Openoffice 3 Gettingstarted

  • April 2020
  • PDF
Download

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA

Overview

Download & View Openoffice 3 Gettingstarted as PDF for free.

More details

  • Words: 20,038
  • Pages: 436
Getting Started with OpenOffice.org 3

=>G@756B 8KLVGRFXPHQWLV#RS\ULJKWnqE\LWVFRQWULEXWRUVDVOLVWHG EHORZ=RXPD\GLVWULEXWHLWDQGRUPRGLI\LWXQGHUWKHWHUPVRIHLWKHU WKH'.9'HQHUDO0XEOLF,LFHQVH YHUVLRQRUODWHU RUWKH#UHDWLYH #RPPRQV!WWULEXWLRQ,LFHQVH YHUVLRQRUODWHU!OOWUDGHPDUNV ZLWKLQWKLVJXLGHEHORQJWRWKHLUOHJLWLPDWHRZQHUV

CB6=@A 8KRPDV!VWOHLWQHU !JQHV"HO]XQFH 6LFKDUG$HWZLOHU 6HJLQD(HQVFKHO *RKQ+DQH -LFKDHO+RWVDULQLV )DQ,DXUHQVRQ !ODQ-DGGHQ !QGUHZ0LWRQ\DN )DLQ6REHUWV 6REHUW7FRWW "DUEDUD-8RELDV ,LQGD;RUWKLQJWRQ

6LFKDUG"DUQHV $DQLHO#DUUHUD 7SHQFHU%(DUSH 0HWHU(LOOLHU "URRN 7WHIDQ!+HHO 0HWHU+XSIHU $DQ,HZLV -LFKHO0LQTXLHU #DURO6REHUWV 'DU\7FKQDEO *DQHW-7ZLVKHU *HDQ(ROOLV;HEHU -LFKHOH>DUUL

3320/19 0OHDVHGLUHFWDQ\FRPPHQWVRUVXJJHVWLRQVDERXWWKLVGRFXPHQWWR DXWKRUV XVHU IDTRSHQRIILFHRUJ

%C0:7A63@ &ULHQGVRI/SHQ$RFXPHQW )QF 0/"R[ !LUOLH"HDFK 5,$ !XVWUDOLD KWWSIULHQGVRIRSHQGRFXPHQWFRP

%C0:71/B7=<2/B3/<2A=4BE/@3D3@A7=< 0XEOLVKHG/FWREHU"DVHGRQ/SHQ/IILFHRUJ )7".    

=RXFDQGRZQORDGD0$&DQG DQHGLWDEOHYHUVLRQRIWKLVGRFXPHQWIURP KWWSRRRDXWKRUVRUJHQDXWKRUVXVHUJXLGHSXEOLVKHG

=7FJ;H #DJHE:K9?D=)F;D)<


































;KDWLV/SHQ/IILFHRUJ 8KHDGYDQWDJHVRI/SHQ/IILFHRUJ -LQLPXPUHTXLUHPHQWV (RZWRJHWWKHVRIWZDUH (RZWRLQVWDOOWKHVRIWZDUH (RZWRJHWKHOS %[WHQVLRQVDQGDGG RQV 7WDUWLQJ/SHQ/IILFHRUJ 0DUWVRIWKHPDLQZLQGRZ 7WDUWLQJDQHZGRFXPHQW /SHQLQJDQH[LVWLQJGRFXPHQW 7DYLQJGRFXPHQWV 6HQDPLQJDQGGHOHWLQJILOHV 9VLQJWKH/SHQDQG7DYH!VGLDORJV 9VLQJWKH.DYLJDWRU #ORVLQJDGRFXPHQW #ORVLQJ/SHQ/IILFHRUJ >7FJ;H -;JJ?D=KF)F;D)<


































 #KRRVLQJRSWLRQVIRUDOORI//R #KRRVLQJRSWLRQVIRUORDGLQJDQGVDYLQJGRFXPHQWV #KRRVLQJODQJXDJHVHWWLQJV #KRRVLQJ)QWHUQHWRSWLRQV #RQWUROOLQJ//RvV!XWR#RUUHFWIXQFWLRQV >7FJ;H /I?D=-JOB;I7D:.;CFB7J;I

































 ;KDWLVDWHPSODWH ;KDWDUHVW\OHV !SSO\LQJVW\OHV -RGLI\LQJVW\OHV #UHDWLQJQHZFXVWRP VW\OHV #RS\LQJDQGPRYLQJVW\OHV $HOHWLQJVW\OHV 'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

L

9VLQJDWHPSODWHWRFUHDWHDGRFXPHQW #UHDWLQJDWHPSODWH %GLWLQJDWHPSODWH !GGLQJWHPSODWHVXVLQJWKH%[WHQVLRQ-DQDJHU 7HWWLQJDGHIDXOWWHPSODWH !VVRFLDWLQJDGRFXPHQWZLWKDGLIIHUHQWWHPSODWH /UJDQL]LQJWHPSODWHV %[DPSOHVRIVW\OHXVH >7FJ;H !;JJ?D=-J7HJ;:M?J>1H?J;H

































 ;KDWLV;ULWHU 8KH;ULWHULQWHUIDFH ;RUNLQJZLWKGRFXPHQWV ;RUNLQJZLWKWH[W &RUPDWWLQJWH[W 9QGRLQJDQGUHGRLQJFKDQJHV &RUPDWWLQJSDJHV !GGLQJQRWHVWRDGRFXPHQW #UHDWLQJDWDEOHRIFRQWHQWV #UHDWLQJLQGH[HVDQGELEOLRJUDSKLHV ;RUNLQJZLWKJUDSKLFV 0ULQWLQJIURP;ULWHU 7HQGLQJDID[XVLQJ;ULWHU 8UDFNLQJFKDQJHVWRDGRFXPHQW 9VLQJPDLOPHUJH 9VLQJPDVWHUGRFXPHQWV #UHDWLQJILOO LQIRUPV 9VLQJILHOGV 9VLQJFURVV UHIHUHQFHV 9VLQJERRNPDUNV >7FJ;H !;JJ?D=-J7HJ;:M?J>7B9



































 ;KDWLV#DOF 7SUHDGVKHHWV VKHHWVDQGFHOOV 0DUWVRIWKHPDLQ#DOFZLQGRZ 7WDUWLQJQHZVSUHDGVKHHWV /SHQLQJH[LVWLQJVSUHDGVKHHWV LL

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

7DYLQJVSUHDGVKHHWV .DYLJDWLQJZLWKLQVSUHDGVKHHWV 7HOHFWLQJLWHPVLQDVKHHWRUVSUHDGVKHHW ;RUNLQJZLWKFROXPQVDQGURZV ;RUNLQJZLWKVKHHWV :LHZLQJ#DOF %QWHULQJGDWDXVLQJWKHNH\ERDUG 7SHHGLQJXSGDWDHQWU\ %GLWLQJGDWD &RUPDWWLQJGDWD !XWRIRUPDWWLQJFHOOVDQGVKHHWV &RUPDWWLQJVSUHDGVKHHWVXVLQJWKHPHV (LGLQJDQGVKRZLQJGDWD 7RUWLQJUHFRUGV 0ULQWLQJ >7FJ;H !;JJ?D=-J7HJ;:M?J>#CFH;II































 ;KDWLV)PSUHVV 0DUWVRIWKHPDLQ)PSUHVVZLQGRZ ;RUNLQJZLWKYLHZV #UHDWLQJDQHZSUHVHQWDWLRQ &RUPDWWLQJDSUHVHQWDWLRQ 7OLGHPDVWHUVDQGVW\OHV ;RUNLQJZLWKVOLGHPDVWHUV !GGLQJDQGIRUPDWWLQJWH[W #UHDWLQJWDEOHV !GGLQJJUDSKLFV VSUHDGVKHHWV FKDUWV DQGRWKHUREMHFWV 7HWWLQJXSWKHVOLGHVKRZ 6XQQLQJWKHVOLGHVKRZ >7FJ;H !;JJ?D=-J7HJ;:M?J>H7M

































 ;KDWLV$UDZ 8KH$UDZZRUNVSDFH 0RVLWLRQLQJREMHFWVZLWKVQDSIXQFWLRQV 0RVLWLRQLQJREMHFWVZLWKKHOSHUOLQHV 8KHEDVLFGUDZLQJVKDSHV $UDZLQJJHRPHWULFVKDSHV 'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

LLL

7HOHFWLRQPRGHV 7HOHFWLQJREMHFWV -RYLQJDQGG\QDPLFDOO\DGMXVWLQJDQREMHFWvVVL]H %GLWLQJREMHFWV 9VLQJVW\OHV 7SHFLDOHIIHFWV #RPELQLQJPXOWLSOHREMHFWV !LGVIRUSRVLWLRQLQJREMHFWV %GLWLQJSLFWXUHV ;RUNLQJZLWK$REMHFWV )QVHUWLQJSLFWXUHVIURPRWKHUVRXUFHV %[FKDQJLQJREMHFWVZLWKRWKHUSURJUDPV >7FJ;H !;JJ?D=-J7HJ;:M?J>7I;

































 0ODQQLQJDGDWDEDVH #UHDWLQJDQHZGDWDEDVH #UHDWLQJGDWDEDVHWDEOHV $HILQLQJUHODWLRQVKLSV #UHDWLQJDGDWDEDVHIRUP !FFHVVLQJRWKHUGDWDVRXUFHV 9VLQJGDWDVRXUFHVLQ/SHQ/IILFHRUJ %QWHULQJGDWDLQDIRUP #UHDWLQJTXHULHV #UHDWLQJUHSRUWV >7FJ;H !;JJ?D=-J7HJ;:M?J>'7J>

































  ;KDWLV-DWK %QWHULQJDIRUPXOD #XVWRPL]DWLRQV &RUPXODOD\RXW #RPPRQSUREOHPDUHDV >7FJ;H *H?DJ?D=NFEHJ?D=7D: C7?B?D=

























 5XLFNSULQWLQJ #RQWUROOLQJSULQWLQJ %[SRUWLQJWR0$& %[SRUWLQJWRRWKHUIRUPDWV LY

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

% PDLOLQJGRFXPHQWV $LJLWDOVLJQLQJRIGRFXPHQWV >7FJ;H

!H7F>?9IJ>;!7BB;HO7D: EDJMEHA























 )QVHUWLQJDQLPDJHIURPDILOH )QVHUWLQJLPDJHVIURPDJUDSKLFVSURJUDP )QVHUWLQJLPDJHVXVLQJDVFDQQHU -RGLI\LQJDQGSRVLWLRQLQJJUDSKLFV 9VLQJWKH/SHQ/IILFHRUJ'DOOHU\ -DQDJLQJWKH'DOOHU\ ;KDWLV&RQWZRUN 8KH&RQWZRUNWRROEDUV #UHDWLQJD&RQWZRUNREMHFW %GLWLQJD&RQWZRUNREMHFW -RYLQJDQGUHVL]LQJ&RQWZRUNREMHFWV >7FJ;H  H;7J?D=1;8*7=;I







































 )QVHUWLQJK\SHUOLQNV 7DYLQJ;ULWHUGRFXPHQWVDVZHESDJHV 7DYLQJ#DOFVSUHDGVKHHWVDVZHESDJHV 7DYLQJ)PSUHVVSUHVHQWDWLRQVDVZHESDJHV 7DYLQJ$UDZGRFXPHQWVDVZHESDJHV >7FJ;H  !;JJ?D=-J7HJ;:M?J>'79HEI































 =RXUILUVWPDFUR #UHDWLQJDPDFUR 7RPHWLPHVWKHPDFURUHFRUGHUIDLOV -DFURRUJDQL]DWLRQ (RZWRUXQDPDFUR %[WHQVLRQV ;ULWLQJPDFURVZLWKRXWWKHUHFRUGHU &LQGLQJPRUHLQIRUPDWLRQ >7FJ;H  KIJEC?P?D=)F;D)<






























 #XVWRPL]LQJPHQXFRQWHQW #XVWRPL]LQJWRROEDUV

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

Y

!VVLJQLQJVKRUWFXWNH\V !VVLJQLQJPDFURVWRHYHQWV !GGLQJIXQFWLRQDOLW\ZLWKH[WHQVLRQV 9VLQJH[WHQVLRQV FF;D:?N %;O8E7H:->EHJ9KJI







































  &XQFWLRQNH\VKRUWFXWV 'HQHUDOVKRUWFXWNH\VIRU/SHQ/IILFHRUJ 7KRUWFXWNH\VLQWKH'DOOHU\ 7HOHFWLQJURZVDQGFROXPQVLQDGDWDEDVHWDEOHRSHQHGE\&  7KRUWFXWNH\VIRUGUDZLQJREMHFWV FF;D:?N 79A=HEKD:#D<EHC7J?ED



































  !VKRUWKLVWRU\RI/SHQ/IILFHRUJ 8KH/SHQ/IILFHRUJFRPPXQLW\ (RZLV/SHQ/IILFHRUJOLFHQVHG ;KDWLVsRSHQVRXUFHt ;KDWLV/SHQ$RFXPHQW &LOHIRUPDWV//RFDQRSHQ &LOHIRUPDWV//RFDQVDYHWR &UHTXHQWO\DVNHGTXHVWLRQV #D:;N

























































YL

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H #DJHE:K9?D= )F;D)<3<$44713=@5 /SHQ/IILFHRUJ//R LVERWKDVRIWZDUHSURGXFWDQGDFRPPXQLW\RI YROXQWHHUVWKDWSURGXFHVDQGVXSSRUWVWKHVRIWZDUH

#=B3

"HFDXVHVRPHRQHHOVHRZQVWKHWUDGHPDUN/SHQ/IILFH WKHFRUUHFWQDPHIRUERWKWKHRSHQ VRXUFHSURMHFWDQG LWVVRIWZDUHLV/SHQ/IILFHRUJ

8KH/SHQ/IILFHRUJVRIWZDUHLVDIUHHO\DYDLODEOH IXOO IHDWXUHGRIILFH VXLWH //RLVDPDMRUXSJUDGHRIDQDOUHDG\IHDWXUH ULFKRIILFHVXLWH)I \RXKDYHXVHGSUHYLRXVYHUVLRQVRI//R SOHDVHORRNRYHUWKHQHZ IHDWXUHVOLVWRQWKH//RZLNL //RvVQDWLYHILOHIRUPDWLV/SHQ$RFXPHQW DQRSHQVWDQGDUGIRUPDW WKDWLVEHLQJDGRSWHGE\JRYHUQPHQWVZRUOGZLGHDVDUHTXLUHGILOH IRUPDWIRUSXEOLVKLQJDQGDFFHSWLQJGRFXPHQWV//RFDQDOVRRSHQ DQGVDYHGRFXPHQWVLQPDQ\RWKHUIRUPDWV LQFOXGLQJWKRVHXVHGE\ VHYHUDOYHUVLRQVRI-LFURVRIW/IILFH //RLQFOXGHVWKHIROORZLQJFRPSRQHQWV

,@7B3@E=@2>@=13AA=@ ;ULWHULVDIHDWXUH ULFKWRROIRUFUHDWLQJOHWWHUV ERRNV UHSRUWV QHZVOHWWHUV EURFKXUHV DQGRWKHUGRFXPHQWV=RXFDQLQVHUWJUDSKLFV DQGREMHFWVIURPRWKHUFRPSRQHQWVLQWR;ULWHUGRFXPHQWV;ULWHU FDQH[SRUWILOHVWR(8-, <(8-, <-, !GREHvV0RUWDEOH$RFXPHQW #KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



&RUPDW0$& DQGVHYHUDOYHUVLRQVRI-LFURVRIW;RUGILOHV)WDOVR FRQQHFWVWR\RXUHPDLOFOLHQW

/:1A>@3/2A633B #DOFKDVDOORIWKHDGYDQFHGDQDO\VLV FKDUWLQJDQGGHFLVLRQ PDNLQJ IHDWXUHVH[SHFWHGIURPDKLJK HQGVSUHDGVKHHW)WLQFOXGHVRYHU IXQFWLRQVIRUILQDQFLDO VWDWLVWLFDO DQGPDWKHPDWLFDORSHUDWLRQV DPRQJRWKHUV8KH7FHQDULR-DQDJHUSURYLGHVsZKDWLItDQDO\VHV #DOFJHQHUDWHV $DQG $FKDUWV ZKLFKFDQEHLQWHJUDWHGLQWR RWKHU//RGRFXPHQWV=RXFDQDOVRRSHQDQGZRUNZLWK-LFURVRIW %[FHOZRUNERRNVDQGVDYHWKHPLQ%[FHOIRUPDW#DOFFDQH[SRUW VSUHDGVKHHWVWR!GREHvV0$&DQGWR(8-,

;>@3AA>@3A3
@/ED31B=@5@/ rel="nofollow">671A $UDZLVDYHFWRUGUDZLQJWRROWKDWFDQSURGXFHHYHU\WKLQJIURP VLPSOHGLDJUDPVRUIORZFKDUWVWR $DUWZRUN)WV7PDUW#RQQHFWRUV IHDWXUHDOORZV\RXWRGHILQH\RXURZQFRQQHFWLRQSRLQWV=RXFDQXVH $UDZWRFUHDWHGUDZLQJVIRUXVHLQDQ\RI//RvVRWKHUFRPSRQHQWV DQG\RXFDQFUHDWH\RXURZQFOLSDUWDQGDGGLWWRWKH'DOOHU\$UDZ FDQLPSRUWJUDSKLFVIURPPDQ\FRPPRQIRUPDWVDQGVDYHWKHPLQ RYHUIRUPDWVLQFOXGLQJ0.' (8-, 0$& DQG&ODVK

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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

"/B64=@;C:/327B=@ -DWKLV//RvVIRUPXODRUHTXDWLRQHGLWRU=RXFDQXVHLWWRFUHDWH FRPSOH[HTXDWLRQVWKDWLQFOXGHV\PEROVRUFKDUDFWHUVQRWDYDLODEOHLQ VWDQGDUGIRQWVHWV;KLOHLWLVPRVWFRPPRQO\XVHGWRFUHDWHIRUPXODV LQRWKHUGRFXPHQWV VXFKDV;ULWHUDQG)PSUHVVILOHV -DWKFDQDOVR ZRUNDVDVWDQG DORQHWRRO=RXFDQVDYHIRUPXODVLQWKHVWDQGDUG -DWKHPDWLFDO-DUNXS,DQJXDJH-DWK-, IRUPDWIRULQFOXVLRQLQ ZHESDJHVDQGRWKHUGRFXPHQWVQRWFUHDWHGE\//R

)63/2D/3<$44713=@5 (HUHDUHVRPHRIWKHDGYDQWDJHVRI/SHQ/IILFHRUJRYHURWKHURIILFH VXLWHV

l (EB?9;DI?D=<;;I//RLVIUHHIRUDQ\RQHWRXVHDQGGLVWULEXWH DWQRFRVW-DQ\IHDWXUHVWKDWDUHDYDLODEOHDVH[WUDFRVWDGG LQV LQRWKHURIILFHVXLWHVOLNH0$&H[SRUW DUHIUHHZLWK//R8KHUH DUHQRKLGGHQFKDUJHVQRZRULQWKHIXWXUH

l )F;DIEKH9; =RXFDQGLVWULEXWH FRS\ DQGPRGLI\WKHVRIWZDUH DVPXFKDV\RXZLVK LQDFFRUGDQFHZLWKHLWKHURI//RvV/SHQ 7RXUFHOLFHQVHV

l HEII FB7J<EHC //RUXQVRQVHYHUDOKDUGZDUHDUFKLWHFWXUHV DQGXQGHUPXOWLSOHRSHUDWLQJV\VWHPV VXFKDV-LFURVRIW ;LQGRZV -DF/7< ,LQX[ DQG7XQ7RODULV

l NJ;DI?L;B7D=K7=;IKFFEHJ//RvVXVHULQWHUIDFHLVDYDLODEOH LQRYHUODQJXDJHV DQGWKH//RSURMHFWSURYLGHVVSHOOLQJ K\SKHQDWLRQ DQGWKHVDXUXVGLFWLRQDULHVLQRYHUODQJXDJHVDQG GLDOHFWV//RDOVRSURYLGHVVXSSRUWIRUERWK#RPSOH[8H[W,D\RXW #8, DQG6LJKWWR,HIW68, OD\RXWODQJXDJHVVXFKDV(LQGL (HEUHZ DQG!UDELF 

l EDI?IJ;DJKI;H?DJ;H<79; !OOWKHFRPSRQHQWVKDYHDVLPLODU sORRNDQGIHHO tPDNLQJWKHPHDV\WRXVHDQGPDVWHU

l #DJ;=H7J?ED 8KHFRPSRQHQWVRI/SHQ/IILFHRUJDUHZHOO LQWHJUDWHGZLWKRQHDQRWKHU

q

!OOWKHFRPSRQHQWVVKDUHDFRPPRQVSHOOLQJFKHFNHUDQG RWKHUWRROV ZKLFKDUHXVHGFRQVLVWHQWO\DFURVVWKHVXLWH&RU H[DPSOH WKHGUDZLQJWRROVDYDLODEOHLQ;ULWHUDUHDOVRIRXQG LQ#DOF ZLWKVLPLODUEXWHQKDQFHGYHUVLRQVLQ)PSUHVVDQG $UDZ

q

=RXGRQRWQHHGWRNQRZZKLFKDSSOLFDWLRQZDVXVHGWRFUHDWH DSDUWLFXODUILOHIRUH[DPSOH \RXFDQRSHQD$UDZILOHIURP ;ULWHU 

#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



l !H7DKB7H?JO9VXDOO\ LI\RXFKDQJHDQRSWLRQ LWDIIHFWVDOO FRPSRQHQWV(RZHYHU //RRSWLRQVFDQEHVHWDWDFRPSRQHQW OHYHORUHYHQGRFXPHQWOHYHO

l

?B;9ECF7J?8?B?JO )QDGGLWLRQWRLWVQDWLYH/SHQ$RFXPHQW IRUPDWV //RLQFOXGHV0$&DQG&ODVKH[SRUWFDSDELOLWLHV DVZHOO DVVXSSRUWIRURSHQLQJDQGVDYLQJILOHVLQPDQ\FRPPRQIRUPDWV LQFOXGLQJ-LFURVRIW/IILFH (8-, <-, ;RUG0HUIHFW DQG,RWXV IRUPDWV.HZLQ//RXVLQJDQH[WHQVLRQ WKHDELOLW\WR LPSRUWDQGHGLWVRPH0$&ILOHV

l (EL;D:EHBE9A ?D//RXVHV/SHQ$RFXPHQW DQ<-,

H<WHQVLEOH-DUNXS,DQJXDJH ILOHIRUPDWGHYHORSHGDVDQ LQGXVWU\VWDQGDUGE\/!7)7/UJDQL]DWLRQIRUWKH!GYDQFHPHQWRI 7WUXFWXUHG)QIRUPDWLRQ7WDQGDUGV 8KHVHILOHVFDQHDVLO\EH XQ]LSSHGDQGUHDGE\DQ\WH[WHGLWRU DQGWKHLUIUDPHZRUNLVRSHQ DQGSXEOLVKHG

l 3EK>7L;7LE?9; %QKDQFHPHQWV VRIWZDUHIL[HV DQGUHOHDVH GDWHVDUHFRPPXQLW\ GULYHQ=RXFDQMRLQWKHFRPPXQLW\DQG DIIHFWWKHFRXUVHRIWKHSURGXFW\RXXVH =RXFDQUHDGPRUHDERXW/SHQ/IILFHRUJ LWVPLVVLRQ KLVWRU\ OLFHQVLQJ DQGRWKHURUJDQL]DWLRQDOLQIRUPDWLRQRQWKH/SHQ/IILFHRUJ ZHEVLWH

"7<7;C;@3?C7@3;3
l '?9HEIE<J1?D:EMI ;LQGRZV-% ;LQGRZV7HUYLFH

0DFNRUKLJKHU ;LQGRZV<0 ;LQGRZV RU;LQGRZV:LVWD

l !(/ &?DKN+HUQHOYHUVLRQDQGJOLEFRUQHZHU l '79)-2[ <UHTXLUHG-DF/7< ZLWKRXW< l -EB7H?IYHUVLRQRUKLJKHU 7RPH/SHQ/IILFHRUJIHDWXUHVZL]DUGVDQGWKH(75,$"GDWDEDVH HQJLQH UHTXLUHWKDWWKH*DYD6XQWLPH%QYLURQPHQW*6% EHLQVWDOOHG RQ\RXUFRPSXWHU!OWKRXJK//RZLOOZRUNILQHZLWKRXW*DYDVXSSRUW VRPHIHDWXUHVZLOOQRWEHDYDLODEOH=RXFDQGRZQORDG//RZLWKRU ZLWKRXW*6%LQFOXGHG)I\RXKDYHDVORZPDFKLQHDQGGRQRWRIWHQ QHHGWKHIHDWXUHVUHTXLULQJ*6% \RXFDQWU\WRGLVDEOHLWWRVSHHGXS WKHORDGLQJRIWKHSURJUDP &RUDPRUHGHWDLOHGDQGXS WR GDWH OLVWLQJRIUHTXLUHPHQWV VHH KWWSZZZRSHQRIILFHRUJGHYCGRFVVRXUFHV\VCUHTVCKWPO



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

=EB=53BB63A=4BE/@3 -DQ\QHZFRPSXWHUVFRPHZLWK/SHQ/IILFHRUJLQVWDOOHG)Q DGGLWLRQ PRVW,LQX[GLVWULEXWLRQV VXFKDV9EXQWX LQFOXGH /SHQ/IILFHRUJ )I\RXQHHGWRLQVWDOOLW\RXUVHOI LWvVYHU\HDV\WRGR=RXFDQ GRZQORDGWKH/SHQ/IILFHRUJLQVWDOODWLRQSDFNDJHIURPWKHSURMHFWvV KRPHSDJHKWWSZZZRSHQRIILFHRUJ RUE\XVLQJD0HHUWR0HHU FOLHQWVXFKDV"LW8RUUHQW)QVWUXFWLRQVIRU"LW8RUUHQWDUHKHUH KWWSGLVWULEXWLRQRSHQRIILFHRUJSS 8KHLQVWDOODWLRQSDFNDJHLVDSSUR[LPDWHO\-"0HRSOHZLWKVORZ )QWHUQHWFRQQHFWLRQVPD\SUHIHUWRSXUFKDVHDFRS\RQD#$RU$:$ IURPDWKLUG SDUW\GLVWULEXWRU8KHSURMHFWPDLQWDLQVDOLVWRI GLVWULEXWRUVKWWSGLVWULEXWLRQRSHQRIILFHRUJFGURPVHOOHUVKWPO EXW WKHGLVWULEXWRUVDUHQRWFRQQHFWHGZLWK QRUHQGRUVHGE\ /SHQ/IILFHRUJ

=EB=7
=EB=53B63: rel="nofollow"> 8KLVERRNDQGWKHRWKHU//RXVHUJXLGHVDQGKHOSDQGXVHUVXSSRUW V\VWHPVDVVXPHWKDW\RXDUHIDPLOLDUZLWK\RXUFRPSXWHUDQGEDVLF IXQFWLRQVVXFKDVVWDUWLQJDSURJUDP RSHQLQJDQGVDYLQJILOHV

3:>AGAB3; //RFRPHVZLWKDQH[WHQVLYH(HOSV\VWHP8KLVLV\RXUILUVWOLQHRI VXSSRUWIRUXVLQJ//R 8RGLVSOD\WKHIXOO(HOSV\VWHP SUHVV&RUVHOHFW)F;D)<
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



)IWRROWLSVDUHHQDEOHG SODFHWKHPRXVHSRLQWHURYHUDQ\RIWKHLFRQV WRVHHDVPDOOER[sWRROWLSt ZLWKDEULHIH[SODQDWLRQRIWKHLFRQvV IXQFWLRQ&RUDPRUHGHWDLOHGH[SODQDWLRQ VHOHFW";BF1>7JI .>?IDQGKROGWKHSRLQWHURYHUWKHLFRQ

@33=<:7<3AC>>=@B 8KH/SHQ/IILFHRUJFRPPXQLW\QRWRQO\GHYHORSVVRIWZDUH EXW SURYLGHVIUHH YROXQWHHU EDVHGVXSSRUW9VHUVRI//RFDQJHW FRPSUHKHQVLYHRQOLQHVXSSRUWIURPFRPPXQLW\YHQXHVVXFKDV QHZVJURXSV IRUXPV RUPDLOLQJOLVWV8KHUHDUHDOVRQXPHURXV ZHEVLWHVUXQE\XVHUVWKDWRIIHUIUHHWLSVDQGWXWRULDOV

,!!+!)""%!*,#-/++*,.



9VHUV-DLOLQJ ,LVW

&UHHFRPPXQLW\VXSSRUWSURYLGHGE\D QHWZRUNRIKXQGUHGVRIH[SHULHQFHGXVHUV =RXPXVWEHVXEVFULEHGWRSRVWPHVVDJHV8R VXEVFULEH VHQGDEODQNHPDLOWR XVHUV VXEVFULEH RSHQRIILFHRUJ ,LVWDUFKLYHVDUHKHUH KWWSZZZRSHQRIILFHRUJVHUYOHWV 7XPPDUL]H,LVWOLVW.DPHXVHUV

$RFXPHQWDWLRQ 0URMHFW

8HPSODWHV XVHUJXLGHV KRZ WRV DQGRWKHU GRFXPHQWDWLRQ KWWSGRFXPHQWDWLRQRSHQRIILFHRUJ 7HHDOVRWKH$RFXPHQWDWLRQZLNL KWWSZLNLVHUYLFHVRSHQRIILFHRUJZLNL $RFXPHQWDWLRQ

.DWLYH ,DQJXDJH 0URMHFW

)QIRUPDWLRQ UHVRXUFHV DQGPDLOOLVWVLQ\RXU ODQJXDJH KWWSSURMHFWVRSHQRIILFHRUJQDWLYH ODQJKWPO

-DF7XSSRUW

7XSSRUWIRULQVWDOOLQJDQGXVLQJ//RRQ-DF /7< KWWSSRUWLQJRSHQRIILFHRUJPDFLQGH[KWPO

/SHQ/IILFHRUJ #RPPXQLW\ &RUXP

%[WHQVLYHGLVFXVVLRQIRUXPIRU/SHQ/IILFHRUJ LVVXHVIURPVHWXSWRDGYDQFHGSURJUDPPLQJ IHDWXUHV KWWSXVHUVHUYLFHVRSHQRIILFHRUJHQIRUXP

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

,!!+!)""%!*,#-/++*,. /SHQ/IILFHRUJ -DFUR )QIRUPDWLRQ

!QGUHZ0LWRQ\DN WKHDXWKRURI /SHQ/IILFHRUJ-DFURV%[SODLQHG PDLQWDLQV WKLVVLWHZKLFKSURYLGHVH[WHQVLYH GRFXPHQWDWLRQRQ//RVPDFURFDSDELOLW\ -DQ\JRRGUHIHUUDOOLQNVDUHDOVRSURYLGHG KWWSZZZSLWRQ\DNRUJRRSKS

6HDGPRUHDERXWWKHVXSSRUWRSWLRQVIRU//RDW KWWSVXSSRUWRSHQRIILFHRUJLQGH[KWPO

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

FB3
,!!*.!(+'.!-,.1*,& ,!-*/,!-

*)-) *.$!,

/SHQ/IILFHRUJ %[WHQVLRQV

8KHRIILFLDOUHVSRVLWRU\IRUH[WHQVLRQVWR //R-RVWDUHIUHH EXWVRPHDUHQRW KWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ

//%[WUDV

0URYLGHVWHPSODWHV VDPSOHV DQGPDFURV LQVHYHUDOODQJXDJHV KWWSRRH[WUDVVRXUFHIRUJHQHW

#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



,!!*.!(+'.!-,.1*,& ,!-*/,!-

*)-) *.$!,

//R-DFURV

!UHSRVLWRU\IRU//RPDFURVDQGDGGRQV DQGGRFXPHQWDWLRQDERXWZULWLQJPDFURV RUH[WHQGLQJ//R KWWSZZZRRRPDFURVRUJ

/SHQ#OLS!UW ,LEUDU\

!QDUFKLYHRIFOLSDUWWKDWFDQEHXVHGIRU IUHHIRUDQ\XVH KWWSZZZRSHQFOLSDUWRUJ

(B/@B7<5$ rel="nofollow">3<$44713=@5 8KHPRVWFRPPRQZD\WRODXQFKDQ\FRPSRQHQWRI//RLVE\XVLQJ WKHV\VWHPPHQX WKHVWDQGDUGPHQXIURPZKLFKPRVWDSSOLFDWLRQV DUHVWDUWHG/Q;LQGRZV LWLVFDOOHGWKH7WDUWPHQX/Q'./-% LWLV FDOOHGWKH!SSOLFDWLRQVPHQX/Q+$%LWLVLGHQWLILHGE\WKH+$%ORJR /Q-DF/7< LWLVWKH!SSOLFDWLRQVPHQX ;KHQ//RZDVLQVWDOOHGRQ\RXUFRPSXWHU LQPRVWFDVHVDPHQX HQWU\IRUHDFKFRPSRQHQWZDVDGGHGWR\RXUV\VWHPPHQX)I\RXDUH XVLQJD-DF VHHQRWHEHORZ 8KHH[DFWQDPHDQGORFDWLRQRIWKHVH PHQXHQWULHVGHSHQGVRQWKHRSHUDWLQJV\VWHPDQGJUDSKLFDOXVHU LQWHUIDFH

*.!"*,/-!,=RXVKRXOGVHHWKH/SHQ/IILFHRUJLFRQLQWKH!SSOLFDWLRQVIROGHU ;KHQ\RXGRXEOH FOLFNWKLVLFRQ DWH[WGRFXPHQWRSHQVLQ;ULWHU8R RSHQWKHRWKHUFRPSRQHQWV$UDZ #DOF )PSUHVV "DVH JRWRWKH &LOHPHQXRIWKH;ULWHUZLQGRZDQGVHOHFWWKHFRPSRQHQW\RXZDQW //RGRHVQRWDXWRPDWLFDOO\SXWDVKRUWFXWLFRQRQWKHGHVNWRS EXW \RXFDQDGGRQHLI\RXZLVK)I\RXGRQvWNQRZKRZWRDGGVKRUWFXW LFRQVIRUODXQFKLQJSURJUDPV SOHDVHFRQVXOWWKHKHOSIRU\RXU RSHUDWLQJV\VWHP

(B/@B7<54@=;/<3F7AB7<52=1C;3


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

*.!"*,%) *1-/-!,)I\RXKDYHDVVRFLDWHG-LFURVRIW/IILFHILOHW\SHVZLWK//R WKHQ ZKHQ\RXGRXEOH FOLFNRQD GRF;RUG ILOH LWRSHQVLQ;ULWHU [OV %[FHO ILOHVRSHQLQ#DOF DQG SSW0RZHUSRLQW ILOHVRSHQLQ )PSUHVV )I\RXGLGQRWDVVRFLDWHWKHILOHW\SHV WKHQZKHQ\RXGRXEOH FOLFNRQ D-LFURVRIW;RUGGRFXPHQW LWRSHQVLQ-LFURVRIW;RUGLI;RUGLV LQVWDOOHGRQ\RXUFRPSXWHU %[FHOILOHVRSHQLQ%[FHO DQG0RZHUSRLQW ILOHVRSHQLQ0RZHUSRLQW =RXFDQXVHDQRWKHUPHWKRGWRRSHQ-LFURVRIW/IILFHILOHVLQ//RDQG VDYHLQWKRVHIRUPDWVIURP//R7HHs/SHQLQJDQH[LVWLQJGRFXPHQWt RQSDJHIRUPRUHLQIRUPDWLRQ

*A7<5B63&C719AB/@B3@C<23@,7<2=EA 8KH5XLFNVWDUWHULVDQLFRQWKDWLVSODFHGLQWKH;LQGRZVV\VWHPWUD\ GXULQJV\VWHPVWDUWXS)WLQGLFDWHVWKDW/SHQ/IILFHRUJKDVEHHQ ORDGHGDQGLVUHDG\WRXVH8KH5XLFNVWDUWHUORDGVOLEUDU\$,,ILOHV UHTXLUHGE\//R WKXVVKRUWHQLQJWKHVWDUWXSWLPHIRU//R FRPSRQHQWVE\DERXWKDOI )IWKH5XLFNVWDUWHULVGLVDEOHG VHH s6HDFWLYDWLQJWKH5XLFNVWDUWHUtLI\RXZDQWWRHQDEOHLW

-%)#.$!/%&-.,.!,%*) 6LJKW FOLFNWKH+K?9AIJ7HJ;HLFRQLQWKHV\VWHPWUD\WRRSHQDSRS XS PHQXIURPZKLFK\RXFDQRSHQDQHZGRFXPHQW RSHQWKH8HPSODWHV DQG$RFXPHQWVGLDORJ RUFKRRVHDQH[LVWLQJGRFXPHQWWRRSHQ=RX FDQDOVRGRXEOH FOLFNWKH+K?9AIJ7HJ;HLFRQWRGLVSOD\WKH8HPSODWHV DQG$RFXPHQWVGLDORJ

&LJXUH5XLFNVWDUWHUSRSXSPHQX

#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



%-'%)#.$!/%&-.,.!, 8RFORVHWKH5XLFNVWDUWHU ULJKW FOLFNRQWKHLFRQLQWKHV\VWHPWUD\ DQGWKHQFOLFNN?J+K?9AIJ7HJ;HRQWKHSRS XSPHQX8KHQH[WWLPH WKHFRPSXWHULVUHVWDUWHG WKH5XLFNVWDUWHUZLOOEHORDGHGDJDLQ 8RSUHYHQW/SHQ/IILFHRUJIURPORDGLQJGXULQJV\VWHPVWDUWXS GHVHOHFWWKH&E7:)F;D)<
!.%0.%)#.$!/%&-.,.!, )IWKH5XLFNVWDUWHUKDVEHHQGLVDEOHG \RXFDQUHDFWLYDWHLWE\ VHOHFWLQJWKH&E7:)F;D)<
*A7<5B63&C719AB/@B3@7<!7
%@3:=/27<5$$=C<23@!7
(B/@B7<54@=;B631=;;/<2:7<3 =RXPD\ZDQWWRVWDUW//RIURPWKHFRPPDQGOLQHXVLQJWKH NH\ERDUGLQVWHDGRIWKHPRXVH ;K\;HOO E\XVLQJWKHFRPPDQG OLQH \RXKDYHPRUHFRQWURORYHUZKDWKDSSHQVZKHQ//RLVVWDUWHG &RUH[DPSOH XVLQJWKHFRPPDQGOLQH \RXFDQWHOO;ULWHUWRORDGD GRFXPHQWDQGSULQWLWLPPHGLDWHO\ RUWRVWDUWZLWKRXWVKRZLQJWKH VSODVKVFUHHQ

#=B3

-RVWXVHUVZLOOQHYHUQHHGWRGRWKLV

8KHUHLVPRUHWKDQRQHZD\WRVWDUW//RIURPWKHFRPPDQGOLQH GHSHQGLQJRQZKHWKHU\RXKDYHLQVWDOOHGDFXVWRPL]HGYHUVLRQRUWKH VWDQGDUGGRZQORDGIURPWKH//RZHEVLWH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)I\RXLQVWDOOHGXVLQJWKHGRZQORDGRQWKH//RZHEVLWH \RXFDQVWDUW ;ULWHUE\W\SLQJDWWKHFRPPDQGOLQH GC::=79 KF=H9F RU GKF=H9F ;ULWHUZLOOVWDUWDQGFUHDWHDQHZGRFXPHQW,LNHZLVH \RXFDQVWDUW RWKHU//RFRPSRQHQWVIURPWKHFRPPDQGOLQH

3+!*" */(!).

*(+*)!).

*(() '%)! *+.%*)

8H[W

;ULWHU

KF=H9F

7SUHDGVKHHW

#DOF

75@7

$UDZLQJ

$UDZ

8F5K

0UHVHQWDWLRQ

)PSUHVV

=ADF9GG

&RUPXOD

-DWK

A5H<

;HESDJH

;ULWHU

K96

8RVHHDOLVWRIRSWLRQV\RXFDQXVHZKHQVWDUWLQJ;ULWHUDWWKH FRPPDQGOLQH W\SH GC::=79  "HORZLVDOLVWRIVRPHRIWKHPRUHSRSXODURSWLRQV

+.%*)

!-,%+.%*)

<9@D

'HWDFRPSOHWHOLVWRIRSWLRQV

BC@C;C

$RQRWVKRZWKHVWDUWXSVFUHHQ

G
7WDUWSUHVHQWDWLRQLPPHGLDWHO\

J=9K8C7IA9BHG



/SHQGRFXPHQWVLQYLHZHUUHDG RQO\ PRGH

A=B=A=N98

7WDUW//RPLQLPL]HG

BCF9GHCF9

7XSSUHVVUHVWDUWUHVWRUHDIWHUIDWDO HUURUV

=BJ=G=6@9

.RVWDUWXSVFUHHQ QRGHIDXOW GRFXPHQWDQGQR9)8KLVLVXVHIXOIRU WKLUG SDUW\DSSOLFDWLRQVWKDWXVH IXQFWLRQDOLW\SURYLGHGE\//R

#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



)I\RXKDYHDFXVWRPL]HGYHUVLRQRI//RVXFKDVWKHRQHSURYLGHGE\ ,LQX[-DQGUDNHRU'HQWRR \RXFDQVWDUW;ULWHUE\W\SLQJDWWKH FRPPDQGOLQH CCKF=H9F

#=B3

!OWKRXJKWKHFRPPDQGV\QWD[GLIIHUV WKHHIIHFWLV LGHQWLFDOLWVWDUWV//RZLWKDQHPSW\;ULWHUGRFXPHQW

%/@BA=4B63;/7<E7<2=E 8KHPDLQZLQGRZLVVLPLODULQHDFKFRPSRQHQWRI//R DOWKRXJK VRPHGHWDLOVYDU\7HHWKHFRPSRQHQWFKDSWHUVLQWKLVERRNIRU GHVFULSWLRQVRIWKRVHGHWDLOV #RPPRQIHDWXUHVLQFOXGHWKHPHQXEDU VWDQGDUGWRROEDU DQG IRUPDWWLQJWRROEDUDWWKHWRSRIWKHZLQGRZDQGWKHVWDWXVEDUDWWKH ERWWRP

"3
l

?B;FRQWDLQVFRPPDQGVWKDWDSSO\WRWKHHQWLUHGRFXPHQWVXFK DV/SHQ 7DYH DQG%[SRUWDV0$&

l :?JFRQWDLQVFRPPDQGVIRUHGLWLQJWKHGRFXPHQWVXFKDV9QGR DQG&LQG6HSODFH)WDOVRFRQWDLQVFRPPDQGVWRFXW FRS\DQG SDVWHVHOHFWHGSDUWVRI\RXUGRFXPHQW

l 0?;MFRQWDLQVFRPPDQGVIRUFRQWUROOLQJWKHGLVSOD\RIWKH GRFXPHQWVXFKDV>RRPDQG;HE,D\RXW

l #DI;HJFRQWDLQVFRPPDQGVIRULQVHUWLQJHOHPHQWVLQWR\RXU GRFXPHQWVXFKDV(HDGHU &RRWHU DQG0LFWXUH

l

EHC7JFRQWDLQVFRPPDQGV VXFKDV7W\OHVDQG&RUPDWWLQJDQG !XWR&RUPDW IRUIRUPDWWLQJWKHOD\RXWRI\RXUGRFXPHQW

l .78B;VKRZVDOOFRPPDQGVWRLQVHUWDQGHGLWDWDEOHLQDWH[W GRFXPHQW

l .EEBIFRQWDLQVIXQFWLRQVVXFKDV7SHOOLQJDQG'UDPPDU #XVWRPL]H DQG/SWLRQV

l 1?D:EMFRQWDLQVFRPPDQGVIRUWKHGLVSOD\ZLQGRZ l ";BFFRQWDLQVOLQNVWRWKH/SHQ/IILFHRUJ(HOSILOH ;KDWvV8KLV DQGLQIRUPDWLRQDERXWWKHSURJUDP 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)==:0/@A //RKDVVHYHUDOW\SHVRIWRROEDUVGRFNHG IORDWLQJ DQGWHDU RII $RFNHGWRROEDUVFDQEHPRYHGWRGLIIHUHQWORFDWLRQVRUPDGHWRIORDW DQGIORDWLQJWRROEDUVFDQEHGRFNHG 8KHWRSGRFNHGWRROEDUGHIDXOWSRVLWLRQ LVFDOOHGWKH7WDQGDUG WRROEDU8KH7WDQGDUGWRROEDULVFRQVLVWHQWDFURVVWKH/SHQ/IILFHRUJ DSSOLFDWLRQV 8KHVHFRQGWRROEDUDFURVVWKHWRSGHIDXOWORFDWLRQ LVWKH&RUPDWWLQJ WRROEDU)WLVDFRQWH[W VHQVLWLYHEDUWKDWVKRZVWKHUHOHYDQWWRROVLQ UHVSRQVHWRWKHFXUVRUvVFXUUHQWSRVLWLRQRUVHOHFWLRQ&RUH[DPSOH ZKHQWKHFXUVRULVRQDJUDSKLF WKH&RUPDWWLQJEDUSURYLGHVWRROVIRU IRUPDWWLQJJUDSKLFVZKHQWKHFXUVRULVLQWH[W WKHWRROVDUHIRU IRUPDWWLQJWH[W

%-+'3%)#*,$% %)#.**',8RGLVSOD\RUKLGHWRROEDUV FKRRVH0?;M.EEB87HI WKHQFOLFNRQ WKHQDPHRIDWRROEDULQWKHOLVW!QDFWLYHWRROEDUVKRZVDFKHFNPDUN EHVLGHLWVQDPH8HDU RIIWRROEDUVDUHQRWOLVWHGLQWKH:LHZPHQX

/(!)/-) .!,*"".**',8RROEDULFRQVZLWKDVPDOOWULDQJOHWRWKHULJKWZLOOGLVSOD\VXEPHQXV WHDU RIIWRROEDUV DQGRWKHUZD\VRIVHOHFWLQJWKLQJV GHSHQGLQJRQ WKHLFRQ &LJXUHVKRZVDWHDU RIIWRROEDUIURPWKH$UDZLQJWRROEDU 8KHWHDU RIIWRROEDUVFDQEHIORDWLQJRUGRFNHGDORQJDQHGJHRIWKH VFUHHQRULQRQHRIWKHH[LVWLQJWRROEDUDUHDV8RPRYHDIORDWLQJWHDU RIIWRROEDU GUDJLWE\WKHWLWOHEDU7HHs-RYLQJWRROEDUVtEHORZ #OLFNKHUHDQGGUDJ

8RROEDUWHDUVRIIDQGIORDWV

&LJXUH%[DPSOHRIDWHDU RIIWRROEDU #KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



*0%)#.**',8RPRYHDGRFNHGWRROEDU SODFHWKHPRXVHSRLQWHURYHUWKHWRROEDU KDQGOH KROGGRZQWKHOHIWPRXVHEXWWRQ GUDJWKHWRROEDUWRWKHQHZ ORFDWLRQ DQGWKHQUHOHDVHWKHPRXVHEXWWRQ&LJXUH  8RPRYHDIORDWLQJWRROEDU FOLFNRQLWVWLWOHEDUDQGGUDJLWWRDQHZ ORFDWLRQ&LJXUH  (DQGOHRIGRFNHGWRROEDU

&LJXUH-RYLQJDGRFNHGWRROEDU 8LWOHEDURIIORDWLQJWRROEDU

&LJXUH-RYLQJDIORDWLQJWRROEDU

'*.%)#.**',//RLQFOXGHVVHYHUDODGGLWLRQDOFRQWH[W VHQVLWLYHWRROEDUV ZKRVH GHIDXOWVDSSHDUDVIORDWLQJWRROEDUVLQUHVSRQVHWRWKHFXUVRUvV FXUUHQWSRVLWLRQRUVHOHFWLRQ&RUH[DPSOH ZKHQWKHFXUVRULVLQD WDEOH DIORDWLQJ8DEOHWRROEDUDSSHDUV DQGZKHQWKHFXUVRULVLQD QXPEHUHGRUEXOOHWOLVW WKH"XOOHWVDQG.XPEHULQJWRROEDUDSSHDUV =RXFDQGRFNWKHVHWRROEDUVWRWKHWRS ERWWRP RUVLGHRIWKHZLQGRZ LI\RXZLVKVHHs-RYLQJWRROEDUVtRQSDJH 

*&%)#"'*.%)#1%) *1-) .**',8RROEDUVDQGVRPHZLQGRZV VXFKDVWKH.DYLJDWRUDQGWKH7W\OHV DQG&RUPDWWLQJZLQGRZ DUHGRFNDEOH=RXFDQPRYH UH VL]HRUGRFN WKHPWRDQHGJH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8RGRFNDZLQGRZRUWRROEDU GR RQHRIWKHIROORZLQJ

l #OLFNRQWKHWLWOHEDURIWKH IORDWLQJZLQGRZDQGGUDJLW WRWKHVLGHXQWLO\RXVHHWKH RXWOLQHRIDER[DSSHDULQWKH PDLQZLQGRZ WKHQUHOHDVH WKHZLQGRZ8KLVPHWKRG GHSHQGVRQ\RXUV\VWHPvV ZLQGRZPDQDJHUVHWWLQJV VR LWPD\QRWZRUNIRU\RX

l (ROGGRZQWKH#RQWURONH\ DQGGRXEOH FOLFNRQDYDFDQW SDUWRIWKHIORDWLQJZLQGRZ WRGRFNLWLQLWVODVWSRVLWLRQ )IWKDWGRHVQRWZRUN WU\ GRXEOH FOLFNLQJZLWKRXW XVLQJWKH#RQWURONH\ 8RXQGRFNDZLQGRZ KROGGRZQ WKH#RQWURONH\DQGGRXEOH FOLFN RQDYDFDQWSDUWRIWKHGRFNHG ZLQGRZ

#=B3

&LJXUH$RFNLQJDZLQGRZ

8KH7W\OHVDQG&RUPDWWLQJZLQGRZFDQDOVREHGRFNHG RUXQGRFNHGE\XVLQJ#RQWURO GRXEOH FOLFNRQWKH JUD\DUHDQH[WWRWKHLFRQVDWWKHWRSRIWKHZLQGRZ

/-.*(%4%)#.**',=RXFDQFXVWRPL]HWRROEDUVLQVHYHUDOZD\V LQFOXGLQJFKRRVLQJZKLFK LFRQVDUHYLVLEOHDQGORFNLQJWKHSRVLWLRQRIDGRFNHGWRROEDU=RXFDQ DOVRDGGLFRQVDQGFUHDWHQHZWRROEDUV DVGHVFULEHGLQ#KDSWHU 8RDFFHVVDWRROEDUvVFXVWRPL]DWLRQRSWLRQV XVHWKHGRZQ DUURZDW WKHHQGRIWKHWRROEDURURQLWVWLWOHEDUVHH&LJXUH 

#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



8RVKRZRUKLGHLFRQVGHILQHGIRUWKHVHOHFWHGWRROEDU FKRRVH0?I?8B; KJJEDIIURPWKHGURS GRZQPHQX:LVLEOHLFRQVKDYHDFKHFNPDUN QH[WWRWKHP#OLFNRQLFRQVWRVHOHFWRUGHVHOHFWWKHP

'756B1:7191=
(B/@B7<5/<3E2=1C;3
l 9VH ?B;(;MDQGFKRRVHWKHW\SHRIGRFXPHQW l 9VHWKHDUURZQH[WWRWKH(;MEXWWRQRQWKHPDLQWRROEDU&URP WKHGURS GRZQPHQX VHOHFWWKHW\SHRIGRFXPHQWWREHFUHDWHG

l 0UHVV#RQWURO .RQWKHNH\ERDUG l 9VH ?B;1?P7H:IIRUVRPHW\SHVRIGRFXPHQWV

$>3<7<5/<3F7AB7<52=1C;3
l #OLFN ?B;)F;D l #OLFNWKH)F;DEXWWRQRQWKHPDLQWRROEDU l 0UHVV#RQWURO /RQWKHNH\ERDUG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)QHDFKFDVH WKH/SHQGLDORJDSSHDUV7HOHFWWKHILOH\RXZDQW DQG WKHQFOLFN)F;D )QWKH/SHQGLDORJ \RXFDQUHGXFHWKHOLVWRIILOHVE\VHOHFWLQJWKH W\SHRIILOH\RXDUHORRNLQJIRU&RUH[DPSOH LI\RXFKRRVH.;NJ :E9KC;DJIDVWKHILOHW\SH \RXZLOORQO\VHHGRFXPHQWV;ULWHUFDQ RSHQLQFOXGLQJRGW GRF W[W LI\RXFKRRVH-FH;7:I>;;JI \RXZLOO VHHRGV [VO DQGRWKHUILOHVWKDW#DOFRSHQV =RXFDQDOVRRSHQDQH[LVWLQJGRFXPHQWWKDWLVLQDQ/SHQ$RFXPHQW IRUPDWE\GRXEOH FOLFNLQJRQWKHILOHvVLFRQRQWKHGHVNWRSRULQDILOH PDQDJHUVXFKDV;LQGRZV%[SORUHU )I\RXKDYHDVVRFLDWHG-LFURVRIW/IILFHILOHIRUPDWVZLWK//R \RXFDQ DOVRRSHQWKHVHILOHVE\GRXEOH FOLFNLQJRQWKHP

#=B3

9QGHU-LFURVRIW;LQGRZV\RXFDQXVHHLWKHUWKH//R /SHQDQG7DYH!VGLDORJVRUWKHRQHVSURYLGHGE\ -LFURVRIW;LQGRZV7HHs9VLQJWKH/SHQDQG7DYH!V GLDORJVtRQSDJH

(/D7<52=1C;3
%/AAE=@2>@=B31B7=< 8RSURWHFWDQHQWLUHGRFXPHQWIURPEHLQJYLHZDEOHZLWKRXWD SDVVZRUG XVHWKHRSWLRQRQWKH7DYH!VGLDORJWRHQWHUDSDVVZRUG 8KLVRSWLRQLVRQO\DYDLODEOHIRUILOHVVDYHGLQ/SHQ$RFXPHQWIRUPDWV RUWKHROGHU/SHQ/IILFHRUJ[IRUPDWV  /QWKH7DYH!VGLDORJ VHOHFWWKHFKHFNER[EHVLGH-7L;M?J> F7IIMEH: DQGWKHQFOLFN-7L; =RXZLOOUHFHLYHDSURPSW  8\SHWKHVDPHSDVVZRUGLQWKH*7IIMEH:ILHOGDQGWKHED
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



#=B3

0DVVZRUGVPXVWFRQWDLQDPLQLPXPRIFKDUDFWHUV 9QWLO\RXKDYHHQWHUHGFKDUDFWHUV WKH)%EXWWRQ UHPDLQVLQDFWLYH

//RXVHVDYHU\VWURQJHQFU\SWLRQPHFKDQLVPZKLFKPDNHVLWDOPRVW LPSRVVLEOHWRUHFRYHUWKHFRQWHQWVRIDGRFXPHQWLQFDVH\RXORVH WKHSDVVZRUG

(/D7<5/2=1C;3
'3
*A7<5B63$>3</<2(/D3A27/:=5A =RXFDQFKRRVHZKHWKHUWRXVHWKH/SHQ/IILFHRUJ/SHQDQG7DYH!V GLDORJVRUWKHRQHVSURYLGHGE\\RXURSHUDWLQJV\VWHP8RYLHZRU FKDQJHZKLFKW\SHRIGLDORJ/SHQ/IILFHRUJXVHV  #KRRVH.EEBI)FJ?EDI)F;D)<


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KHWKUHHEXWWRQVLQWKHWRSULJKWRIWKH//R/SHQDQG7DYH!V GLDORJVDUH IURPOHIWWRULJKW

l 'R/F)D;&;L;BLQWKHIROGHUGLUHFWRU\ KLHUDUFK\8KLVLVD ORQJ FOLFNEXWWRQLI\RXZDQWWRJRXSKLJKHUWKDQMXVWRQHOHYHO

l H;7J;(;M EB:;H l 0?;M';DK

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

#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



*A7<5B63#/D75/B=@ 8KH.DYLJDWRUGLVSOD\VDOOREMHFWVFRQWDLQHGLQDGRFXPHQW FROOHFWHG LQWRFDWHJRULHV&RUH[DPSOH LQ;ULWHULWGLVSOD\V(HDGLQJV 8DEOHV 8H[WIUDPHV .RWHV 'UDSKLFV "RRNPDUNV DQGRWKHULWHPVVHH &LJXUH

&LJXUH8KH.DYLJDWRULQ;ULWHU )Q#DOFLWVKRZV7KHHWV 6DQJH.DPHV $DWDEDVH6DQJHV 'UDSKLFV $UDZLQJ/EMHFWV DQGRWKHULWHPV)Q)PSUHVVDQG$UDZLWVKRZV 7OLGHV 0LFWXUHV DQGRWKHULWHPV#OLFNWKH VLJQE\DQ\RIWKH FDWHJRULHVWRGLVSOD\WKHOLVWRIREMHFWVLQWKDWFDWHJRU\ RQWKH7WDQGDUGWRROEDU RU 8RRSHQWKH.DYLJDWRU FOLFNLWVLFRQ SUHVV& RUFKRRVH:?J(7L?=7JEHRQWKHPDLQPHQXEDU=RXFDQ GRFNWKH.DYLJDWRUWRHLWKHUVLGHRIWKHPDLQ//RZLQGRZRUOHDYHLW IORDWLQJVHHs$RFNLQJIORDWLQJZLQGRZVDQGWRROEDUVsRQSDJH  8RKLGHWKHOLVWRIFDWHJRULHVDQGVKRZRQO\WKHWRROEDUVDWWKHWRS FOLFNWKH&?IJEN)D )<<LFRQ OLVWER[

#OLFNWKLVLFRQDJDLQWRVKRZWKH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KH.DYLJDWRUSURYLGHVVHYHUDOFRQYHQLHQWZD\VWRPRYHDURXQGD GRFXPHQWDQGILQGLWHPVLQLW

l ;KHQDFDWHJRU\LVVKRZLQJWKHOLVWRIREMHFWVLQLW GRXEOH FOLFN RQDQREMHFWWRMXPSGLUHFWO\WRWKDWREMHFWvVORFDWLRQLQWKH GRFXPHQW/EMHFWVDUHPXFKHDVLHUWRILQGLI\RXKDYHJLYHQWKHP QDPHVZKHQFUHDWLQJWKHP LQVWHDGRINHHSLQJ//RvVGHIDXOW JUDSKLFV JUDSKLFV 8DEOH 8DEOH DQGVRRQrZKLFKPD\QRW FRUUHVSRQGWRWKHSRVLWLRQRIWKHREMHFWLQWKHGRFXPHQW )I\RXRQO\ZDQWWRVHHWKHFRQWHQWLQDFHUWDLQFDWHJRU\ KLJKOLJKWWKHFDWHJRU\DQGFOLFNWKHEDJ;DJ0?;MLFRQ9QWLO \RXFOLFNWKHLFRQDJDLQ RQO\WKHREMHFWVRIWKDWFDWHJRU\ZLOOEH GLVSOD\HG

l #OLFNWKH

LFRQVHFRQGIURPWKHOHIWDWWKHWRSRIWKH .DYLJDWRU WRGLVSOD\WKH.DYLJDWLRQWRROEDU&LJXUH (HUH\RX FDQSLFNRQHRIWKHFDWHJRULHVDQGXVHWKH*H;L?EKIDQG(;NJ LFRQVWRPRYHIURPRQHLWHPWRWKHQH[W8KLVLVSDUWLFXODUO\ KHOSIXOIRUILQGLQJLWHPVOLNHERRNPDUNVDQGLQGH[HV ZKLFKFDQ EHGLIILFXOWWRVHH8KHQDPHVRIWKHLFRQVVKRZQLQWKHWRROWLSV FKDQJHWRPDWFKWKHVHOHFWHGFDWHJRU\IRUH[DPSOH (;NJ !H7F>?9RU(;NJEEAC7HA

l 8RMXPSWRDVSHFLILFSDJHLQWKHGRFXPHQW W\SHLWVSDJHQXPEHU LQWKHER[DWWKHWRSRIWKH.DYLJDWRU !ELWRIH[SHULPHQWDWLRQZLWKWKHRWKHULFRQVZLOOGHPRQVWUDWHWKHLU IXQFWLRQV7RPHFRPSRQHQW VSHFLILFXVHVDUHGHVFULEHGLQWKH FKDSWHUVRQ;ULWHUDQGWKHRWKHUFRPSRQHQWV

:=A7<5/2=1C;3
#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ



)IPRUHWKDQRQH//RZLQGRZLVRSHQ HDFKZLQGRZORRNVOLNHWKH VDPSOHVKRZQRQWKHOHIWLQ&LJXUH#ORVLQJWKLVZLQGRZOHDYHVWKH RWKHU//RZLQGRZVRSHQ )IRQO\RQH//RZLQGRZLVRSHQ LWORRNVOLNHWKHVDPSOHVKRZQRQWKH ULJKWLQ&LJXUH.RWLFHWKHVPDOOEODFN<EHORZWKHODUJHUHG< #OLFNLQJWKHVPDOO<FORVHVWKHGRFXPHQWEXWOHDYHV//RRSHQ #OLFNLQJWKHODUJHUHG<FORVHV//RFRPSOHWHO\

)IWKHGRFXPHQWKDVQRWEHHQVDYHGVLQFHWKHODVWFKDQJH DPHVVDJH ER[LVGLVSOD\HG#KRRVHZKHWKHUWRVDYHRUGLVFDUG\RXUFKDQJHV

l -7L;8KHGRFXPHQWLVVDYHGDQGWKHQFORVHG l ?I97H:8KHGRFXPHQWLVFORVHG DQGDOOPRGLILFDWLRQVVLQFHWKH ODVWVDYHDUHORVW

l 7D9;B.RWKLQJKDSSHQV DQG\RXUHWXUQWRWKHGRFXPHQW /CB7=<

.RWVDYLQJ\RXUGRFXPHQWFRXOGUHVXOWLQWKHORVVRI UHFHQWO\PDGHFKDQJHV RUZRUVHVWLOO \RXUHQWLUHILOH

:=A7<5$>3<$44713=@5 8RFORVH//RFRPSOHWHO\ FOLFN ?B;N?JRUFORVHWKHODVWRSHQ GRFXPHQWDVGHVFULEHGLQs#ORVLQJDGRFXPHQWtRQSDJH )IDOOWKHGRFXPHQWVKDYHEHHQVDYHG //RFORVHVLPPHGLDWHO\)IDQ\ GRFXPHQWVKDYHEHHQPRGLILHGEXWQRWVDYHG DZDUQLQJPHVVDJH DSSHDUV&ROORZWKHSURFHGXUHLQs#ORVLQJDGRFXPHQWtWRVDYHRU GLVFDUG\RXUFKDQJHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H -;JJ?D=KF)F;D)
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



#=B3

8KH79AEXWWRQKDVWKHVDPHHIIHFWRQDOOSDJHVRI WKH/SWLRQVGLDORJ)WUHVHWVWKHRSWLRQVWRWKHYDOXHV WKDWZHUHLQSODFHZKHQ\RXRSHQHG/SHQ/IILFHRUJ

*A3@/B/= rel="nofollow">B7=
&LJXUH&LOOLQJLQXVHUGDWD

3<3@/:= rel="nofollow">B7=)7>A ;KHQ(HOS8LSVDUHDFWLYH RQHRUWZRZRUGVZLOODSSHDUZKHQ \RXKROGWKHFXUVRURYHUDQLFRQRUILHOGRQWKHPDLQ//RZLQGRZ ZLWKRXWFOLFNLQJ 3:>FB3<232B7>A ;KHQ%[WHQGHGWLSVDUHDFWLYH DEULHIGHVFULSWLRQRIWKHIXQFWLRQ RIDSDUWLFXODULFRQRUPHQXFRPPDQGRUDILHOGRQDGLDORJ DSSHDUVZKHQ\RXKROGWKHFXUVRURYHUWKDWLWHP 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH7HWWLQJJHQHUDORSWLRQVIRU/SHQ/IILFHRUJ 3:>534=@;/BB7<5 (LJKFRQWUDVWLVDQRSHUDWLQJV\VWHPVHWWLQJWKDWFKDQJHVWKH V\VWHPFRORUVFKHPHWRLPSURYHUHDGDELOLW\8RGLVSOD\(HOSLQ KLJKFRQWUDVWLI\RXUFRPSXWHUvVRSHUDWLQJV\VWHPVXSSRUWVWKLV FKRRVHRQHRIWKHKLJK FRQWUDVWVW\OHVKHHWVIURPWKHSXOO GRZQ OLVW&RU;LQGRZV<0 WKHKLJK FRQWUDVWVW\OHRSWLRQVDUHDV GHVFULEHGEHORZ

%#$*).,-.-.3'!

%-/'!""!.

$HIDXOW

"ODFNWH[WRQZKLWHEDFNJURXQG

(LJK#RQWUDVW

=HOORZWH[WRQEODFNEDFNJURXQG

(LJK#RQWUDVW

'UHHQWH[WRQEODFNEDFNJURXQG

(LJK#RQWUDVW"ODFN

;KLWHWH[WRQEODFNEDFNJURXQG

(LJK#RQWUDVW;KLWH

"ODFNWH[WRQZKLWHEDFNJURXQG

$>3< (/D327/:=5A 8RXVHWKHVWDQGDUG/SHQDQG7DYHGLDORJVIRU\RXURSHUDWLQJ V\VWHP GHVHOHFWWKH/I;)F;D)<


=1C;3
"3;=@G=>B7=
l -RUHPHPRU\FDQPDNH/SHQ/IILFHRUJIDVWHUDQGPRUH

FRQYHQLHQWIRUH[DPSOH PRUHXQGRVWHSVUHTXLUHPRUHPHPRU\  EXWWKHWUDGH RIILVOHVVPHPRU\DYDLODEOHIRURWKHUDSSOLFDWLRQV DQG\RXFRXOGUXQRXWRIPHPRU\DOWRJHWKHU

l 8RORDGWKH5XLFNVWDUWHUDQLFRQRQWKHGHVNWRSRULQWKHV\VWHP WUD\ ZKHQ\RXVWDUW\RXUFRPSXWHU VHOHFWWKHRSWLRQQHDUWKH ERWWRPRIWKHGLDORJ8KLVPDNHV/SHQ/IILFHRUJVWDUWIDVWHUWKH WUDGH RIILV//RXVHVVRPHPHPRU\HYHQZKHQQRWEHLQJXVHG 8KLVRSWLRQFDOOHGD78B;IOIJH7OGK?9AIJ7HJ;H LVQRWDYDLODEOH RQDOORSHUDWLQJV\VWHPV

&LJXUH#KRRVLQJ-HPRU\RSWLRQVIRUWKH//RDSSOLFDWLRQV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

+73E= rel="nofollow">B7=
&LJXUH#KRRVLQJ:LHZRSWLRQVIRU//RDSSOLFDWLRQV *A3@


*A3@7@3D73E=44=
&LJXUH&RQWOLVW,HIW ;LWKSUHYLHZ6LJKW ;LWKRXWSUHYLHZ =
D73E*A3$>3<! 7SHFLILHVWKDWDOO$JUDSKLFVIURP$UDZDQG)PSUHVVZLOOEH GLVSOD\HGLQ\RXUV\VWHPXVLQJ/SHQ', FDSDEOHKDUGZDUH)I\RXU V\VWHPGRHVQRWKDYH/SHQ', FDSDEOHKDUGZDUH WKLVVHWWLQJZLOO EHLJQRUHG

D73E*A3$>3<!$>B7;7H32=CB>CB 7HOHFWWKLVRSWLRQIRURSWLPL]HG/SHQ',RXWSXW$LVDEOHWKH RSWLPL]DWLRQLQFDVHRIJUDSKLFDOHUURUVRI$RXWSXW

D73E*A327B63@7<5 8KH/I;:?J>;H?D=RSWLRQXVHVGLWKHULQJWRGLVSOD\DGGLWLRQDO FRORUVZKHQWKHFRPSXWHUvVJUDSKLFVV\VWHPRIIHUVOHVVWKDQWKH RSWLPDOPLOOLRQ ELW FRORUV$LWKHULQJFUHDWHVWKHLOOXVLRQRI QHZFRORUVDQGVKDGHVE\YDU\LQJWKHSDWWHUQRIFRORUSL[HOV :DU\LQJWKHSDWWHUQVRIEODFNDQGZKLWHGRWV IRULQVWDQFH SURGXFHVGLIIHUHQWVKDGHVRIJUD\ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

)QWHUQDOO\  $JUDSKLFVDUHDOZD\VFUHDWHGZLWK PLOOLRQFRORUV ELWFRORUGHSWK DQGGLWKHULQJFDQ EHXVHGWRFRPSHQVDWHZKHQIHZHUDFWXDOFRORUVDUH DYDLODEOH;LWKRXWGLWKHULQJ VHYHUDOELWVRIFRORU LQIRUPDWLRQZRXOGEHRPLWWHG OHDGLQJWRVLJQLILFDQWO\ UHGXFHGLPDJHTXDOLW\

D73E$0831B@34@3A62C@7<57
)7>

0UHVV7KLIW #RQWURO 6WRUHVWRUHRUUHIUHVKWKHYLHZ RIWKHFXUUHQWGRFXPHQW

"=CA3>=A7B7=<7<5 7SHFLILHVLIDQGKRZWKHPRXVHSRLQWHUZLOOEHSRVLWLRQHGLQQHZO\ RSHQHGGLDORJV "722:3;=CA30CBB=< $HILQHVWKHIXQFWLRQRIWKHPLGGOHPRXVHEXWWRQ

l KJEC7J?9I9HEBB?D=qGUDJJLQJZKLOHSUHVVLQJWKHPLGGOH PRXVHEXWWRQVKLIWVWKHYLHZ

l *7IJ;9B?F8E7H:qSUHVVLQJWKHPLGGOHPRXVHEXWWRQLQVHUWVWKH FRQWHQWVRIWKHs7HOHFWLRQFOLSERDUGtDWWKHFXUVRUSRVLWLRQ 8KHs7HOHFWLRQFOLSERDUGtLVLQGHSHQGHQWRIWKHQRUPDOFOLSERDUG WKDW\RXXVHE\:?JEFO KJ *7IJ;RUWKHLUUHVSHFWLYH NH\ERDUGVKRUWFXWV#OLSERDUGDQGWKHs7HOHFWLRQFOLSERDUGtFDQ FRQWDLQGLIIHUHQWFRQWHQWVDWWKHVDPHWLPH

/).%*)

'%+*,

!'!.%*)'%+*,

#RS\FRQWHQW

:?JEFO #RQWURO #

7HOHFWWH[W WDEOH RU REMHFW

0DVWHFRQWHQW

:?J*7IJ; #RQWURO :SDVWHV DWWKHFXUVRU SRVLWLRQ

#OLFNLQJWKHPLGGOH PRXVHEXWWRQSDVWHVDW WKHPRXVHSRLQWHU SRVLWLRQ

0DVWLQJLQWR DQRWKHU GRFXPHQW

.RHIIHFWRQWKH FOLSERDUGFRQWHQWV

8KHODVWPDUNHG VHOHFWLRQLVWKHFRQWHQW RIWKHVHOHFWLRQ FOLSERDUG

#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



%@7B7=
&LJXUH#KRRVLQJJHQHUDOSULQWLQJRSWLRQVWRDSSO\WRDOO//R FRPSRQHQWV

)7 rel="nofollow">

)I\RXUSULQWRXWVDUHFRPLQJRXWLQFRUUHFWO\SODFHGRQ WKHSDJHRUFKRSSHGRIIDWWKHWRS ERWWRP RUVLGHV RU WKHSULQWHULVUHIXVLQJWRSULQW WKHPRVWOLNHO\FDXVHLV SDJHVL]HLQFRPSDWLELOLW\

%/B6=>B7=


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

IRUH[DPSOH \RXPLJKWZDQWWRVWRUHGRFXPHQWVE\GHIDXOW VRPHZKHUHRWKHUWKDQ-\$RFXPHQWV )QWKH/SWLRQVGLDORJ FOLFN)F;D)
)7>

=RXFDQXVHWKHHQWULHVLQWKH/SHQ/IILFHRUJq0DWKV GLDORJWRFRPSLOHDOLVWRIILOHV VXFKDVWKRVH FRQWDLQLQJ!XWR8H[W WKDW\RXQHHGWREDFNXSRUFRS\ WRDQRWKHUFRPSXWHU

&LJXUH:LHZLQJWKHSDWKVRIILOHVXVHGE\/SHQ/IILFHRUJ

=:=@=>B7=
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



&LJXUH$HILQLQJFRORUVWRXVHLQFRORUSDOHWWHVLQ//R

=B7=
l 7HOHFWWKHFFBO,;FB79;C;DJ.78B;RSWLRQ l 7HOHFWRUW\SHWKHQDPHRIWKHIRQWWREHUHSODFHGLQWKH EDJER[ )I\RXGRQRWKDYHWKLVIRQWRQ\RXUV\VWHP LWZLOOQRWDSSHDULQ WKHGURS GRZQOLVWLQWKLVER[ VR\RXQHHGWRW\SHLWLQ

l )QWKH,;FB79;M?J rel="nofollow">ER[ VHOHFWDVXLWDEOHIRQWIURPWKHGURS GRZQOLVWRIIRQWVLQVWDOOHGRQ\RXUFRPSXWHU

8KHFKHFNPDUNWRWKHULJKWRIWKH,;FB79;M?J>ER[WXUQVJUHHQ #OLFNRQWKLVFKHFNPDUN!URZRILQIRUPDWLRQQRZDSSHDUVLQWKH ODUJHUER[EHORZWKHLQSXWER[HV7HOHFWWKHRSWLRQVXQGHUBM7OI DQG-9H;;D )QWKHERWWRPVHFWLRQRIWKHSDJH \RXFDQFKDQJHWKHW\SHIDFHDQG VL]HRIWKHIRQWXVHGWRGLVSOD\VRXUFHFRGHVXFKDV(8-,DQG"DVLF LQPDFURV 



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH$HILQLQJDIRQWWREHVXEVWLWXWHGIRUDQRWKHUIRQW

(31C@7BG=>B7=
&LJXUH#KRRVLQJVHFXULW\RSWLRQVIRURSHQLQJDQGVDYLQJ GRFXPHQWV #KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



(31C@7BG= rel="nofollow">B7=OF;HB?DAI )QROGHUYHUVLRQVRI //R FOLFNLQJRQDK\SHUOLQNLQDGRFXPHQWRSHQHGWKHOLQNHG GRFXPHQW.RZ\RXFDQFKRRVHZKHWKHUWRNHHSWKLVEHKDYLRUE\ XQFKHFNLQJWKLVER[ -DQ\SHRSOHILQGFUHDWLRQDQGHGLWLQJRI GRFXPHQWVHDVLHUZKHQDFFLGHQWDOFOLFNVRQOLQNVGRQRWDFWLYDWH WKHOLQNV 8KHRWKHURSWLRQVRQWKLVGLDORJVKRXOGEHVHOI H[SODQDWRU\

&LJXUH7HFXULW\RSWLRQVDQGZDUQLQJVGLDORJ "/1@=A31C@7BG #OLFNWKH'79HE-;9KH?JOEXWWRQWRRSHQWKH-DFUR7HFXULW\ GLDORJQRWVKRZQKHUH ZKHUH\RXFDQDGMXVWWKHVHFXULW\OHYHO IRUH[HFXWLQJPDFURVDQGVSHFLI\WUXVWHGVRXUFHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

7:3A6/@7<5=>B7=?I:E9KC;DJ?DH;7: EDBOCE:;RSWLRQWR UHVWULFWWKLVGRFXPHQWWREHRSHQHGLQUHDG RQO\PRGHRQO\8KLV RSWLRQSURWHFWVWKHGRFXPHQWDJDLQVWDFFLGHQWDOFKDQJHV)WLVVWLOO SRVVLEOHWRHGLWDFRS\RIWKHGRFXPHQWDQGVDYHWKDWFRS\ZLWK WKHVDPHQDPHDVWKHRULJLQDO 7HOHFWWKH,;9EH:9>7D=;IRSWLRQWRHQDEOHUHFRUGLQJFKDQJHV 8KLVLVWKHVDPHDV%GLW#KDQJHV6HFRUG8RDOORZRWKHU XVHUVRIWKLVGRFXPHQWWRDSSO\FKDQJHV EXWSUHYHQWWKHPIURP GLVDEOLQJFKDQJHUHFRUGLQJ FOLFNWKH*HEJ;9JEXWRQDQGHQWHUD SDVVZRUG

>>3/@/<13=>B7=
&LJXUH7KRZLQJRUKLGLQJWH[W REMHFW DQGWDEOHERXQGDULHV

l 8RVKRZRUKLGHLWHPVVXFKDVWH[WERXQGDULHV VHOHFWRUGHVHOHFW WKHRSWLRQVQH[WWRWKHQDPHVRIWKHLWHPV

#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



l 8RFKDQJHWKHGHIDXOWFRORUVIRULWHPV FOLFNWKHGRZQ DUURZLQ WKH#RORU7HWWLQJFROXPQE\WKHQDPHRIWKHLWHPDQGVHOHFWD FRORUIURPWKHSRS XSER[

l 8RVDYH\RXUFRORUFKDQJHVDVDFRORUVFKHPH FOLFN-7L;W\SHD QDPHLQWKH7FKHPHER[WKHQFOLFN)%

113AA707:7BG= rel="nofollow">B7=
&LJXUH#KRRVLQJDFFHVVLELOLW\RSWLRQV

/D/= rel="nofollow">B7=


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH#KRRVLQJD*DYDUXQWLPHHQYLURQPHQW )I\RXGRQRWVHHDQ\WKLQJOLVWHGLQWKHPLGGOHRIWKHSDJH ZDLWDIHZ PLQXWHVZKLOH//RVHDUFKHVIRU*6%VRQWKHKDUGGLVN )I//RILQGVRQHRUPRUH*6%V LWZLOOGLVSOD\WKHPWKHUH=RXFDQ WKHQVHOHFWWKH/I;7$7L7HKDJ?C;;DL?HEDC;DJRSWLRQDQGLI QHFHVVDU\ FKRRVHRQHRIWKH*6%VOLVWHG

$<:7<3* rel="nofollow">2/B3=>B7=;9A<EHKF:7J;I7KJEC7J?97BBO RSWLRQLVVHOHFWHG DQLFRQDSSHDUVDWWKHULJKW KDQGHQGRIWKHPHQX EDUZKHQDQXSGDWHLVDYDLODEOH#OLFNWKLVLFRQWRRSHQDGLDORJ ZKHUH\RXFDQFKRRVHWRGRZQORDGWKHXSGDWH )IWKHEMDBE7:KF:7J;I7KJEC7J?97BBORSWLRQLVVHOHFWHG WKH GRZQORDGVWDUWVZKHQ\RXFOLFNWKHLFRQ8RFKDQJHWKHGRZQORDG GHVWLQDWLRQ FOLFNWKH>7D=;EXWWRQDQGVHOHFWWKHUHTXLUHGIROGHULQ WKHILOHEURZVHUZLQGRZ

#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



&LJXUH#RQILJXULQJ/QOLQH9SGDWH

6==A7<5=>B7=
&LJXUH,RDG7DYHRSWLRQV

3<3@/:!=/2 (/D3= rel="nofollow">B7=


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH#KRRVLQJ,RDGDQG7DYHRSWLRQV !=/2CA3@A rel="nofollow">317471A3BB7<5AE7B6B632=1C;3@7@=>3@B73A034=@3A/D7<5 )I\RXVHOHFWWKLVRSWLRQ WKH$RFXPHQW0URSHUWLHVGLDORJSRSVXS WRSURPSW\RXWRHQWHUUHOHYDQWLQIRUPDWLRQWKHILUVWWLPH\RX VDYHDQHZGRFXPHQWRUZKHQHYHU\RXXVH-7L;I 

#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



(/D3CB='31=D3@G7<4=@;/B7=<3D3@G .RWHWKDW!XWR6HFRYHU\LQ/SHQ/IILFHRUJRYHUZULWHVWKHRULJLQDO ILOH)I\RXKDYHDOVRFKRVHQBM7OI9H;7J;879AKF9EFO WKH RULJLQDOILOHWKHQRYHUZULWHVWKHEDFNXSFRS\)I\RXKDYHWKLVVHW UHFRYHULQJ\RXUGRFXPHQWDIWHUDV\VWHPFUDVKZLOOEHHDVLHUEXW UHFRYHULQJDQHDUOLHUYHUVLRQRIWKHGRFXPHQWPD\EHKDUGHU (/D3*'!A@3:/B7D3B=47:3AGAB3; 7
+%@=>3@B73A!=/2 (/D3=>B7=
l )I\RXFKRRVH-7L;EH?=?D7B7I?99E:; WKHPDFURVZLOOQRW

ZRUNLQ//REXWDUHUHWDLQHGLI\RXVDYHWKHILOHLQWR-LFURVRIW /IILFHIRUPDW

l )I\RXFKRRVH&E7:7I?99E:;JE;:?J WKHFKDQJHGFRGHLV

VDYHGLQDQ//RGRFXPHQWEXWLVQRWUHWDLQHGLI\RXVDYHLQWRDQ -7/IILFHIRUPDW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH#KRRVLQJ,RDG7DYH :"!0URSHUWLHV

l )I\RXDUHLPSRUWLQJD-LFURVRIW%[FHOILOHFRQWDLQLQJ:"!FRGH \RXFDQVHOHFWWKHRSWLRQN;9KJ78B;9E:;;KHUHDVQRUPDOO\ WKHFRGHLVSUHVHUYHGEXWUHQGHUHGLQDFWLYHLI\RXLQVSHFWLWZLWK WKH7WDU"DVLF)$%\RXZLOOQRWLFHWKDWLWLVDOOFRPPHQWHG ZLWK WKLVRSWLRQWKHFRGHLVUHDG\WREHH[HFXWHG

"71@=A=4B$44713!=/2 (/D3= rel="nofollow">B7=
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



&LJXUH#KRRVLQJ,RDG7DYH-LFURVRIW/IILFHRSWLRQV

)"!1=; rel="nofollow">/B707:7BG!=/2 (/D3=>B7=
&LJXUH#KRRVLQJ(8-,FRPSDWLELOLW\RSWLRQV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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


(8-,DZDUQLQJLVVKRZQWKDW/SHQ/IILFHRUJ"DVLFPDFURVZLOO EHORVW F>=@B%@7=@B=>G:=1/:5@/>671AB==@B6/@/1B3@A3B 7HOHFWWKHDSSURSULDWHFKDUDFWHUVHWIRUWKHH[SRUW

6==A7<5:/<5C/53A3BB7<5A =RXPD\QHHGWRGRVHYHUDOWKLQJVWRVHWWKHODQJXDJHVHWWLQJVWR ZKDW\RXZDQW

l )QVWDOOWKHUHTXLUHGGLFWLRQDULHV l #KDQJHVRPHORFDOHDQGODQJXDJHVHWWLQJV l #KRRVHVSHOOLQJRSWLRQV


6/<53:=1/:3/<2:/<5C/53A3BB7<5A =RXFDQFKDQJHVRPHGHWDLOVRIWKHORFDOHDQGODQJXDJHVHWWLQJVWKDW //RXVHVIRUDOOGRFXPHQWV RUIRUVSHFLILFGRFXPHQWV )QWKH/SWLRQVGLDORJ FOLFN&7D=K7=;-;JJ?D=I&7D=K7=;I

&LJXUH,DQJXDJH7HWWLQJ/SWLRQV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

/QWKHULJKW KDQGVLGHRIWKH,DQJXDJH7HWWLQJVq,DQJXDJHVSDJH &LJXUH FKDQJHWKH9VHULQWHUIDFH ,RFDOHVHWWLQJ $HIDXOW FXUUHQF\ DQG$HIDXOWODQJXDJHVIRUGRFXPHQWVDVUHTXLUHG)QWKH H[DPSOH %QJOLVK9+ KDVEHHQFKRVHQIRUDOOWKHDSSURSULDWH VHWWLQJV )I\RXZDQWWKHODQJXDJHGLFWLRQDU\ VHWWLQJWRDSSO\WRWKHFXUUHQW GRFXPHQWRQO\ LQVWHDGRIEHLQJWKHGHIDXOWIRUDOOQHZGRFXPHQWV VHOHFWWKHRSWLRQODEHOOHG&RUWKHFXUUHQWGRFXPHQWRQO\

&LJXUH#KRRVLQJODQJXDJHRSWLRQV )IQHFHVVDU\ VHOHFWWKHRSWLRQVWRHQDEOHVXSSRUWIRU!VLDQODQJXDJHV #KLQHVH *DSDQHVH +RUHDQ DQGVXSSRUWIRU FRPSOH[WH[W OD\RXW ODQJXDJHVVXFKDV(LQGL 8KDL (HEUHZ DQG!UDELF)I\RX FKRRVHHLWKHURIWKHVHRSWLRQV WKHQH[WWLPH\RXRSHQWKLVGLDORJ \RX ZLOOVHHVRPHH[WUDFKRLFHVXQGHU,DQJXDJH7HWWLQJV DVVKRZQLQ &LJXUH8KHVHFKRLFHV7HDUFKLQJLQ*DSDQHVH !VLDQ,D\RXW DQG #RPSOH[8H[W,D\RXW DUHQRWGLVFXVVHGKHUH

&LJXUH%[WUDSDJHVDYDLODEOHZKHQHQKDQFHGODQJXDJHVXSSRUW RSWLRQVDUHVHOHFWHG #KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



6==A3A rel="nofollow">3::7<5=>B7=
l )I\RXGRQRWZDQWVSHOOLQJFKHFNHGZKLOH\RXW\SH GHVHOHFW

 rel="nofollow">;9AIF;BB?D=7IOEKJOF;DQGVHOHFWEDEJC7HA;HHEHI8R ILQGWKHVHFRQGLWHP VFUROOGRZQLQWKH/SWLRQVOLVW

l )I\RXXVHDFXVWRPGLFWLRQDU\WKDWLQFOXGHVZRUGVLQDOOXSSHU FDVHDQGZRUGVZLWKQXPEHUVIRUH[DPSOH !7 VHOHFW >;9AKFF;H97I;MEH:IDQG>;9AMEH:IM?J>DKC8;HI

l >;9AIF;9?7BH;=?EDILQFOXGHVKHDGHUV IRRWHUV IUDPHV DQG WDEOHVZKHQFKHFNLQJVSHOOLQJ

&LJXUH#KRRVLQJODQJXDJHV GLFWLRQDULHV DQGRSWLRQVIRU FKHFNLQJVSHOOLQJ (HUH\RXFDQDOVRFKHFNZKLFKXVHU GHILQHGFXVWRP GLFWLRQDULHVDUH DFWLYHE\GHIDXOW DQGDGGRUUHPRYHGLFWLRQDULHV E\FOLFNLQJWKH (;MRU;B;J;EXWWRQV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

6==A7<5B7=
=
#KDSWHU7HWWLQJXS/SHQ/IILFHRUJ



&LJXUH8KH!XWR#RUUHFWGLDORJLQ;ULWHU VKRZLQJWKHILYHWDEV DQGVRPHRIWKHFKRLFHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



 rel="nofollow">7FJ;H /I?D=-JOB;I7D: .;CFB7J;I ,6/B7A/B3;>:/B3 !WHPSODWHLVDPRGHOWKDW\RXXVHWRFUHDWHRWKHUGRFXPHQWV&RU H[DPSOH \RXFDQFUHDWHDWHPSODWHIRUEXVLQHVVUHSRUWVWKDWKDV\RXU FRPSDQ\vVORJRRQWKHILUVWSDJH.HZGRFXPHQWVFUHDWHGIURPWKLV WHPSODWHZLOODOOKDYH\RXUFRPSDQ\v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s7HWWLQJDGHIDXOWWHPSODWHt RQSDJHIRUPRUHLQIRUPDWLRQ

,6/B/@3ABG:3A !VW\OHLVDVHWRIIRUPDWVWKDW\RXFDQDSSO\WRVHOHFWHGSDJHV WH[W IUDPHV DQGRWKHUHOHPHQWVLQ\RXUGRFXPHQWWRTXLFNO\FKDQJHWKHLU DSSHDUDQFH;KHQ\RXDSSO\DVW\OH \RXDSSO\DZKROHJURXSRI IRUPDWVDWWKHVDPHWLPH -DQ\SHRSOHPDQXDOO\IRUPDWSDUDJUDSKV ZRUGV WDEOHV SDJH OD\RXWV DQGRWKHUSDUWVRIWKHLUGRFXPHQWVZLWKRXWSD\LQJDQ\

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



DWWHQWLRQWRVW\OHV8KH\DUHXVHGWRZULWLQJGRFXPHQWVDFFRUGLQJWR SK\VLFDODWWULEXWHV&RUH[DPSOH \RXPLJKWVSHFLI\WKHIRQWIDPLO\ IRQWVL]H DQGDQ\IRUPDWWLQJVXFKDVEROGRULWDOLF 7W\OHVDUHORJLFDODWWULEXWHV9VLQJVW\OHVPHDQVWKDW\RXVWRSVD\LQJ sIRQWVL]HSW 8LPHV.HZ6RPDQ EROG FHQWHUHGt DQG\RXVWDUW VD\LQJs8LWOHtEHFDXVH\RXKDYHGHILQHGWKHs8LWOHtVW\OHWRKDYH WKRVHFKDUDFWHULVWLFV)QRWKHUZRUGV VW\OHVPHDQVWKDW\RXVKLIWWKH HPSKDVLVIURPZKDWWKHWH[WRUSDJH RURWKHUHOHPHQW ORRNVOLNH WR ZKDWWKHWH[WLV 7W\OHVKHOSLPSURYHFRQVLVWHQF\LQDGRFXPHQW8KH\DOVRPDNHPDMRU IRUPDWWLQJFKDQJHVHDV\&RUH[DPSOH \RXPD\GHFLGHWRFKDQJHWKH LQGHQWDWLRQRIDOOSDUDJUDSKV RUFKDQJHWKHIRQWRIDOOWLWOHV&RUD ORQJGRFXPHQW WKLVVLPSOHWDVNFDQEHSURKLELWLYH7W\OHVPDNHWKH WDVNHDV\ )QDGGLWLRQ VW\OHVDUHXVHGE\/SHQ/IILFHRUJIRUPDQ\SURFHVVHV HYHQLI\RXDUHQRWDZDUHRIWKHP&RUH[DPSOH ;ULWHUUHOLHVRQ KHDGLQJVW\OHVRURWKHUVW\OHV\RXVSHFLI\ ZKHQLWFRPSLOHVDWDEOH RIFRQWHQWV7RPHFRPPRQH[DPSOHVRIVW\OHXVHDUHJLYHQLQ s%[DPSOHVRIVW\OHXVHtRQSDJH /SHQ/IILFHRUJVXSSRUWVWKHIROORZLQJW\SHVRIVW\OHV

l 0DJHVW\OHVLQFOXGHPDUJLQV KHDGHUVDQGIRRWHUV ERUGHUVDQG

EDFNJURXQGV)Q#DOF SDJHVW\OHVDOVRLQFOXGHWKHVHTXHQFHIRU SULQWLQJVKHHWV

l 0DUDJUDSKVW\OHVFRQWURODOODVSHFWVRIDSDUDJUDSKvVDSSHDUDQFH VXFKDVWH[WDOLJQPHQW WDEVWRSV OLQHVSDFLQJ DQGERUGHUV DQG FDQLQFOXGHFKDUDFWHUIRUPDWWLQJ

l #KDUDFWHUVW\OHVDIIHFWVHOHFWHGWH[WZLWKLQDSDUDJUDSK VXFKDV WKHIRQWDQGVL]HRIWH[W RUEROGDQGLWDOLFIRUPDWV

l &UDPHVW\OHVDUHXVHGWRIRUPDWJUDSKLFDQGWH[WIUDPHV LQFOXGLQJZUDSSLQJW\SH ERUGHUV EDFNJURXQGV DQGFROXPQV

l .XPEHULQJVW\OHVDSSO\VLPLODUDOLJQPHQW QXPEHULQJRUEXOOHW FKDUDFWHUV DQGIRQWVWRQXPEHUHGRUEXOOHWHGOLVWV

l #HOOVW\OHVLQFOXGHIRQWV DOLJQPHQW ERUGHUV EDFNJURXQG QXPEHU IRUPDWVIRUH[DPSOH FXUUHQF\ GDWH QXPEHU DQGFHOO SURWHFWLRQ

l 'UDSKLFVVW\OHVLQGUDZLQJVDQGSUHVHQWDWLRQVLQFOXGHOLQH DUHD VKDGRZLQJ WUDQVSDUHQF\ IRQW FRQQHFWRUV GLPHQVLRQLQJ DQG RWKHUDWWULEXWHV

l 0UHVHQWDWLRQVW\OHVLQFOXGHDWWULEXWHVIRUIRQW LQGHQWV VSDFLQJ DOLJQPHQW DQGWDEV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

$LIIHUHQWVW\OHVDUHDYDLODEOHLQWKHYDULRXVFRPSRQHQWVRI//R DV OLVWHGLQ8DEOH /SHQ/IILFHRUJFRPHVZLWKPDQ\SUHGHILQHGVW\OHV=RXFDQXVHWKH VW\OHVDVSURYLGHG PRGLI\WKHP RUFUHDWHQHZVW\OHV DVGHVFULEHGLQ WKLVFKDSWHU

8DEOH7W\OHVDYDLODEOHLQ//RFRPSRQHQWV

.3'!3+!

,%.!,

'

0DJH





0DUDJUDSK



#KDUDFWHU



&UDPH



.XPEHULQJ



#HOO

(+,!--











0UHVHQWDWLRQ 'UDSKLFV

,1

LQFOXGHGLQ &UDPHVW\OHV

>>:G7<5ABG:3A /SHQ/IILFHRUJSURYLGHVVHYHUDOZD\VIRU\RXWRVHOHFWVW\OHVWRDSSO\

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



GRXEOH FOLFNRQWKHQDPHRIWKHVW\OHLQRQHRIWKHVHOLVWV8R DSSO\DFKDUDFWHUVW\OH VHOHFWWKHFKDUDFWHUVILUVW

)7>

!WWKHERWWRPRIWKH7W\OHVDQG&RUPDWWLQJZLQGRZLV DGURSGRZQOLVW)Q&LJXUHWKHZLQGRZVKRZV !XWRPDWLF PHDQLQJWKHOLVWLQFOXGHVRQO\VW\OHV DSSOLHGDXWRPDWLFDOO\E\//R=RXFDQFKRRVHWRVKRZ DOOVW\OHVRURWKHUJURXSVRIVW\OHV IRUH[DPSOHRQO\ FXVWRPVW\OHV

&LJXUH8KH7W\OHVDQG&RUPDWWLQJZLQGRZIRU;ULWHU VKRZLQJ SDUDJUDSKVW\OHV

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

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 8RTXLW&LOO&RUPDWPRGH FOLFNWKH ?BB EHC7JCE:;LFRQDJDLQ RUSUHVVWKH%VFNH\

/CB7=<

;KHQWKLVPRGHLVDFWLYH DULJKW FOLFNDQ\ZKHUHLQ WKHGRFXPHQWXQGRHVWKHODVW&LOO&RUPDWDFWLRQ"H FDUHIXOQRWWRDFFLGHQWDOO\ULJKW FOLFNDQGWKXVXQGR DFWLRQV\RXZDQWWRNHHS

*A7<5B63>>:G(BG:3:7AB !IWHU\RXKDYHXVHGDVW\OHDWOHDVWRQFHLQDGRFXPHQW WKHVW\OH QDPHDSSHDUVRQWKH!SSO\7W\OHOLVWDWWKHOHIW KDQGHQGRIWKH &RUPDWWLQJWRROEDU QH[WWRWKH7W\OHVDQG&RUPDWWLQJLFRQ =RXFDQRSHQWKLVOLVWDQGFOLFNRQFHRQWKHVW\OH\RXZDQW RU\RXFDQ XVHWKHXSDQGGRZQDUURZNH\VWRPRYHWKURXJKWKHOLVWDQGWKHQ SUHVV%QWHUWRDSSO\WKHKLJKOLJKWHGVW\OH

)7>

7HOHFW'EH;

DWWKHERWWRPRIWKHOLVWWRRSHQWKH 7W\OHVDQG&RUPDWWLQJZLQGRZ

&LJXUH8KH!SSO\7W\OHOLVWRQ WKH&RUPDWWLQJWRROEDU

*A7<593G0=/@2A6=@B1CBA 7RPHNH\ERDUGVKRUWFXWVIRUDSSO\LQJVW\OHVDUHSUHGHILQHG&RU H[DPSOH LQ;ULWHU#RQWURO DSSOLHVWKH8H[WERG\ VW\OH #RQWURO  DSSOLHVWKH(HDGLQJVW\OH DQG#RQWURO DSSOLHVWKH(HDGLQJ

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



VW\OH=RXFDQPRGLI\WKHVHVKRUWFXWVDQGFUHDWH\RXURZQVHH #KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ IRULQVWUXFWLRQV

"=274G7<5ABG:3A /SHQ/IILFHRUJSURYLGHVVHYHUDOZD\VWRPRGLI\VW\OHVERWKWKH SUHGHILQHGVW\OHVDQGFXVWRPVW\OHVWKDW\RXFUHDWH 

l l l l

#KDQJLQJDVW\OHXVLQJWKH7W\OHGLDORJ 9SGDWLQJDVW\OHIURPDVHOHFWLRQ 9VH!XWR9SGDWHSDUDJUDSKDQGIUDPHVW\OHVRQO\ ,RDGRUFRS\VW\OHVIURPDQRWKHUGRFXPHQWRUWHPSODWH

)7>

!Q\FKDQJHV\RXPDNHWRDVW\OHDUHHIIHFWLYHRQO\LQ WKHFXUUHQWGRFXPHQW8RFKDQJHVW\OHVLQPRUHWKDQ RQHGRFXPHQW \RXQHHGWRFKDQJHWKHWHPSODWHRU FRS\WKHVW\OHVLQWRWKHRWKHUGRFXPHQWVDVGHVFULEHG RQSDJH

6/<57<5/ABG:3CA7<5B63(BG:327/:=5 8RFKDQJHDQH[LVWLQJVW\OHXVLQJWKH7W\OHGLDORJ ULJKW FOLFNRQWKH UHTXLUHGVW\OHLQWKH7W\OHVDQG&RUPDWWLQJZLQGRZDQGVHOHFW 'E:?
*>2/B7<5/ABG:34@=;/A3:31B7=< 8RXSGDWHDVW\OHIURPDVHOHFWLRQ  /SHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ  )QWKHGRFXPHQW VHOHFWDQLWHPWKDWKDVWKHIRUPDW\RXZDQWWR DGRSWDVDVW\OH

/CB7=<



-DNHVXUHWKDWWKHUHDUHXQLTXHSURSHUWLHVLQWKLV SDUDJUDSK&RUH[DPSOH LIWKHUHDUHWZRGLIIHUHQW IRQWVL]HVRUIRQWVW\OHV WKDWSDUWLFXODUSURSHUW\ZLOO UHPDLQWKHVDPHDVEHIRUH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 )QWKH7W\OHVDQG&RUPDWWLQJZLQGRZ VHOHFWWKHVW\OH\RXZDQW WRXSGDWHVLQJOH FOLFN QRWGRXEOH FOLFN WKHQORQJ FOLFNRQWKH DUURZQH[WWRWKH(;M-JOB;
&LJXUH9SGDWLQJDVW\OHIURPDVHOHFWLRQ

*A7<5CB=*>2/B3 !XWR9SGDWHDSSOLHVWRSDUDJUDSKDQGIUDPHVW\OHVRQO\)IWKH !XWR9SGDWHRSWLRQLVVHOHFWHGRQWKH/UJDQL]HUSDJHRIWKH 0DUDJUDSK7W\OHRU&UDPH7W\OHGLDORJ DSSO\LQJGLUHFWIRUPDWWLQJWR DSDUDJUDSKRUIUDPHXVLQJWKLVVW\OHLQ\RXUGRFXPHQWDXWRPDWLFDOO\ XSGDWHVWKHVW\OHLWVHOI

)7>

)I\RXDUHLQWKHKDELWRIPDQXDOO\RYHUULGLQJVW\OHVLQ \RXUGRFXPHQW EHVXUHWKDW!XWR9SGDWHLVDEJ HQDEOHG

*>2/B7<5ABG:3A4@=;/2=1C;3:/B3 =RXFDQXSGDWHVW\OHVE\FRS\LQJRUORDGLQJWKHPIURPDWHPSODWHRU DQRWKHUGRFXPHQW7HHs#RS\LQJDQGPRYLQJVW\OHVtRQSDJH

@3/B7<5<3E1CAB=;ABG:3A =RXPD\ZDQWWRDGGVRPHQHZVW\OHV=RXFDQGRWKLVLQWZRZD\V

l #UHDWLQJDQHZVW\OHXVLQJWKH7W\OHGLDORJ l #UHDWLQJDQHZVW\OHIURPDVHOHFWLRQ

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



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

@3/B7<5/<3EABG:34@=;/A3:31B7=< =RXFDQFUHDWHDQHZVW\OHE\FRS\LQJDQH[LVWLQJVW\OH8KLVQHZ VW\OHDSSOLHVRQO\WRWKLVGRFXPHQWLWZLOOQRWEHVDYHGLQWKH WHPSODWH  /SHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZDQGFKRRVHWKHW\SHRI VW\OH\RXZDQWWRFUHDWH  )QWKHGRFXPHQW VHOHFWWKHLWHP\RXZDQWWRVDYHDVDVW\OH  )QWKH7W\OHVDQG&RUPDWWLQJZLQGRZ FOLFNRQWKH(;M-JOB;
&LJXUH.DPLQJDQHZVW\OHFUHDWHGIURPDVHOHFWLRQ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

@/557<5/<22@=>>7<5B=1@3/B3/ABG:3 =RXFDQGUDJDQGGURSDWH[WVHOHFWLRQLQWRWKH7W\OHVDQG&RUPDWWLQJ ZLQGRZWRFUHDWHDQHZVW\OH ,@7B3@ 7HOHFWVRPHWH[WDQGGUDJLWWRWKH7W\OHVDQG&RUPDWWLQJZLQGRZ )I0DUDJUDSK7W\OHVDUHDFWLYH WKHSDUDJUDSKVW\OHZLOOEHDGGHG WRWKHOLVW)I#KDUDFWHU7W\OHVDUHDFWLYH WKHFKDUDFWHUVW\OHZLOO EHDGGHGWRWKHOLVW /:1 $UDJDFHOOVHOHFWLRQWRWKH7W\OHVDQG&RUPDWWLQJZLQGRZWR FUHDWHFHOOVW\OHV @/E ;>@3AA 7HOHFWDQGGUDJGUDZLQJREMHFWVWRWKH7W\OHVDQG&RUPDWWLQJ ZLQGRZWRFUHDWHJUDSKLFVVW\OHV

=>G7<5/<2;=D7<5ABG:3A =RXFDQFRS\RUPRYHVW\OHVIURPRQHWHPSODWHRUGRFXPHQWLQWR DQRWKHUWHPSODWHRUGRFXPHQW LQWZRZD\V

l 9VLQJWKH8HPSODWH-DQDJHPHQWGLDORJ l ,RDGLQJVW\OHVIURPDWHPSODWHRUGRFXPHQW

*A7<5B63)3;>:/B3"/
)7>

8RORDGVW\OHVIURPDILOHWKDWLVQRWRSHQ FOLFNWKH ?B;EXWWRQ;KHQ\RXUHWXUQWRWKLVGLDORJ ERWKOLVWV VKRZWKHVHOHFWHGILOHDVZHOODVDOOWKHFXUUHQWO\RSHQ GRFXPHQWV

 /SHQWKHIROGHUVDQGILQGWKHWHPSODWHVIURPDQGWRZKLFK\RX ZDQWWRFRS\$RXEOH FOLFNRQWKHQDPHRIWKHWHPSODWHRU GRFXPHQW DQGWKHQGRXEOH FOLFNWKH7W\OHVLFRQWRVKRZWKHOLVW RILQGLYLGXDOVW\OHV&LJXUH 

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



&LJXUH#KRRVLQJWRFRS\VW\OHVIURPDGRFXPHQW QRWDWHPSODWH  8RFRS\ DVW\OH KROGGRZQWKH#WUONH\DQGGUDJWKHQDPHRIWKH VW\OHIURPRQHOLVWWRWKHRWKHU

/CB7=<

)I\RXGRQRWKROGGRZQWKH#RQWURONH\ZKHQ GUDJJLQJ WKHVW\OHZLOOEHPRYHGIURPRQHOLVWWRWKH RWKHU8KHVW\OHZLOOEHGHOHWHGIURPWKHOLVW\RXDUH GUDJJLQJLWIURP

&LJXUH#RS\LQJDVW\OHIURPRQHGRFXPHQWWRDQRWKHU



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 6HSHDWIRUHDFKVW\OH\RXZDQWWRFRS\)IWKHUHFHLYLQJWHPSODWH RUGRFXPHQWKDVPDQ\VW\OHV \RXPD\QRWVHHDQ\FKDQJHXQOHVV \RXVFUROOGRZQLQWKHOLVW;KHQ\RXDUHILQLVKHG FOLFNBEI;

!=/27<5ABG:3A4@=;/B3;>:/B3=@2=1C;3
&LJXUH#RS\LQJVW\OHVIURPDWHPSODWHLQWRWKHRSHQGRFXPHQW  7HOHFWWKHFDWHJRULHVRIVW\OHVWREHFRSLHG7HOHFW)L;HMH?J;LI \RXZDQWWKHVW\OHVEHLQJFRSLHGWRUHSODFHDQ\VW\OHVRIWKH VDPHQDPHVLQWKHGRFXPHQW\RXvUHFRS\LQJWKHPLQWR  #OLFN)%WRFRS\WKHVW\OHV=RXZLOOQRWVHHDQ\FKDQJHRQ VFUHHQ

#=B3

/CB7=<

8RFRS\WKHVW\OHVIURPDQRWKHUGRFXPHQW FOLFNWKH HEC ?B;EXWWRQWRRSHQDZLQGRZIURPZKLFK\RX FDQVHOHFWWKHUHTXLUHGGRFXPHQW )I\RXUGRFXPHQWKDVDWDEOHRIFRQWHQWV DQGLI\RX KDYHXVHGFXVWRPVW\OHVIRUKHDGLQJV WKHKHDGLQJ OHYHOVDVVRFLDWHGZLWKRXWOLQHOHYHOVLQ.EEBI )KJB?D;(KC8;H?D= ZLOOUHYHUWWRWKHGHIDXOWVRI (HDGLQJ (HDGLQJ DQGVRRQZKHQ\RXORDG VW\OHVWKLV=RXZLOOQHHGWRFKDQJHWKHVHEDFNWR \RXUFXVWRPKHDGLQJVW\OHV8KLVLVDEXJ

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



3:3B7<5ABG:3A =RXFDQQRWUHPRYHGHOHWH DQ\RI//RvVSUHGHILQHGVW\OHVIURPD GRFXPHQWRUWHPSODWH HYHQLIWKH\DUHQRWLQXVH =RXFDQUHPRYHDQ\XVHU GHILQHGFXVWRP VW\OHVEXWEHIRUH\RXGR \RXVKRXOGPDNHVXUHWKHVW\OHVDUHQRWLQXVH)IDQXQZDQWHGVW\OH LVLQXVH \RXZLOOZDQWWRUHSODFHLWZLWKDVXEVWLWXWHVW\OH 8RGHOHWHXQZDQWHGVW\OHV ULJKW FOLFNRQWKHPRQHDWDWLPH LQWKH 7W\OHVDQG&RUPDWWLQJZLQGRZDQGFOLFN;B;J;RQWKHSRS XSPHQX )IWKHVW\OHLVLQXVH \RXUHFHLYHDZDUQLQJPHVVDJH

/CB7=<

-DNHVXUHWKHVW\OHLVQRWLQXVHEHIRUHGHOHWLRQ /WKHUZLVH DOOREMHFWVZLWKWKDWVW\OHZLOOUHWXUQWR WKHGHIDXOWVW\OHDQGUHWDLQWKHLUIRUPDWWLQJDV PDQXDOIRUPDWWLQJ8KLVFDQEHDSUREOHPLQDORQJ GRFXPHQW

)IWKHVW\OHLVQRWLQXVH \RXUHFHLYHDFRQILUPDWLRQPHVVDJHFOLFN 3;I

*A7<5/B3;>:/B3B=1@3/B3/2=1C;3
l 8RSUHYLHZWKHWHPSODWH FOLFNWKH*H;L?;MLFRQ!SUHYLHZ RIWKHWHPSODWHDSSHDUVLQWKHER[RQWKHULJKW

l 8RYLHZWKHWHPSODWHvVSURSHUWLHV FOLFNWKHE9KC;DJ

*HEF;HJ?;ILFRQ8KHWHPSODWHvVSURSHUWLHVDSSHDULQWKH ER[RQWKHULJKW

 #OLFN)F;D 8KH8HPSODWHVDQG$RFXPHQWVGLDORJFORVHVDQGD QHZGRFXPHQWEDVHGRQWKHVHOHFWHGWHPSODWHRSHQVLQ//R 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

=RXFDQWKHQHGLWDQGVDYHWKHQHZGRFXPHQWMXVWDV\RXZRXOG DQ\RWKHUGRFXPHQW

&LJXUH8HPSODWHVDQG$RFXPHQWVZLQGRZ

@3/B7<5/B3;>:/B3 =RXFDQFUHDWH\RXURZQWHPSODWHVLQWZRZD\VIURPDGRFXPHQW DQGXVLQJDZL]DUG

@3/B7<5/B3;>:/B34@=;/2=1C;3
#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



\RXPLJKWVDYH)PSUHVVWHPSODWHVXQGHUWKH*H;I;DJ7J?EDI FDWHJRU\ 8ROHDUQPRUHDERXWWHPSODWHIROGHUV VHHs/UJDQL]LQJ WHPSODWHVtRQSDJH  #OLFN)%WRVDYHWKHQHZWHPSODWH

&LJXUH7DYLQJDQHZWHPSODWH !Q\VHWWLQJVWKDWFDQEHDGGHGWRRUPRGLILHGLQDGRFXPHQWFDQEH VDYHGLQDWHPSODWH&RUH[DPSOH EHORZDUHVRPHRIWKHVHWWLQJV DOWKRXJKQRWDIXOOOLVW WKDWFDQEHLQFOXGHGLQD;ULWHUGRFXPHQW DQGWKHQVDYHGDVDWHPSODWHIRUODWHUXVH

l 0ULQWHUVHWWLQJVZKLFKSULQWHU VLQJOHVLGHGGRXEOHVLGHG DQG SDSHUVL]H DQGVRRQ

l 7W\OHVWREHXVHG LQFOXGLQJFKDUDFWHU SDJH IUDPH QXPEHULQJ DQGSDUDJUDSKVW\OHV

l &RUPDWDQGVHWWLQJVUHJDUGLQJLQGH[HV WDEOHV ELEOLRJUDSKLHV WDEOHRIFRQWHQWV

8HPSODWHVFDQDOVRFRQWDLQSUHGHILQHGWH[W VDYLQJ\RXIURPKDYLQJWR W\SHLWHYHU\WLPH\RXFUHDWHDQHZGRFXPHQW&RUH[DPSOH DOHWWHU WHPSODWHPD\FRQWDLQ\RXUQDPH DGGUHVVDQGVDOXWDWLRQ =RXFDQDOVRVDYHPHQXDQGWRROEDUFXVWRPL]DWLRQVLQWHPSODWHVVHH #KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ IRUPRUHLQIRUPDWLRQ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

@3/B7<5/B3;>:/B3CA7<5/E7H/@2 =RXFDQXVHZL]DUGVWRFUHDWHWHPSODWHVIRUOHWWHUV ID[HV DJHQGDV SUHVHQWDWLRQV DQG;HESDJHV &RUH[DPSOH WKH&D[;L]DUGJXLGHV\RXWKURXJKWKHIROORZLQJ FKRLFHV

l 8\SHRIID[EXVLQHVVRUSHUVRQDO l $RFXPHQWHOHPHQWVOLNHWKHGDWH VXEMHFWOLQHEXVLQHVVID[ VDOXWDWLRQ DQGFRPSOHPHQWDU\FORVH

l /SWLRQVIRUVHQGHUDQGUHFLSLHQWLQIRUPDWLRQEXVLQHVVID[ l 8H[WWRLQFOXGHLQWKHIRRWHUEXVLQHVVID[ 8RFUHDWHDWHPSODWHXVLQJDZL]DUG  &URPWKHPDLQPHQX FKRRVH ?B;1?P7H:I?W\SHRI WHPSODWHUHTXLUHGA

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



27B7<5/B3;>:/B3 =RXFDQHGLWDWHPSODWHvVVW\OHVDQGFRQWHQW DQGWKHQ LI\RXZLVK \RXFDQUHDSSO\WKHWHPSODWHvVVW\OHVWRGRFXPHQWVWKDWZHUHFUHDWHG IURPWKDWWHPSODWH.RWHWKDW\RXFDQRQO\UHDSSO\VW\OHV=RX FDQQRWUHDSSO\FRQWHQW 8RHGLWDWHPSODWH  &URPWKHPDLQPHQX FKRRVH ?B;.;CFB7J;I)H=7D?P;

8KH8HPSODWH-DQDJHPHQWGLDORJRSHQVVHH&LJXUH 

&LJXUH8HPSODWHPDQDJHPHQWGLDORJ  )QWKHER[RQWKHOHIW GRXEOH FOLFNWKHIROGHUWKDWFRQWDLQVWKH WHPSODWHWKDW\RXZDQWWRHGLW!OLVWRIDOOWKHWHPSODWHV FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH  7HOHFWWKHWHPSODWHWKDW\RXZDQWWRHGLW  #OLFNWKHECC7D:IEXWWRQDQGFKRRVH:?JIURPWKHGURS GRZQPHQX  %GLWWKHWHPSODWHMXVWDV\RXZRXOGDQ\RWKHUGRFXPHQW8RVDYH \RXUFKDQJHV FKRRVH ?B;-7L;IURPWKHPDLQPHQX

*>2/B7<5/2=1C;3:/B3 8KHQH[WWLPH\RXRSHQDGRFXPHQWWKDWZDVFUHDWHGIURPWKH FKDQJHGWHPSODWH WKHPHVVDJHLQ&LJXUHDSSHDUV #OLFN3;IWRDSSO\WKHWHPSODWHvVFKDQJHGVW\OHVWRWKHGRFXPHQW #OLFN(ELI\RXGRQRWZDQWWRDSSO\WKHWHPSODWHvVFKDQJHGVW\OHVWR WKHGRFXPHQW;KLFKHYHURSWLRQ\RXFKRRVH WKHPHVVDJHER[FORVHV DQGWKHGRFXPHQWRSHQVLQ//R



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH!SSO\FXUUHQWVW\OHVPHVVDJH

227<5B3;>:/B3ACA7<5B63FB3
(3BB7<5/234/C:BB3; rel="nofollow">:/B3 )I\RXFUHDWHDGRFXPHQWE\FKRRVLQJ ?B;(;M.;NJE9KC;DJ RU-FH;7:I>;;J *H;I;DJ7J?ED RUH7M?D= IURPWKHPDLQPHQX //RFUHDWHVWKHGRFXPHQWIURPWKH$HIDXOWWHPSODWHIRUWKDWW\SHRI GRFXPHQW=RXFDQ KRZHYHU VHWDFXVWRPWHPSODWHWREHWKHGHIDXOW =RXFDQUHVHWWKHGHIDXOWODWHULI\RXFKRRVH

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



&LJXUH.HZO\ DGGHGSDFNDJHRIWHPSODWHV

(3BB7<5/1CAB=;B3;>:/B3/AB63234/C:B =RXFDQVHWDQ\WHPSODWHWREHWKHGHIDXOW DVORQJDVLWLVLQRQHRI WKHIROGHUVGLVSOD\HGLQWKH8HPSODWH-DQDJHPHQWGLDORJ 8RVHWDFXVWRPWHPSODWHDVWKHGHIDXOW  &URPWKHPDLQPHQX FKRRVH ?B;.;CFB7J;I)H=7D?P;

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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

'3A3BB7<5B63234/C:BB3;>:/B3 8RUH HQDEOH//RvV$HIDXOWWHPSODWHIRUDGRFXPHQWW\SHDVWKH GHIDXOW  )QWKH8HPSODWH-DQDJHPHQWGLDORJ FOLFNDQ\IROGHULQWKHER[ RQWKHOHIW  #OLFNWKHECC7D:IEXWWRQDQGFKRRVH,;I;J;<7KBJ .;CFB7J;IURPWKHGURS GRZQPHQX 8KHQH[WWLPHWKDW\RXFUHDWHDGRFXPHQWE\FKRRVLQJ ?B;(;M WKHGRFXPHQWZLOOEHFUHDWHGIURP//RvV$HIDXOWWHPSODWHIRUWKDW GRFXPHQWW\SH

AA=17/B7<5/2=1C;3:/B3 !WWLPHV\RXPLJKWZDQWWRDVVRFLDWHDGRFXPHQWZLWKDGLIIHUHQW WHPSODWH RUSHUKDSV\RXvUHZRUNLQJZLWKDGRFXPHQWWKDWGLGQRW VWDUWIURPDWHPSODWH /QHRIWKHPDMRUDGYDQWDJHVRIXVLQJWHPSODWHVLVWKHHDVHRI XSGDWLQJVW\OHVLQPRUHWKDQRQHGRFXPHQW DVGHVFULEHGRQSDJH )I\RXXSGDWHVW\OHVE\ORDGLQJDQHZVHWRIVW\OHVIURPDGLIIHUHQW WHPSODWHDVGHVFULEHGRQSDJH WKHGRFXPHQWKDVQRDVVRFLDWLRQ ZLWKWKHWHPSODWHIURPZKLFKWKHVW\OHVZHUHORDGHGrVR\RXFDQQRW XVHWKLVPHWKRG;KDW\RXQHHGWRGRLVDVVRFLDWHWKHGRFXPHQWZLWK WKHGLIIHUHQWWHPSODWH =RXFDQGRWKLVLQWZRZD\V)QERWKFDVHV IRUEHVWUHVXOWVWKHQDPHV RIVW\OHVVKRXOGEHWKHVDPHLQWKHH[LVWLQJGRFXPHQWDQGWKHQHZ WHPSODWH)IWKH\DUHQRW \RXZLOOQHHGWRXVH7HDUFKDQG6HSODFHWR UHSODFHROGVW\OHVZLWKQHZRQHV7HH#KDSWHU'HWWLQJ7WDUWHGZLWK ;ULWHU IRUPRUHDERXWUHSODFLQJVW\OHVXVLQJ7HDUFKDQG6HSODFH "3B6=2 8KLVPHWKRGLQFOXGHVDQ\JUDSKLFVDQGZRUGLQJVXFKDVOHJDO QRWLFHV WKDWH[LVWVLQWKHQHZWHPSODWH DVZHOODVLQFOXGLQJVW\OHV)I \RXGRQvWZDQWWKLVPDWHULDO \RXQHHGWRGHOHWHLW  9VH ?B;(;M.;CFB7J;I7D:E9KC;DJI#KRRVHWKH WHPSODWH\RXZDQW)IWKHWHPSODWHKDVXQZDQWHGWH[WRU JUDSKLFVLQLW GHOHWHWKHP  /SHQWKHGRFXPHQW\RXZDQWWRFKDQJH)WRSHQVLQDQHZ ZLQGRZ 0UHVV#RQWURO !WRVHOHFWHYHU\WKLQJLQWKHGRFXPHQW 0DVWHLQWRWKHEODQNGRFXPHQWFUHDWHGLQVWHS  9SGDWHWKHWDEOHRIFRQWHQWV LIWKHUHLVRQH7DYHWKHILOH

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



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

$@5/<7H7<5B3;>:/B3A //RFDQRQO\XVHWHPSODWHVWKDWDUHLQ//RWHPSODWHIROGHUV=RXFDQ FUHDWHQHZ//RWHPSODWHIROGHUVDQGXVHWKHPWRRUJDQL]H\RXU WHPSODWHV DQGLPSRUWWHPSODWHVLQWRWKRVHIROGHUV&RUH[DPSOH \RX PLJKWKDYHRQHWHPSODWHIROGHUIRUUHSRUWWHPSODWHVDQGDQRWKHUIRU OHWWHUWHPSODWHV=RXFDQDOVRH[SRUWWHPSODWHV 8REHJLQ FKRRVH ?B;.;CFB7J;I)H=7D?P;IURPWKHPDLQ PHQX8KH8HPSODWH-DQDJHPHQWGLDORJRSHQV

#=B3

!OOWKHDFWLRQVPDGHE\WKHECC7D:IEXWWRQLQWKH 8HPSODWH-DQDJHPHQWGLDORJFDQEHPDGHDVZHOOE\ ULJKW FOLFNLQJRQWKHWHPSODWHVRUWKHIROGHUV

@3/B7<5/B3;>:/B34=:23@ 8RFUHDWHDWHPSODWHIROGHU  )QWKH8HPSODWH-DQDJHPHQWGLDORJ FOLFNDQ\IROGHU  #OLFNWKHECC7D:IEXWWRQDQGFKRRVH(;MIURPWKHGURS GRZQPHQX!QHZIROGHUFDOOHG9QWLWOHGDSSHDUV  8\SHDQDPHIRUWKHQHZIROGHU DQGWKHQSUHVV%QWHU//RVDYHV WKHIROGHUZLWKWKHQDPHWKDW\RXHQWHUHG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

3:3B7<5/B3;>:/B34=:23@ =RXFDQQRWGHOHWHWHPSODWHIROGHUVVXSSOLHGZLWK//RRULQVWDOOHG XVLQJWKH%[WHQVLRQ-DQDJHU\RXFDQRQO\GHOHWHWHPSODWHIROGHUV WKDW\RXKDYHFUHDWHG 8RGHOHWHDWHPSODWHIROGHU  )QWKH8HPSODWH-DQDJHPHQWGLDORJ VHOHFWWKHIROGHUWKDW\RX ZDQWWRGHOHWH  #OLFNWKHECC7D:IEXWWRQDQGFKRRVH;B;J;IURPWKHGURS GRZQPHQX!PHVVDJHER[DSSHDUVDQGDVNV\RXWRFRQILUPWKH GHOHWLRQ#OLFN3;I

"=D7<5/B3;>:/B3 8RPRYHDWHPSODWHIURPRQHWHPSODWHIROGHUWRDQRWKHUWHPSODWH IROGHU  )QWKH8HPSODWH-DQDJHPHQWGLDORJ GRXEOH FOLFNWKHIROGHUWKDW FRQWDLQVWKHWHPSODWH\RXZDQWWRPRYH!OLVWRIWKHWHPSODWHV FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH  #OLFNWKHWHPSODWHWKDW\RXZDQWWRPRYHDQGGUDJLWWRWKH GHVLUHGIROGHU)I\RXGRQRWKDYHWKHDXWKRULW\WRGHOHWH WHPSODWHVIURPWKHVRXUFHIROGHU WKLVDFWLRQFRSLHVWKHWHPSODWH LQVWHDGRIPRYLQJLW

3:3B7<5/B3;>:/B3 =RXFDQQRWGHOHWHWHPSODWHVVXSSOLHGZLWK//RRULQVWDOOHGXVLQJWKH %[WHQVLRQ-DQDJHU\RXFDQRQO\GHOHWHWHPSODWHVWKDW\RXKDYH FUHDWHGRULPSRUWHG 8RGHOHWHDWHPSODWH  )QWKH8HPSODWH-DQDJHPHQWGLDORJ GRXEOH FOLFNWKHIROGHUWKDW FRQWDLQVWKHWHPSODWH\RXZDQWWRGHOHWH!OLVWRIWKHWHPSODWHV FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH  #OLFNWKHWHPSODWHWKDW\RXZDQWWRGHOHWH  #OLFNWKHECC7D:IEXWWRQDQGFKRRVH;B;J;IURPWKHGURS GRZQPHQX!PHVVDJHER[DSSHDUVDQGDVNV\RXWRFRQILUPWKH GHOHWLRQ#OLFN3;I

;>=@B7<5/B3;>:/B3 )IWKHWHPSODWHWKDW\RXZDQWWRXVHLVLQDGLIIHUHQWORFDWLRQ \RX PXVWLPSRUWLWLQWRDQ//RWHPSODWHIROGHU

#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



8RLPSRUWDWHPSODWHLQWRDWHPSODWHIROGHU  )QWKH8HPSODWH-DQDJHPHQWGLDORJ VHOHFWWKHIROGHULQWRZKLFK \RXZDQWWRLPSRUWWKHWHPSODWH  #OLFNWKHECC7D:IEXWWRQDQGFKRRVH#CFEHJ.;CFB7J; IURPWKHGURS GRZQPHQX!VWDQGDUGILOHEURZVHUZLQGRZ RSHQV  &LQGDQGVHOHFWWKHWHPSODWHWKDW\RXZDQWWRLPSRUWDQGFOLFN )F;D 8KHILOHEURZVHUZLQGRZFORVHVDQGWKHWHPSODWHDSSHDUV LQWKHVHOHFWHGIROGHU  )I\RXZDQW W\SHDQHZQDPHIRUWKHWHPSODWH DQGWKHQSUHVV %QWHU

F>=@B7<5/B3;>:/B3 8RH[SRUWDWHPSODWHIURPDWHPSODWHIROGHUWRDQRWKHUORFDWLRQ  )QWKH8HPSODWH-DQDJHPHQWGLDORJ GRXEOH FOLFNWKHIROGHUWKDW FRQWDLQVWKHWHPSODWH\RXZDQWWRH[SRUW!OLVWRIWKHWHPSODWHV FRQWDLQHGLQWKDWIROGHUDSSHDUVXQGHUQHDWKWKHIROGHUQDPH  #OLFNWKHWHPSODWHWKDW\RXZDQWWRH[SRUW  #OLFNWKHECC7D:IEXWWRQDQGFKRRVHNFEHJ.;CFB7J;IURP WKHGURS GRZQPHQX8KH7DYH!VZLQGRZRSHQV  &LQGWKHIROGHULQWRZKLFK\RXZDQWWRH[SRUWWKHWHPSODWHDQG FOLFN-7L;

F/;>:3A=4ABG:3CA3 8KHIROORZLQJH[DPSOHVRIFRPPRQXVHRISDJHDQGSDUDJUDSKVW\OHV DUHWDNHQIURP;ULWHU8KHUHDUHPDQ\RWKHUZD\VWRXVHVW\OHVVHH WKHJXLGHVIRUWKHYDULRXVFRPSRQHQWVIRUGHWDLOV

347<7<5/27443@3/534=@/2=1C;3
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

7D727<5/2=1C;3B3@A )QDVLPLODUZD\ \RXFDQGLYLGHDGRFXPHQWLQWRFKDSWHUV%DFK FKDSWHUPLJKWVWDUWZLWKWKH&LUVW0DJHVW\OH ZLWKWKHIROORZLQJ SDJHVXVLQJWKH$HIDXOWSDJHVW\OH DVDERYH!WWKHHQGRIWKH FKDSWHU LQVHUWDPDQXDOSDJHEUHDNDQGVSHFLI\WKHQH[WSDJHWR KDYHWKH&LUVW0DJHVW\OHWRVWDUWWKHQH[WFKDSWHU DVVKRZQLQ &LJXUH

&LJXUH$LYLGLQJDGRFXPHQWLQWRFKDSWHUVXVLQJSDJHVW\OHV

6/<57<5>/53=@73
7443@3/53A 0DJHVW\OHVFDQEHVHWXSWRKDYHWKHIDFLQJOHIWDQGULJKWSDJHV PLUURUHGRURQO\ULJKWILUVWSDJHVRIFKDSWHUVDUHRIWHQGHILQHGWREH ULJKW SDJHRQO\ RURQO\OHIW;KHQ\RXLQVHUWDKHDGHURQDSDJHVW\OH VHWXSIRUPLUURUHGSDJHVRUULJKW DQG OHIWSDJHV \RXFDQKDYHWKH FRQWHQWVRIWKHKHDGHUEHWKHVDPHRQDOOSDJHVRUEHGLIIHUHQWRQWKH ULJKWDQGOHIWSDJHV&RUH[DPSOH \RXFDQSXWWKHSDJHQXPEHURQ WKHOHIW KDQGHGJHRIWKHOHIWSDJHVDQGRQWKHULJKW KDQGHGJHRIWKH #KDSWHU9VLQJ7W\OHVDQG8HPSODWHV



ULJKWSDJHV SXWWKHGRFXPHQWWLWOHRQWKHULJKW KDQGSDJHRQO\ RU PDNHRWKHUFKDQJHV

=/530@3/9A/CB=;/B71/::G ;ULWHUDXWRPDWLFDOO\IORZVWH[WIURPRQHSDJHWRWKHQH[W)I\RXGR QRWOLNHWKHGHIDXOWVHWWLQJV \RXFDQFKDQJHWKHP&RUH[DPSOH \RX FDQUHTXLUHDSDUDJUDSKWRVWDUWRQDQHZSDJHRUFROXPQDQGVSHFLI\ WKHVW\OHRIWKHQHZSDJH!W\SLFDOXVHLVIRUFKDSWHUWLWOHVWRDOZD\V VWDUWRQDQHZULJKW KDQGRGG QXPEHUHG SDJH

=;>7:7<5/</CB=;/B71B/0:3=41=
347<7<5/A3?C3<13=4ABG:3A =RXFDQVHWXSRQHSDUDJUDSKVW\OHVRWKDWZKHQ\RXSUHVV%QWHUDW WKHHQGRIWKDWSDUDJUDSK WKHIROORZLQJSDUDJUDSKDXWRPDWLFDOO\KDV WKHVW\OH\RXZLVKDSSOLHGWRLW&RUH[DPSOH \RXFRXOGGHILQHD (HDGLQJSDUDJUDSKWREHIROORZHGE\D8H[W"RG\SDUDJUDSK! PRUHFRPSOH[H[DPSOHZRXOGEH8LWOHIROORZHGE\!XWKRUIROORZHG E\!EVWUDFWIROORZHGE\(HDGLQJIROORZHGE\8H[W"RG\"\VHWWLQJ XSWKHVHVHTXHQFHV \RXFDQDYRLGPDQXDOO\DSSO\LQJVW\OHVLQPRVW FDVHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !;JJ?D=-J7HJ;:M?J> 1H?J;H ;RUGSURFHVVLQJZLWK/SHQ/IILFHRUJ ,6/B7A,@7B3@ ;ULWHULVWKHZRUGSURFHVVRUFRPSRQHQWRI/SHQ/IILFHRUJ//R )Q DGGLWLRQWRWKHXVXDOIHDWXUHVRIDZRUGSURFHVVRUVSHOOFKHFNLQJ WKHVDXUXV K\SKHQDWLRQ DXWRFRUUHFW ILQGDQGUHSODFH DXWRPDWLF JHQHUDWLRQRIWDEOHVRIFRQWHQWVDQGLQGH[HV PDLOPHUJHDQGRWKHUV ;ULWHUSURYLGHVWKHVHLPSRUWDQWIHDWXUHV

l 8HPSODWHVDQGVW\OHVVHH#KDSWHU l 0RZHUIXOSDJHOD\RXWPHWKRGV LQFOXGLQJIUDPHV FROXPQV DQG WDEOHV

l %PEHGGLQJRUOLQNLQJRIJUDSKLFV VSUHDGVKHHWV DQGRWKHU REMHFWV

l "XLOW LQGUDZLQJWRROV l -DVWHUGRFXPHQWVWRJURXSDFROOHFWLRQRIGRFXPHQWVLQWRD VLQJOHGRFXPHQW

l l l l

#KDQJHWUDFNLQJGXULQJUHYLVLRQV $DWDEDVHLQWHJUDWLRQ LQFOXGLQJDELEOLRJUDSK\GDWDEDVH %[SRUWWR0$& LQFOXGLQJERRNPDUNVVHH#KDSWHU !QGPDQ\PRUH

8KHVHIHDWXUHVDUHFRYHUHGLQGHWDLOLQWKH;ULWHU'XLGH

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



)63,@7B3@7
(B/BCA0/@ 8KH;ULWHUVWDWXVEDUSURYLGHVLQIRUPDWLRQDERXWWKHGRFXPHQWDQG FRQYHQLHQWZD\VWRTXLFNO\FKDQJHVRPHGRFXPHQWIHDWXUHV&URP OHIWWRULJKW WKHILHOGVDUHDVIROORZV %/53
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8RHGLWWKHSDJHVW\OH GRXEOH FOLFNRQWKLVILHOG8KH0DJH7W\OH GLDORJRSHQV !/<5C/53 7KRZVWKHODQJXDJHIRUWKHVHOHFWHGWH[W #OLFNWRRSHQDPHQXZKHUH\RXFDQFKRRVHDQRWKHUODQJXDJHIRU WKHVHOHFWHGWH[WRUIRUWKHSDUDJUDSKZKHUHWKHFXUVRULVORFDWHG =RXFDQDOVRFKRRVH(ED;WRH[FOXGHWKHWH[WIURPVSHOOFKHFNLQJ RUFKRRVH'EH;

WRRSHQWKH#KDUDFWHUGLDORJ RRPVOLGHURUFOLFN RQWKH DQGqVLJQVRUFOLFNRQWKHVOLGHULWVHOI=RXFDQDOVR ULJKW FOLFNRQWKH]RRPOHYHOSHUFHQWDJHWRVHOHFWDPDJQLILFDWLRQ YDOXH>RRPLQWHUDFWVZLWKWKHVHOHFWHGYLHZOD\RXWWRGHWHUPLQH KRZPDQ\SDJHVDUHYLVLEOHLQWKHGRFXPHQWZLQGRZ

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



&LJXUH:LHZOD\RXWVVLQJOH VLGH E\ VLGH ERRN

=1C;3RRPVOLGHURQWKH7WDWXVEDU DVGHVFULEHGDERYH)Q0ULQW,D\RXW \RXFDQXVHERWKWKH>RRPVOLGHU DQGWKH:LHZ,D\RXWLFRQVRQWKH7WDWXVEDU =RXFDQDOVRFKRRVH0?;M4EECIURPWKHPHQXEDUWRGLVSOD\WKH >RRP:LHZ,D\RXWGLDORJVHH&LJXUH ZKHUH\RXFDQVHWWKH VDPHRSWLRQVDVRQWKH7WDWXVEDU)Q;HE,D\RXWYLHZ PRVWRIWKH FKRLFHVDUHQRWDYDLODEOH

"=D7<5?C719:GB6@=C56/2=1C;3


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)Q;ULWHU \RXFDQDOVRGLVSOD\WKH.DYLJDWLRQWRROEDUE\FOLFNLQJRQ WKHVPDOO.DYLJDWLRQLFRQQHDUWKHORZHUULJKW KDQGFRUQHURIWKH ZLQGRZEHORZWKHYHUWLFDOVFUROOEDU DVVKRZQLQ&LJXUH

8KH.DYLJDWLRQWRROEDU&LJXUH VKRZVLFRQVIRUDOOWKHREMHFW W\SHVVKRZQLQWKH.DYLJDWRU SOXVVRPHH[WUDVIRUH[DPSOH WKH UHVXOWVRID ?D:FRPPDQG 

&LJXUH.DYLJDWLRQWRROEDU

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



#OLFNDQLFRQWRVHOHFWWKDWREMHFWW\SH.RZDOOWKH*H;L?EKIDQG (;NJLFRQVLQWKH.DYLJDWRULWVHOI LQWKH.DYLJDWLRQ8RROEDU DQGRQ WKHVFUROOEDU ZLOOMXPSWRWKHQH[WREMHFWRIWKHVHOHFWHGW\SH8KLVLV SDUWLFXODUO\KHOSIXOIRUILQGLQJLWHPVOLNHLQGH[HQWULHV ZKLFKFDQEH GLIILFXOWWRVHHLQWKHWH[W8KHQDPHVRIWKHLFRQVVKRZQLQWKH WRROWLSV FKDQJHWRPDWFKWKHVHOHFWHGFDWHJRU\IRUH[DPSOH (;NJ !H7F>?9 (;NJEEAC7HA RUEDJ?DK;I;7H9><EHM7H: &RUPRUHXVHVRIWKH.DYLJDWRULQ;ULWHU VHHWKH;ULWHU'XLGH

,=@97<5E7B62=1C;3
(/D7<5/A/"71@=A=4B,=@247:3 8RVDYHDGRFXPHQWDVD-LFURVRIW;RUGILOH  &LUVWVDYH\RXUGRFXPHQWLQ//RvVIRUPDWRGW )I\RXGRQRW DQ\FKDQJHV\RXPDGHVLQFHWKHODVWWLPH\RXVDYHGZLOODSSHDU RQO\LQWKH-LFURVRIW;RUGYHUVLRQRIWKHGRFXPHQW  8KHQFOLFN ?B;-7L;I8KH7DYH!VZLQGRZ&LJXUH DSSHDUV  )QWKH-7L;7IJOF;GURS GRZQPHQX VHOHFWWKHW\SHRI;RUG IRUPDW\RXQHHG  #OLFN-7L;

&URPWKLVSRLQWRQ DOOFKDQJHV\RXPDNHWRWKHGRFXPHQWZLOORFFXU RQO\LQWKH-LFURVRIW;RUGGRFXPHQW=RXKDYHDFWXDOO\FKDQJHGWKH QDPHRI\RXUGRFXPHQW)I\RXZDQWWRJREDFNWRZRUNLQJZLWKWKH //RYHUVLRQRI\RXUGRFXPHQW \RXPXVWRSHQLWDJDLQ

)7>



8RKDYH VDYHGRFXPHQWVE\GHIDXOWLQWKH -LFURVRIW;RUGILOHIRUPDW JRWR.EEBI)FJ?EDI &E7: -7L;7HHs#KRRVLQJRSWLRQVIRUORDGLQJDQG VDYLQJGRFXPHQWVtLQ#KDSWHU7HWWLQJXS /SHQ/IILFHRUJ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH7DYLQJDILOHLQ-LFURVRIW;RUGIRUPDW

,=@97<5E7B6B3FB ;RUNLQJZLWKWH[WVHOHFWLQJ FRS\LQJ SDVWLQJ PRYLQJ LQ;ULWHULV VLPLODUWRZRUNLQJZLWKWH[WLQDQ\RWKHUSURJUDP//RDOVRKDVVRPH FRQYHQLHQWZD\VWRVHOHFWLWHPVWKDWDUHQRWQH[WWRHDFKRWKHU VHOHFW DYHUWLFDOEORFNRIWH[W DQGSDVWHXQIRUPDWWHGWH[W

(3:31B7<57B3;AB6/B/@3<=B1=
#=B3

-DFLQWRVKXVHUVVXEVWLWXWHWKH#RPPDQGNH\ZKHQ LQVWUXFWLRQVLQWKLVFKDSWHUVD\WRXVHWKH#RQWURONH\

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



&LJXUH7HOHFWLQJLWHPVWKDWDUHQRWQH[WWRHDFKRWKHU 8RVHOHFWQRQFRQVHFXWLYHLWHPVXVLQJWKHNH\ERDUG  7HOHFWWKHILUVWSLHFHRIWH[W&RUPRUHLQIRUPDWLRQDERXW NH\ERDUGVHOHFWLRQRIWH[W VHHWKHWRSLFs.DYLJDWLQJDQG VHOHFWLQJZLWKWKHNH\ERDUGtLQWKH(HOS  0UHVV7KLIW &8KLVSXWV;ULWHULQ!GGPRGH8KHZRUG!$$ DSSHDUVRQWKHVWDWXVEDU  9VHWKHDUURZNH\VWRPRYHWRWKHVWDUWRIWKHQH[WSLHFHRIWH[W WREHVHOHFWHG(ROGGRZQWKH7KLIWNH\DQGVHOHFWWKHQH[WSLHFH RIWH[W  6HSHDWDVRIWHQDVQHHGHG  .RZ\RXFDQZRUNZLWKWKHVHOHFWHGWH[W  0UHVV%VFWRH[LWIURPWKLVPRGH

(3:31B7<5/D3@B71/:0:=19=4B3FB =RXFDQVHOHFWDYHUWLFDOEORFNRUsFROXPQtRIWH[WWKDWLVVHSDUDWHG E\VSDFHVRUWDEVDV\RXPLJKWVHHLQWH[WSDVWHGIURPH PDLOV SURJUDPOLVWLQJV RURWKHUVRXUFHV XVLQJ//RvVEORFNVHOHFWLRQ PRGH8RFKDQJHWREORFNVHOHFWLRQPRGH XVH:?J-;B;9J?ED 'E:;BE9AH;7 RUFOLFNVHYHUDOWLPHVLQWKHVWDWXVEDURQ78$ XQWLOLWFKDQJHVWR",+

.RZKLJKOLJKWWKHVHOHFWLRQ XVLQJPRXVHRUNH\ERDUG DVVKRZQLQ &LJXUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

CBB7<51= rel="nofollow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

&LJXUH0DVWHPHQX

7<27<5/<2@3>:/17<5B3FB/<24=@;/BB7<5 ;ULWHUKDVD&LQGDQG6HSODFHIHDWXUHWKDWDXWRPDWHVWKHSURFHVVRI VHDUFKLQJIRUWH[WLQVLGHDGRFXPHQW)QDGGLWLRQWRILQGLQJDQG UHSODFLQJZRUGVDQGSKUDVHV \RXFDQ

l 9VHUHJXODUH[SUHVVLRQVZLOGFDUGV WRILQH WXQHDVHDUFKVHHWKH (HOSIRUGHWDLOV 

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



l &LQGDQGUHSODFHVSHFLILFIRUPDWWLQJVHHWKH;ULWHU'XLGH  l &LQGDQGUHSODFHSDUDJUDSKVW\OHVVHHWKH;ULWHU'XLGH  8RGLVSOD\WKH&LQG6HSODFHGLDORJ&LJXUH XVHWKHNH\ERDUG VKRUWFXW#RQWURO &RUVHOHFW:?J ?D:,;FB79;

&LJXUH%[SDQGHG&LQG6HSODFHGLDORJ 8\SHWKHWH[W\RXZDQWWRILQGLQWKH-;7H9><EHER[ 8RUHSODFHWKHWH[WZLWKGLIIHUHQWWH[W W\SHWKHQHZWH[WLQWKH ,;FB79;M?J>ER[ =RXFDQVHOHFWYDULRXVRSWLRQVVXFKDVPDWFKLQJWKHFDVH PDWFKLQJ ZKROHZRUGVRQO\ RUGRLQJDVHDUFKIRUVLPLODUZRUGV7HHEHORZIRU VRPHRWKHUFKRLFHV ;KHQ\RXKDYHVHWXS\RXUVHDUFK FOLFN ?D:8RUHSODFHWH[W FOLFN ,;FB79;LQVWHDG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)7>

/CB7=<

)I\RXFOLFN ?D:BB //RVHOHFWVDOOLQVWDQFHVRIWKH VHDUFKWH[WLQWKHGRFXPHQW7LPLODUO\ LI\RXFOLFN ,;FB79;BB //RZLOOUHSODFHDOOPDWFKHV 9VH,;FB79;BBZLWKFDXWLRQRWKHUZLVH \RXPD\ HQGXSZLWKVRPHKLODULRXVDQGKLJKO\ HPEDUUDVVLQJ PLVWDNHV!PLVWDNHZLWK,;FB79;BB PLJKWUHTXLUHDPDQXDO ZRUG E\ ZRUG VHDUFKWRIL[

317/:16/@/1B3@A !VSHFLDOFKDUDFWHULVRQHQRWIRXQGRQDVWDQGDUG%QJOLVKNH\ERDUG &RUH[DPSOH n1obfhpkDUHDOOVSHFLDOFKDUDFWHUV8RLQVHUWD VSHFLDOFKDUDFWHU  0ODFHWKHFXUVRUZKHUH\RXZDQWWKHFKDUDFWHUWRDSSHDU  #OLFN#DI;HJ-F;9?7B>7H79J;HWRRSHQWKH7SHFLDO #KDUDFWHUVZLQGRZ&LJXUH   7HOHFWWKHFKDUDFWHUV\RXZLVKWRLQVHUW LQRUGHU WKHQFOLFN)% 8KHVHOHFWHGFKDUDFWHUVDUHVKRZQLQWKHORZHUOHIWRIWKHGLDORJ !V\RXVHOHFWDFKDUDFWHU LWLVVKRZQRQWKHORZHUULJKW DORQJ ZLWKLWVQXPHULFDOFRGH

&LJXUH8KH7SHFLDO#KDUDFWHUVZLQGRZ ZKHUH\RXFDQLQVHUW VSHFLDOFKDUDFWHUV

#=B3

$LIIHUHQWIRQWVLQFOXGHGLIIHUHQWVSHFLDOFKDUDFWHUV)I \RXGRQRWILQGDSDUWLFXODUVSHFLDOFKDUDFWHU WU\ FKDQJLQJWKH&RQWVHOHFWLRQ

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



)7>

.RWLFHWKDWWKHFKDUDFWHUVVHOHFWHGDSSHDULQWKH ERWWRP OHIWFRUQHURIWKHZLQGRZ

(3BB7<5B/0AB=>A/<27<23
&LJXUH6XOHUVKRZLQJGHIDXOWWDEVWRSV $RXEOH FOLFNRQDEODQNSDUWRIWKHUXOHUWRRSHQWKH)QGHQWV 7SDFLQJSDJHRIWKH0DUDJUDSKGLDORJ$RXEOH FOLFNRQWKHUXOHULWVHOI WRRSHQWKH8DEVSDJHRIWKH0DUDJUDSKGLDORJ&LJXUH DQGILQH WXQHWDEVWRSVHWWLQJV

&LJXUH8KH8DEVSDJHRIWKH0DUDJUDSKGLDORJ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

63197<5A>3::7<5 ;ULWHUSURYLGHVDVSHOOLQJFKHFNHU ZKLFKFDQEHXVHGLQWZRZD\V KJE-F;BB9>;9AFKHFNVHDFKZRUGDVLWLVW\SHGDQGGLVSOD\V DZDY\UHGOLQHXQGHUDQ\PLVVSHOOHGZRUGV;KHQWKHZRUGLV FRUUHFWHG WKHOLQHGLVDSSHDUV 8RSHUIRUPDVHSDUDWHVSHOOLQJFKHFNRQWKHGRFXPHQWRUD WH[WVHOHFWLRQ FOLFNWKH-F;BB9>;9AEXWWRQ8KLVFKHFNVWKH GRFXPHQWRUVHOHFWLRQDQGRSHQVWKH7SHOOFKHFNGLDORJLIDQ\ PLVVSHOOHGZRUGVDUHIRXQG (HUHDUHVRPHPRUHIHDWXUHVRIWKHVSHOOLQJFKHFNHU

l 6LJKW FOLFNRQDZRUGZLWKDZDY\XQGHUOLQHWRRSHQDPHQX)I

\RXVHOHFWIURPWKHVXJJHVWHGZRUGVRQWKHPHQX WKHVHOHFWLRQ ZLOOUHSODFHWKHPLVVSHOOHGZRUGLQ\RXUWH[W

l =RXFDQFKDQJHWKHGLFWLRQDU\ODQJXDJHIRUH[DPSOH WR7SDQLVK &UHQFKRU'HUPDQ RQWKH7SHOOFKHFNGLDORJ

l =RXFDQDGGDZRUGWRWKHGLFWLRQDU\#OLFN::LQWKH7SHOOFKHFN GLDORJDQGSLFNWKHGLFWLRQDU\WRDGGLWWR

l 8KH/SWLRQVGLDORJRIWKH7SHOOFKHFNWRROKDVDQXPEHURI GLIIHUHQWRSWLRQVVXFKDVZKHWKHUWRFKHFNXSSHUFDVHZRUGVDQG ZRUGVZLWKQXPEHUV)WDOVRDOORZV\RXWRPDQDJHFXVWRP GLFWLRQDULHV WKDWLV DGGRUGHOHWHGLFWLRQDULHV DQGDGGRUGHOHWH ZRUGVLQDGLFWLRQDU\

l /QWKH&RQWWDERIWKH0DUDJUDSK7W\OHVGLDORJ \RXFDQVHW SDUDJUDSKVWREHFKHFNHGLQDVSHFLILFODQJXDJHGLIIHUHQWIURP WKHUHVWRIWKHGRFXPHQW 7HH#KDSWHU;RUNLQJZLWK7W\OHV LQ WKH;ULWHU'XLGHIRUPRUHLQIRUPDWLRQ

*A7<5:/<5C/53B==:A //RSURYLGHVVRPHWRROVWKDWPDNH\RXUZRUNHDVLHULI\RXPL[ PXOWLSOHODQJXDJHVZLWKLQWKHVDPHGRFXPHQWRUZULWHGRFXPHQWVLQ YDULRXVODQJXDJHV =RXFDQVHWWKHODQJXDJHIRUWKHZKROHGRFXPHQW VHOHFWHG SDUDJUDSKV RUHYHQLQGLYLGXDOZRUGVRUFKDUDFWHUV)QYHUVLRQV HDUOLHUWKDQ//RLWZDVQHFHVVDU\WRXVHVW\OHVLQRUGHUWRLQVHUW ZLWKLQDGRFXPHQWSDUDJUDSKVRULQGLYLGXDOJURXSVRIFKDUDFWHUVWKDW XVHDGLIIHUHQWODQJXDJH ZKLOHQRZWKLVFDQEHFRQYHQLHQWO\GRQH IURPWKHPDLQPHQX

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



)7>

9VLQJFKDUDFWHUDQGSDUDJUDSKVW\OHVLVVWLOOWKH SUHIHUUHGPHWKRG DVVW\OHVDOORZDJUHDWHUOHYHORI FRQWURODQGPDNHFKDQJLQJWKHODQJXDJHPXFKIDVWHU 7HH#KDSWHU;RUNLQJZLWK7W\OHV LQWKH;ULWHU 'XLGHIRULQIRUPDWLRQRQKRZWRPDQDJHWKHODQJXDJH VHWWLQJVRIDVW\OH

8KHPDLQDGYDQWDJHRIFKDQJLQJWKHODQJXDJHLVWKDW\RXFDQWKHQ XVHWKHFRUUHFWGLFWLRQDULHVWRFKHFNVSHOOLQJDQGDSSO\WKHORFDOL]HG YHUVLRQVRI!XWRFRUUHFWUHSODFHPHQWWDEOHV WKHVDXUXV DQG K\SKHQDWLRQUXOHV 8KHODQJXDJHWRROVFDQEHIRXQGLQ.EEBI&7D=K7=;IRQWKHPDLQ PHQX DVVKRZQLQ&LJXUH

8KHIROORZLQJRSWLRQVDUHDYDLODEOH

l

EHI;B;9J?EDVHOHFWWKLVRSWLRQWRDSSO\DVSHFLILHGODQJXDJHWR WKHVHOHFWHGWH[WWKHVHOHFWLRQFDQFRPSULVHRQO\DIHZ FKDUDFWHUVRUVHYHUDOSDUDJUDSKV 

l

EHF7H7=H7F>VHOHFWWKLVRSWLRQWRDSSO\WKHVSHFLILHGODQJXDJH WRWKHSDUDJUDSKZKHUHWKHFXUVRULVORFDWHG

l

EH7BBJ;NJVHOHFWWKLVRSWLRQWRDSSO\WKHVSHFLILHGODQJXDJHWR DOOWKHGRFXPHQW

!QDOWHUQDWLYHZD\WRFKDQJHWKHODQJXDJHRIDZKROHGRFXPHQWLVWR XVH.EEBI)FJ?EDI&7D=K7=;-;JJ?D=I&7D=K7=;I)QWKH $HIDXOWODQJXDJHVIRUGRFXPHQWVVHFWLRQRIWKH/SWLRQVGLDORJ &LJXUH \RXFDQFKRRVHDGLIIHUHQWODQJXDJHIRUDOOWKHWH[W



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

/CB7=<

9QOLNHWKHPHQXWRROWKDWDSSOLHVWRWKHLQGLYLGXDO GRFXPHQW DFKDQJHLQWKHGHIDXOWODQJXDJHIURP WKH)FJ?EDIGLDORJLVDJHQHUDOFKDQJHRIVHWWLQJVRI //RDQGZLOOWKHUHIRUHDSSO\WRDOOWKHGRFXPHQWV FUHDWHGLQWKHIXWXUH)I\RXZDQWWRFKDQJHWKH ODQJXDJHIRUWKHFXUUHQWGRFXPHQWRQO\ EHVXUHWR VHOHFWWKH&RUWKHFXUUHQWGRFXPHQWRQO\RSWLRQ

7SHOOFKHFNLQJLVDYDLODEOHRQO\IRUWKRVHODQJXDJHVLQWKHOLVWWKDW KDYHWKHV\PERO QH[WWRWKHP)I\RXGRQRWVHHWKHV\PEROQH[WWR \RXUSUHIHUUHGODQJXDJH \RXFDQLQVWDOOWKHDGGLWLRQDOGLFWLRQDU\ XVLQJ.EEBI&7D=K7=;I'EH;:?9J?ED7H?;IEDB?D;

8KHODQJXDJHXVHGIRUFKHFNLQJVSHOOLQJLVDOVRVKRZQLQWKHVWDWXV EDU QH[WWRWKHSDJHVW\OHLQXVH =RXFDQDOVRFRQILJXUHWKHODQJXDJHIRUDSDUDJUDSKRUDJURXSRI FKDUDFWHUVDV(ED;8KLVRSWLRQLVSDUWLFXODUO\XVHIXOLQWKHFDVH ZKHUH\RXLQVHUWLQWKHGRFXPHQWWH[WWKDW\RXGRQRWZDQWWR VSHOOFKHFN VXFKDVZHEDGGUHVVHVRUSURJUDPPLQJODQJXDJH VQLSSHWV

*A7<5CB==@@31B ;ULWHUvV!XWR#RUUHFWIXQFWLRQKDVDORQJOLVWRIFRPPRQPLVVSHOOLQJV DQGW\SLQJHUURUV ZKLFKLWFRUUHFWVDXWRPDWLFDOO\&RUH[DPSOH sKWHt ZLOOEHFKDQJHGWRsWKHt7HOHFW.EEBIKJEEHH;9JWRRSHQWKH !XWR#RUUHFWGLDORJ8KHUH\RXFDQGHILQHZKLFKVWULQJVRIWH[WDUH FRUUHFWHGDQGKRZ)QPRVWFDVHV WKHGHIDXOWVDUHILQH

)7>

!XWR#RUUHFWLVWXUQHGRQE\GHIDXOW8RWXUQLWRII XQFKHFN EHC7JKJE EHC7J1>?B;.OF?D=

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



8RVWRS;ULWHUIURPUHSODFLQJDVSHFLILFVSHOOLQJ XVH.EEBI KJEEHH;9J,;FB79; KLJKOLJKWWKHZRUGSDLUDQGFOLFN;B;J; 8RDGGDQHZVSHOOLQJWRFRUUHFW W\SHLWLQWRWKH6HSODFHDQG;LWK ER[HVDQGFOLFN(;M 7HHWKHGLIIHUHQWWDEVRIWKHGLDORJIRUWKHZLGHYDULHW\RIRWKHU RSWLRQVDYDLODEOHWRILQH WXQH!XWR#RUUHFW

)7>

!XWR#RUUHFWFDQEHXVHGDVDTXLFNZD\WRLQVHUW VSHFLDOFKDUDFWHUV&RUH[DPSOH F ZLOOEH DXWRFRUUHFWHGWRn=RXFDQDGG\RXURZQVSHFLDO FKDUDFWHUV

*A7<5E=@21=;>:3B7=< )I;RUG#RPSOHWLRQLVHQDEOHG ;ULWHUWULHVWRJXHVVZKLFKZRUG\RX DUHW\SLQJDQGRIIHUVWRFRPSOHWHWKHZRUGIRU\RX8RDFFHSWWKH VXJJHVWLRQ SUHVV%QWHU/WKHUZLVHFRQWLQXHW\SLQJ

)7>

-DQ\SHRSOHSUHIHUQRWWRXVH;RUG#RPSOHWLRQ)I \RXGRQRWZDQWWRXVHLW VHOHFW.EEBIKJEEHH;9J 1EH:ECFB;J?EDDQGXQFKHFN%QDEOH;RUG #RPSOHWLRQ

=RXFDQFXVWRPL]HZRUGFRPSOHWLRQIURPWKH.EEBIKJEEHH;9J 1EH:ECFB;J?EDSDJH

l !GGDSSHQG DVSDFHDXWRPDWLFDOO\DIWHUDQDFFHSWHGZRUG l 7KRZWKHVXJJHVWHGZRUGDVDWLSKRYHULQJRYHUWKHZRUG UDWKHU WKDQFRPSOHWLQJWKHWH[WDV\RXW\SH

l #KDQJHWKHPD[LPXPQXPEHURIZRUGVUHPHPEHUHGIRUZRUG FRPSOHWLRQDQGWKHOHQJWKRIWKHVPDOOHVWZRUGVWREH UHPHPEHUHG

l $HOHWHVSHFLILFHQWULHVIURPWKHZRUGFRPSOHWLRQOLVW l #KDQJHWKHNH\WKDWDFFHSWVDVXJJHVWHGHQWU\rWKHRSWLRQVDUH 6LJKWDUURZ %QGNH\ 6HWXUQ%QWHU DQG7SDFHEDU

#=B3



!XWRPDWLFZRUGFRPSOHWLRQRQO\RFFXUVDIWHU\RXW\SH DZRUGIRUWKHVHFRQGWLPHLQDGRFXPHQW

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

*A7<5CB=)3FB !XWR8H[WDOORZV\RXWRDVVLJQWH[W WDEOHV JUDSKLFVDQGRWKHULWHPVWR DNH\FRPELQDWLRQ&RUH[DPSOH UDWKHUWKDQW\SLQJs7HQLRU -DQDJHPHQWtHYHU\WLPH\RXXVHWKDWSKUDVH \RXPLJKWMXVWW\SH sVPtDQGSUHVV&/U\RXFDQVDYHDIRUPDWWHG.RWHOLNHWKHRQHRQ WKLVSDJH DV!XWR8H[WDQGWKHQLQVHUWDFRS\E\W\SLQJsQRWHtDQG SUHVVLQJ&  8RDVVLJQVRPHWH[WWRDQ!XWR8H[WVKRUWFXW  8\SHWKHWH[WLQWR\RXUGRFXPHQW  7HOHFWWKHWH[WVRLWLVKLJKOLJKWHG  7HOHFW:?JKJE.;NJRUSUHVV#RQWURO &   %QWHUDQDPHIRU\RXUVKRUWFXW;ULWHUZLOOVXJJHVWDRQH OHWWHU VKRUWFXW ZKLFK\RXFDQFKDQJH  #OLFNWKHKJE.;NJEXWWRQRQWKHULJKWDQGVHOHFW(;MJ;NJ EDBOIURPWKHPHQX  #OLFNBEI;WRUHWXUQWR\RXUGRFXPHQW

)7>

)IWKHRQO\RSWLRQXQGHUWKH!XWR8H[WEXWWRQLV)PSRUW HLWKHU\RXKDYHQRWHQWHUHGDQDPHIRU\RXU!XWR8H[W RUWKHUHLVQRWH[WVHOHFWHGLQWKHGRFXPHQW

!XWR8H[WLVHVSHFLDOO\SRZHUIXOZKHQDVVLJQHGWRILHOGV7HH#KDSWHU ;RUNLQJZLWK&LHOGV LQWKH;ULWHU'XLGHIRUPRUHLQIRUPDWLRQ

/13A =RXFDQLQVHUWDGDVKE\XVLQJWKH7SHFLDO#KDUDFWHUVZLQGRZRUE\ XVLQJ!XWR#RUUHFW&RUPRUHDERXW!XWR#RUUHFW VHHs#RQWUROOLQJ ///vV!XWR#RUUHFWIXQFWLRQVtLQ#KDSWHU7HWWLQJXS /SHQ/IILFHRUJ DQGs9VLQJ!XWR#RUUHFWtRQSDJHLQWKLVFKDSWHU q

LVDQHQ GDVKWKDWLV DGDVKWKHZLGWKRIWKHOHWWHUsQtLQWKH IRQW\RXDUHXVLQJ)WLV9 VFUROOGRZQWRWKH'HQHUDO 0XQFWXDWLRQVHFWLRQLQWKH7SHFLDO#KDUDFWHUVZLQGRZ 8RHQWHU DQHQ GDVKXVLQJ!XWR#RUUHFW W\SHDWOHDVWRQHFKDUDFWHU D VSDFH RQHRUWZRK\SKHQV DQRWKHUVSDFH DQGDWOHDVWRQHPRUH OHWWHU WKHQDVSDFH8KHRQHRUWZRK\SKHQVZLOOEHUHSODFHGE\ DQHQ GDVK

r LVDQHP GDVKWKDWLV DGDVKWKHZLGWKRIWKHOHWWHUsPtLQWKH IRQW\RXDUHXVLQJ)WLV9 8RHQWHULWXVLQJ!XWR#RUUHFW W\SHDWOHDVWRQHFKDUDFWHU WZRK\SKHQV DQGDWOHDVWRQHPRUH FKDUDFWHU WKHQDVSDFH8KHWZRK\SKHQVZLOOEHUHSODFHGE\DQ HP GDVK #KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



8RLQVHUWDQRQ EUHDNLQJVSDFHWRNHHSFKDUDFWHUVWRJHWKHU IRU H[DPSOHLQDWHOHSKRQHQXPEHU SUHVV#RQWURO 7SDFHRQWKH NH\ERDUG

=@;/BB7<5B3FB *A7<5ABG:3A 7W\OHVDUHFHQWUDOWRXVLQJ;ULWHU7W\OHVHQDEOH\RXWRHDVLO\IRUPDW \RXUGRFXPHQWFRQVLVWHQWO\ DQGWRFKDQJHWKHIRUPDWZLWKPLQLPDO HIIRUW/IWHQ ZKHQ\RXIRUPDW\RXUGRFXPHQWLQ;ULWHU \RXDUH XVLQJVW\OHVZKHWKHU\RXUHDOL]HLWRUQRW!VW\OHLVDQDPHGVHWRI IRUPDWWLQJRSWLRQV;ULWHUGHILQHVVHYHUDOW\SHVRIVW\OHV IRUGLIIHUHQW W\SHVRIHOHPHQWVFKDUDFWHUV SDUDJUDSKV SDJHV IUDPHV DQGOLVWV 7HH#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV 

=@;/BB7<5>/@/5@/>6A =RXFDQDSSO\PDQ\IRUPDWVWRSDUDJUDSKVXVLQJWKHEXWWRQVRQWKH &RUPDWWLQJWRROEDU&LJXUHVKRZVWKH&RUPDWWLQJWRROEDUDVD IORDWLQJWRROEDU FXVWRPL]HGWRVKRZRQO\WKHEXWWRQVIRUSDUDJUDSK IRUPDWWLQJ

)7>

)WLVKLJKO\UHFRPPHQGHGWKDW\RXXVHSDUDJUDSK VW\OHVUDWKHUWKDQPDQXDOO\IRUPDWWLQJSDUDJUDSKV HVSHFLDOO\IRUORQJRUVWDQGDUGL]HGGRFXPHQWV&RU LQIRUPDWLRQRQWKHDGYDQWDJHVRIVW\OHV DQGKRZWR XVHWKHP VHH#KDSWHU;RUNLQJZLWK7W\OHV LQWKLV ERRNDQG#KDSWHUVDQGLQWKH;ULWHU'XLGH

&$)-"($ %'#))!$!$%+ &&"-)-"

"!$)  $)'

    

"!$! ) *()!! !$&!$  !$&!$  !$&!$ 





*#'!$$ *"")($

'($$) $'($$) ''& %'#)!"%

&LJXUH8KH&RUPDWWLQJWRROEDU VKRZLQJLFRQVIRUSDUDJUDSK IRUPDWWLQJ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KHDSSHDUDQFHRIWKHLFRQVPD\YDU\ZLWK\RXURSHUDWLQJV\VWHP DQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ.EEBI)FJ?EDI )F;D)<
&LJXUH$LIIHUHQWWH[WDOLJQPHQWRSWLRQV

=@;/BB7<516/@/1B3@A =RXFDQDSSO\PDQ\IRUPDWVWRFKDUDFWHUVXVLQJWKHEXWWRQVRQWKH &RUPDWWLQJWRROEDU&LJXUHVKRZVWKH&RUPDWWLQJWRROEDUDVD IORDWLQJWRROEDU FXVWRPL]HGWRVKRZRQO\WKHEXWWRQVIRUFKDUDFWHU IRUPDWWLQJ

)7>

)WLVKLJKO\UHFRPPHQGHGWKDW\RXXVHFKDUDFWHU VW\OHVUDWKHUWKDQPDQXDOO\IRUPDWWLQJFKDUDFWHUV&RU LQIRUPDWLRQRQWKHDGYDQWDJHVRIVW\OHV DQGKRZWR XVHWKHP VHH#KDSWHU)QWURGXFWLRQWR7W\OHV LQWKH ;ULWHU'XLGH

8KHDSSHDUDQFHRIWKHLFRQVPD\YDU\ZLWK\RXURSHUDWLQJV\VWHP DQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ.EEBI)FJ?EDI )F;D)<
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



)7>

8RUHPRYHPDQXDOIRUPDWWLQJ VHOHFWWKHWH[WDQGFOLFN EHC7J;<7KBJ EHC7JJ?D= RUULJKW FOLFNDQG VHOHFW;<7KBJ EHC7JJ?D=

CB=4=@;/BB7<5 =RXFDQVHW;ULWHUWRDXWRPDWLFDOO\IRUPDWSDUWVRIDGRFXPHQW DFFRUGLQJWRWKHFKRLFHVPDGHRQWKH/SWLRQVSDJHRIWKH !XWR#RUUHFWGLDORJ.EEBIKJEEHH;9J)FJ?EDI 

)7>

)I\RXQRWLFHXQH[SHFWHGIRUPDWWLQJFKDQJHV RFFXUULQJLQ\RXUGRFXPHQW WKLVLVWKHILUVWSODFHWR ORRNIRUWKHFDXVH

7RPHFRPPRQXQZDQWHGRUXQH[SHFWHGIRUPDWWLQJFKDQJHVLQFOXGH

l (RUL]RQWDOOLQHV)I\RXW\SHWKUHHRUPRUHK\SKHQV

XQGHUVFRUHVCCC RUHTXDOVLJQV RQDOLQHDQGWKHQSUHVV %QWHU WKHSDUDJUDSKLVUHSODFHGE\DKRUL]RQWDOOLQHDVZLGHDV WKHSDJH8KHOLQHLVDFWXDOO\WKHORZHUERUGHURIWKHSUHFHGLQJ SDUDJUDSK

l "XOOHWHGDQGQXPEHUHGOLVWV!EXOOHWHGOLVWLVFUHDWHGZKHQ\RX W\SHDK\SKHQ VWDU RUSOXVVLJQ IROORZHGE\DVSDFHRU WDEDWWKHEHJLQQLQJRIDSDUDJUDSK!QXPEHUHGOLVWLVFUHDWHG ZKHQ\RXW\SHDQXPEHUIROORZHGE\DSHULRG IROORZHGE\D VSDFHRUWDEDWWKHEHJLQQLQJRIDSDUDJUDSK!XWRPDWLF QXPEHULQJLVRQO\DSSOLHGWRSDUDJUDSKVIRUPDWWHGZLWKWKH $HIDXOW 8H[WERG\RU8H[WERG\LQGHQWSDUDJUDSKVW\OHV 8RWXUQDXWRIRUPDWWLQJRQRURII JRWR EHC7JKJE EHC7JDQG VHOHFWRUGHOHWHWKHLWHPVRQWKHVXEPHQX

@3/B7<5
l 9VHDXWRIRUPDWWLQJ DVGHVFULEHGDERYH l 9VHOLVWQXPEHULQJ VW\OHV DVGHVFULEHGLQ#KDSWHUV

)QWURGXFWLRQWR7W\OHV DQG;RUNLQJZLWK7W\OHV LQWKH;ULWHU 'XLGH

l 9VHWKH.XPEHULQJDQG"XOOHWVLFRQVRQWKHSDUDJUDSK

IRUPDWWLQJWRROEDUVHH&LJXUH 8KLVPHWKRGLVGHVFULEHGKHUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8RSURGXFHDQXPEHUHGRUEXOOHWHGOLVW VHOHFWWKHSDUDJUDSKVLQWKH OLVW DQGWKHQFOLFNWKHDSSURSULDWHLFRQRQWKHWRROEDU

#=B3

)WLVDPDWWHURISHUVRQDOSUHIHUHQFHZKHWKHU\RXW\SH \RXULQIRUPDWLRQILUVW WKHQDSSO\.XPEHULQJ"XOOHWV RUDSSO\WKHPDV\RXW\SH

-%)#.$!/''!.-) /(!,%)#.**', =RXFDQFUHDWHQHVWHGOLVWVZKHUHRQHRUPRUHOLVWLWHPVKDVDVXEOLVW XQGHULW DVLQDQRXWOLQH E\XVLQJWKHEXWWRQVRQWKH"XOOHWVDQG .XPEHULQJWRROEDU&LJXUH =RXFDQPRYHLWHPVXSRUGRZQWKH OLVW RUFUHDWHVXESRLQWV DQGHYHQFKDQJHWKHVW\OHRIEXOOHWV9VH 0?;M.EEB87HIKBB;JI7D:(KC8;H?D=WRVHHWKHWRROEDU 8KHDSSHDUDQFHRIWKHLFRQVPD\YDU\ZLWK\RXURSHUDWLQJV\VWHP DQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ.EEBI)FJ?EDI )F;D)<
G>63
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



&LJXUH-RGLI\LQJDVW\OH  /QWKH0DUDJUDSK7W\OHGLDORJ JRWRWKH.;NJ BEMSDJHVHH &LJXUH   9QGHU(\SKHQDWLRQ VHOHFWRUGHVHOHFWWKHKJEC7J?97BBO RSWLRQ#OLFN)%WRVDYH

#=B3

8XUQLQJRQK\SKHQDWLRQIRUWKH$HIDXOWSDUDJUDSK VW\OHDIIHFWVDOORWKHUSDUDJUDSKVW\OHVWKDWDUHEDVHG RQ$HIDXOW=RXFDQLQGLYLGXDOO\FKDQJHRWKHUVW\OHVVR WKDWK\SKHQDWLRQLVQRWDFWLYHIRUH[DPSOH \RXPLJKW QRWZDQWKHDGLQJVWREHK\SKHQDWHG!Q\VW\OHVWKDW DUHQRWEDVHGRQ$HIDXOWDUHQRWDIIHFWHG&RUPRUHRQ SDUDJUDSKVW\OHV VHH#KDSWHU)QWURGXFWLRQWR 7W\OHV DQG#KDSWHU;RUNLQJZLWK7W\OHV LQWKH ;ULWHU'XLGH

&LJXUH8XUQLQJRQDXWRPDWLFK\SKHQDWLRQ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

=RXFDQDOVRVHWK\SKHQDWLRQFKRLFHVWKURXJK.EEBI)FJ?EDI &7D=K7=;-;JJ?D=I1H?J?D=?:I)Q/SWLRQV QHDUWKHERWWRPRI WKHGLDORJ VFUROOGRZQWRWKHILQGWKHK\SKHQDWLRQVHWWLQJV&LJXUH  

&LJXUH7HWWLQJK\SKHQDWLRQRSWLRQV

#=B3

(\SKHQDWLRQRSWLRQVVHWRQWKH;ULWLQJ!LGVGLDORJ DUHHIIHFWLYHRQO\LIK\SKHQDWLRQLVWXUQHGRQWKURXJK SDUDJUDSKVW\OHV #KRLFHVRQWKH;ULWLQJ!LGVGLDORJIRUsFKDUDFWHUV EHIRUHOLQHEUHDNtDQGsFKDUDFWHUVDIWHUOLQHEUHDNt RYHUULGHVHWWLQJVLQSDUDJUDSKVVW\OHVIRUsFKDUDFWHUV DWOLQHHQGtDQGsFKDUDFWHUVDWOLQHEHJLQt

8RHQWHUDFRQGLWLRQDOK\SKHQLQVLGHDZRUG SUHVV#RQWURO PLQXV VLJQ8KHZRUGLVK\SKHQDWHGDWWKLVSRVLWLRQZKHQLWLVDWWKHHQGRI WKHOLQH HYHQLIDXWRPDWLFK\SKHQDWLRQIRUWKLVSDUDJUDSKLVVZLWFKHG RII 8RLQVHUWDQRQ EUHDNLQJK\SKHQ SUHVV#RQWURO 7KLIW PLQXVVLJQ

*<2=7<5/<2@32=7<516/<53A 8RXQGRWKHPRVWUHFHQWFKDQJH SUHVV#RQWURO> RUFOLFNWKH9QGR :?J/D:EIURPWKH 8KH%GLWPHQXVKRZVWKHODWHVWFKDQJHWKDWFDQEHXQGRQH DVVKRZQ LQ&LJXUH

&LJXUH%GLW9QGRODVWDFWLRQ #KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



#OLFNWKHVPDOOWULDQJOHWRWKHULJKWRIWKH/D:ELFRQWRJHWDOLVWRI DOOWKHFKDQJHVWKDWFDQEHXQGRQH&LJXUH =RXFDQVHOHFW PXOWLSOHFKDQJHVDQGXQGRWKHPDWWKHVDPHWLPH

&LJXUH,LVWRIDFWLRQVWKDWFDQEHXQGRQH !IWHUFKDQJHVKDYHEHHQXQGRQH ,;:EEHFRPHVDFWLYH8RUHGRD FKDQJH VHOHFW:?J,;:E RUSUHVV#RQWURO =RUFOLFNRQWKH6HGR WRJHWDOLVWRIWKHFKDQJHVWKDWFDQEHUHDSSOLHG 8RPRGLI\WKHQXPEHURIFKDQJHV/SHQ/IILFHRUJUHPHPEHUV VHOHFW .EEBI)FJ?EDI)F;D)<
=@;/BB7<5>/53A ;ULWHUSURYLGHVVHYHUDOZD\VIRU\RXWRFRQWUROSDJHOD\RXWVSDJH VW\OHV FROXPQV IUDPHV WDEOHV DQGVHFWLRQV &RUPRUHLQIRUPDWLRQ VHH#KDSWHU&RUPDWWLQJ0DJHV LQWKH;ULWHU 'XLGH

)7>



0DJHOD\RXWLVXVXDOO\HDVLHULI\RXVKRZWH[W REMHFW WDEOH DQGVHFWLRQERXQGDULHVLQ.EEBI)FJ?EDI )F;D)<
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

,6716:/G=CB;3B6=2B=16==A3 8KHEHVWOD\RXWPHWKRGYDULHVGHSHQGLQJRQZKDWWKHILQDOGRFXPHQW VKRXOGORRNOLNHDQGZKDWVRUWRILQIRUPDWLRQZLOOEHLQWKHGRFXPHQW (HUHDUHVRPHH[DPSOHV &RUDERRNVLPLODUWRWKLV XVHUJXLGH ZLWKRQH FROXPQRIWH[W VRPH ILJXUHVZLWKRXWWH[WEHVLGH WKHP DQGVRPHRWKHU ILJXUHVZLWKGHVFULSWLYH WH[W XVHSDJHVW\OHVIRU EDVLFOD\RXW DQGWDEOHVWR SODFHILJXUHVEHVLGH GHVFULSWLYHWH[WZKHQ QHFHVVDU\

&RUDQLQGH[RURWKHU GRFXPHQWZLWKWZR FROXPQVRIWH[W ZKHUHWKH WH[WFRQWLQXHVIURPWKH OHIW KDQGFROXPQWRWKH ULJKW KDQGFROXPQDQG WKHQWRWKHQH[WSDJH DOOLQ VHTXHQFHDOVRNQRZQDV sVQDNLQJFROXPQVtRIWH[W XVHSDJHVW\OHVZLWKWZR FROXPQV )IWKHWLWOHRIWKH GRFXPHQWRQWKHILUVW SDJH LVIXOO SDJHZLGWK SXWLWLQDVLQJOH FROXPQ VHFWLRQ

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



&RUDQHZVOHWWHUZLWK FRPSOH[OD\RXW WZRRU WKUHHFROXPQVRQWKHSDJH DQGVRPHDUWLFOHVWKDW FRQWLQXHIURPRQHSDJHWR VRPHSODFHVHYHUDOSDJHV ODWHU XVHSDJHVW\OHVIRU EDVLFOD\RXW0ODFHDUWLFOHV LQOLQNHGIUDPHVDQG DQFKRUJUDSKLFVWRIL[HG SRVLWLRQVRQWKHSDJHLI QHFHVVDU\

&RUDGRFXPHQWZLWKWHUPV DQGWUDQVODWLRQVWRDSSHDU VLGH E\ VLGHLQZKDWDSSHDU WREHFROXPQV XVHDWDEOH WRNHHSLWHPVOLQHGXS DQG VR\RXFDQW\SHLQERWK sFROXPQVt

@3/B7<563/23@A/<24==B3@A !KHDGHULVDQDUHDWKDWDSSHDUVDWWKHWRSRIDSDJH!IRRWHU DSSHDUVDWWKHERWWRPRIWKHSDJH)QIRUPDWLRQ VXFKDVSDJH QXPEHUVLQVHUWHGLQWRDKHDGHURUIRRWHU GLVSOD\VRQHYHU\SDJHRI WKHGRFXPHQWZLWKWKDWSDJHVW\OH 8RLQVHUWDKHDGHU FOLFN#DI;HJ";7:;H;<7KBJRUWKHSDJH VW\OH LIQRW$HIDXOW DVVKRZQLQ&LJXUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH)QVHUWLQJKHDGHUVDQGIRRWHUV /WKHULQIRUPDWLRQVXFKDVGRFXPHQWWLWOHVDQGFKDSWHUWLWOHVLVRIWHQ SXWLQWRWKHKHDGHURUIRRWHU8KHVHLWHPVDUHEHVWDGGHGDVILHOGV 8KDWZD\ LIVRPHWKLQJFKDQJHV WKHKHDGHUVDQGIRRWHUVDUHXSGDWHG DXWRPDWLFDOO\(HUHLVRQHFRPPRQH[DPSOH 8RLQVHUWWKHGRFXPHQWWLWOHLQWRWKHKHDGHU  #OLFN ?B;*HEF;HJ?;I;I9H?FJ?EDDQGW\SHDWLWOHIRU\RXU GRFXPHQW  !GGDKHDGHU#DI;HJ";7:;H;<7KBJ   0ODFHWKHFXUVRULQWKHKHDGHUSDUWRIWKHSDJH  7HOHFW#DI;HJ ?;B:I.?JB;8KHWLWOHVKRXOGDSSHDURQD JUD\EDFNJURXQGZKLFKGRHVQRWVKRZZKHQSULQWHGDQGFDQEH WXUQHGRII   8RFKDQJHWKHWLWOHIRUWKHZKROHGRFXPHQW JREDFNWR ?B; *HEF;HJ?;I;I9H?FJ?ED &LHOGVDUHFRYHUHGLQGHWDLOLQ#KDSWHU;RUNLQJZLWK&LHOGV LQ WKH;ULWHU'XLGH &RUPRUHDERXWKHDGHUVDQGIRRWHUV VHH#KDSWHU&RUPDWWLQJ 0DJHV DQG#KDSWHU)QWURGXFWLRQWR7W\OHV LQWKH;ULWHU'XLGH

#C;03@7<5>/53A 8RDXWRPDWLFDOO\QXPEHUSDJHV  )QVHUWDKHDGHURUIRRWHU DVGHVFULEHGLQs#UHDWLQJKHDGHUVDQG IRRWHUVtRQSDJH  0ODFHWKHFXUVRULQWKHKHDGHURUIRRWHUZKHUH\RXZDQWWKH SDJHQXPEHUWRDSSHDUDQGFOLFN#DI;HJ ?;B:I*7=; (KC8;H

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



)'/ %)#.$!.*.')/(!,*"+#!8RLQFOXGHWKHWRWDOQXPEHURISDJHVDVLQsSDJHRIt   8\SHWKHZRUGsSDJHtDQGDVSDFH WKHQLQVHUWWKHSDJHQXPEHU DVDERYH  0UHVVWKHVSDFHEDURQFH W\SHWKHZRUGsRItDQGDVSDFH WKHQ FOLFN#DI;HJ ?;B:I*7=;EKDJ

#=B3

8KH0DJH#RXQWILHOGLQVHUWVWKHWRWDOQXPEHURISDJHV LQWKHGRFXPHQW DVVKRZQRQWKH7WDWLVWLFVWDERIWKH GRFXPHQWvV0URSHUWLHVZLQGRZ ?B;*HEF;HJ?;I )I \RXUHVWDUWSDJHQXPEHULQJDQ\ZKHUHLQWKH GRFXPHQW WKHQWKHWRWDOSDJHFRXQWPD\QRWEHZKDW \RXZDQW7HH#KDSWHU&RUPDWWLQJ0DJHV LQWKH ;ULWHU'XLGHIRUPRUHLQIRUPDWLRQ

!-.,.%)#+#!)/(!,%)# /IWHQ\RXZLOOZDQWWRUHVWDUWWKHSDJHQXPEHULQJDW IRUH[DPSOH RQWKHSDJHIROORZLQJDWLWOHSDJHRUDWDEOHRIFRQWHQWV)QDGGLWLRQ PDQ\GRFXPHQWVKDYHWKHsIURQWPDWWHUtVXFKDVWKHWDEOHRI FRQWHQWV QXPEHUHGZLWK6RPDQQXPHUDOVDQGWKHPDLQERG\RIWKH GRFXPHQWQXPEHUHGLQ!UDELFQXPHUDOV VWDUWLQJZLWK =RXFDQUHVWDUWSDJHQXPEHULQJLQWZRZD\V ';J>E:   0ODFHWKHFXUVRULQWKHILUVWSDUDJUDSKRIWKHQHZSDJH  #OLFN EHC7J*7H7=H7F>  /QWKH8H[W&ORZWDERIWKH0DUDJUDSKGLDORJ&LJXUHRQSDJH  VHOHFWH;7AI  7HOHFW#DI;HJDQGWKHQ1?J>*7=;-JOB;DQGVSHFLI\WKHSDJH VW\OHWRXVH  7SHFLI\WKHSDJHQXPEHUWRVWDUWIURP DQGWKHQFOLFN)%

)7>



-HWKRGLVDOVRXVHIXOIRUQXPEHULQJWKHILUVWSDJHRI DGRFXPHQWZLWKDSDJHQXPEHUJUHDWHUWKDQ&RU H[DPSOH \RXPD\EHZULWLQJDERRN ZLWKHDFK FKDSWHULQDVHSDUDWHILOH#KDSWHUPD\VWDUWZLWK SDJH EXW#KDSWHUFRXOGEHJLQZLWKSDJHDQG #KDSWHUZLWKSDJH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

';J>E:  #DI;HJ'7DK7B8H;7A  "\GHIDXOW *7=;8H;7ALVVHOHFWHGRQWKH)QVHUW"UHDNGLDORJ &LJXUH   #KRRVHWKHUHTXLUHGSDJH-JOB;  7HOHFW>7D=;F7=;DKC8;H

 7SHFLI\WKHSDJHQXPEHUWRVWDUWIURP DQGWKHQFOLFN)%

&LJXUH6HVWDUWLQJSDJHQXPEHULQJDIWHUD PDQXDOSDJHEUHDN

6/<57<5>/53;/@57
l 9VLQJWKHSDJHUXOHUVrTXLFNDQGHDV\ EXWGRHVQRWKDYHILQH FRQWURO

l 9VLQJWKH0DJH7W\OHGLDORJrFDQVSHFLI\PDUJLQVWRWZRGHFLPDO SODFHV

#=B3

)I\RXFKDQJHWKHPDUJLQVXVLQJWKHUXOHUV WKHQHZ PDUJLQVDIIHFWWKHSDJHVW\OHDQGZLOOEHVKRZQLQWKH 0DJH7W\OHGLDORJWKHQH[WWLPH\RXRSHQLW

8RFKDQJHPDUJLQVXVLQJWKHUXOHUV  8KHJUD\VHFWLRQVRIWKHUXOHUVDUHWKHPDUJLQVVHH&LJXUH  0XWWKHPRXVHFXUVRURYHUWKHOLQHEHWZHHQWKHJUD\DQGZKLWH VHFWLRQV8KHSRLQWHUWXUQVLQWRDGRXEOH KHDGHGDUURZ

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



 (ROGGRZQWKHOHIWPRXVHEXWWRQDQGGUDJWKHPRXVHWRPRYH WKHPDUJLQ

&LJXUH-RYLQJWKHPDUJLQV

)7 rel="nofollow">

8KHVPDOODUURZVRQWKHUXOHUDUHXVHGIRULQGHQWLQJ SDUDJUDSKV8KH\DUHRIWHQLQWKHVDPHSODFHDVWKH SDJHPDUJLQV VR\RXQHHGWREHFDUHIXOWRPRYHWKH PDUJLQPDUNHU QRWWKHDUURZV0ODFHWKHPRXVH SRLQWHUEHWZHHQWKHDUURZVDQG ZKHQWKHSRLQWHU WXUQVLQWRDGRXEOH KHDGHGDUURZ \RXFDQPRYHWKH PDUJLQWKHLQGHQWDUURZVZLOOPRYHZLWKLW 

8RFKDQJHPDUJLQVXVLQJWKH0DJH7W\OHGLDORJ  6LJKW FOLFNDQ\ZKHUHRQWKHSDJHDQGVHOHFW*7=;IURPWKHSRS XSPHQX  /QWKH*7=;WDERIWKHGLDORJ W\SHWKHUHTXLUHGGLVWDQFHVLQWKH -DUJLQVER[HV

227<5<=B3AB=/2=1C;3


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)IPRUHWKDQRQHSHUVRQHGLWVWKHGRFXPHQW HDFKDXWKRULV DXWRPDWLFDOO\DOORFDWHGDGLIIHUHQWEDFNJURXQGFRORU

&LJXUH.RWHVLQ//R 6LJKW FOLFNLQJRQDQ\QRWHSRSVXSDPHQXZKHUH\RXFDQGHOHWHWKH FXUUHQWQRWH DOOWKHQRWHVIURPWKHVDPHDXWKRU RUDOOWKHQRWHVLQ WKHGRFXPHQW&URPWKLVPHQX \RXFDQDOVRDSSO\VRPHEDVLF IRUPDWWLQJWRWKHWH[WRIWKHQRWHV=RXFDQDOVRFKDQJHWKHIRQWW\SH VL]H DQGDOLJQPHQWIURPWKHPDLQPHQX 8RQDYLJDWHIURPRQHQRWHWRWKHRWKHU RSHQWKH.DYLJDWRU& H[SDQGWKH.RWHVVHFWLRQ DQGFOLFNRQWKHQRWHWH[WWRPRYHWKH FXUVRUWRWKHDQFKRUSRLQWRIWKHQRWHLQWKHGRFXPHQW6LJKW FOLFNRQ WKHQRWHWRTXLFNO\HGLWRUGHOHWHLW =RXFDQDOVRQDYLJDWHWKHQRWHVXVLQJWKHNH\ERDUG9VH #WUO !OW 0DJH$RZQWRPRYHWRWKHQH[WQRWHDQG#WUO !OW 0DJH9S WRPRYHWRWKHSUHYLRXVQRWH

@3/B7<5/B/0:3=41=
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



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

#=B3

)I\RXFDQQRWSODFH\RXUFXUVRULQWKHWDEOHRI FRQWHQWV FKRRVH.EEBI)FJ?EDI)F;D)<
=RXFDQFXVWRPL]HDQH[LVWLQJWDEOHRIFRQWHQWVDWDQ\WLPH6LJKW FOLFNDQ\ZKHUHLQLWDQGVHOHFW:?J#D:;N .78B;IURPWKHSRS XS PHQX#KDSWHU#UHDWLQJ8DEOHVRI#RQWHQWV )QGH[HVDQG "LEOLRJUDSKLHV RIWKH;ULWHU'XLGHGHVFULEHVLQGHWDLODOOWKH FXVWRPL]DWLRQV\RXFDQFKRRVH

@3/B7<57<23F3A/<2070:7=5@/>673A )QGH[HVDQGELEOLRJUDSKLHVZRUNLQDVLPLODUZD\WRWDEOHVRI FRQWHQWV#KDSWHU#UHDWLQJ8DEOHVRI#RQWHQWV )QGH[HVDQG "LEOLRJUDSKLHV LQWKH;ULWHU'XLGHGHVFULEHVWKHSURFHVVLQGHWDLO )QDGGLWLRQWRDOSKDEHWLFDOLQGH[HV RWKHUW\SHVRILQGH[HVVXSSOLHG ZLWK;ULWHULQFOXGHWKRVHIRULOOXVWUDWLRQV WDEOHV DQGREMHFWV DQG \RXFDQHYHQFUHDWHDXVHU GHILQHGLQGH[&RUH[DPSOH \RXPLJKW ZDQWDQLQGH[FRQWDLQLQJRQO\WKHVFLHQWLILFQDPHVRIVSHFLHV PHQWLRQHGLQWKHWH[W DQGDVHSDUDWHLQGH[FRQWDLQLQJRQO\WKH FRPPRQQDPHVRIVSHFLHV"HIRUHFUHDWLQJVRPHW\SHVRILQGH[HV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

\RXILUVWQHHGWRFUHDWHLQGH[HQWULHVHPEHGGHGLQ\RXU;ULWHU GRFXPHQW

,=@97<5E7B65@/>671A 'UDSKLFVLQ;ULWHUDUHRIWKUHHEDVLFW\SHV

l )PDJHILOHV LQFOXGLQJSKRWRV GUDZLQJV VFDQQHGLPDJHV DQG RWKHUV

l $LDJUDPVFUHDWHGXVLQJ//RvVGUDZLQJWRROV l #KDUWVFUHDWHGXVLQJ//RvV#KDUWIDFLOLW\ 7HH#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN 

%@7
&C719>@7
#=B3

=RXFDQFKDQJHWKHDFWLRQRIWKH*H?DJ ?B;?H;9JBO LFRQWRVHQGWKHGRFXPHQWWRWKHSULQWHUGHILQHGIRU WKHGRFXPHQWLQVWHDGRIWKHGHIDXOWSULQWHUIRUWKH FRPSXWHU'RWR.EEBI)FJ?EDI&E7: -7L; !;D;H7BDQGVHOHFWWKH&E7:FH?DJ;HI;JJ?D=IM?J> J>;:E9KC;DJRSWLRQ

=@7
l ;KLFKSULQWHUWRXVHLIPRUHWKDQRQHDUHLQVWDOOHGRQ\RXU

V\VWHP DQGWKHSURSHUWLHVRIWKHSULQWHUrIRUH[DPSOH RULHQWDWLRQSRUWUDLWRUODQGVFDSH ZKLFKSDSHUWUD\WRXVH DQG ZKDWSDSHUVL]HWRSULQWRQ8KHSURSHUWLHVDYDLODEOHGHSHQGRQ WKHVHOHFWHGSULQWHUFRQVXOWWKHSULQWHUvVGRFXPHQWDWLRQIRU GHWDLOV

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



l ;KDWSDJHVWRSULQW KRZPDQ\FRSLHVWRSULQW DQGLQZKDWRUGHU WRSULQWWKHP9VHGDVKHVWRVSHFLI\SDJHUDQJHVDQGFRPPDVRU VHPLFRORQVWRVHSDUDWHUDQJHVIRUH[DPSOH  q q 7HOHFWLRQLVWKHKLJKOLJKWHGSDUWRIDSDJHRUSDJHV

l ;KDWLWHPVWRSULQW#OLFNWKH)FJ?EDIEXWWRQWRGLVSOD\WKH 0ULQWHU/SWLRQVGLDORJ&LJXUH 

&LJXUH8KH0ULQWGLDORJ

&LJXUH0ULQWHU/SWLRQVGLDORJIRU;ULWHU 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(3:31B7<5>@7B7=
l )QWKH#RQWHQWVVHFWLRQ \RXPLJKWFKRRVHQRWWRSULQWJUDSKLFVRU SDJHEDFNJURXQGLQGUDIWV IRUH[DPSOHWRVDYHWRQHURULQN 

l )QWKH0DJHVVHFWLRQ \RXFDQFKRRVH q 0ULQWRQO\OHIWHYHQ QXPEHUHG SDJHVRURQO\ULJKWRGG QXPEHUHG SDJHV8KHVHVHWWLQJVDUHXVHIXOZKHQ\RXZDQWWR SULQWRQERWKVLGHVRIWKHSDJH EXWGRQRWKDYHDSULQWHUWKDW KDQGOHVWKLVDXWRPDWLFDOO\

q q

0ULQWLQUHYHUVHGSDJHRUGHU

"URFKXUHrWKHUHVXOWVRIWKLVVHOHFWLRQDUHGLVFXVVHGLQ s0ULQWLQJDEURFKXUHtRQSDJH

l )QWKH.RWHVVHFWLRQ \RXFDQFKRRVHZKHWKHUWRSULQWDQ\QRWHV WKDWKDYHEHHQDGGHGWR\RXUGRFXPHQWXVLQJ#DI;HJ(EJ; DQGZKHUHWRSULQWWKHQRWHV

%@7@7
#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



8RVHWXS//RWRSULQWDOOFRORUWH[WDQGJUDSKLFVDVJUD\VFDOH  #OLFN.EEBI)FJ?EDI)F;D)<
%@3D73E7<5>/53A034=@3>@7
l :LHZ,D\RXWHGLWDEOHYLHZ rVHHs:LHZOD\RXWtRQSDJH l 0DJH0UHYLHZUHDG RQO\YLHZ rIURPZKLFK\RXFDQSULQW PXOWLSOHSDJHVRQWRRQHVKHHWRISDSHU

8RXVH0DJH0UHYLHZ  #OLFN ?B;*7=;*H;L?;M RUFOLFNWKH*7=;*H;L?;MEXWWRQ  8KH;ULWHUZLQGRZFKDQJHVWRGLVSOD\WKHFXUUHQWSDJHDQGWKH IROORZLQJSDJH DQGVKRZVWKH*7=;*H;L?;MWRROEDULQSODFHRI WKH&RUPDWWLQJWRROEDU

&LJXUH0DJH0UHYLHZWRROEDU  #OLFNWKHEEA*H;L?;MLFRQ WRGLVSOD\OHIWDQGULJKWSDJHV LQWKHLUFRUUHFWRULHQWDWLRQ  8RSULQWWKHGRFXPHQWIURPWKLVSDJHYLHZ FOLFNWKH*H?DJF7=; WRRSHQWKH0ULQWGLDORJ#KRRVH\RXURSWLRQVDQG L?;MLFRQ FOLFN)%WRSULQWDVXVXDO  8RFKRRVHPDUJLQVDQGRWKHURSWLRQVIRUWKHSULQWRXW FOLFNWKH *H?DJEFJ?EDIF7=;L?;MLFRQ GLDORJ



WRGLVSOD\WKH0ULQW/SWLRQV

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH0ULQW/SWLRQVGLDORJ

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

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



%@73A 0ULQWLQJHQYHORSHVLQYROYHVWZRVWHSVVHWXSDQGSULQWLQJ 8RVHWXSDQHQYHORSHWREHSULQWHGE\LWVHOIRUZLWK\RXUGRFXPHQW  #OLFN#DI;HJDL;BEF;IURPWKHPHQXEDU  )QWKH%QYHORSHGLDORJ VWDUWZLWKWKH%QYHORSHWDE&LJXUH  :HULI\ DGG RUHGLWWKHLQIRUPDWLRQLQWKH!GGUHVVHHDQG7HQGHU ER[HVWKHsIURPtRQWKHHQYHORSH  =RXFDQW\SHLQIRUPDWLRQGLUHFWO\LQWRWKH!GGUHVVHHDQG7HQGHU ER[HV RUXVHWKHULJKW KDQGGURS GRZQOLVWVWRVHOHFWWKH GDWDEDVHRUWDEOHIURPZKLFKWRGUDZWKHHQYHORSHLQIRUPDWLRQ LIGHVLUHG7HH#KDSWHU9VLQJ-DLO-HUJH LQWKH;ULWHU 'XLGHIRUGHWDLOVRQKRZWRSULQWHQYHORSHVIURPDGDWDEDVH

&LJXUH#KRRVLQJDGGUHVVHHDQGVHQGHULQIRUPDWLRQ  /QWKH&RUPDWSDJH&LJXUH YHULI\RUHGLWWKHSRVLWLRQLQJRI WKHDGGUHVVHHDQGWKHVHQGHULQIRUPDWLRQ8KHSUHYLHZDUHDRQ WKHORZHUULJKWVKRZVWKHHIIHFWRI\RXUSRVLWLRQLQJFKRLFHV 8RIRUPDWWKHWH[WRIWKHVHEORFNV FOLFNWKH:?JEXWWRQVWRWKH ULJKW)QWKHGURS GRZQOLVW\RXKDYHWZRFKRLFHV#KDUDFWHUDQG 0DUDJUDSK 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l )Q#KDUDFWHU \RXFDQFKRRVH&RQWV7L]HV &RQWV%IIHFWV 9QGHUOLQLQJ #RORU 0RVLWLRQ6RWDWLQJVFDOLQJ (\SHUOLQN "DFNJURXQGDQGPRUH

l )Q0DUDJUDSK \RXFDQFKRRVH)QGHQWV7SDFLQJ !OLJQPHQW 8H[W&ORZ 8DEV $URS#DSV "RUGHUVDQG"DFNJURXQGV

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

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



&LJXUH#KRRVLQJSULQWHURSWLRQVIRUDQHQYHORSH 8RQRWSURFHHGZLWKWKLVHQYHORSH FOLFN7D9;BRUSUHVVWKH%VF NH\=RXFDQDOVRFOLFN,;I;JWRUHPRYH\RXUFKDQJHVDQGUHWXUQ WRWKHRULJLQDOVHWWLQJVZKHQWKHGLDORJRSHQHG  ;KHQWKH%QYHORSHGLDORJFORVHV \RXDUHUHWXUQHGWR\RXU GRFXPHQW ZKLFKQRZKDVWKHHQYHORSHLQWKHVDPHILOHDVWKH GRFXPHQW7DYHWKLVILOHEHIRUH\RXGRDQ\WKLQJHOVH 8RSULQWWKHHQYHORSH  #KRRVH ?B;*H?DJIURPWKHPHQXEDU  /QWKH0ULQWGLDORJ XQGHU0ULQWUDQJH FKRRVH*7=;IDQGW\SH LQWKHER[#OLFN)%WRSULQW

%@7
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH,DEHOVGLDORJ ,DEHOVSDJH  /QWKH&RUPDWSDJH&LJXUH FKRRVHWKHSLWFK VL]HV PDUJLQV FROXPQVDQGURZVIRUXVHU GHILQHGODEHOV RUMXVWYHULI\ ZLWKDEUDQGRIODEHOVWRFN\RXKDYHORDGHGLQWRWKHSULQWHU

&LJXUH,DEHOVGLDORJ &RUPDWSDJH

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



 #OLFN-7L;WRVDYH\RXUQHZIRUPDW  ;KHQ\RXKDYHILQLVKHGIRUPDWWLQJ FOLFN(;ME9KC;DJWR PDNH\RXUVKHHWRIODEHOVRUFOLFN7D9;BRUSUHVVWKH%VFNH\  =RXFDQDOVRFOLFN,;I;JWRUHPRYH\RXUFKDQJHVDQGUHWXUQWR WKHRULJLQDOVHWWLQJVZKHQWKHGLDORJRSHQHG/QWKH/SWLRQV SDJH FKRRVHWRSULQWWKHHQWLUHSDJHRIODEHOVRURQHVLQJOH ODEHO WKHQVHOHFWZKLFKRQHE\WKHFROXPQDQGURZ=RXFDQDOVR FKDQJHSULQWHUVHWXS  =RXFDQSULQWULJKWDZD\XVLQJWKH*H?DJ ?B;?H;9JBOLFRQRQ WKHWRROEDURUE\FKRRVLQJ ?B;*H?DJIURPWKHPHQXEDU RU \RXFDQVDYHWKHILOHWRSULQWODWHU

&LJXUH,DEHOVGLDORJ /SWLRQVSDJH

(3<27<5/4/FCA7<5,@7B3@ 8RVHQGDID[GLUHFWO\IURP/SHQ/IILFHRUJ \RXQHHGDID[PRGHP DQGDID[GULYHUWKDWDOORZVDSSOLFDWLRQVWRFRPPXQLFDWHZLWKWKHID[ PRGHP

(3<27<5/4/FB6@=C56B63%@7
227<5//F71=<B=B63B==:0/@ =RXFDQFRQILJXUH/SHQ/IILFHRUJVRWKDWDVLQJOHFOLFNRQDQLFRQ DXWRPDWLFDOO\VHQGVWKHFXUUHQWGRFXPHQWDVDID[7HH#KDSWHU #XVWRPL]LQJ/SHQ/IILFHRUJ IRULQVWUXFWLRQV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)@/197<516/<53AB=/2=1C;37D=;I ,;9EH:$HWDLOVDUHLQWKH;ULWHU'XLGH

)7>

.RWDOOFKDQJHVDUHUHFRUGHG&RUH[DPSOH FKDQJLQJ DWDEVWRSIURPDOLJQOHIWWRDOLJQULJKW DQGFKDQJHV LQIRUPXODVHTXDWLRQV RUOLQNHGJUDSKLFVDUHQRW UHFRUGHG

*A7<5;/7:;3@53 ;ULWHUSURYLGHVYHU\XVHIXOIHDWXUHVWRFUHDWHDQGSULQW

l -XOWLSOHFRSLHVRIDGRFXPHQWWRVHQGWRDOLVWRIGLIIHUHQW UHFLSLHQWVIRUPOHWWHUV

l -DLOLQJODEHOV l %QYHORSHV !OOWKHVHIDFLOLWLHV WKRXJKGLIIHUHQWLQDSSOLFDWLRQ DUHEDVHGDURXQG WKHFRQFHSWRIDUHJLVWHUHGGDWDVRXUFHDVSUHDGVKHHWRUGDWDEDVH FRQWDLQLQJWKHQDPHDQGDGGUHVVUHFRUGVDQGRWKHULQIRUPDWLRQ IURPZKLFKLVGHULYHGWKHYDULDEOHLQIRUPDWLRQQHFHVVDU\WRWKHLU IXQFWLRQ #KDSWHU9VLQJ-DLO-HUJH LQWKH;ULWHU'XLGHGHVFULEHVWKH SURFHVV

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



*A7<5;/AB3@2=1C;3
@3/B7<547::7<4=@;A !VWDQGDUGWH[WGRFXPHQWGLVSOD\VLQIRUPDWLRQDOHWWHU UHSRUW RU EURFKXUH IRUH[DPSOH8\SLFDOO\WKHUHDGHUPD\HGLWHYHU\WKLQJRU QRWKLQJLQDQ\ZD\!IRUPKDVVHFWLRQVWKDWDUHQRWWREHHGLWHG DQG RWKHUVHFWLRQVWKDWDUHGHVLJQHGIRUWKHUHDGHUWRPDNHFKDQJHV&RU H[DPSOH DTXHVWLRQQDLUHKDVDQLQWURGXFWLRQDQGTXHVWLRQVZKLFKGR QRWFKDQJH DQGVSDFHVIRUWKHUHDGHUWRHQWHUDQVZHUV &RUPVDUHXVHGLQWKUHHZD\V

l 8RFUHDWHDVLPSOHGRFXPHQWIRUWKHUHFLSLHQWWRFRPSOHWH VXFK DVDTXHVWLRQQDLUHVHQWRXWWRDJURXSRISHRSOHZKRILOOLWLQDQG UHWXUQLW

l 8ROLQNLQWRDGDWDEDVHRUGDWDVRXUFHDQGDOORZWKHXVHUWRHQWHU LQIRUPDWLRQ7RPHRQHWDNLQJRUGHUVPLJKWHQWHUWKHLQIRUPDWLRQ IRUHDFKRUGHULQWRDGDWDEDVHXVLQJDIRUP

l 8RYLHZLQIRUPDWLRQKHOGLQDGDWDEDVHRUGDWDVRXUFH!OLEUDULDQ PLJKWFDOOXSLQIRUPDWLRQDERXWERRNV ;ULWHURIIHUVVHYHUDOZD\VWRILOOLQIRUPDWLRQLQWRDIRUP LQFOXGLQJ FKHFNER[HV RSWLRQEXWWRQV WH[WER[HV SXOO GRZQOLVWVDQGVSLQQHUV 7HH#KDSWHU9VLQJ&RUPVLQ;ULWHU LQWKH;ULWHU'XLGH

*A7<5473:2A &LHOGVDUHH[WUHPHO\XVHIXOIHDWXUHVRI;ULWHU8KH\DUHXVHGIRUGDWD WKDWFKDQJHVLQDGRFXPHQWVXFKDVWKHFXUUHQWGDWHRUWKHWRWDO QXPEHURISDJHV DQGIRULQVHUWLQJGRFXPHQWSURSHUWLHVVXFKDV QDPH DXWKRU DQGGDWHRIODVWXSGDWH&LHOGVDUHWKHEDVLVRIFURVV UHIHUHQFLQJVHHEHORZ DXWRPDWLFQXPEHULQJRIILJXUHV WDEOHV KHDGLQJV DQGRWKHUHOHPHQWVDQGDZLGHUDQJHRIRWKHUIXQFWLRQVr 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

IDUWRRPDQ\WRGHVFULEHKHUH7HH#KDSWHU;RUNLQJZLWK&LHOGV LQWKH;ULWHU'XLGHIRUGHWDLOV

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

&LJXUH8KH#URVV UHIHUHQFHVWDERIWKH&LHOGVGLDORJ

#KDSWHU'HWWLQJ7WDUWHGZLWK;ULWHU



=RXFDQOHDYHWKLVSDJHRSHQZKLOH\RXLQVHUWPDQ\FURVV UHIHUHQFHV  #OLFNRQWKHUHTXLUHGLWHPLQWKH7HOHFWLRQOLVW ZKLFKVKRZVDOO WKHLWHPVRIWKHVHOHFWHGW\SH)QWKH&RUPDWOLVW FKRRVHWKH IRUPDWUHTXLUHG9VXDOO\WKLVZLOOEH,;<;H;D9;WRLQVHUWWKH IXOOWH[WRIWKHKHDGLQJRUFDSWLRQ 7J;=EHO7D:(KC8;HWR LQVHUWWKHZRUGs&LJXUHtRUs8DEOHtDQGLWVQXPEHU EXWZLWKRXW WKHFDSWLRQWH[W .XPEHULQJWRLQVHUWRQO\WKHILJXUHRUWDEOH QXPEHU ZLWKRXWWKHZRUGs&LJXUHtRUs8DEOHt RU*7=;WR LQVHUWWKHQXPEHURIWKHSDJHWKHUHIHUHQFHGWH[WLVRQ #OLFN #DI;HJ

*A7<50==9;/@9A "RRNPDUNVDUHOLVWHGLQWKH.DYLJDWRUDQGFDQEHDFFHVVHGGLUHFWO\ IURPWKHUHZLWKDVLQJOHPRXVHFOLFN=RXFDQFURVV UHIHUHQFHWR ERRNPDUNV DVGHVFULEHGDERYH)Q(8-,GRFXPHQWV ERRNPDUNVDUH FRQYHUWHGWRDQFKRUVWKDW\RXFDQMXPSWRXVLQJDK\SHUOLQN  7HOHFWWKHWH[W\RXZDQWWRERRNPDUN#OLFN#DI;HJ EEAC7HA  /QWKH)QVHUW"RRNPDUNGLDORJ WKHODUJHUER[OLVWVDQ\ SUHYLRXVO\GHILQHGERRNPDUNV8\SHDQDPHIRUWKLVERRNPDUNLQ WKHWRSER[ DQGWKHQFOLFN)%WRVDYH

&LJXUH)QVHUWLQJDERRNPDUN



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !;JJ?D=-J7HJ;:M?J>7B9 9VLQJVSUHDGVKHHWVLQ/SHQ/IILFHRUJ ,6/B7A/:1 #DOFLVWKHVSUHDGVKHHWFRPSRQHQWRI/SHQ/IILFHRUJ//R ! VSUHDGVKHHWVLPXODWHVDZRUNVKHHWRQ\RXUFRPSXWHU\RXFDQILOOWKH ZRUNVKHHWZLWKGDWDrXVXDOO\QXPHULFDOGDWDrDQGWKHQPDQLSXODWH WKHGDWDWRSURGXFHFHUWDLQUHVXOWV RUJDQL]HWKHGDWD RUGLVSOD\WKH GDWDLQGLDJUDPV !OWHUQDWLYHO\\RXFDQHQWHUGDWDDQGWKHQXVH#DOFLQDu;KDW)Iv PDQQHUE\FKDQJLQJVRPHRIWKHGDWDDQGREVHUYLQJWKHUHVXOWV ZLWKRXWKDYLQJWRUHW\SHWKHHQWLUHVSUHDGVKHHWRUVKHHW

(>@3/2A633BAA633BA/<213::A #DOFZRUNVZLWKHOHPHQWVFDOOHGVSUHDGVKHHWV7SUHDGVKHHWVFRQVLVW RIDQXPEHURILQGLYLGXDOVKHHWV HDFKFRQWDLQLQJDEORFNRIFHOOV DUUDQJHGLQURZVDQGFROXPQV 8KHVHFHOOVKROGWKHLQGLYLGXDOHOHPHQWVrWH[W QXPEHUV IRUPXODV HWFrZKLFKPDNHXSWKHGDWDWREHGLVSOD\HGDQGPDQLSXODWHG %DFKVSUHDGVKHHWFDQKDYHPDQ\VKHHWVDQGHDFKVKHHWFDQKDYH PDQ\LQGLYLGXDOFHOOV)QYHUVLRQRI//R HDFKVKHHWFDQKDYHD PD[LPXPRI URZVDQGDPD[LPXPRIFROXPQV

%/@BA=4B63;/7</:1E7<2=E ;KHQ#DOFLVVWDUWHG WKHPDLQZLQGRZORRNVVLPLODUWR&LJXUH

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



)7B:30/@/<2"3
)==:0/@A 9QGHUWKH-HQXEDUE\GHIDXOWDUHWKUHHWRROEDUVWKH7WDQGDUG WRROEDU WKH&RUPDWWLQJWRROEDU DQGWKH&RUPXODEDU  

   

 

    

    

     

&LJXUH0DUWVRIWKH#DOFZLQGRZ 8KHLFRQVRQWKHVHWRROEDUVSURYLGHDZLGHUDQJHRIFRPPRQ FRPPDQGVDQGIXQFWLRQV8KHWRROEDUVFDQEHPRGLILHG DVGLVFXVVHG LQ#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ  0ODFLQJWKHPRXVHSRLQWHURYHUDQ\RIWKHLFRQVGLVSOD\VDVPDOOER[ FDOOHGDWRROWLS)WJLYHVDEULHIH[SODQDWLRQRIWKHLFRQvVIXQFWLRQ&RU DPRUHGHWDLOHGH[SODQDWLRQ VHOHFW";BF1>7JI.>?IDQGKRYHU WKHPRXVHSRLQWHURYHUWKHLFRQ8LSVDQGH[WHQGHGWLSVFDQQRZEH WXUQHGRQRURIIIURP.EEBI)FJ?EDI)F;D)<
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

VRPHWKLQJLQWKHVHER[HV WKH\VKRZWKHFXUUHQWVHWWLQJIRUWKH VHOHFWHGDUHD

&LJXUH&RQWQDPHDQGIRQWVL]H #OLFNWKHOLWWOHEXWWRQZLWKDQLQYHUWHGWULDQJOHWRWKHULJKWRIWKHER[ WRRSHQDPHQX&URPWKH EDJ(7C;DQG EDJ-?P;PHQXV \RXFDQ FKDQJHWKHIRQWDQGLWVVL]HLQVHOHFWHGFHOOV

=@;C:/0/@ /QWKHOHIWRIWKH&RUPXODEDUVHH&LJXUH LVDVPDOOWH[WER[ FDOOHGWKH(7C;ER[ ZLWKDOHWWHUDQGQXPEHUFRPELQDWLRQLQLW VXFKDV$8KLVLVWKHFROXPQOHWWHUDQGURZQXPEHU FDOOHGWKHFHOO UHIHUHQFH RIWKHFXUUHQWFHOO

&XQFWLRQ;L]DUG

.DPHER[

7XP"XWWRQ

&XQFWLRQ"XWWRQ

&LJXUH&RUPXOD"DU 8RWKHULJKWRIWKH.DPHER[DUHWKHWKH&XQFWLRQ;L]DUG 7XP DQG &XQFWLRQEXWWRQV #OLFNLQJWKH KD9J?ED1?P7H:EXWWRQRSHQVDGLDORJIURPZKLFK\RX FDQVHDUFKWKURXJKDOLVWRIDYDLODEOHIXQFWLRQV ZKDWYDULDEOHVHDFK IXQFWLRQWDNHVDQGWKHUHVXOWRIWKHIXQFWLRQZLWKWKHJLYHQLQSXW 8KH-KCEXWWRQLQVHUWVDIRUPXODLQWRWKHFXUUHQWFHOOWKDWWRWDOVWKH QXPEHUVLQWKHFHOOVDERYH RUWRWKHOHIWLIWKHUHDUHQRQXPEHUV DERYH WKHFXUUHQWFHOO

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



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

<27D72C/:13::A 8KHPDLQVHFWLRQRIWKHVFUHHQGLVSOD\VWKHLQGLYLGXDOFHOOVLQWKH IRUPRIDJULG ZLWKHDFKFHOOEHLQJDWWKHLQWHUVHFWLRQRIDSDUWLFXODU FROXPQDQGURZ !WWKHWRSRIWKHFROXPQVDQGDWWKHOHIW KDQGHQGRIWKHURZVDUHD VHULHVRIJUD\ER[HVFRQWDLQLQJOHWWHUVDQGQXPEHUV8KHVHDUHWKH FROXPQDQGURZKHDGHUV8KHFROXPQVVWDUWDW!DQGJRRQWRWKH ULJKWDQGWKHURZVVWDUWDWDQGJRRQGRZQ 8KHVHFROXPQDQGURZKHDGHUVIRUPWKHFHOOUHIHUHQFHVWKDWDSSHDU LQWKH7KHHW!UHDER[RQWKH&RUPXOD"DU&LJXUH 8KHVH KHDGHUVFDQDOVREHWXUQHGRIIE\VHOHFWLQJ0?;MEBKCD,EM ";7:;HI

(633BB/0A !WWKHERWWRPRIWKHJULGRIFHOOVDUHWKHVKHHWWDEVVHH&LJXUH  8KHVHWDEVHQDEOHDFFHVVWRHDFKLQGLYLGXDOVKHHW ZLWKWKHYLVLEOH RU DFWLYH VKHHWKDYLQJDZKLWHWDE #OLFNLQJRQDQRWKHUVKHHWWDEGLVSOD\VWKDWVKHHWDQGLWVWDEWXUQV ZKLWH=RXFDQDOVRVHOHFWPXOWLSOHVKHHWWDEVDWRQFHE\KROGLQJ GRZQWKH#RQWURONH\ZKLOH\RXFOLFNWKHQDPHV

&LJXUH7KHHWWDEV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(B/BCA0/@ !WWKHYHU\ERWWRPRIWKH#DOFZLQGRZ\RXZLOOILQGWKHVWDWXVEDU VKRZQLQ&LJXUH ZKHUH\RXFDQTXLFNO\REWDLQVRPHLQIRUPDWLRQ RQWKHFXUUHQWVSUHDGVKHHW

&LJXUH7WDWXVEDULQIRUPDWLRQ &URPOHIWWRULJKWWKHVWDWXVEDUGLVSOD\V

l 8KHFXUUHQWVKHHWDQGWKHWRWDOQXPEHURIVKHHWVLQWKH VSUHDGVKHHW

l 8KHSDJHVW\OHLQXVHIRUWKHFXUUHQWVKHHW$RXEOH FOLFNWRRSHQ WKHGLDORJDQGPRGLI\WKHSDJHVW\OH

l 8KH]RRPOHYHO$RXEOH FOLFNWRPRGLI\WKH]RRPOHYHO l 7HOHFWLRQPRGH#OLFNWRWRJJOHEHWZHHQGHIDXOWPRGH78$ H[WHQGHGPRGH%<8 DQGLQFUHPHQWDOPRGH!$$ 

l -RGLILHGIODJ;KHQWKHGRFXPHQWKDVEHHQPRGLILHG DVWDULV GLVSOD\HGLQWKLVDUHDRIWKHVWDWXVEDU

l $LJLWDOVLJQDWXUHIODJ)I\RXKDYHDGGHGDGLJLWDOVLJQDWXUHWRWKH VSUHDGVKHHW DVPDOOSDGORFNLFRQLVGLVSOD\HGLQWKLVDUHD $RXEOH FOLFNWRGLJLWDOO\VLJQWKHVSUHDGVKHHW

l 7HOHFWHGFHOOVIXQFWLRQV"\GHIDXOW WKLVDUHDVKRZVWKHVXPRI WKHYDOXHVFRQWDLQHGLQWKHVHOHFWHGFHOOV=RXFDQ KRZHYHU FKDQJHWKHIXQFWLRQXVHGE\ULJKW FOLFNLQJRQWKHDUHD8KH DYDLODEOHIXQFWLRQVDUH

q q q q q q q

!YHUDJHDYHUDJHVWKHYDOXHVRIWKHVHOHFWLRQ #RXQW!FRXQWVWKHFHOOVLQWKHVHOHFWLRQZKLFKDUHQRWHPSW\ #RXQWFRXQWVWKHFHOOVLQWKHVHOHFWLRQZLWKDQXPHULFYDOXH -D[LPXPGLVSOD\VWKHPD[LPXPYDOXHLQWKHVHOHFWLRQ -LQLPXPGLVSOD\VWKHPLQLPXPYDOXHLQWKHVHOHFWLRQ 7XPWKHVXPRIWKHYDOXHVLQWKHVHOHFWLRQ .RQH

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



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

$>3<7<53F7AB7<5A>@3/2A633BA !QH[LVWLQJVSUHDGVKHHWFDQDOVREHRSHQHGIURPDQ\FRPSRQHQWRI //R @=;B63;3
RQWKH7WDQGDUGWRROEDU

@=;B6393G0=/@2 9VHWKHNH\FRPELQDWLRQ#RQWURO / %DFKRIWKHVHRSWLRQVGLVSOD\VWKH/SHQGLDORJ ZKHUH\RXFDQORFDWH WKHVSUHDGVKHHWWKDW\RXZDQWWRRSHQ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)7>

=RXFDQDOVRRSHQDVSUHDGVKHHWWKDWKDVEHHQ UHFHQWO\ZRUNHGRQXVLQJWKH6HFHQW$RFXPHQWVOLVW 8KLVOLVWFDQEHDFFHVVHGIURPWKH ?B;PHQX GLUHFWO\ EHORZ)F;D8KHOLVWGLVSOD\VWKHODVWILOHVWKDW ZHUHRSHQHGLQDQ\RIWKH//RFRPSRQHQWV

(/D7<5A>@3/2A633BA 7SUHDGVKHHWVFDQEHVDYHGLQWKUHHZD\V @=;B63;3
#=B3

)IWKHVSUHDGVKHHWKDVEHHQSUHYLRXVO\VDYHG WKHQ VDYLQJZLOORYHUZULWHWKHH[LVWLQJFRS\ZLWKRXW RSHQLQJWKH7DYH!VGLDORJ)I\RXZDQWWRVDYHWKH VSUHDGVKHHWLQDGLIIHUHQWORFDWLRQRUZLWKDGLIIHUHQW QDPH WKHQVHOHFW ?B;-7L;I

#/D75/B7<5E7B67<A>@3/2A633BA =7<5B=/>/@B71C:/@13:: -%)#.$!(*/-! 0ODFHWKHPRXVHSRLQWHURYHUWKHFHOODQGFOLFN

-%)#!'',!"!,!)! #OLFNRQWKHOLWWOHLQYHUWHGEODFNWULDQJOHMXVWWRWKHULJKWRIWKH.DPH ER[&LJXUH 8KHH[LVWLQJFHOOUHIHUHQFHZLOOEHKLJKOLJKWHG8\SH

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



WKHFHOOUHIHUHQFHRIWKHFHOO\RXZDQWWRJRWRDQGSUHVV%QWHU/U MXVWFOLFNLQWRWKH.DPHER[ EDFNVSDFHRYHUWKHH[LVWLQJFHOO UHIHUHQFHDQGW\SHLQWKHFHOOUHIHUHQFH\RXZDQW

-%)#.$!0%#.*, #OLFNRQWKH.DYLJDWRUEXWWRQ LQ WKH7WDQGDUGWRROEDURUSUHVV& WR GLVSOD\WKH.DYLJDWRU8\SHWKHFHOO UHIHUHQFHLQWRWKHWRSWZRILHOGV ODEHOHG#ROXPQDQG6RZ DQGSUHVV %QWHU)Q&LJXUHWKH.DYLJDWRU ZRXOGVHOHFWFHOO'

"=D7<54@=;13::B=13:: )QWKHVSUHDGVKHHW RQHFHOO RUD JURXSRIFHOOV QRUPDOO\KDVDGDUNHU EODFNERUGHU8KLVEODFNERUGHU LQGLFDWHVZKHUHWKHIRFXVLVVHH &LJXUH 

-%)#.$!(*/-! 8RPRYHWKHIRFXVXVLQJWKHPRXVH VLPSO\PRYHWKHPRXVHSRLQWHUWR WKHFHOOZKHUHWKHIRFXVVKRXOGEHDQGFOLFNWKHOHIWPRXVHEXWWRQ 8KLVFKDQJHVWKHIRFXVWRWKHQHZFHOO8KLVPHWKRGLVPRVWXVHIXO ZKHQWKHWZRFHOOVDUHDODUJHGLVWDQFHDSDUW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-%)#.$!)  ).!,&!3-

l 0UHVVLQJ%QWHURU7KLIW %QWHUPRYHVWKHIRFXVGRZQRUXS UHVSHFWLYHO\

l 0UHVVLQJ8DERU7KLIW 8DEPRYHVWKHIRFXVULJKWRUOHIW UHVSHFWLYHO\

/-.*(%4%)#.$! ).!,&!3 =RXFDQFXVWRPL]HWKHGLUHFWLRQLQZKLFKWKH%QWHUNH\PRYHVWKH IRFXV E\VHOHFWLQJ.EEBI)FJ?EDI)F;D)<
&LJXUH#XVWRPL]LQJWKHHIIHFWRIWKH%QWHUNH\ 8KHIRXUFKRLFHVIRUWKHGLUHFWLRQRIWKH%QWHUNH\DUHVKRZQRQWKH ULJKWVLGHRI&LJXUH$HSHQGLQJRQWKHILOHEHLQJXVHGRURQWKH W\SHRIGDWDEHLQJHQWHUHG GLIIHUHQWGLUHFWLRQVFDQEHXVHIXO 8KH%QWHUNH\FDQDOVREHXVHGWRVZLWFKLQWRDQGRXWRIHGLWLQJ PRGH9VHWKHRSWLRQVXQGHU)QSXWVHWWLQJV LQ&LJXUHWRFKDQJH WKH%QWHUNH\VHWWLQJV

-%)#.$!,,*1&!30UHVVLQJWKHDUURZNH\VRQWKHNH\ERDUGPRYHVWKHIRFXVLQWKH GLUHFWLRQRIWKHDUURZV

-%)#*(! ) #!+) #! *1)

l (RPHPRYHVWKHIRFXVWRWKHVWDUWRIDURZ l %QGPRYHVWKHIRFXVWRWKHFROXPQIXUWKHVWWRWKHULJKWWKDW FRQWDLQVGDWD

l 0DJH$RZQPRYHVWKHGLVSOD\GRZQRQHFRPSOHWHVFUHHQDQG 0DJH9SPRYHVWKHGLVSOD\XSRQHFRPSOHWHVFUHHQ

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



l #RPELQDWLRQVRI#RQWURODQG!OWZLWK(RPH %QG 0DJH$RZQ

0DJH9S DQGWKHFXUVRUNH\VPRYHWKHIRFXVRIWKHFXUUHQWFHOOLQ RWKHUZD\V

)7>

(ROGLQJGRZQ!OW #XUVRUNH\UHVL]HVDFHOO

"=D7<54@=;A633BB=A633B %DFKVKHHWLQDVSUHDGVKHHWLVLQGHSHQGHQWRIWKHRWKHUVWKRXJKWKH\ FDQEHOLQNHGZLWKUHIHUHQFHVIURPRQHVKHHWWRDQRWKHU8KHUHDUH WKUHHZD\VWRQDYLJDWHEHWZHHQGLIIHUHQWVKHHWVLQDVSUHDGVKHHW

-%)#.$!&!3*, 0UHVVLQJ#RQWURO 0J$QPRYHVRQHVKHHWWRWKHULJKWDQGSUHVVLQJ #RQWURO 0J9SPRYHVRQHVKHHWWRWKHOHIW

-%)#.$!(*/-! #OLFNLQJRQHRIWKH7KHHW8DEVDWWKHERWWRPRIWKHVSUHDGVKHHW VHOHFWVWKDWVKHHW )I\RXKDYHDORWRIVKHHWV WKHQVRPHRIWKHVKHHWWDEVPD\EHKLGGHQ EHKLQGWKHKRUL]RQWDOVFUROOEDUDWWKHERWWRPRIWKHVFUHHQ)IWKLVLV WKHFDVH WKHQWKHIRXUEXWWRQVDWWKHOHIWRIWKHVKHHWWDEVFDQPRYH WKHWDEVLQWRYLHZ&LJXUHVKRZVKRZWRGRWKLV -RYHWRWKHILUVWVKHHW -RYHOHIWRQHVKHHW -RYHULJKWRQHVKHHW -RYHWRWKHODVWVKHHW 7KHHWWDEV

&LJXUH7KHHWWDEDUURZV .RWLFHWKDWWKHVKHHWVKHUHDUHQRWQXPEHUHGLQRUGHU7KHHW QXPEHULQJLVDUELWUDU\r\RXFDQQDPHDVKHHWDV\RXZLVK

#=B3



8KHVKHHWWDEDUURZVWKDWDSSHDULQ&LJXUHRQO\ DSSHDULI\RXKDYHVRPHVKHHWWDEVWKDWFDQQRWEH VHHQ/WKHUZLVHWKH\ZLOODSSHDUIDGHGDVLQ&LJXUH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(3:31B7<57B3;A7</A633B=@A>@3/2A633B (3:31B7<513::A #HOOVFDQEHVHOHFWHGLQDYDULHW\RIFRPELQDWLRQVDQGTXDQWLWLHV

%)#'!!'' ,HIW FOLFNLQWKHFHOO8KHUHVXOWZLOOORRNOLNHWKHOHIWVLGHRI&LJXUH =RXFDQYHULI\\RXUVHOHFWLRQE\ORRNLQJLQWKH.DPHER[

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

)7>

=RXFDQDOVRGLUHFWO\VHOHFWDUDQJHRIFHOOVXVLQJWKH .DPHER[#OLFNLQWRWKH.DPHER[DVGHVFULEHGLQ s9VLQJDFHOOUHIHUHQFHtRQSDJH8RVHOHFWD UDQJHRIFHOOV HQWHUWKHFHOOUHIHUHQFHIRUWKHXSSHU OHIWKDQGFHOO IROORZHGE\DFRORQ DQGWKHQWKH ORZHUULJKWKDQGFHOOUHIHUHQFH&RUH[DPSOH WRVHOHFW WKHUDQJHWKDWZRXOGJRIURP!WR# \RXZRXOG HQWHU!#

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



)#!*")*)*).%#/*/-!'' 7HOHFWWKHFHOORUUDQJHRIFHOOVXVLQJRQHRIWKHPHWKRGVDERYH  -RYHWKHPRXVHSRLQWHUWRWKHVWDUWRIWKHQH[WUDQJHRUVLQJOH FHOO  (ROGGRZQWKH#RQWURONH\DQGFOLFNRUFOLFN DQG GUDJWRVHOHFWD UDQJH  6HSHDWDVQHFHVVDU\

(3:31B7<51=:C;
%)#'!*'/()*,,*1 8RVHOHFWDVLQJOHFROXPQ FOLFNRQWKHFROXPQLGHQWLILHUOHWWHUVHH &LJXUH  8RVHOHFWDVLQJOHURZ FOLFNRQWKHURZLGHQWLILHUQXPEHU

/'.%+'!*'/()-*,,*18RVHOHFWPXOWLSOHFROXPQVRUURZVWKDWDUHFRQWLJXRXV  #OLFNRQWKHILUVWFROXPQRUURZLQWKHJURXS  (ROGGRZQWKH7KLIWNH\  #OLFNWKHODVWFROXPQRUURZLQWKHJURXS 8RVHOHFWPXOWLSOHFROXPQVRUURZVWKDWDUHQRWFRQWLJXRXV  #OLFNRQWKHILUVWFROXPQRUURZLQWKHJURXS  (ROGGRZQWKH#RQWURONH\  #OLFNRQDOORIWKHVXEVHTXHQWFROXPQVRUURZVZKLOHKROGLQJ GRZQWKH#RQWURONH\

).%,!-$!!. 8RVHOHFWWKHHQWLUHVKHHW FOLFNRQWKHVPDOOER[EHWZHHQWKH! FROXPQKHDGHUDQGWKHURZKHDGHUVHH&LJXUH 

7HOHFW!OO

&LJXUH7HOHFW!OOER[ =RXFDQDOVRXVHWKHNH\ERDUGWRVHOHFWWKHHQWLUHVKHHWE\SUHVVLQJ #RQWURO ! 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(3:31B7<5A633BA =RXFDQVHOHFWHLWKHURQHRUPXOWLSOHVKHHWV)WFDQEHDGYDQWDJHRXV WRVHOHFWPXOWLSOHVKHHWVDWWLPHVZKHQ\RXZDQWWRPDNHFKDQJHVWR PDQ\VKHHWVDWRQFH

%)#'!-$!!. #OLFNRQWKHVKHHWWDEIRUWKHVKHHW\RXZDQWWRVHOHFW8KHDFWLYH VKHHWEHFRPHVZKLWHVHH&LJXUH 

/'.%+'!*).%#/*/--$!!.8RVHOHFWPXOWLSOHFRQWLJXRXVVKHHWV  #OLFNRQWKHVKHHWWDEIRUWKHILUVWVKHHW  -RYHWKHPRXVHSRLQWHURYHUWKHODVWVKHHWWDE  (ROGGRZQWKH7KLIWNH\DQGFOLFNRQWKHVKHHWWDE !OOWKHWDEVEHWZHHQWKHVHWZRVKHHWVZLOOWXUQZKLWH!Q\DFWLRQV WKDW\RXSHUIRUPZLOOQRZDIIHFWDOOKLJKOLJKWHGVKHHWV

/'.%+'!)*)*).%#/*/--$!!.8RVHOHFWPXOWLSOHQRQFRQWLJXRXVVKHHWV  #OLFNRQWKHVKHHWWDEIRUWKHILUVWVKHHW  -RYHWKHPRXVHSRLQWHURYHUWKHVHFRQGVKHHWWDE  (ROGGRZQWKH#RQWURONH\DQGFOLFNRQWKHVKHHWWDE  6HSHDWDVQHFHVVDU\ 8KHVHOHFWHGWDEVZLOOWXUQZKLWH!Q\DFWLRQVWKDW\RXSHUIRUPZLOO QRZDIIHFWDOOKLJKOLJKWHGVKHHWV

''-$!!.6LJKW FOLFNRYHUDQ\RQHRIWKHVKHHWWDEVDQGVHOHFW-;B;9JBB - rel="nofollow">;;JIIURPWKHSRS XSPHQX

,=@97<5E7B61=:C;
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



%)#'!*'/()*,,*1 !VLQJOHFROXPQRUURZFDQEHDGGHGXVLQJWKH#DI;HJPHQX  7HOHFWWKHFROXPQRUURZVZKHUH\RXZDQWWKHQHZFROXPQRU URZLQVHUWHG  7HOHFWHLWKHU#DI;HJEBKCDIRU#DI;HJ,EMI

#=B3

;KHQ\RXLQVHUWDVLQJOHQHZFROXPQ LWLVLQVHUWHGWR WKHOHIWRIWKHKLJKOLJKWHGFROXPQ;KHQ\RXLQVHUWD VLQJOHQHZURZ LWLVLQVHUWHGDERYHWKHKLJKOLJKWHG URZ

!VLQJOHFROXPQRUURZFDQDOVREHDGGHGXVLQJWKHPRXVH  7HOHFWWKHFROXPQRUURZVZKHUH\RXZDQWWKHQHZFROXPQRU URZLQVHUWHG6LJKW FOLFNWKHKHDGHU  7HOHFW#DI;HJ,EMIRU#DI;HJEBKCDI

/'.%+'!*'/()-*,,*1-XOWLSOHFROXPQVRUURZVFDQEHLQVHUWHGDWRQFHUDWKHUWKDQ LQVHUWLQJWKHPRQHDWDWLPH  (LJKOLJKWWKHUHTXLUHGQXPEHURIFROXPQVRUURZVE\KROGLQJ GRZQWKHOHIWPRXVHEXWWRQRQWKHILUVWRQHDQGWKHQGUDJJLQJ DFURVVWKHUHTXLUHGQXPEHURILGHQWLILHUV  0URFHHGDVIRULQVHUWLQJDVLQJOHFROXPQRUURZDERYH

3:3B7<51=:C;
%)#'!*'/()*,,*1 !VLQJOHFROXPQRUURZFDQRQO\EHGHOHWHGE\XVLQJWKHPRXVH  7HOHFWWKHFROXPQRUURZWREHGHOHWHG  6LJKW FOLFNRQWKHFROXPQRUURZKHDGHU  7HOHFW;B;J;EBKCDIRU;B;J;,EMIIURPWKHSRS XSPHQX

/'.%+'!*'/()-*,,*1-XOWLSOHFROXPQVRUURZVFDQEHGHOHWHGDWRQFHUDWKHUWKDQGHOHWLQJ WKHPRQHDWDWLPH  (LJKOLJKWWKHUHTXLUHGQXPEHURIFROXPQVRUURZVE\KROGLQJ GRZQWKHOHIWPRXVHEXWWRQRQWKHILUVWRQHDQGWKHQGUDJJLQJ DFURVVWKHUHTXLUHGQXPEHURILGHQWLILHUV  0URFHHGDVIRUGHOHWLQJDVLQJOHFROXPQRUURZDERYH 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

,=@97<5E7B6A633BA ,LNHDQ\RWKHU#DOFHOHPHQW VKHHWVFDQEHLQVHUWHG GHOHWHGDQG UHQDPHG


l #OLFNRQWKH#DI;HJPHQXDQGVHOHFW- rel="nofollow">;;J RU l 6LJKW FOLFNRQLWVWDEDQGVHOHFW#DI;HJ->;;J RU l #OLFNLQWRDQHPSW\VSDFHDWWKHHQGRIWKHOLQHRIVKHHWWDEVVHH &LJXUH   

&LJXUH#UHDWLQJDQHZVKHHW %DFKPHWKRGZLOORSHQWKH)QVHUW7KHHWGLDORJ&LJXUH (HUH\RX FDQVHOHFWZKHWKHUWKHQHZVKHHWLVWRJREHIRUHRUDIWHUWKHVHOHFWHG VKHHWDQGKRZPDQ\VKHHWV\RXZDQWWRLQVHUW)I\RXDUHLQVHUWLQJ RQO\RQHVKHHW WKHUHLVWKHRSSRUWXQLW\WRJLYHWKHVKHHWDQDPH

&LJXUH)QVHUW7KHHWGLDORJ #KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



3:3B7<5A633BA 7KHHWVFDQEHGHOHWHGLQGLYLGXDOO\RULQJURXSV (7<5:3A633B 6LJKW FOLFNRQWKHWDERIWKHVKHHW\RXZDQWWRGHOHWHDQGVHOHFW ;B;J;->;;JIURPWKHSRS XSPHQX RUFOLFN:?J->;;J ;B;J;

"C:B7>:3A633BA 8RGHOHWHPXOWLSOHVKHHWV VHOHFWWKHPDVGHVFULEHGHDUOLHU WKHQ HLWKHUULJKW FOLFNRYHURQHRIWKHWDEVDQGVHOHFW;B;J;->;;J IURPWKHSRSXSPHQX RUFOLFN:?J->;;J;B;J;IURPWKH PHQXEDU

'3
l %QWHUWKHQDPHLQWKHQDPHER[ZKHQ\RXFUHDWHWKHVKHHW RU l 6LJKW FOLFNRQDVKHHWWDEDQGVHOHFW,;D7C;->;;JIURPWKH SRS XSPHQXDQGUHSODFHWKHH[LVWLQJQDPHZLWKDEHWWHURQH

#=B3

7KHHWQDPHVFDQFRQWDLQDOPRVWDQ\FKDUDFWHUVZLWK WKHH[FHSWLRQRIWKRVHFKDUDFWHUVQRWDOORZHGLQ-7 %[FHO8KLVUHVWULFWLRQKDVEHHQDUWLILFLDOO\FUHDWHGIRU FRPSDWLELOLW\UHDVRQV!WWHPSWLQJWRUHQDPHDVKHHW ZLWKDQLQYDOLGQDPHZLOOSURGXFHDQHUURUPHVVDJH

+73E7<5/:1 *A7<5H==; 9VHWKH]RRPIXQFWLRQWRFKDQJHWKHYLHZWRVKRZPRUHRUIHZHU FHOOVLQWKHZLQGRZ&RUPRUHDERXW]RRP VHH#KDSWHU)QWURGXFLQJ //R 

@33H7<5@=EA/<21=:C;
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

VFUROOLQJDURXQGZLWKLQWKHVKHHW DQ\IUR]HQFROXPQVDQGURZV UHPDLQLQYLHZ &LJXUHVKRZVVRPHIUR]HQURZVDQGFROXPQV KHKHDYLHU KRUL]RQWDOOLQHEHWZHHQURZVDQGDQGWKHKHDYLHUYHUWLFDOOLQH EHWZHHQFROXPQV#DQG(GHQRWHWKHIUR]HQDUHDV6RZVWKURXJK DQGFROXPQV$WKURXJK'KDYHEHHQVFUROOHGRIIWKHSDJH "HFDXVHWKHILUVWWKUHHURZVDQGFROXPQVDUHIUR]HQLQWRSODFH WKH\ UHPDLQHG

&LJXUH&UR]HQURZVDQGFROXPQV =RXFDQVHWWKHIUHH]HSRLQWDWRQHURZ RQHFROXPQ RUERWKDURZ DQGDFROXPQDVLQ&LJXUH

,!!4%)#-%)#'!,*1-*,*'/() #OLFNRQWKHKHDGHUIRUWKHURZEHORZZKHUH\RXZDQWWKHIUHH]H RUIRUWKHFROXPQWRWKHULJKWRIZKHUH\RXZDQWWKHIUHH]H  7HOHFW1?D:EM H;;P; !GDUNOLQHDSSHDUV LQGLFDWLQJZKHUHWKHIUHH]HLVSXW

,!!4%)#,*1) *'/()  #OLFNLQWRWKHFHOOWKDWLVLPPHGLDWHO\EHORZWKHURZ\RXZDQW IUR]HQDQGLPPHGLDWHO\WRWKHULJKWRIWKHFROXPQ\RXZDQW IUR]HQ  7HOHFW1?D:EM H;;P;

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



8ZROLQHVDSSHDURQWKHVFUHHQ DKRUL]RQWDOOLQHDERYHWKLVFHOODQGD YHUWLFDOOLQHWRWKHOHIWRIWKLVFHOO.RZDV\RXVFUROODURXQGWKH VFUHHQ HYHU\WKLQJDERYHDQGWRWKHOHIWRIWKHVHOLQHVZLOOUHPDLQLQ YLHZ

)",!!4%)# 8RXQIUHH]HURZVRUFROXPQV VHOHFW1?D:EM H;;P;8KHFKHFN PDUNE\ H;;P;ZLOOYDQLVK

( rel="nofollow">:7BB7<5B63E7<2=E !QRWKHUZD\WRFKDQJHWKHYLHZLVE\VSOLWWLQJWKHZLQGRZrDOVR NQRZQDVVSOLWWLQJWKHVFUHHQ8KHVFUHHQFDQEHVSOLWHLWKHU KRUL]RQWDOO\RUYHUWLFDOO\RUERWK8KLVDOORZV\RXWRKDYHXSWRIRXU SRUWLRQVRIWKHVSUHDGVKHHWLQYLHZDWDQ\RQHWLPH ;K\ZRXOG\RXZDQWWRGRWKLV)PDJLQH\RXKDYHDODUJH VSUHDGVKHHWDQGRQHRIWKHFHOOVKDVDQXPEHULQLWZKLFKLVXVHGE\ WKUHHIRUPXODVLQRWKHUFHOOV9VLQJWKHVSOLWVFUHHQWHFKQLTXH \RX FDQSRVLWLRQWKHFHOOFRQWDLQLQJWKHQXPEHULQRQHVHFWLRQDQGHDFK RIWKHFHOOVZLWKIRUPXODVLQWKHRWKHUVHFWLRQV8KHQ\RXFDQFKDQJH WKHQXPEHULQWKHFHOODQGZDWFKKRZLWDIIHFWVHDFKRIWKHIRUPXODV

&LJXUH7SOLWVFUHHQH[DPSOH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

+'%..%)#.$!-,!!)$*,%4*).''3 8RVSOLWWKHVFUHHQKRUL]RQWDOO\  -RYHWKHPRXVHSRLQWHULQWRWKHYHUWLFDOVFUROOEDU RQWKHULJKW KDQGVLGHRIWKHVFUHHQ DQGSODFHLWRYHUWKHVPDOOEXWWRQDWWKH WRSZLWKWKHEODFNWULDQJOH

 

&LJXUH7SOLWVFUHHQEDURQYHUWLFDOVFUROOEDU  )PPHGLDWHO\DERYHWKLVEXWWRQ\RXZLOOVHHDWKLFNEODFNOLQH &LJXUH -RYHWKHPRXVHSRLQWHURYHUWKLVOLQHDQGLWWXUQV LQWRDOLQHZLWKWZRDUURZV&LJXUH 

&LJXUH7SOLWVFUHHQEDURQ YHUWLFDOVFUROOEDUZLWKFXUVRU  (ROGGRZQWKHOHIWPRXVHEXWWRQDQGDJUD\OLQHDSSHDUV UXQQLQJDFURVVWKHSDJH$UDJWKHPRXVHGRZQZDUGVDQGWKLV OLQHIROORZV  6HOHDVHWKHPRXVHEXWWRQDQGWKHVFUHHQVSOLWVLQWRWZRYLHZV HDFKZLWKLWVRZQYHUWLFDOVFUROOEDU .RWLFHLQ&LJXUH WKHu"HWDvDQGWKHu!vYDOXHVDUHLQWKHXSSHU SDUWRIWKHZLQGRZDQGRWKHUFDOFXODWLRQVDUHLQWKHORZHUSDUW=RX PD\VFUROOWKHXSSHUDQGORZHUSDUWVLQGHSHQGHQWO\8KXV\RXFDQ PDNHFKDQJHVWRWKH"HWDDQG!YDOXHVDQGZDWFKWKHLUDIIHFWVRQ WKHFDOFXODWLRQVLQWKHORZHUKDOIRIWKHZLQGRZ =RXFDQDOVRVSOLWWKHZLQGRZYHUWLFDOO\DVGHVFULEHGEHORZrZLWKWKH VDPHUHVXOWV EHLQJDEOHWRVFUROOERWKSDUWVRIWKHZLQGRZ LQGHSHQGHQWO\;LWKERWKKRUL]RQWDODQGYHUWLFDOVSOLWV \RXKDYHIRXU LQGHSHQGHQWZLQGRZVWRVFUROO

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



+'%..%)#.$!-,!!)0!,.%''3 8RVSOLWWKHVFUHHQYHUWLFDOO\  -RYHWKHPRXVHSRLQWHULQWRWKHKRUL]RQWDOVFUROOEDUDWWKH ERWWRPRIWKHVFUHHQDQGSODFHLWRYHUWKHVPDOOEXWWRQRQWKH ULJKWZLWKWKHEODFNWULDQJOH

 

&LJXUH7SOLWEDURQKRUL]RQWDOVFUROOEDU  )PPHGLDWHO\WRWKHULJKWRIWKLVEXWWRQLVDWKLFNEODFNOLQH &LJXUH -RYHWKHPRXVHSRLQWHURYHUWKLVOLQHDQGLWWXUQV LQWRDOLQHZLWKWZRDUURZV  (ROGGRZQWKHOHIWPRXVHEXWWRQDQGDJUD\OLQHDSSHDUV UXQQLQJXSWKHSDJH$UDJWKHPRXVHWRWKHOHIWDQGWKLVOLQH IROORZV  6HOHDVHWKHPRXVHEXWWRQDQGWKHVFUHHQLVVSOLWLQWRWZRYLHZV HDFKZLWKLWVRZQKRUL]RQWDOVFUROOEDU

#=B3

7SOLWWLQJWKHVFUHHQKRUL]RQWDOO\DQGYHUWLFDOO\DWWKH VDPHWLPHJLYHVIRXUYLHZV HDFKZLWKLWVRZQYHUWLFDO DQGKRUL]RQWDOVFUROOEDUV

!(*0%)#-+'%.0%!18RUHPRYHDVSOLWYLHZ GRDQ\RIWKHIROORZLQJ

l $RXEOH FOLFNRQHDFKVSOLWOLQH l #OLFNRQDQGGUDJWKHVSOLWOLQHVEDFNWRWKHLUSODFHVDWWKHHQGVRI WKHVFUROOEDUV

l 7HOHFW1?D:EM-FB?JWRUHPRYHDOOVSOLWOLQHVDWWKHVDPHWLPH

)7>



=RXFDQDOVRVSOLWWKHVFUHHQXVLQJDPHQXFRPPDQG #OLFNLQDFHOOWKDWLVLPPHGLDWHO\EHORZDQG LPPHGLDWHO\WRWKHULJKWRIZKHUH\RXZLVKWKHVFUHHQ WREHVSOLW DQGFKRRVH1?D:EM-FB?J

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ





)7>

#=B3

.XPEHUVFDQKDYHOHDGLQJ]HURVDQGEHUHJDUGHGDV QXPEHUVDVRSSRVHGWRWH[W LIWKHFHOOLVIRUPDWHG DSSURSULDWHO\6LJKW FOLFNRQWKHFHOODQGFKRVH EHC7J;BBI(KC8;HI!GMXVWWKHOHDGLQJ]HURV VHWWLQJWRDGGOHDGLQJ]HURVWRQXPEHUV ;KHQXVLQJDQDSRVWURSKHWRDOORZDOHDGLQJWREH GLVSOD\HG WKHDSRVWURSKHLVQRWYLVLEOHLQWKHFHOO DIWHUWKH%QWHUNH\LVSUHVVHGrLIWKHDSRVWURSKHLVD SODLQDSRVWURSKHQRWDsVPDUWTXRWHtDSRVWURSKH )I sVPDUWTXRWHVtDUHVHOHFWHGIRUDSRVWURSKHV WKH DSRVWURSKHUHPDLQVYLVLEOHLQWKHFHOO 8RFKRRVHWKHW\SHRIDSRVWURSKH XVH.EEBI KJEEHH;9JKIJEC+KEJ;I8KHVHOHFWLRQRIWKH DSRVWURSKHW\SHDIIHFWVERWK#DOFDQG;ULWHU

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



/CB7=<

;KHQDQXPEHULVIRUPDWWHGDVWH[WFDUHPXVWEH WDNHQWKDWWKHFHOOFRQWDLQLQJWKHQXPEHULVQRWXVHG LQDIRUPXODVLQFH#DOFZLOOLJQRUHWKHYDOXH


(>3327<5C>2/B/3
*A7<5B637::B==:=<13::A !WLWVVLPSOHVW WKH&LOOWRROLVDZD\WRGXSOLFDWHH[LVWLQJFRQWHQW 7WDUWE\VHOHFWLQJWKHFHOOWRFRS\ WKHQGUDJWKHPRXVHLQDQ\ GLUHFWLRQRUKROGGRZQWKH7KLIWNH\DQGFOLFNLQWKHODVWFHOO\RX ZDQWWRILOO DQGWKHQFKRRVH:?J ?BBDQGWKHGLUHFWLRQLQZKLFK \RXZDQWWRFRS\9S $RZQ ,HIWRU6LJKW

/CB7=<

)7>



#KRLFHVWKDWDUHQRWDYDLODEOHDUHJUD\HGRXW EXW\RX FDQVWLOOFKRRVHWKHRSSRVLWHGLUHFWLRQIURPZKDW\RX LQWHQG ZKLFKFRXOGFDXVH\RXWRRYHUZULWHFHOOV DFFLGHQWDOO\XQOHVV\RXDUHFDUHIXO

!VKRUWFXWZD\WRILOOFHOOVLVWRJUDEWKHsKDQGOHtLQ WKHORZHUULJKW KDQGFRUQHURIWKHFHOODQGGUDJLWLQ WKHGLUHFWLRQ\RXZDQWWRILOO

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

=RXFDQDOVRXVHWKHILOOWRROVHOHFWLQJVRPHH[LVWLQJVHULHVRIGDWD WKDW\RXZDQWWRH[WHQG)IWKHLQWHUYDOEHWZHHQWKHYDOXHVLQWKH VHOHFWHGFHOOVLVFRQVWDQW #DOFZLOOWU\WRJXHVVDQGILOOWKHVHOHFWLRQ ZLWKYDOXHVWKDWFRQWLQXHWKHVHTXHQFH&RUH[DPSOH LI\RXVHOHFW WKUHHFHOOVFRQWDLQLQJWKHYDOXHV DQGDQGILOOWKHVXEVHTXHQW FHOO#DOFZLOOLQVHUWWKHYDOXH

-%)#"%''-!,%!!PRUHFRPSOH[XVHRIWKH&LOOWRROLVWRXVHDILOOVHULHV8KHGHIDXOW OLVWVDUHIRUWKHIXOODQGDEEUHYLDWHGGD\VRIWKHZHHNDQGWKHPRQWKV RIWKH\HDU EXW\RXFDQFUHDWH\RXURZQOLVWVDVZHOO 8RDGGDILOOVHULHVWRDVSUHDGVKHHW VHOHFWWKHFHOOVWRILOO FKRRVH :?J ?BB-;H?;I)QWKH&LOO7HULHVGLDORJ VHOHFWKJE ?BBDVWKH 7HULHVW\SH DQGHQWHUDVWKH7WDUWYDOXHDQLWHPIURPDQ\GHILQHG VHULHV8KHVHOHFWHGFHOOVWKHQILOOLQWKHRWKHULWHPVRQWKHOLVW VHTXHQWLDOO\ UHSHDWLQJIURPWKHWRSRIWKHOLVWZKHQWKH\UHDFKWKH HQGRIWKHOLVW

&LJXUH7SHFLI\LQJWKHVWDUWRIDILOOVHULHVUHVXOWLVLQ&LJ #KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



=RXFDQDOVRXVH:?J ?BB -;H?;IWRFUHDWHDRQH WLPHILOO VHULHVIRUQXPEHUVE\HQWHULQJWKH VWDUWDQGHQGYDOXHVDQGWKH LQFUHPHQW&RUH[DPSOH LI\RX HQWHUHGVWDUWDQGHQGYDOXHVRI DQGZLWKDQLQFUHPHQWRI \RX ZRXOGJHWWKHVHTXHQFHRI    )QDOOWKHVHFDVHV WKH&LOOWRRO FUHDWHVRQO\DPRPHQWDU\ FRQQHFWLRQEHWZHHQWKHFHOOV/QFH WKH\DUHILOOHG WKHFHOOVKDYHQR IXUWKHUFRQQHFWLRQZLWKRQH DQRWKHU

!"%)%)#"%''-!,%!8RGHILQHDILOOVHULHV JRWR.EEBI)FJ?EDI)F;D)<
&LJXUH0UHGHILQHGILOOVHULHV #OLFN(;M8KH%QWULHVER[LVFOHDUHG8\SHWKHVHULHVIRUWKHQHZOLVW LQWKH%QWULHVER[RQHHQWU\SHUOLQH DQGWKHQFOLFN::

&LJXUH$HILQLQJDQHZILOOVHULHV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

*A7<5A3:31B7=<:7ABA 7HOHFWLRQOLVWVDUHDYDLODEOHRQO\IRUWH[W DQG DUHOLPLWHGWRXVLQJRQO\WH[WWKDWKDVDOUHDG\ EHHQHQWHUHGLQWKHVDPHFROXPQ 8RXVHDVHOHFWLRQOLVW VHOHFWDEODQNFHOODQG SUHVV#WUO $ !GURS GRZQOLVWDSSHDUVRIDQ\ FHOOLQWKHVDPHFROXPQWKDWHLWKHUKDVDWOHDVW RQHWH[WFKDUDFWHURUZKRVHIRUPDWLVGHILQHGDV 8H[W#OLFNRQWKHHQWU\\RXUHTXLUH

(6/@7<51=
/CB7=<

8KLVWHFKQLTXHRYHUZULWHVDQ\LQIRUPDWLRQWKDWLV DOUHDG\LQWKHFHOOVRQWKHRWKHUVKHHWVrZLWKRXWDQ\ ZDUQLQJ&RUWKLVUHDVRQ ZKHQ\RXDUHILQLVKHG EH VXUHWRGHVHOHFWDOOWKHWDEV VRWKDWHDFKVKHHWFDQEH HGLWHGZLWKRXWDIIHFWLQJDQ\RWKHUV

27B7<52/B/ %GLWLQJGDWDLVGRQHLVLQPXFKWKHVDPHZD\DVLWLVHQWHUHG8KH ILUVWVWHSLVVHOHFWLQJWKHFHOOFRQWDLQLQJWKHGDWDWREHHGLWHG

'3;=D7<52/B/4@=;/13:: $DWDFDQEHUHPRYHGGHOHWHG IURPDFHOOLQVHYHUDOZD\V

!(*0%)# .*)'3 8KHGDWDDORQHFDQEHUHPRYHGIURPDFHOOZLWKRXWUHPRYLQJDQ\RI WKHIRUPDWWLQJRIWKHFHOO#OLFNLQWKHFHOOWRVHOHFWLW DQGWKHQSUHVV WKH"DFNVSDFHNH\

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



!(*0%)# .) "*,(..%)# 8KHGDWDDQGWKHIRUPDWWLQJFDQEHUHPRYHGIURPDFHOODWWKHVDPH WLPH0UHVVWKH$HOHWHNH\RUULJKW FOLFNDQGFKRRVH;B;J; EDJ;DJI RUXVH:?J;B;J;EDJ;DJI WRRSHQWKH;B;J; EDJ;DJIGLDORJ&LJXUH &URPWKLVGLDORJ WKHGLIIHUHQWDVSHFWV RIWKHFHOOFDQEHGHOHWHG8RGHOHWHHYHU\WKLQJLQDFHOOFRQWHQWVDQG IRUPDW FKHFN;B;J;7BB

&LJXUH$HOHWH#RQWHQWVGLDORJ

'3>:/17<5/::B632/B/7</13:: 8RUHPRYHGDWDDQGLQVHUWQHZGDWD VLPSO\W\SHRYHUWKHROGGDWD 8KHQHZGDWDZLOOUHWDLQWKHRULJLQDOIRUPDWWLQJ

6/<57<5>/@B=4B632/B/7</13:: 7RPHWLPHVLWLVQHFHVVDU\WRFKDQJHWKHFRQWHQWVRIFHOOZLWKRXW UHPRYLQJDOORIWKHFRQWHQWV IRUH[DPSOHLIWKHSKUDVHs7HH$LFNUXQt LVLQDFHOODQGLWQHHGVWREHFKDQJHGWRs7HH$LFNUXQIDVWt)WLV RIWHQXVHIXOWRGRWKLVZLWKRXWGHOHWLQJWKHROGFHOOFRQWHQWVILUVW 8KHSURFHVVLVWKHVLPLODUWRWKHRQHGHVFULEHGDERYH EXW\RXQHHGWR SODFHWKHFXUVRULQVLGHWKHFHOO=RXFDQGRWKLVLQWZRZD\V

-%)#.$!&!3*, !IWHUVHOHFWLQJWKHDSSURSULDWHFHOO SUHVVWKH& NH\DQGWKHFXUVRU LVSODFHGDWWKHHQGRIWKHFHOO8KHQXVHWKHNH\ERDUGDUURZNH\VWR PRYHWKHFXUVRUWKURXJKWKHWH[WLQWKHFHOO 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-%)#.$!(*/-! 9VLQJWKHPRXVH HLWKHUGRXEOH FOLFNRQWKHDSSURSULDWHFHOOWRVHOHFW LWDQGSODFHWKHFXUVRULQLWIRUHGLWLQJ RUVLQJOH FOLFNWRVHOHFWWKH FHOODQGWKHQPRYHWKHPRXVHSRLQWHUXSWRWKHLQSXWOLQHDQGFOLFN LQWRLWWRSODFHWKHFXUVRUIRUHGLWLQJ

=@;/BB7<52/B/ 8KHGDWDLQ#DOFFDQEHIRUPDWWLQJLQVHYHUDOZD\V)WFDQHLWKHUEH HGLWHGDVSDUWRIDFHOOVW\OHVRWKDWLWLVDXWRPDWLFDOO\DSSOLHG RULW FDQEHDSSOLHGPDQXDOO\WRWKHFHOO7RPHPDQXDOIRUPDWWLQJFDQEH DSSOLHGXVLQJWRROEDULFRQV&RUPRUHFRQWURODQGH[WUDRSWLRQV VHOHFWWKHDSSURSULDWHFHOORUFHOOV ULJKW FOLFNRQLW DQGVHOHFW EHC7J;BBI!OORIWKHIRUPDWRSWLRQVDUHGLVFXVVHGEHORZ

#=B3

!OOWKHVHWWLQJVGLVFXVVHGLQWKLVVHFWLRQFDQDOVREH VHWDVDSDUWRIWKHVW\OHXVLQJWKH7W\OHVDQG &RUPDWWLQJZLQGRZ7HH#KDSWHU9VLQJ7W\OHVLQ #DOF LQWKH#DOF'XLGHIRUPRUHLQIRUPDWLRQ

=@;/BB7<5;C:B7>:3:7<3A=4B3FB -XOWLSOHOLQHVRIWH[WFDQEHHQWHUHGLQWRDVLQJOHFHOOXVLQJDXWRPDWLF ZUDSSLQJRUPDQXDOOLQHEUHDNV%DFKPHWKRGLVXVHIXOIRUGLIIHUHQW VLWXDWLRQV

-%)#/.*(.%1,++%)# 8RVHWWH[WWRZUDSDWWKHHQGRIWKHFHOO ULJKW FOLFNRQWKHFHOODQG VHOHFW EHC7J;BBIRUFKRRVH EHC7J;BBIIURPWKHPHQXEDU RUSUHVV#WUO  /QWKH!OLJQPHQWWDE&LJXUH XQGHU 0URSHUWLHV VHOHFW1H7FJ;NJ7KJEC7J?97BBO8KHUHVXOWVDUHVKRZQ LQ&LJXUH

&LJXUH!XWRPDWLFWH[WZUDS

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



&LJXUH&RUPDW#HOOV!OLJQPHQWGLDORJ

-%)#()/''%)!,!&8RLQVHUWDPDQXDOOLQHEUHDNZKLOHW\SLQJLQDFHOO SUHVV#WUO %QWHU 8KLVPHWKRGGRHVQRWZRUNZLWKWKHFXUVRULQWKHLQSXWOLQH;KHQ HGLWLQJWH[W ILUVWGRXEOH FOLFNWKHFHOO WKHQVLQJOH FOLFNDWWKHSRVLWLRQ ZKHUH\RXZDQWWKHOLQHEUHDN ;KHQDPDQXDOOLQHEUHDNLVHQWHUHG WKHFHOOZLGWKGRHVQRWFKDQJH &LJXUHVKRZVWKHUHVXOWVRIXVLQJWZRPDQXDOOLQHEUHDNVDIWHU WKHILUVWOLQHRIWH[W

&LJXUH#HOOZLWKPDQXDOOLQHEUHDNV

(6@7<97<5B3FBB=47BB6313:: 8KHIRQWVL]HRIWKHGDWDLQDFHOOFDQDXWRPDWLFDOO\DGMXVWWRILWLQD FHOO8RGRWKLV VHOHFWWKH->H?DAJE
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH7KULQNLQJIRQWVL]HWRILWFHOOV

=@;/BB7<5
&RUPRUHFRQWURORUWRVHOHFWRWKHUQXPEHUIRUPDWV XVHWKH.XPEHUV WDE&LJXUH 

l !SSO\DQ\RIWKHGDWDW\SHVLQWKH#DWHJRU\OLVWWRWKHGDWD l #RQWUROWKHQXPEHURIGHFLPDOSODFHVDQGOHDGLQJ]HURV l %QWHUDFXVWRPIRUPDWFRGH 8KH,DQJXDJHVHWWLQJFRQWUROVWKHORFDOVHWWLQJVIRUWKHGLIIHUHQW IRUPDWVVXFKDVWKHGDWHRUGHUDQGWKHFXUUHQF\PDUNHU

&LJXUH&RUPDW#HOOV.XPEHUV #KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



=@;/BB7<5B634=
)7>

8RFKRRVHZKHWKHUWRVKRZWKHIRQWQDPHVLQWKHLU IRQWRULQSODLQWH[W JRWR.EEBI)FJ?EDI )F;D)<
%IIHFWVWDEWRVHWRWKHUIRQWFKDUDFWHULVWLFV7HH#KDSWHURIWKH #DOF'XLGHIRUPRUHLQIRUPDWLRQ

=@;/BB7<5B6313::0=@23@A 8RTXLFNO\FKRRVHDOLQHVW\OHDQGFRORUIRUWKHERUGHUVRIDFHOO FOLFN WKHVPDOODUURZVQH[WWRWKH,LQH7W\OHDQG,LQH#RORULFRQVRQWKH &RUPDWWLQJWRROEDU)QHDFKFDVH DSDOHWWHRIFKRLFHVLVGLVSOD\HG

#=B3



8KHFHOOERUGHUSURSHUWLHVDSSO\WRDFHOO DQGFDQ RQO\EHFKDQJHGLI\RXDUHHGLWLQJWKDWFHOO&RU H[DPSOH LIFHOO#KDVDWRSERUGHUZKLFKZRXOGEH HTXLYDOHQWYLVXDOO\WRDERWWRPERUGHURQ# WKDW ERUGHUFDQRQO\EHUHPRYHGE\VHOHFWLQJ#)WFDQQRW EHUHPRYHGLQ#

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

%'#%'%$)'%"!$"*!$) (&!$)+$) ""%''($ ) ),)*() "RUGHUV)%) %'#) ""(!"% '-%*$ "(%!$( %+ &)'%) #DOF'XLGH%')!"(

=@;/BB7<5B6313::0/195@=C<2 8RTXLFNO\FKRRVHDEDFNJURXQGFRORUIRUDFHOO FOLFNWKHVPDOODUURZ QH[WWRWKH"DFNJURXQG#RORULFRQRQWKH&RUPDWWLQJWRROEDU! SDOHWWHRIFRORUFKRLFHV VLPLODUWRWKH&RQW#RORUSDOHWWH LV GLVSOD\HG 8RGHILQHFXVWRPFRORUV XVH.EEBI)FJ?EDI)F;D)<
CB=4=@;/BB7<513::A/<2A633BA =RXFDQXVHWKH!XWR&RUPDWIHDWXUHWRTXLFNO\DSSO\DVHWRIFHOO IRUPDWVWRDVKHHWRUDVHOHFWHGFHOOUDQJH  7HOHFWWKHFHOOV LQFOXGLQJWKHFROXPQDQGURZKHDGHUV WKDW\RX ZDQWWRIRUPDW  #KRRVH EHC7JKJE EHC7J

&LJXUH#KRRVLQJDQ!XWR&RUPDW  8RVHOHFWZKLFKSURSHUWLHVQXPEHUIRUPDW IRQW DOLJQPHQW ERUGHUV SDWWHUQ DXWRILWZLGWKDQGKHLJKW WRLQFOXGHLQDQ !XWR&RUPDW FOLFN'EH;7HOHFWRUGHVHOHFWWKHUHTXLUHGRSWLRQV  #OLFN)%

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



)I\RXGRQRWVHHDQ\FKDQJHLQFRORURIWKHFHOOFRQWHQWV FKRRVH 0?;M07BK;"?=>B?=>J?D=IURPWKHPHQXEDU

347<7<5/<3ECB==@;/B =RXFDQGHILQHDQHZ!XWR&RUPDWWKDWLVDYDLODEOHWRDOOVSUHDGVKHHWV  &RUPDWDVKHHW  #KRRVH:?J-;B;9JBB  #KRRVH EHC7JKJE EHC7J8KH::EXWWRQLVQRZDFWLYH  #OLFN::  )QWKH.DPHER[RIWKH!GG!XWR&RUPDWGLDORJ W\SHD PHDQLQJIXOQDPHIRUWKHQHZIRUPDW  #OLFN)%WRVDYH8KHQHZIRUPDWLVQRZDYDLODEOHLQWKH&RUPDW OLVWLQWKH!XWR&RUPDWGLDORJ

=@;/BB7<5A>@3/2A633BACA7<5B63;3A #DOFFRPHVZLWKDSUHGHILQHGVHWRIIRUPDWWLQJWKHPHVWKDW\RXFDQ DSSO\WR\RXUVSUHDGVKHHWV )WLVQRWSRVVLEOHWRDGGWKHPHVWR#DOF DQGWKH\FDQQRWEHPRGLILHG (RZHYHU \RXFDQPRGLI\WKHLUVW\OHVDIWHU\RXDSSO\WKHPWRD VSUHDGVKHHW 8RDSSO\DWKHPHWRDVSUHDGVKHHW  #OLFNWKH>EEI;.>;C;ILFRQLQWKH8RROVWRROEDU)IWKLV WRROEDULVQRWYLVLEOH \RXFDQVKRZLWXVLQJ0?;M.EEB87HI .EEBI 8KH8KHPH7HOHFWLRQGLDORJDSSHDUV8KLVGLDORJOLVWVWKH DYDLODEOHWKHPHVIRUWKHZKROHVSUHDGVKHHW DQGWKH7W\OHVDQG &RUPDWWLQJZLQGRZOLVWVWKHFXVWRPVW\OHVIRUVSHFLILFFHOOV

 )QWKH8KHPH7HOHFWLRQGLDORJ VHOHFWWKHWKHPHWKDW\RXZDQWWR DSSO\WRWKHVSUHDGVKHHW !VVRRQDV\RXVHOHFWDWKHPH VRPHRIWKHSURSHUWLHVRIWKH FXVWRPVW\OHVDUHDSSOLHGWRWKHRSHQVSUHDGVKHHWDQGDUH LPPHGLDWHO\YLVLEOH  #OLFN)%



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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

&LJXUH(LGLQJRUVKRZLQJFHOOV

$CB:7<35@=C>1=
#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



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

7:B3@7<5E671613::A/@3D7A70:3 !ILOWHULVDOLVWRIFRQGLWLRQVWKDWHDFKHQWU\KDVWRPHHWLQRUGHUWR EHGLVSOD\HG=RXFDQVHWWKUHHW\SHVRIILOWHUVIURPWKH7J7 ?BJ;H VXE PHQX KJEC7J?9


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

QXPEHUV DOWKRXJKDIHZRIWKHFRQGLWLRQDORSHUDWRUV VXFKDVDQG FDQDOVREHXVHIXOIRUWH[W /WKHUFRQGLWLRQDORSHUDWRUVIRUVWDQGDUGILOWHUVLQFOXGHRSWLRQVWR GLVSOD\WKHODUJHVWRUVPDOOHVWYDOXHV RUDSHUFHQWDJHRIWKHP9VHIXO LQWKHPVHOYHV VWDQGDUGILOWHUVWDNHRQDGGHGYDOXHZKHQXVHGWR IXUWKHUUHILQHDXWRPDWLFILOWHUV :L7D9;:
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



FHOOV WKHQFHOOVDUHDGGHG)IDUDQJHFRQWDLQVFHOOVWKDWDOUHDG\ KDYHFRQWHQW WKHQWKHVRUWIDLOV CAB=;A=@B=@23@ 7HOHFWWKHER[ WKHQFKRRVHRQHRIWKHVRUWRUGHUVGHILQHGLQ .EEBI)FJ?EDI-FH;7:I>;;J-EHJ&?IJIIURPWKHGURS GRZQOLVW 7@31B7=< 7HWVZKHWKHUURZVRUFROXPQVDUHVRUWHG8KHGHIDXOWLVWRVRUWE\ FROXPQVXQOHVVWKHVHOHFWHGFHOOVDUHLQDVLQJOHFROXPQ

%@7
&LJXUH0DUWRIWKH0ULQWGLDORJ 8KH0ULQWHU/SWLRQVGLDORJUHDFKHGE\FOLFNLQJWKH)FJ?EDIEXWWRQ RQWKHERWWRPOHIWRIWKH*H?DJGLDORJ KDVRQO\WZRFKRLFHV DVVKRZQ LQ&LJXUH-KFFH;IIEKJFKJE<;CFJOF7=;IDQG*H?DJEDBO I;B;9J;:I>;;JI

&LJXUH8RSRIWKH0ULQWHU/SWLRQVGLDORJ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(3:31B7<5A633BAB=>@7
#=B3

8KH/SWLRQVEXWWRQLVGLIIHUHQWIURPWKH0URSHUWLHV EXWWRQ0URSHUWLHV GHDOVZLWKWKHVHWWLQJVRIWKH SULQWHU ZKHUHDV/SWLRQVGHDOVZLWK//RvVVHWWLQJV

 7HOHFW*H?DJEDBOI;B;9J;:I>;;JI8KLVFKRLFHDIIHFWVWKHSULQW SUHYLHZ H[SRUW DQGSULQWLQJRI\RXUVSUHDGVKHHW#OLFN)%

/CB7=<

)I\RXNHHSWKHVHOHFWHGVKHHWVVHOHFWHG ZKHQ\RX HQWHUGDWDRQRQHVKHHW \RXHQWHUGDWDRQDOOVKHHWV DWWKHVDPHWLPH8KLVPLJKWQRWEHZKDW\RXZDQW

(3:31B7<5B63>/53=@23@23B/7:A/<2A1/:3 8RVHOHFWWKHSDJHRUGHU GHWDLOV DQGVFDOHWREHSULQWHG  7HOHFW EHC7J*7=;IURPWKHPDLQPHQX  7HOHFWWKH->;;JWDE&LJXUH   -DNH\RXUVHOHFWLRQV DQGWKHQFOLFN)%

#!, !, =RXFDQVHWWKHRUGHULQZKLFKSDJHVSULQW8KLVLVHVSHFLDOO\XVHIXOLQ DODUJHGRFXPHQWIRUH[DPSOH FRQWUROOLQJWKHSULQWRUGHUFDQVDYH WLPHLI\RXKDYHWRFROODWHWKHGRFXPHQWDFHUWDLQZD\;KHUHDVKHHW SULQWVRQPRUHWKDQRQHSDJHRISDSHU LWFDQEHSULQWHGHLWKHUE\ FROXPQ ZKHUHWKHILUVWFROXPQRISDJHVSULQWV DQGWKHQWKHVHFRQG FROXPQDQGVRRQ RUE\URZDVVKRZQLQWKHJUDSKLFRQWKHWRSULJKW RIWKHSDJHRUGHUGLDORJLQ&LJXUH

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



&LJXUH8KH7KHHWWDERIWKH0DJH7W\OHGLDORJ

,%). =RXFDQVSHFLI\ZKLFKGHWDLOVWRSULQW8KRVHGHWDLOVLQFOXGH

l 6RZDQGFROXPQKHDGHUV l 7KHHWJULGrSULQWVWKHERUGHUVRIWKHFHOOVDVDJULG l .RWHVrSULQWVWKHQRWHVGHILQHGLQ\RXUVSUHDGVKHHWRQDVHSDUDWH SDJH DORQJZLWKWKHFRUUHVSRQGLQJFHOOUHIHUHQFH

l l l l

/EMHFWVDQGJUDSKLFV #KDUWV $UDZLQJREMHFWV &RUPXODVrSULQWVWKHIRUPXODVFRQWDLQHGLQWKHFHOOV LQVWHDGRI WKHUHVXOWV

l >HUR:DOXHVrSULQWVFHOOVZLWKD]HURYDOXH

#=B3



6HPHPEHUWKDWVLQFHWKHSULQWGHWDLORSWLRQVDUHD SDUWRIWKHSDJHvVSURSHUWLHV WKH\DUHDOVRDSDUWRI WKHSDJHVW\OHvVSURSHUWLHV8KHUHIRUH GLIIHUHQWSDJH VW\OHVFDQEHVHWXSWRTXLFNO\FKDQJHWKHSULQW SURSHUWLHVRIWKHVKHHWVLQWKHVSUHDGVKHHW

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

'! 9VHWKHVFDOHIHDWXUHVWRFRQWUROWKHQXPEHURISDJHVWKHGDWDZLOO SULQWRQ8KLVFDQEHXVHIXOLIDODUJHDPRXQWRIGDWDQHHGVWREH SULQWHGPRUHFRPSDFWO\RU LIWKHUHDGHUKDVSRRUH\HVLJKW WH[WFDQ EHHQODUJHGZKHQLWSULQWV

l 6HGXFH%QODUJHSULQWRXWrVFDOHVWKHGDWDLQWKHSULQWRXWHLWKHU

ODUJHURUVPDOOHU&RUH[DPSOHLIDVKHHWZRXOGQRUPDOO\SULQWRXW DVIRXUSDJHVWZRKLJKDQGWZRZLGH DVFDOLQJRIZRXOG SULQWDVRQHSDJHERWKZLGWKDQGKHLJKWDUHKDOYHG 

l &LWSULQWUDQJHV RQQXPEHURISDJHVrGHILQHVH[DFWO\KRZPDQ\ SDJHVWKHSULQWRXWZLOOWDNHXS8KLVRSWLRQZLOORQO\UHGXFHD SULQWRXW LWZLOOQRWHQODUJHLW8RHQODUJHDSULQWRXW WKH UHGXFHHQODUJHRSWLRQPXVWEHXVHG

l &LWSULQWUDQJHV WRZLGWKKHLJKWrGHILQHVKRZKLJKDQGZLGHWKH SULQWRXWZLOOEH LQSDJHV

*A7<5>@7
!"%)%)#+,%).,)#! 8RGHILQHDQHZSULQWUDQJHRUPRGLI\DQH[LVWLQJSULQWUDQJH  (LJKOLJKWWKHUDQJHRIFHOOVWKDWFRPSULVHWKHSULQWUDQJH  #KRRVH EHC7J*H?DJ,7D=;I;
)7>

=RXFDQFKHFNWKHSULQWUDQJHE\XVLQJ ?B;*7=; *H;L?;M//RZLOORQO\GLVSOD\WKHFHOOVLQWKHSULQW UDQJH

!(*0%)#+,%).,)#! )WPD\EHFRPHQHFHVVDU\WRUHPRYHDGHILQHGSULQWUDQJH IRU H[DPSOHLIWKHZKROHVKHHWQHHGVWREHSULQWHGODWHU #KRRVH EHC7J*H?DJ,7D=;I,;CEL;8KLVUHPRYHVDOO GHILQHGSULQWUDQJHVRQWKHVKHHW!IWHUWKHSULQWUDQJHLVUHPRYHG WKHGHIDXOWSDJHEUHDNOLQHVZLOODSSHDURQWKHVFUHHQ

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



%@7/53 )IDVKHHWLVSULQWHGRQPXOWLSOHSDJHV \RXFDQVHWXSFHUWDLQURZVRU FROXPQVWRUHSHDWRQHDFKSULQWHGSDJH &RUH[DPSOH LIWKHWRSWZRURZVRIWKHVKHHWDVZHOODVFROXPQ! QHHGWREHSULQWHGRQDOOSDJHV GRWKHIROORZLQJ  #KRRVH EHC7J*H?DJ,7D=;I:?J/QWKH%GLW0ULQW 6DQJHVGLDORJ W\SHWKHURZVLQWKHWH[WHQWU\ER[XQGHU6RZV WRUHSHDW&RUH[DPSOH WRUHSHDWURZVDQG W\SH )Q WKH6RZVWRUHSHDWOLVW  DED; FKDQJHVWR KI;H:;
&LJXUH7SHFLI\LQJUHSHDWLQJURZV  #ROXPQVFDQDOVRUHSHDWW\SHWKHFROXPQVLQWKHWH[WHQWU\ER[ XQGHU#ROXPQVWRUHSHDW&RUH[DPSOH WRUHSHDWFROXPQ! W\SH )QWKH#ROXPQVWRUHSHDWOLVW  DED; FKDQJHVWR KI;H:;
#=B3

=RXGRQRWQHHGWRVHOHFWWKHHQWLUHUDQJHRIWKHURZV WREHUHSHDWHGVHOHFWLQJRQHFHOOLQHDFKURZZRUNV

%/530@3/9A ;KLOHGHILQLQJDSULQWUDQJHFDQEHDSRZHUIXOWRRO LWPD\VRPHWLPHV EHQHFHVVDU\WRPDQXDOO\WZHDN#DOFvVSULQWRXW8RGRWKLV \RXFDQ XVHDPDQXDOEUHDN!PDQXDOEUHDNKHOSVWRHQVXUHWKDW\RXUGDWD SULQWVSURSHUO\=RXFDQLQVHUWDKRUL]RQWDOSDJHEUHDNDERYH RUD YHUWLFDOSDJHEUHDNWRWKHOHIWRI WKHDFWLYHFHOO

)-!,.%)#+#!,!& 8RLQVHUWDSDJHEUHDN  .DYLJDWHWRWKHFHOOZKHUHWKHSDJHEUHDNZLOOEHJLQ  7HOHFW#DI;HJ'7DK7BH;7A 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 7HOHFW,EMH;7ARUEBKCDH;7AGHSHQGLQJRQ\RXUQHHG 8KHEUHDNLVQRZVHW '=E0@3/9 7HOHFWLQJ6RZ"UHDNFUHDWHVDSDJHEUHDNDERYHWKHVHOHFWHGFHOO &RUH[DPSOH LIWKHDFWLYHFHOOLV( WKHQWKHEUHDNLVFUHDWHG EHWZHHQURZVDQG =:C;<0@3/9 7HOHFWLQJ#ROXPQ"UHDNFUHDWHVDSDJHEUHDNWRWKHOHIWRIWKH VHOHFWHGFHOO&RUH[DPSOH LIWKHDFWLYHFHOOLV( WKHQWKHEUHDN LVFUHDWHGEHWZHHQFROXPQV'DQG(

)7>

8RVHHSDJHEUHDNOLQHVPRUHHDVLO\RQVFUHHQ \RX FDQFKDQJHWKHLUFRORU#KRRVH.EEBI)FJ?EDI )F;D)<
!'!.%)#+#!,!& 8RUHPRYHDSDJHEUHDN  .DYLJDWHWRDFHOOWKDWLVQH[WWRWKHEUHDN\RXZDQWWRUHPRYH  7HOHFW:?J;B;J;'7DK7BH;7A  7HOHFW,EMH;7ARUEBKCDH;7AGHSHQGLQJRQ\RXUQHHG 8KHEUHDNLVQRZUHPRYHG

#=B3

-XOWLSOHPDQXDOURZDQGFROXPQEUHDNVFDQH[LVWRQ WKHVDPHSDJH;KHQ\RXZDQWWRUHPRYHWKHP \RX KDYHWRUHPRYHHDFKRQHLQGLYLGXDOO\8KLVPD\EH FRQIXVLQJDWWLPHV EHFDXVHDOWKRXJKWKHUHPD\EHD FROXPQEUHDNVHWRQWKHSDJH ZKHQ\RXJRWR:?J '7DK7BH;7A #ROXPQEUHDNPD\EHJUD\HGRXW )QRUGHUWRUHPRYHWKHEUHDN \RXKDYHWREHLQWKH FHOOQH[WWRWKHEUHDN7R IRUH[DPSOH LI\RXVHWWKH FROXPQEUHDNZKLOH\RXDUHLQ( \RXFDQQRW UHPRYHLWLI\RXDUHLQFHOO$(RZHYHU \RXFDQ UHPRYHLWIURPDQ\FHOOLQFROXPQ(

3/23@A/<24==B3@A (HDGHUVDQGIRRWHUVDUHSUHGHILQHGSLHFHVRIWH[WWKDWDUHSULQWHGDW WKHWRSRUERWWRPRIDVKHHWRXWVLGHRIWKHVKHHWDUHD8KH\DUHVHW WKHVDPHZD\ #KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



(HDGHUVDQGIRRWHUVDUHDVVLJQHGWRDSDJHVW\OH=RXFDQGHILQH PRUHWKDQRQHSDJHVW\OHIRUDVSUHDGVKHHWDQGDVVLJQGLIIHUHQWSDJH VW\OHVWRGLIIHUHQWVKHHWV&RUPRUHDERXWSDJHVW\OHV VHH#KDSWHU RIWKH#DOF'XLGH 8RVHWDKHDGHURUIRRWHU  .DYLJDWHWRWKHVKHHWWKDW\RXZDQWWRVHWWKHKHDGHURUIRRWHU IRU7HOHFW EHC7J*7=;  7HOHFWWKH(HDGHURU&RRWHU WDE7HH&LJXUH  7HOHFWWKH";7:;HEDRSWLRQ &URPKHUH\RXFDQDOVRVHWWKHPDUJLQV WKHVSDFLQJ DQGKHLJKWIRU WKHKHDGHURUIRRWHU=RXFDQFKHFNWKHKJE ?J>;?=>JER[WRKDYH WKHKHLJKWRIWKHKHDGHURUIRRWHUDXWRPDWLFDOO\DGMXVW

&LJXUH(HDGHUGLDORJ "/@57< #KDQJLQJWKHVL]HRIWKHOHIWRUULJKWPDUJLQDGMXVWVKRZIDUWKH KHDGHURUIRRWHULVIURPWKHVLGHRIWKHSDJH (>/17<5 7SDFLQJDIIHFWVKRZIDUDERYHRUEHORZWKHVKHHWWKHKHDGHURU IRRWHUZLOOSULQW7R LIVSDFLQJLVVHWWR WKHQWKHUHZLOOEH LQFKEHWZHHQWKHKHDGHURUIRRWHUDQGWKHVKHHW 3756B (HLJKWDIIHFWVKRZELJWKHKHDGHURUIRRWHUZLOOEH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

! !,*,"**.!,++!,)! 8RFKDQJHWKHDSSHDUDQFHRIWKHKHDGHURUIRRWHU FOLFN'EH; &URPWKLVGLDORJ&LJXUH \RXFDQVHWWKHEDFNJURXQGDQGERUGHU RIWKHKHDGHURUIRRWHU7HH#KDSWHU9VLQJ7W\OHVLQ#DOF LQWKH #DOF'XLGHIRUPRUHLQIRUPDWLRQ

&LJXUH(HDGHU&RRWHU"RUGHU"DFNJURXQG

*).!).-*".$!$! !,*,"**.!, 8KHKHDGHURUIRRWHURID#DOFVSUHDGVKHHWKDVWKUHHFROXPQVIRU WH[W%DFKFROXPQFDQKDYHGLIIHUHQWFRQWHQWV 8RVHWWKHFRQWHQWVRIWKHKHDGHURUIRRWHU FOLFNWKH:?JEXWWRQLQ WKHKHDGHURUIRRWHUGLDORJVKRZQLQ&LJXUHWRGLVSOD\WKHGLDORJ VKRZQLQ&LJXUH @3/A %DFKDUHDLVLQGHSHQGHQWDQGFDQKDYHGLIIHUHQWLQIRUPDWLRQLQLW 3/23@ =RXFDQVHOHFWIURPVHYHUDOSUHVHWFKRLFHVLQWKH(HDGHUGURS GRZQOLVW RUVSHFLI\DFXVWRPKHDGHUXVLQJWKHEXWWRQVEHORZ)I \RXDUHIRUPDWWLQJDIRRWHU WKHFKRLFHVDUHWKHVDPH

#KDSWHU'HWWLQJ7WDUWHGZLWK#DOF



&LJXUH%GLWFRQWHQWVRIKHDGHURUIRRWHU CAB=;63/23@ #OLFNLQWKHDUHD,HIW #HQWHU 6LJKW WKDW\RXZDQWWRFXVWRPL]H WKHQXVHWKHEXWWRQVWRDGGHOHPHQWVRUFKDQJHWH[WDWWULEXWHV /SHQVWKH8H[W!WWULEXWHVGLDORJ )QVHUWVWKHWRWDOQXPEHURISDJHV )QVHUWVWKH&LOH.DPHILHOG )QVHUWVWKH$DWHILHOG )QVHUWVWKH7KHHW.DPHILHOG )QVHUWVWKH8LPHILHOG )QVHUWVWKHFXUUHQWSDJHQXPEHU



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !;JJ?D=-J7HJ;:M?J> #CFH;II 0UHVHQWDWLRQVLQ/SHQ/IILFHRUJ

,6/B7A;>@3AA )PSUHVVLV/SHQ/IILFHRUJv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

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



%/@BA=4B63;/7<;>@3AAE7<2=E 8KHPDLQ)PSUHVVZLQGRZ&LJXUH KDVWKUHHSDUWVWKH7OLGHV SDQH ;RUNVSDFH DQG8DVNVSDQH!GGLWLRQDOO\ VHYHUDOWRROEDUVFDQ EHGLVSOD\HGRUKLGGHQGXULQJWKHFUHDWLRQRIDSUHVHQWDWLRQ

&LJXUH-DLQZLQGRZRI)PSUHVV

)7>

=RXFDQUHPRYHWKH7OLGHVSDQHRU8DVNVSDQHIURP YLHZE\FOLFNLQJWKH<LQWKHXSSHUULJKWFRUQHU=RX FDQDOVRVKRZRUKLGHWKHVHSDQHVXVLQJ0?;M-B?:; *7D;RU0?;M.7IAI*7D;

(:723A>/<3 8KH7OLGHVSDQHFRQWDLQVWKXPEQDLOSLFWXUHVRIWKHVOLGHVLQ\RXU SUHVHQWDWLRQ LQWKHRUGHUWKH\ZLOOEHVKRZQXQOHVV\RXFKDQJHWKH RUGHU #OLFNLQJDVOLGHVHOHFWVLWDQGSODFHVLWLQWKH;RUNVSDFH ;KLOHLWLVWKHUH \RXFDQDSSO\DQ\FKDQJHVGHVLUHGWRWKDWSDUWLFXODU VOLGH 7HYHUDODGGLWLRQDORSHUDWLRQVFDQEHSHUIRUPHGRQRQHRUPRUHVOLGHV LQWKH7OLGHVSDQH

l !GGQHZVOLGHVDWDQ\SODFHZLWKLQWKHSUHVHQWDWLRQDIWHUWKHILUVW VOLGH

l -DUNDVOLGHDVKLGGHQVRWKDWLWZLOOQRWEHVKRZQDVSDUWRIWKH VOLGHVKRZ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l $HOHWHDVOLGHIURPWKHSUHVHQWDWLRQLILWLVQRORQJHUQHHGHG l 6HQDPHDVOLGH l #RS\RUPRYHWKHFRQWHQWVRIRQHVOLGHWRDQRWKHUFRS\DQG SDVWH RUFXWDQGSDVWH UHVSHFWLYHO\ 

)WLVDOVRSRVVLEOHWRSHUIRUPWKHIROORZLQJRSHUDWLRQV DOWKRXJKWKHUH DUHPRUHHIILFLHQWPHWKRGVWKDQXVLQJWKH7OLGHVSDQH

l #KDQJHWKHVOLGHWUDQVLWLRQIROORZLQJWKHVHOHFWHGVOLGHRUDIWHU HDFKVOLGHLQDJURXSRIVOLGHV

l #KDQJHWKHVHTXHQFHRIVOLGHVLQWKHSUHVHQWDWLRQ l #KDQJHWKHVOLGHGHVLJQ!ZLQGRZRSHQVDOORZLQJ\RXWRORDG \RXURZQGHVLJQ

l #KDQJHVOLGHOD\RXWIRUDJURXSRIVOLGHVVLPXOWDQHRXVO\8KLV UHTXLUHVXVLQJWKH,D\RXWV VHFWLRQRIWKH8DVNVSDQH

)/A9A>/<3 8KH8DVNVSDQHKDVILYHVHFWLRQV "/AB3@%/53A (HUH\RXGHILQHWKHSDJHVW\OHIRU\RXUSUHVHQWDWLRQ)PSUHVV FRQWDLQVSUHSDFNDJHG-DVWHU0DJHVVOLGHPDVWHUV /QHRI WKHPr$HIDXOWrLVEODQN DQGWKHUHVWKDYHDEDFNJURXQG

)7>

0UHVV&WRRSHQWKH7W\OHVDQG&RUPDWLQJZLQGRZ ZKHUH\RXFDQPRGLI\WKHVW\OHVXVHGLQDQ\VOLGH PDVWHUWRVXLW\RXUSXUSRVH8KLVFDQEHGRQHDWDQ\ WLPH

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



(:723)@/
,=@9A rel="nofollow">/13 8KH;RUNVSDFHKDVILYHWDEV(EHC7B )KJB?D; (EJ;I "7D:EKJ DQG-B?:;-EHJ;H8KHVHILYHWDEVDUHFDOOHG0?;M8KJJEDI8KHUH DUHDOVRPDQ\WRROEDUVWKDWFDQEHXVHGGXULQJVOLGHFUHDWLRQWKH\ DUHUHYHDOHGE\VHOHFWLQJWKHPZLWK0?;M.EEB87HI8KH ;RUNVSDFHLVEHORZWKH:LHZEXWWRQV8KLVLVZKHUH\RXDVVHPEOHWKH YDULRXVSDUWVRI\RXUVHOHFWHGVOLGH %DFKYLHZLVGHVLJQHGWRPDNHFRPSOHWLQJFHUWDLQWDVNVHDVLHU)Q VXPPDU\

l .RUPDOYLHZLVWKHPDLQYLHZIRUFUHDWLQJLQGLYLGXDOVOLGHV9VH WKLVYLHZWRIRUPDWDQGGHVLJQVOLGHVDQGWRDGGWH[W JUDSKLFV DQGDQLPDWLRQHIIHFWV

l /XWOLQHYLHZVKRZVWRSLFWLWOHV EXOOHWHGOLVWV DQGQXPEHUHGOLVWV IRUHDFKVOLGHLQRXWOLQHIRUPDW9VHWKLVYLHZWRUHDUUDQJHWKH RUGHURIVOLGHV HGLWWLWOHVDQGKHDGLQJV UHDUUDQJHWKHRUGHURI LWHPVLQDOLVW DQGDGGQHZVOLGHV

l .RWHVYLHZOHWV\RXDGGQRWHVWRHDFKVOLGHWKDWDUHQRWVHHQ ZKHQWKHSUHVHQWDWLRQLVVKRZQ

l 7OLGH7RUWHUYLHZVKRZVDWKXPEQDLORIHDFKVOLGHLQRUGHU9VH WKLVYLHZWRUHDUUDQJHWKHRUGHURIVOLGHV SURGXFHDWLPHGVOLGH VKRZ RUDGGWUDQVLWLRQVEHWZHHQVHOHFWHGVOLGHV

l (DQGRXWYLHZOHWV\RXSULQW\RXUVOLGHVIRUDKDQGRXW=RXFDQ FKRRVHRQH WZR WKUHH IRXU RUVL[VOLGHVSHUSDJHIURP.7IAI F7D;&7OEKJI8KXPEQDLOVFDQEHUH DUUDQJHGLQWKLVYLHZE\ GUDJJLQJDQGGURSSLQJWKHP

)==:0/@A 8KHYDULRXV)PSUHVVWRROEDUVFDQEHGLVSOD\HGRUKLGGHQE\FOLFNLQJ 0?;M.EEB87HIDQGVHOHFWLQJIURPWKHPHQX=RXFDQDOVRVHOHFW WKHLFRQVWKDW\RXZLVKWRDSSHDURQHDFKWRROEDU&RUPRUH LQIRUPDWLRQ UHIHUWR#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ  -DQ\RIWKHWRROEDUVLQ)PSUHVVDUHVLPLODUWRWKHWRROEDUVLQ//R $UDZ6HIHUWRWKH$UDZ'XLGHIRUGHWDLOVRQWKHIXQFWLRQVDYDLODEOH DQGKRZWRXVHWKHP



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#/D75/B=@ 8KH.DYLJDWRU&LJXUH GLVSOD\VDOOREMHFWVFRQWDLQHGLQD GRFXPHQW)WSURYLGHVDQRWKHUFRQYHQLHQWZD\WRPRYHDURXQGD LVORFDWHGRQ GRFXPHQWDQGILQGLWHPVLQLW8KH.DYLJDWRULFRQ WKH7WDQGDUGWRROEDU=RXFDQDOVRGLVSOD\WKH.DYLJDWRUE\FKRRVLQJ :?J(7L?=7JEHRQWKHPHQXEDURUSUHVVLQJ#WUO 7KLIW & 8KH.DYLJDWRULVPRUHXVHIXOLI\RXJLYH\RXUVOLGHVDQGREMHFWV SLFWXUHV VSUHDGVKHHWV DQGVRRQ PHDQLQJIXOQDPHV LQVWHDGRI OHDYLQJWKHPDVWKHGHIDXOWs7OLGHtDQGs0LFWXUHtVKRZQLQ &LJXUH

&LJXUH.DYLJDWRULQ)PSUHVV

,=@97<5E7B6D73EA 8KLVVHFWLRQGHVFULEHVWKHXVHRIWKHILYHYLHZV

#=@;/:D73E .RUPDOYLHZLVWKHPDLQYLHZIRUZRUNLQJZLWKLQGLYLGXDOVOLGHV9VH WKLVYLHZWRIRUPDWDQGGHVLJQDQGWRDGGWH[W JUDSKLFV DQG DQLPDWLRQHIIHFWV 8RSODFHDVOLGHLQWKH7OLGH$HVLJQDUHDRIWKH.RUPDOYLHZ FOLFNWKH VOLGHWKXPEQDLOLQWKH7OLGHVSDQHRUXVHWKH.DYLJDWRU 8RVHOHFWDVOLGHLQWKH.DYLJDWRU VFUROOGRZQWKHOLVWXQWLO\RXILQGLW DQGWKHQGRXEOH FOLFNLW #KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



$CB:7<3D73E /XWOLQHYLHZ&LJXUH FRQWDLQVDOOWKHVOLGHVRIWKHSUHVHQWDWLRQLQ WKHLUQXPEHUHGVHTXHQFH)WVKRZVWRSLFWLWOHV EXOOHWHGOLVWV DQG QXPEHUHGOLVWVIRUHDFKVOLGHLQRXWOLQHIRUPDW/QO\WKHWH[W FRQWDLQHGLQWKHGHIDXOWWH[WER[HVLQHDFKVOLGHLVVKRZQ VRLI\RXU VOLGHLQFOXGHVRWKHUWH[WER[HVRUGUDZLQJREMHFWV WKHWH[WLQWKHVH REMHFWVLVQRWGLVSOD\HG7OLGHQDPHVDUHDOVRQRWLQFOXGHG

&LJXUH/XWOLQHYLHZ /XWOLQHYLHZVHUYHVDWOHDVWWZRSXUSRVHV  -DNLQJFKDQJHVLQWKHWH[WRIDVOLGH

l =RXFDQDGGDQGGHOHWHWKHWH[WLQDVOLGHMXVWDV\RXZRXOG LQWKH.RUPDOYLHZ

l =RXFDQPRYHWKHSDUDJUDSKVRIWH[WLQWKHVHOHFWHGVOLGHXS RUGRZQE\XVLQJWKHXSDQGGRZQDUURZEXWWRQV-RYH9S RU-RYH$RZQ RQWKH8H[W&RUPDWWLQJWRROEDU

l =RXFDQFKDQJHWKH/XWOLQH,HYHOIRUDQ\RIWKHSDUDJUDSKV LQDVOLGHXVLQJWKHOHIWDQGULJKWDUURZEXWWRQV0URPRWHRU $HPRWH 

l =RXFDQERWKPRYHDSDUDJUDSKDQGFKDQJHLWVRXWOLQHOHYHO XVLQJDFRPELQDWLRQRIWKHVHIRXUDUURZEXWWRQV  #RPSDULQJWKHVOLGHVZLWK\RXURXWOLQHLI\RXKDYHSUHSDUHG RQHLQDGYDQFH )I\RXQRWLFHIURP\RXURXWOLQHWKDWDQRWKHU



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

VOLGHLVQHHGHG \RXFDQFUHDWHLWGLUHFWO\LQWKH/XWOLQHYLHZ SUHVVLQJ%QWHUZKHQWKHFXUVRULVRQWKHILUVWOLQHRIWKHVOLGH RU\RXFDQFKDQJHWRWKH.RUPDOYLHZWRFUHDWHLW WKHQUHWXUQWR /XWOLQHYLHZWRFRQWLQXHUHYLHZLQJWKHVOLGHVDJDLQVW\RXU RXWOLQH )IDVOLGHLVQRWLQWKHFRUUHFWVHTXHQFH \RXFDQPRYHLWWRLWV SURSHUSODFH D )QWKHVOLGHSDQH FOLFNWKHVOLGHLFRQRIWKHVOLGH\RXDUH PRYLQJ E $UDJDQGGURSLWZKHUH\RXZDQWLW

#=B3AD73E 9VHWKH.RWHVYLHZWRDGGQRWHVWRDVOLGH  #OLFNWKH(EJ;IWDELQWKH;RUNVSDFH&LJXUH 

&LJXUH.RWHVYLHZ  7HOHFWWKHVOLGHWRZKLFK\RXZDQWWRDGGQRWHV

l #OLFNWKHVOLGHLQWKH7OLGHSDQH RU l 9VHWKH*H;L?EKI-B?:;DQG(;NJ-B?:;EXWWRQVWRPRYHWR WKHGHVLUHGVOLGHLQWKH.DYLJDWRU

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



 )QWKHWH[WER[EHORZWKHVOLGH FOLFNRQWKHZRUGV#OLFNWRDGG QRWHVDQGEHJLQW\SLQJ =RXFDQUHVL]HWKH.RWHVWH[WER[XVLQJWKHJUHHQUHVL]LQJKDQGOHV DQGPRYHLWE\SODFLQJWKHSRLQWHURQWKHERUGHU WKHQFOLFNLQJDQG GUDJJLQJ8RPDNHFKDQJHVLQWKHWH[WVW\OH SUHVVWKH&NH\WR RSHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ

(:723(=@B3@D73E 7OLGH7RUWHUYLHZFRQWDLQVDOOWKHVOLGHWKXPEQDLOV&LJXUH 9VH WKLVYLHZWRZRUNZLWKDJURXSRIVOLGHVRUZLWKRQO\RQHVOLGH

&LJXUH7OLGH7RUWHUYLHZ #KDQJHWKHQXPEHURIVOLGHVSHUURZLIGHVLUHG  #KHFN0?;M.EEB87HI-B?:;0?;MWRPDNHWKH7OLGH:LHZ WRROEDU&LJXUH YLVLEOH

&LJXUH7OLGH7RUWHUDQG7OLGH:LHZWRROEDUV  !GMXVWWKHQXPEHURIVOLGHVXSWRDPD[LPXPRI 



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 ;KHQ\RXKDYHDGMXVWHGWKHQXPEHURIVOLGHSHUURZ FOLFN0?;M .EEB87HI-B?:;0?;MWRUHPRYHWKLVWRROEDUIURPYLHZ 8RPRYHDVOLGHLQDSUHVHQWDWLRQLQWKH7OLGH7RUWHU  #OLFNWKHVOLGH!WKLFNEODFNERUGHULVGUDZQDURXQGLW  $UDJDQGGURSLWWRWKHORFDWLRQ\RXZDQW

l !V\RXPRYHWKHVOLGH DEODFNYHUWLFDOOLQHDSSHDUVWRRQH VLGHRIWKHVOLGH

l $UDJWKHVOLGHXQWLOWKLVEODFNYHUWLFDOOLQHLVORFDWHGZKHUH \RXZDQWWKHVOLGHWREHPRYHG 8RVHOHFWDJURXSRIVOLGHV XVHRQHRIWKHVHPHWKRGV

l 9VHWKH#RQWURO#WUO NH\#OLFNRQWKHILUVWVOLGHDQG ZKLOH SUHVVLQJ#RQWURO VHOHFWWKHRWKHUGHVLUHGVOLGHV

l 9VHWKH7KLIWNH\#OLFNRQWKHILUVWVOLGH DQGZKLOHSUHVVLQJWKH 7KLIWNH\ FOLFNRQWKHILQDOVOLGHLQWKHJURXS8KLVVHOHFWVDOORI WKHRWKHUVOLGHVLQEHWZHHQWKHILUVWDQGWKHODVW

l 9VHWKHPRXVHFXUVRU#OLFNRQWKHILUVWVOLGHWREHVHOHFWHG(ROG GRZQWKHOHIWPRXVHEXWWRQ$UDJWKHFXUVRUWRWKHODVWVOLGH WKXPEQDLO!GDVKHGRXWOLQHRIDUHFWDQJOHIRUPVDV\RXGUDJWKH FXUVRUWKURXJKWKHVOLGHWKXPEQDLOVDQGDWKLFNEODFNERUGHULV GUDZQDURXQGWKHVHOHFWHGVOLGHV-DNHVXUHWKHUHFWDQJOH LQFOXGHVDOOWKHVOLGHV\RXZDQWWRVHOHFW

8RPRYHDJURXSRIVOLGHV  7HOHFWWKHJURXS  $UDJDQGGURSWKHJURXSWRWKHLUQHZORFDWLRQ8KHVDPH YHUWLFDOEODFNOLQHDSSHDUVWRVKRZ\RXZKHUHWKHJURXSRIVOLGHV ZLOOJR

#=B3

7HOHFWLRQRIDJURXSRIVOLGHVZRUNVLQDUHFWDQJXODU IDVKLRQ7OLGHVWKDWGRQRWIDOOZLWKLQDUHFWDQJXODU DUHDFDQQRWEHJURXSHG

=RXFDQZRUNZLWKVOLGHVLQWKH7OLGH7RUWHUYLHZMXVWDV\RXFDQLQ WKH7OLGHSDQH8RPDNHFKDQJHV ULJKW FOLFNDVOLGHDQGGRDQ\RIWKH IROORZLQJXVLQJWKHSRS XSPHQX

l l l l

!GGDQHZVOLGHDIWHUWKHVHOHFWHGVOLGH $HOHWHWKHVHOHFWHGVOLGH #KDQJHWKHVOLGHOD\RXW #KDQJHWKHVOLGHWUDQVLWLRQ

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



q

&RURQHVOLGH FOLFNWKHVOLGHWRVHOHFWLW8KHQDGGWKHGHVLUHG WUDQVLWLRQ

q

&RUPRUHWKDQRQHVOLGH VHOHFWWKHJURXSRIVOLGHVDQGDGGWKH GHVLUHGWUDQVLWLRQ

l -DUNDVOLGHDVKLGGHQ(LGGHQVOLGHVDUHQRWVKRZQLQWKHVOLGH VKRZ

l #RS\RUFXWDQGSDVWHDVOLGH

/<2=CBD73E (DQGRXWYLHZLVIRUVHWWLQJXSWKHOD\RXWRI\RXUVOLGHIRUDSULQWHG KDQGRXW#OLFNWKH(DQGRXWWDELQWKHZRUNVSDFH WKHQFKRRVH &7OEKJILQWKH8DVNVSDQH,D\RXWFRQWDLQVILYHFKRLFHV     RUVOLGHVSHUSDJH&LJXUH 

8RSULQWDKDQGRXW  7HOHFWWKHVOLGHVXVLQJWKH7OLGH7RUWHU9VHWKHVWHSVOLVWHGLQ VHOHFWLQJDJURXSRIVOLGHVRQSDJH  7HOHFW ?B;*H?DJRUSUHVV#RQWURO 0WRRSHQWKH0ULQWGLDORJ  7HOHFW)FJ?EDILQWKHERWWRPOHIWFRUQHURIWKH0ULQWGLDORJ  #KHFN"7D:EKJILQWKH#RQWHQWV VHFWLRQ DQGWKHQFOLFN)%  #OLFN)%WRFORVHWKH0ULQWGLDORJ

@3/B7<5/<3E>@3A3


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

%:/<<7<5/>@3A3
*A7<5B63%@3A3
l &URPWKH//R;HOFRPHVFUHHQ LIQRFRPSRQHQWLVRSHQ l &URPWKHV\VWHPPHQXRUWKH//R5XLFNVWDUWHU$HWDLOVYDU\ZLWK \RXURSHUDWLQJV\VWHPVHH#KDSWHUIRUPRUHLQIRUPDWLRQ

l &URPDQ\RSHQFRPSRQHQWRI//R#OLFNWKHWULDQJOHWRWKHULJKW

RIWKH(;MLFRQRQWKHPDLQWRROEDUDQGVHOHFW0UHVHQWDWLRQIURP WKHGURS GRZQPHQXRUFKRRVH ?B;(;M*H;I;DJ7J?EDIURP WKHPHQXEDU

;KHQ\RXVWDUW)PSUHVV WKH0UHVHQWDWLRQ;L]DUGDSSHDUV&LJXUH  

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



)7>

)I\RXGRQRWZDQWWKHZL]DUGWRVWDUWHYHU\WLPH\RX ODXQFK)PSUHVV VHOHFWWKHEDEJI>EMJ>?IM?P7H: 7=7?DFKHFNER[=RXFDQHQDEOHLWDJDLQODWHULI\RX QHHGXQGHU.EEBI)FJ?EDI)F;D)<M?P7H:FKHFNER[ ,HDYHWKH*H;L?;MFKHFNER[VHOHFWHG VRWHPSODWHV VOLGHGHVLJQV DQGVOLGHWUDQVLWLRQVDSSHDULQWKH SUHYLHZER[DV\RXFKRRVHWKHP

&LJXUH#KRRVLQJWKHW\SHRISUHVHQWDWLRQ  7HOHFW%PSW\0UHVHQWDWLRQXQGHU.OF; )WFUHDWHVDSUHVHQWDWLRQ IURPVFUDWFK

#=B3



&URP8HPSODWHXVHVDWHPSODWHGHVLJQDOUHDG\FUHDWHG DVWKHEDVLVIRUDQHZSUHVHQWDWLRQ8KHZL]DUG FKDQJHVWRVKRZDOLVWRIDYDLODEOHWHPSODWHV#KRRVH WKHWHPSODWH\RXZDQW /SHQ%[LVWLQJ0UHVHQWDWLRQFRQWLQXHVZRUNRQD SUHYLRXVO\FUHDWHGSUHVHQWDWLRQ8KHZL]DUGFKDQJHVWR VKRZDOLVWRIH[LVWLQJSUHVHQWDWLRQV#KRRVHWKH SUHVHQWDWLRQ\RXZDQW "RWKRIWKHVHRSWLRQVDUHFRYHUHGLQWKH)PSUHVV'XLGH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #OLFN(;NJ &LJXUHVKRZVWKH0UHVHQWDWLRQ;L]DUGVWHSDV LWDSSHDUVLI\RXVHOHFWHG%PSW\0UHVHQWDWLRQDWVWHS)I\RX VHOHFWHG&URP8HPSODWH DQH[DPSOHVOLGHLVVKRZQLQWKH 0UHYLHZER[

&LJXUH7HOHFWLQJDVOLGHGHVLJQ  #KRRVHDGHVLJQXQGHU-;B;9J7IB?:;:;I?=D8KHVOLGHGHVLJQ VHFWLRQJLYHV\RXWZRPDLQFKRLFHV0UHVHQWDWLRQ"DFNJURXQGV DQG0UHVHQWDWLRQV%DFKRQHKDVDOLVWRIFKRLFHVIRUVOLGH GHVLJQV)I\RXZDQWWRXVHRQHRIWKHVHRWKHUWKDQ/ULJLQDO FOLFNLWWRVHOHFWLW

l 8KHW\SHVRI0UHVHQWDWLRQ"DFNJURXQGVDUHVKRZQLQ&LJXUH "\FOLFNLQJDQLWHP \RXZLOOVHHDSUHYLHZRIWKHVOLGH GHVLJQLQWKH0UHYLHZZLQGRZ)PSUHVVFRQWDLQVWKUHH FKRLFHVXQGHU0UHVHQWDWLRQV/ULJLQDO )QWURGXFLQJD.HZ 0URGXFW DQG6HFRPPHQGDWLRQRID7WUDWHJ\

l /ULJLQDOLVIRUDEODQNSUHVHQWDWLRQVOLGHGHVLJQ l "RWK)QWURGXFLQJD.HZ0URGXFWDQG6HFRPPHQGDWLRQRID 7WUDWHJ\KDYHWKHLURZQSUHSDFNDJHGVOLGHGHVLJQV%DFK GHVLJQDSSHDUVLQWKH0UHYLHZZLQGRZZKHQLWVQDPHLV FOLFNHG

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



#=B3

)QWURGXFLQJD.HZ0URGXFWDQG6HFRPPHQGDWLRQRID 7WUDWHJ\DUHSUHSDFNDJHGSUHVHQWDWLRQWHPSODWHV 8KH\FDQEHXVHGWRFUHDWHDSUHVHQWDWLRQE\FKRRVLQJ HECJ;CFB7J;LQWKHILUVWVWHS&LJXUH 

 7HOHFWKRZWKHSUHVHQWDWLRQZLOOEHXVHGXQGHU-;B;9J7D EKJFKJC;:?KC -RVWRIWHQ SUHVHQWDWLRQVDUHFUHDWHGIRU FRPSXWHUVFUHHQGLVSOD\7HOHFW7FUHHQ  #OLFN(;NJ8KH*H;I;DJ7J?ED;L]DUGVWHSDSSHDUV

&LJXUH7HOHFWLQJDVOLGHGHVLJQ  #KRRVHWKHGHVLUHGVOLGHWUDQVLWLRQIURPWKH%IIHFWGURS GRZQ PHQX  7HOHFWWKHGHVLUHGVSHHGIRUWKHWUDQVLWLRQEHWZHHQWKHGLIIHUHQW VOLGHVLQWKHSUHVHQWDWLRQIURPWKH-F;;:GURS GRZQPHQX -HGLXPLVDJRRGFKRLFHIRUQRZ  #OLFNH;7J; !QHZSUHVHQWDWLRQLVFUHDWHG

)7>



=RXPLJKWZDQWWRDFFHSWWKHGHIDXOWYDOXHVIRUERWK %IIHFWDQG7SHHGXQOHVV\RXDUHVNLOOHGDWGRLQJWKLV "RWKRIWKHVHYDOXHVFDQEHFKDQJHGODWHUZKLOH ZRUNLQJZLWK-B?:;JH7DI?J?EDIDQG7D?C7J?EDI 8KHVHWZRDUHH[SODLQHGLQPRUHGHWDLOLQ#KDSWHURI WKH)PSUHVV'XLGH 'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

)I\RXVHOHFWHG&URPWHPSODWHRQVWHSRIWKH;L]DUG WKH(;NJEXWWRQZLOOEHDFWLYHRQVWHSDQGRWKHU SDJHVZLOOEHDYDLODEOH8KHVHSDJHVDUHQRWGHVFULEHG KHUH

=@;/BB7<5/>@3A3
/CB7=<

6HPHPEHUWRVDYHIUHTXHQWO\ZKLOHZRUNLQJRQWKH SUHVHQWDWLRQ WRSUHYHQWDQ\ORVVRILQIRUPDWLRQ VKRXOGVRPHWKLQJXQH[SHFWHGRFFXU=RXPLJKWDOVR ZDQWWRDFWLYDWHWKH!XWR6HFRYHU\IXQFWLRQ .EEBI)FJ?EDI&E7: -7L;!;D;H7B-DNH VXUH-7L;KJE,;9EL;HO?D<EHC7J?ED;L;HOLV VHOHFWHGDQGWKDW\RXKDYHHQWHUHGDUHFRYHU\ IUHTXHQF\

@3/B7<5B6347@ABA:723 8KHILUVWVOLGHLVQRUPDOO\DWLWOHVOLGH$HFLGHZKLFKRIWKHOD\RXWV ZLOOEHVWVXLW\RXUSXUSRVHVIRUWKLVILUVWVOLGHVLPSOLFLW\ZRXOGEH DSSURSULDWHLQWKLVLQVWDQFH=RXFDQXVHWKHSUHSDFNDJHGOD\RXWV DYDLODEOHLQWKH,D\RXWVHFWLRQRIWKH8DVNVSDQH7XLWDEOHOD\RXWVDUH 8LWOH7OLGHZKLFKDOVRFRQWDLQVDVHFWLRQIRUDVXEWLWOH RU8LWOH/QO\ KRZHYHUDOOEXWRQHOD\RXWWKHEODQNRQH FRQWDLQVDWLWOHVHFWLRQ VR \RXDUHQRWUHVWULFWHGWRWKHWZROD\RXWVGHVFULEHGKHUH

)7>

)I\RXGRQRWNQRZWKHQDPHVIRUWKHSUHSDFNDJHG OD\RXWV \RXFDQXVHWKHWRROWLSIHDWXUH0RVLWLRQWKH FXUVRURQDQLFRQLQWKH,D\RXWVHFWLRQRURQDQ\ WRROEDULFRQ DQGLWVQDPHZLOOEHGLVSOD\HGLQDVPDOO UHFWDQJOH )IWKHWRROWLSVDUHQRWHQDEOHG \RXFDQHQDEOHWKHP &URPWKHPDLQPHQX VHOHFW.EEBI)FJ?EDI )F;D)<
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



7HOHFWDOD\RXWLQWKH,D\RXWVHFWLRQRIWKH8DVNVSDQHE\FOLFNLQJRQ LWLWDSSHDUVLQWKH;RUNVSDFH8RFUHDWHWKHWLWOH FOLFNRQs#OLFNWR DGGWLWOHtDVVXPLQJWKH"ODQN7OLGHOD\RXWZDVQRWXVHG DQGWKHQ W\SHWKHWLWOHWH[W!GMXVWPHQWVWRWKHIRUPDWWLQJRIWKHWLWOHFDQEH GRQHE\SUHVVLQJWKH&NH\ ULJKW FOLFNLQJWKH8LWOHSUHVHQWDWLRQ VW\OHHQWU\ DQGVHOHFWLQJ'E:?

&LUVWLQVHUWDOOWKHVOLGHV\RXURXWOLQHLQGLFDWHV\RXZLOOQHHG/QO\ DIWHUWKLVVKRXOG\RXEHJLQDGGLQJVSHFLDOHIIHFWVVXFKDVFXVWRP DQLPDWLRQDQGVOLGHWUDQVLWLRQV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-J;F )QVHUWDQHZVOLGH8KLVFDQEHGRQHLQDYDULHW\RIZD\V WDNH\RXUSLFN

l #DI;HJ-B?:; l 6LJKW FOLFNRQWKHSUHVHQWVOLGH DQGVHOHFW-B?:;(;M-B?:; IURPWKHSRS XSPHQX

l #OLFNWKH-B?:;LFRQLQWKH0UHVHQWDWLRQWRROEDU&LJXUH 

&LJXUH0UHVHQWDWLRQWRROEDU -J;F7HOHFWWKHOD\RXWVOLGHWKDWEHVWVILWV\RXUQHHGV -J;F-RGLI\WKHHOHPHQWVRIWKHVOLGH!WWKLVVWDJH WKHVOLGH FRQVLVWVRIHYHU\WKLQJFRQWDLQHGLQWKHVOLGHPDVWHU DVZHOODVWKH FKRVHQOD\RXWVOLGH VRWKLVLQFOXGHVUHPRYLQJXQQHHGHGHOHPHQWV DGGLQJQHHGHGHOHPHQWVVXFKDVSLFWXUHV DQGLQVHUWLQJWH[W

/CB7=<

#KDQJHVWRDQ\RIWKHSUH SDFNDJHGOD\RXWVFDQRQO\ EHPDGHXVLQJ0?;M(EHC7B ZKLFKLVWKHGHIDXOW !WWHPSWLQJWRGRWKLVE\PRGLI\LQJDVOLGHPDVWHUPD\ UHVXOWLQXQSUHGLFWDEOHUHVXOWVDQGUHTXLUHVH[WUDFDUH DVZHOODVVRPHWULDOVDQGHUURUV

 6HPRYHDQ\HOHPHQWRQWKHVOLGHWKDWLVQRWUHTXLUHG

l #OLFNWKHHOHPHQWWRKLJKOLJKWLW8KHJUHHQVTXDUHVVKRZLW LVKLJKOLJKWHG

l 0UHVVWKH$HOHWHNH\WRUHPRYHLW )7 rel="nofollow">

7RPHWLPHV\RXZLOODFFLGHQWDOO\VHOHFWWKHZURQJ OD\RXWVOLGHRUGHFLGHWRFKDQJHLW8KLVLVVDIHDQG GRHVQRWFDXVHORVVRIWKHFRQWHQWVDOUHDG\RQWKHVOLGH

 !GGDQ\HOHPHQWVWRWKHVOLGHWKDW\RXGRQHHG D !GGLQJSLFWXUHVWRWKHFOLSDUWIUDPH LI\RXUFKRVHQOD\RXW LQFOXGHVRQH

l $RXEOH FOLFNWKHSLFWXUHZLWKLQWKHIUDPH8KH)QVHUW SLFWXUHGLDORJRSHQV

l "URZVHWRWKHORFDWLRQRIWKHSLFWXUH\RXZDQWWRLQFOXGH 8RVHHDSUHYLHZRIWKHSLFWXUH FKHFN*H;L?;MDWWKH ERWWRPRIWKH)QVHUWSLFWXUHGLDORJ

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



l 7HOHFWWKHSLFWXUHDQGFOLFN)F;D l 6HVL]HWKHSLFWXUHDVQHFHVVDU\&ROORZWKHGLUHFWLRQVLQ WKH#DXWLRQQRWHEHORZ

E !GGLQJSLFWXUHVIURPJUDSKLFILOHVWRSODFHVRWKHUWKDQWKH FOLSDUWIUDPH

l #DI;HJ*?9JKH; HEC ?B;8KH)QVHUWSLFWXUHGLDORJ RSHQV

l "URZVHWRWKHJUDSKLFILOH8RVHHDSUHYLHZRIWKH SLFWXUH FKHFN*H;L?;MDWWKHERWWRPRIWKH)QVHUW SLFWXUHGLDORJ7HOHFWDSLFWXUHDQGFOLFN)F;D

l -RYHWKHSLFWXUHWRLWVORFDWLRQ l 6HVL]HWKHSLFWXUH LIQHFHVVDU\ F !GGLQJ/,%/EMHFWVLVDQDGYDQFHGWHFKQLTXHFRYHUHGLQ #KDSWHURIWKH)PSUHVV'XLGH

/CB7=<

;KHQUHVL]LQJDJUDSKLF ULJKW FOLFNWKHSLFWXUH7HOHFW *EI?J?ED7D:-?P;IURPWKHFRQWH[WPHQXDQGPDNH VXUHWKDW%;;FH7J?ELVVHOHFWHG8KHQDGMXVWWKH KHLJKWRUZLGWKWRWKHVL]H\RXQHHG!V\RXDGMXVWRQH GLPHQVLRQERWKGLPHQVLRQVZLOOFKDQJH &DLOXUHWRGR VRZLOOFDXVHWKHSLFWXUHWREHFRPHGLVWRUWHG 6HPHPEHUDOVRWKDWUHVL]LQJDELWPDSLPDJHZLOO UHGXFHLWVTXDOLW\EHWWHUE\IDUWRFUHDWHDQLPDJHRI WKHGHVLUHGVL]HRXWVLGHRI)PSUHVV

 !GGLQJWH[WWRDVOLGH)IWKHVOLGHFRQWDLQVWH[W FOLFNRQ#OLFNWR DGGDQRXWOLQHLQWKHWH[WIUDPHDQGWKHQW\SH\RXUWH[W8KH /XWOLQHVW\OHVIURPWRDUHDXWRPDWLFDOO\DSSOLHGWRWKHWH[W DV\RXLQVHUWLW=RXFDQFKDQJHWKHRXWOLQHOHYHORIHDFK SDUDJUDSKDVZHOODVLWVSRVLWLRQZLWKLQWKHWH[WXVLQJWKHDUURZ EXWWRQVRQWKH8H[W&RUPDWWLQJWRROEDU -J;F8RFUHDWHDGGLWLRQDOVOLGHV UHSHDWVWHSVq

"=274G7<5B63/>>3/@/<13=4A:723A 8RFKDQJHWKHEDFNJURXQGDQGRWKHUFKDUDFWHULVWLFVRIDOOVOLGHVLQ WKHSUHVHQWDWLRQ \RXQHHGWRPRGLI\WKHVOLGHPDVWHURUFKRRVHD GLIIHUHQWVOLGHPDVWHU !7OLGH-DVWHULVDVOLGHZLWKDVSHFLILHGVHWRIFKDUDFWHULVWLFVZKLFK LVXVHGDVWKHEHJLQQLQJSRLQWIRUFUHDWLQJRWKHUVOLGHV8KHVH FKDUDFWHULVWLFVLQFOXGHWKHEDFNJURXQG REMHFWVLQWKHEDFNJURXQG IRUPDWWLQJRIDQ\WH[WXVHG DQGDQ\EDFNJURXQGJUDSKLFV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

//RXVHVWKUHHLQWHUFKDQJHDEOHWHUPVIRUWKLVRQH FRQFHSW-DVWHUVOLGH VOLGHPDVWHU DQGPDVWHUSDJH DOOUHIHUWRDVOLGHWKDWLVXVHGWRFUHDWHRWKHUVOLGHV 8KLVERRN KRZHYHU ZLOOXVHRQO\WKHWHUPVOLGH PDVWHU H[FHSWZKHQGHVFULELQJWKHXVHULQWHUIDFH

)PSUHVVKDVSUHSDFNDJHGVOLGHPDVWHUV IRXQGLQWKH-DVWHU0DJHV VHFWLRQRIWKH8DVNVSDQH=RXFDQDOVRFUHDWHDQGVDYHDGGLWLRQDO VOLGHPDVWHUV

"=274G7<5B63A:723A6=E .RZUHYLHZWKHHQWLUHSUHVHQWDWLRQDQGDQVZHUVRPHTXHVWLRQV6XQ WKHVOLGHVKRZDWOHDVWRQFHEHIRUHDQVZHULQJWKHP=RXPLJKWZDQW WRDGGVRPHTXHVWLRQVRI\RXURZQ  !UHWKHVOLGHVLQWKHFRUUHFWRUGHU)IQRW VRPHRIWKHPZLOO QHHGWREHPRYHG  ;RXOGDQDGGLWLRQDOVOLGHPDNHDSDUWLFXODUSRLQWFOHDUHU)IVR DQRWKHUVOLGHQHHGVWREHFUHDWHG  ;RXOGVRPHFXVWRPDQLPDWLRQVKHOSVRPHRIWKHVOLGHV !GYDQFHGWHFKQLTXH  7KRXOGVRPHRIWKHVOLGHVKDYHDGLIIHUHQWVOLGHWUDQVLWLRQWKDQ RWKHUV8KHWUDQVLWLRQRIWKRVHVOLGHVVKRXOGEHFKDQJHG  $RVRPHRIWKHVOLGHVVHHPXQQHFHVVDU\$HOHWHWKHDIIHFWHG VOLGHRUVOLGHVDIWHUFKHFNLQJLIWKH\DUHLQGHHGXQQHFHVVDU\

)7>

)IRQHRUPRUHVOLGHVVHHPVWREHXQQHFHVVDU\ KLGH WKHVOLGHRUVOLGHV DQGYLHZWKHVOLGHVKRZDIHZPRUH WLPHVWRPDNHVXUH8RKLGHDVOLGH ULJKW FOLFNWKH VOLGHLQWKH7OLGHVSDQHDQGVHOHFW"?:;-B?:;LQWKH SRS XSPHQX$RQRWGHOHWHDVOLGHXQWLO\RXKDYH GRQHWKLV RWKHUZLVH\RXPD\KDYHWRFUHDWHWKDWVOLGH DJDLQ

/QFH\RXKDYHDQVZHUHGWKHVHDQG\RXURZQTXHVWLRQV \RXVKRXOG PDNHWKHQHFHVVDU\FKDQJHV8KLVLVGRQHPRVWHDVLO\LQWKH7OLGH 7RUWHUYLHZ)I\RXQHHGRQHRUPRUHQHZVOLGHV FUHDWHWKHPXVLQJ WKHVWHSVOLVWHGLQs)QVHUWLQJDGGLWLRQDOVOLGHVtRQSDJH

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



(:723;/AB3@A/<2ABG:3A !VOLGHPDVWHULVDVOLGHWKDWLVXVHGDVWKHVWDUWLQJSRLQWIRURWKHU VOLGHV)WLVVLPLODUWRDSDJHVW\OHLQ;ULWHULWFRQWUROVWKHEDVLF IRUPDWWLQJRIDOOVOLGHVEDVHGRQLW!VOLGHVKRZFDQKDYHPRUHWKDQ RQHVOLGHPDVWHU

#=B3

//RXVHVWKUHHWHUPVIRUWKLVRQHFRQFHSW-DVWHU VOLGH VOLGHPDVWHU DQGPDVWHUSDJHDOOUHIHUWRDVOLGH ZKLFKLVXVHGWRFUHDWHRWKHUVOLGHV8KLVERRNXVHV WKHWHUPVOLGHPDVWHU H[FHSWZKHQGHVFULELQJWKH XVHULQWHUIDFH

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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

,=@97<5E7B6A:723;/AB3@A )PSUHVVFRPHVZLWKSUHSDFNDJHG VOLGHPDVWHUV8KH\DUHVKRZQLQWKH -DVWHU0DJHVVHFWLRQRIWKH8DVNV SDQH&LJXUH 8KLVVHFWLRQKDV WKUHHVXEVHFWLRQV9VHGLQ8KLV 0UHVHQWDWLRQ 6HFHQWO\9VHG DQG !YDLODEOHIRU9VH#OLFNWKH VLJQ QH[WWRWKHQDPHRIDVXEVHFWLRQWR H[SDQGLWWRVKRZWKXPEQDLOVRIWKH VOLGHV RUFOLFNWKHqVLJQWRFROODSVH WKHVXEVHFWLRQWRKLGHWKH WKXPEQDLOV %DFKRIWKHVOLGHPDVWHUVVKRZQLQ WKH!YDLODEOHIRU9VHOLVWLVIURPD WHPSODWHRIWKHVDPHQDPH)I\RX KDYHFUHDWHG\RXURZQWHPSODWHV RU DGGHGWHPSODWHVIURPRWKHU VRXUFHV VOLGHPDVWHUVIURPWKRVH WHPSODWHVZLOODOVRDSSHDULQWKLV OLVW

@3/B7<5A:723;/AB3@A =RXFDQFUHDWHDQHZVOLGHPDVWHULQ DVLPLODUZD\WRPRGLI\LQJWKH GHIDXOWVOLGHPDVWHU 8RVWDUW HQDEOHHGLWLQJRIVOLGH PDVWHUVE\0?;M'7IJ;H-B?:; '7IJ;H /QWKH-DVWHU:LHZWRROEDU FOLFNWKH(;M'7IJ;HLFRQ !VHFRQGVOLGHPDVWHUDSSHDUVLQWKH7OLGHVSDQH-RGLI\WKLVVOLGH PDVWHUWRVXLW\RXUUHTXLUHPHQWV)WLVDOVRUHFRPPHQGHGWKDW\RX UHQDPHWKLVQHZVOLGHPDVWHUULJKW FOLFNRQWKHVOLGHLQWKH7OLGHV SDQHDQGVHOHFW,;D7C;C7IJ;HIURPWKHSRSXSPHQX ;KHQ\RXDUHGRQH FORVHWKH-DVWHU:LHZWRROEDUWRUHWXUQWR QRUPDOVOLGHHGLWLQJPRGH

>>:G7<5/A:723;/AB3@ )QWKH8DVNV0DQH EHVXUHWKH-DVWHU0DJHVVHFWLRQLVVKRZLQJ

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



8RDSSO\RQHRIWKHVOLGHPDVWHUVWRDOOVOLGHVLQ\RXUSUHVHQWDWLRQ FOLFNRQLWLQWKHOLVW 8RDSSO\DGLIIHUHQWVOLGHPDVWHUWRRQHRUPRUHVHOHFWHGVOLGHV  )QWKH7OLGH0DQH VHOHFWWKHVOLGHV\RXZDQWWRFKDQJH  )QWKH8DVNV0DQH ULJKW FOLFNRQWKHVOLGHPDVWHU\RXZDQWWR DSSO\WRWKHVHOHFWHGVOLGHV DQGFOLFNFFBOJE-;B;9J;:-B?:;I RQWKHSRS XSPHQX

!=/27<5/227B7=
 #OLFN)%DJDLQWRFORVHWKHVOLGHGHVLJQGLDORJ 8KHVOLGHPDVWHUVLQWKHWHPSODWH\RXVHOHFWHGDUHQRZVKRZQDOVRLQ WKH-DVWHU0DJHVVHFWLRQRIWKH8DVNVSDQHLQWKH!YDLODEOHIRUXVH VXEVHFWLRQ

#=B3

8KHVOLGHPDVWHUV\RXKDYHORDGHGZLOODOVREH DYDLODEOHWKHQH[WWLPH\RXORDGWKHSUHVHQWDWLRQ)I \RXZDQWWRGHOHWHWKHXQXVHGVOLGHPDVWHUV FOLFNWKH FRUUHVSRQGLQJFKHFNER[LQWKH7OLGH$HVLJQGLDORJ $XHWRDEXJ LIWKHVOLGHPDVWHUZDVQRWXVHGLQWKH SUHVHQWDWLRQ LWLVUHPRYHGIURPWKHOLVWRIDYDLODEOH VOLGHPDVWHUVDQ\ZD\

)7>

8ROLPLWWKHVL]HRIWKHSUHVHQWDWLRQILOH \RXPD\ZDQW WRPLQLPL]HWKHQXPEHURIVOLGHPDVWHUVXVHG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

"=274G7<5/A:723;/AB3@ 8KHIROORZLQJLWHPVFDQEHFKDQJHGRQDVOLGHPDVWHU

l "DFNJURXQGFRORU JUDGLHQW KDWFKLQJ RUELWPDS l "DFNJURXQGREMHFWVIRUH[DPSOH DGGDORJRRUGHFRUDWLYH JUDSKLFV

l 7L]H SODFHPHQW DQGFRQWHQWVRIKHDGHUDQGIRRWHUHOHPHQWVWR DSSHDURQHYHU\VOLGH

l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

/CB7=<

!Q\FKDQJHVPDGHWRRQHVOLGHZKHQLQ-DVWHU:LHZ PRGHZLOODSSHDURQDOOVOLGHVXVLQJWKLVVOLGHPDVWHU !OZD\VPDNHVXUH\RXFORVH-DVWHU:LHZDQGUHWXUQ WR.RUPDOYLHZEHIRUHZRUNLQJRQDQ\RIWKH SUHVHQWDWLRQVOLGHV7HOHFW0?;M(EHC7BIURPWKH PHQXEDU RUFOLFNBEI;'7IJ;H0?;MLQWKH-DVWHU :LHZWRROEDUWRUHWXUQWRWKHQRUPDOVOLGHYLHZ

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



GRXEOH FOLFNRQWKHQHZOD\RXW!OWHUQDWLYHO\\RXFDQULJKW FOLFNRQ WKHGHVLUHGOD\RXWWKXPEQDLODQGVHOHFWFFBOJEI;B;9J;:IB?:; IURPWKHSRS XSPHQX

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

l l l l l

$DWHIL[HG $DWHYDULDEOH rXSGDWHVDXWRPDWLFDOO\ZKHQ\RXUHORDGWKHILOH 8LPHIL[HG 8LPHYDULDEOH rXSGDWHVDXWRPDWLFDOO\ZKHQ\RXUHORDGWKHILOH !XWKRUr&LUVWDQGODVWQDPHVOLVWHGLQWKH/SHQ/IILFHRUJXVHU GDWD

l 0DJHQXPEHUVOLGHQXPEHU l &LOHQDPH

)7>



8RFKDQJHWKHQXPEHUIRUPDW  RUD E FRUL LL LLL HWF IRUWKHSDJHQXPEHUILHOG FKRRVH EHC7J *7=;DQGWKHQVHOHFWDIRUPDWIURPWKHOLVWLQWKH &7OEKJ-;JJ?D=IDUHD 8RFKDQJHWKHDXWKRULQIRUPDWLRQ JRWR.EEBI )FJ?EDI)F;D)<
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

227<5/<24=@;/BB7<5B3FB 8H[WLQVOLGHVLVFRQWDLQHGLQWH[WER[HV8KHUHDUHWZRZD\VWRDGG WH[WER[HVWRDVOLGH

l #KRRVHDSUHGHILQHGOD\RXWIURPWKH,D\RXWVVHFWLRQRIWKH8DVNV SDQH8KHVHWH[WER[HVDUHFDOOHGKJE&7OEKJWH[WER[HV

l #UHDWHDWH[WER[XVLQJWKHWH[WWRRO

*A7<5B3FB0=F3A1@3/B324@=;B63!/G=CB>/<3 )Q.RUPDOYLHZ  #OLFNLQWKHWH[WER[WKDWUHDGVB?9AJE7::J;NJ B?9AJE7:: 7DEKJB?D; RUDVLPLODUQRWDWLRQ  8\SHRUSDVWH\RXUWH[WLQWKHWH[WER[

*A7<5B3FB0=F3A1@3/B324@=;B63B3FB0=FB==: )Q.RUPDO:LHZ  #OLFNRQWKH.;NJ ZLWKWKHWH[WLFRQLVQRWYLVLEOH FKRRVH0?;M.EEB87HI H7M?D=  #OLFNDQGGUDJWRGUDZDER[IRUWKHWH[WRQWKHVOLGH$RQRW ZRUU\DERXWWKHYHUWLFDOVL]HDQGSRVLWLRQrWKHWH[WER[ZLOO H[SDQGLIQHHGHGDV\RXW\SH  6HOHDVHWKHPRXVHEXWWRQZKHQILQLVKHG8KHFXUVRUDSSHDUVLQ WKHWH[WER[ ZKLFKLVQRZLQHGLWPRGHJUD\KDVKHGERUGHUZLWK JUHHQUHVL]LQJKDQGOHVVKRZQLQ&LJXUH   8\SHRUSDVWH\RXUWH[WLQWKHWH[WER[  #OLFNRXWVLGHWKHWH[WER[WRGHVHOHFWLW =RXFDQPRYH UHVL]H DQGGHOHWHWH[WER[HV&RUPRUHLQIRUPDWLRQ VHH#KDSWHULQWKH)PSUHVV'XLGH

#=B3

)QDGGLWLRQWRWKHQRUPDOWH[WER[HVZKHUHWH[WLV KRUL]RQWDOO\DOLJQHG LWLVSRVVLEOHWRLQVHUWWH[WER[HV ZKHUHWKHWH[WLVDOLJQHGYHUWLFDOO\8KLVFKRLFHLV DYDLODEOHRQO\ZKHQ!VLDQODQJXDJHVDUHHQDEOHGLQ .EEBI)FJ?EDI&7D=K7=;-;JJ?D=I&7D=K7=;I EXWWRQLQWKHGUDZLQJWRROEDUWRFUHDWH #OLFNRQWKH DYHUWLFDOWH[WER[.RWHWKDWZKHQHGLWLQJWKHFRQWHQWV WKHWH[WLVGLVSOD\HGKRUL]RQWDOO\

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



&LJXUH7HOHFWHGWH[WER[VKRZLQJWKHJUHHQUHVL]LQJ KDQGOHVDQGWH[WWRROEDU

%/AB7<5B3FB =RXFDQLQVHUWWH[WLQWRDWH[WER[E\FRS\LQJLWIURPDQRWKHU GRFXPHQWDQGSDVWLQJLWLQWR)PSUHVV(RZHYHU WKHSDVWHGWH[WZLOO SUREDEO\QRWPDWFKWKHIRUPDWWLQJRIWKHVXUURXQGLQJWH[WRUWKDWRI WKHRWKHUVOLGHVLQWKHSUHVHQWDWLRQ8KLVPD\EHZKDW\RXZDQWRQ VRPHRFFDVLRQV KRZHYHULQPRVWFDVHV\RXZDQWWRPDNHVXUHWKDW WKHSUHVHQWDWLRQGRHVQRWEHFRPHDSDWFKZRUNRIGLIIHUHQWSDUDJUDSK VW\OHV IRQWW\SHV EXOOHWSRLQWVDQGVRRQ8KHUHDUHVHYHUDOZD\VWR HQVXUHFRQVLVWHQF\WKHVHPHWKRGVDUHH[SODLQHGEHORZ

-.%)#/)"*,(..! .!2. )WLVQRUPDOO\JRRGSUDFWLFHWRSDVWHWH[WZLWKRXWIRUPDWWLQJDQG DSSO\WKHIRUPDWWLQJODWHU8RSDVWHZLWKRXWIRUPDWWLQJ HLWKHUSUHVV #RQWURO 7KLIW :DQGWKHQVHOHFW/D<EHC7JJ;:J;NJIURPWKHGLDORJ WKDWDSSHDUV RUFOLFNRQWKHVPDOOEODFNWULDQJOHQH[WWRWKHSDVWH DQGVHOHFW/D<EHC7JJ;:J;NJ V\PEROLQWKHVWDQGDUGWRROEDU 8KHXQIRUPDWWHGWH[WZLOOEHIRUPDWWHGZLWKWKHRXWOLQHVW\OHDWWKH FXUVRUSRVLWLRQLQDQ!XWR,D\RXWWH[WER[RUZLWKWKHGHIDXOWJUDSKLF VW\OHLQDQRUPDOWH[WER[



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

*,(..%)#+-.! .!2. )ISDVWLQJWKHWH[WLQWRDQKJE&7OEKJDUHD WKHQWRJLYHWKHSDVWHG WH[WWKHVDPHORRNDQGIHHORIWKHUHVWRIWKHSUHVHQWDWLRQ\RXQHHG WRDSSO\WKHDSSURSULDWHRXWOLQHVW\OHWRWKHWH[W  0DVWHWKHWH[WLQWKHGHVLUHGSRVLWLRQ$RQRWZRUU\LILWGRHVQRW ORRNULJKWLWZLOOLQDPLQXWH  7HOHFWWKHWH[W\RXKDYHMXVWSDVWHG  7HOHFW EHC7J;<7KBJ<EHC7JJ?D=IURPWKHPHQXEDU  9VHWKHIRXUDUURZEXWWRQVLQWKH8H[W&RUPDWWLQJWRROEDU WRPRYHWKHWH[WWRWKHDSSURSULDWHSRVLWLRQDQG JLYHLWWKHDSSURSULDWHRXWOLQHOHYHO8KHEXWWRQZLWKWKHDUURZ SRLQWLQJOHIWSURPRWHVWKHOLVWHQWU\E\RQHOHYHOIRUH[DPSOH IURP/XWOLQHWR/XWOLQH WKHULJKWDUURZEXWWRQGHPRWHVWKH OLVWHQWU\E\RQHOHYHO WKHXSDQGGRZQDUURZEXWWRQVPRYHWKH OLVWHQWU\  !SSO\PDQXDOIRUPDWWLQJDVUHTXLUHGWRVHFWLRQVRIWKHWH[WWR FKDQJHIRQWDWWULEXWHV WDEV DQGVRRQ  )I\RXDUHSDVWLQJWH[WLQDJ;NJ8EN \RXFDQVWLOOXVHVW\OHVWRTXLFNO\ IRUPDWWKHWH[W.RWHWKDWRQHDQGRQO\RQHJUDSKLFVW\OHFDQEH DSSOLHGWRWKHFRSLHGWH[W8RGRWKDW  0DVWHWKHWH[WLQWKHGHVLUHGSRVLWLRQ  7HOHFWWKHWH[W\RXKDYHMXVWSDVWHG  7HOHFWWKHGHVLUHGJUDSKLFVW\OH  !SSO\PDQXDOIRUPDWWLQJDVUHTXLUHGWRVHFWLRQVRIWKHWH[W

)7>

0UHVHQWDWLRQVW\OHVDUHYHU\GLIIHUHQWIURP;ULWHU VW\OHVDQGDUHDSSOLHGLQTXLWHDGLIIHUHQWZD\

@3/B7<50C::3B32/<2
#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



,!.%)#'%-.-%)/.*3*/..!2.*2!%YHU\WH[WER[LQFOXGHGLQWKHDYDLODEOHOD\RXWVLVDOUHDG\IRUPDWWHG DVDEXOOHWHGOLVW WKHUHIRUHWRFUHDWHDEXOOHWHGOLVWWKHRQO\QHFHVVDU\ VWHSVDUH  &URPWKH,D\RXWSDQH FKRRVHDVOLGHGHVLJQWKDWFRQWDLQVDWH[W ER[8KRVHDUHHDVLO\UHFRJQL]DEOHIURPWKHWKXPEQDLO  #OLFNLQWKHWH[WER[WKDWUHDGVB?9AJE7::7DEKJB?D;

 8\SHWKHWH[W WKHQSUHVV%QWHUWRVWDUWDQHZEXOOHWHGOLQH  8KHGHIDXOWOLVWW\SHLVDEXOOHWHGOLVW8KHPHFKDQLVPVWRFKDQJH WKHOLVWIURPEXOOHWHGWRQXPEHUHGDQGYLFHYHUVDDUHH[SODLQHG LQs#KDQJLQJWKHDSSHDUDQFHRIWKHOLVWtRQSDJH

)7>

0UHVV7KLIW %QWHUWRVWDUWDQHZOLQHZLWKRXW FUHDWLQJDQHZEXOOHWRUQXPEHU8KHQHZOLQHZLOO KDYHWKHVDPHLQGHQWDWLRQRIWKHSUHYLRXVOLQH0UHVV LQVWHDGWKHEXWWRQEXOOHWVRQRIIRQWKHWH[WIRUPDWWLQJ WRROEDUIRUDOLQHZLWKRXWEXOOHW)IWKHWH[WIRUPDWWLQJ WRROEDULVQRWVKRZLQJ HQDEOHLWVHOHFWLQJ0?;M .EEB87H EHC7JJ?D=LQWKHPHQXEDU

,!.%)#'%-.-%)*.$!,.!2.*2!8RFUHDWHDOLVWLQDWH[WER[ IROORZWKHVHVWHSV  0ODFHWKHFXUVRULQWKHWH[WER[  #OLFNWKHKBB;JI)D )<<EXWWRQ RQWKHWH[WIRUPDWWLQJ WRROEDU)IWKHWH[WIRUPDWWLQJWRROEDULVQRWVKRZLQJ HQDEOHLWE\ VHOHFWLQJ0?;M.EEB87H EHC7JJ?D=IURPWKHPHQXEDU  8\SHWKHWH[WDQGSUHVV%QWHUWRVWDUWDQHZEXOOHWHGOLQH  8KHGHIDXOWOLVWW\SHLVDEXOOHWHGOLVW8KHPHFKDQLVPVWRFKDQJH WKHDSSHDUDQFHRIWKHOLVWDUHH[SODLQHGRQSDJH

,!.%)#)!1*/.'%)!'!0!'  )IQHFHVVDU\ SUHVV%QWHUWREHJLQDQHZOLQH  0UHVV8DE %DFKWLPH\RXSUHVV8DEWKHOLQHLQGHQWVWRWKHQH[W RXWOLQHOHYHO0UHVVLQJ%QWHUFUHDWHVDQHZOLQHDWWKHVDPHOHYHO DVWKHSUHYLRXVRQH8RUHWXUQWRWKHSUHYLRXVOHYHO SUHVV 7KLIW 8DE )QWKH!XWR,D\RXWWH[WER[HV SURPRWLQJRUGHPRWLQJDQLWHPLQWKH OLVWFRUUHVSRQGVWRDSSO\LQJDGLIIHUHQWRXWOLQHVW\OH VRWKHVHFRQG RXWOLQHOHYHOFRUUHVSRQGVWR/XWOLQHVW\OH WKHWKLUGWR/XWOLQH VW\OH DQGVRRQ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

9QOLNHVW\OHVLQ;ULWHU GRQRWWU\WRFKDQJHWKH RXWOLQHOHYHOE\VHOHFWLQJWKHWH[WDQGWKHQFOLFNLQJ WKHGHVLUHGRXWOLQHVW\OH$XHWRWKHZD\WKH SUHVHQWDWLRQVW\OHVZRUN LWLVQRWSRVVLEOHWRDSSO\ WKHPLQWKLVZD\

$)#%)#.$!++!,)!*".$!'%-. =RXFDQIXOO\FXVWRPL]HWKHDSSHDUDQFHRIDOLVW FKDQJLQJWKHEXOOHW W\SHRUQXPEHULQJIRUWKHHQWLUHOLVWRUIRUVLQJOHHQWU\!OORIWKH FKDQJHVFDQEHPDGHXVLQJWKH"XOOHWVDQG.XPEHULQJGLDORJ ZKLFK LVDFFHVVHGE\VHOHFWLQJ EHC7JKBB;JI7D:(KC8;H?D=RUE\ FOLFNLQJRQWKHKBB;JI7D:(KC8;H?D=LFRQ IRUPDWWLQJWRROEDU

RQWH[W

&RUWKHHQWLUHOLVW  7HOHFWWKHHQWLUHOLVWRUFOLFNRQWKHJUD\ERUGHURIWKHWH[WER[ VRWKDWMXVWWKHJUHHQUHVL]LQJKDQGOHVDUHGLVSOD\HG  7HOHFW EHC7JKBB;JI7D:(KC8;H?D=RUFOLFNRQWKH KBB;JI7D:(KC8;H?D=LFRQ  8KH"XOOHWVDQG.XPEHULQJGLDORJFRQWDLQVILYHWDEV"XOOHWV .XPEHULQJW\SH 'UDSKLFV 0RVLWLRQ DQG#XVWRPL]H

l )IDEXOOHWOLVWLVQHHGHG VHOHFWWKHGHVLUHGEXOOHWVW\OHIURP WKHVL[GHIDXOWVW\OHVDYDLODEOHRQWKH"XOOHWVSDJH

l )IDJUDSKLFVVW\OHLVQHHGHG VHOHFWRQHIURPWKRVHDYDLODEOH RQWKH'UDSKLFVSDJH

l )IDQXPEHUHGOLVWLVQHHGHG VHOHFWRQHRIWKHGHIDXOW QXPEHULQJVW\OHVRQWKH.XPEHULQJW\SHSDJH

&RUDVLQJOHOLQHLQWKHOLVW  #OLFNDQ\ZKHUHLQWKHOLQHWRSODFHWKHFXUVRULQLW  &ROORZVWHSVqRIWKHSUHYLRXVLQVWUXFWLRQVHW )IWKHOLVWZDVFUHDWHGLQDQ!XWR,D\RXWWH[WER[ WKHQDQDOWHUQDWLYH ZD\WRFKDQJHWKHHQWLUHOLVWLVWRPRGLI\WKH/XWOLQHVW\OHV#KDQJHV PDGHWRWKHRXWOLQHVW\OHZLOODSSO\WRDOOWKHVOLGHVXVLQJWKHP 7RPHWLPHVWKLVLVZKDW\RXZDQWVRPHWLPHVLWLVQRW VRVRPHFDUH PXVWEHWDNHQ

@3/B7<5B/0:3A &RUGLVSOD\LQJWDEXODUGDWD \RXFDQLQVHUWEDVLFWDEOHVGLUHFWO\LQWR \RXUVOLGHVLQDQXPEHURIZD\V #KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



l l l ;LWKWKH8DEOH$HVLJQEXWWRQRQWKHWDEOHWRROEDU l "\VHOHFWLQJD7W\OHRSWLRQIURPWKH8DEOH$HVLJQVHFWLRQRIWKH 8DVNVSDQH

%DFKPHWKRGRSHQVWKH)QVHUW8DEOHGLDORJ VKRZQLQ&LJXUH !OWHUQDWLYHO\ FOLFNLQJRQWKHEODFNDUURZQH[WWRWKH8DEOHEXWWRQ GLVSOD\VDJUDSKLFWKDW\RXFDQGUDJDQGVHOHFWWKHQXPEHURIURZV DQGFROXPQVIRU\RXUWDEOH

&LJXUH#UHDWLQJDWDEOHZLWKWKH)QVHUW8DEOHGLDORJ

#=B3

7HOHFWLQJIURPDQ\RIWKHVW\OHVLQWKH8DEOH$HVLJQ VHFWLRQRIWKH8DVNVSDQHFUHDWHVDWDEOHEDVHGRQ WKDWVW\OH)I\RXFUHDWHDWDEOHE\DQRWKHUPHWKRG \RXFDQVWLOODSSO\DVW\OHRI\RXUFKRLFHODWHU

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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

ILUVWDQGODVWFROXPQVRIWKHWDEOH DQGDSSO\DEDQGHGDSSHDUDQFHWR WKHURZVDQGFROXPQV (DYLQJFRPSOHWHGWKHWDEOHGHVLJQ HQWHULQJGDWDLQWRWKHFHOOVLV VLPLODUWRZRUNLQJZLWKWH[WER[REMHFWV#OLFNLQWKHFHOO\RXZLVKWR DGGGDWDWR DQGEHJLQW\SLQJ8RPRYHDURXQGFHOOVTXLFNO\ XVHWKH IROORZLQJNH\RSWLRQV

l 8KHDUURZNH\VPRYHWKHFXUVRUWRWKHQH[WWDEOHFHOOLIWKHFHOOLV HPSW\ RWKHUZLVHWKH\PRYHWKHFXUVRUWRWKHQH[WFKDUDFWHULQ WKHFHOO

l 8KH8DENH\PRYHVWRWKHQH[WFHOO VNLSSLQJRYHUWKHFRQWHQWVRI WKHFHOO7KLIW 8DEPRYHEDFNZDUGVLQWKLVPDQQHU

227<55@/>671AA>@3/2A633BA16/@BA/<2 =B63@=0831BA 'UDSKLFVLQ)PSUHVVDUHKDQGOHGPXFKWKHVDPHDVJUDSKLFVLQ$UDZ &RUPRUHLQIRUPDWLRQ VHH#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ WKH $UDZ'XLGH RU#KDSWHUV  DQGLQWKH)PSUHVV'XLGH 7SUHDGVKHHWVHPEHGGHGLQ)PSUHVVLQFOXGHPRVWRIWKHIXQFWLRQDOLW\ RIVSUHDGVKHHWVLQ#DOFDQGDUHWKHUHIRUHFDSDEOHRISHUIRUPLQJ H[WUHPHO\FRPSOH[FDOFXODWLRQVDQGGDWDDQDO\VLV)I\RXQHHGWR DQDO\]H\RXUGDWDRUDSSO\IRUPXODV WKHVHRSHUDWLRQVDUHEHVW SHUIRUPHGLQD#DOFVSUHDGVKHHWDQGWKHUHVXOWVGLVSOD\HGLQDQ HPEHGGHG)PSUHVVVSUHDGVKHHW 8RDGGDVSUHDGVKHHWWRDVOLGH VHOHFWWKHFRUUHVSRQGLQJOD\RXWLQWKH OLVWRISUHGHILQHGOD\RXWVLQWKH8DVNVSDQH8KLVLQVHUWVDSODFHKROGHU IRUDVSUHDGVKHHWLQWKHFHQWHURIDVOLGH8RLQVHUWGDWDDQGPRGLI\ WKHIRUPDWWLQJRIWKHVSUHDGVKHHW LWLVQHFHVVDU\WRDFWLYDWHLWDQG HQWHUWKHHGLWPRGH8RGRVR GRXEOH FOLFNLQVLGHWKHIUDPHZLWKWKH JUHHQKDQGOHV !OWHUQDWLYHO\ VHOHFW#DI;HJ-FH;7:I>;;JIURPWKHPDLQPHQXEDU 8KLVRSHQVDVPDOOVSUHDGVKHHWLQWKHPLGGOHRIWKHVOLGH;KHQD VSUHDGVKHHWLVLQVHUWHGXVLQJWKLVPHWKRG LWLVDOUHDG\LQHGLWPRGH )WLVDOVRSRVVLEOHWRLQVHUWDVSUHDGVKHHWDVDQ/,%REMHFW 8RDGGDFKDUWWRDVOLGH VHOHFWWKHFRUUHVSRQGLQJOD\RXWLQWKHOLVWRI SUHGHILQHGOD\RXWVLQWKHWDVNSDQHRUXVHWKH#DI;HJ>7HJIHDWXUH )PSUHVVRIIHUVWKHFDSDELOLW\RILQVHUWLQJLQDVOLGHYDULRXVRWKHU W\SHVRIREMHFWVVXFKDVPXVLFRUYLGHRFOLSV ;ULWHUGRFXPHQWV -DWK IRUPXODV JHQHULF/,%REMHFWVDQGVRRQ!W\SLFDOSUHVHQWDWLRQPD\ FRQWDLQPRYLHFOLSV VRXQGFOLSV /,%REMHFWVDQGIRUPXODVRWKHU

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV



REMHFWVDUHOHVVIUHTXHQWO\XVHGVLQFHWKH\GRQRWDSSHDUGXULQJD VOLGHVKRZ &RUGHWDLOVRQXVLQJVSUHDGVKHHWV FKDUWV DQGRWKHUREMHFWVLQ )PSUHVV UHIHUWR#KDSWHURIWKH)PSUHVV'XLGH

(3BB7<5C>B63A:723A6=E )PSUHVVJLYHV\RXWKHWRROVWRRUJDQL]HDQGGLVSOD\DVOLGHVKRZ LQFOXGLQJ

l l l l l

;KLFKVOLGHVWRVKRZDQGLQZKDWRUGHU ;KHWKHUWRUXQWKHVKRZDXWRPDWLFDOO\RUPDQXDOO\ 8UDQVLWLRQVEHWZHHQVOLGHV !QLPDWLRQVRQLQGLYLGXDOVOLGHV )QWHUDFWLRQVZKDWKDSSHQVZKHQ\RXFOLFNDEXWWRQRUOLQN

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

)7>



8KH7OLGHWUDQVLWLRQVHFWLRQKDVDYHU\XVHIXOFKRLFH !XWRPDWLFSUHYLHZ7HOHFWLWVFKHFNER[8KHQZKHQ \RXPDNHDQ\FKDQJHVLQDVOLGHWUDQVLWLRQ WKHQHZ VOLGHLVSUHYLHZHGLQWKH7OLGH$HVLJQDUHD LQFOXGLQJ LWVWUDQVLWLRQHIIHFW

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

'C<<7<5B63A:723A6=E 8RUXQWKHVOLGHVKRZ GRRQHRIWKHIROORZLQJ

l #OLFN-B?:;->EM-B?:;->EM

l #OLFNWKH7OLGH7KRZEXWWRQRQWKH0UHVHQWDWLRQWRROEDU

&LJXUH0UHVHQWDWLRQ8RROEDU

l 0UHVV&RU& )IWKHVOLGHWUDQVLWLRQLV!XWRPDWLFDIWHU[VHFRQGV OHWWKHVOLGHVKRZ UXQE\LWVHOI )IWKHVOLGHWUDQVLWLRQLV/QPRXVHFOLFN GRRQHRIWKHIROORZLQJWR PRYHIURPRQHVOLGHWRWKHQH[W

l 9VHWKHDUURZNH\VRQWKHNH\ERDUGWRJRWRWKHQH[WVOLGHRUWR JREDFNWRWKHSUHYLRXVRQH

l #OLFNWKHPRXVHWRPRYHWRWKHQH[WVOLGH l 0UHVVWKHVSDFHEDURQWKHNH\ERDUGWRDGYDQFHWRWKHQH[WVOLGH 6LJKW FOLFNDQ\ZKHUHRQWKHVFUHHQWRRSHQDPHQXIURPZKLFK\RX FDQQDYLJDWHWKHVOLGHVDQGVHWRWKHURSWLRQV 8RH[LWWKHVOLGHVKRZDWDQ\WLPHLQFOXGLQJDWWKHHQG SUHVVWKH%VF NH\

#KDSWHU'HWWLQJ7WDUWHGZLWK)PSUHVV





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v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



#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ

8KLVFKDSWHULQWURGXFHVVRPHRI$UDZvVIHDWXUHV EXWLWGRHVQRW DWWHPSWWRFRYHUDOORIWKHWKHP7HHWKH$UDZ'XLGHDQGWKH DSSOLFDWLRQ(HOSIRUPRUHLQIRUPDWLRQ

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

&LJXUH)QLWLDO$UDZZLQGRZ

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



'C:3@A =RXVKRXOGVHHUXOHUVEDUVZLWKQXPEHUV RQWKHXSSHUDQGOHIW KDQG VLGHRIWKHZRUNVSDFH8KHVHVKRZWKHVL]HRIDVHOHFWHGREMHFWRQWKH SDJHVHHWKHJUD\GRXEOHOLQHV KLJKOLJKWHGLQ&LJXUH ;KHQQR REMHFWLVVHOHFWHG WKH\VKRZWKHORFDWLRQRIWKHPRXVHSRLQWHU ZKLFK KHOSVWRDFFXUDWHO\SRVLWLRQGUDZLQJREMHFWV=RXFDQDOVRXVHWKH UXOHUVWRPDQDJHREMHFWKDQGOHVDQGJXLGHOLQHV PDNLQJLWHDVLHUWR SRVLWLRQREMHFWV8KHSDJHPDUJLQVLQWKHGUDZLQJDUHDDUHDOVR UHSUHVHQWHGRQWKHUXOHUV=RXFDQFKDQJHWKHPDUJLQVGLUHFWO\RQ WKHUXOHUVE\GUDJJLQJWKHPZLWKWKHPRXVH

&LJXUH6XOHUVVKRZWKHVL]HRIWKHVHOHFWHGREMHFW 8RPRGLI\WKHXQLWVRIPHDVXUHPHQWRIWKHUXOHUV ULJKW FOLFNRQRQH RIWKHUXOHUV8KHWZRUXOHUVFDQKDYHGLIIHUHQWXQLWV

&LJXUH6XOHUXQLWV

(B/BCA0/@ 8KH7WDWXVEDULVORFDWHGDWWKHERWWRPRIWKHZRUNVSDFH8KHPLGGOH SDUWRIWKH7WDWXVEDUVKRZV$UDZ VSHFLILFILHOGV DVLGHQWLILHGLQ &LJXUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&RUGHWDLOVRQWKHFRQWHQWVDQGXVHRIWKHVHILHOGV SOHDVHUHIHUWRWKH $UDZ'XLGH

#=B3

8KHVL]HVDUHJLYHQLQWKHFXUUHQWPHDVXUHPHQWXQLW QRWWREHFRQIXVHGZLWKWKHUXOHUXQLWV 8KLVXQLWLV GHILQHGLQ.EEBI)FJ?EDI)F;D)<
&LJXUH)WHPVRQWKH$UDZVWDWXVEDU

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



EXWWRQ&ORDWLQJWRROEDUVFDQEHGRFNHGRQDQHGJHRIWKHVFUHHQRU ZLWKLQRQHRIWKHH[LVWLQJWRROEDUDUHDVDWWKHWRSRIWKHVFUHHQ DV GHVFULEHGLQ#KDSWHU

&LJXUH!QDUURZQH[WWRDEXWWRQ LQGLFDWHVDGGLWLRQDOIXQFWLRQV #OLFNWKHDUURZRQWKHWLWOHEDURIDIORDWLQJWRROEDUWRGLVSOD\ DGGLWLRQDOIXQFWLRQVVHH&LJXUH 

&LJXUH!QDUURZRQDIORDWLQJWRROEDULQGLFDWHVDGGLWLRQDO IXQFWLRQV 8KHWRROVDYDLODEOHLQWKHYDULRXVWRROEDUVDUHH[SODLQHGLQWKH IROORZLQJVHFWLRQV8KHDSSHDUDQFHRIWKHWRROEDULFRQVPD\YDU\ZLWK \RXURSHUDWLQJV\VWHPDQGWKHVHOHFWLRQRILFRQVL]HDQGVW\OHLQ .EEBI)FJ?EDI)F;D)<
)WLVWKHVDPHIRUDOOSDUWVRI/SHQ/IILFHRUJ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

!7<3/<27::7<5B==:0/@ 8KH,LQHDQG&LOOLQJWRROEDUOHWV\RXPRGLI\WKHPDLQSURSHUWLHVRID GUDZLQJREMHFW7HHSDJHIRUGHWDLOV

)IWKHVHOHFWHGREMHFWLVWH[W WKHWRROEDUFKDQJHVWRWKHRQHVKRZQ EHORZ ZKLFKLVVLPLODUWRWKH&RUPDWWLQJWRROEDULQ;ULWHU

@/E7<5B==:0/@ 8KH$UDZLQJWRROEDULVWKHPRVWLPSRUWDQWWRROEDULQ$UDZ)W FRQWDLQVDOOWKHQHFHVVDU\IXQFWLRQVIRUGUDZLQJYDULRXVJHRPHWULF DQGIUHHKDQGVKDSHVDQGRUJDQL]LQJWKHPRQWKHSDJH

=:=@/@ 8RGLVSOD\WKH#RORU"DU XVH0?;M.EEB87HIEBEH7H8KH WRROEDUWKHQDSSHDUVDWWKHERWWRPRIWKHZRUNVSDFH

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

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



&LJXUH#KDQJLQJWKHFRORUSDOHWWH #OLFNLQJRQWKH:?JEXWWRQRSHQVDVSHFLDOGLDORJWRDOORZVHWWLQJ LQGLYLGXDOFRORUVVHH&LJXUH -DQ\PRUHLQSXWSRVVLELOLWLHVDUH DYDLODEOHLQWKLVGLDORJ )QWKHORZHUDUHD\RXFDQHQWHUYDOXHVLQWKH6'"DQG#-=+PRGHOV DVZHOODVWKH(7"(XH 7DWXUDWLRQDQG"ULJKWQHVV PRGHO 8KHWZRFRORUILHOGVDWORZHUULJKWVKRZWKHYDOXHRIWKHFRORUDV VHOHFWHGOHIW DQGWKHFXUUHQWO\VHWYDOXHIURPWKHFRORUYDOXHILHOGV ULJKW  &RUDPRUHGHWDLOHGGHVFULSWLRQRIFRORUSDOHWWHVDQGWKHLURSWLRQV VHH#KDSWHU8LSVDQG8ULFNV LQWKH$UDZ'XLGH $>B7=


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#RORUVFKHPHV

&LJXUH$HILQLQJFRORUVFKHPHV

&LJXUH/SWLRQVWRROEDU 8DEOH&XQFWLRQVRQWKH/SWLRQVWRROEDU

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



*)

/).%*) 7QDSWRSDJHPDUJLQV 7QDSWRREMHFWERUGHUV 7QDSWRREMHFWSRLQWV !OORZTXLFNHGLWLQJ 7HOHFWWH[WDUHDRQO\ $RXEOH FOLFNWRHGLWWH[W 7LPSOHKDQGOHV ,DUJHKDQGOHV #UHDWHREMHFWZLWKDWWULEXWHV 0LFWXUHSODFHKROGHUV #RQWRXUPRGH 8H[WSODFHKROGHUV ,LQHFRQWRXURQO\ %[LWDOOJURXSV

%=A7B7=<7<5=0831BAE7B6A4C<1B7=


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KLVVHFWLRQGHVFULEHVWKHVQDS WR JULGIXQFWLRQ&RUPRUH LQIRUPDWLRQDERXWWKLVDQGWKHRWKHUVQDSIXQFWLRQV VHH#KDSWHU 8LSVDQG8ULFNV DQG#KDSWHU!GYDQFHG$UDZ8HFKQLTXHV LQWKH $UDZ'XLGH

(B=5@72 9VHWKLVIXQFWLRQWRPRYHDQREMHFWH[DFWO\WRDJULGSRLQWVHH&LJXUH  8KLVIXQFWLRQFDQEHVZLWFKHGRQDQGRIIZLWK0?;M!H?: -D7FJE!H?:DQGRQWKH/SWLRQVWRROEDUZLWKWKHLFRQ 

&LJXUH;LWKVQDSWRJULG REMHFWVDOLJQWRWKHJULGSUHFLVHO\

(6=E7<5B635@72 -DNHWKHJULGYLVLEOHXQGHU0?;M!H?:?IFB7O!H?: !OWHUQDWLYHO\WXUQWKHJULGRQDQGRIIZLWKWKHLFRQ RQWKH/SWLRQV WRROEDU

=<475C@7<5B635@72 8KHFRORU VSDFLQJ DQGUHVROXWLRQRIWKHJULGSRLQWVFDQEH LQGLYLGXDOO\FKRVHQIRUHDFKD[LV8KHVSDFLQJEHWZHHQWKHOLQHVLV GHILQHGLQWKH'ULGRSWLRQVGLDORJXQGHUWKH$UDZLQJDUHDRIWKH//R RSWLRQV.EEBI)FJ?EDI)F;D)<
l :HUWLFDODQGKRUL]RQWDOVSDFLQJRIWKHGRWVLQWKHJULG=RXFDQ DOVRFKDQJHWKHXQLWRIPHDVXUHPHQWXVHGLQWKHJHQHUDO$UDZ RSWLRQV.EEBI)FJ?EDI)F;D)<
l 8KHUHVROXWLRQLVWKHVL]HRIWKHVTXDUHVRUUHFWDQJOHVLQWKHJULG )IWKHUHVROXWLRQLV(RUL]RQWDOFP :HUWLFDOFP WKHJULGFRQVLVWV RIUHFWDQJOHVFPKLJKDQGFPZLGH

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



l 7XEGLYLVLRQVDUHDGGLWLRQDOSRLQWVWKDWDSSHDUDORQJWKHVLGHVRI HDFKUHFWDQJOHRUVTXDUHLQWKHJULG/EMHFWVVQDSWRVXEGLYLVLRQV DVZHOODVWRWKHFRUQHUVRIWKHJULG

l 8KHSL[HOSL[HOHPHQW VL]HRIWKHVQDSDUHDGHILQHVKRZFORVH \RXQHHGWREULQJDQREMHFWWRDVQDSSRLQWRUOLQHEHIRUHLWZLOO VQDSWRLW

&LJXUH7HWWLQJJULGRSWLRQV

6/<57<5B631=:=@=4B635@72>=7
%=A7B7=<7<5=0831BAE7B663:>3@:7<3A 8RVLPSOLI\WKHSRVLWLRQLQJRIREMHFWVLWLVSRVVLEOHWRPDNHYLVLEOH JXLGLQJOLQHVrH[WHQVLRQVRIWKHHGJHVRIWKHREMHFWrZKLOHLWLVEHLQJ PRYHG8KHVHJXLGLQJOLQHVKDYHQRVQDSIXQFWLRQ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH#KDQJLQJWKHJULGFRORU 8KHJXLGLQJOLQHVFDQEHGH DFWLYDWHGXQGHU.EEBI)FJ?EDI )F;D)<;DCEL?D= RUE\ FOLFNLQJRQWKH

LFRQRQWKH/SWLRQVWRROEDU

)630/A712@/E7<5A6/>3A $UDZSURYLGHVDZLGHUDQJHRIVKDSHV ORFDWHGLQSDOHWWHVDFFHVVHG IURPWKH$UDZLQJ8RROEDU8KLVFKDSWHUGHVFULEHVRQO\DIHZRIWKH EDVLFVKDSHVVHHWKH$UDZ'XLGHIRUDFRPSOHWHGHVFULSWLRQRIWKH VKDSHVDYDLODEOH8KHVHVKDSHVLQFOXGHUHFWDQJOHVDQGVTXDUHV FLUFOHV HOOLSVHV DQGDUFV$REMHFWVFXUYHVOLQHVDQGDUURZVWH[W DQGFRQQHFWRUV ;KHQ\RXGUDZDEDVLFVKDSHRUVHOHFWRQHIRUHGLWLQJ WKH)QIRILHOG LQWKHVWDWXVEDUFKDQJHVWRUHIOHFWWKHDFWLRQWDNHQ,LQHFUHDWHG 8H[WIUDPH[[\\VHOHFWHG DQGVRRQ &LJXUHVKRZVSDUWRIWKH$UDZLQJWRROEDUZLWKWKHLFRQVQHHGHG LQWKHIROORZLQJVHFWLRQV8KH8H[WLFRQLVDOVRLQFOXGHG

&LJXUH0DUWRIWKH$UDZLQJWRROEDU

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



@/E7<5/AB@/756B:7<3 ,HWvVVWDUWE\GUDZLQJWKHVLPSOHVWRIVKDSHVDVWUDLJKWOLQH#OLFNRQ WKH&?D;LFRQ RQWKH$UDZLQJ8RROEDUDQGSODFHWKHPRXVH SRLQWHUZKHUH\RXZDQWWRVWDUWWKHOLQH$UDJWKHPRXVHZKLOH NHHSLQJWKHEXWWRQSUHVVHG6HOHDVHWKHPRXVHEXWWRQZKHQ\RX ZDQWWRHQGWKHOLQH !EOXHRUJUHHQVHOHFWLRQKDQGOHDSSHDUVDWHDFKHQGRIWKHOLQH VKRZLQJWKDWWKLVLVWKHFXUUHQWO\VHOHFWHGREMHFW8KHFRORUVGHSHQG RQWKHVHOHFWLRQPRGHJUHHQIRUVLPSOHVHOHFWLRQDQGEOXHZKHQLQ SRLQWHGLWPRGH 8KLVHIIHFWLVHDVLO\DSSDUHQWLIRQWKH/SWLRQV WRROEDUERWK-?CFB;"7D:B;IDQG&7H=;"7D:B;IDUHVZLWFKHGRQ

&LJXUH$UDZLQJDVWUDLJKWOLQH (ROGGRZQWKH7KLIWNH\ZKLOHGUDZLQJWKHOLQHWRUHVWULFWWKHDQJOH RIWKHOLQHWRDPXOWLSOHRIGHJUHHV    DQGVRRQ (ROGGRZQWKH#RQWURONH\#WUOLQ0#V WRVQDSWKHHQGRIWKHOLQHWR WKHQHDUHVWJULGSRLQW

#=B3

8KHHIIHFWRIWKH#WUONH\GHSHQGVRQWKHVHWWLQJVRIWKH -D7FJE!H?:RSWLRQRQWKH0?;M !H?:PHQX -D7FJE!H?:ED#WUOGHDFWLYDWHVWKHVQDSRSWLRQIRU WKLVDFWLYLW\ -D7FJE!H?:E<<#WUODFWLYDWHVWKHVQDSRSWLRQIRUWKLV DFWLYLW\

8KHVSDFLQJUHVROXWLRQ RIWKHJULGSRLQWVFDQEHDGMXVWHGXQGHU .EEBI)FJ?EDI)F;D)<


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KHOLQHMXVWGUDZQKDVDOOWKHGHIDXOWDWWULEXWHV VXFKDVFRORUDQG OLQHW\SH8RFKDQJHWKHOLQHDWWULEXWHV FOLFNRQWKHOLQHWRVHOHFWLW DQGWKHQXVHWKHWRROVLQWKH,LQHDQG&LOOLQJWRROEDURUIRUPRUH FRQWURO ULJKW FOLFNRQWKHOLQHDQGFKRRVH&?D;WRRSHQWKH,LQH GLDORJ

@/E7<5/</@@=E !UURZVDUHGUDZQOLNHOLQHV$UDZFODVVLILHVDUURZVDVDVXEJURXSRI OLQHV,LQHVZLWKDUURZKHDGV8KH\DUHVKRZQLQWKHLQIRUPDWLRQILHOG RQWKHVWDWXVEDURQO\DVOLQHV#OLFNRQWKH&?D;D:IM?J>HHEM WRGUDZDQDUURZ LFRQ

@/E7<5:7<3A/<2/@@=EA #OLFNRQWKHVPDOOEODFNWULDQJOHRQWKH&?D;I7D:HHEMI LFRQ WRRSHQDIORDWLQJWRROEDUZLWKWHQWRROVIRUGUDZLQJOLQHVDQGDUURZV &LJXUH !OWHUQDWLYHO\ \RXFDQFOLFNGLUHFWO\RQWKHV\PEROWR UHSHDWWKHODVW XVHGFRPPDQGFKRVHQIURPWKLVWRROEDU)QERWK FDVHV WKHODVW XVHGFRPPDQGZLOOEHVWRUHGRQWKHWRROEDUWRPDNHLW TXLFNHUWRFDOOLWXSDJDLQ

&LJXUH,LQHVDQG!UURZVWRROEDU

@/E7<5/@31B/<5:3=@A?C/@3 $UDZLQJUHFWDQJOHVLVVLPLODUWRGUDZLQJVWUDLJKWOLQHV H[FHSWWKDW

WKHUHFWDQJOH)QDGGLWLRQ WKHRXWOLQHRIWKHIXWXUHUHFWDQJOHFKDQJHV

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



VKDSHDV\RXGUDJWKHPRXVHDURXQG8KHRXWOLQHLVVKRZQDVD GDVKHGOLQHXQWLO\RXUHOHDVHWKHPRXVHEXWWRQ ZKHQWKHUHFWDQJOHLV GUDZQ 7WDUWLQJSRLQW

&LJXUH$UDZLQJDUHFWDQJOH (ROGGRZQWKH7KLIWNH\WRGUDZDVTXDUH(ROGGRZQWKH!OWNH\WR GUDZDUHFWDQJOHVWDUWLQJIURPLWVFHQWHU8RFRPELQHWKHHIIHFWV KROG GRZQERWKWKH7KLIWDQG!OWNH\VVLPXOWDQHRXVO\

@/E7<5/17@1:3=@3::7>A3 8RGUDZDQHOOLSVHDOVRFDOOHGDQRYDO RUDFLUFOH XVHWKH%OOLSVHLFRQ IURPWKH$UDZLQJ8RROEDU!FLUFOHLVVLPSO\DQHOOLSVHZKHUHWKH WZRD[HVDUHWKHVDPHOHQJWK 8KHHOOLSVHGUDZQLVWKHODUJHVWHOOLSVH WKDWZRXOGILWLQVLGHWKHLPDJLQDU\ UHFWDQJOHGUDZQZLWKWKHPRXVH 7WDUWLQJSRLQW

&LJXUH$UDZLQJDQHOOLSVH 8KHUHDUHWKUHHRWKHUZD\VWRGUDZDQHOOLSVHRUFLUFOH

l (ROGGRZQWKH7KLIWNH\ZKLOHGUDZLQJWRIRUFHWKHHOOLSVHWREHD FLUFOH

l (ROGGRZQWKH!OWNH\WRGUDZDV\PPHWULFDOHOOLSVHRUFLUFOH IURPWKHFHQWHULQVWHDGRIGUDJJLQJFRUQHUWRFRUQHU 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l (ROGGRZQWKH#RQWURONH\ZKLOHGUDZLQJWRVQDSWKHHOOLSVHRU FLUFOHWRJULGOLQHV

#=B3

)I\RXILUVWSUHVVDQGKROGWKH#RQWURONH\DQGWKHQ FOLFNRQRQHRIWKHLFRQV,LQH 6HFWDQJOH %OOLSVH RU 8H[W DQREMHFWLVGUDZQDXWRPDWLFDOO\LQWKHZRUN DUHDWKHVL]H VKDSH DQGFRORUDUHDOOVWDQGDUG YDOXHV8KHVHDWWULEXWHVFDQEHFKDQJHGODWHU LI GHVLUHG

@/E7<51C@D3A 8KHWRROVIRUGUDZLQJFXUYHVRUSRO\JRQVDUHRQWKHWRROEDUWKDW DSSHDUVZKHQ\RXFOLFNWKHKHL;LFRQ RQWKH$UDZLQJWRROEDU 8KLVWRROEDUFRQWDLQVHLJKWWRROV&LJXUH 

#=B3

(RYHULQJWKHPRXVHRYHUWKLVLFRQJLYHVDWRROWLSRI #XUYH)I\RXFRQYHUWWKHLFRQWRDIORDWLQJWRROEDU KRZHYHU WKHWLWOHLV,LQHV DVVKRZQLQ&LJXUH 0RO\JRQ &LOOHG

0RO\JRQj &LOOHG

#XUYH &LOOHG &UHHIRUP,LQH

#XUYH 0RO\JRQ

0RO\JRQj

&LJXUH&ORDWLQJ#XUYHVWRROEDULQFRUUHFWO\WLWOHGs,LQHVt )I\RXPRYHWKHPRXVHFXUVRURYHURQHRIWKHLFRQV DWRROWLSSRSVXS ZLWKDGHVFULSWLRQRIWKHIXQFWLRQ&RUDPRUHGHWDLOHGGHVFULSWLRQRI WKHKDQGOLQJRI"d]LHUFXUYHVFXUYHVDQGILOOHGFXUYHV VHH#KDSWHU !GYDQFHG$UDZ8HFKQLTXHV LQWKH$UDZ'XLGH %=:G5=


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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

VOLJKWGLIIHUHQFHVWRWKRVHLQWH[WIUDPHVFRQFHUQLQJSRVLWLRQDQG K\SKHQDWLRQ &RUPRUHDERXWWH[W VHH#KDSWHU$UDZLQJ"DVLF7KDSHV DQG #KDSWHU!GYDQFHG$UDZ8HFKQLTXHV LQWKH$UDZ'XLGH

:C3 rel="nofollow">=7
&LJXUH&RXUJOXHSRLQWV 'OXHSRLQWVDUHGLIIHUHQWIURPKDQGOHVWKHVPDOOEOXHRUJUHHQ VTXDUHVDURXQGDQREMHFW 9VHWKHKDQGOHVWRPRYHRUUHVL]HDQ REMHFWXVHWKHJOXHSRLQWVWRDWWDFKFRQQHFWRUVWRDQREMHFW =RXFDQDGGPRUHJOXHSRLQWV DQGFXVWRPL]HJOXHSRLQWV XVLQJWKH WRROEDURIWKHVDPHQDPH'OXHSRLQWVEHFRPHYLVLEOHZKHQ\RXFOLFN RQWKH$UDZLQJWRROEDUDQGWKHQPRYHWKH WKH!BK;FE?DJILFRQ HQGRIDFRQQHFWRURYHUWKHREMHFW

#RQQHFWRUVDUHDW\SHRIOLQHRUDUURZZKRVHHQGVGRFNWRJOXHSRLQWV RQRWKHUREMHFWV;KHQ\RXPRYHWKHRWKHUREMHFW WKHFRQQHFWRU PRYHVZLWKLW#RQQHFWRUVDUHSDUWLFXODUO\XVHIXOIRUPDNLQJ RUJDQL]DWLRQDOFKDUWV=RXFDQUHRUJDQL]HWKHEORFNVRI\RXUFKDUW DQGDOOWKHFRQQHFWHGREMHFWVVWD\FRQQHFWHG &LJXUHVKRZVWZR$UDZREMHFWVDQGDFRQQHFWRU

&LJXUH!FRQQHFWRUEHWZHHQWZRREMHFWV #KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



$UDZKDVDUDQJHRIDGYDQFHGFRQQHFWRUIXQFWLRQV=RXFDQFKDQJH FRQQHFWRUW\SHVXVLQJWKHFRQWH[WPHQXRUE\RSHQLQJWKHIORDWLQJ &RUPRUH #RQQHFWRUVWRROEDUFOLFNRQWKHEDD;9JEHLFRQ DERXWFRQQHFWRUVDQGJOXHSRLQWV VHH#KDSWHU/UJDQL]DWLRQ#KDUWV &ORZ$LDJUDPV DQG-RUH LQWKH$UDZ'XLGH

@/E7<553=;3B@71A6/>3A 'HRPHWULFVKDSHVLQFOXGHEDVLFVKDSHV V\PEROVKDSHV EORFNDUURZV IORZFKDUWV FDOORXWV DQGVWDUV &LJXUHVKRZVSDUWRIWKH$UDZLQJWRROEDUZLWKWKHLFRQV QHFHVVDU\IRUWKHIROORZLQJVHFWLRQV8KH\RSHQIORDWLQJWRROEDUVZLWK WKHUHOHYDQWZRUNWRROV8KHXVHRIDOOWKHVHWRROVLVVLPLODUWRWKDWRI WKH6HFWDQJOHWRRO HYHQWKRXJKWKH\SURGXFHGLIIHUHQWJHRPHWULF VKDSHV

&LJXUH0DUWRIWKHPDLQ$UDZLQJWRROEDU /A71A6/>3A PDNHVDYDLODEOH 8KH7I?9->7F;ILFRQ WKHUDQJHRIWRROVIRUGUDZLQJEDVLFVKDSHV )I\RXFKRRVHWKHUHFWDQJOHWRROIURPWKLV WRROEDU LWORRNVWKHVDPHDVDUHFWDQJOHGUDZQ XVLQJWKH6HFWDQJOHWRRORQWKH$UDZLQJ WRROEDU8KHRQO\GLIIHUHQFHV\RXZLOOVHHDUH LQWKHLQIRUPDWLRQILHOGLQWKHVWDWXVEDU (G;0=:A6/>3A 8KH-OC8EB->7F;ILFRQ EULQJV\RXWR DQDUUD\RIWRROVIRUGUDZLQJWKHYDULRXV V\PEROVKDSHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

:=19/@@=EA 8KHBE9AHHEMILFRQ !UURZVWRROEDU

RSHQVWKH"ORFN

:=E16/@BA 8KHWRROVIRUGUDZLQJIORZFKDUWVDUHDFFHVVHG E\FOLFNLQJRQWKH BEM9>7HJILFRQ



8KHFUHDWLRQRIIORZFKDUWV RUJDQL]DWLRQ FKDUWV DQGVLPLODUSODQQLQJWRROVDUH GHVFULEHGLQ#KDSWHU/UJDQL]DWLRQ#KDUWV &ORZ$LDJUDPV DQG-RUH LQWKH$UDZ'XLGH

/::=CBA 9VHWKH7BBEKJILFRQ #DOORXWVWRROEDU

WRRSHQWKH

(B/@A/<20/<<3@A 8KHVHWRROVDUHDVVRFLDWHGZLWKWKH-J7HI LFRQ



=RXFDQDGGWH[WWRDOOWKHVHVKDSHV7HH#KDSWHU$UDZLQJ"DVLF 7KDSHV DQG#KDSWHU!GYDQFHG$UDZ8HFKQLTXHV LQWKH$UDZ 'XLGHIRUGHWDLOV

(3:31B7=<;=23A 8KHUHDUHWKUHHVHOHFWLRQPRGHVPRYLQJDQGFKDQJLQJVL]H URWDWLQJ DQGHGLWLQJSRLQWV

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



8KHGHIDXOWPRGHIRUVHOHFWLQJREMHFWVGHSHQGVRQZKHWKHUWKH *E?DJIEXWWRQRQWKH$UDZLQJWRROEDULVDFWLYHDSSHDUVOLW  QRWLQDFWLYHDSSHDUVGDUNRUGLPPHG 

RU



)QVWDQGDUGPRGHZKHQ\RXEHJLQDQHZ GUDZLQJ WKH*E?DJIEXWWRQLVQRWDFWLYH DQG WKHGHIDXOWPRGHLVIRUVHOHFWLRQVWREHPRYHG RUFKDQJHGLQVL]HWKHVHVHOHFWLRQVDUH LQGLFDWHGE\VPDOOJUHHQVTXDUHV

;KHQWKH*E?DJIEXWWRQLVDFWLYH WKHGHIDXOW PRGHLVIRUVHOHFWLRQVWREHHGLWHGWKHVH VHOHFWLRQVDUHLQGLFDWHGE\EOXHVTXDUHV7RPH REMHFWVZLOOKDYHRQHRUPRUHH[WUDKDQGOHV ZKLFKDUHODUJHURUFRORUHGGLIIHUHQWO\8KLVLV H[SODLQHGLQPRUHGHWDLOLQWKH$UDZ'XLGH 7HOHFWLRQVIRUURWDWLQJREMHFWVDUHLQGLFDWHGE\ VPDOOUHGFLUFOHVDQGDV\PEROUHSUHVHQWLQJWKH FHQWHURIURWDWLRQ8RFKRRVHWKHVHVHOHFWLRQV FOLFNRQWKH<<;9JIGURS GRZQEXWWRQ IURPWKH$UDZLQJWRROEDU

6/<57<5B63A3:31B7=<;=23 8RJRIURPRQHPRGHWRDQRWKHU \RXFDQGRRQHRIWKHIROORZLQJ

l 8RJJOHWKH*E?DJIEXWWRQRQWKH$UDZLQJWRROEDUWRVZLWFKIURP WKHVLPSOHVHOHFWLRQPRGHWRWKH0RLQWVPRGH XVHWKHNH\ERDUGVKRUWFXW&0RLQWV 

=RXFDQDOVR

l #KRRVHWKH<<;9JIGURS GRZQEXWWRQIURPWKH$UDZLQJWRROEDU WRDFWLYDWHWKH6RWDWLRQPRGHIRUDVHOHFWHGREMHFW

l )I\RXRIWHQZRUNLQ6RWDWLRQPRGH \RXFDQFKRRVHWKH,EJ7J?ED 'E:;7<J;HB?9A?D=)8@;9JEXWWRQ IURPWKH/SWLRQVEDU \RX FDQF\FOHWKURXJKQRUPDODQGURWDWLRQPRGHVMXVWE\FOLFNLQJRQ WKHREMHFW8KLVFDQEHPRUHFRQYHQLHQWWKDQFOLFNLQJWKHREMHFW WKHQFOLFNLQJWKH,EJ7J;EXWWRQIURPWKH$UDZLQJ8RROEDU



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(3:31B7<5=0831BA 7@31BA3:31B7=< 8RVHOHFWDQREMHFW WKHHDVLHVWZD\LVWRFOLFNGLUHFWO\RQLW&RU REMHFWVWKDWDUHQRWILOOHG FOLFNGLUHFWO\RQWKHREMHFWVRXWOLQHWR VHOHFWLW

(3:31B7=<0G4@/;7<5 =RXFDQVHOHFWVHYHUDOREMHFWVE\XVLQJWKHPRXVH WRGUDJDODUJHUHFWDQJOHDURXQGWKHREMHFWV DV VKRZQ&RUWKLVWRZRUN WKH-;B;9J LFRQRQWKH $UDZLQJWRROEDUPXVWEHDFWLYH/QO\REMHFWVWKDW OLHHQWLUHO\ZLWKLQWKHUHFWDQJOHDUHVHOHFWHG

(3:31B7<567223<=0831BA %YHQLIREMHFWVDUHORFDWHGEHKLQGRWKHUVDQGQRWYLVLEOH WKH\FDQ VWLOOEHVHOHFWHG8RVHOHFWDQREMHFWWKDWLVFRYHUHGE\DQRWKHUREMHFW KROGGRZQWKH!OWNH\DQGFOLFNWKHREMHFW8RVHOHFWDQREMHFWWKDWLV FRYHUHGE\VHYHUDOREMHFWV KROGGRZQWKH!OWNH\DQGFOLFNWKURXJK WKHREMHFWVXQWLO\RXUHDFKWKHUHTXLUHGXQGHUO\LQJREMHFW8RF\FOH WKURXJKWKHREMHFWVLQUHYHUVHRUGHU KROGGRZQWKH!OW 7KLIWNH\V ZKHQ\RXFOLFN8RKHOSLQPDNLQJDFFXUDWHVHOHFWLRQV \RXFDQFKHFN WKHQXPEHUDQGW\SHRIWKHVHOHFWHGREMHFWV VKRZQDWWKHOHIWRIWKH VWDWXVEDU

#=B3

8KHUHPD\EHVRPHYDULDWLRQLQWKHXVHRIWKH!OWNH\ RQGLIIHUHQWRSHUDWLQJV\VWHPV)QJHQHUDOWKH!OWNH\ RQD;LQGRZVFRPSXWHUIXQFWLRQVDVGHVFULEHGDERYH EXWRQD,LQX[V\VWHPLWXVXDOO\GRHVQRW)IWKH!OWNH\ RQ\RXUV\VWHPGRHVQRWRSHUDWHDVGHVFULEHGDERYH XVHWKH8DENH\PHWKRGGHVFULEHGEHORZ

8RVHOHFWDQREMHFWWKDWLVFRYHUHGE\DQRWKHUREMHFWXVLQJWKH NH\ERDUG SUHVV8DEWRF\FOHWKURXJKWKHREMHFWV VWRSSLQJDWWKH REMHFW\RXZLVKWRVHOHFW8RF\FOHWKURXJKWKHREMHFWVLQUHYHUVH RUGHU SUHVV7KLIW 8DE8KLVPD\QRWEHSUDFWLFDOLI\RXKDYHDODUJH QXPEHURIREMHFWVLQ\RXUGUDZLQJ

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



;KHQ\RXFOLFNRQWKHVHOHFWHGREMHFW LWV RXWOLQHDSSHDUVEULHIO\WKURXJKWKHREMHFWV RQWRSRIWKHVHOHFWHGREMHFW )QWKHLOOXVWUDWLRQWRWKHULJKW WKHVTXDUH ORFDWHGEHQHDWKWKHFLUFOHZDVVHOHFWHGLQ WKLVZD\WKHFLUFOHZDVPDGHWUDQVSDUHQWLQ RUGHUWRVHHWKHVTXDUH 

@@/<57<5=0831BA )QDFRPSOH[GUDZLQJ \RXPD\KDYHREMHFWVVWDFNHGXS RQHRQWRSRI WKHRWKHU ZLWKWKHUHVXOWWKDWDSDUWLFXODUREMHFWLVKLGGHQE\RQHRU PRUHRWKHUREMHFWVDERYHLW=RXFDQUHDUUDQJHWKHVWDFNLQJRUGHURI REMHFWVPRYHDQREMHFWWRWKHIURQWRUWRWKHEDFNRIWKHVWDFN E\ VHOHFWLQJWKHREMHFW FOLFNLQJ'E:?
(3:31B7<5A3D3@/:=0831BA 8RVHOHFWRUGHVHOHFWVHYHUDOREMHFWVRQHE\RQH SUHVVWKH7KLIWNH\ DQGFOLFNRQWKHYDULRXVREMHFWVWREHVHOHFWHGRUGHVHOHFWHG/QH FOLFNRQDQREMHFWVHOHFWVLWDVHFRQGFOLFNGHVHOHFWVLW

"=D7<5/<22G
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

H[DPSOH GXULQJUHVL]LQJ \RXZLOOVHHWKHIROORZLQJLQIRUPDWLRQ GLVSOD\HG8KLVLQIRUPDWLRQFKDQJHVZKHQWKHPRXVHLVPRYHG /EMHFWSRVLWLRQ

/EMHFWGLPHQVLRQV

#XUUHQWSURSRUWLRQDO SDJHVL]H

G;D CEL?D=LQ.EEBI)FJ?EDI )F;D)<
G
8KHUHVXOWVGLIIHUGHSHQGLQJRQZKLFKKDQGOH\RXXVH)I\RXFKRRVHD FRUQHUKDQGOH \RXZLOOUHVL]HWKHREMHFWDORQJWZRD[HVDWWKHVDPH WLPH)I\RXXVHDVLGHKDQGOH WKHREMHFWVZLOORQO\EHUHVL]HGDORQJ RQHD[LV

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



#=B3

)I\RXSUHVVWKH7KLIWNH\DWWKHVDPHWLPHDV\RX FDUU\RXWWKHUHVL]LQJRSHUDWLRQ WKHVL]HFKDQJHZLOO EHFDUULHGRXWV\PPHWULFDOO\ZLWKUHVSHFWWRWKHWZR D[HVWKLVHQDEOHV\RXWRNHHSWKHDVSHFW KHLJKWOHQJWK UDWLRRIWKHREMHFW

'=B/B7=< 6RWDWLQJDQREMHFWOHWV\RXPRYHWKHREMHFWDURXQGDQD[LV8RGRWKLV G\QDPLFDOO\ XVHWKHUHGKDQGOHV DV\RXGRZKHQFKDQJLQJWKHVL]HRI WKHREMHFW

#=B3

6RWDWLRQZRUNVLQDVOLJKWO\GLIIHUHQWZD\IRU$ REMHFWVEHFDXVHWKHURWDWLRQRFFXUVLQ$VSDFHDQG QRWLQRQHSODQH7HH#KDSWHU;RUNLQJZLWK$ /EMHFWV LQWKH$UDZ'XLGHUHJDUGLQJURWDWLRQZKHQ %GLW0RLQWVPRGHLVDFWLYH

8RURWDWHDQREMHFWRUDJURXSRIREMHFWV GUDJWKHUHGFRUQHUKDQGOH SRLQWVRIWKHVHOHFWLRQZLWKWKHPRXVH8KHPRXVHFXUVRUWDNHVWKH VKDSHRIDQDUFRIDFLUFOHZLWKDQDUURZDWHDFKHQG!GRWWHGRXWOLQH RIWKHREMHFWEHLQJURWDWHGDSSHDUVDQGWKHFXUUHQWDQJOHRIURWDWLRQ LVG\QDPLFDOO\VKRZQLQWKHVWDWXVEDU 6RWDWLRQVDUHPDGHDERXWDQD[LVZKLFKLVGLVSOD\HGDVDVPDOO V\PERO=RXFDQPRYHWKHD[LVRIURWDWLRQZLWKWKHPRXVH DVVKRZQ LQ&LJXUH )I\RXKROGGRZQWKH7KLIWNH\GXULQJWKHURWDWLRQ WKHRSHUDWLRQZLOO EHFDUULHGRXWLQLQFUHPHQWVRIj

&LJXUH6RWDWLQJDQREMHFW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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j E\SUHVVLQJWKH7KLIWNH\ZKLOHPRYLQJWKHKDQGOH

27B7<5=0831BA 8RFKDQJHDQREMHFWvVDWWULEXWHVVXFKDVFRORU ERUGHUZLGWK DPRQJ RWKHUV \RXFDQXVHWKH,LQHDQG&LOOLQJWRROEDURUWKHFRQWH[WPHQX )IWKH,LQHDQG&LOOLQJWRROEDU&LJXUH LVQRWYLVLEOH \RXFDQ GLVSOD\LWXVLQJ0?;M.EEB87HI&?D;7D: ?BB?D=&URPKHUH\RX FDQHGLWWKHPRVWFRPPRQREMHFWDWWULEXWHV=RXFDQDOVRRSHQWKH ,LQHGLDORJE\FOLFNLQJRQWKH,LQH LFRQDQGWKH!UHDGLDORJE\ FOLFNLQJRQWKH!UHD LFRQWRVHHPRUHRSWLRQV

7W\OHVDQG ,LQH7W\OH &RUPDWWLQJ ,LQH;LGWK ,LQH ,LQH#RORU !UURZ7W\OH &LJXUH,LQHDQG&LOOLQJWRROEDU

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ

!UHD Q!UHD7W\OH&LOOLQJ

7KDGRZ



;KHQ\RXVHOHFWWH[W WKLVWRROEDUFKDQJHVWRVKRZWH[WIRUPDWWLQJ RSWLRQV&LJXUH 

&LJXUH,LQHDQG&LOOLQJWRROEDUZKHQWH[WLVVHOHFWHG

)631=
27B7<5:7<3A/<20=@23@A ,LQHVOLNHDUURZV DQGWKHERUGHUVRIDQ REMHFWDUHPDQDJHGWKURXJKWKHVDPHGLDORJ !QREMHFWvVERUGHULVMXVWDQRWKHUW\SHRI OLQH

=RXFDQFKDQJHVRPHSURSHUWLHVIURPWKH&?D;7D: ?BB?D=WRROEDU 8RVHHPRUHRSWLRQV VHOHFWWKHREMHFWDQGFOLFNRQWKH,LQH LFRQ RUULJKW FOLFNRQWKHREMHFWDQGFKRRVH&?D;IURPWKHFRQWH[WPHQX 8KLVRSHQVWKH,LQHGLDORJ

=;;=<:7<3>@=>3@B73A )QPRVWFDVHVWKHSURSHUW\\RXZDQWWR FKDQJHLVWKHOLQHvVVW\OHVROLG GDVKHG LQYLVLEOH DQGVRRQ LWVFRORU RULWV ZLGWK8KHVHRSWLRQVDUHDOODYDLODEOH IURPWKH,LQHDQG&LOOLQJWRROEDU &LJXUH  =RXFDQDOVRHGLWWKHVHSURSHUWLHVIURP WKH,LQHGLDORJ ZKHUH\RXFDQDOVR FKDQJHWKHOLQHvVWUDQVSDUHQF\&LJXUH LOOXVWUDWHVGLIIHUHQWGHJUHHVRI WUDQVSDUHQF\



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

@/E7<5/@@=EA !UURZKHDGVDQGRWKHUOLQHHQGLQJV XVXDOO\UHIHUUHG WRFROOHFWLYHO\DVDUURZV DUHDOLQHSURSHUW\7HOHFWD OLQHDQGFOLFNRQWKHHHEM-JOB; RSHQVWKH!UURZKHDGVPHQX

LFRQ8KLV

7HYHUDOW\SHVRIDUURZKHDGVDUHDYDLODEOH%DFKHQG RIWKHOLQHFDQKDYHDGLIIHUHQWDUURZKHDGRUQR DUURZKHDG  !UURZKHDGVDUHRQO\DSSOLFDEOHWROLQHV8KH\KDYH QRHIIHFWRQDQREMHFWvVERUGHU

CAB=;7H7<5:7<3/<2/@@=EABG:3A =RXFDQPRGLI\WKHOLQHDQGDUURZVW\OHVDQGFUHDWH \RXURZQ7HH#KDSWHU#KDQJLQJ/EMHFW !WWULEXWHV LQWKH$UDZ'XLGHIRUGHWDLOV

27B7<5B637
)QPRVWFDVHV \RXZLOOFKRRVHRQHRIWKHVWDQGDUGILOORSWLRQV ZKLFK DUHDOODYDLODEOHIURPWKH,LQHDQG&LOOLQJWRROEDU=RXFDQDOVRGHILQH \RXURZQDUHDILOOVVHH#KDSWHURIWKH$UDZ'XLGHIRUGHWDLOV

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



227<5/A6/2=E )Q$UDZ VKDGRZVDUHFRQVLGHUHGDQDUHD SURSHUW\#OLFNRQWKH7KDGRZ LFRQRQ WKH&?D;7D: ?BB?D=WRROEDU =RXFDQFXVWRPL]HWKHSRVLWLRQ GLVWDQFH FRORU DQGWUDQVSDUHQF\RIVKDGRZV

227<5B@//@3<1G =RXFDQPDNHREMHFWVSDUWO\RUIXOO\WUDQVSDUHQW RUHYHQZLWKD YDU\LQJGHJUHHRIWUDQVSDUHQF\DVDJUDGLHQW 

*A7<5ABG:3A 7XSSRVHWKDW\RXZDQWWRDSSO\WKHVDPHDUHDILOO OLQHWKLFNQHVV DQG ERUGHUWRDVHWRIREMHFWV8KLVUHSHWLWLYHSURFHVVFDQEHJUHDWO\ VLPSOLILHGE\WKHXVHRIVW\OHV7W\OHVDOORZ\RXWRGHILQHDIRUPDWWLQJ WHPSODWHDVW\OH DQGWKHQWRDSSO\WKDWVW\OHWRPXOWLSOHREMHFWV&RU PRUHDERXWVW\OHV VHH#KDSWHU9VLQJ7W\OHVDQG8HPSODWHV IRU PRUHLQIRUPDWLRQ

(>317/:34431BA ;LWK$UDZ \RXFDQDSSO\PDQ\VSHFLDOHIIHFWVWRREMHFWVDQGJURXSV RIREMHFWV8KLVVHFWLRQGHVFULEHVDIHZRIWKHVHHIIHFWV/WKHUV LQFOXGHGLVWRUWLQJ VKDGRZV DQGWUDQVSDUHQF\7HHWKH$UDZ'XLGH IRUH[DPSOHVRIWKHPDQ\HIIHFWVDYDLODEOH

:7>/<=0831B 7HOHFWDQREMHFWDQGFOLFNRQWKH B?FLFRQ =RX ZLOOVHHDGDVKHGOLQHWKURXJKWKHPLGGOHRIWKH REMHFW

8KLVGDVKHGOLQHLVWKH7N?IE<IOCC;JHO8KH REMHFWZLOOEHUHIOHFWHGDERXWWKLVOLQH-RYHRQH RUERWKHQGVRIWKHOLQHZLWK\RXUPRXVHWRVHWWKH D[LV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KHQ JUDEDQ\RQHRIWKHHLJKWJUHHQKDQGOHVDQG PRYHLWDFURVVWRWKHRWKHUVLGHRIWKHGDVKHGOLQH 8KHQHZSRVLWLRQRIWKHILJXUHLVVKRZQGDVKHG XQWLOWKHPRXVHLVUHOHDVHG

#=B3

)I\RXKROGGRZQWKH7KLIWNH\ZKLOHPRYLQJWKHOLQH WKHOLQHZLOOURWDWHLQ GHJUHHLQFUHPHQWV

"7@@=@1=>73A /IILFLDOO\ WKLVXVHIXOFRPPDQGGRHVQRW\HW H[LVWLQ$UDZ)WFDQ KRZHYHU EHHDVLO\HPXODWHG -RYHWKHD[LVRIV\PPHWU\WRWKHGHVLUHGORFDWLRQRIWKHPLUURUD[LV #RS\WKHREMHFWWRWKHFOLSERDUG&OLSWKHREMHFW WKHQFOLFNRQDQ HPSW\DUHDRIWKH$UDZVFUHHQLQRUGHUWRGHVHOHFWWKHREMHFW0DVWH IURPWKHFOLSERDUGWRSXWDFRS\RIWKHREMHFWLQLWVRULJLQDOORFDWLRQ DQGQRZ\RXKDYHDPLUURUFRS\

7AB=@B7<5/<7;/53 8KHUHDUHWKUHHWRROVRQWKH<<;9JIPHQXWKDWOHW\RXGUDJWKH FRUQHUVDQGHGJHVRIDQREMHFWWRGLVWRUWWKHLPDJH 8KH?IJEHJWRROGLVWRUWVDQREMHFWLQSHUVSHFWLYH WKH-;JJE?H9B; IB7DJDQG-;J?D?H9B;F;HIF;9J?L;WRROVERWKFUHDWHDSVHXGR WKUHH GLPHQVLRQDOHIIHFW7HH#KDSWHURIWKH$UDZ'XLGHIRUGHWDLOV

G
#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



FRORUFKDQJHVIURPRSDTXHWRWUDQVSDUHQWLQDUHJXODUJUDGLHQW WKH ILOOFKDQJHVIURPRQHFRORUWRDQRWKHU EXWWKHGHJUHHRIWUDQVSDUHQF\ UHPDLQVWKHVDPH 7HH#KDSWHURIWKH$UDZ'XLGHIRUGHWDLOV

C>:71/B7=< $XSOLFDWLRQPDNHVFRSLHVRIDQREMHFWZKLOHDSSO\LQJDVHWRIFKDQJHV VXFKDVFRORURUURWDWLRQ WRWKHGXSOLFDWHV8KHUHVXOWRID GXSOLFDWLRQLVDQHZJURXS 8RVWDUWGXSOLFDWLRQ FOLFNRQDQREMHFWRU JURXSDQGFKRRVH:?JKFB?97J;8KH GLDORJVKRZQLQ&LJXUHDSSHDUV 8KHRSWLRQVFKRVHQLQ&LJXUHDSSOLHG WRDEOXHUHFWDQJOHSURGXFHWKHUHVXOWRQ WKHULJKW

&LJXUH$XSOLFDWLQJDQREMHFW

@=AA4/27<5 #URVV IDGLQJWUDQVIRUPVDVKDSHIURPRQHIRUPWRDQRWKHU ZLWK /SHQ/IILFHRUJKDQGOLQJDOORIWKHLQWHUPHGLDWHWUDQVLWLRQV8KH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

UHVXOWLVDQHZJURXSRIREMHFWVLQFOXGLQJWKHWZRHQGSRLQWVDQGWKH LQWHUPHGLDWHVWHSV 8RFDUU\RXWDFURVV IDGH VHOHFWERWKREMHFWVKROGWKH7KLIWNH\ZKLOH VHOHFWLQJHDFKREMHFWLQWXUQ DQGWKHQFKRRVH:?JHEII <7:?D= 8KHIROORZLQJGLDORJDSSHDUV

/QWKHGLDORJFKRRVHWKHQXPEHURILQFUHPHQWVWUDQVLWLRQVWHSV =RX SUREDEO\ZDQWWRKDYH#URVV IDGHDWWULEXWHVDQG7DPHRULHQWDWLRQ ERWKFKHFNHG8KHHQGUHVXOWLVVKRZQLQ&LJXUH

&LJXUH#URVV IDGLQJH[DPSOH

=;07<7<5;C:B7>:3=0831BA 9VLQJ$UDZ \RXFDQFRPELQHGUDZLQJREMHFWVWRJHWKHULQWZR GLVWLQFWZD\VJURXSLQJDQGFRPELQLQJ8KHVHWZRPHWKRGVDOORZ\RX WRWUHDWPXOWLSOHREMHFWVDVRQHXQLW RUWRPHUJHREMHFWVWRIRUPD QHZVKDSH

'URXSLQJLVOLNHSXWWLQJREMHFWVLQDFRQWDLQHU=RXFDQPRYHWKHPDV DJURXSDQGDSSO\JOREDOFKDQJHVWRWKHP!JURXSFDQDOZD\VEH XQGRQHDQGWKHREMHFWVWKDWPDNHXSWKHJURXSFDQDOZD\VEH PDQLSXODWHGVHSDUDWHO\ !FRPELQDWLRQLVDSHUPDQHQWIXVLRQRIREMHFWVOHDGLQJWRDQHZ REMHFW8KHRULJLQDOREMHFWVDUHQRORQJHUDYDLODEOHDVLQGLYLGXDO HQWLWLHVDQGWKHRSHUDWLRQLVQRWUHYHUVLEOH

#KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



@=C>7<50G1=;;=<A3:31B7=< ;KHQVHYHUDOREMHFWVDUHVHOHFWHG DQ\RSHUDWLRQV\RXFDUU\RXWDUH DSSOLHGWRDOORIWKHREMHFWV&RUH[DPSOH \RXFDQURWDWHDJURXSRI REMHFWVLQLWVHQWLUHW\'URXSVREWDLQHGWKURXJKFRPPRQVHOHFWLRQRI VHYHUDOREMHFWVDUHXQGRQHDVVRRQDV\RXFOLFNRXWVLGHWKHJURXS (RZHYHU \RXFDQJURXSREMHFWVDQGNHHSWKRVHVHOHFWHGREMHFWV JURXSHGWRJHWKHU

"/7A/<2C<2=7<55@=C>A 8RJURXSVHOHFWHGREMHFWV ULJKW FOLFNDQGFKRRVH!HEKFIURPWKH SRS XSPHQX=RXFDQDOVRXVHWKHNH\ERDUGVKRUWFXW #RQWURO 7KLIW 'RUFKRRVH'E:?
=;07<7<5=0831BA )QFRQWUDVWWRJURXSLQJIXQFWLRQV FRPELQDWLRQVFUHDWHDQHZREMHFW VXEVHTXHQWsXQ FRPELQLQJtLQWKHVDPHPDQQHUDVXQJURXSLQJLVQRW SRVVLEOH7HOHFWDFROOHFWLRQRIREMHFWV WKHQULJKW FOLFNDQGFKRRVH EC8?D;IURPWKHSRS XSPHQX !IWHU\RXKDYHVHOHFWHGPRUHWKDQRQHREMHFW WKH-HUJH 7XEWUDFW DQG)QWHUVHFWIXQFWLRQVFDQEHUHDFKHGLQWKH'E:?7F;I PHQXRUWKRXJKWKHJURXSvVULJKW FOLFNPHQXXQGHUWKHKHDGLQJ ->7F;I

72A4=@>=A7B7=<7<5=0831BA $UDZKDVYDULRXVWRROVWRKHOS\RXDUUDQJHWKHREMHFWVZLWKUHVSHFW WRHDFKRWKHU

l -RYLQJDQREMHFWWRWKHIURQWRUWRWKHEDFN l !OLJQLQJREMHFWVZLWKUHVSHFWWRHDFKRWKHU l $LVWULEXWLQJWKHGLVWDQFHDQGVSDFHEHWZHHQREMHFWV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

7HH#KDSWHU#RPELQLQJ-XOWLSOH/EMHFWV LQWKH$UDZ'XLGHIRU PRUHLQIRUPDWLRQ

27B7<5>71BC@3A $UDZFRQWDLQVDQXPEHURIIXQFWLRQVIRUHGLWLQJUDVWHUJUDSKLFV ELWPDSV rIRUH[DPSOH SKRWRV VFDQQHGSLFWXUHV DQGVRRQr LQFOXGLQJLPSRUWDQGDQGH[SRUWDVZHOODVFRQYHUVLRQIURPRQH IRUPDWWRDQRWKHU$UDZFDQUHDGLQDOOWKHXVXDOUDQJHRIJUDSKLFILOH IRUPDWV(RZHYHU LWGRHVQRWKDYHWKHVDPHFDSDELOLWLHVDVWKH VSHFLDOL]HGUDVWHUJUDSKLFVSURJUDPVOLNH!GREH0KRWRVKRSRU8KH 'LPS 7HH#KDSWHU%GLWLQJ0LFWXUHV LQWKH$UDZ'XLGHIRUGHWDLOV

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

71BC@3A4@=;=B63@A=C@13A =RXFDQDGGSLFWXUHVIURPVHYHUDOVRXUFHV

l 8KH'DOOHU\rVHH#KDSWHU'UDSKLFV WKH'DOOHU\ DQG &RQWZRUN

l $LUHFWO\IURPDVFDQQHU#DI;HJ*?9JKH;-97D l )PDJHVFUHDWHGE\DQRWKHUSURJUDP LQFOXGLQJSKRWRJUDSKVIURP DGLJLWLDOFDPHUD#DI;HJ*?9JKH; HEC ?B;

$UDZSURYLGHVWRROVIRUZRUNLQJZLWKELWPDSLPDJHVVXFKDV SKRWRJUDSKVWKH0LFWXUHWRROEDUDQGWKHELWPDSLPDJHPDQDJHPHQW SDOHWWH7HHWKH$UDZ'XLGHIRUGHWDLOVDQGH[DPSOHV #KDSWHU'HWWLQJ7WDUWHGZLWK$UDZ



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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !;JJ?D=-J7HJ;: M?J>7I; /SHQ/IILFHRUJvVGDWDEDVHFRPSRQHQW !GDWDVRXUFH RUGDWDEDVH LVDFROOHFWLRQRISLHFHVRILQIRUPDWLRQ WKDWFDQEHDFFHVVHGRUPDQDJHGE\/SHQ/IILFHRUJ//R &RU H[DPSOH DOLVWRIQDPHVDQGDGGUHVVHVLVDGDWDVRXUFHWKDWFRXOGEH XVHGIRUSURGXFLQJDPDLOPHUJHOHWWHU!VKRSVWRFNOLVWFRXOGEHD GDWDVRXUFHPDQDJHGWKURXJK//R

#=B3

/SHQ/IILFHRUJXVHVWKHWHUPVs$DWD7RXUFHtDQG s$DWDEDVHtWRUHIHUWRWKHVDPHWKLQJ ZKLFKFRXOGEHD GDWDEDVHVXFKDV-\75,RUG"DVHRUDVSUHDGVKHHWRU WH[WGRFXPHQWKROGLQJGDWD

8KLVFKDSWHUFRYHUVFUHDWLQJDGDWDEDVH VKRZLQJZKDWLVFRQWDLQHG LQDGDWDEDVHDQGKRZWKHGLIIHUHQWSDUWVDUHXVHGE\//R)WDOVR FRYHUVXVLQJWKH"DVHFRPSRQHQWRI//RWRUHJLVWHURWKHUGDWD VRXUFHV!GDWDVRXUFHFDQEHDGDWDEDVH VSUHDGVKHHW RUWH[W GRFXPHQW $DWDVRXUFHVDUHRQO\LQWURGXFHGLQWKLVFKDSWHU&RUPRUHGHWDLOHG LQIRUPDWLRQDERXWWKHXVHRIGDWDEDVHV VHHWKH$DWDEDVH'XLGH

#=B3

//R"DVHXVHVWKH(75,GDWDEDVHHQJLQH!OORIWKH ILOHVFUHDWHGE\WKLVHQJLQHDUHNHSWLQRQH]LSSHGILOH 8KHGDWDEDVHIRUPVDUHLQFOXGHGLQWKLV]LSSHGILOH

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



!GDWDEDVHFRQVLVWVRIDQXPEHURIILHOGVWKDWFRQWDLQWKHLQGLYLGXDO SLHFHVRIGDWD%DFKWDEOHRIWKHGDWDEDVHLVDJURXSRIILHOGV;KHQ FUHDWLQJDWDEOH \RXDOVRGHWHUPLQHWKHFKDUDFWHULVWLFVRIHDFKILHOG LQWKHWDEOH&RUPVDUHIRUGDWDHQWU\LQWRWKHILHOGVRIRQHRUPRUH WDEOHVDVVRFLDWHGZLWKWKHIRUP8KH\FDQDOVREHXVHGIRUYLHZLQJ ILHOGVIURPRQHRUPRUHWDEOHVDVVRFLDWHGZLWKWKHIRUP!TXHU\ FUHDWHVDQHZWDEOHIURPWKHH[LVWLQJWDEOHVEDVHGXSRQKRZ\RX FUHDWHWKHTXHU\!UHSRUWRUJDQL]HVWKHLQIRUPDWLRQRIWKHILHOGVRID TXHU\LQDGRFXPHQWDFFRUGLQJWR\RXUUHTXLUHPHQWV

/CB7=<

8KHGDWDEDVHLQ//RUHTXLUHV*DYD6XQWLPH %QYLURQPHQW*6% )I\RXGRQRWKDYHLWRQ\RXU FRPSXWHU \RXFDQGRZQORDGLWIURPZZZMDYDFRP DQGLQVWDOOLWIROORZLQJWKHLQVWUXFWLRQVRQWKHVLWH)W VKRXOGEH*DYDRUKLJKHU)Q//R XVH.EEBI )FJ?EDI)F;D)<
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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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vVOLFHQVHSODWHDQGGULYHUv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



GDWHILHOGVVXJJHVWDUHODWLRQVKLSEHWZHHQWKHYDFDWLRQWDEOHDQGWKH GDWHVLQHDFKRIWKHVHWDEOHVIXHODQGIRRG 8KLVPHDQVWKDWWKHGDWH ILHOGVLQWKHVHWDEOHVZLOOEHOLQNHGDVZHFUHDWHWKHGDWDEDVH 8KHW\SHRISD\PHQWLQFOXGHVWZREDQNFDUGVDQGFDVK7R ZHZLOO FUHDWHDWDEOHZLWKDILHOGIRUWKHW\SHRISD\PHQWDQGXVHLWLQOLVW ER[HVLQWKHIRUPV

)7>

;KLOHZHKDYHOLVWHGILHOGVZHZLOOFUHDWHLQWKHWDEOHV RIWKHGDWDEDVH WKHUHLVRQHPRUHILHOGWKDWPD\EH QHHGHGLQDWDEOHWKHILHOGIRUWKHSULPDU\NH\)QVRPH WDEOHV WKHILHOGIRUWKHSULPDU\NH\KDVDOUHDG\EHHQ OLVWHG)QRWKHUWDEOHVVXFKDVWKHSD\PHQWW\SH DQ DGGLWLRQDOILHOGIRUWKHSULPDU\NH\PXVWEHFUHDWHG

@3/B7<5/<3E2/B/0/A3 8RFUHDWHDQHZGDWDEDVH FOLFNWKHDUURZQH[WWRWKH(;MLFRQ)Q WKHGURS GRZQPHQX VHOHFW7J787I;&LJXUH 8KLVRSHQVWKH $DWDEDVH;L]DUG=RXFDQDOVRRSHQWKH$DWDEDVH;L]DUGXVLQJ ?B; (;M7J787I;

8KHILUVWVWHSRIWKH$DWDEDVH;L]DUGKDVRQHTXHVWLRQZLWKWZR FKRLFHVH;7J;7D;M:7J787I;RUEDD;9JJE7D;N?IJ?D= :7J787I;&RUWKLVH[DPSOH VHOHFWH;7J;7D;M:7J787I;DQGWKHQ FOLFN(;NJ 8KHVHFRQGVWHSKDVWZRTXHVWLRQVZLWKWZRFKRLFHVHDFK8KHGHIDXOW FKRLFHIRUWKHILUVWTXHVWLRQLV3;IH;=?IJ;HJ>;:7J787I;<EHC; DQGWKHGHIDXOWFKRLFHIRUWKHVHFRQGTXHVWLRQLV)F;DJ>;:7J787I; <EH;:?J?D=-DNHVXUHWKHVHFKRLFHVDUHVHOHFWHGDQGFOLFN ?D?I>



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

)IWKHGDWDEDVHLVQRWUHJLVWHUHG LWZLOOQRWEH DFFHVVLEOHWRWKHRWKHU//RFRPSRQHQWVVXFKDV ;ULWHUDQG#DOF)IWKHGDWDEDVHLVUHJLVWHUHG RWKHU FRPSRQHQWVFDQDFFHVVLW

7DYHWKHQHZGDWDEDVHZLWKWKHQDPH!XWRPRELOH8KLVRSHQVWKH !XWRPRELOHq/SHQ/IILFHRUJ"DVHZLQGRZ&LJXUHVKRZVSDUWRI WKLVZLQGRZ

)7>

/CB7=<

%YHU\WLPHWKH!XWRPRELOHGDWDEDVHLVRSHQHG WKH !XWRPRELOHq/SHQ/IILFHRUJ"DVHZLQGRZRSHQV #KDQJHVFDQWKHQEHPDGHWRWKHGDWDEDVH8KHWLWOH IRUWKLVZLQGRZLVDOZD\VGDWDEDVHQDPH q /SHQ/IILFHRUJ

!V\RXFUHDWHDGDWDEDVH \RXVKRXOGVDYH\RXUZRUN UHJXODUO\8KLVPHDQVPRUHWKDQMXVWVDYLQJZKDW\RX KDYHMXVWFUHDWHG=RXPXVWVDYHWKHZKROHGDWDEDVH DVZHOO &RUH[DPSOH ZKHQ\RXFUHDWH\RXUILUVWWDEOH \RX PXVWVDYHLWEHIRUH\RXFDQFORVHLW)I\RXORRNDWWKH -7L;LFRQLQWKH7WDQGDUGWRROEDUDWWKHWRSDIWHU FORVLQJWKHWDEOH LWZLOOEHDFWLYH#OLFNWKH-7L;LFRQ DQGWKLVLFRQZLOOEHJUD\HGRXWDJDLQ.RWRQO\WKH WDEOHKDVEHHQVDYHG EXWLWDOVREHHQPDGHDSDUWRI WKHGDWDEDVH

@3/B7<52/B/0/A3B/0:3A

#=B3

)QDGDWDEDVH DWDEOHVWRUHVLQIRUPDWLRQIRUDJURXS RIWKLQJVZHFDOOILHOGV&RUH[DPSOH DWDEOHPLJKW KROGDQDGGUHVVERRN DVWRFNOLVW DSKRQHERRNRUD SULFHOLVW!GDWDEDVHFDQKDYHIURPRQHWRVHYHUDO WDEOHV

8RZRUNZLWKWDEOHV FOLFNWKH8DEOHV LFRQLQWKH$DWDEDVHOLVW RUXVH !OW D8KHWKUHHWDVNVWKDW\RXFDQSHUIRUPRQDWDEOHDUHLQWKH 8DVNOLVWVHH&LJXUH 

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH#UHDWLQJWDEOHV

*A7<5B63,7H/@2B=1@3/B3/B/0:3 /CB7=<

%YHU\WDEOHUHTXLUHVD0ULPDU\NH\ILHOG;KDWWKLV ILHOGGRHVZLOOEHH[SODLQHGODWHU ;HZLOOXVHWKLV ILHOGWRQXPEHURXUHQWULHVDQGZDQWWKDWQXPEHUWR DXWRPDWLFDOO\LQFUHDVHDVZHDGGHDFKHQWU\

7LQFHQRQHRIWKHILHOGVZHQHHGIRURXU!XWRPRELOHGDWDEDVHDUH FRQWDLQHGLQDQ\RIWKHZL]DUGWDEOHV ZHZLOOFUHDWHDVLPSOHWDEOH XVLQJWKHZL]DUGWKDWKDVQRWKLQJWRGRZLWKRXUGDWDEDVH8KLV VHFWLRQLVDQH[HUFLVHLQH[SODLQLQJKRZWKH;L]DUGZRUNV 8KH;L]DUGSHUPLWVWKHILHOGVRIWKHWDEOHWRFRPHIURPPRUHWKDQ RQHVXJJHVWHGWDEOH;HZLOOFUHDWHDWDEOHZLWKILHOGVIURPWKUHH GLIIHUHQWVXJJHVWHGWDEOHVLQWKH;L]DUG #OLFN9VH;L]DUGWR#UHDWH8DEOH8KLVRSHQVWKH8DEOH;L]DUG

#=B3



!ILHOGLQDWDEOHLVRQHELWRILQIRUPDWLRQ&RU H[DPSOH LQDSULFHOLVWWDEOH WKHUHPLJKWEHRQHILHOG IRULWHPQDPH RQHIRUWKHGHVFULSWLRQDQGDWKLUGIRU WKHSULFH-RUHILHOGVPD\EHDGGHGDVQHHGHG

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-J;F -;B;9J
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

&LJXUH/UGHURIILHOGV

/CB7=<

"HORZWKH7HOHFWHG&LHOGVOLVWDUHWZREXWWRQVRQH ZLWKD DQGRQHZLWKDQ8KHVHEXWWRQVDUHXVHGWR DGGRUWRUHPRYHILHOGVIURPWKH7HOHFWHG&LHOGVOLVW "HFDUHIXOZKHQXVLQJWKHVHEXWWRQVXQWLOZHOO DFTXDLQWHGZLWKKRZWRFUHDWHWDEOHV&LJXUH 

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



-J;F-;J
)QWKLVVWHS\RXJLYHWKHILHOGVWKHLUSURSHUWLHV;KHQ\RXFOLFND ILHOG WKHLQIRUPDWLRQRQWKHULJKWFKDQJHV=RXFDQWKHQPDNH FKDQJHVWRPHHW\RXUQHHGV7HH&LJXUH #OLFNHDFKILHOG RQH DWDWLPH DQGPDNHWKHFKDQJHVOLVWHGEHORZ

&LJXUH#KDQJLQJILHOGW\SHV

#=B3

)IDQ\RIWKHVHILHOGVUHTXLUHVDQHQWU\ VHW%QWU\ UHTXLUHGWR3;I)I%QWU\UHTXLUHGLVVHWWR=HV WKLVILHOG PXVWKDYHVRPHWKLQJLQLW&RUH[DPSOHLI&LUVW.DPH KDV%QWU\UHTXLUHGVHWWR=HV KDYLQJDQHQWU\ZLWKWKH ILUVWQDPHPLVVLQJZLOOQRWEHDOORZHG)QJHQHUDO RQO\ VHW%QWU\UHTXLUHGWR3;ILIVRPHWKLQJPXVWDOZD\VEH SXWLQWKDWILHOG"\GHIDXOW %QWU\UHTXLUHGLVVHWWR(E

l #ROOHFWLRQ)$#KDQJH!XWR:DOXHIURP(EWR3;I l !OEXP8LWOH q %QWU\UHTXLUHG)IDOORI\RXUPXVLFLVLQDOEXPV FKDQJH%QWU\ UHTXLUHGWR=HV/WKHUZLVH OHDYH%QWU\UHTXLUHGDV.R

q

,HQJWK9QOHVV\RXKDYHDQDOEXPWLWOHWKDWH[FHHGV FKDUDFWHUVLQOHQJWKFRXQWLQJWKHVSDFHV GRQRWFKDQJHWKH OHQJWK

#=B3



)Q"DVHWKHPD[LPXPOHQJWKRIHDFKILHOGPXVWEH VSHFLILHGRQFUHDWLRQ)WLVQRWHDV\WRFKDQJHWKLVODWHU VRLILQGRXEWVSHFLI\DJUHDWHUOHQJWK"DVHXVHV :#(!6DVWKHILHOGIRUPDWIRUWH[WILHOGV8KLVIRUPDW RQO\XVHVWKHDFWXDOQXPEHURIFKDUDFWHUVLQDILHOGXS WRWKHOLPLWVHW7R DILHOGFRQWDLQLQJFKDUDFWHUVZLOO RQO\XVHVSDFHIRUFKDUDFWHUVHYHQLIWKHOLPLWLVVHW DW8ZRDOEXPWLWOHVFRQWDLQLQJDQG FKDUDFWHUVUHVSHFWLYHO\ZLOOXVHVSDFHIRUDQG FKDUDFWHUVDQGQRWFKDUDFWHUV

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l !UWLVW9VHWKH$HIDXOWVHWWLQJ!QGVLQFHPXVLFKDVDXWKRUV VHW %QWU\6HTXLUHGWR=HV

l $DWH0XUFKDVHG,HQJWKGHIDXOWVHWWLQJ%QWU\UHTXLUHGVKRXOGEH .R=RXPD\QRWNQRZWKHGDWH

l &RUPDW/QO\FKDQJHWKH%QWU\6HTXLUHGVHWWLQJIURP.RWR=HV l .RWHV.RFKDQJHVDUHUHTXLUHG l .XPEHURI8UDFNV#KDQJHWKH&LHOG8\SHWR8LQ\)QWHJHU ?8).=).8A=RXUDOORZDEOHQXPEHURIWUDFNVZLOOEH7PDOO )QWHJHU?7-!,,).8AZRXOGDOORZWUDFNVLI\RXQHHGHG PRUHWKDQWUDFNV

l 0KRWR9VHWKHGHIDXOWVHWWLQJV ;KHQ\RXKDYHILQLVKHG FOLFN(;NJ

#=B3

%DFKILHOGDOVRKDVD&LHOG8\SH)Q"DVHWKHILHOGW\SH PXVWEHVSHFLILHG8KHVHW\SHVLQFOXGHWH[W LQWHJHU GDWH DQGGHFLPDO)IWKHILHOGLVJRLQJWRKDYHJHQHUDO LQIRUPDWLRQLQLWIRUH[DPSOHDQDPHRUDGHVFULSWLRQ WKHQ\RXZDQWWRXVHWH[W)IWKHILHOGZLOODOZD\VFRQWDLQD QXPEHUIRUH[DPSOHDSULFH WKHW\SHVKRXOGEHGHFLPDO RUDQRWKHUDSSURSULDWHQXPHULFDOILHOG8KHZL]DUGSLFNV WKHULJKWILHOGW\SH VRWRJHWDQLGHDRIKRZWKLVZRUNV VHHZKDWWKHZL]DUGKDVFKRVHQIRUGLIIHUHQWILHOGV

-J;F-;JFH?C7HOA;O

    

#UHDWHDSULPDU\NH\VKRXOGEHFKHFNHG 7HOHFWRSWLRQ9VHDQH[LVWLQJILHOGDVDSULPDU\NH\ )QWKH&LHOGQDPHGURSGRZQOLVW VHOHFW#ROOHFWLRQ)$ #KHFN!XWRYDOXHLILWLVQRWDOUHDG\FKHFNHG #OLFN(;NJ

#=B3

!SULPDU\NH\XQLTXHO\LGHQWLILHVDQLWHPRUUHFRUG LQ WKHWDEOH&RUH[DPSOH \RXPLJKWNQRZWZRSHRSOH FDOOHGs6DQG\(HUULQJtRUWKUHHSHRSOHOLYLQJDWWKH VDPHDGGUHVVDQGWKHGDWDEDVHQHHGVWRGLVWLQJXLVK EHWZHHQWKHP 8KHVLPSOHVWPHWKRGLVWRDVVLJQDXQLTXHQXPEHUWR HDFKRQHQXPEHUWKHILUVWSHUVRQ WKHVHFRQG DQGVR RQ%DFKHQWU\KDVRQHQXPEHUDQGHYHU\QXPEHULV GLIIHUHQW VRLWLVHDV\WRVD\sUHFRUG)$t8KLVLVWKH RSWLRQFKRVHQKHUH#ROOHFWLRQ)$LVMXVWDQXPEHU

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



DVVLJQHGDXWRPDWLFDOO\E\"DVHWRHDFKUHFRUGRIWKLV WDEOH 8KHUHDUHPRUHFRPSOH[ZD\VRIGRLQJWKLV DOO DQVZHULQJWKHTXHVWLRQs(RZGR)PDNHVXUHWKDWHYHU\ VLQJOHUHFRUGLQP\GDWDEDVHFDQEHXQLTXHO\ LGHQWLILHGt -J;FH;7J;J>;J78B;

 )IGHVLUHG UHQDPHWKHWDEOHDWWKLVSRLQW)I\RXUHQDPHLW PDNH WKHQDPHPHDQLQJIXOWR\RX&RUWKLVH[DPSOH PDNHQRFKDQJHV  ,HDYHWKHRSWLRQ)QVHUWGDWDLPPHGLDWHO\FKHFNHG  #OLFN ?D?I>WRFRPSOHWHWKHWDEOHZL]DUG#ORVHWKHZLQGRZ FUHDWHGE\WKHWDEOHZL]DUG=RXDUHQRZEDFNWRWKHPDLQ ZLQGRZRIWKHGDWDEDVHZLWKWKHOLVWLQJRIWKHWDEOHV TXHULHV IRUPV DQGUHSRUWV

@3/B7<5/B/0:30G1=>G7<5/<3F7AB7<5B/0:3 )I\RXKDYHDODUJHFROOHFWLRQRIPXVLF \RXPLJKWZDQWWRFUHDWHD WDEOHIRUHDFKW\SHRIPXVLF\RXKDYH6DWKHUWKDQFUHDWLQJHDFK WDEOHIURPWKHZL]DUG \RXFDQPDNHDFRS\RIWKHRULJLQDOWDEOH%DFK WDEOHFDQEHQDPHGDFFRUGLQJWRWKHW\SHRIPXVLFFRQWDLQHGLQLW 0RVVLEOHQDPHVFRXOGLQFOXGH#ODVVLFDO 0RS #RXQWU\DQG;HVWHUQ DQG6RFN DPRQJRWKHUV  #OLFNRQWKH.78B;ILFRQLQWKH$DWDEDVHSDQHWRVHHWKHH[LVWLQJ WDEOHV  6LJKW FOLFNRQWKH#$ #ROOHFWLRQWDEOHLFRQ7HOHFWEFOIURP WKHFRQWH[WPHQX  -RYHWKHPRXVHSRLQWHUEHORZWKLVWDEOH ULJKW FOLFN DQGVHOHFW *7IJ;IURPWKHFRQWH[WPHQX8KH#RS\WDEOHZLQGRZRSHQV  #KDQJHWKHWDEOHQDPHWR0RSDQGFOLFN(;NJ  #OLFNWKHEXWWRQWRPRYHDOOWKH&LHOGVIURPWKHOHIWZLQGRZ WRWKHULJKWZLQGRZDQGFOLFN(;NJ  7LQFHDOOWKH&LHOGVDOUHDG\KDYHWKHSURSHU&LOH8\SHIRUPDWLQJ QRFKDQJHVVKRXOGEHQHHGHG(RZHYHU WKLVLVWKHWLPHDQG SODFHWRPDNHWKHVHFKDQJHVLIWKH\DUHQHHGHG7HH7KJ?ED EHORZIRUWKHUHDVRQZK\ #OLFNH;7J;8KHQHZWDEOHLV FUHDWHG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

/CB7=< 

/CB7=<

/QFHWDEOHVKDYHEHHQFUHDWHGXVLQJWKHZL]DUGDQG GDWDKDVEHHQHQWHUHG HGLWLQJWKHPVKRXOGEHYHU\ OLPLWHGLIDQ\HGLWLQJLVGRQHDWDOO&LHOGVFDQEHDGGHG RUGHOHWHG"XWDGGLQJDILHOGUHTXLUHVWDNLQJWKHWLPH WRHQWHUWKHGDWDIRUWKDWRQHILHOGIRUHYHU\UHFRUG KDYLQJDQHQWU\IRUWKDWILHOG$HOHWLQJDILHOGGHOHWHV 7BBJ>;:7J7RQFHFRQWDLQHGLQWKDWILHOG#KDQJLQJWKH ILHOGW\SHRIDILHOGFDQOHDGWRGDWDEHLQJORVWHLWKHU SDUWLDOO\RUFRPSOHWHO\;KHQFUHDWLQJDQHZWDEOH LW SD\VWRFUHDWHWKHILHOGVZLWKWKHFRUUHFWQDPHV OHQJWK DQGIRUPDWEHIRUHGDWDLVDGGHG

8DEOHVFDQEHGHOHWHGLQDYHU\VLPSOHZD\"XWGRLQJ VRUHPRYHVDOORIWKHGDWDFRQWDLQHGLQHYHU\ILHOGRI WKHWDEOH9QOHVV\RXDUHVXUH GRQRWGHOHWHDWDEOH 8RGHOHWHDWDEOH ULJKW FOLFNLWLQWKHOLVWRIWDEOHV 7HOHFW;B;J;IURPWKHFRQWH[WPHQX!SRSXSZLQGRZ DVNVLI\RXDUHVXUH\RXZDQWWRGHOHWHWKHWDEOH/QFH \RXFOLFN=HV WKHWDEOHDQGLWVGDWDDUHJRQHIRUHYHU XQOHVV\RXKDYHDEDFNXS

@3/B7<5B/0:3A7<3A75<+73E $HVLJQ:LHZLVDPRUHDGYDQFHGPHWKRGIRUFUHDWLQJDQHZWDEOH)W DOORZV\RXWRGLUHFWO\HQWHULQIRUPDWLRQDERXWHDFKILHOGLQWKHWDEOH ;HZLOOXVHWKLVPHWKRGIRUWKHWDEOHVRIRXUGDWDEDVH

#=B3

;KLOHWKH&LHOGW\SHDQGIRUPDWWLQJDUHGLIIHUHQWLQ $HVLJQ:LHZ WKHFRQFHSWVDUHWKHVDPHDVLQWKH ;L]DUG

8KHILUVWWDEOHWREHFUHDWHGLV&XHO)WVILHOGVDUH&XHO)$ $DWH &XHO#RVW &XHO5XDQWLW\ /GRPHWHU DQG0D\PHQW8\SH&XHO#RVWXVHV FXUUHQF\DQGWZRGHFLPDOSODFHV&XHO5XDQWLW\DQG/GRPHWHUXVHWKH QXPEHUIRUPDWZLWKGHFLPDOSODFHVDQGGHFLPDOSODFH UHVSHFWLYHO\0D\PHQW8\SHXVHVWKHWH[WIRUPDW  #OLFN#UHDWH8DEOHLQ$HVLJQ:LHZ  &XHO)$HQWULHV D %QWHU&XHO)$DVWKHILUVW&LHOG.DPH E 7HOHFW)QWHJHU?).8%'%6ADVWKH&LHOG8\SHIURPWKH GURSGRZQOLVW8KHGHIDXOWVHWWLQJLV8H[W?:!6#(!6A #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



)7>

7KRUWFXWIRUVHOHFWLQJIURPWKH&LHOG8\SHGURSGRZQ OLVWXVHWKHNH\IRUWKHILUVWOHWWHURIWKHFKRLFH8KLV PLJKWUHTXLUHXVLQJWKHOHWWHUPRUHWKDQRQFHWRJHWWKH FKRLFH\RXZDQW=RXFDQF\FOHWKURXJKWKHFKRLFHVIRU DJLYHQOHWWHUE\UHSHDWHGO\XVLQJWKDWOHWWHU !IWHUW\SLQJWKHQDPHRIWKHILHOGLQWKH&LHOGVFROXPQ XVHWKH8DENH\WRPRYHWRWKH&LHOG8\SHFROXPQ8KLV ZLOOHQWHUWKHILHOGQDPHDQGKLJKOLJKWWKHGURSGRZQ OLVW=RXFDQWKHQXVHWKHNH\IRUWKHILUVWOHWWHURI\RXU FKRLFHWRVHOHFWWKHILHOGW\SH*XVWUHPHPEHUWRXVHLW WKHFRUUHFWQXPEHURIWLPHVLIQHFHVVDU\

F #KDQJHWKH&LHOG0URSHUWLHVLQWKHERWWRPVHFWLRQ #KDQJH!XWR:DOXHIURP.RWR=HV&LJXUH 

&LJXUH&LHOG0URSHUWLHVVHFWLRQ!XWR:DOXH G 7HW&XHO)$DVWKH0ULPDU\NH\ 6LJKW FOLFNRQWKHJUHHQWULDQJOHWRWKHOHIWRI&XHO)$ &LJXUH 

&LJXUH0ULPDU\NH\ILHOG #OLFN0ULPDU\+H\LQWKHFRQWH[WPHQX8KLVSODFHVDNH\LFRQLQ IURQWRI&XHO)$

#=B3

8KHSULPDU\NH\VHUYHVRQO\RQHSXUSRVH!Q\QDPHFDQ EHXVHGIRUWKLVILHOG)WLVQRWQHFHVVDU\WRXVH&XHO)$ DVWKHQDPHRIWKHSULPDU\NH\ILHOG;HKDYHXVHGLWVR ZHNQRZWRZKLFKWDEOHLWEHORQJVE\LWVQDPH

 !OORWKHUHQWULHV

l %QWHUWKHQH[WILHOGQDPHLQWKHILUVWFROXPQ&LHOG.DPH FROXPQ  

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l 7HOHFWWKH&LHOG8\SHIRUHDFKILHOG q &RU$DWHXVH$DWH?$!8%A9VHWKH$NH\RQFHWRVHOHFW LW

q 0D\PHQW8\SHXVHV8H[W?:!6#(!6A WKHGHIDXOWVHWWLQJ q !OORWKHUILHOGVXVH.XPEHU?.9-%6)#A9VHWKH.NH\ RQFHWRVHOHFWLW

l 7HOHFWWKH&LHOG0URSHUWLHV&LJXUH 

&LJXUH&LHOG0URSHUWLHVVHFWLRQ &XHO#RVW &XHO5XDQWLW\ DQG/GRPHWHUQHHGFKDQJHVLQWKH &LHOG0URSHUWLHVVHFWLRQ&LJXUH 

q

&XHO5XDQWLW\#KDQJH,HQJWKWRDQG$HFLPDOSODFHVWR -DQ\IXHOSXPSVPHDVXUHIXHOWRWKRXVDQGVRID JDOORQLQWKH97!ZKHUH)OLYH

q

/GRPHWHU#KDQJHWKH,HQJWKWRDQGWKH$HFLPDO SODFHVWR

q

 

 

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

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH&LHOG&RUPDWRSWLRQV &ROORZWKHVDPHVWHSVWRFUHDWHWKH:DFDWLRQVWDEOH8KHILHOGVDQG WKHLUILHOGW\SHVDUHOLVWHGLQ&LJXUH-DNHVXUH\RXPDNHWKH $DWHILHOGWKHSULPDU\NH\EHIRUHFORVLQJ6LJKWFOLFNWKH'UH\ER[WR WKHOHIWRI$DWH7HOHFW0ULPDU\NH\IURPWKHFRQWH[WPHQX .DPH WKHWDEOH:DFDWLRQV DQGVDYHLW

&LJXUH%[DPSOHRI$HVFULSWLRQHQWULHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

@3/B7<5B/0:3A4=@B63:7AB0=F ;KHQWKHVDPHLQIRUPDWLRQFDQEHXVHGLQVHYHUDOILHOGV GHVLJQD WDEOHIRUHDFKW\SHRILQIRUPDWLRQ%DFKWDEOHZLOOFRQWDLQWZRILHOGV WKHLQIRUPDWLRQILHOG DQG)$LQWKLVRUGHU

/CB7=<

=RXCKIJ9H;7J;WKHVHWDEOHVZLWKWKHLQIRUPDWLRQ ILHOGOLVWHG
&DLOXUHWRGRVRZLOOSURGXFHWKHZURQJUHVXOWV&RU P\0D\PHQWWDEOH )XVH.DPHDQG)$DVP\ILHOGV ZLWK$DQ +HYLQ DQG#DVKEHLQJWKH.DPHHQWULHV 8KHFRUUHVSRQGLQJ)$HQWULHVDUH  ;KHQWKH .DPHILHOGLVOLVWHGILUVWLQWKHWDEOH RQHRIWKHWKUHH QDPHVZLOODSSHDULQWKHSD\PHQWILHOGRIWKH&XHO WDEOH)IWKH)$ILHOGLVOLVWHGILUVW   RUDSSHDULQ WKHSD\PHQWILHOGLQVWHDG

 &ROORZWKHGLUHFWLRQVLQs#UHDWLQJWDEOHVLQ$HVLJQ:LHZtRQ SDJH)QWKHWDEOHZHZLOOFUHDWH WKHWZRILHOGVFDQEH8\SH DQG0D\PHQW)$-DNHVXUHWKDWWKH!XWR:DOXHLVVHWWR3;IIRU WKH0D\PHQW)$ILHOG7HWWKH0D\PHQW)$ILHOGDVWKHSULPDU\NH\ 7HH&LJXUH  7DYHWKHWDEOHXVLQJWKHQDPH0D\PHQW8\SH

&LJXUH8DEOHLQ$HVLJQ:LHZ

#=B3

)I\RXKDYHVHYHUDOWDEOHVWRFUHDWHZLWKWKHVDPHILHOGV GHVLJQRQHWDEOHDQGSURGXFHWKHRWKHUWDEOHVE\ FXWWLQJDQGSDVWLQJ7HHs#UHDWLQJDWDEOHE\FRS\LQJ DQH[LVWLQJWDEOHtRQSDJH 

227<52/B/B=B63:7ABB/0:3 ,LVWWDEOHVGRQRWUHTXLUHDIRUP)QVWHDG DGGWKHLUGDWDGLUHFWO\WR WKHWDEOH)QWKLVH[DPSOH XVHWKHQDPHVRIWKHWZRSHRSOHZLWKD EDQNFDUGDQG#DVKIRUFDVKSXUFKDVHV  )QWKHPDLQGDWDEDVHZLQGRZ FOLFNRQWKH8DEOHV LFRQ&LJXUH  6LJKW FOLFNRQ0D\PHQW8\SHDQGVHOHFW)F;DIURPWKH FRQWH[WPHQX #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



D %QWHU$DQLQWKHILUVWURZ9VHWKHWDENH\WRPRYHWRWKH VHFRQGURZ E %QWHU+HYLQLQWKHVHFRQGURZ F %QWHU#DVKLQWKHWKLUGURZ  7DYHDQGFORVHWKHWDEOHZLQGRZ

)7>

8KH%QWHUNH\FDQDOVREHXVHGWRPRYHIURPILHOGHQWU\ WRILHOGHQWU\&RUWKLVH[DPSOH HQWHU*DQLQWKHILUVW .DPHILHOG%QWHUPRYHVWKHFXUVRUWRWKH)$ILHOG%QWHU WKHQPRYHVWKHFXUVRUWRWKHVHFRQG.DPHILHOG 8KH$RZQ!UURZNH\FDQDOVREHXVHGWRPRYHIURPURZ WRURZ

#=B3

8KH0D\PHQW)$ILHOGFRQWDLQV!XWR&LHOGXQWLO\RXXVH WKH%QWHUNH\WRPRYHWRWKHVHFRQGURZ8KHQLW EHFRPHVD!V\RXDGGWKHHQWULHVWRHDFKURZ WKH URZVRIWKH0D\PHQW)$ILHOGFKDQJHWRFRQVHFXWLYH ZKROHQXPEHUV&RUH[DPSOHWKHILUVWWKUHHQXPEHUVLQ WKLVILHOGDUH  

@3/B7<5/+73E !:LHZLVDTXHU\"HFDXVHRIWKLV WKHGHWDLOVRIKRZWRFUHDWHDQG XVHD:LHZDUHLQWKH#UHDWLQJTXHULHVVHFWLRQ

&LJXUH:LHZRIVRPHILHOGVIURPWKH:DFDWLRQVWDEOH !:LHZLVDOVRDWDEOH)WVILHOGVFRPHIURPWKHILHOGVRIRQHRUPRUH WDEOHVRIWKHGDWDEDVH)WSURYLGHVDZD\WRORRNDWDQXPEHURIILHOGV ZLWKRXWUHJDUGWRWKHWDEOHWRZKLFKDQ\RIWKHILHOGVEHORQJ!:LHZ FDQFRQVLVWVRIVRPHRIWKHILHOGVRIRQHWDEOHDVLQ&LJXUH/U LW FDQFRQVLVWRIILHOGVIURPPRUHWKDQRQHILHOGDVLQ&LJXUH

&LJXUH:LHZRIILHOGVIURPWKH&XHODQG0D\PHQW8\SHWDEOHV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

/CB7=<

$DWDFDQQRWEHHQWHUHGLQWRD:LHZOLNHLWFDQEH DGGHGWRDWDEOH)WLVVWULFWO\IRUYLHZLQJGDWDZKLFK KDVDOUHDG\EHHQHQWHUHGLQWRWKHWDEOH

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

)7>

!V\RXFUHDWH\RXURZQGDWDEDVHV \RXQHHGWRDOVR GHWHUPLQHZKHUHWDEOHVDUHUHODWHGDQGKRZ

 ;HEHJLQGHILQLQJUHODWLRQVKLSVE\.EEBI,;B7J?EDI>?FI8KH !XWRPRELOHq/SHQ/IILFHRUJ"DVH6HODWLRQGHVLJQZLQGRZ RSHQV&LJXUH 8KHLFRQVZHZLOOXVHDUH::.78B;IDQG (;M,;B7J?ED

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



!GG8DEOHV

.HZ6HODWLRQLFRQ

&LJXUH6HODWLRQGHVLJQZLQGRZ  #OLFNWKH::.78B;ILFRQ8KH!GG8DEOHVZLQGRZRSHQV  9VHRQHRIWKHVHZD\VWRDGGDWDEOHWRWKH6HODWLRQGHVLJQ ZLQGRZ

l $RXEOH FOLFNWKHQDPHRIWKHWDEOH)QRXUFDVH GRWKLVIRU ERWK:DFDWLRQVDQG&XHO

l /U FOLFNWKHQDPHRIWKHWDEOHDQGWKHQFOLFN!GGIRUHDFK WDEOH  #OLFNBEI;ZKHQ\RXKDYHDGGHGWKHWDEOHV\RXZDQW &LJXUH 

&LJXUH!GGHGWDEOHOLVWV  $HILQLQJWKHUHODWLRQVKLSEHWZHHQWKH:DFDWLRQVDQG&XHOWDEOHV 8ZRZD\VH[LVWWRGRWKLV

l #OLFNDQGGUDJWKH$DWHILHOGLQWKH&XHOWDEOHWRWKH$DWH

ILHOGLQWKH:DFDWLRQVWDEOH;KHQ\RXUHOHDVHWKHPRXVH EXWWRQ DFRQQHFWLQJOLQHIRUPVEHWZHHQWKHWZRGDWHILHOGV &LJXUH 

&LJXUH$HVLJQDWLRQIRUDQUHODWLRQVKLS 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l /U FOLFNWKH(;M,;B7J?EDLFRQ8KLVRSHQVWKH6HODWLRQV

ZLQGRZ&LJXUH /XUWZRWDEOHVDUHOLVWHGLQWKH8DEOHV LQYROYHGVHFWLRQ

&LJXUH7HWWLQJWKHUHODWLRQVKLSEHWZHHQWDEOHV

q )QWKH&LHOGVLQYROYHGVHFWLRQ FOLFNWKHGURSGRZQOLVW XQGHUWKH&XHOODEHO

q 7HOHFW$DWHIURPWKH&XHOWDEOHOLVW q #OLFNLQWKHFHOOWRWKHULJKWRIWKLVGURSGRZQOLVW8KLV RSHQVDGURSGRZQOLVWIRUWKH:DFDWLRQVWDEOH

q 7HOHFW$DWHIURPWKH:DFDWLRQVWDEOHOLVW)WVKRXOGQRZ ORRNOLNH&LJXUH

q #OLFN)%

&LJXUH7HOHFWHGILHOGVLQDUHODWLRQVKLS  -RGLI\LQJWKH9SGDWHRSWLRQVDQG$HOHWHRSWLRQVVHFWLRQRIWKH 6HODWLRQZLQGRZ D 6LJKW FOLFNWKHOLQHFRQQHFWLQJWKH$DWHILHOGVLQWKHWZR WDEOHOLVWVWRRSHQDFRQWH[WPHQX E 7HOHFW:?JWRRSHQWKH6HODWLRQZLQGRZ&LJXUH  F 7HOHFW/F:7J;97I97:; G 7HOHFW;B;J;97I97:;

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH9SGDWHRSWLRQVDQG$HOHWHRSWLRQVVHFWLRQ ;KLOHWKHVHRSWLRQVDUHQRWDEVROXWHO\QHFHVVDU\ WKH\GRKHOS (DYLQJWKHVHRSWLRQVVHOHFWHGSHUPLWV\RXWRXSGDWHDWDEOHWKDWKDV DUHODWLRQVKLSGHILQHGZLWKDQRWKHUWDEOH)WDOVRSHUPLWV\RXWRGHOHWH DILHOGIURPWKHWDEOH

@3/B7<5/2/B/0/A34=@; $DWDEDVHVDUHXVHGWRVWRUHGDWD"XW KRZLVWKHGDWDSXWLQWRWKH GDWDEDVH&RUPVDUHXVHGWRGRWKLV)QWKHODQJXDJHRIGDWDEDVHV D IRUPLVDIURQWHQGIRUGDWDHQWU\DQGHGLWLQJ

&LJXUH&LHOGVRIDVLPSOH IRUP

&LJXUH7LPSOH&RUPZLWK DGGLWLRQV

!VLPSOHIRUPFRQVLVWVRIWKHILHOGVIURPDWDEOH&LJXUH -RUH FRPSOH[IRUPVFDQFRQWDLQPXFKPRUH8KHVHFDQFRQWDLQDGGLWLRQDO WH[W JUDSKLFV VHOHFWLRQER[HVDQGPDQ\RWKHUHOHPHQWV&LJXUH LVPDGHIURPWKHVDPHWDEOHZLWKDWH[WODEHO&XHO0XUFKDVHV DOLVW ER[SODFHGLQ0D\PHQW8\SH DQGDJUDSKLFEDFNJURXQG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

*A7<5B63,7H/@2B=1@3/B3/4=@; ;HZLOOXVHWKH&RUP;L]DUGWRFUHDWHWZRIRUPV#$#ROOHFWLRQDQG :DFDWLRQV8KH#$#ROOHFWLRQIRUPZLOOEHDVLPSOHIRUP ZKLOHWKH :DFDWLRQVIRUPZLOOFRQWDLQDIRUPDQGDVXEIRUP;HZLOOFUHDWHWKH :DFDWLRQVIRUPZLWKLWVVXEIRUPDQGOHW\RXPRGLI\WKH#$#ROOHFWLRQ IRUPXVLQJWKHVDPHSURFHVV )QWKHPDLQGDWDEDVHZLQGRZ&LJXUH FOLFNWKH EHCLFRQ $RXEOH FOLFN/I;1?P7H:JEH;7J; EHCWRRSHQWKHZL]DUG&LJXUH  7LPSOHIRUPVUHTXLUHRQO\VRPHRIWKHVHVWHSV ZKLOHPRUH FRPSOH[IRUPVPD\XVHDOORIWKHP -J;F -;B;9J
 9QGHU8DEOHVRUTXHULHV VHOHFW:DFDWLRQVDVWKHWDEOH!YDLODEOH ILHOGVOLVWVWKHILHOGVIRUWKH:DFDWLRQVWDEOH  #OLFNWKHULJKWGRXEOHDUURZWRPRYHDOORIWKHVHILHOGVWRWKH &LHOGVLQWKHIRUPOLVW#OLFN(;NJ

&LJXUH&RUP;L]DUGVWHSV -J;F-;JKF7IK8<EHC

7LQFHZHKDYHDOUHDG\FUHDWHGDUHODWLRQVKLSEHWZHHQWKH&XHODQG :DFDWLRQVWDEOHV ZHZLOOXVHWKDWUHODWLRQVKLS)IQRUHODWLRQVKLSKDG EHHQGHILQHG WKLVZRXOGEHGRQHLQVWHS  #OLFNWKHER[ODEHOHG!GG7XEIRUP  #OLFNWKHUDGLREXWWRQODEHOHG7XEIRUPEDVHGXSRQH[LVWLQJ UHODWLRQ  &XHOLVOLVWHGDVDUHODWLRQZHZDQWWRDGG7R FOLFN&XHOWR KLJKOLJKWLW DVLQ&LJXUH#OLFN(;NJ #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH!GGLQJDVXEIRUP -J;F::IK8<EHC
8KLVVWHSLVH[DFWO\WKHVDPHDVVWHS8KHRQO\GLIIHUHQFHLVWKDWQRW DOORIWKHILHOGVZLOOEHXVHGLQWKHVXEIRUP     

7HOHFW&XHOXQGHU8DEOHVRUTXHULHV 9VHWKHEXWWRQWRPRYHDOOWKHILHOGVWRWKHULJKW #OLFNWKH&XHO)$ILHOGWRKLJKOLJKWLW 9VHWKHEXWWRQWRPRYHWKH&XHO)$WRWKHOHIW&LJXUH  #OLFN(;NJ

&LJXUH7HOHFWLQJILHOGVRIDVXEIRUP



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-J;F!;J@E?D;:
8KLVVWHSLVIRUWDEOHVRUTXHULHVIRUZKLFKQRUHODWLRQVKLSKDVEHHQ GHILQHG7LQFHZHZDQWWROLVWDOOH[SHQVHVE\WKHGD\WKH\RFFXULQ ERWKWKHIRUPDQGVXEIRUP ZHZLOOMRLQWWKH$DWHILHOGVRIWKHVHWZR WDEOHV&LJXUH 

&LJXUH7HOHFWLRQRIMRLQHGVXEIRUPDQGPDLQIRUPILHOGV  7HOHFW$DWHIURPWKH&LUVWMRLQHGVXEIRUPILHOGGURSGRZQOLVW 8KLVLVWKH$DWHILHOGLQWKH&XHOWDEOH8KLVLVDEJWKH0ULPDU\ NH\IRUWKH&XHOWDEOH EXWLWLVNQRZQDVD&RUHLJQNH\  7HOHFW$DWHIURPWKH&LUVWMRLQHGPDLQIRUPILHOGGURSGRZQOLVW 8KLVLVWKH$DWHILHOGLQWKH:DFDWLRQVWDEOH8KLV?IWKH0ULPDU\ NH\IRUWKH:DFDWLRQVWDEOH#OLFN(;NJ

#=B3

/CB7=<

)WLVSRVVLEOHWRFUHDWHDUHODWLRQVKLSEHWZHHQWZR WDEOHVWKDWLVEDVHGXSRQPRUHWKDQRQHSDLURIILHOGV (RZWRGRWKDWDQGZK\LVGLVFXVVHGLQWKH"DVH'XLGH

;KHQVHOHFWLQJDSDLURIILHOGVIURPWZRWDEOHVWRXVH DVDUHODWLRQVKLS WKH\KDYHWRKDYHWKHVDPHILHOG W\SH8KDWLVZK\ZHXVHGWKH$DWHILHOGIURPERWK WDEOHVERWKWKHLUILHOGW\SHVDUH$DWH?$!8%A ;KHWKHUDVLQJOHSDLURIILHOGVIURPWZRWDEOHVDUH FKRVHQDVWKHUHODWLRQVKLSRUWZRRUPRUHSDLUVDUH FKRVHQ FHUWDLQUHTXLUHPHQWVPXVWEHPHWIRUWKH IRUPWRZRUN

l .RILHOGIURPWKHVXEIRUPFDQEHWKH0ULPDU\NH\ IRULWVWDEOH&XHO)$FDQQRWEHXVHG

l %DFKSDLURIMRLQHGILHOGVPXVWKDYHWKHVDPHILOHW\SH l /QHRIWKHILHOGVIURPWKHPDLQIRUPPXVWEHWKH0UL PDU\NH\IRULWVWDEOH$DWHZRXOGKDYHWREHXVHG #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



-J;FHH7D=;9EDJHEBI

#=B3

%DFKFRQWUROLQDIRUPFRQVLVWVRIWZRSDUWVODEHODQG ILHOG8KLVVWHSLQFUHDWLQJWKHIRUPGHWHUPLQHVZKHUHD FRQWUROVODEHODQGILHOGDUHSODFHGLQUHODWLRQVKLSZLWK HDFKRWKHU8KHIRXUFKRLFHVIURPOHIWWRULJKWDUH #ROXPQDUOHIW #ROXPQDU ,DEHOVRQWRS !V$DWD7KHHW DQG)Q"ORFNV ,DEHOV!ERYH&LJXUH 

 !UUDQJHPHQWRIWKHPDLQIRUP#OLFN#ROXPQDU ,DEHOVRQWRS 8KHODEHOVZLOOEHSODFHGDERYHWKHLUILHOG  !UUDQJHPHQWRIWKHVXEIRUP#OLFN!V$DWD7KHHW8KHODEHOV DUHFROXPQKHDGLQJVDQGWKHILHOGHQWULHVDUHLQVSUHDGVKHHW IRUPDW #OLFN(;NJ

&LJXUH#RQWURODUUDQJHPHQWV -J;F-;J:7J7;DJHO

9QOHVV\RXKDYHDQHHGIRUDQ\RIWKHVHHQWULHVWREHFKHFNHG DFFHSW WKHGHIDXOWVHWWLQJV#OLFN(;NJ -J;FFFBOIJOB;I

 7HOHFWWKHFRORU\RXZDQWLQ!SSO\7W\OHVOLVW)FKRVHWKH EHLJHZKLFKLV/UDQJHLQWKH#RORUWDEOH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 7HOHFWWKH&LHOGERUGHU\RXZDQW)SUHIHUWKH $ORRN=RX PLJKWZDQWWRH[SHULPHQWZLWKWKHGLIIHUHQWSRVVLEOHVHWWLQJV  #OLFN(;NJ -J;F-;JD7C;

 %QWHUWKHQDPHIRUWKHIRUP)QWKLVFDVH LWLV&XHO  #OLFNWKHFLUFOHLQIURQWRI-RGLI\WKHIRUP8KLVFLUFOHLVFDOOHG DUDGLREXWWRQ  #OLFN(;NJ8KHIRUPRSHQVLQ%GLWPRGH

"=274G7<5/4=@; ;HZLOOEHPRYLQJWKHFRQWUROVWRGLIIHUHQWSODFHVLQWKHIRUPDQG FKDQJLQJWKHEDFNJURXQGWRDSLFWXUH;HZLOODOVRPRGLI\WKHODEHO IRUWKH0D\PHQW8\SHILHOGDVZHOODVFKDQJHWKHILHOGWRDOLVWER[ &LUVW ZHPXVWGHFLGHZKDWZHZDQWWRFKDQJHDQGWRZKDW8KH GLVFXVVLRQZLOOIROORZWKLVWHQVWHSRXWOLQH  8KH$DWHILHOGLQWKHPDLQIRUPQHHGVDGURSGRZQFDSDELOLW\)W DOVRQHHGVWREHOHQJWKHQHGWRVKRZWKHGD\RIWKHZHHN PRQWK GD\ DQG\HDU  7KRUWHQWKHOHQJWKRIWKHSD\PHQWILHOGVDOOILHOGVFRQWDLQLQJ WKHZRUGSD\PHQW   8KHFRQWUROVQHHGWREHPRYHLQWRJURXSVIRRG IXHOVXEIRUP DQGPLVFHOODQHRXV  7RPHRIWKHODEHOVQHHGWRKDYHWKHLUZRUGLQJFKDQJHG7RPH VLQJOHZRUGVVKRXOGEHWZRZRUGV7RPHDEEUHYLDWLRQVVKRXOG EHXVHGLISRVVLEOH-LVFIRUPLVFHOODQHRXV   8KHZLGWKVRIVHYHUDOILHOGVDQGODEHOVQHHGWREHFKDQJHG/QO\ ,XQFK 7XSSHU -RWHO DQG8ROOVKDYHDFFHSWDEOHOHQJWKV"XWIRU DEHWWHUDSSHDUDQFH FKDQJHVZLOOEHPDGHWRWKHVHDVZHOO  !OOWKHILHOGVZKRVHODEHOHQGVLQ0D\PHQWZLOOEHUHSODFHGZLWK DOLVWER[8KLVER[FRQWDLQVWKHHQWULHVIURPWKH0D\PHQW8\SH WDEOH  8KH.RWHILHOGQHHGVWREHOHQJWKHQHGYHUWLFDOO\DQGDVFUROOEDU DGGHG)WDOVRQHHGVWREHPRYHG  #KDQJHVQHHGWREHPDGHLQWKH$DWHDQG0D\PHQW8\SHFROXPQV RIWKHVXEIRUPWKDWDUHVLPLODUWRWKHFKDQJHVLQWKHPDLQIRUP  (HDGLQJVQHHGWREHDGGHGIRUHDFKJURXSLQWKHPDLQIRUP  8KHEDFNJURXQGQHHGVWREHFKDQJHGWRDSLFWXUH7RPHRIWKH ODEHOVZLOOKDYHWREHPRGLILHGVRWKDWWKH\FDQEHUHDGFOHDUO\ 8KHIRQWFRORURIWKHKHDGLQJVQHHGVWREHFKDQJHGDVZHOO #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



(HUHDUHVRPHSRLQWHUVWKDWZHZLOOEHXVLQJLQWKHVHVWHSV8KH FRQWUROVLQWKHPDLQIRUPFRQVLVWVRIDODEHODQGLWVILHOG7RPHWLPHV ZHZDQWWRZRUNZLWKWKHHQWLUHFRQWURO DQGRWKHUWLPHVZHZDQWWR ZRUNZLWKRQO\WKHODEHORUWKHILHOG8KHUHDUHWLPHVZKHQZHZDQW WRZRUNZLWKDJURXSRIFRQWUROV

l #OLFNLQJDODEHORUILHOGVHOHFWVWKHHQWLUHFRQWURO!ERUGHU

DSSHDUVDURXQGWKHFRQWUROZLWKHLJKWJUHHQKDQGOHV&LJXUH  =RXFDQWKHQGUDJDQGGURSLWZKHUH\RXZDQW

l #RQWURO FOLFNDODEHORUILHOGVHOHFWVRQO\WKHODEHORUWKHILHOG &LJXUH 

&LJXUH!VHOHFWHGFRQWURO

l "\XVLQJWKH8DENH\ \RXFDQFKDQJHWKHVHOHFWLRQIURPWKHILHOG WRWKHODEHORUWKHODEHOWRWKHILHOG

&LJXUH7HOHFWLQJDILHOGRIDFRQWURO

l -RYLQJDJURXSRIFRQWUROVLVDOPRVWDVHDV\DVPRYLQJRQHRI

WKHP  #OLFNWKHILHOGRIWKHWRSOHIWFRQWUROWREHPRYHG WRVHOHFWLW  -RYHWKHFXUVRUWRMXVWDERYHDQGWRWKHOHIWRIWKHVHOHFWHG FRQWURO  $UDJWKHFXUVRUWRWKHERWWRPULJKWRIWKHJURXSRIFRQWUROV DQGUHOHDVHWKHPRXVHEXWWRQ !V\RXGUDJWKHFXUVRU DGDVKHGER[DSSHDUVVKRZLQJZKDWLV FRQWDLQHGLQ\RXUVHOHFWLRQ-DNHVXUHLWLVELJHQRXJKWR LQFOXGHWKHHQWLUHOHQJWKRIDOOWKHFRQWUROV ;KHQ\RXUHOHDVHWKHPRXVHEXWWRQ DERUGHUZLWKLWVJUHHQ KDQGOHVDSSHDUVDURXQGWKHFRQWUROV\RXVHOHFWHG&LJXUH  

&LJXUH7HOHFWLQJPXOWLSOHFRQWUROV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-RYHWKHFXUVRURYHURQHRIWKHILHOGV)WFKDQJHVWRDGRXEOH DUURZ&LJXUH 

&LJXUH$RXEOHDUURZ $UDJWKHJURXSRIFRQWUROVWRZKHUH\RXZDQWWKHP "HIRUHFKDQJLQJWKH$DWHILHOG ZHZLOOPRYHWKH,XQFKDQG8ROOV FRQWUROVWRWKHULJKWFPLQFKHV 

)7>

;KHQHLWKHUFKDQJLQJDVL]HRUPRYLQJDFRQWURO WZR SURSHUWLHVRIWKH&RUP$HVLJQWRROEDUVKRXOGEH VHOHFWHG7QDSWR'ULG DQG'XLGHVZKHQ-RYLQJ=RXU FRQWUROVZLOOOLQHXSEHWWHU DQGDQRXWOLQHRIZKDW\RX DUHPRYLQJPRYHVDVWKHFXUVRUPRYHV =RXVKRXOGDOVRKDYHERWKUXOHUVDFWLYH.EEBI )FJ?EDI)F;D)<
#=B3

)XVHFHQWLPHWHUVZKHQPDNLQJFKDQJHVLQDIRUP EHFDXVHFHQWLPHWHUVDUHPRUHDFFXUDWHWKDQLQFKHV ;KHQPRYLQJFRQWUROVILHOGVDQGWKHLUODEHOV SODFHPHQWLVDOVRPRUHDFFXUDWH=RXFDQFKDQJH\RXU UXOHUVIURPLQFKHVWRFHQWLPHWHUVE\ULJKW FOLFNLQJHDFK UXOHUDQGVHOHFWLQJFHQWLPHWHUIURPWKHFRQWH[WPHQX =RXGRQRWKDYHWRXQGHUVWDQGZKDWFHQWLPHWHUVDUH =RXRQO\KDYHWRPDWFK\RXUFRQWUROV ODEHOV RUILHOGVWR VSHFLILFQXPHUDOVRQDUXOHU

-J;F >7D=;J>;7J;
 #RQWURO FOLFNWKH$DWHILHOGWRVHOHFWLW&LJXUH   -RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHRQWKHULJKWVLGH )WVKRXOGFKDQJHWRDVLQJOHDUURZ&LJXUH 

&LJXUH7LQJOHDUURZ  (ROGWKHOHIWPRXVHEXWWRQGRZQDV\RXGUDJWKHFXUVRUWRWKH ULJKWXQWLOWKHOHQJWKLVFP8KHYHUWLFDOGDVKHGOLQHLVOLQHGXS

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



ZLWKWKH8KLVLVDSSUR[LPDWHO\LQFKHV 6HOHDVHWKHPRXVH EXWWRQ  #OLFNWKH#RQWUROLFRQLQWKH&RUP#RQWUROVWRROEDU&LJXUH  )WLVWKHRQHFLUFOHGLQUHG8KH0URSHUWLHV$DWH&LHOGZLQGRZ RSHQV%DFKOLQHFRQWDLQVDSURSHUW\RIWKHILHOG

&LJXUH&RUP#RQWUROVWRROEDU

l 'RWRWKH$DWHIRUPDWSURSHUW\8KLVLVDGURSGRZQOLVWZLWK 7WDQGDUGVKRUW DVWKHGHIDXOWVHWWLQJ #OLFNWKHGHIDXOW7WDQGDUGVKRUW WRRSHQWKHOLVW#OLFNWKH 7WDQGDUGORQJ HQWU\WRVHOHFWLW

l 7FUROOGRZQWRWKH$URSGRZQSURSHUW\)WVGHIDXOWVHWWLQJLV .R)WLVDOVRDGURSGRZQOLVW #OLFNWKHGHIDXOW.RVHWWLQJWRRSHQWKHOLVW#OLFN=HVWR VHOHFWLW

)7>

8RVHHZKDWWKH$DWHILHOGZLOOORRNOLNH FOLFNWKH EHC 'E:;)D )<<LFRQWKHVHFRQGLFRQIURPWKHOHIWLQ &LJXUH =RXFDQGRWKLVDQ\WLPH\RXZDQWWRVHH WKHIRUPZLWKWKHFKDQJHV\RXKDYHPDGH

-J;F->EHJ;DJ>;M?:J>E<7
!OORIWKHILHOGVZKRVHODEHOFRQWDLQVWKHZRUGSD\PHQWDUHWRRZLGH 8KH\QHHGVKRUWHQLQJEHIRUHWKHFRQWUROVDUHPRYHG  #RQWURO FOLFNWKH"0D\PHQWILHOG&LJXUH 

&LJXUH7HOHFWLQJDILHOG  -RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHRQWKHULJKW8KH FXUVRUEHFRPHVDVLQJOHDUURZ  $UDJWKHFXUVRUWRWKHOHIWXQWLOWKHILHOGLVFPZLGHLQFK 

)7>



)I\RXKDYHWKH7QDSWR'ULGDQG'XLGHVZKHQPRYLQJ LFRQVVHOHFWHGLQWKH$HVLJQ&RUPDWWRROEDU \RXZLOO VHHKRZZLGHWKHILHOGLVDV\RXVKRUWHQLW

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 6HSHDWWKHVHVWHSVWRVKRUWHQWKHVHILHOGV,SD\PHQW 70D\PHQW 7Q0D\PHQW -SD\PHQW DQG-LVF0D\PHQW -J;F'EL;J>;9EDJHEBIJE=HEKFJ>;C8O97J;=EHO

;HZDQWWRPRYHWKHFRQWUROVVRWKDWWKH\ORRNOLNH&LJXUH  #OLFNWKHILUVWFRQWURO\RXZDQWWRPRYH!ERUGHUDSSHDUV DURXQGWKHFRQWUROZLWKHLJKWJUHHQKDQGOHV  -RYHWKHFXUVRURYHUWKHODEHORUILHOGRIWKHFRQWURO)WEHFRPHV DGRXEOHDUURZ&LJXUH   $UDJDQGGURSWKHFRQWUROWRZKHUH\RXZDQWLW  9VHWKHVDPHVWHSVWRPRYHWKHUHVWRIWKHFRQWUROVWRZKHUH WKH\EHORQJ

&LJXUH0RVLWLRQLQJRI#RQWUROV

/CB7=<

#=B3

$RQRWXVH#RQWURO FOLFNZKHQPRYLQJDILHOG)W PRYHVHLWKHUWKHILHOGRUWKHODEHOEXWQRWERWK8R PRYHERWK XVHDPRXVHFOLFNDQGGUDJWRWKHGHVLUHG VSRW

8KHRQO\ZD\WROHDUQWRGRWKHVHWZRVWHSVZHOOLVWR SUDFWLFHWKHP!QRWKHUZD\H[LVWVZKLFKZLOOSODFH FRQWUROVZKHUH\RXZDQWWKHP EXWWKLVLVDPRUH DGYDQFHGIHDWXUHDQGZLOOEHH[SODLQHGLQWKH"DVH'XLGH

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



-J;F>7D=;J>;B78;BMEH:?D=

&LHOGQDPHVQHHGWREHVLQJOHZRUGV(RZHYHU WKHODEHOVIRUWKH ILHOGVFDQEHPRUHWKDQRQHZRUG7R ZHZLOOFKDQJHWKHP8RGRVR ZHZLOOEHHGLWLQJWKHWH[WLQWKHODEHO  #RQWURO FOLFNWKH7QDFN.RODEHO$RRQHRIWKHIROORZLQJ

l 6LJKW FOLFNWKH7QDFN.RODEHO q 7HOHFWEDJHEBIURPWKHFRQWH[WPHQX&LJXUH 8KH ZLQGRZWKDWRSHQVLVODEHOHG0URSHUWLHV,DEHOILHOG)W FRQWDLQVDOORIWKHSURSHUWLHVRIWKHVHOHFWHGODEHO

q )QWKH,DEHOVHOHFWLRQ FOLFNEHWZHHQWKHNDQG.LQ 7QDFN.R

q 9VHWKHVSDFHEDUWRPDNH7QDFN.RLQWRWZRZRUGV0ODFH DSHULRG DIWHUWKH.R&LJXUH 

q #ORVHWKHSURSHUWLHVZLQGRZ

&LJXUH-XOWL ZRUGODEHO

l /U FOLFNWKH#RQWUROLFRQLQWKH&RUP#RQWUROWRROEDU&LJXUH  8KH0URSHUWLHVZLQGRZRSHQV8KHUHVWRIWKHVWHSVDUH WKHVDPH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH&RUP#RQWUROVWRROEDU  9VHWKHVDPHSURFHGXUHWRFKDQJHWKHVHODEHOVDVZHOO "0D\PHQWWR0D\PHQW ,0D\PHQWWR0D\PHQW 70D\PHQWWR 0D\PHQW -LVFHOODQHRXVWR-LVF 7QDFN#RVWWR7QDFN#RVW -0D\PHQWWR0D\PHQW -LVF0D\PHQWWR-LVF0D\PHQW DQG -LVF.RWHVWR-LVF.RWHV  #ORVHWKH0URSHUWLHVZLQGRZ

)7>

!OORIWKHOLVWLQJVLQWKH0URSHUWLHVZLQGRZFDQEH PRGLILHGE\\RX&RUH[DPSOH E\FKDQJLQJWKH !OLJQPHQWIURP,HIWWR#HQWHU WKHZRUGRUZRUGVLQ ODEHODUHFHQWHUHGZLWKLQWKH,DEHO;KHQ\RXKDYH VRPHWLPH \RXPLJKWZDQWWRH[SHULPHQWZLWKGLIIHUHQW VHWWLQJVMXVWWRVHHWKHUHVXOWV\RXJHW

-J;F>7D=;J>;M?:J>IE<J>;B78;BI7D:
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
;HZDQWWRUHSODFHWKH0D\PHQW8\SHILHOGZLWKD,LVW"R[8KHQZH FDQFKRRVHWKHW\SHRISD\PHQWIURPWKH0D\PHQW8\SHWDEOHUDWKHU WKDQKDYLQJWRPDQXDOO\HQWHUWKHW\SH)QP\FDVH HDFKRIP\ SD\PHQWW\SHVEHJLQVZLWKDGLIIHUHQWOHWWHU)I)HQWHUWKHILUVWOHWWHU RIWKHSD\PHQWW\SH WKHUHVWRIWKHZRUGDXWRPDWLFDOO\DSSHDUV)FDQ WKHQJRWRWKHQH[WILHOG

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



 #RQWURO FOLFNWKH0D\PHQWILHOGIRU"UHDNIDVW8KHJUHHQ KDQGOHVDSSHDUDURXQGWKHILHOGEXWQRWDURXQGWKH,DEHO &LJXUH 

&LJXUH7HOHFWLQJDILHOGRIDFRQWURO  6LJKW FOLFNZLWKLQWKHJUHHQKDQGOHVDQGVHOHFW,;FB79;M?J> &?IJEN &LJXUHLVWKHFRQWH[WPHQXZKLFKFRQWDLQVWKH ,;FB79;M?J>VHOHFWLRQ DQG&LJXUHLVWKHOLVWRI UHSODFHPHQWILHOGV  #OLFNWKH#RQWUROLFRQLQWKH&RUP#RQWUROVWRROEDU&LJXUH WRRSHQWKH0URSHUWLHVZLQGRZ  /QWKH'HQHUDOWDE VFUROOGRZQWRWKH$URSGRZQVHOHFWLRQ #KDQJHWKH.RWR=HVLQWKLVGURSGRZQOLVW&LJXUH 



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #OLFNWKH7J7WDE

l 8\SHRIOLVWFRQWHQWVLVDGURSGRZQOLVW#KDQJHLWWR7TO

l

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH,LVWFRQWHQWIRUSD\PHQWW\SHILHOGV

)7>

#=B3

=RXVKRXOGEHDEOHWRFRS\DQGSDVWH7%,%#88\SH 8\SH&6/-0D\PHQW8\SHIURPDERYHGLUHFWO\LQWR WKH,LVWFRQWHQWER[*XVWPDNHVXUH\RXFRS\IURPWKH 7LQ7%,%#8WRWKHGRXEOHTXRWDWLRQPDUNDIWHUWKH SKUDVH0D\PHQW8\SHDQGQRPRUHWKDQWKLV

;KDW\RXZURWHLVFDOOHGDQ75,FRPPDQG8KHZRUGV 7%,%#8DQG&6/-DUHZULWWHQLQFDSLWDOOHWWHUVEHFDXVH WKH\DUHFRPPDQGV;KHQWKHFRPPDQG7%,%#8LV XVHG LWUHTXLUHVDILHOGQDPHZLWKLQTXRWDWLRQPDUNV DQGWKHQWKHILHOGvVDOLDV DOVRZLWKLQTXRWDWLRQPDUNV)Q WKLVFDVH WKHILHOGDQGLWVDOLDVDUHWKHVDPH8KH&6/FRPPDQGUHTXLUHVWKHQDPHRIWKHWDEOHZKLFKFRQWDLQV WKHILHOG7LQJOH ZRUGWDEOHQDPHVGRQRWUHTXLUH TXRWDWLRQPDUNV EXWPXOWLSOH ZRUGWDEOHQDPHVGR

l 6HSHDWWKHVHVWHSVIRUWKHSD\PHQWILHOGVIRU,XQFK 7XSSHU

-RWHO 7QDFNV DQG-LVF8KHPDLQIRUPVKRXOGORRNOLNH&LJXUH DVIDUDVZKHUHWKHFRQWUROVDUHORFDWHG)WDOVRVKRZVZKDW WKH.RWHFRQWUROVKRXOGORRNOLNH8KRVHFKDQJHVDUHH[SODLQHGLQ WKHQH[WVWHS

l #ORVHWKH0URSHUWLHVZLQGRZ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH0RVLWLRQRIFRQWUROVLQPDLQIRUP -J;F>7D=;J>;(EJ;
;HZDQWWKH.RWHFRQWUROZKHUHLWLVORFDWHGLQ&LJXUH7LQFHLW KDVDPHPRILHOGW\SH LWQHHGVDYHUWLFDOVFUROOEDUIRUDGGLWLRQDOWH[W VSDFHLIGHVLUHG  #RQWURO FOLFNWKH.RWHILHOG8KHJUHHQKDQGOHVVKRXOGVXUURXQG WKH.RWHILHOGEXWQRWLWVODEHO  #OLFNWKHEDJHEBLFRQWRRSHQWKH0URSHUWLHVZLQGRZ&LJXUH  

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



 7FUROOGRZQWRWKH7FUROOEDUV VHWWLQJ#KDQJHWKHVHOHFWLRQIURP .RQHWR:HUWLFDOLQWKLVGURSGRZQOLVW  #ORVHWKH0URSHUWLHVZLQGRZ  ,HQJWKHQWKH.RWHILHOG D -RYHWKHFXUVRURYHUWKHPLGGOHJUHHQKDQGOHDWWKHERWWRP RIWKH.RWHILHOG)WEHFRPHVDYHUWLFDOVLQJOHDUURZ E $UDJWKHFXUVRUGRZQXQWLOWKHOHQJWKLVFPLQFKHV  -J;F>7D=;B78;BI7D:
8KH$DWHFROXPQQHHGVWREHZLGHQHG8KHILHOGLQWKH0D\PHQW8\SH FROXPQQHHGVWREHFKDQJHGWRDOLVWER[8KHODEHOIRU0D\PHQW8\SH FROXPQQHHGVWREHWZRZRUGV #KDQJHWKH0D\PHQW8\SHFROXPQ  6LJKW FOLFNWKHODEHO0D\PHQW8\SHWRRSHQDFRQWH[WPHQX &LJXUH 

  7HOHFW,;FB79;M?J> DQGWKHQVHOHFW&?IJ8ENIURPWKHFRQWH[W PHQX  !JDLQULJKW FOLFNWKHODEHO0D\PHQW8\SHWRRSHQDFRQWH[WPHQX  7HOHFWEBKCD8KLVRSHQVWKH0URSHUWLHVZLQGRZ&LJXUH   )QWKH,DEHOER[ FKDQJH0D\PHQW8\SHWR0D\PHQW8\SH  #OLFNWKH7J7WDE  &URPWKH8\SHRIOLVWFRQWHQWVGURSGRZQOLVW VHOHFWVTO  8\SHWKHIROORZLQJH[DFWO\DVLWLVZULWWHQ -"'" ..MD9 .MD9#,*(+5MA9BH.MD9  #ORVHWKH0URSHUWLHVZLQGRZ

)7>



7WHS6HSODFHILHOGVZLWKRWKHUILHOGV EHJLQQLQJZLWK SDUW FRQWDLQVPRUHGHWDLOHGLQVWUXFWLRQ

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-J;F::>;7:?D=IJE=HEKFI

 -DNHVXUHWKHFXUVRULQLQWKHXSSHUOHIWFRUQHU)ILWLVQRW FOLFN LQWKDWFRUQHUWRPRYHLWWKHUH  9VHWKH%QWHUNH\WRPRYHWKHFXUVRUGRZQWRWKHILIWKOLQHIURP WKHWRS  #KDQJHWKH!SSO\7W\OHVGURSGRZQOLVWIURP$HIDXOWWR (HDGLQJ

&LJXUH!SSO\7W\OHVOLVW  9VHWKHVSDFHEDUWRPRYHWKHFXUVRUWRZKHUH\RXZDQWWKH KHDGLQJWRVWDUW  8\SHWKHKHDGLQJ-HDOV  9VHWKHVSDFHEDUWRPRYHWKHFXUVRUWRWKHFHQWHURIVQDFNDUHD  8\SHWKHKHDGLQJ7QDFNV  9VHWKH%QWHUNH\WRPRYHWKHFXUVRUEHWZHHQWKH7XSSHU FRQWURODQGWKHVXEIRUP  9VHWKHVSDFHEDUWRPRYHWKHFXUVRUWRWKHFHQWHURIWKH VXEIRUP  8\SHWKHKHDGLQJ&XHO$DWD

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



#=B3

)I\RXNQRZKRZWRXVHVW\OHV \RXFDQRSHQWKH7W\OHV DQG&RUPDWWLQJZLQGRZXVLQJ&6LJKW FOLFNLQJWKH (HDGLQJSDUDJUDSKVW\OHDOORZV\RXWRPRGLI\WKH DSSHDUDQFHRIDOOWKUHHKHDGLQJV7HHWKH;ULWHU'XLGH #KDSWHU

-J;F >7D=;J>;879A=HEKD:E<7<EHC

8KHEDFNJURXQGIRUDIRUPFDQEHDFRORU RUDJUDSKLFSLFWXUH =RX FDQXVHDQ\RIWKHFRORUVLQWKH#RORU8DEOHDW.EEBI)FJ?EDI )F;D)<
&LJXUHEDFNJURXQGJUDSKLF  7HOHFWWKHODEHOVRIWKHWRSURZRIFRQWUROV D #RQWURO FOLFNWKH$DWHODEHO E #RQWURO VKLIW FOLFNWKHUHVWRIWKHODEHOVRIWKHWRSURZ8KH ERUGHUZLOOJUDGXDOO\JURZWRWKHULJKWDV\RXGRWKLVXQWLODOO WKHODEHOVDUHHQFORVHGLQLW

&LJXUH7HOHFWLQJPXOWLSOHODEHOVDWRQHWLPH F #OLFNWKHEDJHEBLFRQLQWKH$HVLJQ&RUPWRROEDUWRRSHQ WKH0URSHUWLHVZLQGRZ G #KDQJHWKH"DFNJURXQGVHOHFWLRQIURP$HIDXOWWR,LJKWF\DQ 8KLVLVDGURSGRZQOLVW  7HOHFWWKHRWKHUODEHOVLQWKHVDPHZD\DQGWKHQFKDQJHWKHLU EDFNJURXQGFRORU  #ORVHWKH0URSHUWLHVZLQGRZ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 0UHVVWKH&NH\WRRSHQWKH7W\OHVDQG&RUPDWWLQJZLQGRZ &LJXUH .RWLFHWKHOHIWLFRQKDVDEODFNRXWOLQHDURXQGLW 8KLVLVWKH0DUDJUDSK7W\OHV LFRQ"HORZLWLVDOLVWRISDUDJUDSK VW\OHVLQFOXGLQJKHDGLQJV

#=B3

)KDYHFKRVHQWRXVH,LJKWF\DQDVWKHEDFNJURXQGFRORU IRUP\ODEHOV=RXDUHIUHHWRFKRRVHZKDWHYHUFRORU\RX ZLVK LQFOXGLQJDFXVWRPFRORU\RXHDUOLHUFUHDWHG

&LJXUH8RSSRUWLRQRIWKH7W\OHVDQG&RUPDWWLQJZLQGRZ D 6LJKW FOLFN(HDGLQJDQGVHOHFW'E:?
&LJXUH8DEVRIWKH0DUDJUDSKV(HDGLQJZLQGRZ F #KDQJHWKH&RQWFRORUGURSGRZQOLVWWR,LJKWF\DQ

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH,HIWVLGHRI &RQW%IIHFWVWDE G #OLFN)%WRFORVHWKH0DUDJUDSK7W\OH(HDGLQJGLDORJ H 0UHVVWKH&NH\WRFORVHWKH&RUPDWWLQJDQG7W\OHVZLQGRZ

)7>

,HDUQLQJKRZWRXVHVW\OHVFDQEHYHU\KHOSIXODWWLPHV "\XVLQJVW\OHV ZHFKDQJHGWKHIRQWFRORUIRUDOOWKUHH KHDGLQJVDWRQHWLPH8KHUHDUHRWKHUPHWKRGVRI FKDQJLQJWKHIRQWFRORU EXWWKH\UHTXLUHUHSHDWLQJWKH VDPHVWHSVIRUHDFKKHDGLQJ

 6LJKW FOLFNWKHEDFNJURXQGDQGVHOHFW*7=;IURPWKHFRQWH[W PHQX  #OLFNWKH"DFNJURXQGWDE&LJXUH  D #KDQJHWKH!VGURSGRZQOLVWIURP#RORUWR'UDSKLF E 7HDUFKIRUWKLVILOHVN\JLI)WLVORFDWHGLQWKH'DOOHU\IROGHU RI//R F #OLFNWKHHEMI;EXWWRQLQWKH&LOHVHFWLRQ"URZVHWRWKH IROGHUFRQWDLQLQJVN\JLI G 7HOHFWWKLVILOHDQGFOLFN)F;D H )QWKH8\SHVHFWLRQ VHOHFW!UHD I #OLFN)%WRFORVHWKH0DJH7W\OH$HIDXOWZLQGRZ 8KHIRUPVKRXOGORRNOLNH&LJXUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH"DFNJURXQGWDERI0DJH7W\OHV

&LJXUH&LQLVKHGIRUP -J;F

>7D=;J>;J78EH:;H

8KH8DENH\PRYHVWKHFXUVRUIURPILHOGWRILHOG8KLVLVPXFKHDVLHU WRGRWKDQWRFOLFNHDFKILHOGWRHQWHUGDWDLQWRLW)WDOVRSHUPLWVXVWR JURXSRXUH[SHQVHVLQWRDUHDVEHIRUHZHEHJLQHQWHULQJGDWD&RU

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



H[DPSOH DOORIRXUPHDOUHFHLSWVFDQEHJURXSHGWRJHWKHUDVFDQRXU VQDFNVDQGDOVRRXUIXHOSXUFKDVHV  #RQWURO FOLFNWKH$DWHILHOG  #OLFNWKH EHC;I?=DLFRQLQWKH&RUP#RQWUROVWRROEDUWR RSHQWKH&RUP$HVLJQWRROEDU&LJXUH /U XVH0?;M .EEB87HI EHC;I?=DWRRSHQWKLVWRROEDU  #OLFNWKH9J?L7J?ED)H:;HLFRQ

&LJXUH&RUP$HVLJQWRROEDUZLWK!FWLYDWLRQ/UGHULFRQFLUFOHG  6HDUUDQJHWKHRUGHURIWKHILHOGVLQWKH8DE/UGHUZLQGRZ &LJXUH 

l &LQGWKHW[W-0D\PHQWOLVWLQJQHDUWKHERWWRPRIWKHOLVWDQG FOLFNLW

l #OLFNWKH'EL;/FEXWWRQXQWLOW[W0D\PHQWLVMXVWEHORZ IPW-RWHO

l 9VHWKHVDPHWZRVWHSVWRSXWWKHILHOGVLQWKHVDPHRUGHUDV LQ&LJXUH#OLFN)%



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 7DYHDQGFORVHWKHIRUP  7DYHWKHGDWDEDVH

@3/B7<54=@;A7<3A75<+73E 8KLVPHWKRGUHTXLUHVXVLQJWKH&RUP#RQWUROVDQG&RUP$HVLJQ WRROEDUVH[WHQVLYHO\8KHVHWHFKQLTXHVDUHEH\RQGWKHVFRSHRIWKLV GRFXPHQW)QVWUXFWLRQVIRUFUHDWLQJIRUPVXVLQJ$HVLJQYLHZZLOOEH GHVFULEHGLQWKH$DWDEDVH'XLGH

@3/B7<5AC04=@;A7<3A75<+73E !JDLQ WKLVLVEH\RQGWKHVFRSHRIWKLVGRFXPHQW#UHDWLRQRI VXEIRUPVLQ$HVLJQ:LHZZLOOEHGHVFULEHGLQWKH$DWDEDVH'XLGH

113AA7<5=B63@2/B/A=C@13A /SHQ/IILFHRUJDOORZVGDWDVRXUFHVWREHDFFHVVHGDQGWKHQOLQNHG LQWR//RGRFXPHQWV&RUH[DPSOH DPDLOPHUJHOLQNVDQH[WHUQDO GRFXPHQWFRQWDLQLQJDOLVWRIQDPHVDQGDGGUHVVHVLQWRDOHWWHU ZLWK RQHFRS\RIWKHOHWWHUEHLQJJHQHUDWHGIRUHDFKHQWU\ 8RUHJLVWHUDGDWDVRXUFH FKRRVH ?B;(;M7J787I;WRRSHQ WKH$DWDEDVH;L]DUG7HOHFWEDD;9JJE7D;N?IJ?D=:7J787I;8KLV DOORZVDFFHVVWRWKHOLVWRIGDWDVRXUFHVWKDWFDQEHUHJLVWHUHGZLWK

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



//R8KHVHGDWDVRXUFHVFDQEHDFFHVVHGVLPLODUO\WRDG"DVH GDWDEDVHDVH[SODLQHGLQWKHQH[WVHFWLRQ /QFHDGDWDVRXUFHKDVEHHQUHJLVWHUHG LWFDQEHXVHGLQDQ\RWKHU //RFRPSRQHQWIRUH[DPSOH;ULWHURU#DOF E\VHOHFWLQJ0?;M 7J7-EKH9;IRUSUHVVLQJWKH&NH\ -R]LOOD!GGUHVV"RRNVDQGG"DVHGDWDEDVHVDPRQJ RWKHUV FDQEHDFFHVVHG DQGHQWULHVFDQEHDGGHGRU FKDQJHG

)7>

/CB7=<

7SUHDGVKHHWVFDQEHDFFHVVHG EXWQRFKDQJHVFDQEH PDGHLQWKHVSUHDGVKHHWHQWULHV!OOFKDQJHVLQD VSUHDGVKHHWVKHHWPXVWEHPDGHLQWKHVSUHDGVKHHW LWVHOI9SGDWHWKHGDWDEDVHDQGVDYHLW!IWHUZDUGV \RXVHHLQ\RXUGDWDEDVHWKHFKDQJHV\RXPDGHDQG VDYHGLQWKHVSUHDGVKHHW)I\RXFUHDWHDQGVDYHDQ DGGLWLRQDOVKHHWLQ\RXUVSUHDGVKHHW WKHGDWDEDVH ZLOOKDYHDQHZWDEOHWKHQH[WWLPH\RXDFFHVVLW

113AA7<5/2/A32/B/0/A3 

?B;(;M7J787I;RSHQVWKH$DWDEDVH;L]DUGZLQGRZ

#=B3

#OLFNLQJWKH.HZLFRQDQG$DWDEDVHLQWKHGURS GRZQ PHQXDOVRRSHQWKH$DWDEDVH;L]DUGZLQGRZ7HH &LJXUH

 7HOHFWEDD;9JJE7D;N?IJ?D=:7J787I;0UHVVLQJWKH8DENH\ KLJKOLJKWVWKH$DWDEDVHW\SHGURS GRZQOLVW8\SLQJ$VHOHFWV G"DVH#OLFN(;NJ

#=B3

#OLFNLQJWKHDUURZVRSHQVDPHQXIURPZKLFK\RXFDQ VHOHFWG"DVH&LJXUH 

&LJXUH$DWDEDVHW\SHVHOHFWLRQ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #OLFN"URZVHDQGVHOHFWWKHIROGHUFRQWDLQLQJWKHGDWDEDVH #OLFN(;NJ  !FFHSWWKHGHIDXOWVHWWLQJV6HJLVWHUWKHGDWDEDVHIRUPH DQG /SHQWKHGDWDEDVHIRUHGLWLQJ#OLFN ?D?I>.DPHDQGVDYHWKH GDWDEDVHLQWKHORFDWLRQRI\RXUFKRLFH  #UHDWHWKH&RUPXVLQJWKH&RUP;L]DUGDVH[SODLQHGLQ s#UHDWLQJDGDWDEDVHIRUPtEHJLQQLQJRQSDJH

113AA7<5/"=H7:://22@3AA0==9 !FFHVVLQJD-R]LOOD!GGUHVV"RRNLVYHU\VLPLODUWRDFFHVVLQJDG"DVH GDWDEDVH  7HOHFW ?B;(;M$DWDEDVH  7HOHFW#RQQHFWWRDQH[LVWLQJGDWDEDVH7HOHFW-R]LOOD!GGUHVV "RRNDVWKHGDWDEDVHW\SH&LJXUH   6HJLVWHUWKLVGDWDVRXUFH 8KHVHDUHVWHSV DQGRIs!FFHVVLQJDG"DVHGDWDEDVHt

113AA7<5A>@3/2A633BA !FFHVVLQJDVSUHDGVKHHWLVDOVRYHU\VLPLODUWRDFFHVVLQJDG"DVH GDWDEDVH  7HOHFW ?B;(;M7J787I;  7HOHFW#RQQHFWWRDQH[LVWLQJGDWDEDVH7HOHFW7SUHDGVKHHWDV WKH$DWDEDVHW\SH&LJXUH   #OLFNHEMI;WRORFDWHWKHVSUHDGVKHHW\RXZDQWWRDFFHVV)I WKHVSUHDGVKHHWLVSDVVZRUGSURWHFWHG FKHFNWKH0DVVZRUG UHTXLUHGER[#OLFN(;NJ  )IWKHVSUHDGVKHHWUHTXLUHVDXVHUVQDPH HQWHULW)IDSDVVZRUG LVDOVRUHTXLUHG FKHFNLWVER[#OLFN(;NJ

/CB7=<

8KLVPHWKRGRIDFFHVVLQJDVSUHDGVKHHWGRHVQRW DOORZ\RXWRFKDQJHDQ\WKLQJLQWKHVSUHDGVKHHW!OO PRGLILFDWLRQVPXVWEHPDGHLQWKHVSUHDGVKHHWLWVHOI 8KLVPHWKRGRQO\DOORZV\RXWRYLHZWKHFRQWHQWVRI WKHVSUHDGVKHHW UXQTXHULHV DQGFUHDWHUHSRUWV EDVHGXSRQWKHGDWDDOUHDG\HQWHUHGLQWRWKH VSUHDGVKHHW

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



'357AB3@7<52/B/0/A3A1@3/B320G$$= F/<2 :/B3@ 8KLVLVDVLPSOHSURFHGXUH.EEBI)FJ?EDI)F;D)<
 "URZVHWRZKHUHWKHGDWDEDVHLVORFDWHG  -DNHVXUHWKHUHJLVWHUHGQDPHLVFRUUHFW  #OLFN)%

*A7<52/B/A=C@13A7<$>3<$44713=@5 (DYLQJUHJLVWHUHGWKHGDWDVRXUFH ZKHWKHUDVSUHDGVKHHW WH[W GRFXPHQW H[WHUQDOGDWDEDVHRURWKHUDFFHSWHGGDWDVRXUFH \RXFDQ XVHLWLQRWKHU/SHQ/IILFHRUJFRPSRQHQWVLQFOXGLQJ;ULWHUDQG#DOF

+73E7<52/B/A=C@13A /SHQDGRFXPHQWLQ;ULWHURU#DOF8RYLHZWKHGDWDVRXUFHV DYDLODEOH SUHVV& RUVHOHFW0?;M7J7-EKH9;IIURPWKHSXOO GRZQPHQX8KLVEULQJVXSDOLVWRIUHJLVWHUHGGDWDEDVHV ZKLFKZLOO LQFOXGH"LEOLRJUDSK\DQGDQ\RWKHUGDWDEDVHUHJLVWHUHG 8RYLHZHDFKGDWDEDVH FOLFNRQWKHWRWKHOHIWRIWKHGDWDEDVHvV QDPH8KLVKDVEHHQGRQHIRUWKH!XWRPRELOHGDWDEDVHLQ&LJXUH  8KLVEULQJVXS8DEOHVDQG5XHULHV #OLFNRQWKHQH[WWR8DEOHVWRYLHZWKH LQGLYLGXDOWDEOHVFUHDWHG.RZFOLFNRQD WDEOHWRVHHDOOWKHUHFRUGVKHOGLQLW

27B7<52/B/A=C@13A

&LJXUH$DWDEDVHV

7RPHGDWDVRXUFHVFDQEHHGLWHGLQWKH:LHZ$DWD7RXUFHVGLDORJ! VSUHDGVKHHWFDQQRW!UHFRUGFDQEHHGLWHG DGGHGRUGHOHWHG 8KHGDWDLVGLVSOD\HGRQWKHULJKWVLGHRIWKHVFUHHQ#OLFNLQDILHOGWR HGLWWKHYDOXH "HQHDWKWKHUHFRUGVDUHILYHWLQ\EXWWRQV8KHILUVWIRXUPRYH EDFNZDUGVRUIRUZDUGVWKURXJKWKHUHFRUGV RUWRWKHEHJLQQLQJRU HQG8KHILIWKEXWWRQ ZLWKDVPDOOVWDU LQVHUWVDQHZUHFRUG&LJXUH   

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)QVHUWQHZUHFRUG

&LJXUH:LHZ$DWD7RXUFHVQDYLJDWLRQEXWWRQV 8RGHOHWHDUHFRUG LJKW FOLFNRQWKHJUD\ER[WRWKHOHIWRIDURZWR KLJKOLJKWWKHHQWLUHURZ DQGVHOHFW;B;J;,EMIWRUHPRYHWKH VHOHFWHGURZ

!/C<167<5/A3B=E=@9=<2/B/A=C@13A =RXFDQODXQFK//R"DVHDWDQ\WLPHIURPWKH:LHZ$DWD7RXUFH SDQH*XVWULJKW FOLFNRQDGDWDEDVHRUWKH8DEOHVRU5XHULHVLFRQVDQG VHOHFW:?J7J787I; ?B;/QFHLQ"DVH \RXFDQHGLW DGGDQG GHOHWHWDEOHV TXHULHV IRUPV DQGUHSRUWV

*A7<52/B/A=C@13A7<$$=2=1C;3
)7>

7HOHFWLQJ.EEBI'7?B';H=;1?P7H:RUFOLFNLQJRQ WKH-DLO-HUJHLFRQDVPDOOSDSHU DQG HQYHORSHLFRQ RQWKH:LHZ$DWD7RXUFHSDQH ODXQFKHVWKH-DLO-HUJH ZL]DUGZKLFKVWHSVWKURXJKFUHDWLQJDPDLOPHUJH GRFXPHQW8KLVLVGLVFXVVHGLQ#KDSWHU9VLQJ-DLO -HUJH LQWKH;ULWHU'XLGH

,%.!, */(!).8RLQVHUWDILHOGIURPDWDEOHRSHQHGLQWKHGDWDVRXUFHZLQGRZLQWRD ;ULWHUGRFXPHQW FOLFNRQWKHILHOGQDPHWKHJUD\VTXDUHDWWKHWRS RIWKHILHOGOLVW DQG ZLWKWKHOHIWPRXVHEXWWRQKHOGGRZQ GUDJWKH

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



ILHOGRQWRWKHGRFXPHQW)QD;ULWHUGRFXPHQW LWZLOODSSHDUDV &)%,$ZKHUH&)%,$LVWKHQDPHRIWKHILHOG\RXGUDJJHG  &RUH[DPSOHHQWHUWKHFRVWRIPHDOVDQGZKRSDLGIRUWKHPRQD FHUWDLQGDWHRIDYDFDWLRQ-DNHDVHQWHQFHRIWKLVGDWDs/QGDWH RXUEUHDNIDVWFRVWDPRXQW SDLGE\QDPH RXUOXQFKFRVWDPRXQW SDLGE\QDPH DQGRXUVXSSHUFRVWDPRXQW SDLGE\QDPH ;ULWH WKHZRUGVRIWKHVHQWHQFHZLWKWKHH[FHSWLRQRIWKHZRUGVLQ SDUHQWKHVHV9VHWKHFRUUHFWILHOGQDPHVLQWKHSODFHRIWKHZRUGVLQ SDUHQWKHVHV  6HSODFLQJGDWD

l "HJLQWKHVHQWHQFHE\W\SLQJWKHZRUG/Q l #OLFNWKHILHOGQDPH$DWDLQWKHGDWDVRXUFHZLQGRZDQG GUDJLWWRWKHULJKWRIWKHZRUG/Q

l 8KHVHQWHQFHEHFRPHV/Q$DWH)I\RXKDYH&LHOG

VKDGLQJVWXUQHGRQ0?;M ?;B:I>7:?D= $DWHKDVD JUD\EDFNJURXQG/WKHUZLVHLWGRHVQRW

 6HSODFLQJILUVWDPRXQW

l #RQWLQXHW\SLQJDIWHU$DWHRXUEUHDNIDVWFRVW l #OLFNWKH"UHDNIDVWILHOGQDPHDQGGUDJLWWRWKHULJKWRI ZKDW\RXKDYHMXVWW\SHG

l -DNHVXUH\RXKDYHWKHSURSHUVSDFLQJEHWZHHQWKHILHOG QDPHVDQGWKHZRUGVEHIRUHDQGDIWHUWKHP

l 6HVXOWVVRIDU/Q$DWHRXUEUHDNIDVWFRVWV"UHDNIDVW  6HSODFLQJWKHILUVWQDPH

l #RQWLQXHW\SLQJDIWHU"UHDNIDVWSDLGE\PDNLQJVXUHWR DGGDVSDFHDIWHUZDUG

l #OLFNWKH"SD\PHQWILHOGQDPHDQGGUDJLWWRWKHULJKWRI ZKDW\RXMXVWW\SHG

l 0ODFHDFRPPDDIWHU"SD\PHQW l 6HVXOWVVRIDU/Q$DWHRXUEUHDNIDVWFRVW"UHDNIDVW SDLGE\"0D\PHQW  &ROORZWKHVHH[DPSOHVWRILOOLQWKHUHVWRIWKHILHOGVLQWKH VHQWHQFH

l 9VH,XQFKDQG,SD\PHQWIRUWKHVHFRQGVHWRI DPRXQW DQGQDPH LQWKHVHQWHQFH

l 9VH7XSSHUDQG7SD\PHQWIRUWKHWKLUGVHWRI DPRXQW DQGQDPH LQWKVHQWHQFH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l &LQDOUHVXOWV/Q$DWHRXUEUHDNIDVWFRVW"UHDNIDVW SDLGE\"0D\PHQW RXUOXQFKFRVW,XQFKSDLGE\ ,0D\PHQW RXUVXSSHUFRVW7XSSHUSDLGE\ 70D\PHQW  !GGGDWDWRWKHILHOGVRIWKHVHQWHQFH

l #OLFNWKHJUD\ER[WRWKHOHIWRIWKHURZRIGDWD\RXZDQWWR DGG8KDWURZVKRXOGEHKLJKOLJKWHGOLNHWKHVHFRQGURZRI &LJXUH

l #OLFNWKH$DWDWR&LHOGVLFRQFLUFOHGLQEODFNLQ&LJXUH

 8KLVVKRXOGILOOWKHILHOGVZLWKWKHGDWDIURPWKHURZ\RX FKRVH

l #OLFNDQRWKHUURZDQGWKHQFOLFNWKLVLFRQDJDLQ8KHGDWDLQ WKHVHQWHQFHFKDQJHVWRWKLVVHOHFWHGURZRIGDWD

l 7DYHWKHGRFXPHQW !GGLQJGDWDLQWDEOHIRUPDWLVDOLWWOHHDVLHUDQGWDNHVSHUKDSVDIHZ OHVVVWHSV7RPHRIWKHVWHSVZLOOEHTXLWHVLPLODU

#=B3

$DWDFDQEHDGGHGWKLVZD\DVDILHOGVRUWH[W&ROORZLQJ WKHIROORZLQJVWHSV)OHDYHWKLVWRWKHUHDGHUZLWKZKLFK WRH[SHULPHQWE\FKDQJLQJWKHVHOHFWLRQVLQWKH)QVHUW $DWDEDVH#ROXPQVWRVHHZKDWUHVXOWV\RXFDQJHW

 .DYLJDWHWRWKHSODFH\RXZDQWWRSODFHWKHWDEOHDQGFOLFNWKH ORFDWLRQ  #OLFNWKHJUD\ER[WRWKHOHIWRIHDFKURZRIWKHGDWDVRXUFHWKDW \RXZDQWWREHDURZLQ\RXUWDEOH  #OLFNWKH$DWDWRWH[WLFRQWRRSHQWKH)QVHUW$DWDEDVH#ROXPQV GLDORJ&LJXUH 8KH$DWDWRWH[WLFRQLVLQWKHOHIWFLUFOHLQ &LJXUH

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



 -RYHWKHILHOGV\RXZDQWLQ\RXUWDEOHIURPWKH$DWDEDVH #ROXPQVOLVWWRWKH8DEOHFROXPQV OLVW

l 8RSODFHWKHILHOGVLQWKHRUGHU\RXVHOHFW FOLFNWKHILHOGDQG

XVHWKHVLQJOHDUURZWRPRYHWKHILHOGVLQWKHRUGHU\RX GHVLUH=RXFDQDOVROLPLWWKHILHOGV\RXXVHWROHVVWKDQDOORI WKHILHOGVDYDLODEOH

l )I\RXZDQWWRXVHDOORIWKHILHOGV XVHWKHGRXEOHDUURZ SRLQWLQJWRWKHULJKWWRPRYHDOORIWKHPDWRQHWLPH8KH RUGHURIWKHILHOGVLQWKHWDEOH\RXFUHDWHZLOOEHWKHVDPHDV LQWKHGDWDVRXUFHWDEOH

l )I\RXZDQWWRUHPRYHDVLQJOHILHOGIURPWKH8DEOH

#ROXPQV OLVW FOLFNWKHILHOGDQGXVHWKHVLQJOHDUURZ SRLQWLQJWRWKHOHIW

l )I\RXZDQWWRVWDUWRYHUE\PRYLQJDOORIWKHILHOGVEDFNWR

WKH$DWDEDVH#ROXPQVOLVW FOLFNWKHGRXEOHDUURZSRLQWLQJ WRWKHOHIW  7HOHFWWKHVHWWLQJVIRU\RXUWDEOH9VHWKHGHIDXOWVHWWLQJVDVLQ &LJXUH  #OLFN)%7DYHWKHGRFXPHQW

'-+,! -$!!.8KHUHDUHWZRZD\VWRHQWHUGDWDLQD#DOFVSUHDGVKHHW/QHHQWHUV WKHGDWDLQWRWKHVSUHDGVKHHWFHOOV8KHRWKHUFUHDWHVUHFRUGVLQWKH VSUHDGVKHHWMXVWOLNHWKH\DUHGRQHLQFUHDWLQJDIRUPLQDGDWDEDVH ;KLOH\RXFDQGLUHFWO\DFFHVVWKHGDWDLQWKHVSUHDGVKHHWFHOOV \RX FDQRQO\VHHWKHGDWDLQWKHUHFRUGVFUHDWHGLQWKHVSUHDGVKHHW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

%QWHULQJGDWDGLUHFWO\WRWKHVSUHDGVKHHWFHOOVXVHVWKH$DWDWR8H[W LFRQDVZHGLGWRPDNHDWDEOHLQD;ULWHUGRFXPHQW"XWGLIIHUHQFHV H[LVWLQWKHVHWZRVLWXDWLRQV 8KHVWHSVDUHVWUDLJKWIRUZDUG  #OLFNWKHFHOORIWKHVSUHDGVKHHWZKLFK\RXZDQWWREHWKHWRS OHIWRI\RXUGDWDLQFOXGLQJWKHFROXPQQDPHV  9VH&WRRSHQWKHGDWDEDVHVRXUFHZLQGRZDQGVHOHFWWKHWDEOH ZKRVHGDWD\RXZDQWWRXVH  7HOHFWWKHURZVRIGDWD\RXZDQWWRDGGWRWKHVSUHDGVKHHW

l #OLFNWKHJUD\ER[WRWKHOHIWRIWKHURZ\RXZDQWWRVHOHFWLI RQO\VHOHFWLQJRQHURZ8KDWURZLVKLJKOLJKWHG

l 8RVHOHFWPXOWLSOHURZV KROGGRZQWKHVKLIWNH\ZKLOH

FOLFNLQJWKHJUD\ER[RIWKHURZV\RXQHHG8KRVHURZVDUH KLJKOLJKWHG

l 8RVHOHFWDOOWKHURZV FOLFNWKHJUD\ER[LQWKHXSSHUOHIW FRUQHU!OOURZVDUHKLJKOLJKWHG

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

&LJXUH.DYLJDWLRQDUURZVRIDIRUP  #OLFNWKHDUURZVRQWKH&RUP.DYLJDWLRQWRROEDUWRYLHZWKH GLIIHUHQWUHFRUGVRIWKHWDEOH8KHDUURZVDUHFLUFOHGLQUHG

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



8KHQXPEHULQWKHER[FKDQJHVZKHQ\RXFKDQJHWKHUHFRUG QXPEHUE\FOLFNLQJDQDUURZ8KHGDWDLQWKHILHOGVFKDQJHV FRUUHVSRQGLQJO\WRWKHGDWDIRUWKDWSDUWLFXODUUHFRUGQXPEHU


&LJXUH7LQJOH6HFRUG %DFKW\SHRIILHOGDOORZVDGLIIHUHQWPHWKRGWRHQWHUWKHGDWD)QPRVW LIQRWDOOFDVHV PRUHWKDQRQHPHWKRGFDQEHXVHG 8KHILUVWVWHSWRHQWHULQJGDWDLQDIRUPLVWRRSHQLWIURPWKHPDLQ GDWDEDVHZLQGRZ  #OLFNWKH&RUPVLFRQLQWKH$DWDEDVHOLVW  &LQGWKHIRUPvVQDPHLQWKH&RUPVOLVW:DFDWLRQV   $RXEOH FOLFNWKHIRUPvVQDPH 8KHTXLFNHVWZD\WRHQWHUDGDWHLQWKH$DWHILHOGLVWRFOLFNWKHDUURZ WKDWRSHQVWKHGURSGRZQFDOHQGDU8KHQFOLFNWKHGD\WKH\RXZDQW &LJXUH 8RFKDQJHWKHPRQWKXVHWKHIROORZLQJVWHSV8KHQXVH WKH8DENH\WRJRWRWKH/GRPHWHUILHOG

l #OLFNWKHOHIWDUURZEHIRUH7HSWHPEHUWRJREDFNRQHPRQWK !XJXVW  

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l #OLFNWKHULJKWDUURZDIWHUWRJRIRUZDUGRQHPRQWK /FWREHU 

l -XOWLSOHFOLFNVLQHLWKHUGLUHFWLRQZLOOFKDQJHWKHPRQWKWKHVDPH QXPEHURIWLPHVDVWKHQXPEHURIFOLFNV8KH\HDUDOVRFKDQJHV DV\RXPRYHIURP*DQXDU\EDFNWR$HFHPEHURU$HFHPEHU IRUZDUGWR*DQXDU\HDFKWLPH

&LJXUH#DOHQGDUGURSGRZQ 8KH/GRPHWHU 8ROOV DQG-RWHOILHOGVDUHQXPHULFDOILHOGV%QWHU YDOXHVGLUHFWO\LQWRWKHP RUXVHWKHXSDQGGRZQDUURZV ;KHQWKH YDOXHLVHQWHUHG XVHWKH8DENH\WRJRWRWKHQH[WILHOG

l #OLFNLQJWKHXSDUURZLQFUHDVHVWKHYDOXH DQGWKHGRZQDUURZ GHFUHDVHVWKHYDOXHRQHXQLW

l 8KHVHWZRDUURZVRQO\FKDQJHWKHQXPHUDOVWRWKHOHIWRIWKH GHFLPDOSODFH

l .XPHUDOVWRWKHULJKWRIWKHGHFLPDOSODFHPXVWEHFKDQJHGE\ GHOHWLQJWKHPDQGW\SLQJWKHGHVLUHGRQHV 8KH-RWHOV0D\PHQWILHOGLVDGURSGRZQOLVW)IDVLQP\FDVH DOORI WKHHOHPHQWVRIWKHOLVWVWDUWZLWKGLIIHUHQWOHWWHUV W\SLQJWKHILUVW OHWWHUVHOHFWVWKHGHVLUHGOHWWHU

l )IWZRRUPRUHHOHPHQWVRIWKHOLVWKDYHWKHVDPHILUVWOHWWHU

UHSHDWHGW\SLQJRIWKHILUVWOHWWHUZLOOF\FOHWKURXJKWKHHOHPHQWV ZLWKWKLVVDPHILUVWOHWWHU7R LI\RXDFFLGHQWDOO\JRSDVWWKHWKH HOHPHQW\RXZDQWHG \RXFDQNHHSW\SLQJWKHILUVWOHWWHUXQWLOLW UHDSSHDUVDJDLQ

l ;KHQWKHVHOHFWLRQLVFRUUHFW XVHWKH8DENH\WRJRWRWKH-LVF ILHOG

8KHUHVWRIWKHILHOGVRIWKHPDLQIRUPDUHHLWKHUQXPHULFDOILHOGVRU GURSGRZQOLVWVXQWLOZHUHDFKWKH-LVF.RWHVILHOG)WLVDWH[WILHOG 8\SHDQ\WKLQJ\RXGHVLUHLQWKLVILHOGMXVWDV\RXZRXOGDQ\VLPSOH WH[WHGLWRU #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



/CB7=<

#=B3

7LQFHWKH8DENH\LVXVHGWRPRYHEHWZHHQILHOGV LW FDQQRWEHXVHGLQDWH[WILHOG!OOVSDFLQJPXVWEH GRQHE\WKHVSDFHEDU&LQDOO\ WKH%QWHUNH\RQO\DFWV DVDOLQHEUHDNWRPRYHWKHFXUVRUWRWKHQH[WOLQH ;KLOHWKH%QWHUNH\ZLOOPRYHIURPQRQ WH[WILHOGVWR QRQ WH[WILHOGV LWZLOOQRWGRVRIURPDWH[WILHOG9VH WKH8DELQVWHDG )IZHGLGQRWKDYHDVXEIRUPIRUIXHOGDWD XVLQJWKH 8DENH\LQWKHODVWILHOGZRXOGVDYHDOORIWKHILHOGV FOHDUWKHP DQGPDNHWKHIRUPUHDG\WRDFFHSWGDWD RQWKHVHFRQGUHFRUG

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

l #OLFNWKH.H[W6HFRUGLFRQ l /U FOLFNWKH.HZ6HFRUGLFRQ

)7>



8KHQXPEHULQWKH6HFRUGER[LVWKHQXPEHURIWKH UHFRUGZKRVHGDWDLVVKRZQLQWKHIRUP8KHGDWDIURP WKHVHFRQGUHFRUGRIWKH:DFDWLRQVIRUPZDVGLVSOD\HG ZKHQ)WRRNWKHVFUHHQVKRWIRU&LJXUH )I\RXNQRZWKHQXPEHURIWKHUHFRUG\RXZDQW \RXFDQ HQWHULWLQWRWKHUHFRUGER[DQGWKHQXVHWKH%QWHUNH\ WRWDNH\RXWRWKDWUHFRUG

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUHLVDUHFRUGZLWKGDWDLQVHUWHGLQLWVILHOGV.RWHWKDWQRW DOOILHOGVKDYHGDWDLQWKHP)WLVRQO\QHFHVVDU\WRKDYHGDWDLQHYHU\ ILHOGLI\RXGHWHUPLQHDKHDGRIWLPHWRUHTXLUHDOOILHOGVFRQWDLQGDWD

&LJXUH7DPSOHUHFRUGRIWKH:DFDWLRQIRUPDQGVXEIRUP

/CB7=<

)I\RXUHTXLUHGGDWDEHHQWHUHGIRUDSDUWLFXODUILHOG DQG\RXGRQRWKDYHGDWDIRUWKDWILHOG \RXFDQQR ORQJHUFUHDWHDQHZUHFRUG=RXKDYHWRHGLWWKHWDEOH FRQWDLQLQJWKDWILHOGDQGFKDQJHWKH%QWU\6HTXLUHG 7DYHWKHWDEOH7D:WKHGDWDEDVH8KLVFRXOGDOVR FDXVH\RXWRORVHGDWDLQWKHSDUWLFXODUILHOG

@3/B7<5?C3@73A 5XHULHVDUHXVHGWRJHWVSHFLILFLQIRUPDWLRQIURPDGDWDEDVH9VLQJ RXU#$ #ROOHFWLRQWDEOH ZHZLOOFUHDWHDOLVWRIDOEXPVE\DSDUWLFXODU DUWLVW;HZLOOGRWKLVXVLQJWKH;L]DUG8KHLQIRUPDWLRQZHPLJKW ZDQWIURPWKH&XHOWDEOHLQFOXGHVZKDWRXUIXHOHFRQRP\LV;HZLOO GRWKLVXVLQJWKH$HVLJQ:LHZ

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



#=B3

5XHULHVEOXUWKHGLIIHUHQFHVEHWZHHQDGDWDEDVHDQGD GDWDVRXUFH!GDWDEDVHLVRQO\RQHW\SHRIGDWDVRXUFH (RZHYHU VHDUFKLQJIRUXVDEOHLQIRUPDWLRQIURPDGDWD VRXUFHUHTXLUHVDTXHU\7LQFHWKHTXHU\RQHSDUWRID GDWDEDVH GRHVWKLV WKHGDWDVRXUFHDSSHDUVWREHFRPH RQHSDUWRIWKDWGDWDEDVHLWVWDEOHRUWDEOHV5XHU\ UHVXOWV WKHPVHOYHV DUHVSHFLDOWDEOHVZLWKLQWKH GDWDEDVH

*A7<5B63,7H/@2B=1@3/B3/?C3@G 5XHULHVFUHDWHGE\WKHZL]DUGSURYLGHDOLVWRUOLVWVRILQIRUPDWLRQ EDVHGXSRQZKDWRQHZDQWVWRNQRZ)WLVSRVVLEOHWRREWDLQDVLQJOH DQVZHURUPXOWLSOHDQVZHUV GHSHQGLQJXSRQWKHFLUFXPVWDQFHV 5XHULHVZKLFKUHTXLUHFDOFXODWLRQVDUHEHVWFUHDWHGZLWKWKH$HVLJQ YLHZ )QWKHPDLQGDWDEDVHZLQGRZ&LJXUH FOLFNWKH5XHULHVLFRQLQ WKH$DWDEDVHVVHFWLRQ WKHQLQWKH8DVNVVHFWLRQ FOLFN9VH;L]DUGWR #UHDWH5XHU\8KH5XHU\;L]DUGZLQGRZRSHQV&LJXUH 8KH LQIRUPDWLRQZHZDQWLVZKDWDOEXPVDUHE\DFHUWDLQPXVLFDOJURXS RULQGLYLGXDOWKHDOEXPvVDXWKRU ;HFDQLQFOXGHZKHQHDFKDOEXP ZDVERXJKW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

;KHQZRUNLQJZLWKDTXHU\ PRUHWKDQRQHWDEOHFDQEH XVHG7LQFHGLIIHUHQWWDEOHVPD\FRQWDLQWKHVDPHILHOG QDPHV WKHIRUPDWIRUQDPLQJILHOGVLQDTXHU\LV8DEOH QDPHDQGILHOGQDPH!SHULRG LVSODFHGEHWZHHQWKH WDEOHQDPHDQGWKHILHOGQDPH&RUH[DPSOH 8KH,XQFK ILHOGRIWKH:DFDWLRQWDEOHXVHGLQDTXHU\KDVWKHQDPH :DFDWLRQ,XQFK

-J;F -;B;9JJ>;
 7HOHFWWKH#$ #ROOHFWLRQWDEOHIURPWKHGURSGRZQOLVWRIWDEOHV

l )IWKH8DEOHVVHOHFWLRQLVQRW8DEOH#$ #ROOHFWLRQ FOLFNWKH DUURZWRSFLUFOHLQ&LJXUH 

l #OLFN8DEOH#$ #ROOHFWLRQLQWKHOLVWWRVHOHFWLW  7HOHFWILHOGVIURPWKH#$ #ROOHFWLRQWDEOHLQWKH!YDLODEOHILHOGV OLVW D #OLFN!OEXP8LWOH DQGXVHWKHEXWWRQFHQWHURYDOLQ&LJXUH  WRPRYHLWWRWKH&LHOGVLQ5XHU\OLVW E -RYHWKH!UWLVWDQG$DWH0XUFKDVHGILHOGVLQWKHVDPH PDQQHU F 9VHWKHXSDUURZWRFKDQJHWKHRUGHURIWKHILHOGVDUWLVW DOEXP DQGGDWHSXUFKDVHG l #OLFNWKH#$ #ROOHFWLRQ!UWLVWILHOG l #OLFNWKHXSDUURZWRPRYHLWDERYH

#$ #ROOHFWLRQ!OEXP8LWOH G #OLFN(;NJ

)7>

8RFKDQJHWKHRUGHURIWKHILHOGV VHOHFWWKHILHOG\RX ZDQWWRPRYHDQGFOLFNWKHXSRUGRZQDUURZWRPRYHLW XSRUGRZQOHIWFLUFOHLQ&LJXUH 

&LJXUH,LVWRIILHOGVDGGHGWRWKHTXHU\

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



-J;F-;B;9JJ>;IEHJ?D=EH:;H

9SWRIRXUILHOGVFDQEHXVHGWRVRUWWKHLQIRUPDWLRQRIRXUTXHU\! OLWWOHVLPSOHORJLFKHOSVDWWKLVSRLQW;KLFKILHOGLVPRVWLPSRUWDQW )QRXUTXHU\ WKHDUWLVWLVPRVWLPSRUWDQW8KHDOEXPWLWOHLVOHVV LPSRUWDQW DQGWKHGDWHSXUFKDVHGLVRIOHDVWLPSRUWDQFH/IFRXUVH LIZHZHUHLQWHUHVWHGLQZKDWPXVLFZHERXJKWRQDJLYHQGD\ WKH GDWHSXUFKDVHGZRXOGEHWKHPRVWLPSRUWDQW

&LJXUH7RUWLQJRUGHUSDJH  #OLFNWKHILUVW7RUWE\GURSGRZQOLVW

l #OLFN#$ #ROOHFWLRQ!UWLVWWRVHOHFWLW l )I\RXZDQWWKHDUWLVWVWREHOLVWHGLQDOSKDEHWLFDORUGHUD ] VHOHFW!VFHQGLQJRQWKHULJKW)I\RXZDQWWKHDUWLVWOLVWHGLQ UHYHUVHRUGHU] D VHOHFW$HVFHQGLQJRQWKHULJKW&LJXUH  

 #OLFNWKHVHFRQG7RUWE\GURSGRZQOLVW

l #OLFN#$ #ROOHFWLRQ!UWLVW8LWOH l 7HOHFW!VFHQGLQJRU$HVFHQGLQJDFFRUGLQJWRWKHRUGHU\RX ZDQW  6HSHDWWKLVSURFHVVIRU#$ #ROOHFWLRQ$DWH0XUFKDVHG  #OLFN(;NJ -J;F-;B;9JJ>;I;7H9>9ED:?J?EDI

8KHVHDUFKFRQGLWLRQVDYDLODEOHDUHOLVWHGEHORZ8KH\DOORZXVWR FRPSDUHWKHQDPHZHHQWHUHGZLWKWKHQDPHVRIWKHDUWLVWLQRXU GDWDEDVHDQGGHFLGHZKHWKHUWRLQFOXGHDSDUWLFXODUDUWLVWLQRXU TXHU\RUQRW

l LVHTXDOWRWKHVDPHDV l LVQRWHTXDOWRQRWWKHVDPHDV l LVVPDOOHUWKDQFRPHVEHIRUH 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l l l l

LVJUHDWHUWKDQFRPHVDIWHU LVHTXDORUOHVVWKDQWKHVDPHDVRUFRPHVEHIRUH LVHTXDORUJUHDWHUWKDQWKHVDPHDVRUFRPHVDIWHU OLNHVLPLODUWRLQVRPHZD\

#=B3

8KHVHFRQGLWLRQVDSSO\WRQXPEHUV OHWWHUVXVLQJWKH DOSKDEHWLFDORUGHU DQGGDWHV

 7LQFHZHDUHRQO\VHDUFKLQJIRURQHWKLQJ ZHZLOOXVHWKH GHIDXOWVHWWLQJRI-DWFKDOORIWKHIROORZLQJ  ;HDUHORRNLQJIRUDSDUWLFXODUDUWLVW VRVHOHFWLVHTXDOWR  %QWHUWKHQDPHRIWKHDUWLVWLQWKH:DOXHER[#OLFN(;NJ -J;F-;B;9JJOF;E<GK;HO

;HZDQWVLPSOHLQIRUPDWLRQ VRWKHGHIDXOWVHWWLQJ$HWDLOHGTXHU\LV ZKDWZHZDQW#OLFN(;NJDWWKHERWWRPRIWKHZLQGRZ

#=B3

7LQFHZHKDYHDVLPSOHTXHU\ WKH'URXSLQJDQG 'URXSLQJFRQGLWLRQVDUHQRWQHHGHG8KRVHWZRVWHSV DUHVNLSSHGLQRXUTXHU\

-J;FII?=D7B?7I;I?<:;I?H;:

;HZDQWWKHGHIDXOWVHWWLQJV#OLFN(;NJ -J;F)L;HL?;M

.DPHWKHTXHU\VXJJHVWLRQ5XHU\C!UWLVWV 8RWKHULJKWRIWKLVDUH WZRFKRLFHV7HOHFW$LVSOD\5XHU\#OLFN ?D?I> -J;F'E:?;GK;HO

;HDUHVNLSSLQJWKLVVWHSVLQFHZHKDYHQRWKLQJWRPRGLI\)I\RX VHOHFWWKH-RGLI\5XHU\FKRLFH WKHTXHU\ZRXOGRSHQLQ$HVLJQYLHZ 8RPDNHPRGLILFDWLRQV IROORZWKHLQVWUXFWLRQVLQWKHQH[WVHFWLRQ s9VLQJWKH$HVLJQ:LHZWRFUHDWHDTXHU\t

*A7<5B633A75<+73EB=1@3/B3/?C3@G #UHDWLQJDTXHU\XVLQJ$HVLJQ:LHZLVQRWDVKDUGDVLWPD\ILUVW VHHP)WPD\WDNHPXOWLSOHVWHSV EXWHDFKVWHSLVIDLUO\VLPSOH

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



;KDWIXHOHFRQRP\LVRXUYHKLFOHJHWWLQJPLOHVSHUJDOORQLQWKH 97! 8KLVTXHVWLRQUHTXLUHVFUHDWLQJWZRTXHULHV ZLWKWKHILUVW TXHU\EHLQJXVHGDVSDUWRIWKHVHFRQGTXHU\

/CB7=<

8KHSURFHGXUHVZHZLOOEHXVLQJRQO\ZRUNZLWK UHODWLRQDOGDWDEDVHV8KLVLVEHFDXVHRIKRZ UHODWLRQDOGDWDEDVHVDUHFRQVWUXFWHG8KHHOHPHQWVRI DUHODWLRQDOGDWDEDVHDUHXQLTXH8KHSULPDU\NH\ LQVXUHVWKLVXQLTXHQHVV 8KDWLV WKHUHDUHQRWZR HOHPHQWVZKLFKDUHH[DFWO\DOLNH8KLVDOORZVXVWR VHOHFWVSHFLILFHOHPHQWVWRSODFHLQWRRXUTXHULHV ;LWKRXWWKHHOHPHQWVRIWKHUHODWLRQDOGDWDEDVHEHLQJ XQLTXHIURPDOORWKHUHOHPHQWV ZHFRXOGQRWSHUIRUP WKHVHSURFHGXUHV

-J;F )F;DJ>;
#OLFNH;7J;+K;HO?D;I?=D0?;M

-J;F::J78B;I

 #OLFN&XHOWRKLJKOLJKWLW  #OLFN::B?9ABEI;

&LJXUH!GG8DEOHVRU5XHU\ZLQGRZ

)7>



-RYHWKHFXUVRURYHUWKHERWWRPHGJHRIWKHIXHOWDEOH &LJXUH 8KHFXUVRUEHFRPHDVLQJOHDUURZZLWK WZRKHDGV$UDJWKHERWWRPRIWKHWDEOHWRPDNHLW ORQJHUDQGHDVLHUWRVHHDOORIWKHILHOGVLQWKHWDEOH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH&XHOWDEOHLQTXHU\ -J;F::;J78B;7JJ>;8EJJEC

 $RXEOH FOLFNWKH&XHO)$ILHOGLQWKH&XHOWDEOH  $RXEOH FOLFNWKH/GRPHWHUILHOG  $RXEOH FOLFNWKH&XHO5XDQWLW\ILHOG

-J;F-;JJ>;9H?J;H?ED<EHJ>;GK;HO

;HZDQWWRWKHTXHU\V&XHO)$WREHJLQZLWKWKHQXPHUDO  8\SH LQWKH#ULWHULRQFHOOXQGHU&XHO)$LQWKHTXHU\WDEOH  #OLFNWKH6XQ5XHU\LFRQLQWKH5XHU\$HVLJQWRROEDU8KLVLFRQ LVFLUFOHGLQ&LJXUH

&LJXUH5XHU\$HVLJQWRROEDU &LJXUHFRQWDLQVWKH&XHOWDEOHZLWKP\HQWULHVDQGWKHTXHU\ UHVXOWVEDVHGXSRQWKH&XHOWDEOH

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH&XHOWDEOHDQGTXHU\RIWKHIXHOWDEOH -J;F-7L;7D:9BEI;J>;GK;HO

7LQFHWKLVTXHU\FRQWDLQVWKHHQGLQJRGRPHWHUUHDGLQJIRURXU FDOFXODWLRQV QDPHLW%QG 6HDGLQJZKHQVDYLQJLW8KHQFORVHWKH TXHU\ -J;FH;7J;J>;GK;HOWR97B9KB7J;J>;
 #OLFNH;7J;+K;HO?D;I?=D0?;MWRRSHQDQHZTXHU\  !GGWKH&XHOWDEOHWRWKHTXHU\MXVWDV\RXGLGLQVWHS!GG WDEOHV"XW :EDEJFORVHWKH!GG8DEOHVZLQGRZ  !GGWKH%QG 6HDGLQJTXHU\WRWKLVTXHU\ D #OLFNWKH5XHU\UDGLREXWWRQWRJHWWKHOLVWRITXHULHVLQWKH GDWDEDVH&LJXUH 

&LJXUH7HOHFWLQJTXHULHVWRDGGWRDQRWKHUTXHU\ E #OLFN%QG 6HDGLQJ F #OLFN:: DQGWKHQFOLFNBEI; -J;F::;J78B;7JJ>;8EJJECE<J>;GK;HO

;HDUHJRLQJWRFDOFXODWHWKHIXHOHFRQRP\8RGRWKLVZHQHHGWKH &XHO5XDQWLW\DQGGLVWDQFHWUDYHOHG7LQFHWKH&XHO5XDQWLW\ZHZDQW WRXVHLVDWWKHHQGLQJRGRPHWHUUHDGLQJ ZHZLOOXVHWKH%QG 6HDGLQJTXHU\WRJHWLW;HZLOODOVRXVHWKH/GRPHWHUILHOGIURPWKH &XHOWDEOHDQG%QG 6HDGLQJTXHU\



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH8DEOHVLQWKLVTXHU\  $RXEOH FOLFN&XHO5XDQWLW\LQWKH%QG 6HDGLQJTXHU\  $RXEOH FOLFN/GRPHWHULQWKH%QG 6HDGLQJTXHU\  $RXEOH FOLFN/GRPHWHULQWKH&XHOWDEOH

&LJXUH!GGHGILHOGVWRWKHTXHU\ -J;FDJ;HJ>; K;B#:?<<;H;D9;
;HZDQWWKHGLIIHUHQFHEHWZHHQWKH&XHO)$YDOXHRIWKH&XHOWDEOH DQG&XHO)$YDOXHRIWKH%QG 6HDGLQJTXHU\WRHTXDORQH   8\SH"B8 ,958=B; #I9@&! #I9@ #I9@&!LQWKHILHOGWRWKH ULJKWRIWKH/GRPHWHUILHOGRIWKH&XHO8DEOH&LJXUH  8\SHWKHQXPHUDORQH LQWKH#ULWHULRQFHOORIWKLVFROXPQ

&LJXUH8\SLQJLQFDOFXODWLRQRIILHOGV  #DOFXODWHWKHGLVWDQFHWUDYHOHG&LJXUH 

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



l 8\SH"B8 ,958=B; *8CA9H9FQ#I9@ *8CA9H9FLQWKH &LHOGFHOO

l 8\SHLQWKH#ULWHULRQFHOO

&LJXUH&LHOGIRUGLVWDQFHWUDYHOHGFDOFXODWLRQV  #DOFXODWHIXHOHFRQRP\&LJXUH  8\SH"B8 ,958=B; *8CA9H9FQ#I9@ *8CA9H9F"B8 ,958=B;&XHO5XDQWLW\LQWKH&LHOGLQWKHQH[WFROXPQWRWKH ULJKW

&LJXUH&XHOHFRQRP\FDOFXODWLRQILHOG

/CB7=<



;KHQHQWHULQJILHOGVIRUWKHVHFDOFXODWLRQV \RXPXVW IROORZWKLVIRUPDWWDEOHRUTXHU\QDPHIROORZHGE\D SHULRGIROORZE\WKHILHOGQDPH&RUK\SKHQDWHGRU PXOWLSOH ZRUGQDPHVWDEOHRUTXHU\ XVHGRXEOH TXRWHVDURXQGWKHWDEOHRUTXHU\QDPH8KHTXHU\ ZLOOWKHQDGGWKHUHVWRIWKHGRXEOHTXRWHVDVLQ &LJXUH 9VHWKHDULWKPHWLFDOV\PEROEHWZHHQWKHWZR-RUH WKDQRQHFDOFXODWLRQFDQEHGRQHE\XVLQJ SDUHQWKHVHVWRJURXSWKHDULWKPHWLFDORSHUDWLRQV

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

-J;F,KDJ>;GK;HO7D:C7A;IEC;CE:?
!IWHUZHUXQWKHTXHU\WRPDNHVXUHLWZRUNVFRUUHFWO\ ZHZLOOKLGH DOORIWKHILHOGVWKDWZHGRQRWQHHG  #OLFNWKH6XQ5XHU\LFRQLQWKH$HVLJQ5XHU\WRROEDU&LJXUH  8KHUHVXOWVDUHLQ&LJXUH

&LJXUH6HVXOWRIUXQQLQJWKHIXHOHFRQRP\TXHU\ .RWLFHWKDWQRWDOORIWKHODVWFROXPQODEHOLVYLVLEOHEHFDXVH VRPHRIWKHODEHOVDUHORQJ;HFDQIL[WKLVSUREOHPE\XVLQJDQ DOLDVIRUPDQ\RIWKHILHOGV8KHODEHOVDUHUHSODFHGE\WKHLU DOLDVHV  !GG!OLDVHV 8\SHLQWKHDOLDVHVDVWKH\DUHOLVWHGLQ&LJXUH

&LJXUH5XHU\WDEOHZLWKDOLDVHVDGGHG  6XQWKHTXHU\DJDLQ8KHUHVXOWVDUHLQ&LJXUH

&LJXUH5XHU\UXQZLWKDOLDVHV ;HUHDOO\GRQRWQHHGWKHFROXPQVKRZLQJWKHGLIIHUHQFH EHWZHHQWKH&XHO)$ILHOGVIURPWKHWDEOHDQGTXHU\7R ZHZLOO KLGHLW;KLOHLWZLOOQRWEHYLVLEOH LWZLOOVWLOOEHXVHGLQWKH FDOFXODWLRQV  (LGHDILHOGWKDWGRHVQRWQHHGWREHVHHQ 6HPRYHWKHFKHFNLQWKHER[RIWKH:LVLEOHFHOODVLQ&LJXUH

&LJXUH-DNLQJDILHOGLQYLVLEOHLQDTXHU\UXQ #KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



 6HUXQWKHTXHU\&LJXUH 

&LJXUH5XHU\UXQZLWKDOLDVHV -J;F BEI;I7L;7D:D7C;J>;GK;HO

-\VXJJHVWLRQIRUDQDPHLV&XHO%FRQRP\ 8KHUHDUHREYLRXVO\RWKHUFDOFXODWLRQVWKDWFDQEHPDGHLQWKLVTXHU\ VXFKDVFRVWSHUGLVWDQFHWUDYHOHGDQGKRZPXFKRIWKHFRVWEHORQJV WRHDFKRIWKHSD\PHQWVW\SHV

#=B3

8RIXOO\XVHTXHULHVUHTXLUHVDNQRZOHGJHRI PDWKHPDWLFVDQGVSHFLILFDOO\VHWRSHUDWLRQVXQLRQV LQWHUVHFWLRQV DQG RU FRPSOHPHQWV DQGDQ\ FRPELQDWLRQVRIWKHVH &RUH[DPSOH ZHOLVWHGDOORIRXU FULWHULDLQRQHURZ8KDWPHDQVWKDWDOORIWKHVHFULWHULD KDYHWREHPHWEHIRUHDURZRIYDOXHVZLOOEHFUHDWHGLQ WKHTXHU\8KLVLVKRZWKHDQGRSHUDWRUZRUNVRQVHWV )WDOVRUHTXLUHVKDYLQJDFRS\RIWKH(VTOGE9VHU'XLGH DYDLODEOHIURPKWWSKVTOGERUJ

@3/B7<5@3>=@BA 6HSRUWVSURYLGHLQIRUPDWLRQIRXQGLQWKHGDWDEDVHLQDXVHIXOZD\)Q WKLVWKH\DUHVLPLODUWRTXHULHV6HSRUWVDUHJHQHUDWHGIURPWKH GDWDEDVHvVWDEOHVRUTXHULHV8KH\FDQFRQWDLQDOORIWKHILHOGVRIWKH WDEOHRUTXHU\RUMXVWDVHOHFWHGJURXSRIILHOGV6HSRUWVFDQEHVWDWLF RUG\QDPLF7WDWLFUHSRUWVFRQWDLQWKHGDWDLQWKHVHOHFWHGILHOGVDW WKHWLPHWKHUHSRUWZDVFUHDWHG$\QDPLFUHSRUWVFDQEHXSGDWHGWR VKRZWKHODWHVWGDWD

/CB7=<



$\QDPLFUHSRUWVXSGDWHRQO\WKHGDWDWKDWLVFKDQJHG RUDGGHGWRDWDEOHRUTXHU\)WGRHVDEJVKRZDQ\ PRGLILFDWLRQVPDGHWRDWDEOHRUTXHU\&RUH[DPSOH RSHQWKHIXHOHFRQRP\TXHU\\RXMXVWFUHDWHG&RUWKH %QG 6HDGLQJt/GRPHWHUq&XHOt/GRPHWHUtFROXPQ FKDQJHWKHQXPEHUWRWKHQXPEHU7<J;HFUHDWLQJ WKHUHSRUWEHORZ8KHUHSRUWZLOOEHLGHQWLFDOEHIRUH DQGDIWHU\RXPDNHWKHFKDQJH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&RUH[DPSOH DUHSRUWRQYDFDWLRQH[SHQVHVGLYLGHGLQWRFDWHJRULHV VKRXOGSUREDEO\EHDVWDWLFUHSRUWEHFDXVHLWLVEDVHGXSRQVSHFLILF GDWDWKDWGRHVQRWFKDQJH(RZHYHU DUHSRUWRQWKHIXHOGDWDVKRXOG SUREDEO\EHDG\QDPLFUHSRUW EHFDXVHWKLVUHSRUWGHSHQGVXSRQGDWD WKDWGRHVFKDQJH

/CB7=<

!OOUHSRUWVDUHEDVHGXSRQDVLQJOHWDEOHRUTXHU\7R \RXQHHGILUVWWRGHFLGHZKDWILHOGV\RXZDQWWRXVHLQ WKHUHSRUW)I\RXZDQWWRXVHILHOGVIURPGLIIHUHQW WDEOHV \RXPXVWILUVWFRPELQHWKHVHILHOGVLQDVLQJOH TXHU\8KHQ\RXFDQFUHDWHDUHSRUWRQWKLVTXHU\

!QH[DPSOHRIWKLVFDXWLRQLVFUHDWLQJDUHSRUWRQYDFDWLRQH[SHQVHV &XHOFRVWVDUHRQHSDUWRIWKDWUHSRUWDVDUHPHDOFRVWV8KHVHYDOXHV DUHFRQWDLQHGLQILHOGVRIWZRGLIIHUHQWWDEOHV:DFDWLRQVDQG&XHO7R WKLVUHSRUWUHTXLUHVFUHDWLQJDTXHU\

@3/B7<5/AB/B71@3>=@B ;HZLOOFUHDWHDUHSRUWRQYDFDWLRQH[SHQVHV#HUWDLQTXHVWLRQVQHHG WREHDVNHGEHIRUHFUHDWLQJWKHUHSRUW

l l l l

;KDWLQIRUPDWLRQGRZHZDQWLQWKHUHSRUW (RZGRZHZDQWWKHLQIRUPDWLRQDUUDLJQHG ;KDWILHOGVDUHUHTXLUHGWRSURYLGHWKLVLQIRUPDWLRQ ;LOODTXHU\KDYHWREHFUHDWHGEHFDXVHWKHVHILHOGVDUHLQ GLIIHUHQWWDEOHV

l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

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



8KHILHOGVZHZLOOQHHGIRUWKHILUVWUHSRUWIURPWKH:DFDWLRQVWDEOH DUH$DWH -RWHO 8ROO "UHDNIDVW ,XQFK 7XSSHU 7QDFN#RVW DQG -LVFHOODQHRXV8KLVUHSRUWZLOOQRWUHTXLUHDQDGGLWLRQDOTXHU\ 8KHVHFRQGUHSRUWLQYROYHVWKH&XHOWDEOH7LQFHIXHOZDVSXUFKDVHG DQGHQWHUHGLQWRWKLVWDEOHDWWLPHVRWKHUWKDQGXULQJWKHYDFDWLRQ D TXHU\QHHGVWREHFUHDWHGWKDWFRQWDLQVRQO\WKHIXHOSXUFKDVHG GXULQJWKHYDFDWLRQ 0797J?EDIJ78B;H;FEHJ  #UHDWHDQHZUHSRUW D #OLFNWKH6HSRUWVLFRQLQWKH$DWDEDVHOLVWLQWKH!XWRPRELOH q/SHQ/IILFHRUJZLQGRZ E )QWKH8DVNVOLVW FOLFN/I;1?P7H:JEH;7J;,;FEHJ8KH 6HSRUW;L]DUGZLQGRZRSHQV  7HOHFWWKHILHOGV D 7HOHFW8DEOH:DFDWLRQVLQWKH8DEOHVRU5XHULHVGURSGRZQ OLVW E 9VHWKHWRPRYHWKHVHILHOGVIURPWKH!YDLODEOHILHOGVOLVWWR WKH&LHOGVLQUHSRUWOLVW$DWH -RWHO 8ROOV -LVFHOODQHRXV "UHDNIDVW ,XQFK 7XSSHU DQG7QDFN#RVW&LJXUH #OLFN (;NJ

&LJXUH!GGLQJILHOGVWRDUHSRUW  ,DEHOWKHILHOGVDQVZHULQJWKHTXHVWLRQ(RZGR\RXZDQWWR ODEHOWKHILHOGV

l #OLFNWKHILHOGODEHO\RXZDQWWRFKDQJHDQGPDNH\RXU FKDQJHVDV\RXZRXOGLQDQ\WH[WER[

l 7KRUWHQ-LVFHOODQHRXVWR-LVF#OLFN(;NJ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 7LQFHZHDUHJURXSLQJE\WKHGDWH XVHWKHEXWWRQWRPRYHWKH $DWHILHOGWRWKH'URXSLQJOLVW#OLFN(;NJ

&LJXUH7HOHFWLQJILHOGVIRUJURXSLQJGDWD  7RUWRSWLRQV ;HGRQRWZDQWWRGRDQ\DGGLWLRQDOVRUWLQJ#OLFN(;NJ  #KRRVHOD\RXW ;HZLOOEHXVLQJWKHGHIDXOWVHWWLQJVIRUWKHOD\RXW#OLFN(;NJ  #UHDWHUHSRUW

l ,DEHOWKHUHSRUW:DFDWLRQ%[SHQVHV l 7HOHFW7WDWLFUHSRUW l #OLFN ?D?I>;:

#=B3

)I\RXIHHODGYHQWXURXV WU\VHOHFWLQJVRPHRIWKHRWKHU OD\RXWFKRLFHV!IWHUVHOHFWLQJDFKRLFH GUDJDQGGURS WKH6HSRUW;L]DUGZLQGRZVRWKDW\RXFDQVHHZKDW \RXKDYHVHOHFWHG-RYHWKHFXUVRURYHUWKH(HDGLQJ RIWKLVZLQGRZ DQGWKHQGUDJDQGGURS

0797J?ED
#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH7HWWLQJWKHFULWHULRQIRUDTXHU\  7DYH QDPH DQGFORVHWKHTXHU\7XJJHVWLRQ:DFDWLRQ&XHO 0XUFKDVHV

)7>

;KHQXVLQJGDWHVLQDTXHU\ HQWHUWKHPLQQXPHULFDO IRUP--$$====RU$$--====GHSHQGLQJXSRQ \RXUODQJXDJHVGHIDXOWVHWWLQJIRUGDWHVP\GHIDXOW VHWWLQJLV--$$====  !OOGDWHVPXVWKDYHDEHIRUHDQGDIWHULW(HQFH -D\  LVZULWWHQRU GHSHQGLQJXSRQ\RXUODQJXDJHVGHIDXOW VHWWLQJ

 /SHQDQHZUHSRUW

l 6LJKW FOLFNWKH:DFDWLRQ&XHO0XUFKDVHVTXHU\ l 7HOHFW6HSRUW;L]DUGIURPWKHFRQWH[WPHQX

#=B3

;KHQDQHZUHSRUWLVRSHQHGLQWKLVZD\ WKHTXHU\ XVHGWRRSHQLWLVDXWRPDWLFDOO\VHOHFWHGLQWKH8DEOHV RU5XHULHVGURSGRZQOLVW

 #UHDWHWKHUHSRUW 9VHWRPRYHERWKILHOGVIURPWKH!YDLODEOH&LHOGVWRWKH &LHOGVLQ6HSRUWOLVW#OLFN(;NJ  ,DEHOILHOGV !GGDVSDFHWR&XHO#RVWWRPDNHLW&XHO#RVWWZRZRUGV #OLFN (;NJ  'URXSILHOGV #OLFN$DWHWRKLJKOLJKWLW9VHWRPRYHWKH$DWHILHOGWRWKH 'URXSLQJVOLVW#OLFN(;NJ  #KRRVHOD\RXW ;HZLOOEHPDNLQJQRFKDQJHVLQWKHOD\RXW#OLFN(;NJ  #UHDWHUHSRUWILQDOVHWWLQJV  

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

l 9VHWKHVXJJHVWHGQDPH ZKLFKLVWKHVDPHDVWKHTXHU\ l 7HOHFW7WDWLFUHSRUW l #OLFN ?D?I>

@3/B7<5/2G=@B ;HZLOOFUHDWHDUHSRUWZLWKVRPHVWDWLVWLFVRQRXUIXHOFRQVXPSWLRQ 8RGRWKLV ZHKDYHWRPRGLI\WZRTXHULHV%QG 6HDGLQJDQG&XHO %FRQRP\;HZLOOEHDGGLQJWKH&XHO#RVWILHOGWRWKH%QG 6HDGLQJ TXHU\8KHQZHZLOODGGWKH&XHO#RVWILHOGIURPWKH%QG 6HDGLQJ TXHU\WRWKH&XHO%FRQRP\TXHU\

)7>

;KHQRSHQLQJDTXHU\WRHGLWLW LWPLJKWDSSHDUDVLQ &LJXUH)I\RXPRYH\RXUFXUVRURYHUWKHEODFNOLQH FLUFOHG LWEHFRPHVDGRXEOH KHDGHGDUURZ$UDJDQG GURSLWWRDORZHUSRVLWLRQ

&LJXUH!SSHDUDQFHRITXHU\ZKHQRSHQHGIRUHGLWLQJ  !GGWKH&XHO#RVWILHOGWRWKH%QG 6HDGLQJTXHU\

l )QWKH&XHOWDEOHOLVW GRXEOH FOLFNWRDGG&XHO#RVWWRWKH ERWWRPWDEOH&LJXUH 

l 7DYHDQGFORVHWKHTXHU\  6LJKW FOLFNWKH%QG 6HDGLQJTXHU\DQGVHOHFW:?JIURPWKH FRQWH[WPHQX

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH!GGLQJDQDGGLWLRQDOILHOGWRWKHTXHU\  !GGWKH&XHO#RVWILHOGIURPWKH%QG 6HDGLQJTXHU\WRWKH&XHO %FRQRP\TXHU\

l 6LJKW FOLFNWKH&XHO%FRQRP\TXHU\DQGVHOHFW:?JIURPWKH FRQWH[WPHQX

l $RXEOH FOLFNWKH&XHO#RVWILHOGLQWKH%QG 6HDGLQJTXHU\OLVW WRDGGLWWRWKHTXHU\WDEOHDWWKHERWWRP  !GGDFDOFXODWLRQILHOGWRWKHULJKWRIWKH&XHO#RVWILHOG

l 8\SHWKHIROORZLQJLQDQ&LHOGFHOOLQWKHWDEOHDWWKH ERWWRP"B8 ,958=B; #I9@ CGH"B8 ,958=B; *8CA9H9FQ#I9@ *8CA9H9F

l 8\SHWKHIROORZLQJLQLWV!OLDVFHOO      #=B3

)I\RXXVHWKHPHWULFV\VWHP     LVWKH DSSURSULDWHDOLDV

 7DYHDQGFORVHWKHTXHU\  /SHQDQHZUHSRUW 6LJKW FOLFNWKH&XHO%FRQRP\TXHU\DQGVHOHFW,;FEHJ1?P7H:  7HOHFWILHOGV -RYHDOOWKHILHOGVIURPWKH!YDLODEOHILHOGVWRWKH&LHOGVLQ UHSRUWOLVW9VHWKHWRGRVR#OLFN(;NJ  ,DEHOILHOGV #KDQJH&XHO#RVWWR&XHO#RVWE\SODFLQJDVSDFHEHWZHHQWKH ZRUGV#OLFN(;NJ  'URXSILHOGV 9VHWRPRYHWKH$DWHILHOGWRWKH'URXSLQJVOLVW#OLFN(;NJ  7RUWRSWLRQVWKHZL]DUGVNLSSHGWKLVRQH  #KRRVHOD\RXW !FFHSWWKHGHIDXOW#OLFN(;NJ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #UHDWHWKHUHSRUW

l #KDQJHWKHUHSRUWQDPHWR&XHO7WDWLVWLFV l 8KHGHIDXOWVHWWLQJLV$\QDPLFUHSRUW VRQRFKDQJHLV QHFHVVDU\

l 7HOHFW-RGLI\UHSRUWOD\RXW l #OLFN ?D?I>

"=274G7<5/@3>=@B !WWKHHQGRIWKHODVWVHFWLRQ ZHOHIWWKH&XHO7WDWLVWLFVUHSRUWRSHQ LQWKHHGLWPRGH&LJXUH ;HZLOOEHZRUNLQJRQWKDWUHSRUW 8KHVHVDPHVWHSVFDQEHXVHGZLWKDQ\UHSRUWWKDW\RXRSHQIRU HGLWLQJ

&LJXUH!UHSRUWLQHGLWPRGH 8KH!XWKRULVWKHQDPH\RXOLVWHGLQ.EEBI)FJ?EDI )F;D)<7D=;J>;:7J;

 #OLFNWRWKHULJKWRIWKHGDWH VRWKDWWKHFXUVRULVQH[W WRWKHILHOG9VHWKH"DFNVSDFHNH\WRHUDVHWKHGDWH  #DI;HJ ?;B:I7J;8KLVSODFHVWRGD\vVGDWHZKHUHWKH RULJLQDOGDWHZDV  #KDQJLQJWKHGDWHIRUPDWLQJ D $RXEOH FOLFNWKHGDWHILHOG\RXMXVWLQVHUWHG8KH%GLW&LHOGV $RFXPHQWZLQGRZRSHQV&LJXUH  E 7LQFHWKLVLVDG\QDPLFUHSRUW FKDQJHWKH7HOHFWILHOGIURP $DWHIL[HG WR$DWH F #KDQJHWKH&RUPDWWRZKDW\RXGHVLUH)XVHWKH&ULGD\ $HFHPEHU FKRLFH #OLFN)%

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH-RGLI\LQJDGDWHILHOG -J;F>7D=;J>;9EBKCDM?:J>I

8KHFROXPQZLGWKVFDQEHFKDQJHGE\PRYLQJWKHFXUVRURYHUWKH ULJKWERUGHURIHDFKFROXPQVRWKDWLWEHFRPHVDGRXEOH KHDGHG DUURZ8KHQGUDJDQGGURSLWWRZKHUH\RXZDQWLW8KLVKDVWREH GRQHIRUHDFKFROXPQLQHDFKWDEOHLQWKHUHSRUW8KLVFDQDOVREH GRQHZLWKWKHODVWFROXPQRQWKHULJKWHYHQWKRXJKWKHUHLVQREODFN ERUGHU)WVKRXOGQRZORRNVRPHWKLQJOLNH&LJXUH

&LJXUH6HDOLJQHGFROXPQVLQDUHSRUW -J;F>7D=;J>;DKC8;H<EHC7J?D=?DJ>;9;BBI

8KHIXHOTXDQWLW\VKRXOGKDYHWKUHHGHFLPDOSODFHV8KH"HJLQ %QG DQG$LVWDQFHVKRXOGKDYHRQHGHFLPDOSODFH&XHO#RVWVKRXOGEH FXUUHQF\DQGKDYHWZRGHFLPDOSODFHV DQG#RVWSHUPLOHVKRXOGKDYH WKUHHGHFLPDOSODFHV  6LJKW FOLFNWKHFHOOEHORZ5XDQWLW\WRRSHQWKHFRQWH[WPHQX 8KHFHOOLVFLUFOHGLQUHGLQ&LJXUH  7HOHFW(KC8;H<EHC7J

 )QWKH/SWLRQVVHFWLRQ&LJXUH D #KDQJHWKHQXPEHURI$HFLPDOSODFHVWR E #OLFNWKHJUHHQFKHFNPDUN#OLFN)%  #KDQJHWKH#RVWSHUPLOHILHOG D 6LJKW FOLFNLQWKHFHOOEHORZ&XHO#RVW E 7HOHFW(KC8;H EHC7J F )QWKH#DWHJRU\OLVW VHOHFW#XUUHQF\#OLFN)%



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH/SWLRQVHFWLRQRIWKH.XPEHU&RUPDWLQJZLQGRZ  #KDQJHWKH&XHO#RVWILHOG D 6LJKW FOLFNLQWKHFHOOEHORZ#RVWSHUPLOH E 7HOHFW(KC8;H EHC7J F )QWKH#DWHJRU\OLVW VHOHFW#XUUHQF\ G )QWKH/SWLRQVHFWLRQ

l 7HWWKHQXPEHURIGHFLPDOSODFHVWR l #OLFNWKHJUHHQFKHFNPDUN H #OLFN)% -J;F-7L;7D:9BEI;J>;H;FEHJ

$RXEOH FOLFNWKHUHSRUW)WVKRXOGQRZORRNOLNH&LJXUH

"=@3E/GAB=1@3/B3@3>=@BA !QH[WHQVLRQLVDYDLODEOHWRDVVLVWLQUHSRUWFUHDWLRQ7XQ6HSRUW "XLOGHUFUHDWHVVW\OLVK FRPSOH[GDWDEDVHUHSRUWV=RXFDQGHILQH JURXSDQGSDJHKHDGHUV JURXSDQGSDJHIRRWHUV DQGFDOFXODWLRQ ILHOGV)WLVDYDLODEOHIURPKWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ 8RLQVWDOOWKLVH[WHQVLRQ IROORZWKHVHVWHSV  7HOHFW.EEBINJ;DI?ED'7D7=;HIURPWKHPHQXEDU)QWKH %[WHQVLRQ-DQDJHUGLDORJ FOLFN!;JCEH;;NJ;DI?EDI>;H;

  8KH//RH[WHQVLRQVSDJHRSHQVLQ\RXUEURZVHUZLQGRZ&LQG DQGVHOHFWWKHH[WHQVLRQ\RXZDQWWRLQVWDOODQGIROORZWKH SURPSWVWRLQVWDOOLW$XULQJLQVWDOODWLRQ \RXZLOOEHDVNHGWR DFFHSWDOLFHQVHDJUHHPHQW  ;KHQWKHLQVWDOODWLRQLVFRPSOHWH WKHH[WHQVLRQLVOLVWHGLQWKH %[WHQVLRQ-DQDJHUGLDORJ &RUPRUHDERXWH[WHQVLRQV VHH#KDSWHU#XVWRPL]LQJ /SHQ/IILFHRUJ 

#KDSWHU'HWWLQJ7WDUWHGZLWK"DVH



&LJXUH&LQDOUHSRUW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !;JJ?D=-J7HJ;:M?J> '7J> /SHQ/IILFHRUJVHTXDWLRQHGLWRU ,6/B7A"/B6 -DWKLV/SHQ/IILFHRUJ//R vVFRPSRQHQWIRUZULWLQJPDWKHPDWLFDO HTXDWLRQV)WLVPRVWFRPPRQO\XVHGDVDQHTXDWLRQHGLWRUIRUWH[W GRFXPHQWV EXWLWFDQDOVREHXVHGZLWKRWKHUW\SHVRIGRFXPHQWVRU VWDQG DORQH;KHQXVHGLQVLGH;ULWHU WKHHTXDWLRQLVWUHDWHGDVDQ REMHFWLQVLGHWKHWH[WGRFXPHQW

#=B3

8KHHTXDWLRQHGLWRULVIRUZULWLQJHTXDWLRQVLQV\PEROLF IRUPDVLQHTXDWLRQ )I\RXZDQWWRHYDOXDWHD QXPHULFYDOXH VHHWKH#DOF'XLGH

           





3BB7<5AB/@B32 8RLQVHUWDQHTXDWLRQ JRWR#DI;HJ)8@;9J EHCKB7 8KHHTXDWLRQHGLWRURSHQVDWWKHERWWRPRIWKHVFUHHQ DQGWKH IORDWLQJ7HOHFWLRQZLQGRZDSSHDUV=RXZLOODOVRVHHDVPDOOER[ZLWK DJUD\ERUGHU LQ\RXUGRFXPHQW ZKHUHWKHIRUPXODZLOOEH GLVSOD\HG DVVKRZQLQ&LJXUH #KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



&LJXUH%TXDWLRQ%GLWRU 7HOHFWLRQZLQGRZ DQGORFDWLRQRI UHVXOWLQJHTXDWLRQ 8KHHTXDWLRQHGLWRUXVHVDPDUNXSODQJXDJHWRUHSUHVHQWIRUPXODV &RUH[DPSOH EHWDFUHDWHVWKH'UHHNFKDUDFWHUEHWD 8KLV PDUNXSLVGHVLJQHGWRUHDGVLPLODUWR%QJOLVKZKHQHYHUSRVVLEOH&RU H[DPSOH DRYHUESURGXFHVDIUDFWLRQ




l 7HOHFWDV\PEROIURPWKH7HOHFWLRQZLQGRZ l 6LJKW FOLFNRQWKHHTXDWLRQHGLWRUDQGVHOHFWWKHV\PEROIURPWKH FRQWH[WPHQX

l 8\SHPDUNXSLQWKHHTXDWLRQHGLWRU 8KHFRQWH[WPHQXDQGWKH7HOHFWLRQZLQGRZLQVHUWWKHPDUNXS FRUUHVSRQGLQJWRDV\PERO)QFLGHQWDOO\ WKLVSURYLGHVDFRQYHQLHQW ZD\WROHDUQWKH//R-DWKPDUNXS



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

#OLFNRQWKHGRFXPHQWERG\WRH[LWWKHIRUPXODHGLWRU $RXEOH FOLFNRQDIRUPXODWRHQWHUWKHIRUPXODHGLWRU DJDLQ

)63(3:31B7=<E7<2=E 8KHVLPSOHVWPHWKRGIRUHQWHULQJDIRUPXODLVWKH7HOHFWLRQZLQGRZ VKRZQLQ&LJXUH

#DWHJRULHV

7\PEROV

&LJXUH7\PEROVDUHGLYLGHGLQWRFDWHJRULHV 8KH7HOHFWLRQZLQGRZLVGLYLGHGLQWRWZRPDLQSRUWLRQV

l 8KHJEFVKRZVWKHV\PEROFDWHJRULHV#OLFNRQWKHVHWRFKDQJH WKHOLVWRIV\PEROV

l 8KH8EJJECVKRZVWKHV\PEROVDYDLODEOHLQWKHFXUUHQWFDWHJRU\ )7>

=RXFDQKLGHRUXQKLGH WKH7HOHFWLRQZLQGRZZLWK 0?;M-;B;9J?ED

F/;>:3 



&RUWKLVH[DPSOHZHZLOOHQWHUDVLPSOHIRUPXOD  /QWKH 7HOHFWLRQZLQGRZ  7HOHFWWKHWRS OHIWEXWWRQRIWKHFDWHJRULHVWRS VHFWLRQ &LJXUH   #OLFNRQWKHPXOWLSOLFDWLRQV\PEROVKRZQLQ&LJXUH 

#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



9QDU\ELQDU\RSHUDWRUV

-XOWLSOLFDWLRQ

&LJXUH9QDU\ELQDU\RSHUDWRUV ;KHQ\RXVHOHFWWKHPXOWLSOLFDWLRQV\PERORQWKH7HOHFWLRQZLQGRZ WZRWKLQJVKDSSHQ

l 8KHHTXDWLRQHGLWRUVKRZVWKHPDUNXS  l 8KHERG\RIWKHGRFXPHQWVKRZVDJUD\ER[ZLWKWKHILJXUH 

&LJXUH8KHPXOWLSOLFDWLRQV\PERO 8KHstV\PEROV&LJXUH DUHSODFHKROGHUVWKDW\RXFDQ UHSODFHE\RWKHUWH[W8KHHTXDWLRQZLOOXSGDWHDXWRPDWLFDOO\ DQGWKH UHVXOWVKRXOGUHVHPEOH&LJXUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH6HVXOWRIHQWHULQJDQGQH[WWRWKHWLPHV RSHUDWRU

)7>

8RNHHSWKHHTXDWLRQIURPXSGDWLQJDXWRPDWLFDOO\ VHOHFW 0?;MKJE/F:7J;:?IFB7O 8RXSGDWHDIRUPXODPDQXDOO\ SUHVV& RUVHOHFW0?;M /F:7J;

'756B1:719;3
&LJXUH6LJKW FOLFNPHQX #KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



#=B3

8KHHQWULHVLQWKLVPHQXFRUUHVSRQGH[DFWO\WRWKRVHLQ WKH7HOHFWLRQZLQGRZ

"/@9C> =RXFDQW\SHWKHPDUNXSGLUHFWO\RQWKHHTXDWLRQHGLWRU&RUH[DPSOH \RXFDQW\SHsWLPHVtWRREWDLQ  )I\RXNQRZWKHPDUNXS WKLVFDQEHWKHIDVWHVWZD\WRHQWHUDIRUPXOD

)7>

!VDPQHPRQLF WKHIRUPXODPDUNXSUHVHPEOHVWKHZD\ WKHIRUPXODUHDGVLQ%QJOLVK

"HORZLVDVKRUWOLVWRIFRPPRQHTXDWLRQVDQGWKHLUFRUUHVSRQGLQJ PDUNXS

%-+'3

*(()

%-+'3

*(()



DE



VTUW^D`



DB



DCQ

    

LQWI[ G[

 

VXPDCQ



DE



LQILQLW\



DWLPHVE



[FGRW\

@33916/@/1B3@A 'UHHNFKDUDFWHUV     HWF DUHFRPPRQLQPDWKHPDWLFDO IRUPXODV8KHVHFKDUDFWHUVDUHQRWDYDLODEOHLQWKHVHOHFWLRQER[RU WKHULJKW FOLFNPHQX&RUWXQDWHO\ WKHPDUNXSIRU'UHHNFKDUDFWHUVLV VLPSOH8\SHDVLJQIROORZHGWKHQDPHRIWKHFKDUDFWHU LQ%QJOLVK

l 8RW\SHDORZHUFDVHFKDUDFWHU ZULWHWKHQDPHRIWKHFKDUDFWHULQ ORZHUFDVH

l 8RW\SHDQXSSHUFDVHFKDUDFWHU ZULWHWKHQDPHRIWKHFKDUDFWHU LQXSSHUFDVH 7HHWKHWDEOHEHORZIRUVRPHH[DPSOHV

#=B3



!FRPSOHWHWDEOHRI'UHHNFKDUDFWHUVLVLQFOXGHGLQ #KDSWHU-DWK/EMHFWV LQWKH;ULWHU'XLGH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

*1!,-!

++!,-!

5@D<5





'+%





69H5





".





;5AA5





$((





DG=





+-&





D<=





+%&





H<9H5





.%".





!QRWKHUZD\WRHQWHU'UHHNFKDUDFWHUVLVE\XVLQJWKHFDWDORJ ZLQGRZ'RWR.EEBI7J7BE=8KHFDWDORJZLQGRZLVVKRZQLQ &LJXUH9QGHUs7\PERO7HWtVHOHFWs'UHHNtDQGGRXEOH FOLFNRQD 'UHHNOHWWHUIURPWKHOLVW

&LJXUH#DWDORJ XVHGIRUHQWHULQJ'UHHNFKDUDFWHUV

F/;>:3 

 

&RUWKLVH[DPSOHZHZLOOVXSSRVHWKDW

l ;HZDQWWRHQWHUWKHDERYHIRUPXODWKHYDOXHRISLURXQGHGWR GHFLPDOSODFHV 

l ;HNQRZWKHQDPHRIWKH'UHHNFKDUDFWHUsSLt  l "XWZHGRQRWNQRZWKHPDUNXSDVVRFLDWHGZLWKWKH  V\PERO

#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



-J;F 8\SHstIROORZHGE\WKHWH[WsSLt8KLVGLVSOD\VWKH'UHHN FKDUDFWHU  -J;F/SHQWKH7HOHFWLRQZLQGRZ0?;M-;B;9J?ED  -J;F8KH

 V\PEROLVDUHODWLRQ VRZHFOLFNRQWKHUHODWLRQV

EXWWRQ )I\RXKRYHUWKHPRXVHRYHUWKLVEXWWRQ\RXVHHWKH WRROWLSs6HODWLRQVt&LJXUH 

&LJXUH8RROWLSLQGLFDWHVWKH6HODWLRQVEXWWRQ -J;F$HOHWHWKHWH[WDQGDGGstDWWKHHQGRIWKH HTXDWLRQ(HQFHZHHQGXSZLWKWKHPDUNXSsD=G=A9E t 8KHUHVXOWLVVKRZQLQ&LJXUH

&LJXUH&LQDOUHVXOW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

CAB=;7H/B7=
&LJXUH(ROGGRZQWKH#RQWURONH\DQGGRXEOH FOLFNRQWKH ERUGHURIWKHPDWKHGLWRUWRWXUQLWLQWRDIORDWLQJZLQGRZ &LJXUHVKRZVWKHUHVXOW=RXFDQPDNHWKHIORDWLQJZLQGRZEDFN LQWRDQHPEHGGHGIUDPH XVLQJWKHVDPHVWHSV(ROGGRZQWKH #RQWURONH\DQGGRXEOH FOLFNWKHZLQGRZIUDPH

&LJXUH%TXDWLRQHGLWRUDVDIORDWLQJZLQGRZ

#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



=E1/<;/93/4=@;C:/07553@ 8KLVLVRQHRIWKHPRVWFRPPRQTXHVWLRQVSHRSOHDVNDERXW //R-DWK8KHDQVZHULVVLPSOH EXWQRWLQWXLWLYH  7WDUWWKHIRUPXODHGLWRUDQGJRWR EHC7J EDJI?P;

&LJXUH#KDQJLQJWKHIRQWVL]HIRUDIRUPXOD  7HOHFWDODUJHUIRQWVL]HXQGHUs"DVH7L]HtWRS PRVWHQWU\ DV VKRZQLQ&LJXUH

&LJXUH%GLW"DVHVL]HWRS WRPDNHDIRUPXODELJJHU 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KHUHVXOWRIWKLVFKDQJHLVLOOXVWUDWHGLQ&LJXUH

&LJXUH6HVXOWRIFKDQJLQJWKHEDVHIRQWVL]H

=@;C:/:/G=CB 8KHPRVWGLIILFXOWSDUWRIXVLQJ//R-DWKFRPHVZKHQZULWLQJ FRPSOLFDWHGHTXDWLRQV8KLVVHFWLRQSURYLGHVVRPHDGYLFHDERXW ZULWLQJFRPSOH[IRUPXODV

@/193BA/@3G=C@4@73<2A //R-DWKNQRZVQRWKLQJDERXWRUGHURIRSHUDWLRQ=RXPXVWXVH EUDFNHWVWRVWDWHWKHRUGHURIRSHUDWLRQVH[SOLFLWO\#RQVLGHUWKH IROORZLQJH[DPSOH

,&/+

!-/'.

CJ9FL 

  

CJ9FOL P

 

?C/B7=
 

=RXUILUVWUHDFWLRQZRXOGEHWRVLPSO\SUHVVWKH%QWHUNH\(RZHYHU LI \RXSUHVVWKH%QWHUNH\ WKRXJKWKHPDUNXSJRHVWRDQHZOLQH WKH UHVXOWLQJHTXDWLRQGRHVQRW=RXPXVWW\SHWKHQHZOLQHFRPPDQG H[SOLFLWO\8KLVLVLOOXVWUDWHGLQWKHWDEOHEHORZ

#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



,&/+

!-/'.

L M

 

LB9K@=B9 M

 

=;;=< rel="nofollow">@=0:3;/@3/A =E2=/22:7;7BAB=;GAC; 7
,&/+

!-/'. 

GIA:FCA?HCB54?

   

=BH:FCAHCL:H8H RU =BH43L:H8H

    

=BH:FCA,9:



GIAHC=B:=B=HM3O BP

#=B3







RU





  





 

&RUPRUHGHWDLOVRQLQWHJUDOVDQGVXPV VHH#KDSWHU -DWK/EMHFWV LQWKH;ULWHU'XLGH

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

@/193BAE7B6;/B@713A:==9C5:G &RUEDFNJURXQG ZHVWDUWZLWKDQRYHUYLHZRIWKHPDWUL[FRPPDQG

,&/+ A5HF=LO5678P

#=B3

!-/'.

 

6RZVDUHVHSDUDWHGE\WZRvVDQGHQWULHVZLWKLQHDFK URZDUHVHSDUDWHGE\RQH

8KHILUVWSUREOHPSHRSOHKDYHZLWKPDWULFHVLVWKDWEUDFNHWVGRQRW sVFDOHtZLWKWKHPDWUL[

,&/+

!-/'.

A5HF=LO5678P



  

//R-DWKSURYLGHVsVFDODEOHtEUDFNHWV8KDWLV WKHEUDFNHWVJURZLQ VL]HWRPDWFKWKHVL]HRIWKHLUFRQWHQWV9VHWKHFRPPDQGVOHIWDQG ULJKW WRPDNHVFDODEOHEUDFNHWV

,&/+

!-/'.

@9:HA5HF=LO5678PF=;
)7>

  



9VHOHIW?DQGULJKWAWRREWDLQVTXDUHEUDFNHWV

=E2=;/93/23@7D/B7D3 -DNLQJGHULYDWLYHVHVVHQWLDOO\FRPHVGRZQWRRQHWULFN8HOO//RLWvV DIUDFWLRQ )QRWKHUZRUGV \RXKDYHWRXVHWKHsRYHUtFRPPDQG#RPELQHWKLV ZLWKHLWKHUWKHOHWWHUsGtIRUDWRWDOGHULYDWLYH RUWKHsSDUWLDOt FRPPDQGIRUDSDUWLDOGHULYDWLYH WRDFKLHYHWKHHIIHFWRID GHULYDWLYH

#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK



,&/+

!-/'.

O8:PCJ9FO8LP

 

OD5FH=5@:PCJ9FOD5FH=5@MP

 

OD5FH=5@3:PCJ9FOD5FH=5@H3P

   



#=B3

.RWLFHWKDWZHKDGWRXVHVTXLJJO\EUDFNHWVWRPDNH WKHGHULYDWLYH

#C;03@7<53?C/B7=
  



.RZ\RXFDQGRXEOH FOLFNRQWKHIRUPXODWRHGLWLW&RUH[DPSOH KHUH LVWKH6LHPDQQ rel="nofollow">HWDIXQFWLRQ 

    

 



=RXFDQUHIHUHQFHDQHTXDWLRQsDVVKRZQLQ%TXDWLRQ t ZLWK WKHVHVWHSV  #DI;HJHEII H;<;H;D9;  #OLFNRQWKH6HIHUHQFHVWDE&LJXUH   9QGHU8\SH VHOHFW8H[W  9QGHU7HOHFWLRQ SLFNWKHHTXDWLRQQXPEHU  9QGHU&RUPDW FKRRVH6HIHUHQFH  #OLFN#DI;HJ $RQH)I\RXODWHUDGGPRUHHTXDWLRQVWRWKHSDSHUEHIRUHWKH UHIHUHQFHGHTXDWLRQ DOOWKHHTXDWLRQVZLOODXWRPDWLFDOO\UHQXPEHU DQGWKHFURVV UHIHUHQFHVZLOOXSGDWH 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH)QVHUWLQJDFURVV UHIHUHQFHWRDQHTXDWLRQQXPEHU

)7>

8RLQVHUWWKHHTXDWLRQQXPEHUZLWKRXWSDUHQWKHVLV DURXQGLW FKRRVH.XPEHULQJLQVWHDGRI6HIHUHQFH XQGHU&RUPDW

#KDSWHU'HWWLQJ7WDUWHGZLWK-DWK





>7FJ;H *H?DJ?D=NFEHJ?D= 7D: C7?B?D= 8KLVFKDSWHUSURYLGHVJHQHUDOLQIRUPDWLRQDERXWSULQWLQJ H[SRUWLQJ DQGH PDLOLQJGRFXPHQWVIURP//R

&C719>@7
#=B3

=RXFDQFKDQJHWKHDFWLRQRIWKH*H?DJ ?B;?H;9JBO LFRQWRVHQGWKHGRFXPHQWWRWKHSULQWHUGHILQHGIRU WKHGRFXPHQWLQVWHDGRIWKHGHIDXOWSULQWHUIRUWKH FRPSXWHU'RWR.EEBI)FJ?EDI&E7: -7L; !;D;H7BDQGVHOHFWWKH&E7:FH?DJ;HI;JJ?D=IM?J> J>;:E9KC;DJRSWLRQ

=@7
l ;KLFKSULQWHUWRXVHLIPRUHWKDQRQHDUHLQVWDOOHGRQ\RXU V\VWHP DQGWKHSURSHUWLHVRIWKHSULQWHUrIRUH[DPSOH RULHQWDWLRQSRUWUDLWRUODQGVFDSH ZKLFKSDSHUWUD\WRXVH DQG ZKDWSDSHUVL]HWRSULQWRQ8KHSURSHUWLHVDYDLODEOHGHSHQGRQ WKHVHOHFWHGSULQWHUFRQVXOWWKHSULQWHUvVGRFXPHQWDWLRQIRU GHWDLOV 

#KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ

l ;KDWSDJHVWRSULQW KRZPDQ\FRSLHVWRSULQW DQGLQZKDWRUGHU WRSULQWWKHP9VHGDVKHVWRVSHFLI\SDJHUDQJHVDQGFRPPDVRU VHPLFRORQVWRVHSDUDWHUDQJHVIRUH[DPSOH  q q 7HOHFWLRQLVWKHKLJKOLJKWHGSDUWRIDSDJHRUSDJHV

l ;KDWLWHPVWRSULQW#OLFNWKH)FJ?EDIEXWWRQWRGLVSOD\WKH 0ULQWHU/SWLRQVGLDORJ

&LJXUH8KH0ULQWGLDORJ 7HOHFWLRQVRQWKH0ULQWHU/SWLRQVGLDORJDUHGLIIHUHQWLQ;ULWHU #DOF )PSUHVV DQG$UDZ EXWLQDOOFDVHVWKH\DSSO\WRWKLVSULQWLQJRIWKLV GRFXPHQWRQO\&RUGHWDLOV VHHWKHFKDSWHUVRQWKHYDULRXV//R FRPSRQHQWV 8RVSHFLI\GHIDXOWSULQWLQJRSWLRQV VHH#KDSWHU7HWWLQJXS /SHQ/IILFHRUJ DQGWKHFKDSWHUVRQWKHYDULRXV//RFRPSRQHQWV

F>=@B7<5B=% /SHQ/IILFHRUJFDQH[SRUWGRFXPHQWVWR0$&0RUWDEOH$RFXPHQW &RUPDW 8KLVLQGXVWU\ VWDQGDUGILOHIRUPDWLVLGHDOIRUVHQGLQJWKH ILOHWRVRPHRQHHOVHWRYLHZXVLQJ!GREH6HDGHURURWKHU0$& YLHZHUV 8KHSURFHVVDQGGLDORJVDUHWKHVDPHIRU;ULWHU #DOF )PSUHVV DQG $UDZ ZLWKDIHZPLQRUGLIIHUHQFHVPHQWLRQHGLQWKLVVHFWLRQ

#KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ



&C7193F>=@BB=% #OLFNWKHNFEHJ?H;9JBO7I* LFRQ WRH[SRUWWKHHQWLUH GRFXPHQWXVLQJ\RXUGHIDXOW0$&VHWWLQJV=RXDUHDVNHGWRHQWHUWKH ILOHQDPHDQGORFDWLRQIRUWKH0$&ILOH EXW\RXGRQRWJHWDFKDQFHWR FKRRVHDSDJHUDQJH WKHLPDJHFRPSUHVVLRQ RURWKHURSWLRQV

=
!)!,'+#!*" +.%*)- %'*# /QWKH'HQHUDOSDJH \RXFDQFKRRVHZKLFKSDJHVWRLQFOXGHLQWKH 0$& WKHW\SHRIFRPSUHVVLRQWRXVHIRULPDJHVZKLFKDIIHFWVWKH TXDOLW\RILPDJHVLQWKH0$& DQGRWKHURSWLRQV

&LJXUH'HQHUDOSDJHRI0$&/SWLRQVGLDORJ 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

'/<53A31B7=< l BB%[SRUWVWKHHQWLUHGRFXPHQW

l *7=;I8RH[SRUWDUDQJHRISDJHV XVHWKHIRUPDW SDJHVWR  8RH[SRUWVLQJOHSDJHV XVHWKHIRUPDW

SDJHV  DQG  =RXFDQDOVRH[SRUWDFRPELQDWLRQRISDJHUDQJHVDQGVLQJOH SDJHV E\XVLQJDIRUPDWOLNH   

l -;B;9J?ED%[SRUWVZKDWHYHUPDWHULDOLVVHOHFWHG ;/53AA31B7=<

l &EIIB;II9ECFH;II?ED)PDJHVDUHVWRUHGZLWKRXWDQ\ORVVRI TXDOLW\8HQGVWRPDNHODUJHILOHVZKHQXVHGZLWKSKRWRJUDSKV 6HFRPPHQGHGIRURWKHULPDJHV

l $*!9ECFH;II?ED!OORZVIRUYDU\LQJGHJUHHVRITXDOLW\! VHWWLQJRIWHQGVWRZRUNZHOOZLWKSKRWRJUDSKVVPDOOILOH VL]H OLWWOHSHUFHSWLEOHORVVRITXDOLW\ 

l ,;:K9;?C7=;H;IEBKJ?ED,RZHU $0)GRWVSHULQFK LPDJHV KDYHORZHUTXDOLW\

#=B3

%07LPDJHVZLWKHPEHGGHGSUHYLHZVDUHH[SRUWHGRQO\ DVSUHYLHZV%07LPDJHVZLWKRXWHPEHGGHGSUHYLHZV DUHH[SRUWHGDVHPSW\SODFHKROGHUV

3<3@/:A31B7=< l *  0$&!LVDQ)7/VWDQGDUGHVWDEOLVKHGLQIRUORQJ WHUPSUHVHUYDWLRQRIGRFXPHQWV E\HPEHGGLQJDOOWKHSLHFHV QHFHVVDU\IRUIDLWKIXOUHSURGXFWLRQVXFKDVIRQWV ZKLOH IRUELGGLQJRWKHUHOHPHQWVLQFOXGLQJIRUPV VHFXULW\ HQFU\SWLRQ DQGWDJJHG0$& )I\RXVHOHFW0$&!  WKHIRUELGGHQHOHPHQWV DUHJUH\HG RXWQRWDYDLODEOH 

l .7==;:* %[SRUWVVSHFLDOWDJVLQWRWKHFRUUHVSRQGLQJ0$& WDJV7RPHWDJVWKDWDUHH[SRUWHGDUHWDEOHRIFRQWHQWV K\SHUOLQNV DQGFRQWUROV8KLVRSWLRQFDQLQFUHDVHILOHVL]HV VLJQLILFDQWO\

l NFEHJ8EEAC7HAI%[SRUWVKHDGLQJVLQ;ULWHUGRFXPHQWV DQG SDJHQDPHVLQ)PSUHVVDQG$UDZGRFXPHQWV DVsERRNPDUNVtD WDEOHRIFRQWHQWVOLVWGLVSOD\HGE\VRPH0$&UHDGHUV LQFOXGLQJ !GREH6HDGHU 

l NFEHJDEJ;I%[SRUWVQRWHVLQ;ULWHUDQG#DOFGRFXPHQWVDV 0$&QRWHV=RXPD\QRWZDQWWKLV

l H;7J;* <EHC -K8C?J<EHC7J#KRRVHWKHIRUPDWRI

VXEPLWWLQJIRUPVIURPZLWKLQWKH0$&ILOH8KLVVHWWLQJRYHUULGHV

#KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ



WKHFRQWUROvV96,SURSHUW\WKDW\RXVHWLQWKHGRFXPHQW8KHUHLV RQO\RQHFRPPRQVHWWLQJYDOLGIRUWKHZKROH0$&GRFXPHQW0$& VHQGVWKHZKROHGRFXPHQW &$&VHQGVWKHFRQWUROFRQWHQWV (8-, DQG<-,-RVWRIWHQ\RXZLOOFKRRVHWKH0$&IRUPDW

l NFEHJ7KJEC7J?97BBO?DI;HJ;:8B7DAF7=;I)IVHOHFWHG

DXWRPDWLFDOO\LQVHUWHGEODQNSDJHVDUHH[SRUWHGWRWKH0$&8KLV LVEHVWLI\RXDUHSULQWLQJWKH0$&GRXEOH VLGHG&RUH[DPSOH ERRNVXVXDOO\KDYHFKDSWHUVVHWWRDOZD\VVWDUWRQDQRGG QXPEHUHGULJKW KDQG SDJH;KHQWKHSUHYLRXVFKDSWHUHQGVRQ DQRGGSDJH //RLQVHUWVDEODQNSDJHEHWZHHQWKHWZRRGG SDJHV8KLVRSWLRQFRQWUROVZKHWKHUWRH[SRUWWKDWEODQNSDJH

)%.%'%!1+#!*" +.%*)- %'*# /QWKH)QLWLDO:LHZSDJH \RXFDQFKRRVHKRZWKH0$&RSHQVE\ GHIDXOWLQD0$&YLHZHU8KHVHOHFWLRQVVKRXOGEHVHOI H[SODQDWRU\

&LJXUH)QLWLDO:LHZSDJHRI0$&/SWLRQVGLDORJ

-!,).!,"!+#!*" +.%*)- %'*# /QWKH9VHU)QWHUIDFHSDJH \RXFDQFKRRVHPRUHVHWWLQJVWRFRQWURO KRZD0$&YLHZHUGLVSOD\VWKHILOH7RPHRIWKHVHFKRLFHVDUH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

SDUWLFXODUO\XVHIXOZKHQ\RXDUHFUHDWLQJD0$&WREHXVHGDVD SUHVHQWDWLRQRUDNLRVN W\SHGLVSOD\ ,7<2=E=>B7=
l ;DJ;HM?D:EMEDI9H;;D #DXVHVWKH0$&YLHZHUZLQGRZWREH FHQWHUHGRQWKHFRPSXWHUVFUHHQ

l )F;D?D
l ?IFB7O:E9KC;DJJ?JB; #DXVHVWKH0$&YLHZHUWRGLVSOD\WKH GRFXPHQWvVWLWOHLQWKHWLWOHEDU

&LJXUH9VHU)QWHUIDFHSDJHRI0$&/SWLRQVGLDORJ *A3@7B7=
l "?:;JEEB87H #DXVHVWKH0$&YLHZHUWRKLGHWKHWRROEDU l "?:;M?D:EM9EDJHEBI #DXVHVWKH0$&YLHZHUWRKLGHRWKHU ZLQGRZFRQWUROV

#KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ



)@/
%)&-+#!*" +.%*)- %'*# /QWKLVSDJH\RXFDQFKRRVHKRZOLQNVDUHH[SRUWHGWR0$& F rel="nofollow">=@B0==9;/@9A/A
&LJXUH,LQNVSDJHRI0$&/SWLRQVGLDORJ F rel="nofollow">=@B*'!A@3:/B7D3B=47:3AGAB3; )I\RXKDYHGHILQHGUHODWLYHOLQNVLQDGRFXPHQW WKLVRSWLRQ H[SRUWVWKRVHOLQNVWRWKH0$& @=AA2=1C;3
!/,%.3+#!*" +.%*)- %'*# 0$&H[SRUWLQFOXGHVRSWLRQVWRHQFU\SWWKH0$&VRLWFDQQRWEH RSHQHGZLWKRXWDSDVVZRUG DQGDSSO\VRPHGLJLWDOULJKWV PDQDJHPHQW$6- IHDWXUHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH7HFXULW\SDJHRI0$&/SWLRQVGLDORJ

l ;LWKDQRSHQSDVVZRUGVHW WKH0$&FDQRQO\EHRSHQHGZLWKWKH SDVVZRUG/QFHRSHQHG WKHUHDUHQRUHVWULFWLRQVRQZKDWWKH XVHUFDQGRZLWKWKHGRFXPHQWIRUH[DPSOH SULQW FRS\ RU FKDQJHLW 

l ;LWKDSHUPLVVLRQVSDVVZRUGVHW WKH0$&FDQEHRSHQHGE\

DQ\RQH EXWLWVSHUPLVVLRQVFDQEHUHVWULFWHG7HH&LJXUH

l ;LWKERWKWKHRSHQSDVVZRUGDQGSHUPLVVLRQSDVVZRUGVHW WKH 0$&FDQRQO\EHRSHQHGZLWKWKHFRUUHFWSDVVZRUG DQGLWV SHUPLVVLRQVFDQEHUHVWULFWHG

#=B3

0HUPLVVLRQVVHWWLQJVDUHHIIHFWLYHRQO\LIWKHXVHUvV 0$&YLHZHUUHVSHFWVWKHVHWWLQJV

&LJXUHVKRZVWKHSRS XSGLDORJGLVSOD\HGZKHQ\RXFOLFNWKH-;J EF;DF7IIMEH:EXWWRQRQWKH7HFXULW\SDJHRIWKH0$&/SWLRQV GLDORJ !IWHU\RXVHWDSDVVZRUGIRUSHUPLVVLRQV WKHRWKHUFKRLFHVRQWKH 7HFXULW\SDJHVKRZQLQ&LJXUH EHFRPHDYDLODEOH8KHVH VHOHFWLRQVVKRXOGEHVHOI H[SODQDWRU\ #KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ



F>=@B7<5B==B63@4=@;/BA //RXVHVWKHWHUPsH[SRUWtIRUVRPHILOHRSHUDWLRQVLQYROYLQJD FKDQJHRIILOHW\SH)I\RXFDQQRWILQGZKDW\RXZDQWXQGHU-7L;I ORRNXQGHUNFEHJDVZHOO /SHQ/IILFHRUJFDQH[SRUWILOHVWR<(8-,)QDGGLWLRQ //R;ULWHU FDQH[SRUWWR"LE8H<ELE ,D8H<HWH[ DQG-HGLD;LNLW[W //R $UDZDQG//R)PSUHVVFDQH[SRUWWR-DFURPHGLD&ODVKVZI  8RH[SRUWWRRQHRIWKHVHIRUPDWV FKRRVH ?B;NFEHJ/QWKH %[SRUWGLDORJ VSHFLI\DILOHQDPHIRUWKHH[SRUWHGGRFXPHQW WKHQ VHOHFWWKHUHTXLUHGIRUPDWLQWKH&LOHIRUPDWOLVWDQGFOLFNWKHNFEHJ EXWWRQ

;/7:7<52=1C;3
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

?B;-;D: C7?B7I)F;DE9KC;DJ.;NJRU7SUHDGVKHHWRU 0UHVHQWDWLRQ KDVWKHVDPHHIIHFW )I\RXFKRRVH C7?B7I'?9HEIE<J51EH: N9;B RU*EM;HFE?DJ6 //RILUVWFUHDWHVDILOHLQRQHRIWKRVHIRUPDWVDQGWKHQRSHQV\RXUH PDLOSURJUDPZLWKWKHILOHDWWDFKHG 7LPLODUO\ LI\RXFKRRVH C7?B7I* //RILUVWFUHDWHVD0$& XVLQJ\RXUGHIDXOW0$&VHWWLQJVDVZKHQXVLQJWKHNFEHJ?H;9JBO 7I* WRROEDUEXWWRQ DQGWKHQRSHQV\RXUHPDLOSURJUDPZLWK WKH0$&ILOHDWWDFKHG

;/7:7<5/2=1C;373
l 9VHWKH-DLO-HUJH;L]DUGWRFUHDWHWKHGRFXPHQWDQGVHQGLW 7HH#KDSWHU9VLQJ-DLO-HUJH RIWKH;ULWHU'XLGHIRU GHWDLOV

l #UHDWHWKHGRFXPHQWLQ;ULWHUZLWKRXWXVLQJWKH;L]DUG WKHQXVH WKH;L]DUGWRVHQGLW8KLVPHWKRGLVGHVFULEHGKHUH 8RXVHWKH-DLO-HUJH;L]DUGWRVHQGDSUHYLRXVO\ FUHDWHG;ULWHU GRFXPHQW  #OLFN.EEBI'7?B';H=;1?P7H:/QWKHILUVWSDJHRIWKH ZL]DUG&LJXUH VHOHFW/I;J>;9KHH;DJ:E9KC;DJDQG FOLFN(;NJ

&LJXUH HOHFWVWDUWLQJGRFXPHQW

#KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ



 /QWKHVHFRQGSDJH&LJXUH VHOHFW C7?BC;II7=;DQG FOLFN(;NJ

&LJXUH7HOHFWGRFXPHQWW\SH  /QWKHWKLUGSDJH&LJXUH FOLFNWKH-;B;9J::H;II&?IJ EXWWRQ7HOHFWWKHUHTXLUHGDGGUHVVOLVWHYHQLIRQO\RQHLV VKRZQ DQGWKHQFOLFN)%)IWKHDGGUHVVOLVW\RXQHHGLVQRW VKRZQKHUH \RXFDQFOLFN::WRILQGLWDQGDGGLWWRWKHOLVW  "DFNRQWKH7HOHFWDGGUHVVOLVWSDJH FOLFN(;NJ/QWKH#UHDWH VDOXWDWLRQSDJH&LJXUH GHVHOHFW.>?I:E9KC;DJI>EKB: 9EDJ7?D7I7BKJ7J?ED

&LJXUH7HOHFWLQJDQDGGUHVVOLVW 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 )QWKHOHIW KDQGOLVW FOLFN -7L;FH?DJEHI;D://RGLVSOD\V Ds#UHDWLQJGRFXPHQWVtPHVVDJHDQGWKHQGLVSOD\VWKH7DYH SULQWRUVHQGSDJHRIWKH;L]DUG  7HOHFW-;D:C;H=;::E9KC;DJ7I '7?B8KHORZHUSDUWRI WKHSDJHFKDQJHVWRVKRZH PDLOVHWWLQJVFKRLFHVVHH&LJXUH    8\SHDVXEMHFWIRU\RXUHPDLODQGFOLFN-;D::E9KC;DJI//R VHQGVWKHH PDLOV

&LJXUH$HVHOHFWLQJDVDOXWDWLRQ

&LJXUH7HQGLQJDGRFXPHQWDVDQHPDLOPHVVDJH

#KDSWHU0ULQWLQJ %[SRUWLQJ DQG% PDLOLQJ



757B/:A75<7<5=42=1C;3


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !H7F>?9IJ>;!7BB;HO 7D: EDJMEHA =RXFDQDGGJUDSKLFDQGLPDJHILOHV LQFOXGLQJSKRWRV GUDZLQJV VFDQQHGLPDJHV DQGRWKHUV WR/SHQ/IILFHRUJGRFXPHQWV//RFDQ LPSRUWYDULRXVYHFWRUOLQHGUDZLQJ DQGUDVWHUELWPDS ILOHIRUPDWV 8KHPRVWFRPPRQO\XVHGJUDSKLFIRUPDWVDUH')& *0' 0.' DQG "-0


#=B3

!WWKHERWWRPRIWKH)QVHUWSLFWXUHGLDORJDUHWZR FKHFNER[HV)I*H;L?;MLVFKHFNHG WKHVHOHFWHG JUDSKLFILOHLVSUHYLHZHGLQDSDQH DVVKRZQLQ&LJXUH  VR\RXFDQYHULI\WKDW\RXKDYHWKHFRUUHFWILOH 8KH&?DARSWLRQLVGLVFXVVHGEHORZ

#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



&LJXUH)QVHUWSLFWXUHGLDORJ

!7<97<5/<7;/5347:3 )IWKH&?DARSWLRQLQWKH)QVHUWSLFWXUHGLDORJLVVHOHFWHG //RFUHDWHV DOLQNWRWKHILOHFRQWDLQLQJWKHLPDJH LQVWHDGRIVDYLQJDFRS\RIWKH LPDJHLQWKHGRFXPHQW8KHUHVXOWLVWKDWWKHLPDJHLVGLVSOD\HGLQ WKHGRFXPHQW EXWZKHQWKHGRFXPHQWLVVDYHG LWFRQWDLQVRQO\D UHIHUHQFHWRWKHLPDJHILOHrQRWWKHLPDJHLWVHOI8KHGRFXPHQWDQG WKHLPDJHUHPDLQDVWZRVHSDUDWHILOHV DQGWKH\DUHPHUJHGWRJHWKHU RQO\ZKHQ\RXRSHQWKHGRFXPHQWDJDLQ ,LQNLQJDQLPDJHKDVWZRDGYDQWDJHVDQGRQHGLVDGYDQWDJH

l !GYDQWDJHq,LQNLQJFDQUHGXFHWKHVL]HRIWKHGRFXPHQWZKHQLW LVVDYHG EHFDXVHWKHLPDJHILOHLWVHOILVQRWLQFOXGHG&LOHVL]HLV XVXDOO\QRWDSUREOHPRQDPRGHUQFRPSXWHUZLWKDUHDVRQDEOH DPRXQWRIPHPRU\ XQOHVVWKHGRFXPHQWLQFOXGHVPDQ\ODUJH JUDSKLFVILOHV//RFDQKDQGOHTXLWHODUJHILOHV

l !GYDQWDJHq=RXFDQPRGLI\WKHLPDJHILOHVHSDUDWHO\ZLWKRXW FKDQJLQJWKHGRFXPHQWEHFDXVHWKHOLQNWRWKHILOHUHPDLQVYDOLG DQGWKHPRGLILHGLPDJHZLOODSSHDUZKHQ\RXQH[WRSHQWKH GRFXPHQW8KLVFDQEHDELJDGYDQWDJHLI\RXRUVRPHRQHHOVH SHUKDSVDJUDSKLFDUWLVW LVXSGDWLQJLPDJHV

l $LVDGYDQWDJHq)I\RXVHQGWKHGRFXPHQWWRVRPHRQHHOVH RU PRYHLWWRDGLIIHUHQWFRPSXWHU \RXPXVWDOVRVHQGWKHLPDJH ILOHV RUWKHUHFHLYHUZLOOQRWEHDEOHWRVHHWKHOLQNHGLPDJHV=RX QHHGWRNHHSWUDFNRIWKHORFDWLRQRIWKHLPDJHVDQGPDNHVXUH WKHUHFLSLHQWNQRZVZKHUHWRSXWWKHPRQDQRWKHUPDFKLQH VR WKHGRFXPHQWFDQILQGWKHP&RUH[DPSOH \RXPLJKWNHHSLPDJHV LQDVXEIROGHUQDPHG)PDJHVXQGHUWKHIROGHUFRQWDLQLQJWKH GRFXPHQW WKHUHFLSLHQWRIWKHILOHQHHGVWRSXWWKHLPDJHVLQD VXEIROGHUZLWKWKHVDPHQDPHXQGHUWKHIROGHUFRQWDLQLQJWKH GRFXPHQW  

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

;KHQLQVHUWLQJWKHVDPHLPDJHVHYHUDOWLPHVLQWKH GRFXPHQWLWZRXOGDSSHDUEHQHILFLDOWRFUHDWHOLQNV KRZHYHU WKLVLVQRWQHFHVVDU\DV//RHPEHGVLQWKH GRFXPHQWRQO\RQHFRS\RIWKHLPDJHILOH

;03227<5:7<9327;/53A )I\RXRULJLQDOO\OLQNHGWKHLPDJHV \RXFDQHDVLO\HPEHGRQHRUPRUH RIWKHPODWHULI\RXZLVK8RGRVR  /SHQWKHGRFXPHQWLQ/SHQ/IILFHRUJDQGFKRRVH:?J&?DAI  8KH%GLW,LQNVGLDORJ&LJXUH VKRZVDOOWKHOLQNHGILOHV)Q WKH7RXUFHILOHOLVW VHOHFWWKHILOHV\RXZDQWWRFKDQJHIURP OLQNHGWRHPEHGGHG  #OLFNWKHH;7A&?DAEXWWRQ  7DYHWKHGRFXPHQW

&LJXUH8KH%GLW,LQNVGLDORJ

#=B3

'RLQJWKHRWKHUZD\ IURPHPEHGGHGWROLQNHG LVQRW VRHDV\r\RXPXVWGHOHWHDQGUHLQVHUWHDFKLPDJH RQH DWDWLPH VHOHFWLQJWKH&?DARSWLRQZKHQ\RXGRVR

671A>@=5@/; =RXFDQXVHPDQ\GLIIHUHQWJUDSKLFVSURJUDPVWRHGLWDJUDSKLFILOH &URPWKHVHSURJUDPV \RXFDQVHOHFW FRS\ DQGSDVWHDQLPDJHRU SDUWRIDJUDSKLFLQWRDQ/SHQ/IILFHRUJGRFXPHQW&LJXUHVKRZV DQH[DPSOHRIWKLVSURFHGXUH #KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



&LJXUH)QVHUWLQJDQLPDJHIURPDJUDSKLFVSURJUDP  )QWKHJUDSKLFVSURJUDPZLQGRZ VHOHFWDQDUHDRIWKHLPDJHWR EHFRSLHG  -RYHWKHFXUVRURYHUWKHVHOHFWHGDUHDDQGSUHVV#RQWURO #WR FRS\  7ZLWFKWRWKH/SHQ/IILFHRUJZLQGRZ  #OLFNWRSODFHWKHFXUVRUZKHUHWKHJUDSKLFLVWREHLQVHUWHG  0UHVV#RQWURO :WRSDVWHWKHLPDJH




'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

"=274G7<5/<2 rel="nofollow">=A7B7=<7<55@/>671A /SHQ/IILFHRUJSURYLGHVPDQ\WRROVIRUUHVL]LQJ PRGLI\LQJ ILOWHULQJ DQGSRVLWLRQLQJJUDSKLFVZUDSSLQJWH[WDURXQGJUDSKLFVDQGXVLQJ JUDSKLFVDVEDFNJURXQGVDQGZDWHUPDUNV8KHVHWRROVDUHGHVFULEHG LQUHOHYDQWFKDSWHUVRIWKHRWKHUJXLGHV7RPHVRSKLVWLFDWHG DGMXVWPHQWVRIWKHJUDSKLFVDUHEHVWGRQHLQDQLPDJHPDQLSXODWLRQ SURJUDPDQGWKHUHVXOWVEURXJKWLQWR//R UDWKHUWKDQXVLQJ//RvV LQEXLOWWRROV

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

&LJXUH)FRQYLHZRIRQHWKHPHLQWKH'DOOHU\ #KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



&LJXUH$HWDLOHGYLHZRIWKHVDPHWKHPHLQWKH'DOOHU\


&LJXUH#RS\LQJDJUDSKLFREMHFWIURPWKH'DOOHU\LQWRD GRFXPHQW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ




"/
227<5=0831BAB=B63/::3@G =RXPD\ZLVKWRDGGWRWKH'DOOHU\DQ\LPDJHVWKDW\RXXVH IUHTXHQWO\ IRUH[DPSOH DFRPSDQ\ORJR=RXFDQWKHQYHU\HDVLO\ LQVHUWWKHVHJUDSKLFVLQWRDGRFXPHQWODWHU=RXFDQDGGLPDJHVRQO\ WRs-\8KHPHtRUWRDQ\RWKHUWKHPHWKDW\RXKDYHFUHDWHGWKHVH DUHLQGLFDWHGE\DJUHHQLFRQLQWKHOLVWRIWKHPHV=RXFDQQRWDGG LPDJHVWRWKHEXLOW LQWKHPHV LQGLFDWHGE\DQLFRQRIDQRWKHUFRORU ';J>E: VHOHFWLQJDILOH   )QWKHWKHPHvV0URSHUWLHV RQWKH&LOHV SDJH FOLFNWKH ?D: ?B;I EXWWRQ8KH7HOHFWSDWKGLDORJRSHQV  =RXFDQHQWHUWKHSDWKIRUWKHILOHvVGLUHFWRU\LQWKH0DWKWH[W ER[ RU\RXFDQQDYLJDWHWRORFDWHWKHILOHvVGLUHFWRU\9VHWKH &LOHW\SHGURS GRZQOLVWWRKHOSOLPLWWKHVHDUFK  #OLFNWKH-;B;9JEXWWRQWRVWDUWWKHVHDUFK  !OLVWRIJUDSKLFILOHVLVWKHQGLVSOD\HGLQWKHZLQGRZ=RXFDQ XVHWKH&LOHW\SHILOWHUDJDLQWRIXUWKHUOLPLWWKHVHDUFK  7HOHFWWKHILOHVWRDGG8RVHOHFWPRUHWKDQRQHILOH KROGWKH #RQWURONH\GRZQZKLOH\RXFOLFNRQHDFKILOH  &LQDOO\ FOLFN:: #KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



';J>E:GUDJDQGGURS   /SHQWKHGRFXPHQWFRQWDLQLQJDQLPDJH\RXZDQWWRDGGWRWKH 'DOOHU\ DQGGLVSOD\WKH'DOOHU\WKHPHWRZKLFK\RXZDQWWRDGG LW  0RVLWLRQWKHPRXVHSRLQWHUDERYHWKHLPDJH ZLWKRXWFOLFNLQJ  )IWKHPRXVHSRLQWHUFKDQJHVWRDKDQGV\PERO WKHLPDJHUHIHUV WRDK\SHUOLQN)QWKLVFDVH SUHVVWKH!OWNH\ZKLOH\RXFOLFNWKH LPDJH WRVHOHFWLWZLWKRXWDFWLYDWLQJWKHOLQN)IWKHPRXVH SRLQWHUGRHVQRWFKDQJHWRDKDQGV\PERO \RXFDQVLPSO\FOLFN WKHLPDJHWRVHOHFWLW  /QFHWKHLPDJHLVVHOHFWHG HYLGHQWIURPWKHJUHHQVHOHFWLRQ KDQGOHVDURXQGLW UHOHDVHWKHPRXVHEXWWRQ#OLFNDJDLQRQWKH LPDJH NHHSLQJWKHPRXVHEXWWRQSUHVVHGIRUPRUHWKDQWZR VHFRQGV;LWKRXWUHOHDVLQJWKHPRXVHEXWWRQ GUDJWKHLPDJH LQWRWKHGRFXPHQW  6HOHDVHWKHPRXVHEXWWRQ

3:3B7<57;/53A4@=;B63/::3@G 8RGHOHWHDQLPDJHIURPDWKHPH  6LJKW FOLFNRQWKHQDPHRIWKHLPDJHILOHRULWVWKXPEQDLOLQWKH 'DOOHU\  #OLFN;B;J;RQWKHSRS XSPHQX!PHVVDJHDSSHDUV DVNLQJLI \RXZDQWWRGHOHWHWKLVREMHFW#OLFN3;I

#=B3

$HOHWLQJWKHQDPHRIDILOHIURPWKHOLVWLQWKH'DOOHU\ GRHVQRWGHOHWHWKHILOHIURPWKHKDUGGLVNRURWKHU ORFDWLRQ

227<5/<3EB63;3B=B63/::3@G 8RDGGDQHZWKHPHWRWKH'DOOHU\  #OLFNWKH(;M.>;C;EXWWRQDERYHWKHOLVWRIWKHPHV&LJXUH    )QWKH0URSHUWLHVRI.HZ8KHPHGLDORJ FOLFNWKH'HQHUDOWDE DQGW\SHDQDPHIRUWKHQHZWKHPH  #OLFNWKH&LOHV WDEDQGDGGLPDJHVWRWKHWKHPH DVGHVFULEHG HDUOLHU



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

3:3B7<5/B63;34@=;B63/::3@G =RXFDQGHOHWHRQO\WKHPHWKDW\RXKDYHDGGHGWRWKH'DOOHU\\RX FDQQRWGHOHWHDQ\RIWKHLQEXLOWWKHPHV8RGHOHWHDWKHPHIURPWKH 'DOOHU\  'RWR.EEBI!7BB;HO

 )QWKHOHIWSDUWRIWKH'DOOHU\ VHOHFWLQWKHOLVWWKHWKHPH\RX ZLVKWRGHOHWH  6LJKW FOLFNRQWKHWKHPH WKHQFOLFN;B;J;RQWKHSRS XSPHQX

!=1/B7=<=4B63/::3@G/<2B63=0831BA7<7B 'UDSKLFVDQGRWKHUREMHFWVVKRZQLQWKH'DOOHU\FDQEHORFDWHG DQ\ZKHUHRQ\RXUFRPSXWHUvVKDUGGLVN RQDQHWZRUNGULYH RURQD #$ 6/-,LVWLQJVLQWKH'DOOHU\UHIHUWRWKHORFDWLRQRIHDFKREMHFW ;KHQ\RXDGGJUDSKLFVWRWKH'DOOHU\ WKHILOHVDUHQRWPRYHGRU FRSLHGRQO\WKHORFDWLRQRIHDFKQHZREMHFWLVDGGHGDVDUHIHUHQFH )QDZRUNJURXSVLWXDWLRQ \RXPD\KDYHDFFHVVWRDVKDUHG'DOOHU\ ZKHUH\RXFDQQRWFKDQJHWKHFRQWHQWVXQOHVVDXWKRUL]HGWRGRVR DQGDXVHU'DOOHU\ ZKHUH\RXFDQDGG FKDQJH RUGHOHWHREMHFWV 8KHORFDWLRQRIWKHXVHU'DOOHU\LVVSHFLILHGLQ.EEBI)FJ?EDI )F;D)
,6/B7A=
)63=
l 'RWR0?;M.EEB87HI EDJMEHA

#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



&LJXUH8KHIORDWLQJ&RQWZRUNWRROEDU

l )I\RXFOLFNRQDQH[LVWLQJ&RQWZRUNREMHFW WKH&RUPDWWLQJWRROEDU FKDQJHVWRGLVSOD\WKH&RQWZRUNRSWLRQVDVVKRZQLQ&LJXUH 8KHFRQWHQWVRIWKLVWRROEDUYDU\GHSHQGLQJRQWKH//R FRPSRQHQWZLWKZKLFKLWLVEHLQJXVHG

@3/B7<5/=
&LJXUH8KH&RQWZRUN'DOOHU\



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8KH&RQWZRUNREMHFWZLOODSSHDULQ\RXUGRFXPHQW.RWLFHWKH EOXHVTXDUHVDURXQGWKHHGJHLQGLFDWLQJWKDWWKHREMHFWLV VHOHFWHG DQGWKH\HOORZGRWWKHVHDUHGLVFXVVHGLQs-RYLQJDQG UHVL]LQJ&RQWZRUNREMHFWVtRQSDJH  $RXEOH FOLFNWKHREMHFWWRHGLWWKH&RQWZRUNWH[W8\SH\RXURZQ WH[WLQSODFHRIWKHEODFN&RQWZRUNWH[WWKDWDSSHDUVRYHUWKH REMHFW&LJXUH 

 #OLFNDQ\ZKHUHLQDIUHHVSDFHRUSUHVV%VFWRDSSO\\RXU FKDQJHV

27B7<5/=
*A7<5B63=7F;%GLWVWKHVKDSH RIWKHVHOHFWHGREMHFW=RXFDQ FKRRVHIURPDSDOHWWHRIVKDSHV

#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



EDJMEHA-7C;&;JJ;H";?=>JI#KDQJHVWKHKHLJKWRI FKDUDFWHUVLQWKHREMHFW8RJJOHVEHWZHHQQRUPDOKHLJKW VRPHFKDUDFWHUVWDOOHUWKDQRWKHUV IRUH[DPSOHFDSLWDO OHWWHUV G K ODQGRWKHUV DQGDOOOHWWHUVWKHVDPHKHLJKW

&LJXUH,HIWQRUPDOOHWWHUVULJKWVDPHOHWWHUKHLJKWV EDJMEHAB?=DC;DJ#KDQJHVWKH DOLJQPHQWRIFKDUDFWHUV#KRLFHVDUHOHIW DOLJQ FHQWHU ULJKWDOLJQ ZRUGMXVWLI\ DQG VWUHWFKMXVWLI\8KHHIIHFWVRIWKHWH[W DOLJQPHQWFDQRQO\EHVHHQLIWKHWH[W VSDQVRYHUWZRRUPRUHOLQHV)QWKH VWUHWFKMXVWLI\PRGH DOOWKHOLQHVDUHILOOHG FRPSOHWHO\

EDJMEHA#KDUDFWHU-F79?D=#KDQJHV WKHFKDUDFWHUVSDFLQJDQGNHUQLQJLQWKH REMHFW&RUFXVWRPVSDFLQJ LQSXWD SHUFHQWDJHYDOXHLVQRUPDO VSDFLQJOHVVWKDQLVWLJKWVSDFLQJ PRUHWKDQLVH[SDQGHGVSDFLQJ

*A7<5B63=@;/BB7<5B==:0/@ .RZOHWXVJRIXUWKHUDQGFXVWRPL]HWKH&RQWZRUNREMHFWZLWKVHYHUDO PRUHDWWULEXWHV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#OLFNRQWKH&RQWZRUNREMHFW8KH&RUPDWWLQJWRROEDUFKDQJHVWR VKRZDOOWKHRSWLRQVIRUHGLWLQJWKHREMHFW&RUH[DPSOH WKHWRROEDU VKRZQLQ&LJXUHDSSHDUVZKHQ\RXXVH&RQWZRUNLQ;ULWHU

&LJXUH&RUPDWWLQJWRROEDUZLWKD&RQWZRUNREMHFWVHOHFWHGLQ ;ULWHU .RWHWKDWLQWKLVILJXUHWKHWRROEDUKDVEHHQXQGRFNHGIRUHDVHRI LOOXVWUDWLRQXQOHVV\RXKDYHFKRVHQWRIORDWWKHWRROEDULQWKLVZD\ LW DSSHDUVLQLWVGHIDXOW GRFNHGSRVLWLRQVRPHZKHUHEHORZWKHPHQX EDU /QWKH&RUPDWWLQJWRROEDU\RXKDYHDODUJHFKRLFHRIRSWLRQVIRU FXVWRPL]LQJ\RXUREMHFW8KHVHFKRLFHVDUHWKHVDPHDVWKHRQHVIRU RWKHUGUDZLQJREMHFWV=RXFDQUHDGDERXWWKHPLQPRUHGHWDLOLQWKH $UDZ'XLGH

%)!*+.%*)&?D;LFRQ/SHQVDGLDORJ&LJXUH ZLWKWKUHHWDEV&?D; &?D; -JOB;I HHEM-JOB;I 9VHWKH&?D;WDEWRHGLWWKHPRVWFRPPRQSURSHUWLHVRIWKHOLQH DURXQGWKHVHOHFWHG&RQWZRUNREMHFW E\FKRRVLQJIURPSUHYLRXVO\ GHILQHGDWWULEXWHVLQFOXGLQJOLQHVW\OH OLQHFRORU DQGDUURZVW\OHV 9VHWKH&?D;I-JOB;IDQGHHEM-JOB;IWDEVWRHGLWWKHSURSHUWLHVRI OLQHDQGDUURZVW\OHV DQGGHILQHQHZVW\OHV HHEM-JOB;LFRQ#KRRVHIURPWKHGLIIHUHQWDUURZVW\OHV &?D;-JOB;ER[#KRRVHIURPWKHDYDLODEOHOLQHVW\OHV

#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



&LJXUH,LQHRSWLRQVGLDORJ &?D;1?:J>ER[7HWWKHZLGWKRIWKHOLQH &?D;EBEHER[7HOHFWWKHFRORURIWKHOLQH

,!*+.%*)H;7LFRQ/SHQVDGLDORJ&LJXUH ZLWKVHYHQWDEVH;7 ->7:EM .H7DIF7H;D9O EBEHI !H7:?;DJI "7J9>?D= ?JC7FI

l H;7WDE#KRRVHIURPWKHSUHGHILQHGOLVWDFRORU ELWPDS JUDGLHQWRUKDWFKLQJSDWWHUQWRILOOWKHVHOHFWHGREMHFW

l ->7:EMWDE7HWWKHVKDGRZSURSHUWLHVRIWKHVHOHFWHGREMHFW l .H7DIF7H;D9OWDE7HWWKHWUDQVSDUHQF\SURSHUWLHVRIWKH VHOHFWHGREMHFW

l EBEHIWDE-RGLI\WKHDYDLODEOHFRORUVRUDGGQHZRQHVWRDSSHDU RQWKH!UHDWDE

l !H7:?;DJIWDE-RGLI\WKHDYDLODEOHJUDGLHQWVRUDGGQHZRQHVWR DSSHDURQWKH!UHDWDE

l "7J9>?D=WDE-RGLI\WKHDYDLODEOHKDWFKLQJSDWWHUQVRUDGGQHZ RQHVWRDSSHDURQWKH!UHDWDE

l ?JC7FIJ78#UHDWHVLPSOHELWPDSSDWWHUQVDQGLPSRUWELWPDSV WRPDNHWKHPDYDLODEOHRQWKH!UHDWDE



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH!UHDRSWLRQVGLDORJ H;7-JOB;  ?BB?D=ER[HV7HOHFWWKHW\SHRIWKHILOORIWKHVHOHFWHG REMHFW&RUPRUHGHWDLOHGVHWWLQJV XVHWKH!UHDLFRQ

*-%.%*)%)#*+.%*),EJ7J;LFRQ6RWDWHWKHVHOHFWHGREMHFWPDQXDOO\XVLQJWKHPRXVHWR GUDJWKHREMHFW .E EH;=HEKD:LFRQ-RYHVWKHVHOHFWHGREMHFWLQIURQWRIWKHWH[W .E79A=HEKD:LFRQ-RYHVWKHVHOHFWHGREMHFWEHKLQGWKHWH[W B?=DC;DJLFRQ-RGLILHVWKHDOLJQPHQWRIWKHVHOHFWHGREMHFWV H?D=JE7D=;!D9>EHLFRQ7ZLWFKEHWZHHQDQFKRULQJRSWLRQV

l 8R0DJH 8KHREMHFWNHHSVWKHVDPHSRVLWLRQLQUHODWLRQWRWKH SDJHPDUJLQV)WGRHVQRWPRYHDV\RXDGGRUGHOHWHWH[W

l 8R0DUDJUDSK 8KHREMHFWLVDVVRFLDWHGZLWKDSDUDJUDSKDQG PRYHVZLWKWKHSDUDJUDSK)WPD\EHSODFHGLQWKHPDUJLQRU DQRWKHUORFDWLRQ

#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN



l 8R#KDUDFWHU 8KHREMHFWLVDVVRFLDWHGZLWKDFKDUDFWHUEXWLVQRW LQWKHWH[WVHTXHQFH)WPRYHVZLWKWKHSDUDJUDSKEXWPD\EH SODFHGLQWKHPDUJLQRUDQRWKHUORFDWLRQ8KLVPHWKRGLVVLPLODUWR DQFKRULQJWRDSDUDJUDSK

l !V#KDUDFWHU 8KHREMHFWLVSODFHGLQWKHGRFXPHQWOLNHDQ\ FKDUDFWHUDQGPRYHVZLWKWKHSDUDJUDSKDV\RXDGGRUGHOHWHWH[W EHIRUHWKHREMHFW /D=HEKFLFRQ9QJURXSVWKHVHOHFWHGREMHFWV VR\RXFDQPDQDJH WKHPLQGLYLGXDOO\ !HEKFLFRQ'URXSVWKHVHOHFWHGREMHFWV VR\RXFDQPDQDJHWKHPDV DVLQJOHREMHFW

*A7<5;3B7=
&LJXUH0RVLWLRQDQG7L]HGLDORJ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

/QWKH0RVLWLRQDQG7L]HGLDORJ&LJXUH \RXFDQHQWHUSUHFLVH YDOXHVFRQFHUQLQJVL]HDQGSRVLWLRQ&RUPRUHLQIRUPDWLRQ VHHWKH $UDZ'XLGH

"=D7<5/<2@3A7H7<5=
#KDSWHU'UDSKLFV WKH'DOOHU\ DQG&RQWZRUN





 rel="nofollow">7FJ;H H;7J?D=1;8*7=;I 7DYLQJGRFXPHQWVDV(8-,ILOHV 8KLVFKDSWHUGHVFULEHVKRZWRVDYHGRFXPHQWVDVZHESDJHVIURP ;ULWHU #DOF $UDZDQG)PSUHVV

#=B3

#URVVUHIHUHQFHVGRQRWEHFRPHK\SHUOLQNVLQDQ (8-,GRFXPHQW

3@:7<9A ;KHQ\RXW\SHWH[WVXFKDVDZHEVLWHDGGUHVVHVRU96, WKDWFDQEH XVHGDVDK\SHUOLQN //RIRUPDWVLWDXWRPDWLFDOO\ FUHDWLQJWKH K\SHUOLQNDQGDSSO\LQJWRWKHWH[WDFRORUDQGXQGHUOLQLQJ)IWKLV GRHVQRWKDSSHQ \RXFDQHQDEOHWKLVIHDWXUHXVLQJ.EEBI KJEEHH;9J)FJ?EDIDQGVHOHFWLQJ/,&,;9E=D?J?ED

)7>A



)I\RXGRQRWZDQW//RWRFRQYHUWDVSHFLILF96,WRD K\SHUOLQN VHOHFW:?J/D:E#DI;HJIURPWKHPHQX EDURUSUHVV#RQWURO >LPPHGLDWHO\DIWHUWKH IRUPDWWLQJKDVEHHQDSSOLHG 8RFKDQJHWKHFRORURIK\SHUOLQNV JRWR.EEBI )FJ?EDI)F;D)<
#KDSWHU#UHDWLQJ;HE0DJHV

=RXFDQDOVRLQVHUWDQGPRGLI\OLQNVXVLQJWKH(\SHUOLQNGLDORJ &LJXUH 8RGLVSOD\WKHGLDORJ FOLFNWKH"OF;HB?DALFRQ

RQ

WKH7WDQGDUGWRROEDURUVHOHFW#DI;HJ"OF;HB?DAIURPWKHPHQX EDU8RWXUQH[LVWLQJWH[WLQWRDOLQN KLJKOLJKWLWEHIRUHRSHQLQJWKH (\SHUOLQNGLDORJ /QWKHOHIWKDQGVLGH VHOHFWRQHRIWKHIRXUW\SHVRIK\SHUOLQNV

l #DJ;HD;JDZHEDGGUHVV QRUPDOO\VWDUWLQJZLWKKWWS l '7?B(;MIIRUH[DPSOHDQHPDLODGGUHVV l E9KC;DJWKHK\SHUOLQNSRLQWVWRDQRWKHUGRFXPHQWRUWR DQRWKHUSODFHLQWKHSUHVHQWDWLRQ

l (;M:E9KC;DJWKHK\SHUOLQNFUHDWHVDQHZGRFXPHQW

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



WKHGRFXPHQWIRUH[DPSOHDVSHFLILFVOLGH #OLFNRQWKH.7H=;JLFRQ WRRSHQWKH.DYLJDWRUZKHUH\RXFDQVHOHFWWKHWDUJHW RULI\RXNQRZ WKHQDPHRIWKHWDUJHW \RXFDQW\SHLWLQWRWKHER[ &RUD.HZ$RFXPHQWW\SHK\SHUOLQN VSHFLI\ZKHWKHUWRHGLWWKH QHZO\FUHDWHGGRFXPHQWLPPHGLDWHO\RUMXVWFUHDWHLW:?JB7J;H DQGWKHW\SHRIGRFXPHQWWRFUHDWHWH[W VSUHDGVKHHW HWF &RUD SUHVHQWDWLRQ :?JDEMLVWKHPRUHOLNHO\FKRLFH8KH-;B;9JF7J> EXWWRQRSHQVDGLUHFWRU\SLFNHU 8KH&XUWKHUVHWWLQJVVHFWLRQLQWKHERWWRPULJKWSDUWRIWKHGLDORJLV FRPPRQWRDOOWKHK\SHUOLQNW\SHV DOWKRXJKVRPHFKRLFHVDUHPRUH UHOHYDQWWRVRPHW\SHVRIOLQNV

l 7HWWKHYDOXHRI H7C;WRGHWHUPLQHKRZWKHK\SHUOLQNZLOORSHQ 8KLVDSSOLHVWRGRFXPHQWVWKDWRSHQLQD;HEEURZVHU

l EHCVSHFLILHVLIWKHOLQNLVWREHSUHVHQWHGDVWH[WRUDVDEXWWRQ l .;NJVSHFLILHVWKHWH[WWKDWZLOOEHYLVLEOHWRWKHXVHU l (7C;LVDSSOLFDEOHWR(8-,GRFXPHQWV)WVSHFLILHVWH[WWKDWZLOO EHDGGHGDVD)("DWWULEXWHLQWKH(8-,FRGHEHKLQGWKH K\SHUOLQN

l L;DJEXWWRQWKLVEXWWRQZLOOEHDFWLYDWHGWRDOORZ//RWRUHDFW WRHYHQWVIRUZKLFKWKHXVHUKDVZULWWHQVRPHFRGHPDFUR 8KLV IXQFWLRQLVQRWFRYHUHGLQWKLVERRN

27B7<56G>3@:7<9A 8RHGLWDQH[LVWLQJOLQN SODFHWKHFXUVRUDQ\ZKHUHLQWKHOLQNDQG FOLFN:?J"OF;HB?DA8KH(\SHUOLQNGLDORJ&LJXUH RSHQV -DNH\RXUFKDQJHVDQGFOLFNFFBO)I\RXQHHGWRHGLWVHYHUDO K\SHUOLQNV \RXFDQOHDYHWKH(\SHUOLQNGLDORJRSHQXQWLO\RXKDYH HGLWHGDOORIWKHP"HVXUHWRFOLFNFFBODIWHUHDFKRQH;KHQ\RX DUHILQLVKHG FOLFNBEI; 8KHVWDQGDUGGHIDXOW EHKDYLRUIRUDFWLYDWLQJK\SHUOLQNVLVWRXVH #WUO FOLFN8KLVEHKDYLRUFDQEHFKDQJHGLQ8RROV)FJ?EDI )F;D)


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

(/D7<5,@7B3@2=1C;3/53A ;ULWHUvV(8-,FDSDELOLWLHVLQFOXGHVDYLQJH[LVWLQJGRFXPHQWVLQ (8-,IRUPDW FUHDWLQJQHZGRFXPHQWVDV(8-,DQGFUHDWLQJ VHYHUDOGLIIHUHQWW\SHVRIZHESDJHVXVLQJDZL]DUG 8KHHDVLHVWZD\WRFUHDWH(8-,GRFXPHQWVLVWRVWDUWZLWKDQ H[LVWLQJ;ULWHUGRFXPHQW=RXFDQYLHZLWDVLWZLOODSSHDURQDZHE SDJHE\XVLQJ0?;M1;8&7OEKJ

(/D7<5/2=1C;3/53 8RVDYHDGRFXPHQWDVDVLQJOHZHESDJH(8-,IRUPDW VHOHFW-7L; IIURPWKH ?B;PHQXDQGVSHFLI\".'&E9KC;DJDVWKHILOHW\SH

#=B3

;ULWHUGRHVQRWUHSODFHPXOWLSOHVSDFHVLQWKHRULJLQDO GRFXPHQWZLWKWKH(8-,FRGHIRUQRQ EUHDNLQJ VSDFHV)I\RXZDQWWRKDYHH[WUDVSDFHVLQ\RXU(8-, ILOHRUZHESDJH \RXQHHGWRLQVHUWQRQ EUHDNLQJ VSDFHVLQ//R8RGRWKLV SUHVV#RQWURO 7SDFHEDU LQVWHDGRIMXVW7SDFHEDU

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

#KDSWHU#UHDWLQJ;HE0DJHV



&LJXUH#UHDWLQJDVHULHVRIZHESDJHVIURPRQHGRFXPHQW

@3/B7<5E30>/53ACA7<5/,7H/@2 //RvV;HEZL]DUGDOORZV\RXWRFUHDWHVHYHUDOW\SHVRIVWDQGDUGZHE SDJHV8RXVHLW  7HOHFW ?B;1?P7H:I1;8*7=;/QWKHILUVWSDJHRIWKH ;L]DUG FKRRVHVHWWLQJVDQGFOLFN(;NJ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

#=B3

)IWKLVLV\RXUILUVWZHESDJH WKHRQO\VHWWLQJVRSWLRQ LV$HIDXOW

 #KRRVHRUEURZVHWRWKHGRFXPHQW\RXZRXOGOLNHWRIRUPDW8KH 8LWOH 7XPPDU\DQG!XWKRULQIRUPDWLRQLVSLFNHGXSIURPWKH GRFXPHQWvVSURSHUWLHVLIQHFHVVDU\ HGLWLW#OLFN(;NJ

 #KRVHDOD\RXWIRUWKHZHEVLWHE\FOLFNLQJRQWKHOD\RXWER[HV #OLFN(;NJ

#KDSWHU#UHDWLQJ;HE0DJHV



 #KRVHWKHLQIRUPDWLRQWREHOLVWHGDQGWKHVFUHHQUHVROXWLRQ #OLFN(;NJ

 7HOHFWDVW\OHIRUWKHSDJH9VHWKHGURS GRZQOLVWWRFKRRVH GLIIHUHQWVW\OHVDQGFRORUFRPELQDWLRQV=RXFDQEURZVHWRD EDFNJURXQGLPDJHDQGLFRQVHWIURPWKH'DOOHU\#OLFN(;NJ

 %QWHUJHQHUDOLQIRUPDWLRQVXFKDV8LWOHDQG(8-,-HWDGDWD LQIRUPDWLRQ#OLFN(;NJ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #KRVHZKHUHWRVDYHWKHILOHDQGSUHYLHZWKHSDJHLI\RXZLVK #OLFN ?D?I>

8RHGLWRUYLHZWKHGRFXPHQWvVXQGHUO\LQJ(8-,FRGH FOLFN0?;M ".'&-EKH9;RUFOLFNWKH".'&-EKH9;LFRQ

RQWKH-DLQ

WRROEDU

#KDSWHU#UHDWLQJ;HE0DJHV



(/D7<5/:1A>@3/2A633BA/AE30>/53A #DOFFDQVDYHILOHVDV(8-,GRFXPHQWV!VIRU;ULWHU XVH ?B; -7L;IDQGVHOHFW".'&E9KC;DJ RU ?B;1?P7H:I1;8 *7=; )IWKHILOHFRQWDLQVPRUHWKDQRQHVKHHW WKHDGGLWLRQDOVKHHWVZLOO IROORZRQHDQRWKHULQWKH(8-,ILOH,LQNVWRHDFKVKHHWZLOOEH SODFHGDWWKHWRSRIWKHGRFXPHQW#DOFDOVRDOORZVWKHLQVHUWLRQRI OLQNVGLUHFWO\LQWRWKHVSUHDGVKHHWXVLQJWKH(\SHUOLQNGLDORJ

(/D7<5;>@3AA>@3A3/53A =RXFDQH[SRUWSUHVHQWDWLRQVDV-DFURPHGLD&ODVKILOHVVHOHFW ?B; NFEHJDQGFKRRVH-DFURPHGLD&ODVKIRUWKHILOHW\SH =RXFDQDOVRFRQYHUWSUHVHQWDWLRQVLQWRDVHULHVRIZHESDJHV DV GHVFULEHGEHORZ

#=B3

7DYLQJDVZHESDJHV(8-,IRUPDW GRHVQRWUHWDLQ DQLPDWLRQDQGVOLGHWUDQVLWLRQV

 8REHJLQ VHOHFW ?B;NFEHJDQGFKRRVH".'&E9KC;DJDV WKHILOHW\SH  #UHDWHDIROGHUIRUWKHILOHV VXSSO\DQDPHIRUWKHUHVXOWLQJ (8-,ILOH DQGFOLFN-7L;8KH(8-,%[SRUW;L]DUGRSHQV

#=B3

$HSHQGLQJRQWKHVL]HRI\RXUSUHVHQWDWLRQDQGWKH QXPEHURIJUDSKLFVLWFRQWDLQV WKH(8-,H[SRUW IXQFWLRQFUHDWHVPDQ\(8-, *0' DQG')&ILOHV)I \RXVLPSO\VDYHWR\RXUGHVNWRSQRWLQDVSHFLILF IROGHU WKHVHVHSDUDWH(8-,DQGJUDSKLFVILOHVZLOO EHDOORYHU\RXUGHVNWRS7REHVXUHWRFUHDWHDIROGHU WRKROGDOOWKHILOHV

 #KRRVHWKHGHVLJQIRUDOORIWKHSDJHV HLWKHUIURPDQH[LVWLQJ GHVLJQRUE\FUHDWLQJDQHZRQH)I\RXKDYHQRWSUHYLRXVO\ VDYHGDGHVLJQ WKH%[LVWLQJ$HVLJQFKRLFHLVQRWDYDLODEOH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #OLFN(;NJWRVHOHFWWKHW\SHRIZHESDJHVWRFUHDWH

l 7WDQGDUG(8-,RQHSDJHIRUHDFKVOLGH ZLWKQDYLJDWLRQ OLQNVWRPRYHIURPVOLGHWRVOLGH

l 7WDQGDUG(8-,ZLWKIUDPHVRQHSDJHZLWKDQDYLJDWLRQEDU RQWKHOHIW KDQGVLGHXVHVVOLGHWLWOHDVQDYLJDWLRQOLQNV #OLFNRQOLQNVWRGLVSOD\SDJHVLQULJKW KDQGVLGH

l !XWRPDWLFRQHSDJHIRUHDFKVOLGH ZLWKHDFKSDJHVHWZLWK WKH6HIUHVKPHWDWDJVRDEURZVHUDXWRPDWLFDOO\F\FOHVIURP RQHSDJHWRWKHQH[W

l ;HE#DVWJHQHUDWHVDQ!70RU0HUODSSOLFDWLRQWRGLVSOD\WKH VOLGHV9QIRUWXQDWHO\//RKDVQRGLUHFWVXSSRUWIRU0(0DV \HW

#KDSWHU#UHDWLQJ;HE0DJHV



 $HFLGHKRZWKHLPDJHVZLOOEHVDYHG0.' ')& RU*0' DQG ZKDWUHVROXWLRQWRXVH ;KHQFKRRVLQJDUHVROXWLRQ FRQVLGHUZKDWWKHPDMRULW\RI\RXU YLHZHUVPLJKWKDYH)I\RXXVHDKLJKUHVROXWLRQ WKHQDYLHZHU ZLWKDPHGLXP UHVROXWLRQPRQLWRUZLOOKDYHWRVFUROOVLGHZD\VWR VHHWKHHQWLUHVOLGHrSUREDEO\QRWGHVLUDEOH

 )I#UHDWHWLWOHSDJHZDVFKRVHQLQVWHS VXSSO\WKHLQIRUPDWLRQ IRULWRQWKHQH[WSDJH8KHWLWOHFRQWDLQVDQDXWKRUQDPH H PDLO DGGUHVVDQGKRPHSDJH DORQJZLWKDQ\DGGLWLRQDOLQIRUPDWLRQ \RXZDQWWRLQFOXGH 8KLVSDJHRIWKH;L]DUGGRHVQRWGLVSOD\LI#UHDWHWLWOHSDJHZDV QRWFKRVHQ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #KRRVHWKHQDYLJDWLRQEXWWRQVW\OHWRXVHWRPRYHIURPRQHSDJH WRDQRWKHU)I\RXGRQRWFKRRVHDQ\ //RZLOOFUHDWHDWH[W QDYLJDWRU

 7HOHFWWKHFRORUVFKHPHIRUWKHZHESDJHV!YDLODEOHVFKHPHV LQFOXGHWKHGRFXPHQWvVH[LVWLQJVFKHPH RQHEDVHGXSRQ EURZVHUFRORUV DQGDFRPSOHWHO\XVHU GHILQHGVFKHPH=RXFDQ VDYHDQHZVFKHPHVRWKDWLWZLOODSSHDURQWKHILUVWSDJHRIWKH (8-,H[SRUWZL]DUG

#KDSWHU#UHDWLQJ;HE0DJHV



 #OLFNH;7J;WRJHQHUDWHWKH(8-,ILOHV)IWKLVLVDQHZGHVLJQ DVPDOOGLDORJSRSVXS)I\RXPLJKWZDQWWRUHXVHWKLVGHVLJQ \RXFDQJLYHLWDQDPHDQGVDYHLW/WKHUZLVH FOLFNE(EJ -7L;

(/D7<5@/E2=1C;3/53A %[SRUWLQJGUDZLQJVIURP/SHQ/IILFHRUJvV$UDZDSSOLFDWLRQLVVLPLODU WRH[SRUWLQJDSUHVHQWDWLRQIURP)PSUHVV9VH ?B;NFEHJDQG VHOHFW".'&E9KC;DJDVWKHILOHW\SH ;KHQXVLQJWKHZL]DUG \RXFDQFKRRVHWRFUHDWHWKHZHESDJHDWDQ\ WLPHE\FOLFNLQJWKHH;7J;EXWWRQ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



>7FJ;H !;JJ?D=-J7HJ;:M?J> '79HEI 9VLQJWKHPDFURUHFRUGHU -=C@47@AB;/1@= !PDFURLVDVDYHGVHTXHQFHRIFRPPDQGVRUNH\VWURNHVWKDWDUH VWRUHGIRUODWHUXVH!QH[DPSOHRIDVLPSOHPDFURLVRQHWKDWsW\SHVt \RXUDGGUHVV8KH/SHQ/IILFHRUJPDFURODQJXDJHLVYHU\IOH[LEOH DOORZLQJDXWRPDWLRQRIERWKVLPSOHDQGFRPSOH[WDVNV-DFURVDUH HVSHFLDOO\XVHIXOWRUHSHDWDWDVNWKHVDPHZD\RYHUDQGRYHUDJDLQ /SHQ/IILFHRUJPDFURVDUHXVXDOO\ZULWWHQLQDODQJXDJHFDOOHG 7WDU"DVLF RUMXVWDEEUHYLDWHG"DVLF!OWKRXJK\RXFDQOHDUQ"DVLF DQGZULWHPDFURV WKHUHLVDVWHHSOHDUQLQJFXUYHWRZULWLQJPDFURV IURPVFUDWFK8KHXVXDOPHWKRGIRUDEHJLQQHULVWRXVHWKHEXLOW LQ PDFURUHFRUGHU ZKLFKUHFRUGV\RXUNH\VWURNHVDQGVDYHVWKHPIRU XVH -RVWWDVNVLQ/SHQ/IILFHRUJDUHDFFRPSOLVKHGE\sGLVSDWFKLQJD FRPPDQGtVHQGLQJDFRPPDQG ZKLFKLVLQWHUFHSWHGDQGXVHG8KH PDFURUHFRUGHUZRUNVE\UHFRUGLQJWKHFRPPDQGVWKDWDUH GLVSDWFKHGVHHs8KHGLVSDWFKIUDPHZRUNtRQSDJH 

@3/B7<5/A7;>:3;/1@= )PDJLQHUHSHDWHGO\HQWHULQJVLPSOHLQIRUPDWLRQ!OWKRXJK\RXFDQ VWRUHWKHLQIRUPDWLRQLQWKHFOLSERDUG LI\RXXVHWKHFOLSERDUGIRU VRPHWKLQJHOVH WKHFRQWHQWVDUHFKDQJHG7WRULQJWKHFRQWHQWVDVD PDFURLVDVLPSOHVROXWLRQ)QVRPHVLPSOHFDVHV LQFOXGLQJWKH H[DPSOHXVHGKHUH DEHWWHUVROXWLRQLVWRXVH!XWR8H[W #KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV







!QGUHZ0LWRQ\DN  #OLFNWKH-JEF,;9EH:?D=EXWWRQWRVWRSUHFRUGLQJ VDYHWKH PDFUR DQGGLVSOD\WKH/SHQ/IILFHRUJ"DVLF-DFURVGLDORJVHH &LJXUH   "HFHUWDLQWRRSHQWKHOLEUDU\FRQWDLQHUQDPHG-\-DFURV&LQG WKHOLEUDU\QDPHG7WDQGDUGXQGHU-\-DFURV"HZDUQHG HYHU\ OLEUDU\FRQWDLQHUKDVDOLEUDU\QDPHG7WDQGDUG7HOHFWWKH 7WDQGDUGOLEUDU\DQGFOLFN(;M'E:KB;WRFUHDWHDQHZPRGXOH WRFRQWDLQWKHPDFUR

&LJXUH//R-DFUR/UJDQL]HUGLDORJ $")QVSHFWLRQOLEUDU\ VHOHFWHG  8KHGHIDXOWPRGXOHQDPHLV-RGXOHFKRRVHDEHWWHUQDPH !OWKRXJKLWLVVWLOOQRWGHVFULSWLYH )XVHG,97CF8988\SHD GHVFULSWLYHQDPHDQGFOLFN)%WRFUHDWHWKHPRGXOH8KH /SHQ/IILFHRUJ"DVLF-DFURVGLDORJLVGLVSOD\HGDJDLQ VKRZLQJ WKHQHZPRGXOH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH'LYH\RXUPRGXOHDPHDQLQJIXOQDPH  (LJKOLJKWWKHQHZO\FUHDWHGPRGXOH)QWKHXSSHUOHIWFRUQHU W\SHWKHPDFURQDPHWRXVH VXFKDVs%QWHU-\QDPHt DQGWKHQ FOLFN-7L;WRVDYHWKHPDFUR )I\RXIROORZHGDOORIWKHVWHSV WKH7WDQGDUGOLEUDU\QRZFRQWDLQVD PRGXOHQDPHG6HFRUGHG ZKLFKFRQWDLQVWKH%QWHU-\.DPHPDFUR DVVKRZQLQ&LJXUH;KHQ//RFUHDWHVDQHZPRGXOH LW DXWRPDWLFDOO\DGGVWKHPDFURQDPHG-DLQDVVHHQLQ&LJXUH

'C<<7<5B63;/1@= 9VH.EEBI'79HEI,KD'79HEWRRSHQWKH-DFUR7HOHFWRU GLDORJVHH&LJXUH 7HOHFWWKHQHZO\FUHDWHGPDFURDQGFOLFN ,KD

&LJXUH7HOHFW\RXUPDFURDQGFOLFN6XQ 8KHUHDUHRWKHUPHWKRGVWRUXQDPDFUR&RUH[DPSOH XVH.EEBI '79HEI)H=7D?P;'79HEI)F;D)<


+73E7<5/<2327B7<5B63;/1@= =RXFDQYLHZDQGHGLWWKHPDFURWKDWZDVMXVWFUHDWHG9VH.EEBI '79HEI)H=7D?P;'79HEI)F;D)<
,LVWLQJ'HQHUDWHGs%QWHU-\QDPHtPDFUR ,"( -&  -I6(5=B "B8-I6 GI6"BH9F(M)5A9 F9A F9A89:=B9J5F=56@9G 8=A8C7IA9BH5GC6>97H 8=A8=GD5H7<9F5GC6>97H F9A F9A;9H5779GGHCH<98C7IA9BH 8C7IA9BH.<=G CADCB9BH IFF9BH CBHFC@@9F #F5A9 8=GD5H7<9F7F95H9/BC-9FJ=797CA GIB GH5F :F5A9 !=GD5H7<%9@D9F F9A 8=A5F;G5GB9K7CA GIB GH5F 695BG +FCD9FHM05@I9 5F;G )5A9.9LH 5F;G 05@I9B8F9K+=HCBM5? 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC&BG9FH.9LH   5F;G 9B8GI6

8KHPDFURLQ,LVWLQJLVQRWDVFRPSOLFDWHGDVLWILUVWDSSHDUV ,HDUQLQJDIHZWKLQJVKHOSVVLJQLILFDQWO\LQXQGHUVWDQGLQJWKH JHQHUDWHGPDFURV8KHGLVFXVVLRQVWDUWVZLWKIHDWXUHVQHDUWKHWRSRI WKHPDFUROLVWLQJDQGGHVFULEHVWKHP)I\RXOLNHWRDYRLGGHWDLOV WKHQ VLPSO\FKDQJHWKHWH[Ws!QGUHZ0LWRQ\DNtWRZKDW\RXZDQWWRLQVHUW DWWKHFXUUHQWFXUVRUSRVLWLRQ

*((!).--.,.1%.$  8KHNH\ZRUG6%- VKRUWIRUUHPDUN VWDUWVDPDFURFRPPHQW!OOWH[W DIWHU6%-RQWKHVDPHOLQH LVLJQRUHG!VDVKRUWFXW WKHVLQJOH TXRWHFKDUDFWHUFDQDOVREHXVHGWRVWDUWDFRPPHQW

)7>



7WDU"DVLFLVQRWFDVH VHQVLWLYHIRUNH\ZRUGV VR6%- 6HP DQGUHPDOOVWDUWDFRPPHQW)I\RXXVHV\PEROLF FRQVWDQWVGHILQHGE\WKH!0) LWLVVDIHUWRDVVXPHWKDW WKHQDPHVDUHFDVH VHQVLWLYHrV\PEROLFFRQVWDQWVDUH DQDGYDQFHGWRSLFQRWXVXDOO\QHHGHGE\SHRSOHWKDW XVHWKHPDFURUHFRUGHU

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

!"%)%)#-/,*/.%)!-1%.$ )QGLYLGXDOPDFURVDUHVWRUHGLQVXEURXWLQHVGHILQHGZLWKWKHNH\ZRUG 79"8KHHQGRIDVXEURXWLQHLVLQGLFDWHGE\WKHZRUGV%.$79" 8KHFRGHVWDUWVE\GHILQLQJWKHVXEURXWLQHQDPHG-DLQ ZKLFKLV HPSW\DQGGRHVQRWKLQJ8KHQH[WVXEURXWLQH %QWHU-\.DPH FRQWDLQVWKHJHQHUDWHGFRGH

)7>

/SHQ/IILFHRUJFUHDWHVDQHPSW\VXEURXWLQHQDPHG -DLQZKHQLWFUHDWHVDPRGXOH

8KHUHDUHDGYDQFHGWRSLFVWKDWDUHEH\RQGWKHVFRSHRIWKLV GRFXPHQW EXWNQRZLQJDERXWWKHPPLJKWEHRILQWHUHVW

l =RXFDQZULWHDPDFURVRWKDWYDOXHVFDQEHSDVVHGWRWKH VXEURXWLQH8KHYDOXHVDUHFDOOHGDUJXPHQWV6HFRUGHGPDFURVGR QRWDFFHSWDUJXPHQWV

l !QRWKHUNLQGRIVXEURXWLQHLVFDOOHGDIXQFWLRQ!IXQFWLRQLVD VXEURXWLQHWKDWUHWXUQVDYDOXH8KHNH\ZRUG&9.#8)/.LVXVHG UDWKHUWKDQ79"WRGHILQHDIXQFWLRQ'HQHUDWHGPDFURVDUH DOZD\VRIW\SH79"

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

/''%)#.$!(,*.*#!.$!, 8KHIROORZLQJGHWDLOVDUHYHU\FRPSOHWHLWLVQRWLPSRUWDQWWR XQGHUVWDQGDOORIWKHGHWDLOV8KHILUVWOLQHGHILQHVWKHVWDUWRIWKH PDFUR GI6"BH9F(M)5A9

$HFODUHWZRYDULDEOHV 8=A8C7IA9BH5GC6>97H 8=A8=GD5H7<9F5GC6>97H

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



8KLV#RPSRQHQWUHIHUVWRWKHFXUUHQWGRFXPHQW 8KH#XUUHQW#RQWUROOHUSURSHUW\RIDGRFXPHQWUHIHUVWRDVHUYLFHWKDW sFRQWUROVtWKHGRFXPHQW&RUH[DPSOH ZKHQ\RXW\SH LWLVWKH FXUUHQWFRQWUROOHUWKDWQRWLFHV8KHFXUUHQWFRQWUROOHUWKHQ GLVSDWFKHVWKHFKDQJHVWRWKHGRFXPHQWvVIUDPH 8KH&UDPHSURSHUW\RIDFRQWUROOHUUHWXUQVDPDLQIUDPHIRUD GRFXPHQW8KHUHIRUH WKHYDULDEOHQDPHGGRFXPHQWUHIHUVWRD GRFXPHQWvVIUDPH ZKLFKUHFHLYHVGLVSDWFKHGFRPPDQGV 8C7IA9BH.<=G CADCB9BH IFF9BH CBHFC@@9F #F5A9

-RVWWDVNVLQ/SHQ/IILFHRUJDUHDFFRPSOLVKHGE\GLVSDWFKLQJD FRPPDQG//RYHUVLRQLQWURGXFHGWKHGLVSDWFKKHOSHUVHUYLFH ZKLFKGRHVPRVWRIWKHZRUNWRXVHGLVSDWFKHVLQPDFURV8KHPHWKRG #UHDWH9QR7HUYLFHDFFHSWVWKHQDPHRIDVHUYLFHDQGLWWULHVWRFUHDWH DQLQVWDQFHRIWKDWVHUYLFH/QFRPSOHWLRQ WKHGLVSDWFKHUYDULDEOH FRQWDLQVDUHIHUHQFHWRD$LVSDWFK(HOSHU 8=GD5H7<9F7F95H9/BC-9FJ=797CA GIB GH5F :F5A9 !=GD5H7<%9@D9F

$HFODUHDQDUUD\RISURSHUWLHV%DFKSURSHUW\KDVDQDPHDQGD YDOXH)QRWKHUZRUGV LWLVDQDPHYDOXHSDLU8KHFUHDWHGDUUD\KDV RQHSURSHUW\DWLQGH[]HUR 8=A5F;G5GB9K7CA GIB GH5F 695BG +FCD9FHM05@I9 'LYHWKHSURSHUW\WKHQDPHs8H[WtDQGWKHYDOXHs!QGUHZ0LWRQ\DNt ZKLFKLVWKHWH[WWKDWLVLQVHUWHGZKHQWKHPDFURLVUXQ 5F;G )5A9.9LH 5F;G 05@I9B8F9K+=HCBM5?

8KLVLVZKHUHWKHPDJLFKDSSHQV8KHGLVSDWFKKHOSHUVHQGVD GLVSDWFKWRWKHGRFXPHQWvVIUDPHVWRUHGLQWKHYDULDEOHQDPHG GRFXPHQW ZLWKWKHFRPPDQG IBC&BG9FH.9LH8KHQH[WWZR DUJXPHQWV IUDPHQDPHDQGVHDUFKIODJV DUHEH\RQGWKHVFRSHRI WKLVGRFXPHQW8KHODVWDUJXPHQWLVWKHDUUD\RISURSHUW\YDOXHVWR EHXVHGZKLOHH[HFXWLQJWKHFRPPDQG)QVHUW8H[W 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC&BG9FH.9LH   5F;G

&LQDOO\ WKHHQGRIWKHVXEURXWLQH 9B8GI6

@3/B7<5/;/1@= )XVXDOO\DVNWZRTXHVWLRQVEHIRUHUHFRUGLQJDPDFUR  #DQWKHWDVNEHZULWWHQDVDVLPSOHVHWRIFRPPDQGV  #DQWKHVWHSVEHDUUDQJHGVXFKWKDWWKHODVWFRPPDQGOHDYHV WKHFXUVRUUHDG\IRUWKHQH[WFRPPDQG 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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

8KHIRQWZHLJKWLVQRWVSHFLILHGNQRZQ

8().

VSHFLILHVDIRQWZHLJKW

9,86!,)'(8

VSHFLILHVDIRQWZHLJKW

,)'(8

VSHFLILHVDIRQWZHLJKW

7%-),)'(8

VSHFLILHVDIRQWZHLJKW

./6-!,

VSHFLILHVDQRUPDOIRQWZHLJKW

7%-)"/,$

VSHFLILHVDIRQWZHLJKW

"/,$

VSHFLILHVDIRQWZHLJKW

9,86!"/,$

VSHFLILHVDIRQWZHLJKW

",!#+

VSHFLILHVDIRQWZHLJKW

)ZDQWWKHILUVWFROXPQWRFRQWDLQWKHQXPHULFYDOXH WKHVHFRQG FROXPQWKHQDPH DQGWKHWKLUGFROXPQWKHGHVFULSWLRQ8KHGHVLUHG ZRUNLVHDVLO\DFFRPSOLVKHGIRUHYHU\URZH[FHSWIRU$/.8+./; DQG./6-!, ZKLFKGRQRWFRQWDLQDQXPHULFYDOXHrEXW)NQRZWKDW WKHYDOXHVDUHDQG VR)ZLOOHQWHUWKRVHPDQXDOO\ 8KHGDWDFDQEHFOHDQHGLQPXOWLSOHZD\VrDOORIWKHPHDV\8KHILUVW H[DPSOHXVHVNH\VWURNHVWKDWDVVXPHWKHFXUVRULVDWWKHVWDUWRIWKH OLQHZLWKWKHWH[W8().  9VH.EEBI'79HEI,;9EH:'79HEWRVWDUWUHFRUGLQJ  0UHVV#WUO 6LJKW!UURZWRPRYHWKHFXUVRUWRWKHVWDUWRI sVSHFLILHVt  0UHVV"DFNVSDFHWZLFHWRUHPRYHWKHWDEDQGWKHVSDFH

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



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

,LVWLQJ#RS\WKHQXPHULFYDOXHWRWKHVWDUWRIWKHFROXPQ GI6 CDM)IA.C C@ F9A F9A89:=B9J5F=56@9G 8=A8C7IA9BH5GC6>97H 8=A8=GD5H7<9F5GC6>97H F9A F9A;9H5779GGHCH<98C7IA9BH 8C7IA9BH.<=G CADCB9BH IFF9BH CBHFC@@9F #F5A9 8=GD5H7<9F7F95H9/BC-9FJ=797CA GIB GH5F :F5A9 !=GD5H7<%9@D9F F9A+F9GG HCACJ9H<97IFGCFHCH<9GH5FHC: F9ARGD97=:=9GS 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC$C.C)9LH1CF8   FF5M F9A+F9GG  HK=79HCF9ACJ9H<9H565B8H<9GD579 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC-K57?GD579   FF5M F9A



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC-K57?GD579   FF5M F9A+F9GG HC588H<9H56K=H
8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC!9@9H9   FF5M F9A

5B8H<9BDF9GG HC5885BIDD9F75G9- 8=A5F;G5GB9K7CA GIB GH5F 695BG +FCD9FHM05@I9 5F;G )5A9.9LH 5F;G 05@I9- 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC&BG9FH.9LH   5F;G F9A+F9GG HK=79HCACJ9H<97IFGCFHCH<9BIA69F 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC$C.C)9LH1CF8   FF5M F9A 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC$C.C)9LH1CF8   FF5M F9A+F9GG  HCG9@97HH<9BIA69F 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC1CF8,=;
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



F9A+F9GGHCACJ9HCH<9GH5FHC:H<9@=B9 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC$C.C-H5FH*:'=B9   4 FF5M F9A+F9GG HCACJ9HCH<9B9LH@=B9 8=A5F;G5GB9K7CA GIB GH5F 695BG +FCD9FHM05@I9 5F;G )5A9 CIBH 5F;G 05@I9 5F;G )5A9-9@97H 5F;G 05@I9:5@G9 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH  IBC$C!CKB   5F;G 9B8GI6

#XUVRUPRYHPHQWVDUHXVHGIRUDOORSHUDWLRQVDVRSSRVHGWR VHDUFKLQJ )IUXQRQWKH$/.8+./;OLQH WKHZRUGZHLJKWLVPRYHG WRWKHIURQWRIWKHOLQH DQGWKHILUVWs8KHtLVFKDQJHGWRs7KHt8KLVLV QRWSHUIHFW EXW)VKRXOGQRWKDYHUXQWKHPDFURRQWKHOLQHVWKDWGLG QRWKDYHWKHSURSHUIRUPDW)QHHGWRGRWKHVHPDQXDOO\

'C<<7<5B63;/1@=?C719:G )WLVWHGLRXVWRUHSHDWHGO\UXQWKHPDFURXVLQJ.EEBI'79HEI ,KD'79HEVHH&LJXUH 8KHPDFURFDQEHUXQIURPWKH)$% 9VH.EEBI'79HEI)H=7D?P;'79HEI)F;D)<
,LVWLQJ-RGLI\-DLQWRFDOO#RS\.XP8R#RO -I6(5=B  CDM)IA.C C@ "B8-I6

.RZ \RXFDQUXQ#RS\.XP8R#ROE\UHSHDWHGO\FOLFNLQJWKH,KD 7I?9LFRQLQWKHWRROEDURIWKH)$%8KLVLVYHU\IDVWDQGHDV\ HVSHFLDOO\IRUWHPSRUDU\PDFURVWKDWZLOOEHXVHGDIHZWLPHVDQG WKHQGLVFDUGHG

(=;3B7;3AB63;/1@=@31=@23@4/7:A 9QGHUVWDQGLQJWKH/SHQ/IILFHRUJLQWHUQDOVKHOSVWRXQGHUVWDQGKRZ DQGZK\WKHPDFURUHFRUGHUIUHTXHQWO\IDLOV8KHSULPDU\RIIHQGHULV UHODWHGWRWKHGLVSDWFKIUDPHZRUNDQGLWVUHODWLRQVKLSWRWKHPDFUR UHFRUGHU



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)6327A>/B164@/;3E=@9 8KHSXUSRVHRIWKHGLVSDWFKIUDPHZRUNLVWRSURYLGHDXQLIRUPDFFHVV WRFRPSRQHQWVGRFXPHQWV IRUFRPPDQGVWKDWXVXDOO\FRUUHVSRQGWR PHQXLWHPV)FDQXVH ?B;-7L;IURPWKHPHQX WKHVKRUWFXWNH\V #WUO 7 RUFOLFNRQWKH-7L;WRROEDULFRQ!OORIWKHVHFRPPDQGVDUH WUDQVODWHGLQWRWKHVDPHsGLVSDWFKFRPPDQGt ZKLFKLVVHQWWRWKH FXUUHQWGRFXPHQW 8KHGLVSDWFKIUDPHZRUNFDQDOVREHXVHGWRVHQGsFRPPDQGVtEDFN WRWKH9)9VHU)QWHUIDFH &RUH[DPSOH DIWHUVDYLQJWKHGRFXPHQW WKH&LOH7DYHFRPPDQGLVGLVDEOHG!VVRRQDVWKHGRFXPHQWKDV EHHQFKDQJHG WKH&LOH7DYHFRPPDQGLVHQDEOHG )IZHVHHDGLVSDWFKFRPPDQG LWLVWH[WVXFKDVXQR)QVHUW/EMHFW RUXQR'R8R7WDUW/I,LQH8KHFRPPDQGLVVHQWWRWKHGRFXPHQWvV IUDPH DQGWKHIUDPHSDVVHVRQWKHFRPPDQGXQWLODQREMHFWLVIRXQG WKDWFDQKDQGOHWKHFRPPDQG

=EB63;/1@=@31=@23@CA3AB6327A>/B16 4@/;3E=@9 8KHPDFURUHFRUGHUUHFRUGVWKHJHQHUDWHGGLVSDWFKHV8KHUHFRUGHU LVUHODWLYHO\VLPSOHWRLPSOHPHQWDQGWKHVDPHFRPPDQGVWKDWDUH LVVXHGDUHUHFRUGHGIRUODWHUXVH8KHSUREOHPLVWKDWQRWDOO GLVSDWFKHGFRPPDQGVDUHFRPSOHWH&RUH[DPSOH LQVHUWLQJDQREMHFW JHQHUDWHVWKHIROORZLQJFRGH 8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH 4  IBC&BG9FH*6>97H   FF5M

)WLVQRWSRVVLEOHWRVSHFLI\ZKDWNLQGRIREMHFWWRFUHDWHRULQVHUW)I DQREMHFWLVLQVHUWHGIURPDILOH \RXFDQQRWVSHFLI\ZKLFKILOHWR LQVHUW )UHFRUGHGDPDFURDQGXVHG.EEBI)FJ?EDIWRRSHQDQGPRGLI\ FRQILJXUDWLRQLWHPV8KHJHQHUDWHGPDFURGRHVQRWUHFRUGDQ\ FRQILJXUDWLRQFKDQJHVLQIDFW WKHJHQHUDWHGFRGHLVFRPPHQWHGVRLW ZLOOQRWHYHQEHUXQ F9A8=GD5H7<9F 9L97IH9!=GD5H7<8C7IA9BH 4  IBC*DH=CBG.F99!=5@C;   FF5M

)IDGLDORJLVRSHQHG WKHFRPPDQGWRRSHQWKHGLDORJLVOLNHO\WREH JHQHUDWHG!Q\ZRUNGRQHLQVLGHWKHGLDORJLVQRWXVXDOO\UHFRUGHG %[DPSOHVLQFOXGHPDFURRUJDQL]DWLRQGLDORJV LQVHUWLQJVSHFLDO FKDUDFWHUV DQGVLPLODUW\SHVRIGLDORJV/WKHUSRVVLEOHSUREOHPV XVLQJWKHPDFURUHFRUGHULQFOXGHWKLQJVVXFKDVLQVHUWLQJDIRUPXOD VHWWLQJXVHUGDWD VHWWLQJILOWHUVLQ#DOF DFWLRQVLQGDWDEDVHIRUPV DQGH[SRUWLQJDGRFXPHQWWRDQHQFU\SWHG0$&ILOH=RXQHYHUNQRZ

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



IRUFHUWDLQZKDWZLOOZRUNXQOHVV\RXWU\LW KRZHYHU8KHDFWLRQV IURPWKHVHDUFKGLDORJDUHSURSHUO\FDSWXUHG IRUH[DPSOH

$B63@=>B7=
"/1@==@5/<7H/B7=< )Q/SHQ/IILFHRUJ PDFURVDUHJURXSHGLQPRGXOHV PRGXOHVDUH JURXSHGLQOLEUDULHV DQGOLEUDULHVDUHJURXSHGLQOLEUDU\FRQWDLQHUV !OLEUDU\LVXVXDOO\XVHGDVDPDMRUJURXSLQJIRUHLWKHUDQHQWLUH FDWHJRU\RIPDFURV RUIRUDQHQWLUHDSSOLFDWLRQ-RGXOHVXVXDOO\VSOLW IXQFWLRQDOLW\ VXFKDVXVHULQWHUDFWLRQDQGFDOFXODWLRQV)QGLYLGXDO PDFURVDUHVXEURXWLQHVDQGIXQFWLRQV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH-DFUR,LEUDU\KLHUDUFK\ !FRPSXWHUVFLHQWLVWZRXOGXVH&LJXUHWRSUHFLVHO\GHVFULEHWKH VLWXDWLRQ8KHWH[Ws tPHDQVRQHRUPRUH DQGs tPHDQV]HURRU PRUH8KHEODFNWULDQJOHPHDQVFRPSRVHGRIRUFRQWDLQV

l !OLEUDU\FRQWDLQHUFRQWDLQVRQHRUPRUHOLEUDULHV DQGHDFK OLEUDU\LVFRQWDLQHGLQRQHOLEUDU\FRQWDLQHU

l !OLEUDU\FRQWDLQV]HURRUPRUHPRGXOHV DQGHDFKPRGXOHLV FRQWDLQHGLQRQHOLEUDU\

l !PRGXOHFRQWDLQV]HURRUPRUHPDFURV DQGHDFKPDFURLV FRQWDLQHGLQRQHPRGXOH

9VH.EEBI'79HEI)H=7D?P;'79HEI)F;D)<
#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



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s8KLV#RPSRQHQWtIRULWVDFWLRQV %YHU\OLEUDU\FRQWDLQHUFRQWDLQVDOLEUDU\QDPHG7WDQGDUG)WLV EHWWHUWRFUHDWH\RXURZQOLEUDULHVZLWKPHDQLQJIXOQDPHVWKDQWR XVHWKH7WDQGDUGOLEUDU\.RWRQO\DUHPHDQLQJIXOQDPHVHDVLHUWR PDQDJH EXWWKH\FDQDOVREHLPSRUWHGLQWRRWKHUOLEUDU\FRQWDLQHUV ZKHUHDVWKH7WDQGDUGOLEUDU\FDQQRW

/CB7=<

/SHQ/IILFHRUJDOORZV\RXWRLPSRUWOLEUDULHVLQWRD OLEUDU\FRQWDLQHU EXWLWZLOOQRWDOORZ\RXWR RYHUZULWHWKHOLEUDU\QDPHG7WDQGDUG8KHUHIRUH LI \RXVWRUH\RXUPDFURVLQWKH7WDQGDUGOLEUDU\ \RX FDQQRWLPSRUWWKHPLQWRDQRWKHUOLEUDU\FRQWDLQHU

*XVWDVLWPDNHVJRRGVHQVHWRJLYH\RXUOLEUDULHVPHDQLQJIXOQDPHV LWLVSUXGHQWWRXVHPHDQLQJIXOQDPHVIRU\RXUPRGXOHV"\GHIDXOW /SHQ/IILFHRUJXVHVQDPHVVXFKDV-RGXOH&HHOIUHHWRXVH\RXU RZQPHDQLQJIXOQDPH !V\RXFUHDWH\RXUPDFURV \RXPXVWGHFLGHZKHUHWRVWRUHWKHP 7WRULQJDPDFURLQDGRFXPHQWLVXVHIXOLIWKHGRFXPHQWZLOOEH 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

VKDUHGDQG\RXZDQWWKHPDFURWREHLQFOXGHGZLWKWKHGRFXPHQW -DFURVVWRUHGLQWKHDSSOLFDWLRQOLEUDU\FRQWDLQHUQDPHG-\-DFURV KRZHYHU DUHJOREDOO\DYDLODEOHWRDOOGRFXPHQWV -DFURVDUHQRWDYDLODEOHXQWLOWKHOLEUDU\WKDWFRQWDLQVWKHPLV ORDGHG8KH7WDQGDUGOLEUDU\DQG8HPSODWHOLEUDU\ KRZHYHU DUH DXWRPDWLFDOO\ORDGHG!ORDGHGOLEUDU\LVGLVSOD\HGGLIIHUHQWO\IURPD OLEUDU\WKDWLVQRWORDGHG8RORDGWKHOLEUDU\DQGWKHPRGXOHVLW FRQWDLQV GRXEOH FOLFNRQWKHOLEUDU\

,63@3/@3;/1@=AAB=@32 /SHQ/IILFHRUJVWRUHVXVHU VSHFLILFGDWDLQDGLUHFWRU\XQGHUWKH XVHUv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
&LJXUH8KHPDFURRUJDQL]HUGLDORJ #KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



; rel="nofollow">=@B7<5;/1@=A 8KH/SHQ/IILFHRUJ-DFUR/UJDQL]HUGLDORJSURYLGHVIXQFWLRQDOLW\WR FUHDWH GHOHWH DQGUHQDPHOLEUDULHV PRGXOHV DQGGLDORJV7HOHFWWKH OLEUDU\FRQWDLQHUWRXVHDQGWKHQFOLFNWKH#CFEHJEXWWRQWRLPSRUW PDFUROLEUDULHVVHH&LJXUH 

)7>

=RXFDQQRWLPSRUWWKHOLEUDU\QDPHG7WDQGDUG

)7>

/Q,LQX[ WKH/SHQ/IILFHRUJ VSHFLILFILOHVDUHVWRUHG LQDGLUHFWRU\ZKRVHQDPHEHJLQVZLWKDSHULRG $LUHFWRULHVDQGILOHVZLWKQDPHVEHJLQQLQJZLWKD SHULRGDUHQRWVKRZQLQDQRUPDOVHOHFWLRQGLDORJ8R RSHQWKHGLUHFWRU\ )QDYLJDWHGWRWKHSDUHQWGLUHFWRU\ HQWHUHGWKHQDPHRSHQRIILFHRUJ DQGWKHQFOLFNHG )F;D8KLVRSHQHGWKHGLUHFWRU\ ZKLFKZDVQRW LQLWLDOO\VKRZQ

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vVPDFURGLUHFWRU\



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH#KRRVHOLEUDU\LPSRUWRSWLRQV -DFURVFDQEHVWRUHGLQOLEUDULHVLQVLGH/SHQ/IILFHRUJGRFXPHQWV 7HOHFWDGRFXPHQWUDWKHUWKDQDGLUHFWRU\RQGLVNDVVKRZQLQ &LJXUH WRLPSRUWOLEUDULHVFRQWDLQHGLQDGRFXPHQW

=E<:=/27<5;/1@=AB=7;>=@B -DFURVDUHDYDLODEOHIRUGRZQORDG7RPHPDFURVDUHFRQWDLQHGLQ GRFXPHQWV VRPHDVUHJXODUILOHVWKDW\RXPXVWVHOHFWDQGLPSRUW DQGVRPHDVPDFURWH[WWKDWVKRXOGEHFRSLHGDQGSDVWHGLQWRWKH "DVLF)$%XVH.EEBI'79HEI)H=7D?P;'79HEI )F;D)<
8DEOH0ODFHVWRILQGPDFURH[DPSOHV

*.%*)

!-,%+.%*)

KWWSZZZRRRPDFURVRUJ

%[FHOOHQWFROOHFWLRQRI SDFNDJHGPDFURV

KWWSZZZSLWRQ\DNRUJRRSKS

6HIHUHQFHPDWHULDOV UHJDUGLQJPDFURV

KWWSZZZSLWRQ\DNRUJGDWDEDVH

6HIHUHQFHPDWHULDOV UHJDUGLQJGDWDEDVHPDFURV

KWWSGHYHORSPHQWRSHQRIILFHRUJ

,RWVRIOLQNVWRHYHU\WKLQJ

KWWSZZZRRRIRUXPRUJ

-DQ\H[DPSOHVDQGKHOS

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



=EB=@C</;/1@= !W\SLFDOPHWKRGWRUXQDPDFURLVDVIROORZV  9VH.EEBI'79HEI,KD'79HEWRRSHQWKH-DFUR7HOHFWRU GLDORJVHH&LJXUH   7HOHFWWKHOLEUDU\DQGPRGXOHLQWKH,LEUDU\OLVWOHIWKDQGVLGH   7HOHFWWKHPDFURLQWKH-DFURQDPHOLVWULJKWKDQGVLGH   #OLFN,KDWRUXQWKHPDFUR

&LJXUH9VHWKH-DFUR7HOHFWRUGLDORJWRUXQPDFURV !OWKRXJK\RXFDQXVH.EEBI'79HEI,KD'79HEWRUXQDOO PDFURV WKLVLVQRWHIILFLHQWIRUIUHTXHQWO\UXQPDFURV!PRUH FRPPRQWHFKQLTXHLVWRDVVLJQDPDFURWRDWRROEDUEXWWRQ PHQX LWHP NH\ERDUGVKRUWFXW RUDEXWWRQHPEHGGHGLQDGRFXPHQW;KLOH FKRRVLQJDPHWKRG LWLVDOVRJRRGWRDVNTXHVWLRQVVXFKDV

l 7KRXOGWKHPDFUREHDYDLODEOHIRURQO\RQHGRFXPHQW RUJOREDOO\ IRUDOOGRFXPHQWV

l $RHVWKHPDFURSHUWDLQWRDVSHFLILFGRFXPHQWW\SH VXFKDVD #DOFGRFXPHQW

l (RZIUHTXHQWO\ZLOOWKHPDFUREHXVHG 8KHDQVZHUVZLOOGHWHUPLQHZKHUHWRVWRUHWKHPDFURDQGKRZWR PDNHLWDYDLODEOH&RUH[DPSOH \RXZLOOSUREDEO\QRWDGGDUDUHO\ XVHGPDFURWRDWRROEDU8RKHOSGHWHUPLQH\RXUFKRLFHV VHH8DEOH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8DEOH-HWKRGVIRUVWDUWLQJDPDFUR

3+!

+!)""%!*,#

*/(!). 3+!

*/(!).

8RROEDU

.R

=HV

=HV

-HQX

.R

=HV

=HV

7KRUWFXW

=HV

=HV

.R

%YHQW

=HV

.R

=HV

8RDGGDPHQXLWHP NH\ERDUGVKRUWFXW RUWRROEDULFRQWKDWFDOOVD PDFUR XVHWKH#XVWRPL]HGLDORJVHH&LJXUH /SHQWKLVGLDORJLQ HLWKHURIWKHVHZD\V

l #KRRVH.EEBIKIJEC?P;IURPWKHPDLQPHQXEDU l %DFKWRROEDUKDVDQLFRQ WKDWRSHQVDPHQXFKRRVHWKH KIJEC?P;.EEB87HRSWLRQ

)7>

#RPSOHWHFRYHUDJHRIWKH#XVWRPL]HGLDORJLVEH\RQG WKHVFRSHRIWKLVGRFXPHQW#OLFNWKH";BFEXWWRQWR DFFHVVWKHKHOSSDJHVLQFOXGHGZLWK/SHQ/IILFHRUJ

8KH#XVWRPL]HGLDORJFRQWDLQVWDEVWRFRQILJXUHPHQXV NH\ERDUG ELQGLQJV WRROEDUV DQGHYHQWV

)==:0/@ -DFURVFDQEHDGGHGWRWRROEDUV&RUPRUHDERXWPRGLI\LQJWRROEDUV VHH#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ 

"3
3G0=/@2A6=@B1CBA 9VH.EEBIKIJEC?P;WRRSHQWKH#XVWRPL]HGLDORJ DQGVHOHFWWKH +H\ERDUGWDE!VVLJQLQJNH\ERDUGVKRUWFXWVLVGLVFXVVHGLQ#KDSWHU 

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



&LJXUH/SHQ/IILFHRUJ#XVWRPL]HGLDORJ

D3
/CB7=<

"HFDUHIXOZKHQ\RXFRQILJXUHDQHYHQWKDQGOHU&RU H[DPSOH DVVXPHWKDW\RXZULWHDQHYHQWKDQGOHU WKDWLVFDOOHGHYHU\WLPHWKDWDNH\LVSUHVVHG EXW \RXPDNHDPLVWDNHVRWKHHYHQWLVQRWSURSHUO\ KDQGOHG/QHSRVVLEOHUHVXOWLVWKDW\RXUHYHQW KDQGOHUZLOOFRQVXPHDOONH\SUHVVHV IRUFLQJ\RXWR IRUFLEO\WHUPLQDWH/SHQ/IILFHRUJ

9VH.EEBIKIJEC?P;WRRSHQWKH#XVWRPL]HGLDORJ DQGVHOHFWWKH %YHQWVWDEVHH&LJXUH 8KHHYHQWVLQWKH#XVWRPL]HGLDORJDUH 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

UHODWHGWRWKHHQWLUHDSSOLFDWLRQDQGVSHFLILFGRFXPHQWV9VHWKH 7DYH)QER[WRFKRRVH/SHQ/IILFHRUJ RUDVSHFLILFGRFXPHQW

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

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



&LJXUH!VVLJQPDFURWRWKHGRFXPHQWRSHQHYHQW

&LJXUH0ULQW(HOORLVDVVLJQHGWRWKH/SHQ$RFXPHQWHYHQW

FB3
l #DOF!GG )QV ZKLFKSURYLGHQHZIXQFWLRQDOLW\IRU#DOF LQFOXGLQJ QHZIXQFWLRQVWKDWDFWOLNHQRUPDOEXLOW LQIXQFWLRQV

l .HZFRPSRQHQWVDQGIXQFWLRQDOLW\ ZKLFKQRUPDOO\LQFOXGHVRPH OHYHORI9)LQWHJUDWLRQVXFKDVQHZPHQXVRUWRROEDUV

l l l l



$DWDSLORWVWKDWDUHXVHGGLUHFWO\LQ#DOF #KDUW!GG )QVZLWKQHZFKDUWW\SHV ,LQJXLVWLFFRPSRQHQWVVXFKDVVSHOOFKHFNHUV $RFXPHQWWHPSODWHVDQGLPDJHV

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

!OWKRXJKLQGLYLGXDOH[WHQVLRQVFDQEHIRXQGLQGLIIHUHQWSODFHV WKHUH LVDQH[WHQVLRQUHSRVLWRU\DW KWWSH[WHQVLRQVVHUYLFHVRSHQRIILFHRUJ &RUPRUHDERXWREWDLQLQJDQGLQVWDOOLQJH[WHQVLRQV VHH#KDSWHU #XVWRPL]LQJ/SHQ/IILFHRUJ 

,@7B7<5;/1@=AE7B6=CBB63@31=@23@ 8KHH[DPSOHVFRYHUHGLQWKLVFKDSWHUDUHFUHDWHGXVLQJWKHPDFUR UHFRUGHUDQGWKHGLVSDWFKHU=RXFDQDOVRZULWHPDFURVWKDWGLUHFWO\ DFFHVVWKHREMHFWVWKDWFRPSULVH/SHQ/IILFHRUJ)QRWKHUZRUGV \RX FDQGLUHFWO\PDQLSXODWHDGRFXPHQW $LUHFWO\PDQLSXODWLQJ//RvVLQWHUQDOREMHFWVLVDQDGYDQFHGWRSLF WKDWLVEH\RQGWKHVFRSHRIWKLVFKDSWHU!VLPSOHH[DPSOH KRZHYHU GHPRQVWUDWHVKRZWKLVZRUNV

,LVWLQJ!SSHQGWKHWH[Ws(HOORt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

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV



7<27<5;=@37<4=@;/B7=< .XPHURXVUHVRXUFHVDUHDYDLODEOHWKDWSURYLGHKHOSZLWKZULWLQJ PDFURV9VH";BF)F;D)<
<1:C232;/B3@7/: -DQ\H[FHOOHQWPDFURVDUHLQFOXGHGZLWK//R9VH.EEBI'79HEI )H=7D?P;'79HEI)F;D)<
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vVPDFURSDJH KWWSZZZSLWRQ\DNRUJ!QGUHZ-DFURRGWQXPHURXVH[DPSOHVRI ZRUNLQJPDFURV KWWSZZZSLWRQ\DNRUJERRN!QGUHZ0LWRQ\DNZURWHDERRNRQ PDFURV KWWSZZZSLWRQ\DNRUJGDWDEDVHQXPHURXVPDFURH[DPSOHVXVLQJ "DVH KWWSGRFVVXQFRPDSSGRFV7XQZURWHDERRNRQPDFUR SURJUDPPLQJrYHU\ZHOOZULWWHQDQGODLGRXW



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

KWWSGRFXPHQWDWLRQRSHQRIILFHRUJFRQWDLQVFRQWHQWUHODWHGWR PDFURV KWWSRRH[WUDVVRXUFHIRUJHQHWH[DPSOHV KWWSVRXUFHIRUJHQHWSURMHFWVKRZILOHVSKSJURXSCLG H[DPSOHV KWWSKRPHSDJHVSDUDGLVHQHWQ]KLOOYLHZ//RQXPHURXVH[FHOOHQW PDFURV LQFOXGLQJUHYHDOFRGHVPDFURV NH\PDFURV DQGLQIRUPDWLRQ RQFRQYHUWLQJIURP-7/IILFH

%C0:7A632;/B3@7/: 8KHIROORZLQJSXEOLVKHGVRXUFHVFRQWDLQPDFURH[DPSOHV8KHPRVW REYLRXVH[DPSOHLVWKHGRFXPHQWDWLRQIURP7XQ7WDUWIURP7XQvV GRFXPHQWDWLRQVLWHKWWSGRFVVXQFRPDSSGRFVDQGVHDUFKIRU 7WDU/IILFHGRFXPHQWDWLRQ !QGUHZ0LWRQ\DNZURWHDERRNFDOOHG/SHQ/IILFHRUJ-DFURV %[SODLQHG8ZRFKDSWHUVDUHDYDLODEOHDVGLUHFWGRZQORDGVIURPWKH SXEOLVKHU7HHKWWSZZZSLWRQ\DNRUJERRN $U-DUN!OH[DQGHU"DLQZURWH,HDUQ/SHQ/IILFHRUJ7SUHDGVKHHW -DFUR0URJUDPPLQJVHHKWWSZZZSDFNWSXEFRPRSHQRIILFH RRREDVLF FDOF DXWRPDWLRQERRN 

#KDSWHU'HWWLQJ7WDUWHGZLWK-DFURV





 rel="nofollow">7FJ;H KIJEC?P?D= )F;D)<
#=B3

#XVWRPL]DWLRQVWRPHQXVDQGWRROEDUVFDQEHVDYHGLQD WHPSODWH8RGRVR ILUVWVDYHWKHPLQDGRFXPHQWDQGWKHQ VDYHWKHGRFXPHQWDVDWHPSODWHDVGHVFULEHGLQ#KDSWHU 7W\OHVDQG8HPSODWHV 

CAB=;7H7<5;3
 /QWKHKIJEC?P;GLDORJ SLFNWKH';DKISDJH&LJXUH   )QWKH7DYH)QGURS GRZQOLVW FKRRVHZKHWKHUWRVDYHWKLV FKDQJHGPHQXIRUWKHDSSOLFDWLRQIRUH[DPSOH ;ULWHU RUIRUD VHOHFWHGGRFXPHQW 

#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ

 )QWKHVHFWLRQ)F;D)<;FHE=H7C ;N7CFB;1H?J;H';DKI VHOHFWIURPWKH';DKGURS GRZQ OLVWWKHPHQXWKDW\RXZDQWWRFXVWRPL]H8KHOLVWLQFOXGHVDOO WKHPDLQPHQXVDVZHOODVVXE PHQXV WKDWLVPHQXVWKDWDUH FRQWDLQHGXQGHUDQRWKHUPHQX&RUH[DPSOH LQDGGLWLRQWR&LOH %GLW :LHZ DQGVRRQ WKHUHLV&LOH_7HQGDQG&LOH_8HPSODWHV 8KHFRPPDQGVDYDLODEOHIRUWKHVHOHFWHGPHQXDUHVKRZQLQWKH FHQWUDOSDUWRIWKHGLDORJ  8RFXVWRPL]HWKHVHOHFWHGPHQX FOLFNRQWKH';DKRU'E:?
&LJXUH8KH-HQXVSDJHRIWKH#XVWRPL]HGLDORJ #KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



@3/B7<5/<3E;3
"=274G7<53F7AB7<5;3
'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

VHOHFWWKHVXEPHQX7HQG LQWKH%QWULHVOLVWDQGXVHWKHDUURZNH\V WRPRYHLWXSRUGRZQLQWKHVHTXHQFH7XEPHQXVDUHHDVLO\ LGHQWLILHGLQWKH%QWULHVOLVWE\DVPDOOEODFNWULDQJOHRQWKHULJKW KDQGVLGHRIWKHQDPH )QDGGLWLRQWRUHQDPLQJ \RXFDQVSHFLI\DNH\ERDUGVKRUWFXWWKDW DOORZV\RXWRVHOHFWDPHQXFRPPDQGZKHQ\RXSUHVV!OW DQ XQGHUOLQHGOHWWHULQDPHQXFRPPDQG  7HOHFWDPHQXRUPHQXHQWU\  #OLFNWKH';DKEXWWRQDQGVHOHFW,;D7C;  !GGDWLOGHa LQIURQWRIWKHOHWWHUWKDW\RXZDQWWRXVHDVDQ DFFHOHUDWRU&RUH[DPSOH WRVHOHFWWKH7DYH!OOFRPPDQGE\ SUHVVLQJ!OW : HQWHU 

227<5/1=;;/<2B=/;3
&LJXUH!GGLQJDFRPPDQGWRDPHQX

#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



"=274G7<5;3
CAB=;7H7<5B==:0/@A =RXFDQFXVWRPL]HWRROEDUVLQVHYHUDOZD\V LQFOXGLQJFKRRVLQJZKLFK LFRQVDUHYLVLEOHDQGORFNLQJWKHSRVLWLRQRIDGRFNHGWRROEDU DV GHVFULEHGLQ#KDSWHU)QWURGXFLQJ/SHQ/IILFHRUJ 8KLVVHFWLRQ GHVFULEHVKRZWRFUHDWHQHZWRROEDUVDQGDGGRWKHULFRQV FRPPDQGV WRWKHOLVWRIWKRVHDYDLODEOHRQDWRROEDU 8RJHWWRWKHWRROEDUFXVWRPL]DWLRQGLDORJ GRDQ\RIWKHIROORZLQJ

l /QWKHWRROEDU FOLFNWKHDUURZDWWKHHQGRIWKHWRROEDUDQG FKRRVHKIJEC?P;.EEB87H

l #KRRVH0?;M.EEB87HIKIJEC?P;IURPWKHPHQXEDU l #KRRVH.EEBIKIJEC?P;IURPWKHPHQXEDUDQGSLFNWKH .EEB87HISDJH&LJXUH 

8RFXVWRPL]HWRROEDUV  )QWKH7DYH)QGURS GRZQOLVW FKRRVHZKHWKHUWRVDYHWKLV FKDQJHGWRROEDUIRUWKHDSSOLFDWLRQIRUH[DPSOH ;ULWHU RUIRUD VHOHFWHGGRFXPHQW  )QWKHVHFWLRQ)F;D)<;FHE=H7C ;N7CFB;1H?J;H.EEB87HI VHOHFWIURPWKH.EEB87HGURS GRZQOLVWWKHWRROEDUWKDW\RXZDQWWRFXVWRPL]H  =RXFDQFUHDWHDQHZWRROEDUE\FOLFNLQJRQWKH(;MEXWWRQ RU FXVWRPL]HH[LVWLQJWRROEDUVE\FOLFNLQJRQWKH.EEB87HRU 'E:?


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

&LJXUH8KH8RROEDUVSDJHRIWKH#XVWRPL]HGLDORJ

@3/B7<5/<3EB==:0/@ 8RFUHDWHDQHZWRROEDU  #KRRVH.EEBIKIJEC?P;.EEB87HIIURPWKHPHQXEDU  #OLFN(;M/QWKH.DPHGLDORJ W\SHWKHQHZWRROEDUVQDPH DQGFKRRVHIURPWKH7DYH)QGURS GRZQOLVWZKHUHWRVDYHWKLV FKDQJHGPHQXIRUWKHDSSOLFDWLRQIRUH[DPSOH ;ULWHU RUIRUD VHOHFWHGGRFXPHQW

8KHQHZWRROEDUQRZDSSHDUVRQWKHOLVWRIWRROEDUVLQWKH#XVWRPL]H GLDORJ!IWHUFUHDWLQJDQHZWRROEDU \RXQHHGWRDGGVRPHFRPPDQGV WRLW DVGHVFULEHGEHORZ #KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



227<5/1=;;/<2B=/B==:0/@ )IWKHOLVWRIDYDLODEOHEXWWRQVIRUDWRROEDUGRHVQRWLQFOXGHDOOWKH FRPPDQGV\RXZDQWRQWKDWWRROEDU \RXFDQDGGFRPPDQGV;KHQ \RXFUHDWHDQHZWRROEDU \RXQHHGWRDGGFRPPDQGVWRLW  /QWKH8RROEDUVSDJHRIWKH#XVWRPL]HGLDORJ VHOHFWWKHWRROEDU LQWKH8RROEDUOLVWDQGFOLFNWKH::EXWWRQLQWKH8RROEDU #RQWHQWVHFWLRQRIWKHGLDORJ  8KH!GG#RPPDQGVGLDORJLVWKHVDPHDVIRUDGGLQJFRPPDQGV WRPHQXV&LJXUH 7HOHFWDFDWHJRU\DQGWKHQWKHFRPPDQG DQGFOLFN::8KHGLDORJUHPDLQVRSHQ VR\RXFDQVHOHFW VHYHUDOFRPPDQGV;KHQ\RXKDYHILQLVKHGDGGLQJFRPPDQGV FOLFNBEI;)I\RXLQVHUWDQLWHPZKLFKGRHVQRWKDYHDQ DVVRFLDWHGLFRQ WKHWRROEDUZLOOGLVSOD\WKHIXOOQDPHRIWKH LWHPWKHQH[WVHFWLRQGHVFULEHVKRZWRFKRRVHDQLFRQIRUD WRROEDUFRPPDQG  "DFNRQWKH#XVWRPL]HGLDORJ \RXFDQXVHWKHXSDQGGRZQ DUURZEXWWRQVWRDUUDQJHWKHFRPPDQGVLQ\RXUSUHIHUUHG VHTXHQFH  ;KHQ\RXDUHGRQHPDNLQJFKDQJHV FOLFN)%WRVDYH

6==A7<571=7D=;?9ED/QWKH#KDQJH)FRQGLDORJ \RXFDQVFUROO WKURXJKWKHDYDLODEOHLFRQV VHOHFWRQH DQGFOLFN)%WRDVVLJQLWWR WKHFRPPDQG



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

8RXVHDFXVWRPLFRQ FUHDWHLWLQDJUDSKLFVSURJUDPDQGLPSRUWLW LQWR//RE\FOLFNLQJWKH#CFEHJEXWWRQRQWKH#KDQJH)FRQGLDORJ #XVWRPLFRQVPXVWEH[RU[SL[HOVLQVL]HDQGFDQQRW FRQWDLQPRUHWKDQFRORUV

2(+'!

%)# 2%*).*.**',

=RXFDQFXVWRPL]H/SHQ/IILFHRUJVRWKDWDVLQJOHFOLFNRQDQLFRQ DXWRPDWLFDOO\VHQGVWKHFXUUHQWGRFXPHQWDVDID[  "HVXUHWKHID[GULYHULVLQVWDOOHG#RQVXOWWKHGRFXPHQWDWLRQIRU \RXUID[PRGHPIRUPRUHLQIRUPDWLRQ D #KRRVH.EEBI)FJ?EDI)F;D)<
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

#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



&LJXUH!GGLQJD7HQG&D[FRPPDQGWRDWRROEDU

AA75<7<5A6=@B1CB93GA )QDGGLWLRQWRXVLQJWKHEXLOW LQNH\ERDUGVKRUWFXWVOLVWHGLQ !SSHQGL[! \RXFDQGHILQH\RXURZQ=RXFDQDVVLJQVKRUWFXWVWR VWDQGDUG//RIXQFWLRQVRU\RXURZQPDFURVDQGVDYHWKHPIRUXVH ZLWKWKHHQWLUH/SHQ/IILFHRUJVXLWH

/CB7=<

"HFDUHIXOZKHQUHDVVLJQLQJ\RXURSHUDWLQJV\VWHPvVRU //RvVSUHGHILQHGVKRUWFXWNH\V-DQ\NH\DVVLJQPHQWV DUHXQLYHUVDOO\XQGHUVWRRGVKRUWFXWV VXFKDV& IRU (HOS DQGDUHDOZD\VH[SHFWHGWRSURYLGHFHUWDLQ UHVXOWV!OWKRXJK\RXFDQHDVLO\UHVHWWKHVKRUWFXWNH\ DVVLJQPHQWVWRWKH//RGHIDXOWV FKDQJLQJVRPH FRPPRQVKRUWFXWNH\VFDQFDXVHFRQIXVLRQ IUXVWUDWLRQ DQGSRVVLEOHGDWDORVVRUFRUUXSWLRQ HVSHFLDOO\LIRWKHU XVHUVVKDUH\RXUFRPSXWHU

8RDGDSWVKRUWFXWNH\VWR\RXUQHHGV XVHWKH#XVWRPL]HGLDORJ DV GHVFULEHGEHORZ  7HOHFW.EEBIKIJEC?P;%;O8E7H:8KH#XVWRPL]HGLDORJ RSHQV  8RKDYHWKHVKRUWFXWNH\DVVLJQPHQWDYDLODEOHLQDOOFRPSRQHQWV RI/SHQ/IILFHRUJVHOHFWWKH)F;D)<


'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

 #OLFN)%WRDFFHSWWKHFKDQJH.RZWKHFKRVHQVKRUWFXWNH\V ZLOOH[HFXWHWKHIXQFWLRQFKRVHQLQVWHSDERYHZKHQHYHUWKH\ DUHSUHVVHG

#=B3

!OOH[LVWLQJVKRUWFXWNH\VIRUWKHFXUUHQWO\VHOHFWHG &XQFWLRQDUHOLVWHGLQWKH+H\VVHOHFWLRQER[)IWKH+H\V OLVWLVHPSW\ LWLQGLFDWHVWKDWWKHFKRVHQNH\ FRPELQDWLRQLVIUHHIRUXVH)ILWZHUHQRW DQG\RX ZDQWHGWRUHDVVLJQDVKRUWFXWNH\FRPELQDWLRQWKDWLV DOUHDG\LQXVH \RXPXVWILUVW;B;J;WKHH[LVWLQJ+H\ 7KRUWFXWNH\VWKDWDUHJUH\HG RXWLQWKHOLVWLQJRQWKH #XVWRPL]HGLDORJ VXFKDV& DQG& DUHQRWDYDLODEOH IRUUHDVVLJQPHQW

F/;>:3AA75<7<5ABG:3AB=A6=@B1CB93GA =RXFDQFRQILJXUHVKRUWFXWNH\VWRTXLFNO\DVVLJQVW\OHVLQ\RXU GRFXPHQW7RPHVKRUWFXWVDUHSUHGHILQHG VXFKDV#WUO IRUWKH 8H[WERG\SDUDJUDSKVW\OH #WUO IRUWKH(HDGLQJVW\OH DQG#WUO  IRU(HDGLQJ=RXFDQPRGLI\WKHVHVKRUWFXWVDQGFUHDWH\RXURZQ  #OLFN.EEBIKIJEC?P;%;O8E7H:8KH+H\ERDUGSDJHRI WKH#XVWRPL]HGLDORJ&LJXUH RSHQV  8RKDYHWKHVKRUWFXWNH\DVVLJQPHQWDYDLODEOHRQO\ZLWKRQH FRPSRQHQWIRUH[DPSOH ;ULWHU VHOHFWWKDWFRPSRQHQWvVQDPH LQWKHXSSHUULJKWFRUQHURIWKHSDJHRWKHUZLVHVHOHFW )F;D)<
#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



&LJXUH$HILQLQJNH\ERDUGVKRUWFXWVIRUDSSO\LQJVW\OHV

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



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

!=/27<5/A/D3293G0=/@21=<475C@/B7=< 8RORDGDVDYHGNH\ERDUGFRQILJXUDWLRQILOHDQGUHSODFH\RXUH[LVWLQJ FRQILJXUDWLRQ FOLFNWKH&E7:EXWWRQQHDUWKHERWWRPULJKWRIWKH #XVWRPL]HGLDORJ DQGWKHQVHOHFWWKHFRQILJXUDWLRQILOHIURPWKH,RDG +H\ERDUG#RQILJXUDWLRQGLDORJ

'3A3BB7<5B63A6=@B1CB93GA 8RUHVHWDOORIWKHNH\ERDUGVKRUWFXWVWRWKHLUGHIDXOWYDOXHV FOLFNWKH ,;I;JEXWWRQQHDUWKHERWWRPULJKWRIWKH#XVWRPL]HGLDORJ9VHWKLV IHDWXUHZLWKFDUHDVQRFRQILUPDWLRQGLDORJZLOOEHGLVSOD\HGWKH GHIDXOWVZLOOEHVHWZLWKRXWDQ\IXUWKHUQRWLFHRUXVHULQSXW

AA75<7<5;/1@=AB=3D3
227<54C<1B7=

#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



 !ILOHEURZVHUZLQGRZRSHQV&LQGDQGVHOHFWWKHH[WHQVLRQ\RX ZDQWWRLQVWDOODQGFOLFN)F;D8KHH[WHQVLRQEHJLQVLQVWDOOLQJ =RXPD\EHDVNHGWRDFFHSWDOLFHQVHDJUHHPHQW  ;KHQWKHLQVWDOODWLRQLVFRPSOHWH WKHH[WHQVLRQLVOLVWHGLQWKH %[WHQVLRQ-DQDJHUGLDORJ

)7 rel="nofollow">

8RJHWH[WHQVLRQVWKDWDUHOLVWHGLQWKHUHSRVLWRU\ \RX FDQRSHQWKH%[WHQVLRQ-DQDJHUDQGFOLFNWKH!;J CEH;;NJ;DI?EDI>;H;OLQN=RXGRQRWQHHGWR GRZQORDGWKHPVHSDUDWHO\DVLQVWHSDERYH

#=B3

8RLQVWDOODVKDUHGH[WHQVLRQ \RXQHHGZULWHDFFHVVWR WKH/SHQ/IILFHRUJLQVWDOODWLRQGLUHFWRU\

*A7<53FB3
%; rel="nofollow">=@B %QDEOHV\RXWRPDNHPLQRUPRGLILFDWLRQVWRWKHWH[WRIH[LVWLQJ0$& ILOHVZKHQWKHRULJLQDOVRXUFHILOHVGRQRWH[LVWRU\RXDUHXQDEOHWR



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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sWRSDUDJUDSKt PD\PRYHDZD\IURPWKHLUSRVLWLRQVGXULQJLPSRUWDQ\LQFRUUHFW SRVLWLRQLQJUHPDLQVZKHQWKH0$&LVVDYHGDJDLQ &URP7XQ-LFURV\VWHPV/SHQVRXUFH

%@3A3
l 8KHILUVWYLHZGLVSOD\VWKHFXUUHQWVOLGH LQFOXGLQJWKHHIIHFWV DQG WKHXSFRPLQJVOLGH

l 8KHVHFRQGYLHZVKRZVWKHVSHDNHUVQRWHVLQODUJH FOHDU DQG VFDODEOHW\SH SOXVWKHFXUUHQWDQGXSFRPLQJVOLGH

l 8KHWKLUGYLHZLVDVOLGHVRUWHUYLHZZLWKWKHVOLGHWKXPEQDLOV &URP7XQ-LFURV\VWHPV/SHQVRXUFH

#=B3

8KH0UHVHQWHU#RQVROHZRUNVRQO\RQDQRSHUDWLQJ V\VWHPWKDWVXSSRUWVPXOWLSOHGLVSOD\V

#KDSWHU#XVWRPL]LQJ/SHQ/IILFHRUJ



'3 rel="nofollow">=@BC7:23@ #UHDWHVVW\OLVK FRPSOH[GDWDEDVHUHSRUWVIURP"DVH=RXFDQGHILQH JURXSDQGSDJHKHDGHUV JURXSDQGSDJHIRRWHUV DQGFDOFXODWLRQ ILHOGV%[SRUW\RXUUHSRUWVLQWR0$&RU/SHQ$RFXPHQWIRUPDWV RU VHQGWKHPDVHPDLODWWDFKPHQWV&URP7XQ-LFURV\VWHPV/SHQ VRXUFH

%@=43AA7=:/B3%/19 -RUHWKDQWHPSODWHVIRU;ULWHU #DOF DQG)PSUHVV!YDLODEOHLQ VHYHUDOODQJXDJHV!IWHU\RXKDYHLQVWDOOHGWKLV%[WHQVLRQ \RXZLOO ILQGWKHWHPSODWHVXQGHU ?B;(;M.;CFB7J;I7D:E9KC;DJI &URP7XQ-LFURV\VWHPV&UHHZDUH

)3;>:/B36/<53@ !GGVWZRQHZLWHPVWRWKH ?B;.;CFB7J;IPHQXWKDWDOORZ\RXWR DVVLJQDQHZWHPSODWHWRWKHFXUUHQWGRFXPHQWRUWRDIROGHURI GRFXPHQWV!OOVW\OHVDQGIRUPDWWLQJZLOOEHORDGHGIURPWKDW WHPSODWHDQGWKHGRFXPHQWZLOOEHKDYHDVLWZDVFUHDWHGXVLQJWKDW WHPSODWH/SHQVRXUFH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ



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vVNH\ERDUGVKRUWFXWV RUXVLQJ//RZLWKD NH\ERDUGRQO\ VHDUFKWKH//R(HOSXVLQJWKHsVKRUWFXWtRU sDFFHVVLELOLW\tNH\ZRUGV )QDGGLWLRQWRXVLQJWKHEXLOW LQNH\ERDUGVKRUWFXWVOLVWHGLQWKLV !SSHQGL[ \RXFDQGHILQH\RXURZQ7HH#KDSWHU#XVWRPL]LQJ /SHQ/IILFHRUJ IRULQVWUXFWLRQV

#=B3

7RPHRIWKHVKRUWFXWNH\VPD\EHDVVLJQHGWR\RXU GHVNWRSV\VWHP+H\VWKDWDUHDVVLJQHGWRWKHGHVNWRS V\VWHPDUHQRWDYDLODEOHWR//R8U\WRDVVLJQGLIIHUHQW NH\VHLWKHUIRU//RGHVFULEHGLQ#KDSWHU RUIRU \RXUGHVNWRSV\VWHPVHH\RXUV\VWHPvVGRFXPHQWDWLRQ 

!SSHQGL[!+H\ERDUG7KRUWFXWV



C<1B7=<93GA6=@B1CBA $*,./.!3&

!-/'. 7WDUWVWKH/SHQ/IILFHRUJ(HOS )QWKH/SHQ/IILFHRUJ(HOSMXPSVWRPDLQ KHOSSDJH

7KLIW &

!FWLYDWHV;KDWvV8KLVH[WHQGHGWLS KHOSIRU WKHPRXVHSRLQWHU ZKLFKWXUQVLQWRDTXHVWLRQ PDUN-RYHWKHSRLQWHURYHUDQLWHP FRPPDQG LFRQRUFRQWURO WRYLHZWKH H[WHQGHGWLS

7KLIW &

$LVSOD\VDQH[WHQGHGWLSIRUWKHLWHP FRPPDQG LFRQRUFRQWURO FXUUHQWO\VHOHFWHG E\XVLQJWKHNH\ERDUG

#WUO &RU !OW &

#ORVHVWKHFXUUHQWGRFXPHQW#ORVHV /SHQ/IILFHRUJZKHQWKHODVWRSHQGRFXPHQW LVFORVHG

&

7HWVIRFXVLQQH[WVXEZLQGRZ

7KLIW &

7HWVIRFXVLQSUHYLRXVVXEZLQGRZ

&

!FWLYDWHVWKHILUVWPHQX&LOHPHQX 

7KLIW &

/SHQVWKHFRQWH[WSRS XS PHQX

#WUO &

/SHQVWKH7W\OH#DWDORJ

3<3@/:A6=@B1CB93GA4=@$>3<$44713=@5 $*,./.!3-

!-/'.

%QWHUNH\

!FWLYDWHVWKHIRFXVHGEXWWRQLQDGLDORJ

%VF

8HUPLQDWHVWKHDFWLRQRUGLDORJ)ILQ /SHQ/IILFHRUJ(HOSJRHVXSRQHOHYHO

7SDFHEDU

8RJJOHVWKHIRFXVHGFKHFNER[LQDGLDORJ

!UURZNH\V

#KDQJHVWKHDFWLYHFRQWUROILHOGLQDQRSWLRQ VHFWLRQRIDGLDORJ

8DE

!GYDQFHVIRFXVWRWKHQH[WVHFWLRQRU HOHPHQWLQDGLDORJ

7KLIW 8DE

-RYHVWKHIRFXVWRWKHSUHYLRXVVHFWLRQRU HOHPHQWLQDGLDORJ



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

$*,./.!3-

!-/'.

!OW $RZQ!UURZ

/SHQVWKHOLVWRIWKHFRQWUROILHOGFXUUHQWO\ VHOHFWHGLQDGLDORJ8KLVVKRUWFXWDSSOLHVWR FRPERER[HVDQGWRLFRQEXWWRQVZLWKSRS XS PHQXV#ORVHDQRSHQHGOLVWE\SUHVVLQJWKH %VFNH\

$HO

$HOHWHVWKHVHOHFWHGLWHPVLQWRWKHUHF\FOH ELQ

7KLIW $HO

$HOHWHVWKHVHOHFWHGLWHPVZLWKRXWSXWWLQJ WKHPLQWKHUHF\FOHELQ

"DFNVSDFH

;KHQDIROGHULVVKRZQJRHVXSRQHOHYHO JRHVEDFN 

#WUO 7KLIW 7SDFH EDU

6HPRYHVGLUHFWIRUPDWWLQJIURPVHOHFWHG WH[WRUREMHFWVDVLQ EHC7J;<7KBJ EHC7JJ?D= 

#WUO 8DE

;KHQSRVLWLRQHGDWWKHVWDUWRIDKHDGHU D WDELVLQVHUWHG

%QWHULIDQ/,% REMHFWLVVHOHFWHG

!FWLYDWHVWKHVHOHFWHG/,%REMHFW

%QWHULID GUDZLQJREMHFWRU WH[WREMHFWLV VHOHFWHG

!FWLYDWHVWH[WLQSXWPRGH

#WUO /

/SHQVDGRFXPHQW

#WUO 7

7DYHVWKHFXUUHQWGRFXPHQW

#WUO .

#UHDWHVDQHZGRFXPHQW

7KLIW #WUO .

/SHQVWKH8HPSODWHVDQG$RFXPHQWVGLDORJ

#WUO 0

0ULQWVWKHGRFXPHQW

#WUO 5

%[LWVWKHDSSOLFDWLRQ

#WUO <

#XWVWKHVHOHFWHGLWHPV

#WUO #

#RSLHVWKHVHOHFWHGLWHPV

#WUO :

0DVWHVIURPWKHFOLSERDUG

#WUO 7KLIW :

/SHQVWKH0DVWH7SHFLDOGLDORJ

#WUO !

7HOHFWVDOO

#WUO >

9QGRHVODVWDFWLRQ

#WUO =

6HGRHVODVWDFWLRQ

#WUO 7KLIW =

6HSHDWVODVWFRPPDQG

!SSHQGL[!+H\ERDUG7KRUWFXWV



$*,./.!3-

!-/'.

#WUO &

#DOOVWKH&LQG6HSODFHGLDORJ

#WUO 7KLIW &

7HDUFKHVIRUWKHODVWHQWHUHGVHDUFKWHUP

#WUO 7KLIW *

8RJJOHVWKHYLHZEHWZHHQIXOOVFUHHQPRGH DQGQRUPDOPRGHLQ;ULWHURU#DOF

#WUO 7KLIW 6

6HIUHVKHVUHGUDZV WKHGRFXPHQWYLHZ

#WUO 7KLIW )

%QDEOHVRUGLVDEOHVWKHVHOHFWLRQFXUVRULQ UHDG RQO\WH[W

#WUO )

!SSOLHVWKH)WDOLFDWWULEXWHWRWKHVHOHFWHG DUHDRUWKHZRUGLQZKLFKWKHFXUVRULV SRVLWLRQHG

#WUO "

!SSOLHVWKH"ROGDWWULEXWHWRWKHVHOHFWHG DUHDRUWKHZRUGLQZKLFKWKHFXUVRULV SRVLWLRQHG

#WUO 9

!SSOLHVWKH9QGHUOLQHGDWWULEXWHWRWKH VHOHFWHGDUHDRUWKHZRUGLQZKLFKWKH FXUVRULVSRVLWLRQHG

(6=@B1CB93GA7<B63/::3@G $*,./.!3- 8DE

!-/'. -RYHVEHWZHHQDUHDV

7KLIW 8DE

-RYHVEHWZHHQDUHDVEDFNZDUGV 

<B63#3E)63;3/@3/=4B63/::3@G $*,./.&!39SDUURZ

!-/'. -RYHVWKHVHOHFWLRQXS

$RZQDUURZ

-RYHVWKHVHOHFWLRQGRZQ

#WUO %QWHU

/SHQVWKH0URSHUWLHVGLDORJ

7KLIW &

/SHQVDFRQWH[WPHQX

#WUO 9

6HIUHVKHVWKHVHOHFWHGWKHPH

#WUO 6

/SHQVWKH%QWHU8LWOHGLDORJ

#WUO $

$HOHWHVWKHVHOHFWHGWKHPH

)QVHUW

)QVHUWVDQHZWKHPH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

<B63/::3@G>@3D73E/@3/ $*,./.&!3(RPH

!-/'. *XPSVWRWKHILUVWHQWU\

%QG

*XPSVWRWKHODVWHQWU\

,HIW!UURZ

7HOHFWVWKHQH[W'DOOHU\HOHPHQWRQWKHOHIW

6LJKW!UURZ

7HOHFWVWKHQH[W'DOOHU\HOHPHQWRQWKHULJKW

9S!UURZ

7HOHFWVWKHQH[W'DOOHU\HOHPHQWDERYH

$RZQ!UURZ

7HOHFWVWKHQH[W'DOOHU\HOHPHQWEHORZ

0DJH9S

7FUROOVXSRQHVFUHHQ

0DJH$RZQ

7FUROOVGRZQRQHVFUHHQ

#WUO 7KLIW )QVHUW

)QVHUWVWKHVHOHFWHGREMHFWDVDOLQNHGREMHFW LQWRWKHFXUUHQWGRFXPHQW

#WUO )

)QVHUWVDFRS\RIWKHVHOHFWHGREMHFWLQWRWKH FXUUHQWGRFXPHQW

#WUO 8

/SHQVWKH%QWHU8LWOHGLDORJ

#WUO 0

7ZLWFKHVEHWZHHQWKHPHVYLHZDQGREMHFW YLHZ

7SDFHEDU

7ZLWFKHVEHWZHHQWKHPHVYLHZDQGREMHFW YLHZ

%QWHU

7ZLWFKHVEHWZHHQWKHPHVYLHZDQGREMHFW YLHZ

7WHSEDFNZDUG

7ZLWFKHVEDFNWRPDLQRYHUYLHZRQO\LQ REMHFWYLHZ 

(3:31B7<5@=EA/<21=:C;3<320G $*,./.&!37SDFHEDU

!-/'. 8RJJOHVURZVHOHFWLRQ H[FHSWZKHQWKHURZ LVLQHGLWPRGH

#WUO VSDFHEDU

8RJJOHVURZVHOHFWLRQ

7KLIW VSDFHEDU

7HOHFWVWKHFXUUHQWFROXPQ

#WUO 0J9S

-RYHVSRLQWHUWRWKHILUVWURZ

#WUO 0J$Q

-RYHVSRLQWHUWRWKHODVWURZ

!SSHQGL[!+H\ERDUG7KRUWFXWV



(6=@B1CB93GA4=@2@/E7<5=0831BA $*,./.&!37HOHFWWKHWRROEDU ZLWK&9VHWKH $RZQ!UURZDQG 6LJKW!UURZWR VHOHFWWKHGHVLUHG WRROEDULFRQDQG SUHVV#WUO %QWHU

!-/'. )QVHUWVD$UDZLQJ/EMHFW

7HOHFWWKH GRFXPHQWZLWK #WUO &DQGSUHVV 8DE

7HOHFWVD$UDZLQJ/EMHFW

8DE

7HOHFWVWKHQH[W$UDZLQJ/EMHFW

7KLIW 8DE

7HOHFWVWKHSUHYLRXV$UDZLQJ/EMHFW

#WUO (RPH

7HOHFWVWKHILUVW$UDZLQJ/EMHFW

#WUO %QG

7HOHFWVWKHODVW$UDZLQJ/EMHFW

%VF

%QGV$UDZLQJ/EMHFWVHOHFWLRQ

%VFLQ(DQGOH 7HOHFWLRQ-RGH

%[LWV(DQGOH7HOHFWLRQ-RGHDQGUHWXUQVWR /EMHFW7HOHFWLRQ-RGH

9SGRZQOHIWULJKW DUURZ

-RYHVWKHVHOHFWHGSRLQWWKHVQDS WR JULG IXQFWLRQVDUHWHPSRUDULO\GLVDEOHG EXWHQG SRLQWVVWLOOVQDSWRHDFKRWKHU 

!OW 9S$RZQ,HIW 6LJKW!UURZ

-RYHVWKHVHOHFWHG$UDZLQJ/EMHFWRQH SL[HOLQ7HOHFWLRQ-RGH  6H VL]HVD$UDZLQJ/EMHFWLQ(DQGOH 7HOHFWLRQ-RGH  6RWDWHVD$UDZLQJ/EMHFWLQ6RWDWLRQ -RGH  /SHQVWKHSURSHUWLHVGLDORJIRUD$UDZLQJ /EMHFW !FWLYDWHVWKH0RLQW7HOHFWLRQPRGHIRUWKH VHOHFWHGGUDZLQJREMHFW

7SDFHEDU

7HOHFWVDSRLQWRIDGUDZLQJREMHFWLQ0RLQW 7HOHFWLRQPRGH RUFDQFHOVWKHVHOHFWLRQ 8KHVHOHFWHGSRLQWEOLQNVRQFHSHUVHFRQG

7KLIW 7SDFHEDU

7HOHFWVDQDGGLWLRQDOSRLQWLQ0RLQW7HOHFWLRQ PRGH



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

$*,./.&!3#WUO 8DE

!-/'. 7HOHFWVWKHQH[WSRLQWRIWKHGUDZLQJREMHFW 0RLQW7HOHFWLRQPRGH  )Q6RWDWLRQPRGH WKHFHQWUHRIURWDWLRQFDQ DOVREHVHOHFWHG

7KLIW #WUO 8DE

7HOHFWVWKHSUHYLRXVSRLQWRIWKHGUDZLQJ REMHFW0RLQW7HOHFWLRQPRGH 

#WUO %QWHU

0ODFHVDQHZGUDZLQJREMHFWZLWKGHIDXOW VL]HLQWKHFHQWUHRIWKHFXUUHQWYLHZ

#WUO %QWHUDWWKH 7HOHFWLRQLFRQ

!FWLYDWHVWKHILUVWGUDZLQJREMHFWLQWKH GRFXPHQW

%VF

,HDYHVWKH0RLQW7HOHFWLRQPRGH8KH GUDZLQJREMHFWLVVHOHFWHGDIWHUZDUGV %GLWVDSRLQWRIDGUDZLQJREMHFW0RLQW%GLW PRGH 

!Q\WH[WRU QXPHULFDONH\

)IDGUDZLQJREMHFWLVVHOHFWHG VZLWFKHVWR HGLWPRGHDQGSODFHVWKHFXUVRUDWWKHHQG RIWKHWH[WLQWKHGUDZLQJREMHFW!SULQWDEOH FKDUDFWHULVLQVHUWHG

!SSHQGL[!+H\ERDUG7KRUWFXWV





FF;D:?N 79A=HEKD:#D<EHC7J?ED (LVWRU\ OLFHQVLQJ DQGILOHIRUPDWV

/SHQ/IILFHRUJLVERWKDSURGXFWDQGDQRSHQ VRXUFHSURMHFW)I\RX DUHQHZWR//R LWVRSHQVRXUFHGHYHORSPHQW DQGWKHFRPPXQLW\ WKDWSURGXFHVDQGVXSSRUWVLW \RXVKRXOGUHDGWKLVDSSHQGL[

A6=@B67AB=@G=4$>3<$44713=@5 8KH/SHQ/IILFHRUJSURMHFWEHJDQZKHQ7XQ-LFURV\VWHPVUHOHDVHG WKHVRXUFHFRGHsEOXHSULQWVt IRULWV7WDU/IILFHmVRIWZDUHWRWKH RSHQVRXUFHFRPPXQLW\RQ/FWREHU 8KLVDOORZHG7XQWRXVH WKHWHFKQLFDOH[SHUWLVHDQGUDSLGGHYHORSPHQWWLPHVRIDQRSHQ VRXUFHSURMHFWLQWKHGHYHORSPHQWRILWVRZQVRIWZDUHSURGXFWV!OO UHFHQWYHUVLRQVRI7XQvV7WDU/IILFHXVHVRXUFHFRGHGHYHORSHGE\WKH /SHQ/IILFHRUJFRPPXQLW\(RZHYHU WKHSURGXFWVGRQRWSURYLGH H[DFWO\WKHVDPHIHDWXUHVGXHWRWKHFRS\ULJKWVRIWKLUGSDUWLHVWKDW DUHQRWFRPSDWLEOHZLWKRSHQ VRXUFHOLFHQVLQJ /SHQ/IILFHRUJ WKHSURGXFW ZDVUHOHDVHGRQ!SULO  6HDGPRUHDERXW/SHQ/IILFHRUJvVKLVWRU\DQGRUJDQL]DWLRQDWKWWS DERXWRSHQRIILFHRUJ )QIRUPDWLRQDERXW7WDU/IILFHFDQEHIRXQGDW KWWSZZZVXQFRPVRIWZDUHVWDUVWDURIILFH



!SSHQGL[""DFNJURXQG)QIRUPDWLRQ

)63$>3<$44713=@51=;;C<7BG /SHQ/IILFHRUJV-LVVLRQ7WDWHPHQWLV s8RFUHDWH DVDFRPPXQLW\ WKHOHDGLQJLQWHUQDWLRQDORIILFHVXLWH WKDWZLOOUXQRQDOOPDMRUSODWIRUPVDQGSURYLGHDFFHVVWRDOO IXQFWLRQDOLW\DQGGDWDWKURXJKRSHQ FRPSRQHQWEDVHG!0)VDQG DQ<-, EDVHGILOHIRUPDWt 8KH/SHQ/IILFHRUJSURMHFWLVSULPDULO\VSRQVRUHGE\7XQ -LFURV\VWHPV ZKLFKLVWKHSULPDU\FRQWULEXWRURIFRGHWRWKH 0URMHFW/XURWKHUPDMRUFRUSRUDWHFRQWULEXWRUVLQFOXGH.RYHOO 6HG(DW 6HG&ODJ#( )"- DQG'RRJOH!GGLWRQDOO\RYHU  SHRSOHIURPQHDUO\HYHU\FXUYHRIWKHJOREHKDYHMRLQHGWKLV 0URMHFWZLWKWKHLGHDRIFUHDWLQJWKHEHVWSRVVLEOHRIILFHVXLWHWKDWDOO FDQXVH8KLVLVWKHHVVHQFHRIDQsRSHQVRXUFHt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

=E7A$>3<$44713=@5:713
,6/B7AK= rel="nofollow">3<A=C@13L 8KHLGHDOVRIRSHQ VRXUFHVRIWZDUHFDQEHH[SODLQHGE\WKHIRXU HVVHQWLDOULJKWV ZKLFKDUHHPERGLHGZLWKLQWKH&UHH7RIWZDUH &RXQGDWLRQvV'HQHUDO0XEOLF,LFHQVH'0, 

!SSHQGL[""DFNJURXQG)QIRUPDWLRQ



l 8KHULJKWWRXVHWKHVRIWZDUHIRUDQ\SXUSRVH l &UHHGRPWRUHGLVWULEXWHWKHVRIWZDUHIRUIUHHRUIRUDIHH l !FFHVVWRWKHFRPSOHWHVRXUFHFRGHRIWKHSURJUDPWKDWLV WKH sEOXHSULQWVt 

l 8KHULJKWWRPRGLI\DQ\SDUWRIWKHVRXUFH RUXVHSRUWLRQVRILWLQ RWKHUSURJUDPV !QRWKHUYLHZRIWKLVSKLORVRSK\FRPHVIURPWKH/SHQ7RXUFH $HILQLWRQ s8KHEDVLFLGHDEHKLQGRSHQVRXUFHLVYHU\VLPSOH;KHQ SURJUDPPHUVFDQUHDG UHGLVWULEXWH DQGPRGLI\WKHVRXUFHFRGH IRUDSLHFHRIVRIWZDUH WKHVRIWZDUHHYROYHV0HRSOHLPSURYHLW SHRSOHDGDSWLW SHRSOHIL[EXJV!QGWKLVFDQKDSSHQDWDVSHHG WKDW LIRQHLVXVHGWRWKHVORZSDFHRIFRQYHQWLRQDOVRIWZDUH GHYHORSPHQW VHHPVDVWRQLVKLQJt &RUPRUHLQIRUPDWLRQRQ&UHHDQG/SHQ7RXUFHVRIWZDUH YLVLWWKHVH ZHEVLWHV

/SHQ7RXUFH)QLWLDWLYH/7) KWWSZZZRSHQVRXUFHRUJ &UHH7RIWZDUH&RXQGDWLRQ&7& KWWSZZZJQXRUJ

,6/B7A$>3<=1C;3
7:34=@;/BA$$=1/<=>3< /SHQ/IILFHRUJFDQRSHQDZLGHYDULHW\RIILOHIRUPDWVLQDGGLWLRQWR WKH/SHQ$RFXPHQWIRUPDWV



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

$>3<7<5B3FB2=1C;3
$>3<7<5A>@3/2A633BA )QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGVDQGRWV #DOFFDQRSHQ WKHIRUPDWVXVHGE\//R[V[FDQGVWF DQGWKHIROORZLQJ VSUHDGVKHHWIRUPDWV -LFURVRIW%[FHO<0[OV [OZ DQG[OW -LFURVRIW%[FHO[q[OV [OZ DQG[OW -LFURVRIW%[FHO<-,[PO -LFURVRIW%[FHO<-,[OV[ [OVP [OWV [OWP -LFURVRIW%[FHOELQDU\[OVE ,RWXV  ZN ZNV DQG $DWD)QWHUFKDQJH&RUPDWGLI 6LFK8H[W&RUPDWUWI 8H[W#7:FVYDQGW[W 7WDU#DOFIRUPDWVVGFDQGYRU G"!7%GEI 7=,+VON 9QLILHG/IILFH&RUPDWVSUHDGVKHHWXRV XRI KWPDQGKWPOILOHV LQFOXGLQJ;HESDJHTXHULHV 0RFNHW%[FHOS[O 5XDWWUR0URZE

!SSHQGL[""DFNJURXQG)QIRUPDWLRQ



$>3<7<5>@3A3
$ rel="nofollow">3<7<55@/>67147:3A )QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGJDQGRWJ $UDZFDQ RSHQWKHIRUPDWVXVHGE\//R[V[GDQGVWG DQGWKHIROORZLQJ JUDSKLFIRUPDWV "-0 $<& %-& %07 ')&

*0%' *0' -%8 0"0#$ 0#8

0#< 0'0,8 0.' 00-

07$ 6!7 7$! 7$$ 7'&

7': 7:8'! 8)& 8)&& :/6

;-& <"<0-

$>3<7<54=@;C:/47:3A )QDGGLWLRQWR/SHQ$RFXPHQW&RUPXODRGI ILOHV -DWKFDQRSHQ WKHIRUPDWXVHGE\//R[V[P 7WDU-DWK VPI DQG-DWK-, PPO ILOHV ;KHQRSHQLQJD;RUGGRFXPHQWWKDWFRQWDLQVDQHPEHGGHGHTXDWLRQ HGLWRUREMHFW LIWKHRSWLRQIRULWLVFKHFNHGLQ.EEBI)FJ?EDI &E7: -7L;'?9HEIE<J)<
7:34=@;/BA$$=1/<A/D3B= 7DYLQJLQDQ/SHQ$RFXPHQWIRUPDWJXDUDQWHHVWKHFRUUHFWUHQGHULQJ RIWKHILOHZKHQLWLVWUDQVIHUUHGWRDQRWKHUSHUVRQRUZKHQWKHILOHLV UH RSHQHGZLWKDODWHUYHUVLRQRI/SHQ/IILFHRUJ)WLVVWURQJO\ UHFRPPHQGHGWKDW\RXXVH/$&DVGHIDXOWILOHIRUPDW(RZHYHU \RX FDQVDYHILOHVLQRWKHUIRUPDWV LI\RXZLVK



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

)7>

;KHQVKDULQJDGRFXPHQWWKDW\RXGRQRWH[SHFWRU ZDQWWKHUHFLSLHQWWRPRGLI\ WKHVDIHVWRSWLRQLVWR FRQYHUWWKHGRFXPHQWWR0$&//RSURYLGHVDYHU\ VWUDLJKWIRUZDUGZD\WRFRQYHUWGRFXPHQWVWR0$&

(/D7<5B3FB2=1C;3
#=B3

8KHUWIIRUPDWLVDFRPPRQIRUPDWIRUWUDQVIHUULQJ WH[WILOHVEHWZHHQDSSOLFDWLRQV EXW\RXDUHOLNHO\WR H[SHULHQFHORVVRIIRUPDWWLQJDQGLPDJHV&RUWKLV UHDVRQ RWKHUIRUPDWVVKRXOGEHXVHG

(/D7<5A>@3/2A633B47:3A )QDGGLWLRQWR/SHQ$RFXPHQWIRUPDWVRGVDQGRWV #DOFFDQVDYH LQWKHVHIRUPDWV /SHQ/IILFHRUJ[7SUHDGVKHHWV[F /SHQ/IILFHRUJ[7SUHDGVKHHW8HPSODWHVWF -LFURVRIW%[FHO<0[OVDQG[OZ -LFURVRIW%[FHO<08HPSODWH[OW -LFURVRIW%[FHODQG[OVDQG[OZ -LFURVRIW%[FHO<-,[PO $DWD)QWHUFKDQJH&RUPDWGLI G"DVHGEI 7=,+VON 8H[W#7:FVYDQGW[W

!SSHQGL[""DFNJURXQG)QIRUPDWLRQ



7WDU#DOF  DQGIRUPDWVVGFDQGYRU 9QLILHG/IILFH&RUPDWVSUHDGVKHHWXRV (8-,$RFXPHQW/SHQ/IILFHRUJ#DOF KWPODQGKWP 0RFNHW%[FHOS[O

#=B3

8KH*DYD6XQWLPH%QYLURQPHQWLVUHTXLUHGWRXVHWKH PRELOHGHYLFHILOWHUVIRU!SRUWLV$RF0DOP 0RFNHW ;RUG DQG0RFNHW%[FHO

(/D7<5>@3A3
(/D7<52@/E7<5A $UDZFDQRQO\VDYHLQWKH/SHQ$RFXPHQW$UDZLQJIRUPDWVRGJ DQGRWJ WKH/SHQ/IILFHRUJ[IRUPDWVV[GDQGVWG DQG 7WDU$UDZIRUPDWVGD VGG DQGYRU  (RZHYHU $UDZFDQDOVRH[SRUWWR"-0 %-& %07 ')& *0%' -%8 0"- 0#8 0'- 0.' 00- 6!7 7:' 7:- 8)&& ;-& DQG<0-

,@7B3@ ,301/<A/D37<B63A34=@;/BA (8-,GRFXPHQWKWPODQGKWP DV(8-,8UDQVLWLRQDO /SHQ/IILFHRUJ(8-,8HPSODWHVWZ /SHQ/IILFHRUJ[(8-,8HPSODWHRWK 7WDU;ULWHU;HEDQGYRU 8H[W/SHQ/IILFHRUJ;ULWHU;HE W[W 8H[W%QFRGHG/SHQ/IILFHRUJ;ULWHU;HE W[W



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

@3?C3
.R WKLVLVDIXOO\IXQFWLRQLQJVRIWZDUH VXLWH

-D\)GLVWULEXWH//RWR DQ\RQH

=HV

(RZPDQ\FRPSXWHUV PD\)LQVWDOOLWRQ

!VPDQ\DV\RXOLNH

-D\)VHOOLW

=HV

-D\)XVH /SHQ/IILFHRUJLQD EXVLQHVV

=HV

)V/SHQ/IILFHDYDLODEOH LQP\ODQJXDJH

/SHQ/IILFHRUJKDVEHHQWUDQVODWHG ORFDOL]HG LQWRRYHUODQJXDJHV VR \RXUODQJXDJHSUREDEO\LVVXSSRUWHG !GGLWLRQDOO\ KHUHDUHRYHUVSHOOLQJ K\SKHQDWLRQ DQGWKHVDXUXV GLFWLRQDULHVDYDLODEOHIRUODQJXDJHV DQGGLDOHFWVWKDWGRQRWKDYHD ORFDOL]HGSURJUDPLQWHUIDFH8KH GLFWLRQDULHVDUHDYDLODEOHIURPWKH /SHQ/IILFHRUJZHEVLWHDW KWWSOLQJXFRPSRQHQWRSHQRIILFHRUJ GRZQORDGCGLFWLRQDU\KWPO

(RZFDQ\RXPDNHLWIRU IUHH

!ODUJHVKDUHRIWKHGHYHORSPHQW DQG PXFKRIWKHVXSSRUWIRUWKHSURMHFW LV FXUUHQWO\VXSSOLHGRUVSRQVRUHGE\7XQ -LFURV\VWHPV8KHUHDUHDOVRPDQ\ RWKHUSHRSOHZKRZRUNRQ//RDV YROXQWHHUV

;KDWLI)QHHGWHFKQLFDO VXSSRUW

6HDGWKHVHFWLRQWLWOHGs(RZWRJHW KHOStLQ#KDSWHU)QWURGXFWLQJ /SHQ/IILFHRUJ 

;KRRZQVWKHVRIWZDUH

8KHFRS\ULJKWLVVKDUHGE\7XQ -LFURV\VWHPVDQGDOOWKHYROXQWHHUV ZKRKDYHFRQWULEXWHG

$RHVWKDWPHDQWKDW WKH\FDQWDNHDZD\WKH VRIWZDUH

.R8KHOLFHQVHVXQGHUZKLFK//RLV GHYHORSHGDQGGLVWULEXWHGFDQQHYHUEH UHYRNHG VRLWFDQQRWEHWDNHQDZD\

!SSHQGL[""DFNJURXQG)QIRUPDWLRQ



)DPZULWLQJDVRIWZDUH DSSOLFDWLRQ-D\)XVH SURJUDPPLQJFRGHIURP /SHQ/IILFHRUJLQP\ SURJUDP

=RXPD\ ZLWKLQWKHSDUDPHWHUVVHWLQ WKH,'0,6HDGWKHOLFHQVH KWWSZZZRSHQRIILFHRUJOLFHQVHKWPO

;K\LVP\IDYRULWH IHDWXUHIURP7WDU/IILFH QRWDYDLODEOHLQ//R

8KDWIHDWXUHLVSUREDEO\DWKLUG SDUW\ DGG RQWKDW7XQFDQQRWGLVWULEXWHZLWK /SHQ/IILFHRUJ

;K\GR)QHHG*DYDWR UXQ//R)VLWZULWWHQLQ *DYD

/SHQ/IILFHRUJLVQRWZULWWHQLQ*DYDLW LVZULWWHQLQWKH# ODQJXDJH*DYDLV RQHRIVHYHUDOODQJXDJHVWKDWFDQEH XVHGWRH[WHQG//R8KH*DYD*$+*6% LVRQO\UHTXLUHGIRUVRPHIHDWXUHV8KH PRVWQRWDEOHRQHLVWKH(75,$" UHODWLRQDOGDWDEDVHHQJLQH .RWH*DYDLVDYDLODEOHDWQRFRVW)I\RX GRQWZDQWWRXVH*DYD \RXFDQVWLOOXVH QHDUO\DOORIWKHIHDWXUHVRI//R

(RZFDQ)FRQWULEXWHWR /SHQ/IILFHRUJ

=RXFDQKHOSZLWKWKHGHYHORSPHQWRI //RLQPDQ\ZD\V DQG\RXGRQRW QHHGWREHDSURJUDPPHU8RVWDUW FKHFNRXWWKLVZHESDJH KWWSZZZRSHQRIILFHRUJFRQWULEXWLQJ KWPO

;KDWvVWKHFDWFK

8KHUHUHDOO\LVQRQH\RXFDQUHDGWKH OLFHQVHVKHUH KWWSZZZRSHQRIILFHRUJOLFHQVHKWPO



'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

<23F  DFFHVVLELOLW\IHDWXUHV DFFHVVLELOLW\RSWLRQV DGYDQWDJHVRI/SHQ/IILFHRUJ DQWLDOLDVLQJVFUHHQIRQW DSSHDUDQFHRSWLRQV !SSO\7W\OHOLVW DUHDILOO HGLWLQJ DUUDQJLQJREMHFWV DUURZVW\OHV FXVWRPL]LQJ DUURZV !VLDQODQJXDJHVXSSRUW !VLDQODQJXDJHVHQDEOHG !XWR#RUUHFW  !XWR,D\RXW DXWRPDWLFVDYLQJ !XWR6HFRYHU\  !XWR9SGDWHVW\OHV

 EDFNJURXQGLPDJHVIURP'DOOHU\  "DVLF ELWPDSV "LW8RUUHQW ERRNSUHYLHZ ERRNOHWSULQWLQJ ERRNPDUNV  ERUGHUV HGLWLQJ EUDFNHWV-DWK  EULQJIRUZDUG EURFKXUHSULQWLQJ EXOOHWHGOLVW "XOOHWVDQG.XPEHULQJGLDORJ

 #DOFPDFURV #$RU$:$RI/SHQ/IILFHRUJ FKHFNIRUXSGDWHVDXWRPDWLFDOO\ FLUFOH GUDZLQJ FOLSERDUG FORVLQJDGRFXPHQW FORVLQJ/SHQ/IILFHRUJ #-=+ #RORU"DU FRORURSWLRQV FRORUSDOHWWH FRORUVFKHPH

)QGH[

FRPELQLQJREMHFWV FRPPDQGOLQH VWDUWLQJIURP #RPPXQLW\&RUXPXVHUVXSSRUW  FRPSOH[WH[WOD\RXW#8,   FRPSRQHQWVRI/SHQ/IILFHRUJ FRQGLWLRQDOK\SKHQ FRQQHFWRUV FRQVXOWDQWV FRQWH[WPHQX FRQWH[WPHQXV FRQYHUVLRQ FRS\LQJREMHFWIURP'DOOHU\ FUHDWHGRFXPHQWIURPWHPSODWH FUHDWLQJDGRFXPHQW FURVV IDGLQJ FURVV UHIHUHQFHV LQVHUWLQJUHIHUHQFHV RYHUYLHZ #WUO FOLFNUHTXLUHGWRIROORZ K\SHUOLQNV FXVWRPGLFWLRQDU\ #XVWRPL]HGLDORJ FXVWRPL]LQJ NH\ERDUGVKRUWFXWV PHQXV WRROEDUV

 GDWDVRXUFH GHVFULSWLRQ HGLWLQJ OLQNLQJ UHJLVWHULQJ XVLQJLQ//RGRFXPHQWV YLHZLQJ GDWDEDVH !XWR:DOXH FUHDWLQJ FUHDWLQJVXEIRUPV FUHDWLQJWDEOHV ILHOGW\SHVDQGIRUPDWV OLVWWDEOH SODQQLQJ SULPDU\NH\   UHJLVWHULQJ 6HSRUW;L]DUG 8DEOH;L]DUG WDEOHV GDWDEDVHIRUP



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



GXSOLFDWLRQ &ODVKH[SRUW (8-,H[SRUW LQVHUWLQJSLFWXUHV OLQH UHFWDQJOH VDYHLQDIRUHLJQIRUPDW $UDZLQJWRROEDU GXSOLFDWLRQ G\QDPLFJUDGLHQWV

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

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

H[WHQVLRQVDQGDGGRQV VRXUFHVRI

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

)QGH[

IRUPXODOD\RXW &UHH7RIWZDUH&RXQGDWLRQ&7&  IXQFWLRQNH\VKRUWFXWV

! 'DOOHU\ DGGLQJREMHFWV FRS\LQJREMHFWLQWRGRFXPHQW FUHDWLQJDQHZWKHPH GHOHWLQJLPDJHV GHOHWLQJREMHFWV KLGHVKRZ LQVHUWLQJREMHFWDVEDFNJURXQG  OLQNLQJREMHFWLQWRGRFXPHQW ORFDWLRQ RSHQFORVH WKHPHV YLHZVLFRQGHWDLOHG  JHQHUDORSWLRQV JOXHSRLQWV '.9,LQX[ V\VWHPUHTXLUHPHQWV JUDGLHQWV JUDSKLFILOHV RSHQLQJ VDYLQJ JUDSKLFVW\OHV JUDSKLFV DGGLQJIURPILOH OLQNLQJ YHFWRU JUDSKLFVVW\OHV IRUPDWWLQJWH[W JULGRSWLRQV JULGSRLQWV JXLGLQJOLQHV

" KDQGRXWV)PSUHVV  KHDGHU GLIIHUHQWRQULJKWDQGOHIWSDJHV  (HOS!JHQW (HOSV\VWHP (HOS8LSV KLGGHQREMHFWV KLJKFRQWUDVW KLVWRU\RI/SHQ/IILFHRUJ (7" (8-,FRPSDWLELOLW\



(8-,H[SRUW (8-,%[SRUW;L]DUG K\SHUOLQNV HGLWLQJ LQVHUWLQJ

# LFRQVL]HDQGVW\OHXVHULQWHUIDFH  LFRQVLQPHQXV )$% LJQRUHIRQWVHWWLQJVZKHQLPSRUWLQJ (8-, LPDJHV DGGLQJIURPILOH OLQNLQJ VFDQQHG LPSRUWLQJILOHV LPSRUWLQJQXPEHUVIURPDQ(8-, SDJH LQFOLQDWLRQ )QVHUW"RRNPDUNGLDORJ LQVWDOOLQJDQGVHWWLQJXS )QWHUQHWRSWLRQV

$ *DYDRSWLRQV *DYD6XQWLPH%QYLURQPHQW*6%  *6%*DYD6XQWLPH%QYLURQPHQW  

% +$RFNHU NH\ERDUGVKRUWFXWV DVVLJQLQJ  FXVWRPL]LQJ GUDZLQJREMHFWV IXQFWLRQNH\V 'DOOHU\ ORDGLQJIURPDILOH /SHQ/IILFHRUJJHQHUDO UHVHWWLQJWRGHIDXOWYDOXHV VDYLQJWRDILOH  NH\ERDUGVKRUWFXWVPDFURV 

& ODEHOSULQWLQJ ODEHOV SULQWLQJ ODQGVFDSHSDJHV



ODQJXDJHVHWWLQJV ODQJXDJHVXSSRUW ,D\RXWSDQH ,'0, OLEUDULHVRIPDFURV OLEUDU\FRQWDLQHUV OLFHQVLQJRI/SHQ/IILFHRUJ OLPLWVWRVXPLQWHJUDO ,LQHDQG&LOOLQJWRROEDU OLQHSURSHUWLHV OLQH FXVWRPL]LQJ OLQH GUDZLQJ OLQHV HGLWLQJ OLQNLQJREMHFWIURPJDOOHU\ ,LQX[ 5XLFNVWDUWHU V\VWHPUHTXLUHPHQWV OLVWWDEOHGDWDEDVH  ORDG"DVLFFRGHWRHGLW ORDGVDYHRSWLRQV ORDGLQJVW\OHV ORFDOHVHWWLQJV

' -DF/7< VXSSRUW V\VWHPUHTXLUHPHQWV PDFURLQIRUPDWLRQ -DFUR/UJDQL]HUGLDORJ PDFURVHFXULW\RSWLRQV -DFUR7HOHFWRUGLDORJ -DFURPHGLD&ODVK PDFURV DVVLJQLQJWRHYHQWV #DOF FRPPHQWV FUHDWLQJ $)- GLVSDWFKIUDPHZRUN GLVSDWFKKHOSHU GRZQORDGLQJ HGLWLQJ HYHQWKDQGOLQJ H[DPSOH IXQFWLRQV )$%  OLEUDU\FRQWDLQHU OLEUDU\FRQWDLQHUV PHQXLWHPV PRGXOH PRGXOHV RUJDQL]DWLRQ

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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

( .DWLYH,DQJXDJH0URMHFW .DYLJDWLRQWRROEDU .DYLJDWRU  QHZGRFXPHQW QRQ EUHDNLQJK\SKHQ .RUPDOYLHZ)PSUHVV  .RWHVYLHZ)PSUHVV  QXPEHUHGOLVW

)QGH[

QXPEHULQJHTXDWLRQV

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

* SDJHOD\RXW GLIIHUHQWILUVWSDJH ODQGVFDSHSDJH RULHQWDWLRQ SDJHPDUJLQV  SDUWVRIWKHPDLQZLQGRZ SDVVZRUGSURWHFWLRQ SDVVZRUG SURWHFW0$& SDVWLQJXQIRUPDWWHGWH[W SDWKRSWLRQV 0$& EODQNSDJHH[SRUW



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



ERRNSUHYLHZ ERRNOHW EURFKXUH FKRRVLQJZKDWWRSULQW  HQYHORSHV JUD\VFDOHRQFRORUSULQWHU ODEHOV SUHYLHZLQJ SULQWRSWLRQV SULQWHUVHOHFWLRQ  SULQWLQJFKDQJHVGRFXPHQWVWDWXV  0URIHVVLRQDO8HPSODWH0DFNH[WHQVLRQ 

+ TXHULHVGDWDEDVH  DOLDVHV FUHDWLQJXVLQJD;L]DUG FUHDWLQJXVLQJ$HVLJQ:LHZ MRLQHGILHOGV PRGLI\LQJ VHDUFKFRQGLWLRQV 5XHU\;L]DUGGDWDEDVH  5XLFNVWDUWHU  5XLFNVWDUWHU HQDEOLQJ

, UDVWHUJUDSKLFV UHFWDQJOH GUDZLQJ UHJXODUH[SUHVVLRQV UHODWLRQVKLSVGDWDEDVH  6%- UHPRYHPDQXDOIRUPDWWLQJ UHPRYHSHUVRQDOLQIRUPDWLRQRQ VDYLQJ UHQDPLQJILOHV UHSODFHPHQWWDEOHIRQW  6HSRUW"XLOGHUH[WHQVLRQ 6HSRUW;L]DUGGDWDEDVH  6'" ULJKWWROHIW68, OD\RXW ULJKW FOLFNFRQWH[W PHQXV URWDWLQJDQREMHFW UXOHUV$UDZ 

- VDYHDV ZHESDJH VDYH!XWR6HFRYHU\LQIRUPDWLRQ

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

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

)QGH[

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

. 8DEOH;L]DUGGDWDEDVH  8DVNVSDQH)PSUHVV  WHDU RIIWRROEDUV WHPSODWH FUHDWHGRFXPHQWIURP FUHDWHIURPGRFXPHQW FUHDWHXVLQJZL]DUG GHOHWLQJ GHVFULSWLRQ HGLWLQJ



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



WUDQVSDUHQF\  WZR GLJLW\HDUV

/ XQGRLQJJURXSV XQIRUPDWWHGWH[W SDVWLQJ XQJURXSLQJ XQLWRIPHDVXUHPHQW 96,6HFRJQLWLRQ XVHUGDWDRSWLRQV XVHUJXLGHV XVHULQWHUIDFHRSWLRQV XVHU VSHFLILFVHWWLQJV

0 YDULDEOHVLQPDFURV :"!SURSHUWLHVORDGVDYHRSWLRQV YHFWRUJUDSKLFV YHUWLFDODOLJQPHQWRIWH[W YLGHRREMHFWV LQVHUWLQJ YLHZRSWLRQV

1 ;HE,D\RXW ZHESDJHH[SRUW #DOFVSUHDGVKHHWV )PSUHVVSUHVHQWDWLRQV ;HEZL]DUG;ULWHU  ;ULWHUGRFXPHQWV  ZLOGFDUGV ZLQGRZV GRFNDEOHIORDWLQJ ZL]DUG IRUPGDWDEDVH  SUHVHQWDWLRQ TXHU\GDWDEDVH  UHSRUWGDWDEDVH  WDEOHGDWDEDVH  ZHE ZRUNVSDFH $UDZ ZRUNVSDFHYLHZV)PSUHVV 

2 <-,

3 \HDUWZRGLJLWV 

'HWWLQJ7WDUWHGZLWK/SHQ/IILFHRUJ

Related Documents

Openoffice 3 Gettingstarted
April 2020 3
Gettingstarted
October 2019 25
Gettingstarted
May 2020 11
Gettingstarted
November 2019 15
Gettingstarted
May 2020 12
Manual Openoffice
August 2019 27

Copyright © 2024 PDFCOKE.