
7
$3.
5
5
(
(
$
$
//
,
,
7
7
<<
҅
҅
$$
&
&
+
+
,
,
(
(
9
9
(
(
'
'
5
5
(
(
(
$
$
0
0
6
6
&
5(
$
$
7
7
(
(
5
5
%1SJOUFS6TFS.BOVBM


5P0VS%FBS6TFST
5IBOLZPVGPSDIPPTJOH$SFBMJUZ5PNBLFVTJOHPVSQSPEVDUTFBTJFSQMFBTFSFBEUIJT6TFS.BOVBMCFGPSFZPVTUBSUBOE
GPMMPXUIFJOTUSVDUJPOTQSPWJEFEDBSFGVMMZ
$SFBMJUZJTBMXBZTSFBEZUPQSPWJEFZPVXJUIIJHIRVBMJUZTFSWJDFT*GZPVFODPVOUFSBOZJTTVFTPSIBWFBOZRVFTUJPOTXIFO
VTJOHPVSQSPEVDUTQMFBTFVTFUIFDPOUBDUJOGPSNBUJPOBUUIFFOEPGUIJTNBOVBMUPDPOUBDUVT
5PGVSUIFSJNQSPWFZPVSVTFSFYQFSJFODFZPVDBOOENPSFBCPVUPVSEFWJDFTWJBUIFGPMMPXJOHNFUIPET
6TFSNBOVBM:PVDBOOEJOTUSVDUJPOTBOEWJEFPTJOUIF4%DBSEQSPWJEFEXJUIUIFQSJOUFS
:PVDBOBMTPWJTJUPVSPDJBMXFCTJUFIUUQTXXXDSFBMJUZDPNUPOEJOGPSNBUJPOSFHBSEJOHTPGUXBSFIBSEXBSF
DPOUBDUJOGPSNBUJPOEFWJDFJOTUSVDUJPOTEFWJDFXBSSBOUZJOGPSNBUJPOBOENPSF
'JSNXBSF6QHSBEF
1MFBTFWJTJUPVSPDJBMXFCTJUFIUUQTXXXDSFBMJUZDPNEPXOMPBETXJUDIUPZPVSMBOHVBHFUIFOTFMFDUZPVSQSJOUFS
BOENPEFM%PXOMPBEUIFSFRVJSFESNXBSFBOEJOTUBMMJUUPVTFJUXJUIZPVSQSJOUFS

/05&4
%POPUVTFUIFQSJOUFSBOZXBZPUIFSUIBOEFTDSJCFEIFSFJOPSEFSUPBWPJEQFSTPOBMJOKVSZPSQSPQFSUZEBNBHF
%POPUQMBDFUIFQSJOUFSOFBSBOZIFBUTPVSDFPSBNNBCMFPSFYQMPTJWFPCKFDUT8FTVHHFTUQMBDJOHJUJOBXFMMWFOUJMBUFEMPXEVTUFOWJSPONFOU
%POPUFYQPTFUIFQSJOUFSUPWJPMFOUWJCSBUJPOPSBOZVOTUBCMFFOWJSPONFOUBTUIJTNBZDBVTFQPPSQSJOURVBMJUZ
#FGPSFVTJOHFYQFSJNFOUBMPSFYPUJDMBNFOUTXFTVHHFTUVTJOHTUBOEBSEMBNFOUTTVDIBT"#4PS1-"UPDBMJCSBUFBOEUFTUUIFNBDIJOF
%POPUVTFBOZPUIFSQPXFSDBCMFFYDFQUUIFPOFTVQQMJFE"MXBZTVTFBHSPVOEFEUISFFQSPOHQPXFSPVUMFU
%POPUXFBSHMPWFTPSMPPTFDMPUIJOHXIFOPQFSBUJOHUIFQSJOUFS4VDIDMPUITNBZCFDPNFUBOHMFEJOUIFQSJOUFSTNPWJOHQBSUTMFBEJOHUPCVSOTQPTTJCMFCPEJMZJOKVSZPSQSJOUFSEBNBHF
8IFODMFBOJOHEFCSJTGSPNUIFQSJOUFSIPUFOEBMXBZTVTFUIFQSPWJEFEUPPMT%POPUUPVDIUIFOP[[MFEJSFDUMZXIFOIFBUFE5IJTDBODBVTFQFSTPOBMJOKVSZ
$IJMESFOVOEFSZFBSTPMETIPVMEOPUVTFUIFQSJOUFSXJUIPVUTVQFSWJTJPO
5IJTNBDIJOFJTFRVJQQFEXJUIBTFDVSJUZQSPUFDUJPONFDIBOJTN%POPUNBOVBMMZNPWFUIFOP[[MFPSQSJOUJOHQMBUGPSNNFDIBOJTNNBOVBMMZXIJMFCPPUJOH
VQPUIFSXJTFUIFEFWJDFXJMMBVUPNBUJDBMMZQPXFSPGPSTBGFUZ
$MFBOUIFQSJOUFSGSFRVFOUMZ"MXBZTUVSOUIFQPXFSPXIFODMFBOJOHBOEXJQFXJUIBESZDMPUIUPSFNPWFEVTUBEIFSFEQSJOUJOHQMBTUJDTPSBOZPUIFSNBUFSJBMPUIFGSBNF
HVJEFSBJMTPSXIFFMT6TFHMBTTDMFBOFSPSJTPQSPQZMBMDPIPMUPDMFBOUIFQSJOUTVSGBDF
6TFSTTIPVMEDPNQMZXJUIUIFMBXTBOESFHVMBUJPOTPGUIFDPSSFTQPOEJOHDPVOUSJFTBOESFHJPOTXIFSFUIFFRVJQNFOUJTMPDBUFEVTFEBCJEFCZQSPGFTTJPOBMFUIJDTQBZBUUFOUJPOUP
TBGFUZPCMJHBUJPOTBOETUSJDUMZQSPIJCJUUIFVTFPGPVSQSPEVDUTPSFRVJQNFOUGPSBOZJMMFHBMQVSQPTFT$SFBMJUZXJMMOPUCFSFTQPOTJCMFGPSBOZWJPMBUPSTMFHBMMJBCJMJUZVOEFSBOZDJSDVTUBODF
%POPUUPVDIUIFOP[[MFIPUCFEPSNPUPSXIJMFUIFQSJOUFSJTJOPQFSBUJPOPUIFSXJTFZPVNBZHFUCVSOFE

&RQWHQWV
(TXLSPHQW,QWURGXFWLRQ
(TXLSPHQW3DUDPHWHUV
3DUWV/LVW
3URGXFW,QVWDOODWLRQ
(TXLSPHQW&RQQHFWLQJ
6WDUW3ULQWLQJ
)LODPHQW,QƉOO
$GMXVWLQJ3XOOH\WLJKWQHVV
$XWR/HYHOLQJ
3ULQW0HWKRG
5RXWLQH0DLQWHQDQFH
&LUFXLW&RQQHFWLQJ

&RVJQNFOU*OUSPEVDUJPO
=D[LV&DEOH'UDJ&KDLQ
;D[LV/LPLW6ZLWFK
([WUXGHU([WUXVLRQ.LW
3ULQWLQJ3ODWIRUP
<D[LV7HQVLRQHU
86%)ODVK'ULYH3RUW
7\SHFSRUW
0DWHULDOUDFN
)LODPHQW'HWHFWLRQ
;D[LV&DEOH'UDJ&KDLQ
;D[LV7HQVLRQHU
'LVSOD\VFUHHQ
<D[LV0RWRU
3XOO5RG
;D[LV0RWRU
3RZHU6ZLWFK
=D[LV0RWRU
<D[LV/LPLW6ZLWFK
5-1HWZRUN,QWHUIDFH
&DPHUD,QWHUIDFH

(TXLSPHQW3DUDPHWHUV
0RGHO
/DQJXDJH
3ULQW0HWKRG
)RUPLQJSURFHVV
1XPEHURI([WUXGHU
3ULQWLQJ6L]H
6OLFH7KLFNQHVV
3ULQWLQJ6SHHG
1R]]OH'LDPHWHU
1R]]OHWHPSHUDWXUH
)LODPHQWV
6XSSRUWHG)LOH)RUPDW
3RZHU/RVV5HFRYHU\
5DWHG9ROWDJH
)LODPHQW'HWHFWLRQ
&50
86%ƊDVKGULYH7\SHFRQOLQHSULQWLQJ:,),SULQWLQJ5-QHWZRUNLQWHUIDFHSULQWLQJ
)'0
PP
PP
ƂPPVJHQHUDOO\PPV
PPPPRSWLRQDO
67/2%-$0)
3/$3(7*738$%63/$:RRG3$3/$&)
<HV
9a+]
<HV
2SHUDWLQJ6\VWHP
5DWHG3RZHU
:,10$&/LQX[
:
%DVLF3DUDPHWHUV
+RWEHGWHPSHUDWXUH
(QJOLVKӾ(VSD´RO'HXWVFKH)UDQªDLV3ȌȊȊȃȁȂ3RUWXJXV,WDOLDQR7¿UN
ƂȢ
$PELHQW7HPSHUDWXUH ȢaȢ
ƂȢ

3DUWV/LVW
7LSVWKHDERYHDFFHVVRULHVDUHIRUUHIHUHQFHRQO\3OHDVHUHIHUWRWKHSK\VLFDODFFHVVRULHV
%DVH&RPSRQHQW
*DQWU\)UDPH$VVHPEO\
0DWHULDO5DFNDQG
)LODPHQW6HQVRU
0DWHULDO%DUUHO
'LVSOD\VFUHHQ
'LVSOD\6FUHHQ)UDPH
)LODPHQW
=D[LV&DEOH'UDJ&KDLQ
&XWWLQJ3OLHU
86%)ODVK'ULYH
3RZHU&DEOH
%ODGH
+H[DJRQ6RFNHW
+HDG&DS6FUHZ
0
+H[DJRQ6RFNHW
%XWWRQ+HDG6FUHZ
0
+H[DJRQ6RFNHW
%XWWRQ+HDG6FUHZ
0
0)ODW*DVNHW
+H[DJRQ6RFNHW
%XWWRQ+HDG6FUHZ
0
:UHQFKDQG
6FUHZGULYHU
&RXQWHUVXQN6FUHZ
0
&DEOH7LH
PP1R]]OH&OHDQHU
1R]]OH&OHDQHU
1R]]OH.LW
$FFHVVRU\NLW
3XOO5RG[

,QVWDOODWLRQRI;D[LV&DEOH'UDJ&KDLQ
$,QVHUWWKHH[WUXGHUDGDSWHUWHUPLQDOVQWRWKHDSSURSULDWHLQWHUIDFHV
%)L[WKHIURQWHQGRIWKH;D[LVFDEOHGUDJFKDLQWRWKHH[WUXGHUEDFNVXSSRUWSODWHZLWK0VFUHZV
&$OLJQWKHFOLSVDQGWKHQDSSO\JHQWOHSUHVVXUHWRDVVHPEOHWKHGUDJFKDLQDWWKHUHDUHQGRIWKH;D[LV
%FWJDF*OTUBMMBUJPO
)LJXUH$ )LJXUH% )LJXUH&
*DQWU\)UDPH$VVHPEO\
&RXQWHUVXQN6FUHZ0

*DQWU\)UDPH,QVWDOODWLRQ
3ODFHWKHJDQWU\IUDPHRQWKHEDVHVORWDQGSUHƉ[LWƉUVWZLWK0VFUHZVDOLJQHGZLWKWKHKROHVWKHQWLJKWHQWRVHFXUHLW
%FWJDF*OTUBMMBUJPO
+H[DJRQ6RFNHW+HDG
&DS6FUHZ0
%DVH&RPSRQHQW

