
$GGVSHFLDOVDOW
$GGULQVHDLG
$GGGHWHUJHQW
6HOHFWSURJUDPPH
4XLFNUHIHUHQFHJXLGH'LVKZDVKHU
HQ
6ZLWFKRQWKHDSSOLDQFH
6ZLWFKĂRIIĂWKHĂDSSOLDQFH
(YHU\WKLQJ2.
6WDUWWKHSURJUDPPH
2IIZHJR
%ULHIDQGĂKDQG\
HYHU\WKLQJ\RXU
GLVKZDVKHUQHHGV«
%HIRUHXVLQJIRUĂWKHĂ
ILUVWWLPHUHDGWKHĂ
RSHUDWLQJLQVWUXFWLRQV
9001548752 (0004) 650/642 E5
*9001548752*
$VN\RXUZDWHUVXSSO\
FRPSDQ\ZKDWWKHĂZDWHU
KDUGQHVVLVDQGĂHQWHUWKLV
$GMXVWLQJWKHĂZDWHUVRIWHQLQJV\VWHP
4XLFNO\GRQH
2QO\EHIRUHWKHILUVW
ZDVKRULIWKHZDWHU
KDUGQHVVKDVFKDQJHG
( +DUGQHVV
UDQJH
PPROO
6HWWLQJ
+RZWRĂDGMXVW
*
6ZLWFKRQWKH212))VZLWFK
3UHVV6HWXSVHFEXWWRQIRUVHFRQGV
,QWKHGLVSOD\IODVKHV
3UHVVWKH6WDUWEXWWRQUHSHDWHGO\XQWLOWKH
ULJKWZDWHUKDUGQHVVKDVEHHQVHW
RU/('VZLOOOLJKWXSDFFRUGLQJO\
6RIW
0HGLXP
+DUG
+DUG
7RVDYHWKHVHWWLQJV
SUHVV6HWXSVHFEXWWRQIRUVHFRQGV
$ %
&
'LVVROYHVOLPHVFDOHQRWQHFHVVDU\ZKHQVHWWR
2SHQ
WKHOLG
2QO\ILOOWKHVDOW
GLVSHQVHUZLWK
ZDWHUEHIRUH
WKHILUVWZDVK
$GG
VSHFLDOVDOW
QHYHUXVH
GHWHUJHQW
&ORVHWKHOLG
5LQVHLPPHGLDWHO\
)RURSWLPDOZDVKLQJUHVXOWV
*HWVLWVSDUNOLQJFOHDQ
3UHVVPDUNLQJ
OLIWOLG
$GG
ULQVHDLG
&ORVHOLG
&/,&.
)RURSWLPXPGU\LQJUHVXOWV
$ORWRIGLUWDORWRIGHWHUJHQW
,IUHTXLUHG
RSHQWKHFRYHU
SUHVVEXWWRQ
$WWHQWLRQ
&RPELQDWLRQ
SURGXFWV
DUHQRWVXLWDEOH
IRUDOOSURJUDPPHV
IROORZ
PDQXIDFWXUHU·V
LQVWUXFWLRQV
3RXUGHWHUJHQW
LQWRWKHGU\
GHWHUJHQW
GLVSHQVHURQO\
6OLGHFRYHU
VKXWSUHVV
3/23
PO
PO
PO
<RXZLOOILQGGHVFULSWLRQVRISRVVLEOHDGGLWLRQDOIXQFWLRQVLQ\RXULQVWUXFWLRQPDQXDO
2YHUYLHZRISURJUDPPHV
7KLVRYHUYLHZGHVFULEHVDOOWKHSRVVLEOHSURJUDPPHV<RXFDQVHHZKLFKSURJUDPPHV\RXUDSSOLDQFHRIIHUVIURPLWVFRQWUROSDQHO
7KHYDOXHVJLYHQLQWKHSURJUDPPHGHWDLOVDUHODERUDWRU\PHDVXUHPHQWVFRPSOLDQWZLWK(XURSHDQVWDQGDUG(1â
4XLFNHFRQRPLFDORULQWHQVLYH
(QHUJ\FRQVXPSWLRQâLQâN:K
:DWHUFRQVXPSWLRQâLQâOLWUHV
'XUDWLRQLQKUVPLQV
)DYRXULWH
([SUHVV
([SUHVV
0L[
$XWR
,QWHQVLYH
0DFKLQH&DUH
(FR
6XLWDEOHSURJUDPPHIRUUXQQLQJDWQLJKW
LWWDNHVORQJHUEXWLVH[WUHPHO\TXLHW
KDOIQRUPDOORDG
*ODVV
6LOHQFH
7KHFRQVXPSWLRQILJXUHVGHSHQGRQWKHVHOHFWHGSURJUDPPHDQGDGGLWLRQDOIXQFWLRQV
7KHSURJUDPPHGXUDWLRQZLOOEHGLIIHUHQWLIWKHPDFKLQHLVVKRUWRIULQVHDGGLWLYHRUWKHIXQFWLRQLVWXUQHGRII
2:10 - 2:15 1:45 - 2:45 4:30 4:00 1:00 2:10 0:29 * 1:35 0:15 2:10 - 2:15
1,300 - 1,350 0,850 - 1,350 0,923 1,100 1,100 1,150 0,650 0,750 - 0,800 0,050 1,130 - 1,450
11 - 13,5 9,5 - 15,5 10,5 10,5 10 13 10 13,5 4 13 - 15,2

0DLQWHQDQFHDQGFDUH
&OHDQLQJZDVWHZDWHUSXPS
&/,&.
$
%
)RUSHUIHFWULQVLQJUHVXOWV
)LOWHUV
FKHFN
LIUHTXLUHG
FOHDQ
5RWDWH
ILOWHUF\OLQGHU
UHPRYHILOWHU
V\VWHPâ
ULQVH
XQGHU
UXQQLQJ
ZDWHU
LQVHUW
6FUHZRQ
ILOWHUV\VWHP
127(
0$5.
6SUD\DUPV
â5HPRYH
EORFNDJHV
GHSRVLWV
SXOOORZHUDUP
XSZDUGVâ
XQVFUHZ
XSSHUDUP«
FOHDQVSUD\QR]]OHV
XQGHUUXQQLQJZDWHU
LIUHTXLUHG
XVHWRRWKSLFNV
LQVHUW
ORZHUDUP
VFUHZRQXSSHU
DUPWLJKWO\
²3XOORXWWKHPDLQVSOXJ
²5HPRYHILOWHUVDQGVFRRSRXWZDWHU
²/HYHURIIFRYHU$
²&KHFNDUHDDURXQGWKHIDQLPSHOOHU
IRUIRUHLJQREMHFWV
²&OLFNFRYHUVKXW%
²,QVHUWILOWHUV
5HFWLI\VPDOOIDXOWV\RXUVHOI
EHFDXVHVHOIKHOSLVZRUWKLW
)DXOW 3RVVLEOHFDXVHV
6ROXWLRQ
'LVSOD\IRUZDWHUVXSSO\
OLJKWVXS
6XSSO\ILWWLQJMDPPHG
RUIXUUHGXS
8QVFUHZZDWHUFRQQHFWLRQ
&OHDQILOWHULQWKHZDWHUVXSSO\
)ORZUDWHPXVWEHPLQOPLQ
ZKHQZDWHUVXSSO\LVRSHQ
,IWKHIORZUDWHLVOHVV
UHSODFHWKHVXSSO\ILWWLQJ
2SHQVXSSO\ILWWLQJ
,QVWDOOVXSSO\KRVHZLWKRXWNLQNV
:DVWHZDWHUSXPSEORFNHG
&OHDQZDVWHZDWHUSXPSVHHDERYH
5XVWRQFXWOHU\
&XWOHU\QRWUXVWUHVLVWDQW
+DUGNQLIHEODGHVDUHPRUHVXVFHSWLEOH
([WUDQHRXVUXVW
)DXOW 3RVVLEOHFDXVHV
6ROXWLRQ
)RUPRUHLQIRUPDWLRQVHHWKHLQVWUXFWLRQPDQXDO
7DEOHZDUHLVQRWFOHDQ
6DQGRUJULWW\
UHVLGXHRQWKHWDEOHZDUH
,WHPVRIWDEOHZDUHO\LQJDJDLQVW
RURQWRSRIHDFKRWKHU
1RWHQRXJKGHWHUJHQW
8QVXLWDEOHSURJUDPPHVHOHFWHG
6SUD\DUPQR]]OHVEORFNHG
)LOWHUVDUHVRLOHGQRWVHFXUHO\SRVLWLRQHG
6SUD\DUPVEORFNHG
6HSDUDWHWDEOHZDUH
SUHYHQWSRLQWVRIFRQWDFW
)ROORZWKHPDQXIDFWXUHU·VLQVWUXFWLRQVGHWHUJHQW
6HOHFWDPRUHLQWHQVLYHSURJUDPPH
&OHDQVSUD\DUPVVHHDERYH
&OHDQWKHILOWHUVVHHDERYH
$UUDQJHWDEOHZDUHVRWKDW
VSUD\DUPVFDQURWDWHIUHHO\
0DUNVDQGVWUHDNV
0LON\GHSRVLWVRQ
WKHWDEOHZDUH
UHPRYDEOH
0LON\GHSRVLWVJODVVHV
FORXGHGRSDTXH
FDQQRWEHUHPRYHG
3ODVWLFWDEOHZDUHLWHPV
GLVFRORXUHG
5LQVHDLGGRVDJHWRRKLJK
WRRORZ
:DWHUVRIWHQLQJIXQFWLRQLV
ZURQJO\FRQILJXUHG
,QVXIILFLHQWVSHFLDOVDOW
*ODVVHVQRWGLVKZDVKHUSURRI
1RWHQRXJKGHWHUJHQW
'LVFRORXUDWLRQE\
IRRGFRORXULQJVWRPDWRVDXFH
,QWKHFDVHRIVWUHDNVUHGXFHGHWHUJHQWGRVDJH
:LWKZDWHURUOLPHVFDOHPDUNV
LQFUHDVHGRVDJH
&RQILJXUHZDWHUVRIWHQLQJV\VWHPFRUUHFWO\
$GGVSHFLDOVDOW
8VHGLVKZDVKHUVDIH
JODVVHV
8VHJHQWOHGHWHUJHQWVIRUJODVV
)ROORZWKHPDQXIDFWXUHU·VLQVWUXFWLRQVGHWHUJHQW
'LVFRORXUDWLRQZLOOQRWGDPDJHWKHDSSOLDQFH
,WZLOOIDGHDIWHUIXUWKHUZDVKF\FOHV
7DEOHZDUHLVQRWGU\
5LQVHDLG ,QFUHDVHGRVDJH
&KDQJHSURGXFW
7KHFRPELQHGGHWHUJHQWXVHG
KDVSRRUGU\LQJSHUIRUPDQFH
8VHULQVHDLG
$SSOLDQFHVHWWLQJ
$FWLYDWHLQWHQVLYHGU\LQJGHSHQGLQJRQPRGHO
8VHGLVKZDVKHUVDIHFXWOHU\
1HYHUZDVKUXVWLQJSDUWVLQWKHDSSOLDQFH
5HVLGXDOZDWHULQWKH
DSSOLDQFH
$SSOLDQFHWHFKQLFDOO\GHIHFWLYH
:DVWHZDWHUKRVHLVEORFNHG
RUNLQNHG
&RYHURIZDVWHZDWHUSXPS
QRWDWWDFKHG
&DOOFXVWRPHUVHUYLFH
VWDWHWKHHUURUGLVSOD\HG
5HSRVLWLRQWKHZDVWHZDWHUKRVHZLWKRXWNLQNV
$WWDFKFRYHUVHHDERYH
3URJUDPPHKDVQRW\HWHQGHG
'LVSOD\IRUZDWHUVXSSO\
IODVKHV
6ZLWFKRQWKHDSSOLDQFHDQGFORVHRUWHUPLQDWH
WKHSURJUDPPH
VHH7HUPLQDWLQJWKHSURJUDPPH
8QSOXJWKHDSSOLDQFH
7XUQRIIWKHWDS
&DQFHOWKHSURJUDPPH /RDGWKHDSSOLDQFHFRUUHFWO\
,QVHUWGLVKZDVKHUSURRIWDEOHZDUHURXJKO\UHPRYHODUJHUHPQDQWVRIMDP
GDLU\SURGXFWVDQGPHDOVZLWKRXWOHDYLQJUHVLGXHIURPDVKZD[
OXEULFDWLQJJUHDVHSDLQWDGKHVLYHODEHOVDVGHVFULEHGLQWKHLQVWUXFWLRQPDQXDO
DQGFKHFNWKDWWKHVSUD\DUPVFDQURWDWHIUHHO\
'XULQJWKHSURJUDPPH
SUHVVWKH*EXWWRQIRU
DSSUR[VHFUHVHW
$OOLQGLFDWRUVOLJKWXS
3URJUDPPHWHUPLQDWLRQWDNHVDSSUR[PLQXWH
WKHQWKHPRVWUHFHQWO\VHOHFWHGSURJUDPPHIODVKHV
