUDPPHGyLQWRyVOHHSyPRGHyIRUyVDYLQJySRZHUyDQGyPRVWyRIyKDUGZDUHyZLOOyEHyFXWyRII E\y&ORFNiy7KHyRQO\yZD\yLQWRyVOHHSyPRGHyLVyWKHyUHJLVWHUye)y%LWyaey0XVWyEHyVHWyWRy+LJKi
+RZy7Ry4XLWy6OHHSy0RGH
7KHUHyDUHyWZRyZD\VyWRyTXLWyIURPyVOHHSyPRGHiy2QHyGRQHyE\yILUPZDUHyLVyFOHDUy%LWyaeyRIyUHJLVWHUye) GLUHFWO\yDQGy7KHyRWKHUyLVy1HZy$7$y&RPPDQGyUHFHLYHGyRUy$7$y6RIWZDUHyUHVHWy&RPPDQGyUHFHLYHGyLQ WKLVyFDVHy.6aeecy+DUGZDUHyZLOOyDXWRPDWLFDOO\yZDNHyXSi
6RPHWKLQJy,PSRUWDQWy%HIRUHy(QWHUy6OHHSy0RGH
,QyWKHyVOHHSyPRGHny'63yLQWHUIDFHyZLOOyEHyVKXWyRIIyDXWRPDWLFDOO\nyVRyPDNHyVXUHy.6aeecyLVyLQy'63 6723yPRGHiy(&&yHQJLQHyDQGy%XIIHUy0DQDJHUyDUHyWRWDOO\yWXUQHGyRIIiy,QyWKHy'5$0y&RQWUROyORJLFnyWKH UHIUHVKyWLPHyZLOOyVWLOOyEHyDFWLYHyWRyPDLQWDLQyWKHyLQWHUQDOyEXIIHUy'5$0yGDWDyYDOLGi )ROORZLQJy7DEOHyLVyIRUyHDFKy%ORFNy)XQFWLRQyDIIHFWHGyE\yVOHHSyPRGHi 'UDP 5HIUHVK 2Q '63 yyy2II 6XEFRGH 2II 0LFUR3 2Q (&& ('& 2II %XIIHU 0DQDJHU 2II ,'( 2Q
6OHHSy2Q
+RZy0XFKy3RZHUyLVyVDYHGyLQy6OHHSy0RGH
,QyWKHy6OHHSy0RGHnyLWyLVyDERXWyaeeoaioyOHVVyWKDQyWKHyQRUPDOyRSHUDWLRQyPRGHi
ieiey$XWRPDWLFy3RZHUVDYLQJVy0RGH
%HVLGHVyVOHHSyPRGHnyWKHy.6aeecyKDVyDQyDXWRPDWLFySRZHUVDYLQJVyIHDWXUHyIRUyWKHy&''63i6XEFRGH LQWHUIDFHny(&&nyDQGy&$9yDXGLRySOD\EDFNyPRGXOHViyy,QyWKLVyPRGHnyWKHyFORFNVyGULYLQJyWKHVHyPRGXOHV DUHyVWRSSHGyZKHQyWKHyPRGXOHVyDUHyQRWyDFWLYHiyy7KHyIROORZLQJyGHVFULEHVyWKHyDXWRPDWLFySRZHUVDYLQJV IHDWXUHa ioy 7KHyFORFNyWRyWKHy&''63i6XEFRGHyLQWHUIDFHyLVyDXWRPDWLFDOO\yVKXWyRIIyZKLOHyWKHy&'GHFRGHUyLVyLQ 6WRSyPRGHi eoy 7KHyFORFNyWRyWKHy(&&yPRGXOHyLVyQRUPDOO\yVWRSSHGyXQWLOyWKHUHyLVyDyKHDGHUnyDyFRUUHFWLRQyRUyUHSHDW FRUUHFWLRQyUHTXHVWyRFFXUViyy$IWHUyWKHyUHTXHVWyLVyVHUYLFHGnyWKHy(&&yFORFNyZLOOyDJDLQyEH DXWRPDWLFDOO\yVKXWyRIIi eoy 7KHyFORFNyWRyWKHy&$9yDXGLRySOD\EDFNyPRGXOHyLVyVKXWyRIIyXQWLOyWKHy63$yo6WDUWy3OD\y$XGLRoyELWyiyLQ UHJLVWHUye'KyLVyVHWi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
ieiey,QWHOy/y0RWRURODy0LFURSURFHVVRUy'LUHFWy$FFHVV
7KHy .6aeecy LVy GHVLJQHGy WRy EHy GLUHFWO\y LQWHUIDFHGy ZLWKy ,QWHOy DQGy 0RWRURODy W\SHy PLFURSURFHVVRUV ZLWKRXWy DQ\y H[WHUQDOy JOXHy ORJLFy y oUHIHUy WRy WKHy 0LFURSURFHVVRUy ,QWHUIDFHy WLPLQJy LQy VHFWLRQy aiiiiy DQG aiiieoiy y 7KHy IROORZLQJy GLDJUDPVy VKRZy WKHy FRQQHFWLRQVy IRUy DQy ,QWHOW\SHy DQGy 0RWRURODW\SH PLFURSURFHVVRUyFRQQHFWHGyWRyWKHy.6aeecyLQyDyGLUHFWyDFFHVVyFRQILJXUDWLRQi /0%,% 31456 1 2 3 $ -! .! 31456 1 2 3 $ -! 0!$ /!$ . .

89 00%,% 31456 1! 72 3 $ -! .! 31456 1! 72 3 $ -! 0!$ /!$ . .

.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
ieicy,QWHOy/y0RWRURODy0LFURSURFHVVRUy,QGLUHFWy$FFHVV
7KHy .6aeecy LVy GHVLJQHGy WRy EHy GLUHFWO\y LQWHUIDFHGy ZLWKy ,QWHOy DQGy 0RWRURODy W\SHy PLFURSURFHVVRUV ZLWKRXWy DQ\y H[WHUQDOy JOXHy ORJLFy y oUHIHUy WRy WKHy 0LFURSURFHVVRUy ,QWHUIDFHy WLPLQJy LQy VHFWLRQy aiiiiy DQG aiiieoiy y +RZHYHUny LIy WKHy WLPLQJy VSHFLILFDWLRQVy aiiiiy DQGy aiiiey FDQQRWy EHy VDWLVILHGny WKHQy DQy LQGLUHFW DFFHVVy PHWKRGy PXVWy EHy XVHGiy y )RUy WKLVy FDVHny WKHy WLPLQJy RIy VHFWLRQy aiiiey LVy XVHGiy y 7KHy IROORZLQJ VKRZVy DQy LQWHUIDFHy VFKHPHy IRUy XVLQJy LQGLUHFWy DFFHVVy RQy WKHy .6aeecy ZLWKy ,QWHOy DQGy 0RWRURODy W\SH PLFURSURFHVVRUViyy1RWHay)RUy,QGLUHFWy$FFHVVyPRGHny,6(/yQHHGVyWRyEHyVDPSOHGyKLJKyE\yWKHy.6aeec LPPHGLDWHO\yDIWHUySRZHURQi 89 /0%,% 1 2 31456
.! 1 /!$ 7311
.
2 0!$ 7311
31456 .
31
:
! -!

3 $ 35 15 3) 3)

89 00%,% 72 1 2 31456
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
.! /!$ 7311 0!$ 7311
.
89 .
1! 31456 31
:
! -!

3 $ 35 15 3) 3)

,QyWKLVyVFKHPHnyWZRyDFFHVVyDUHyUHTXLUHGyLIyWKHySUHYLRXVyDFFHVVyLVyWRyDyGLIIHUHQWyORFDWLRQiyy7KHyILUVW DFFHVVy ZULWHVy WKHy DGGUHVVy SRUWy WRy VHOHFWy Dy UHJLVWHUy LQy WKHy .6aeecy ZKLOHy WKHy VHFRQGy DFFHVV UHDGViZULWHVyWKHyVHOHFWHGy.6aeecyUHJLVWHUiyy)RUyH[DPSOHnyWRyUHDGyIURPyUHJLVWHUyiiKyRIyWKHy.6aeecn WKHyILUVWyDFFHVVyVKRXOGyZULWHyiiKyWRyDQ\yHYHQyDGGUHVVyo$i ioyWRySURJUDPyWKHyDGGUHVVySRUWyZLWKyiiKi 7KHyQH[WyDFFHVVy PXVWyWKHQy EHyDy UHDGyWRy DQ\yRGGyDGGUHVVy o$i ioyWRy REWDLQyWKHy GDWDyIURPy UHJLVWHU ORFDWLRQyiiKi
ieiaey&$9y$XGLRy3OD\EDFNyDQGy'LJLWDOy$XGLRy6XSSRUW
,QWURGXFWLRQ
,Qy WUDGLWLRQDOy &/9y o&RQVWDQWy /LQHDUy 9HORFLW\oy DSSOLFDWLRQVny WKHy &'y GLVFy VSHHGy PXVWy FRQVWDQWO\y EH FKDQJHGyLQyRUGHUyWRyPDLQWDLQyDyFRQVWDQWyOLQHDUyYHORFLW\yDVyWKHySLFNXSyKHDGyPRYHVyIURPyLQQHUyWUDFNyWR RXWHUy WUDFNy RUy YLFHy YHUVDiy y $Vy Dy UHVXOWny &'520y DFFHVVy WLPHVy DUHy VHYHUHO\y LPSDFWHGny HVSHFLDOO\ ZKHQyDXGLRyWUDFNVyPXVWyEHySOD\HGyDWyVLQJOHyVSHHGyUDWHViyy7RyRYHUFRPHyWKLVyOLPLWDWLRQnyWKHy.6aeec $XWRPDWHGy$7$3,y&'520y&RQWUROOHUyLQWHJUDWHVyDQy$XGLRy%XIIHUy0DQDJHUyDQGyGHGLFDWHGySLQVyIRU VXSSRUWyRIy&$9yo&RQVWDQWy$QJXODUy9HORFLW\oyPRGHySOD\EDFNiyy,QyWKLVyPRGHnyWKHy.6aeecyDOORZVyDXGLR GDWDyWRyEHyEXIIHUHGyDWyXSyWRyei;yDQGySOD\HGyEDFNyDWyDyFRQVWDQWyi;yVSHHGiyy7KXVny&'520yDFFHVV WLPHVyDUHyQRWyLPSDFWHGyDVyDyUHVXOWyRIyVSHHGyFKDQJHViyy$GGLWLRQDOO\nyVLQFHyWKHyDXGLRyGDWDyLVyEXIIHUHGn WKHy .6aeecy HDVLO\y SURYLGHVy VXSSRUWy IRUy ,(&aeay 'LJLWDOy $XGLRy RXWSXWy DWy QRy H[WUDy FRVWiy y 7KLV DSSOLFDWLRQVyQRWHyGHVFULEHVyWKHy$XGLRy%XIIHUy0DQDJHUynyWKHy&$9ySLQVyDQGyUHJLVWHUyVHWVyDORQJyZLWKyLWV 'LJLWDOy $XGLRy VXSSRUWny DQGy VKRZVy KRZy WRy FRQILJXUHy WKRVHy SLQVy DQGy UHJLVWHUVy IRUy &$9y DQGy 'LJLWDO $XGLRyPRGHySOD\EDFNi 7KHy.6aeecyLQWHJUDWHVyDQy$XGLRy%XIIHUy0DQDJHUyLQyRUGHUyWRyVLPSOLI\yILUPZDUHyHIIRUWVyDQGyHIILFLHQWO\ FRQWUROyWKHy&$9yDXGLRySOD\EDFNyVHTXHQFHiyy7KLVyKDUGZDUHyDXWRPDWLFDOO\yNHHSVyWUDFNyRIyWKHyDYDLODEOH DXGLRyEORFNoVoyLQyWKHyEXIIHUy'5$0yDQGyPRQLWRUVyEXIIHUyIXOOyDQGyHPSW\yFRQGLWLRQViyy$XGLRyEORFNVyWKDW DUHyVWRUHGyLQy'5$0yDUHyWUDFNHGyE\yWKHy9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUyo5HJeaKoiyy,QyWKHyHYHQW RIyEXIIHUyIXOOyFRQGLWLRQVnyWKHyILUPZDUHyPXVWyVWRSyWKHy'63yEXIIHULQJyRSHUDWLRQiyy,QyWKHyHYHQWyRIyEXIIHU XQGHUUXQyFRQGLWLRQVnyWKHyKDUGZDUHyDXWRPDWLFDOO\yPXWHVyWKHyDXGLRyFKDQQHOVyWRyPDVNyDQ\yXQGHVLUHG QRLVHiy y 1RWHy WKDWy EXIIHUy IXOOy LVy GHWHUPLQHGy E\y ILUPZDUHy NHHSLQJy WUDFNy RIy DYDLODEOHy '5$0y VSDFHi 7KXVnyILUPZDUHyVKRXOGyVWRSyWKHy$XGLRy%XIIHULQJyyEHIRUHyWKHy'5$0yDFWXDOO\yEHFRPHVyIXOOyWRyDFFRXQW IRUyDQ\yUHVSRQVHyGHOD\Vi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
$XGLRy%XIIHUy0DQDJHU
&$9y3LQy'HVFULSWLRQ
7DEOHyiyOLVWVyWKHySLQVyXVHGyIRUy&$9yPRGHySOD\EDFNiyy,Qy&$9yPRGHnyWKHVHySLQVyDUHyGHGLFDWHGyRXWSXWV IURPyWKHy.6aeecyWRyWKHyDXGLRy'$&yDQGyFDUU\yDXGLRyGDWDyWKDWyKDYHyEHHQyEXIIHUHGyWRy'5$0yE\yWKH .6aeeciyy1RWHay:KHQyQRWyLQy&$9yPRGHnyWKHVHySLQVyDUHy*HQHUDOy3XUSRVHy,i2ySLQVi
6LJQDO $:&. $%&. $'$7 3LQ ie ie ie ,i2 2 2 2 3K\VLFDOy3LQy$VVLJQPHQW 'HVFULSWLRQ $XGLRyZRUGyFORFNyRXWSXW $XGLRyELWyFORFNyRXWSXW $XGLRyGDWDyRXWSXW 6RXUFHyiy'HVWLQDWLRQ .6aeecyiy'$& .6aeecyiy'$& .6aeecyiy'$&
7DEOHyiayy&$9y3LQV
&$9y5HJLVWHUy6XPPDU\
$GGUHVV eaKy5iy: e$Ky5iy: e&Ky5i: e'Ky5i: e(Ky5i: 1DPH 9$%& '$%$ '2)6 '$&5 $&&5 $'$7ia /&0 $&.6 $%&. 'i 5&0 $%36 $)36 5VYG '$8 ( %,7yae %,7yc %,7ye %,7ye %,7ye %,7ye %,7yi %,7yi 9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUy%ea%i '$&y%ORFNy$GGUHVVy/RZy5HJLVWHUy%ea%i $%&./ 5HVHUYHG 5VYG $/6% ) $/&+ $&& $%&.) 63$ ;,1$y'LY
7DEOHyeayy.6aeecy$XGLRy0RGHy5HJLVWHUy6HW
7DEOHyeyOLVWVyDyVXEVHWyRIyWKHy.6aeec(c)VyUHJLVWHUVyXVHGyIRUyFRQILJXULQJy&$9yPRGHySOD\EDFNiyy'HWDLOHG GHVFULSWLRQVy RIy WKHVHy UHJLVWHUVy FDQy EHy UHIHUHQFHGy LQy WKHy .6aeecy $7$3,y $XWRPDWHGy &'520 &RQWUROOHUy(QJLQHHULQJy6SHFLILFDWLRQnyDYDLODEOHyIURPy,0/i 9DOLGy$XGLRy%ORFNy&RXQWy5HJLVWHUVyo9$%&yDWyeaKoayy7KLVyUHJLVWHUy VSHFLILHVy WKHy QXPEHUy RIy YDOLG DXGLRyEORFNVyEXIIHUHGyLQWRy'5$0yZKLFKyDUHyDYDLODEOHyIRUyDXGLRySOD\EDFNiyy)LUPZDUHyPXVWyLQFUHPHQW WKLVyUHJLVWHUyE\yRQHyoWRyNHHSyWUDFNyRIyWKHyDXGLRyEORFNyFRXQWoyE\yZULWLQJyDy|iyWRyWKHy ,QF$XG&QWyELWyLQ WKHy %XIIHUy $FFHVVy &RQWUROy 5HJLVWHUy o5HJeaKny ELWaeoy DIWHUy Dy GHFRGHUy LQWHUUXSWy RFFXUVy LQy $XGLR %XIIHULQJy0RGHiyy7KLVyUHJLVWHUyLVyDXWRPDWLFDOO\yGHFUHPHQWHGyE\yRQHyDIWHUyRQHyDXGLRyEORFNyKDVyEHHQ RXWSXWy WRy WKHy $:&.i$%&.i$'$7y SLQVy GXULQJy &$9y SOD\EDFNiy y 1RWHy WKDWy Dy '$&y LQWHUUXSWy LV JHQHUDWHGyDIWHUyRQHyDXGLRyEORFNyLVyRXWSXWyWRyWKHy$:&.i$%&.i$'$7ySLQViyy$VORnyZKHQyWKLVyRFFXUVn WKHy'$&,QWyELWyLQyWKHy'HFRGHUy,QWHUUXSWy6WDWXVy5HJLVWHUyo5HJiiKnyELWeoyLVyVHWyLIyWKHy'$&,QW(yELWyLQ WKHy'HFRGHUy,QWHUUXSWy0DVNy5HJLVWHUyo5HJieKnyELWeoyLVyVHWi '$&y%ORFNy$GGUHVVy5HJLVWHUyo'$%$yDWye$Koayy7KLVyUHJLVWHUySRLQWVyWRyWKHyDXGLRyEORFNyLQy'5$0yWR EHyRXWSXWyRUyFXUUHQWO\yEHLQJyRXWSXWyWRyWKHyDXGLRy'$&iyy7KLVyUHJLVWHUyLVyDXWRPDWLFDOO\yLQFUHPHQWHGyWR SRLQWyWRyWKHyQH[WyDXGLRyEORFNyWRyEHySOD\HGyRQFHyWKHyFXUUHQWyEORFNyLVyFRPSOHWHO\yRXWSXWWHGiyy1RWHyWKDW WKLVySRLQWHUyZLOOyZUDSyDURXQGyDIWHUyWKHyERWWRPyRIyWKHyEXIIHUyLVyUHDFKHGi '$&y2XWSXWy)RUPDWy6HOHFWLRQy5HJLVWHUyo'2)6y DWy e&Koayy7KLVyUHJLVWHUyLVyXVHGyWRyVHOHFWyYDULRXV DXGLRy RXWSXWy LQWHUIDFHy IRUPDWVy IRUy &$9y PRGHy SOD\EDFNy RQO\iy y 7DEOHy ey OLVWVy WKHy DYDLODEOHy IRUPDWV XVLQJyWKLVyUHJLVWHUi
$XGLRy)RUPDW (,$-yicyELW (,$-yiayELW ,e6yicyELW ,e6yiayELW $'$7ia i i i i $XGLRy2XWSXWy)RUPDWy6HOHFWLRQy6XPPDU\ $%&.'i $)36 $%&./ $/6%) i i ii i i i ii i i i ii i i i ii i $/&+ i i i i $%&.) i i i i KH[ ieK aeK aeiK )iK
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7DEOHyeayy$XGLRy2XWSXWy)RUPDWy6HOHFWLRQ ,Qy DGGLWLRQny WKHy .6aeecy DOVRy VXSSRUWVy DQy $XGLRy %\SDVVy PRGHy ZKHUHy LWy DOORZVy LQSXWVy IURPy '63 GHYLFHVyoVXFKyDVy7RVKLEDny6DQ\RnyDQGy6RQ\oyWRyEHyGLUHFWO\yRXWSXWyWRyWKHy$:&.yiy$%&.yiy$'$7ySLQV ZLWKRXWyDQ\yFRQYHUVLRQViyy7KLVyPRGHyLVyVHWyZKHQyWKHy$%36yo$XGLRy%\SDVVy0RGHoyELWyLVyVHWyWRy|iyLQ WKHy$XGLRy&ORFNy&RQWUROy5HJLVWHUyo5HJe(KnyELWycoi yy '$&y &RQWUROy 5HJLVWHUy o'$&5y DWy e'Koay y 7KLVy UHJLVWHUy LVy XVHGy WRy FRQWUROy YDULRXVy '$&y RXWSXW RSHUDWLRQVy VXFKy DVy PXWLQJny PRQRy iy VWHUHRy iy VZDSy PRGHVny DQGy VWDUWy SOD\y DXGLRiy y %LWy aey DQGy %LWy c FRQWUROyWKHy /HIWyDQGy 5LJKWy$XGLRy &KDQQHOy PXWLQJyIRUy &$9yDQGy $XGLRy %\SDVViyy :KHQyDQ\y RIy WKHVH ELWVy DUHy VHWy WRy |iy LQy &$9y RUy $XGLRy %\SDVVy PRGHVny WKHy FRUUHVSRQGLQJy DXGLRy FKDQQHOy LVy PXWHGi :KHQy DQ\y RIy WKHVHy ELWVy DUHy UHVHWy WRy |iny WKHy FRUUHVSRQGLQJy DXGLRy FKDQQHOy LVy HQDEOHGiy y )ROORZLQJ SRZHURQnyVRIWZDUHyUHVHWnyRUy$7$3,yUHVHWyFRQGLWLRQVnyWKHyVWDWHyRIyWKHVHyELWVyDUHyVHWyWRy|iyDQGyERWK DXGLRyFKDQQHOVyDUHyPXWHGiyy7DEOHyeyVXPPDUL]HVyWKHyPRQRyiyVWHUHRyiyVZDSSHGyPRGHVyVHOHFWHGyE\ ELWVyeyDQGyii
%LWyeny%LWyi ii ii ii &KDQQHOy0RGH 6WHUHR 0RQRy5LJKW 0RQRy/HIW $XGLRy&KDQQHOy0RGHy6HOHFWLRQ 'HVFULSWLRQ 2XWSXWyERWKyOHIWyDQGyULJKWyFKDQQHOV 2XWSXWyULJKWyFKDQQHOyGDWDyWRyERWKyFKDQQHOV 2XWSXWyOHIWyFKDQQHOyGDWDyWRyERWKyFKDQQHOV 9DOLG &$9y/y$XGLRy%\SDVV &$9y2QO\ &$9y2QO\
; %', -39<3,
63$y oELWy ioy LVy XVHGy WRy VWDUWy SOD\LQJy oRXWSXWWLQJoy WKHy EXIIHUHGy DXGLRy EORFNVy WRy WKHy $:&.y iy $%&.y i $'$7yiy'$82ySLQViyy:KHQy63$yLVyVHWyWRy|iyDQGyWKHy$%36yLVyUHVHWyWRy|inyEXIIHUHGyDXGLRyGDWDyZLOO EHy RXWSXWy WRy WKHy $:&.y iy $%&.y iy $'$7y SLQViy y 1RWHay y ,Iy WKHy '$8(y LVy DOVRy VHWy WRy |iy LQy WKHy $XGLR
-!',
&ORFNy &RQWUROy 5HJLVWHUy o5HJe(Kny ELWeony WKHy EXIIHUHGy DXGLRy GDWDy ZLOOy DOVRy EHy RXWSXWy WRy WKHy '$82 VLPXOWDQHRXVO\ $XGLRy &ORFNy &RQWUROy 5HJLVWHUy o$&&5y DWy e(Koay y 7KLVy UHJLVWHUy LVy XVHGy WRy VHOHFWy WKHy DXGLRy FORFN VRXUFHyDQGyDXGLRyE\SDVVyPRGHiyy7DEOHycyVXPPDUL]HVyWKHyDXGLRyFORFNyVHOHFWLRQyIRUy&$9yPRGHyRQO\i 1RWHayyWKHyDXGLRyFORFNyVRXUFHyLVyGHULYHGyGLUHFWO\yIURPyWKHy.6aeecyV\VWHPyFORFNyDQGyLVyQRWyLQWHUQDOO\ FRQILJXUDEOHiy y 7KXVny y WKHy V\VWHPy FORFNy VKRXOGy EHy GULYHQy IURPy HLWKHUy Dy eeiacaa0+]y iy eiiay 0+] VRXUFHyLQyRUGHUyWRyPDWFKyWKHy$XGLRy&ORFNyUHTXLUHPHQWVi
%LWy>yinyi@ 6\VWHPy&ORFN ,QSXWV eeiacaay0+] eiiaieey0+] $XGLRy&ORFNy6HOHFW $XGLRy:RUGy&ORFNy/HQJWK ic%&. YDOLG YDOLG ee%&. YDOLG YDOLG 5HVHUYHG ee%&. YDOLG YDOLG 'LJLWDO RXWSXW '$82 YDOLG YDOLG
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
ii ii ;i
7DEOHyeayy$XGLRy&ORFNy6HOHFWLRQ $GGLWLRQDOO\nyELWVycyDQGyeyRIyWKLVyUHJLVWHUyFRQWUROyWKHyHQDEOLQJyiyGLVDEOLQJyRIy$XGLRy%\SDVVyPRGHyDQG 'LJLWDOy$XGLRyPRGHyoGHVFULEHGyDERYHoyUHVSHFWLYHO\iyy7DEOHycyVKRZVyWKHy$XGLRy0RGHy&RQILJXUDWLRQ 7UXWKy7DEOHi
$%36 i i i i 63$ ; i i i '$8( ; ; i i $XGLRy0RGHy6HOHFWHG '63y,QSXWVy%\SDVVyWRy'$& 1RQH '$&y2XWSXWV '$&yDQGy'$8y2XWSXWVy6LPXOWDQHRXVO\ &KDQQHOy&RQWUROVy$OORZHG 6ZDSny0XWHy/i5 1RQH 6ZDSny0XWHy/i5ny0RQRny6WHUHR 6ZDSny0XWHy/i5ny0RQRny6WHUHR
7DEOHycayy$XGLRy0RGHy6HOHFWLRQy7DEOH
&$9y0RGHy&RQILJXUDWLRQ
7KHyIROORZLQJyVHTXHQFHyVKRZVyKRZyWRyFRQILJXUHyWKHy.6aeecyIRUy&$9yPRGHySOD\EDFNa iiy 6HOHFWyWKHy.6aeec(c)Vy'63yLQWHUIDFHyIRUPDWyLQyWKHy'63y'HYLFHy7\SHy6HOHFWLRQy5HJLVWHU o5HJe(Koiyy1RWHyWKDWyWKLVyVHOHFWLRQyPXVWyPDWFKyWKHyUHTXLUHPHQWVyRIyWKHy'63yIRUPDWyIRU FRUUHFWLRQyRSHUDWLRQyRIyDXGLRySOD\EDFNi y eiy 6HOHFWy WKHy DXGLRy RXWSXWy IRUPDWy oHLWKHUy (,$-y iciiay ELWVy RUy ,e6y iciiay ELWVoy LQy WKHy '$& 2XWSXWy)RUPDWy6HOHFWLRQy5HJLVWHUyo5HJe&oiyy1RWHyWKDWyWKLVyVHOHFWLRQyPXVWyPDWFKyWKH UHTXLUHPHQWVy RIy WKHy $XGLRy '$&y WRy EHy LQWHUIDFHGy ZLWKy IRUy FRUUHFWLRQy RSHUDWLRQy RIy DXGLR SOD\EDFNi y eiy &RQILJXUHyWKHyDXGLRyVDPSOHyUDWHyDQGyFKDQQHOyPRGHyIRUyVWHUHRnyPRQRnyRUyVZDSSHGyLQyWKH '$&y&RQWUROy5HJLVWHUyo5HJe'oi y eiy 6HOHFWyWKHyDSSURSULDWHy$XGLRy:RUGy&ORFNy/HQJWKyLQyWKHy$XGLRy&ORFNy&RQWUROy5HJLVWHU o5HJe(oi y eiy 6HWyWKHy$GGUHVVy3RLQWHUyLQyWKHy'$&y%ORFNy$GGUHVVy5HJLVWHUVyo5HJe$oyWRySRLQWyWRyWKH VWDUWyRIy$XGLRy'DWDyLQy'5$0yWRyEHySOD\HGi y ciy 6HWyWKHy63$yo6WDUWy3OD\y$XGLRoyELWyWRy|iyLQyWKHy'$&y&RQWUROy5HJLVWHUyo5HJe'oyWRyVWDUW RXWSXWWLQJyWKHyDXGLRyGDWDySRLQWHGyWRyE\yWKHy'$&y%ORFNy$GGUHVVy5HJLVWHUi
,(&aeay'LJLWDOy$XGLRy6XSSRUW
'LJLWDOy $XGLRy VXSSRUWy KDVy WUDGLWLRQDOO\y EHHQy SURYLGHGy E\y WKHy &''63y FRQWUROOHUVy DQGy QRWy WKHy &' 'HFRGHUViy y +RZHYHUny VLQFHy 'HFRGHUVy VXFKy DVy WKHy .6aeecy QRZy SURYLGHy VXSSRUWy IRUy &$9y PRGH SOD\EDFNyE\yEXIIHULQJyWKHy$XGLRyGDWDny'LJLWDOy$XGLRyRQyWKHy'63yFRQWUROOHUVyFDQQRWyEHyXVHGyZKLOHyWKH 'HFRGHUVyDUHyLQy&$9yPRGHiyy7KXVnyWRyWDNHyDGYDQWDJHyRIyERWKy&$9yDQGy'LJLWDOy$XGLRnyWKHy.6aeec LPSOHPHQWVyRQERDUGy 'LJLWDOy$XGLRy VXSSRUWyo(,$-y ,(&aeayVWDQGDUGoy XVLQJyWKHy 6RQ\i3KLOLSVy 'LJLWDO 6LJQDOy IRUPDWiy y 7KLVy LPSOHPHQWDWLRQy FRPSULVHVy Dy '$82y o'LJLWDOy $XGLRy 2XWSXWoy SLQy DQGy Dy '$8( oHQDEOHoyELWyLQyWKHy$XGLRy&ORFNy&RQWUROy5HJLVWHUyo5HJe(KnyELWeoi
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
,(&aeay'LJLWDOy$XGLRy&RQILJXUDWLRQ
7RyFRQILJXUHyWKHy'LJLWDOy$XGLRyFKDQQHOyIRUyRXWSXWWLQJyDXGLRyGDWDny&$9yPRGHyDQGyWKHy'$&yLQWHUIDFH PXVWyILUVWyEHySURSHUO\yFRQILJXUHGyoUHIHUyWRy&$9y0RGHy&RQILJXUDWLRQyGHVFULEHGyDERYHyDQGyQRWHyWKDWyD eeia0+]y V\VWHPy FORFNy PXVWy EHy XVHGoiy y 2QFHy &$9y PRGHy DQGy WKHy '$&y LQWHUIDFHy DUHy FRQILJXUHGn VHWWLQJyERWKyWKHy'$8(yELWyo5HJe(KoyDQGyWKHy63$yELWyo5HJe'KoyWRy|iyZLOOyDOORZy,(&aeay6RQ\i3KLOOLSV 'LJLWDOy$XGLRyIRUPDWWHGyGDWDyWRyEHyRXWSXWyRQyWKHy'$82ySLQiyy1RWHyWKDWyWKHy$%36yELWyo5HJe(KoyPXVW EHyUHVHWyWRy|iui
.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
7KLVy3DJHy,QWHQWLRQDOO\y/HIWy%ODQN

.6aeecy$7$3,y$XWRPDWHGy&'520y&RQWUROOHUyZLWKy(PEHGGHGy'5$0 y3UHOLPLQDU\y7HFKQLFDOy0DQXDO
9HUVLRQay70eii
(QGyRIy6SHFLILFDWLRQ

▲Up To Search▲

Price & Availability of KS9246

	To Download KS9246 Datasheet File
If you can't view the Datasheet, Please click here to try to view without PDF Reader .