Mitsubishi Electric Sanda Works NR21263AF39508 Navigation System User Manual Manual 3

Mitsubishi Electric Corporation Sanda Works Navigation System Manual 3

$*HQHUDOQRWHV 8VLQJWKHWHOHSKRQHYLDWKH%OXHWRRWKLQWHUIDFH &RQYHQLHQFHWHOHSKRQ\ &KDQJLQJEHWZHHQ%OXHWRRWKDQGFRQYHQLHQFHWHOHSKRQ\ 5HFHSWLRQDQGWUDQVPLVVLRQYROXPH 8VLQJWKHWHOHSKRQHERRN 8VLQJFDOOOLVWV 8VLQJWKHWHOHSKRQH 7H[WPHVVDJHVFRQYHQLHQFHWHOHSKRQ\ 8VLQJWKHDGGUHVVERRN 0HUFHGHV%HQ]&RQWDFW 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWHPlease see "Users Manual -1.pdf" for FCC and IC manual statements.$

$*HQHUDOQRWHV&20$1'RIIHUV\RXGXDOOHYHOWHOHSKRQHIXQFWLRQV%DVLFWHOHSKRQ\RIIHUV\RX%OXHWRRWKLQWHUIDFHWHOHSKRQ\ZKHQXVHGZLWKD%OXHWRRWKFDSDEOHPRELOHSKRQH7KH%OXHWRRWKLQWHUIDFHHQDEOHV\RXWRXVHWKHKDQGVIUHHV\VWHPZLWKVXLWDEOHPRELOHSKRQHVLPSRUWQXPEHUVIURPWKHPRELOHSKRQHYLDWKHSKRQHERRNDFFHVVSURILOH3%$3DQGUHFHLYHHOHFWURQLFY&DUGV,I\RXUYHKLFOHLVHTXLSSHGZLWK&RQYHQLHQFHWHOHSKRQ\\RXFDQREWDLQPRELOHSKRQHEUDFNHWVIRUVSHFLILFPRELOHSKRQHVDW\RXU0HUFHGHV%HQ]6HUYLFH&HQWUHDQGKDYHWKHPLQVWDOOHGLQWKHFHQWUHDUPUHVW<RXUPRELOHSKRQHEDWWHU\LVFKDUJHGLQWKHEUDFNHWDQGDFRQQHFWLRQLVPDGHWRWKHYHKLFOHVH[WHULRUDHULDO:LWKDVXLWDEOHPRELOHSKRQH&RQYHQLHQFHWHOHSKRQ\QRWRQO\SHUPLWV\RXWRXVHWKHKDQGVIUHHV\VWHPLWDOVRSHUPLWV\RXWRLPSRUWFRQWDFWVHYHQIURPSKRQHVWKDWGRQRWVXSSRUW3%$3DQGXVHWKHWH[WPHVVDJHIXQFWLRQUHFHLYHDQGUHDGG(YHQLI\RXUYHKLFOHLVHTXLSSHGZLWK&RQYHQLHQFHWHOHSKRQ\\RXFDQFRQQHFWD%OXHWRRWKFDSDEOHPRELOHSKRQHWR&20$1'YLDWKH%OXHWRRWKLQWHUIDFH<RXFDQREWDLQPRUHGHWDLOHGLQIRUPDWLRQDERXWVXLWDEOHPRELOHSKRQHVDQGDERXWFRQQHFWLQJ%OXHWRRWKFDSDEOHPRELOHSKRQHVWR&20$1'IURP\RXU0HUFHGHV%HQ]6HUYLFH&HQWUH6DIHW\QRWHV5LVNRIDFFLGHQW<RXPXVWREVHUYHWKHOHJDOUHTXLUHPHQWVIRUWKHFRXQWU\LQZKLFK\RXDUHFXUUHQWO\GULYLQJZKHQRSHUDWLQJPRELOHFRPPXQLFDWLRQVHTXLSPHQWLQWKHYHKLFOH,ILWLVSHUPLWWHGWRRSHUDWHFRPPXQLFDWLRQVHTXLSPHQWZKLOHWKHYHKLFOHLVLQPRWLRQ\RXPD\RQO\RSHUDWHLWZKHQURDGDQGWUDIILFFRQGLWLRQVSHUPLW<RXPD\RWKHUZLVHEHGLVWUDFWHGIURPWKHWUDIILFFRQGLWLRQVFDXVHDQDFFLGHQWDQGLQMXUH\RXUVHOIDQGRWKHUV7ZRZD\UDGLRVRUID[PDFKLQHVZLWKRXWORZUHIOHFWLRQH[WHULRUDHULDOVPD\LQWHUIHUHZLWKWKHYHKLFOHHOHFWURQLFVDQGWKHUHE\FRPSURPLVHWKHRSHUDWLRQDOVDIHW\RIWKHYHKLFOHDQG\RXUVDIHW\7KHUHIRUHRQO\XVHWKHVHLIWKH\DUHSURSHUO\FRQQHFWHGWRDVHSDUDWHORZUHIOHFWLRQH[WHULRUDHULDO5LVNRILQMXU\([FHVVLYHHOHFWURPDJQHWLFUDGLDWLRQPD\FRQVWLWXWHDKHDOWKKD]DUGWR\RXUVHOIDQGRWKHUV7KHXVHRIDQH[WHULRUDHULDOWDNHVLQWRFRQVLGHUDWLRQWKHVFLHQWLILFGLVFXVVLRQVXUURXQGLQJWKHSRVVLEOHKHDOWKULVNSRVHGE\HOHFWURPDJQHWLFILHOGV*HQHUDOQRWHV&DOOVGLVFRQQHFWHGZKLOHWKHYHKLFOHLVLQPRWLRQ$FDOOPD\EHGLVFRQQHFWHGLI=WKHUHLVLQVXIILFLHQW*60QHWZRUNFRYHUDJHLQFHUWDLQDUHDV=\RXPRYHIURPRQH*60WUDQVPLWWHUUHFHLYHUDUHD*60FHOOLQWRDQRWKHUDQGQRFKDQQHOVDUHIUHH=\RXXVHD6,0FDUGZKLFKLVQRWFRPSDWLEOHZLWKWKHDYDLODEOHQHWZRUN=ZKHQXVLQJDPRELOHSKRQHZLWK7ZLQFDUGWKHPRELOHSKRQHZLWKWKHVHFRQG6,0FDUGLVORJJHGLQWRWKHQHWZRUNDWWKHVDPHWLPH2SHUDWLQJRSWLRQV<RXFDQFDOOXSWKHWHOHSKRQHIXQFWLRQV=XVLQJWKH&20$1'FRQWUROOHU7XUQ_:` *HQHUDOQRWHV7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6OLGH{:|RU}:È3UHVV~=XVLQJWKHIRUWKH\EXWWRQDQGWKHWHOHSKRQHNH\SDGRQWKH&20$1'FRQWUROSDQHO=XVLQJWKHIRU\EXWWRQRQWKHPXOWLIXQFWLRQVWHHULQJZKHHOG2SHUDWLRQZLWK/LQJXDWURQLFLVGHVFULEHGLQQVHSDUDWHRSHUDWLQJLQVWUXFWLRQV)XQFWLRQUHVWULFWLRQV<RXZLOOQRWEHDEOHWRXVHWKHWHOHSKRQHZLOOQRORQJHUEHDEOHWRXVHWKHWHOHSKRQHRU\RXPD\KDYHWRZDLWEHIRUHXVLQJLWLQWKHIROORZLQJVLWXDWLRQV=ZKHQWKHPRELOHSKRQHLVVZLWFKHGRII=ZKHQWKH%OXHWRRWKIXQFWLRQLVVZLWFKHGRIILQ&20$1'RUZKHQWHOHSKRQLQJYLDWKH%OXHWRRWKLQWHUIDFHRQWKHPRELOHSKRQH=ZKHQWKHPRELOHSKRQHLVQRWRUQRW\HWFRQQHFWHGWRDQHWZRUNG7KHWHOHSKRQHDXWRPDWLFDOO\DWWHPSWVWRORJLQWRDQHWZRUN,IQRQHWZRUNLVDYDLODEOH\RXZLOOQRWEHDEOHWRPDNHDHPHUJHQF\FDOO,I\RXDWWHPSWWRPDNHDQRXWJRLQJFDOOWKH0Q5GTXKEGPHVVDJHZLOODSSHDUIRUDVKRUWZKLOH=LI\RXVZLWFK&20$1'RIIGXULQJDFDOOLQKDQGVIUHHPRGHWKHFDOOZLOOEHWHUPLQDWHG<RXFDQSUHYHQWWKLVDVIROORZV%OXHWRRWKLQWHUIDFHWHOHSKRQ\VZLWFKWKHPRELOHSKRQHWR3ULYDWHPRGHEHIRUHVZLWFKLQJRII&20$1'QPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV&RQYHQLHQFHWHOHSKRQ\WDNHWKHSKRQHRXWRILWVEUDFNHWEHIRUHVZLWFKLQJ&20$1'RIIRUHPHUJHQF\FDOO0DNLQJHPHUJHQF\FDOOVZLWKRXWHQWHULQJWKH3,1LVRQO\SRVVLEOHGLUHFWO\RQWKHPRELOHSKRQH7KHIROORZLQJFRQGLWLRQVPXVWEHIXOILOOHGLQRUGHUWRPDNHDHPHUJHQF\FDOO=WKHPRELOHSKRQHPXVWEHVZLWFKHGRQ=DQHWZRUNPXVWEHDYDLODEOH=DYDOLG6,0FDUGPXVWEHLQWKHSKRQHQRWQHFHVVDU\LQDOOPRELOHSKRQHQHWZRUNV,I\RXFDQQRWPDNHDQHPHUJHQF\FDOO\RXPXVWDUUDQJHUHVFXHPHDVXUHV\RXUVHOI7KHHPHUJHQF\FDOOQXPEHULVDSXEOLFVHUYLFH$Q\PLVXVHLVSXQLVKDEOHE\ODZ8VLQJWKHWHOHSKRQHYLDWKH%OXHWRRWKLQWHUIDFHG,I\RXUYHKLFOHLVHTXLSSHGZLWK&RQYHQLHQFHWHOHSKRQ\DQG\RXZLVKWRPDNHFDOOVYLDWKH%OXHWRRWKLQWHUIDFH\RXUPRELOHSKRQHVKRXOGQRWEHLQVHUWHGLQWKHPRELOHSKRQHEUDFNHWRUFRQQHFWHGWRWKHPRELOHSKRQHEUDFNHW7KLVPD\UHVXOWLQDPDOIXQFWLRQGHSHQGLQJRQWKHW\SHRIPRELOHSKRQH0RELOHSKRQHUHTXLUHPHQWV)RUWHOHSKRQ\YLD&20$1'V%OXHWRRWKLQWHUIDFH\RXUHTXLUHD%OXHWRRWKFDSDEOHPRELOHSKRQHG1RWDOOPRELOHSKRQHVDYDLODEOHRQWKHPDUNHWDUHHTXDOO\VXLWDEOH<RXFDQREWDLQPRUHGHWDLOHGLQIRUPDWLRQDERXWVXLWDEOHPRELOHSKRQHVDQGDERXWFRQQHFWLQJ%OXHWRRWKFDSDEOHPRELOHSKRQHVWR&20$1'IURP\RXU0HUFHGHV%HQ]6HUYLFH&HQWUH7KHEDWWHU\RIWKHPRELOHSKRQHVKRXOGEHNHSWVXIILFLHQWO\FKDUJHGLQRUGHUWRSUHYHQWPDOIXQFWLRQV,QSUHSDUDWLRQIRUWHOHSKRQLQJYLDWKH%OXHWRRWKLQWHUIDFH\RXVKRXOGFKHFNWKHIROORZLQJLWHPVRQ\RXUPRELOHSKRQHQPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV8VLQJWKHWHOHSKRQHYLDWKH%OXHWRRWKLQWHUIDFH 7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$=+DQGVIUHHSURILOH7KHPRELOHSKRQHPXVWVXSSRUWKDQGVIUHHSURILOHRUDERYHG6RPHGLVSOD\VHJWKHVLJQDOVWUHQJWKDQGSURYLGHUORJRGHSHQGRQWKHSKRQHWKDWLVEHLQJXVHG=%OXHWRRWKYLVLELOLW\2QFHUWDLQPRELOHSKRQHVWKHGHYLFHLWVHOIPXVWEHPDGHYLVLEOHIRURWKHUGHYLFHVDVZHOODVDFWLYDWLQJWKH%OXHWRRWKIXQFWLRQQPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV=%OXHWRRWKGHYLFHQDPH(YHU\%OXHWRRWKGHYLFHKDVD%OXHWRRWKGHYLFHQDPHLVVXHGDWWKHIDFWRU\7KHGHYLFHQDPHVIRUDOORIRQHPDQXIDFWXUHUVSURGXFWVPLJKWEHLGHQWLFDO7KHUHIRUH\RXVKRXOGFKDQJHWKHVHGHYLFHVQDPHVVR\RXFDQLGHQWLI\\RXUPRELOHSKRQHFOHDUO\QPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV&RQQHFWLQJDPRELOHSKRQH6ZLWFKRQWKHPRELOHSKRQHDQGHQWHUWKH3,1LIQHFHVVDU\QPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV$FWLYDWH%OXHWRRWKIXQFWLRQVDQGZKHUHQHFHVVDU\%OXHWRRWKYLVLELOLW\RQWKHPRELOHSKRQHQPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV3UHVVWKH(IXQFWLRQEXWWRQRQ&20$1'G:KHQWKH%OXHWRRWKIXQFWLRQLVVZLWFKHGRIILQ&20$1'WKHIROORZLQJPHVVDJHDSSHDUV$NWGVQQVJPQVCEVKXCVGFKPU[UVGOUGVVKPIU$FWLYDWHWKH%OXHWRRWKIXQFWLRQLQ&20$1'SDJH5HJLVWHULQJDXWKRULVLQJWKHPRELOHSKRQH,I\RXDUHXVLQJ\RXUPRELOHSKRQHZLWK&20$1'IRUWKHILUVWWLPH\RXPXVWUHJLVWHUDXWKRULVHLW:KHQ\RXDXWKRULVHDQHZPRELOHSKRQHLWLVFRQQHFWHGDXWRPDWLFDOO\WR&20$1'<RXFDQUHJLVWHUPRUHWKDQRQHPRELOHSKRQH3UHVVWKH(IXQFWLRQEXWWRQRQ&20$1'6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGUT7RFCVG&20$1'ORRNVIRU%OXHWRRWKWHOHSKRQHVZLWKLQUDQJHDQGDGGVWKHPWRWKHSKRQHOLVW7KHGXUDWLRQRIWKHVHDUFKGHSHQGVRQWKHQXPEHURI%OXHWRRWKWHOHSKRQHVZLWKLQUDQJHDQGWKHLUFKDUDFWHULVWLFV([DPSOHGLVSOD\WHOHSKRQHOLVW=&XUUHQWO\FRQQHFWHGDQGDXWKRULVHGPRELOHSKRQH\>'HYLFHQRWZLWKLQUDQJHEXWSUHYLRXVO\DXWKRULVHGODSSHDUVLQJUH\@'HYLFHZLWKLQUDQJHDQGDXWKRULVHGODSSHDUVLQEODFNB1HZO\GHWHFWHGPRELOHSKRQHZLWKLQUDQJHEXWQRW\HWDXWKRULVHGQRLFRQ\HW\G,IWKH%OXHWRRWKWHOHSKRQHVOLVWLVDOUHDG\IXOO\RXZLOOEHDVNHGWRGHDXWKRULVHD%OXHWRRWKGHYLFHSDJH,I 8VLQJWKHWHOHSKRQHYLDWKH%OXHWRRWKLQWHUIDFH7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$&20$1'GRHVQRWILQG\RXUPRELOHSKRQHH[WHUQDODXWKRULVDWLRQSDJHPD\EHQHFHVVDU\7RDXWKRULVHVHOHFWDPRELOHSKRQHWKDWKDVQRW\HWEHHQDXWKRULVHGBLQWKHWHOHSKRQHOLVW6HOHFW1RVKQPUT#WVJQTKUGRU3UHVVWKH~EXWWRQ7KHLQSXWPHQXIRUWKHSDVVFRGHDSSHDUV=6PDUWVSHOOHUG7KHSDVVFRGHLVDQ\RQHWRVL[WHHQGLJLWQXPEHUFRPELQDWLRQZKLFK\RXFDQGHWHUPLQH\RXUVHOI<RXPXVWHQWHUWKHVDPHQXPEHUFRPELQDWLRQLQ&20$1'DQGLQWKH%OXHWRRWKGHYLFHWREHDXWKRULVHGQPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV,I\RXZDQWWRUHDXWKRULVHDGHYLFHIROORZLQJGHDXWKRULVDWLRQ\RXPD\VHOHFWDGLIIHUHQWSDVVNH\0HUFHGHV%HQ]UHFRPPHQGVGHDXWKRULVDWLRQLQ&20$1'DQGRQWKHPRELOHSKRQH$XWKRULVDWLRQDWDODWHUGDWHFRXOGRWKHUZLVHIDLO6RPHPRELOHSKRQHVUHTXLUHWKHLQSXWRIDIRXUGLJLWSDVVFRGHRUORQJHUFKDUDFWHUVWULQJV(QWHULQJLQ&20$1'<RXFDQHQWHUWKHDFFHVVQXPEHULQ&20$1'ZLWKVPDUWVSHOOHU=RUWKHNH\SDG7RHQWHUWXUQ_:`RUVOLGH{:|DQGSUHVV~,QWKLVZD\HQWHUDOOQHFHVVDU\QXPEHUVLQVXFFHVVLRQRU3UHVVWKHUHOHYDQWQXPEHUNH\VLQVXFFHVVLRQ7RFRQILUPVHOHFW®LQWKHPHQXEDURU3UHVVWKHIRUpEXWWRQ7RGHOHWHVHOHFW*LQWKHPHQXEDUDQGSUHVVWKH~EXWWRQEULHIO\LQGLYLGXDOGLJLWRUIRUDORQJWLPHZKROHQXPEHUVHTXHQFHRU3UHVVWKHGHOHWHEXWWRQmQH[WWRWKH&20$1'FRQWUROOHURUWKHmEXWWRQQH[WWRWKHNH\SDGEULHIO\VLQJOHQXPEHURUIRUDORQJWLPHZKROHQXPEHUVHTXHQFH(QWHULQJLQWKHPRELOHSKRQH,IWKH%OXHWRRWKFRQQHFWLRQLVVXFFHVVIXO\RXZLOOEHSURPSWHGWRHQWHUWKHSDVVFRGHRQWKHPRELOHSKRQHQPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV(QWHUWKHVDPHSDVVFRGHLQWKHPRELOHSKRQHDVDOUHDG\HQWHUHGLQ&20$1'G$IWHUHQWHULQJWKHSDVVFRGH\RXPD\DOVRQHHGWRHQWHUDFRQILUPDWLRQLQ\RXUPRELOHSKRQHWRFRQQHFWFDOOV&KHFNWKHGLVSOD\RI\RXUPRELOHSKRQH,IWKH#WVJQTKUCVKQPRTQEGFWTGWPUWEEGUUHWNPHVVDJHDSSHDUVRQWKH&20$1'GLVSOD\\RXPD\KDYHH[FHHGHGWKHDOORZHGWLPH5HSHDWWKHSURFHVVLIWKLVRFFXUV7KHPRELOHSKRQHLVFRQQHFWHGWR&20$1'DXWKRULVHG<RXFDQQRZSKRQHXVLQJWKH&20$1'KDQGVIUHHV\VWHP([WHUQDODXWKRULVDWLRQ,I&20$1'GRHVQRWGHWHFW\RXUPRELOHSKRQHWKLVPD\EHGXHWRSDUWLFXODUVHFXULW\VHWWLQJVRI\RXUPRELOHSKRQH,QWKLVFDVH8VLQJWKHWHOHSKRQHYLDWKH%OXHWRRWKLQWHUIDFH 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$\RXFDQWHVWLI\RXUPRELOHSKRQHFDQILQG&20$1'7KH%OXHWRRWKGHYLFHQDPHRI&20$1'LV0%%OXHWRRWK3OHDVHEHDUWKHIROORZLQJLQPLQGDIWHUHQWHULQJWKHSDVVFRGHVRPHPRELOHSKRQHVUHTXLUH\RXWRUHFRQQHFWWR&20$1'QPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV2WKHUZLVHWKHSKRQHFDQQRWEHDXWKRULVHG3UHVVWKH(IXQFWLRQEXWWRQ6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGUT7RFCVGT1RVKQPUT'ZVGTPCNCWVJQTKUCVKQP6WDUWWKH%OXHWRRWKVHDUFKRQWKHPRELOHSKRQHQPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV6HOHFW&20$1'/$$NWGVQQVJRQWKHPRELOHSKRQH(QWHUWKHSDVVFRGHRQWKHPRELOHSKRQHDQG&20$1'ZKHQUHTXHVWHG$XWRPDWLFUHFRQQHFWLRQ&20$1'DOZD\VVHDUFKHVIRUWKHODVWFRQQHFWHGPRELOHSKRQH,IQRFRQQHFWLRQFDQEHPDGHWRWKHPRVWUHFHQWO\FRQQHFWHGPRELOHSKRQHWKHV\VWHPVHDUFKHVIRUWKHPRELOHSKRQHZKLFKZDVFRQQHFWHGEHIRUHWKDWRQH'LVSOD\LQJGHWDLOV7KHUHLVDGHWDLOGLVSOD\IRUHDFKPRELOHSKRQHLQWKHSKRQHOLVW3UHVVWKH(IXQFWLRQEXWWRQ6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGU6HOHFWWKHPRELOHSKRQHIURPWKHOLVWDQGVHOHFW1RVKQPUT&GVCKNU7KHIROORZLQJLQIRUPDWLRQFRQFHUQLQJWKHVHOHFWHGPRELOHSKRQHLVVKRZQ=%OXHWRRWKQDPH=%OXHWRRWKDGGUHVV=DYDLODELOLW\=DXWKRULVDWLRQVWDWXV7RFORVHWKHGHWDLOHGYLHZWXUQ_:`RUVOLGH{:|RU3UHVVWKH~RU!EXWWRQ'HUHJLVWHULQJGHDXWKRULVLQJDPRELOHSKRQH3UHVVWKH(IXQFWLRQEXWWRQ6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGU6HOHFWWKHPRELOHSKRQHIURPWKHOLVWDQGVHOHFW1RVKQPUT&GCWVJQTKUG$SURPSWDSSHDUVDVNLQJZKHWKHU\RXUHDOO\ZLVKWRUHYRNHDXWKRULVDWLRQIRUWKLVGHYLFH6HOHFW;GURU0Q,I\RXVHOHFW;GUWKHGHYLFHZLOOEHGHOHWHGIURPWKHSKRQHOLVWG%HIRUHUHDXWKRULVLQJWKHPRELOHSKRQH\RXVKRXOGDOVRGHOHWHWKHGHYLFHQDPH/$$NWGVQQVJIURP\RXUPRELOHSKRQHV%OXHWRRWKOLVW&RQQHFWLQJDQRWKHUPRELOHSKRQH,I\RXKDYHDXWKRULVHGVHYHUDOPRELOHSKRQHV\RXFDQVZLWFKEHWZHHQWKHLQGLYLGXDOSKRQHVG<RXFDQRQO\VZLWFKWRDQRWKHUDXWKRULVHGPRELOHSKRQHLIQRSKRQHFDOOLVDFWLYH3UHVVWKH(IXQFWLRQEXWWRQ6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGU6HOHFWWKHPRELOHSKRQHIURPWKHOLVW3UHVVWKH~EXWWRQ,IWKHVHOHFWHGPRELOHSKRQHLVZLWKLQ%OXHWRRWKUDQJHDQG%OXHWRRWKLVDFWLYDWHGDVHDUFKLVVWDUWHGDQGWKHSKRQHLVFRQQHFWHG2QO\RQHPRELOHSKRQHFDQEHFRQQHFWHGDWDQ\RQHWLPH7KHFXUUHQWO\FRQQHFWHG 8VLQJWKHWHOHSKRQHYLDWKH%OXHWRRWKLQWHUIDFH7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$PRELOHSKRQHLVLQGLFDWHGE\WKHGRWSDJHLQWKHSKRQHOLVW7HOHSKRQHEDVLFPHQX%OXHWRRWKLQWHUIDFH3UHVVWKH(IXQFWLRQEXWWRQ,IWKHPRELOHSKRQHLVUHDG\IRUXVHWKHIROORZLQJGLVSOD\DSSHDUV([DPSOHRIGLVSOD\WHOHSKRQHEDVLFPHQX%OXHWRRWKLQWHUIDFH=1HWZRUNSURYLGHUVQDPHGHSHQGVRQWKHFRQQHFWHGPRELOHSKRQH>6LJQDOVWUHQJWKRIPRELOHSKRQHQHWZRUN@5HFHLYHULFRQWRU[B'LVSOD\V&20$1'SKRQHERRND7RGLVSOD\FDOOOLVWVE%OXHWRRWKQDPHRIWKHFXUUHQWO\FRQQHFWHGPRELOHSKRQH6PDUWVSHOOHUG'LVSOD\V=DQG>DUHVKRZQGHSHQGLQJRQWKHPRELOHSKRQHFRQQHFWHGG%DUV>GLVSOD\WKHFXUUHQWVLJQDOVWUHQJWKRIWKHPRELOHSKRQHQHWZRUN,IDOOEDUVDUHIXOOWKHUHLVRSWLPXPUHFHSWLRQ,IDOOEDUVDUHHPSW\WKHUHLVYHU\SRRURUQRUHFHSWLRQDWDOO5HFHLYHULFRQ@VKRZVZKHWKHUDFDOOLVDFWLYHEHLQJFRQQHFWHG[RUQRWW0HQXRYHUYLHZ1DPH 7HOHSKRQH &DOOOLVWVRUPLNHRQRII'LVSOD\V&20$1'SKRQHERRN%OXHWRRWKWHOHSKRQH,PSRUWVFRQWDFWV'HOHWHVFRQWDFWV'LVSOD\VFDOOOLVWVZLWKRXWFDOO6ZLWFKHVKDQGVIUHHPLFURSKRQHRQRIIGXULQJDFDOO&RQYHQLHQFHWHOHSKRQ\&RQQHFWLQJDPRELOHSKRQH)RU&RQYHQLHQFHWHOHSKRQ\ZLWK&20$1'\RXUHTXLUHDEUDFNHWDQGDVXLWDEOHPRELOHSKRQH<RXFDQREWDLQPRUHGHWDLOHGLQIRUPDWLRQDERXWVXLWDEOHPRELOHSKRQHVDQGFRQQHFWLQJFRQYHQLHQFHWHOHSKRQHVZLWK&20$1'IURP\RXU0HUFHGHV%HQ]6HUYLFH&HQWUH3ODFHWKHPRELOHSKRQHEUDFNHWLQWKHIL[WXUHLQWKHFHQWUHDUPUHVWQYHKLFOH2ZQHUV0DQXDO3ODFHWKHPRELOHSKRQHLQWKHPRELOHSKRQHEUDFNHWQYHKLFOH2ZQHUV0DQXDO&RQYHQLHQFHWHOHSKRQ\ 7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$([DPSOH=7RHQJDJHWKHPRELOHSKRQH>&RQQHFWRUFRQWDFW@%UDFNHW6ZLWFKRQWKHPRELOHSKRQHPDQXDOO\QPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQVG,QVHUWLQJVRPHPRELOHSKRQHVLQWRWKHEUDFNHWFDQVZLWFKWKHPRQDXWRPDWLFDOO\,IWHOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHLVDFWLYHSUHVVWKH(IXQFWLRQEXWWRQ6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGUT%QPXGPKGPEGVGNGRJQPG,IQHFHVVDU\&20$1'ZLOOUHTXHVWWKH3,1(QWHULQJWKH3,1GLI\RXKDYHHQWHUHGDQLQFRUUHFW3,1WZLFHYLD&20$1'\RXZLOOQRWVHHDZDUQLQJWRLQIRUP\RXWKDW\RXRQO\KDYHRQHPRUHDWWHPSW,I\RXHQWHUDQLQFRUUHFW3,1WKUHHWLPHV\RXPXVWXQORFNWKH6,0FDUGYLDWKHPRELOHSKRQHQRSHUDWLQJLQVWUXFWLRQVIRUPRELOHSKRQH<RXFDQHQWHUWKH3,1LQ&20$1'ZLWKWKHVPDUWVSHOOHURUWKHNH\SDG,I\RXUYHKLFOHLVHTXLSSHGZLWK/LQJXDWURQLFQVHSDUDWHRSHUDWLQJLQVWUXFWLRQV\RXFDQDOVRHQWHUWKH3,1XVLQJYRLFHFRPPDQGV=3,1HQWU\OLQH>7RFRQILUPWKH3,1@6PDUWVSHOOHU7RHQWHUWXUQ_:`RUVOLGH{:|DQGSUHVV~,QWKLVZD\HQWHUDOOQHFHVVDU\QXPEHUVLQVXFFHVVLRQRU3UHVVWKHUHOHYDQWQXPEHUNH\VLQVXFFHVVLRQ7RGHOHWHGLJLWVVHOHFW*DQGEULHIO\SUHVV~RU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU7KHGLJLWWRWKHOHIWRIWKHFXUVRULVGHOHWHG7RGHOHWHDQHQWLUHHQWU\VHOHFW*DQGSUHVVDQGKROGGRZQ~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGGRZQWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWU\LVGHOHWHG7RFRQILUPVHOHFWNLQWKHLQSXWFKDUDFWHUVRU3UHVVWKHIRUpEXWWRQ&20$1'FKHFNVWKH3,1,IWKHFRUUHFWRQHKDVEHHQHQWHUHGWKHWHOHSKRQHEDVLFPHQXDSSHDUV &RQYHQLHQFHWHOHSKRQ\7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7HOHSKRQHEDVLFPHQX&RQYHQLHQFHWHOHSKRQ\3UHVVWKH(IXQFWLRQEXWWRQ:KHQWKHPRELOHSKRQHLVLQWKHPRELOHSKRQHEUDFNHWDQGRSHUDWLRQDOWKHIROORZLQJGLVSOD\LVVKRZQ([DPSOHGLVSOD\IRUWHOHSKRQHEDVLFPHQX&RQYHQLHQFHWHOHSKRQ\=1HWZRUNSURYLGHU>6LJQDOVWUHQJWKRIPRELOHSKRQHQHWZRUN@5HFHLYHULFRQWRU[B'LVSOD\V&20$1'SKRQHERRND7RGLVSOD\FDOOOLVWVE6PDUWVSHOOHUIRUSKRQHQXPEHUV1DPHRIPRELOHSKRQHFXUUHQWO\FRQQHFWHGG%DUV>GLVSOD\WKHFXUUHQWVLJQDOVWUHQJWKRIWKHPRELOHSKRQHQHWZRUN,IDOOWKHEDUVDUHILOOHGWKHWHOHSKRQHKDVRSWLPXPUHFHSWLRQ,IDOOEDUVDUHHPSW\WKHUHLVYHU\SRRURUQRUHFHSWLRQDWDOO5HFHLYHULFRQ@VKRZVZKHWKHURUQRWDFDOOLVLQSURJUHVVRULVEHLQJFXUUHQWO\FRQQHFWHG7KH4PDLOLFRQLVGLVSOD\HGZKHQ\RXKDYHDQXQUHDGWH[WPHVVDJH7KHLFRQGLVDSSHDUVRQFH\RXKDYHUHDGDOORIWKHWH[WPHVVDJHV7KHgPDLOLFRQLVGLVSOD\HGZKHQWKHPRELOHSKRQHVWH[WPHVVDJHPHPRU\LVIXOO7KHLFRQGLVDSSHDUVRQFH\RXGHOHWHDWOHDVWRQHWH[WPHVVDJH7KHWH[WPHVVDJHPHQXLWHPLVDYDLODEOHLIWKHIXQFWLRQLVVXSSRUWHGE\WKH&RQYHQLHQFHWHOHSKRQHDQGWKHPRELOHSKRQHEUDFNHWDQGRQFHWKH&RQYHQLHQFHWHOHSKRQHKDVFRPSOHWHGWKHGRZQORDGRIWKHWH[WPHVVDJH+RZORQJGRZQORDGLQJWDNHVGHSHQGVRQWKHQXPEHURIWH[WPHVVDJHVVWRUHGRQWKHPRELOHSKRQHDQGWKHW\SHRISKRQH7KHWH[WPHVVDJHPHQXLWHPLVJUH\HGRXW=ZKHQ\RXVZLWFKIURP&RQYHQLHQFHWHOHSKRQ\WRSKRQLQJXVLQJWKH%OXHWRRWKLQWHUIDFH=ZKHQ\RXSODFHWKHPRELOHSKRQHLQWKHEUDFNHWDQG&20$1'VWDUWVGRZQORDGLQJWKHWH[WPHVVDJHV7KHWH[WPHVVDJHPHQXLWHPLVQRWGLVSOD\HGZKHQ&20$1'LVHTXLSSHGRQO\ZLWKDWHOHSKRQHWKDWRSHUDWHVYLDWKH%OXHWRRWKLQWHUIDFH&RQYHQLHQFHWHOHSKRQ\ 7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$0HQXRYHUYLHZ1DPH 7HOHSKRQH 7H[WPHVVDJH606&DOOOLVWVRUPLNHRQRII'LVSOD\&20$1'SKRQHERRN%OXHWRRWKWHOHSKRQH,PSRUWVFRQWDFWV'HOHWHVFRQWDFWVG$YDLODEOHZKHUHFRQWDFWVKDYHEHHQLPSRUWHG'LVSOD\WH[WPHVVDJHLQER['LVSOD\VFDOOOLVWVZLWKRXWFDOO6ZLWFKHVKDQGVIUHHPLFURSKRQHRQRIIGXULQJDFDOO&KDQJLQJEHWZHHQ%OXHWRRWKDQGFRQYHQLHQFHWHOHSKRQ\,I\RXUYHKLFOHLVHTXLSSHGZLWK&RQYHQLHQFHWHOHSKRQ\\RXFDQVZLWFKEHWZHHQWHOHSKRQ\W\SHV<RXFDQWKHQVHOHFWDQRWKHUPRELOHSKRQHLQWKH%OXHWRRWKWHOHSKRQHOLVW6ZLWFKLQJWHOHSKRQ\W\SHGXULQJRSHUDWLRQ'XULQJRSHUDWLRQ\RXFDQVZLWFKIURPRQHWHOHSKRQ\W\SHWRDQRWKHUE\VHOHFWLQJDQRWKHUPRELOHSKRQHLQWKHOLVWSDJH6ZLWFKLQJWHOHSKRQ\W\SHZKHQVZLWFKLQJRQ&20$1'VVWDQGDUGEHKDYLRXUDIWHUEHLQJVZLWFKHGRQLVDVIROORZV0RELOHSKRQHLVLQVHUWHGLQPRELOHSKRQHEUDFNHW&20$1'VWDUWV&RQYHQLHQFHWHOHSKRQ\,IQRPRELOHSKRQHLVLQVHUWHGLQWKHPRELOHSKRQHEUDFNHWWKHIROORZLQJPHVVDJHDSSHDUV6GNGRJQPGPQVKPUGTVGF$SSUR[WZRPLQXWHVDIWHUVWDUWLQJWKHHQJLQH\RXDUHDVNHGZKHWKHU\RXZDQWWRVZLWFKWR%OXHWRRWKWHOHSKRQ\,I\RXFRQILUPE\VHOHFWLQJ;GUWKH4GCF[HQT$NWGVQQVJVGNGRJQP[PHVVDJHZLOODSSHDU&20$1'ZLOOVHDUFKIRUWKHWZRPRELOHSKRQHVODVWFRQQHFWHGYLDWKH%OXHWRRWKLQWHUIDFH,IRQHRIWKHWZRPRELOHSKRQHVLVIRXQGWKHWHOHSKRQHEDVLFPHQXIRU%OXHWRRWKWHOHSKRQ\SDJHDSSHDUV,IQHLWKHURIWKHWZRPRELOHSKRQHVLVIRXQGWKH4GCF[HQT$NWGVQQVJVGNGRJQP[PHVVDJHUHPDLQVRQWKHGLVSOD\<RXQRZKDYHWRFRQQHFW\RXUPRELOHSKRQHSDJH$IWHUFRQILUPLQJ0QWKHPHVVDJH0QVGNGRJQPGKPUGTVGFUHDSSHDUV,IWKHUHLVDPRELOHSKRQHLQWKHEUDFNHWWKH3,1TXHU\SDJHRUWKHWHOHSKRQHEDVLFPHQXIRU&RQYHQLHQFHWHOHSKRQ\SDJHDSSHDUV1RPRELOHSKRQHLVLQVHUWHGLQPRELOHSKRQHEUDFNHW&20$1'VWDUWVWHOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHDQGVHDUFKHVIRUWKHODVWWZRPRELOHSKRQHVWRKDYHEHHQFRQQHFWHGYLDWKH%OXHWRRWKLQWHUIDFH,IRQHRIWKHWZRPRELOHSKRQHVLVIRXQGWKHWHOHSKRQHEDVLFPHQXIRU%OXHWRRWKWHOHSKRQ\SDJHDSSHDUV,IQHLWKHURIWKHWZRPRELOHSKRQHVLVIRXQGWKH4GCF[HQT$NWGVQQVJVGNGRJQP[PHVVDJHUHPDLQVRQWKHGLVSOD\<RXQRZKDYHWRFRQQHFW\RXUPRELOHSKRQHSDJH &KDQJLQJEHWZHHQ%OXHWRRWKDQGFRQYHQLHQFHWHOHSKRQ\7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$G7KH%OXHWRRWKFRQQHFWLRQUHPDLQVDFWLYHXQWLOWKHQH[WWLPH&20$1'LVVZLWFKHGRIILI\RXGRQRWFRQQHFWDGLIIHUHQWPRELOHSKRQHYLDWKHSKRQHOLVW:KLOHWKH%OXHWRRWKFRQQHFWLRQLVDFWLYHRQO\WKH%OXHWRRWKLQWHUIDFHIXQFWLRQVDUHDYDLODEOHWR\RX6HOHFWLQJDPRELOHSKRQHIURPWKH%OXHWRRWKWHOHSKRQHOLVW&DOOXSWKH%OXHWRRWKWHOHSKRQHVOLVWSDJH7RVHOHFWDPRELOHSKRQHWXUQ_:`RUVOLGH}:È7RFRQILUP\RXUVHOHFWLRQSUHVV~5HFHSWLRQDQGWUDQVPLVVLRQYROXPH7KHIROORZLQJLQIRUPDWLRQDSSOLHVWRWHOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHDQGWR&RQYHQLHQFHWHOHSKRQ\<RXFDQRSWLPLVHWKHVHWWLQJVIRUWKHUHFHSWLRQDQGWUDQVPLVVLRQYROXPH)LQGRXWDERXWWKHRSWLPXPVHWWLQJIRU\RXUPRELOHSKRQHIURP\RXU0HUFHGHV%HQ]6HUYLFH&HQWUH)XUWKHULQIRUPDWLRQLVDYDLODEOHKHUH=&RQYHQLHQFHWHOHSKRQ\SDJH=7HOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHSDJHG,QFRUUHFWVHWWLQJVPD\KDYHDVLJQLILFDQWLPSDFWRQWKHTXDOLW\RIFDOOV3UHVVWKH(IXQFWLRQEXWWRQ6HOHFW6GNGRJQPGT$NWGVQQVJVGNGRJQPGU6HOHFWDQDXWKRULVHGPRELOHSKRQHIURPWKHOLVW6HOHFW1RVKQPUT4GEGRVKQPXQNWOGRU6TCPUOKUUKQPXQNWOGG7KH4GEGRVKQPXQNWOGDQG6TCPUOKUUKQPXQNWOGRSWLRQVDUHJUH\HGRXWZKHQWKHVHOHFWHGPRELOHSKRQHLVQRW\HWDXWKRULVHG=,QGLFDWRUIRUFXUUHQWYROXPHVHWWLQJ7RVHWWKHYROXPHWXUQ_:`RUVOLGH}:È7RFORVHWKHVHWWLQJVFDOHSUHVV~RUVOLGH{:|RU3UHVVWKH!EXWWRQ8VLQJWKHWHOHSKRQHERRN7KHSKRQHERRNGLVSOD\VWKHQDPHVDQGSKRQHQXPEHUVRIDOORIWKHDGGUHVVERRNHQWULHVVDYHGLQWKH&20$1'DGGUHVVERRN,IDQDGGUHVVERRNHQWU\KDVQRSKRQHQXPEHUWKHHQWU\GRHVQRWDSSHDULQWKHSKRQHERRN,QDGGLWLRQWKHILUVWSRVLWLRQLVWKH/$%QPVCEVHQWU\ZLWKZKLFK\RXFDQSODFHDFDOOWRWKH0HUFHGHV%HQ]6HUYLFH&HQWUHSDJH<RXFDQDOVRVWRUHWHOHSKRQHQXPEHUVGLUHFWO\LQWKHSKRQHERRNRUDGRSWH[LVWLQJGDWD(DFKWHOHSKRQ\W\SHKDVLWVRZQZD\RIPDNLQJHQWULHVLQWKHSKRQHERRN=&RQYHQLHQFHWHOHSKRQ\DGRSWVWKHSKRQHERRNIURPWKHPRELOHSKRQHLPSRUWVFRQWDFWV=WHOHSKRQ\YLD%OXHWRRWKLQWHUIDFHDGRSWVWKHPRELOHSKRQHVSKRQHERRNLPSRUWVFRQWDFWVLIWKHPRELOHSKRQHVXSSRUWVWKH8VLQJWKHWHOHSKRQHERRN 7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3%$3%OXHWRRWKSURILOH3KRQH%RRN$FFHVV3URILOH=%OXHWRRWKLQWHUIDFHUHFHLYHVY&DUGVG7KHVWRUHGSKRQHERRNDQGWKHY&DUGVUHPDLQLQ&20$1'HYHQLI\RXXVH&20$1'ZLWKDQRWKHUPRELOHSKRQH7KH\FDQDOVREHYLHZHGZLWKRXWDPRELOHSKRQH)RUWKLVUHDVRQGHOHWHWKHSKRQHERRNEHIRUHVHOOLQJRUWUDQVIHUULQJRZQHUVKLSRI\RXUYHKLFOH7KHIXQFWLRQV=,PSRUWLQJFRQWDFWVSDJH=5HFHLYLQJY&DUGVSDJH='HOHWLQJFRQWDFWVSDJHDUHGHVFULEHGLQWKH$GGUHVVERRNVHFWLRQ&DOOLQJXSWKHSKRQHERRN6HOHFW0COGLQWKHWHOHSKRQHEDVLFPHQX,IWKHSKRQHERRNFRQWDLQVHQWULHVWKHVHZLOOEHGLVSOD\HGDOSKDEHWLFDOO\7KHVPDUWVSHOOHUDSSHDUVLQWKHORZHUVHFWLRQRIWKHGLVSOD\=$GGUHVVERRNHQWU\>7RFDOOXSRSWLRQV@6PDUWVSHOOHUB,FRQgIRUSKRQHERRNHQWU\IURPWKHPRELOHSKRQHD7RFORVHWKHSKRQHERRNE,FRQäIRUYRLFHWDJ6\PERO([SODQDWLRQ$GGUHVVERRNHQWU\WKDWKDVEHHQHQWHUHGRUFKDQJHGYLD&20$1'ä$GGUHVVERRNHQWU\ZLWKYRLFHWDJG7KHVHHQWULHVKDYHDOVREHHQDVVLJQHGDYRLFHWDJ9RLFHHQWULHVDUHDYDLODEOHLQYHKLFOHVZLWK/LQJXDWURQLFQVHSDUDWHRSHUDWLQJLQVWUXFWLRQVg3KRQHERRNHQWU\RQWKHPRELOHSKRQHDGGLWLRQDOGLVSOD\(QWULHVLPSRUWHGIURPWKHPHPRU\FDUGDGGLWLRQDOGLVSOD\%7(QWULHVLPSRUWHGYLDWKH%OXHWRRWKLQWHUIDFH7RVZLWFKIURPWKHVPDUWVSHOOHUWRWKHOLVWVOLGH}:UHSHDWHGO\RUSUHVVDQGKROGWKH~EXWWRQXQWLOWKHVPDUWVSHOOHUGLVDSSHDUVRU6HOHFW®7RVZLWFKIURPWKHOLVWWRWKHVPDUWVSHOOHUVHOHFW$CEMIURPWKHOLVW8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH6GNPHQX8VH<RU=RU<WRFDOOXSWKHSKRQHERRN 8VLQJWKHWHOHSKRQHERRN7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWLQJDQHQWU\ZLWKWKHVPDUWVSHOOHU6ZLWFKWRWKHVPDUWVSHOOHUZKHQWKHOLVWLVGLVSOD\HG6HOHFWLQJFKDUDFWHUVLQWKHVPDUWVSHOOHU<RXGHWHUPLQHWKHILUVWOHWWHURIWKHHQWU\\RXDUHORRNLQJIRUZLWKWKHILUVWFKDUDFWHU\RXHQWHU7RVHOHFWDFKDUDFWHUWXUQ_:`RUVOLGH{:|7RFRQILUP\RXUVHOHFWLRQSUHVV~7KHILUVWHQWU\ZKLFKVWDUWVZLWKWKHVHOHFWHGOHWWHULVKLJKOLJKWHGLQWKHOLVW,IWKHUHDUHVLPLODUHQWULHVWKHQH[WFKDUDFWHUZKLFKLVGLIIHUHQWZLOOEHGLVSOD\HG)RUH[DPSOHZLWKHQWULHVVXFKDV%JTKUVGNDQG%JTKUVKPGWKHEHJLQQLQJVRIWKHQDPHVDUHVLPLODU,QWKLVFDVH\RXZLOOEHRIIHUHGDFKRLFHEHWZHHQ'DQG+6HOHFWWKHFKDUDFWHUVRQHE\RQHIRUWKHHQWU\\RXDUHVHDUFKLQJIRU:KHQWKHVHOHFWLRQLVFOHDU&20$1'VZLWFKHVDXWRPDWLFDOO\WRWKHOLVW7RFRPSOHWHWKHVHDUFKVZLWFKIURPWKHVPDUWVSHOOHUWRWKHOLVW7KHILUVWOLVWHQWU\LVDXWRPDWLFDOO\KLJKOLJKWHG(QWHULQJFKDUDFWHUVXVLQJWKHQXPEHUNH\SDG$OWHUQDWLYHO\\RXFDQDOVRHQWHUGLJLWVXVLQJWKHQXPEHUNH\SDGGLUHFWHQWU\SDJH'HOHWLQJFKDUDFWHUV7RGHOHWHLQGLYLGXDOFKDUDFWHUVVHOHFW*DQGEULHIO\SUHVV~RU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU(DFKWLPH\RXHQWHURUGHOHWHDFKDUDFWHUWKHFORVHVWPDWFKZLOOEHGLVSOD\HGDWWKHWRSRIWKHOLVW7RGHOHWHDQHQWLUHHQWU\VHOHFW*DQGSUHVVDQGKROGGRZQ~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWLUHHQWU\LVGHOHWHG&KDQJLQJWKHVPDUWVSHOOHUODQJXDJH6HOHFW<6HOHFWWKHGHVLUHGODQJXDJH&KDQJLQJWKHVPDUWVSHOOHUFKDUDFWHUVHW6HOHFWs7KHFKDUDFWHUVHWFKDQJHVHDFKWLPH\RXPDNHWKLVVHOHFWLRQ6HOHFWLQJDQHQWU\GLUHFWO\IURPWKHOLVW6ZLWFKWRWKHVPDUWVSHOOHUZKHQWKHOLVWLVGLVSOD\HGSDJH7XUQ_:`RUVOLGH}:ÈXQWLOWKHGHVLUHGHQWU\LVKLJKOLJKWHG7RFRQILUP\RXUVHOHFWLRQSUHVV~8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH6GNPHQX8VH<RU=RU<WRFDOOXSWKHSKRQHERRN7RVHOHFWDQHQWU\SUHVVDQGKROGGRZQWKH<RU=EXWWRQXQWLOWKHGHVLUHGHQWU\LVKLJKOLJKWHGG,I\RXSUHVVWKH<RU=EXWWRQIRUORQJHUWKDQDVHFRQGWKHRQERDUGFRPSXWHUVKRZVWKHQDPHVLQUDSLGVFUROO5DSLGVFUROOVSHHGVXSDIWHUIRXUVHFRQGV,WVWRSVZKHQ\RXUHOHDVHWKHEXWWRQDJDLQRUWKHHQGRIWKHOLVWLVUHDFKHG7RPDNHDFDOOSUHVVWKH<RUIEXWWRQ8VLQJWKHWHOHSKRQHERRN 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWLQJDSKRQHQXPEHU<RXFDQWHOOWKDWDQHQWU\KDVVHYHUDOWHOHSKRQHQXPEHUVE\WKH+LFRQ6HOHFWDSKRQHERRNHQWU\ZLWKWKH+LFRQDQGSUHVV~7KHVXEHQWULHVDSSHDU7KH+LFRQFKDQJHVWR-=([SDQGHGDGGUHVVERRNHQWU\>$GGUHVVERRNHQWU\ZLWKVXEHQWULHV7XUQ_:`RUVOLGH}:ÈDQGVHOHFWWKHGHVLUHGVXEHQWU\8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO,IDQHQWU\KDVVHYHUDOSKRQHQXPEHUVWKHVHDUHGLVSOD\HG6HOHFWDSKRQHERRNHQWU\DQGSUHVVWKH<RUIEXWWRQ7KHVXEHQWULHVDSSHDU6HOHFWWKHGHVLUHGVXEHQWU\ZLWKWKH<RU=EXWWRQRUSUHVVWKHIEXWWRQ'HOHWLQJDQHQWU\IURPWKHSKRQHERRN$GGUHVVERRNHQWU\VHOHFWHG$OORIWKHHQWU\VSKRQHQXPEHUVDUHGHOHWHG,IWKHDGGUHVVERRNHQWU\RQO\FRQWDLQVSKRQHQXPEHUVLWLVGHOHWHGIURPWKHDGGUHVVERRN3KRQHQXPEHUVHOHFWHG7KHSKRQHQXPEHULVGHOHWHGIURPWKHDGGUHVVERRN6HOHFWDQHQWU\IURPWKHOLVW6HOHFW1RVKQPUT&GNGVG$SURPSWDSSHDUVDVNLQJZKHWKHUWKHHQWU\VKRXOGEHGHOHWHG6HOHFW;GURU0Q;GULVVHOHFWHGWKHHQWU\LVGHOHWHGLQDFFRUGDQFHZLWKWKHUXOHVGHVFULEHGDERYH'LVSOD\LQJGHWDLOVDERXWDQHQWU\&20$1'FDQDOVRVKRZDVKRUWHQHGHQWU\LQIXOO6HOHFWDQHQWU\IURPWKHOLVW6HOHFW1RVKQPUT&GVCKNU7KHGHWDLOHGGLVSOD\DSSHDUV7RFORVHWKHGHWDLOHGGLVSOD\VOLGH{:|UHSHDWHGO\XQWLOWKHHQWU\LVKLJKOLJKWHGDJDLQRU3UHVVWKH!EXWWRQ&UHDWLQJDQHZSKRQHERRNHQWU\7KHHQWU\LVFUHDWHGLQWKHSKRQHERRNDQGLQWKHDGGUHVVERRN6HOHFW1RVKQPUT0GYGPVT[LQWKH&20$1'SKRQHERRN6HOHFWDQXPEHUFDWHJRU\HJ*QOGSDJH6HOHFWDWHOHSKRQHFDWHJRU\HJ/QDKNGSDJH6HOHFW5CXG7KHLQSXWPHQXZLWKGDWDILHOGVDSSHDUV 8VLQJWKHWHOHSKRQHERRN7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$=&XUVRU>'DWDILHOG@6PDUWVSHOOHUB6HOHFWHGSKRQHFDWHJRU\D6HOHFWHGQXPEHUFDWHJRU\6ZLWFKLQJWKHGDWDILHOG2SWLRQ6OLGH}:UHSHDWHGO\XQWLOWKHVPDUWVSHOOHUGLVDSSHDUV7KHQVOLGH}:È2SWLRQ6HOHFWGRUHLQWKHLQSXWFKDUDFWHUV7KHLQSXWPHQXGLVSOD\VWKHGDWDILHOGVHOHFWHG6HOHFWWKHGDWDILHOGDQGSUHVV~(QWHULQJGDWDLQDILHOG6HOHFWDOOFKDUDFWHUVLQVPDUWVSHOOHU@RQHDIWHUWKHRWKHUG7KHVPDUWVSHOOHURIIHUVWKHFKDUDFWHUVWKDWFRUUHVSRQGWRWKHVHOHFWHGGDWDILHOG7RWRJJOHXSSHUDQGORZHUFDVHIRUWKHVPDUWVSHOOHUVHOHFWQRU)7RFKDQJHWKHFKDUDFWHUVHWIRUWKHVPDUWVSHOOHUVHOHFWs7KHFKDUDFWHUVHWFKDQJHVHDFKWLPH\RXPDNHWKLVVHOHFWLRQ7RFKDQJHWKHODQJXDJHIRUWKHVPDUWVSHOOHUVHOHFW<7XUQ_:`RUVOLGH}:ÈXQWLOWKHGHVLUHGODQJXDJHLVKLJKOLJKWHGDQGWKHQSUHVV~7RPRYHWKHFXUVRULQWKHGDWDILHOGVHOHFWERUF'HOHWLQJDQHQWU\7RGHOHWHLQGLYLGXDOFKDUDFWHUVVHOHFW*DQGEULHIO\SUHVV~RU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU7KHFKDUDFWHUWRWKHOHIWRIWKHFXUVRULVGHOHWHG7RGHOHWHDQHQWLUHHQWU\VHOHFW*DQGSUHVVDQGKROGGRZQ~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGGRZQWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWU\LVGHOHWHG&DQFHOOLQJDQHQWU\6HOHFW$CEM,IRQHRIWKHGDWDILHOGVFRQWDLQVGDWDDSURPSWZLOODSSHDUDVNLQJZKHWKHU\RXZLVKWRVWRUHWKHHQWU\6HOHFW;GURU0Q7KHHQWU\ZLOOHLWKHUEHVWRUHGRUQRWGHSHQGLQJRQ\RXUVHOHFWLRQ6WRULQJDQHQWU\6HOHFW®RUSUHVV~<RXZLOOVHHDPHVVDJHWRWKLVHIIHFW$GGLQJWHOHSKRQHQXPEHUVWRDQH[LVWLQJSKRQHERRNHQWU\6HOHFWWKHSKRQHERRNHQWU\SDJH6HOHFW1RVKQPUT#FFVGNGRJQPGPQ6HOHFWDQXPEHUFDWHJRU\HJ*QOGSDJH8VLQJWKHWHOHSKRQHERRN 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWDWHOHSKRQHFDWHJRU\HJ/QDKNGSDJH6HOHFW5CXG&20$1'VWRUHVWKHGDWDLIWKHUHDUHIHZHUWKDQILYHQXPEHUVDVVLJQHGWRWKHHQWU\\RXDUHVHDUFKLQJIRULQWKHVHOHFWHGQXPEHUFDWHJRU\,IILYHQXPEHUVDUHVWRUHGIRUWKHHQWU\LQWKHVHOHFWHGQXPEHUFDWHJRU\DSURPSWZLOODSSHDUDVNLQJZKHWKHU\RXZLVKWRRYHUZULWHRQHRIWKHH[LVWLQJQXPEHUV6HOHFW;GURU0Q,I\RXVHOHFW;GUDVHOHFWLRQOLVWZLOODSSHDUFRQWDLQLQJWKHILYHH[LVWLQJQXPEHUV6HOHFWWKHQXPEHUWREHRYHUZULWWHQ7KHLQSXWPHQXZLWKWKHGDWDILHOGIRUHQWHULQJWKHQHZWHOHSKRQHQXPEHUDSSHDUV7RHQWHUGLJLWVVHOHFWWKHUHTXLUHGGLJLWVLQVHTXHQFHIURPWKHLQSXWFKDUDFWHUVRU3UHVVWKHFRUUHVSRQGLQJQXPEHUNH\V7RPRYHWKHFXUVRULQWKHGDWDILHOGVHOHFWERUF7RGHOHWHLQGLYLGXDOGLJLWVVHOHFW*DQGEULHIO\SUHVVWKH~EXWWRQRU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU7KHGLJLWWRWKHOHIWRIWKHFXUVRULVGHOHWHG7RGHOHWHDQHQWLUHHQWU\VHOHFW*DQGSUHVVDQGKROGGRZQ~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGGRZQWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWU\LVGHOHWHG7RVDYHDQHQWU\VHOHFW®DQGSUHVV~8VLQJFDOOOLVWV&20$1'GLVSOD\VOLVWVRIFDOOVUHFHLYHGLQFOXGLQJPLVVHGFDOOVDQGPDGHGXULQJSKRQHRSHUDWLRQ&DOOOLVWVDUHQRWDYDLODEOHXQOHVVDPRELOHLVFRQQHFWHGWR&20$1'<RXFDQILQGRXWKHUHKRZWRFRQQHFWDPRELOHSKRQHWR&20$1'=&RQYHQLHQFHWHOHSKRQHSDJH=%OXHWRRWKWHOHSKRQHYLD%OXHWRRWKLQWHUIDFHSDJH&20$1'VXSSRUWVWKH%OXHWRRWKSURILOH3%$3)RUWKLVUHDVRQQRWHWKDWWKHV\VWHPEHKDYLRXUGLIIHUVHVSHFLDOO\ZKHQWHOHSKRQLQJYLDWKH%OXHWRRWKLQWHUIDFH=&RQYHQLHQFHWHOHSKRQHRU%OXHWRRWKWHOHSKRQHZLWK%OXHWRRWKSURILOH3%$37KHFDOOOLVWVDUHGRZQORDGHGDXWRPDWLFDOO\IURPWKHPRELOHSKRQHE\&20$1'DVVRRQDVWKHPRELOHSKRQHLVFRQQHFWHGWR&20$1'&20$1'GLVSOD\VHQWULHVZLWKRXWWLPHLQIRUPDWLRQLIWKH\KDYHEHHQGRZQORDGHGIURPD&RQYHQLHQFHWHOHSKRQH=%OXHWRRWKWHOHSKRQHZLWKRXW%OXHWRRWKSURILOH3%$37KHFDOOOLVWVDUHFUHDWHGDQGGLVSOD\HGE\&20$1'G)RU%OXHWRRWKWHOHSKRQHVZLWKRXWWKH%OXHWRRWKSURILOH3%$3WKHFDOOOLVWVLQ&20$1'DUHQRWV\QFKURQLVHGZLWKWKRVHRI\RXUPRELOHSKRQH7KHVHFDOOVPD\RUPD\QRWEHOLVWHGRQ\RXUPRELOHSKRQHGHSHQGLQJRQWKHPRGHOG,IQRPRELOHSKRQHLVIRXQGWKH%CNNNKUVUPHQXLWHPLVJUH\HGRXW,I\RXFRQQHFWDPRELOHSKRQHRWKHUWKDQWKHSUHYLRXVRQHWR&20$1'WKHSUHYLRXVO\DYDLODEOHFDOOOLVWVDQGWKHLUHQWULHVZLOOEHGHOHWHGDXWRPDWLFDOO\8VLQJFDOOOLVWV7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$G7KHUHVSHFWLYHPHQXLWHPFDQRQO\EHVHOHFWHGLIFDOOVKDYHDOUHDG\EHHQPDGHRUUHFHLYHGLQ&20$1''LVSOD\LQJPLVVHGFDOOVLQWKH&20$1'GLVSOD\LVQRWVXSSRUWHGE\DOOPRELOHSKRQHV6HOHFWLQJDQHQWU\IURPWKHFDOOOLVW6HOHFW%CNNNKUVUIURPWKHWHOHSKRQHEDVLFPHQX$PHQXDSSHDUV6HOHFW+PEQOKPIECNNURU%CNNUFKCNNGF7KHFRUUHVSRQGLQJOLVWDSSHDUVRU,IWKHWHOHSKRQHEDVLFPHQXLVGLVSOD\HGSUHVVWKHIEXWWRQLQ&20$1'7KH%CNNUFKCNNGFOLVWDSSHDUV([DPSOHGLVSOD\OLVWRISKRQHQXPEHUVGLDOOHG=7RFORVHWKHOLVW>'DWHWLPHDQGSKRQHQXPEHURIWKHVHOHFWHGHQWU\@7RFDOOXSRSWLRQVG:KHQWKHOLVWLVFDOOHGXSZLWKWKHIEXWWRQLWRQO\GLVSOD\VWKHWHOHSKRQHQXPEHUVG,QFRPLQJFDOOVZKLFK\RXFRXOGQRWRUGLGQRWZDQWWRDQVZHUDUHPDUNHGZLWKDQLFRQLQIURQWRIWKHQDPHRUSKRQHQXPEHU7RVHOHFWDOLVWHQWU\WXUQ_:`RUVOLGH}:È7RVHOHFWDSKRQHQXPEHUVHOHFW~7RFORVHWKHOLVWVHOHFW$CEMRU3UHVVWKH!EXWWRQQH[WWRWKH&20$1'FRQWUROOHU'HOHWLQJFDOOOLVWV7KLVIXQFWLRQLVDYDLODEOHZKHQWKHFDOOOLVWVDUHJHQHUDWHGDQGPDQDJHGE\&20$1'LHZKHQ\RXDUHXVLQJD%OXHWRRWKWHOHSKRQHZLWKRXWWKHVXSSRUWRIWKH%OXHWRRWKSURILOH3%$3,I\RXXVHFDOOOLVWVIURPD%OXHWRRWKWHOHSKRQHZLWKWKHVXSSRUWRIWKH%OXHWRRWKSURILOH3%$3RU&RQYHQLHQFHWHOHSKRQH\RXFDQQRWGHOHWHWKHPIURP&20$1'G,I\RXGHOHWHWKHFDOOOLVWVIURPWKHPRELOHSKRQHVHSDUDWHPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV&20$1'XSGDWHVWKHFDOOOLVWGLVSOD\WKHQH[WWLPHLWFRQQHFWV7KHFDOOOLVWVDUHHPSW\LQWKHFDVHGHVFULEHG6HOHFW%CNNNKUVUT&GNGVGECNNNKUVUIURPWKHWHOHSKRQHEDVLFPHQX$TXHU\DSSHDUVDVNLQJLIDOOFDOOOLVWVDUHWREHGHOHWHG6HOHFW;GURU0Q7KHFDOOOLVWVZLOOHLWKHUEHGHOHWHGRUQRWGHSHQGLQJRQ\RXUVHOHFWLRQ'LVSOD\LQJGHWDLOVDERXWDOLVWHQWU\&20$1'FDQDOVRVKRZDVKRUWHQHGOLVWHQWU\LQIXOO6HOHFWWKHOLVWHQWU\6HOHFW1RVKQPUT&GVCKNU7KHGHWDLOHGGLVSOD\DSSHDUV8VLQJFDOOOLVWV 7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7RJHWEDFNWRWKHOLVWVOLGH{:|XQWLOWKHOLVWLVKLJKOLJKWHGRU3UHVVWKH!EXWWRQQH[WWRWKH&20$1'FRQWUROOHU6WRULQJDSKRQHQXPEHUZKLFKKDVQRW\HWEHHQVWRUHG)RULQFRPLQJFDOOVIURPDSHUVRQZKRLVQRWLQWKHDGGUHVVERRN&20$1'GLVSOD\VWKHSKRQHQXPEHULQWKHFDOOOLVW<RXFDQVDYHWKLVHQWU\6DYLQJDVDQHZHQWU\2SHQDFDOOOLVW6HOHFWWKHOLVWHQWU\6HOHFW1RVKQPUT5CXGT0GYGPVT[G5CXGDSSHDUVJUH\HGRXWLIWKHVHOHFWHGOLVWHQWU\LVDOUHDG\VWRUHGLQWKHDGGUHVVERRN6HOHFWDQXPEHUFDWHJRU\HJ*QOG6HOHFWDWHOHSKRQHFDWHJRU\HJ/QDKNG1XPEHUFDWHJRU\ 'LVSOD\WHOHSKRQHDQGDGGUHVVERRN0QVENCUUKHKGF 1RLFRQ*QOG 99QTM §7HOHSKRQHFDWHJRU\'LVSOD\WHOHSKRQHDQGDGGUHVVERRN0QVENCUUKHKGF 1RLFRQ.CPFNKPG /QDKNG |%CT ¨6HOHFW5CXG$QLQSXWPHQXDSSHDUVZLWKGDWDILHOGV7KHGDWDILHOGIRUWKHWHOHSKRQHQXPEHULVILOOHGLQDXWRPDWLFDOO\=&XUVRU>'DWDILHOG@7ZROLQHLQSXWFKDUDFWHUVB'DWDILHOGIRUWHOHSKRQHQXPEHULVILOOHGLQDXWRPDWLFDOO\D7HOHSKRQHFDWHJRU\E1XPEHUFDWHJRU\)RUWKHIROORZLQJRSHUDWLQJVWHSV=VZLWFKLQJWKHGDWDILHOG=HQWHULQJGDWD=GHOHWLQJDQHQWU\=FDQFHOOLQJDQHQWU\=VWRULQJDQHQWU\SURFHHGDVGHVFULEHGLQWKH&UHDWLQJDQHZSKRQHERRNHQWU\VHFWLRQSDJH$GGLQJDSKRQHQXPEHUWRDQH[LVWLQJDGGUHVVERRNHQWU\2SHQDFDOOOLVW6HOHFWWKHOLVWHQWU\6HOHFW1RVKQPUT5CXGT#FFPQG5CXGKDVQRIXQFWLRQLIWKHVHOHFWHGOLVWHQWU\LVDOUHDG\VWRUHG6HOHFWDQXPEHUFDWHJRU\HJ*QOG6HOHFWDWHOHSKRQHFDWHJRU\HJ/QDKNG 8VLQJFDOOOLVWV7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFW5CXG7KHVHDUFKPHQXIRUDGGUHVVERRNHQWULHVDSSHDUV6HDUFKIRUWKHGHVLUHGHQWU\G7KHUHLVDGHWDLOHGGHVFULSWLRQRIKRZWRVHDUFKIRUDQDGGUHVVERRNHQWU\LQWKH³6HDUFKLQJIRUDQDGGUHVVERRNHQWU\´VHFWLRQSDJH3UHVV~ZKHQ\RXKDYHILQLVKHGVHDUFKLQJ&20$1'VWRUHVWKHGDWDLIWKHUHDUHIHZHUWKDQILYHQXPEHUVDVVLJQHGWRWKHHQWU\\RXDUHVHDUFKLQJIRULQWKHVHOHFWHGQXPEHUFDWHJRU\<RXZLOOVHHDPHVVDJHWRWKLVHIIHFW,IILYHQXPEHUVDUHVWRUHGIRUWKHHQWU\\RXDUHVHDUFKLQJIRUDSURPSWZLOODSSHDUDVNLQJZKHWKHU\RXZLVKWRRYHUZULWHRQHRIWKHH[LVWLQJQXPEHUV6HOHFW;GURU0Q,I\RXVHOHFW;GUDVHOHFWLRQOLVWZLWKWKHILYHH[LVWLQJQXPEHUVLVGLVSOD\HG6HOHFWWKHQXPEHUWREHRYHUZULWWHQ&20$1'RYHUZULWHVWKHVHOHFWHGQXPEHUZLWKWKHQHZGDWD8VLQJWKHWHOHSKRQH,QFRPLQJFDOO5HMHFWLQJRUDFFHSWLQJDFDOO:KHQWKHUHLVDQLQFRPLQJFDOO\RXVHHDZLQGRZLQWKHGLVSOD\7RUHMHFWVHOHFW4GLGEVDQGSUHVV~RU3UHVVWKH\EXWWRQRQWKH&20$1'FRQWUROOHURUWKHPXOWLIXQFWLRQVWHHULQJZKHHO7RDFFHSWVHOHFW#EEGRVDQGSUHVV~RU3UHVVWKHIEXWWRQRQWKH&20$1'FRQWUROOHURUWKHPXOWLIXQFWLRQVWHHULQJZKHHO([DPSOHGLVSOD\LQWKHPXOWLIXQFWLRQGLVSOD\2QFH\RXKDYHDFFHSWHGWKHFDOO\RXFDQFRQGXFW\RXUWHOHSKRQHFDOOXVLQJWKHKDQGVIUHHV\VWHP7KHFDOOYROXPHFDQEHDGMXVWHGSDJH)RUPRUHLQIRUPDWLRQVHHWKH)XQFWLRQVGXULQJDVLQJOHFDOOFRQQHFWLRQVHFWLRQSDJHG(LWKHUWKHSKRQHQXPEHUWKHSKRQHQXPEHUDQGQDPHLIWKHUHLVDQHQWU\IRUWKHQXPEHULQWKHDGGUHVVERRNRU7PMPQYPLIWKHWHOHSKRQHQXPEHULVZLWKKHOGDSSHDUVLQWKHGLVSOD\G<RXFDQDOVRDFFHSWDFDOODVGHVFULEHGDERYHZKHQ&20$1'LVVKRZLQJWKHGLVSOD\RIDGLIIHUHQWPDLQDSSOLFDWLRQ7KHGLVSOD\VZLWFKHVWRWKHWHOHSKRQHGLVSOD\DIWHU\RXDFFHSWWKHFDOO$IWHUWKHFDOOLVILQLVKHG\RXVHHWKHGLVSOD\RIWKHSUHYLRXVPDLQDSSOLFDWLRQDJDLQ8VLQJWKHWHOHSKRQH 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$0DNLQJDQRXWJRLQJFDOO(QWHULQJDWHOHSKRQHQXPEHUXVLQJWKHQXPEHUNH\SDG&DOOXSWKHWHOHSKRQHEDVLFPHQX=&RQYHQLHQFHWHOHSKRQ\SDJH=7HOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHSDJH6HOHFWWKHUHTXLUHGGLJLWVLQVHTXHQFHRQWKHQXPEHUNH\SDG7RGHOHWHDQLQGLYLGXDOGLJLWSUHVVWKHmEXWWRQEULHIO\7RGHOHWHDQHQWLUHSKRQHQXPEHUSUHVVDQGKROGWKHmEXWWRQXQWLOWKHQXPEHULVGHOHWHG7RFRQQHFWDFDOOSUHVVWKHIEXWWRQRQWKH&20$1'FRQWUROOHURU8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHOSUHVV@RU>WRVHOHFWWKH#WFKQPHQX3UHVVWKHIEXWWRQ(QWHULQJWKHWHOHSKRQHQXPEHUXVLQJWKH&20$1'FRQWUROOHU&DOOXSWKHWHOHSKRQHEDVLFPHQX=&RQYHQLHQFHWHOHSKRQ\SDJH=7HOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHSDJH7RHQWHUGLJLWVVHOHFWWKHUHTXLUHGGLJLWVLQVHTXHQFH7RGHOHWHLQGLYLGXDOGLJLWVVHOHFW*DQGEULHIO\SUHVVWKH~EXWWRQRU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU7RGHOHWHDQHQWLUHQXPEHUVHOHFW*DQGSUHVVDQGKROGGRZQ~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGGRZQWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWU\LVGHOHWHG7RFRQQHFWDFDOOVHOHFWDWWKHERWWRPULJKWKDQGVLGHRIWKHVSHOOHURU3UHVVWKHIEXWWRQRQWKH&20$1'FRQWUROSDQHO5HGLDOOLQJ&DOOXSWKHWHOHSKRQHEDVLFPHQX=&RQYHQLHQFHWHOHSKRQ\SDJH=7HOHSKRQ\YLDWKH%OXHWRRWKLQWHUIDFHSDJH6HOHFWDWWKHERWWRPULJKWKDQGVLGHRIWKHVSHOOHURU:KHQWKHWHOHSKRQHEDVLFPHQXLVGLVSOD\HGSUHVVWKHIEXWWRQRQWKH&20$1'FRQWUROSDQHO7KHOLVWRIGLDOOHGQXPEHUVDSSHDUV7KHPRVWUHFHQWO\GLDOOHGQXPEHULVDWWKHWRS7RVHOHFWDFDOOWXUQ_:`RUVOLGH}:È7RFRQQHFWDFDOOSUHVV~8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH6GNPHQX6FUROOWKURXJKWKHOLVWRIFDOOHGSKRQHQXPEHUVSUHVV=RU<WRVHOHFWWKHQDPHRUQXPEHU\RXDUHORRNLQJIRU7RFRQQHFWDFDOOSUHVVIRU<RQWKHPXOWLIXQFWLRQVWHHULQJZKHHO 8VLQJWKHWHOHSKRQH7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$&RQQHFWLQJDFDOOWRDQHQWU\RQDFDOOOLVWRULQWKH&20$1'SKRQHERRN&DOOXSDFDOOOLVWDQGVHOHFWDQHQWU\SDJHRU&DOOXSWKH&20$1'SKRQHERRNDQGVHOHFWDQHQWU\SDJH7RFRQQHFWDFDOOSUHVV~RU3UHVVWKHIEXWWRQ&RQQHFWLQJDFDOOWRD&20$1'SKRQHERRNHQWU\YLDWKHPXOWLIXQFWLRQVWHHULQJZKHHO,I\RXKDYHLPSRUWHGFRQWDFWV\RXFDQVHOHFWWKHSKRQHERRNHQWULHVRIWKHPRELOHSKRQHE\XVLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH6GNPHQX3UHVV=<RU<WRVZLWFKWRWKHSKRQHERRN3UHVV=RU<WRVHOHFWWKHQDPH\RXZDQWG7KHVWRUHGQDPHVDUHGLVSOD\HGDOSKDEHWLFDOO\G,I\RXNHHSWKH=RU<EXWWRQSUHVVHGIRUORQJHUWKDQRQHVHFRQGWKHPXOWLIXQFWLRQGLVSOD\VNLSVIURPWKHVHYHQWKHQWU\VKRZQWRWKHILUVWHQWU\IRUWKHQH[WLQLWLDOOHWWHUDQGVRRQ,WVWRSVVNLSSLQJDJDLQZKHQ\RXUHOHDVHWKHEXWWRQ7RFRQQHFWDFDOOSUHVVIRU<RQWKHPXOWLIXQFWLRQVWHHULQJZKHHO7KH%QPPGEVKPIECNNPHVVDJHDSSHDUVLQWKHPXOWLIXQFWLRQGLVSOD\DORQJZLWKWKHQXPEHUEHLQJGLDOOHGRUWKHQDPHLILWLVVWRUHGLQWKHSKRQHERRN7KHQXPEHUGLDOOHGLVVWRUHGLQWKHDSSURSULDWHFDOOOLVWG,IWKHUHDUHVHYHUDOQXPEHUVIRUWKLVQDPH\RXILUVWVHHDOLVWRIVXEHQWULHV3UHVV=RU<WRVHOHFWWKHSKRQHQXPEHU\RXZDQW3UHVVWKHIEXWWRQDJDLQWRSODFHWKHFDOO)XQFWLRQVDYDLODEOHGXULQJDVLQJOHFDOOFRQQHFWLRQ7HOHSKRQHRSHUDWLRQZLWKDVLQJOHFDOO=3HUVRQ\RXDUHFDOOLQJ>,FRQIRUDFWLYHWHOHSKRQHFRQQHFWLRQ@7RVZLWFKKDQGVIUHHPLFURSKRQHRQRURIIB7RVHQG'70)WRQHVQRWSRVVLEOHZLWKDOOPRELOHSKRQHVD7RHQGDFDOO6ZLWFKLQJWKHKDQGVIUHHPLFURSKRQHRQRII7KLVIXQFWLRQLVDOVRDYDLODEOHGXULQJDQDFWLYHSKRQHFDOO&DOOXSWKHWHOHSKRQHEDVLFPHQX7RVZLWFKRIIVHOHFW/KMGQHH,IWKHPLFURSKRQHLVVZLWFKHGRIIWKHGLVSOD\VKRZVWKH5LFRQDQGWKH6JGOKETQRJQPGKUQHHPHVVDJHDSSHDUVIRUDVKRUWSHULRG7RVZLWFKRQVHOHFW/KMGQP7KH5LFRQJRHVRXW<RXZLOOEULHIO\VHHWKH6JGOKETQRJQPGKUQPPHVVDJH8VLQJWKHWHOHSKRQH 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$'70)WRQHWUDQVPLVVLRQG7KLVIXQFWLRQLVQRWVXSSRUWHGE\DOOPRELOHSKRQHV$QVZHULQJPDFKLQHVRURWKHUGHYLFHVFDQEHFRQWUROOHGE\'70)WRQHVHJIRUUHPRWHTXHU\IXQFWLRQV7RVHQGLQGLYLGXDOFKDUDFWHUVVHOHFWWKHGHVLUHGFKDUDFWHUVGXULQJDFDOORU3UHVVWKHFRUUHVSRQGLQJEXWWRQRQWKH&20$1'FRQWUROSDQHO(YHU\FKDUDFWHUVHOHFWHGZLOOEHWUDQVPLWWHGLPPHGLDWHO\7RVHQGDSKRQHERRNHQWU\DVD'70)FKDUDFWHUVWULQJVHOHFW0COG6HOHFWWKHGHVLUHGSKRQHERRNHQWU\7KHHQWU\LVVHQWDVD'70)FKDUDFWHUVWULQJ7RVZLWFKEDFNWRWKHFDOOGLVSOD\VHOHFW$CEM(QGLQJDQDFWLYHFDOO,IWKHPHQXRIDQRWKHUPDLQIXQFWLRQLVVKRZQVZLWFKWKHGLVSOD\WRWKHWHOHSKRQHIXQFWLRQ7RHQGDFDOOVHOHFWWRU3UHVVWKH\EXWWRQRQWKH&20$1'FRQWUROOHURUWKHPXOWLIXQFWLRQVWHHULQJZKHHO5HMHFWLQJRUDFFHSWLQJDZDLWLQJFDOOG7KH&DOOZDLWLQJIXQFWLRQPXVWEHVXSSRUWHGE\WKHWHOHSKRQHSURYLGHUDQGEHHQDEOHG,I\RXDUHRQWKHWHOHSKRQHDQG\RXUHFHLYHDQRWKHUFDOOWKHFDOOZDLWLQJGLVSOD\ZLOODSSHDU<RXDOVRKHDUDQDFRXVWLFVLJQDO7RUHMHFWVHOHFW4GLGEVRU3UHVVWKHLEXWWRQRQWKH&20$1'FRQWUROSDQHORUWKH\EXWWRQRQWKHPXOWLIXQFWLRQVWHHULQJZKHHO7RDFFHSWVHOHFW#EEGRVRU3UHVVWKHIEXWWRQRQWKH&20$1'FRQWUROOHURUWKHPXOWLIXQFWLRQVWHHULQJZKHHO7KLVHQGVWKHDFWLYHFDOO7KHDFWLYHFDOOLVDOVRHQGHGZKHQ\RXDFFHSWWKHZDLWLQJFDOOXVLQJ/LQJXDWURQLF,I\RXDFFHSWWKHZDLWLQJFDOOXVLQJWKHPRELOHSKRQHWKHDFWLYHFDOOZLOOEHSXWRQKROG<RXWKHQKDYHWZRFDOOV7KHFDOO\RXKDYHMXVWDFFHSWHGLVDFWLYH7UDQVIHUULQJDFDOO&RQYHQLHQFHWHOHSKRQ\)URPWKHKDQGVIUHHV\VWHPWRWKHPRELOHSKRQH7DNHWKHPRELOHSKRQHRXWRIWKHEUDFNHW7KH6GNGRJQPGPQVKPUGTVGFGLVSOD\DSSHDUVLQWKH&20$1'GLVSOD\6XEVHTXHQWRSHUDWLRQLVRQO\SRVVLEOHXVLQJWKHPRELOHSKRQH)URPWKHPRELOHSKRQHWRKDQGVIUHHPRGH,QVHUWWKHPRELOHSKRQHLQWRWKHEUDFNHW2QFHWKHFDOOKDVEHHQWUDQVIHUUHGWRKDQGVIUHHPRGHDOOWKHIXQFWLRQVZLOOEHDYDLODEOHWR\RXZKLFKDUHGHVFULEHGLQWKH)XQFWLRQVGXULQJDVLQJOHFDOOFRQQHFWLRQVHFWLRQSDJH 8VLQJWKHWHOHSKRQH7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7H[WPHVVDJHVFRQYHQLHQFHWHOHSKRQ\7H[WPHVVDJHIXQFWLRQV7KHIROORZLQJWH[WPHVVDJHIXQFWLRQVDUHDYDLODEOH=UHFHLYH=UHDG=PDQDJHWH[WPHVVDJHV7KHIROORZLQJFRQGLWLRQVPXVWEHIXOILOOHGLQRUGHUWRXVHWKHIXQFWLRQV=WKHPRELOHSKRQHLVLQVHUWHGLQWKHEUDFNHWDQGVZLWFKHGRQ=WKH3,1KDVEHHQHQWHUHG=WKHPRELOHSKRQHLVORJJHGLQWRDPRELOHSKRQHQHWZRUN:KHQFRQQHFWLQJWKHPRELOHSKRQHZLWK&20$1'WKHPRVWUHFHQWWH[WPHVVDJHVZKLFKDUHFXUUHQWO\VWRUHGRQWKHSKRQHDUHORDGHGWR&20$1'VWH[WPHVVDJH606LQER[DQGGLVSOD\HGG&20$1'GRHVQRWORDGWKHPRVWUHFHQWWH[WPHVVDJHV7KLVPD\RFFXULQH[FHSWLRQDOFDVHVIRUH[DPSOHZKHQXVLQJFHUWDLQPRELOHSKRQHVPRELOHSKRQHEUDFNHWVDQGZKHQWKHPRELOHSKRQHLQER[KROGVPDQ\WH[WPHVVDJHV:KHQWKHPRELOHSKRQHLVFRQQHFWHGWR&20$1'YLDWKHEUDFNHWQHZO\UHFHLYHGWH[WPHVVDJHVZLOOEHGLVSOD\HGLQ&20$1'VWH[WPHVVDJHLQER[$QDXGLEOHVLJQDOFDQDOVREHKHDUGDQGWKH2LFRQDSSHDUV'LVSOD\LQJWKHWH[WPHVVDJHLQER[3UHVVWKH(IXQFWLRQEXWWRQ6HOHFW5/57KHWH[WPHVVDJH606LQER[DSSHDUV7H[WPHVVDJH606LQER[=6KRUWHQHGWH[WRUVHQGHURIWKHVHOHFWHGWH[WPHVVDJHGHSHQGLQJRQVHWWLQJ>5HFHSWLRQGDWHDQGWLPHRIWKHVHOHFWHGWH[WPHVVDJH@7RFDOOXSRSWLRQVB+LJKOLJKWHGWH[WPHVVDJHD3,FRQIRUXQUHDGWH[WPHVVDJH606E7RUHWXUQWRWKHWHOHSKRQHEDVLFPHQX6ZLWFKLQJWKHGLVSOD\<RXFDQVZLWFKEHWZHHQGLVSOD\LQJWKHVHQGHURIWKHWH[WPHVVDJH606DQGWH[WGLVSOD\7KHVHQGHUGLVSOD\VKRZVWKHVHQGHURIWKHPHVVDJHV,IWKHVHQGHULVVWRUHGLQWKH&20$1'SKRQHERRNWKHQDPHLVGLVSOD\HG7KHWH[WGLVSOD\VKRZVWKHILUVWIHZZRUGVRIDWH[WPHVVDJH6067RVZLWFKWRWH[WGLVSOD\VHOHFW1RVKQPUT&KURNC[VGZV7KHYLHZFKDQJHV7RVZLWFKWRVHQGHUGLVSOD\VHOHFW1RVKQPUT&KURNC[UGPFGT7KHYLHZFKDQJHV6HOHFWLQJDWH[WPHVVDJH7RVHOHFWVOLGH}:ÈLQWKHOLVW'LVSOD\LQJGHWDLOV&20$1'FDQDOVRVKRZDVKRUWHQHGVHQGHUGLVSOD\LQIXOO7H[WPHVVDJHVFRQYHQLHQFHWHOHSKRQ\ 7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWDWH[WPHVVDJH606IURPWKHOLVW6HOHFW1RVKQPUT&GVCKNU7KHGHWDLOHGGLVSOD\DSSHDUV7RFORVHWKHGHWDLOHGGLVSOD\VOLGH{:|RU3UHVVWKH!EXWWRQ5HWXUQLQJWRWKHWHOHSKRQHEDVLFPHQX6HOHFW$CEM5HDGLQJDWH[WPHVVDJH6066HOHFWDWH[WPHVVDJH606IURPWKHWH[WPHVVDJH606LQER[DQGSUHVV~7KHWH[WPHVVDJHDSSHDUV7RVFUROOWKURXJKWKHGLVSOD\RUVHOHFWWHOHSKRQHQXPEHUVLQWKHWH[WWXUQ_:`RUVOLGH}:È7KHGLVSOD\VFUROOVXSRUGRZQOLQHE\OLQHRUVNLSVWRWKHQH[WRUSUHYLRXVWHOHSKRQHQXPEHUDQGDXWRPDWLFDOO\KLJKOLJKWVLW7RUHWXUQWRWKHOLVWSUHVV~DQGVHOHFW$CEM/LVWHQLQJWRDWH[WPHVVDJH606G<RXFDQVHWWKHODQJXDJHDQGVSHHGRIWKHUHDGDORXGIXQFWLRQSDJH:KLOHWKHWH[WPHVVDJH606LVGLVSOD\HGSUHVV~DQGVHOHFW4GCFCNQWF&20$1'UHDGVRXWWKHWH[WPHVVDJH7RFDQFHOWKHUHDGDORXGIXQFWLRQSUHVVWKHKEXWWRQRU3UHVV~DQGVHOHFW%CPEGNTGCFCNQWFHWPEVKQP0DQDJLQJWH[WPHVVDJHV&DOOLQJDWH[WPHVVDJHVHQGHU:KLOHWKHWH[WPHVVDJH606LVGLVSOD\HGSUHVV~DQGVHOHFW%CNNUGPFGT7KHWHOHSKRQHPDNHVWKHFDOOWRWKHVHQGHU8VLQJSKRQHQXPEHUVLQWKHWH[W<RXFDQXVHQXPEHUVLQWKHWH[WLIWKH\DUHUHGDQGXQGHUOLQHGG,WPD\RFFXUWKDWDKLJKOLJKWHGQXPHULFDOVHTXHQFHFDQQRWEHFDOOHG:KHQWKHWH[WPHVVDJH606DSSHDUVVHOHFWDQXPEHUWKDWFDQEHXVHG=8VDEOHQXPHULFDOVHTXHQFH3UHVV~DQGVHOHFW7UG6HOHFW%CNN7KHFDOOLVPDGHG<RXFDQXVHWKH1HZHQWU\RU$GGQRIXQFWLRQWRVDYHWKLVWHOHSKRQHQXPEHURUWRDGGLWWRDQH[LVWLQJHQWU\6WRULQJWKHVHQGHUDVDQHZDGGUHVVERRNHQWU\G7KLVIXQFWLRQLVQRWSRVVLEOHLIWKHVHQGHU¶VWHOHSKRQHQXPEHULVDOUHDG\VWRUHGLQWKHDGGUHVVERRN 7H[WPHVVDJHVFRQYHQLHQFHWHOHSKRQ\7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3UHVV~DQGVHOHFW5CXGPWODGTT0GYGPVT[3URFHHGDVGHVFULEHGLQWKH6DYLQJDQHZHQWU\VHFWLRQSDJH6WRULQJDWH[WPHVVDJH606VHQGHULQDQH[LVWLQJDGGUHVVERRNHQWU\3UHVV~DQGVHOHFW5CXGPWODGTT#FFVGNGRJQPGPQ3URFHHGIURPWKHVWHS6HOHFWDQXPEHUFDWHJRU\LQWKH$GGLQJWHOHSKRQHQXPEHUVWRDSKRQHERRNHQWU\VHFWLRQSDJH'HOHWLQJDWH[WPHVVDJH7KHIXQFWLRQGHOHWHVWKHWH[WPHVVDJH606LQ&20$1'DQGRQWKHPRELOHSKRQHG7KHIXQFWLRQLVQRWVXSSRUWHGE\DOOPRELOHSKRQHV6HOHFWDWH[WPHVVDJH606IURPWKHLQER[6HOHFW1RVKQPUT&GNGVG$GHOHWLRQSURPSWDSSHDUV6HOHFW;GURU0Q7KHWH[WPHVVDJHZLOOHLWKHUEHGHOHWHGRUQRWGHSHQGLQJRQ\RXUVHOHFWLRQ8VLQJWKHDGGUHVVERRN*HQHUDOQRWHV7KHDGGUHVVERRNRUJDQLVHVDQGVWRUHVHQWULHVZKLFKDUHHQWHUHGIURPGLIIHUHQWVRXUFHVPRELOHSKRQH3&0&,$PHPRU\FDUG&20$1'WHOHSKRQHERRNQDYLJDWLRQIXQFWLRQSDJH<RXFDQXVHWKHVHHQWULHVWRPDNHWHOHSKRQHFDOOVDQGIRUQDYLJDWLRQG$GGUHVVERRNHQWULHVDUHQRWGHOHWHGZKHQWKHPRELOHSKRQHLVUHPRYHG)RUWKLVUHDVRQ\RXVKRXOGGHOHWH\RXUSHUVRQDOGDWDXVLQJWKHUHVHWIXQFWLRQEHIRUHVHOOLQJ\RXUYHKLFOHIRUH[DPSOHSDJH&DOOLQJXSWKHDGGUHVVERRN)URPDQRWKHUPDLQIXQFWLRQ6HOHFW6GNT6GNT#FFTGUUDQQMG,IWKHDGGUHVVERRNZDVODVWRSHQLQWKHWHOHSKRQHIXQFWLRQ\RXRQO\QHHGWRVHOHFW6GN)URPWHOHSKRQHPRGH6HOHFW6GNT#FFTGUUDQQM7KHDGGUHVVERRNEDVLFGLVSOD\DSSHDUV$GGUHVVERRNZLWKDGGUHVVERRNHQWU\DQGQDYLJDEOHGHVWLQDWLRQDGGUHVV~G$QDGGUHVVERRNHQWU\LVPDGHXSRIDVXUQDPHDILUVWQDPHDQGDFRPSDQ\QDPHDQGPD\FRQWDLQXSWRILYHWHOHSKRQHQXPEHUVIRUHDFKSULYDWHDQGEXVLQHVVDGGUHVV8VLQJWKHDGGUHVVERRN 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$$GGUHVVERRNPHQXRYHUYLHZ$GGUHVVERRN 6HDUFKLQJ 1HZ 'HOHWLQJ,PSRUWLQJFRQWDFWVIURPDPRELOHSKRQHIURPWKH6'PHPRU\FDUGUHFHLYLQJY&DUGV'HOHWHVFRQWDFWV6HDUFKLQJIRUDQDGGUHVVERRNHQWU\&UHDWLQJDQHZDGGUHVVERRNHQWU\'HOHWLQJDQDGGUHVVERRNHQWU\6HOHFWLQJDQHQWU\LQWKHDGGUHVVERRN7XUQ_:`RUVOLGH{:|ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYH&UHDWLQJDQHZDGGUHVVERRNHQWU\G<RXFDQHQWHUDGGUHVVGDWDGLUHFWO\LQWKHDGGUHVVERRN,I\RXVWRUHWHOHSKRQHQXPEHUVLQWKH&20$1'SKRQHERRNWKHVHDUHVDYHGLQWKHDGGUHVVERRN,I\RXVWRUHDQDYLJDWLRQGHVWLQDWLRQ&20$1'FUHDWHVDQDGGUHVVERRNHQWU\ZKLFKLQFOXGHVWKHFRPSOHWHQDYLJDEOHDGGUHVVGDWDG,QFHUWDLQFRXQWULHVWKLVIXQFWLRQLVQRWDYDLODEOHLIWKHYHKLFOHLVWUDYHOOLQJDWPRUHWKDQDSSUR[LPDWHO\NPK$VVRRQDVWKHYHKLFOHVSHHGGURSVEHORZDERXWNPKWKHIXQFWLRQLVDYDLODEOHDJDLQ&DOOXSWKHDGGUHVVERRNSDJHDQGVHOHFW0GY7KHLQSXWPHQXFRQWDLQLQJGDWDILHOGVDQGWKHVPDUWVSHOOHUDSSHDUV,QSXWPHQXZLWKGDWDILHOGV=6HOHFWHGGDWDILHOGZLWKFXUVRU>7ZROLQHLQSXWFKDUDFWHUV6ZLWFKLQJWKHGDWDILHOG6OLGH}:UHSHDWHGO\XQWLOWKHVPDUWVSHOOHUGLVDSSHDUV7KHQVOLGH}:ÈDQGSUHVV~RU6HOHFWGRUHLQWKHVSHOOHU7KHLQSXWPHQXGLVSOD\VWKHGDWDILHOGVHOHFWHG(QWHULQJGDWDLQDILHOG6HOHFWDOOFKDUDFWHUVLQVPDUWVSHOOHU>RQHDIWHUWKHRWKHUG7KHVPDUWVSHOOHURIIHUVWKHFKDUDFWHUVWKDWFRUUHVSRQGWRWKHVHOHFWHGGDWDILHOG7RWRJJOHXSSHUDQGORZHUFDVHIRUWKHVPDUWVSHOOHUVHOHFW)RUQ 8VLQJWKHDGGUHVVERRN7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7RFKDQJHWKHFKDUDFWHUVHWIRUWKHVPDUWVSHOOHUVHOHFWs7KHFKDUDFWHUVHWFKDQJHVHDFKWLPH\RXPDNHWKLVVHOHFWLRQ7RFKDQJHWKHODQJXDJHIRUWKHVPDUWVSHOOHUVHOHFW<7XUQ_:`RUVOLGH}:ÈXQWLOWKHGHVLUHGODQJXDJHLVKLJKOLJKWHGDQGWKHQSUHVV~7RPRYHWKHFXUVRULQWKHGDWDILHOGVHOHFWERUF'HOHWLQJ7RGHOHWHLQGLYLGXDOFKDUDFWHUVVHOHFW*DQGEULHIO\SUHVV~RU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU7KHFKDUDFWHUWRWKHOHIWRIWKHFXUVRULVGHOHWHG7RGHOHWHDQHQWLUHHQWU\VHOHFW*DQGSUHVVDQGKROG~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWLUHHQWU\LVGHOHWHG&DQFHOOLQJDQHQWU\6HOHFW",IRQHRIWKHGDWDILHOGVFRQWDLQVQHZGDWDDSURPSWZLOODSSHDUDVNLQJZKHWKHU\RXZLVKWRVWRUHWKHHQWU\6HOHFW;GURU0Q7KHHQWU\ZLOOHLWKHUEHVWRUHGRUQRWGHSHQGLQJRQ\RXUVHOHFWLRQ6WRULQJDQHQWU\6HOHFW®7KHDGGUHVVERRNGLVSOD\VWKHHQWU\6HDUFKLQJIRUDQDGGUHVVERRNHQWU\&DOOXSWKHDGGUHVVERRNSDJHDQGVHOHFW5GCTEJ,IWKHUHDUHPRUHWKDQHLJKWHQWULHVWKHVHDUFKPHQXZLWKWKHVPDUWVSHOOHUDSSHDUV6HDUFKPHQXZLWKVPDUWVSHOOHU=,FRQIRUDGGUHVVERRNHQWU\>,FRQ~IRUFRPSOHWHDGGUHVVGDWDIURPWKHQDYLJDWLRQ@,FRQgIRUSKRQHERRNHQWU\IURPWKHPRELOHSKRQHB,FRQäIRUYRLFHWDJD6PDUWVSHOOHU2WKHULFRQVDUHH[SODLQHGRQSDJH6ZLWFKLQJIURPWKHVPDUWVSHOOHUWRWKHOLVW6OLGH}:RUSUHVV~DQGKROGLWXQWLOWKHVPDUWVSHOOHULVKLGGHQRU6HOHFW®6ZLWFKLQJIURPWKHOLVWWRWKHVPDUWVSHOOHU6HOHFW$CEMIURPWKHOLVWRU3UHVVWKH!EXWWRQQH[WWRWKH&20$1'FRQWUROOHU8VLQJWKHDGGUHVVERRN 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HDUFKLQJ6HDUFKLQJZLWKWKHVPDUWVSHOOHU6ZLWFKWRWKHVPDUWVSHOOHUZKHQWKHOLVWLVGLVSOD\HG7RFKDQJHWKHODQJXDJHIRUWKHVPDUWVSHOOHUVHOHFW<7RFKDQJHWKHFKDUDFWHUVHWIRUWKHVPDUWVSHOOHUVHOHFWs'HSHQGLQJRQWKHSUHYLRXVVHWWLQJ\RXZLOOFKDQJHWROHWWHUVZLWKVSHFLDOFKDUDFWHUVRUWRQXPEHUVZLWKVSHFLDOFKDUDFWHUV7RHQWHUFKDUDFWHUVVHOHFWWKHFKDUDFWHUVRQHE\RQHRIWKHHQWU\\RXDUHVHDUFKLQJIRU7RGHOHWHLQGLYLGXDOFKDUDFWHUVVHOHFW*DQGEULHIO\SUHVV~RU3UHVVWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHU(DFKWLPH\RXHQWHURUGHOHWHDFKDUDFWHUWKHFORVHVWPDWFKZLOOEHGLVSOD\HGDWWKHWRSRIWKHOLVW7RGHOHWHDQHQWLUHHQWU\VHOHFW*DQGSUHVVDQGKROG~XQWLOWKHHQWU\KDVEHHQGHOHWHGRU3UHVVDQGKROGWKHmEXWWRQQH[WWRWKH&20$1'FRQWUROOHUXQWLOWKHHQWLUHHQWU\LVGHOHWHG7RFRPSOHWHWKHVHDUFKVZLWFKIURPWKHVPDUWVSHOOHUWRWKHOLVWVOLGH}:7KHHQWU\DWWKHWRSRIWKHOLVWLVDXWRPDWLFDOO\KLJKOLJKWHG7RUHWXUQWRWKHDGGUHVVERRNLIQHFHVVDU\VZLWFKIURPWKHOLVWWRWKHVPDUWVSHOOHUDQGVHOHFW"LQWKHVPDUWVSHOOHURU3UHVVWKH!EXWWRQQH[WWRWKH&20$1'FRQWUROOHU6HDUFKLQJXVLQJWKHOLVW6ZLWFKWRWKHOLVWZKHQWKHVPDUWVSHOOHULVGLVSOD\HGSDJH7XUQ_:`RUVOLGH}:ÈXQWLOWKHGHVLUHGHQWU\LVKLJKOLJKWHGLQWKHOLVW'HOHWLQJDQHQWU\6HDUFKIRUWKHGHVLUHGHQWU\SDJH6HOHFW1RVKQPUT&GNGVGRU6HOHFW&GNGVGIURPWKHDGGUHVVERRNSDJH$GHOHWLRQSURPSWDSSHDUV6HOHFW;GURU0Q7KHHQWU\ZLOOHLWKHUEHGHOHWHGRUQRWGHSHQGLQJRQ\RXUVHOHFWLRQG'HOHWLQJDPRELOHSKRQHERRNHQWU\RQO\GHOHWHVWKHHQWU\LQWKHDGGUHVVERRNQRWRQWKHPRELOHSKRQH'LVSOD\LQJGHWDLOVDERXWDQDGGUHVVERRNHQWU\6ZLWFKIURPWKHVPDUWVSHOOHUWRWKHOLVWSDJHRU6HOHFWDQDGGUHVVERRNHQWU\IURPWKHDGGUHVVERRNSDJH3UHVVWKH~EXWWRQ7KHGHWDLOHGGLVSOD\DSSHDUV 8VLQJWKHDGGUHVVERRN7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$'HWDLOHGGLVSOD\IRUKRPHGHWDLOV=7RJREDFNWRWKHSUHYLRXVPHQX>6HOHFWHGGDWDILHOG@,FRQ9IRUKRPHGHWDLOVB7RFDOOXSRSWLRQVD,FRQ§IRUEXVLQHVVGHWDLOV6HOHFWLQJDGLIIHUHQWGDWDILHOG7XUQ_:`RUVOLGH}:È'LVSOD\LQJDEEUHYLDWHGFRQWHQWLQIXOO6HOHFW1RVKQPUT&GVCKNU7KHGLVSOD\LVVKRZQLQIXOO7RFORVHWKHHQWLUHGLVSOD\VOLGH{:|RUSUHVV~RU3UHVVWKH!EXWWRQQH[WWRWKH&20$1'FRQWUROOHU&ORVLQJWKHGHWDLOHGGLVSOD\6HOHFW$CEMRU3UHVVWKH!EXWWRQQH[WWRWKH&20$1'FRQWUROOHU&KDQJLQJDQHQWU\G,QFHUWDLQFRXQWULHVWKLVIXQFWLRQLVQRWDYDLODEOHLIWKHYHKLFOHLVWUDYHOOLQJDWPRUHWKDQDSSUR[LPDWHO\NPK$VVRRQDVWKHYHKLFOHVSHHGGURSVEHORZDERXWNPKWKHIXQFWLRQLVDYDLODEOHDJDLQ&KDQJLQJDQDGGUHVVERRNHQWU\6HDUFKIRUWKHDGGUHVVERRNHQWU\SDJH6HOHFW1RVKQPURU'LVSOD\GHWDLOVDERXWDQDGGUHVVERRNHQWU\6HOHFW1RVKQPU6HOHFW%JCPIGEQPVGPV7KHLQSXWPHQXZLWKGDWDILHOGVDSSHDUV3URFHHGIURPWKHVWHS7RFKDQJHWKHGDWDILHOGLQWKH&UHDWLQJDQHZDGGUHVVERRNHQWU\VHFWLRQSDJH&KDQJLQJWKHFDWHJRU\RIDWHOHSKRQHQXPEHUGDWDILHOG'LVSOD\WKHGHWDLOVRIWKHHQWU\DQGKLJKOLJKWWKHWHOHSKRQHQXPEHUGDWDILHOG6HOHFW1RVKQPUT%JCPIGECVGIQT[6HOHFWDQXPEHUFDWHJRU\HJ*QOG6HOHFWDWHOHSKRQHFDWHJRU\HJ/QDKNG6HOHFW2TGHGTTGFZKHUHDSSOLFDEOH'HSHQGLQJRQWKHSUHYLRXVVWDWHVZLWFKWKHRSWLRQRQRRURII¬7KHSKRQH8VLQJWKHDGGUHVVERRN 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$QXPEHULVGLVSOD\HGDVWKHILUVWQXPEHULQWKHSKRQHERRNDQGFDQEHGLDOOHGLPPHGLDWHO\6HOHFW5CXG7KHQHZFDWHJRU\LVVWRUHG&DOOLQJDQXPEHUVWRUHGLQDQHQWU\7KHPRELOHSKRQHPXVWEHLQVHUWHGLQWKHPRELOHSKRQHEUDFNHWRUEHFRQQHFWHGYLDWKH%OXHWRRWKLQWHUIDFH'LVSOD\WKHGHWDLOVRIWKHHQWU\DQGKLJKOLJKWWKHWHOHSKRQHQXPEHUGDWDILHOGSDJH3UHVVWKH~EXWWRQ7KHFDOOLVPDGH7KHGLVSOD\VZLWFKHVWRWKHWHOHSKRQHRSHUDWLRQVFUHHQRU6HOHFW1RVKQPUT%CNN7KHFDOOLVPDGH6WDUWLQJURXWHJXLGDQFHWRDQHQWU\6HDUFKIRUDQDGGUHVVERRNHQWU\SDJH'LVSOD\WKHGHWDLOVDERXWDQHQWU\DQGKLJKOLJKWWKHDGGUHVVGDWDILHOGSDJH3UHVVWKH~EXWWRQG3UHVVLQJ~RQO\ZRUNVLIWKHDGGUHVVGDWDILHOGFRQWDLQVFRPSOHWHGDWD6XEVHTXHQWRSHUDWLRQZLOOGHSHQGRQKRZFRPSOHWHWKHDGGUHVVGDWDLWHPVDUHDQGZKHWKHUWKH\FRUUHVSRQGZLWKWKHGDWDLQWKHGLJLWDOPDSLQWKHQDYLJDWLRQV\VWHP7KH\GRQRWFRUUHVSRQGIRUH[DPSOHLIWKH\DUHQRWZULWWHQLQWKHVDPHZD\DVWKHGHVWLQDWLRQHQWU\$GGUHVVGDWDLVFRPSOHWHDQGPDWFKHVWKHGLJLWDOPDSGDWD&20$1'EHJLQVURXWHFDOFXODWLRQDIWHU\RXVHOHFW0CXKICVG$GGUHVVGDWDLVLQFRPSOHWHRUGRHVQRWPDWFKWKHGLJLWDOPDSGDWD&20$1'FDQRQO\FDUU\RXWWKHURXWHFDOFXODWLRQSURFHVVZKHQWKHFRXQWU\WKHWRZQRUSRVWFRGHWKHVWUHHWQDPHDQGLIDSSURSULDWHWKHKRXVHQXPEHUDUHHQWHUHGFRUUHFWO\7KHHQWULHVIRUWKHWRZQDQGVWUHHWQDPHPXVWEHLGHQWLFDOZLWKWKHGHVWLQDWLRQHQWU\7KHFRXQWU\FDQEHZULWWHQDVIROORZV=LQWKHODQJXDJHRIWKHFRXQWU\FRQFHUQHG=LQWKHODQJXDJHVHWDVWKHV\VWHPODQJXDJH=DVDQLQWHUQDWLRQDOFRXQWU\DEEUHYLDWLRQIRUYHKLFOHVHJ'IRU*HUPDQ\(IRU6SDLQ)IRU)UDQFH,IRU,WDO\HWF$IWHU0CXKICVGLVVHOHFWHGDPHVVDJHDSSHDUVVWDWLQJWKDWWKHDGGUHVVLVLQFRPSOHWH7RFORVHWKHPHVVDJHVHOHFW1-'HSHQGLQJRQZKLFKGDWDLVPLVVLQJRUGRHVQRWFRUUHVSRQGZLWKWKHGLJLWDOPDSGDWD\RXPXVWQRZ=VHOHFWDFRXQWU\=HQWHUDWRZQ=HQWHUDVWUHHW=HQWHUDKRXVHQXPEHU7RVHOHFWDFRXQWU\VHOHFWWKHGHVLUHGFRXQWU\IURPWKHOLVW7RHQWHUDWRZQSURFHHGLQWKHVDPHZD\DV\RXZRXOGHQWHUDGHVWLQDWLRQDVGHVFULEHGLQWKH7RHQWHUDWRZQVHFWLRQSDJH7RHQWHUDVWUHHWSURFHHGLQWKHVDPHZD\DV\RXZRXOGHQWHUDGHVWLQDWLRQDVGHVFULEHGLQWKH7RHQWHUDVWUHHWVHFWLRQSDJH7RHQWHUDKRXVHQXPEHUSURFHHGLQWKHVDPHZD\DV\RXZRXOGHQWHUDGHVWLQDWLRQ 8VLQJWKHDGGUHVVERRN7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$DVGHVFULEHGLQWKH7RHQWHUDKRXVHQXPEHUVHFWLRQSDJH,IWKHGDWDLVFRPSOHWHDQGLWPDWFKHVWKHGLJLWDOPDSGDWD&20$1'VWDUWVURXWHFDOFXODWLRQ9RLFHWDJVG<RXFDQHQWHUYRLFHWDJVXVLQJ/LQJXDWURQLF$GGLQJRUFKDQJLQJDYRLFHWDJG<RXFDQDGGRQHYRLFHWDJSHUDGGUHVVERRNHQWU\6HDUFKIRUDQDGGUHVVERRNHQWU\ZLWKRUZLWKRXWDYRLFHWDJäLFRQSDJH6HOHFW1RVKQPUT8QKEGVCIT#FFRU%JCPIG7KHVXEVHTXHQWRSHUDWLRQLVYRLFHFRQWUROOHG/LQJXDWURQLFJXLGHV\RXWKURXJKWKHGLDORJXHV/LQJXDWURQLFRSHUDWLQJLQVWUXFWLRQV'HOHWLQJDYRLFHWDJ6HDUFKIRUDQDGGUHVVERRNHQWU\ZLWKDYRLFHWDJSDJH6HOHFW1RVKQPUT8QKEGVCIT&GNGVG$GHOHWLRQSURPSWDSSHDUV6HOHFW;GURU0Q&20$1'GHOHWHVWKHYRLFHWDJGHSHQGLQJRQ\RXUVHOHFWLRQ/LVWHQLQJWRDYRLFHWDJ6HDUFKIRUDQDGGUHVVERRNHQWU\ZLWKDYRLFHWDJSDJH6HOHFW1RVKQPUT8QKEGVCIT.KUVGP<RXKHDUWKHYRLFHWDJ6WRULQJSKRQHERRNHQWULHVLQWKHDGGUHVVERRN<RXFDQXVHWKLVIXQFWLRQWRVWRUHSKRQHERRNHQWULHVZKLFKKDYHEHHQLPSRUWHG=IURPWKHPRELOHSKRQH=IURPWKHPHPRU\FDUG=YLDWKH%OXHWRRWKLQWHUIDFHLQWKHDGGUHVVERRN<RXFDQLGHQWLI\WKHVHHQWULHVLQWKHSKRQHERRNE\WKHGLIIHUHQWLFRQVSDJH,I\RXGHOHWHLPSRUWHGFRQWDFWVIURPWKHSKRQHERRNSDJHWKHHQWULHVUHPDLQLQWKHDGGUHVVERRN6HDUFKIRUWKHSKRQHERRNHQWU\RIWKHPRELOHSKRQHgGLVSOD\SDJH6HOHFW1RVKQPUT5CXGGPVT[7KH5CXKPIRTQEGFWTGUWEEGUUHWNPHVVDJHDSSHDUV7KHSKRQHERRNHQWU\LVQRZVWRUHGDVDQDGGUHVVERRNHQWU\7KHgLFRQLVUHSODFHGZLWKWKHLFRQ,PSRUWLQJFRQWDFWV1RWHVDQGUHTXLUHPHQWV<RXFDQLPSRUWFRQWDFWVIURPWKHPRELOHSKRQHRUWKH3&0&,$PHPRU\FDUGLQWRWKHDGGUHVVERRNRUUHFHLYHY&DUGVYLD%OXHWRRWK7KHgLFRQLQWKHDGGUHVVERRNLQGLFDWHVSKRQHERRNHQWULHVZKLFKKDYHEHHQLPSRUWHGIURPWKHPRELOHSKRQHG'HSHQGLQJRQWKHPRELOHSKRQHXVHGWKLVIXQFWLRQLPSRUWVRQO\WKHSKRQHERRNHQWULHVLQWKHPRELOHSKRQHRUDOVRWKHSKRQHERRNHQWULHVLQWKH6,0FDUG(QWULHVLPSRUWHGIURPWKH3&0&,$PHPRU\FDUGKDYHWKHLFRQV5HFHLYHGY&DUGVDUHLGHQWLILHGE\WKHLFRQDQG%7'HSHQGLQJRQWKHVRXUFHRIWKHFRQWDFWGDWDGLIIHUHQWUHTXLUHPHQWVDSSO\8VLQJWKHDGGUHVVERRN 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$&RQYHQLHQFHWHOHSKRQ\=%OXHWRRWKPXVWEHDFWLYDWHGLQ&20$1'SDJH=7KLVIXQFWLRQRQO\EHFRPHVDYDLODEOHRQFHWKHWH[WPHVVDJHVKDYHEHHQDXWRPDWLFDOO\GRZQORDGHGWR&20$1'IURPWKH&RQYHQLHQFHWHOHSKRQH'HSHQGLQJRQWKHPRELOHSKRQHWKLVSURFHVVPD\WDNHVRPHWLPH0RELOHSKRQHZLWK%OXHWRRWKSURILOH3%$3=%OXHWRRWKPXVWEHDFWLYDWHGLQ&20$1'DQGRQWKHPRELOHSKRQHVHHWKHPRELOHSKRQHRSHUDWLQJLQVWUXFWLRQV=7KHPRELOHSKRQHLVFRQQHFWHGWR&20$1'SDJH3&0&,$PHPRU\FDUG=7KH3&0&,$PHPRU\FDUGLVLQVHUWHGSDJHDQGFRQWDLQVLPSRUWDEOHFRQWDFWGDWD<RXFDQILQGWKHUHTXLUHPHQWVIRUUHFHLYLQJY&DUGVRQSDJH,PSRUWLQJIURPWKH&RQYHQLHQFHWHOHSKRQHRUD%OXHWRRWKPRELOHSKRQHXVLQJ3%$36HOHFW#FFTGUUDQQMRULIWKHWHOHSKRQHEDVLFPHQXLVEHLQJGLVSOD\HG6GNGRJQPG6HOHFW+ORQTVEQPVCEVU$PHQXDSSHDUV6HOHFW(TQOOQDKNGRJQPG6HOHFW#FFRU1XGTYTKVG6HOHFWLQJ#FFLPSRUWVWKHSKRQHERRNHQWULHVIURPWKHPRELOHSKRQHLQWRWKHDGGUHVVERRN6HOHFWLQJ1XGTYTKVGLPSRUWVWKHWHOHSKRQHHQWULHVIURPWKHPRELOHSKRQHDQGRYHUZULWHVDOOSKRQHERRNHQWULHVLQWKHDGGUHVVERRNZLWKWKHgLFRQ7KHSUHYLRXVSKRQHERRNHQWULHVDUHWKHQQRORQJHUDYDLODEOH$IWHUVXFFHVVIXOO\LPSRUWLQJWKHFRQWDFWGDWD\RXVHHDPHVVDJHWRWKLVHIIHFW7KHDGGUHVVERRNRUWKHWHOHSKRQHEDVLFPHQXLQTXHVWLRQLVGLVSOD\HGG<RXFDQVHOHFWWKH1XGTYTKVGPHQXLWHPLIWKHDGGUHVVERRNDOUHDG\FRQWDLQVSKRQHERRNHQWULHV,IWKHDGGUHVVERRNLVIXOO\RXVHHDPHVVDJHWRWKLVHIIHFW,PSRUWLQJIURPWKHPHPRU\FDUG6HOHFW#FFTGUUDQQMRULIWKHWHOHSKRQHEDVLFPHQXLVEHLQJGLVSOD\HG6GNGRJQPG6HOHFW+ORQTVEQPVCEVU$PHQXDSSHDUV6HOHFW(TQOVJGOGOQT[ECTF6HOHFW#FFRU1XGTYTKVG6HOHFWLQJ#FFLPSRUWVWKHHQWULHVIURPWKH3&0&,$PHPRU\FDUGLQWRWKHDGGUHVVERRN6HOHFWLQJ1XGTYTKVGLPSRUWVWKHHQWULHVIURPWKH3&0&,$PHPRU\FDUGDQGRYHUZULWHVDOOHQWULHVLQWKHDGGUHVVERRNZLWKWKHLFRQV7KHSUHYLRXVHQWULHVDUHWKHQQRORQJHUDYDLODEOH$IWHUVXFFHVVIXOO\LPSRUWLQJWKHFRQWDFWGDWD\RXVHHDPHVVDJHWRWKLVHIIHFW7KHDGGUHVVERRNRUWKHWHOHSKRQHEDVLFPHQXLQTXHVWLRQLVGLVSOD\HGG<RXFDQVHOHFWWKH1XGTYTKVGPHQXLWHPLIWKHDGGUHVVERRNDOUHDG\FRQWDLQVVXFKHQWULHV,IWKHDGGUHVVERRNLVIXOO\RXVHHDPHVVDJHWRWKLVHIIHFW5HFHLYLQJY&DUGVYLD%OXHWRRWK<RXFDQUHFHLYHY&DUGVIURPGHYLFHVVXFKDVD3&ZKLFKVXSSRUWWKHWUDQVPLVVLRQRIY&DUGVYLD%OXHWRRWK,WLVQRWQHFHVVDU\WRDXWKRULVHWKHGHYLFHLQ&20$1'WRGRVR5HFHLYHGY&DUGVDUHLPSRUWHGLQWRWKHDGGUHVVERRN 8VLQJWKHDGGUHVVERRN7HOHSKRQHRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3OHDVHEHDUWKHIROORZLQJLQPLQG=%OXHWRRWKLVDFWLYDWHGLQ&20$1'DQGRQWKH%OXHWRRWKGHYLFHQRSHUDWLQJLQVWUXFWLRQVRIWKHGHYLFH=7KH%OXHWRRWKGHYLFHFDQVHQGY&DUGVYLD%OXHWRRWKQRSHUDWLQJLQVWUXFWLRQVRIWKHGHYLFH=7KH%OXHWRRWKGHYLFHLQWKHYHKLFOHLVVZLWFKHGRQG,I\RXVZLWFKWRDQRWKHUPDLQIXQFWLRQHJQDYLJDWLRQZKLOHUHFHLYLQJY&DUGVWKHUHFHSWLRQRIY&DUGVZLOOEHWHUPLQDWHG,IWKHDGGUHVVERRNLVGLVSOD\HGVHOHFW#FFTGUUDQQMT+ORQTVEQPVCEVUT4GEGKXGDWUKPGUUECTFURU,IWKHWHOHSKRQHEDVLFPHQXLVGLVSOD\HGVHOHFW6GNGRJQPGT+ORQTVEQPVCEVUT4GEGKXGDWUKPGUUECTFU7KLVLQWHUUXSWVWKH%OXHWRRWKFRQQHFWLRQEHWZHHQ&20$1'DQG\RXUDFWLYHPRELOHSKRQH&20$1'LVUHDG\WRUHFHLYHY&DUGVIURPDQRWKHU%OXHWRRWKGHYLFH6WDUWGDWDWUDQVIHURQWKHH[WHUQDO%OXHWRRWKGHYLFHQRSHUDWLQJLQVWUXFWLRQVRIWKHGHYLFH7KHGDWDRQWKHY&DUGVLVDXWRPDWLFDOO\WUDQVIHUUHGWRWKHDGGUHVVERRN7KHQXPEHURIY&DUGVUHFHLYHGLVGLVSOD\HG7RFDQFHOWKHWUDQVIHUSUHVV~RU3UHVVWKH!EXWWRQ'HOHWLQJFRQWDFWV,IWKHDGGUHVVERRNLVGLVSOD\HGVHOHFW#FFTGUUDQQMT&GNGVGEQPVCEVURU,IWKHWHOHSKRQHEDVLFPHQXLVGLVSOD\HGVHOHFW6GNGRJQPGT&GNGVGEQPVCEVU$PHQXDSSHDUV6HOHFW+PVGTPCNEQPVCEVURU(TQOOQDKNGRJQPGRU(TQOVJGOGOQT[ECTFRU4GEGKXGFDWUKPGUUECTFURU&GNGVGCNN$SURPSWFRUUHVSRQGLQJWR\RXUVHOHFWLRQDSSHDUV6HOHFW;GURU0Q3UHVVWKH~EXWWRQ,I\RXFRQILUPE\VHOHFWLQJ;GUWKHFRQWDFWV\RXKDYHVHOHFWHGDUHGHOHWHG0HUFHGHV%HQ]&RQWDFW0HUFHGHV%HQ]&RQWDFWFDQKHOS\RXZKHQHYHU\RXKDYHTXHVWLRQVUHODWLQJWR\RXUYHKLFOHRUZKHQ\RXQHHGKHOSLQWKHHYHQWRIDEUHDNGRZQ7KHIXQFWLRQZLOODOORZ\RXWRSODFHDFDOOWRWKH0HUFHGHV%HQ]&XVWRPHU&HQWUH$OOLPSRUWDQWYHKLFOHGDWDLVWUDQVIHUUHGLQRUGHUWRHQVXUHRSWLPXPVXSSRUW7KHIROORZLQJGDWDLVWUDQVPLWWHG=WKHYHKLFOHLGHQWLILFDWLRQQXPEHU=WKHPLOHDJH=WKHYHKLFOHVORFDWLRQ<RXFDQPDNHXVHRIWKHIXQFWLRQZLWKDQRSHUDWLRQDOPRELOHSKRQHFRQQHFWHGWR&20$1'YLDWKH%OXHWRRWKLQWHUIDFHRUWKHFRQYHQLHQFHWHOHSKRQH0HUFHGHV%HQ]&RQWDFW 7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3OHDVHQRWH0HUFHGHV%HQ]&RQWDFWLVDVHUYLFHSURYLGHGE\0HUFHGHV%HQ],QHPHUJHQFLHVLWLVYLWDOWKDW\RXILUVWFRQWDFWWKHVWDQGDUGQDWLRQDOHPHUJHQF\VHUYLFHVQXPEHUG&XUUHQWO\-XQHWKLVVHUYLFHLVDYDLODEOHLQWKHIROORZLQJ(XURSHDQFRXQWULHV=%HOJLXP=*HUPDQ\=)UDQFH=8QLWHG.LQJGRP=,UHODQG=,WDO\=/X[HPERXUJ=1HWKHUODQGV=$XVWULD=6ZLW]HUODQG=6SDLQ3ODFLQJDFDOOWRWKH0HUFHGHV%HQ]6HUYLFH&HQWUH&DOOXSWKH&20$1'SKRQHERRNSDJH7KH0%&RQWDFWHQWU\LVWKHILUVWHQWU\LQWKH&20$1'SKRQHERRN7KHHQWU\LVKLJKOLJKWHG<RXKDYHWZRGLIIHUHQWPHDQVE\ZKLFKWRFRQWDFWWKH0HUFHGHV%HQ]6HUYLFH&HQWUH3UHVVWKH~EXWWRQRU3UHVVWKHIEXWWRQRQWKH&20$1'FRQWUROSDQHO7KLVSODFHVWKHFDOO$YRLFHDQQRXQFHPHQWZLOOWKHQUHTXHVWWKDW\RXFRQILUPWKHGDWDWUDQVIHUE\SUHVVLQJWKHVSHFLILHGQXPEHURQWKHNH\SDGRIWKH&20$1'FRQWUROSDQHO:LWK\RXUFRQVHQW&20$1'ZLOOVHQGWKHUHTXLUHGYHKLFOHGDWDG$OWHUQDWLYHO\WKHFDOOFDQDOVREHSODFHGYLDWKHPXOWLIXQFWLRQVWHHULQJZKHHOQYHKLFOH2ZQHUV0DQXDO7KHGLVSOD\VKRZVWKHGDWDEHLQJWUDQVIHUUHG7KLVPD\WDNHDPRPHQW<RXFDQWKHQVHOHFWWKHGHVLUHGVHUYLFHDQGZLOOEHFRQQHFWHGWRDFRPSHWHQWFRQWDFWDWWKH0HUFHGHV%HQ]6HUYLFH&HQWUHG<RXFDQILQGRXWPRUHDERXW0HUFHGHV%HQ]&RQWDFWWKHVFRSHRIVHUYLFHVRIIHUHGDQGKRZWRRSHUDWHWKHIXQFWLRQIURP\RXU0HUFHGHV%HQ]6HUYLFH&HQWUH0HUFHGHV%HQ]&RQWDFW7HOHSKRQH&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$XGLRPHQX 5DGLRPRGHDQG'$%UDGLRPRGH $XGLR&''9'DQG03RSHUDWLRQ0XVLF5HJLVWHU 0HGLD,QWHUIDFHPRGH $XGLR$8;PRGH $XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH

$$XGLRPHQX6HOHFW#WFKQ7KHV\VWHPFKDQJHVWRWKHODVWDFWLYHDXGLRPRGHRU3UHVVWKH'IXQFWLRQEXWWRQ7KHUDGLRLVVHWWRWKHSUHYLRXVO\VHOHFWHGZDYHEDQGRU'$%UDGLRPRGHLVVZLWFKHGRQ6HOHFW#WFKQDJDLQ7KH$XGLRPHQXDSSHDUVG,IWKHV\VWHPLVDOUHDG\LQDQDXGLRPRGH\RXRQO\QHHGWRVHOHFW#WFKQ'LVSOD\ZLWKDXGLRPHQX=0DLQIXQFWLRQVPHQXEDU>&XUUHQWDXGLRPRGH@$XGLRPHQXG<RXFDQVZLWFKEHWZHHQWKHGLIIHUHQWDXGLRPRGHVLQWKHDXGLRPHQX=UDGLRPRGHDQG'$%UDGLRPRGHSDJH=DXGLR&''9'DQG03PRGHGLVFDQGPHPRU\FDUGDUHGHVFULEHGWRJHWKHULQWKHLQVWUXFWLRQVSDJH=0XVLF5HJLVWHUSDJH=RSHUDWLQJZLWK0HGLD,QWHUIDFHSDJH=$8;PRGHSDJH,I\RXUYHKLFOHLVHTXLSSHGZLWKDUHDUVHDWHQWHUWDLQPHQWV\VWHP\RXFDQDOVRVHOHFWWKH4GCTPHQXLWHP7KLVIXQFWLRQDOORZV\RXWRSOD\EDFNWKHVRXQGRIRQHRIWKHUHDUFRPSDUWPHQWPRQLWRUVYLDWKHYHKLFOHVORXGVSHDNHUV5DGLRPRGHDQG'$%UDGLRPRGHG<RXZLOOILQGLQIRUPDWLRQRQWKH&20$1'RSHUDWLQJV\VWHPDQGRQRSHUDWLRQLQWKH$WDJODQFHVHFWLRQSDJHG3RUWDEOHHOHFWURQLFGHYLFHVLQWKHYHKLFOHPD\VHULRXVO\LPSDLUUDGLRUHFHSWLRQ'$%UDGLRPRGH'$%'LJLWDO$XGLR%URDGFDVWLQJLVDQRSWLPLVHGGLJLWDOWUDQVPLVVLRQVWDQGDUGGHVLJQHGIRUWKHPRELOHUHFHSWLRQRIUDGLRWUDQVPLVVLRQV6HYHUDOSURJUDPPHVDUHFRPELQHGLQWRVRFDOOHGHQVHPEOHVDQGWUDQVPLWWHGRQRQHVLQJOHIUHTXHQF\'LJLWDOUDGLRVWDWLRQVFDQEHWUDQVPLWWHGQDWLRQDOO\UHJLRQDOO\RUORFDOO\G7KHVWUHQJWKRI'$%VLJQDOVYDULHVLQGLIIHUHQWSDUWVRI(XURSH)RUWKLVUHDVRQLWFDQQRWEHUHFHLYHGHYHU\ZKHUH%LWUDWHDQG03IRUPDW=%LWUDWHEHWZHHQDQGNELWV=$XGLRVWUHDPLV03FRGHG03(*$XGLR/D\HU6ZLWFKLQJWRUDGLRPRGH8VLQJWKH&20$1'FRQWUROSDQHO3UHVVWKH'IXQFWLRQEXWWRQ7KHUDGLRGLVSOD\DSSHDUV<RXZLOOKHDUWKHODVWVWDWLRQSOD\HGRQWKHODVWZDYHEDQG 5DGLRPRGHDQG'$%UDGLRPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$G5HSHDWHGO\SUHVVLQJWKH'IXQFWLRQEXWWRQVZLWFKHVEHWZHHQWKH)00:6:DQG/:ZDYHEDQGVLQWKDWRUGHUDQGWKHQFDOOVXS'$%UDGLRPRGH3UHVVLQJWKHEXWWRQDJDLQWDNHV\RXEDFNWR)0UDGLRPRGH8VLQJWKH&20$1'FRQWUROOHU)URPDQRWKHUPDLQIXQFWLRQ6HOHFW#WFKQT#WFKQT4CFKQLQWKHDXGLRPHQXGLVSOD\G,IUDGLRPRGHZDVWKHODVWDFWLYHPRGH\RXRQO\QHHGWRVHOHFW#WFKQ)URPDXGLRPRGH6HOHFW#WFKQT4CFKQ7KHUDGLRGLVSOD\DSSHDUV<RXZLOOKHDUWKHODVWVWDWLRQSOD\HGRQWKHODVWZDYHEDQG5DGLREDVLFGLVSOD\='LVSOD\VHOHFWLRQZLQGRZZLWKVWDWLRQRUIUHTXHQF\GLVSOD\>1DPHRUIUHTXHQF\RIWKHVHOHFWHGVWDWLRQ@&KDQQHOSUHVHWSRVLWLRQB6RXQGVHWWLQJVD7RVZLWFKZDYHEDQGRUWR'$%UDGLRPRGHE7RGLVSOD\UDGLRWH[WF6WRUHIXQFWLRQVG5DGLRIXQFWLRQV5DGLRPRGHDQG'$%UDGLRPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$0HQXRYHUYLHZIRUUDGLRPRGH5DGLR 3UHVHWV ,QIR )00:6:/:'$%6RXQG6WDWLRQOLVWLQ)0ZDYHEDQGRQO\G<RXFDQDOVRFDOOXSDVWDWLRQOLVWLQ'$%UDGLRPRGH$XWRVWRUH 5DGLRWH[W )0 7UHEOH)UHTXHQF\LQSXW 6WDWLRQSUHVHWV0: %DVVR6ZLWFKHVIUHTXHQF\IL[RQO\LQ)0RQRII6: %DODQFHIDGHUR6ZLWFKHVVWDWLRQIL[RQO\LQ'$%UDGLRPRGHRQRII/: 6XUURXQGVRXQGR6ZLWFKHV7$WUDIILFDQQRXQFHPHQWRQRII'$%$FWLYHVRXUFHWRUHDUFRPSDUWPHQW5HDUFRPSDUWPHQWRII6ZLWFKLQJZDYHEDQGV<RXFDQVZLWFKWKHUDGLREHWZHHQWKH)00:/:DQG6:ZDYHEDQGV6HOHFW(/&#$/959RU.9LQWKHUDGLRGLVSOD\6HOHFWWKHGHVLUHGZDYHEDQG<RXZLOOKHDUWKHODVWVWDWLRQRQWKHVHOHFWHGZDYHEDQGRU3UHVVWKH'IXQFWLRQEXWWRQUHSHDWHGO\XQWLOWKHGHVLUHGZDYHEDQGLVVHOHFWHGG5HSHDWHGO\SUHVVLQJWKH'IXQFWLRQEXWWRQVZLWFKHVEHWZHHQWKH)00:6:DQG/:ZDYHEDQGVLQWKDWRUGHUDQGWKHQFDOOVXS'$%UDGLRPRGH3UHVVLQJWKHEXWWRQDJDLQEULQJV\RXEDFNWR)0UDGLRPRGHG,QWKH0:/:DQG6:ZDYHEDQGV&20$1'VKRZVWKHVWDWLRQIUHTXHQF\LQVWHDGRIWKHVWDWLRQQDPH6ZLWFKLQJWKHUDGLRWR'$%PRGH8VLQJWKH&20$1'FRQWUROSDQHO3UHVVWKH'IXQFWLRQEXWWRQUHSHDWHGO\XQWLOWKH'$%UDGLRGLVSOD\DSSHDUVG5HSHDWHGO\SUHVVLQJWKH'IXQFWLRQEXWWRQVZLWFKHVEHWZHHQWKH)00:6:DQG/:ZDYHEDQGVLQWKDWRUGHUDQGWKHQFDOOVXS'$%UDGLRPRGH3UHVVLQJWKHEXWWRQDJDLQWDNHV\RXEDFNWR)0UDGLRPRGH 5DGLRPRGHDQG'$%UDGLRPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$8VLQJWKH&20$1'FRQWUROOHU)URPDQRWKHUPDLQIXQFWLRQ6HOHFW#WFKQT#WFKQT&#$LQWKHDXGLRPHQXGLVSOD\G,I'$%UDGLRPRGHZDVWKHODVWDFWLYHPRGH\RXRQO\QHHGWRVHOHFW#WFKQ)URPDXGLRPRGH6HOHFW#WFKQT&#$7KH'$%UDGLRGLVSOD\DSSHDUV<RXZLOOKHDUWKHODVWVWDWLRQSOD\HGLQWKHODVWHQVHPEOHVHOHFWHG%DVLFGLVSOD\RI'$%UDGLRPRGH='LVSOD\VHOHFWLRQZLQGRZZLWKVWDWLRQGLVSOD\>1DPHRIWKHVHOHFWHGHQVHPEOH@1DPHRIWKHVHOHFWHGVWDWLRQB6RXQGVHWWLQJVD7RVHDUFKIRUDQHQVHPEOHE7RVZLWFKWRUDGLRPRGH)00:6:/:VZLWFKHVF7RGLVSOD\UDGLRWH[WG6WRUHIXQFWLRQVH5DGLRIXQFWLRQV0HQXRYHUYLHZIRU'$%UDGLRPRGH5DGLR 3UHVHWV ,QIR '$%)00:.:/:!!RU6RXQG6WDWLRQOLVW $XWRVWRUH 5DGLRWH[W '$% 6HDUFKHVIRUHQVHPEOHRUFDQFHOVVHDUFK7UHEOH6XESURJUDPPHV 6WDWLRQSUHVHWV)0 %DVVR6ZLWFKHVVWDWLRQIL[RQRII0: %DODQFHIDGHUR6ZLWFKHV7$WUDIILFDQQRXQFHPHQWRQRII6: 6XUURXQGVRXQG5DGLRPRGHDQG'$%UDGLRPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$5DGLR 3UHVHWV ,QIR '$%)00:.:/:!!RU6RXQG$FWLYHVRXUFHWRUHDUFRPSDUWPHQW/:5HDUFRPSDUWPHQWRII6HDUFKLQJIRUDQHQVHPEOH'$%UDGLRPRGH$QHQVHPEOHFRQVLVWVRIPXOWLSOHUDGLRSURJUDPPHV(YHU\HQVHPEOHLVWUDQVPLWWHGLQDFHUWDLQDUHDQDWLRQDOUHJLRQDORUORFDOLQWKHVDPHZD\DVDWUDGLWLRQDO$0)0UDGLRVWDWLRQ6HOHFWeRUfLQWKH'$%UDGLRGLVSOD\&20$1'VHDUFKHVXSZDUGVRUGRZQZDUGVIRUHQVHPEOHVZLWKDGHTXDWHUHFHSWLRQ<RXZLOOVHHDPHVVDJHWRWKLVHIIHFWeRUfFKDQJHVWR7KHDYDLODEOHVWDWLRQVRIWKHQH[WHQVHPEOHIRXQGDUHVKRZQLQWKH'$%UDGLRGLVSOD\&DQFHOOLQJDVHDUFK6HOHFW<RXZLOOKHDUWKHODVWVWDWLRQSOD\HGLQWKHSUHYLRXVHQVHPEOH7KHLFRQFKDQJHVWReRUf$XWRPDWLFDOO\VZLWFKLQJWRDQ)0VWDWLRQ:KHQUHFHSWLRQJHWVZRUVHIRUD'$%VWDWLRQ&20$1'DXWRPDWLFDOO\FKDQJHVWRWKHFRUUHVSRQGLQJ)0VWDWLRQXQGHUWKHIROORZLQJFRQGLWLRQV=WKH)0VWDWLRQVIUHTXHQF\LVDYDLODEOH=WKH5VCVKQPHKZSDJHPHQXLWHPLVWXUQHGRIIG,I\RXZDQWWRXVHWKLVIXQFWLRQGRQRWVZLWFKWR)0UDGLR,IWKHUHLVQRUHFHSWLRQWKHGLVSOD\VKRZVWKHPHVVDJH0QTGEGRVKQP6HOHFWLQJDVWDWLRQ<RXFDQVHOHFWVWDWLRQVIURPWKHVWDWLRQOLVWRUE\PDQXDOO\HQWHULQJWKHIUHTXHQF\6HOHFWLQJFKDQQHOVIURPWKHFKDQQHOOLVWG7KHVWDWLRQOLVWLVDYDLODEOHLQWKH)0ZDYHEDQGDQGLQ'$%UDGLRPRGH,WFRQWDLQVDOOWKHVWDWLRQVWKDWFDQFXUUHQWO\EHUHFHLYHGDQGLVVRUWHGDOSKDEHWLFDOO\)RUVWDWLRQVZLWKRXWDSURJUDPPHVHUYLFHWKHOLVWVKRZVWKHIUHTXHQF\LQVWHDGRIWKHQDPH 5DGLRPRGHDQG'$%UDGLRPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7XUQ_:`RUVOLGH{:|ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLQWKHUDGLRGLVSOD\LVVHOHFWHGRU3UHVVWKHHRUIEXWWRQ7KHQHHGOHMXPSVWRWKHOHIWRUULJKWRU,QWKHUDGLRGLVSOD\VHOHFW4CFKQT5VCVKQPNKUV7KHFKDQQHOOLVWDSSHDUV([DPSOHGLVSOD\VWDWLRQOLVWLQUDGLRPRGH=&XUUHQWO\VHOHFWHGVWDWLRQ>0HPRU\VORWLQVWDWLRQPHPRU\([DPSOHGLVSOD\VWDWLRQOLVWLQ'$%UDGLRPRGH7RVHOHFWDVWDWLRQWXUQ_:`RUVOLGH}:È7RVHWWKHVWDWLRQSUHVV~8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH#WFKQPHQX([DPSOHGLVSOD\UDGLRPRGH)0=5DGLRPRGH)0VHW>&XUUHQWO\VHOHFWHGVWDWLRQ:KHQVWDWLRQ>LVVDYHGWKHSUHVHWSRVLWLRQLVDOVRGLVSOD\HG3UHVVDQGKROG<RU=6HOHFWLQJVWDWLRQVXVLQJWKHVWDWLRQVHDUFKIXQFWLRQG7KHVWDWLRQVHDUFKIXQFWLRQLVRQO\DYDLODEOHLQWKH0:/:DQG6:ZDYHEDQGV3UHVVWKHHRUIEXWWRQ6WDWLRQVHDUFKVFDQVXSRUGRZQDQGVWRSVDWWKHQH[WVWDWLRQIRXQG8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH#WFKQPHQX3UHVVDQGKROG<RU=6HOHFWLQJVWDWLRQVYLDWKHVWDWLRQSUHVHWV6HOHFW2TGUGVULQWKHUDGLRGLVSOD\RU3UHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVVHOHFWHG7KHVWDWLRQSUHVHWGLVSOD\DSSHDUV7KHGRWLQIURQWRIDSUHVHWSRVLWLRQLQGLFDWHVWKDWWKHFXUUHQWO\VHOHFWHGFKDQQHOLVVWRUHGWKHUH7RVHOHFWDVWDWLRQWXUQ_:`RUVOLGH}:È5DGLRPRGHDQG'$%UDGLRPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7RVHWWKHVWDWLRQSUHVV~RU3UHVVDQXPEHUNH\VXFKDVh8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO8VH@RU>WRVHOHFWWKH#WFKQPHQX3UHVV<RU=EULHIO\7XQLQJLQVWDWLRQVE\HQWHULQJWKHIUHTXHQF\PDQXDOO\,QWKHUDGLRGLVSOD\VHOHFW4CFKQT(TGSWGPE[GPVT[RU3UHVVWKHoEXWWRQ$QLQSXWPHQXDSSHDUV7RHQWHUDIUHTXHQF\SUHVVWKHQXPEHUNH\V&20$1'WXQHVLQWRWKHIUHTXHQF\HQWHUHGG<RXFDQRQO\HQWHUFXUUHQWO\SHUPLWWHGQXPEHUVG,I\RXHQWHUDIUHTXHQF\LQWKH0:6:RU/:ZDYHEDQGVZKLFKLVRXWVLGHWKHIUHTXHQF\UDQJH&20$1'WXQHVLQWRWKHQH[WORZHUIUHTXHQF\:DYHEDQG )UHTXHQF\)09+) 0+]0:PHGLXPZDYH N+]6:VKRUWZDYH N+]/:ORQJZDYH N+]6WRULQJDVWDWLRQ7HQVWDWLRQVFDQEHVWRUHGIRUHDFKZDYHEDQG6WRULQJVWDWLRQVPDQXDOO\3UHVVDQGKROGDQXPEHUNH\HJhXQWLO\RXKHDUDWRQH7KHVWDWLRQLVVWRUHGRU3UHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVVHOHFWHGRU6HOHFW2TGUGVULQWKHUDGLRGLVSOD\%RWKRIWKHVHZLOOFDOOXSWKHVWDWLRQSUHVHWV7KHGRWLQIURQWRIDSUHVHWSRVLWLRQLQGLFDWHVWKDWWKHFXUUHQWO\VHOHFWHGFKDQQHOLVVWRUHGWKHUH([DPSOHGLVSOD\SUHVHWVLQ'$%UDGLRPRGH=7RVWRUHXVLQJ$XWRVWRUH>6HOHFWHGPHPRU\VORW7RVHOHFWDPHPRU\VORWWXUQ_:`RUVOLGH}:È6WRULQJVWDWLRQVSUHVV~XQWLO\RXKHDUDWRQH6WRULQJXVLQJ$XWRVWRUHG7KLVIXQFWLRQDXWRPDWLFDOO\VWRUHVVWDWLRQVZLWKDGHTXDWHUHFHSWLRQ7KHVHDUFKVWDUWVDWWKHORZHVWIUHTXHQF\,IVWDWLRQVDUHIRXQG&20$1'VWRUHVWKHPVWDUWLQJDWPHPRU\VORW6WRULQJLVFRPSOHWHZKHQWKHKLJKHVWIUHTXHQF\KDVEHHQUHDFKHGRUZKHQVWDWLRQVKDYHEHHQIRXQG6WDWLRQVVWRUHGPDQXDOO\LQWKHSUHVHWPHPRU\ZLOOEHORVW,WLVSRVVLEOHWKDW&20$1'GRHVQRWILOODOOPHPRU\VORWVZKHQVWRULQJ 5DGLRPRGHDQG'$%UDGLRPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3UHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYH6HOHFW#WVQUVQTGRU,QWKHUDGLRGLVSOD\VHOHFW2TGUGVUT#WVQUVQTG&20$1'VHDUFKHVIRUVWDWLRQVZLWKDGHTXDWHUHFHSWLRQ<RXZLOOVHHDPHVVDJHWRWKLVHIIHFW7KHDYDLODEOHVWDWLRQVDUHDXWRPDWLFDOO\VWRUHGLQWKHSUHVHWSRVLWLRQV&DQFHOOLQJVWRULQJ6HOHFW%CPEGN5DGLR'DWD6\VWHP5'67KH5DGLR'DWD6\VWHP5'6SURYLGHVLQDXGLEOHDGGLWLRQDOLQIRUPDWLRQLQWKH)0ZDYHEDQG7KHV\VWHPFRQVLVWVRIDOLVWHQLQJUHFHLYHUDQGDPRQLWRULQJUHFHLYHU7KHPRQLWRULQJUHFHLYHUFRQVWDQWO\VFDQVWKH)0ZDYHEDQGDQGFROOHFWVGDWDIURPDOOWKHVWDWLRQVZLWKDGHTXDWHUHFHSWLRQHJUHFHSWLRQTXDOLW\DQG5'6GDWDVXFKDVSURJUDPPHQDPHDQGDOWHUQDWLYHIUHTXHQFLHV&20$1'VWRUHVWKHGDWDDQGFRQVWDQWO\XSGDWHVWKHPHPRU\7KHOLVWHQLQJUHFHLYHULVWKHUHIRUHDEOHWRVZLWFKLQVWDQWDQHRXVO\WRDQDOWHUQDWLYHIUHTXHQF\ZLWKDEHWWHUVLJQDOG5'6RQO\IXQFWLRQVIRUVWDWLRQVZKLFKWUDQVPLW5'6GDWD6ZLWFKLQJ5'6RQRII<RXFDQXVHWKHIXQFWLRQV)UHTXHQF\IL[)0PRGHRU6WDWLRQIL['$%PRGHWRSUHYHQW&20$1'IURPVZLWFKLQJEHWZHHQDOWHUQDWLYHIUHTXHQFLHV7KLVLVXVHIXOIRUH[DPSOHZKHQWKHVDPHFRQWHQWLVEURDGFDVWZLWKDWLPHGHOD\RUZKHQWKHUHLVLQWHUIHUHQFHRQRQHRIWKHIUHTXHQFLHV6HOHFW4CFKQLQWKHUDGLRRU'$%UDGLRGLVSOD\6HOHFW(TGSWGPE[HKZRU5VCVKQPHKZ7KHIXQFWLRQLVVZLWFKHGRQRRURII¬GHSHQGLQJRQWKHSUHYLRXVVWDWXV5'60DQ\)0VWDWLRQVWUDQVPLWWUDIILFDQQRXQFHPHQWV7$<RXFDQDOVRKHDUWKHVHLQ'$%UDGLRPRGH<RXFDQVZLWFKDQQRXQFHPHQWVRQDQGRIIRULQWHUUXSWDFXUUHQWDQQRXQFHPHQW6ZLWFKLQJDQQRXQFHPHQWVRQRII)LUVWRSWLRQVHOHFW4CFKQLQWKHUDGLRRU'$%UDGLRGLVSOD\7KHWLFNQH[WWR6#LQGLFDWHVWKDWWUDIILFDQQRXQFHPHQWUHFHSWLRQLVVZLWFKHGRQ<RXVHHWKH6#LFRQLQWKHVWDWXVEDU6HOHFW6#'HSHQGLQJRQWKHSUHYLRXVVWDWHVZLWFK6#RQRURII6HFRQGRSWLRQSUHVVDQGKROGWKHKEXWWRQXQWLOWKH6#LFRQOLJKWVXSRUJRHVRXWLQWKHVWDWXVEDURU8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHOSUHVVDQGKROGKXQWLOWKH6#LFRQOLJKWVXSRUJRHVRXWLQWKHVWDWXVEDU$WRQHVRXQGV2QFHWUDIILFDQQRXQFHPHQWVKDYHEHHQVZLWFKHGRQ&20$1'VHOHFWVDQ5'6VWDWLRQ7KHWUDIILFDQQRXQFHPHQWVDUHUHWULHYHGIURP=WKHFXUUHQWO\VHOHFWHG)0VWDWLRQ=DQ5'6VWDWLRQLQWKHUDQJHRIVWDWLRQVRIWKHFXUUHQWO\VHOHFWHG)0VWDWLRQ=WKH5'6VWDWLRQZLWKWKHEHVWUHFHSWLRQTXDOLW\:KHQWUDIILFDQQRXQFHPHQWVDUHVZLWFKHGRQDWUDIILFDQQRXQFHPHQWZLOOLQWHUUXSWWKHDXGLRVLJQDOIURPWKHFXUUHQWO\DFWLYDWHGDXGLRRUYLGHRVRXUFH5DGLRPRGHDQG'$%UDGLRPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$G7HOHSKRQHFRQYHUVDWLRQVDQGQDYLJDWLRQDQQRXQFHPHQWVDUHQRWLQWHUUXSWHG$GLVSOD\PHVVDJHDSSHDUVLQWKHGLVSOD\LQDOODXGLRRSHUDWLQJPRGHV,QWHUUXSWLQJDWUDIILFDQQRXQFHPHQW%ULHIO\SUHVVWKHKEXWWRQGXULQJDWUDIILFDQQRXQFHPHQWRU8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHOEULHIO\SUHVVWKHKEXWWRQGXULQJDWUDIILFDQQRXQFHPHQW&20$1'VZLWFKHVEDFNWRWKHDXGLRVRXUFHWKDWZDVVHOHFWHGEHIRUHWKHDQQRXQFHPHQW6XEVHTXHQWDQQRXQFHPHQWVZLOOLQWHUUXSWWKHDXGLRVRXUFHDJDLQ5DGLRWH[W5DGLRWH[WVDUHDGGLWLRQDOWUDQVPLWWHGGDWDVKRZQLQWKH&20$1'GLVSOD\([DPSOHVRIDGGLWLRQDOGDWDWKHVWDWLRQVQDPHWKHQDPHRIWKHSURJUDPPHRUFXUUHQWQHZV7KHIXQFWLRQLVDYDLODEOHLQ)0PRGHDQGLQ'$%UDGLRPRGH6HOHFW+PHQLQWKHUDGLRRU'$%UDGLRGLVSOD\,QIRUPDWLRQDQGUDGLRWH[WVDUHVKRZQLIWKHVWDWLRQVXSSRUWVWKHP([DPSOHGLVSOD\UDGLRWH[W6XESURJUDPPHV'$%UDGLRPRGH&HUWDLQ'$%UDGLRVWDWLRQVDOVREURDGFDVWVXESURJUDPPHV7KLVLVLQGLFDWHGE\DIDQV\PERODIWHUWKHVWDWLRQVQDPH6XESURJUDPPHVFRQWDLQLQIRUPDWLRQRQHYHQWVWDNLQJSODFHLQDFHUWDLQUHJLRQRUUHJLRQDOQHZV,QWKH'$%UDGLRGLVSOD\VHOHFW4CFKQT5WDRTQITCOU,I\RXFDQUHFHLYHVXESURJUDPPHVWKHQDPHVRIWKHPDLQDQGVXESURJUDPPHDSSHDUDQG\RXKHDUWKHFRUUHVSRQGLQJLQIRUPDWLRQ7RVHOHFWDVXESURJUDPPHWXUQ_:`RUVOLGH}:È7RFRQILUP\RXUVXESURJUDPPHSUHVV~$XGLR&''9'DQG03RSHUDWLRQ6DIHW\QRWHV5LVNRILQMXU\&20$1'LVFODVVLILHGDVD&ODVVODVHUSURGXFW<RXPXVWQRWRSHQWKHFDVLQJ7KHUHLVDULVNRIH[SRVXUHWRLQYLVLEOHODVHUUDGLDWLRQLI\RXRSHQWKHFDVLQJRULIWKHFDVLQJLVIDXOW\RUGDPDJHG&20$1'GRHVQRWFRQWDLQDQ\SDUWVWKDWFDQEHVHUYLFHGE\WKHXVHU)RUVDIHW\UHDVRQVDOOPDLQWHQDQFHZRUNPXVWEHFDUULHGRXWE\TXDOLILHGDIWHUVDOHVWHFKQLFLDQV5LVNRIDFFLGHQW'RWKHIROORZLQJRQO\ZKHQWKHYHKLFOHLVVWDWLRQDU\=LQVHUWDGLVF=HMHFWDGLVF7KHUHLVDULVNRIEHLQJGLVWUDFWHGIURPWKHURDGDQGWUDIILFFRQGLWLRQVLI\RXGRVRZKLOHWKHYHKLFOHLVLQPRWLRQ $XGLR&''9'DQG03RSHUDWLRQ$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$1RWHVRQ03PRGH3HUPLVVLEOHGLVFV=&'5DQG&'5:='9'5DQG'9'5:='9'5DQG'9'5:=3&0&,$PHPRU\FDUG3HUPLVVLEOHILOHV\VWHPV=,62-ROLHWIRU&'V=8')IRUDXGLRDQGYLGHR'9'V=)$7RU)$7IRU3&0&,$PHPRU\FDUGVZLWKVWRUDJHPHGLXP0XOWLVHVVLRQ&'V)RUPXOWLVHVVLRQ&'VWKHFRQWHQWRIWKHILUVWVHVVLRQGHWHUPLQHVKRZ&20$1'ZLOOSURFHVVWKH&'&20$1'SOD\VRQO\RQHVHVVLRQDQGJLYHVSULRULW\WRWKHDXGLR&'VHVVLRQ,ISRVVLEOHXVH&20$1'WRSOD\RQO\&'VZKLFKZHUHZULWWHQLQRQHVHVVLRQ)LOHVWUXFWXUHRIDGLVF:KHQ\RXFUHDWHDGLVFZLWKFRPSUHVVHGPXVLFILOHVWKHWUDFNVFDQEHRUJDQLVHGLQIROGHUV$IROGHUFDQDOVRFRQWDLQVXEIROGHUV$GLVFFDQFRQWDLQDPD[LPXPRIIROGHUV(DFKIROGHUFDQFRQWDLQDPD[LPXPRIWUDFNVDQGVXEIROGHUV7KHGLVFPD\FRQWDLQQRPRUHWKDQHLJKWGLUHFWRU\OHYHOV)LOHVEH\RQGWKHHLJKWKOHYHOZLOOQRWEHUHFRJQLVHGE\WKHV\VWHP7UDFNDQGILOHQDPHV:KHQ\RXFUHDWHDGDWDFDUULHUZLWKFRPSUHVVHGPXVLFILOHV\RXFDQDVVLJQQDPHVWRWKHWUDFNVDQGIROGHUV&20$1'XVHVWKHVHQDPHVDFFRUGLQJO\IRUWKHGLVSOD\)ROGHUVZKLFKFRQWDLQGDWDRWKHUWKDQ03RU:0$WUDFNVDUHQRWGLVSOD\HGE\&20$1',I03RU:0$ILOHVDUHVWRUHGLQWKHURRWGLUHFWRU\LWVHOIWKHURRWGLUHFWRU\ZLOODOVREHWUHDWHGDVDIROGHU&20$1'ZLOOWKHQVKRZWKHQDPHRIWKHURRWGLUHFWRU\DVWKHIROGHUQDPH<RXPXVWREVHUYHWKHIROORZLQJZKHQDVVLJQLQJWUDFNQDPHV=WUDFNQDPHVPXVWKDYHDWOHDVWRQHFKDUDFWHU=WUDFNQDPHVPXVWKDYHWKHH[WHQVLRQPSRUZPD=WKHUHPXVWEHDIXOOVWRSEHWZHHQWKHWUDFNQDPHDQGWKHH[WHQVLRQ([DPSOHRIDFRUUHFWWUDFNQDPH7UDFNPS3HUPLVVLEOHIRUPDWV&20$1'VXSSRUWVWKHIROORZLQJIRUPDWV=03(*$XGLR/D\HU03G7KH03(*$XGLR/D\HU03DXGLRHQFRGLQJPHWKRGKDVEHHQOLFHQVHGE\WKH)UDXQKRIHU,,6,QVWLWXW,QWHJULHUWH6FKDOWXQJHQDQG7KRPVRQ=0LFURVRIW:LQGRZV0HGLD$XGLR9DQG9:0$ZLWKRXWFRS\SURWHFWLRQ=DVZHOODVPXVLFILOHVLQ$$&IRUPDWEXWQRWFRS\SURWHFWHGL7XQHVPXVLFILOHVZLWKWKHPSH[WHQVLRQG,IDVZHOODV03ILOHVWKHUHDUHPXVLFILOHVLQWKHVHDXGLRIRUPDWVVWRUHGRQWKHGLVFORDGLQJPD\UHTXLUHORQJHUEHIRUHWKHILUVWWUDFNLVSOD\HG3HUPLVVLEOHELWDQGVDPSOLQJUDWHV03&20$1'VXSSRUWV03ILOHVRIWKHIROORZLQJW\SHV=)L[HGDQGYDULDEOHELWUDWHVRINELWVXSWRNELWV=VDPSOLQJUDWHVRIN+]WRN+]$XGLR&''9'DQG03RSHUDWLRQ $XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$:0$&20$1'VXSSRUWV:0$ILOHVRIWKHIROORZLQJW\SHV=)L[HGELWUDWHVRINELWVXSWRNELWV=VDPSOLQJUDWHVRIN+]WRN+]&20$1'GRHVQRWVXSSRUW:0$ILOHVRIWKHIROORZLQJW\SHV='50'LJLWDO5LJKWV0DQDJHPHQWHQFU\SWHGILOHV=9DULDEOHELWUDWH=:0$3UR=6XUURXQGG2QO\XVHWUDFNVZLWKDELWUDWHRIDWOHDVWNELWVDQGDVDPSOLQJUDWHRIDWOHDVWN+]/RZHUUDWHVFDQFDXVHDQRWLFHDEOHGHWHULRUDWLRQLQTXDOLW\7KLVLVHVSHFLDOO\WKHFDVHLIWKHVXUURXQGVRXQGIXQFWLRQLVDFWLYDWHG1RWHVRQFRS\ULJKW03RU:0$WUDFNVWKDW\RXFUHDWHRUSOD\EDFNDUHJHQHUDOO\VXEMHFWWRFRS\ULJKWSURWHFWLRQLQDFFRUGDQFHZLWKWKHDSSOLFDEOHLQWHUQDWLRQDODQGQDWLRQDOUHJXODWLRQV,QPDQ\FRXQWULHVUHSURGXFWLRQVHYHQIRUSULYDWHXVHDUHQRWSHUPLWWHGZLWKRXWWKHSULRUFRQVHQWRIWKHFRS\ULJKWKROGHU0DNHVXUHWKDW\RXNQRZDERXWWKHDSSOLFDEOHFRS\ULJKWUHJXODWLRQVDQGWKDW\RXFRPSO\ZLWKWKHVH,I\RXRZQWKHVHULJKWV\RXUVHOIHJIRU\RXURZQFRPSRVLWLRQVDQGUHFRUGLQJVRULIWKHFRS\ULJKWKROGHUKDVJUDQWHG\RXSHUPLVVLRQWKHVHUHVWULFWLRQVGRQRWDSSO\1RWHVRQ&'V'9'VG'LVFVZLWKFRS\SURWHFWLRQDUHQRWFRPSDWLEOHZLWKWKHDXGLR&'VWDQGDUGDQGWKHUHIRUHPD\QRWEHDEOHWREHSOD\HGE\&20$1'7KHUHPD\EHSOD\EDFNSUREOHPVZKHQSOD\LQJFRSLHGGLVFV7KHUHDUHDODUJHYDULHW\RIGLVFVGLVFZULWLQJVRIWZDUHDQGZULWHUVDYDLODEOH7KLVYDULHW\PHDQVWKDWWKHUHLVQRJXDUDQWHHWKDWWKHV\VWHPZLOOEHDEOHWRSOD\GLVFVWKDW\RXKDYHFRSLHG\RXUVHOI7KHUHPD\EHSOD\EDFNSUREOHPVLI\RXSOD\&'VWKDW\RXKDYHFRSLHG\RXUVHOIZLWKDVWRUDJHFDSDFLW\RIPRUHWKDQ0%7KHVH&'VDUHQRWFRPSDWLEOHZLWKFXUUHQWO\DSSOLFDEOHVWDQGDUGVG,QPDQ\'9'DXGLRDOEXPVWKHODVWWUDFNGRHVQRWFRQWDLQDQ\PXVLFDQGWKHUHDUVHDWHQWHUWDLQPHQWV\VWHPVZLWFKHVWRWKHQH[WGLVF7KLVEHKDYLRXULVV\VWHPUHODWHGDQGLVQRWDPDOIXQFWLRQ'RQRWDIIL[VWLFNHUVRUODEHOVWRWKHGLVFVDVWKH\FRXOGSHHORIIDQGGDPDJHWKH$XGLRGLVFGULYH7KH&'GULYHLVGHVLJQHGIRUGDWDFDUULHUVWKDWFRQIRUPWR(1)RUWKLVUHDVRQ\RXFDQRQO\XVHGLVFVZLWKDPD[LPXPWKLFNQHVVRIPP,I\RXLQVHUWWKLFNHUGLVFVHJWKRVHWKDWFRQWDLQGDWDRQERWKVLGHV'9'RQRQHVLGHDQGDXGLRGDWDRQWKHRWKHUWKH\FDQQRWEHHMHFWHGDQGWKH\FDQGDPDJHWKH&'GULYH'RQRWXVHGLVFVZLWKDGLDPHWHURIFPHYHQZLWKDQDGDSWHU2QO\XVHURXQGGLVFVZLWKDGLDPHWHURIFPG&20$1'FDQSOD\EDFNDXGLR&'VZLWKWKHKLJKUHVROXWLRQVXUURXQGIRUPDW1RWHVRQKDQGOLQJ&'V'9'V=2QO\KROGGLVFVE\WKHHGJH=+DQGOHGLVFVFDUHIXOO\WRSUHYHQWSOD\EDFNSUREOHPV=$YRLGJHWWLQJVFUDWFKHVILQJHUSULQWVDQGGXVWRQGLVFV=&OHDQGLVFVIURPWLPHWRWLPHZLWKDFRPPHUFLDOO\DYDLODEOHFOHDQLQJFORWK'RQRW $XGLR&''9'DQG03RSHUDWLRQ$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$ZLSHWKHPZLWKDFLUFXODUPRWLRQEXWRQO\LQVWUDLJKWOLQHVIURPWKHFHQWUHRXWZDUGV=7RODEHOGLVFVRQO\XVHDSHQGHVLJQHGIRUVXFKDSXUSRVH=3ODFHGLVFVEDFNLQWKHLUFDVHVDIWHUXVH=3URWHFWGLVFVIURPKHDWDQGGLUHFWVXQOLJKW,QVHUWLQJ&'VDQG'9'V5LVNRIDFFLGHQW2QO\LQVHUWD&'RU'9'ZKHQWKHYHKLFOHLVVWDWLRQDU\7KHUHLVDULVNRIEHLQJGLVWUDFWHGIURPWKHURDGDQGWUDIILFFRQGLWLRQVLI\RXGRVRZKLOHWKHYHKLFOHLVLQPRWLRQG,IWKH&''9'KDVDSULQWHGVLGHWKLVPXVWIDFHXSZDUGVZKHQWKH&''9'LVLQVHUWHG,IQHLWKHUVLGHLVSULQWHGWKHVLGHWREHSOD\HGVKRXOGIDFHGRZQZDUGV&'V'9'VZLWKFRS\SURWHFWLRQPD\QRWEHDEOHWREHSOD\HGE\WKHV\VWHPG,IDPHGLXPFRQWDLQVRWKHUILOHVLQDGGLWLRQWRPXVLFILOHVWKHORDGLQJWLPHEHIRUHWKHILUVWWUDFNVWDUWVWRSOD\PD\EHORQJHU,QVHUWLQJD'9'LQWRWKHVLQJOHGULYH3UHVVWKH;ORDGEXWWRQ,IDGLVFLVLQVHUWHGLWZLOOEHHMHFWHG7DNHWKHGLVFRXWRIWKHVORW,QVHUWDGLVFLQWRWKHVORW7KHGULYHFORVHVDQGVWDUWVSOD\LQJWKHGLVFLILWKDVEHHQLQVHUWHGFRUUHFWO\DQGLVSHUPLVVLEOH,QVHUWLQJ'9'VLQWRWKH'9'FKDQJHU7KH'9'FKDQJHUKDVDIL[HGPDJD]LQHZLWKVL[WUD\V=/RDGEXWWRQ>'LVFVORW/RDGLQJDQLQGLYLGXDOPDJD]LQHWUD\3UHVVORDGEXWWRQY$PHQXVKRZVWKHFXUUHQWPDJD]LQHFRQWHQWV7KHODVWWUD\VHOHFWHGLVLGHQWLILHGE\DUHGGLJLW7RVHOHFWWKHPDJD]LQHWUD\WXUQ_:`RUVOLGH{:|7RVWDUWORDGLQJSUHVV~RU3UHVVDQXPEHUNH\VXFKDVf7KH'9'FKDQJHUVZLWFKHVWRWKHVHOHFWHGPDJD]LQHWUD\<RXVHHWKH2NGCUGYCKVPHVVDJH7KHQ\RXVHHWKH2NGCUGKPUGTVFKUEZ PHVVDJHG1HYHULQVHUWD&'EHIRUH&20$1'UHTXHVWV\RXGRVRZLWKWKLVPHVVDJH1HYHULQVHUWPRUHWKDQRQH&'DWDWLPHLQWRHDFKPDJD]LQHWUD\$XGLR&''9'DQG03RSHUDWLRQ $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$,QVHUWDGLVFLQWRWKHVORWZLWKWKHSULQWHGVLGHIDFLQJXSZDUGV7KH'9'FKDQJHUORDGVWKHGLVFLQWRWKHVHOHFWHGPDJD]LQHWUD\<RXVHHWKH.QCFKPIFKUEZ PHVVDJHG,WPD\WDNHVRPHWLPHIRUWKHGLVFWREHORDGHGGHSHQGLQJRQWKHW\SHRIGLVF,I\RXGRQRWLQVHUWDGLVFWKHGLVSOD\ZLOOUHWXUQWRWKHPDJD]LQHPHQXDIWHUDSSUR[VHFRQGV7KH'9'FKDQJHUSOD\VWKHGLVFLI=LWKDVEHHQLQVHUWHGFRUUHFWO\=LWLVDSHUPLVVLEOHW\SHRIGLVF=/RDGHGPDJD]LQHWUD\HMHFWLQJSRVVLEOH>(PSW\PDJD]LQHWUD\ORDGLQJSRVVLEOH7RH[LWWKHPHQXSUHVVWKHYLQVHUWEXWWRQDJDLQRU6HOHFW$CEMRU3UHVVWKH!EXWWRQ)LOOLQJHPSW\PDJD]LQHWUD\V3UHVVWKHYLQVHUWEXWWRQ7KHPDJD]LQHPHQXDSSHDUV6HOHFW(KNNGORV[UNQVU<RXVHHWKH2NGCUGYCKVPHVVDJH&20$1'VZLWFKHVWRWKHQH[WHPSW\PDJD]LQHWUD\7KHQ\RXVHHWKH2NGCUGKPUGTVFKUEZ PHVVDJHG1HYHULQVHUWD&'EHIRUH&20$1'UHTXHVWV\RXGRVRZLWKWKLVPHVVDJH1HYHULQVHUWPRUHWKDQRQH&'DWDWLPHLQWRHDFKPDJD]LQHWUD\,QVHUWDGLVFLQWRWKHVORWZLWKWKHSULQWHGVLGHIDFLQJXSZDUGV<RXVHHWKH2NGCUGYCKVPHVVDJH2QFHWKHGLVFLVORDGHGWKH'9'FKDQJHUVZLWFKHVWRWKHQH[WHPSW\WUD\<RXVHHWKH2NGCUGKPUGTVFKUEZ PHVVDJH5HSHDWWKLVVWHSXQWLODOOWUD\VDUHORDGHG7KH'9'FKDQJHUSOD\VWKHODVWGLVFLQVHUWHGHYHQLIORDGLQJKDVQRWFRPSOHWHG7RFRPSOHWHORDGLQJSUHVVWKHYLQVHUWEXWWRQDJDLQRU6HOHFW$CEMRU3UHVVWKH!EXWWRQ/RDGLQJD3&0&,$PHPRU\FDUG&20$1'VXSSRUWVELWIXOOVL]HW\SH,DQG,,3&0&,$PHPRU\FDUGVG1RWDOO3&0&,$PHPRU\FDUGVDQGVWRUDJHPHGLDDUHGHVLJQHGIRUWKHWHPSHUDWXUHVZKLFKPD\EHUHDFKHGLQWKHYHKLFOH'XHWRWKHZLGHUDQJHRI3&0&,$PHPRU\FDUGVDYDLODEOHRQWKHPDUNHWSOD\EDFNFDQQRWEHJXDUDQWHHGIRUDOOEUDQGVRI3&0&,$PHPRU\FDUG $XGLR&''9'DQG03RSHUDWLRQ$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$=3&0&,$PHPRU\FDUGVORW,QVHUWWKH3&0&,$PHPRU\FDUGLQWRVORW=7KHVLGHZLWKWKHFRQWDFWVPXVWIDFHGRZQZDUGVDQGSRLQWWRZDUGVWKHVORW&20$1'ORDGVWKHPHPRU\FDUGDQGVKRZVDPHVVDJHWRWKLVHIIHFW,IQR03WUDFNVFDQEHIRXQG\RXZLOOVHHDPHVVDJHWRWKLVHIIHFW(MHFWLQJ&'VDQG'9'V5LVNRIDFFLGHQW2QO\HMHFWDGLVFZKHQWKHYHKLFOHLVVWDWLRQDU\2WKHUZLVH\RXPD\EHGLVWUDFWHGIURPWKHWUDIILFFRQGLWLRQVDQGFRXOGFDXVHDQDFFLGHQW(MHFWLQJD'9'IURPWKHVLQJOH'9'GULYH3UHVVHMHFWEXWWRQ;7DNHWKHGLVFRXWRIWKHVORW,I\RXGRQRWWDNHWKHGLVFRXWRIWKHVORW&20$1'ZLOOGUDZLWLQDJDLQDXWRPDWLFDOO\DIWHUDVKRUWZKLOHDQGORDGLWDJDLQ(MHFWLQJIURPWKH'9'FKDQJHUG,I\RXHMHFWRQHGLVFZKLOHSOD\LQJDQRWKHUGLVFWKH'9'FKDQJHULQWHUUXSWVSOD\EDFN3OD\EDFNFRQWLQXHVRQFHWKHGLVFKDVEHHQHMHFWHG(MHFWLQJDGLVF=(MHFWEXWWRQ>'LVFVORW3UHVVHMHFWEXWWRQY7KHPDJD]LQHPHQXDSSHDUV7KHPDJD]LQHWUD\FRQWDLQLQJWKHFXUUHQWGLVFLVKLJKOLJKWHG=(MHFWLRQSRVVLEOH>'LVFW\SH@'LVFQDPHRQO\LIVWRUHGRQWKHGLVFB&XUUHQWGLVF7RVHOHFWDIXOOPDJD]LQHWUD\WXUQ_:`RUVOLGH{:|3UHVVWKH~EXWWRQRU3UHVVWKHFRUUHVSRQGLQJQXPEHUEXWWRQfWRl7KH'LGEVKPIFKUEZ PHVVDJHDSSHDUV7KHQ\RXVHHWKHIROORZLQJPHVVDJH$XGLR&''9'DQG03RSHUDWLRQ $XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7DNHWKHGLVFRXWRIWKHVORW,I\RXGRQRWWDNHWKHGLVFRXWRIWKHVORW&20$1'ZLOOGUDZLWLQDJDLQDXWRPDWLFDOO\DIWHUDVKRUWZKLOHDQGORDGLWDJDLQ(MHFWLQJDOOGLVFV3UHVVHMHFWEXWWRQY7KHPDJD]LQHPHQXDSSHDUV6HOHFW'LGEVCNN7KH'9'FKDQJHUHMHFWVWKHODVWGLVFVHOHFWHG<RXVHHWKH'LGEVKPIFKUEZ PHVVDJH7DNHWKHGLVFRXWRIWKHVORWRQFH\RXVHHWKH2NGCUGTGOQXGFKUEZ PHVVDJH7KH'9'FKDQJHUVZLWFKHVWRWKHQH[WORDGHGPDJD]LQHWUD\DQGHMHFWVWKHGLVF5HSHDWWKHODVWVWHSXQWLOWKHPDJD]LQHLVHPSW\7RFRPSOHWHHMHFWLQJSUHVVWKHYHMHFWEXWWRQDJDLQRU3UHVVWKH!EXWWRQ(MHFWLQJD3&0&,$PHPRU\FDUG=(MHFWEXWWRQ>3&0&,$PHPRU\FDUGVORW3UHVVHMHFWEXWWRQ=WZLFH7KH3&0&,$PHPRU\FDUGLVHMHFWHG7DNHWKH3&0&,$PHPRU\FDUGRXWRIVORW> $XGLR&''9'DQG03RSHUDWLRQ$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$0HQXRYHUYLHZ&'RUDXGLR'9'RU032QO\ZLWK'9'$P7UDFNOLVWRU)ROGHU0HGLDRUFKDQJHU6RXQG*URXSDXGLR'9'RQO\3DXVHVSOD\EDFN 'LVSOD\WUDFNOLVWDXGLR&'DXGLR'9'PRGHRQO\0HGLDVHOHFWLRQYLDPHGLDOLVW=/GFKC)RU'9'VLQJOHGULYHRUIRU'9'FKDQJHUZKHQRSHUDWHGLQ0HGLD,QWHUIDFHPRGH=%JCPIGT)RU'9'FKDQJHU7UHEOH1RUPDOWUDFNVHTXHQFH6WRSVSOD\EDFN )ROGHUVHOHFWLRQ03PRGHRQO\%DVV5DQGRPWUDFNV P5HVWDUWVRUFRQWLQXHVSOD\EDFN%DODQFHIDGHU5DQGRPIROGHU03PRGHRQO\6XUURXQGVRXQG7$WUDIILFDQQRXQFHPHQW*UDFHQRWH0HGLD'DWDEDVHIXQFWLRQ&'PRGHRQO\$FWLYHVRXUFHWRUHDUFRPSDUWPHQW5HDUFRPSDUWPHQWRII$XGLR&''9'DQG03RSHUDWLRQ $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6ZLWFKLQJWRDXGLR&''9'DQG03PRGH8VLQJWKH&20$1'FRQWUROSDQHO,QVHUWD&''9'SDJHRUD3&0&,$PHPRU\FDUGSDJH&20$1'ORDGVWKHPHGLXPLQVHUWHGDQGVWDUWVWRSOD\LWRU3UHVVWKHkIXQFWLRQEXWWRQG7KHkIXQFWLRQEXWWRQWDNHV\RXGLUHFWO\WRWKHSUHYLRXVO\VHWGLVFPRGHDXGLR&''9'DQG03RUYLGHR'9'PRGH&20$1'FDQDFFHVVDOOGLVFVLQWKH'9'FKDQJHURUWKHGDWDFDUULHURIWKHVLQJOH'9'GULYHWKHPHPRU\FDUGWKH0XVLF5HJLVWHUDQGWKH0HGLD,QWHUIDFHRUWKH$8;MDFN6HOHFWDXGLR&''9'RU03SDJHRU:KHQSOD\LQJDYLGHR'9'FDOOXSWKHPHGLDOLVWDVGHVFULEHGXQGHU6HOHFWLQJYLGHR'9'VSDJH6HOHFWDQDXGLRGLVF7KHGHVLUHGGLVFPRGHLVDFWLYDWHG8VLQJWKH&20$1'FRQWUROOHU)URPDQRWKHUPDLQIXQFWLRQ6HOHFW#WFKQ7KHV\VWHPFKDQJHVWRWKHODVWDFWLYHDXGLRPRGH6HOHFW#WFKQDJDLQ7KHDXGLRPHQXDSSHDUVSDJH6HOHFW&KUERU/GOQT[ECTFRU/WUKE4GIKUVGTRU/GFKC+PVGTHCEGRU#WZG&KUEDFFHVVHVDXGLRGLVFVLQWKH'9'FKDQJHURUWKHGLVFLQWKHVLQJOH'9'GULYH/GOQT[ECTFVHOHFWVWKH3&0&,$PHPRU\FDUGVORW/WUKE4GIKUVGTVHOHFWVWKH0XVLF5HJLVWHUG/GFKC+PVGTHCEGRU#WZDFFHVVHVH[WHUQDOHTXLSPHQWWKDWLVFRQQHFWHG)URPDXGLRPRGH6HOHFW#WFKQ7KH$XGLRPHQXDSSHDUV6HOHFW&KUERU/GOQT[ECTFRU/WUKE4GIKUVGTRU/GFKC+PVGTHCEGRU#WZIURPWKHDXGLRPHQX6HOHFWDQDXGLR&''9'RU03PHGLXPIURPWKHPHGLDOLVWSDJH7KHGHVLUHGGLVFPRGHLVDFWLYDWHG([DPSOHGLVSOD\LQDXGLR&'PRGH='LVFW\SH>7UDFNQXPEHU@7UDFNQDPHRQO\LIVWRUHGRQWKHGLVFDV&'WH[WB7UDFNWLPHD9LVXDOWLPHDQGWUDFNGLVSOD\E&XUUHQWSOD\EDFNVHWWLQJVQRLFRQIRU1RUPDOWUDFNVHTXHQFHF6RXQGVHWWLQJVG0HGLDVHOHFWLRQGLVSOD\VKRZVHLWKHU/GFKCRU%JCPIGTH'LVFQDPHRQO\LIVWRUHGRQWKHGLVFDV&'WH[WI7RFDOOXSWKHWUDFNOLVWJ'DWDFDUULHUSRVLWLRQLQWKHPHGLDOLVWK3OD\EDFNRSWLRQV $XGLR&''9'DQG03RSHUDWLRQ$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$([DPSOHGLVSOD\LQDXGLR'9'PRGH='LVFW\SH>7UDFNQXPEHU@7UDFNQDPHRQO\LIVWRUHGRQWKHGLVFDV&'WH[WB7UDFNWLPHD9LVXDOWLPHDQGWUDFNGLVSOD\E&XUUHQWSOD\EDFNVHWWLQJVQRLFRQIRU1RUPDOWUDFNVHTXHQFHF6RXQGVHWWLQJVG0HGLDVHOHFWLRQGLVSOD\VKRZVHLWKHU/GFKCRU%JCPIGTH'LVFQDPHRQO\LIVWRUHGRQWKHGLVFI7RFDOOXSWKHWUDFNOLVWJ6WRSIXQFWLRQK3DXVHIXQFWLRQL'DWDFDUULHUSRVLWLRQLQWKHPHGLDOLVWM3OD\EDFNRSWLRQV([DPSOHGLVSOD\LQ03PRGH='LVFW\SH>7UDFNQXPEHU@7UDFNQDPHB7UDFNWLPHD9LVXDOWLPHDQGWUDFNGLVSOD\E&XUUHQWSOD\EDFNVHWWLQJVQRLFRQIRU1RUPDOWUDFNVHTXHQFHF6RXQGVHWWLQJVG0HGLDVHOHFWLRQGLVSOD\VKRZVHLWKHU/GFKCRU%JCPIGTH&XUUHQWIROGHUI7RFDOOXSWKHIROGHUOLVWJ'DWDFDUULHUSRVLWLRQLQWKHPHGLDOLVWK3OD\EDFNRSWLRQVG,IGXULQJRSHUDWLRQZLWKD'9'FKDQJHUQR0HGLD,QWHUIDFHSDJHLVFRQQHFWHGGGLVSOD\V%JCPIGTLQVWHDGRI/GFKCG)RUDQH[DPSOHGLVSOD\RIWKHPHGLDOLVWVHHSDJH6WRSIXQFWLRQ7KLVIXQFWLRQLVRQO\DYDLODEOHLQDXGLR'9'PRGH6ZLWFKWRDXGLR'9'PRGH7RLQWHUUXSWSOD\EDFNVHOHFW7KHGLVSOD\FKDQJHVWRP7KHLFRQUHPDLQVKLJKOLJKWHG7RUHVXPHSOD\EDFNVHOHFWP3OD\EDFNFRQWLQXHVIURPWKHSRLQWZKHUHLWZDVLQWHUUXSWHG7RVWRSSOD\EDFNVHOHFWDJDLQZKLOHSOD\EDFNLVLQWHUUXSWHG7KHVHOHFWLRQPDUNHULVDWP7RUHVWDUWSOD\EDFNVHOHFWP3OD\EDFNVWDUWVIURPWKHEHJLQQLQJRIWKH'9'$XGLR&''9'DQG03RSHUDWLRQ $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3DXVHIXQFWLRQ,QDXGLR&''9'DQG03PRGH7RSDXVHSOD\EDFNEULHIO\SUHVVWKHKEXWWRQ7KHSGLVSOD\LVRQWKHWRSOHIWRIWKHVWDWXVEDU7RFRQWLQXHSOD\EDFNEULHIO\SUHVVWKHKEXWWRQDJDLQ7KHSGLVSOD\JRHVRXW2QO\LQDXGLR'9'PRGH7RSDXVHSOD\EDFNVZLWFKWRDXGLR'9'PRGH6HOHFW7KHGLVSOD\FKDQJHVWRP7RUHVXPHSOD\EDFNVHOHFWP3OD\EDFNFRQWLQXHVIURPWKHSRLQWZKHUHLWZDVLQWHUUXSWHG7KHPGLVSOD\FKDQJHVWR6HOHFWLQJDXGLR&''9'RU03GLVFV6HOHFWLQJYLDWKHPHGLDOLVW,QDXGLR&''9'DQG03PRGHVHOHFW/GFKCRU%JCPIGTRU,QDXGLR&''9'PRGHRQO\SUHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVKLJKOLJKWHG7KHPHGLDOLVWDSSHDUV7KHGRWLQGLFDWHVWKHFXUUHQWPHGLXPEHLQJSOD\HG0HGLDOLVWZKHQHTXLSSHGZLWKD'9'FKDQJHU=7RGLVSOD\DOOPDJD]LQHWUD\V7KHPHGLDOLVWVKRZVWKHGLVFVFXUUHQWO\DYDLODEOH5HDGDEOHGLVFVDUHDXGLR&'V03&'V'9'VDXGLR'9'VDQGYLGHR'9'VG,IDGLVFLVQRWUHDGDEOHDQHQWU\DSSHDUVEHKLQGWKHPDJD]LQHWUD\RU\RXUHFHLYHDPHVVDJHDWWKHVHOHFWHGPHPRU\FDUG7RGLVSOD\DOOPDJD]LQHWUD\VSUHVV~ZKHQ=LVKLJKOLJKWHG0HGLDOLVWZLWKFRPSOHWHGLVSOD\RIPDJD]LQHFRQWHQWV'9'FKDQJHU=0DJD]LQHWUD\VWR=3&0&,$PHPRU\FDUGSRVLWLRQ=0XVLF5HJLVWHURQSRVLWLRQ=0HGLD,QWHUIDFHLQSRVLWLRQ6LQJOH'9'GULYH='9'GULYHSRVLWLRQ=3&0&,$PHPRU\FDUGSRVLWLRQ $XGLR&''9'DQG03RSHUDWLRQ$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$=0XVLF5HJLVWHURQSRVLWLRQ=0HGLD,QWHUIDFHLQSRVLWLRQ7RVHOHFWDGDWDFDUULHUWXUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQG,I\RXVHOHFWD'9'YLGHRGLVFWKHV\VWHPVZLWFKHVWRYLGHR'9'PRGHSDJH6HOHFWLQJDWUDFNXVLQJWKHQXPEHUSDG3UHVVDQXPEHUEXWWRQHJjZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYH7KHPHGLXPDWWKHFRUUHVSRQGLQJSRVLWLRQLQWKHPHGLDOLVWLVORDGHGDQGWKHQSOD\HG6HOHFWLQJDWUDFN6HOHFWLQJE\VNLSSLQJWRDWUDFN7RVNLSIRUZDUGVRUEDFNWRDWUDFNWXUQ_:`ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYHRU3UHVVWKHHRUIEXWWRQ6NLSSLQJIRUZDUGVVNLSVWRWKHQH[WWUDFN6NLSSLQJEDFNZDUGVVNLSVWRWKHEHJLQQLQJRIWKHFXUUHQWWUDFNLIWKHWUDFNKDVEHHQSOD\LQJIRUPRUHWKDQVHFRQGV,IWKHWUDFNKDVEHHQSOD\LQJIRUOHVVWKDQVHFRQGVLWVNLSVWRWKHVWDUWRIWKHSUHYLRXVWUDFN,IWKH4CPFQOVTCEMURU4CPFQOHQNFGTSOD\EDFNRSWLRQKDVEHHQVHOHFWHGWKHWUDFNRUGHULVUDQGRP8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO6ZLWFKWRDXGLR&'DXGLR'9'RU03PRGHLQ&20$1'SDJH8VH@RU>WRVHOHFWWKH#WFKQPHQX([DPSOHGLVSOD\IRUVLQJOH'9'GULYHDQG'9'FKDQJHU=7UDFNGLVSOD\3UHVV<RU=EULHIO\6HOHFWLQJE\WUDFNOLVW,QDXGLR&'DQGDXGLR'9'PRGHVHOHFW6TCEMURU6TCEMNKUVRU,Q03PRGHSUHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYH7KHWUDFNOLVWDSSHDUV7KHGRWLQGLFDWHVWKHFXUUHQWWUDFN7RVHOHFWDWUDFNWXUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQG,Q03PRGHWKHOLVWVKRZVDOOWKHWUDFNVLQDOSKDEHWLFDORUGHU8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO6ZLWFKWRDXGLR&'DXGLR'9'RU03PRGHLQ&20$1'SDJH8VH@RU>WRVHOHFWWKH#WFKQPHQX3UHVVDQGKROG<RU=XQWLOWKHGHVLUHGWUDFNKDVEHHQUHDFKHG,I\RXSUHVVDQGKROG<RU=UDSLGVFUROOZLOODFFHOHUDWHDIWHUDVKRUWSHULRG1RWDOODXGLRGULYHVRUGDWDFDUULHUVVXSSRUWWKLVIXQFWLRQ,IWUDFNLQIRUPDWLRQLVVWRUHGRQWKHDXGLRGULYHRUGDWDFDUULHUWKHPXOWLIXQFWLRQGLVSOD\VKRZVWKHQDPHDQGQXPEHURIWKHWUDFN$XGLR&''9'DQG03RSHUDWLRQ $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWLQJDWUDFNXVLQJWKHQXPEHUSDG3UHVVWKHoEXWWRQRQWKHQXPEHUSDG$QXPHULFDOHQWU\ILHOGDSSHDUV7KHQXPEHURISRVLWLRQVRIIHUHGFRUUHVSRQGVWRWKHQXPEHURIWUDFNVRQWKH&''9'2QO\QXPEHUVWKDWFRUUHVSRQGWRDWUDFNQXPEHURQWKH&''9'FDQEHHQWHUHG(QWHUWKHGHVLUHGWUDFNQXPEHUXVLQJWKHQXPEHUEXWWRQV7RFRQILUPWKHHQWU\SUHVV~G3UHVVLQJDQGKROGLQJDQXPEHUEXWWRQIRUVHFRQGVRUPRUHDOVRFRPSOHWHVHQWU\DQGWKHFRUUHVSRQGLQJWUDFNLVSOD\HG)DVWIRUZDUGUHZLQG,IWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYHVOLGHDQGKROG{:|XQWLOWKHGHVLUHGSRVLWLRQKDVEHHQUHDFKHGRU3UHVVDQGKROGWKHHRUIEXWWRQXQWLOWKHGHVLUHGSRVLWLRQKDVEHHQUHDFKHG6HOHFWLQJDIROGHUG7KLVIXQFWLRQLVRQO\DYDLODEOHLQ03PRGH6ZLWFKWR03PRGHSDJH6HOHFW(QNFGTRU3UHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVVHOHFWHG7KHFRQWHQWRIWKHIROGHULVGLVSOD\HG=,FRQIRUQH[WIROGHUXS>&XUUHQWWUDFN@7UDFNLFRQB&XUUHQWIROGHUQDPH7RVZLWFKWRWKHQH[WIROGHUXSVHOHFWWKH9LFRQ7KHGLVSOD\FKDQJHVWRWKHQH[WIROGHUXS=&XUUHQWIROGHU>)ROGHULFRQ7RVHOHFWDIROGHUWXUQ_:`RUVOLGH}:È3UHVV~<RXZLOOVHHWKHWUDFNVLQWKHIROGHU7RVHOHFWDWUDFNWXUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQ7KHWUDFNLVSOD\HGDQGWKHFRUUHVSRQGLQJIROGHULVQRZWKHDFWLYHIROGHU $XGLR&''9'DQG03RSHUDWLRQ$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$*UDFHQRWH0HGLD'DWDEDVHG7KLVIXQFWLRQLVRQO\DYDLODEOHLQDXGLR&'PRGHDQGGXULQJRSHUDWLRQZLWKWKHLQVWDOOHGKDUGGLVN7KHUHLVDYHUVLRQRIWKHVRIWZDUHIURP*UDFHQRWH(PHU\YLOOH&DOLIRUQLD86$RQWKHKDUGGLVN<RXZLOOQRWLFHWKLVE\WKHORJRZKLFKFDQEHVHHQLQWKHERWWRPULJKWKDQGFRUQHURIFHUWDLQDXGLRGLVSOD\V0DQ\DXGLR&'VFRQWDLQ&'WH[W&20$1'XVHVWKHLQIRUPDWLRQFRQWDLQHGWKHUHLQWRGLVSOD\WKHDUWLVWDOEXPDQGWUDFNQDPH,IWKHDXGLR&'GRHVQRWFRQWDLQDQ\&'WH[WLQIRUPDWLRQ&20$1'FDQXVHWKH*UDFHQRWH0HGLD'DWDEDVHWRLGHQWLI\XQNQRZQDXGLRWUDFNVZKHQUXQQLQJLQDXGLR&'PRGH7KHSUHUHTXLVLWHVIRUWKLVDUHWKDWWKHUHOHYDQWLQIRUPDWLRQEHVWRUHGLQWKH*UDFHQRWH0HGLD'DWDEDVHDQGWKDWWKH5HDG&'GDWDEDVHIXQFWLRQLVDFWLYDWHG,IWKLVLVWKHFDVH&20$1'ZLOOGLVSOD\WKHDYDLODEOHGDWDVXFKDVDUWLVWDOEXPDQGWUDFNQDPHLQWKHUHOHYDQWGLVSOD\VDQGOLVWV,I&20$1'DFFHVVHVWKH*UDFHQRWH0HGLD'DWDEDVHZKHQUHDGLQJDQDXGLR&'\RXVHHWKHIROORZLQJLQIRUPDWLRQ6ZLWFKLQJWKH*UDFHQRWHGDWDGLVSOD\RQRURII6ZLWFKWRDXGLR&'PRGHSDJH6HOHFW%&T)TCEGPQVG/GFKC&CVCDCUG$PHQXDSSHDUVG,IQR*UDFHQRWHGDWDLVDYDLODEOHWKH)TCEGPQVG/GFKC&CVCDCUGPHQXLWHPDSSHDUVJUH\HGRXW6HOHFW0QPG'HSHQGLQJRQWKHSUHYLRXVVWDWXVWKLVVHOHFWLRQZLOOKLGHWKH*UDFHQRWHGDWDRRUGLVSOD\WKHP¬8SGDWLQJ*UDFHQRWHPXVLFUHFRJQLWLRQWHFKQRORJ\DQGWKH*UDFHQRWH0HGLD'DWDEDVH7KHGLJLWDOGDWDRQWKH*UDFHQRWH0HGLD'DWDEDVHEHFRPHVREVROHWHGXHWRWKHUHOHDVHRIQHZ&'V2SWLPXPIXQFWLRQDOLW\FDQRQO\EHDWWDLQHGZLWKXSWRGDWH*UDFHQRWHPXVLFUHFRJQLWLRQWHFKQRORJ\,QIRUPDWLRQDERXWQHZYHUVLRQVFDQEHREWDLQHGIURPD0HUFHGHV%HQ]6HUYLFH&HQWUH<RXFDQKDYH\RXUPXVLFUHFRJQLWLRQVRIWZDUHXSGDWHGWKHUHZLWKD'9'RU\RXFDQXSGDWHLW\RXUVHOIG7KH*UDFHQRWH0HGLD'DWDEDVHLVXSGDWHGDWWKHVDPHWLPHDVWKHPDSVRIWZDUH6HWWLQJWKHDXGLRIRUPDWG<RXFDQRQO\VHWWKHDXGLRIRUPDWLQDXGLR'9'PRGH7KHQXPEHURIDXGLRIRUPDWVDYDLODEOHGHSHQGVRQWKH'9'7KHFRQWHQWRIDQDXGLR'9'LVFDOOHGDQDOEXPDQGWKLVFDQEHGLYLGHGLQWRXSWRQLQHJURXSV$JURXSFDQFRQWDLQPXVLFLQGLIIHUHQWVRXQGTXDOLWLHVVWHUHRDQGPXOWLFKDQQHOIRUPDWVIRUH[DPSOHRUERQXVWUDFNV(DFKJURXSFDQFRQWDLQXSWRWUDFNV,IDQDXGLR'9'RQO\FRQWDLQVRQHDXGLRIRUPDW$XGLR&''9'DQG03RSHUDWLRQ$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$WKH*URXSPHQXLWHPVFDQQRWEHVHOHFWHG6ZLWFKWRDXGLR'9'PRGHSDJH6HOHFW&8&#T)TQWR7KHOLVWRIDYDLODEOHDXGLRIRUPDWVDSSHDUV7KHGRWLQGLFDWHVWKHIRUPDWFXUUHQWO\VHOHFWHG7RFKDQJHWKHVHWWLQJWXUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQ7RH[LWDPHQXVOLGH{:|RU3UHVVWKH!EXWWRQ3OD\EDFNRSWLRQV7KHIROORZLQJRSWLRQVDUHDYDLODEOHWR\RX=0QTOCNVTCEMUGSWGPEG<RXZLOOKHDUWKHWUDFNVLQWKHQRUPDORUGHUHJWUDFNHWF=4CPFQOVTCEMU$OOWKHWUDFNVRQWKHPHGLXPDUHSOD\HGLQUDQGRPRUGHUHJWUDFNHWF=4CPFQOHQNFGT03PRGHRQO\7KHWUDFNVLQWKHFXUUHQWO\DFWLYHFDWHJRU\RUIROGHUDUHSOD\HGLQUDQGRPRUGHU7RVHOHFWRSWLRQVVZLWFKWRDXGLR&''9'RU03PRGHSDJH6HOHFW%&RU&8&#RU/27KHRSWLRQOLVWDSSHDUV$GRWLQGLFDWHVWKHRSWLRQVHOHFWHG6HOHFWDQRSWLRQ7KHRSWLRQLVVZLWFKHGRQ)RUDOORSWLRQVH[FHSW1RUPDOWUDFNVHTXHQFH\RXZLOOVHHDFRUUHVSRQGLQJGLVSOD\LQWKHGLVSOD\VHOHFWLRQZLQGRZ6HHH[DPSOHRIGLVSOD\DXGLR&'PRGHSDJHLWHPEG7KH1RUPDOWUDFNVHTXHQFHRSWLRQLVDXWRPDWLFDOO\VHOHFWHGZKHQ\RXFKDQJHWKHPHGLXP\RXDUHFXUUHQWO\OLVWHQLQJWRRUZKHQ\RXVHOHFWDGLIIHUHQWPHGLXP,IDQRSWLRQLVVHOHFWHGLWUHPDLQVVHOHFWHGDIWHU&20$1'LVVZLWFKHGRQRURII0XVLF5HJLVWHU<RXFDQVWRUHPXVLFILOHVLQ03RU:0$IRUPDWLQWKH0XVLF5HJLVWHU7KHPHPRU\KDVDFDSDFLW\RI*%5HWDLQWKHRULJLQDOPXVLFILOHVLQDVHFXUHORFDWLRQ$QHUURULQ&20$1'PLJKWUHVXOWLQWKHORVVRIWKHPXVLFILOHVVWRUHGLQWKH0XVLF5HJLVWHU0HUFHGHV%HQ]LVQRWOLDEOHIRUDQ\ORVVRIGDWD0XVLF5HJLVWHU$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$0HQXRYHUYLHZ0XVLF5HJLVWHU )ROGHU 0HGLDRUFKDQJHU6RXQG1RUPDOWUDFNVHTXHQFH )ROGHUIXQFWLRQV 0HGLDVHOHFWLRQYLDPHGLDOLVW=/GFKC)RU'9'VLQJOHGULYHRUIRU'9'FKDQJHUZKHQRSHUDWHGLQ0HGLD,QWHUIDFHPRGH=%JCPIGT)RU'9'FKDQJHU7UHEOH5DQGRPIROGHU %DVV5DQGRPWUDFNV %DODQFHIDGHU&RSLHVPXVLFILOHV 6XUURXQGVRXQG'HOHWHVDOOPXVLFILOHV0HPRU\VSDFHLQIRR6ZLWFKHV7$WUDIILFDQQRXQFHPHQWRQRII$FWLYHVRXUFHWRUHDUFRPSDUWPHQW5HDUFRPSDUWPHQWRII6ZLWFKLQJWRWKH0XVLF5HJLVWHU)URPDQRWKHUPDLQPRGH6HOHFW#WFKQ7KHV\VWHPFKDQJHVWRWKHODVWDFWLYHDXGLRPRGH6HOHFW#WFKQDJDLQ7KHDXGLRPHQXDSSHDUVSDJH6HOHFW/WUKE4GIKUVGTRU3UHVVQXPEHUNH\nIRU'9'FKDQJHURUiIRUVLQJOH'9'GULYH7KH0XVLF5HJLVWHUDSSHDUVG,I/WUKE4GIKUVGTZDVWKHODVWPRGHVHOHFWHG\RXRQO\QHHGWRVHOHFW#WFKQ)URPDXGLRPRGH6HOHFW#WFKQ7KH$XGLRPHQXDSSHDUV6HOHFW/WUKE4GIKUVGT0XVLF5HJLVWHULVORDGHG7KH0XVLF5HJLVWHUGLVSOD\DSSHDUV7KHUHDUHQRPXVLFILOHV<RXZLOOVHHDPHVVDJHWRWKLVHIIHFW<RXILUVWQHHGWRFRS\PXVLFILOHVWRWKH0XVLF5HJLVWHUSDJH0XVLF5HJLVWHU $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$7KHUHDUHPXVLFILOHV<RXKHDUWKHILUVWWUDFNLQWKHILUVWIROGHUIRXQGRUSOD\EDFNEHJLQVDWWKHODVWSRLQWOLVWHQHGWR([DPSOHRIGLVSOD\0XVLF5HJLVWHU='DWDFDUULHUW\SH0XVLF5HJLVWHU>7UDFNQXPEHU@7UDFNQDPHB7UDFNWLPHD9LVXDOWLPHDQGWUDFNGLVSOD\E&XUUHQWSOD\EDFNVHWWLQJVQRLFRQIRU1RUPDOWUDFNVHTXHQFHF6RXQGVHWWLQJVG0HGLDVHOHFWLRQGLVSOD\VKRZVHLWKHU/GFKCRU%JCPIGTH)ROGHUIXQFWLRQVI&XUUHQWIROGHUJ'DWDFDUULHUSRVLWLRQLQWKHPHGLDOLVWK7RFDOOXSWKH0XVLF5HJLVWHUPHQX&RS\LQJPXVLFGDWDWRWKH0XVLF5HJLVWHU<RXFDQFRS\PXVLFILOHVIURPGLVFVLQWKH'9'FKDQJHURUWKHVLQJOH'9'GULYHRUIURPWKHPHPRU\FDUGDVORQJDVWKH\DUHLQ03DQGRU:0$IRUPDWG:KLOHFRS\LQJVHYHUDOIXQFWLRQVZLOOQRWEHDYDLODEOH,IWKLVLVHYHUWKHFDVH\RXZLOOVHHDPHVVDJHWRWKLVHIIHFW6HOHFWLQJDGDWDFDUULHU6HOHFW/WUKE4GIKUVGTT%QR[OWUKEHKNGU7KHPHGLDOLVWDSSHDUV$GDWDFDUULHUIURPZKLFKILOHVFDQEHFRSLHGLVVHOHFWHGDXWRPDWLFDOO\=&RSLHVPXVLFILOHV>'DWDFDUULHUVHOHFWHG7RVHOHFWDGDWDFDUULHUWXUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQ7KHGDWDFDUULHULVORDGHG7KHPHGLXPFRQWDLQVPXVLFILOHVZKLFKFDQEHFRSLHG\RXVHHDPHQX=7RFRS\DOOPXVLFILOHV>7RVHOHFWDQLQGLYLGXDOIROGHU@&RQILUPLQJ\RXUVHOHFWLRQ 0XVLF5HJLVWHU$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWLQJPXVLFILOHV$OOPXVLFILOHV6HOHFW#NNOWUKEHKNGU7KLVIXQFWLRQFRSLHVDOOPXVLFILOHVRQWKHVHOHFWHGGDWDFDUULHU7KHLFRQLQIURQWRI#NNOWUKEHKNGULVILOOHGLQDQGDOOIROORZLQJHQWULHVKDYHDWLFNREHVLGHWKHP6HOHFWLQJIROGHUVRUWLWOHV7XUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQ6HOHFWLRQ>LVLQGLFDWHGE\WKHRWLFNLQIURQWRIWKHIROGHURUWUDFNHQWU\&RQILUPLQJ\RXUVHOHFWLRQ6HOHFW%QPVKPWG7KHFRS\LQJPHQXDSSHDUV6WDUWLQJWKHFRS\LQJSURFHVV=&RS\LQJIURPDQ03&'>&RS\LQJWRWKH0XVLF5HJLVWHU@,QVXIILFLHQWPHPRU\VHH&DOOLQJXSPHPRU\VSDFHLQIRSDJHB7RGHWHUPLQHGHVWLQDWLRQIROGHUD1DPHRIWKHGDWDFDUULHUIURPZKLFKILOHVDUHEHLQJFRSLHGE7RVWDUWWKHFRS\LQJSURFHVVF'DWDFDUULHUSRVLWLRQLQWKHPHGLDOLVWG7RFDQFHOFRS\LQJRIPXVLFILOHV6HOHFW5VCTV&RS\LQJEHJLQV7KHSURJUHVVEDULQGLFDWHVWKHVWDWXVRIWKHFRS\LQJSURFHGXUH8QGHUQRFLUFXPVWDQFHVVKRXOG\RXUHPRYHWKHPHPRU\FDUGZKLOH\RXDUHFRS\LQJGDWDIURPLW7KLVZLOOJHQHUDWHXQXVDEOHGDWDLQWKH0XVLF5HJLVWHUG,WPD\WDNHVRPHWLPHIRUWKHPXVLFWREHFRSLHGGHSHQGLQJRQWKHDPRXQWRIGDWD,WVKRXOGWDNHDERXWRQHPLQXWHWRFRS\0%,IWKHUHLVQRWHQRXJKPHPRU\VSDFH\RXZLOOVHHDPHVVDJHWRWKLVHIIHFW7RFDQFHOFRS\LQJVHOHFW%CPEGN0XVLFILOHVXSXQWLOWKHSRLQWRIFDQFHOODWLRQDUHVWRUHGLQ0XVLF5HJLVWHU7RH[LWZLWKRXWFRS\LQJPXVLFILOHVVHOHFW$CEM7RGHWHUPLQHWKHGHVWLQDWLRQIROGHUVHOHFW&GUVKPCVKQPHQNFGT7RVHOHFWDGHVWLQDWLRQIROGHUWXUQ_:`RUVOLGH}:È3UHVVWKH~EXWWRQ2QFHFRS\LQJLVFRPSOHWH\RXKHDUWKHILUVWWUDFNRQWKHDOEXPFRSLHG7KH0XVLF5HJLVWHUGLVSOD\DSSHDUV1RZ\RXFDQFRS\PRUHPXVLFILOHVWR0XVLF5HJLVWHU'HOHWLQJDOOPXVLFILOHV7KLVIXQFWLRQGHOHWHVDOOPXVLFILOHVIURP0XVLF5HJLVWHU7KHGHOHWLRQSURFHGXUHPD\WDNHXSWRVHYHUDOPLQXWHV,QRUGHUWRSUHYHQWPDOIXQFWLRQVGRQRWXVH&20$1'GXULQJWKLVSHULRG0XVLF5HJLVWHU $XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFW/WUKE4GIKUVGTT&GNGVGCNNOWUKEHKNGU$TXHU\DSSHDUV0QLVKLJKOLJKWHG,I\RXGRQRWZLVKWRGHOHWHSUHVVWKH~EXWWRQ7KHSURPSWGLVDSSHDUV7RGHOHWHVHOHFW;GU<RXVHHWKH2NGCUGYCKVPHVVDJH7KHQ\RXVHHWKH&GNGVKQPRTQEGFWTGUWEEGUUHWNPHVVDJH&DOOLQJXSPHPRU\VSDFHLQIR6HOHFW/WUKE4GIKUVGTT/GOQT[KPHQ<RXVHHDZLQGRZZLWKGHWDLOVDERXW=VWRUDJHFDSDFLW\=DYDLODEOHPHPRU\=RFFXSLHGPHPRU\=FRQWHQWIROGHUVWUDFNV)ROGHUIXQFWLRQV<RXFDQYLHZWKHFRQWHQWRI0XVLF5HJLVWHUFKDQJHIROGHURUWUDFNQDPHVDQGGHOHWHLQGLYLGXDOIROGHUVRUWUDFNV&DOOLQJXSWKH0XVLF5HJLVWHU6HOHFW(QNFGTRU3UHVV~ZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVVHOHFWHG<RXVHHWKHFRQWHQWVRIWKHFXUUHQWIROGHU=)ROGHUVHOHFWLRQLFRQ>,FRQIRUPXVLFILOH@&XUUHQWIROGHU7RVHOHFWRQHIROGHUKLJKHUVHOHFWWKH9LFRQ7KHGLVSOD\FKDQJHVWRWKHQH[WIROGHUXS&KDQJLQJWKHIROGHUWUDFNQDPH6HOHFW(QNFGT7RVHOHFWDIROGHUWUDFNWXUQ_:`RUVOLGH}:È6HOHFW1RVKQPUT%JCPIG(QWHUDQDPHIRUWKHIROGHUWUDFNLQWKHHQWU\OLQH7RVDYHFKDQJHVVHOHFW®DQGSUHVV~'HOHWLQJIROGHUVWUDFNV6HOHFW(QNFGT7RVHOHFWDIROGHUWUDFNWXUQ_:`RUVOLGH}:È6HOHFW1RVKQPUT&GNGVG$TXHU\DSSHDUV0QLVKLJKOLJKWHG,I\RXGRQRWZLVKWRGHOHWHSUHVVWKH~EXWWRQ7RGHOHWHVHOHFW;GUDQGSUHVV~$PHVVDJHDSSHDUV 0XVLF5HJLVWHU$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$3OD\EDFNRSWLRQV7KHIROORZLQJRSWLRQVDUHDYDLODEOHWR\RX=0QTOCNVTCEMUGSWGPEG<RXZLOOKHDUWKHWUDFNVLQWKHQRUPDORUGHUHJWUDFNHWF=4CPFQOVTCEMU$OOWKHWUDFNVRQWKHPHGLXPDUHSOD\HGLQUDQGRPRUGHU=4CPFQOHQNFGT03PRGHRQO\7KHWUDFNVLQWKHFXUUHQWO\DFWLYHFDWHJRU\RUIROGHUDUHSOD\HGLQUDQGRPRUGHU7RVHOHFWRSWLRQVVZLWFKWR0XVLF5HJLVWHUSDJH6HOHFW/WUKE4GIKUVGT7KHRSWLRQOLVWDSSHDUV$GRWLQGLFDWHVWKHRSWLRQVHOHFWHG6HOHFWDQRSWLRQ7KHRSWLRQLVVZLWFKHGRQ)RUDOORSWLRQVH[FHSW1RUPDOWUDFNVHTXHQFH\RXZLOOVHHDFRUUHVSRQGLQJGLVSOD\LQWKHGLVSOD\VHOHFWLRQZLQGRZ6HHH[DPSOHRIGLVSOD\0XVLF5HJLVWHUSDJHLWHPEG7KH1RUPDOWUDFNVHTXHQFHRSWLRQLVDXWRPDWLFDOO\VHOHFWHGZKHQ\RXFKDQJHWKHPHGLXP\RXDUHFXUUHQWO\OLVWHQLQJWRRUZKHQ\RXVHOHFWDGLIIHUHQWPHGLXP,IDQRSWLRQLVVHOHFWHGLWUHPDLQVVHOHFWHGDIWHU&20$1'LVVZLWFKHGRQRURII0HGLD,QWHUIDFHPRGH,QIRUPDWLRQRQRSHUDWLQJZLWK0HGLD,QWHUIDFH&RQQHFWLRQRSWLRQVG6WRZWKHLQGLYLGXDOSDUWVLQDVHFXUHORFDWLRQ8VHRQO\RULJLQDO0HUFHGHV%HQ]FRQQHFWLQJFDEOHV<RXFDQFRQQHFWWKHIROORZLQJGDWDPHGLXPVWR&20$1'YLDWKH0HGLD,QWHUIDFH=L3RGGL3RGLVDUHJLVWHUHGWUDGHPDUNRI$SSOH,QF&XSHUWLQR&DOLIRUQLD86$=86%GHYLFHV)RUPRUHGHWDLOVDQGDFRPSUHKHQVLYHOLVWRIVXSSRUWHGGHYLFHVSOHDVHFRQWDFWD0HUFHGHV%HQ]6HUYLFH&HQWUHRUYLVLWKWWSZZZPHUFHGHVEHQ]FRPDQGSURFHHGDVGHVFULEHGXQGHU0HGLD,QWHUIDFH6XSSRUWHGL3RGYDULDQWV7KHIROORZLQJDUHH[DPSOHVRIVXSSRUWHGL3RGYDULDQWV=L3RG0LQL=L3RGQDQR=L3RG&ODVVLF=L3RG7RXFK6XSSRUWHG86%GHYLFHV7KHIROORZLQJ86%GHYLFHVDUHVXSSRUWHG=86%VWLFNVIODVKPHPRU\=86%KDUGGULYHVLQFKLQFKDQGLQFKGULYHVZLWKDVWDUWLQJFRQWLQXRXVFXUUHQWRIXSWRP$DVHSDUDWHSRZHUVXSSO\PD\EHQHFHVVDU\=FHUWDLQ03SOD\HUVG7KH0HGLD,QWHUIDFHVXSSRUWV86%VWRUDJHPHGLDRI86%'HYLFH6XEFODVV,QIRUPDWLRQFRQFHUQLQJ86%'HYLFH6XEFODVVLVDYDLODEOHIURPWKHHTXLSPHQWPDQXIDFWXUHU6XSSRUWHGGDWDIRUPDWV86%GHYLFHV7KHIROORZLQJGDWDW\SHVDUHVXSSRUWHG=03&%59%5XSWRNELWV=:0$&%59%5XSWRNELWV1RWHVRQ86%GHYLFHV=$YRLGVWRULQJGDWDRWKHUWKDQPXVLFGDWDRQWKH86%GHYLFHVRWKDWWKHVWDUWXSWLPHLVQRWH[WHQGHGXQQHFHVVDULO\=8SWRHLJKWGLUHFWRU\OHYHOVZLWKXSWRWUDFNVDUHVXSSRUWHG0HGLD,QWHUIDFHPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$='RQRWXVHD86%H[WHQVLRQFDEOHRUDGDSWHU7KHVHPD\LPSDLUIXQFWLRQDOLW\=$EDFNJURXQGVHDUFKRIWKH86%GHYLFHLVSHUIRUPHGDQGDQ\SOD\OLVWVIRXQGDUHSURYLGHGLQDVHSDUDWHFDWHJRU\LQDGGLWLRQWRWKHIROGHUV,QLWLDOLVDWLRQRIODUJHU86%PDVVVWRUDJHGHYLFHVFRQWDLQLQJDKLJKQXPEHURIILOHVFDQWDNHXSWRVHYHUDOPLQXWHVG)LOHVSURWHFWHGZLWK'50'LJLWDO5LJKWV0DQDJHPHQWDUHQRWVXSSRUWHGE\WKH0HGLD,QWHUIDFH&RQQHFWLQJH[WHUQDOGHYLFHV<RXZLOOILQGWKHFRQQHFWLRQVRFNHWLQWKHJORYHFRPSDUWPHQW1HYHUFRQQHFWPRUHWKDQRQHGHYLFHDWDWLPH<RXZLOORWKHUZLVHQRWEHDEOHWRSOD\EDFNIURPWKHH[WHUQDOGHYLFH3OHDVHFRQVXOWD0HUFHGHV%HQ]6HUYLFH&HQWUHIRUIXUWKHULQIRUPDWLRQG1HYHUOHDYHH[WHUQDOGHYLFHVLQWKHYHKLFOHDVH[WUHPHWHPSHUDWXUHVHJLIVXEMHFWHGWRGLUHFWVXQOLJKWRUDWH[WUHPHO\ORZRXWVLGHWHPSHUDWXUHVPD\SUHYHQWWKHPIURPIXQFWLRQLQJFRUUHFWO\QVHSDUDWHRSHUDWLQJLQVWUXFWLRQVRIWKHUHVSHFWLYHGHYLFH0HUFHGHV%HQ]GRHVQRWWDNHUHVSRQVLELOLW\IRUDQ\GDPDJHWRH[WHUQDOGHYLFHV=)RXUSLQVRFNHWIRUPPVWHUHRMDFNHJIRU03SOD\HUVDXGLRDQGYLGHR>L3RGVRFNHWWRFRQQHFWL3RGV@86%VRFNHWIRUFRQQHFWLQJD86%GHYLFHB([DPSOHRIGHYLFHL3RG&RQQHFWWKHH[WHUQDOGHYLFHWRFRUUHVSRQGLQJVRFNHW=>RU@&20$1'DFWLYDWHVWKHGHYLFH,I\RXUHPRYHDGHYLFHWKH0QFGXKEGEQPPGEVGFPHVVDJHDSSHDUVG$FRQQHFWHGL3RGRU03SOD\HUVKRXOGQRWEHVLPXOWDQHRXVO\RSHUDWHGYLDWKH0HGLD,QWHUIDFHDQGWKHUHPRWHFRQWUROHJ%OXHWRRWKUHPRWHFRQWURODVWKLVPD\SURGXFHXQSUHGLFWDEOHUHVXOWVG&RQQHFWLQJDQL3RGRU03SOD\HUZKLFKKDVEHHQH[FHVVLYHO\GLVFKDUJHGFDQUHVXOWLQDQH[WHQGHGLQLWLDOLVDWLRQSHULRGG(UURUPHVVDJHVDSSHDUZKLOHWKHGHYLFHLVEHLQJDFWLYDWHGLI 0HGLD,QWHUIDFHPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$=&20$1'GRHVQRWVXSSRUWWKHGHYLFHFRQQHFWHG=WKHFRQQHFWHGGHYLFHFRQVXPHVWRRPXFKSRZHU=WKH0HGLD,QWHUIDFHFRQQHFWLRQLVGHIHFWLYH:KHUHQHFHVVDU\FRQVXOWD0HUFHGHV%HQ]6HUYLFH&HQWUH6ZLWFKLQJWR0HGLD,QWHUIDFHRSHUDWLRQG,QH[WUHPHFDVHVVWDUWLQJXSLQGLYLGXDOIXQFWLRQVFDQWDNHXSWRVHYHUDOPLQXWHV±WKLVGHSHQGVRQWKHH[WHUQDOGHYLFHDQGLWVFRQWHQWHJYLGHRSRGFDVWV2QO\XVHWKHRULJLQDOVRIWZDUHWRVWRUHGDWDRQ\RXUL3RGDQG03SOD\HUV2WKHUZLVHVRPHRUDOOIXQFWLRQVPD\QRWEHDYDLODEOH)URPDQRWKHUPDLQIXQFWLRQ3UHVVWKHkIXQFWLRQEXWWRQ6ZLWFKRQWKHSUHYLRXVGLVFRSHUDWLQJPRGHG,I\RXSUHYLRXVO\VHOHFWHGRSHUDWLRQZLWK0HGLD,QWHUIDFHLWZLOOQRZEHVZLWFKHGRQ3UHVVDQXPEHUNH\VXFKDVo'9'FKDQJHURUjVLQJOH'9'GULYHU7KLVZLOODXWRPDWLFDOO\VHOHFWWKHDXGLRGHYLFHFRQQHFWHGRU6HOHFW/GFKC7KHPHGLDOLVWDSSHDUV7KHGRWLQGLFDWHVWKHFXUUHQWPHGLXPEHLQJSOD\HGG,IQRGHYLFHLVFRQQHFWHG\RXZLOOVHHWKH/GFKC+PVGTHCEGHQWU\LQVWHDGRIDGHYLFHQDPH,I&20$1'GRHVQRWVXSSRUWWKHFRQQHFWHGGHYLFH\RXZLOOVHHWKH7PCXCKNCDNGPHVVDJH,IWZRGHYLFHVDUHFRQQHFWHG\RXZLOOVHHWKLVPHVVDJH2NGCUGOCMGUWTGVJCVQPN[QPGFGXKEGKUEQPPGEVGF3UHVVWKH~EXWWRQ&20$1'DFWLYDWHVWKHFRQQHFWHGGHYLFH<RXZLOOVHHDPHVVDJHWRWKLVHIIHFW7KHEDVLFGLVSOD\WKHQDSSHDUV([DPSOHGLVSOD\L3RGRSHUDWLRQZKHQHTXLSSHGZLWKDVLQJOH'9'GULYH='LVFW\SH>7UDFNQXPEHU@7UDFNQDPHB9LVXDOWLPHGLVSOD\D7UDFNWLPHE9LVXDOWUDFNGLVSOD\F&XUUHQWSOD\EDFNVHWWLQJVQRLFRQIRU1RUPDOWUDFNVHTXHQFHG6RXQGVHWWLQJVH0HGLDOLVWI$OEXPQDPHLIVXSSOLHGJ&DWHJRULHVSOD\OLVWVDQGRUIROGHUVK$UWLVWLIVXSSOLHGL3RVLWLRQLQWKHPHGLDOLVWM3OD\EDFNRSWLRQVG7\SHRIGHYLFH=FRQQHFWHGLVLQGLFDWHGE\WKHFRUUHVSRQGLQJLFRQIRUL3RG03SOD\HURU86%PDVVVWRUDJHGHYLFHG,IWKHGHYLFHFRQQHFWHGGRHVQRWFRQWDLQDQ\SOD\DEOHWUDFNVDPHVVDJHDSSHDUVWRWKLVHIIHFW0HGLD,QWHUIDFHPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$)URPDXGLRPRGH&RQQHFWDQH[WHUQDOGHYLFHSDJH&20$1'DFWLYDWHVWKHGHYLFH7KHEDVLFGLVSOD\WKHQDSSHDUVRU3UHVVDQXPEHUNH\VXFKDVo'9'FKDQJHURUjVLQJOH'9'GULYHRU6HOHFW#WFKQT/GFKC+PVGTHCEG6HOHFWLQJPXVLFILOHV&20$1'GLVSOD\VWKHGDWDVWRUHGRQWKHL3RG03SOD\HURU86%PDVVVWRUDJHGHYLFHDFFRUGLQJWRWKHILOLQJVWUXFWXUHXVHGLQWKHUHVSHFWLYHPHGLXP6HOHFWLQJE\VNLSSLQJWRDWUDFN7RVNLSIRUZDUGVRUEDFNZDUGVWRDWUDFNWXUQ_:`RUVOLGH{:|RU3UHVVWKHHRUIEXWWRQ6NLSSLQJIRUZDUGVVNLSVWRWKHQH[WWUDFN6NLSSLQJEDFNZDUGVVNLSVWRWKHEHJLQQLQJRIWKHFXUUHQWWUDFNLIWKHWUDFNKDVEHHQSOD\LQJIRUPRUHWKDQVHFRQGV,IWKHWUDFNKDVEHHQSOD\LQJIRUOHVVWKDQVHFRQGVLWVNLSVWRWKHVWDUWRIWKHSUHYLRXVWUDFN,I\RXKDYHVHOHFWHGDSOD\EDFNRSWLRQRWKHUWKDQ0QTOCNVTCEMUGSWGPEGWKHWUDFNVHTXHQFHLVUDQGRP86%GHYLFHZKHQWKHODVWWUDFNKDVEHHQSOD\HGLWVNLSVIRUZDUGVWRWKHILUVWWUDFNLQWKHQHZIROGHUL3RGZKHQWKHODVWWUDFNRIDQDOEXPRUDSOD\OLVWLVSOD\HGLWVNLSVEDFNWRWKHILUVWWUDFNRIWKHVDPHDOEXPRUSOD\OLVW8VLQJWKHPXOWLIXQFWLRQVWHHULQJZKHHO6ZLWFKWR0HGLD,QWHUIDFHRSHUDWLRQLQ&20$1'SDJH8VH@RU>WRVHOHFWWKH#WFKQPHQX3UHVV<RU=EULHIO\,I\RXSUHVVDQGKROG<RU=UDSLGVFUROOZLOODFFHOHUDWHDIWHUDVKRUWSHULRG1RWDOODXGLRGULYHVRUGDWDFDUULHUVVXSSRUWWKLVIXQFWLRQ,IWUDFNLQIRUPDWLRQLVVWRUHGRQWKHDXGLRGULYHRUGDWDFDUULHUWKHPXOWLIXQFWLRQGLVSOD\VKRZVWKHQDPHDQGQXPEHURIWKHWUDFN6HOHFWLQJXVLQJWKHQXPEHUNH\SDG7RPDNHDQHQWU\SUHVVWKHoEXWWRQ$QLQSXWPHQXDSSHDUV7KHQXPEHURIFKDUDFWHUVDYDLODEOHIRULQSXWGHSHQGVRQWKHQXPEHURIVWRUHGWUDFNV7RHQWHUDWUDFNQXPEHUSUHVVDQXPEHUNH\VXFKDVm7KHGLJLWLVHQWHUHGLQWKHILUVWSRVLWLRQLQWKHLQSXWOLQHG&20$1'ZLOOLJQRUHDQGQRWGLVSOD\DQLQYDOLGGLJLW,IGHVLUHGHQWHUIXUWKHUGLJLWV7RFRQILUP\RXUHQWU\SUHVV~RU3UHVVDQGKROGWKHQXPEHUNH\RIWKHODVWQXPEHURIWKHGHVLUHGWUDFNQXPEHU7KHVHOHFWHGWUDFNLVSOD\HG)DVWIRUZDUGUHZLQG,IWKHGLVSOD\VHOHFWLRQZLQGRZLVDFWLYHVOLGHDQGKROG{:|XQWLOWKHGHVLUHGSRVLWLRQKDVEHHQUHDFKHGRU3UHVVDQGKROGWKHIRUHEXWWRQXQWLOWKHGHVLUHGSRVLWLRQKDVEHHQUHDFKHGG2QL3RGVWKHUHZLQGIXQFWLRQFDQRQO\EHXVHGZLWKLQWKHFXUUHQWO\SOD\LQJWUDFN 0HGLD,QWHUIDFHPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWLQJDFDWHJRU\SOD\OLVWIROGHUL3RGDQGVHOHFWHG03SOD\HUV<RXFDQVHOHFWWUDFNVIRUL3RGVDQG03SOD\HUVDFFRUGLQJWRFDWHJRULHVDQGIROGHUV&DWHJRULHVFDQLQFOXGH=%WTTGPVVTCEMNKUV=2NC[NKUVUHJ#NNRU/[VQR=#TVKUVU=#NDWOU=6TCEMU=2QFECUVU=)GPTGU=%QORQUGTU=#WFKQDQQMUG6RPHSOD\EDFNFDWHJRULHVFRQWDLQWKH#NNHQWU\:KHQWKLVHQWU\LVVHOHFWHGWKHHQWLUHFRQWHQWRIWKHFDWHJRU\VHOHFWHGZLOOEHGLVSOD\HG86%GHYLFHV)RU86%PDVVVWRUDJHGHYLFHV\RXFDQVHOHFWIROGHUVDQGDOVRSOD\OLVWVLIDYDLODEOH:KHQSOD\LQJEDFNSOD\OLVWV&20$1'FDQDOVRGLVSOD\WKHUHVSHFWLYHDOEXPDQGDUWLVWQDPHPHWDGDWDLIWKHVHKDYHEHHQXSORDGHGWRWKHV\VWHP3OD\OLVWVDUHLQGLFDWHGLQWKHGLVSOD\E\DVSHFLDOLFRQ:KHQ\RXRSHQWKHSOD\OLVWWKHFRUUHVSRQGLQJWUDFNVDUHRSHQHG1RZ4CPFQOECVGIQTKGUPD\EHDYDLODEOHDVDSOD\EDFNRSWLRQLQVWHDGRI4CPFQOHQNFGT)RU86%PDVVVWRUDJHGHYLFHV\RXFDQFKRRVHWRGLVSOD\WKHPHWDGDWDFRQWDLQHGLQWKHWDJVRIWKHHQFRGHGPXVLFGDWDRUWRGLVSOD\WKHILOHDQGGLUHFWRU\QDPHVZKHQWKHPXVLFLVSOD\LQJ7RGLVSOD\DOEXPDQGDUWLVWQDPHVHOHFW/GFKC+PVGTHCEGT&KURNC[/GVCFCVC6HOHFWLQJDFDWHJRU\DQGRSHQLQJDIROGHU7RRSHQDFDWHJRU\OLVWIROGHUSUHVVWKH<EXWWRQZKHQWKHGLVSOD\VHOHFWLRQZLQGRZLVKLJKOLJKWHGRU6HOHFW/WUKE<RXZLOOVHHWKHDYDLODEOHFDWHJRULHVRUWKHIROGHUFRQWHQWHJRWKHUIROGHUVG7KH/WUKEPHQXLWHPLVQRWDYDLODEOHXQWLOWKHGHYLFHKDVEHHQDFWLYDWHG([DPSOHRIGLVSOD\FDWHJRU\OLVW='HYLFHLFRQDQGGHYLFHQDPH>6HOHFWDEOHFDWHJRULHV7RVHOHFWDFDWHJRU\IROGHUWXUQ_:`RUVOLGH{:|DQGFRQILUPZLWK~<RXZLOOVHHWKHFRQWHQWRIWKHVHOHFWHGFDWHJRU\RUVHOHFWHGIROGHUG,IWKHGDWDVWLOOKDVWREHUHDGIURPWKHFRQQHFWHGGHYLFH\RXZLOOVHHWKH2NGCUGYCKVPHVVDJH,IQHFHVVDU\UHSHDWWKLVRSHUDWLQJVWHSXQWLOWKHWUDFNVLQWKHGHVLUHGIROGHUDOEXPDSSHDU0HGLD,QWHUIDFHPRGH $XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$([DPSOHRIGLVSOD\FXUUHQWWUDFNOLVW=,FRQIRUQH[WIROGHUXS>&XUUHQWFDWHJRU\@7UDFNLFRQB&XUUHQWWUDFN7RVHOHFWDWUDFNWXUQ_:`RUVOLGH{:|DQGFRQILUPZLWK~7KHWUDFNLVSOD\HG7RVZLWFKWRWKHQH[WIROGHUXSVHOHFWWKH9LFRQG7KH9LFRQLVDOZD\VOLVWHGULJKWDWWKHWRSRIWKHIROGHULQTXHVWLRQ3OD\LQJWKHFRQWHQWRIDFDWHJRU\RUIROGHU6HOHFWDFDWHJRU\RUIROGHU3UHVV~IRUORQJHUWKDQWZRVHFRQGV7KHFRQWHQWRIWKHFDWHJRU\RUIROGHUVHOHFWHGLVSOD\HGLQDFFRUGDQFHZLWKWKHSOD\EDFNRSWLRQSDJHVHOHFWHG$OSKDEHWLFDOWUDFNVHOHFWLRQL3RGVDQG03SOD\HUVG7KLVIXQFWLRQLVDYDLODEOHIRUFDWHJRULHVDQGIROGHUVRUGHUHGDOSKDEHWLFDOO\7KLVIXQFWLRQLVQRWDYDLODEOHZLWKLQDOEXPVRUSOD\OLVWVIRUH[DPSOH6HOHFWDFDWHJRU\HJ#TVKUVU7KHDYDLODEOHDUWLVWVDSSHDU3UHVVWKHDSSURSULDWHQXPEHUNH\RQFHRUVHYHUDOWLPHVWRVHOHFWWKHILUVWOHWWHURIWKHDUWLVWVQDPHHJIRUDQDUWLVWEHJLQQLQJZLWKWKHOHWWHU&SUHVVWKHhQXPEHUNH\WKUHHWLPHV<RXVHHWKHDYDLODEOHOHWWHUVDWWKHERWWRPHGJHRIWKHGLVSOD\7KHILUVWHQWU\IRXQGZKLFKPDWFKHVWKHOHWWHUVHQWHUHGDSSHDUVDWWKHWRSRIWKHOLVWG,IWKHUHLVQRHQWU\ZKLFKPDWFKHVWKHOHWWHUHQWHUHGWKHODVWHQWU\ZKLFKPDWFKHVDSUHYLRXVOHWWHUDSSHDUVDWWKHWRSRIWKHOLVWG)RUL3RGVDQG03SOD\HUVWKHTXDOLW\RIWKHVHDUFKUHVXOWVLVKLJKO\GHSHQGHQWRQWKHYHUVLRQDQGODQJXDJHYDULDQWRIWKHVRIWZDUHHJL7XQHVYHUVLRQXVHGWRSRSXODWHWKHGHYLFH86%PDVVVWRUDJHGHYLFHVG7KLVIXQFWLRQLVDYDLODEOHIRUDOSKDEHWLFDOO\VRUWHGGLUHFWRULHV7KLVIXQFWLRQLVQRWDYDLODEOHZLWKLQDOEXPVRUSOD\OLVWVIRUH[DPSOH,QDGLUHFWRU\SUHVVWKHDSSURSULDWHQXPEHUNH\RQFHRUVHYHUDOWLPHVWRVHOHFWWKHILUVWOHWWHURIWKHQDPHRIWKHGHVLUHGDXGLRILOHHJIRUDQDUWLVWEHJLQQLQJZLWKWKHOHWWHU&SUHVVQXPEHUNH\hWKUHHWLPHV<RXVHHWKHDYDLODEOHOHWWHUVDWWKHERWWRPHGJHRIWKHGLVSOD\,IWKHGLUHFWRU\RQO\FRQWDLQVIROGHUV&20$1'VHDUFKHVIRUIROGHUV$IWHUDPHVVDJHWKHILUVWHQWU\IRXQGZKLFKPDWFKHVWKHOHWWHUVHQWHUHGDSSHDUVILUVWLQWKHOLVW,IWKHUHLVQRHQWU\ZKLFKPDWFKHVWKHOHWWHUHQWHUHGWKHODVWHQWU\ZKLFKPDWFKHVDSUHYLRXVOHWWHUDSSHDUVDWWKHWRSRIWKHOLVW 0HGLD,QWHUIDFHPRGH$XGLRRSWLRQDO&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$6HOHFWLQJDQDFWLYHSDUWLWLRQIRU86%PDVVVWRUDJHGHYLFHVRQO\<RXFDQVHOHFWWKLVIXQFWLRQIRU86%PDVVVWRUDJHGHYLFHVZKHQWKHVWRUDJHGHYLFHLVSDUWLWLRQHG8SWRIRXUSDUWLWLRQVSULPDU\RUORJLFDODQG)$7IRUPDWWHGDUHVXSSRUWHGG7KH:LQGRZVIRUPDWWLQJSURJUDPVXSSRUWV)$7SDUWLWLRQVRIXSWR*%DVVWDQGDUG6HOHFW/GFKC+PVGTHCEGT5GNGEVCEVKXGRCTVKVKQP3OD\EDFNRSWLRQV7KHIROORZLQJRSWLRQVDUHDYDLODEOHWR\RX=0QTOCNVTCEMUGSWGPEG7KHWUDFNVDUHSOD\HGLQWKHQRUPDORUGHUHJVRUWHGE\QXPEHURUE\WLWOH=4CPFQOVTCEMU$OOWKHWUDFNVRQWKHPHGLXPDUHSOD\HGLQUDQGRPRUGHU=4CPFQOECVGIQTKGURU4CPFQOHQNFGTLQWKHFDVHRI86%GHYLFHVZKHQ(QNFGTKDVEHHQVHOHFWHG7KHWUDFNVLQWKHFXUUHQWO\DFWLYHFDWHJRU\RUIROGHULQFOXGLQJDQ\VXEIROGHUVDUHSOD\HGLQUDQGRPRUGHUG)RU86%GHYLFHVWKHUDQGRPSOD\OLVWVRIIHUDPD[LPXPRIWUDFNVFKRVHQDWUDQGRP7RVHOHFWDSOD\EDFNRSWLRQVHOHFW/GFKC+PVGTHCEGLQWKHEDVLFGLVSOD\7KHRSWLRQOLVWDSSHDUV$GRWLQGLFDWHVWKHRSWLRQVHOHFWHG6HOHFWDQRSWLRQ$XGLR$8;PRGHG<RXFDQFRQQHFWDQH[WHUQDODXGLRVRXUFH$8;WR&20$1'7KHVRFNHWIRUWKLVLVORFDWHGLQWKHJORYHFRPSDUWPHQW:KHQXVLQJWKH0HGLD,QWHUIDFHWKHFRQQHFWLRQLVHVWDEOLVKHGXVLQJWKHFRUUHVSRQGLQJFDEOHVHW3OHDVHFRQVXOWD0HUFHGHV%HQ]6HUYLFH&HQWUHIRUIXUWKHULQIRUPDWLRQG,I&20$1'LVHTXLSSHGZLWK0HGLD,QWHUIDFHWKHFDEOHVHWSURYLGHGUHSODFHVWKHDXGLR$8;MDFN6ZLWFKLQJWRDXGLR$8;PRGHG$XGLR$8;PRGHLVQRWVHOHFWHGDXWRPDWLFDOO\ZKHQDQDXGLRVRXUFHLVFRQQHFWHGXVLQJWKHSKRQHMDFN)URPDQRWKHUPDLQIXQFWLRQ6HOHFW#WFKQT#WFKQT#WZLQWKHDXGLRPHQXGLVSOD\G,IWKHODVWPRGHZDVDXGLR$8;PRGH\RXRQO\QHHGWRVHOHFW#WFKQ)URPDXGLRPRGH6HOHFW#WFKQT#WZ7KHDXGLR$8;PHQXDSSHDUV<RXZLOOKHDUWKHH[WHUQDODXGLRVRXUFHPHGLXPLILWLVFRQQHFWHGDQGVZLWFKHGWRSOD\EDFN$XGLR$8;PRGH $XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

$G3OHDVHVHHWKHFRUUHVSRQGLQJRSHUDWLQJLQVWUXFWLRQVIRUKRZWRRSHUDWHWKHH[WHUQDODXGLRVRXUFH<RXFDQVHWWKHIROORZLQJLQDXGLR$8;PRGH=YROXPHSDJH=WUHEOHDQGEDVVSDJH=EDODQFHDQGIDGHUSDJH='VRXQGSDJH5LVNRIDFFLGHQW7KHYDU\LQJYROXPHVRIH[WHUQDODXGLRVRXUFHVFDQPHDQWKDWV\VWHPPHVVDJHVHJWUDIILFDQGQDYLJDWLRQDQQRXQFHPHQWVDUHSOD\HGDWDQRWLFHDEO\LQFUHDVHGYROXPH,IQHFHVVDU\GHDFWLYDWHWKHV\VWHPDQQRXQFHPHQWVRUDGMXVWWKHYROXPHRIWKHDQQRXQFHPHQWVPDQXDOO\G7KHYROXPHRIH[WHUQDODXGLRVRXUFHVPD\YDU\JUHDWO\,WPD\EHWKHFDVHWKDWDGHYLFHZKLFKLVFRQQHFWHGDVDQH[WHUQDODXGLRVRXUFHVHHPVTXLHWHURUORXGHULQWKHYHKLFOHRUWKDWWKHXVXDOPD[LPXPYROXPHFDQQRWEHDFKLHYHG7KHYROXPHRIVRPHGHYLFHVFDQEHVHWVHSDUDWHO\,QWKLVFDVHVWDUWDWDPHGLXPYROXPHDQGWKHQUDLVHLWVORZO\7KLVHQDEOHV\RXWRKHDULIWKHV\VWHPFDQSOD\WKHPXVLFZLWKRXWGLVWRUWLRQHYHQDWKLJKYROXPHV$XGLR$8;PRGH$XGLR&20$1'B$.%HQ*%GLQVFKP 9HUVLRQ76HLWH$

Mitsubishi Electric Sanda Works NR21263AF39508 Navigation System User Manual Manual 3

Mitsubishi Electric Corporation Sanda Works Navigation System Manual 3

Contents

Manual 3

Navigation menu

Namespaces

Views

Navigation