Siemens IM154-6WLAN-V1 IM 154-6 PN HF IWLAN User Manual ET 200pro Interface module IM 154 6 PN HF IWLAN

Siemens AG IM 154-6 PN HF IWLAN ET 200pro Interface module IM 154 6 PN HF IWLAN

Contents

Users Manual

6,0$7,&(7SUR,QWHUIDFHPRGXOH,031+),:/$1BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3UHIDFH'HVFULSWLRQ3ODQQLQJDSSOLFDWLRQ,QVWDOOLQJ:LULQJ&RQILJXULQJ&RPPLVVLRQLQJ6HUYLFHDQGPDLQWHQDQFH,QWHUUXSWHUURUDQGV\VWHPDODUPV7HFKQLFDOGDWD6WDQGDUGVDQGDSSURYDOV$SSHQGL[$6,0$7,&(7SUR,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(The following supplement is part of this documentation: No. Product Information Drawing number Edition 1 Reference notes to approvals according to FCC and RSS-210 A5E02574910-01 05/2009
/HJDOLQIRUPDWLRQ/HJDOLQIRUPDWLRQ:DUQLQJQRWLFHV\VWHP7KLVPDQXDOFRQWDLQVQRWLFHV\RXKDYHWRREVHUYHLQRUGHUWRHQVXUH\RXUSHUVRQDOVDIHW\DVZHOODVWRSUHYHQWGDPDJHWRSURSHUW\7KHQRWLFHVUHIHUULQJWR\RXUSHUVRQDOVDIHW\DUHKLJKOLJKWHGLQWKHPDQXDOE\DVDIHW\DOHUWV\PEROQRWLFHVUHIHUULQJRQO\WRSURSHUW\GDPDJHKDYHQRVDIHW\DOHUWV\PERO7KHVHQRWLFHVVKRZQEHORZDUHJUDGHGDFFRUGLQJWRWKHGHJUHHRIGDQJHU'$1*(5LQGLFDWHVWKDWGHDWKRUVHYHUHSHUVRQDOLQMXU\ZZLOOUHVXOWLISURSHUSUHFDXWLRQVDUHQRWWDNHQ:$51,1*LQGLFDWHVWKDWGHDWKRUVHYHUHSHUVRQDOLQMXU\PPD\UHVXOWLISURSHUSUHFDXWLRQVDUHQRWWDNHQ&$87,21ZLWKDVDIHW\DOHUWV\PEROLQGLFDWHVWKDWPLQRUSHUVRQDOLQMXU\FDQUHVXOWLISURSHUSUHFDXWLRQVDUHQRWWDNHQ&$87,21ZLWKRXWDVDIHW\DOHUWV\PEROLQGLFDWHVWKDWSURSHUW\GDPDJHFDQUHVXOWLISURSHUSUHFDXWLRQVDUHQRWWDNHQ127,&(LQGLFDWHVWKDWDQXQLQWHQGHGUHVXOWRUVLWXDWLRQFDQRFFXULIWKHFRUUHVSRQGLQJLQIRUPDWLRQLVQRWWDNHQLQWRDFFRXQW,IPRUHWKDQRQHGHJUHHRIGDQJHULVSUHVHQWWKHZDUQLQJQRWLFHUHSUHVHQWLQJWKHKLJKHVWGHJUHHRIGDQJHUZLOOEHXVHG$QRWLFHZDUQLQJRILQMXU\WRSHUVRQVZLWKDVDIHW\DOHUWV\PEROPD\DOVRLQFOXGHDZDUQLQJUHODWLQJWRSURSHUW\GDPDJH4XDOLILHG3HUVRQQHO7KHGHYLFHV\VWHPPD\RQO\EHVHWXSDQGXVHGLQFRQMXQFWLRQZLWKWKLVGRFXPHQWDWLRQ&RPPLVVLRQLQJDQGRSHUDWLRQRIDGHYLFHV\VWHPPD\RQO\EHSHUIRUPHGE\TTXDOLILHGSHUVRQQHO:LWKLQWKHFRQWH[WRIWKHVDIHW\QRWHVLQWKLVGRFXPHQWDWLRQTXDOLILHGSHUVRQVDUHGHILQHGDVSHUVRQVZKRDUHDXWKRUL]HGWRFRPPLVVLRQJURXQGDQGODEHOGHYLFHVV\VWHPVDQGFLUFXLWVLQDFFRUGDQFHZLWKHVWDEOLVKHGVDIHW\SUDFWLFHVDQGVWDQGDUGV3URSHUXVHRI6LHPHQVSURGXFWV1RWHWKHIROORZLQJ:$51,1*6LHPHQVSURGXFWVPD\RQO\EHXVHGIRUWKHDSSOLFDWLRQVGHVFULEHGLQWKHFDWDORJDQGLQWKHUHOHYDQWWHFKQLFDOGRFXPHQWDWLRQ,ISURGXFWVDQGFRPSRQHQWVIURPRWKHUPDQXIDFWXUHUVDUHXVHGWKHVHPXVWEHUHFRPPHQGHGRUDSSURYHGE\6LHPHQV3URSHUWUDQVSRUWVWRUDJHLQVWDOODWLRQDVVHPEO\FRPPLVVLRQLQJRSHUDWLRQDQGPDLQWHQDQFHDUHUHTXLUHGWRHQVXUHWKDWWKHSURGXFWVRSHUDWHVDIHO\DQGZLWKRXWDQ\SUREOHPV7KHSHUPLVVLEOHDPELHQWFRQGLWLRQVPXVWEHDGKHUHGWR7KHLQIRUPDWLRQLQWKHUHOHYDQWGRFXPHQWDWLRQPXVWEHREVHUYHG7UDGHPDUNV$OOQDPHVLGHQWLILHGE\pDUHUHJLVWHUHGWUDGHPDUNVRIWKH6LHPHQV$*7KHUHPDLQLQJWUDGHPDUNVLQWKLVSXEOLFDWLRQPD\EHWUDGHPDUNVZKRVHXVHE\WKLUGSDUWLHVIRUWKHLURZQSXUSRVHVFRXOGYLRODWHWKHULJKWVRIWKHRZQHU'LVFODLPHURI/LDELOLW\:HKDYHUHYLHZHGWKHFRQWHQWVRIWKLVSXEOLFDWLRQWRHQVXUHFRQVLVWHQF\ZLWKWKHKDUGZDUHDQGVRIWZDUHGHVFULEHG6LQFHYDULDQFHFDQQRWEHSUHFOXGHGHQWLUHO\ZHFDQQRWJXDUDQWHHIXOOFRQVLVWHQF\+RZHYHUWKHLQIRUPDWLRQLQWKLVSXEOLFDWLRQLVUHYLHZHGUHJXODUO\DQGDQ\QHFHVVDU\FRUUHFWLRQVDUHLQFOXGHGLQVXEVHTXHQWHGLWLRQV 6LHPHQV$*,QGXVWU\6HFWRU3RVWIDFK151%(5**(50$1<$(࿕&RS\ULJKWk6LHPHQV$*7HFKQLFDOGDWDVXEMHFWWRFKDQJH
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 3UHIDFH3XUSRVHRIWKHRSHUDWLQJLQVWUXFWLRQV7KHVHRSHUDWLQJLQVWUXFWLRQVDUHLQWHQGHGWRVXSSOHPHQWWKH(7SUR'LVWULEXWHG,26\VWHPRSHUDWLQJLQVWUXFWLRQV7KHGRFXPHQWDWLRQSURYLGHVDGHVFULSWLRQRIWKH,031+),:/$1LQWHUIDFHPRGXOH$JHQHUDOGHVFULSWLRQRIWKHIXQFWLRQDOLW\RI(7SURLVQRWSURYLGHGLQWKHVHRSHUDWLQJLQVWUXFWLRQV7KHVHDUHDYDLODEOHLQWKH(7SUR'LVWULEXWHG,26\VWHPRSHUDWLQJLQVWUXFWLRQV7KHLQIRUPDWLRQSURYLGHGLQWKHVHRSHUDWLQJLQVWUXFWLRQVDQGLQWKH(7SUR'LVWULEXWHG,26\VWHP2SHUDWLQJ,QVWUXFWLRQVDOORZ\RXWRFRPPLVVLRQ(7SURZLWK,031+),:/$1LQWHUIDFHPRGXOHDQGWRRSHUDWHLWDVDQ,2GHYLFHZLWK:/$1LQWHUIDFHRQ352),1(7%DVLFNQRZOHGJHUHTXLUHG7KHVHRSHUDWLQJLQVWUXFWLRQVSUHVXPHJHQHUDONQRZOHGJHRIDXWRPDWLRQWHFKQRORJ\DQGRI:LUHOHVV/$15DQJHRIYDOLGLW\RIWKHVHRSHUDWLQJLQVWUXFWLRQV7KHVHRSHUDWLQJLQVWUXFWLRQVDUHYDOLGIRU,031+),:/$1LQWHUIDFHPRGXOHRUGHUQXPEHU(6$%$%7KHVHRSHUDWLQJLQVWUXFWLRQVFRQWDLQDGHVFULSWLRQRIWKHFRPSRQHQWVWKDWZDVYDOLGDWWKHWLPHRISXEOLFDWLRQ:HUHVHUYHWKHULJKWWRLVVXHD3URGXFW,QIRUPDWLRQZKLFKFRQWDLQVXSWRGDWHLQIRUPDWLRQDERXWQHZFRPSRQHQWVDQGQHZYHUVLRQVRIFRPSRQHQWV
3UHIDFH ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(6FRSHRILQIRUPDWLRQ7KHIROORZLQJWDEOHSURYLGHVDQRYHUYLHZRIWKHFRQWHQWVRIWKH(7SUR'LVWULEXWHG,26\VWHPPDQXDOV7KHPDQXDOVDUHDYDLODEOHIRUGRZQORDGIURPWKH,QWHUQHWVHH6HUYLFH6XSSRUWRQWKH,QWHUQHW0DQXDO &RQWHQW(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx,QVWDOOLQJDQGFRQQHFWLQJx&RPPLVVLRQLQJDQGGLDJQRVWLFVx)XQFWLRQVx7HFKQLFDOVSHFLILFDWLRQVದ ,QWHUIDFHPRGXOHVದ 3RZHUPRGXOHVದ 2XWSXWPRGXOHದ &RQQHFWLRQPRGXOHVದ (OHFWURQLFPRGXOHV(7SURPRWRUVWDUWHUKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx,QVWDOOLQJDQGFRQQHFWLQJx&RPPLVVLRQLQJDQGGLDJQRVWLFVx'HYLFHIXQFWLRQVx7HFKQLFDOVSHFLILFDWLRQVದ %DFNSODQHEXVPRGXOHದ 6SHFLDOPRGXOHVದ 0RWRUVWDUWHUV,0&38LQWHUIDFHPRGXOHKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx&RPPXQLFDWLRQx0HPRU\FRQFHSWx,QVWDOOLQJDQGFRQQHFWLQJx$GGUHVVLQJx&RPPLVVLRQLQJDQGGLDJQRVWLFVx7HFKQLFDOVSHFLILFDWLRQV(7SUR'LVWULEXWHG,26\VWHP)DLO6DIH0RGXOHVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx&RQILJXULQJx$GGUHVVLQJDQGLQVWDOOLQJx'LDJQRVWLFVx7HFKQLFDOVSHFLILFDWLRQVದ )DLOVDIHFRQQHFWLRQPRGXOHVದ )DLOVDIHHOHFWURQLFPRGXOHV2SHUDWLQJLQVWUXFWLRQV(7SUR)&KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx&RPPXQLFDWLRQx,QVWDOOLQJDQGFRQQHFWLQJx$GGUHVVLQJx&RPPLVVLRQLQJDQGGLDJQRVWLFVx7HFKQLFDOVSHFLILFDWLRQVx,QWHUUXSWHUURUDQGV\VWHPDODUPV2SHUDWLQJLQVWUXFWLRQV5),'V\VWHPV5)&KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx,QVWDOOLQJDQGFRQQHFWLQJx3DUDPHWHUL]DWLRQx6HUYLFHDQGPDLQWHQDQFHx)XQFWLRQVx7HFKQLFDOVSHFLILFDWLRQV
3UHIDFH,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 0DQXDO &RQWHQW6\VWHP0DQXDO352),1(76\VWHP'HVFULSWLRQKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx%DVLFVRI352),1(7x1HWZRUNFRPSRQHQWVDQGVWUXFWXUHVx'DWDH[FKDQJHDQGFRPPXQLFDWLRQx352),1(7HQJLQHHULQJ)URP352),%86'3WR352),1(7,2KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx'LIIHUHQFHVx%ORFNVx6\VWHPVWDWXVOLVWVx'LDJQRVWLFV2SHUDWLQJLQVWUXFWLRQVIRU6&$/$1&(:[352556&$/$1&(:[35255KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx&RPPXQLFDWLRQx,QVWDOOLQJDQGFRQQHFWLQJx$GGUHVVLQJx&RPPLVVLRQLQJDQGGLDJQRVWLFVx7HFKQLFDOVSHFLILFDWLRQVx6HUYLFHDQGPDLQWHQDQFHx3ODQQLQJDQGFRQILJXULQJ2SHUDWLQJLQVWUXFWLRQVIRU6&$/$1&(:[[6&$/$1&(:[KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQx&RPPXQLFDWLRQx,QVWDOOLQJDQGFRQQHFWLQJx$GGUHVVLQJx&RPPLVVLRQLQJDQGGLDJQRVWLFVx7HFKQLFDOVSHFLILFDWLRQVx6HUYLFHDQGPDLQWHQDQFHx3ODQQLQJDQGFRQILJXULQJ&KDQJHVVLQFHWKHSUHYLRXVYHUVLRQ7KHVHRSHUDWLQJLQVWUXFWLRQVDUHWKHILUVWYHUVLRQSXEOLVKHG*XLGH7KHRSHUDWLQJLQVWUXFWLRQVFRQWDLQWKHIROORZLQJJXLGHVZKLFKSURYLGHTXLFNDFFHVVWRWKHVSHFLILFLQIRUPDWLRQ\RXQHHGჀ $FRPSUHKHQVLYHWDEOHRIFRQWHQWVDQGDOLVWRIDOOWKHWDEOHVDQGILJXUHVLQWKHGRFXPHQWDUHDYDLODEOHDWWKHEHJLQQLQJRIWKHRSHUDWLQJLQVWUXFWLRQVჀ ,PSRUWDQWWHUPVDUHH[SODLQHGLQWKHJORVVDU\Ⴠ 1DYLJDWHWRWKHPRVWLPSRUWDQWWRSLFVLQRXUGRFXPHQWVXVLQJWKHLQGH[Ⴠ &URVVUHIHUHQFHVDUHVKRZQDVK\SHUWH[WLQWKHUXQQLQJWH[W%\FOLFNLQJDK\SHUOLQN\RXFDQRSHQWKHDVVRFLDWHGFKDSWHULQWKLVPDQXDORUDFFHVVWKHGRZQORDGSDJHRQWKH,QWHUQHWWKDWFRQWDLQVWKLVLQIRUPDWLRQ6SHFLDOQRWHV,I\RXRSHUDWHWKH,031+),:/$1LQWHUIDFHPRGXOHDV,2GHYLFHRQ352),1(7,2\RXQHHGWKHVHRSHUDWLQJLQVWUXFWLRQVSOXVWKHPDQXDOIRU\RXU,2FRQWUROOHUDQGIRUWKH$FFHVV3RLQWHJ6&$/$1&(:XVHGIRUWKH:LUHOHVV/$1
3UHIDFH ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(5HF\FOLQJDQGGLVSRVDO7KH,031+),:/$1LQWHUIDFHPRGXOHFRQVLVWVRIORZSROOXWDQWFRPSRQHQWVDQGFDQEHUHF\FOHG)RUHQYLURQPHQWDOO\VXVWDLQDEOHUHF\FOLQJDQGGLVSRVDORI\RXUROGGHYLFHFRQWDFWDFHUWLILHGGLVSRVDOVHUYLFHIRUHOHFWURQLFVFUDS)XUWKHUVXSSRUW,I\RXKDYHDQ\TXHVWLRQVUHODWLQJWRWKHSURGXFWVGHVFULEHGLQWKHVHRSHUDWLQJLQVWUXFWLRQVDQGGRQRWILQGWKHDQVZHUVLQWKLVGRFXPHQWSOHDVHFRQWDFW\RXU6LHPHQVSDUWQHUDWRXUORFDORIILFHV)LQG\RXUFRQWDFWSDUWQHURQWKH,QWHUQHWKWWSZZZVLHPHQVFRPDXWRPDWLRQSDUWQHUV$JXLGHWRWKHWHFKQLFDOGRFXPHQWDWLRQIRUWKHYDULRXV6,0$7,&SURGXFWVDQGV\VWHPVLVDYDLODEOHRQWKH,QWHUQHWKWWSZZZVLHPHQVFRPVLPDWLFGRFX7KHRQOLQHFDWDORJDQGRQOLQHRUGHULQJV\VWHPDUHDYDLODEOHRQWKH,QWHUQHWKWWSZZZVLHPHQVFRPDXWRPDWLRQPDOO7UDLQLQJ&HQWHU6LHPHQVRIIHUVDVHULHVRIFRXUVHVZKLFKKHOS\RXJHWVWDUWHGZLWK(7SURDQGWKH6,0$7,&6DXWRPDWLRQV\VWHP3OHDVHFRQWDFW\RXUUHJLRQDOWUDLQLQJFHQWHURUWKHFHQWUDOWUDLQLQJFHQWHULQ'1XUHPEHUJ*HUPDQ\,QWHUQHWKWWSZZZVLHPHQVFRPVLWUDLQ7HFKQLFDO6XSSRUW<RXFDQDFFHVVWHFKQLFDOVXSSRUWIRUDOO,QGXVWU\$XWRPDWLRQSURGXFWVLQWKH,QWHUQHWKWWSZZZVLHPHQVFRPDXWRPDWLRQFVLBHQB::VXSSRUWBUHTXHVW6HUYLFH6XSSRUWRQWKH,QWHUQHW,QDGGLWLRQWRRXUGRFXPHQWDWLRQSRROZHRIIHURXUFRPSOHWHRQOLQHNQRZOHGJHEDVHRQWKH,QWHUQHWKWWSZZZVLHPHQVFRPDXWRPDWLRQFVLBHQB::7KHUH\RXZLOOILQGჀ 7KHQHZVOHWWHUWKDWSURYLGHVXSWRGDWHLQIRUPDWLRQRQ\RXUSURGXFWVჀ 7KHGRFXPHQWV\RXQHHGXVLQJRXU6HDUFKIXQFWLRQLQ6HUYLFH6XSSRUWჀ 7KH,QWHUQHWIRUXPZKHUHXVHUVDQGVSHFLDOLVWVDURXQGWKHZRUOGFDQVKDUHWKHLUH[SHULHQFHჀ <RXUORFDOFRQWDFWIRU$XWRPDWLRQ'ULYHVLQRXUFRQWDFWGDWDEDVHჀ ,QIRUPDWLRQDERXWRQVLWHVHUYLFHVUHSDLUVVSDUHSDUWVDQGORWVPRUH
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7DEOHRIFRQWHQWV 3UHIDFH   'HVFULSWLRQ  :KDWLV,QGXVWULDO:LUHOHVV/$1,:/$1" ,QWHUIDFHPRGXOH,031+),:/$1ZLWKLQWHUIDFHDQGFRQQHFWLRQXQLW &RPSRQHQWVRI,031+),:/$1  3ODQQLQJDSSOLFDWLRQ  &RQWHQW :/$1FRQILJXUDWLRQZLWK352),1(7,2  :/$1FRPPXQLFDWLRQ  ,QVWDOOLQJ   ,QVWDOOLQJ,031+),:/$1  :LULQJ   &RQWHQW 7HFKQLFDOVSHFLILFDWLRQVRIWKHOLQHV  &RQQHFWLQJWKH,031+),:/$1  &RQQHFWLQJDQDQWHQQDWR,031+),:/$1  /LJKWQLQJSURWHFWLRQSRZHUVXSSO\DQGJURXQGLQJ  &RQILJXULQJ   2YHUYLHZ  $VVLJQLQJDQ,3DGGUHVV  &RQQHFWLQJDSURJUDPPLQJGHYLFH3&  $VVLJQLQJWKH,3DGGUHVVLQ67(3 $VVLJQLQJDGHYLFHQDPHWRWKH,2GHYLFH 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW ,QWURGXFWLRQ  %DVLFVRIZRUNLQJZLWK:HE%DVHG0DQDJHPHQW 6WDUWLQJ:HE%DVHG0DQDJHPHQWDQGORJJLQJRQ  :L]DUGVLQ:HE%DVHG0DQDJHPHQW  7KHZL]DUGVDQGWKHLUIXQFWLRQV  %DVLF:L]DUG  6HFXULW\:L]DUG L3&):L]DUG 6\VWHPPHQX 6\VWHPPHQXRYHUYLHZ  6HUYLFHVPHQX 5HVWDUWPHQX 3DVVZRUGVPHQX /RDG6DYHPHQX
7DEOHRIFRQWHQWV ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7KH,QWHUIDFHVPHQX  :/$1PHQXRYHUYLHZ   $GYDQFHGPHQX  66,'/LVWPHQX  $GYDQFHG*PHQX  6HFXULW\PHQX  %DVLF:/$1   .H\VPHQX  ,)HDWXUHVPHQX   L3&)PHQX  ,QIRUPDWLRQPHQX  ,QIRUPDWLRQPHQXRYHUYLHZ   /RJ7DEOHPHQX  $XWK/RJPHQX   9HUVLRQVPHQX  $YDLODEOH:/$1PHQX  :/$1PHQX   6LJQDOPHQX  $FFHVV3RLQWSDUDPHWHUV   352),1(7,2   &RQILJXUDWLRQXVLQJD*6'ILOH  &RPPLVVLRQLQJ   &RPPLVVLRQLQJ(7SURZLWK,031+),:/$1  6WDUWXSRI(7SURZLWK,031+),:/$1  6HUYLFHDQGPDLQWHQDQFH   &RQWHQW  )LUPZDUHXSGDWHZLWK6,0$7,&0LFUR0HPRU\&DUG   5HVWRULQJ,031+),:/$1WRIDFWRU\GHIDXOWV  5HSDLUV6HUYLFHV   ,QWHUUXSWHUURUDQGV\VWHPDODUPV  /('GLVSOD\RQ,031+),:/$1   'LDJQRVWLFVZLWK67(3  7HFKQLFDOGDWD   7HFKQLFDOGDWDRI(7SUR  ,QWHUIDFHPRGXOH,031+),:/$1  7HFKQLFDOGDWDRI,031+),:/$1   2YHUYLHZRIWKHSDUDPHWHUVIRU,031+),:/$1   7HFKQLFDOGDWDRIWKH$17,0,:/$1DQWHQQD  6WDQGDUGVDQGDSSURYDOV  6WDQGDUGVDQGDSSURYDOV   1DWLRQDODSSURYDOVUDGLRDSSURYDOV  
7DEOHRIFRQWHQWV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $ $SSHQGL[ $ 2UGHU1XPEHUV $ 2UGHUQXPEHUVRIWKHPRGXOHV $ 2UGHUQXPEHUVIRUDFFHVVRULHV$ 'LPHQVLRQGUDZLQJV$ ,QWHUIDFHPRGXOH,031+),:/$1$ $17,0,:/$1DQWHQQD  *ORVVDU\   ,QGH[ 
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 'HVFULSWLRQ  :KDWLV,QGXVWULDO:LUHOHVV/$1,:/$1"'HILQLWLRQ7KHWHUPV:LUHOHVV/$1:LUHOHVV/RFDO$UHD1HWZRUNGHQRWHVDORFDOUDGLRQHWZRUNIRUGDWDWUDQVPLVVLRQYLDHOHFWURPDJQHWLFZDYHVE\FRQWUDVWWRFDEOHERXQGRSWLFDORUHOHFWULFDOQHWZRUNV,QGXVWULDO:LUHOHVV/$1LVEDVHGRQWKHWUDQVPLVVLRQVWDQGDUGVDEJDQGKIRUKDQGOLQJWKHGDWDWUDQVIHUDWGLIIHUHQWIUHTXHQFLHV,QGXVWULDO:LUHOHVV/$1LVDOVRFKDUDFWHUL]HGE\WKHIROORZLQJ,)HDWXUHVჀ 5HGXQGDQWRSHUDWLRQZLWKWZRDQWHQQDVLQSUREOHPDWLFUDGLRWHFKQRORJLFDOHQYLURQPHQWVDQWHQQDGLYHUVLW\Ⴠ 0RQLWRULQJRIWKHZLUHOHVVFRQQHFWLRQ/LQN&KHFNჀ 0RQLWRULQJRIDGGLWLRQDO,3FRQQHFWLRQV,3$OLYHჀ 5HGXQGDQWUDGLRFRQQHFWLRQRIWZR$FFHVV3RLQWVYLDWZRGLIIHUHQWFKDQQHOVIRULQFUHDVHGDYDLODELOLW\Ⴠ 5HVHUYDWLRQRIIL[HGEDQGZLGWKVDQGUHVSRQVHWLPHVIRUFULWLFDOFOLHQWVL4R6Ⴠ L3&)LQGXVWULDO3RLQW&RRUGLQDWLRQ)XQFWLRQHQVXUHVFROOLVLRQIUHHFRPPXQLFDWLRQIRUDODUJHQXPEHURIVXEVFULEHUVDQGDOORZVWKHTXLFNFKDQJHRIUDGLRFHOOV5DSLG5RDPLQJ
'HVFULSWLRQ :KDWLV,QGXVWULDO:LUHOHVV/$1,:/$1",QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(6WUXFWXUHRIDQ,QGXVWULDO:LUHOHVV/$17KHIROORZLQJILJXUHVKRZVDQH[DPSOHRIWKHFRQILJXUDWLRQRID:LUHOHVV/$1WKDWLVLQWHJUDWHGLQD352),1(7,2QHWZRUN,2FRQWUROOHU ,2GHYLFH6 3*,QGXVWULDO(WKHUQHWPD[PSHUVHJPHQW,(3%/LQN$FFHVV3RLQW6&$/$1&(:(7SURZLWK,031+),:/$1(76 23352),%86'3352),1(7)LJXUH 6WUXFWXUHRIDQ,:/$1ZLWKLQD352),1(7QHWZRUN6HHDOVR352),1(76\VWHP'HVFULSWLRQKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
'HVFULSWLRQ ,QWHUIDFHPRGXOH,031+),:/$1ZLWKLQWHUIDFHDQGFRQQHFWLRQXQLW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  ,QWHUIDFHPRGXOH,031+),:/$1ZLWKLQWHUIDFHDQGFRQQHFWLRQXQLW,031+),:/$1'HILQLWLRQ7KH,031+),:/$1LQWHUIDFHPRGXOHFRQVLVWVRIDQLQWHUIDFHHOHPHQWDQGDFRQQHFWLRQHOHPHQWZLWK:LUHOHVV/$1LQWHUIDFH7KHLQWHUIDFHDQGFRQQHFWLRQHOHPHQWVDUHRQO\DYDLODEOHDVVLQJOHXQLWDQGPXVWEHRSHUDWHGDVVXFK7KH,031+),:/$1LQWHUIDFHPRGXOHH[SDQGVWKHSURGXFWUDQJHRILQWHUIDFHPRGXOHVRIWKH(7SUR'LVWULEXWHG,26\VWHPZLWKGHJUHHRISURWHFWLRQ,3,3DQG,3ZLWKDQDGGLWLRQDOLQWHUIDFHYDULDQW$UHDRIDSSOLFDWLRQ,QWHUIDFHPRGXOH,031+),:/$1ZLWK,QGXVWULDO:LUHOHVV/$1LQWHUIDFHDOORZVLPSOHPHQWDWLRQRIDQ(7SURIRUDSSOLFDWLRQVIRUZKLFKFDEOHERXQGVROXWLRQVZRXOGLQFXUHQRUPRXVFRVWVZHDUGLVWDQFHVURXJKWHUUDLQ3RVVLEOHILHOGVRIDSSOLFDWLRQჀ 7UDQVSRUWV\VWHPVZLWKRXWGULYHUჀ (VFDODWRUVჀ :DUHKRXVHORJLVWLFVჀ *RRGVWUDQVSRUWDWLRQჀ (OHFWULFVXVSHQVLRQPRQRUDLOVჀ %XLOGLQJPDQDJHPHQWჀ 6HUYLFHDSSOLFDWLRQV7KH,031+),:/$1LQWHUIDFHPRGXOHFRPPXQLFDWHVYLD$FFHVV3RLQWVZLWK,2FRQWUROOHUVZKLFKFRQIRUPWR,(&
'HVFULSWLRQ ,QWHUIDFHPRGXOH,031+),:/$1ZLWKLQWHUIDFHDQGFRQQHFWLRQXQLW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(&RQILJXUDWLRQ7KHFRQILJXUDWLRQRIDQ(7SURZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHGRHVQRWGLIIHUFRPSDUHGWRWKDWRIDQ(7SURZLWKRWKHULQWHUIDFHPRGXOHVDVGHVFULEHGLQWKH&RQILJXUDWLRQFKDSWHURIWKH(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQRSHUDWLQJLQVWUXFWLRQV+RZGR,FRQILJXUH(7SURZLWK,031+),:/$1")RULQIRUPDWLRQDERXWWKHSURFHGXUHVIRUFRQILJXULQJ(7SURZLWK,031+),:/$1UHIHUWRWKH&RQILJXULQJ3DJHVHFWLRQWKHVHRSHUDWLQJLQVWUXFWLRQV([DPSOHFRQILJXUDWLRQ7KHIROORZLQJILJXUHVKRZVDQH[DPSOHRIDFRQILJXUDWLRQZLWK(7SURZLWKWKH,031+),:/$1LQWHUIDFHPRGXOH ཰ &RQQHFWLRQHOHPHQWDQGLQWHUIDFHHOHPHQW,031+),:/$1ཱ &RQQHFWLRQHOHPHQWVIRUWKHHOHFWURQLFPRGXOHVི 7HUPLQDWLRQPRGXOH)LJXUH 9LHZRIWKHGLVWULEXWHG,2V\VWHP(7SURZLWK,031+),:/$16HHDOVR+63KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
'HVFULSWLRQ &RPSRQHQWVRI,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  &RPSRQHQWVRI,031+),:/$1&RPSRQHQWVLQLQWHUDFWLRQZLWK,031+),:/$17KHIROORZLQJWDEOHLQWURGXFHVWKHFRPSRQHQWVRI(7SURZLWKWKH,031+),:/$1LQWHUIDFHPRGXOH7DEOH &RPSRQHQWVRI(7SURZLWK,031+),:/$1&RPSRQHQWV )XQFWLRQ )LJXUH,QWHUIDFHHOHPHQWIRU352),1(7,2RYHU:LUHOHVV/$1ZLWKEXVPRGXOH7KHLQWHUIDFHPRGXOHLQWHUFRQQHFWV(7SURZLWKWKH,2&RQWUROOHUYLD$FFHVV3RLQW$3DQGSUHSDUHVWKHGDWDIRUWKHHOHFWURQLFPRGXOHV7KHIROORZLQJEXQGOHFRQVLVWLQJRIWKHLQWHUIDFHDQGFRQQHFWLRQXQLWLVDYDLODEOHIRU:LUHOHVV/$1x,031+),:/$1(6$%$%཰ཱ7KHWHUPLQDWLRQPRGXOHིLQWHUIDFHPRGXOHཱDQGWKHFRQQHFWLRQXQLW཰DUHPRXQWHGRQWKHEXVPRGXOHIRUVKLSPHQW6WDQGDUGDQWHQQD 7KHDQWHQQDZLWK560$FRQQHFWRU(60$$$LVDSSURYHGDVVWDQGDUGIRURSHUDWLRQZLWKWKHLQWHUIDFHPRGXOHDQGLVXVHGWRVHQGDQGUHFHLYHHOHFWURPDJQHWLFZDYHVLJQDOV,WLVLQFOXGHGLQWKHSDFNDJHGHOLYHUHGDQGPXVWEHSXUFKDVHGVHSDUDWHO\*RWRWKHFRUUHVSRQGLQJ0DOORQWKH,QWHUQHWKWWSVPDOODXWRPDWLRQVLHPHQVFRP::JXHVW0LFUR0HPRU\&DUG00&<RXFDQVWRUHXVHUDQGFRQILJXUDWLRQGDWDRUWKHRSHUDWLQJV\VWHPRQWKH6,0$7,&0LFUR0HPRU\&DUG7KH0LFUR0HPRU\&DUGLVQRWLQFOXGHGLQWKHSDFNDJHGHOLYHUHGDQGPXVWEHSXUFKDVHGVHSDUDWHO\*RWRWKHFRUUHVSRQGLQJ0DOORQWKH,QWHUQHW$OO0LFUR0HPRU\&DUGVVXSSRUWHGIRUXVHRQ,031+),:/$1DUHOLVWHGLQFKDSWHU2UGHUQXPEHUVIRUDFFHVVRULHV3DJH7KHILJXUHVKRZVDQH[DPSOH0LFUR0HPRU\&DUG0%(6/3$$
'HVFULSWLRQ &RPSRQHQWVRI,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$($GGLWLRQDOFRPSRQHQWV$OLVWRIFRPSRQHQWVWKDW\RXFDQXVHZLWK,031+),:/$1LVSURYLGHGLQWKH'HVFULSWLRQFKDSWHURIWKH(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ2SHUDWLQJ,QVWUXFWLRQV6HHDOVR2UGHUQXPEHUVIRUDFFHVVRULHV3DJH
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 3ODQQLQJDSSOLFDWLRQ  &RQWHQW:KHUHFDQ,ILQGZKDWLQIRUPDWLRQ"&RPSUHKHQVLYHLQIRUPDWLRQSHUWDLQLQJWRWKHSODQQLQJRIDQ(7SURDSSOLFDWLRQLVDYDLODEOHLQWKHUHOHYDQWFKDSWHUVRIWKH(7SUR'LVWULEXWHG,26\VWHP2SHUDWLQJ,QVWUXFWLRQV7KHQH[WFKDSWHUVSURYLGHPRUHGHWDLOHGLQIRUPDWLRQDERXWWKHSURSHUWLHVRIWKH:/$1LQWHUIDFHRIDQ(7SURZLWK,031+),:/$1
3ODQQLQJDSSOLFDWLRQ :/$1FRQILJXUDWLRQZLWK352),1(7,2,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( :/$1FRQILJXUDWLRQZLWK352),1(7,2,QGXVWULDO:LUHOHVV/$1DQG352),1(7,27KHH[DPSOHRIDQHOHFWULFVXVSHQVLRQPRQRUDLOLQWKHIROORZLQJILJXUHVKRZVKRZ\RXFDQRSWLPL]H\RXULPSOHPHQWDWLRQRI,QGXVWULDO:LUHOHVV/$1LQFRPELQDWLRQZLWK352),1(7,2,QGXVWULDO(WKHUQHW6,0$7,&6ZLWK&38)31'3RU&3$GYDQFHGDV,2FRQWUROOHU6HJPHQW 6HJPHQW 6HJPHQW5DGLRFHOO 5DGLRFHOO3RVLWLRQ 3RVLWLRQ 3RVLWLRQ5RDPLQJ 5RDPLQJ5DGLRFHOO352),1(7$FFHVV3RLQW6&$/$1&(:55:55,031+),:/$1,031+),:/$1,031+),:/$1$QWHQQD$17'1$QWHQQD$17'1$QWHQQD$17'1$FFHVV3RLQW6&$/$1&(:55:55$FFHVV3RLQW6&$/$1&(:55:55:55 :55 :555&RD[&DEOH 5&RD[&DEOH 5&RD[&DEOH)LJXUH ,:/$1DQG352),1(7,2EDVHGRQWKHH[DPSOHRIDQHOHFWULFVXVSHQVLRQPRQRUDLO
3ODQQLQJDSSOLFDWLRQ:/$1FRPPXQLFDWLRQ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  :/$1FRPPXQLFDWLRQ,QWURGXFWLRQ,QGXVWULDO:LUHOHVV/$1LVEDVHGRQWKHLQWHUQDWLRQDOVWDQGDUGV,(((DEJKDQGKDVEHHQDFFHSWHGLQPDQ\ILHOGVRIIDFWRU\DQGSURFHVVDXWRPDWLRQ,QGXVWULDO:LUHOHVV/$1LVDQHZVROXWLRQIRUDSSOLFDWLRQVWKDWFRXOGSUHYLRXVO\RQO\EHLPSOHPHQWHGDWKLJKFRVWZLWKWLPHFRQVXPLQJFDEOHERXQGVROXWLRQV,QGXVWULDOILHOGVRIDSSOLFDWLRQ7KHHQKDQFHG:/$1VWDQGDUG,(((QRZVXSSRUWVGHPDQGLQJDSSOLFDWLRQVZKLFKPHHWVSHFLDOGHPDQGVLQWHUPVRIWKHUHDOWLPHDQGGHWHUPLQLVWLFSURSHUW\UHTXLUHPHQWVRI352),1(7,QGXVWULDO:LUHOHVV/$1LVSUHIHUDEO\XVHGLQWKHIROORZLQJVFHQDULRVჀ &RPSOH[FDEOLQJჀ +LJKGHPDQGVLQWHUPVRIIOH[LELOLW\3URSHUWLHVRIWKH:/$1LQWHUIDFHRI,031+),:/$1LQWHUIDFHPRGXOH7KHWDEOHEHORZSURYLGHVDVXPPDU\RIWKHSURSHUWLHVRIWKH,QGXVWULDO:LUHOHVV/$1LQWHUIDFH7DEOH 3URSHUWLHVRIWKH:/$1LQWHUIDFH3URSHUW\ 'DWD &RPPHQW0D[WUDQVPLVVLRQUDWHJURVVGDWDUDWH0ESV 7UDQVPLVVLRQPHWKRG3K\VLFDO/D\HU'LUHFW6HTXHQFH6SUHDG6SHFWUXP'666&RPSOHPHQWDU\&RGH.H\LQJ&&.2UWKRJRQDO)UHTXHQF\'LYLVLRQ0XOWLSOH[LQJ2)'02SWLPL]HGPHGLDDFFHVVUDGLRFHOOFKDQJHV,QGXVWULDO3RLQW&RRUGLQDWLRQ)XQFWLRQL3&)XQLQWHUUXSWDEOHZLWK5DSLG5RDPLQJ55XSGDWHWLPHV!PVIRU352),1(7,25HVWULFWLRQLQDFFRUGDQFHZLWKWKHPD[JURVVGDWDUDWHZKHQXVLQJL3&),(((DKJ0ESV,(((E0ESV1RWHL3&)PRGH<RXVKRXOGDOZD\VHQDEOHWKHL3&)PRGHIRU352),1(7FRPPXQLFDWLRQ7KHVLJQDOVWUHQJWKPXVWQRWGURSEHORZRUG%PLQRUGHUWRHQVXUHUHOLDEOHRSHUDWLRQ$FWLYDWHWKHL3&)PRGHLQ:HE%DVHG0DQDJHPHQW::L]DUGV!L3&)IROGHUE\VDYLQJWKHVHWWLQJVLQWKH:L]DUGL3&)
3ODQQLQJDSSOLFDWLRQ :/$1FRPPXQLFDWLRQ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(1RWH'LVUXSWLRQRIGDWDWUDQVIHUGXHWRH[FHVVUHFHLYHGSRZHU([FHVVUHFHLYHGSRZHUDWWKHLQSXWRIWKH:/$1FOLHQWRYHUGULYHVLWVDPSOLILHUFLUFXLW$Q\UHFHLYHGSRZHUJUHDWHUWKDQG%PDWWKH:/$1FOLHQWFDXVHVFRPPXQLFDWLRQHUURUV<RXFDQYLHZWKHFRUUHVSRQGLQJDFWXDOUHFHLYHGSRZHUYDOXH>LQG%P@LQ:HE%DVHG0DQDJHPHQWE\VHOHFWLQJ,,QIRUPDWLRQ!$YDLODEOH:/$1,QSXWVLJQDOSRZHUDWWKH:/$1FOLHQWLVGHWHUPLQHGE\WKHIROORZLQJIDFWRUVx7UDQVPLWSRZHUVHWWLQJVLQWKH:HE%DVHG0DQDJHPHQWRIWKH$FFHVV3RLQWx5HIOHFWLRQVRIHOHFWURPDJQHWLFZDYHVGXHWRVWUXFWXUDOIHDWXUHVRIEXLOGLQJx'LVWDQFHEHWZHHQWKH$FFHVV3RLQWDQGWKH:/$1FOLHQWx5DGLDWLRQFKDUDFWHULVWLFDQGJDLQRIWKHDQWHQQDXVHG127,&(L3&)PRGHDQGXSGDWHWLPHIRU352),1(7,22EVHUYHWKHIROORZLQJLWHPVZKHQVHWWLQJXSWKHXSGDWHWLPHRIWKH352),1(7,2V\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ5HTXLUHPHQWV3DUDPHWHUL]HWKH%DFNJURXQGVFDQFKDQQHODVIROORZVLQRUGHUWRPDLQWDLQWKHVSHFLILHGXSGDWHWLPH)RUWKH%DFNJURXQG6FDQ&KDQQHOHQWHUWKHFKDQQHOVRIDOOUDGLRFHOOVWREHXVHGIRU$3&OLHQWFRPPXQLFDWLRQ7RVHWXSD%DFNJURXQG6FDQ&KDQQHOFOLFN,,17(5)$&(6!:/$1!$'9$1&('!%DFNJURXQG6FDQ&KDQQHOV&DVH(7SURZLWK,031+),:/$1LQWHUIDFHPRGXOHLVRSHUDWHGZLWKLQDVLQJOHUDGLRVHJPHQWDQGGRHVQRWKDYHWRVXSSRUWURDPLQJ6HOHFWDQXSGDWHWLPHRIPVRUKLJKHULQ67(3&DVH(7SURZLWK,031+),:/$1LQWHUIDFHPRGXOHLVRSHUDWHGRQVHYHUDOFKDQQHOVLQPRUHWKDQRQHUDGLRFHOO6HOHFWDQXSGDWHWLPHRIPVRUKLJKHULQ67(3127,&(,:/$1IRUIDLOVDIHFRPPXQLFDWLRQ&RPPXQLFDWLRQDWIUHTXHQF\EDQGVDERYH*+]WR,(((KUDGLRVWDQGDUGLVVXEMHFWWRWKHLQFUHDVHGULVNRIIDLOXUHFDXVHGE\FKDQQHOFKDQJHV')6WULJJHUHGE\WKHGHWHFWLRQRIUDGDUSDWWHUQV,QWKLVFDVH\RXZRXOGQRWPHHWVDIHW\UHODWHGFRPPXQLFDWLRQVDIHW\UHTXLUHPHQWV'RQRWXVHWKH,(((KVWDQGDUGLIWKH,031+),:/$1LQWHUIDFHPRGXOHLVWREHXVHGIRUIDLOVDIHFRPPXQLFDWLRQ
3ODQQLQJDSSOLFDWLRQ:/$1FRPPXQLFDWLRQ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( '\QDPLF)UHTXHQF\6HOHFWLRQ')6DQG7UDQVPLVVLRQ3RZHU&RQWURO73&,QDGGLWLRQWRWKHRULJLQDOIUHTXHQF\EDQGRI*+]WR,(((EJVWDQGDUGDDQGWKHGHULYDWLYHKVWDQGDUGRSHUDWHDWIUHTXHQFLHVZLWKLQWKH*+]EDQGZLGWK7KH*+]EDQGWDNHVWKHDGYDQWDJHFRPSDUHGWRWKHWKH*+]EDQGDVLWWUDQVPLWVIHZHUDSSOLFDWLRQV+RZHYHUWKH*+]ZDYHOHQJWKGRHVVKRZGLVDGYDQWDJHVLQWHUPVRIKLJKHUDWPRVSKHULFDWWHQXDWLRQ,QRUGHUWRPHHW(XURSHDQFRQGLWLRQVIRUXVHWKHQHZ,(((KVWDQGDUGZLWKDGGLWLRQDOPHFKDQLVPVZDVGHYHORSHGDVDSUHYHQWLYHPHDVXUHDJDLQVWWKHGLVUXSWLRQRIVRFDOOHGSULPDU\XVHUVHJUDGDU7KRVHPHFKDQLVPVLQFOXGH'\QDPLF)UHTXHQF\6HOHFWLRQ')6DQG7UDQVPLVVLRQ3RZHU&RQWURO73&Ⴠ ')6IRUFHVDFRQWUROOHGFKDQJHWRDQDOWHUQDWLYHFKDQQHOLIDVHOHFWHGFKDQQHOLVEXV\Ⴠ 73&UHVWULFWVRXWSXWSRZHUWRDGLPHQVLRQUHTXLUHGIRUHUURUIUHHFRPPXQLFDWLRQ7KLVPHDVXUHUHGXFHVLQWHUIHUHQFHRQDGMDFHQWFKDQQHOV2SHUDWLQJZLWKFRPPXQLFDWLRQVPRGXOH5)&DQG5),GHQWV\VWHP02%<81RWHWKHIROORZLQJLQIRUPDWLRQLIRSHUDWLQJWKHFRPPXQLFDWLRQERDUGZLWK5),GHQWV\VWHP02%<81RWH5HFLSURFDODFWLRQEHWZHHQWKH,031+),:/$1DQG02%<8UDGLROLQNV7RH[FOXGHPDOIXQFWLRQWKH$FFHVV3RLQWHJ6&$/$1&(:[DQG,031+),:/$1PXVWWUDQVIHUGDWDLQWKH*+]EDQGLI5),GHQWV\VWHP02%<8LVFRQQHFWHGWRWKHV\VWHP7HFKQLFDOEDFNJURXQG$V5),GHQWV\VWHP02%<8WUDQVPLWVGDWDZLWKLQWKH*+]EDQGQHJDWLYHUHFLSURFDODFWLRQZLWKRWKHUUDGLRFRPPXQLFDWLRQV\VWHPVRSHUDWLQJDWWKHVDPHEDQGZLGWKPXVWEHH[SHFWHG+RZHYHULI\RXFDQZDYHWKLVDVSHFWDQGRSHUDWHWKH,031+),:/$1LQWHUIDFHPRGXOHH[FOXVLYHO\ZLWKLQWKH*+]EDQGZLGWK\RXVKRXOGSUHYHQWDQ\RWKHU:/$1V\VWHPIURPWUDQVIHUULQJGDWDZLWKLQWKLVEDQGZLGWK$GGLWLRQDOLQIRUPDWLRQDERXWWKHRSHUDWLRQRI5),GHQWV\VWHPV02%<87KH5),GHQWV\VWHP02%<82SHUDWLQJ,QVWUXFWLRQVDYDLODEOHDWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZGHKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQSURYLGHDGGLWLRQDOLQIRUPDWLRQIRUSODQQLQJUDGLRUHOD\VHFWLRQV
3ODQQLQJDSSOLFDWLRQ :/$1FRPPXQLFDWLRQ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,QVWDOOLQJ  ,QVWDOOLQJ,031+),:/$1,QWURGXFWLRQ7KH,031+),:/$1LQWHUIDFHPRGXOHLQWHUFRQQHFWV(7SURZLWK352),1(7YLD,QGXVWULDO:LUHOHVV/$1DQGSURYLGHVSRZHUWRWKHHOHFWURQLFPRGXOHV5HTXLUHPHQWVჀ 7KHWHUPLQDWLRQPRGXOHLVUHPRYHGIURP,031+),:/$1LQWHUIDFHPRGXOHჀ 7KH6,0$7,&0LFUR0HPRU\&DUGLVLQVHUWHGჀ 7KHUDFNKDVEHHQPRXQWHG)RUDGGLWLRQDOLQIRUPDWLRQUHIHUWRWKH(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ2SHUDWLQJ,QVWUXFWLRQV5HTXLUHGWRROV&URVVWLSVFUHZGULYHUVL]H3URFHGXUH 6QDSPRXQW,031+),:/$1LQWHUIDFHPRGXOHRQWRWKHPRGXOHFDUULHUDQGWKHQVOLGHLWLQWRWKHUHTXLUHGSRVLWLRQ 6FUHZ,031+),:/$1LQWHUIDFHPRGXOHRQWRWKHUDFNUHFHVVHGKHDGVFUHZVRQWKHIURQWWRSDQGERWWRPWLJKWHQLQJWRUTXH1P ,QVWDOOWKH,2PRGXOHVHOHFWURQLFVPRGXOHV ,QVWDOOWKHWHUPLQDWLRQPRGXOH)RUDGGLWLRQDOLQIRUPDWLRQUHIHUWRWKH(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ2SHUDWLQJ,QVWUXFWLRQV
,QVWDOOLQJ ,QVWDOOLQJ,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( :LULQJ  &RQWHQW:KHUHFDQ,ILQGZKDWLQIRUPDWLRQ"&RPSUHKHQVLYHLQIRUPDWLRQDERXWWKHLQVWDOODWLRQDQGOD\RXWUXOHVRI(7SURLQFOXGLQJFRUUHVSRQGLQJRSHUDWLQJLQVWUXFWLRQVDUHDYDLODEOHLQWKH(7SUR'LVWULEXWHG,2'HYLFH2SHUDWLQJ,QVWUXFWLRQVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ7KHIROORZLQJFKDSWHUVZLOOVKRZ\RXWKHGLIIHUHQFHVDQGVSHFLDOIHDWXUHVFRQFHUQLQJWKHFRQQHFWLRQRIDQ(7SURZLWK,031+),:/$1LQWHUIDFHPRGXOH 7HFKQLFDOVSHFLILFDWLRQVRIWKHOLQHV,QIOXHQFHRIFDEOHOHQJWKRQWKHVXSSO\YROWDJHჀ $OZD\VPDNHDOORZDQFHVIRUWKHLQIOXHQFHRIFDEOHOHQJWKVRQWKHVXSSO\YROWDJHRI(7SUR([DPSOH2QDFDEOHZLWKPPDQGDOHQJWKRIPWKHYROWDJHGURSLV9DWDORDGRI$7KLVFRUUHVSRQGVZLWK9DWDORDGRI$Ⴠ 0D[LQSXWFXUUHQWRIFRQQHFWLRQPRGXOH,031+),:/$1'LUHFW$RQ/DQG$RQ/&$87,21$OZD\VDGDSWWKHFRQGXFWRUFURVVVHFWLRQVWRWKHPD[VXSSO\FXUUHQWVIRU\RXZRXOGRWKHUZLVHULVNGDPDJHWRWKHGHYLFHDVDUHVXOWRIH[FHVVKHDWRQWKHFDEOHLQVXODWLRQDQGRQFRQWDFWV
:LULQJ &RQQHFWLQJWKH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &RQQHFWLQJWKH,031+),:/$1,QWURGXFWLRQ&RQQHFWWKHSRZHUVXSSOLHVDQGDQWHQQDVWRWKHFRQQHFWLRQHOHPHQWRI,031+),:/$1཰&RQQHFWWKHSURJUDPPLQJGHYLFHWRWKH5-VRFNHWRQWKHLQWHUIDFHHOHPHQWཱRI,031+),:/$1'&9'&96)%)0$,1721;55/,1.;555;7;;: :352),1(7;55,:/$16,0$7,&(7SUR,:/$1; FLUFXODUVRFNHWFRQQHFWRUZLWKSLQLQVHUWIRUWKH/HOHFWURQLFHQFRGHUVXSSO\DQG/ORDGYROWDJHVXSSO\;3 5-VRFNHWIRUFRQQHFWLQJDSURJUDPPLQJGHYLFHIRUVHWWLQJWKH,3DGGUHVV(WKHUQHWSRUWWKLVLVQRWD352),1(7LQWHUIDFH;55:DQG:560$DQWHQQDFRQQHFWRUVHHWKHFKDSWHU2UGHUQXPEHUVRIDFFHVVRULHV)LJXUH &RQQHFWLRQHOHPHQW཰DQGLQWHUIDFHHOHPHQWཱRI,031+),:/$1
:LULQJ &RQQHFWLQJWKH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 5HTXLUHPHQWV7KH,031+),:/$1LQWHUIDFHPRGXOHLQFOXGLQJWKHEXVPRGXOHZLWKWKHFRQQHFWLRQHOHPHQWDUHPRXQWHGRQWKHUDFN5HTXLUHGWRROVჀ 6FUHZGULYHUჀ 6WULSSLQJWRROIRUZLULQJWKHDQG5-FRQQHFWRUVLI\RXFKRRVHWRDVVHPEOHWKHFDEOHVE\\RXUVHOIჀ PPRSHQHQGHGVSDQQHU5HTXLUHGDFFHVVRULHVჀ 3DWFKFDEOHZLWKFRQQHFWRU7KHFDEOHLVDYDLODEOHLQYDULRXVOHQJWKVIURPDSSURSULDWHPDQXIDFWXUHUVჀ ,I\RXFKRRVHWRDVVHPEOHWKHSRZHUFRUGVE\\RXUVHOIZLUHFDEOHFRUHFURVVVHFWLRQPLQ$:*PPDQGFRQQHFWRU,3SODVWLFWR(1FKDSWHUVDQGჀ 3DWFKFDEOHZLWK5-FRQQHFWRU7KHFDEOHLVDYDLODEOHLQGLIIHUHQWOHQJWKVჀ ,I\RXFKRRVHWRDVVHPEOHWKHSDWFKFDEOHIRUFRQQHFWLQJWKHSURJUDPPLQJGHYLFHE\\RXUVHOIZLUHVKLHOGHGEXVFDEOHDQG5-FRQQHFWRU3LQDVVLJQPHQWRIWKHFRQQHFWRUFRQQHFWRUV/DQG/VXSSO\YROWDJHV 7HUPLQDO $VVLJQPHQW;'&9IRUVXSSO\LQJWKH *URXQGIRUORDGYROWDJHVXSSO\0 *URXQGIRUHOHFWURQLFHQFRGHUVXSSO\0 )XQFWLRQDOJURXQG /HOHFWURQLFHQFRGHUVXSSO\9'&//; /ORDGYROWDJHVXSSO\
:LULQJ &RQQHFWLQJWKH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(3LQDVVLJQPHQWRIWKH5-FRQQHFWRU9LHZRIWKH5-MDFN 7HUPLQDO $VVLJQPHQW 7'7UDQVPLW'DWD 7'B17UDQVPLW'DWDದ 5'5HFHLYH'DWD *URXQG *URXQG 5'B15HFHLYH'DWDದ *URXQG6KLHOG *URXQG&RQQHFWLQJWKHFRQQHFWRUV ,QVHUWWKHFRQQHFWRULQWRWKHPDWLQJFLUFXODUVRFNHWRQWKHFRQQHFWLRQHOHPHQWRI,031+),:/$1(QVXUHWKDWWKHORFNLQJPHFKDQLVPEHWZHHQWKHFRQQHFWRUDQGVRFNHWLVSURSHUO\DSSOLHG 7LJKWHQWKHNQXUOHGVFUHZVRIWKHSOXJFRQQHFWRUVWRUTXH 1P&$87,21,WLVQRWSHUPLWWHGWRUHPRYHWKHFRQQHFWRUVZKLOH(7SURLVLQRSHUDWLRQ$OZD\VVZLWFKRIIWKH/HOHFWURQLFHQFRGHUVXSSO\DQGWKH/ORDGYROWDJHVXSSO\EHIRUH\RXUHPRYHRULQVHUWWKHFRQQHFWRU&RQQHFWLQJWKH5-MDFN 5HPRYHWKHVFUHZFDSIURPWKHLQWHUIDFHHOHPHQWRI,031+),:/$1 3UHVVWKH5-MDFNLQWRWKHVRFNHWRQWKHLQWHUIDFHHOHPHQWXQWLOLWHQJDJHV1RWH&ORVLQJWKH5-VRFNHW,QRUGHUWRUHWDLQGHJUHHRISURWHFWLRQDIWHUKDYLQJFRPSOHWHGFRPPLVVLRQLQJ\RXPXVWUHLQVWDOOWKHFDSRQWRWKH5-VRFNHWRIWKHLQWHUIDFHHOHPHQWWRUTXH1PWR1P
:LULQJ &RQQHFWLQJWKH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( /LQHSURWHFWLRQ/LQHSURWHFWLRQLVPDQGDWRU\DFFRUGLQJWR',19'(LH\RXDOZD\VQHHGWRSURYLGHH[WHUQDOIXVLQJIRUVXSSO\OLQHVჀ ,QWHUIDFHPRGXOH3URWHFWLRQRIWKH/HOHFWURQLFHQFRGHUVXSSO\XVLQJD9'&$0&%WULSSLQJFKDUDFWHULVWLFW\SH%RU&Ⴠ ,QWHUIDFHPRGXOHLQWHJUDWHGSRZHUPRGXOHDQGSRZHUPRGXOH3URWHFWLRQRIWKH/ORDGYROWDJHVXSSO\XVLQJD9'&$0&%WULSSLQJFKDUDFWHULVWLFW\SH%RU&1RWH$9'&$0&%ZLWKWULSSLQJFKDUDFWHULVWLFVW\SH%WULSVEEHIRUHWKHHTXLSPHQWIXVHKDVEORZQ$9'&$0&%ZLWKWULSSLQJFKDUDFWHULVWLFVW\SH&WULSVDDIWHUWKHHTXLSPHQWIXVHKDVEORZQ(TXLSPHQWIXVLQJ5HSODFHDEOHHTXLSPHQWIXVHVIRU(7SURჀ ,QWHUIDFHPRGXOH7KHSRZHUEXVPRGXOHRIWKHLQWHUIDFHPRGXOHLVHTXLSSHGZLWKDIXVHIRUHOHFWURQLFHQFRGHUVXSSO\/[$IDVWEORZDQGDIXVHIRUORDGYROWDJHVXSSO\/[$IDVWEORZ$VSDUHIXVHLVDWWDFKHGDWWKLVORFDWLRQ<RXFDQILQGWKHRUGHUQXPEHURIWKHIXVHLQFKDSWHU2UGHUQXPEHUVIRUDFFHVVRULHV3DJH6HHDOVR2UGHUQXPEHUVIRUDFFHVVRULHV3DJH
:LULQJ &RQQHFWLQJDQDQWHQQDWR,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &RQQHFWLQJDQDQWHQQDWR,031+),:/$1,QWURGXFWLRQ&RQQHFWWKHDQWHQQDVWRWKHFRQQHFWLRQPRGXOHVHHWKHIROORZLQJILJXUHRI,031+),:/$1,QDGGLWLRQWRWKHVWDQGDUGDQWHQQD\RXFDQDOVRLQWHUFRQQHFWUHPRWHDQWHQQDVXVLQJFRUUHVSRQGLQJSDWFKFDEOHV'&9: :;352),1(7;55,:/$1:: 560$IRUFRQQHFWLQJWKHDSSURYHGDQWHQQDVZLWK560$MDFN
:LULQJ &RQQHFWLQJDQDQWHQQDWR,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &RQQHFWLQJWKHDQWHQQD ,QVHUWWKHDQWHQQD(60$$$LQWRWKH560$DQWHQQDFRQQHFWRUZLWKRXWMDPPLQJLW 6HFXUHWKHDQWHQQD1RWH2SWLPXPGDWDWUDQVIHUXVLQJWZRDQWHQQDV&RQQHFWERWKDQWHQQDVWRWKHFRQQHFWLRQHOHPHQWRI,031+),:/$1WRRSWLPL]HGDWDWUDQVPLVVLRQEHWZHHQWKH$3DQGWKH,031+),:/$1LQWHUIDFHPRGXOH127,&(0DOIXQFWLRQVZKHQRSHUDWLQJRQO\ZLWKRQHDQWHQQD&RPPXQLFDWLRQFRXOGEHGLVUXSWHGLI\RXRQO\FRQQHFWRQHDQWHQQDWRWKHFRQQHFWLRQHOHPHQWRI,031+),:/$1&KHFNERWK560$DQWHQQDMDFNVWRPDNHVXUHWKDWxHLWKHUDQDQWHQQDZKLFKLVDSSURYHGIRURSHUDWLRQZLWK,031+),:/$1RUDWHUPLQDWLQJUHVLVWRU7,5*.75$$ZKLFKLVDSSURYHGIRURSHUDWLRQZLWK,031+),:/$1LVFRQQHFWHG)RUDQWHQQDRUGHUQXPEHUVUHIHUWRWKH$SSHQGL[3DJHRIWKLVGRFXPHQW6HWXSWKHFRUUHVSRQGLQJDQWHQQDVRFNHWLQWKH:%0,,QWHUIDFHV!:/$1!$'9$1&('!$QWHQQDIROGHU&$87,218VHRQO\RULJLQDODFFHVVRULHV,IXVLQJDQ\DFFHVVRULHVRWKHUWKDQWKHRULJLQDOIRUWKHGHYLFH\RXUXQWKHULVNRIGDPDJHWRWKHDQWHQQDMDFN
:LULQJ &RQQHFWLQJDQDQWHQQDWR,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(&RQQHFWLQJUHPRWHDQWHQQDV<RXFDQRSWLPL]HFRPPXQLFDWLRQTXDOLW\E\VHOHFWLQJDVXLWDEOHORFDWLRQIRUWKHDQWHQQDV8VHRQHRIWKHUHPRWHDQWHQQDVZKLFKLVDSSURYHGIRURSHUDWLRQZLWKLQWHUIDFHPRGXOH,031+),:/$1<RXFDQGHWHUPLQHWKHRSWLPXPORFDWLRQIRUWKHUHPRWHDQWHQQDVDQGPD[LPL]HUDGLRVLJQDOTXDOLW\ZLWKLQ\RXUURRPVXVLQJDUDGLRILHOGSODQQLQJWRROHJ6,1(0$()RULQIRUPDWLRQUHODWHGWRDQWHQQDLQVWDOODWLRQDQGRSHUDWLRQUHIHUWRWKHUHOHYDQWRSHUDWLQJLQVWUXFWLRQV7KHRSHUDWLQJLQVWUXFWLRQVDUHDYDLODEOHIRUGRZQORDGIURPWKH6XSSRUWSDJHVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQRI6,(0(16$*7KH1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOHLVDYDLODEOHDVDFFHVVRU\IRUFRQQHFWLQJWKHDQWHQQD7DEOH &RQQHFWLQJFDEOH1&RQQHFW560$/HQJWKLQP 2UGHUQXPEHU ;9&+ ;9&+ ;9&+ ;9&1([WHUQDODQWHQQDVDQGDQWHQQDFDEOHVIRU,031+),:/$17KHIROORZLQJWDEOHSURYLGHVDOLVWRIH[WHUQDODQWHQQDVZKLFKDUHDSSURYHGIRURSHUDWLRQZLWKWKH,031+),:/$1LQWHUIDFHPRGXOH7DEOH $QWHQQDVIRU5&RD[V\VWHPV'HVLJQDWLRQ 5DGLDWLRQFKDUDFWHULVWLFV0/)% &RPPHQWOLQNWRWKHPDQXDO$17'16,(0(166,0$7,&1(7,:/$15&RD[1&RQQHFW)HPDOH*+]GLUHFWLRQDO *.'1$$ 5&RD[DQWHQQDIRUFRQQHFWLRQWR(7SURZLWK,031+),:/$16&$/$1&(:[[DQG,:/$13%/LQN1&RQQHFWRU)HPDOH*+]YLD,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHG3DUWLFXODUO\VXLWDEOHIRUXVHZLWKWKH5&RD[DQWHQQDV\VWHP7KHRSHUDWLQJLQVWUXFWLRQVIRULQVWDOODWLRQRIWKHDQWHQQDDUHDYDLODEOHRQWKH,QWHUQHWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ$17016,(0(166,0$7,&1(7,:/$15&RD[1&RQQHFW)HPDOH*+]GLUHFWLRQDO *.01$$ 5&RD[DQWHQQDIRUFRQQHFWLRQWR(7SURZLWK,031+),:/$16&$/$1&(:[[DQG,:/$13%/LQN1&RQQHFWRU)HPDOH*+]YLD,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHG3DUWLFXODUO\VXLWDEOHIRUXVHZLWKWKH5&RD[DQWHQQDV\VWHP7KHRSHUDWLQJLQVWUXFWLRQVIRULQVWDOODWLRQRIWKHDQWHQQDDUHDYDLODEOHRQWKH,QWHUQHWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
:LULQJ &RQQHFWLQJDQDQWHQQDWR,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7DEOH 0DVWDQWHQQDVVLQJOHEDQG'HVLJQDWLRQ 5DGLDWLRQFKDUDFWHULVWLF0/)% &RPPHQWOLQNWRWKHPDQXDO$17016,(0(166,0$7,&1(7,:/$1URGDQWHQQD1&RQQHFW)HPDOH*+]2PQLGLUHFWLRQDO *.01$$ 5RGDQWHQQDIRUFRQQHFWLRQWR(7SURZLWK,031+),:/$16&$/$1&(:[[DQG,:/$13%/LQN1&RQQHFWRU)HPDOH*+]YLD,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHG)RUZDOORUSROHPRXQWLQJ7KHRSHUDWLQJLQVWUXFWLRQVIRULQVWDOODWLRQRIWKHDQWHQQDDUHDYDLODEOHRQWKH,QWHUQHWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ$17016,(0(166,0$7,&1(7,:/$15RGDQWHQQD1&RQQHFW)HPDOH*+]2PQLGLUHFWLRQDO *.01$$ 5RGDQWHQQDIRUFRQQHFWLRQWR(7SURZLWK,031+),:/$16&$/$1&(:[[DQG,:/$13%/LQN1&RQQHFWRU)HPDOH*+]YLD,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHG)RUZDOORUSROHPRXQWLQJ7KHRSHUDWLQJLQVWUXFWLRQVIRULQVWDOODWLRQRIWKHDQWHQQDDUHDYDLODEOHRQWKH,QWHUQHWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
:LULQJ /LJKWQLQJSURWHFWLRQSRZHUVXSSO\DQGJURXQGLQJ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( /LJKWQLQJSURWHFWLRQSRZHUVXSSO\DQGJURXQGLQJ1RWHVRQOLJKWQLQJSURWHFWLRQ:$51,1*'DQJHUGXHWROLJKWQLQJVWULNHV7KHUHLVDULVNRIOHWKDOEXUQVLI\RXGRQRWSURYLGHDGHTXDWHSURWHFWLYHPHDVXUHVDJDLQVWOLJKWLQJVWULNHVE\JURXQGLQJWKHDQWHQQDV$OORXWGRRUDQWHQQDVPXVWEHORFDWHGZLWKLQWKHUDQJHRIDOLJKWQLQJDUUHVWRU0DNHVXUHWKDWDOOFRQGXFWLYHV\VWHPVIHGLQIURPWKHRXWVLGHFDQEHDGHTXDWHO\SURWHFWHGE\DOLJKWQLQJSURWHFWLRQSRWHQWLDOHTXDOL]DWLRQV\VWHP,PSOHPHQWDWLRQRI\RXUOLJKWQLQJSURWHFWLRQFRQFHSWPXVWVWULFWO\FRQIRUPWR9'(RU,(&VWDQGDUGV$VXLWDEOHOLJKWQLQJSURWHFWLRQHOHPHQWLVDYDLODEOHLQWKHUDQJHRIDFFHVVRULHVRI6,0$7,&1(7,QGXVWULDO:/$1/LJKWQLQJSURWHFWLRQHOHPHQW/31RUGHUQR*./3$$:$51,1*'DQJHUGXHWROLJKWQLQJVWULNHV7KHUHLVDULVNRIOHWKDOEXUQVLI\RXGRQRWSURYLGHDGHTXDWHSURWHFWLYHPHDVXUHVDJDLQVWOLJKWLQJVWULNHVE\JURXQGLQJWKHDQWHQQDV,QVWDOOLQJWKLVOLJKWQLQJSURWHFWRUEHWZHHQDQDQWHQQDDQGDQ,031+),:/$1LQWHUIDFHPRGXOHLVQRWDGHTXDWHSURWHFWLRQDJDLQVWDOLJKWQLQJVWULNH7KH/31OLJKWHQLQJSURWHFWRURQO\ZRUNVZLWKLQWKHIUDPHZRUNRIDFRPSUHKHQVLYHOLJKWQLQJSURWHFWLRQFRQFHSW&RQWDFWDTXDOLILHGVSHFLDOLVWFRPSDQ\LI\RXKDYHTXHVWLRQVLQWKLVFRQWH[W1RWH,QDGGLWLRQ\RXVKRXOGVWULFWO\IROORZWKHUXOHVIRURSHUDWLQJWKH9'&SRZHUVXSSO\RQWKH(7SUR'LVWULEXWHG,26\VWHPDQGWKHJHQHUDOUXOHVIRUJURXQGLQJDQGIRUHTXLSRWHQWLDOERQGLQJRIWKH(7SUR'LVWULEXWHG,26\VWHPVSHFLILHGLQWKHRSHUDWLQJLQVWUXFWLRQVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &RQILJXULQJ  2YHUYLHZ6SHFLDOIHDWXUHVWRQRWHZKHQFRQILJXULQJWKH,031+),:/$1LQWHUIDFHPRGXOH7KHSURFHGXUHIRUFRQILJXULQJWKH,031+),:/$1LQWHUIDFHPRGXOHGLIIHUVRQO\VOLJKWO\FRPSDUHGWRWKHSURFHGXUHIRUFDEOHERXQGLQWHUIDFHPRGXOHV7KH,031+),:/$1LQWHUIDFHPRGXOHLVGHDFWLYDWHGE\GHIDXOWIRULQLWLDOFRPPLVVLRQLQJ)RUWKLVUHDVRQ\RXPXVWFRQILJXUHWKH,3DGGUHVVXVLQJDSURJUDPPLQJGHYLFHRUD3&WKDWLVLQWHUFRQQHFWHGGLUHFWO\YLD5-LQWHUIDFHZLWKWKH,031+),:/$1LQWHUIDFHPRGXOH7KHFRQILJXUDWLRQGDWDRID67(3SURMHFWIRUD352),1(7,2V\VWHPFDQEHWUDQVIHUUHGYLD$FFHVV3RLQWIURPWKHSURJUDPPLQJGHYLFHRU3&WRWKH,031+),:/$1LQWHUIDFHPRGXOH&RQILJXULQJVHTXHQFH7KHWDVNIRUFRQILJXULQJWKH,031+),:/$1LQWHUIDFHPRGXOHLVVSOLWLQWRIRXUVWHSV6WHS,3DGGUHVVDVVLJQPHQW6WHS:/$1DQG6HFXULW\SDUDPHWHUL]DWLRQIRUWKHLQWHUIDFHHOHPHQW6WHS:/$1DQG6HFXULW\SDUDPHWHUL]DWLRQIRUWKH$FFHVV3RLQW6WHS&RQILJXULQJWKHLQWHUIDFHHOHPHQWLQ352),1(7,2XVLQJ67(3 $VVLJQLQJDQ,3DGGUHVV &RQQHFWLQJDSURJUDPPLQJGHYLFH3&5HTXLUHGWRROVPPRSHQHQGZUHQFKIRUWKHFDS&RQQHFWLQJWKHSURJUDPPLQJGHYLFH3& 8QVFUHZDQGUHPRYHWKHFDSRQWKH(WKHUQHWSRUWRIWKHLQWHUIDFHXQLW ,QWHUFRQQHFWWKHSURJUDPPLQJGHYLFH3&ZLWKWKH(WKHUQHWSRUWRI,031+),:/$1XVLQJDVXLWDEOHQHWZRUNSDWFKFDEOH)RULQIRUPDWLRQDERXWQHWZRUNSDWFKFDEOHVUHIHUWRFKDSWHU2UGHUQXPEHUVIRUDFFHVVRULHV3DJH
&RQILJXULQJ $VVLJQLQJDQ,3DGGUHVV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $VVLJQLQJWKH,3DGGUHVVLQ67(33UHUHTXLVLWHVჀ 7KH,031+),:/$1LQWHUIDFHPRGXOHLVHTXLSSHGZLWKD6,0$7,&0LFUR0HPRU\&DUGZLWKDFDSDFLW\RIDWOHDVW.%)RULQIRUPDWLRQDERXWPHPRU\FDUGVUHIHUWRFKDSWHU2UGHU1XPEHUV3DJHჀ 7KH(WKHUQHWDGDSWHURI\RXUSURJUDPPLQJGHYLFH3&KDVDYDOLG,3DGGUHVV1RWH1HWZRUNSDUDPHWHUVRIWKH(WKHUQHWDGDSWHU7RHQDEOHDFFHVVWRWKH:HEVHUYHURIWKH,031+),:/$1LQWHUIDFHPRGXOHDIWHU\RXDVVLJQHGWKH,3DGGUHVVWKHQHWZRUNDGGUHVVILUVWHOHPHQWRIWKH,3DGGUHVVRIWKH,031+),:/$1LQWHUIDFHPRGXOHPXVWFRUUHVSRQGZLWKWKDWRIWKH(WKHUQHWDGDSWHULQ\RXUSURJUDPPLQJGHYLFH3&<RXFDQYLHZWKHQHWZRUNSDUDPHWHUVLQWKHSURSHUWLHVGLDORJRIWKHFRQQHFWLRQRI\RXUSURJUDPPLQJGHYLFH3&6HOHFW66WDUW!6HWWLQJV!1HWZRUN&RQQHFWLRQVWRRSHQWKHSURSHUWLHVGLDORJ5LJKWFOLFNWKHFRQQHFWLRQHJ/$1FRQQHFWLRQWRRSHQWKHVKRUWFXWPHQXDQGWKHQFOLFN3URSHUWLHV7KHSURSHUWLHVGLDORJRIWKH(WKHUQHWDGDSWHURSHQV6HOHFW,QWHUQHW3URWRFRO7&3,3DQGWKHQFOLFN3URSHUWLHVWRGLVSOD\WKH,3DGGUHVVDQGVXEQHWPDVN&KDQJHWKHVHWWLQJVDVIROORZVLIWKH2EWDLQDQ,3DGGUHVVDXWRPDWLFDOO\RSWLRQLVVHWx&OLFNWKH8VHWKHIROORZLQJ,3DGGUHVVRSWLRQx(QWHUDQ,3DGGUHVVZLWKWKHIRUPDW;;;;;;;;;;;;6HWDQXPEHUEHWZHHQDQGIRU;;;HJx(QWHULQWKH6XEQHWPDVNLQSXWILHOG
&RQILJXULQJ$VVLJQLQJDQ,3DGGUHVV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $VVLJQLQJ,3DGGUHVVHVLQ67(3 6WDUW6,0$7,&0DQDJHU 2SHQWKH(GLW(WKHUQHWQRGHGLDORJER[E\VHOHFWLQJ33/&!(GLW(WKHUQHWQRGH
&RQILJXULQJ $VVLJQLQJDQ,3DGGUHVV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &OLFN%URZVHLQWKH(WKHUQHWQRGHILHOG7KH6HDUFKLQQHWZRUNGLDORJER[QRZGLVSOD\VWKH0$&DGGUHVVRIWKH,031+),:/$1LQWHUIDFHPRGXOH &OLFN2.7KH0$&DGGUHVVLQSXWILHOGRIWKH(GLW(WKHUQHWQRGHGLDORJER[QRZFRQWDLQVWKH0$&DGGUHVVRIWKH,031+),:/$1LQWHUIDFHPRGXOH 6HOHFWWKHRSWLRQ8VH,3SDUDPHWHUVLQ6HW,3FRQILJXUDWLRQ (QWHUDQ,3DGGUHVVZLWKWKHIRUPDW;;;;;;;;;;;;LQWKH,3DGGUHVVLQSXWILHOG,IWKHQHWZRUNDGGUHVVILUVWWKUHHDGGUHVVHOHPHQWVRIWKH(WKHUQHWDGDSWHURQ\RXUSURJUDPPLQJGHYLFH3&LVIRUH[DPSOHHQWHU7KHODVWE\WHLQWKLVH[DPSOHKDVWKHYDOXHDQGLGHQWLILHVWKHQRGHDGGUHVV(QWHUDYDOXHEHWZHHQDQGIRUWKHODVWE\WH8VHDQRGHDGGUHVVWKDWLVGLIIHUHQWWRWKHDGGUHVVRI\RXU(WKHUQHWDGDSWHUZKLFKLVLQWKLVH[DPSOH
&RQILJXULQJ$VVLJQLQJDQ,3DGGUHVV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  *RWRWKH6XEQHWPDVNLQSXWILHOGDQGHQWHUWKHVXEQHWDGGUHVVRIWKH(WKHUQHWDGDSWHURI\RXUSURJUDPPLQJGHYLFH3&ZLWKWKHIRUPDW;;;;;;;;;;;;HJ &OLFN$VVLJQ,3FRQILJXUDWLRQWRVDYH\RXUVHWWLQJWRWKH,031+),:/$1LQWHUIDFHPRGXOH7KHGLDORJFRQILUPVWKHVXFFHVVIXOWUDQVIHURISDUDPHWHUV &ORVHWKHGLDORJER[ZLWK2.&ORVHWKH(GLW(WKHUQHWQRGHGLDORJER[E\FOLFNLQJ&ORVH
&RQILJXULQJ $VVLJQLQJDQ,3DGGUHVV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(5HVXOW7KHLQWHUIDFHPRGXOHKDVDQ,3DGGUHVVZKLFKLVUHWDLQHGDIWHU3RZHURII6XEQHWPDVN7KHELWVRIWKHQRGHDGGUHVVFDQEHXVHGWRFUHDWHVXEQHWV7KHOHDGLQJELWVUHSUHVHQWWKHDGGUHVVRIWKHVXEQHWDQGWKHUHPDLQLQJELWVWKHDGGUHVVRIWKH3&RQWKHVXEQHW$VXEQHWLVGHILQHGE\LWVVXEQHWPDVN7KHV\QWD[RIWKHVXEQHWPDVNFRUUHVSRQGVWRWKDWRIDQ,3DGGUHVV,IDLVVHWDWDELWSRVLWLRQLQWKHVXEQHWPDVNWKLVELWEHORQJVWRWKHFRUUHVSRQGLQJSRVLWLRQLQWKH,3DGGUHVVRIWKHVXEQHWDGGUHVVRWKHUZLVHWRWKHDGGUHVVRIWKH3&([DPSOHRIDFODVV%QHWZRUN7KHVWDQGDUGVXEQHWPDVNIRUFODVV%QHWZRUNVLVLHWKHODVWWZRE\WHVDUHDYDLODEOHIRUVXEQHWWLQJ,IVXEQHWVDUHWREHGHILQHGWKHWKLUGE\WHRIWKHVXEQHWDGGUHVVPXVWEHVHWWRELQDU\QRWDWLRQ7KHUHVXOWLVDVXEQHWPDVN7RILQGRXWZKHWKHUWZR,3DGGUHVVHVEHORQJWRWKHVDPHVXEQHWWKHELWVRIERWK,3DGGUHVVHVDQGWKHVXEQHWPDVNDUHORJLFDOO\OLQNHGE\PHDQVRI$1'RSHUDWLRQ,IERWKORJLFRSHUDWLRQVUHWXUQWKHVDPHUHVXOWHJDQGWKHQERWK,3DGGUHVVHVEHORQJWRWKHVDPHVXEQHW7KHVHJPHQWDWLRQRIQRGHDGGUHVVHVDVGHVFULEHGDERYHKDVQRVLJQLILFDQFHEH\RQGWKH/$1UDQJHEHFDXVHWKHUHRQO\WKH,3DGGUHVVLVJOREDOO\UHOHYDQWIRUGDWDWHOHJUDPWUDQVIHUV1RWH,QWKHELWQRWDWLRQRIWKHVXEQHWPDVNWKHRQHVPXVWEHVHWOHIWMXVWLILHGDQGZLWKRXWDQ\]HURVEHWZHHQWKHRQHV3ULPDU\6HWXS7RRORQWKH,QWHUQHW,QDGGLWLRQWR67(3\RXFDQIDOOEDFNRQWKH3ULPDU\6HWXS7RRO367IUHHZDUHWRDVVLJQWKHDGGUHVVHVRI6,0$7,&1(7,QGXVWULDO(WKHUQHWGHYLFHVRI9RUKLJKHU$IUHHZDUHYHUVLRQRIWKH367LVDYDLODEOHIRUGRZQORDGIURPWKH6XSSRUWSDJHVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
&RQILJXULQJ $VVLJQLQJDGHYLFHQDPHWRWKH,2GHYLFH,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  $VVLJQLQJDGHYLFHQDPHWRWKH,2GHYLFH,QWURGXFWLRQ$OO352),1(7,2GHYLFHVDUHDVVLJQHGDXQLTXHGHYLFH,'0$&DGGUHVVE\WKHPDQXIDFWXUHU(DFK,2GHYLFHLVDGGUHVVHGEDVHGRQLWVGHYLFHQDPHGXULQJFRQILJXUDWLRQDQGLQWKHXVHUSURJUDP)RUPRUHLQIRUPDWLRQRQDGGUHVVLQJLQ352),1(7,2UHIHUWRWKH352),1(76\VWHP'HVFULSWLRQ5HTXLUHPHQWVჀ 7RDVVLJQDGHYLFHQDPHWRWKHLQWHUIDFHPRGXOHWKHSURJUDPPLQJGHYLFHPXVWEHRQOLQHRQ352),1(7WRWKH,2GHYLFHჀ 7KH,2GHYLFHLVFRQILJXUHGDQGDVVLJQHGDQ,3DGGUHVVLQ67(3Ⴠ 7KH,031+),:/$1(6$%$%LQWHUIDFHPRGXOHದ 6,0$7,&0LFUR0HPRU\&DUG.%RUKLJKHUದ &URVVWLSVFUHZGULYHUVL]H3UHSDUDWLRQV&$87,217RSUHYHQWDQ\GDPDJHWRWKH,031+),:/$1GLVFRQQHFWLWIURPSRZHUEHIRUH\RXUHPRYHWKHFRQQHFWLRQPRGXOH /RRVHQWKHIRXUVFUHZVRIWKHFRQQHFWLRQPRGXOHDQGWKHQUHPRYHLWIURPWKHLQWHUIDFHPRGXOH ,QVHUWWKHQHZ6,0$7,&0LFUR0HPRU\&DUGLQWRWKHVORWERWWRPRIWKHLQWHUIDFHPRGXOHVRWKDWLWVEHYHOHGHGJHIDFHVWKHHMHFWRU 6OLGHWKH6,0$7,&0LFUR0HPRU\&DUGLQWRWKHVORWZLWKVOLJKWSUHVVXUHXQWLOWKH0HPRU\&DUGFOLFNVLQWRSODFH 5HLQVWDOOWKHFRQQHFWLRQXQLWRQWKHLQWHUIDFHXQLWDQGVHFXUHLWZLWKWKHVFUHZV$VVLJQLQJDGHYLFHQDPH 6ZLWFKRQWKHSRZHUVXSSOLHVRI,031+),:/$1 2SHQWKH3URSHUWLHV,031+),:/$1ZLQGRZLQ+:&RQILJ(QWHUWKHGHYLFHQDPHIRUWKH,2GHYLFHDQGFRQILUP\RXUHQWU\ZLWK2. 6HOHFW33/&!(WKHUQHW!$VVLJQ'HYLFH1DPHLQ+:&RQILJ &OLFN$VVLJQ1DPHLQWKH$VVLJQ'HYLFH1DPHZLQGRZ
&RQILJXULQJ $VVLJQLQJDGHYLFHQDPHWRWKH,2GHYLFH,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(5HVXOW,031+),:/$17KHGHYLFHQDPHLVVDYHGWRWKH6,0$7,&0LFUR0HPRU\&DUGLQWKHLQWHUIDFHPRGXOH1RWH$VVLJQLQJGHYLFHQDPHVXVLQJWKHSURJUDPPLQJGHYLFH3&,IXVLQJDH[WHUQDOSURPPHUWRDVVLJQWKHGHYLFHQDPH\RXPXVWXVHD0LFUR0HPRU\&DUG00&ZKLFKGRHVQRWFRQWDLQDQ\GDWD7UDQVIHUULQJWKHGHYLFHQDPHDIWHUUHSODFHPHQWRIWKHLQWHUIDFHPRGXOH7KHFRQILJXUDWLRQGDWDDQGGHYLFHQDPHRIWKH,2GHYLFHDUHVWRUHGRQWKH6,0$7,&0LFUR0HPRU\&DUG7RWUDQVIHUWKHFRQILJXUDWLRQGDWDDIWHUKDYLQJUHSODFHGWKH,031+),:/$1LQWHUIDFHPRGXOH\RXVLPSO\PRYHWKH6,0$7,&0LFUR0HPRU\&DUGIURPWKHROGLQWHUIDFHPRGXOHWRWKHQHZRQH7KH,2GHYLFHDFFHSWVWKHGHYLFHQDPHIURPWKH6,0$7,&0LFUR0HPRU\&DUGDIWHU\RXF\FOHGSRZHURIIDQGRQ7KHVWDWLRQFDQQRZEHDGGUHVVHGDJDLQ1RGHIODVKWHVW7KH6HDUFKQHWZRUNGLDORJDOZD\VGLVSOD\VDOO,2GHYLFHVXVHGLQ\RXUV\VWHP&RPSDUHWKH0$&DGGUHVVRIWKHGHYLFHZLWKWKH0$&DGGUHVVGLVSOD\HGDQGWKHQVHOHFWWKHFRUUHFW,2GHYLFH,GHQWLILFDWLRQRIWKH,2GHYLFHVLQDSODQWLVIDFLOLWDWHGE\DQRGHIODVKWHVW(QDEOHWKHIODVKWHVWDVIROORZV 6HOHFWRQHRIWKH,2GHYLFHVIURPWKH6HDUFKQHWZRUNGLDORJ 6HOHFWWKHIODVKGXUDWLRQ &OLFNWKH)ODVKEXWWRQ5HVXOW7KH/,1.5-DQG;55/,1./('VIODVKRQWKHVHOHFWHG,2GHYLFH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW ,QWURGXFWLRQ3ULQFLSOHRI:HE%DVHG0DQDJHPHQW7KH,031+),:/$1LQWHUIDFHPRGXOHSURYLGHVDQLQWHJUDWHG:HE6HUYHUIRU:HE%DVHG0DQDJHPHQW$Q,031+),:/$1LQWHUIDFHPRGXOHZKLFKLVDGGUHVVHGYLD:HE%URZVHUUHWXUQV+70/SDJHVWRWKHFOLHQW3&GHSHQGLQJRQXVHULQSXW7KHXVHUHQWHUVKLV:/$1DQGVHFXULW\SDUDPHWHUVLQWKH+70/SDJHVWUDQVIHUUHGYLD:HEVHUYHU7KH,031+),:/$1LQWHUIDFHPRGXOHHYDOXDWHVWKLVLQIRUPDWLRQDQGG\QDPLFDOO\JHQHUDWHVUHVSRQVHSDJHV8VHWKHVWDQGDUGZHEEURZVHURI\RXURSHUDWLQJV\VWHPIRUWKRVHRSHUDWLRQV<RXGRQRWQHHGDQ\DGGLWLRQDOVRIWZDUH3UHUHTXLVLWHVIRU:HE%DVHG0DQDJHPHQWჀ 7REHDEOHWRDGGUHVV,031+),:/$1YLD:HE%DVHG0DQDJHPHQWLWVQHWZRUNDGGUHVVILUVWHOHPHQWRIWKH,3DGGUHVVPXVWPDWFKWKDWRIWKH(WKHUQHWDGDSWHURQ\RXUSURJUDPPLQJGHYLFH3&Ⴠ 7REHDEOHWRXVH:HE%DVHG0DQDJHPHQW\RXVKRXOGVHWXSDFDEOHERXQGQHWZRUNFRQQHFWLRQEHWZHHQWKH,031+),:/$1LQWHUIDFHPRGXOHDQGWKHSURJUDPPLQJGHYLFH3&,WLVEDVLFDOO\SRVVLEOHWRUXQ:HE%DVHG0DQDJHPHQWRQYLDUDGLRQHWZRUNVჀ 7KHSDJHVRI:HE%DVHG0DQDJHPHQWUHTXLUH-DYD6FULSW<RXVKRXOGWKHUHIRUHPDNHVXUHWKDW-DYD6FULSWLVHQDEOHGLQWKH:HEEURZVHUჀ ,IDILUHZDOOLVDFWLYHRQ\RXUVWDWLRQ\RXPXVWHQDEOHDFFHVVWRSRUWIRU+773RUSRUWIRU+7736WRUXQ:HE%DVHG0DQDJHPHQWჀ 7RHQVXUHWKHSURSHUGLVSOD\RIWKH+70/SDJHVRIWKH:HE6HUYHU\RXPXVWGLVDEOHDQ\EDQQHUSRSXSEORFNHUV'HDFWLYDWHDQ\EDQQHUEORFNHUV\RXPLJKWKDYHLQVWDOOHG1RWH:HEEURZVHU8VH0LFURVRIW,QWHUQHW([SORUHU9RUKLJKHURU0R]LOOD)LUHIR[9RUKLJKHU1RWH/D\RXWRIWKHVFUHHQVKRWV7KHVFUHHQVKRWVLQWKLVFKDSWHUZHUHJHQHUDWHGXVLQJ0LFURVRIW,QWHUQHW([SORUHUV97KHOD\RXWRIPHQXVFDQGLIIHUVOLJKWO\LI\RXDUHXVLQJDGLIIHUHQWEURZVHU
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( %DVLFVRIZRUNLQJZLWK:HE%DVHG0DQDJHPHQW1DYLJDWLRQEDU7KHWRSPHQXEDURI:HE%DVHG0DQDJHPHQW:%0FRQWDLQVWKHIROORZLQJOLQNVჀ &RQVROH$IWHUKDYLQJFOLFNHGWKHOLQNDFRQVROHZLQGRZRSHQVZKHUH\RXFDQORJRQDQGWKHQHQWHU&/,FRPPDQGVჀ 6XSSRUW<RXFDQRSHQD6XSSRUWSDJHRI6,(0(16$*RQWKH,QWHUQHWE\FOLFNLQJWKRVHOLQNVჀ /RJRXW&ORVHWKHFXUUHQW:HE%DVHG0DQDJHPHQWVHVVLRQE\FOLFNLQJWKLVOLQN7KHORJRQGLDORJLVWKHQGLVSOD\HGDJDLQჀ +HOS&OLFNWKLVOLQNWRRSHQWKHRQOLQHKHOSRI:HE%DVHG0DQDJHPHQWLQDVHSDUDWHEURZVHUZLQGRZ8SGDWLQJWKHGLVSOD\ZLWK5HIUHVK:HE%DVHG0DQDJHPHQWSDJHVWKDWGLVSOD\DFWXDOSDUDPHWHUVIHDWXUHD5HIUHVKEXWWRQRQWKHLUERWWRPHGJH&OLFNWKLVEXWWRQWRUHTXHVWXSWRGDWHLQIRUPDWLRQIURPWKHGHYLFHIRUWKHFXUUHQWSDJH6DYLQJHQWULHVZLWK6HW9DOXHV3DJHVRQZKLFK\RXFDQGHILQHFRQILJXUDWLRQGDWDIHDWXUHD6HW9DOXHEXWWRQDWWKHLUORZHUHGJH&OLFNWKLVEXWWRQWRVDYHWKHFRQILJXUDWLRQGDWDHQWHUHGWRWKHGHYLFH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  6WDUWLQJ:HE%DVHG0DQDJHPHQWDQGORJJLQJRQ:HEDFFHVVWRLQWHUIDFHPRGXOH,031+),:/$1)ROORZWKHVWHSVEHORZWRVHWXSDFRQQHFWLRQWRWKH,031+),:/$1LQWHUIDFHPRGXOHLQD:HEEURZVHU 2SHQWKH:HEEURZVHUDQGWKHQHQWHUWKH,3DGGUHVVRIWKH,031+),:/$1LQWHUIDFHPRGXOHLQWKHDGGUHVVILHOG$ORJRQGLDORJRSHQVDVVKRZQLQWKHIROORZLQJVFUHHQVKRW 2SHQWKH8VHUQDPHGURSGRZQOLVWER[DQGVHOHFWWKH$GPLQHQWU\LI\RXZDQWWRHGLWVHWWLQJVRIWKH,031+),:/$1LQWHUIDFHPRGXOHUHDGDQGZULWHDFFHVV%\VHOHFWLQJWKH8VHUHQWU\\RXRQO\KDYHUHDGDFFHVVWRWKHFRQILJXUDWLRQGDWDRIWKH,031+),:/$1LQWHUIDFHPRGXOH (QWHU\RXUSDVVZRUG7KHIDFWRU\GHIDXOWSDVVZRUGVDUHYDOLGLI\RXKDYHQRW\HWVSHFLILHGDSDVVZRUG(QWHUWKHSDVVZRUGDGPLQLI\RXVHOHFWHGWKH8VHUQDPH$GPLQRUXVHULI\RXVHOHFWHG8VHU &OLFN/RJ2QWRVWDUWWKHORJRQRUSUHVV(17(5GRFORVHWKHLQSXWGLDORJ6HFXUHFRQQHFWLRQRYHU+7736:HE%DVHG0DQDJHPHQWDOVRRIIHUVSURYLGHVWKHRSWLRQRIVHWWLQJVXSVHFXUHFRQQHFWLRQVYLD+7736SURWRFROZLWK,031+),:/$1LQWHUIDFHPRGXOH8VHWKH/RJRQXVLQJDVHFXUH+7736FRQQHFWLRQOLQNLQWKHORJRQGLDORJRUJRWRWKHDGGUHVVILHOGRIWKH,QWHUQHWEURZVHUKWWSV;;;;;;;;;;;;DQGHQWHUWKH,3DGGUHVVRIWKH,031+),:/$1LQWHUIDFHPRGXOHIRU;;;;;;;;;;;;HJKWWSV&RQILUPWKHVHFXULW\SURPSWLQWKHGLDORJZLQGRZZLWK<HV7KHORJRQGLDORJ:HE%DVHG0DQDJHPHQWRSHQV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( :L]DUGVLQ:HE%DVHG0DQDJHPHQW 7KHZL]DUGVDQGWKHLUIXQFWLRQV%DVLF:L]DUG6HFXULW\:L]DUGDQGL3&):L]DUG:HE%DVHG0DQDJHPHQWRIIHUVVHYHUDOZL]DUGVZKLFKIDFLOLWDWHFRPPLVVLRQLQJWDVNV$:L]DUGFRQVLVWVRIDVHULHVRIVHWXSGLDORJVLQZKLFK\RXHQWHUEDVLFFRQILJXUDWLRQGDWD7KHIROORZLQJ:L]DUGVDUHDYDLODEOHჀ %%DVLF:L]DUG)RUJHQHUDOVHWWLQJVZKLFKHQVXUHWKHEDVLFIXQFWLRQDOLW\RIWKH,031+),:/$1LQWHUIDFHPRGXOHჀ 66HFXULW\:L]DUG:L]DUGWKDWVXSSRUWVWKHVHWXSRIVHFXULW\UHODWHGSDUDPHWHUVჀ LL3&):L]DUG7KLVZL]DUGVXSSRUWVFRQILJXUDWLRQRIWKHL3&)SURFHGXUHLLQGXVWULDO33RLQW&RRUGLQDWLRQ)XQFWLRQ)RUDGGLWLRQDOLQIRUPDWLRQDERXWWKHL3&):L]DUGUHIHUWRWKH6&$/$1&(:[35255DQG6&$/$1&(:[35255KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQRSHUDWLQJLQVWUXFWLRQV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( :L]DUG6WDWXV<RXFDQVHOHFWWKH:L]DUGVPHQXLQWKH1DYLJDWLRQEDURQWKHOHIWSDQHRIWKHZLQGRZWRYLHZWKHFXUUHQWSURFHVVLQJVWDWHRIDOO:L]DUGV7KH&RPSOHWHGVWDWXVLVGLVSOD\HGLQJUHHQIRQWDIWHU\RXFRPSOHWHGHGLWLQJLQWKHFRUUHVSRQGLQJ:L]DUG0RUHRYHUWKH:L]DUGVHQWU\LVPRYHGWRWKHERWWRPHQGRIWKHQDYLJDWLRQEDUDIWHU\RXFRPSOHWHGDOO:L]DUGV1RWH&RPSOHWHQHVVRIWKHVHWWLQJVLQ:HE%DVHG0DQDJHPHQW,WLVQRWQHFHVVDU\WRVHWXSDOODYDLODEOHSDUDPHWHUVWRRSHUDWH,031+),:/$1&RPPXQLFDWLRQZLWKWKH$FFHVV3RLQWRQO\UHTXLUHVSDUDPHWHUL]DWLRQRIWKHZLUHOHVVLQWHUIDFH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( %DVLF:L]DUG127,&(7KHSURSHUUHJLRQDOVHWWLQJVDUHDEVROXWHO\QHFHVVDU\IRUFRPSOLDQFHZLWKDSSURYDOV6HOHFWLQJDFRXQWU\RWKHUWKDQWKHFRXQWU\ZKHUHWKHDSSOLFDWLRQLVXVHGFDQOHDGWRSURVHFXWLRQ&RXQWU\&RGH5HJLRQDOUHJXODWLRQVGLIIHULQWHUPVRIWKHVSHFLILFDWLRQRIPD[LPXPWUDQVPLWSRZHUZLWKLQWKHUHOHYDQWIUHTXHQF\EDQGZLGWKVDQGWKHLUXVDJH<RXPXVWVSHFLI\WKHUHOHYDQWORFDOFRQGLWLRQVRIXVHZKHQFRQILJXULQJWKH,031+),:/$1LQWHUIDFHPRGXOH'HILQHWKRVHVHWWLQJVDWWKH&RXQWU\FRGHSDUDPHWHU&RXQWU\FRGHGURSGRZQOLVWER[6HOHFWWKHFRXQWU\LQZKLFKWKH,031+),:/$1LQWHUIDFHPRGXOHLVJRLQJWREHRSHUDWHGIURPWKLVOLVW<RXGRQRWKDYHWRNQRZWKHFRXQWU\VSHFLILFGDWDDVWKHFKDQQHOVDQGWUDQVPLWSRZHUZKLFKFDQEHXVHGDUHVHWXSDXWRPDWLFDOO\E\WKH,031+),:/$1LQWHUIDFHPRGXOHDFFRUGLQJWRWKHFRXQWU\VHOHFWHG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HWWLQJVRIWKH:LUHOHVV/$1LQWHUIDFH7KHFRQILJXUDWLRQRIWKH:LUHOHVV/$1LQWHUIDFHRIWKH,031+),:/$1LQWHUIDFHPRGXOHLVVSHFLILHGDWWKHSDUDPHWHUVOLVWHGRQWKHQH[WSDJH7KLVLQFOXGHVWKHQHWZRUNQDPHRSWLRQDODQGWKHWUDQVPLVVLRQPRGH&RQQHFWWR$1<66,'FKHFNER[,IWKLVFKHFNER[LVVHOHFWHGWKH,031+),:/$1LQWHUIDFHPRGXOHVHWVXSDFRQQHFWLRQWRWKH$FFHVV3RLQWZKLFKSURYLGHVPD[LPXPGDWDWUDQVIHUSHUIRUPDQFHDQGWRZKLFKDFFHVVLVDXWKHQWLFDWHGEDVHGRQVHFXULW\VHWWLQJV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(,QSXWILHOG66,'7KHWHUP6HUYLFH6HW,GHQWLILHU66,'GHQRWHVWKHLGHQWLILHURIDORFDOUDGLRQHWZRUNWKDWLVEDVHGRQWKH,(((VWDQGDUG(QWHUWKHQDPHRI\RXUQHWZRUNLQWKLVILHOG7KH,031+),:/$1LQWHUIDFHPRGXOHVXSSRUWVDOOFKDUDFWHUVIRUWKH66,'ZLWKWKHH[FHSWLRQRIWKHSHUFHQWFKDUDFWHU+RZHYHULQRUGHUWRPDLQWDLQFRPSDWLELOLW\ZLWKSDUWQHUGHYLFHV\RXVKRXOGQRWXVHDQ\VSHFLDORUODQJXDJHVSHFLILFFKDUDFWHUVHJ*HUPDQPXWDWHGYRZHOV7KH66,'VWULQJKDVDPD[LPXPOHQJWKRIFKDUDFWHUV:LUHOHVVPRGHGURSGRZQOLVWER[)URPWKLVOLVWVHOHFWWKHVWDQGDUGZKLFKLVWREHXVHGE\WKH,031+),:/$1LQWHUIDFHPRGXOHRQWKH:/$1IRUZLUHOHVVFRPPXQLFDWLRQZLWKWKH$FFHVV3RLQW7KH,(((VWDQGDUGDOVRGHILQHVWKHELWUDWHDQGWKHIUHTXHQF\EDQGVDYDLODEOHIRUGDWDWUDQVPLVVLRQ&KDQQHO6HWWLQJV6SHFLI\WKHDQWHQQDW\SHWKHDQWHQQDJDLQWKHOHQJWKRIWKHDQWHQQDFDEOHDQGWKHLQGRRURXWGRRUPRGHDWWKHSDUDPHWHUVOLVWHGRQWKHQH[WSDJH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 2XWGRRU&OLHQWPRGH7KHGHYLFHFDQEHRSHUDWHGHLWKHULQWKHLQGRRURURXWGRRUPRGH,QLQGRRUPRGHDOOWKHFRXQWU\VSHFLILFDSSURYHGFKDQQHOVDQGWUDQVPLWSRZHUVHWWLQJVDUHDYDLODEOHIRURSHUDWLRQLQDEXLOGLQJ7KHRXWGRRUPRGHRQO\HQDEOHVFRXQWU\VSHFLILFFKDQQHOVDQGWUDQVPLWSRZHUVHWWLQJVUHTXLUHGIRURXWGRRURSHUDWLRQ6HOHFW2XWGRRU&OLHQWPRGHWRHQDEOHWKLVPRGH127,&(&KDQQHOVDSSURYHGIRURSHUDWLRQLQRXWGRRUPRGH<RXDUHRQO\DOORZHGWRXVHFKDQQHOVZKLFKDUHDSSURYHGDFFRUGLQJO\IRURSHUDWLRQLQRXWGRRUPRGH7KHFRUUHFWRXWGRRUPRGHVHWWLQJLVDEVROXWHO\QHFHVVDU\IRURSHUDWLRQLQFRPSOLDQFHZLWKDSSURYDOV$QWHQQDW\SHGURSGRZQOLVWER[6HOHFWWKHW\SHRIDQWHQQDFRQQHFWHGWRWKHGHYLFH,QSXWILHOG$QWHQQDJDLQLQG%L<RXFDQHQWHUWKHDQWHQQDJDLQPDQXDOO\LQWKHXQLWG%LE\VHOHFWLQJWKH8VHUGHILQHGHQWU\IURPWKH$QWHQQDW\SHGURSGRZQOLVWER[,QSXWILHOG$QWHQQDFDEOHOHQJWKLQPHWHUV(QWHUWKHFDEOHOHQJWKLQPHWHUVEHWZHHQWKHLQWHUIDFHPRGXOHDQGWKHUHPRWHDQWHQQD1RWH7KH:/$1LQWHUIDFHVDUHGLVDEOHGLQGHIDXOWIDFWRU\VWDWH7KRVHLQWHUIDFHVDUHDYDLODEOHIRUXVHDIWHU\RXFRPSOHWHGWKHUHOHYDQWVHWWLQJVLQWKH%DVLF:L]DUG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(6XPPDU\RIVHWWLQJV$IWHU\RXFRPSOHWHGDOOVHWWLQJVIRUWKHEDVLFFRQILJXUDWLRQWKLVSDJHGLVSOD\VWKHSDUDPHWHUV\RXVHOHFWHG&ORVLQJWKH:L]DUG&OLFN)LQLVKWRFORVHWKH%DVLF:L]DUG6HHDOVR6&$/$1&(:[35255DQG6&$/$1&(:[35255KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  6HFXULW\:L]DUG6HWWLQJVHFXULW\SDUDPHWHUV7KH6HFXULW\:L]DUGDOORZV\RXWRGHILQHVHFXULW\UHODWHGSDUDPHWHUVZLWKRXWKDYLQJGHWDLOHGNQRZOHGJHRIVHFXULW\WHFKQRORJ\IRUORFDOUDGLRQHWZRUNV1RWH(7SURZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHFDQEHRSHUDWHGZLWKRXWFRQILJXUDWLRQRIWKHVHFXULW\UHOHYDQWSDUDPHWHUV+RZHYHUWKLVSRVHVDQLQFUHDVHGULVNRIXQDXWKRUL]HGDFFHVVGHSHQGLQJRQWKHSURSHUWLHVRI\RXUQHWZRUN,WLVWKHUHIRUHDGYLVDEOHWRFRPSOHWHDOOSDJHVRIWKH6HFXULW\:L]DUGLQRUGHUWRLPSOHPHQWDWOHDVWWKHEDVLFVHFXULW\IXQFWLRQV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(3DVVZRUG6WDUWE\DVVLJQLQJDQHZ$GPLQSDVVZRUG(QWHUWKHVWULQJWZLFHLQWKHWH[WILHOGVRQWKLVSDJH7KHSDVVZRUGKDVDPD[LPXPOHQJWKRIFKDUDFWHUV7KHSDVVZRUGVWULQJLVEDVHGRQ$6&,,FRGH[WR[H7KHIROORZLQJFKDUDFWHUVDUHVXSSRUWHGჀ 7KHQXPEHUVWRჀ 7KHOHWWHUVDEFGHIJKLMNOPQRSTUVWXYZ[\]$%&'()*+,-./0123456789:;<=Ⴠ 7KHVSHFLDOFKDUDFWHUV !"#>?@ABC^_`aDQGWKHEODQNFKDUDFWHU7KHIDFWRU\GHIDXOWVDUHYDOLGXQWLOWKHXVHUKDVLQLWLDOO\DVVLJQHGDSDVVZRUG,QGHIDXOWIDFWRU\VWDWHWKH$GPLQXVHULVDVVLJQHGWKHSDVVZRUGDGPLQ<RXPXVWEHORJJHGRQZLWKDGPLQLVWUDWRUULJKWVWRXVHWKH:L]DUGV'HIDXOWVHFXULW\OHYHOV$XWKHQWLFDWLRQDQGHQFU\SWLRQDUHSURYHQQHWZRUNVHFXULW\PHDVXUHV:HE%DVHG0DQDJHPHQWSURYLGHVIRXUGHIDXOWVHFXULW\OHYHOVWKDWVSHFLI\FRUUHVSRQGLQJPHWKRGV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HFXULW\OHYHOGURSGRZQOLVWER[6HOHFWDVHFXULW\OHYHOZKLFKLVVXSSRUWHGE\DOOUHOHYDQW$FFHVV3RLQWVDQGDVVLJQDOOFOLHQWVDQG$FFHVV3RLQWVRIDQDSSOLFDWLRQWRWKHVDPH6HFXULW\/HYHO7KHSDUDPHWHUVUHOHYDQWWRWKHVHOHFWHGVHFXULW\OHYHODUHGLVSOD\HGEHORZWKHGURSGRZQOLVWER[7KHIROORZLQJWDEOHVKRZVWKHIHDWXUHVRIWKHYDULRXVVHFXULW\OHYHOV9LVLEOHLQWKH:L]DUG6HFXULW\OHYHO $XWKHQWLFDWLRQ (QFU\SWLRQ (QFU\SWLRQPRGH .H\VRXUFH; 1RQH 2SHQ6\VWHP GLVDEOHG QRQH QD; /RZ 6KDUHG.H\ HQDEOHG :(3 ORFDO; 0HGLXP :3$36.:L)L3URWHFWHG$FFHVV3UHVKDUHG.H\HQDEOHG $(67.,3$872 ORFDO; +LJK :3$5$',86 HQDEOHG $(67.,3$872 6HUYHU$XWKHQWLFDWLRQ6HFXULW\OHYHO$XWKHQWLFDWLRQEDVLFDOO\PHDQVWKDWVRPHIRUPRILGHQWLILFDWLRQLVUHTXLUHG$XWKHQWLFDWLRQWKHUHIRUHSURWHFWVWKHQHWZRUNIURPXQDXWKRUL]HGDFFHVV<RXFDQVHOHFWRQHRIWKHIROORZLQJDXWKHQWLFDWLRQPRGHVLQWKH6HFXULW\OHYHOILHOGჀ 11RQH2SHQ6\VWHP1RDXWKHQWLFDWLRQჀ //RZ6KDUHGNH\,Q6KDUHG.H\DXWKHQWLFDWLRQDIL[HGNH\LVVWRUHGRQWKHFOLHQWDQGDFFHVVSRLQW7KLVNH\LVXVHGIRUDXWKHQWLFDWLRQDQGHQFU\SWLRQ)RUWKLVVFHQDULR\RXPXVWGHILQHDQGVDYHD:(3NH\DIWHUKDYLQJVHOHFWHGWKH/RZ6KDUHGNH\PRGHჀ 00HGLXP:3$36.:3$36.LVEDVHGRQWKH:3$VWDQGDUGKRZHYHUZLWKRXW5$',86VHUYHUIRUDXWKHQWLFDWLRQ,QVWHDGDNH\3DVVSKUDVHLVVWRUHGRQDOOFOLHQWVDQG$FFHVV3RLQWIRUDXWKHQWLFDWLRQDQGIXUWKHUHQFU\SWLRQ7KHHQFU\SWLRQPHWKRGLVEDVHGRQ$(6RU7.,3ZLWK$(6UHSUHVHQWLQJWKHVWDQGDUGPHWKRGჀ ++LJK:3$:3$:L)L3URWHFWHG$FFHVVLVDIXUWKHUGHYHORSPHQWRI:3$IRULPSOHPHQWLQJWKHIXQFWLRQDOLW\RIVHFXULW\VWDQGDUG,(((L&OLHQWVDUHDXWKHQWLFDWHGDWWKH$FFHVV3RLQWE\PHDQVRI5$',866HUYHU7KHDXWKHQWLFDWLRQSURWRFROLVVHWWR$872PRGH7KHHQFU\SWLRQPHWKRGLVEDVHGRQ$(6RU7.,3ZLWK$(6UHSUHVHQWLQJWKHVWDQGDUGPHWKRG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$((QFU\SWLRQ&LSKHU(QFU\SWLRQSURWHFWVWKHGDWDWREHWUDQVIHUUHGDJDLQVWVS\DQGKDFNLQJDWWDFNVDQGLVEDVHGRQGLIIHUHQWPHWKRGVჀ 77.,377HPSRUDO.H\,QWHJULW\3URWRFRO%\FRQWUDVWWRZHDN:(3HQFU\SWLRQWKHV\PPHWULFDOFXUUHQWHQFU\SWLRQPHWKRGZLWK5&DOJRULWKP5RQಬV&RGH7.,3LVEDVHGRQG\QDPLFNH\VZKLFKDUHGHULYHGIURPDPDVWHUNH\7.,3LVDOVRFDSDEOHRIGHWHFWLQJIDOVLILHGGDWDWHOHJUDPVჀ $$(6$$GYDQFHG(QFU\SWLRQ6WDQGDUG6WURQJV\PPHWULFDOEORFNHQFU\SWLRQPHWKRGEDVHGRQWKH5LMQGDHODOJRULWKPWKDWHQKDQFHV7.,3IXQFWLRQDOLW\Ⴠ $$8727.,3RU$(6LVXVHGGHSHQGLQJRQWKHFDSDELOLW\RIWKHSDUWQHUVWDWLRQ.H\VRXUFH7KHNH\VRXUFHLQGLFDWHVZKHWKHUDIL[HGNH\ZDVFRQILJXUHGORFDOO\RUZKHWKHULWLVQHJRWLDWHGE\PHDQVRIDKLJKHUOHYHOSURWRFRODQGDXWKHQWLFDWLRQVHUYHUVHUYHU
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HWWLQJVIRUVHFXULW\OHYHO/RZ'HILQHWKHYDOXHDQGOHQJWKRIWKHSXEOLFNH\LQWKH:L]DUG3XEOLF6HFXULW\.H\IRU:/$1'HIDXOWNH\GURSGRZQOLVWER[6HOHFWWKHNH\IURPWKLVOLVWER[,QSXWILHOG.H\(QWHUWKHNH\VWULQJLQWKLVILHOG<RXFDQHQWHUWKHNH\VWULQJHLWKHULQ$6&,,IRUPDWRULQKH[DGHFLPDOQRWDWLRQದ).H\VHQWHUHGLQ$6&,,IRUPDWPXVWEHHQFORVHGE\DSRVWURSKHVRUTXRWDWLRQPDUNV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(/HQJWKGURSGRZQOLVWER[6HOHFWWKHNH\OHQJWKIURPWKLVOLVWER[$QHUURUPHVVDJHLVGLVSOD\HGLIWKHVWULQJOHQJWKHQWHUHGLQWKH.H\LQSXWILHOGGRHVQRWHTXDOWKHVHOHFWHGNH\OHQJWK7KHIROORZLQJNH\OHQJWKVDUHVXSSRUWHGჀ ELW$6&,,FKDUDFWHUVRUKH[DGHFLPDOQXPEHUVჀ ELW$6&,,FKDUDFWHUVRUKH[DGHFLPDOQXPEHUVჀ ELW$6&,,FKDUDFWHUVRUKH[DGHFLPDOQXPEHUV:LWKWKH$872VHWWLQJWKHPD[LPXPNH\OHQJWKLVDOVRELWV6HWWLQJVIRUWKH0HGLXPVHFXULW\OHYHO'HILQHWKHNH\LQWKH:L]DUG:3$3DVV3KUDVH:/$1,QSXWILHOG3DVVSKUDVH(QWHUD:3$NH\LQWKLVILHOG7KHNH\VWULQJFDQKDYHDOHQJWKIURPWR$6&,,FKDUDFWHUVRUH[DFWO\KH[DGHFLPDOFKDUDFWHUV7KHXVHUPXVWHQWHUWKLVLQLWLDOL]DWLRQNH\ERWKDWWKHFOLHQWDQGDWWKH:/$1$FFHVV3RLQWHJ6&$/$1&(:[
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,QSXWILHOG3DVVSKUDVHFRQILUPDWLRQ&RQILUPWKH:3$NH\\RXHQWHUHGDERYHLQWKLVILHOG1RWH7KHNH\VWULQJFDQKDYHDOHQJWKIURPWR$6&,,FKDUDFWHUVRUH[DFWO\KH[DGHFLPDOFKDUDFWHUV7KHNH\VKRXOGFRQVLVWRIDFRPSOH[VWULQJIRUH[DPSOHRIUDQGRPQXPEHUVDQGOHWWHUVXSSHUORZHUFDVHZLWKIHZUHSHWLWLRQVDQGVSHFLDOFKDUDFWHUV'RQRWXVHNQRZQQDPHVZRUGVRUWHUPVWKDWFRXOGEHJXHVVHG,IDGHYLFHLVORVWRULIWKHNH\EHFRPHVNQRZQWKHNH\VKRXOGEHFKDQJHGRQDOOGHYLFHVLQRUGHUWRPDLQWDLQVHFXULW\6HWWLQJVIRUWKH+LJKVHFXULW\OHYHO'HILQHDQDPHDQGSDVVZRUGLQWKH:L]DUG[8VHU1DPHDQG3DVVZRUG&RQILJXUDWLRQIRUDFFHVVWRWKH5$',86VHUYHU,QSXWILHOG'RW[XVHUQDPH(QWHUDXVHUQDPHIRUORJRQWRWKH5$',86VHUYHULQWKLVILHOG,QSXWILHOG'RW[XVHUSDVVZRUG(QWHUWKHSDVVZRUGIRUXVHUQDPH\RXVSHFLILHGDERYH&OLHQWVORJRQWRWKH5$',86VHUYHUZLWKWKLVFRPELQDWLRQLIORJRQXVLQJDFHUWLILFDWHKDVIDLOHG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(,QSXWILHOG3DVVZRUWFRQILUPDWLRQ&RQILUPWKHSDVVZRUGLQWKLVILHOG5HVXOWRIWKHVHWWLQJVLQWKH6HFXULW\:L]DUG7KLVSDJHSURYLGHVDQRYHUYLHZ\RXUVHFXULW\VHWWLQJV7RFKDQJHDVHWWLQJFOLFN%DFNWRUHWXUQWRRQHRIWKHSUHYLRXVSDJHZKHUH\RXFDQHGLWWKHYDOXHRUFKDQJHWKHVHOHFWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $GYDQFHGVHFXULW\VHWWLQJV7KHODVWSDJHRIWKH:L]DUGLQGLFDWHVDGYDQFHGVHFXULW\VHWWLQJV)LQLVKEXWWRQ&OLFN)LQLVKWRVDYHWKHGDWDDQGFORVHWKH:L]DUG<RXPXVWSHUIRUPDUHVWDUWWRDFWLYDWHWKHVHWWLQJV66\VWHP!5HVWDUWPHQX
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( L3&):L]DUG&KDQQHOVHOHFWLRQDQGWUDQVPLWSRZHU$OOVHWWLQJVUHTXLUHGIRUL3&)DUHPDGHRQWKLVSDJH7KHLQGXVWULDO3RLQW&RRUGLQDWLRQ)XQFWLRQFRPPXQLFDWLRQSURWRFROLVXVHGWRFRQWUROWKHGDWDWUDIILFRIDUDGLRFHOOEHWZHHQWKH$FFHVV3RLQWDQGWKHLQWHUFRQQHFWHGVWDWLRQVLQRUGHUWRDYRLGFROOLVLRQV7KRVHIXQFWLRQVDUHSDUWLFXODUO\VXLWHGIRULPSURYLQJURDPLQJWLPHVDQGWRUHGXFHSHUWXUELQJUDGLDWLRQRQRWKHUV\VWHPVRUVHJPHQWV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 1RWH:KHQXVLQJL3&)REVHUYHWKHIROORZLQJPD[LPXPGDWDUDWHVZKHQVHWWLQJXSWKH$FFHVV3RLQW5DGLRVWDQGDUGZLWKPD[LPXPGDWDUDWH,(((DK0ESV,(((E0ESV,(((J0ESV%DFNJURXQGVFDQFKVHOHFWRSWLRQ(QDEOHWKHL3&)IXQFWLRQE\VHOHFWLQJWKH%DFNJURXQGVFDQFKVHOHFWRSWLRQ7KLVUHVWULFWVWKHQXPEHURIFKDQQHOVRQZKLFKWKHFOLHQWVFDQVIRUDQ$FFHVV3RLQW7KLVVWDWHUHGXFHVKDQGRYHUWLPHVDQGWKHULVNRIUHDOWLPHYLRODWLRQ$IWHUKDYLQJVHWWKH%DFNJURXQGVFDQFKVHOHFWRSWLRQJRWRWKHQH[WILHOGWRHQWHUWKHFKDQQHOVRIWKH$FFHVV3RLQWVZKLFKFDQEHDGGUHVVHGLQL3&)PRGH,QSXWILHOG%DFNJURXQGVFDQFKDQQHOV,QWKLVILHOGHQWHUWKHFKDQQHOVRIWKH$FFHVV3RLQWVZKLFKRSHUDWHLQL3&)PRGHDQGDUHDFWXDOO\ZLWKLQWKHUDQJHRIWKH,031+),:/$1LQWHUIDFHPRGXOH,IHQWHULQJVHYHUDOFKDQQHOVVHSDUDWHHDFKFKDQQHOHQWU\ZLWKDVSDFHFKDUDFWHU1RWHWKDWWKHQRGHSHUIRUPVDWLPHFRQVXPLQJVFDQRQWKHHQWLUHEDQGZLGWKLI\RXGRQRWGHILQHWKHFKDQQHOV7KHSUREDELOLW\RIFRPPXQLFDWLRQVKXWGRZQLQFUHDVHVZLWKDULVLQJQXPEHURIFKDQQHOVWREHVFDQQHG6XFKDFWLYLWLHVKDYHDQHJDWLYHHIIHFWRQWKHUHOHYDQW352),1(7,2V\VWHP7UDQVPLWSRZHUGURSGRZQOLVWER[:KHQXVLQJUHPRWHDQWHQQDVLWPD\EHQHFHVVDU\WRUHGXFHWKHPD[LPXPWUDQVPLWSRZHULQRUGHUWRDYRLGQRQFRPSOLDQFHZLWKVWDWXWRU\SURYLVLRQV6HOHFWWKHFRUUHVSRQGLQJWUDQVPLWSRZHUIURPWKLVER[,WFDQDOVREHKHOSIXOWRUHGXFHWUDQVPLWSRZHULQRUGHUWRDYRLGLQWHUIHUHQFHRQRWKHUFHOOVFURVVWDONDVORZHUWUDQVPLWSRZHUUHGXFHVWKHFHOOUDQJH<RXFDQDYRLGLQWHUIHUHQFHFDXVHGE\H[FHVVUHFHLYHOHYHOVE\UHGXFLQJWUDQVPLWSRZHUWRWKHQHFHVVDU\PLQLPXP
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$($QWHQQDPRGHGURSGRZQOLVWER[7KLVOLVWER[VSHFLILHVWKHXVHRIWKHDQWHQQDV,I'LYHUVLW\LVVHWWKH,031+),:/$1LQWHUIDFHPRGXOHRQO\XVHVWKHDQWHQQDWKDWSURYLGHVPD[LPXPGDWDWUDQVPLVVLRQSHUIRUPDQFH%RWKDQWHQQDVPXVWEHFRQQHFWHGDFFRUGLQJO\7KH\VKRXOGDOVREHRIWKHVDPHW\SHDQGFRYHUDSSUR[LPDWHO\WKHVDPHUDQJH1RWH,IRQO\RQHDQWHQQDLVFRQQHFWHG\RXPXVWVHWLWXSSHUPDQHQWO\,QDGGLWLRQWKHVHFRQGDQWHQQDVRFNHWPXVWEHSURYLGHGD˖WHUPLQDWLQJUHVLVWRUL3&)VHFXULW\VHWWLQJV'HILQHWKHVHFXULW\OHYHOIRUWKH,031+),:/$1LQWHUIDFHPRGXOHRQWKLVSDJHL3&)LVDPHWKRGZKLFKZDVRSWLPL]HGIRUKLJKVSHHG5RDPLQJDQGGHWHUPLQLVWLFGDWDWUDQVPLVVLRQ7KH[DQG:3$VHFXULW\PHFKDQLVPVIRUDXWKHQWLFDWLRQDQGNH\KDQGVKDNHVDUHUHODWLYHO\WLPHFRQVXPLQJDQGDUHWKHUHIRUHDUHQRORQJHUDYDLODEOHIRUL3&)1RWH1RDGGLWLRQDOVHFXULW\VHWWLQJVLQWKH6HFXULW\:L]DUG7KHL3&):L]DUGDOVRSURYLGHVSDJHVIRUGHILQLQJVHFXULW\VHWWLQJV7KDWLVLIXVLQJL3&)\RXGRQRWKDYHWRHGLWWKH6HFXULW\:L]DUG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HFXULW\OHYHOGURSGRZQOLVWER[6HOHFWWKHVHFXULW\OHYHOIRU\RXUUDGLRQHWZRUNIURPWKLVER[<RXKDYHWKHIROORZLQJRSWLRQVჀ 11RQH1R(QFU\SWLRQ2SHQV\VWHPZLWKRXWHQFU\SWLRQჀ 00HGLXP(QFU\SWLRQ:(3HQFU\SWLRQLVEDVHGRQD3UH6KDUHG.H\+RZHYHU\RXFDQDOVRXVH$(6&&0<RXFDQPDNHFRUUHVSRQGLQJVHWWLQJVLQWKHQH[WZLQGRZ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(6SHFLI\LQJWKHNH\,I\RXVHOHFWHGVHFXULW\OHYHO0HGLXPVSHFLI\WKHFRUUHVSRQGLQJNH\RQWKHQH[WSDJH'HIDXOWNH\GURSGRZQOLVWER[6HOHFWWKHNH\IURPWKLVER[
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,QSXWILHOG.H\(QWHUWKHNH\VWULQJLQWKLVILHOG<RXFDQHQWHUWKHNH\VWULQJHLWKHULQ$6&,,IRUPDWRULQKH[DGHFLPDOQRWDWLRQದ)$NH\HQWHUHGLQ$6&,,IRUPDWLVGLVSOD\HGLQVLQJOHTXRWDWLRQPDUNV1RWH<RXFDQXVH$6&,,FRGH[WR[HIRUWKHNH\VWULQJ7KHOLVWEHORZVKRZVDOOVXSSRUWHGFKDUDFWHUVVWDUWLQJZLWKDVSDFHFKDUDFWHUx !"#x$%&'()*+,-./0123456789:;<=>?@ABCxDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`a/HQJWKGURSGRZQOLVWER[6HOHFWWKHNH\OHQJWKWRXVHIURPWKLVER[$QHUURUPHVVDJHLVGLVSOD\HGLIWKHVWULQJOHQJWKHQWHUHGLQWKH.H\LQSXWILHOGGRHVQRWHTXDOWKHVHOHFWHGNH\OHQJWK7KHIROORZLQJNH\OHQJWKVDUHVXSSRUWHGჀ ELWV$6&,,FKDUDFWHUVRUKH[DGHFLPDOQXPEHUVჀ ELWV$6&,,FKDUDFWHUVRUKH[DGHFLPDOQXPEHUVჀ ELWV$6&,,FKDUDFWHUVRUKH[DGHFLPDOQXPEHUV:LWKWKH$XWRVHWWLQJWKHPD[LPXPNH\OHQJWKLVDOVRELWV6WURQJ$(6&&0HQFU\SWLRQFKHFNER[<RXFDQDFWLYDWHWKH$(6&&0HQFU\SWLRQFKHFNER['DWDWUDQVIHULVVHFXUHGE\PHDQVRIELWHQFU\SWLRQLI\RXVHWWKLVFKHFNER[IRURSHUDWLRQZLWKL3&)
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(&ORVLQJWKH:L]DUG$OOVHWWLQJVPDGHDUHGLVSOD\HGRQWKHODVWSDJHRIWKHL3&):L]DUGIRUDFRQFOXVLYHFKHFN)LQLVKEXWWRQ&OLFN)LQLVKWRFORVHWKHL3&):L]DUG3HUIRUPDUHVWDUWWRDFWLYDWH\RXUVHWWLQJV66\VWHP!5HVWDUWPHQX
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  6\VWHPPHQX 6\VWHPPHQXRYHUYLHZ6\VWHP,QIRUPDWLRQ<RXFDQGHILQHWKHUHJLRQDOVHWWLQJVDVIROORZVDIWHUKDYLQJVHOHFWHGWKH6\VWHPPHQXIURPWKHQDYLJDWLRQEDURQWKHOHIWVLGHRIWKHZLQGRZჀ &RXQWU\FRGH6HOHFWWKHFRXQWU\LQZKLFK,031+),:/$1LVJRLQJWREHRSHUDWHGUHIHUWRFKDSWHU%DVLF:L]DUG3DJH%\VHWWLQJWKHFRXQWU\FRGH\RXVSHFLI\WKHIUHTXHQF\EDQGDQGLWVFRUUHVSRQGLQJWUDQVPLWSRZHULQDFFRUGDQFHZLWKUHJLRQDODSSURYDOV<RXDUHDOVRSURYLGHGDQRYHUYLHZRIWKHIROORZLQJVHWWLQJVჀ 6\VWHPXSWLPH7KH6\VWHPXSWLPHLQIRUPV\RXRIWKHWLPHWKDWKDVHODSVHGVLQFHWKHODVWUHVWDUW5HVWDUWჀ 'HVFULSWLRQ3URYLGHVDGHVFULSWLRQRIWKHSURGXFWIDPLO\RIWKH,2GHYLFH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HUYLFHVPHQX6HUYLFHVPHQXFRPPDQG6HWXSWKHYDULRXVPRGHVIRUDFFHVVLQJWKH,031+),:/$1LQWHUIDFHPRGXOHLQWKH6HUYLFHVPHQX7(/1(7HQDEOHGFKHFNER[&OHDUWKHFKHFNPDUNWRGLVDEOHDFFHVVYLD7(/1(7:(%HQDEOHGFKHFNER[$FFHVVWR:%0YLD:(%:HEEURZVHULVDOZD\VDYDLODEOHDQGFDQQRWEHGLVDEOHG+7736RQO\FKHFNER[6HWWKLVFKHFNPDUNWRUHVWULFWDFFHVVWR:%0WRVHFXUHFRQQHFWLRQV6HFXUHFRQQHFWLRQVDUHLGHQWLILHGE\WKHKWWSVHQWU\OHDGLQJWKH85/LQWKHDGGUHVVEDURIWKH:HEEURZVHU7KHSDGORFNLFRQGLVSOD\HGLQWKHVWDWXVEDURIWKHEURZVHUDOVRLQGLFDWHVWKHVHFXUH66/FRQQHFWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  5HVWDUWPHQX5HVWDUWPHQXFRPPDQG<RXFDQUHVHWWKHSDUDPHWHUVXVLQJRQHRIWKHWZREXWWRQVRIWKHZLQGRZVKRZQLQWKHVFUHHQVKRWEHORZ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(5HVWDUWEXWWRQ&OLFNWKLVEXWWRQWRUHVWDUWWKHGHYLFH'XULQJDUHVWDUWWKHGHYLFHLVLQLWLDOL]HGDQGUXQVDVHOIWHVWDIWHUWKHLQWHUQDOILUPZDUHZDVORDGHG7KHFRQQHFWLRQWRWKH$FFHVV3RLQWLVVHWXSDJDLQZLWKPXWXDODXWKHQWLFDWLRQ<RXFDQOHDYHWKHEURZVHUZLQGRZRSHQZKLOHWKHGHYLFHUHVWDUWV&$87,21,QWHUUXSWLRQRIGDWDH[FKDQJHGXULQJWKHUHVWDUW$UHVWDUWRIWKHLQWHUIDFHPRGXOHLQWHUUXSWVGDWDH[FKDQJH5HVWRUH)DFWRU\'HIDXOWVDQG5HVWDUWEXWWRQ&OLFNWKLVEXWWRQWRUHVWRUHWKHGHYLFHWRIDFWRU\FRQILJXUDWLRQVHWWLQJV7KHSURWHFWHGGHIDXOWVVHHDERYHDUHDOVRUHVHW7KH0LFUR0HPRU\&DUGLVLQLWLDOL]HGDQGIRUPDWWHG$QDXWRPDWLFUHVWDUWLVWULJJHUHG1RWH7KH,3DGGUHVVDQGFRQILJXUDWLRQGDWDDUHORVWDIWHU\RXUHVHWWKHGHIDXOWGDWD1RZWKHGHYLFHFDQRQO\EHDGGUHVVHGXVLQJWKH3ULPDU\6HWXS7RRORU67(3DQGYLD5-VRFNHW7KH5HVWRUH)DFWRU\'HIDXOWVDQG5HVWDUWEXWWRQLVKLGGHQLI\RXDUHORJJHGRQDVXVHU
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  3DVVZRUGVPHQX3DVVZRUGVPHQXFRPPDQG2SHQWKLVZLQGRZWRVSHFLI\WKHSDVVZRUGVIRUDFFHVVWR:%03DVVZRUG$VVLJQDQHZ$GPLQRU8VHUSDVVZRUG(QWHUWKHVWULQJWZLFHLQWKHWH[WILHOGVRQWKLVSDJH7KHSDVVZRUGKDVDPD[LPXPOHQJWKRIFKDUDFWHUV7KHSDVVZRUGVWULQJLVEDVHGRQ$6&,,FRGH[WR[H7KHIROORZLQJFKDUDFWHUVDUHVXSSRUWHGჀ 7KHQXPEHUVWRჀ 7KHOHWWHUVDEFGHIJKLMNOPQRSTUVWXYZ[\]$%&'()*+,-./0123456789:;<=Ⴠ 7KHVSHFLDOFKDUDFWHUV !"#>?@ABC^_`aDQGWKHVSDFHFKDUDFWHU7KHIDFWRU\GHIDXOWVDUHYDOLGXQWLOWKHXVHUKDVLQLWLDOO\DVVLJQHGDSDVVZRUG,QGHIDXOWIDFWRU\VWDWHWKHDGPLQXVHULVDVVLJQHGWKHSDVVZRUGDGPLQ,QGHIDXOWIDFWRU\VWDWHWKH8VHULVDVVLJQHGWKHSDVVZRUGXVHU
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( /RDG6DYHPHQX/RDG6DYHPHQXFRPPDQG7KH/RDG6DYHPHQXSURYLGHVLQIRUPDWLRQDERXWWKHFXUUHQWILUPZDUHYHUVLRQDQGFRQWDLQVWKH+773VXEPHQX
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( +773PHQXFRPPDQG7KH+773PHQXFDQEHXVHGWRVDYHFRQILJXUDWLRQGDWDWRH[WHUQDOILOHVRUWRWUDQVIHUGDWDIURPH[WHUQDOILOHVWRWKHGHYLFH&RQILJXUDWLRQGDWDLVLVDOZD\VVDYHGWRWKH0LFUR0HPRU\&DUGIURPZKHUHLWLVORDGHGWRZRUNPHPRU\E\WKHLQWHUIDFHPRGXOH<RXFDQVDYHWKHIROORZLQJGHYLFHGDWDWRH[WHUQDOILOHVჀ 'HYLFHFRQILJXUDWLRQGDWDჀ /RJWDEOHFRQWHQWVჀ 7KHFOLHQWFHUWLILFDWHჀ 7KHVHUYHUFHUWLILFDWH<RXFDQWUDQVIHUWKHIROORZLQJGDWDIURPH[WHUQDOILOHVWRWKHGHYLFHჀ 'HYLFHFRQILJXUDWLRQGDWDჀ 7KHFOLHQWFHUWLILFDWHჀ 7KHVHUYHUFHUWLILFDWH1RWH$IWHUWKHGRZQORDGRIFRQILJXUDWLRQGDWDWKHGHYLFHLVUHVWDUWHGLQRUGHUWRDFWLYDWHWKHQHZGDWD7KHGHYLFHLVUHVWDUWHGDXWRPDWLFDOO\DIWHUWKH+773GRZQORDG+RZWRORDGRUVDYHGDWDYLD+773 *RWRWKHFRUUHVSRQGLQJLQSXWILHOGWRHQWHUWKHQDPHRIWKHILOHVXVHGWRVDYHRUUHWULHYHWKHFRQILJXUDWLRQGDWD<RXFDQDOVRRSHQDILOHVHOHFWLRQGLDORJE\FOLFNLQJ%URZVH 6WDUWVDYLQJE\FOLFNLQJ6DYH6WDUWWKHORDGIURPILOHIXQFWLRQE\FOLFNLQJ/RDG&RQILJXUDWLRQ3DFNDJH&OLHQWVRQZKLFKVHFXULW\FHUWLILFDWHVIRUFOLHQWDQGRUVHUYHUDSSOLFDWLRQVDUHLQVWDOOHGSURYLGHWKHRSWLRQRIEDFNLQJXSWKHFRQILJXUDWLRQILOHDQGFHUWLILFDWHVLQD&RQILJXUDWLRQ3DFNDJH7KH&RQILJXUDWLRQ3DFNDJHLVDFRPIRUWDEOHPHDQVRIUHSOLFDWLQJFOLHQWVLHLGHQWLFDOVHWWLQJVDDQGFHUWLILFDWHVDUHWUDQVIHUUHGWRWKHFOLHQWVLQDVLQJOHSDVV7KLVWUDQVIHULVIROORZHGE\DUHVWDUWVLPLODUWRWKHGRZQORDGRIWKHFRQILJXUDWLRQILOH6HHDOVR%DVLFV,QGXVWULDO:LUHOHVV/$1KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7KH,QWHUIDFHVPHQX :/$1PHQXRYHUYLHZ(QDEOHLQWHUIDFH(QDEOHWKHLQWHUIDFHE\VHOHFWLQJ(QDEOHLQWHUIDFHFKHFNER[7UDQVPLVVLRQPRGH6SHFLI\WKHWUDQVPLVVLRQPRGHLQWKH:LUHOHVVPRGHGURSGRZQOLVWER[7KHER[GLVSOD\VDQ\YDOXH\RXPLJKWKDYHDOUHDG\VHWLQWKH%DVLF:L]DUG2XWGRRU&OLHQWPRGH7KHGHYLFHFDQEHRSHUDWHGHLWKHULQWKHLQGRRURURXWGRRUPRGH,QLQGRRUPRGHDOOWKHFRXQWU\VSHFLILFDSSURYHGFKDQQHOVDQGWUDQVPLWSRZHUVHWWLQJVDUHDYDLODEOHIRURSHUDWLRQLQDEXLOGLQJ7KHRXWGRRUPRGHRQO\HQDEOHVFRXQWU\VSHFLILFFKDQQHOVDQGWUDQVPLWSRZHUVHWWLQJVUHTXLUHGIRURXWGRRURSHUDWLRQ6HOHFW2XWGRRU&OLHQWPRGHWRHQDEOHWKLVPRGH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  $GYDQFHGPHQX'LVSOD\RIWKH$GYDQFHGPHQXFRPPDQG7KHGLVSOD\RIWKH$GYDQFHGPHQXFRPPDQGGLIIHUVFRPSDUHGWRWKHIROORZLQJLIWKHL3&)PRGHLVHQDEOHG7UDQVPLWSRZHU<RXFDQVSHFLI\WKHWUDQVPLWSRZHURIWKHGHYLFHLQWKH7UDQVPLWSRZHUGURSGRZQOLVWER[,WPD\EHQHFHVVDU\WRUHGXFHWUDQVPLWSRZHUZKHQXVLQJDQWHQQDHLQRUGHUWRDYRLGQRQFRPSOLDQFHZLWKVWDWXWRU\OLPLWV5HGXFWLRQRIWKHWUDQVPLWSRZHUUHGXFHVWKHFHOOUDQJH576&76576&765HTXHVW7R6HQG&OHDU7R6HQGLVPHWKRGGHSOR\HGZKLFKLVXVHGWRDYRLGFROOLVLRQVDQGLVEDVHGRQWKHH[FKDQJHRIVWDWXVLQIRUPDWLRQSULRUWRWKHDFWXDOWUDQVIHURIGDWD+LGGHQQRGHSUREOHP7KLVPHWKRGLVRQO\DSSOLHGLIWKHOHQJWKRIWKHGDWDWHOHJUDPVHWLQSDUDPHWHU576&76WKUHVKROGLVH[FHHGHGLQRUGHUWRPLQLPL]HQHWZRUNORDGWKURXJKSURWRFRORYHUKHDG)UDJPHQWDWLRQ7KH)UDJPHQWDWLRQOHQJWKWKUHVKROGSDUDPHWHUGHILQHVWKHPD[LPXPGDWDWHOHJUDPOHQJWKWUDQVIHUUHGRQWKHZLUHOHVVOLQN/DUJHUGDWDWHOHJUDPVDUHIUDJPHQWHGSULRUWRWUDQVPLVVLRQDQGDUHUHDVVHPEOHGWRWKHLURULJLQDOVL]HDIWHUKDYLQJEHHQUHFHLYHG$VLWLVPRUHGLIILFXOWWRWUDQVIHUODUJHUGDWDWHOHJUDPVWKLVIUDJPHQWDWLRQFDQEHRIDGYDQWDJHLQFDVHRISRRUWUDQVPLVVLRQTXDOLW\+RZHYHUWKHIUDJPHQWDWLRQRIGDWDWHOHJUDPVDOVRFRPHVDORQJZLWKORVVRIWKURXJKSXW5HSHWLWLRQV7KHUHDUHWZRVLWXDWLRQVLQZKLFKGDWDWHOHJUDPVDUHUHSHDWHG7KHKDUGZDUHUHSHWLWLRQLVSHUIRUPHGE\WKH:/$1FKLSLWVHOIE\DWWHPSWLQJWRLPPHGLDWHO\UHSHDWWKHWUDQVIHURIDQXQDFNQRZOHGJHGGDWDWHOHJUDP7KHQXPEHURIWKRVHDWWHPSWVLVGHILQHGDWWKH+DUGZDUHUHWU\QXPEHUSDUDPHWHU,IDOOKDUGZDUHUHSHWLWLRQVZHUHXQVXFFHVVIXOWKHGDWDWHOHJUDPLVLVTXHXHGXQWLODOORWKHUGDWDWHOHJUDPVKDYHEHHQWUDQVIHUUHGIURPWKHEXIIHU7KHDWWHPSWWRWUDQVIHUWKHGDWDWHOHJUDPLVWKHQUHSHDWHG7KHQXPEHURIWKRVHUHSHWLWLRQVLVGHILQHGDWWKH6RIWZDUHUHWU\QXPEHUSDUDPHWHU7KHUHSHWLWLRQPHFKDQLVPRIWKHVRIWZDUHFDQEHHQDEOHGRUGLVDEOHGE\PHDQVRI8VHVRIWZDUHUHWU\
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(6KRUWSUHDPEOHIRUE7KHEVWDQGDUGVXSSRUWVWKHXVHRIVKRUWSUHDPEOHVIRUWKHWUDQVIHURIGDWDWHOHJUDPV$QWHQQD*DLQ7KH$QWHQQDJDLQSDUDPHWHUGHVFULEHVWKHJDLQLQG%LRIDQDQWHQQDZKLFKLVFRQQHFWHGWRWKH,031+),:/$1LQWHUIDFHPRGXOH<RXFDQGHILQHWKHIROORZLQJSDUDPHWHUYDOXHVჀ $QWHQQDW\SHჀ $QWHQQDJDLQLQG%LჀ $QWHQQDFDEOHOHQJWKLQPHWHUV,I$QWHQQDW\SHLVVHWWR8VHUGHILQHG\RXFDQHQWHUDQ\YDOXHIRUWKHDQWHQQDJDLQLQWKH$QWHQQDJDLQLQG%LILHOG7KHGHIDXOWYDOXHRIWKHVHOHFWHG$QWHQQDW\SHLVGLVSOD\HGRWKHUZLVH(QWHUWKHOHQJWKRIWKHFDEOHLQWHUFRQQHFWLQJWKHGHYLFHZLWKWKHDQWHQQDLQWKH$QWHQQDFDEOHOHQJWKLQPHWHUVILHOG<RXPXVWGHILQHVSHFLILFYDOXHVLQRUGHUWRHQVXUHFRPSOLDQFHZLWKFRXQWU\VSHFLILFSURYLVLRQVRIUHJXODWRU\DXWKRULWLHV7KHUHJXODWRU\DXWKRULWLHVIRUH[DPSOHVSHFLI\DOODYDLODEOHFKDQQHOVDQGWKHLUFRUUHVSRQGLQJPD[LPXPWUDQVPLWSRZHUDQGRWKHUFRQGLWLRQVRIXVH)RUPRUHGHWDLOHGLQIRUPDWLRQDERXWWKHUHJXODWLRQVLQ\RXUFRXQWU\UHIHUWRWKHFRXQWU\OLVWORJ7RYLHZWKLVILOHHQWHUWKH,3DGGUHVVRIWKHUHOHYDQWLQWHUIDFHPRGXOHLQWKHDGGUHVVEDURI:%0DQGDSSHQGWKHFRXQWU\OLVWORJHQWU\WRWKLVDGGUHVV%DVHGRQWKHVHWWLQJVIRUDQWHQQDJDLQDQGWUDQVPLWSRZHUWKH,2GHYLFHDXWRPDWLFDOO\VHWVWKHDSSURYHGFKDQQHOV7KHDYDLODEOHQXPEHURIDSSURYHGFKDQQHOVPD\EHOHVVIRUDQWHQQDVZLWKKLJKJDLQFRPSDUHGWRWKRVHIRUDQWHQQDVZLWKORZJDLQ1RWH<RXFDQVHOHFWWKH8VHUGHILQHGYDOXHWRHQWHULQWHJHUG%LYDOXHVIRUWKHDQWHQQDJDLQZLWKLQWKHUDQJHIURPWRG%L5HPHPEHUWRPDNHDOORZDQFHVIRUORVVHVRQWKHFRQQHFWLQJFDEOHRIWKHDQWHQQD127,&(&RUUHFWDQWHQQDVHWWLQJVDUHLPSHUDWLYHIRUFRPSOLDQFHZLWKDSSURYDOUHTXLUHPHQWV,QFRUUHFWDQWHQQDJDLQHQWULHVFDQOHDGWRFULPLQDOSURFHHGLQJV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $QWHQQDV7KH$QWHQQDPRGHGURSGRZQOLVWER[VSHFLILHVWKHXVHRIWKHDQWHQQDVჀ 7KH'LYHUVLW\VHWWLQJIRUWKHWZRDQWHQQDVVHOHFWVWKHDQWHQQDZLWKPD[LPXPGDWDWUDQVPLVVLRQSHUIRUPDQFH%RWKDQWHQQDVPXVWEHFRQQHFWHGWRWKH:/$1LQWHUIDFHV0RUHRYHUERWKDQWHQQDVVKRXOGEHRIWKHVDPHW\SHDQGFRYHUDSSUR[LPDWHO\WKHVDPHUDQJHჀ 7KH7[RQ$QWHQQD;55:5[RQ$QWHQQD;55:VHWWLQJGHILQHVRSHUDWLRQRIDQWHQQD;55:IRUWUDQVPLVVLRQDQGRSHUDWLRQRIDQWHQQD;55:IRUUHFHLYLQJჀ 7KH7[RQ$QWHQQD;55:5[RQ$QWHQQD;55:VHWWLQJGHILQHVRSHUDWLRQRIDQWHQQD;55:IRUWUDQVPLVVLRQDQGRSHUDWLRQRIDQWHQQD;55:IRUUHFHLYLQJჀ 7KH$QWHQQD;55:RU$QWHQQD;55:VHWWLQJVHQDEOHWKHFRUUHVSRQGLQJDQWHQQDIRUZLUHOHVVWUDQVPLVVLRQ:LWKWKH'LYHUVLW\7[RQ$QWHQQD;55:5[RQ$QWHQQD;55:DQG7[RQ$QWHQQD;55:5[RQ$QWHQQD;55:VHWWLQJVERWKDQWHQQDHPXVWEHFRQQHFWHGWRWKHFRUUHVSRQGLQJ:/$1LQWHUIDFH,IRQO\RQHDQWHQQDLVFRQQHFWHG\RXPXVWVHWLWXSSHUPDQHQWO\,QDGGLWLRQWKHVHFRQGDQWHQQDVRFNHWPXVWEHSURYLGHGD˖WHUPLQDWLQJUHVLVWRU6FDQQLQJIRU$FFHVV3RLQWV:KLOHEHLQJFRQQHFWHGWRDQ$FFHVV3RLQWWKHFOLHQWUXQVDEDFNJURXQGVFDQWRORFDWHRWKHU$FFHVV3RLQWVWRZKLFKLWFDQFRQQHFW7KHWKUHHPRGHVIRUVFDQQLQJIRURWKHU$FFHVV3RLQWVFDQEHVHOHFWHGIURPWKH%DFNJURXQGVFDQPRGHGURSGRZQOLVWER[,I\RXVHW'LVDEOHWKHFOLHQWQHYHUVFDQVIRURWKHU$FFHVV3RLQWVSRLQWVDVORQJDVLWLVFRQQHFWHG,I6FDQLI,GOHLVVHWDVFDQIRURWKHU$FFHVV3RLQWVLVRQO\LQLWLDWHGRQH[SLUDWLRQRIDVSHFLILFGDWDEXVLGOHWLPH,I6FDQ$OZD\VLVVHWWKHVWDWLRQUXQVDF\FOLFVFDQIRURWKHU$FFHVV3RLQWV7KLVF\FOLFLQWHUYDOLVGHILQHGDWSDUDPHWHU%DFNJURXQGVFDQLQWHUYDO7RLPSURYHRQWKHWLPHUHTXLUHGIRUVFDQQLQJIRURWKHU$FFHVV3RLQWV\RXFDQSUHVHWWKHFKDQQHOVRQZKLFKWKHFOLHQWFDQORFDWHRWKHU$FFHVV3RLQWV6HWWKH%DFNJURXQGVFDQFKVHOHFWFKHFNER[DFFRUGLQJO\DQGHQWHUWKHFKDQQHOVRIWKHRWKHU$FFHVV3RLQWVLQWKH%DFNJURXQGVFDQFKDQQHOVLQSXWILHOG(QWHUWKHFKDQQHOVVHSDUDWHGE\VSDFHFKDUDFWHUV$FOLHQWDOZD\VLQLWLDWHVFRQQHFWLRQVWR$FFHVV3RLQWZLWKKLJKHUVLJQDOVWUHQJWK7KHQHZVLJQDOVWUHQJWKPXVWEHKLJKHUWKDQWKHFXUUHQWE\DVSHFLILFYDOXH7KHWKUHVKROGDWZKLFKWKHFOLHQWFKDQJHVWRWKHQHZ$FFHVV3RLQWFDQEHVSHFLILHGDWWKH5RDPLQJWKUHVKROGSDUDPHWHU
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$((QDEOH:00:L)L0XOWLPHGLDLVXVHGWRWUDQVIHUGDWDWHOHJUDPVRIKLJKHUSULRULW\LQDFFRUGDQFHZLWKWKH,(((HVWDQGDUG7RPHHWVLWXDWLRQVZKHUHGDWDWHOHJUDPVDUHHYDOXDWHGEDVHGRQWKHLUSULRULW\DQGWUDQVPLWWHGYLDWKH:/$1LQWHUIDFHDFFRUGLQJWRWKHLUSULRULW\VHOHFWWKH(QDEOH:00RSWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  66,'/LVWPHQX $GYDQFHG*PHQX3URSHUWLHVRIWKHJVWDQGDUG7KH,(((JVWDQGDUGLVGRZQZDUGVFRPSDWLEOHWR,(((ELHERWKXVHWKH*+]EDQG%\FRQWUDVWWRWKHEUDGLRPRGHWKDWVSHFLILHVGDWDUDWHVXSWR0ESVJRIIHUVGDWDUDWHVXSWR0ESVDQGDOVRGHSOR\VWKH2)'0PRGXODWLRQPHWKRG6SHFLDOVHWXSRSWLRQVIRUJ7KHVHWXSRSWLRQVRIWKH$GYDQFHG*VXEPHQXUHODWHWRWKHZD\PDQDJHPHQWDQGFRQWUROGDWD576&76GDWDWHOHJUDPVEHDFRQVDUHWREHVHQWLQJPRGH$SSOLFDWLRQVZLWK576&767KHJ&76PRGHGURSGRZQOLVWER[LVXVHGWRVSHFLI\RSHUDWLRQLQ:/$1PHQXRYHUYLHZ3DJH1RQH 'RQRWXVH576&76$OZD\V $OZD\VXV576&76IRUJGDWDWHOHJUDPV$XWR 8VH576&76RQO\LIEFOLHQWVDUHZLWKLQWKHUDQJH<RXFDQVHWWKHGDWDUDWHIRU576&76GDWDWHOHJUDPVLQWKHJ&76UDWHGURSGRZQOLVWER[7KHJ&76W\SHGURSGRZQOLVWER[LVXVHGWRGHILQHZKHWKHUWRWUDQVPLWRQO\D&76RUZKHWKHUWRWUDQVPLWD576&76IUDPH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(JH[SDQVLRQV<RXFDQVHWWKHJVKRUWVORWWLPHSDUDPHWHUWRVSHFLI\WKHXVHRIWKHVKRUWVORWWLPH7KLVSDUDPHWHUVHWWLQJLQFUHDVHVWKHQHWGDWDUDWH,IWKH$3LVRSHUDWHGZLWKDFWLYHJRQO\PRGHSDUDPHWHU\RXPXVWHQDEOHWKLVVHWWLQJRQWKHFOLHQW7KHJRQO\PRGHSDUDPHWHUFDQEHVHWVRWKDWRQO\JFOLHQWVDUHDOORZHGWRORJRQWRWKH$FFHVV3RLQWDQGWRSHUPLWRQO\JGDWDUDWHV2QO\WKH2)'0PRGXODWLRQPHWKRGLVXVHGLQWKLVRSHUDWLQJPRGH7KLVVHWXSSUHYHQWVEGHYLFHVIURPORJJLQJRQDQGHQDEOHVKLJKHUGDWDWKURXJKSXW,IJRQO\PRGHLVGLVDEOHGEDQGJGHYLFHVDUHDOORZHGWRORJRQWRWKH$FFHVV3RLQW
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  6HFXULW\PHQX %DVLF:/$1%$6,&:/$1PHQXFRPPDQG7KHVHFXULW\VHWWLQJVRIWKH:/$1LQWHUIDFHDUHPDGHLQWKH%$6,&:/$1PHQX(QFU\SWLRQ(QFU\SWLRQSURWHFWVWKHWUDQVIHUUHGGDWDIURPHDYHVGURSSLQJDQGFRUUXSWLRQ<RXFDQRQO\GLVDEOHHQFU\SWLRQLI\RXKDYHVHOHFWHG2SHQ6\VWHPIRUDXWKHQWLFDWLRQ$OORWKHUVHFXULW\PHWKRGVLQFOXGHERWKDXWKHQWLFDWLRQDQGHQFU\SWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$((QFU\SWLRQPHWKRGV,I\RXKDYHVHOHFWHG2SHQ6\VWHPLQFOXGLQJHQFU\SWLRQRU6KDUHG.H\IRUDXWKHQWLFDWLRQ\RXPXVWGHILQHDNH\LQWKH.H\VPHQXUHIHUWRFKDSWHU.H\VPHQX3DJHჀ 7.,37HPSRUDO.H\,QWHJULW\3URWRFRO%\FRQWUDVWWR:(3HQFU\SWLRQWKHV\PPHWULFDOFXUUHQWHQFU\SWLRQPHWKRGZLWK5&DOJRULWKP5RQಬV&RGH7.,3LVEDVHGRQG\QDPLFNH\VZKLFKDUHGHULYHGIURPDPDVWHUNH\7.,3LVDOVRFDSDEOHRIGHWHFWLQJIDOVLILHGGDWDWHOHJUDPVჀ $(6$GYDQFHG(QFU\SWLRQ6WDQGDUG6WURQJV\PPHWULFDOEORFNHQFU\SWLRQPHWKRGEDVHGRQWKH5LMQGDHODOJRULWKPWKDWHQKDQFHV7.,3IXQFWLRQDOLW\Ⴠ $872$(6RU7.,3LVVHOHFWHGDXWRPDWLFDOO\GHSHQGLQJRQWKHFDSDELOLW\RIWKHSDUWQHUVWDWLRQ5$',86$XWKHQWLFDWLRQ0HWKRG,IWKHDXWKHQWLFDWLRQRIDQ,031+),:/$1LQWHUIDFHPRGXOHLVKDQGOHGE\PHDQVRIH[WHUQDO5$',86VHUYHU\RXFDQVSHFLI\DPHWKRGIRUH[WHUQDODXWKHQWLFDWLRQXVLQJWKH5$',86DXWKHQWLFDWLRQW\SHVHOHFWLRQOLVW7KH$XWRYDOXHLVVHOHFWHGE\GHIDXOWVRWKDWWKHFOLHQWRIIHUVDOOVXSSRUWHGPHWKRGVWRD5$',86VHUYHU$Q\RWKHUVHOHFWLRQUHVWULFWVWKHVXSSRUWE\WKH,031+),:/$1LQWHUIDFHPRGXOHWRWKLVRQHPHWKRG7KLVVWHSPD\EHQHFHVVDU\EHFDXVHFHUWDLQ5$',86VHUYHUVGRQRWFRPSOHWHO\RUFRUUHFWO\HYDOXDWHWKHUHVSRQVHRIWKH,031+),:/$1LQWHUIDFHPRGXOH7KHIROORZLQJRSWLRQVDUHDYDLODEOHჀ ($37/6([WHQVLEOH$XWKHQWLFDWLRQ3URWRFRO7UDQVSRUW/D\HU6HFXULW\8VHVFHUWLILFDWHVIRUDXWKHQWLFDWLRQ<RXFDQORDGFHUWLILFDWHVE\VHOHFWLQJWKH66\VWHP!/RDG6DYH!+773PHQXFRPPDQGჀ ($377/6([WHQVLEOH$XWKHQWLFDWLRQ3URWRFRO7XQQHO7UDQVSRUW/D\HU6HFXULW\$IWHUVHWXSRIWKH7/6WXQQHO06&+$3YLVXVHGIRULQWHUQDODXWKHQWLFDWLRQჀ 3($33URWHFWHG([WHQVLEOH$XWKHQWLFDWLRQ3URWRFRO$OWHUQDWLYHSURWRFROGUDIWRI,(7)($377/6
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( (QWULHVIRU:3$36.DQG:3$36.)RUWKH3UH6KDUHG.H\YDULDQWVJRWRWKH3DVV3KUDVHILHOGDQGHQWHUWKHVWULQJWREHXVHGE\WKH,031+),:/$1LQWHUIDFHPRGXOHIRUDXWKHQWLFDWLRQDQGIRULQLWLDOL]DWLRQRIG\QDPLFNH\JHQHUDWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$((QWULHVIRU6KDUHG.H\6HOHFWDSUHGHILQHGNH\IRUWKH6KDUHG.H\YDULDQWIURPWKH'HIDXOW:(3NH\ILHOG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  .H\VPHQX'HILQLQJWKH:(3NH\<RXPXVWHQWHUDWOHDVWRQHNH\LQWKHNH\WDEOHWRHQDEOHHQFU\SWLRQIRUWKH2SHQ6\VWHPDQG6KDUHG.H\DXWKHQWLFDWLRQPHWKRGV<RXFDQFKRRVHEHWZHHQVHYHUDONH\OHQJWKVჀ RU$6&,,FKDUDFWHUVRURUKH[DGHFLPDOFKDUDFWHUVVSHFLI\DZHDNHUNH\ELWVჀ $6&,,FKDUDFWHUVRUKH[DGHFLPDOFKDUDFWHUVKRZHYHUGHILQHDVWURQJNH\ELWV1RWH<RXFDQXVH$6&,,FRGH[WR[HIRUWKHNH\VWULQJ%HORZWKHUHLVDOLVWRIDOOVXSSRUWHGFKDUDFWHUVVWDUWLQJZLWKDVSDFH !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`a
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,)HDWXUHVPHQX L3&)PHQX8VLQJL3&)6HOHFWWKHL3&)FKHFNER[LIWKH,031+),:/$1LQWHUIDFHPRGXOHLVWRVXSSRUWWKLVIHDWXUH(QFU\SWLRQ6HOHFWWKH6WURQJ$(6&&0HQFU\SWLRQFKHFNER[LIWKH,031+),:/$1LQWHUIDFHPRGXOHLVWRVXSSRUWWKLVIHDWXUH<RXFDQRQO\HQDEOHWKLVHQFU\SWLRQLIL3&)LVHQDEOHG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  ,QIRUPDWLRQPHQX ,QIRUPDWLRQPHQXRYHUYLHZ6\VWHPHYHQWVDQGLQIRUPDWLRQRQWKHSURWRFROV7KH,QIRUPDWLRQPHQXSURYLGHVLQIRUPDWLRQLQWDEXODUIRUPDWDERXWV\VWHPHYHQWVDQGRQWKHRSHUDWLRQDOEHKDYLRURIWKH:/$1LQWHUIDFH
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( /RJ7DEOHPHQX/RJJLQJV\VWHPHYHQWV7KLVSDJHOLVWVV\VWHPHYHQWVDQGWKHLUWLPHRIRFFXUUHQFHUHODWLYHWRWKHV\VWHPVWDUW
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  $XWK/RJPHQX/RJJLQJDXWKHQWLFDWLRQ7KHSDJHVRIWKLVPHQXGLVSOD\DWDEOHZLWKLQIRUPDWLRQDERXWVXFFHVVIXORUIDLOHGDXWKHQWLFDWLRQDWWHPSWV8VHWKH)LOWHUGURSGRZQOLVWER[WRGHILQHWKHHUURUFULWHULDIRUGLVSOD\LQJWKHLQIRUPDWLRQ 9HUVLRQVPHQX&XUUHQWYHUVLRQVDQGRUGHUQXPEHUV +DUGZDUHYHUVLRQ 2UGHUQXPEHU0/)% %RRWVRIWZDUHYHUVLRQ ):YHUVLRQ 0$&DGGUHVV 7\SHRIQHWZRUNFRQQHFWLRQ $QWHQQDLQVWDOODWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $YDLODEOH:/$1PHQX/LVWRIDYDLODEOH$FFHVV3RLQWV7KH$YDLODEOH:/$1PHQXFRQWDLQVDOO$FFHVV3RLQWVZKLFKDUHDYDLODEOHWRWKH,031+),:/$1LQWHUIDFHPRGXOHLQFOXGLQJWKHLUUHFHLYHVLJQDOVDQGDGGLWLRQDOVHWXSLQIRUPDWLRQ6SHFLI\LQJSRZHULQG%P$FRPPRQO\XVHGUHIHUHQFHYDOXHLQ5)HQJLQHHULQJLVDSRZHURIP:7KDWLVSRZHUFDQEHVSHFLILHGLQGHFLEHOXQLWVG%P7KHIROORZLQJFRQYHUVLRQIRUPXODDSSOLHV3>G%P@ ORJ3>P:@P:5HIUHVKLQJWKHGLVSOD\0RVWRIWKHSDJHVSURYLGHD5HIUHVKEXWWRQRQWKHLUERWWRPHGJHZKLFKFDQEHXVHGWRUHIUHVKWKHGLVSOD\6HOHFWWKH8SGDWHFKHFNER[WRXSGDWHWKHOLVWDXWRPDWLFDOO\DWF\FOLFLQWHUYDOVRIWZRVHFRQGV<RXFDQYLHZDGGLWLRQDOLQIRUPDWLRQDERXWDQ$FFHVV3RLQWE\FOLFNLQJLWV0$&DGGUHVVRIWKLV$FFHVV3RLQW
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $YDLODEOH$FFHVV3RLQWV7KLVPHQXGLVSOD\VDOO$FFHVV3RLQWVWRZKLFKWKHGHYLFHFDQVHWXSDZLUHOHVVFRQQHFWLRQ1RWH7KHGLVSOD\GLIIHUVLI,031+),:/$1LVRSHUDWHGZLWKDFWLYHL3&)PRGH6LQFHWKHFOLHQWGRHVQRWUXQDEDFNJURXQGVFDQLQWKLVFDVHWKHRQO\$3VGLVSOD\HGDUHWKRVHWRZKLFKWKHFOLHQWKDVVHWXSDFRQQHFWLRQ7KH$3VWRZKLFKWKHFOLHQWFDQVHWXSDFRQQHFWLRQDUHGLVSOD\HGDIWHUWKHEDFNJURXQGVFDQL3&)PRGHGLVDEOHGZDVFRPSOHWHGჀ 0$&$GGUHVV0$&DGGUHVVRIWKH$FFHVV3RLQWჀ 6LJQDO6LJQDOVWUHQJWKRIWKH$FFHVV3RLQW+LJKHUYDOXHVLPSURYHVLJQDOVWUHQJWKჀ 6HF,QGLFDWHVZKHWKHUHQFU\SWLRQLVHQDEOHGჀ &KDQQHO&KDQQHOFXUUHQWO\XVHGE\WKH$FFHVV3RLQWWRFRPPXQLFDWHZLWKWKHGHYLFHჀ 6WDWH&XUUHQWVWDWHRIWKH$FFHVV3RLQWV$3FRQQHFWHGLQGLFDWHVDQDFWLYHFRQQHFWLRQWKLV$FFHVV3RLQWჀ 66,'7KHQDPHRIWKHUHOHYDQWQHWZRUNLVRXWSXWWRWKLVILHOG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( :/$1PHQX,QIRUPDWLRQDERXWWKH:/$1LQWHUIDFH7KLVPHQXSURYLGHVLQIRUPDWLRQDERXWWKHFXUUHQWVHWXSRIWKH:/$1LQWHUIDFH7KHPHQXDOVRGLVSOD\VFXUUHQWRSHUDWLRQDOGDWD
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7UDIILF'LVSOD\VVWDWLVWLFVRIWKHGDWDWUDQVIHUUHG
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(Ⴠ $VVRFLDWLRQ$XWKHQWLFDWLRQ)UDPHV7KHIXQFWLRQFRXQWVWKHGDWDWHOHJUDPVZKLFKDUHUHOHYDQWWRWKHORJRQ$GLVWLQFWLRQLVPDGHEHWZHHQWKH$VVRFLDWLRQDQG$XWKHQWLFDWLRQORJRQGDWDWHOHJUDPVDQGWKH'LVDVVRFLDWLRQDQG'HDXWKHQWLFDWLRQORJRIIGDWDWHOHJUDPVჀ 6LJQDOVWUHQJWK'LVSOD\VWKHVLJQDOVWUHQJWKEDVHGRQWKHPHDQYDOXHGHULYHGIURPWKHODVWGDWDWHOHJUDPVUHFHLYHGRUIURPWKHODVWDFNQRZOHGJHIUDPHVUHFHLYHGDWWKHWUDQVPLWWHUVWDWLRQჀ )UDPHFRXQW&RXQWVDOOVXFFHVVIXOO\UHFHLYHGRUWUDQVPLWWHGGDWDWHOHJUDPVჀ 0DQDJHPHQWIUDPHV&RXQWVDOOPDQDJHPHQWIUDPHVUHFHLYHGRUWUDQVPLWWHGჀ 576IUDPHV7KLVYDOXHLVLQFUHPHQWHGDIWHUD&76GDWDWHOHJUDPZDVUHFHLYHGIRUDQ576GDWDWHOHJUDPჀ 5DWH'LVSOD\VDQDYHUDJHGDWDUDWHRIWKHPRVWUHFHQWO\UHFHLYHGRUVHQWGDWDWHOHJUDPVჀ 'DWDIUDPHFRXQW&RXQWVDOOUHFHLYHGRUWUDQVPLWWHGGDWDWHOHJUDPVჀ 'DWDE\WHVFRXQW'LVSOD\VWKHWRWDORIDOOE\WHVUHFHLYHGRUVHQWLQDGDWDWHOHJUDPჀ 8QLFDVW7RWDORIDOOUHFHLYHGRUVHQWGDWDXQLFDVWVჀ 0XOWLFDVW7RWDORIDOOUHFHLYHGRUVHQWGDWDPXOWLFDVWVჀ %URDGFDVW7RWDORIDOOUHFHLYHGRUVHQWGDWDEURDGFDVWV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( (UURUV7KLVSDJHGLVSOD\VVWDWLVWLFVDERXWWUDQVPLVVLRQHUURUHYHQWV$KLJKHUURUUDWHLVDQLQGLFDWLRQRISRRUFRQQHFWLRQTXDOLW\
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$((UURUV5HFHLYHჀ )UDJPHQWDWLRQHUURUV7RWDORIDOOIDLOHGIUDJPHQWHGWUDQVIHUV2QHRIWKHIUDJPHQWVZDVHLWKHUUHFHLYHGWRRODWHQRWUHFHLYHGDWDOOჀ (QFU\SWLRQHUURUV7KLVYDOXHLVLQFUHPHQWHGDIWHUDGDWDWHOHJUDPZLWKHQFU\SWLRQLGHQWLILHUZDVUHFHLYHGDWDGHYLFHRSHUDWLQJZLWKRXWHQFU\SWLRQRUYLFHYHUVDLIDGDWDWHOHJUDPZLWKRXWHQFU\SWLRQLGHQWLILHUZDVUHFHLYHGDQGHQFU\SWLRQLVHQDEOHGჀ 'XSOLFDWHIUDPHV7RWDORIDOOUHGXQGDQWGDWDWHOHJUDPUHFHSWLRQVჀ )&6HUURUV7RWDORIDOOGDWDWHOHJUDPVUHFHLYHGZLWKLQFRUUHFWFKHFNVXPჀ +HDGHU&5&HUURU7RWDORIDOOGDWDWHOHJUDPVUHFHLYHGZLWK&5&HUURULQWKH+HDGHUჀ 'HFU\SW&5&HUURU7RWDORIDOOGDWDWHOHJUDPVUHFHLYHGZLWKLQFRUUHFWFKHFNVXPRIWKHHQFU\SWHGGDWDEXIIHU
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( (UURUV7UDQVPLWჀ 7UDQVPLVVLRQHUURUV7KLVYDOXHLVLQFUHPHQWHGWKHWUDQVIHURIDGDWDWHOHJUDPIDLOHGLUUHVSHFWLYHRIKDUGZDUHEDVHGUHWULHVჀ 'URSSHGIUDPHV7RWDOQXPEHURIGDWDWHOHJUDPVGLVFDUGHGDIWHUWKHLUVXFFHVVIXOWUDQVIHUIDLOHGLUUHVSHFWLYHRIDOOUHWULHVჀ $FNQRZOHGJHGHUURUV7RWDORIDOOWUDQVPLWWHGGDWDWHOHJUDPVZKLFKZHUHQRWDFNQRZOHGJHGE\WKHUHFLSLHQWჀ 576HUURUV7RWDORIDOOWUDQVPLWWHG576IUDPHVZKLFKZHUHQRWDFNQRZOHGJHGE\PHDQVRI&76UHVSRQVHIUDPHჀ 5HWU\FRXQW7RWDORIDOOVXFFHVVIXOO\WUDQVPLWWHGGDWDWHOHJUDPVZKLFKUHTXLUHGRQHRUVHYHUDOUHWULHV5HWU\VჀ 2QHUHWU\FRXQW7RWDORIDOOVXFFHVVIXOO\WUDQVPLWWHGGDWDWHOHJUDPVZKLFKUHTXLUHGRQO\RQHUHWU\Ⴠ 0XOWLSOHUHWU\FRXQW7RWDORIDOOVXFFHVVIXOO\WUDQVPLWWHGGDWDWHOHJUDPVZKLFKUHTXLUHGVHYHUDOUHWULHV1RWH7KHSHUFHQWDJHYDOXHVIROORZLQJWKHFRUUHVSRQGLQJHUURUVHUURUVUHODWHWRWKHWRWDOQXPEHURIUHFHLYHGWUDQVPLWWHGGDWDWHOHJUDPV 6LJQDOPHQX'LVSOD\LQJWKHVLJQDOVWUHQJWK7KH6LJQDO5HFRUGHUFDQEHXVHGWRUHFRUGRUGLVSOD\WKHVLJQDOVWUHQJWKRIFRQQHFWHG$FFHVV3RLQWV8VLQJWKLVGDWD\RXFDQGLVFORVHDUHDVZLWKLQVXIILFLHQWVLJQDOVWUHQJWK7KH6LJQDO5HFRUGHUFDQEHSDUWLFXODUO\XVHIXOLQVFHQDULRVZKHUHFOLHQWVPRYHDORQJDIL[HGSDWK3URFHGXUH<RXFDQGRZQORDGWKHJHQHUDWHGVLJQDOILOHDVIROORZVჀ 9LDWKH85/KWWS,3$GUHVVH!6LJQDOW[WჀ 9LDWKH85/KWWS,3$GUHVVH!6LJQDOORJ,I\RXDUHQRWORJJHGRQWKH/RJLQZLQGRZSURPSWV\RXWRORJRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$('LVSOD\LQJUHDOWLPHYDOXHV7KHXSSHUKDOIRIWKHZLQGRZFRQWDLQVDQLQVWUXPHQWIRUGLVSOD\LQJWKHJUDSKLFUHSUHVHQWDWLRQRIWKHFXUUHQWO\FDOFXODWHGG%PYDOXHLQUHDOWLPH'HSHQGLQJRQ\RXUEURZVHUDQGRQQHWZRUNORDGWKHGLVSOD\LVXSGDWHGDWF\FOLFLQWHUYDOVRIDSSUR[PV7KHDFWXDOG%PYDOXHLVDOVRGLVSOD\HGLQSODLQODQJXDJHQH[WWRWKHJUDSKLFYLHZ7KH0$&DGGUHVVRIWKH$3ZLWKZKLFKWKH,031+),:/$1LVFXUUHQWO\FRQQHFWHGDORQJZLWKWKHFKDQQHOIUHTXHQF\DQGGDWDUDWHDUHDOVRGLVSOD\HGDQGXSGDWHG<RXFDQVWDUWRUVWRSWKHJUDSKLFGLVSOD\XVLQJWKH6WDUWGLVSOD\DQG6WRSGLVSOD\EXWWRQV1RWH2SHUDWLRQRIWKHJUDSKLFGLVSOD\FDQFDXVHFRQVLGHUDEOHQHWZRUNORDGZKLFKLVOLDEOHWRGLVWXUEWLPHVHQVLWLYH352),1(7FRPPXQLFDWLRQ
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 5HFRUGLQJDVHULHVRIPHDVXUHPHQWV,QDGGLWLRQWRWKHRSHUDWRUFRQWUROVWKHJUDSKLFGLVSOD\RIUHDOWLPHYDOXHVWKHORZHUKDOIRIWKHZLQGRZDOVRFRQWDLQVWKHFRQWUROHOHPHQWVIRUWKHVLJQDOUHFRUGHU<RXKDYHWKHRSWLRQRIVHWWLQJWKHWKHWRWDOQXPEHURIPHDVXUHGYDOXHVDQGDWLPHLQWHUYDOEHWZHHQWKHDFTXLVLWLRQRIWZRPHDVXUHGYDOXHV7KHUHFRUGHULVFRQWUROOHGE\PHDQVRIWKH6WDUWUHFRUGLQJRU6WRSUHFRUGLQJEXWWRQV7KH6DYHUHFRUGHUILOHDQG'LVSOD\UHFRUGHUILOHEXWWRQVDUHDYDLODEOHDVVRRQDVPHDVXULQJSRLQWVKDYHEHHQUHFRUGHGDQGDIWHUWKHUHFRUGHUKDVEHHQVWRSSHG7KHPHDVXUHGYDOXHVFDQEHORDGHGGLUHFWO\IURP,031+),:/$1WRD&69ILOHDQGEHLPSRUWHGWRDVXLWDEOHHYDOXDWLRQSURJUDPE\FOLFNLQJ6DYH7KH&69ILOHFRQWDLQVWKHWLPHVWDPSIRUDOOPHDVXUHGYDOXHVWKH0$&DGGUHVVRIWKH$3WKHFXUUHQWQXPEHURIWKHPHDVXUHPHQWWKHVLJQDOVWUHQJWKLQDQGLQG%PQRWDWLRQWKHUDZYDOXHRIWKH566,5HFHLYHG6LJQDO6WUHQJWK,QGLFDWLRQDURDPLQJLQGLFDWRUWKHFKDQQHODQGWKHGDWDUDWH7KH'LVSOD\UHFRUGILOHEXWWRQRSHQVDSRSXSZLQGRZLQZKLFKWKHSURILOHRIWKHPHDVXUHGYDOXHVLVDYDLODEOHLQJUDSKLFIRUPDW7KHZLQGRZGLVSOD\VWKHSURILOHRIWKHG%PYDOXHV,I,031+),:/$1FKDQJHVWKH$FFHVV3RLQWURDPLQJGXULQJPHDVXUHPHQWEOXHEDUVLQGLFDWHWKHHYHQW$WRROWLSVKRZLQJWKH0$&DGGUHVVHVRIERWK$FFHVVSRLQWVLVGLVSOD\HGE\PRYLQJWKHPRXVHSRLQWHURYHUDURDPLQJLQGLFDWRUEDURURYHUWKHIODJDWWKHWRSRIWKHEDU7KH3ULQWJUDSKEXWWRQSURYLGHVDVLPSOHPHDQVRISULQWLQJWKHWDEOHDIWHU\RXPDGHWKHIROORZLQJVHWWLQJVLQWKHEURZVHUჀ 0R]LOOD)LUHIR[DQG7KH3ULQW%DFNJURXQGFRORUVLPDJHVFKHFNER[PXVWEHVHWLQWKH2SWLRQVILHOGRIWKH))LOH!3DJH6HWXSGLDORJჀ 0LFURVRIW,QWHUQHW([SORUHU7KH3ULQWEDFNJURXQGFRORUVDQGLPDJHVRSWLRQPXVWEHVHWLQWKH3ULQWLQJVHFWLRQRIWKH77RROV!,QWHUQHW2SWLRQV!$GYDQFHGWDE7KHVLJQDOUHFRUGHULWVHOIGRHVQRWFDXVHDQ\VLJQLILFDQWQHWZRUNORDGWKDWFRXOGLPSDLURWKHUSURFHVVHV%RWKHOHPHQWVRIWKHVLJQDOUHFRUGHUFDQEHRSHUDWHGLQGHSHQGHQWO\2EVHUYHWKHIROORZLQJRSHUDWLQJLQVWUXFWLRQVWRREWDLQH[SUHVVLYHPHDVXUHPHQWVZLWKWKHVLJQDOUHFRUGHUჀ 6HWXSDIL[HGGDWDUDWHDWWKH$FFHVV3RLQWჀ <RXVKRXOGNHHSWKHXSGDWHWLPHLQWKHL3&)PRGHWRWKHQHFHVVDU\PLQLPXPIRUWKHPHDVXUHPHQWVჀ 9HULI\WKDW\RXKDYHVXIILFLHQWUHVRXUFHVIRUGDWDFRPPXQLFDWLRQGXULQJPHDVXUHPHQWDVWKHVWDWLVWLFVIXQFWLRQKDVWRHYDOXDWHDOOLQFRPLQJGDWDWHOHJUDPV
&RQILJXULQJ 6HWWLQJSDUDPHWHUXVLQJ:HE%DVHG0DQDJHPHQW,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(Ⴠ 7KHPHDVXUHGVHFWLRQVKRXOGEHVFDQQHGWZRRUWKUHHWLPHVXVLQJWKHVDPHSDUDPHWHUVLQRUGHUWRGHWHFWUHFXUULQJVLJQDOVWUHQJWKGURSVDWWKHVDPHSRVLWLRQჀ <RXVKRXOGWDNHPHDVXUHPHQWVDWDVHOHFWHGIL[HGSRVLWLRQRYHUDQH[WHQGHGSHULRGRIWLPH ཰ 6LJQDOOHYHOཱ 5RDPLQJLQGLFDWRUི 'DWDUDWHཱི /HJHQGུ %DFNJURXQGQRLVHOHYHO5RDPLQJLQGLFDWRU7KLVYDOXHLVRXWSXWLIWKHFOLHQWFRQQHFWVWRDGLIIHUHQWRUWRQR$3%DQGZLGWK'DWDUDWH,QVWHDGRIDEDUJUDSKDOLQHLVXVHGWRGLVSOD\WKHEDQGZLGWKGDWDUDWHLQRUGHUWRDYRLGVLJQDOOHYHORYHUODSVWKDWPD\EHJHQHUDWHGDWXQIDYRUDEOHFRQGLWLRQV
&RQILJXULQJ$FFHVV3RLQWSDUDPHWHUV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( %DFNJURXQGQRLVHQRLVHIORRU7KHWHUPQRLVHIORRUGHQRWHVWKHQRLVHOLPLWXSWRZKLFKLWLVVWLOOSRVVLEOHWRWUDQVPLWGDWD7KDWLVWKHGDWDVLJQDOVWUHQJWKPXVWH[FHHGWKHQRLVHIORRUOHYHOLQRUGHUWRHQDEOHGDWDWUDQVIHU)RUWKLVUHDVRQWKHEDFNJURXQGQRLVHOHYHOLVRQO\YLVLEOHLIWKHFOLHQWLVQRWFRQQHFWHGWRDQ$3 $FFHVV3RLQWSDUDPHWHUV3DUDPHWHUVHWWLQJVDWWKH$FFHVV3RLQW7RHQVXUHUHOLDEOHFRPPXQLFDWLRQEHWZHHQWKH$FFHVV3RLQWDQGWKH,031+),:/$1LQWHUIDFHPRGXOH\RXUSDUDPHWHUVHWWLQJVPXVWEHLGHQWLFDODWWKH$3DQGDWWKH,031+),:/$18VHWKH:HE%DVHG0DQDJHPHQW:%0RIWKHFRUUHVSRQGLQJ$FFHVV3RLQWIRUWKH$FFHVV3RLQWVRIWKH6&$/$1&(:SURGXFWOLQHRI6,(0(16$*&RUUHVSRQGLQJRSHUDWLQJLQVWUXFWLRQVDUHDYDLODEOHRQWKH6HUYLFH6XSSRUWSDJHVKWWSZZZVLHPHQVFRPDXWRPDWLRQFVLBHQB::VXSSRUW'LVUXSWLRQRIGDWDWUDQVIHUGXHWRH[FHVVUHFHLYHGSRZHU([FHVVUHFHLYHGSRZHUDWWKHLQSXWRIWKH:/$1FOLHQWRYHUGULYHVLWVDPSOLILHUFLUFXLW$Q\UHFHLYHGSRZHUJUHDWHUWKDQG%PDWWKH:/$1FOLHQWFDXVHVFRPPXQLFDWLRQHUURUV<RXFDQYLHZWKHFRUUHVSRQGLQJDFWXDOUHFHLYHGSRZHUYDOXH>LQG%P@LQ:%0E\VHOHFWLQJ,QIRUPDWLRQ!$YDLODEOH:/$1,QSXWVLJQDOSRZHUDWWKH:/$1FOLHQWLVGHWHUPLQHGE\WKHIROORZLQJIDFWRUVჀ 'LVWDQFHEHWZHHQWKH$FFHVV3RLQWDQGWKH:/$1FOLHQWჀ 5HIOHFWLRQRIHOHFWURPDJQHWLFZDYHVJHQHUDWHGDVDUHVXOWRIWKHEXLOGLQJVWUXFWXUHჀ 5DGLDWLRQFKDUDFWHULVWLFDQGJDLQRIWKHDQWHQQDXVHGჀ 7UDQVPLWSRZHUVHWWLQJVLQWKH:HE%DVHG0DQDJHPHQWRIWKH$FFHVV3RLQW(OLPLQDWLQJGDWDWUDQVIHUHUURUVFDXVHGE\H[FHVVUHFHLYHGSRZHU<RXFDQWURXEOHVKRRWFRPPXQLFDWLRQHUURUVGHYHORSLQJGXHWRH[FHVVUHFHLYHGSRZHUJUHDWHUWKDQG%PDVIROORZVჀ ,QFUHDVHWKHGLVWDQFHEHWZHHQWKHWUDQVPLWWHUDQGUHFHLYHUჀ 5HGXFHWKHWUDQVPLWSRZHUDWWKHUHOHYDQW:/$1FOLHQWRU$FFHVV3RLQWLQ:%0
&RQILJXULQJ 352),1(7,2,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 352),1(7,2,QWURGXFWLRQ,031+),:/$1LVLQFOXGHGLQWKHKDUGZDUHFDWDORJRI+:&RQILJDIWHUWKHVWDUWRI67(33UHUHTXLVLWHVჀ 7KH,031+),:/$1LQWHUIDFHPRGXOH(6$%$%ದ 67(3963RUKLJKHUದ +63IRU,031+),:/$1ದ $VVLJQLQJDQDPHWRWKH,2GHYLFH6HHFKDSWHU$VVLJQLQJDGHYLFHQDPHWRWKH,2GHYLFH3DJH3URFHGXUH 6WDUW6,0$7,&0DQDJHU &UHDWHDQHZSURMHFW &RQILJXUH(7SURZLWK,031+),:/$1LQ+:&RQILJ 'UDJDQGGURSWKHPRGXOHVIURPWKHKDUGZDUHFDWDORJWRWKHFRQILJXUDWLRQWDEOH 'RXEOHFOLFNWKHILUVWPRGXOHRI(7SURLQWKHFRQILJXUDWLRQWDEOHDQGVHWLWVSDUDPHWHUV 3DUDPHWHUL]HDOORWKHUPRGXOHVRI(7SUR 6DYHWKHFRQILJXUDWLRQRUGRZQORDGLWWRWKH,2FRQWUROOHU&RQILJXULQJWKHXSGDWHWLPH1RWHWKHIROORZLQJLQIRUPDWLRQZKHQVHWWLQJWKHXSGDWHWLPHIRU,031+),:/$1LQ67(31RWH8SGDWHWLPHLQ67(36HWWKHXSGDWHWLPHWRWKHPLQLPXPYDOXHUHTXLUHG7KH8SGDWHWLPHSDUDPHWHULVDYDLODEOHLQ67(3+:&RQILJLQWKHREMHFWSURSHUWLHVRIWKH352),1(7,2V\VWHPRULQWKHREMHFWSURSHUWLHVRIWKH,2GHYLFHDWWKH,2F\FOHHQWU\5HIHUHQFH)RUIXUWKHULQIRUPDWLRQUHIHUWRWKH67(32QOLQH+HOS6HHDOVR$VVLJQLQJDGHYLFHQDPHWRWKH,2GHYLFH3DJH
&RQILJXULQJ&RQILJXUDWLRQXVLQJD*6'ILOH,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  &RQILJXUDWLRQXVLQJD*6'ILOH,QWURGXFWLRQ7KH*6'ILOHFDQEHXVHGWRFRQILJXUH(7SURLQ67(3963RUKLJKHU7KH*6'ILOHPXVWEHLQVWDOOHGDFFRUGLQJO\LQWKHFRQILJXUDWLRQVRIWZDUH3UHUHTXLVLWHV7KH*6'ILOHUHTXLUHGLVDYDLODEOHIRUGRZQORDGIURPWKH,QWHUQHWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ&RQILJXULQJ(7SURRQ352),1(7,2XVLQJ67(3 6WDUW67(3RSHQ+:&RQILJDQGWKHQVHOHFW22SWLRQV!,QVWDOOQHZ*6'ILOH 6HOHFWWKH*6'ILOHWRLQVWDOOIURPWKHQH[WGLDORJDQGFRQILUPZLWK2.5HVXOW(7SURLVGLVSOD\HGLQWKHKDUGZDUHFDWDORJ352),1(7,2IROGHU 7KHIXUWKHUSURFHGXUHLVVLPLODUWRWKDWGHVFULEHGLQFKDSWHU&RQILJXULQJLQ67(3(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ2SHUDWLQJ,QVWUXFWLRQV
&RQILJXULQJ &RQILJXUDWLRQXVLQJD*6'ILOH,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &RPPLVVLRQLQJ  &RPPLVVLRQLQJ(7SURZLWK,031+),:/$1,QWURGXFWLRQ7KHFRPPLVVLRQLQJRI\RXUDXWRPDWLRQV\VWHPGHSHQGVRQWKHUHOHYDQWSODQWFRQILJXUDWLRQ7KHVHFWLRQEHORZSURYLGHVDGHVFULSWLRQRIWKHSURFHGXUHIRUFRPPLVVLRQLQJDQ(7SURZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHXVLQJDQ,2FRQWUROOHUWKDWLVFRQQHFWHGYLD$FFHVV3RLQW<RXFDQVXSSRUWFRPPLVVLRQLQJE\SODQQLQJ\RXUFKDQQHOVDQGZLUHOHVVOLQNVLQDSUHOLPLQDU\SKDVH5HTXLUHPHQWVIRU(7SURZLWK,031+),:/$1&RUUHVSRQGLQJSUHUHTXLVLWHVIRUFRPPLVVLRQLQJDUHOLVWHGLQWKHWDEOHEHORZ$FWLRQV 5HIHUHQFH(7SURZLWK,031+),:/$1LVPRXQWHG &KDSWHU,QVWDOOLQJ3DJH(7SURZLWK,031+),:/$1LVZLUHG &KDSWHU:LULQJ3DJH7KHDQWHQQDVDUHFRQQHFWHGWR(7SURZLWK,031+),:/$1&KDSWHU:LULQJ3DJH6,0$7,&0LFUR0HPRU\&DUGLVLQVHUWHG &KDSWHU6HUYLFHDQGPDLQWHQDQFH3DJH(7SURZLWK,031+),:/$1LVFRQILJXUHG &KDSWHU&RQILJXULQJ3DJH7KHZLUHOHVVLQWHUIDFHRI(7SURZLWK,031+),:/$1LVSDUDPHWHUL]HG&KDSWHU6HWWLQJSDUDPHWHUVXVLQJ:HE%DVHG0DQDJHPHQW3DJH6XSSO\YROWDJHWRWKH$FFHVV3RLQWLVVZLWFKHGRQ $FFHVV3RLQWPDQXDO7KH,2FRQWUROOHULVSRZHUHGXS ,2&RQWUROOHU0DQXDO7KH,2FRQWUROOHULVVHWWR581PRGH ,2&RQWUROOHU0DQXDO1RWH2SHUDWLRQRQO\ZLWKFRYHUHG5-MDFN'XULQJRSHUDWLRQRI,031+),:/$1PDNHVXUHWKDW\RXKDYHQRWFRQQHFWHGDFDEOHWRWKH5-MDFN5HPRYHWKH(WKHUQHWFDEOHIURPWKH5-MDFNDIWHUKDYLQJSDUDPHWHUL]HG,031+),:/$1DQGDIWHUDZLUHOHVVFRQQHFWLRQZDVVHWXS6FUHZWKHFDSRQWRWKH5-MDFNRIWKHLQWHUIDFHXQLWWRUTXHWR1P
&RPPLVVLRQLQJ &RPPLVVLRQLQJ(7SURZLWK,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(&RPPLVVLRQLQJ(7SURZLWK,031+),:/$1 6ZLWFKRQWKHHOHFWURQLFHQFRGHUVXSSO\/IRU,031+),:/$1 6ZLWFKRQWKH/ORDGYROWDJHVXSSO\VXSSOLHV 6FUHZWKHFDSRQWRWKH5-MDFNDIWHUKDYLQJVXFFHVVIXOO\FRPSOHWHGFRPPLVVLRQLQJWRUTXHWR1P1RWH0RGLI\LQJWKHEDFNSODQHEXV$OZD\VVZLWFKRIISRZHUWRWKHHOHFWURQLFHQFRGHUVXSSO\/EHIRUH\RXPRGLI\WKHEDFNSODQHEXVFRQILJXUDWLRQQXPEHURIPRGXOHVUHPRYDORIWKHWHUPLQDWLQJPRGXOH$ULQJWRSRORJ\ZLWK,031+),:/$1LVQRWDOORZHG(7SUR,:/$1DV,2GHYLFH6,0$7,&6ZLWK&38)31'3DV,2FRQWUROOHU5LQJ)RUELGGHQFRQQHFWLRQ3URJUDPPLQJGHYLFH3&,QGXVWULDO(WKHUQHW$FFHVV3RLQW6&$/$1&(:556&$/$1&(;352),1(7)LJXUH )RUELGGHQULQJWRSRORJ\ZLWK,031+),:/$1
&RPPLVVLRQLQJ 6WDUWXSRI(7SURZLWK,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( &$87,215LVNRIWKHFUDVKRIFRPPXQLFDWLRQZLWKLQDULQJWRSRORJ\<RXULVNWKHFUDVKRIFRPPXQLFDWLRQLILQWHUFRQQHFWLQJ,031+),:/$1ZLWKDULQJWRSRORJ\,I\RXGHFLGHWRFRQQHFW\RXUSURJUDPPLQJGHYLFH3&WR,031+),:/$1YLDH[WHUQDOVZLWFK\RXPXVWQRWFRQQHFWWKLVVZLWFKWRWKH,2FRQWUROOHUWKDWKDVDQHWZRUNFRQQHFWLRQWRDQ$FFHVV3RLQW$37KDWLV,031+),:/$1ZRXOGEHLQWHUFRQQHFWHGYLD$3ZLWKDULQJWRSRORJ\DIWHUDZLUHOHVVFRQQHFWLRQEHWZHHQWKH$3DQG,031+),:/$1ZDVVHWXS7HFKQLFDOEDFNJURXQG7KHGDWDWHOHJUDPVLQWKH,2V\VWHPFRXOGUXQLQWRDQHQGOHVVORRSZLWKLQWKHULQJWRSRORJ\DQGIORRGWKHQHWZRUNZLWKGDWDZKLFKFDQQRORQJHUEHXVHG7KHUHVXOW&RPPXQLFDWLRQFUDVKHVEHFDXVHLWLVQRORQJHUSRVVLEOHWRWUDQVPLWGDWDWHOHJUDPV 6WDUWXSRI(7SURZLWK,031+),:/$13ULQFLSOHRIRSHUDWLRQVLPLODUWR(7SUR7KHVWDUWXSRIDQ(7SURZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHGRHVQRWGLIIHUFRPSDUHGWRWKHVWDUWXSGHVFULEHGLQWKHFKDSWHUVWDUWXSRI(7SURRQ352),1(7,2RIWKHRSHUDWLQJLQVWUXFWLRQV(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
&RPPLVVLRQLQJ 6WDUWXSRI(7SURZLWK,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HUYLFHDQGPDLQWHQDQFH  &RQWHQW:KHUHFDQ,ILQGZKDWLQIRUPDWLRQ")RUFRPSUHKHQVLYHLQIRUPDWLRQUHODWLQJWRWKHPDLQWHQDQFHDQGVHUYLFHRI(7SURUHIHUWRWKHFRUUHVSRQGLQJFKDSWHURIWKH(7SUR'LVWULEXWHG,26\VWHPKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ2SHUDWLQJ,QVWUXFWLRQV7KHQH[WFKDSWHUVLQWKLVGRFXPHQWSURYLGHGHWDLOHGLQIRUPDWLRQDERXWILUPZDUHXSGDWHVIRUWKH,031+),:/$1LQWHUIDFHPRGXOHDQGDERXWWKHSURFHGXUHIRUUHVWRULQJWKHPRGXOHWRGHIDXOWVHWWLQJV )LUPZDUHXSGDWHZLWK6,0$7,&0LFUR0HPRU\&DUG<RXVKRXOGXSGDWHWKHILUPZDUHRIWKH,031+),:/$1LQWHUIDFHPRGXOHWRWKHODWHVWYHUVLRQDIWHUKDYLQJLPSOHPHQWHGFRPSDWLEOHIXQFWLRQDOH[SDQVLRQVRUHQKDQFHPHQWVIRUV\VWHPSHUIRUPDQFH:KHUHGR,JHWWKHODWHVWILUPZDUHYHUVLRQ"<RXFDQRUGHUWKHODWHVWILUPZDUHDV83'ILOHVIURP\RXU6LHPHQVSDUWQHURUGRZQORDGLWIURPWKH,QWHUQHWDWRXU+RPHSDJHKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::OOLVDSLGOO"DNWSULP ODQJ HQUHIHUHU I::IIXQF FVOLEFVLQIRVLWHLG FVLXVH[WUDQHW VWDQGDUGYLHZUHJ ::127,&(8QVHUYLFHDEOHIODVKPHPRU\GXHWRSRZHUIDLOXUHGXULQJWKHXSGDWH)ODVKPHPRU\RI,031+),:/$1LVUHQGHUHGXQXVDEOHLIWKHILUPZDUHXSGDWHLVLQWHUUXSWHG3URYLGHDQXQLQWHUUXSWLEOHSRZHUVXSSO\IRUWKHGXUDWLRQRIWKHILUPZDUHXSGDWHDSSUR[PLQ,QWHUQDOPHPRU\RIWKHLQWHUIDFHPRGXOHLVXQDEOHWRVDYHDOOGDWDLISRZHULVLQWHUUXSWHG,QWKLVFDVH\RXPXVWUHWXUQWKH,2GHYLFHWRWKHIDFWRU\IRUVHUYLFLQJ
6HUYLFHDQGPDLQWHQDQFH )LUPZDUHXSGDWHZLWK6,0$7,&0LFUR0HPRU\&DUG,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(+RZWRXSGDWHWKHILUPZDUH7DEOH )LUPZDUHXSGDWHYLD6,0$7,&0LFUR0HPRU\&DUG6WHS $FWLRQUHTXLUHG 7KLVKDSSHQVLQ,031+),:/$1 7UDQVIHURIWKHXSGDWHILOHVWRDEODQN6,0$7,&0LFUR0HPRU\&DUGXVLQJ67(3DQG\RXUSURJUDPPLQJGHYLFH7KHPHPRU\RIWKH6,0$7,&0LFUR0HPRU\&DUGPXVWKDYHDPLQLPXPFDSDFLW\RI0% 7DNH,031+),:/$1RIISRZHUDQGUHPRYHWKHFRQQHFWLRQXQLW5HSODFHWKH6,0$7,&0LFUR0HPRU\&DUGZKLFKFRQWDLQVWKHFRQILJXUDWLRQGDWDZLWKD6,0$7,&0LFUR0HPRU\&DUGZKLFKFRQWDLQVWKHILUPZDUHXSGDWH 5HLQVHUWWKHFRQQHFWLRQPRGXOHDQGVHFXUHLWZLWKWKHVFUHZV6ZLWFKRQWKH/YROWDJHx,031+),:/$1DXWRPDWLFDOO\GHWHFWVWKH6,0$7,&0LFUR0HPRU\&DUGZLWKWKHILUPZDUHXSGDWHDQGUXQVWKHXSGDWHx7KH6)%)2QDQG'&9/('VDUHOLWGXULQJWKH):XSGDWHx7KH%)/('IODVKHVDQGWKH6)/('JRHVGDUNDIWHU\RXFRPSOHWHGWKH):XSGDWH 7DNH,031+),:/$1RIISRZHUDQGUHPRYHWKHFRQQHFWLRQXQLW5HPRYHWKH6,0$7,&0LFUR0HPRU\&DUGZKLFKFRQWDLQVWKHILUPZDUHXSGDWH5HLQVHUWWKH6,0$7,&0LFUR0HPRU\&DUGZKLFKFRQWDLQVWKHFRQILJXUDWLRQGDWD
6HUYLFHDQGPDLQWHQDQFH 5HVWRULQJ,031+),:/$1WRIDFWRU\GHIDXOWV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  5HVWRULQJ,031+),:/$1WRIDFWRU\GHIDXOWV,QWURGXFWLRQ7KH,031+),:/$1LQWHUIDFHPRGXOHVXSSRUWVWKH5HVHWWR)DFWRU\VHUYLFHUHVWRUHWRIDFWRU\GHIDXOWVZKLFKLVXVHGWRUHVWRUHDOOGDWDLQQRQYRODWLOHPHPRU\WRIDFWRU\GHIDXOWV)DFWRU\GHIDXOWVRI,031+),:/$17KH,031+),:/$1LQWHUIDFHPRGXOHLVVKLSSHGZLWKWKHIROORZLQJGHIDXOWSURSHUW\YDOXHV7DEOH 'HIDXOWIDFWRU\VHWWLQJVRIWKH,031+),:/$1SURSHUWLHV3URSHUWLHV 9DOXH3DVVZRUGV DGPLQXVHU&RXQWU\&RGH *HUPDQ\(QDEOH,QWHUIDFH 1RWDFWLYDWHG:LUHOHVVPRGH *+]0ESVJ6HFXULW\OHYHO 1RQH2SHQ6\VWHP%DFNJURXQGFKDQQHOVHOHFW 6HOHFWHG7UDQVPLWSRZHU G%PD[G%P$QWHQQDPRGH $17,:/$1VWDQGDUGDQWHQQD6HFXULW\OHYHOIRUL3&) 1RQH1R(QFU\SWLRQ'HIDXOW.H\ .H\/HQJWK $XWR:HE%DVHG0DQDJHPHQW.H\WDEOH FOHDUHG&RQWHQWRIWKHGLDJQRVWLFVEXIIHU FOHDUHG,3DGGUHVV QRQH3UHUHTXLVLWHIRUUHVWRULQJWRIDFWRU\GHIDXOWVLQ67(35HVWRUHWRIDFWRU\GHIDXOWVLVRQO\SRVVLEOHZKLOHWKH,031+),:/$1LQWHUIDFHPRGXOHLVQRWH[FKDQJLQJGDWD7KH,031+),:/$1,QWHUIDFHPRGXOHLVLQWHUFRQQHFWHGZLWKDSURJUDPPLQJGHYLFH3&ZLWKWKH(QJLQHHULQJ7RRO67(33URFHGXUHLQ67(33URFHHGDVIROORZVWRUHVHWWKH,031+),:/$1LQWHUIDFHPRGXOHWRIDFWRU\GHIDXOWVXVLQJ67(367(3963RUKLJKHU 6WDUW67(3DQGRSHQWKHUHOHYDQWSURMHFW &KDQJHWR+:&RQILJDQGVHOHFWWKH,031+),:/$1LFRQ &OLFN5HVHWLQWKH5HVWRUHWRIDFWRU\GHIDXOWVGLDORJRI+:&RQILJ33/&!(WKHUQHW!(GLW(WKHUQHWQRGHPHQX
6HUYLFHDQGPDLQWHQDQFH 5HVWRULQJ,031+),:/$1WRIDFWRU\GHIDXOWV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(3UHUHTXLVLWHIRUUHVWRULQJWRIDFWRU\GHIDXOWVLQ:%05HVWRUHWRIDFWRU\GHIDXOWVLVRQO\SRVVLEOHZKLOHWKH,031+),:/$1LQWHUIDFHPRGXOHLVQRWH[FKDQJLQJGDWD<RXKDYHDFFHVVWR:HE%DVHG0DQDJHPHQWRI,031+),:/$1LQD:HEEURZVHUDQGDUHORJJHGRQWRLWV:HEVHYHU3URFHGXUHLQ:HE%DVHG0DQDJHPHQW3URFHHGDVIROORZVWRUHVWRUHWKH,031+),:/$1LQWHUIDFHPRGXOHWRIDFWRU\GHIDXOWVXVLQJLWV:HE6HUYHU6HOHFWWKH66\VWHPPHQXDQGFOLFN5HVWRUH)DFWRU\'HIDXOWVDQG5HVWDUW3URFHGXUHLQWKH3ULPDU\6HWXS7RRO367<RXFDQUXQDUHVWRUHWRIDFWRU\GHIDXOWVRQ,031+),:/$1E\VHOHFWLQJWKH0RGXOH!5HVWRUHPHQXLQWKH3675HVXOW7KH,031+),:/$1LQWHUIDFHPRGXOHLVQRZUHVWRUHGWRWKHIDFWRU\GHIDXOWVDVVKRZQLQWKHWDEOHDERYH7KHZLUHOHVVLQWHUIDFHLVGLVDEOHG1RWH5HVHWGHU0LFUR0HPRU\&DUG$OOGDWDZLWKWKHH[FHSWLRQRIWKHGHYLFHQDPHLVGHOHWHGIURPWKH0LFUR0HPRU\&DUGLQ\RXU,2GHYLFHZKHQ\RXUHVWRUHWKH,031+),:/$1LQWHUIDFHPRGXOHWRIDFWRU\GHIDXOWV'DWDLQQRQYRODWLOHPHPRU\7KHIROORZLQJGDWDLVQRWGHOHWHGGXULQJWKHUHVHWჀ 7KHGHYLFHQDPHZKLFKLVVWRUHGRQWKH0LFUR0HPRU\&DUGჀ 7KH0$&DGGUHVVჀ ,0GDWD7KHIROORZLQJGDWDLVGHOHWHGGXULQJWKHUHVHWჀ &OLHQWFHUWLILFDWHჀ 6HUYHUFHUWLILFDWHჀ ,3DGGUHVVჀ 6103GDWDჀ &RQILJXUDWLRQGDWD
6HUYLFHDQGPDLQWHQDQFH5HSDLUV6HUYLFHV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  5HSDLUV6HUYLFHV5HSDLUDQGVHUYLFHUHTXLUHPHQWV$OZD\VUHWXUQWKHHQWLUHPRGXOHLQFOXGLQJWKHLQWHUIDFHDQGFRQQHFWLRQXQLWVIRUUHSDLUVWRRXUVHUYLFHSHUVRQQHO<RXUUHJLRQDOFRQWDFWSDUWQHUFDQEHIRXQGDW5HJLRQDOFRQWDFWSDUWQHUIRUVSDUHSDUWVDQGUHSDLUVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQRQRXU6HUYLFH6XSSRUWSDJHV
6HUYLFHDQGPDLQWHQDQFH 5HSDLUV6HUYLFHV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,QWHUUXSWHUURUDQGV\VWHPDODUPV  /('GLVSOD\RQ,031+),:/$1/('GLVSOD\7KHILJXUHEHORZVKRZVWKHSRVLWLRQDQGDUUDQJHPHQWRIWKH/('GLVSOD\RQWKH,031+),:/$1(6$%$%LQWHUIDFHPRGXOH'&9'&96)%)0$,1721;55/,1.;555;7;;: :352),1(7;55,:/$16,0$7,&(7SUR,:/$1཰ 6)*URXSHUURUUHG/('ཱ %)%XVPRQLWRULQJUHG/('ི 0$,170DLQWHQDQFHLQIRUPDWLRQ\HOORZ/('ཱི 21(OHFWURQLFVHQVRUVXSSO\/JUHHQ/('ུ '&9/RDGYROWDJHVXSSO\/JUHHQ/('ཱུ ;55/,1.&RQQHFWLRQWRDQ$FFHVV3RLQWJUHHQ/('ྲྀ ;555;7;'DWDH[FKDQJH\HOORZ/('ཷ 5-/,1.&RQQHFWLRQWRDSURJUDPPLQJGHYLFH3&ླྀ 5-5;7;'DWDH[FKDQJH)LJXUH /('GLVSOD\VRQWKH,031+),:/$1LQWHUIDFHPRGXOH
,QWHUUXSWHUURUDQGV\VWHPDODUPV /('GLVSOD\RQ,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(6WDWXVDQGHUURUGLVSOD\V6)%)217DEOH 6WDWXVDQGHUURUGLVSOD\VRIWKH,031+),:/$1LQWHUIDFHPRGXOH/('V6) %) 210HDQLQJ 5HPHG\2II 2II 2Q 7KH,2GHYLFHLVEXV\H[FKDQJLQJGDWDZLWKWKH,2FRQWUROOHU1RHUURUV7KHLQWHUIDFHXQLWLVVXSSOLHGZLWKSRZHUHOHFWURQLFHQFRGHUVXSSO\(OHFWURQLFHQFRGHUVXSSO\PLVVLQJRUWRRORZDWWKHLQWHUIDFHXQLW6ZLWFKRQWKHHOHFWURQLFHQFRGHUVXSSO\WRWKH,2'HYLFH2II 2II 2II+DUGZDUHIDLOXUH 5HSODFHWKH,2GHYLFH )ODVKLQJ2Q 7KHLQWHUIDFHXQLWKDVWKHIROORZLQJHUURUVx,QFRUUHFWRUQRFRQQHFWGDWDWHOHJUDPUHFHLYHGx5HFHLYHGIDXOW\SDUDPHWHUGDWDUHFRUGVx1RGDWDH[FKDQJHEHWZHHQWKH,2FRQWUROOHUDQGWKHLQWHUIDFHXQLW,2GHYLFH&DXVHVx,QFRUUHFWGHYLFHQDPHx&RQILJXUDWLRQHUURUx3DUDPHWHUL]DWLRQHUURUxx&KHFNWKHLQWHUIDFHXQLWx&KHFNWKHFRQILJXUDWLRQDQGSDUDPHWHUL]DWLRQx&KHFNWKHGHYLFHQDPH 2Q 2Q 1R,2FRQWUROOHURQWKHEXV&DXVHVx1REXVFRPPXQLFDWLRQ,QFRQVLVWHQF\RISDUDPHWHUVEHWZHHQWKH$FFHVV3RLQWDQGLQWHUIDFHXQLWx&RQQHFWWRWKH,2FRQWUROOHUx$VVLJQDYDOLGGHYLFHQDPHWRWKHLQWHUIDFHXQLWx&KHFNWKHEXVFRQILJXUDWLRQx&KHFNWKHTXDOLW\RIWKHZLUHOHVVFRQQHFWLRQx&KHFNWKHFRQILJXUDWLRQDQGSDUDPHWHUL]DWLRQx&KHFNZKHWKHUWKHEXVFDEOHIURPWKH$3WRWKH,2FRQWUROOHULVLQWHUUXSWHG&RPSDUHWKH,:/$1DQGVHFXULW\SDUDPHWHUVRIWKH$FFHVV3RLQWDQGLQWHUIDFHXQLW7KHRIIOLQHFRQILJXUDWLRQRI(7SURGRHVQRWFRUUHVSRQGZLWKWKHRQOLQHFRQILJXUDWLRQRI(7SUR&KHFNWKH(7SURFRQILJXUDWLRQWRVHHZKHWKHUDPRGXOHPLVVLQJRUGHIHFWLYHRUZKHWKHUDQRQFRQILJXUHGPRGXOHLVLQVHUWHG&KHFNWKHFRQILJXUDWLRQHJLQ67(3DQGFRUUHFWDQ\SDUDPHWHUL]DWLRQHUURUV$Q,2PRGXOHKDVJHQHUDWHGDQHUURURUWKHLQWHUIDFHXQLWKDVIDLOHG5HSODFHWKHLQWHUIDFHXQLWRUJHWLQWRXFKZLWK\RXU6LHPHQVFRQWDFWSDUWQHU2Q  2Q$GLDJQRVWLFVPHVVDJHLVDYDLODEOH (YDOXDWHWKHGLDJQRVWLFVGDWD2Q 2Q 2Q ):XSGDWHEXV\ 
,QWHUUXSWHUURUDQGV\VWHPDODUPV /('GLVSOD\RQ,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( /('V6) %) 210HDQLQJ 5HPHG\2II )ODVKHVDW+]2Q ):XSGDWHFRPSOHWHG 2Q )ODVKHVDW+]2Q ([WHUQDOHUURUGXULQJ):XSGDWHHJLQFRUUHFW):8VHWKHFRUUHFW):XSGDWHILOH2Q )ODVKHVDW+]2Q ,QWHUQDOHUURUGXULQJ):XSGDWHHJZULWHUHDGIDXOW5HSHDWWKH):XSGDWH2Q 2II 2Q 1R0LFUR0HPRU\&DUGLQWKH,2GHYLFH ,QVHUWD0LFUR0HPRU\&DUGLQWRWKH,2GHYLFHLUUHOHYDQW6WDWXVDQGHUURUGLVSOD\V;55/,1.;555;7;7DEOH 6WDWXVDQGHUURUGLVSOD\VRIWKH,031+),:/$1LQWHUIDFHPRGXOH/('V 0HDQLQJ;55/,1. ;555;7; 2II 2II 7KHZLUHOHVVLQWHUIDFHRIWKH,2GHYLFHLVGLVDEOHGHJUHVWRUHGWRIDFWRU\GHIDXOWV)ODVKHVDW+])ODVKHVDW+],2GHYLFHLVVFDQQLQJIRUDQ$FFHVV3RLQW2Q 2II 7KH,2GHYLFHLVRQOLQHWRWKH$FFHVV3RLQW2Q 6SRUDGLFIODVKLQJRUIOLFNHULQJ'DWDWUDIILFEHWZHHQWKH$FFHVV3RLQWDQG,2GHYLFH1RGHIODVKWHVW7DEOH 1RGHIODVKWHVWRIWKH,031+),:/$1LQWHUIDFHPRGXOH/('V5- ;55/,1. 5;7; /,1. 5;7;0HDQLQJ)ODVKHVDW+]2II )ODVKHVDW+]2II 1RGHIODVKWHVW
,QWHUUXSWHUURUDQGV\VWHPDODUPV 'LDJQRVWLFVZLWK67(3,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(0DLQWHQDQFHLQIRUPDWLRQ0$,177KH0$,17/('LVOLW\HOORZLIPDLQWHQDQFHLQIRUPDWLRQIURP352),1(7LVDYDLODEOH0DLQWHQDQFHLQIRUPDWLRQPLJKWLQGLFDWHPDLQWHQDQFHGHPDQGVRUPDLQWHQDQFHUHTXHVWV$QDODUPPHVVDJHLVJHQHUDWHGLQDGGLWLRQWRWKH/('GLVSOD\6WDWXVGLVSOD\'&97KH'&9/('LVOLWLQJUHHQFRORUWRLQGLFDWHWKDW\RXKDYHFRQQHFWHGWKH/ORDGYROWDJHVXSSO\,IWKH/('LVQRWOLWFKHFNZKHWKHUSRZHULVVZLWFKHGRQRUZKHWKHUWKHIXVHLVRND\ 'LDJQRVWLFVZLWK67(32SWLRQVIRUUHDGLQJGLDJQRVWLFVGDWD7DEOH 5HDGLQJGLDJQRVWLFVGDWDLQ67(3$XWRPDWLRQV\VWHPZLWK,2FRQWUROOHU%ORFNRUUHJLVWHULQ67(3$SSOLFDWLRQ 6HHDOVR,Q+:&RQILJE\VHOHFWLQJ6WDWLRQ!2SHQRQOLQH'HYLFHGLDJQRVWLFVLQSODLQWH[WRQWKH67(3LQWHUIDFHLQWKH4XLFN9LHZ'LDJQRVWLFV9LHZRU0RGXOH6WDWXVZLQGRZV+DUGZDUHGLDJQRVWLFVLQWKH67(32QOLQH+HOS6)%5'5(&5HDGLQJGDWDUHFRUGVIURPWKH,2GHYLFH)RULQIRUPDWLRQDERXW6)%UHIHUWRWKH67(32QOLQH+HOS6\VWHP)XQFWLRQV6\VWHP)XQFWLRQ%ORFNV6)%:55(&:ULWLQJGDWDUHFRUGVWRWKH,2GHYLFH)RULQIRUPDWLRQDERXW6)%UHIHUWRWKH67(32QOLQH+HOS6\VWHP)XQFWLRQV6\VWHP)XQFWLRQ%ORFNV6,0$7,&66)%5$/505HFHLYLQJLQWHUUXSWVIURPWKH,2GHYLFH)RULQIRUPDWLRQDERXW6)%UHIHUWRWKH67(32QOLQH+HOS6\VWHP)XQFWLRQV6\VWHP)XQFWLRQ%ORFNV6HHDOVR(7SUR'LVWULEXWHG,26\VWHP2SHUDWLQJ,QVWUXFWLRQVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ'LDJQRVWLFVGDWDUHFRUGVLQ352),1(7,2KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHQ
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7HFKQLFDOGDWD  7HFKQLFDOGDWDRI(7SUR2WKHUWHFKQLFDOGDWD7KH,031+),:/$1LQWHUIDFHPRGXOHFRPSOLHVZLWKDOOFRQGLWLRQVDQGSURSHUWLHVRIWKH(7SURGLVWULEXWHG,2V\VWHPLQWHUPVRIჀ (OHFWURPDJQHWLFFRPSDWLELOLW\Ⴠ 7UDQVSRUWDQGVWRUDJHFRQGLWLRQVჀ 0HFKDQLFDODQGFOLPDWLFHQYLURQPHQWDOFRQGLWLRQVჀ 6SHFLILFDWLRQVZLWKUHJDUGWRGLHOHFWULFWHVWVSURWHFWLRQFODVVGHJUHHRISURWHFWLRQDQGUDWHGYROWDJH,QIRUPDWLRQDERXWWKH(7SURGLVWULEXWHG,2V\VWHP)RUPRUHLQIRUPDWLRQDERXWWKHWHFKQLFDOGDWDUHIHUWRWKH(7SURGLVWULEXWHG,2V\VWHPPDQXDO ,QWHUIDFHPRGXOH,031+),:/$1 7HFKQLFDOGDWDRI,031+),:/$12UGHUQXPEHU(6$%$%3URSHUWLHV7KH,031+),:/$1LQWHUIDFHPRGXOHKDVWKHIROORZLQJSURSHUWLHVჀ 7KHPRGXOHLVVKLSSHGZLWKWKHLQWHUIDFHXQLWPRXQWHGRQWKHEXVPRGXOHჀ ,WLQWHUFRQQHFWV(7SURZLWK352),1(7,2YLD$FFHVV3RLQWHJ6,0$7,&1(76&$/$1&(:55Ⴠ ,WSUHSDUHVWKHGDWDIRUWKHFRQQHFWHGHOHFWURQLFPRGXOHVჀ ,WVXSSOLHVWKH/HQFRGHUHOHFWURQLFVXSSO\DQGWKH/ORDGYROWDJHVXSSO\WRDQ(7SURVWDWLRQYLDWKHLQWHUIDFHXQLWჀ 7KH,031+),:/$1LQWHUIDFHPRGXOHFDQRQO\EHRSHUDWHGZLWKLQVHUWHG6,0$7,&0LFUR0HPRU\&DUG
7HFKQLFDOGDWD ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(Ⴠ 7UDQVIHURIWKHGHYLFHQDPHDQGEDFNXSWRD6,0$7,&0LFUR0HPRU\&DUGჀ )LUPZDUHXSGDWHYLD6,0$7,&0LFUR0HPRU\&DUGჀ 7KH,031+),:/$1LQWHUIDFHPRGXOHSURYLGHVDPD[LPXP,2DGGUHVVVSDFHRIE\WHVRUHDFKLQSXWDQGRXWSXWჀ 6XSSRUWRIIDLOVDIHPRGXOHVჀ 6XSSRUWHGZLUHOHVV/$1VHUYLFHVದ 'LVWULEXWHG&RRUGLQDWLRQ)XQFWLRQ'&)ದ (QKDQFHG'LVWULEXWHG&KDQQHO$FFHVV('&$ದ LQGXVWULDO3RLQW&RRUGLQDWLRQ)XQFWLRQL3&)ದ 7UDQVPLW3RZHU&RQWURO73&ದ '\QDPLF)UHTXHQF\6HOHFWLRQ')6Ⴠ 6XSSRUWHGZLUHOHVV/$1VWDQGDUGVದ ,(((DKEJದ ,(((HLჀ 6XSSRUWHG(WKHUQHWVHUYLFHVದ 352),1(7,2ದ 1HWZRUNGLDJQRVWLFV6103ದ SLQJದ DUSჀ ,QWHUUXSWVದ 'LDJQRVWLFLQWHUUXSWVದ +DUGZDUHLQWHUUXSWVದ 5HPRYDOLQVHUWLRQLQWHUUXSWVದ 0DLQWHQDQFHLQWHUUXSWVჀ 7KH5-MDFNIHDWXUHVWZRLQWHJUDWHGVHSDUDWHVWDWXV/('Vದ /,1.JUHHQ/('ದ 5;7;\HOORZ/('Ⴠ <RXFDQRSHUDWHXSWRHOHFWURQLFPRGXOHVRQWKH,031+),:/$1LQWHUIDFHPRGXOH
7HFKQLFDOGDWD ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 3LQDVVLJQPHQWRIWKHFRQQHFWRUFRQQHFWRUV/DQG/VXSSO\YROWDJHV 7HUPLQDO $VVLJQPHQW;'&9IRUIHHGLQJ *URXQGIRUORDGYROWDJHVXSSO\0 *URXQGIRUHOHFWURQLFHQFRGHUVXSSO\0 )XQFWLRQDOJURXQG /HOHFWURQLFHQFRGHUVXSSO\9'&//; /ORDGYROWDJHVXSSO\3LQDVVLJQPHQWRIWKH5-FRQQHFWRU9LHZRIWKH5-MDFN 7HUPLQDO $VVLJQPHQW 7'7UDQVPLW'DWD 7'B17UDQVPLW'DWDದ 5'5HFHLYH'DWD *URXQG *URXQG 5'B15HFHLYH'DWDದ *URXQG6KLHOG *URXQG
7HFKQLFDOGDWD ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(%ORFNGLDJUDP7KHIROORZLQJILJXUHEHORZVKRZVWKHEORFNGLDJUDPRIWKH,031+),:/$1LQWHUIDFHPRGXOHZLWKFRQQHFWLRQXQLW(OHFWURQLFV\VWHP:/$1PRGXOH9'&&RQQHFWLRQPRGXOH%DFNSODQHEXVLQWHUIDFH/RDGYROWDJHPRQLWRULQJ%XVPRGXOH%DFNSODQHEXV5-6) 21%) 0$,17;55/,1.;555;7;,0/0/0཰ &RQQHFWLRQIRUWKHHOHFWURQLFHQFRGHUORDGYROWDJHVXSSOLHVIHHGཱ $QWHQQDFRQQHFWLRQཱི &RQQHFWLRQIRUWKHSURJUDPPLQJGHYLFHུ 6,0$7,&0LFUR0HPRU\&DUG)LJXUH %ORFNGLDJUDPRIWKH,031+),:/$1LQWHUIDFHPRGXOH
7HFKQLFDOGDWD ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7HFKQLFDOVSHFLILFDWLRQV7HFKQLFDOVSHFLILFDWLRQV'LPHQVLRQVDQGZHLJKW'LPHQVLRQV:[+['PP [[:HLJKW $SSUR[J$PELHQWWHPSHUDWXUHGXULQJRSHUDWLRQ WRr&0RGXOHVSHFLILFGDWD*URVVGDWDUDWH 8SWR0ESV7UDQVPLVVLRQPRGH 'LUHFW6HTXHQFH6SUHDG6SHFWUXP'666WR,(((&RPSOHPHQWDU\&RGH.H\LQJ&&.WR,(((E2UWKRJRQDO)UHTXHQF\'LYLVLRQ0XOWLSOH[LQJ2)'0WR,(((DJ%XVSURWRFRO 352),1(7,26XSSRUWHGFRPPXQLFDWLRQSURWRFROV ,QGXVWULDO:LUHOHVV/$1352),1(7,2'HYLFH7&3,33URWRFRO6XLWHx1HWZRUNGLDJQRVWLFV6103xSLQJxDUS0DQXIDFWXUHU,'YHQGRU,' $+'HYLFH,''HYLFH,' +9ROWDJHVDQGFXUUHQWV5DWHGHOHFWURQLFVXSSO\YROWDJH/ 9'&x5HYHUVHSRODULW\SURWHFWLRQ <HVx6KRUWFLUFXLWSURWHFWLRQ <HVZLWKUHSODFHDEOHIXVHVx)HHGFXUUHQW/ 0D[$SHU(7SUR5DWHGORDGYROWDJH/ 9'&LQWHJUDWHGSRZHUPRGXOHx5HYHUVHSRODULW\SURWHFWLRQ <HVDJDLQVWGHVWUXFWLRQx6KRUWFLUFXLWSURWHFWLRQ <HVIRUWKHSRWHQWLDOJURXSx)HHGFXUUHQW/ 0D[$SHU(7SUR&XUUHQWFRQVXPSWLRQ)URPUDWHGVXSSO\YROWDJH/ P$W\SLFDO3RZHUGLVVLSDWLRQRIWKHPRGXOH :W\SLFDO,QVXODWLRQ,QVXODWLRQWHVWYROWDJH 9'&(OHFWULFDOLVRODWLRQx%HWZHHQWKHEDFNSODQHEXVDQGVXSSO\YROWDJHV// <HVx%HWZHHQ(WKHUQHWDQGWKHVXSSO\YROWDJHV// <HV
7HFKQLFDOGDWD ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(7HFKQLFDOVSHFLILFDWLRQVx%HWZHHQWKHHOHFWURQLFFLUFXLWDQGVXSSO\YROWDJHV// <HV3HUPLVVLEOHSRWHQWLDOGLIIHUHQFH 9'&9$&6WDWXVLQWHUUXSWVGLDJQRVWLFV,QWHUUXSWV <HV'LDJQRVWLFIXQFWLRQ <HVx*URXSHUURU 5HG/('6)x%XVPRQLWRULQJ352),1(7,2 5HG%)/('x0DLQWHQDQFHLQIRUPDWLRQ <HOORZ0$,17/('x0RQLWRULQJRIWKH/HOHFWURQLFHQFRGHUVXSSO\ *UHHQ21/('x0RQLWRULQJRIWKHORDGYROWDJHVXSSO\/ *UHHQ'&9/('LQWHJUDWHGSRZHUPRGXOHx$FWLYHFRQQHFWLRQWRWKH$3 *UHHQ/(';5/,1.x6HQGUHFHLYH <HOORZ;55;7;/('x$FWLYHFRQQHFWLRQWR,QGXVWULDO(WKHUQHW *UHHQ/,1./('5-MDFNx6HQGUHFHLYH <HOORZ5;7;/('5-MDFN&RPSDWLELOLW\ZLWKWKHFRQWUROOHU1RWH)LUPZDUHYHUVLRQRIWKHFRQWUROOHUXVHG7RHQDEOHGDWDH[FKDQJHEHWZHHQWKH,031+),:/$1LQWHUIDFHPRGXOHDQGDFRQWUROOHUWKHFRQWUROOHUPXVWEHRSHUDWHGZLWKRQHRIWKHILUPZDUHYHUVLRQVOLVWHGLQWKHIROORZLQJWDEOH7KHPRVWUHFHQWILUPZDUHYHUVLRQVDUHDYDLODEOHIURP\RXU6LHPHQVFRQWDFWSDUWQHURUIRUGRZQORDGIURPWKH,QWHUQHWKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::OOLVDSLGOO"DNWSULP ODQJ HQUHIHUHU I::IIXQF FVOLEFVLQIRVLWHLG FVLXVH[WUDQHW VWDQGDUGYLHZUHJ ::7KHIROORZLQJILUPZDUHYHUVLRQVDUHUHTXLUHGWRRSHUDWHIDLOVDIH,2PRGXOHVRQWKH,031+),:/$1LQWHUIDFHPRGXOH &38 &3 62)71(731,2&RQWUROOHU 31'331'3*.(;*.*;6,0$7,&1(7&')LUPZDUHYHUVLRQ ุ9 ุ9 ุ9 ุ9 9+RWIL[
7HFKQLFDOGDWD ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(  &38&RQWUROOHU (7SUR,QWHUIDFHPRGXOH,0&38)LUPZDUHYHUVLRQ 9&RQWUROOHU (76,QWHUIDFHPRGXOH,0&38)LUPZDUHYHUVLRQ 97KHIROORZLQJILUPZDUHYHUVLRQVDUHUHTXLUHGWRRSHUDWHIDLOVDIH,2PRGXOHVRQWKH,031+),:/$1LQWHUIDFHPRGXOH &38 &3&RQWUROOHU )31'3)31'331'3)31'3 )LUPZDUHYHUVLRQ ุ9 ุ9 ุ9 2YHUYLHZRIWKHSDUDPHWHUVIRU,031+),:/$13DUDPHWHUVIRUWKH,031+),:/$1LQWHUIDFHPRGXOH<RXFDQILQGWKHUHSUHVHQWDWLRQDQGGHVFULSWLRQRIWKHSDUDPHWHUVLQWKH67(32QOLQH+HOS3DUDPHWHUVIRUWKHLQWHJUDWHGSRZHUPRGXOH3DUDPHWHUV 5DQJHRIYDOXHV (IIHFWLYHUDQJH/RDGYROWDJHGLDJQRVWLFV x/RFNLQJx(QDEOLQJ(7SUR3DUDPHWHUGHVFULSWLRQ/RDGYROWDJHGLDJQRVWLFV,IWKLVSDUDPHWHULVHQDEOHGDGLDJQRVWLFVUHSRUWLVJHQHUDWHGLIWKH/ORDGYROWDJHVXSSO\LVPLVVLQJ
7HFKQLFDOGDWD 7HFKQLFDOGDWDRIWKH$17,0,:/$1DQWHQQD,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 7HFKQLFDOGDWDRIWKH$17,0,:/$1DQWHQQD'LPHQVLRQVRIWKHVWDQGDUGDQWHQQDෘෘ)LJXUH $QWHQQD$17,0,:/$10HFKDQLFDOSURSHUWLHV7DEOH 0HFKDQLFDOSURSHUWLHVRI$17,0,:/$13URSHUW\ 'DWD0RXQWLQJSRVLWLRQ rWRWKHKRXVLQJIURQW&RQQHFWLRQ 560$PDOHFRQQHFWLRQWR(7SURZLWKLQWHUIDFHPRGXOH,031+),:/$1+HLJKW PP([WHULRUPDWHULDO 3RO\FDUERQDWH$PELHQWWHPSHUDWXUH r&r&:HLJKW J'HJUHHRISURWHFWLRQ ,3'LDPHWHU $QWHQQDWLSPP$QWHQQDEDVHPP
7HFKQLFDOGDWD 7HFKQLFDOGDWDRIWKH$17,0,:/$1DQWHQQD,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( (OHFWULFDOSURSHUWLHV7DEOH (OHFWULFDOSURSHUWLHVRI$17,0,:/$13URSHUW\ 'DWD)UHTXHQF\EDQG WR*+]WR*+]WR*+]&KDUDFWHULVWLF 2PQLGLUHFWLRQDO5DGLDWLRQDQJOH rKRUL]RQWDOrYHUWLFDO3RODUL]DWLRQ 9HUWLFDO,PSHGDQFH RKP9ROWDJHVWDQGLQJZDYHUDWLR ื*DLQDW*+]DQG*+] G%L
7HFKQLFDOGDWD 7HFKQLFDOGDWDRIWKH$17,0,:/$1DQWHQQD,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6WDQGDUGVDQGDSSURYDOV  6WDQGDUGVDQGDSSURYDOV,QWURGXFWLRQ7KHVWDQGDUGVDQGDSSURYDOVFKDSWHUFRQWDLQVWKHVWDQGDUGVDQGWHVWYDOXHVWRZKLFKWKH(7SURGLVWULEXWHG,2V\VWHPZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHFRQIRUPVRUGHVFULEHVWKHFULWHULDZKLFKIRUPHGWKHEDVLVIRUWHVWLQJWKH(7SURGLVWULEXWHG,2V\VWHPZLWKWKH,031+),:/$1LQWHUIDFHPRGXOH&(DSSURYDO7KH(7SURGLVWULEXWHG,2V\VWHPZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHPHHWVWKHUHTXLUHPHQWVDQGSURWHFWLRQREMHFWLYHVRIWKHIROORZLQJ(&GLUHFWLYHVDQGFRPSOLHVZLWKWKHKDUPRQL]HG(XURSHDQ6WDQGDUGV(1IRUSURJUDPPDEOHORJLFFRQWUROOHUVSXEOLVKHGLQWKH2IILFLDO*D]HWWHVRIWKH(XURSHDQ&RPPXQLW\Ⴠ (*(OHFWULFDOHTXLSPHQWIRUXVHZLWKLQVSHFLILFYROWDJHOLPLWV/RZ9ROWDJH'LUHFWLYHჀ (*(OHFWURPDJQHWLF&RPSDWLELOLW\(0&'LUHFWLYHჀ (19(OHFWURPDJQHWLFFRPSDWLELOLW\DQG5DGLRVSHFWUXP0DWWHUV(50:LGHEDQGWUDQVPLVVLRQV\VWHPV'DWDWUDQVPLVVLRQHTXLSPHQWRSHUDWLQJLQWKH*+],60EDQGDQGXVLQJZLGHEDQGPRGXODWLRQWHFKQLTXHVჀ (19%URDGEDQG5DGLR$FFHVV1HWZRUNV%5$1*+]KLJKSHUIRUPDQFH5/$1Ⴠ (19(OHFWURPDJQHWLFFRPSDWLELOLW\DQG5DGLRVSHFWUXP0DWWHUV(50(OHFWUR0DJQHWLF&RPSDWLELOLW\(0&VWDQGDUGIRUUDGLRHTXLSPHQWDQGVHUYLFHV3DUW&RPPRQWHFKQLFDOUHTXLUHPHQWVჀ (19(OHFWURPDJQHWLF&RPSDWLELOLW\DQG5DGLR6SHFWUXP0DWWHUV(50(OHFWUR0DJQHWLF&RPSDWLELOLW\(0&VWDQGDUGIRUUDGLRHTXLSPHQW3DUW6SHFLILFFRQGLWLRQVIRU*+]ZLGHEDQGWUDQVPLVVLRQV\VWHPV*+]KLJKSHUIRUPDQFH5/$1HTXLSPHQWDQG*+]%URDGEDQG'DWD7UDQVPLWWLQJ6\VWHPVჀ (1(OHFWULFDOVDIHW\Ⴠ (16DIHW\RISHUVRQVLQHOHFWURPDJQHWLFILHOGV7KH(&'HFODUDWLRQVRI&RQIRUPLW\DUHDYDLODEOHWRWKHUHOHYDQWDXWKRULWLHVDWWKHIROORZLQJDGGUHVV6LHPHQV$NWLHQJHVHOOVFKDIW6HFWRU,QGXVWU\'LYLVLRQ,QGXVWU\$XWRPDWLRQ,,$$65'677\SH7HVW32%R['$PEHUJ
6WDQGDUGVDQGDSSURYDOV 1DWLRQDODSSURYDOVUDGLRDSSURYDOV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$($SSURYDO8QGHUZULWHUV/DERUDWRULHV,QFDFFRUGLQJWRჀ 8/,QGXVWULDO&RQWURO(TXLSPHQWჀ &6$&1R3URFHVV&RQWURO(TXLSPHQW,(&7KH(7SURGLVWULEXWHG,2V\VWHPZLWKWKH,031+),:/$1LQWHUIDFHPRGXOHPHHWVUHTXLUHPHQWVDQGFULWHULDDFFRUGLQJWR,(&3URJUDPPDEOH/RJLF&RQWUROOHUV3DUW(TXLSPHQW5HTXLUHPHQWVDQG7HVWV 1DWLRQDODSSURYDOVUDGLRDSSURYDOV1DWLRQDODSSURYDOV7KHFXUUHQWVWDWXVRIWKHQDWLRQDODSSURYDOVIRU,031+),:/$1LVDYDLODEOHRQWKH,QWHUQHWKWWSZZZDXWRPDWLRQVLHPHQVFRPQHWKWPOBIWSVXSSRUWO]BODHQGHUOLVWHBZODQBHQSGI
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $SSHQGL[ $$ 2UGHU1XPEHUV$ 2UGHUQXPEHUVRIWKHPRGXOHV,QWHUIDFHPRGXOHV7DEOH$ ,QWHUIDFHPRGXOHRUGHUQXPEHUV'HVLJQDWLRQ 2UGHUQXPEHU,QWHUIDFHPRGXOH,031+LJK)HDWXUH,:/$1ZLWKWHUPLQDWLRQPRGXOHXQLW(6$%$%'LJLWDOHOHFWURQLFPRGXOHV7DEOH$ 2UGHUQXPEHUVRIWKHGLJLWDOHOHFWURQLFPRGXOHV'HVLJQDWLRQ 2UGHUQXPEHU','&9XQLW (6%)$$'2'&9$XQLW (6%'$$','&9+LJK)HDWXUHXQLW (6%)$%'2'&9$+LJK)HDWXUHXQLW (6%'$%'2'&9$XQLW (6%)$$$QDORJHOHFWURQLFPRGXOHV7DEOH$ 2UGHUQXPEHUVRIWKHDQDORJHOHFWURQLFPRGXOHV'HVLJQDWLRQ 2UGHUQXPEHU$,8+LJK)HDWXUHXQLW (6))$%$,,+LJK)HDWXUHXQLW (6*)$%$28+LJK)HDWXUHXQLW (6))$%$2,+LJK)HDWXUHXQLW (6*)$%$,57'+LJK)HDWXUHXQLW (6-)$%
$SSHQGL[ $2UGHU1XPEHUV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(3RZHUPRGXOHRXWJRLQJPRGXOHV7DEOH$ 2UGHUQXPEHURIWKHSRZHUPRGXOHRIWKHRXWJRLQJPRGXOHV'HVLJQDWLRQ 2UGHUQXPEHU30('&9XQLW (6&$$$302'&[9XQLW (6&$$$3QHXPDWLFLQWHUIDFHPRGXOHV7DEOH$ 2UGHUQXPEHUVRIWKHSQHXPDWLFLQWHUIDFHPRGXOHV'HVLJQDWLRQ 2UGHUQXPEHU'2'&9&39XQLW (6($$$'2'&9&39XQLW (6(%$$$ 2UGHUQXPEHUVIRUDFFHVVRULHV(7SURDFFHVVRULHV7DEOH$ 2UGHUQXPEHUVIRU(7SURDFFHVVRULHV'HVLJQDWLRQ 2UGHUQXPEHU5DFNQDUURZW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW (6*$$$5DFNQDUURZW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW (6*$$$5DFNQDUURZW\SHOHQJWKPPXQLW (6*$$$5DFNZLGHW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW (6*%$$5DFNZLGHW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW (6*%$$5DFNZLGHW\SHOHQJWKPPXQLW (6*%$$5DFNFRPSDFWQDUURZW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW(6*&$$5DFNFRPSDFWQDUURZW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW(6*&$$5DFNFRPSDFWQDUURZW\SHOHQJWKPPXQLW (6*&$$5DFNFRPSDFWZLGHW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW (6*'$$5DFNFRPSDFWZLGHW\SHOHQJWKPPUHDG\IRULQVWDOODWLRQXQLW (6*'$$5DFNFRPSDFWZLGHW\SHOHQJWKPPXQLW (6*'$$/DEHOV[PPSDOHWXUTXRLVHLWHPVSHUSDFN576%$IDVWEORZUHSODFHPHQWIXVHLWHPVSHUSDFNDJHXQLW (6+%$$
$SSHQGL[ $2UGHU1XPEHUV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $FFHVVRULHVIRUWKH,031+),:/$1LQWHUIDFHPRGXOHDQGIRUWKHFRQQHFWLRQXQLW7DEOH$ 2UGHUQXPEHUVIRUWKHDFFHVVRULHVRIWKH,031+),:/$1LQWHUIDFHPRGXOH'HVLJQDWLRQ 2UGHUQXPEHUP ;9%+P ;9%+P ;9%+P ;9%+P ;9%1SRZHUFRUGVXLWDEOHIRUFDEOHFDUULHUV[PPx3DWFKFDEOHZLWKFRQQHFWRUVDWERWKHQGVIL[HGOHQJWKVXQLWP ;9%1P RQUHTXHVWP RQUHTXHVWP RQUHTXHVWP RQUHTXHVWP RQUHTXHVWSRZHUFRUGVXLWDEOHIRUFDEOHFDUULHUV[PPx3DWFKFDEOHZLWKDQJOHGFRQQHFWRUVDWERWKHQGVIL[HGOHQJWKVXQLWP RQUHTXHVW&DSVIRU5-MDFNVXQLWVSHUSDFNXQLW(6-'$$6,0$7,&0LFUR0HPRU\&DUG. (6/)$$6,0$7,&0LFUR0HPRU\&DUG. (6/*$$6,0$7,&0LFUR0HPRU\&DUG.% (6/-$$6,0$7,&0LFUR0HPRU\&DUG0% (6//$$6,0$7,&0LFUR0HPRU\&DUG0% (6/0$$$QWHQQDV6WDQGDUGDQWHQQD$17,0,:/$1G%LRPQLGLUHFWLRQDODQWHQQD*+]DQG*+]XQLWV(60$$$$1701G%LRPQLGLUHFWLRQDODQWHQQD*+]XQLW *.01$$$17'1G%L5&RD[DQWHQQD*+]XQLW *.'1$$$1701G%LRPQLGLUHFWLRQDODQWHQQD*+]XQLW *.01$$$1701G%L5&RD[DQWHQQD*+]XQLW *.01$$$QWHQQDFDEOHV,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHGPXQLW;9&+,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHGPXQLW;9&+,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHGPXQLW;9&+,:/$15&RD[1&RQQHFW560$0DOH0DOH)OH[LEOH&RQQHFWLRQ&DEOH3UHDVVHPEOHGPXQLW;9&17HUPLQDWLQJUHVLVWRU7HUPLQDWLQJUHVLVWRU7,5 *.75$$/LJKWQLQJSURWHFWLRQ/LJKWLQJSURWHFWLRQHOHPHQW/31XQLW *./3$$
$SSHQGL[ $2UGHU1XPEHUV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$('HVLJQDWLRQ 2UGHUQXPEHU7ZLVWHGSDLU[FRQQHFWLQJFDEOHVZLWK5-FRQQHFWRUVP ;94(P ;94+P ;94+P ;94+P ;9417ZLVWHGSDLU[FURVVOLQNFDEOHVZLWK5-FRQQHFWRUVP ;95(P ;95+P ;95+P ;95+P ;951
$SSHQGL[$'LPHQVLRQGUDZLQJV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( $ 'LPHQVLRQGUDZLQJV$ ,QWHUIDFHPRGXOH,031+),:/$1,QWHUIDFHPRGXOH,031+),:/$1DQGFRQQHFWLRQPRGXOH7RS:LWKQDUURZW\SHUDFN%RWWRP:LWKFRPSDFWW\SHUDFN
$SSHQGL[ $'LPHQVLRQGUDZLQJV,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$($ $17,0,:/$1DQWHQQD6WDQGDUGDQWHQQD$17,0,:/$1ෘෘ)LJXUH$ 'LPHQVLRQGUDZLQJRIDQWHQQD$17,0,:/$1
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( *ORVVDU\$FFHVV3RLQW$3$::LUHOHVV$$FFHVV33RLQW:$3LVDQHOHFWURQLFGHYLFHWKDWLQWHUIDFHVDORFDOZLUHOHVVQHWZRUNZLWKDFDEOHERXQGFRPSXWHUQHWZRUN7HUPLQDOGHYLFHVFOLHQWVVHWXSDZLUHOHVVFRQQHFWLRQWRWKHZLUHOHVVDFFHVVSRLQWYLDZLUHOHVVDGDSWHU7KH$3LVFRQQHFWHGZLWKDFDEOHWRDSHUPDQHQWO\LQVWDOOHGFRPPXQLFDWLRQQHWZRUN$GGUHVV5HVROXWLRQ3URWRFRO$GGUHVV55HVROXWLRQ33URWRFRO$53LVD/D\HUQHWZRUNSURWRFROWKDWHQDEOHVWKHOLQNLQJRIQHWZRUNDGGUHVVHV,3DGGUHVVZLWKKDUGZDUHDGGUHVVHV0$&DGGUHVVHV,WLVXVHGSULPDULO\LQWKHFRQWH[WRI,3DGGUHVVLQJRQ(WKHUQHWQHWZRUNV$GYDQFHG(QFU\SWLRQ6WDQGDUG$GYDQFHG((QFU\SWLRQ66WDQGDUG$(6GHQRWHVHQFU\SWLRQDFFRUGLQJWRWKH5LMQGDHODOJRULWKP$(65HIHUWR$GYDQFHG(QFU\SWLRQ6WDQGDUG$35HIHUWR$FFHVV3RLQW$535HIHUWR$GGUHVV5HVROXWLRQ3URWRFRO%DQGZLGWK7HUPXVHGLQFRPPXQLFDWLRQVWRGHILQHWKHIUHTXHQF\UDQJHZLWKUHIHUHQFHWRDVSHFLILFGDWDWUDQVPLVVLRQV\VWHPLQZKLFKDWUDQVPLVVLRQLVDFWXDOO\SRVVLEOH%DVLF6HUYLFH6HW$%%DVLF66HUYLFH66HW%66LVIRUPHGE\WKHFRPELQDWLRQRIDQ$FFHVV3RLQWZLWKDOORILWVDYDLODEOHDQGDVVRFLDWHGFOLHQWV%URDGFDVW$EURDGFDVWLVVLPLODUWRDJURXSFDOO%URDGFDVWGDWDWHOHJUDPVDUHXVHGWRDGGUHVVDOOQRGHVZKLFKDUHUHDG\WRUHFHLYHEURDGFDVWGDWDWHOHJUDPV
*ORVVDU\ ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(%URDGFDVWDGGUHVV$JURXSFDOOVRUEURDGFDVWVZLWKLQDFRPSXWHUQHWZRUNGHQRWHPHVVDJHVZKLFKDUHWUDQVPLWWHGLQGDWDWHOHJUDPVIURPRQHQRGHWRDOORWKHUQRGHVRIDQHWZRUN,IDPHVVDJHLVLQWHQGHGIRUDOOQRGHVLQDQHWZRUNDEURDGFDVWDGGUHVVLVXVHGDVWKHGHVWLQDWLRQDGGUHVV%665HIHUWR%DVLF6HUYLFH6HW')65HIHUWR'\QDPLF)UHTXHQF\6HOHFWLRQ'+&35HIHUWR'\QDPLF+RVW&RQILJXUDWLRQ3URWRFRO'LVWULEXWLRQ6\VWHP$'LVWULEXWLRQ66\VWHP'6LVDVKDUHGFDEOHERXQGQHWZRUNWKDWLVXVHGWRLQWHUFRQQHFWWKHGLVWULEXWHG$3V'65HIHUWR'LVWULEXWLRQ6\VWHP'\QDPLF)UHTXHQF\6HOHFWLRQ7KHWHUP''\QDPLF))UHTXHQF\66HOHFWLRQ')6GHQRWHVG\QDPLFIUHTXHQF\VHOHFWLRQ7KH'\QDPLF)UHTXHQF\6HOHFWLRQIXQFWLRQLVDQHOHPHQWRIWKHKH[SDQVLRQWKDWLVDFWLYDWHGIRUDXWRPDWLFFKDQQHOVZLWFKLQJLIDGLIIHUHQWXVHURUWHFKQLFDOHTXLSPHQWLVGHWHFWHGRQDFKDQQHODWUXQWLPH7KLVLQFOXGHVIRUH[DPSOHUDGDUV\VWHPVZKLFKDOVRRSHUDWHRQWKH*+]IUHTXHQF\EDQG%HIRUHDFKDQQHOLVXVHGLWLVFKHFNHGWRPDNHVXUHWKDWQRRWKHUV\VWHPLVDOUHDG\XVLQJWKLVFKDQQHORUIUHTXHQF\EDQG7KHVWDWLRQPXVWVWRSLWVGDWDWUDQVIHURQWKLVFKDQQHODQGVZLWFKWRDGLIIHUHQWFKDQQHOLIDQRWKHUXVHULVGHWHFWHG)UHTXHQF\FKDQJHVDUHLQLWLDWHGE\WKH$FFHVV3RLQWV&OLHQWVVZLWFKWRDGLIIHUHQWFKDQQHOLQDFFRUGDQFHZLWKWKHLUFRQQHFWHG$3V7KLVPHDVXUHLVLQWHQGHGWRDYRLGLQWHUIHUHQFHJHQHUDWHGE\:/$1V\VWHPVZKLFKRSHUDWHRQWKH*+]EDQGDFFRUGLQJWRK'\QDPLF+RVW&RQILJXUDWLRQ3URWRFRO'\QDPLF++RVW&&RQILJXUDWLRQ33URWRFRO'+&3LVDWHFKQRORJ\IRUWKHG\QDPLFDVVLJQPHQWRI,3DGGUHVVHVDQGDGGLWLRQDOFRQILJXUDWLRQSDUDPHWHUVWRFRPSXWHUVRUGHYLFHVRQDQHWZRUN
*ORVVDU\,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( (OHFWULFVXVSHQVLRQPRQRUDLO$Q(OHFWULFVXVSHQVLRQPRQRUDLO(60LVDUDLOERXQGFRQYH\LQJV\VWHPZLWKVHSDUDWHO\GULYHQYHKLFOHV7KHYHKLFOHVPRYHDXWRQRPRXVO\DQGLQGHSHQGHQWO\RQWKHUDLOV\VWHP7KHYHKLFOHVFKDQJHWRGLIIHUHQWWUDFNVE\PHDQVRIVZLWFKSRLQWV3RZHULVVXSSOLHGWRWKHYHKLFOHVE\PHDQVRIDFRQWDFWOLQHZKHUHDVWKHFRQWUROVLJQDOVDUHWUDQVIHUUHGYLDWKH,:/$1,QGXVWULDO:LUHOHVV/$1(605HIHUWR(OHFWULFVXVSHQVLRQPRQRUDLO(665HIHUWR([WHQGHG6HUYLFH6HW([WHQGHG6HUYLFH6HW7KHYDULRXV%DVLF6HUYLFH6HWV%66VFDQEHH[SDQGHGE\PHDQVRI'LVWULEXWLRQ6\VWHP'6WRIRUPDQ(([WHQGHG66HUYLFH66HW(66ZKLFKLVFDSDEOHRIFRYHULQJODUJHDUHDV)LUHZDOO2QHRUVHYHUDOGHYLFHVWKDWDOORZRUSUHYHQWGDWDDFFHVVWRLQWHUFRQQHFWHGQHWZRUNVDFFRUGLQJWRJLYHQVHFXULW\UHVWULFWLRQV+7735HIHUWR+\SHUWH[W7UDQVIHU3URWRFRO+77365HIHUWR+\SHUWH[W7UDQVIHU3URWRFRO6HFXUH+\SHUWH[W7UDQVIHU3URWRFRO7KH++\SHU77H[W77UDQVIHU33URWRFRO+773LVXVHGWRWUDQVPLW:HESDJHV+\SHUWH[W7UDQVIHU3URWRFRO6HFXUH7KH++\SHU77H[W77UDQVIHU33URWRFRO66HFXUH+7736LVXVHGWRHQFU\SWDQGDXWKHQWLFDWHFRPPXQLFDWLRQEHWZHHQ:HEVHUYHUVDQG:HEEURZVHUVRQWKH:RUOG:LGH:HE+7736LVDQH[SDQVLRQRI+773IRUWKHVHFXUHWUDQVPLVVLRQRIFRQILGHQWLDOGDWDZLWKWKHKHOSRI66/,(((,QVWLWXWHRI((OHFWULFDODQG((OHFWURQLFV((QJLQHHUV
*ORVVDU\ ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(,(((6WDQGDUGIRUORFDOUDGLRQHWZRUNVRSHUDWLQJRQWKH*+]EDQGZLWKWUDQVPLVVLRQUDWHVXSWR0ESV,(((D6WDQGDUGIRUORFDOUDGLRQHWZRUNVRSHUDWLQJRQWKH*+]EDQGZLWKWUDQVPLVVLRQUDWHVXSWR0ESV,(((E6WDQGDUGIRUORFDOUDGLRQHWZRUNVRSHUDWLQJRQWKH*+]EDQGZLWKWUDQVPLVVLRQUDWHVXSWR0ESV,(((H(QKDQFHPHQWRIWKH:/$1VWDQGDUGWKDWVXSSRUWV4XDOLW\RI6HUYLFH4R6LPSOHPHQWHGZLWK:00,(((J6WDQGDUGIRUORFDOUDGLRQHWZRUNVRSHUDWLQJRQWKH*+]EDQGZLWKWUDQVPLVVLRQUDWHVXSWR0ESV,(((K7KH,(((KVWDQGDUGVSHFLILHV73&DQG')6,(((L7KHVWDQGDUGDOVRGHVFULEHVWKH:3$PHFKDQLVPVWKH7.,3PHWKRGDQGWKHXVHRIWKH$(6HQFU\SWLRQDOJRULWKP,(((LLQWURGXFHVDVHFXULW\DUFKLWHFWXUHZKLFKUHSODFHVWKRVHRI:(3,((([7KHFRUHRIWKLVVWDQGDUGLVWKHXVHRI5$',86IRUDXWKHQWLFDWLRQ,((([DOVRVSHFLILHVHQFU\SWLRQRIWKHHQWLUHFRPPXQLFDWLRQ,031+),:/$1'HILQLWLRQ7KH,031+),:/$1LQWHUIDFHPRGXOHFRQVLVWVRIDQLQWHUIDFHHOHPHQWDQGDFRQQHFWLRQHOHPHQWZLWK:LUHOHVV/$1LQWHUIDFH7KHLQWHUIDFHDQGFRQQHFWLRQHOHPHQWVDUHRQO\DYDLODEOHDVVLQJOHXQLWDQGPXVWEHRSHUDWHGDVVXFK7KH,031+),:/$1LQWHUIDFHPRGXOHH[SDQGVWKHSURGXFWUDQJHRILQWHUIDFHPRGXOHVRIWKH(7SUR'LVWULEXWHG,26\VWHPZLWKGHJUHHRISURWHFWLRQ,3,3DQG,3ZLWKDQDGGLWLRQDOLQWHUIDFHYDULDQW
*ORVVDU\,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,QGXVWULDO(WKHUQHW%XVV\VWHPWR,(((,62,QGXVWULDO3RLQW&RRUGLQDWLRQ)XQFWLRQ7KHLLQGXVWULDO33RLQW&&RRUGLQDWLRQ))XQFWLRQL3&)FRPPXQLFDWLRQSURWRFROFRQWUROVGDWDWUDIILFRIDUDGLRFHOOEHWZHHQWKHDFFHVVSRLQWDQGFRQQHFWHGFOLHQWV7KLVIXQFWLRQDOLW\RSWLPL]HVWUDQVPLVVLRQWLPHVDQGWKURXJKSXWE\DYRLGLQJFROOLVLRQVHYHQZLWKDODUJHQXPEHURIQRGHV,WPHHWVUHDOWLPHGDWDWUDQVPLVVLRQUHTXLUHPHQWVZKLFKDUHLQGLVSHQVDEOHLQWKHILHOGRIDXWRPDWLRQDQGSURGXFWLRQ,QGXVWULDO4XDOLW\RI6HUYLFH7KHLLQGXVWULDO44XDOLW\RRI66HUYLFHL4R6LVDPHWKRGWKDWLVXVHGWRJXDUDQWHHWKHVSHFLILFGDWDUDWHVDQGUHVSRQVHWLPHVUHTXLUHGE\VHOHFWHGFOLHQWVZKLFKDUHYLWDOIRURSHUDWLRQV,IWKHJXDUDQWHHGGDWDUDWHRUUHVSRQVHWLPHDUHHQGDQJHUHGGXHWRWKHDFWLYLWLHVRIRWKHUFOLHQWVLQWKHVDPHUDGLRFHOOWKH$3FXWVEDFNFRPPXQLFDWLRQRIWKRVHFOLHQWVLQRUGHUWREHDEOHWRPDLQWDLQFRPSOLDQFHZLWKJXDUDQWHHGYDOXHV,QGXVWULDO:LUHOHVV/RFDO$UHD1HWZRUN&HUWDLQLQGXVWULDODSSOLFDWLRQVUHTXLUHDGHWHUPLQLVWLFUHVSRQVHZLWKLQDUDGLRFHOO7RPHHWWKRVHUHTXLUHPHQWV:/$1ZDVIXUWKHUGHYHORSHGDQGHQKDQFHGZLWKPHWKRGVVXFKDVL3&)DQG5DSLG5RDPLQJIRU,,QGXVWULDO::LUHOHVV//RFDO$$UHD11HWZRUN,:/$1L3&)5HIHUWR,QGXVWULDO3RLQW&RRUGLQDWLRQ)XQFWLRQL4R65HIHUWR,QGXVWULDO4XDOLW\RI6HUYLFH,:/$15HIHUWR,QGXVWULDO:LUHOHVV/RFDO$UHD1HWZRUN3ODQW'HQRWHVDOOWKHHOHFWULFDOHTXLSPHQWRIDV\VWHP$SODQWDOVRLQFOXGHVIRUH[DPSOH3/&VGHYLFHVIRURSHUDWLQJDQGPRQLWRULQJEXVV\VWHPVILHOGGHYLFHVGULYHVVXSSO\OLQHV3ULPDU\6HWXS7RRO7KH3ULPDU\66HWXS7RRO367FDQEHXVHGDVDQDOWHUQDWLYHWR67(3WRDVVLJQ,3DGGUHVVHV
*ORVVDU\ ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(352),1(7,2:LWKLQWKHIUDPHZRUNRI352),1(7352),1(7,2UHSUHVHQWVDFRPPXQLFDWLRQFRQFHSWIRULPSOHPHQWDWLRQRIPRGXODUGLVWULEXWHGDSSOLFDWLRQV352),1(7,2OHWV\RXFUHDWHDXWRPDWLRQVROXWLRQVXVLQJWKHNQRZQDQGIDPLOLDUPHWKRGVRI352),%86,PSOHPHQWDWLRQRI352),1(7,2LVHIIHFWHGRQWKHRQHKDQGE\PHDQVRIWKH352),1(7VWDQGDUGIRUDXWRPDWLRQGHYLFHVDQGRQWKHRWKHUE\PHDQVRIWKH67(3HQJLQHHULQJWRRO7KDWLV\RXKDYHWKHVDPHDSSOLFDWLRQYLHZLQ67(3UHJDUGOHVVRIZKHWKHU\RXFRQILJXUH352),1(7RU352),%86GHYLFHV3URJUDPPLQJ\RXUXVHUSURJUDPLVHVVHQWLDOO\WKHVDPHIRU352),1(7,2DQG352),%86'3LI\RXXVHWKHH[WHQGHGEORFNVDQGV\VWHPVWDWXVOLVWVIRU352),1(7,23675HIHUWR3ULPDU\6HWXS7RRO4R65HIHUWR4XDOLW\RIVHUYLFH4XDOLW\RIVHUYLFH4XDOLW\RRI66HUYLFH4R6GHQRWHVWKHTXDOLW\RIDFRPPXQLFDWLRQVHUYLFHIURPWKHYLHZSRLQWRIXVHUV,QJHQHUDOWHUPV4R6LVDFROOHFWLRQRITXDOLW\UHTXLUHPHQWVZLWKUHJDUGWRWKHFRPPRQUHVSRQVHRULQWHUDFWLRQRIVHYHUDOREMHFWV5$',865HIHUWR5HPRWH$XWKHQWLFDWLRQ'LDO,Q8VHU6HUYLFH5DSLGURDPLQJ5DSLG5RDPLQJ55LVEDVHGRQWKHURDPLQJPHWKRG,WLVRSWLPL]HGLQWHUPVRIWKHWLPHDFOLHQWUHTXLUHVWRVZLWFKWRDQRWKHUUDGLRFHOO1RGHVFDQVZLWFKEHWZHHQUDGLRFHOOVRUFKDQQHOVZLWKRXWDQ\LQWHUUXSWLRQ5HPRWH$XWKHQWLFDWLRQ'LDO,Q8VHU6HUYLFH7KH55HPRWH$$XWKHQWLFDWLRQ''LDO,,Q88VHU66HUYLFH5$',86LVXVHGWRPDQDJHDXWKHQWLFDWLRQYLDDVHUYHU5RDPLQJ'HQRWHVWKHIUHHWUDQVLWLRQRI:/$1QRGHVHYHQEH\RQGWKHERXQGDULHVRIWKHUDGLRFHOORIDQ$3RUFKDQQHOVZLWFKLQJ7KDWLVQRGHVFDQVZLWFKEHWZHHQDQ\DYDLODEOHUDGLRFHOOVRUFKDQQHOV
*ORVVDU\,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 6HUYHU$VHUYHULVDGHYLFHRUJHQHUDOO\VSHDNLQJDQREMHFWWKDWFDQSURYLGHVSHFLILFVHUYLFHVRQFOLHQWUHTXHVW6HUYLFH6HW,GHQWLILHU7KHWHUP66HUYLFH66HW,,GHQWLILHU66,'GHQRWHVWKHLGHQWLILHURIDORFDOZLUHOHVVQHWZRUNWKDWLVEDVHGRQ,(((6HUYLFHV6HUYLFHVSURYLGHGE\DFRPPXQLFDWLRQSURWRFRORUVHUYHU6LPSOH1HWZRUN0DQDJHPHQW3URWRFRO6LPSOH11HWZRUN00DQDJHPHQW33URWRFRO6103LVDVWDQGDUGL]HGSURWRFROIRUWKHH[FKDQJHRIQHWZRUNPDQDJHPHQWLQIRUPDWLRQ6,1(0$(7KHSODQQLQJVLPXODWLRQDQGFRQILJXUDWLRQVRIWZDUH6,1(0$(LVXVHGWRSODQDQGFRQILJXUH,:/$1DSSOLFDWLRQV,WFDQEHXVHGWRYLVXDOL]H,:/$1QHWZRUNVIRUH[DPSOHDFFRUGLQJWRFRYHUDJHGDWDUDWHVLJQDOQRLVHUDWLRDQGRYHUODSSLQJWDNLQJLQWRDFFRXQWHQYLURQPHQWDODQGGHYLFHFKDUDFWHULVWLFV66,'5HIHUWR6HUYLFH6HW,GHQWLILHU6XEQHWPDVN7KHVXEQHWPDVNVSHFLILHVZKLFKSDUWVRIDQ,3DGGUHVVDUHDVVLJQHGWRWKHQHWZRUNQXPEHU7KHELWVLQWKH,3DGGUHVVZKRVHFRUUHVSRQGLQJELWVLQWKHVXEQHWPDVNKDYHWKHYDOXHDUHDVVLJQHGWRWKHQHWZRUNQXPEHU7&3,37&3 7UDQVPLVVLRQ&RQQHFWLRQ3URWRFRO,3 ,QWHUQHW3URWRFRO7HPSRUDO.H\,QWHJULW\3URWRFRO7KH77HPSRUDU\..H\,QWHJULW\33URWRFRO7.,3LVDPHWKRGGHSOR\HGIRUWKHF\FOLFH[FKDQJHRINH\VRQD:/$17.,35HIHUWR7HPSRUDO.H\,QWHJULW\3URWRFRO
*ORVVDU\ ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(73&5HIHUWR7UDQVPLW3RZHU&RQWURO7UDQVPLW3RZHU&RQWURO7KHVXSSOHPHQWDU\77UDQVPLW33RZHU&&RQWUROIXQFWLRQ73&ZDVLQWURGXFHGZLWKWKHHQKDQFHGKVWDQGDUGIRU*+]FRPSRQHQWVWRHQDEOHDGDSWDWLRQRIWKHWUDQVPLWSRZHU,QIRUPDWLRQSHUWDLQLQJWRWKHDWWHQXDWLRQYDOXHVDQGH[SHFWHGPDUJLQVIRUUHFHLYHGSRZHULVWDNHQLQWRDFFRXQW$WWHPSWVDUHQRZPDGHYLD73&WRRSHUDWHDWPLQLPXPWUDQVPLWSRZHUEHWZHHQWKHFRUUHVSRQGLQJVWDWLRQVRUEHWZHHQDQ$3DQGDVWDWLRQ:$35HIHUWR$FFHVV3RLQW:%05HIHUWR:HE%DVHG0DQDJHPHQW:'65HIHUWR:LUHOHVV'LVWULEXWLRQ6\VWHP:HE%DVHG0DQDJHPHQW:HE%%DVHG00DQDJHPHQW:%0LVDFRQILJXUDWLRQPHWKRGZKLFKLVEDVHGRQ+773DQGRQWKHXVHRIDQ+773VHUYHULQWKHFRUUHVSRQGLQJGHYLFH:(35HIHUWR:LUHG(TXLYDOHQFH3ULYDF\:L)L5HIHUWR:L)L$OOLDQFH:L)L$OOLDQFH7KH:L)L$OOLDQFHLVDPDQXIDFWXUHURUJDQL]DWLRQWKDWLVIRFXVHGRQH[SDQGLQJWKHPDUNHWIRU:/$1SURGXFWVWR,(((IRURIILFHDQGKRPHDSSOLFDWLRQV7KHDOOLDQFHRIIHUVPHPEHUVWKHRSWLRQRIWHVWLQJWKHLQWHURSHUDELOLW\RIWKHLUGHYLFHVDQGWRSURGXFHSURRIWKHUHRIE\PHDQVRI:L)LFHUWLILFDWHV0RUHRYHUWKHDLPLVWRFORVHGHILFLHQFLHVLQWKH,(((VWDQGDUGL]DWLRQSURFHVVZLWKVXSSOHPHQWDU\VSHFLILFDWLRQVLQRUGHUWRDYRLGLQFRPSDWLEOHPDQXIDFWXUHUVROXWLRQV:3$DQG:00UHSUHVHQWH[DPSOHVZKLFKZHUHSXEOLVKHGDVPDQXIDFWXUHULQGHSHQGHQW:L)LVSHFLILFDWLRQVLQDGYDQFHRIWKHUHOHDVHRIFRUUHVSRQGLQJ,(((VWDQGDUGV
*ORVVDU\,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( :L)L0XOWLPHGLD7KH::L)L0XOWLPPHGLD:00VSHFLILFDWLRQLVEDVHGRQ,(((HDQGZDVGHYHORSHGE\WKH:L)L$OOLDQFHZLWKWKHIRFXVVHWRQLQFUHDVHGXWLOL]DWLRQRI:/$1IRUPXOWLPHGLDDSSOLFDWLRQV7KHVWDQGDUGVXSSRUWVWKHVWUHDPLQJRIPXOWLPHGLDFRQWHQWVDQGRSWLPL]HVWKHGLVWULEXWLRQRIEDQGZLGWKVWRDSSOLFDWLRQSURJUDPVUXQQLQJLQSDUDOOHO:L)L3URWHFWHG$FFHVV:L)L33URWHFWHG$$FFHVV:3$LVDPHWKRGVSHFLILHGE\WKH:L)L$OOLDQFHWRDPHQGWKHVHFXULW\KROHVRI:(3$XWKHQWLFDWLRQE\PHDQVRIDVHUYHULV[PDQGDWRU\LQWKLVFRQWH[W7KHG\QDPLFH[FKDQJHRINH\VLQHDFKGDWDWHOHJUDPLQWURGXFHVIXUWKHUVHFXULW\8VHUVFDQFKRRVHEHWZHHQ7.,37HPSRUDO.H\,QWHJULW\3URWRFRODQG$(6$GYDQFHG(QFU\SWLRQ6WDQGDUGHQFU\SWLRQ:LUHG(TXLYDOHQFH3ULYDF\:LUHG((TLYDOHQFH33ULYDF\LVDQRSWLRQDOFRPSRQHQWRIWKH,(((VWDQGDUG:(3VSHFLILHVPHWKRGVRIDXWKHQWLFDWLRQDQGHQFU\SWLRQZRUNLQJZLWKIL[HGNH\VVWRUHGRQWKHGHYLFH$OOGHYLFHVDWWHPSWLQJDFFHVVWRDQHWZRUNLQZKLFK:(3LVXVHGPXVWILUVWEHSURYLGHGWKHVDPHNH\V1HZNH\VFDQRQO\EHVHWPDQXDOO\:LUHOHVV'LVWULEXWLRQ6\VWHP7KHWHUP::LUHOHVV''LVWULEXWLRQ66\VWHP:'6GHQRWHVWKHOLQHRIVLJKWUDGLROLQNVIRUFRXSOLQJWKH$FFHVV3RLQWVIRUDQ([WHQGHG6HUYLFH6HW(66:005HIHUWR:L)L0XOWLPHGLD:3$5HIHUWR:L)L3URWHFWHG$FFHVV:3$3UH6KDUHG.H\:3$33UH66KDUHG..H\:3$36.LVWKHZHDNHQHGYHUVLRQRI:3$:LWKWKLVPHWKRGDXWKHQWLFDWLRQLVEDVHGRQDSDVVZRUGLQVWHDGRIEHLQJKDQGOHGE\DVHUYHU7KLVSDVVZRUGPXVWEHFRQILJXUHGPDQXDOO\RQWKHFOLHQWDQGVHUYHU:3$36.5HIHUWR:3$3UH6KDUHG.H\
*ORVVDU\ ,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(
,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( ,QGH[FRQQHFWRUV&RQQHFWLQJ$$FFHVV3RLQW3DUDPHWHUVHWWLQJV$FFHVVRULHV$QDORJHOHFWURQLFPRGXOHV2UGHUQXPEHUV$17,0,:/$1'LPHQVLRQDOGUDZLQJ$QWHQQD&RQQHFWLQJ$QWHQQDFDEOH$QWHQQDJDLQ$QWHQQDH$SSURYDOV&(&6$6WDQGDUGV$VVLJQLQJDQ,3DGGUHVV$XWKHQWLFDWLRQ%%DFNSODQHEXV0RGLI\LQJ%DVLF:L]DUG&&($SSURYDO&RPPLVVLRQLQJ&RQILJXULQJLQ67(3352),1(7,28VLQJD*6'ILOH352),1(7,2&RQQHFWLQJDUHPRWHDQWHQQD&6$$SSURYDO''HYLFHLGHQWLILFDWLRQ'LDJQRVWLFV/RDGYROWDJH'LDJQRVWLFVRSWLRQV'LJLWDOHOHFWURQLFPRGXOHV2UGHUQXPEHUV'LVSRVDO((QFU\SWLRQ))LUPZDUHXSGDWH)LUPZDUHYHUVLRQ&RQWUROOHU)ODVKWHVW**HQHUDOWHFKQLFDOGDWD*XLGH2SHUDWLQJ,QVWUXFWLRQV++HOSIXQFWLRQ+7736+:&RQILJ,,2GHYLFH,(&,(((J,)HDWXUHV
,QGH[,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$(,031+),:/$1$FFHVVRULHVIRUWKHFRQQHFWLRQXQLW$UHDRIDSSOLFDWLRQ$VVLJQLQJDQ,3DGGUHVV&RPPLVVLRQLQJ&RQILJXUDWLRQ&RQQHFWLQJ'HILQLWLRQ'LPHQVLRQDOGUDZLQJV)LUPZDUHXSGDWH,QWHUUXSWV/('GLVSOD\3DUDPHWHUV3URSHUWLHV5HVWRULQJWRIDFWRU\GHIDXOWV7HFKQLFDOVSHFLILFDWLRQV:HEDFFHVV,QWHUIDFHPRGXOHV2UGHUQXPEHUV,QWHUQHW6HUYLFH6XSSRUWL3&):L]DUG,:/$1)LHOGVRIDSSOLFDWLRQ,:/$1DQG352),1(7,2//('GLVSOD\,031+),:/$1/LJKWQLQJSURWHFWLRQ/LQHSURWHFWLRQ11RGHIODVKWHVW22SHUDWLQJ,QVWUXFWLRQV&KDQJHVFRPSDUHGWRWKHSUHYLRXVYHUVLRQ3XUSRVH2SHUDWLQJV\VWHP8SGDWLQJ2UGHUQXPEHUV$QDORJHOHFWURQLFPRGXOHV'LJLWDOHOHFWURQLFPRGXOHV,QWHUIDFHPRGXOHV3QHXPDWLFLQWHUIDFHPRGXOHV3RZHUPRGXOHV33DUDPHWHUV,QWHUIDFHPRGXOHV3DVVZRUG&KDUDFWHUVHW3LQDVVLJQPHQW5-FRQQHFWRU3QHXPDWLFLQWHUIDFHPRGXOHV2UGHUQXPEHUV3RZHUPRGXOHV2UGHUQXPEHUV352),1(7,21HWZRUNVWUXFWXUH352),1(7,2'HYLFH3URJUDPPLQJGHYLFH3&&RQQHFWLQJ55DQJHRIYDOLGLW\2SHUDWLQJ,QVWUXFWLRQV5HF\FOLQJ5HIUHVK5HSDLUDQGVHUYLFHUHTXLUHPHQWV5HTXLUHGEDVLFNQRZOHGJH5HVWRULQJWRIDFWRU\GHIDXOWV5-FRQQHFWRU&RQQHFWLQJ576&7666FRSH2SHUDWLQJ,QVWUXFWLRQV6HFXULW\:L]DUG6HUYLFH6XSSRUW6HW9DOXHV6WDQGDUGDQWHQQD6WDQGDUGVDQGDSSURYDOV6WDWXVGLVSOD\'&96XEQHWPDVN77HFKQLFDOVSHFLILFDWLRQV7HFKQLFDO6XSSRUW7UDLQLQJFHQWHU
,QGH[,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 88SGDWH2SHUDWLQJV\VWHP8SGDWHWLPHLQ67(3::HEDFFHVV:HE%DVHG0DQDJHPHQW%DVLF:L]DUGL3&):L]DUG3ULQFLSOH5HTXLUHPHQWV6HFXULW\:L]DUG:L]DUGV:3$:3$
6,0$7,&(7SUR,QWHUIDFHPRGXOH,031+),:/$12SHUDWLQJ,QVWUXFWLRQV$( 
sCopyright ¤ Siemens AG 2009 Siemens Aktiengesellschaft A5E02574910-01 SIMATICProduct Information 05/2009 For the operating instructions manual "ET 200pro Interface module IM 154-6 PN HF IWLAN, Edition 02/2009, A5E01648493-02 This product information contains additional reference notes to approvals according to FCC and RSS-210 of Industry Canada and is an extension of chapter 10.1 Standards and approvals. The Product Information is part of the supplied product and the statements made therein are binding in case of doubt. Approval according to FCC This device complies with Part 15 of the FCC Rules Operation is subject to the following two conditions: (1) this device may not cause harmful interference, and (2) this device must accept any interference, including interference that may cause undesired operation. IEEE802.11b or g operation of this product in the USA is firmware-limited to channels 1 through 11.Notice Changes or modifications made to this equipment not expressly approved by SIEMENS may void the FCC authorization to operate this equipment. This equipment has been tested and found to comply with the limits for a Class B digital device, pursuant to Part 15 of the FCC Rules. These limits are designed to provide reasonable protection against harmful interference in a residential installation. This equipment generates, uses and can radiate radio frequency energy and, if not installed and used in accordance with the instructions, may cause harmful interference to radio communications. However, there is no guarantee that interference will not occur in a particular installation. If this equipment does cause harmful interference to radio or television reception, wich can be determined by turning the equipment off and on, the user encouraged to try to correct the interference by one or more of the following measures: x Reorient or relocate the receiving antenna. x Increase the separation between the equipment and receiver. x Connect the equipment into an outlet on a circuit different from that to wich the receiver is connected.
Product Information 2 A5E02574910-01 Consult the dealer or an experienced radio/TV technician for help. Notice This equipment complies with FCC radiation exposure limits set forth for an uncontrolled enviroment. This equipment should be installed and operated with minimum distance 20 cm between the radiator and your body. This transmitter must not be co-located or operating in conjunction with any other antenna or transmitter. Professional Installation Notice: To comply with FCC Part 15 rules in the United States, the system must be professionally installed to ensure compliance with the Part 15 certification. It is the responsibility of the operator and professional installer to ensure that only certified systems are deployed in the United States. The use of the system in any other combination (such as co-located antennas transmitting the same information) is expressly forbidden.RSS-210 of Industry Canada "Operation is subjecte to the following two conditions: (1) this device may not cause interference, and (2) this device must accept any interference, including interference that may cause undesired operation of the device." "This device has been designed to operate with the antennas listed below, and having a maximum gain of 18 dBi. Antennas not included in this list or having a gain greater than 18 dBi are strictly prohibited for use with this device. The required antenna impedance is 50 ohms." "To reduce potential radio interference to other users, the antenna type and its gain should be so chosen that the equivalent isotropically radiated power (e.i.r.p.) is not more than that permitted for successful communication." That the device for the band 5150-5250 MHz is only for indoor usage to reduce potential for harmful interference to co-channel mobile satellite systems." "Users should also be cautioned to take note that high power radars are allocated as primary users (meaning they have priority) of 5250-5350 MHz and 5650-5850 MHz and these radars could cause interference and/or damage to LE-LAN devices." 6 6

Navigation menu