Toshiba PORTÉGÉ Z20t BPORTÉGÉ WT20 B Portégé User's Manual Z20 EN

User Manual: toshiba Portégé Z20t-B - User's Manual Free User Guide for Toshiba Tablet and eReader, Manual

Open the PDF directly: View PDF PDF.
Page Count: 142 [warning: Documents this large are best viewed by clicking the View PDF Link!]

8VHUV0DQXDO
3257e*e=W%
3257e*e:7%
7DEOHRI&RQWHQWV
&KDSWHU 726+,%$/HJDO5HJXODWRU\DQG6DIHW\
&RS\ULJKW'LVFODLPHUDQG7UDGHPDUNV  
5HJXODWRU\,QIRUPDWLRQ 
9LGHR6WDQGDUG1RWLFH  
(1(5*<67$53URJUDP  
'LVSRVLQJRIWKHFRPSXWHUDQGWKHFRPSXWHUVEDWWHU\ 
*HQHUDO3UHFDXWLRQV  
6DIHW\,FRQV  
&KDSWHU *HWWLQJ6WDUWHG
(TXLSPHQWFKHFNOLVW  
726+,%$.H\ERDUG'RFN 
2SHUDWLQJPRGH 
&RQYHQWLRQV 
8VLQJ\RXUFRPSXWHUIRUWKHILUVWWLPH 
*HWWLQJWRNQRZ:LQGRZV 
7XUQLQJRIIWKHSRZHU 
&KDSWHU 7KH*UDQG7RXU
7DEOHWFRPSXWHU 
726+,%$.H\ERDUG'RFN 
,QWHUQDO+DUGZDUH&RPSRQHQWV  
3RZHU&RQGLWLRQ'HVFULSWLRQV  
&KDSWHU 2SHUDWLQJ%DVLFV
2SHUDWLQJLQWDEOHWPRGHDOVRIRU3257e*e:7% 
8VLQJWKH7RXFK6FUHHQ  
8VLQJWKH7RXFK3DG 
726+,%$3RLQWLQJ'HYLFH  
7KH.H\ERDUG 
%DWWHU\  
:LUHOHVV:$1GHYLFH 
*36)XQFWLRQ 
/$1  
0HPRU\PHGLD  
([WHUQDO'LVSOD\  
6HFXULW\ORFN  
2SWLRQDO726+,%$$FFHVVRULHV  
8VHUV0DQXDO LL
6RXQG6\VWHPDQG9LGHRPRGH 
&KDSWHU 8WLOLWLHVDQG$GYDQFHG8VDJH
8WLOLWLHVDQG$SSOLFDWLRQV 
6SHFLDOIHDWXUHV 
726+,%$3DVVZRUG8WLOLW\  
726+,%$6\VWHP6HWWLQJV  
726+,%$7DEOHW$FFHVV&RGH/RJRQ8WLOLW\  
&DPHUDIRU7RVKLED 
726+,%$3&+HDOWK0RQLWRU  
726+,%$6HWXS8WLOLW\  
6\VWHP5HFRYHU\  
&KDSWHU 7URXEOHVKRRWLQJ
3UREOHPVROYLQJSURFHVV  
+DUGZDUHDQGV\VWHPFKHFNOLVW 
726+,%$VXSSRUW 
&KDSWHU $SSHQGL[
6SHFLILFDWLRQV  
$&3RZHU&RUGDQG&RQQHFWRUV 
,QIRUPDWLRQIRU:LUHOHVV'HYLFHV  
,QIRUPDWLRQDERXW,QWHO$07 
/HJDO)RRWQRWHV 
9&&,&ODVV%,QIRUPDWLRQ-DSDQ2QO\  
2SHQ66/7RRONLW/LFHQVH,VVXHV 
)UHH7\SH/LFHQVH,VVXHV 
,QGH[
8VHUV0DQXDO LLL
&KDSWHU
726+,%$/HJDO5HJXODWRU\DQG
6DIHW\
7KLVFKDSWHUVWDWHVWKHOHJDOUHJXODWRU\DQGVDIHW\LQIRUPDWLRQDSSOLFDEOH
WR726+,%$FRPSXWHUV
&RS\ULJKW'LVFODLPHUDQG7UDGHPDUNV
&RS\ULJKW
726+,%$&RUSRUDWLRQ$OOULJKWVUHVHUYHG8QGHUWKHFRS\ULJKW
ODZVWKLVPDQXDOFDQQRWEHUHSURGXFHGLQDQ\IRUPZLWKRXWWKHSULRU
ZULWWHQSHUPLVVLRQRI726+,%$1RSDWHQWOLDELOLW\LVDVVXPHGZLWKUHVSHFW
WRWKHXVHRIWKHLQIRUPDWLRQFRQWDLQHGKHUHLQ
)LUVWHGLWLRQ1RYHPEHU
&RS\ULJKWDXWKRULW\IRUPXVLFPRYLHVFRPSXWHUSURJUDPVGDWDEDVHVDQG
RWKHULQWHOOHFWXDOSURSHUW\FRYHUHGE\FRS\ULJKWODZVEHORQJVWRWKHDXWKRU
RUWRWKHFRS\ULJKWRZQHU&RS\ULJKWHGPDWHULDOFDQEHUHSURGXFHGRQO\IRU
SHUVRQDOXVHRUXVHZLWKLQWKHKRPH$Q\RWKHUXVHEH\RQGWKDWVWLSXODWHG
DERYHLQFOXGLQJFRQYHUVLRQWRGLJLWDOIRUPDWDOWHUDWLRQWUDQVIHURIFRSLHG
PDWHULDODQGGLVWULEXWLRQRQDQHWZRUNZLWKRXWWKHSHUPLVVLRQRIWKH
FRS\ULJKWRZQHULVDYLRODWLRQRIFRS\ULJKWRUDXWKRUVULJKWVDQGLVVXEMHFW
WRFLYLOGDPDJHVRUFULPLQDODFWLRQ&RPSO\ZLWKFRS\ULJKWODZVLQPDNLQJ
DQ\UHSURGXFWLRQIURPWKLVPDQXDO
'LVFODLPHU
7KLVPDQXDOKDVEHHQYDOLGDWHGDQGUHYLHZHGIRUDFFXUDF\7KH
LQVWUXFWLRQVDQGGHVFULSWLRQVLWFRQWDLQVDUHDFFXUDWHIRU\RXUFRPSXWHUDW
WKHWLPHRIWKLVPDQXDO¶VSURGXFWLRQ+RZHYHUVXFFHHGLQJFRPSXWHUVDQG
PDQXDOVDUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH726+,%$DVVXPHVQR
OLDELOLW\IRUGDPDJHVLQFXUUHGGLUHFWO\RULQGLUHFWO\IURPHUURUVRPLVVLRQVRU
GLVFUHSDQFLHVEHWZHHQWKHFRPSXWHUDQGWKHPDQXDO
7UDGHPDUNV
,QWHOLVDWUDGHPDUNRUUHJLVWHUHGWUDGHPDUNRI,QWHO&RUSRUDWLRQ
:LQGRZV0LFURVRIWDQG:LQGRZVORJRDUHUHJLVWHUHGWUDGHPDUNVRI
0LFURVRIW&RUSRUDWLRQ
8VHUV0DQXDO 
7KH%OXHWRRWKZRUGPDUNDQGORJRVDUHUHJLVWHUHGWUDGHPDUNVRZQHGE\
%OXHWRRWK6,*,QFDQGDQ\XVHRIVXFKPDUNVE\7RVKLED&RUSRUDWLRQDQG
LWVDIILOLDWHVLVXQGHUOLFHQVH
7KHWHUPV+'0,DQG+'0,+LJK'HILQLWLRQ0XOWLPHGLD,QWHUIDFHDQGWKH
+'0,/RJRDUHWUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRI+'0,/LFHQVLQJ
//&LQWKH8QLWHG6WDWHVDQGRWKHUFRXQWULHV
6HFXUH'LJLWDODQG6'DUHWUDGHPDUNVRI6'&DUG$VVRFLDWLRQ
0XOWL0HGLD&DUG00&DQGH00&DUHWUDGHPDUNVRI0XOWL0HGLD&DUG
$VVRFLDWLRQ
48$/&200LVDWUDGHPDUNRI4XDOFRPP,QFRUSRUDWHGUHJLVWHUHGLQWKH
8QLWHG6WDWHVDQGRWKHUFRXQWULHV$7+(526LVDWUDGHPDUNRI4XDOFRPP
$WKHURV,QFUHJLVWHUHGLQWKH8QLWHG6WDWHVDQGRWKHUFRXQWULHV
'76WKH6\PERO'76DQGWKH6\PEROWRJHWKHUDUHUHJLVWHUHG
WUDGHPDUNVDQG'766WXGLR6RXQGLVDWUDGHPDUNRI'76,QF'76,QF
$OO5LJKWV5HVHUYHG
5HDOWHNLVDUHJLVWHUHGWUDGHPDUNRI5HDOWHN6HPLFRQGXFWRU&RUSRUDWLRQ
$OORWKHUSURGXFWQDPHVDQGVHUYLFHQDPHVLQWKLVPDQXDOPLJKWEH
WUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRIWKHLUUHVSHFWLYHFRPSDQLHV
5HJXODWRU\,QIRUPDWLRQ
7KHUHJXODWRU\LQIRUPDWLRQKHUHLQPLJKWYDU\3HDVHFKHFNWKH,'
LQIRUPDWLRQRQWKHEDFNRIWKHGHYLFHIRUVSHFLILFLQIRUPDWLRQDSSOLFDEOHWR
WKHPRGHO\RXSXUFKDVHG
)&&LQIRUPDWLRQ
)&&QRWLFH'HFODUDWLRQRI&RQIRUPLW\,QIRUPDWLRQ
7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD
&ODVV%GLJLWDOGHYLFHSXUVXDQWWRSDUWRIWKH)&&UXOHV7KHVHOLPLWV
DUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFH
LQDUHVLGHQWLDOLQVWDOODWLRQ7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQ
UDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQDFFRUGDQFH
ZLWKWKHLQVWUXFWLRQVPD\FDXVHKDUPIXOLQWHUIHUHQFHWRUDGLR
FRPPXQLFDWLRQV+RZHYHUWKHUHLVQRJXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRW
RFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXO
LQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\
WXUQLQJWKHHTXLSPHQWRIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFW
WKHLQWHUIHUHQFHE\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV
5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU
&RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWR
ZKLFKWKHUHFHLYHULVFRQQHFWHG
&RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS
8VHUV0DQXDO 
2QO\SHULSKHUDOVFRPSO\LQJZLWKWKH)&&FODVV%OLPLWVPLJKWEHDWWDFKHG
WRWKLVHTXLSPHQW2SHUDWLRQZLWKQRQFRPSOLDQWSHULSKHUDOVRUSHULSKHUDOV
QRWUHFRPPHQGHGE\726+,%$LVOLNHO\WRUHVXOWLQLQWHUIHUHQFHWRUDGLR
DQG79UHFHSWLRQ6KLHOGHGFDEOHVPXVWEHXVHGEHWZHHQWKHH[WHUQDO
GHYLFHVDQGWKHFRPSXWHU¶V+'0,0LFURSRUWDVZHOODVWKHH[WHUQDO5*%
PRQLWRUSRUW8QLYHUVDO6HULDO%XV86%SRUWVDQG+'0,SRUWRQWKH
726+,%$.H\ERDUG'RFN&KDQJHVRUPRGLILFDWLRQVPDGHWRWKLV
HTXLSPHQWQRWH[SUHVVO\DSSURYHGE\726+,%$RUSDUWLHVDXWKRUL]HGE\
726+,%$FRXOGYRLGWKHXVHU¶VDXWKRULW\WRRSHUDWHWKHHTXLSPHQW
)&&FRQGLWLRQV
7KLVGHYLFHFRPSOLHVZLWKSDUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWR
WKHIROORZLQJWZRFRQGLWLRQV
 7KLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFH
 7KLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJ
LQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ
&RQWDFW
$GGUHVV 726+,%$$PHULFD,QIRUPDWLRQ6\VWHPV,QF
 ,UYLQH%RXOHYDUG
 ,UYLQH&DOLIRUQLD
7HOHSKRQH 
7KLVLQIRUPDWLRQLVRQO\DSSOLFDEOHIRUWKHFRXQWULHVUHJLRQVZKHUHLWLV
UHTXLUHG
(8'HFODUDWLRQRI&RQIRUPLW\
7KLVSURGXFWLVFDUU\LQJWKH&(0DUNLQ
DFFRUGDQFHZLWKWKHUHODWHG(XURSHDQ'LUHFWLYHV
5HVSRQVLEOHIRU&(0DUNLQJLV726+,%$(8523(
*0%++DPPIHOGGDPP1HXVV
*HUPDQ\7KHFRPSOHWHDQGRIILFLDO(8
'HFODUDWLRQRI&RQIRUPLW\FDQEHIRXQGRQ
726+,%$¶VZHEVLWH
KWWSHSSVWRVKLEDWHJFRPRQWKH,QWHUQHW
&(FRPSOLDQFH
7KLVSURGXFWLVODEHOHGZLWKWKH&(0DUNLQDFFRUGDQFHZLWKWKHUHODWHG
(XURSHDQ'LUHFWLYHVQRWDEO\5R+6'LUHFWLYH(8DQG
8VHUV0DQXDO 
(OHFWURPDJQHWLF&RPSDWLELOLW\'LUHFWLYH(&IRUWKHQRWHERRNDQG
WKHHOHFWURQLFDFFHVVRULHVLQFOXGLQJWKHVXSSOLHGSRZHUDGDSWHUWKH5DGLR
(TXLSPHQWDQG7HOHFRPPXQLFDWLRQV7HUPLQDO(TXLSPHQW'LUHFWLYH
(&LQFDVHRILPSOHPHQWHGWHOHFRPPXQLFDWLRQDFFHVVRULHVDQGWKH/RZ
9ROWDJH'LUHFWLYH(&IRUWKHVXSSOLHGSRZHUDGDSWHU)XUWKHUPRUH
WKHSURGXFWFRPSOLHVZLWKWKH(FRGHVLJQ'LUHFWLYH(&(U3DQG
LWVUHODWHGLPSOHPHQWLQJPHDVXUHV
7KLVSURGXFWDQGWKHRULJLQDORSWLRQVDUHGHVLJQHGWRREVHUYHWKHUHODWHG
(0&(OHFWURPDJQHWLF&RPSDWLELOLW\DQGVDIHW\VWDQGDUGV+RZHYHU
726+,%$FDQQRWJXDUDQWHHWKDWWKLVSURGXFWVWLOOREVHUYHVWKHVH(0&
VWDQGDUGVLIRSWLRQVRUFDEOHVQRWSURGXFHGE\726+,%$DUHFRQQHFWHGRU
LPSOHPHQWHG,QWKLVFDVHWKHSHUVRQVZKRKDYHFRQQHFWHGLPSOHPHQWHG
WKRVHRSWLRQVFDEOHVKDYHWRSURYLGHDVVXUDQFHWKDWWKHV\VWHP3&SOXV
RSWLRQVFDEOHVVWLOOIXOILOVWKHUHTXLUHGVWDQGDUGV7RDYRLGJHQHUDO(0&
SUREOHPVWKHIROORZLQJJXLGDQFHVKRXOGEHQRWHG
2QO\&(PDUNHGRSWLRQVVKRXOGEHFRQQHFWHGLPSOHPHQWHG
2QO\EHVWVKLHOGHGFDEOHVVKRXOGEHFRQQHFWHG
:RUNLQJHQYLURQPHQW
7KLVSURGXFWZDVGHVLJQHGWRIXOILOWKH(0&(OHFWURPDJQHWLF&RPSDWLELOLW\
UHTXLUHPHQWVWREHREVHUYHGIRUVRFDOOHG³5HVLGHQWLDOFRPPHUFLDODQG
OLJKWLQGXVWU\HQYLURQPHQWV´726+,%$GRQRWDSSURYHWKHXVHRIWKLV
SURGXFWLQZRUNLQJHQYLURQPHQWVRWKHUWKDQWKHDERYHPHQWLRQHG
³5HVLGHQWLDOFRPPHUFLDODQGOLJKWLQGXVWU\HQYLURQPHQWV´
)RUH[DPSOHWKHIROORZLQJHQYLURQPHQWVDUHQRWDSSURYHG
,QGXVWULDO(QYLURQPHQWVHJHQYLURQPHQWVZKHUHDPDLQVYROWDJHRI
9WKUHHSKDVHLVXVHG
0HGLFDO(QYLURQPHQWV
$XWRPRWLYH(QYLURQPHQWV
$LUFUDIW(QYLURQPHQWV
$Q\FRQVHTXHQFHVUHVXOWLQJIURPWKHXVHRIWKLVSURGXFWLQZRUNLQJ
HQYLURQPHQWVWKDWDUHQRWDSSURYHGDUHQRWWKHUHVSRQVLELOLW\RI726+,%$
7KHFRQVHTXHQFHVRIWKHXVHRIWKLVSURGXFWLQQRQDSSURYHGZRUNLQJ
HQYLURQPHQWVPD\EH
,QWHUIHUHQFHZLWKRWKHUGHYLFHVRUPDFKLQHVLQWKHQHDUVXUURXQGLQJ
DUHD
0DOIXQFWLRQRIRUGDWDORVVIURPWKLVSURGXFWFDXVHGE\GLVWXUEDQFHV
JHQHUDWHGE\RWKHUGHYLFHVRUPDFKLQHVLQWKHQHDUVXUURXQGLQJDUHD
7KHUHIRUH726+,%$VWURQJO\UHFRPPHQGWKDWWKHHOHFWURPDJQHWLF
FRPSDWLELOLW\RIWKLVSURGXFWVKRXOGEHVXLWDEO\WHVWHGLQDOOQRQDSSURYHG
ZRUNLQJHQYLURQPHQWVEHIRUHXVH,QWKHFDVHRIDXWRPRELOHVRUDLUFUDIW
WKHPDQXIDFWXUHURUDLUOLQHUHVSHFWLYHO\VKRXOGEHDVNHGIRUSHUPLVVLRQ
EHIRUHXVHRIWKLVSURGXFW
)XUWKHUPRUHIRUJHQHUDOVDIHW\UHDVRQVWKHXVHRIWKLVSURGXFWLQ
HQYLURQPHQWVZLWKH[SORVLYHDWPRVSKHUHVLVQRWSHUPLWWHG
8VHUV0DQXDO 
&DQDGLDQUHJXODWRU\LQIRUPDWLRQ&DQDGDRQO\
7KLVGLJLWDODSSDUDWXVGRHVQRWH[FHHGWKH&ODVV%OLPLWVIRUUDGLRQRLVH
HPLVVLRQVIURPGLJLWDODSSDUDWXVDVVHWRXWLQWKH5DGLR,QWHUIHUHQFH
5HJXODWLRQRIWKH&DQDGLDQ'HSDUWPHQWRI&RPPXQLFDWLRQV
1RWHWKDW&DQDGLDQ'HSDUWPHQWRI&RPPXQLFDWLRQV'2&UHJXODWLRQV
SURYLGHWKDWFKDQJHVRUPRGLILFDWLRQVQRWH[SUHVVO\DSSURYHGE\
726+,%$&RUSRUDWLRQFRXOGYRLG\RXUDXWKRULW\WRRSHUDWHWKLVHTXLSPHQW
7KLV&ODVV%GLJLWDODSSDUDWXVPHHWVDOOUHTXLUHPHQWVRIWKH&DQDGLDQ
,QWHUIHUHQFH&DXVLQJ(TXLSPHQW5HJXODWLRQV
&HWDSSDUHLOQXPpULTXHGHODFODVV%UHVSHFWHWRXWHVOHVH[JHQFHVGX
5qJOHPHQWVXUOHPDWpULHOEURXLOHXUGX&DQDGD
)ROORZLQJLQIRUPDWLRQLVRQO\YDOLGIRU(8PHPEHU
6WDWHV
'LVSRVDORISURGXFWV
7KHFURVVHGRXWZKHHOHGGXVWELQV\PEROLQGLFDWHVWKDW
SURGXFWVPXVWEHFROOHFWHGDQGGLVSRVHGRIVHSDUDWHO\
IURPKRXVHKROGZDVWH,QWHJUDWHGEDWWHULHVDQG
DFFXPXODWRUVFDQEHGLVSRVHGRIZLWKWKHSURGXFW7KH\
ZLOOEHVHSDUDWHGDWWKHUHF\FOLQJFHQWUHV
7KHEODFNEDULQGLFDWHVWKDWWKHSURGXFWZDVSODFHGRQWKH
PDUNHWDIWHU$XJXVW
%\SDUWLFLSDWLQJLQWKHVHSDUDWHFROOHFWLRQRISURGXFWVDQG
EDWWHULHV\RXZLOOKHOSWRDVVXUHWKHSURSHUGLVSRVDORI
SURGXFWVDQGEDWWHULHVDQGWKXVKHOSWRSUHYHQWSRWHQWLDO
QHJDWLYHFRQVHTXHQFHVIRUWKHHQYLURQPHQWDQGKXPDQ
KHDOWK
)RUPRUHGHWDLOHGLQIRUPDWLRQDERXWWKHFROOHFWLRQDQG
UHF\FOLQJSURJUDPPHVDYDLODEOHLQ\RXUFRXQWU\SOHDVH
YLVLWRXUZHEVLWH
ZZZWRVKLEDHXUHF\FOLQJRUFRQWDFW\RXUORFDOFRXQFLO
RIILFHRUWKHUHWDLORXWOHWZKHUH\RXSXUFKDVHGWKHSURGXFW
8VHUV0DQXDO 
'LVSRVDORIEDWWHULHVDQGRUDFFXPXODWRUV
7KHFURVVHGRXWZKHHOHGGXVWELQV\PEROLQGLFDWHVWKDW
EDWWHULHVDQGRUDFFXPXODWRUVPXVWEHFROOHFWHGDQG
GLVSRVHGRIVHSDUDWHO\IURPKRXVHKROGZDVWH
,IWKHEDWWHU\RUDFFXPXODWRUFRQWDLQVPRUHWKDQWKH
VSHFLILHGYDOXHVRIOHDG3EPHUFXU\+JDQGRU
FDGPLXP&GGHILQHGLQWKH(XURSHDQ%DWWHU\'LUHFWLYH
WKHQWKHFKHPLFDOV\PEROVIRUOHDG3EPHUFXU\+J
DQGRUFDGPLXP&GZLOODSSHDUEHORZWKHFURVVHGRXW
ZKHHOHGGXVWELQV\PERO
%\SDUWLFLSDWLQJLQWKHVHSDUDWHFROOHFWLRQRIEDWWHULHV\RX
ZLOOKHOSWRDVVXUHWKHSURSHUGLVSRVDORISURGXFWVDQG
EDWWHULHVDQGWKXVKHOSWRSUHYHQWSRWHQWLDOQHJDWLYH
FRQVHTXHQFHVIRUWKHHQYLURQPHQWDQGKXPDQKHDOWK7R
DFKLHYHWKLV\RXVKRXOGWDNHDQ\EDWWHU\DQGRU
DFFXPXODWRUWR\RXUORFDOUHF\FOLQJVLWHRUWRDUHWDLORXWOHW
RUIDFLOLW\WKDWRIIHUVWRFROOHFWWKHVHGHYLFHVIRU
HQYLURQPHQWDOO\IULHQGO\GLVSRVDOHQVXULQJWKDWWKH
WHUPLQDOFRQWDFWVDUHFRYHUHGE\QRQFRQGXFWLYHWDSH
)RUPRUHGHWDLOHGLQIRUPDWLRQDERXWWKHFROOHFWLRQDQG
UHF\FOLQJSURJUDPPHVDYDLODEOHLQ\RXUFRXQWU\SOHDVH
YLVLWRXUZHEVLWH
ZZZWRVKLEDHXUHF\FOLQJRUFRQWDFW\RXUORFDOFRXQFLO
RIILFHRUWKHUHWDLORXWOHWZKHUH\RXSXUFKDVHGWKHSURGXFW
7KHVHV\PEROVPLJKWQRWVWLFNGHSHQGLQJRQWKHFRXQWU\DQGUHJLRQZKHUH
\RXSXUFKDVHG
5($&+&RPSOLDQFH6WDWHPHQW
7KH(XURSHDQ8QLRQ(8FKHPLFDOUHJXODWLRQ5($&+5HJLVWUDWLRQ
(YDOXDWLRQ$XWKRUL]DWLRQDQG5HVWULFWLRQRI&KHPLFDOVHQWHUHGLQWRIRUFH
RQ-XQHZLWKSKDVHGGHDGOLQHVWR
7RVKLEDZLOOPHHWDOO5($&+UHTXLUHPHQWVDQGLVFRPPLWWHGWRSURYLGHRXU
FXVWRPHUVZLWKLQIRUPDWLRQDERXWWKHSUHVHQFHLQRXUDUWLFOHVRI
VXEVWDQFHVLQFOXGHGRQWKHFDQGLGDWHOLVWDFFRUGLQJWR5($&+UHJXODWLRQ
3OHDVHFRQVXOWWKHIROORZLQJZHEVLWH
ZZZWRVKLEDHXUHDFKIRULQIRUPDWLRQDERXWWKHSUHVHQFHLQRXUDUWLFOHVRI
VXEVWDQFHVLQFOXGHGRQWKHFDQGLGDWHOLVWDFFRUGLQJWR5($&+LQD
FRQFHQWUDWLRQDERYHZHLJKWE\ZHLJKW
8VHUV0DQXDO 
)ROORZLQJLQIRUPDWLRQLVRQO\IRU7XUNH\
'LVSRVDORISURGXFWV
7KHFURVVHGZKHHOLHELQV\PEROPHDQVWKDWWKLV
SURGXFWVKRXOGQRWEHFROOHFWHGDQGGLVSRVHGZLWK
RWKHUKRXVHKROGZDVWHV:KHQSURGXFWEHFRPHZDVWH
DWWKHHQGRIOLIHWRSURWHFWHQYLURQPHQWDQGKXPDQ
KHDOWKLWVKRXOGEHJLYHQWRQHDUHVWFROOHFWLRQ
UHF\FOLQJRUGLVSRVDOFHQWHU)RUPRUHLQIRUPDWLRQ
DERXWFROOHFWLRQDQGUHF\FOLQJSURJUDPVLQ\RXU
FRXQWU\SOHDVHFRQWDFW\RXUORFDODXWKRULW\RUWKH
UHWDLOHUZKHUHWKHSURGXFWZDVSXUFKDVHG
7RVKLEDPHHWVDOOUHTXLUHPHQWVRI7XUNLVKUHJXODWLRQ
³5HVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHVLQHOHFWULFDO
DQGHOHFWURQLFHTXLSPHQW´
$(((<|QHWPHOL÷LQH8\JXQGXU
7RVKLEDVD\ÕOÕ7UNL\H(OHNWULNOHoDOLúDQYHHOHNWURQLN
HNLSPDQGDEHOLUOLWHKOLNHOLPDGGHOHULQNXOODQLPL\ODLOJLOLNLVLWODPD´
\|QHWPHOL÷LJHUHNOHULQLWDPDPHQ\HULQHJHWLUPHNWHGLU
7KHQXPEHURISRVVLEOHSL[HOIDLOXUHVRI\RXUGLVSOD\LVGHILQHG
DFFRUGLQJWR,62VWDQGDUGV,IWKHQXPEHURISL[HOIDLOXUHVLV
OHVVWKDQWKLVVWDQGDUGWKH\ZLOOQRWEHFRXQWHGDVGHIHFWRUIDLOXUH
%DWWHU\LVDFRQVXPSWLRQSURGXFWVLQFHWKHEDWWHU\WLPHGHSHQGVRQ
WKHXVDJHRI\RXUFRPSXWHU,IWKHEDWWHU\FDQQRWEHFKDUJHGDWDOO
WKHQLWLVDGHIHFWRUIDLOXUH7KHFKDQJHVLQEDWWHU\WLPHLVQRWDGHIHFW
RUIDLOXUH
)ROORZLQJLQIRUPDWLRQLVRQO\IRU,QGLD
7KHXVHRIWKLVV\PEROLQGLFDWHVWKDWWKLVSURGXFWPD\QRW
EHWUHDWHGDVKRXVHKROGZDVWH
%\HQVXULQJWKLVSURGXFWLVGLVSRVHGRIFRUUHFWO\\RXZLOO
KHOSSUHYHQWSRWHQWLDOQHJDWLYHFRQVHTXHQFHVIRUWKH
HQYLURQPHQWDQGKXPDQKHDOWKZKLFKFRXOGRWKHUZLVHEH
FDXVHGE\LQDSSURSULDWHZDVWHKDQGOLQJRIWKLVSURGXFW
)RUPRUHGHWDLOHGLQIRUPDWLRQDERXWUHF\FOLQJRIWKLV
SURGXFWSOHDVHYLVLWRXUZHEVLWH
KWWSZZZWRVKLEDLQGLDFRPRUFRQWDFWFDOOFHQWHU

7KHVHV\PEROVPLJKWQRWVWLFNGHSHQGLQJRQWKHFRXQWU\DQGUHJLRQZKHUH
\RXSXUFKDVHG
8VHUV0DQXDO 
9LGHR6WDQGDUG1RWLFH
7+,6352'8&7,6/,&(16('81'(57+($9&7+(9&$1'
03(*9,68$/3$7(173257)2/,2/,&(16()257+(3(5621$/
$1'121&200(5&,$/86(2)$&21680(5)25,(1&2',1*
9,'(2,1&203/,$1&(:,7+7+($%29(67$1'$5'69,'(2
$1'25,,'(&2',1*$9&9&$1'03(*9,'(27+$7:$6
(1&2'('%<$&21680(5(1*$*(',1$3(5621$/$1'
121&200(5&,$/$&7,9,7<$1'25:$62%7$,1(')520$
9,'(23529,'(5/,&(16('%<03(*/$723529,'(68&+
9,'(212/,&(16(,6*5$17('256+$//%(,03/,(')25$1<
27+(586($'',7,21$/,1)250$7,21,1&/8',1*7+$7
5(/$7,1*72352027,21$/,17(51$/$1'&200(5&,$/86(6
$1'/,&(16,1*0$<%(2%7$,1(')52003(*/$//&6((
+773:::03(*/$&20
8VHUV0DQXDO 
(1(5*<67$53URJUDP
<RXU&RPSXWHUPRGHOPD\EH(1(5*<67$5
FRPSOLDQW,IWKHPRGHO\RXSXUFKDVHGLVFRPSOLDQWLWXVHV
WKH(QHUJ\6WDUORJRDQGWKHIROORZLQJLQIRUPDWLRQDSSOLHV
726+,%$LVDSDUWQHULQWKH(1(5*<67$53URJUDPDQG
KDVGHVLJQHGWKLVFRPSXWHUWRPHHWWKHODWHVW(1(5*<
67$5JXLGHOLQHVIRUHQHUJ\HIILFLHQF\<RXUFRPSXWHU
VKLSVZLWKWKHSRZHUPDQDJHPHQWRSWLRQVSUHVHWWRD
FRQILJXUDWLRQWKDWZLOOSURYLGHWKHPRVWVWDEOHRSHUDWLQJ
HQYLURQPHQWDQGRSWLPXPV\VWHPSHUIRUPDQFHIRUERWK
$&SRZHUDQGEDWWHU\PRGHV
7RFRQVHUYHHQHUJ\\RXUFRPSXWHULVVHWWRHQWHUWKHORZ
SRZHU6OHHS0RGHZKLFKVKXWVGRZQWKHV\VWHPDQG
GLVSOD\ZLWKLQPLQXWHVRILQDFWLYLW\LQ$&SRZHUPRGH
726+,%$UHFRPPHQGVWKDW\RXOHDYHWKLVDQGRWKHU
HQHUJ\VDYLQJIHDWXUHVDFWLYHVRWKDW\RXUFRPSXWHUZLOO
RSHUDWHDWLWVPD[LPXPHQHUJ\HIILFLHQF\<RXFDQZDNH
WKHFRPSXWHUIURP6OHHS0RGHE\SUHVVLQJWKHSRZHU
EXWWRQ
<RXU(1(5*<67$5FHUWLILHGFRPSXWHUVKRXOGEHVHWE\
GHIDXOWWRHQWHUDORZSRZHUVOHHSPRGHDIWHUDSHULRGRI
LQDFWLYLW\6LPSO\WRXFKLQJWKHPRXVHRUNH\ERDUGZDNHV
WKHFRPSXWHULQVHFRQGV7KHVHVOHHSIHDWXUHVFDQVDYH
\RXXSWRSHU\HDUN:KSHU\HDULQHOHFWULFLW\
DQGSUHYHQWXSWRSRXQGVRIJUHHQKRXVHJDV
HPLVVLRQVDQQXDOO\7ROHDUQKRZWRDGMXVWRUDFWLYDWH
WKHVHVOHHSVHWWLQJVRQ\RXUFRPSXWHUSOHDVHJRWR
ZZZHQHUJ\VWDUJRYVOHHSLQVWUXFWLRQV
7RDFWLYDWHVOHHSVHWWLQJVRUJDQL]DWLRQZLGHTXLFNO\DQG
HDVLO\WKURXJKQHWZRUNWRROVSOHDVHJRWR
ZZZHQHUJ\VWDUJRYSRZHUPDQDJHPHQW
'LVSRVLQJRIWKHFRPSXWHUDQGWKHFRPSXWHUV
EDWWHU\
7KHFRPSXWHUVEDWWHU\SDFNLVQRWXVHUDFFHVVLEOH&RQWDFWDQDXWKRUL]HG
726+,%$VHUYLFHSURYLGHUIRUGHWDLOVUHJDUGLQJKRZWRGLVSRVHRIWKH
FRPSXWHUDQGWKHEDWWHU\SDFN
*HQHUDO3UHFDXWLRQV
726+,%$FRPSXWHUVDUHGHVLJQHGWRRSWLPL]HVDIHW\PLQLPL]HVWUDLQDQG
ZLWKVWDQGWKHULJRUVRISRUWDELOLW\+RZHYHUFHUWDLQSUHFDXWLRQVVKRXOGEH
8VHUV0DQXDO 
REVHUYHGWRIXUWKHUUHGXFHWKHULVNRISHUVRQDOLQMXU\RUGDPDJHWRWKH
FRPSXWHU
%HFHUWDLQWRUHDGWKHIROORZLQJJHQHUDOSUHFDXWLRQVDQGWRQRWHWKH
FDXWLRQVLQFOXGHGLQWKHWH[WRIWKHPDQXDO
3URYLGHDGHTXDWHYHQWLODWLRQ
$OZD\VPDNHVXUHWKDW\RXUFRPSXWHUDQG$&DGDSWRUKDYHDGHTXDWH
YHQWLODWLRQDQGDUHSURWHFWHGIURPRYHUKHDWLQJZKHQWKHSRZHULVWXUQHGRQ
RUZKHQDQ$&DGDSWRULVFRQQHFWHGWRDSRZHURXWOHWHYHQLI\RXU
FRPSXWHULVLQ6OHHS0RGH,QWKLVFRQGLWLRQREVHUYHWKHIROORZLQJ
1HYHUFRYHU\RXUFRPSXWHURU$&DGDSWRUZLWKDQ\REMHFW
1HYHUSODFH\RXUFRPSXWHURU$&DGDSWRUQHDUDKHDWVRXUFHVXFKDV
DQHOHFWULFEODQNHWRUKHDWHU
1HYHUFRYHURUEORFNWKHDLUYHQWVLQFOXGLQJWKRVHDWWKHEDVHRIWKH
FRPSXWHU
$OZD\VRSHUDWH\RXUFRPSXWHURQDKDUGIODWVXUIDFH8VLQJ\RXU
FRPSXWHURQDFDUSHWRURWKHUVRIWPDWHULDOFDQEORFNWKHYHQWV
$OZD\VSURYLGHVXIILFLHQWVSDFHDURXQGWKHFRPSXWHU
2YHUKHDWLQJ\RXUFRPSXWHURU$&DGDSWRUFRXOGFDXVHV\VWHPIDLOXUH
FRPSXWHURU$&DGDSWRUGDPDJHRUDILUHSRVVLEO\UHVXOWLQJLQVHULRXV
LQMXU\
&UHDWLQJDFRPSXWHUIULHQGO\HQYLURQPHQW
3ODFHWKHFRPSXWHURQDIODWVXUIDFHWKDWLVODUJHHQRXJKIRUWKHFRPSXWHU
DQGDQ\RWKHULWHPV\RXDUHXVLQJVXFKDVDSULQWHU
/HDYHHQRXJKVSDFHDURXQGWKHFRPSXWHUDQGRWKHUHTXLSPHQWWRSURYLGH
DGHTXDWHYHQWLODWLRQ2WKHUZLVHWKH\PLJKWRYHUKHDW
7RNHHS\RXUFRPSXWHULQSULPHRSHUDWLQJFRQGLWLRQSURWHFW\RXUZRUNDUHD
IURP
'XVWPRLVWXUHDQGGLUHFWVXQOLJKW
(TXLSPHQWWKDWJHQHUDWHVDVWURQJHOHFWURPDJQHWLFILHOGVXFKDV
VWHUHRVSHDNHUVRWKHUWKDQVSHDNHUVWKDWDUHFRQQHFWHGWRWKH
FRPSXWHURUVSHDNHUSKRQHV
5DSLGFKDQJHVLQWHPSHUDWXUHRUKXPLGLW\DQGVRXUFHVRIWHPSHUDWXUH
FKDQJHVXFKDVDLUFRQGLWLRQHUYHQWVRUKHDWHUV
([WUHPHKHDWFROGRUKXPLGLW\
/LTXLGVDQGFRUURVLYHFKHPLFDOV
6WUHVVLQMXU\
&DUHIXOO\UHDGWKH,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUW,WFRQWDLQV
LQIRUPDWLRQRQWKHSUHYHQWLRQRIVWUHVVLQMXULHVWR\RXUKDQGVDQGZULVWV
WKDWFDQEHFDXVHGE\H[WHQVLYHNH\ERDUGXVH,WDOVRLQFOXGHVLQIRUPDWLRQ
RQZRUNVSDFHGHVLJQSRVWXUHDQGOLJKWLQJWKDWFDQKHOSUHGXFHSK\VLFDO
VWUHVV
8VHUV0DQXDO 
+HDWLQMXU\
$YRLGSURORQJHGSK\VLFDOFRQWDFWZLWKWKHFRPSXWHU,IWKHFRPSXWHULV
XVHGIRUORQJSHULRGVLWVVXUIDFHFDQEHFRPHYHU\ZDUP:KLOHWKH
WHPSHUDWXUHZLOOQRWIHHOKRWWRWKHWRXFKLI\RXPDLQWDLQSK\VLFDO
FRQWDFWZLWKWKHFRPSXWHUIRUDORQJWLPHIRUH[DPSOHLI\RXUHVWWKH
FRPSXWHURQ\RXUODSRULI\RXNHHS\RXUKDQGVRQWKHSDOPUHVW\RXU
VNLQPLJKWVXIIHUDORZKHDWLQMXU\
,IWKHFRPSXWHUKDVEHHQXVHGIRUDORQJWLPHDYRLGGLUHFWFRQWDFW
ZLWKWKHPHWDOSODWHVXSSRUWLQJWKHYDULRXVLQWHUIDFHSRUWVDVWKLVFDQ
EHFRPHKRW
7KHVXUIDFHRIWKH$&DGDSWRUFDQEHFRPHKRWZKHQLQXVHEXWWKLV
FRQGLWLRQGRHVQRWLQGLFDWHDPDOIXQFWLRQ,I\RXQHHGWRWUDQVSRUWWKH
$&DGDSWRUGLVFRQQHFWLWDQGOHWLWFRROEHIRUHPRYLQJLW
'RQRWOD\WKH$&DGDSWRURQDPDWHULDOWKDWLVVHQVLWLYHWRKHDWDVWKH
PDWHULDOFRXOGEHFRPHGDPDJHG
3UHVVXUHRULPSDFWGDPDJH
'RQRWDSSO\KHDY\SUHVVXUHWRWKHFRPSXWHURUVXEMHFWLWWRDQ\IRUPRI
VWURQJLPSDFWDVWKLVFDQGDPDJHWKHFRPSXWHUVFRPSRQHQWVRURWKHUZLVH
FDXVHLWWRPDOIXQFWLRQ
&OHDQLQJWKHFRPSXWHU
7RKHOSHQVXUHORQJWURXEOHIUHHRSHUDWLRQNHHSWKHFRPSXWHUIUHHRIGXVW
DQGGLUWDQGXVHFDUHZLWKDOOOLTXLGVDURXQGLW
%HFDUHIXOQRWWRVSLOOOLTXLGVLQWRWKHFRPSXWHU,IWKHFRPSXWHUGRHV
JHWZHWWXUQWKHSRZHURIILPPHGLDWHO\DQGOHWWKHFRPSXWHUGU\
FRPSOHWHO\,QWKHVHFLUFXPVWDQFHV\RXVKRXOGJHWWKHFRPSXWHU
LQVSHFWHGE\DQDXWKRUL]HGVHUYLFHSURYLGHULQRUGHUWRDVVHVVWKH
VFRSHRIDQ\GDPDJH
&OHDQWKHSODVWLFVRIWKHFRPSXWHUXVLQJDFORWKVOLJKWO\GDPSHQHG
ZLWKZDWHU
<RXFDQFOHDQWKHGLVSOD\VFUHHQE\VSUD\LQJDVPDOODPRXQWRIJODVV
FOHDQHURQWRDVRIWFOHDQFORWKDQGWKHQZLSLQJWKHVFUHHQJHQWO\ZLWK
WKHFORWK
1HYHUVSUD\FOHDQHUGLUHFWO\RQWRWKHFRPSXWHURUOHWOLTXLGUXQLQWRDQ\SDUW
RILW1HYHUXVHKDUVKRUFDXVWLFFKHPLFDOSURGXFWVWRFOHDQWKHFRPSXWHU
0RYLQJWKHFRPSXWHU
:KLOHWKHFRPSXWHULVGHVLJQHGIRUIOH[LEOHGD\WRGD\XVDJH\RXVKRXOG
H[HUFLVHDIHZVLPSOHSUHFDXWLRQVZKHQPRYLQJLWLQRUGHUWRKHOSHQVXUH
WURXEOHIUHHRSHUDWLRQ
8VHUV0DQXDO 
0DNHVXUHDOOGLVNGLVFDFWLYLW\KDVHQGHGEHIRUHPRYLQJWKH
FRPSXWHU
7XUQRIIVKXWGRZQWKHFRPSXWHU
'LVFRQQHFWWKH$&DGDSWRUDQGDOOSHULSKHUDOVEHIRUHPRYLQJWKH
FRPSXWHU726+,%$.H\ERDUG'RFNKRZHYHUFDQUHPDLQ
FRQQHFWHG
&ORVHWKHFRPSXWHUZKHQWKHWDEOHWFRPSXWHULVGRFNHG
'RQRWSLFNXSWKHFRPSXWHUE\LWVGLVSOD\SDQHOZKHQXVLQJLQODSWRS
RUSUHVHQWDWLRQPRGH
%HIRUHFDUU\LQJ\RXUFRPSXWHUVKXWLWGRZQGLVFRQQHFWWKH$&
DGDSWRUDQGDOORZLWWRFRROGRZQ$IDLOXUHWRIROORZWKLVLQVWUXFWLRQ
PLJKWUHVXOWLQPLQRUKHDWLQMXU\
'RQRWH[SRVHWKHFRPSXWHUWRUDSLGWHPSHUDWXUHFKDQJHVIRU
H[DPSOHLQDVLWXDWLRQZKHUH\RXFDUU\WKHFRPSXWHUIURPDFROG
HQYLURQPHQWWRDZDUPURRP'RQRWWXUQRQWKHSRZHUXQWLO
FRQGHQVDWLRQGLVDSSHDUV
%HFDUHIXOQRWWRVXEMHFWWKHFRPSXWHUWRLPSDFWRUVKRFN$IDLOXUHWR
IROORZWKLVLQVWUXFWLRQFRXOGUHVXOWLQGDPDJHWRFRPSXWHUFRPSXWHU
IDLOXUHRUORVVRIGDWD
1HYHUWUDQVSRUW\RXUFRPSXWHUZLWKDQ\FDUGVLQVWDOOHG7KLVPLJKW
GDPDJHHLWKHUWKHFRPSXWHUDQGRUWKHFDUGUHVXOWLQJLQFRPSXWHU
IDLOXUH
$OZD\VXVHDVXLWDEOHFDUU\FDVHZKHQWUDQVSRUWLQJWKHFRPSXWHU
:KHQFDUU\LQJ\RXUFRPSXWHUEHVXUHWRKROGLWVHFXUHO\VRWKDWLW
GRHVQRWIDOORUKLWDQ\WKLQJ
'RQRWFDUU\\RXUFRPSXWHUE\KROGLQJDQ\RILWVSURWUXGLQJHOHPHQWV
0RELOHSKRQHV
%HDZDUHWKDWWKHXVHRIPRELOHSKRQHVFDQLQWHUIHUHZLWKWKHDXGLR
V\VWHP7KHRSHUDWLRQRIWKHFRPSXWHUZLOOQRWEHLPSDLUHGLQDQ\ZD\EXW
LWLVUHFRPPHQGHGWKDWDPLQLPXPGLVWDQFHRIFPLVPDLQWDLQHG
EHWZHHQWKHFRPSXWHUDQGDPRELOHSKRQHWKDWLVLQXVH
,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUW
$OOLPSRUWDQWLQIRUPDWLRQRQWKHVDIHDQGSURSHUXVHRIWKLVFRPSXWHULV
GHVFULEHGLQWKHHQFORVHG,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUW%H
VXUHWRUHDGLWEHIRUHXVLQJWKHFRPSXWHU
6DIHW\,FRQV
6DIHW\LFRQVDUHXVHGLQWKLVPDQXDOWREULQJLPSRUWDQWLQIRUPDWLRQWR\RXU
DWWHQWLRQ(DFKW\SHRIPHVVDJHLVLGHQWLILHGDVIROORZV
,QGLFDWHVDSRWHQWLDOO\KD]DUGRXVVLWXDWLRQZKLFKFRXOGUHVXOWLQGHDWKRU
VHULRXVLQMXU\LI\RXGRQRWIROORZLQVWUXFWLRQV
8VHUV0DQXDO 
$FDXWLRQLQIRUPV\RXWKDWLPSURSHUXVHRIHTXLSPHQWRUIDLOXUHWRIROORZ
LQVWUXFWLRQVPLJKWFDXVHGDWDORVVHTXLSPHQWGDPDJHRUPLJKWUHVXOWLQ
PLQRURUPRGHUDWHLQMXU\
3OHDVHUHDG$QRWHLVDKLQWRUDGYLFHWKDWKHOSV\RXPDNHEHVWXVHRI
\RXUHTXLSPHQW
8VHUV0DQXDO 
&KDSWHU
*HWWLQJ6WDUWHG
7KLVFKDSWHUSURYLGHVDQHTXLSPHQWFKHFNOLVWDQGEDVLFLQIRUPDWLRQWR
VWDUWXVLQJ\RXUFRPSXWHU
,I\RXXVHDQRSHUDWLQJV\VWHPWKDWZDVQRWSUHLQVWDOOHGE\726+,%$
VRPHRIWKHIHDWXUHVGHVFULEHGLQWKLVPDQXDOPLJKWQRWIXQFWLRQSURSHUO\
(TXLSPHQWFKHFNOLVW
&DUHIXOO\XQSDFN\RXUFRPSXWHUWDNLQJFDUHWRVDYHWKHER[DQG
SDFNDJLQJPDWHULDOVIRUIXWXUHXVH
+DUGZDUH
&KHFNWRPDNHVXUHWKDW\RXKDYHDOOWKHIROORZLQJLWHPV
726+,%$3RUWDEOH3HUVRQDO&RPSXWHU
726+,%$.H\ERDUG'RFNSURYLGHGZLWKVRPHPRGHOV
6W\OXV3HQSURYLGHGZLWKVRPHPRGHOV
5HVHUYH3HQLQWKHSHQVORWDQGSURYLGHGZLWKVRPHPRGHOV
$&DGDSWRUDQGSRZHUFRUGSLQSOXJRUSLQSOXJ
&OHDQLQJFORWKSURYLGHGZLWKVRPHPRGHOV
6W\OXV3HQLVLQFOXGHGWRJHWKHUZLWKVSDUHSHQWLSVDQGDWLSUHPRYDOWRROLQ
WKHVPDOOFDVHFRPLQJZLWKWKHSURGXFW
'RFXPHQWDWLRQ
4XLFN6WDUW
,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUW
:DUUDQW\,QIRUPDWLRQ
,IDQ\RIWKHLWHPVDUHPLVVLQJRUGDPDJHGFRQWDFW\RXUGHDOHU
LPPHGLDWHO\
726+,%$.H\ERDUG'RFN
'HSHQGLQJRQWKHPRGHO\RXSXUFKDVHG\RXUGHYLFHPLJKWEHSURYLGHG
ZLWKD726+,%$.H\ERDUG'RFNKHUHDIWHUUHIHUUHGWRDV³NH\ERDUGGRFN´
<RXUGHYLFHFRQWDLQVDPDLQXQLWDQGDQDFFHVVRU\XQLW7KHWDEOHW
FRPSXWHUDVWKHPDLQXQLWDOORZV\RXWRKDQGOHWDVNVWKDWIUHTXHQWO\
8VHUV0DQXDO 
UHTXLUHWRXFKLQWHUDFWLRQVZKLOHSURYLGLQJWKHSRUWDELOLW\WKHNH\ERDUGGRFN
DVWKHDFFHVVRU\XQLWWRWKHWDEOHWFRPSXWHULVGHVLJQHGWRHQKDQFHWKH
WDEOHWFRPSXWHUZLWKDVWDQGDUGNH\ERDUGDVHFRQGEDWWHU\SDFNRQO\IRU
WKHNH\ERDUGGRFNHTXLSSHGZLWKDEDWWHU\SDFNDQGDSRUWUHSOLFDWRU7KH
NH\ERDUGGRFNDOVRJLYHV\RXYHUVDWLOHH[SHULHQFHVLQFOXGLQJDQRWHERRN
FRPSXWHU
)LJXUH7KHPDLQXQLWWDEOHWFRPSXWHU
)LJXUH7KHDFFHVVRU\XQLW726+,%$.H\ERDUG'RFN
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
)RUDYDLODELOLW\RI726+,%$.H\ERDUG'RFNUHIHUWRWKHIROORZLQJWDEOH
0RGHO1DPH 726+,%$.H\ERDUG'RFN
3257e*e=W% SURYLGHG
3257e*e:7% QRWSURYLGHGWDEOHWFRPSXWHURQO\
2SHUDWLQJPRGH
$IWHUGRFNLQJ\RXUWDEOHWFRPSXWHUWR726+,%$.H\ERDUG'RFN\RXU
GHYLFHFDQEHXVHGDVDVLQJOHXQLWWREHVWVHUYH\RXUSXUSRVH
2SHUDWLQJPRGHVVXSSRUWHGDUHGHILQHGLQWKHIROORZLQJWDEOH
8VHUV0DQXDO 
0RGH1DPH ,OOXVWUDWLRQ 'HILQLWLRQ
/DSWRSPRGH 6XLWDEOHIRUWDVNVWKDW
IUHTXHQWO\UHTXLUHWKH
NH\ERDUGVXFKDV
W\SLQJ
3UHVHQWDWLRQ
PRGH
6XLWDEOHIRUWDVNVWKDW
UDUHO\UHTXLUHWRXFK
LQWHUDFWLRQVVXFKDVD
SUHVHQWDWLRQDQGDVOLGH
VKRZ
7DEOHWPRGH 6XLWDEOHIRUWDVNVWKDW
UHTXLUHERWKWRXFK
LQWHUDFWLRQVDQGPRELOLW\
VXFKDVUHDGLQJ
)RUKRZWRGRFN\RXUWDEOHWFRPSXWHUDQGVWDUWXVLQJUHIHUWR'RFNLQJWKH
WDEOHWFRPSXWHUVHFWLRQIRUPRUHLQIRUPDWLRQ
<RXUGHYLFHLVFDOOHG³FRPSXWHU´ZKHQUHIHUUHGWRDVDVLQJOHXQLWRUZKHUH
GHVFULSWLRQVDUHQRWVSHFLILFDOO\IRURQHRIWKHRSHUDWLQJPRGHVLQWKLV
PDQXDO
&RQYHQWLRQV
7KLVPDQXDOXVHVWKHIROORZLQJIRUPDWVWRGHVFULEHLGHQWLI\DQGKLJKOLJKW
WHUPVDQGRSHUDWLQJSURFHGXUHV
,QWHUQDOVWRUDJH <RXUFRPSXWHULVHTXLSSHGZLWKDQ66'6ROLG
6WDWH'ULYH
,QWKLVPDQXDOWKHZRUGLQWHUQDOVWRUDJHUHIHUV
WR66'XQOHVVRWKHUZLVHVWDWHG
&OLFN 7DSWKH7RXFK3DGRUFOLFNWKHOHIW7RXFK
3DGFRQWUROEXWWRQRQFHIRU3257e*e
=W%
/HIWFOLFNWKHPRXVHRQFH
7DSWKHWRXFKVFUHHQRQFH
5LJKWFOLFN &OLFNWKHULJKW7RXFK3DGFRQWUROEXWWRQ
RQFHIRU3257e*e=W%
5LJKWFOLFNWKHPRXVHRQFH
3UHVVDQGKROGRQWKHWRXFKVFUHHQ
8VHUV0DQXDO 
'RXEOHFOLFN 7DSWKH7RXFK3DGRUFOLFNWKHOHIW7RXFK
3DGFRQWUROEXWWRQWZLFHIRU3257e*e
=W%
/HIWFOLFNWKHPRXVHWZLFH
7DSWKHWRXFKVFUHHQWZLFH
&KDUP %\VZLSLQJLQIURPWKHULJKWHGJHRUSRLQWLQJWKH
PRXVHSRLQWHUWRWKHORZHUULJKWRUXSSHUULJKW
FRUQHURI\RXUVFUHHQ\RXFDQILQGDOLVWRI
FKDUPV6HDUFK6KDUH6WDUW'HYLFHVDQG
6HWWLQJV
'HVNWRS &OLFNWKH'HVNWRSWLOHIURPWKH6WDUWVFUHHQWR
DFFHVVWKHGHVNWRS
6WDUWVFUHHQ <RXFDQJREDFNWRWKH6WDUWVFUHHQIURPDQDSS
RUWKHGHVNWRSE\WKHIROORZLQJZD\V
&OLFNWKH6WDUWFKDUP
0RYHWKHPRXVHSRLQWHUDOOWKHZD\LQWRWKH
ORZHUOHIWFRUQHURIWKHVFUHHQDQGWKHQFOLFN
WKH6WDUWEXWWRQ 
8VHWKH:LQGRZVORJRNH\ RQWKH
NH\ERDUGIRU3257e*e=W%
7DSWKH:LQGRZVEXWWRQ RQ\RXU
WDEOHWFRPSXWHU
)RUGHWDLOHGLQIRUPDWLRQUHIHUWRWKH:LQGRZV
+HOSDQG6XSSRUW
$SSVYLHZ <RXFDQILQGDOORI\RXUDSSVLQFOXGLQJGHVNWRS
SURJUDPVLQWKH$SSVYLHZ
7RJHWWRWKH$SSVYLHZ
0RYHWKHPRXVHSRLQWHUDQGWKHQFOLFNWKH
LFRQLQWKHORZHUOHIWFRUQHURIWKHVFUHHQ
6OLGHXSIURPWKHPLGGOHRIWKH6WDUWVFUHHQ
8VLQJ\RXUFRPSXWHUIRUWKHILUVWWLPH
%HVXUHWRUHDGWKHHQFORVHG,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUWIRU
LQIRUPDWLRQRQWKHVDIHDQGSURSHUXVHRIWKLVFRPSXWHU,WLVLQWHQGHGWR
KHOS\RXEHPRUHFRPIRUWDEOHDQGSURGXFWLYHZKLOHXVLQJWKHFRPSXWHU%\
IROORZLQJWKHUHFRPPHQGDWLRQVLQLW\RXFDQUHGXFH\RXUFKDQFHRI
GHYHORSLQJDSDLQIXORUGLVDEOLQJLQMXU\WR\RXUKDQGDUPVVKRXOGHUVRU
QHFN
7KLVVHFWLRQSURYLGHVEDVLFLQIRUPDWLRQWRVWDUWXVLQJ\RXUFRPSXWHU,W
FRYHUVWKHIROORZLQJWRSLFV
'RFNLQJWKHWDEOHWFRPSXWHURQO\IRU3257e*e=W%
8VHUV0DQXDO 
8QGRFNLQJWKHWDEOHWFRPSXWHURQO\IRU3257e*e=W%
&RQQHFWLQJWKH$&DGDSWRU
7XUQLQJRQWKHSRZHU
,QLWLDOVHWXS
8VHDYLUXVFKHFNSURJUDPDQGPDNHVXUHWKDWLWLVXSGDWHGUHJXODUO\
1HYHUIRUPDWVWRUDJHPHGLDZLWKRXWFKHFNLQJLWVFRQWHQWIRUPDWWLQJ
GHVWUR\VDOOVWRUHGGDWD
,WLVDJRRGLGHDWREDFNXSWKHLQWHUQDOVWRUDJHRURWKHUPDLQVWRUDJH
GHYLFHWRH[WHUQDOPHGLDSHULRGLFDOO\*HQHUDOVWRUDJHPHGLDLVQRW
GXUDEOHRUVWDEOHRYHUORQJSHULRGVRIWLPHDQGXQGHUFHUWDLQ
FRQGLWLRQVPLJKWUHVXOWLQGDWDORVV
%HIRUH\RXLQVWDOODGHYLFHRUDSSOLFDWLRQVDYHDQ\GDWDLQPHPRU\WR
WKHLQWHUQDOVWRUDJHRURWKHUVWRUDJHPHGLD)DLOXUHWRGRVRPLJKW
UHVXOWLQGDWDORVV
'RFNLQJWKHWDEOHWFRPSXWHURQO\IRU3257e*e=W
%
5HIHUWRWKHIROORZLQJUHFRPPHQGHGVWHSVWRGRFN\RXUWDEOHWFRPSXWHU
'RQRWXQGRFNWKHWDEOHWFRPSXWHULPPHGLDWHO\DIWHUGRFNLQJRSHUDWLRQ
:DLWDWOHDVWVHFRQGV
&RQYHUWLQJWRODSWRSPRGH
7RXVHWKHFRPSXWHULQODSWRSPRGHGRWKHIROORZLQJ
 &KHFNWKHVHFXULW\ORFNVZLWFKRQWKHOHIWVLGHRIWKHNH\ERDUGGRFN
DQGVOLGHLWWRWKHXQORFNHGSRVLWLRQ
)LJXUH6OLGHWKHVHFXULW\ORFNVZLWFK
1
1
*XLGHSLQV
 +ROGERWKVLGHVRIWKHWDEOHWFRPSXWHUDQGDOLJQWKHJXLGHSLQVRQWKH
NH\ERDUGGRFNZLWKWKHJXLGHSLQJURRYHVRQWKHERWWRPRIWKHWDEOHW
FRPSXWHU
8VHUV0DQXDO 
 *HQWO\SUHVVGRZQWKHWDEOHWFRPSXWHUXQWLOLWFOLFNVLQWRSODFH7KH
KRRNVRQWKHNH\ERDUGGRFNHQJDJHWKHWDEOHWFRPSXWHUDQGWKH
UHOHDVHODWFKJRHVEDFNWRWKHORFNSRVLWLRQ
)LJXUH'RFNLQJWKHWDEOHWFRPSXWHU
11
*XLGHSLQJURRYHV
<RXDUHQRZUHDG\WRXVHWKHWDEOHWFRPSXWHUDVDQRWHERRNFRPSXWHU
7KHFRPSXWHUFDQEHRSHQHGWRDZLGHUDQJHRIDQJOHVIRURSWLPDOYLHZLQJ
7RGRWKLVKROGGRZQWKHSDOPUHVWZLWKRQHKDQGVRWKDWWKHERG\RIWKH
NH\ERDUGGRFNLVQRWUDLVHGDQGVORZO\OLIWWKHWDEOHWFRPSXWHUZLWKWKH
RWKHUKDQGKROGLQJWKHFHQWHUSRVLWLRQRIWKHGLVSOD\VFUHHQDVVKRZQLQ
WKHIROORZLQJILJXUH
)LJXUH2SHQLQJWKHFRPSXWHU
&RQYHUWLQJWRSUHVHQWDWLRQWDEOHWPRGH
7RXVHWKHFRPSXWHULQSUHVHQWDWLRQRUWDEOHWPRGHGRWKHIROORZLQJ
 &KHFNWKHVHFXULW\ORFNVZLWFKRQOHIWVLGHRIWKHNH\ERDUGGRFNDQG
VOLGHLWWRWKHXQORFNHGSRVLWLRQ
8VHUV0DQXDO 
)LJXUH6OLGHWKHVHFXULW\ORFNVZLWFK
1
1
*XLGHSLQV
 7XUQWKHWDEOHWFRPSXWHUDURXQGWROHWLWVEDFNVLGHIDFH\RX+ROGERWK
VLGHVRIWKHWDEOHWFRPSXWHUDQGDOLJQWKHJXLGHSLQVRQWKHNH\ERDUG
GRFNZLWKWKHJXLGHSLQJURRYHVRQWKHERWWRPRIWKHWDEOHWFRPSXWHU
 *HQWO\SUHVVGRZQWKHWDEOHWFRPSXWHUXQWLOLWFOLFNVLQWRSODFH7KH
KRRNVRQWKHNH\ERDUGGRFNHQJDJHWKHWDEOHWFRPSXWHUDQGWKH
UHOHDVHODWFKJRHVEDFNWRWKHORFNSRVLWLRQ
)LJXUH'RFNLQJWKHWDEOHWFRPSXWHUEDFNZDUG
11
*XLGHSLQJURRYHV
8VHUV0DQXDO 
 6ORZO\IROGWKHWDEOHWFRPSXWHUGRZQWRDQRSWLPDOYLHZLQJDQJOHIRU
SUHVHQWDWLRQPRGHRUIROGGRZQIODWIRUWDEOHWPRGH
)LJXUH)ROGLQJWKHWDEOHWFRPSXWHU
1RWHVRQXVH
2SHQDQGFORVHWKHFRPSXWHUZLWKUHDVRQDEOHFDUH2SHQLQJLW
YLJRURXVO\RUVODPPLQJLWVKXWPLJKWFDXVHGDPDJH
%HFDUHIXOQRWWRRSHQWKHFRPSXWHUWRRZLGHDVLWPLJKWSXWVWUHVVRQ
WKHKLQJHVDQGFDXVHGDPDJH
0DNHVXUHWKDWWKHVHFXULW\ORFNVZLWFKLVLQORFNHGSRVLWLRQZKHQ\RX
PRYHRUFDUU\WKHFRPSXWHU
1HYHUUHPRYHWKHWDEOHWFRPSXWHUZLWKRXWXQORFNLQJE\WKHUHOHDVH
ODWFKRWKHUZLVHLWPLJKWFDXVHGDPDJH
'RQRWVOLGHWKHUHOHDVHODWFKZLWKRXWWKHWDEOHWFRPSXWHUGRFNHG
%HFDUHIXOQRWWRKXUW\RXUILQJHUVZKHQGRFNLQJWKHWDEOHWFRPSXWHUWR
WKHNH\ERDUGGRFN
7KHUHDURIWKHNH\ERDUGGRFNLVGHVLJQHGDVDIXOFUXPDQGPRYHV
VOLJKWO\XSZDUGVZKHQWKHFRPSXWHULVRSHQHG'RQRWXVHWKH
FRPSXWHURQVRIWVXUIDFHVRURQURXJKVXUIDFHVZKHUHWKHEDVHLV
YXOQHUDEOHWRVFUDWFKHV
'RQRWOLIWWKHFRPSXWHUE\WKHSDOPUHVWRQWKHNH\ERDUGGRFN)DLOXUH
WRGRVRPLJKWFDXVHGDPDJHWRWKHFRPSXWHURUUHVXOWLQPLQRULQMXU\
'RQRWSLFNXSWKHFRPSXWHUE\LWVGLVSOD\SDQHOZKHQXVLQJLQODSWRS
RUSUHVHQWDWLRQPRGH
8VHUV0DQXDO 
'RQRWFORVHWKHFRPSXWHUZLWKSHQVRUDQ\RWKHUREMHFWVOHIWLQ
EHWZHHQWKHWDEOHWFRPSXWHUDQGWKHNH\ERDUGGRFN
1HYHUWXUQWKHKLQJHVZLWKRXWWKHWDEOHWFRPSXWHUGRFNHGRWKHUZLVHLW
PLJKWFDXVHGDPDJHRUSRVVLEO\UHVXOWLQPHFKDQLFDOPDOIXQFWLRQ
'RQRWSUHVVRUSXVKZLWKH[FHVVIRUFHRQWKHGLVSOD\VFUHHQ
RWKHUZLVHWKHFRPSXWHUPLJKWEHFRPHXQVWHDG\DQGSRVVLEO\IDOORYHU
8QGRFNLQJWKHWDEOHWFRPSXWHURQO\IRU3257e*e
=W%
'RQRWXQGRFNWKHWDEOHWFRPSXWHULIWKHUHPDLQLQJSRZHURI%DWWHU\
UHIHUVWRWKHEDWWHU\SDFNLQVLGHWKHWDEOHWFRPSXWHULVRUOHVV
7RFKHFNWKHUHPDLQLQJEDWWHU\SRZHUFOLFNWKHEDWWHU\LFRQRQWKH
:LQGRZV7DVNEDU
'RQRWGRFNWKHWDEOHWFRPSXWHULPPHGLDWHO\DIWHUXQGRFNLQJRSHUDWLRQ
:DLWDWOHDVWVHFRQGV
7RXQGRFNWKHWDEOHWFRPSXWHUIURPWKHNH\ERDUGGRFNGRWKHIROORZLQJ
 'LVFRQQHFWDQGUHPRYHDOOSHULSKHUDOGHYLFHVDQGFDEOHV
,IWKHFRPSXWHUSRZHULVRQWRHQVXUHDVDIHUHPRYDOSUHVV)1(WR
FXWRIIDOOGDWDFRPPXQLFDWLRQVZLWKWKHNH\ERDUGGRFN7KHGRFNLQJ
LQGLFDWRU RQWKHULJKWVLGHRIWKHNH\ERDUGGRFNJRHVRII
8VHUV0DQXDO 
 &KHFNWKHVHFXULW\ORFNVZLWFKRQWKHOHIWVLGHRIWKHNH\ERDUGGRFN
DQGVOLGHLWWRWKHXQORFNHGSRVLWLRQ
)LJXUH6OLGHWKHVHFXULW\ORFNVZLWFK
 7XUQWKHWDEOHWFRPSXWHUWRDQXSULJKWSRVLWLRQ
 6OLGHWKHUHOHDVHODWFKWRWKHXQORFNHGSRVLWLRQDDQGVORZO\OLIWWKH
WDEOHWFRPSXWHUWRUHPRYHLWZKLOHKROGLQJGRZQWKHNH\ERDUGGRFN
E
)LJXUH8QGRFNLQJWKHWDEOHWFRPSXWHU
a
b
&RQQHFWLQJWKH$&DGDSWRU
$WWDFKWKH$&DGDSWRUZKHQ\RXZDQWWRFKDUJHWKHEDWWHU\RURSHUDWHIURP
$&SRZHU7KHEDWWHU\SDFNPXVWEHFKDUJHGEHIRUH\RXFDQRSHUDWHIURP
EDWWHU\SRZHU
7KH$&DGDSWRUFDQDXWRPDWLFDOO\DGMXVWWRDQ\YROWDJHUDQJLQJIURP
YROWVWRYROWVDQGWRDIUHTXHQF\RIHLWKHUKHUW]RUKHUW]HQDEOLQJ
\RXWRXVHWKLVFRPSXWHULQDOPRVWDQ\FRXQWU\UHJLRQ7KHDGDSWRU
8VHUV0DQXDO 
FRQYHUWV$&SRZHUWR'&SRZHUDQGUHGXFHVWKHYROWDJHVXSSOLHGWRWKLV
FRPSXWHU
$OZD\VXVHWKH726+,%$$&DGDSWRUWKDWZDVLQFOXGHGZLWK\RXU
FRPSXWHURUXVH$&DGDSWRUVVSHFLILHGE\726+,%$WRDYRLGDQ\ULVN
RIILUHRURWKHUGDPDJHWRWKHFRPSXWHU8VHRIDQLQFRPSDWLEOH$&
DGDSWRUPLJKWFDXVHILUHRUGDPDJHWRWKHFRPSXWHUSRVVLEO\UHVXOWLQJ
LQVHULRXVLQMXU\726+,%$DVVXPHVQROLDELOLW\IRUDQ\GDPDJH
FDXVHGE\XVHRIDQLQFRPSDWLEOHDGDSWRU
1HYHUSOXJWKH$&DGDSWRULQWRDSRZHUVRXUFHWKDWGRHVQRW
FRUUHVSRQGWRERWKWKHYROWDJHDQGWKHIUHTXHQF\VSHFLILHGRQWKH
UHJXODWRU\ODEHORIWKHXQLW)DLOXUHWRGRVRPLJKWUHVXOWLQDILUHRU
HOHFWULFVKRFNSRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\
$OZD\VXVHRUSXUFKDVHSRZHUFDEOHVWKDWFRPSO\ZLWKWKHOHJDO
YROWDJHDQGIUHTXHQF\VSHFLILFDWLRQVDQGUHTXLUHPHQWVLQWKHFRXQWU\
RIXVH)DLOXUHWRGRVRPLJKWUHVXOWLQDILUHRUHOHFWULFVKRFNSRVVLEO\
UHVXOWLQJLQVHULRXVLQMXU\
7KHVXSSOLHGSRZHUFRUGFRQIRUPVWRVDIHW\UXOHVDQGUHJXODWLRQVLQ
WKHUHJLRQWKHFRPSXWHULVERXJKWDQGVKRXOGQRWEHXVHGRXWVLGHWKLV
UHJLRQ)RUXVHLQRWKHUUHJLRQVEX\SRZHUFRUGVWKDWFRQIRUPWR
VDIHW\UXOHVDQGUHJXODWLRQVLQWKHSDUWLFXODUUHJLRQ
'RQRWXVHDSLQWRSLQFRQYHUVLRQSOXJ
:KHQ\RXFRQQHFWWKH$&DGDSWRUWRWKHFRPSXWHUDOZD\VIROORZWKH
VWHSVLQWKHH[DFWRUGHUDVGHVFULEHGLQWKLV8VHU¶V0DQXDO
&RQQHFWLQJWKHSRZHUFDEOHWRDOLYHHOHFWULFDORXWOHWVKRXOGEHWKHODVW
VWHSRWKHUZLVHWKHDGDSWRU'&RXWSXWSOXJPLJKWKROGDQHOHFWULFDO
FKDUJHDQGFDXVHDQHOHFWULFDOVKRFNRUPLQRUERGLO\LQMXU\ZKHQ
WRXFKHG$VDJHQHUDOVDIHW\SUHFDXWLRQDYRLGWRXFKLQJDQ\PHWDO
SDUWV
1HYHUSODFH\RXUFRPSXWHURU$&DGDSWRURQDZRRGHQVXUIDFH
IXUQLWXUHRUDQ\RWKHUVXUIDFHWKDWPLJKWEHPDUUHGE\H[SRVXUHWR
KHDWVLQFHWKHFRPSXWHUEDVHDQGWKHVXUIDFHRIWKH$&DGDSWRU
LQFUHDVHLQWHPSHUDWXUHGXULQJQRUPDOXVH
$OZD\VSODFH\RXUFRPSXWHURU$&DGDSWRURQDIODWDQGKDUGVXUIDFH
WKDWLVUHVLVWDQWWRKHDWGDPDJH
5HIHUWRWKHHQFORVHG,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUWIRU
GHWDLOHGSUHFDXWLRQVDQGKDQGOLQJLQVWUXFWLRQV
 &RQQHFWWKHSRZHUFRUGWRWKH$&DGDSWRU
)LJXUH&RQQHFWLQJWKHSRZHUFRUGWRWKH$&DGDSWRUSLQSOXJ
8VHUV0DQXDO 
)LJXUH&RQQHFWLQJWKHSRZHUFRUGWRWKH$&DGDSWRUSLQSOXJ
(LWKHUDSLQRUSLQDGDSWRUFRUGLVLQFOXGHGZLWKWKHFRPSXWHU
GHSHQGLQJRQWKHPRGHO
 &RQQHFWWKH'&RXWSXWSOXJRIWKH$&DGDSWRUWRWKH'&,19MDFN
)LJXUH&RQQHFWLQJWKH'&RXWSXWSOXJWRWKHWDEOHWFRPSXWHU
2
1
)LJXUH&RQQHFWLQJWKH'&RXWSXWSOXJWRWKHNH\ERDUGGRFN
12
'&,19MDFN '&RXWSXWSOXJ
 3OXJWKHSRZHUFRUGLQWRDOLYHZDOORXWOHW7KH%DWWHU\6HFRQG
%DWWHU\LQGLFDWRUJORZV
:KHQ\RXFRQQHFWWKH$&DGDSWRUWRWKH'&,19MDFNRQWKHNH\ERDUG
GRFNWKHVHFRQGEDWWHU\SDFNLQVLGHWKHNH\ERDUGGRFNDOVREHJLQV
FKDUJLQJ,WPLJKWWDNHORQJHUWRIXOO\FKDUJHWKHVHFRQGEDWWHU\SDFN
GHSHQGLQJRQWKHUHPDLQLQJV\VWHPSRZHU
<RXFDQFKDUJHRQO\WKHVHFRQGEDWWHU\SDFNZLWKRXWGRFNLQJWKHWDEOHW
FRPSXWHU
8VHUV0DQXDO 
7XUQLQJRQWKHSRZHU
3UHVVWKH3RZHUEXWWRQWRWXUQRQWKHSRZHUDQGWKH3RZHULQGLFDWRU
LQGLFDWHVWKHVWDWXV5HIHUWRWKH3RZHU&RQGLWLRQ'HVFULSWLRQVVHFWLRQIRU
PRUHLQIRUPDWLRQ
)LJXUH7XUQLQJRQWKHSRZHU
1
3RZHUEXWWRQ
$IWHU\RXWXUQRQWKHSRZHUIRUWKHILUVWWLPHGRQRWWXUQLWRIIXQWLO\RX
KDYHVHWXSWKHRSHUDWLQJV\VWHP
9ROXPHFDQQRWEHDGMXVWHGGXULQJ:LQGRZV6HWXS
'RQRWWRXFKWKHGLVSOD\VFUHHQZKLOHWXUQLQJRQWKHFRPSXWHU
,QLWLDOVHWXS
7KH:LQGRZV6WDUWXS6FUHHQLVWKHILUVWVFUHHQGLVSOD\HGZKHQ\RXWXUQRQ
WKHSRZHU7RLQVWDOOWKHRSHUDWLQJV\VWHPSURSHUO\IROORZWKHRQVFUHHQ
LQVWUXFWLRQVRQHDFKVFUHHQ
:KHQLWLVGLVSOD\HGEHVXUHWRUHDGWKH/LFHQVH7HUPVFDUHIXOO\
*HWWLQJWRNQRZ:LQGRZV
)RUGHWDLOHGLQIRUPDWLRQRQZKDWLVQHZDQGKRZWRRSHUDWH:LQGRZVUHIHU
WRWKH:LQGRZV+HOSDQG6XSSRUW
6WDUWVFUHHQ
7KH6WDUWVFUHHQLVWKHODXQFKLQJSDGIRUHYHU\WKLQJ\RXFDQGRLQWKH
:LQGRZVRSHUDWLQJV\VWHPSURYLGLQJQHZDQGHDV\ZD\VWRDFFHVV
8VHUV0DQXDO 
HYHU\WKLQJIURP\RXUIDYRULWHDSSVDQGZHEVLWHVWR\RXUFRQWDFWVDQGRWKHU
LPSRUWDQWLQIRUPDWLRQ
)URPWKH6WDUWVFUHHQ\RXFDQVWDUWW\SLQJWRVHDUFKIRUZKDW\RXZDQW
)URPWKHUH\RXFDQHDVLO\VZLWFKEHWZHHQUHVXOWVIRUDSSVILOHVDQG
PRUH
:LQGRZV7DVNEDU
3RLQWWRWKHERWWRPHGJHWRVKRZWKH:LQGRZV7DVNEDURQWKH6WDUW
VFUHHQ,I\RX¶YHPRYHGWKH:LQGRZV7DVNEDUWRDQRWKHUHGJHSRLQW
WKHUH
<RXFDQVHHDOORI\RXUUHFHQWO\XVHGDSSVRQWKH:LQGRZV7DVNEDU
3RZHU2SWLRQVLFRQ
7KH6WDUWVFUHHQSURYLGHV\RXDFRQYHQLHQWZD\WRHQWHUWKH6KXW'RZQ
6OHHS+LEHUQDWLRQ0RGH<RXFDQMXVWFOLFNWKHSRZHULFRQ RQWKH
XSSHUULJKWRIWKH6WDUWVFUHHQDQGWKHQVHOHFWWKHPRGH\RXZDQW
&KDUPV
8VHWKH:LQGRZVFKDUPVWRVWDUWDSSVILQGGRFXPHQWVVHWXSV\VWHP
FRPSRQHQWVDQGSHUIRUPPRVWRWKHUFRPSXWLQJWDVNV
%\SRLQWLQJWKHPRXVHSRLQWHUWRWKHXSSHURUORZHUULJKWFRUQHURI\RXU
VFUHHQ\RXFDQILQGDOLVWRIFKDUPV6HDUFK6KDUH6WDUW'HYLFHVDQG
6HWWLQJV
6HDUFK 7KLVFKDUPDOORZV\RXWRVHDUFK\RXUFRPSXWHU
DSSVVHWWLQJVDQGILOHVWKHZHERUZLWKLQDQ
DSS<RXFDQDOVRILQGWKH6HDUFKLFRQRQWKH
XSSHUULJKWRIWKH6WDUWVFUHHQ
6KDUH 7KLVFKDUPDOORZV\RXWRVKDUHLWHPVOLQNV
SKRWRVDQGPRUH
6WDUW 7KLVFKDUPWDNHV\RXWRWKH6WDUWVFUHHQRULI
DOUHDG\RQWKH6WDUWVFUHHQUHWXUQV\RXWR\RXU
ODVWDSS
'HYLFHV 7KLVFKDUPDOORZV\RXWRPDQDJH\RXUKDUGZDUH
6HWWLQJV 7KLVFKDUPDOORZV\RXWRDFFHVV\RXUFRPSXWHU
VHWWLQJVYROXPHEULJKWQHVVFRQQHFWLQJWRWKH
,QWHUQHWDQGPRUH
8VHUV0DQXDO 
7LOHV
7LOHVFDQEHDFFHVVHGDQGODXQFKHGIURPWKH6WDUWVFUHHQ
7\SLFDO6WDUWVFUHHQWLOHVDUHWKH'HVNWRSWLOHDQG0DLOWLOHDVZHOODVWLOHV
UHSUHVHQWLQJDOORWKHUDSSOLFDWLRQVGRZQORDGHGWR\RXUV\VWHP
:LQGRZV6WRUH
$OWKRXJKPDQ\DSSOLFDWLRQVDUHSUHLQVWDOOHGRUEXLOWLQWR\RXUFRPSXWHU
\RXFDQDOVRGRZQORDGPDQ\RWKHUDSSOLFDWLRQVDWWKHFOLFNRI\RXUPRXVH
,QWKH:LQGRZV6WRUH\RXFDQVHDUFKIRUDQGEURZVHWKRXVDQGVRIDSSV
DOOJURXSHGLQWRHDV\WRILQGFDWHJRULHV
6LJQLQRSWLRQV
:LQGRZVRIIHUVDQXPEHURIVLJQLQRSWLRQVLQFOXGLQJ3DVVZRUG 
3,1 DQG3LFWXUHSDVVZRUG DXWKHQWLFDWLRQWRSUHYHQWIURP
XQDXWKRUL]HGDFFHVV,I\RXKDYHPXOWLSOHVLJQLQPHWKRGVVHWIRUDXVHU
DFFRXQW\RXFDQVHOHFWDQRSWLRQRQWKH:LQGRZVORJLQVFUHHQE\FOLFNLQJ
VLJQLQRSWLRQV3DVVZRUGDXWKHQWLFDWLRQLVWKHGHIDXOWVLJQLQRSWLRQ
726+,%$DOVRSURYLGHVDGYDQFHGVLJQLQRSWLRQVVXFKDV$FFHVV&RGH
YHULILFDWLRQ)RUPRUHLQIRUPDWLRQUHIHUWR&KDSWHU8WLOLWLHV
7XUQLQJRIIWKHSRZHU
7KHSRZHUFDQEHWXUQHGRIILQRQHRIWKHIROORZLQJPRGHVHLWKHU6KXW
'RZQ0RGH6OHHS0RGHRU+LEHUQDWLRQ0RGH
6KXW'RZQ0RGH
:KHQ\RXWXUQRIIWKHSRZHULQ6KXW'RZQ0RGHQRGDWDZLOOEHVDYHG
DQGWKHFRPSXWHUZLOOERRWWRWKHPDLQVFUHHQRIWKHRSHUDWLQJV\VWHPWKH
QH[WWLPHLWLVWXUQHGRQ
 ,I\RXKDYHHQWHUHGGDWDHLWKHUVDYHLWWRWKHLQWHUQDOVWRUDJHRUWR
RWKHUVWRUDJHPHGLD
 0DNHVXUHDOOGLVNGLVFDFWLYLW\KDVVWRSSHGEHIRUHUHPRYLQJWKHGLVN
GLVF
,I\RXWXUQRIIWKHSRZHUZKLOHDGLVNGLVFLVEHLQJDFFHVVHG\RX
PLJKWORVHGDWDRUGDPDJHWKHGLVN
1HYHUWXUQRIIWKHSRZHUZKLOHDQDSSOLFDWLRQLVUXQQLQJ)DLOXUHWRGR
VRFDQFDXVHGDWDORVV
1HYHUWXUQRIIWKHSRZHUGLVFRQQHFWDQH[WHUQDOVWRUDJHGHYLFHRU
UHPRYHVWRUDJHPHGLDGXULQJGDWDUHDGZULWH)DLOXUHWRGRVRFDQ
FDXVHGDWDORVV
8VHUV0DQXDO 
 &OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGWKHQVHOHFW6KXW
GRZQ
 7XUQRIIDQ\SHULSKHUDOGHYLFHVFRQQHFWHGWR\RXUFRPSXWHU
'RQRWWXUQWKHFRPSXWHURUSHULSKHUDOGHYLFHVEDFNRQLPPHGLDWHO\:DLW
DVKRUWSHULRGWRDYRLGDQ\SRWHQWLDOGDPDJH
5HVWDUWLQJWKHFRPSXWHU
&HUWDLQFRQGLWLRQVUHTXLUHWKDW\RXUHVHWWKHFRPSXWHUIRUH[DPSOHLI
<RXFKDQJHFHUWDLQFRPSXWHUVHWWLQJV
7RUHVWDUWWKHFRPSXWHUWKHUHDUHVHYHUDOZD\VWKLVFDQEHDFKLHYHG
&OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGWKHQVHOHFW5HVWDUW
,QWKH6HWWLQJVFKDUPFOLFN3RZHUDQGWKHQVHOHFW5HVWDUW
3UHVV&75/$/7DQG'(/VLPXOWDQHRXVO\RQFHWRGLVSOD\WKH
PHQXZLQGRZDQGWKHQVHOHFW5HVWDUWE\FOLFNLQJWKHSRZHULFRQ 
LQWKHORZHUULJKWFRUQHU
6OHHS0RGH
,I\RXKDYHWRLQWHUUXSW\RXUZRUN\RXDUHDEOHWRWXUQRIIWKHSRZHUZLWKRXW
H[LWLQJIURP\RXUVRIWZDUHE\SODFLQJWKHFRPSXWHULQWR6OHHS0RGH,QWKLV
PRGHGDWDLVPDLQWDLQHGLQWKHPDLQPHPRU\RIWKHFRPSXWHU:KHQ\RX
WXUQRQWKHSRZHUDJDLQ\RXFDQFRQWLQXHZRUNLQJULJKWZKHUH\RXOHIWRII
:KHQ\RXKDYHWRWXUQRII\RXUFRPSXWHUDERDUGDQDLUFUDIWRULQSODFHV
ZKHUHHOHFWURQLFGHYLFHVDUHUHJXODWHGRUFRQWUROOHGDOZD\VVKXWGRZQWKH
FRPSXWHU7KLVLQFOXGHVWXUQLQJRIIDQ\ZLUHOHVVFRPPXQLFDWLRQ
IXQFWLRQDOLWLHVDQGFDQFHOLQJVHWWLQJVWKDWUHDFWLYDWHWKHFRPSXWHU
DXWRPDWLFDOO\VXFKDVDWLPHUUHFRUGLQJIXQFWLRQ)DLOXUHWRVKXWGRZQWKH
FRPSXWHULQWKLVZD\PLJKWDOORZWKHRSHUDWLQJV\VWHPWRUHDFWLYDWHDQGUXQ
SUHSURJUDPPHGWDVNVRUSUHVHUYHXQVDYHGGDWDZKLFKPLJKWLQWHUIHUH
ZLWKDYLDWLRQRURWKHUV\VWHPVSRVVLEO\FDXVLQJVHULRXVLQMXU\
%HIRUHHQWHULQJ6OHHS0RGHEHVXUHWRVDYH\RXUGDWD
7RSUHYHQWGDWDORVVGRQRWVZLWFKWR6OHHS0RGHZKLOHWUDQVIHUULQJ
GDWDWRH[WHUQDOPHGLDVXFKDV86%GHYLFHVPHPRU\PHGLDRURWKHU
H[WHUQDOPHPRU\GHYLFHV
:KHQWKH$&DGDSWRULVFRQQHFWHGWKHFRPSXWHUZLOOJRLQWR6OHHS
0RGHDFFRUGLQJWRWKHVHWWLQJVLQWKH3RZHU2SWLRQVWRDFFHVVLW
FOLFN&RQWURO3DQHO!6\VWHPDQG6HFXULW\!3RZHU2SWLRQV
XQGHU:LQGRZV6\VWHPLQWKH$SSVYLHZ
8VHUV0DQXDO 
7RUHVWRUHWKHRSHUDWLRQRIWKHFRPSXWHUIURP6OHHS0RGHSUHVVDQG
KROGWKHSRZHUEXWWRQRUDQ\NH\RQWKHNH\ERDUGIRUDVKRUWDPRXQW
RIWLPH1RWHWKDWNH\ERDUGNH\VFDQRQO\EHXVHGLIWKH:DNHXSRQ
.H\ERDUGRSWLRQLVHQDEOHGZLWKLQWKH726+,%$6\VWHP6HWWLQJV
,IWKHFRPSXWHUHQWHUV6OHHS0RGHZKLOHDQHWZRUNDSSOLFDWLRQLV
DFWLYHWKHDSSOLFDWLRQPLJKWQRWEHUHVWRUHGZKHQWKHFRPSXWHULV
QH[WWXUQHGRQDQGWKHV\VWHPUHWXUQVIURP6OHHS0RGH
7RSUHYHQWWKHFRPSXWHUIURPDXWRPDWLFDOO\HQWHULQJ6OHHS0RGH
GLVDEOH6OHHS0RGHZLWKLQWKH3RZHU2SWLRQV
7RXVHWKH+\EULG6OHHSIXQFWLRQFRQILJXUHLWLQWKH3RZHU2SWLRQV
%HQHILWVRI6OHHS0RGH
7KH6OHHS0RGHIHDWXUHSURYLGHVWKHIROORZLQJEHQHILWV
5HVWRUHVWKHSUHYLRXVZRUNLQJHQYLURQPHQWPRUHUDSLGO\WKDQWKH
+LEHUQDWLRQ0RGHIHDWXUH
6DYHVSRZHUE\VKXWWLQJGRZQWKHV\VWHPZKHQWKHFRPSXWHU
UHFHLYHVQRLQSXWRUKDUGZDUHDFFHVVIRUWKHWLPHSHULRGVHWE\WKH
6\VWHP6OHHS0RGHIHDWXUH
$OORZVWKHXVHRIWKHSDQHOSRZHURIIIHDWXUH
([HFXWLQJ6OHHS0RGH
<RXFDQHQWHU6OHHS0RGHLQRQHRIIROORZLQJZD\V
&OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGWKHQVHOHFW6OHHS
,QWKH6HWWLQJVFKDUPFOLFN3RZHUDQGWKHQVHOHFW6OHHS
&ORVHWKHGLVSOD\SDQHO1RWHWKDWWKLVIHDWXUHPXVWEHHQDEOHGZLWKLQ
WKH3RZHU2SWLRQV
3UHVVWKHSRZHUEXWWRQ1RWHWKDWWKLVIHDWXUHPXVWEHHQDEOHGZLWKLQ
WKH3RZHU2SWLRQV
:KHQ\RXWXUQWKHSRZHUEDFNRQ\RXFDQFRQWLQXHZKHUH\RXOHIWRII
ZKHQ\RXVKXWGRZQWKHFRPSXWHU
:KHQWKHFRPSXWHULVLQ6OHHS0RGHWKH3RZHULQGLFDWRUEOLQNVZKLWH
,I\RXDUHRSHUDWLQJWKHFRPSXWHURQEDWWHU\SRZHU\RXFDQOHQJWKHQ
WKHRYHUDOORSHUDWLQJWLPHE\WXUQLQJLWRIILQWR+LEHUQDWLRQ0RGH6OHHS
0RGHFRQVXPHVPRUHSRZHUZKLOHWKHFRPSXWHULVRII
6OHHS0RGHOLPLWDWLRQV
6OHHS0RGHZLOOQRWIXQFWLRQXQGHUWKHIROORZLQJFRQGLWLRQV
3RZHULVWXUQHGEDFNRQLPPHGLDWHO\DIWHUVKXWWLQJGRZQ
0HPRU\FLUFXLWVDUHH[SRVHGWRVWDWLFHOHFWULFLW\RUHOHFWULFDOQRLVH
8VHUV0DQXDO 
+LEHUQDWLRQ0RGH
7KH+LEHUQDWLRQ0RGHIHDWXUHVDYHVWKHFRQWHQWVRIPHPRU\WRWKHLQWHUQDO
VWRUDJHZKHQWKHFRPSXWHULVWXUQHGRIIVRWKDWWKHQH[WWLPHLWLVWXUQHG
RQWKHSUHYLRXVVWDWHLVUHVWRUHG1RWHWKDWWKH+LEHUQDWLRQ0RGHIHDWXUH
GRHVQRWVDYHWKHVWDWXVRIDQ\SHULSKHUDOGHYLFHVFRQQHFWHGWRWKH
FRPSXWHU
6DYH\RXUGDWD:KLOHHQWHULQJ+LEHUQDWLRQ0RGHWKHFRPSXWHUVDYHV
WKHFRQWHQWVRIPHPRU\WRWKHLQWHUQDOVWRUDJH+RZHYHUIRUVDIHW\
VDNHLWLVEHVWWRVDYH\RXUGDWDPDQXDOO\
'DWDZLOOEHORVWLI\RXGLVFRQQHFWWKH$&DGDSWRUEHIRUHWKHVDYHLV
FRPSOHWHG
7RSUHYHQWGDWDORVVGRQRWVZLWFKWR+LEHUQDWLRQ0RGHZKLOH
WUDQVIHUULQJGDWDWRH[WHUQDOPHGLDVXFKDV86%GHYLFHVPHPRU\
PHGLDRURWKHUH[WHUQDOPHPRU\GHYLFHV
%HQHILWVRI+LEHUQDWLRQ0RGH
7KH+LEHUQDWLRQ0RGHIHDWXUHSURYLGHVWKHIROORZLQJEHQHILWV
6DYHVGDWDWRWKHLQWHUQDOVWRUDJHZKHQWKHFRPSXWHUDXWRPDWLFDOO\
VKXWVGRZQEHFDXVHRIDORZEDWWHU\FRQGLWLRQ
<RXFDQUHWXUQWR\RXUSUHYLRXVZRUNLQJHQYLURQPHQWLPPHGLDWHO\
ZKHQ\RXWXUQRQWKHFRPSXWHU
6DYHVSRZHUE\VKXWWLQJGRZQWKHV\VWHPZKHQWKHFRPSXWHU
UHFHLYHVQRLQSXWRUKDUGZDUHDFFHVVIRUWKHWLPHSHULRGVHWE\WKH
6\VWHP+LEHUQDWHIHDWXUH
$OORZVWKHXVHRIWKHSDQHOSRZHURIIIHDWXUH
6WDUWLQJ+LEHUQDWLRQ0RGH
7RHQWHU+LEHUQDWLRQ0RGHFOLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQ
DQGWKHQVHOHFW+LEHUQDWH
7RVKRZ+LEHUQDWHLQ3RZHUPHQXVHWXSDFFRUGLQJWRWKHIROORZLQJ
VWHSV
&OLFN&RQWURO3DQHO!6\VWHPDQG6HFXULW\!3RZHU2SWLRQVXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
&OLFN&KRRVHZKDWWKHSRZHUEXWWRQGRHVRU&KRRVHZKDWFORVLQJ
WKHOLGGRHV
&OLFN&KDQJHVHWWLQJVWKDWDUHFXUUHQWO\XQDYDLODEOH
6HOHFWWKH+LEHUQDWHFKHFNER[IURP6KXWGRZQVHWWLQJV
&OLFNWKH6DYHFKDQJHVEXWWRQ
8VHUV0DQXDO 
$XWRPDWLF+LEHUQDWLRQ0RGH
7KHFRPSXWHUFDQEHFRQILJXUHGWRHQWHU+LEHUQDWLRQ0RGHDXWRPDWLFDOO\
ZKHQ\RXSUHVVWKHSRZHUEXWWRQRUFORVHWKHOLG7RGHILQHWKHVHVHWWLQJV
GRWKHIROORZLQJ
 &OLFN3RZHU2SWLRQVDQGWKHQFOLFN&KRRVHZKDWWKHSRZHUEXWWRQ
GRHVRU&KRRVHZKDWFORVLQJWKHOLGGRHV
 (QDEOHWKHGHVLUHG+LEHUQDWLRQ0RGHVHWWLQJVIRU:KHQ,SUHVVWKH
SRZHUEXWWRQDQG:KHQ,FORVHWKHOLG
 &OLFNWKH6DYHFKDQJHVEXWWRQ
'DWDVDYHLQ+LEHUQDWLRQ0RGH
:KHQ\RXWXUQRIIWKHSRZHULQ+LEHUQDWLRQ0RGHWKHFRPSXWHUWDNHVD
PRPHQWWRVDYHWKHFXUUHQWGDWDLQPHPRU\WRWKHLQWHUQDOVWRUDJH
$IWHU\RXWXUQRIIWKHFRPSXWHUDQGWKHFRQWHQWRIPHPRU\KDVEHHQVDYHG
WRWKHLQWHUQDOVWRUDJHWXUQRIIWKHSRZHUWRDQ\SHULSKHUDOGHYLFHV
'RQRWWXUQWKHFRPSXWHURUGHYLFHVEDFNRQLPPHGLDWHO\:DLWDPRPHQW
WROHWDOOFDSDFLWRUVIXOO\GLVFKDUJH
8VHUV0DQXDO 
&KDSWHU
7KH*UDQG7RXU
7KLVFKDSWHULGHQWLILHVWKHYDULRXVFRPSRQHQWVRIWKHFRPSXWHU,WLV
UHFRPPHQGHGWKDW\RXEHFRPHIDPLOLDUZLWKHDFKEHIRUH\RXRSHUDWHWKH
FRPSXWHU
/HJDO)RRWQRWH1RQDSSOLFDEOH,FRQV
)RUPRUHLQIRUPDWLRQUHJDUGLQJ1RQDSSOLFDEOH,FRQVUHIHUWRWKH/HJDO
)RRWQRWHVVHFWLRQ
+DQGOH\RXUFRPSXWHUFDUHIXOO\WRDYRLGVFUDWFKLQJRUGDPDJLQJWKH
VXUIDFH
7DEOHWFRPSXWHU
7KHIROORZLQJILJXUHVKRZVHVVHQWLDOFRPSRQHQWVRIWKHWDEOHWFRPSXWHU
8VHUV0DQXDO 
)LJXUH7DEOHWFRPSXWHU
:HE&DPHUDIURQW +'0,0LFURSRUW
:HE&DPHUD/('IURQW 0HPRU\PHGLDVORW
$PELHQWOLJKWVHQVRU +HDGSKRQH0LFURSKRQHFRPERMDFN
0LFURSKRQHV 5HVHUYH3HQVORW
'LVSOD\VFUHHQ 5HVHUYH3HQ
6WHUHRVSHDNHUV *XLGHSLQJURRYHV
:LQGRZVEXWWRQ +RRNJURRYHV
6,0FDUGVORW 'RFNLQJLQWHUIDFH
3RZHUEXWWRQ '&,19MDFN
)RUFHVKXWGRZQKROH :HE&DPHUD/('EDFN
9ROXPHXSGRZQEXWWRQ :HE&DPHUDEDFN
3RZHULQGLFDWRU :LUHOHVVFRPPXQLFDWLRQDQWHQQDV
QRWVKRZQ
%DWWHU\LQGLFDWRU ,'LQIRUPDWLRQ
0LFUR86%SRUW
3URYLGHGZLWKVRPHPRGHOV
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
:HE&DPHUDIURQW :HE&DPHUDLVDGHYLFHWKDWDOORZV\RXWR
UHFRUGYLGHRRUWDNHSKRWRJUDSKVZLWK\RXU
FRPSXWHU<RXFDQXVHLWIRUYLGHRFKDWWLQJRU
YLGHRFRQIHUHQFHVXVLQJDFRPPXQLFDWLRQWRRO
8VHUV0DQXDO 
'RQRWSRLQWWKHZHEFDPHUDGLUHFWO\DWWKHVXQ
'RQRWWRXFKRUSUHVVVWURQJO\RQWKHZHEFDPHUDOHQV)DLOXUHWRGR
VRPLJKWUHGXFHLPDJHTXDOLW\8VHDQH\HJODVVFOHDQHUFOHDQHU
FORWKRURWKHUVRIWFORWKWRFOHDQWKHOHQVLILWEHFRPHVGLUW\
:HE&DPHUD/('
IURQW
7KH:HE&DPHUD/('JORZVZKHQWKH:HE
&DPHUDLVRSHUDWLQJ
$PELHQWOLJKWVHQVRU $PELHQWOLJKWVHQVRUFDQGHWHFWWKHOLJKWLQWHQVLW\
RXWVLGHDQGWKHFRPSXWHUXVHVVXFKLQIRUPDWLRQ
WRDXWRPDWLFDOO\DGMXVWWKHEULJKWQHVVRIWKH
GLVSOD\VFUHHQ
'RQRWFRYHUWKHDPELHQWOLJKWVHQVRURWKHUZLVHLWPLJKWQRWZRUNSURSHUO\
0LFURSKRQHV 7KHEXLOWLQPLFURSKRQHVDOORZ\RXWRLPSRUWDQG
UHFRUGVRXQGVIRU\RXUDSSOLFDWLRQ5HIHUWRWKH
6RXQG6\VWHPDQG9LGHRPRGHVHFWLRQIRUPRUH
LQIRUPDWLRQ
'LVSOD\VFUHHQ FP/&'VFUHHQFRQILJXUHGZLWKWKH
IROORZLQJUHVROXWLRQ
)+'KRUL]RQWDO[YHUWLFDOSL[HOV
%HDZDUHWKDWZKHQWKHFRPSXWHULVRSHUDWLQJ
RQWKH$&DGDSWRUWKHLPDJHGLVSOD\HGRQWKH
LQWHUQDOVFUHHQLVVRPHZKDWEULJKWHUWKDQZKHQLW
RSHUDWHVRQEDWWHU\SRZHU7KLVGLIIHUHQFHLQ
EULJKWQHVVOHYHOVLVLQWHQGHGWRVDYHSRZHUZKHQ
RSHUDWLQJRQEDWWHULHV
/HJDO)RRWQRWH/&'
)RUPRUHLQIRUPDWLRQUHJDUGLQJ/&'UHIHUWRWKH/HJDO)RRWQRWHVVHFWLRQ
6WHUHRVSHDNHUV 7KHVSHDNHUVHPLWVRXQGJHQHUDWHGE\\RXU
VRIWZDUHDVZHOODVDXGLRDODUPVVXFKDVORZ
EDWWHU\FRQGLWLRQJHQHUDWHGE\WKHV\VWHP
:LQGRZVEXWWRQ 7DSWRRSHQWKH6WDUWVFUHHQRULIDOUHDG\RQWKH
6WDUWVFUHHQUHWXUQV\RXWR\RXUODVWDSS
8VHUV0DQXDO 
6,0&DUGVORW 7KLVVORWDOORZV\RXLQVHUWD6,0FDUGZKLFK
HQDEOHVDKLJKVSHHGDFFHVVWRWKH,QWHUQHW
FRUSRUDWH,QWUDQHWDQG\RXUHPDLOZKLOH\RXDUH
DZD\IURPRIILFH
5HIHUWRWKH:LUHOHVV:$1GHYLFHVHFWLRQIRU
PRUHLQIRUPDWLRQ
3RZHUEXWWRQ 3UHVVWKLVEXWWRQWRWXUQWKHFRPSXWHUVSRZHURQ
RURII
)RUFH6KXWGRZQKROH ,QVHUWDVOHQGHUREMHFWVXFKDVDQHHGOHLQWRWKLV
KROHWRIRUFHDVKXWGRZQZKHQWKHFRPSXWHU
KDQJV
9ROXPHXSGRZQ
EXWWRQV
3UHVVWKHEXWWRQWRLQFUHDVHRUGHFUHDVHWKH
YROXPH
3RZHULQGLFDWRU 7KH3RZHULQGLFDWRUJORZVZKLWHZKHQWKH
FRPSXWHULVWXUQHGRQ+RZHYHULI\RXWXUQWKH
FRPSXWHURIILQWR6OHHS0RGHWKLVLQGLFDWRU
EOLQNVZKLWH
%DWWHU\LQGLFDWRU 7KH%DWWHU\LQGLFDWRUVKRZVWKHFKDUJLQJ
FRQGLWLRQRIWKHEDWWHU\SDFNLQVLGHWKHWDEOHW
FRPSXWHU:KLWHLQGLFDWHVWKHEDWWHU\SDFNLV
IXOO\FKDUJHGZKLOHWKHSRZHULVEHLQJFRUUHFWO\
VXSSOLHGIURPWKH$&SRZHUDGDSWRU
5HIHUWRWKH3RZHU&RQGLWLRQ'HVFULSWLRQV
VHFWLRQIRUPRUHLQIRUPDWLRQRQWKLVIHDWXUH
0LFUR86%SRUW 2QH0LFUR86%SRUWZKLFKFRPSOLHVWRWKH86%
VWDQGDUGLVSURYLGHGRQWKHULJKWVLGHRIWKH
WDEOHWFRPSXWHU
7RFRQQHFWD86%GHYLFH\RXPXVWSXUFKDVHD
0LFUR%SOXJ6WDQGDUG$UHFHSWDFOHFDEOH
1RWHWKDWLWLVQRWSRVVLEOHWRFRQILUPWKHRSHUDWLRQRIDOOIXQFWLRQVRI
DOO86%GHYLFHVWKDWDUHDYDLODEOH6RPHIXQFWLRQVDVVRFLDWHGZLWKD
VSHFLILFGHYLFHPLJKWQRWRSHUDWHSURSHUO\
%HIRUHUHPRYLQJD86%GHYLFHIURPWKH0LFUR86%SRUWFOLFNWKH
6DIHO\5HPRYH+DUGZDUHDQG(MHFW0HGLDLFRQRQWKH:LQGRZV
7DVNEDUDQGWKHQVHOHFWWKH86%GHYLFHWKDW\RXZDQWWRUHPRYH
8VHUV0DQXDO 
%HFDUHIXOZKHQ\RXFRQQHFWDQGXVHFKXQN\86%GHYLFHVWKHWDEOHW
FRPSXWHUPLJKWEHOLIWHG$Q\SRVVLEOHVWUHVVSXWRQWKHERG\RIWKH
WDEOHWFRPSXWHUPLJKWFDXVHGDPDJH
.HHSIRUHLJQPHWDOREMHFWVVXFKDVVFUHZVVWDSOHVDQGSDSHUFOLSV
RXWRIWKH0LFUR86%SRUW)RUHLJQPHWDOREMHFWVFDQFUHDWHDVKRUW
FLUFXLWZKLFKFDQFDXVHGDPDJHDQGILUHSRVVLEO\UHVXOWLQJLQVHULRXV
LQMXU\
+'0,0LFURSRUW +'0,0LFURSRUWFDQFRQQHFWWR+'0,FDEOHZLWK
7\SH'FRQQHFWRU
$Q+'0,FDEOHVHQGVYLGHRDQGDXGLRVLJQDOV,Q
DGGLWLRQWRWKLVLWFDQVHQGDQGUHFHLYHFRQWURO
VLJQDOV
5HIHUWRWKH+'0,SRUWVHFWLRQIRUPRUH
LQIRUPDWLRQ
%HFDUHIXOZKHQ\RXFRQQHFWDQ+'0,FDEOHWKHWDEOHWFRPSXWHUPLJKWEH
OLIWHG$Q\SRVVLEOHVWUHVVSXWRQWKHERG\RIWKHWDEOHWFRPSXWHUPLJKW
FDXVHGDPDJH
0HPRU\PHGLDVORW 7KLVVORWOHWV\RXLQVHUWDPLFUR6'6'+&
6';&PHPRU\FDUG5HIHUWRWKH0HPRU\
PHGLDVHFWLRQIRUPRUHLQIRUPDWLRQ
.HHSIRUHLJQPHWDOREMHFWVVXFKDVVFUHZVVWDSOHVDQGSDSHUFOLSVRXWRI
WKH0HPRU\PHGLDVORW)RUHLJQPHWDOREMHFWVFDQFUHDWHDVKRUWFLUFXLW
ZKLFKFDQFDXVHGDPDJHDQGILUHSRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\
+HDGSKRQH
0LFURSKRQHFRPER
MDFN
$PPPLQLKHDGSKRQHPLFURSKRQHFRPER
MDFNHQDEOHVFRQQHFWLRQRIDPRQDXUDO
PLFURSKRQHRUDVWHUHRKHDGSKRQH
%HFDUHIXOZKHQ\RXFRQQHFWDQH[WHUQDOPLFURSKRQHRUKHDGSKRQHWKH
WDEOHWFRPSXWHUPLJKWEHOLIWHG$Q\SRVVLEOHVWUHVVSXWRQWKHERG\RIWKH
WDEOHWFRPSXWHUPLJKWFDXVHGDPDJH
5HVHUYH3HQVORW 7KH5HVHUYH3HQVORWSURYLGHVVWRUDJHIRUWKH
5HVHUYH3HQ
8VHUV0DQXDO 
5HVHUYH3HQ $5HVHUYH3HQLVVWRUHGLQWKHWDEOHWFRPSXWHU
DQGHQDEOHVGLUHFWGDWDHQWU\WKURXJKWKHGLVSOD\
VFUHHQ
6RPHPRGHOVDUHSURYLGHGZLWKD5HVHUYH3HQ
5HIHUWRWKH6W\OXV3HQDQG5HVHUYH3HQVHFWLRQ
IRUPRUHLQIRUPDWLRQ
0DNHVXUHWKDWWKH5HVHUYH3HQLVIXOO\LQVHUWHGLQWRWKH5HVHUYH3HQVORW
EHIRUHGRFNLQJWKHWDEOHWFRPSXWHU
*XLGHSLQJURRYHV 'HVLJQHGWRHQJDJHWKHJXLGHSLQVRQWKH
NH\ERDUGGRFN
+RRNJURRYHV 'HVLJQHGWRHQJDJHWKHKRRNVRQWKHNH\ERDUG
GRFN
'RFNLQJLQWHUIDFH 'HVLJQHGWRHQJDJHWKHGRFNLQJFRQQHFWRURQ
WKHNH\ERDUGGRFN
'&,19MDFN 7KH$&DGDSWRUFRQQHFWVWRWKLVMDFNLQRUGHUWR
SRZHUWKHFRPSXWHUDQGFKDUJHLWVLQWHUQDO
EDWWHU\SDFN1RWHWKDW\RXPXVWRQO\XVHWKH
PRGHORI$&DGDSWRUVXSSOLHGZLWKWKHFRPSXWHU
DWWKHWLPHRISXUFKDVH8VLQJWKHZURQJ$&
DGDSWRUFDQGDPDJHWKHFRPSXWHU
7KHWDEOHWFRPSXWHUFDQQRWEHGRFNHGZKHQWKH
$&DGDSWRULVFRQQHFWHG
:HE&DPHUD/('
EDFN
7KH:HE&DPHUD/('JORZVZKHQWKH:HE
&DPHUDLVRSHUDWLQJ
:HE&DPHUDEDFN <RXUFRPSXWHULVDOVRHTXLSSHGZLWKDEDFN:HE
&DPHUDXVHGIRUUHFRUGLQJYLGHRRUWDNLQJ
SKRWRJUDSKV
'RQRWSRLQWWKHZHEFDPHUDGLUHFWO\DWWKHVXQ
'RQRWWRXFKRUSUHVVVWURQJO\RQWKHZHEFDPHUDOHQV)DLOXUHWRGR
VRPLJKWUHGXFHLPDJHTXDOLW\8VHDQH\HJODVVFOHDQHUFOHDQHU
FORWKRURWKHUVRIWFORWKWRFOHDQWKHOHQVLILWEHFRPHVGLUW\
:LUHOHVV
FRPPXQLFDWLRQ
DQWHQQDV
'HSHQGLQJRQWKHFRQILJXUDWLRQRI\RXU
FRPSXWHURQHRIWKHIROORZLQJDQWHQQDVDUHEXLOW
LQ
:LUHOHVV/$1%OXHWRRWK
:LUHOHVV:$1:LUHOHVV/$1%OXHWRRWK
8VHUV0DQXDO 
/HJDO)RRWQRWH:LUHOHVV/$1
)RUPRUHLQIRUPDWLRQUHJDUGLQJ:LUHOHVV/$1UHIHUWRWKH/HJDO)RRWQRWHV
VHFWLRQ
,'LQIRUPDWLRQ 7KHUHJXODWRU\LQIRUPDWLRQDSSOLFDEOHWR\RXU
FRPSXWHUFDQEHLGHQWLILHGKHUH
726+,%$.H\ERDUG'RFN
)URQWYLHZ
7KHIROORZLQJILJXUHVKRZVWKHIURQWRIWKHNH\ERDUGGRFN
)LJXUH)URQWYLHZRIWKHNH\ERDUGGRFN
11
10
9
8
6
2
4
3
4
51
7
7RXFK3DG $FFX3RLQW
7RXFK3DG212))LFRQ 5HOHDVHODWFK
726+,%$HFRLFRQ 'RFNLQJFRQQHFWRUV
7RXFK3DGFRQWUROEXWWRQV +RRNV
$FFX3RLQWFRQWUROEXWWRQV *XLGHSLQV
.H\ERDUG
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
7RXFK3DG 7KH7RXFK3DGORFDWHGLQWKHSDOPUHVWLVXVHG
WRFRQWUROWKHPRYHPHQWRIWKHRQVFUHHQSRLQWHU
7RXVHWKH7RXFK3DGVLPSO\WRXFKDQGPRYH
\RXUILQJHUWLSDFURVVLWLQWKHGLUHFWLRQ\RXZDQW
WKHRQVFUHHQSRLQWHUWRJR
7RXFK3DG212))
LFRQ
'RXEOHWDSWRHQDEOHGLVDEOHWKH7RXFK3DG
726+,%$HFRLFRQ 'RXEOHWDSWRHQDEOHGLVDEOH726+,%$HFR
8WLOLW\
8VHUV0DQXDO 
7RXFK3DGFRQWURO
EXWWRQV
7RXFK3DGFRQWUROEXWWRQVDUHXVHGOLNHWKH
EXWWRQVRQDVWDQGDUGPRXVH&OLFNWKHOHIW
EXWWRQWRVHOHFWDPHQXLWHPRUWRPDQLSXODWHWH[W
RUJUDSKLFVGHVLJQDWHGE\WKHSRLQWHUDQGFOLFN
WKHULJKWEXWWRQWRGLVSOD\DPHQXRURWKHU
IXQFWLRQGHSHQGLQJRQWKHVRIWZDUH\RXDUH
XVLQJ
$FFX3RLQWFRQWURO
EXWWRQV
$FFX3RLQWFRQWUROEXWWRQVDOORZ\RXWRVHOHFW
PHQXLWHPVRUPDQLSXODWHWH[WVDQGJUDSKLFVDV
GHVLJQDWHGE\WKHRQVFUHHQSRLQWHU
5HIHUWRWKH$FFX3RLQWVHFWLRQIRUPRUH
LQIRUPDWLRQ
.H\ERDUG .H\ERDUGFRQWDLQVFKDUDFWHUNH\VFRQWURONH\V
IXQFWLRQNH\VDQGVSHFLDO:LQGRZVNH\V
5HIHUWR7KH.H\ERDUGVHFWLRQIRUPRUH
LQIRUPDWLRQ
$FFX3RLQW $SRLQWHUFRQWUROGHYLFHLQWKHFHQWHURIWKH
NH\ERDUGLVXVHGWRFRQWUROWKHRQVFUHHQ
SRLQWHU
5HIHUWRWKH$FFX3RLQWVHFWLRQIRUPRUH
LQIRUPDWLRQ
+RRNV +RRNVVHFXUHWKHSK\VLFDOFRQQHFWLRQEHWZHHQ
WKHWDEOHWFRPSXWHUDQGWKHNH\ERDUGGRFN
*XLGHSLQV *XLGHSLQVPDNHLWHDV\IRU\RXWRDOLJQWKHWDEOHW
FRPSXWHUZLWKWKHNH\ERDUGGRFN7KH\DOVR
VHFXUHWKHSK\VLFDOFRQQHFWLRQEHWZHHQWKHP
'RFNLQJFRQQHFWRUV 'RFNLQJFRQQHFWRUVHVWDEOLVKWKHGDWD
FRPPXQLFDWLRQVZLWKWKHWDEOHWFRPSXWHU
/HIWVLGH
7KHIROORZLQJILJXUHVKRZVWKHOHIWVLGHRIWKHNH\ERDUGGRFN
)LJXUH7KHOHIWVLGHRIWKHNH\ERDUGGRFN
432
1
6HFXULW\ORFNVORW ([WHUQDO5*%PRQLWRUSRUW
6HFXULW\ORFNVZLWFK +'0,RXWSRUW
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
8VHUV0DQXDO 
6HFXULW\ORFNVORW $VHFXULW\FDEOHFDQEHDWWDFKHGWRWKLVVORWDQG
WKHQFRQQHFWHGWRDGHVNRURWKHUODUJHREMHFWLQ
RUGHUWRGHWHUWKHIWRIWKHFRPSXWHU
6HFXULW\ORFNVZLWFK :KHQWKLVVZLWFKLVLQWKHORFNHGSRVLWLRQ 
WKHUHOHDVHODWFKFDQQRWEHVOLGHG
([WHUQDO5*%PRQLWRU
SRUW
7KLVSRUWSURYLGHVSLQDQDORJ5*%SRUW
5HIHUWRWKH([WHUQDO5*%PRQLWRUSRUWSLQ
DVVLJQPHQWVHFWLRQIRUPRUHLQIRUPDWLRQRQ
H[WHUQDO5*%PRQLWRUSRUWSLQDVVLJQPHQW
7KLVSRUWDOORZV\RXWRFRQQHFWDQH[WHUQDO5*%
PRQLWRUWRWKHFRPSXWHU
+'0,RXWSRUW +'0,RXWSRUWFDQFRQQHFWZLWK7\SH$
FRQQHFWRU+'0,FDEOH
5LJKWVLGH
7KHIROORZLQJILJXUHVKRZVWKHULJKWVLGHRIWKHNH\ERDUGGRFN
)LJXUH7KHULJKWVLGHRIWKHNH\ERDUGGRFN
543
1 1 2
8QLYHUVDO6HULDO%XV86%SRUWV 6HFRQG%DWWHU\LQGLFDWRU
/$1MDFN '&,19MDFN
'RFNLQJLQGLFDWRU
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
8QLYHUVDO6HULDO%XV
86%SRUW
7ZR8QLYHUVDO6HULDO%XVSRUWVZKLFKFRPSO\WR
WKH86%VWDQGDUGDUHSURYLGHGRQWKHULJKW
VLGHRIWKHNH\ERDUGGRFN
7KH86%SRUWLVFRPSOLDQWZLWK86%
VWDQGDUGDQGEDFNZDUGFRPSDWLEOHZLWK86%
GHYLFHV
86%SRUWVPLJKWZRUNDV86%SRUWVZKHQRSHUDWLQJLQ86%
/HJDF\(PXODWLRQPRGH
8VHUV0DQXDO 
1RWHWKDWLWLVQRWSRVVLEOHWRFRQILUPWKHRSHUDWLRQRIDOOIXQFWLRQVRI
DOO86%GHYLFHVWKDWDUHDYDLODEOH6RPHIXQFWLRQVDVVRFLDWHGZLWKD
VSHFLILFGHYLFHPLJKWQRWRSHUDWHSURSHUO\
%HIRUHUHPRYLQJD86%GHYLFHIURPWKH86%SRUWRI\RXUFRPSXWHU
FOLFNWKH6DIHO\5HPRYH+DUGZDUHDQG(MHFW0HGLDLFRQRQWKH
:LQGRZV7DVNEDUDQGWKHQVHOHFWWKH86%GHYLFHWKDW\RXZDQWWR
UHPRYH
.HHSIRUHLJQPHWDOREMHFWVVXFKDVVFUHZVVWDSOHVDQGSDSHUFOLSVRXWRI
WKH86%SRUW)RUHLJQPHWDOREMHFWVFDQFUHDWHDVKRUWFLUFXLWZKLFKFDQ
FDXVHGDPDJHDQGILUHSRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\
/$1MDFN 7KLVMDFNDOORZV\RXWRFRQQHFWWRD/$17KH
DGDSWRUKDVEXLOWLQVXSSRUWIRU(WKHUQHW/$1
PHJDELWVSHUVHFRQG%$6(7RU)DVW
(WKHUQHW/$1PHJDELWVSHUVHFRQG
%$6(7;DQG*LJDELW(WKHUQHW/$1
PHJDELWVSHUVHFRQG%$6(75HIHUWR
/$1VHFWLRQIRUPRUHLQIRUPDWLRQ
'RQRWFRQQHFWDQ\FDEOHRWKHUWKDQD/$1FDEOHWRWKH/$1MDFN,WPLJKW
FDXVHGDPDJHRUPDOIXQFWLRQ
'RFNLQJLQGLFDWRU 7KH'RFNLQJLQGLFDWRUJORZVZKLWHZKHQGDWD
FRPPXQLFDWLRQVEHWZHHQWKHNH\ERDUGGRFNDQG
WKHWDEOHWFRPSXWHUDUHVXFFHVVIXOO\HVWDEOLVKHG
DQGLQJRRGFRQGLWLRQ
6HFRQG%DWWHU\
LQGLFDWRU
7KH6HFRQG%DWWHU\LQGLFDWRUVKRZVWKH
FKDUJLQJFRQGLWLRQRIWKHEDWWHU\SDFNLQVLGHWKH
NH\ERDUGGRFN:KLWHLQGLFDWHVWKHEDWWHU\SDFN
LVIXOO\FKDUJHGZKLOHWKHSRZHULVEHLQJFRUUHFWO\
VXSSOLHGIURPWKH$&SRZHUDGDSWRU
6RPHPRGHOVDUHHTXLSSHGZLWKDVHFRQG
EDWWHU\SDFN
5HIHUWRWKH3RZHU&RQGLWLRQ'HVFULSWLRQV
VHFWLRQIRUPRUHLQIRUPDWLRQRQWKLVIHDWXUH
'&,19MDFN 7KH$&DGDSWRUFRQQHFWVWRWKLVMDFNLQRUGHUWR
SRZHUWKHFRPSXWHUDQGFKDUJHLWVLQWHUQDO
EDWWHU\1RWHWKDW\RXPXVWRQO\XVHWKHPRGHORI
$&DGDSWRUVXSSOLHGZLWKWKHFRPSXWHUDWWKH
WLPHRISXUFKDVH8VLQJWKHZURQJ$&DGDSWRU
FDQGDPDJHWKHFRPSXWHU
8VHUV0DQXDO 
8QGHUVLGH
7KHIROORZLQJILJXUHVVKRZWKHXQGHUVLGHRIWKHNH\ERDUGGRFN
)LJXUH7KHXQGHUVLGHRIWKHNH\ERDUGGRFN
1
5HVHWEXWWRQ
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
5HVHWEXWWRQ ,I\RXUNH\ERDUGGRFNLVHTXLSSHGZLWKDEDWWHU\
SDFNDQGLVQRWZRUNLQJFRUUHFWO\VXFKDVZKHQ
WKHNH\ERDUGRUWKH7RXFK3DGGRHVQRWUHVSRQG
WR\RXUFRPPDQGGRWKHIROORZLQJ
 7XUQRIIWKHSRZHUDQGXQGRFNWKHWDEOHW
FRPSXWHU
 ,QVHUWDVOHQGHUREMHFWVXFKDVDQHHGOH
LQWRWKLVKROHWRIRUFHUHVHWWKHNH\ERDUG
GRFN
 'RFNWKHWDEOHWFRPSXWHUDQGWXUQRQWKH
SRZHU
,QWHUQDO+DUGZDUH&RPSRQHQWV
7KLVVHFWLRQGHVFULEHVWKHLQWHUQDOKDUGZDUHFRPSRQHQWVRI\RXUFRPSXWHU
7KHDFWXDOVSHFLILFDWLRQVPLJKWYDU\GHSHQGLQJRQWKHPRGHO\RX
SXUFKDVHG
8VHUV0DQXDO 
%DWWHU\SDFN 7KHWDEOHWFRPSXWHULQFOXGHVDEDWWHU\SDFN
LQVLGH7KHNH\ERDUGGRFNPLJKWLQFOXGHD
VHFRQGEDWWHU\SDFNLQVLGHGHSHQGLQJRQWKH
PRGHO\RXSXUFKDVHG
'RQRWDWWHPSWWRGLVPRXQWRUUHSODFHWKHEDWWHU\
SDFNE\\RXUVHOI&RQWDFWDQDXWKRUL]HG
726+,%$VHUYLFHSURYLGHULIQHFHVVDU\
7KHUHFKDUJHDEOHOLWKLXPSRO\PHUEDWWHU\SDFN
SURYLGHVSRZHUWRWKHFRPSXWHUZKHQWKH$&
DGDSWRULVQRWFRQQHFWHG
)RUPRUHGHWDLOHGLQIRUPDWLRQRQWKHXVHDQG
RSHUDWLRQRIWKHEDWWHU\SDFNUHIHUWRWKH%DWWHU\
VHFWLRQ
/HJDO)RRWQRWH%DWWHU\/LIH
)RUPRUHLQIRUPDWLRQUHJDUGLQJ%DWWHU\/LIHUHIHUWRWKH/HJDO)RRWQRWHV
VHFWLRQ
&38 7KHSURFHVVRUW\SHYDULHVGHSHQGLQJRQPRGHO
7RFKHFNZKLFKW\SHRISURFHVVRULVLQFOXGHGLQ
\RXUPRGHORSHQWKH726+,%$3&+HDOWK
0RQLWRUXWLOLW\E\FOLFNLQJ3&+HDOWK0RQLWRU
XQGHU726+,%$JURXSLQWKH$SSVYLHZDQG
WKHQFOLFN3&,QIRUPDWLRQ
/HJDO)RRWQRWH&38
)RUPRUHLQIRUPDWLRQUHJDUGLQJ&38UHIHUWRWKH/HJDO)RRWQRWHVVHFWLRQ
,QWHUQDOVWRUDJH 7KHFDSDFLW\RIWKHLQWHUQDOVWRUDJHYDULHV
GHSHQGLQJRQWKHPRGHO
7RFKHFNZKLFKW\SHRILQWHUQDOVWRUDJHLV
LQFOXGHGLQ\RXUPRGHORSHQWKH726+,%$3&
+HDOWK0RQLWRUXWLOLW\E\FOLFNLQJ3&+HDOWK
0RQLWRUXQGHU726+,%$JURXSLQWKH$SSV
YLHZDQGWKHQFOLFN3&,QIRUPDWLRQ
1RWHWKDWSDUWRIWKHLQWHUQDOVWRUDJHRYHUDOO
FDSDFLW\LVUHVHUYHGDVDGPLQLVWUDWLRQVSDFH
,QWKLVPDQXDOWKHZRUGLQWHUQDOVWRUDJHUHIHUVWR66'XQOHVVRWKHUZLVH
VWDWHG
8QGHUFHUWDLQXQXVXDOFRQGLWLRQVRISURORQJHGQRQXVHDQGRUH[SRVXUHWR
KLJKWHPSHUDWXUHVWKH66'PLJKWEHYXOQHUDEOHWRGDWDUHWHQWLRQHUURUV
8VHUV0DQXDO 
/HJDO)RRWQRWH,QWHUQDO6WRUDJH&DSDFLW\
)RUPRUHLQIRUPDWLRQUHJDUGLQJ,QWHUQDO6WRUDJH&DSDFLW\UHIHUWRWKH
/HJDO)RRWQRWHVVHFWLRQ
9LGHR5$0 7KHPHPRU\LQWKHJUDSKLFVDGDSWRURIWKH
FRPSXWHUXVHGWRVWRUHWKHLPDJHGLVSOD\HGRQD
ELWPDSGLVSOD\
7KHDPRXQWRI9LGHR5$0DYDLODEOHGHSHQGVRQ
WKHV\VWHPPHPRU\RIWKHFRPSXWHU
&OLFN&RQWURO3DQHO!$SSHDUDQFHDQG
3HUVRQDOL]DWLRQ!'LVSOD\!$GMXVW
UHVROXWLRQXQGHU:LQGRZV6\VWHPLQWKH$SSV
YLHZ
7KHDPRXQWRI9LGHR5$0FDQEHYHULILHGE\
FOLFNLQJWKH$GYDQFHGVHWWLQJVEXWWRQLQWKH
6FUHHQ5HVROXWLRQZLQGRZ
*UDSKLFV3URFHVVLQJ
8QLW
*UDSKLFV3URFHVVLQJ8QLW*38SHUIRUPDQFH
PLJKWYDU\GHSHQGLQJRQSURGXFWPRGHOGHVLJQ
FRQILJXUDWLRQDSSOLFDWLRQVSRZHUPDQDJHPHQW
VHWWLQJVDQGIHDWXUHVXWLOL]HG*38SHUIRUPDQFH
LVRQO\RSWLPL]HGZKHQRSHUDWLQJLQ$&SRZHU
PRGHDQGPLJKWGHFUHDVHFRQVLGHUDEO\ZKHQ
RSHUDWLQJLQEDWWHU\SRZHUPRGH
/HJDO)RRWQRWH*UDSKLFV3URFHVVLQJ8QLW*38
)RUPRUHLQIRUPDWLRQUHJDUGLQJ*UDSKLFV3URFHVVLQJ8QLW*38UHIHUWR
WKH/HJDO)RRWQRWHVVHFWLRQ
,QWHO'LVSOD\3RZHU6DYLQJ7HFKQRORJ\
,QWHO*38PRGHOVPLJKWLQFOXGHWKH'LVSOD\3RZHU6DYLQJ7HFKQRORJ\
IHDWXUHWKDWFDQVDYHWKHSRZHUFRQVXPSWLRQRIWKHFRPSXWHUE\RSWLPL]LQJ
SLFWXUHFRQWUDVWRQWKHLQWHUQDO/&'
7KLVIHDWXUHFDQEHXVHGLIWKHFRPSXWHULV
UXQQLQJXQGHUEDWWHU\PRGH
XVLQJWKHLQWHUQDO/&'GLVSOD\RQO\
7KH'LVSOD\3RZHU6DYLQJ7HFKQRORJ\IHDWXUHLVHQDEOHGDVWKHIDFWRU\
GHIDXOW,I\RXZDQWWRWXUQRIIWKLVIHDWXUHFKDQJHLWLQWKHVHWWLQJV
DFFRUGLQJO\LQWKH,QWHO+'*UDSKLFV&RQWURO3DQHO
<RXFDQDFFHVVWKLVFRQWUROSDQHOLQWKHIROORZLQJZD\
5LJKWFOLFNRQWKHGHVNWRSDQGFOLFN*UDSKLFV3URSHUWLHV
,Q,QWHO+'*UDSKLFV&RQWURO3DQHO
8VHUV0DQXDO 
 &OLFN3RZHUDQGWKHQVHOHFW2Q%DWWHU\IURPWKHGURSGRZQPHQX
XQGHU3RZHULQWKHXSSHUOHIWFRUQHU
 &OLFN'LVDEOHXQGHU'LVSOD\3RZHU6DYLQJ7HFKQRORJ\
 &OLFN$SSO\
,I\RXZDQWWRHQDEOHWKLVIHDWXUHFOLFN(QDEOHXQGHU'LVSOD\3RZHU
6DYLQJ7HFKQRORJ\
3RZHU&RQGLWLRQ'HVFULSWLRQV
7KHFRPSXWHURSHUDWLQJFDSDELOLW\DQGEDWWHU\FKDUJHVWDWXVDUHDIIHFWHG
E\GLIIHUHQWSRZHUFRQGLWLRQVLQFOXGLQJZKHWKHUDQ$&DGDSWRULV
FRQQHFWHGDQGZKDWWKHEDWWHU\FKDUJHOHYHOLV
%DWWHU\LQGLFDWRU
&KHFNWKH%DWWHU\LQGLFDWRUWRGHWHUPLQHWKHVWDWXVRIWKHEDWWHU\SDFN
LQVLGHWKHWDEOHWFRPSXWHUDQGWKHSRZHUVWDWXVZLWKWKH$&DGDSWRU
FRQQHFWHG7KHIROORZLQJLQGLFDWRUFRQGLWLRQVVKRXOGEHQRWHG
)ODVKLQJDPEHU 7KHEDWWHU\FKDUJHLVORZ7KH$&DGDSWRUPXVW
EHFRQQHFWHGWRUHFKDUJHWKHEDWWHU\SDFN
$PEHU ,QGLFDWHVWKDWWKH$&DGDSWRULVFRQQHFWHGDQG
EDWWHU\SDFNLQVLGHWKHWDEOHWFRPSXWHULV
FKDUJLQJ
:KLWH ,QGLFDWHVWKDWWKH$&DGDSWRULVFRQQHFWHGDQG
WKHEDWWHU\SDFNLQVLGHWKHWDEOHWFRPSXWHULVIXOO\
FKDUJHG
)ODVKLQJ:KLWH ,QGLFDWHVDSUREOHPZLWKWKHFRPSXWHU
'LVFRQQHFWWKH$&DGDSWRUIRUVHYHUDOVHFRQGV
DQGWKHQUHFRQQHFWWKH$&DGDSWRU,ILWVWLOOGRHV
QRWRSHUDWHSURSHUO\\RXVKRXOGFRQWDFW\RXU
UHVHOOHURUGHDOHU
1ROLJKW 8QGHUDQ\RWKHUFRQGLWLRQVWKHLQGLFDWRUGRHV
QRWOLJKW
6HFRQG%DWWHU\LQGLFDWRU
&KHFNWKH6HFRQG%DWWHU\LQGLFDWRUWRGHWHUPLQHWKHVWDWXVRIWKHEDWWHU\
SDFNLQVLGHWKHNH\ERDUGGRFNDQGWKHSRZHUVWDWXVZLWKWKH$&DGDSWRU
FRQQHFWHG7KHIROORZLQJLQGLFDWRUFRQGLWLRQVVKRXOGEHQRWHG
7KH6HFRQG%DWWHU\LQGLFDWRUGRHVQRWIXQFWLRQDQGUHPDLQVRIIIRUWKH
NH\ERDUGGRFNQRWHTXLSSHGZLWKDEDWWHU\SDFN
$PEHU ,QGLFDWHVWKDWWKH$&DGDSWRULVFRQQHFWHGDQG
WKHEDWWHU\SDFNLQVLGHWKHNH\ERDUGGRFNLV
FKDUJLQJ
8VHUV0DQXDO 
:KLWH ,QGLFDWHVWKDWWKH$&DGDSWRULVFRQQHFWHGDQG
WKHEDWWHU\SDFNLQVLGHWKHNH\ERDUGGRFNLVIXOO\
FKDUJHG
1ROLJKW 8QGHUDQ\RWKHUFRQGLWLRQVWKHLQGLFDWRUGRHV
QRWOLJKW
,IWKHEDWWHU\SDFNEHFRPHVWRRKRWZKLOHLWLVEHLQJFKDUJHGWKHFKDUJH
VWRSVDQGWKHLQGLFDWRUJRHVRXW:KHQWKHWHPSHUDWXUHRIWKHEDWWHU\SDFN
IDOOVWRDQRUPDOUDQJHFKDUJLQJZLOOUHVXPH7KLVSURFHVVRFFXUV
UHJDUGOHVVRIZKHWKHUWKHFRPSXWHUVSRZHULVRQRURII
3RZHULQGLFDWRU
&KHFNWKH3RZHULQGLFDWRUWRGHWHUPLQHWKHSRZHUVWDWXVRIWKHFRPSXWHU
7KHIROORZLQJLQGLFDWRUFRQGLWLRQVVKRXOGEHQRWHG
:KLWH ,QGLFDWHVWKDWSRZHULVEHLQJVXSSOLHGWRWKH
FRPSXWHUDQGWKHFRPSXWHULVWXUQHGRQ
)ODVKLQJZKLWH ,QGLFDWHVWKDWWKHFRPSXWHULVLQ6OHHS0RGHDQG
WKDWWKHUHLVVXIILFLHQWSRZHUDYDLODEOH$&
DGDSWRURUEDWWHU\WRPDLQWDLQWKLVFRQGLWLRQ
1ROLJKW 8QGHUDQ\RWKHUFRQGLWLRQVWKHLQGLFDWRUGRHV
QRWOLJKW
8VHUV0DQXDO 
&KDSWHU
2SHUDWLQJ%DVLFV
7KLVFKDSWHUGHVFULEHVWKHEDVLFRSHUDWLRQVRI\RXUFRPSXWHUDQG
KLJKOLJKWVWKHSUHFDXWLRQVWKDWPXVWEHWDNHQZKHQXVLQJLW
2SHUDWLQJLQWDEOHWPRGHDOVRIRU3257e*e
:7%
2EVHUYHWKHIROORZLQJLQVWUXFWLRQVZKHQ\RXRSHUDWHWKHFRPSXWHULQWDEOHW
PRGH
)LJXUH2SHUDWLQJWKHFRPSXWHULQWDEOHWPRGH
5HPRYHDOOH[WHUQDOSHULSKHUDOGHYLFHVDQGWKHLUFRQQHFWLRQFDEOHV
IURPWKHFRPSXWHUEHIRUHFDUU\LQJ
+ROGWKHFRPSXWHUILUPO\RQ\RXUIRUHDUP
%HFDUHIXOQRWWRDFFLGHQWDOO\WRXFKWKH:LQGRZVEXWWRQ
5HPRYHWKH$&DGDSWRUIURPWKHFRPSXWHUZKHQXVLQJLWKHOGLQ\RXU
IRUHDUP
'RQRWXVHWKHFRPSXWHUZKLOHZDONLQJRUGULYLQJDFDU
'RQRWGURSWKHFRPSXWHURUDSSO\H[FHVVLYHLPSDFWWRLW'RQRWOHDYH
WKHFRPSXWHULQDFDURUVLPLODUHQYLURQPHQWZKHUHLWLVH[SRVHGWR
GLUHFWVXQOLJKW
8VHUV0DQXDO 
7KHGLVSOD\VFUHHQRIVRPHPRGHOVLVDWRXFKVHQVLWLYHGLJLWL]HU
VFUHHQDQGZRUNVZLWKDVW\OXVSHQ+RZHYHUWKHRXWHUHGJHVRIWKH
VFUHHQPLJKWEHOHVVVHQVLWLYH.HHSWKH6W\OXV3HQRUWKH5HVHUYH
3HQLQVLGHWKHGLVSOD\DUHDZKHQ\RXXVHLWQHDUWKHHGJHVRIWKH
GLVSOD\VFUHHQ7KHSRVLWLRQRIWKHSHQPLJKWQRWEHUHFRJQL]HGLI\RX
PRYHWKHSHQWRRIDVWWRZDUGVWKHRXWHUHGJH0DNHVXUHWRVOLGHWKH
SHQVORZO\LQDUHDVQHDUWKHHGJHVRIWKHVFUHHQ8VHWKHSHQLQWKH
DUHDVHQFORVHGE\WKHGRWWHGOLQHDVVKRZQLQWKHIROORZLQJILJXUH
)LJXUH8VHDUHDRIWKHSHQ
&KDQJLQJWKHVFUHHQRULHQWDWLRQ
:KHQRSHUDWLQJWKHFRPSXWHULQWDEOHWPRGH\RXFDQFKDQJHWKHVFUHHQ
RULHQWDWLRQE\URWDWLQJWKHFRPSXWHUVLGHZD\V7KHVFUHHQRULHQWDWLRQ
DXWRPDWLFDOO\FKDQJHVDFFRUGLQJWRWKHURWDWLRQDQJOHGHWHFWHG
)LJXUH5RWDWLQJWKHFRPSXWHUVLGHZD\V
1 2
/DQGVFDSHPRGH 3RUWUDLWPRGH
7RPDQXDOO\GLVDEOHWKHDXWRPDWLFVFUHHQRULHQWDWLRQGRWKHIROORZLQJ
 ,QWKH6HWWLQJVFKDUPFOLFN6FUHHQ
 &OLFN DQG DSSHDUVLQGLFDWLQJWKDWWKHDXWRPDWLFVFUHHQ
RULHQWDWLRQLVFXUUHQWO\GLVDEOHG
:KHQRSHUDWLQJWKHFRPSXWHULQODSWRSSUHVHQWDWLRQPRGHKRZHYHUWKH
DXWRPDWLFVFUHHQRULHQWDWLRQLVORFNHGDQGVWD\VLQODQGVFDSHPRGH
8VHUV0DQXDO 
$YRLGKDYLQJGLUHFWFRQWDFWZLWKWKHRWKHUHGJHVRIWKHKDQGKHOG
GHYLFHZKLOHWKHZLUHOHVVGHYLFHLVWXUQHGRQDQGWUDQVPLWWLQJ2QO\
IDFWRULHVLQVWDOOHGZLUHOHVVWUDQVPLWWHUFDQEHXVHGZLWKWKLVKDQGKHOG
GHYLFHWRVDWLVI\5)H[SRVXUHFRPSOLDQFH
6RPHGULYHUVXWLOLWLHVPLJKWQRWSHUIRUPLQVWDOODQGXQLQVWDOORSHUDWLRQ
ZKHQWKHVFUHHQRULHQWDWLRQLVFKDQJHGWRSRUWUDLWPRGH,ILWRFFXUV
VZLWFKWRODQGVFDSHPRGHWRSURFHHG
&DOLEUDWLQJGLJLWDOFRPSDVV
,I\RXKDYHGRZQORDGHGDFRPSDVVDSSOLFDWLRQWRXVHWKLVIHDWXUHQRWH
WKDWWKHSHUIRUPDQFHRIDQ\FRPSDVVIHDWXUHYDULHVGHSHQGLQJRQ
HQYLURQPHQWDOFRQGLWLRQV)RUH[DPSOHDQ\VRXUFHXVLQJHOHFWURPDJQHWLF
RUUDGLRZDYHV
%HIRUHXVLQJDQ\FRPSDVVIHDWXUHWKHFRPSDVVQHHGVWREHFDOLEUDWHGIRU
DFFXUDF\7RFDOLEUDWHGLVFRQQHFWWKH$&DGDSWRUDQGUHPRYHDOO
SHULSKHUDOVFDEOHVDQGWKHQKRUL]RQWDOO\YHUWLFDOO\URWDWHWKHFRPSXWHUZLWK
WKHSRZHURQVHYHUDOWLPHVDVVKRZQLQWKHLOOXVWUDWLRQEHORZ3OHDVHQRWH
WKLVLVWKHPRVWHIIHFWLYHPHWKRGRIFDOLEUDWLQJWKLVFRPSXWHU
)LJXUH&DOLEUDWLQJGLJLWDOFRPSDVV
7KHGLJLWDOFRPSDVVVHQVRULVPDJQHWLFDQGPLJKWLQWHUIHUHZLWK
SDFHPDNHUVGHILEULOODWRUVRURWKHUPHGLFDOGHYLFHV
'RQRWSODFHDQ\SURGXFWVXWLOL]LQJPDJQHWLFPDWHULDOVLQFORVHSUR[LPLW\WR
WKHDUHDPDUNHGLQWKHIROORZLQJILJXUH
8VLQJWKH7RXFK6FUHHQ
<RXFDQXVH\RXUILQJHUWRPDQLSXODWHLFRQVEXWWRQVPHQXLWHPVWKH
RQVFUHHQNH\ERDUGDQGRWKHULWHPVRQWKHWRXFKVFUHHQ
8VHUV0DQXDO 
7DS 6LPSO\WDS\RXUILQJHURQFHRQWKHWRXFKVFUHHQ
WRDFWLYDWHDQLWHPVXFKDVDQDSS
3UHVVDQGKROG 3UHVV\RXUILQJHUGRZQDQGOHDYHLWWKHUHIRUD
IHZVHFRQGV7KLVVKRZVLQIRUPDWLRQWRKHOS\RX
OHDUQPRUHDERXWDQLWHPRURSHQVDPHQX
VSHFLILFWRZKDW\RXDUHGRLQJ
3LQFKRUVWUHWFK 7RXFKWKHVFUHHQRUDQLWHPZLWKWZRRUPRUH
ILQJHUVDQGWKHQPRYHWKHILQJHUVWRZDUGHDFK
RWKHUSLQFKRUDZD\IURPHDFKRWKHUVWUHWFK
7KLVVKRZVGLIIHUHQWOHYHOVRILQIRUPDWLRQRU
YLVXDOO\]RRPVLQRURXW
5RWDWH 3XWWZRRUPRUHILQJHUVRQDQLWHPDQGWKHQWXUQ
\RXUKDQGWRURWDWHWKLQJVLQWKHGLUHFWLRQ\RX
WXUQ\RXUKDQG2QO\VRPHLWHPVFDQEHURWDWHG
6OLGH 'UDJ\RXUILQJHURQWKHWRXFKVFUHHQWRPRYH
WKURXJKZKDWLVRQWKHVFUHHQ
6ZLSHWRVHOHFW 4XLFNO\VOLGHGRZQDQLWHPZLWK\RXUILQJHUVXFK
DVDQDSSWLOHWRVHOHFWLW7KLVXVXDOO\RSHQVWKH
DSSFRPPDQGV
6ZLSH 4XLFNO\PRYH\RXUILQJHULQIURPWKHHGJHRIWKH
VFUHHQZLWKRXWSDXVLQJZKHQ\RXILUVWWRXFKLW
6ZLSHIURPWKHOHIWHGJHVKRZV\RXUUHFHQWO\
RSHQHGDSSVDQGVRRQ
6ZLSHIURPWKHULJKWHGJHRSHQVRUFORVHVWKH
FKDUPV6HDUFK6KDUH6WDUW'HYLFHV6HWWLQJV
6ZLSHIURPWKHWRSHGJHRSHQVRUFORVHVWKH
DSSFRPPDQGEDU
)RUGHWDLOVDQGPRUHDGYDQFHGWRXFKVFUHHQJHVWXUHVWRLQWHUDFWZLWK
:LQGRZVRSHUDWLQJV\VWHPUHIHUWR+HOSDQG6XSSRUW
'RQRWSUHVVRUSXVKZLWKH[FHVVIRUFHRQWKHWRXFKVFUHHQ
'RQRWDSSO\H[FHVVIRUFHZKHQFOHDQLQJWKHWRXFKVFUHHQ
1HYHUWRXFKWKHVFUHHQZLWKDVKDUSREMHFWVXFKDVDEDOOSRLQWSHQ
ZKLFKPLJKWVFUDWFKRUGDPDJHWKHVXUIDFH
8VHUV0DQXDO 
'RQRWXVHDSURWHFWLQJVKHHWIRUWKHWRXFKVFUHHQDVLWPLJKW
GHFUHDVHLWVVHQVLWLYLW\WRJHVWXUHV
'RQRWWRXFKWKHVFUHHQZLWKJORYHVZHWKDQGVRUWKHWLSRI\RXU
ILQJHUQDLOVDVLWPLJKWGHFUHDVHWKHVHQVLWLYLW\
7KHWRXFKVFUHHQPLJKWQRWZRUNFRUUHFWO\LISDUWRIWKHVXUIDFHLV
VOLJKWO\ZHWRUFRYHUHGZLWKDQREMHFW
8VLQJWKH7RXFK3DG
7KH7RXFK3DGRQWKHSDOPUHVWPLJKWVXSSRUWWKHIROORZLQJJHVWXUHV
7DS 7DSRQFHRQWKH7RXFK3DGWRDFWLYDWHDQLWHP
VXFKDVDQDSS
7ZR)LQJHU7DS 7DSRQFHRQWKH7RXFK3DGZLWKWZRILQJHUV
WRJHWKHUWRGLVSOD\DPHQXRURWKHUIXQFWLRQ
GHSHQGLQJRQWKHVRIWZDUH\RXDUHXVLQJ
6LPLODUWRULJKWFOLFN
3LQFKRUVWUHWFK 3ODFHWZRRUPRUHILQJHUVGRZQRQWKH7RXFK
3DGDQGPRYHWKHPWRZDUGHDFKRWKHUSLQFKRU
DZD\IURPHDFKRWKHUVWUHWFK7KLVVKRZV
GLIIHUHQWOHYHOVRILQIRUPDWLRQRUYLVXDOO\]RRPVLQ
RURXW
7ZR)LQJHU6FUROO 3ODFHWZRILQJHUVGRZQDQGVOLGHWKHPYHUWLFDOO\
RUKRUL]RQWDOO\IURPDQ\ZKHUHRQWKH7RXFK3DG
7KLVDOORZV\RXWRRSHUDWHWKHVFUROOEDUVRID
ZLQGRZ
6ZLSH 4XLFNO\PRYH\RXUILQJHULQIURPWKHHGJHRIWKH
7RXFK3DGZLWKRXWSDXVLQJZKHQ\RXILUVWWRXFK
LW
6ZLSHIURPWKHOHIWHGJHVKRZV\RXUUHFHQWO\
RSHQHGDSSV
6ZLSHIURPWKHULJKWHGJHRSHQVRUFORVHVWKH
FKDUPV6HDUFK6KDUH6WDUW'HYLFHV6HWWLQJV
6ZLSHIURPWKHWRSHGJHRSHQVRUFORVHVWKH
DSSFRPPDQGEDU
6RPHRIWKH7RXFK3DGRSHUDWLRQVGHVFULEHGLQWKLVVHFWLRQDUHRQO\
VXSSRUWHGLQFHUWDLQDSSOLFDWLRQV
8VHUV0DQXDO 
726+,%$3RLQWLQJ'HYLFH
$FFX3RLQW
7RXVHWKH$FFX3RLQWVLPSO\SXVKLWZLWK\RXUILQJHUWLSLQWKHGLUHFWLRQ\RX
ZDQWWRPRYHWKHRQVFUHHQSRLQWHU
7KHFRQWUROEXWWRQVEHORZWKH$FFX3RLQWDUHXVHGOLNHWKHEXWWRQVRQD
VWDQGDUGPRXVH3UHVVWKHOHIWEXWWRQWRVHOHFWDPHQXLWHPRUWR
PDQLSXODWHWH[WRUJUDSKLFVGHVLJQDWHGE\WKHSRLQWHUDQGSUHVVWKHULJKW
EXWWRQWRGLVSOD\DPHQXRURWKHUIXQFWLRQGHSHQGLQJRQWKHVRIWZDUH\RX
DUHXVLQJ
)LJXUH$FFX3RLQW
2
1
3
$FFX3RLQW $FFX3RLQWULJKWFRQWUROEXWWRQ
$FFX3RLQWOHIWFRQWUROEXWWRQ
$FFX3RLQWSUHFDXWLRQV
&HUWDLQFRQGLWLRQVFDQDIIHFWWKHRQVFUHHQSRLQWHUZKHQXVLQJ$FFX3RLQW
)RUH[DPSOHWKHSRLQWHUPLJKWWUDYHOFRQWUDU\WR$FFX3RLQWRSHUDWLRQRUDQ
HUURUPHVVDJHPLJKWDSSHDULI
<RXWRXFKWKH$FFX3RLQWGXULQJSRZHUXS
<RXDSSO\FRQVWDQWVRIWSUHVVXUHGXULQJSRZHUXS
7KHUHLVDVXGGHQWHPSHUDWXUHFKDQJH
6WURQJVWUHVVLVDSSOLHGWRWKH$FFX3RLQW
,IDQHUURUPHVVDJHDSSHDUVUHERRWWKHFRPSXWHU,IDQHUURUPHVVDJH
GRHVQRWDSSHDUZDLWDPRPHQWIRUWKHSRLQWHUWRVWRSWKHQFRQWLQXH
RSHUDWLRQ
5HSODFLQJWKHFDS
7KH$FFX3RLQWFDSLVDQH[SHQGDEOHLWHPWKDWVKRXOGEHUHSODFHGDIWHU
SURORQJHGXVH
 7RUHPRYHWKH$FFX3RLQWFDSJHQWO\GLJWKHFDSRXWZLWKILQJHU
8VHUV0DQXDO 
)LJXUH5HPRYLQJWKH$FFX3RLQWFDS
 3RVLWLRQDQHZFDSRQWKHSHJDQGSUHVVLWLQWRSODFH
7KHSHJLVVTXDUHVREHFDUHIXOWRDOLJQWKHFDS¶VVTXDUHKROHZLWK
WKHSHJ
<RXFDQEX\UHSODFHPHQW$FFX3RLQWFDSVIURP\RXU726+,%$
DXWKRUL]HGGHDOHU
6W\OXV3HQDQG5HVHUYH3HQ
<RXFDQXVHWKHSHQWRH[HFXWHDFWLRQVDQGHQWHUGDWD+ROGWKHSHQLQD
QDWXUDOSRVLWLRQDQGWDSSUHVVRUWUDFHRQWKHVFUHHQOLJKWO\
)LJXUH6W\OXV3HQ
1
2
3
)LJXUH5HVHUYH3HQ
2
1
3HQSRLQW (UDVHU
3HQEXWWRQ
3HQSRLQW 3URYLGHVWKHVDPHIXQFWLRQDVOHIWFOLFNLQJWKH
PRXVHRQFH
8VHUV0DQXDO 
3HQEXWWRQ 3UHVVDQGKROGWKLVEXWWRQDQGWRXFKWKHWLSRI
WKHSHQRQDQREMHFW,PPHGLDWHO\OLIWLWWRGLVSOD\
DSRSXSPHQXRUH[HFXWHDVSHFLILFDFWLRQ,W
IXQFWLRQVDVULJKWFOLFNLQJWKHPRXVHRQFH
(UDVHU 7KHYLUWXDOHUDVHUDOORZV\RXWRGHOHWHQRWHVRU
VNHWFKHVLQDSSOLFDWLRQVWKDWVXSSRUWHUDVHU
IXQFWLRQ
7RFKDQJHWKHSHQVHWWLQJVFOLFN&RQWURO3DQHO!+DUGZDUHDQG6RXQG
!3HQDQG7RXFK!:DFRP3HQXQGHU:LQGRZV6\VWHPLQWKH$SSV
YLHZ
2EVHUYHWKHIROORZLQJSUHFDXWLRQVRQWKHKDQGOLQJRIWKH6W\OXV3HQDQG
WKH5HVHUYH3HQ
'RQRWDSSO\H[FHVVIRUFHZKHQFOHDQLQJWKHWRXFKVFUHHQ
7RDYRLGGDPDJHVWRWKHGLVSOD\VFUHHQUHIUDLQIURPGRLQJDQ\WKLQJ
RWKHUWKDQWKHVSHFLILHGRSHUDWLRQPHWKRGV)DLOXUHWRGRVRPLJKW
FDXVHDPDOIXQFWLRQRUFKDUDFWHULVWLFGHWHULRUDWLRQ
'RQRWWDSRUSUHVVWKHSHQIRUFHIXOO\DJDLQVWWKHGLVSOD\DVWKLVPLJKW
GDPDJHWKHSHQDQGWKHVFUHHQLWVHOI
$YRLGXVLQJRUNHHSLQJWKHSHQLQDUHDVZKHUHWKHWHPSHUDWXUH
FKDQJHVUDSLGO\RULQSODFHVVXFKDVDFDUZKHUHWKHSHQLVH[SRVHG
WRGLUHFWVXQOLJKW6WRUHWKHSHQZLWKRXWDQ\SUHVVXUHEHLQJDSSOLHGWR
WKHEXWWRQV)DLOXUHWRGRVRPLJKWFDXVHDPDOIXQFWLRQRU
FKDUDFWHULVWLFGHWHULRUDWLRQ
7KHSHQLVFRPSRVHGRISUHFLVLRQSDUWV'RQRWGURSWKHSHQ6WURQJ
LPSDFWFDXVHVDPDOIXQFWLRQRUFKDUDFWHULVWLFGHWHULRUDWLRQ'RQRW
DSSO\H[FHVVLYHIRUFHWRWKHSHQSRLQWDQGWKHVLGHEXWWRQV([FHVVLYH
IRUFHDSSOLHGWRWKHVHSDUWVFDXVHVVKRUWOLIHRUFKDUDFWHULVWLF
GHWHULRUDWLRQ
$YRLGZDWHUHQWHULQJWKHSHQRUFRQGHQVDWLRQIRUPLQJZLWKLQLWDV
HLWKHUFRQGLWLRQZLOOFDXVHDPDOIXQFWLRQ
'RQRWGLVDVVHPEOHWKHSHQ,WFDXVHVPDODGMXVWPHQWRUVKRUWOLIH
'RQRWVWDLQWKHSHQZLWKFRVPHWLFVRUFKHPLFDOVDVWKLVZLOOFDXVHD
GHWHULRUDWLRQLQDSSHDUDQFH8VHDJODVVZLSLQJFORWKRUGU\FORWKWR
FOHDQWKHSHQ'RQRWXVHYRODWLOHOLTXLGVVXFKDVDOFRKROWKLQQHURU
SHWUROHXPEHQ]LQHWRFOHDQWKHSHQ
'RQRWDSSO\H[FHVVLYHIRUFHWRWKHSHQSRLQWDVDEHQWRUGHIRUPHG
SHQSRLQWFDXVHVDPDOIXQFWLRQ
.HHSWKHVPDOOSDUWVRIWKHSHQVXFKDVWKHSHQSRLQWRUWKHNQRERI
WKHVLGHEXWWRQVDZD\IURPLQIDQWVDQGVPDOOFKLOGUHQWRSUHYHQWWKH
DFFLGHQWDOLQJHVWLRQE\WKHP
'RQRWXVHDEDOOSRLQWSHQLQVWHDGRIWKHSHQLQFOXGHGZLWKWKH
SURGXFW
8VHUV0DQXDO 
7KHSHQWLSRIWKH5HVHUYH3HQFDQQRWEHUHSODFHGLILWLVZRUQ<RX
FDQSXUFKDVHDQHZRQHIURPD726+,%$DXWKRUL]HGGHDOHU
:LSHWKHGLVSOD\VFUHHQZLWKWKHSURYLGHGFORWKEHIRUH\RXXVHWKH
VW\OXVSHQ
&OHDQWKHILQJHUSULQWVRUVPXGJHVZLWKWKHSURYLGHGFORWKLIWKH
VHQVLWLYLW\WRSHQZULWLQJGHFUHDVHV
'RQRWXVHDSURWHFWLQJVKHHWIRUWKHWRXFKVFUHHQDVLWPLJKWLPSDFW
WKHSHQZULWLQJRSWLPL]HGIRUWKHWRXFKVFUHHQ
,WLVUHFRPPHQGHGWKDW\RXNHHSDQRWKHUSHQVHWDVDVSDUH<RXFDQ
EX\UHSODFHPHQWSHQVHWVIURP\RXU726+,%$DXWKRUL]HGGHDOHU
726+,%$LVQRWOLDEOHIRUDQ\SUREOHPVDULVLQJRQWKHSURGXFWVGXHWR
WKHXVHRIWKHSHQLQDQHQYLURQPHQWZKHUHWKHDERYHFRQGLWLRQVDUH
QRWVDWLVILHGRUEHFDXVHRILWVXVHE\XQVSHFLILHGQXPEHURIXVHUV
5HPRYLQJWKH5HVHUYH3HQ
7RUHPRYHWKH5HVHUYH3HQVORZO\SXOOWKH5HVHUYH3HQWRUHPRYHLWIURP
WKH5HVHUYH3HQVORW
)LJXUH5HPRYLQJWKH5HVHUYH3HQ
1
2
5HVHUYH3HQVORW 5HVHUYH3HQ
,QVHUWLQJWKH5HVHUYH3HQ
7RLQVHUWWKH5HVHUYH3HQVORZO\SXVKWKH5HVHUYH3HQLQWRWKH5HVHUYH
3HQVORWXQWLOLWFOLFNVLQWRSODFH
8VHUV0DQXDO 
)LJXUH,QVHUWLQJWKH5HVHUYH3HQ
1
2
5HVHUYH3HQVORW 5HVHUYH3HQ
0DNHVXUHWKDWWKH5HVHUYH3HQLVIXOO\LQVHUWHGLQWRWKH5HVHUYH3HQVORW
EHIRUHGRFNLQJWKHWDEOHWFRPSXWHU
3HQDFWLRQV
<RXFDQXVHWKH6W\OXV3HQRUWKH5HVHUYH3HQWRHQWHUGDWDVWDUW
SURJUDPVPRYHREMHFWVDQGH[HFXWHRWKHUDFWLRQV
6LQJOHWDS
/LJKWO\WDSWKHWLSRIWKHSHQRQDQREMHFWDQGOLIWLWLPPHGLDWHO\WRH[HFXWH
DQDFWLRQ$VLQJOHWDSLVVLPLODUWROHIWFOLFNLQJWKHPRXVHRQFH
'RXEOHWDS
/LJKWO\WDSWKHWLSRIWKHSHQWZLFHRQDQREMHFWDQGOLIWLWLPPHGLDWHO\WR
H[HFXWHDQDFWLRQ$GRXEOHWDSLVVLPLODUWROHIWFOLFNLQJWKHPRXVHWZLFH
3UHVVDQGKROG
7DSWKHWLSRIWKHSHQRQWKHVFUHHQDQGKROGXQWLODZKLWHFLUFOHDSSHDUV
/LIWWKHSHQWRRSHQDSRSXSPHQXRUH[HFXWHDVSHFLILFDFWLRQ3UHVVDQG
KROGLVVLPLODUWRULJKWFOLFNLQJWKHPRXVH
'UDJ
7RXFKWKHSHQRQWKHVFUHHQ:LWKRXWOLIWLQJWKHSHQGUDJLWDFURVVWKH
VFUHHQWRVHOHFWWH[WRUREMHFWV
'UDJDQGGURS
7RXFKWKHSHQRQWKHVFUHHQWRVHOHFWDQREMHFW:LWKRXWOLIWLQJWKHSHQ
GUDJLWDFURVVWKHVFUHHQ/LIWWKHSHQWRGURSWKHREMHFWWRDQHZORFDWLRQ
8VHUV0DQXDO 
5HSODFLQJWKHSHQWLS
7KHSHQWLSRIWKH6W\OXV3HQFDQEHUHSODFHGZLWKDQHZRQHZKLFKLV
SURYLGHGZKHQLWLVZRUQ7RUHSODFHWKHSHQWLSGRWKHIROORZLQJ
 3LQFKWKHWLSZLWKDGUDZRXWWRRODQGSXOOLWRXW
 ,QVHUWDQHZSHQWLSLQWRWKH6W\OXV3HQFDUHIXOO\DQGSUHVVLW
VHFXUHO\
)LJXUH5HSODFLQJWKHSHQWLS
1 2
3HQWLS 'UDZRXWWRRO
'RQRWFRQWLQXHWRXVHDEURNHQSHQWLSDVWKLVPLJKWUHVXOWLQVFUDWFKLQJRI
WKHGLVSOD\SDQHO:KHQWKHSHQWLSEUHDNVUHSODFHLWZLWKRQHRIWKHUHILOOV
GHOLYHUHGZLWKWKH6W\OXV3HQ:KHQWKHVHUHILOOVKDYHUXQRXW\RXFDQ
SXUFKDVHDQHZSHQVHWIURPD726+,%$DXWKRUL]HGGHDOHU
$VKRUWDQGZRUQSHQSRLQWLVGLIILFXOWWRSXOORXW5HSODFHWKHSHQSRLQW
ZLWKDUHILOOEHIRUHLWEHFRPHVWRRVKRUWWRUHPRYH
,WLVUHFRPPHQGHGWKDW\RXNHHSDQRWKHUSHQVHWDVDVSDUH<RXFDQ
EX\UHSODFHPHQWSHQVHWVIURP\RXU726+,%$DXWKRUL]HGGHDOHU
7KH.H\ERDUG
7KHQXPEHURINH\VDYDLODEOHRQWKHNH\ERDUGGRFNGHSHQGVRQZKLFK
FRXQWU\UHJLRQ\RXUFRPSXWHULVFRQILJXUHGIRUZLWKNH\ERDUGVEHLQJ
DYDLODEOHIRUQXPHURXVODQJXDJHV
7KHUHDUHGLIIHUHQWW\SHVRINH\VVSHFLILFDOO\W\SHZULWHUNH\VIXQFWLRQNH\V
VRIWNH\V:LQGRZVVSHFLDONH\VDQGWKHNH\SDGRYHUOD\
1HYHUUHPRYHWKHNH\FDSVRQ\RXUNH\ERDUG)DLOXUHWRGRVRPLJKW
GDPDJHWKHSDUWVXQGHUWKHNH\FDSV
.H\ERDUGLQGLFDWRU
7KHIROORZLQJILJXUHVKRZVWKHSRVLWLRQRIWKH&$36/2&.LQGLFDWRUZKLFK
VKRZVWKHIROORZLQJFRQGLWLRQ
8VHUV0DQXDO 
:KHQWKH&$36/2&.LQGLFDWRUJORZVWKHNH\ERDUGSURGXFHVFDSLWDOV
ZKHQDQ\OHWWHULVW\SHG
)LJXUH&$36/2&.LQGLFDWRU
1
&$36/2&.LQGLFDWRU
3URGXFWDSSHDUDQFHGHSHQGVRQWKHPRGHO\RXSXUFKDVHG
&$36/2&. 7KLVLQGLFDWRUJORZVJUHHQZKHQOHWWHUNH\VDUH
ORFNHGLQWRWKHLUXSSHUFDVHIRUPDW
)XQFWLRQ.H\
7KHIXQFWLRQNH\V)a)DUHWKHNH\VDWWKHWRSRI\RXUNH\ERDUG
7KHIROORZLQJVSHFLILFIXQFWLRQVDUHH[HFXWHGZKHQWKHIXQFWLRQNH\VDUH
SUHVVHGLQFRPELQDWLRQZLWKWKH)1NH\
.H\&RPELQDWLRQ )XQFWLRQ
)1) (QWHUV/RFNFRPSXWHUPRGH
7RUHVWRUH\RXUGHVNWRS\RXQHHGWRORJRQDJDLQ
)1) 6ZLWFKHVEHWZHHQWKHSRZHUSODQV
)1) 6ZLWFKHVWKHV\VWHPWR6OHHS0RGH
)1) 6ZLWFKHVWKHV\VWHPWR+LEHUQDWLRQ0RGH
)1) &KDQJHVWKHDFWLYHGLVSOD\GHYLFH
7RXVHDVLPXOWDQHRXVPRGH\RXPXVWVHWWKH
UHVROXWLRQRIWKHLQWHUQDOGLVSOD\SDQHOWRPDWFKWKH
UHVROXWLRQRIWKHH[WHUQDOGLVSOD\GHYLFH
)1) 'HFUHDVHVWKHEULJKWQHVVRIWKHGLVSOD\SDQHOLQ
LQGLYLGXDOVWHSV
)1) ,QFUHDVHVWKHEULJKWQHVVRIWKHGLVSOD\SDQHOLQ
LQGLYLGXDOVWHSV
8VHUV0DQXDO 
.H\&RPELQDWLRQ )XQFWLRQ
)1) 7XUQVWKH$LUSODQHPRGHRQRURII
)1) (QDEOHVRUGLVDEOHVWKH7RXFK3DG
)1) 7XUQVRQ$UURZ0RGH
)1) 7XUQVRQ1XPHULF0RGH
)1) /RFNVWKHFXUVRURQDVSHFLILFOLQH
)1(6& 7XUQVWKHVRXQGRQRURII
)1 5HGXFHVWKHLFRQVL]HRQWKHGHVNWRSRUWKHIRQW
VL]HVZLWKLQRQHRIWKHVXSSRUWHGDSSOLFDWLRQ
ZLQGRZV
)1 (QODUJHVWKHLFRQVL]HRQWKHGHVNWRSRUWKHIRQW
VL]HVZLWKLQRQHRIWKHVXSSRUWHGDSSOLFDWLRQ
ZLQGRZV
)1 'HFUHDVHVWKHYROXPHRIWKHFRPSXWHU
)1 ,QFUHDVHVWKHYROXPHRIWKHFRPSXWHU
)16SDFH &KDQJHVWKHGLVSOD\UHVROXWLRQ
)1(  &XWVRIIDOOGDWDFRPPXQLFDWLRQVZLWKWKHNH\ERDUG
GRFN
)1=  7RJJOHVWKHPRGHRIWKHNH\ERDUGEDFNOLJKW
EHWZHHQ7LPHU2QDQG2II
7RVHWXSWKHEULJKWQHVVFOLFN6\VWHP6HWWLQJV
XQGHU726+,%$JURXSLQWKH$SSVYLHZ&OLFN
.H\ERDUGWDEDQGVHOHFWDOHYHOXQGHU.H\ERDUG
%DFNOLJKW%ULJKWQHVV&RQWURO
7RVHWXSWKHWLPHUODXQFKWKH%,26VHWXSXWLOLW\
VHOHFW3RZHU0DQDJHPHQW!.H\ERDUG
%DFNOLJKW&RQWURO0RGHDQGVHOHFW7,0(5
$GMXVWWKHWLPHUXQGHU%DFNOLJKW/LJKWLQJ7LPH
6RPHIXQFWLRQVVKRZWKHWRDVWQRWLILFDWLRQDWWKHHGJHVRIWKHVFUHHQ
7KRVHWRDVWQRWLILFDWLRQVDUHGLVDEOHGE\GHIDXOW<RXFDQHQDEOHWKHPLQ
WKH726+,%$)XQFWLRQ.H\DSSOLFDWLRQ
7RDFFHVVLWFOLFN)XQFWLRQ.H\XQGHU726+,%$JURXSLQWKH$SSVYLHZ
8VHUV0DQXDO 
:LQGRZVVSHFLDONH\V
7KHNH\ERDUGSURYLGHVWZRNH\VWKDWKDYHVSHFLDOIXQFWLRQVLQ:LQGRZV
WKH:LQGRZVORJRNH\DFWLYDWHVWKH6WDUWVFUHHQZKLOHWKHDSSOLFDWLRQNH\
KDVWKHVDPHIXQFWLRQDVWKHVHFRQGDU\ULJKWPRXVHEXWWRQ
7KLVNH\DFWLYDWHVWKH:LQGRZV6WDUWVFUHHQ
7KLVNH\KDVWKHVDPHIXQFWLRQDVWKHVHFRQGDU\ULJKWPRXVHEXWWRQ
.H\SDGRYHUOD\
7KHNH\ERDUGGRFNGRHVQRWKDYHDVHSDUDWHQXPHULFNH\SDGEXWLQFOXGHV
DQXPHULFNH\SDGRYHUOD\ZKLFKIXQFWLRQVVLPLODUO\7KLVLVORFDWHGLQWKH
FHQWHURIWKHNH\ERDUGZLWKWKHUHOHYDQWNH\VKDYLQJJUH\OHWWHUVDWWKHLU
IURQWHGJH7KHRYHUOD\SURYLGHVWKHVDPHIXQFWLRQVDVWKHQXPHULFNH\SDG
RQDVWDQGDUGNH\HQKDQFHGNH\ERDUG
7XUQLQJRQWKHRYHUOD\V
7KHQXPHULFNH\SDGRYHUOD\FDQEHXVHGIRUQXPHULFGDWDLQSXWRUFXUVRU
DQGSDJHFRQWURO
$UURZ0RGH
3UHVV)1)WRWXUQRQ$UURZ0RGH<RXDUHDEOHWRDFFHVVFXUVRUDQG
SDJHFRQWUROIXQFWLRQVE\XVLQJWKHNH\V3UHVV)1)DJDLQWRWXUQRII
WKLVRYHUOD\IXQFWLRQ
1XPHULF0RGH
3UHVV)1)WRWXUQRQ1XPHULF0RGH<RXDUHDEOHWRDFFHVVQXPHULF
FKDUDFWHUVE\XVLQJWKHNH\V3UHVV)1)DJDLQWRWXUQRIIWKLVRYHUOD\
IXQFWLRQ
7HPSRUDULO\XVLQJQRUPDONH\ERDUGRYHUOD\RQ
:KLOHXVLQJWKHRYHUOD\\RXFDQWHPSRUDULO\DFFHVVWKHQRUPDONH\ERDUG
IXQFWLRQVZLWKRXWKDYLQJWRWXUQWKHRYHUOD\RII
 +ROGGRZQ)1NH\DQGSUHVVDQ\RWKHUNH\7KLVNH\ZLOORSHUDWHDVLI
WKHRYHUOD\ZHUHRII
 7\SHXSSHUFDVHFKDUDFWHUVE\KROGLQJGRZQ)16+,)7DQG
SUHVVLQJDFKDUDFWHUNH\
 5HOHDVH)1NH\WRFRQWLQXHXVLQJWKHVHOHFWHGRYHUOD\IXQFWLRQ
7HPSRUDULO\XVLQJRYHUOD\RYHUOD\RII
:KLOHXVLQJWKHQRUPDONH\ERDUGIXQFWLRQ\RXFDQWHPSRUDULO\XVHWKH
NH\SDGRYHUOD\ZLWKRXWKDYLQJWRWXUQLWRQ
8VHUV0DQXDO 
 +ROGGRZQ)1NH\DQGWKHNH\ERDUGZLOOWXUQRQWKHPRVWUHFHQWO\
XVHGRYHUOD\IXQFWLRQ
 5HOHDVH)1NH\WRUHWXUQWRQRUPDONH\ERDUGRSHUDWLRQ
7HPSRUDULO\FKDQJLQJPRGHV
,IWKHFRPSXWHULVLQ1XPHULF0RGH\RXFDQVZLWFKWHPSRUDULO\WR$UURZ
0RGHE\SUHVVLQJD6+,)7NH\ZKLOHLILWLVLQ$UURZ0RGH\RXFDQ
VZLWFKWHPSRUDULO\WR1XPHULF0RGHE\DOVRSUHVVLQJD6+,)7NH\
*HQHUDWLQJ$6&,,FKDUDFWHUV
1RWDOO$6&,,FKDUDFWHUVFDQEHJHQHUDWHGXVLQJQRUPDONH\ERDUG
RSHUDWLRQEXW\RXDUHDEOHWRJHQHUDWHWKHVHFKDUDFWHUVXVLQJWKHLU
VSHFLILF$6&,,FRGHV
 +ROGGRZQ$/7ZLWKWKHRYHUOD\RQRU$/7)1ZLWKRYHUOD\RII
 8VLQJWKHRYHUOD\NH\VW\SHWKH$6&,,FRGHRIWKHFKDUDFWHU\RX
UHTXLUH
 5HOHDVH$/7RU$/7)17KH$6&,,FKDUDFWHUDSSHDUVRQWKH
GLVSOD\VFUHHQ
7RXFKNH\ERDUG
7RXFKNH\ERDUGLVDQRQVFUHHQYLUWXDONH\ERDUGDOORZLQJ\RXWRW\SHRQ
WKHWRXFKVFUHHQ
7RXVHWKHWRXFKNH\ERDUGWDSLQDQDUHDZKHUH\RXFDQW\SH7KH
NH\ERDUGRSHQVDXWRPDWLFDOO\
7RPDQXDOO\RSHQWKHWRXFKNH\ERDUGGRHLWKHURIWKHIROORZLQJ
,QWKH6HWWLQJVFKDUPFOLFN.H\ERDUG!7RXFKNH\ERDUGDQG
KDQGZULWLQJSDQHO
&OLFNWKHNH\ERDUGLFRQ LQWKHWDVNEDURI\RXU:LQGRZV
GHVNWRS
%DWWHU\
7KLVVHFWLRQH[SODLQVEDWWHU\XVHUHFKDUJLQJPHWKRGVDQGKDQGOLQJ
%DWWHU\SDFN
7KHWDEOHWFRPSXWHUFRQWDLQVDEDWWHU\SDFNLQVLGH$OVRGHSHQGLQJRQWKH
PRGHO\RXSXUFKDVHGWKHNH\ERDUGGRFNPLJKWFRQWDLQDVHFRQGEDWWHU\
SDFNWRH[WHQGWKHEDWWHU\RSHUDWLQJWLPH
:KHQWKH$&DGDSWRULVQRWFRQQHFWHGWKHPDLQSRZHUVRXUFHRIWKH
FRPSXWHULVWKHOLWKLXPSRO\PHUEDWWHU\SDFN
5HDO7LPH&ORFN57&IXQFWLRQ
7KH5HDO7LPH&ORFN57&IXQFWLRQLVVXSSRUWHG7KHEDWWHU\SDFN
SURYLGHVSRZHUIRUWKHLQWHUQDOUHDOWLPHFORFNDQGFDOHQGDUIXQFWLRQDQG
8VHUV0DQXDO 
DOVRPDLQWDLQVWKHV\VWHPFRQILJXUDWLRQZKLOHWKHFRPSXWHULVWXUQHGRII,I
WKH57&ODVWLQJWLPHFRPSOHWHO\UXQVRXWWKHV\VWHPZLOOORVHWKLV
LQIRUPDWLRQDQGWKHUHDOWLPHFORFNDQGFDOHQGDUZLOOVWRSZRUNLQJ
<RXFDQFKDQJHWKH5HDO7LPH&ORFNVHWWLQJVLQWKH%,26VHWXSXWLOLW\
5HIHUWR7URXEOHVKRRWLQJIRUIXUWKHULQIRUPDWLRQ
&DUHDQGXVHRIWKHEDWWHU\SDFN
7KLVVHFWLRQSURYLGHVWKHLPSRUWDQWVDIHW\SUHFDXWLRQVLQRUGHUWRKDQGOH
\RXUEDWWHU\SDFNSURSHUO\
5HIHUWRWKHHQFORVHG,QVWUXFWLRQ0DQXDOIRU6DIHW\DQG&RPIRUWIRU
GHWDLOHGSUHFDXWLRQVDQGKDQGOLQJLQVWUXFWLRQV
&KDUJHWKHEDWWHU\SDFNRQO\LQDQDPELHQWWHPSHUDWXUHIURPWKURXJK
GHJUHHV&HOVLXV2WKHUZLVHWKHHOHFWURO\WHVROXWLRQPLJKWOHDNEDWWHU\
SDFNSHUIRUPDQFHPLJKWGHWHULRUDWHDQGWKHEDWWHU\OLIHPLJKWEH
VKRUWHQHG
&KDUJLQJWKHEDWWHU\SDFN
:KHQWKHSRZHULQWKHEDWWHU\SDFNEHFRPHVORZWKH%DWWHU\LQGLFDWRU
IODVKHVDPEHUWRLQGLFDWHWKDWRQO\DIHZPLQXWHVRIEDWWHU\SRZHUUHPDLQ
,I\RXFRQWLQXHWRXVHWKHFRPSXWHUZKLOHWKH%DWWHU\LQGLFDWRUIODVKHVWKH
FRPSXWHUHQWHUV+LEHUQDWLRQ0RGHVRWKDW\RXGRQRWORVHDQ\GDWDDQG
DXWRPDWLFDOO\WXUQLWVHOIRII
<RXPXVWUHFKDUJHWKHEDWWHU\SDFNZKHQLWEHFRPHVGLVFKDUJHG
3URFHGXUHV
7RUHFKDUJHWKHEDWWHU\SDFNFRQQHFWWKH$&DGDSWRUWRWKH'&,19
MDFNDQGSOXJWKHRWKHUHQGLQWRDZRUNLQJRXWOHW7KH%DWWHU\DQGRU
6HFRQG%DWWHU\LQGLFDWRUJORZVDPEHUZKLOHWKHEDWWHU\SDFNLVEHLQJ
FKDUJHG
:KHQ\RXFRQQHFWWKH$&DGDSWRUWRWKH'&,19MDFNRQWKHNH\ERDUG
GRFNWKHVHFRQGEDWWHU\SDFNLQVLGHWKHNH\ERDUGGRFNDOVREHJLQV
FKDUJLQJ,WPLJKWWDNHORQJHUWRIXOO\FKDUJHWKHVHFRQGEDWWHU\SDFN
GHSHQGLQJRQWKHUHPDLQLQJV\VWHPSRZHU
<RXFDQFKDUJHRQO\WKHVHFRQGEDWWHU\SDFNZLWKRXWGRFNLQJWKHWDEOHW
FRPSXWHU
&KDUJLQJ7LPH
7KHIROORZLQJWDEOHVKRZVWKHDSSUR[LPDWHWLPHUHTXLUHGWRIXOO\FKDUJHDQ
H[KDXVWHGEDWWHU\SDFN
8VHUV0DQXDO 
%DWWHU\SDFNW\SH 3RZHURII 3RZHURQ
%DWWHU\SDFN:K
FHOO
DERXWKRXUV DERXWKRXUV
:LWKWKHVHFRQG
EDWWHU\SDFN:K
FHOO
DERXWKRXUV DERXWKRXUV
%HDZDUHWKDWWKHFKDUJLQJWLPHZKHQWKHFRPSXWHULVRQLVDIIHFWHGE\
DPELHQWWHPSHUDWXUHWKHWHPSHUDWXUHRIWKHFRPSXWHUDQGKRZ\RXDUH
XVLQJWKHFRPSXWHU,I\RXPDNHKHDY\XVHRIH[WHUQDOGHYLFHVIRU
H[DPSOHWKHEDWWHU\PLJKWVFDUFHO\FKDUJHDWDOOGXULQJRSHUDWLRQ
&KDUJLQJQRWLFH
7KHEDWWHU\SDFNPLJKWQRWEHJLQFKDUJLQJLPPHGLDWHO\XQGHUWKHIROORZLQJ
FRQGLWLRQV
7KHEDWWHU\SDFNLVH[WUHPHO\KRWRUFROGLIWKHEDWWHU\SDFNLV
H[WUHPHO\KRWLWPLJKWQRWFKDUJHDWDOO7RHQVXUHWKHEDWWHU\SDFN
FKDUJHVWRLWVIXOOFDSDFLW\FKDUJHLWDWURRPWHPSHUDWXUHRIEHWZHHQ
&WR&±)
7KHEDWWHU\SDFNLVQHDUO\FRPSOHWHO\GLVFKDUJHG,QWKLVLQVWDQFH
OHDYHWKH$&DGDSWRUFRQQHFWHGIRUDIHZPLQXWHVDQGWKHEDWWHU\
SDFNVKRXOGEHJLQFKDUJLQJ
7KH%DWWHU\DQGRU6HFRQG%DWWHU\LQGLFDWRUPLJKWVKRZDUDSLGGHFUHDVH
LQEDWWHU\RSHUDWLQJWLPHZKHQ\RXWU\WRFKDUJHDEDWWHU\SDFNXQGHUWKH
IROORZLQJFRQGLWLRQV
7KHEDWWHU\SDFNKDVQRWEHHQXVHGIRUDORQJWLPH
7KHEDWWHU\SDFNKDVFRPSOHWHO\GLVFKDUJHGDQGEHHQOHIWLQWKH
FRPSXWHUIRUDORQJWLPH
,QVXFKFDVHVGRWKHIROORZLQJ
 )XOO\GLVFKDUJHWKHEDWWHU\SDFNZLWKSRZHURQXQWLOWKHV\VWHP
DXWRPDWLFDOO\WXUQVLWVHOIRII
 &RQQHFWWKH$&DGDSWRUWRWKH'&,19MDFNDQGWRDZDOORXWOHW
WKDWLVVXSSO\LQJSRZHU
 &KDUJHWKHEDWWHU\SDFNXQWLOWKH%DWWHU\DQGRU6HFRQG%DWWHU\
LQGLFDWRUJORZVZKLWH
5HSHDWWKHVHVWHSVWZRRUWKUHHWLPHVXQWLOWKHEDWWHU\SDFNUHFRYHUV
QRUPDOFDSDFLW\
0RQLWRULQJEDWWHU\SDFNFDSDFLW\
5HPDLQLQJEDWWHU\SRZHUFDQEHPRQLWRUHGXVLQJWKHIROORZLQJPHWKRGV
8VHUV0DQXDO 
&OLFNLQJWKHEDWWHU\LFRQRQWKH:LQGRZV7DVNEDU
%DWWHU\UHIHUVWRWKHEDWWHU\SDFNLQVLGHWKHWDEOHWFRPSXWHU
%DWWHU\UHIHUVWRWKHVHFRQGEDWWHU\SDFNLQVLGHWKHNH\ERDUG
GRFN
9LDWKH%DWWHU\6WDWXVDYHUDJHUHPDLQLQJEDWWHU\SRZHURI%DWWHU\
DQG%DWWHU\LQWKH:LQGRZV0RELOLW\&HQWHUZLQGRZ
:KHQ\RXXVHWKHWDEOHWFRPSXWHUZLWKWKHNH\ERDUGGRFNWKHVHFRQG
EDWWHU\SDFNLVWKHILUVWVRXUFHWRSURYLGHSRZHU
:DLWVHYHUDOVHFRQGVWRPRQLWRUWKHUHPDLQLQJRSHUDWLQJWLPHEHFDXVH
WKHFRPSXWHUQHHGVWLPHWRFKHFNWKHUHPDLQLQJFDSDFLW\RIWKH
EDWWHU\SDFNDQGWKHQFDOFXODWHWKHUHPDLQLQJRSHUDWLQJWLPHEDVHG
RQWKLVWRJHWKHUZLWKWKHFXUUHQWSRZHUFRQVXPSWLRQ
%HDZDUHWKDWWKHDFWXDOUHPDLQLQJRSHUDWLQJWLPHPLJKWGLIIHUVOLJKWO\
IURPWKHFDOFXODWHGWLPH
:LWKUHSHDWHGGLVFKDUJHVDQGUHFKDUJHVWKHEDWWHU\SDFNFDSDFLW\
ZLOOJUDGXDOO\GHFUHDVH,QYLHZRIWKLVLWLVQRWHGWKDWDQRIWHQXVHG
ROGHUEDWWHU\SDFNZLOOQRWRSHUDWHIRUDVORQJDVDQHZEDWWHU\SDFN
HYHQZKHQERWKDUHIXOO\FKDUJHG
0D[LPL]LQJEDWWHU\RSHUDWLQJWLPH
7KHXVHIXOQHVVRIDEDWWHU\SDFNGHSHQGVRQKRZORQJLWFDQVXSSO\SRZHU
RQDVLQJOHFKDUJHZKLOHKRZORQJWKHFKDUJHODVWVLQDEDWWHU\SDFN
GHSHQGVRQ
3URFHVVRUVSHHG
6FUHHQEULJKWQHVV
6\VWHP6OHHS0RGH
6\VWHP+LEHUQDWLRQ0RGH
'LVSOD\SRZHURIISHULRG
+RZRIWHQDQGIRUKRZORQJ\RXXVHWKHLQWHUQDOVWRUDJHDQGH[WHUQDO
GLVNGULYHVIRUH[DPSOHRSWLFDOGLVF
+RZPXFKFKDUJHWKHEDWWHU\SDFNFRQWDLQHGWREHJLQZLWK
+RZ\RXXVHRSWLRQDOGHYLFHVVXFKDVD86%GHYLFHWRZKLFKWKH
EDWWHU\SDFNVXSSOLHVSRZHU
:KHWKHU\RXHQDEOH6OHHS0RGHZKLFKFDQFRQVHUYHEDWWHU\SRZHULI
\RXDUHIUHTXHQWO\WXUQLQJWKHFRPSXWHURIIDQGRQ
:KHUH\RXVWRUH\RXUSURJUDPVDQGGDWD
:KHWKHU\RXFORVHWKHGLVSOD\VFUHHQZKHQ\RXDUHQRWXVLQJWKH
NH\ERDUGFORVLQJWKHGLVSOD\VFUHHQVDYHVSRZHU
7KHHQYLURQPHQWDOWHPSHUDWXUHRSHUDWLQJWLPHGHFUHDVHVDWORZ
WHPSHUDWXUHV
8VHUV0DQXDO 
%DWWHU\SDFNH[KDXVWHGWLPH
:KHQ\RXWXUQRIIWKHSRZHURI\RXUFRPSXWHUZLWKWKHEDWWHU\SDFNIXOO\
FKDUJHGWKHEDWWHU\SDFNH[KDXVWZLWKLQWKHIROORZLQJDSSUR[LPDWHSHULRG
%DWWHU\SDFNW\SH 6OHHS0RGH 6KXW'RZQ0RGH
%DWWHU\SDFN:K
FHOO
DERXWGD\V DERXWGD\V
:LWKWKHVHFRQG
EDWWHU\SDFN:K
FHOO
DERXWGD\V DERXWGD\V
([WHQGLQJEDWWHU\OLIH
7RPD[LPL]HWKHOLIHRI\RXUEDWWHU\SDFNGRWKHIROORZLQJDWOHDVWRQFHD
PRQWK
7XUQRIIWKHFRPSXWHUVSRZHU
'LVFRQQHFWWKH$&DGDSWRUDQGWXUQRQWKHFRPSXWHUVSRZHU,ILW
GRHVQRWWXUQRQWKHQJRWR6WHS
2SHUDWHWKHFRPSXWHURQEDWWHU\SRZHUIRUILYHPLQXWHV,I\RXILQG
WKDWWKHEDWWHU\SDFNKDVDWOHDVWILYHPLQXWHVRIRSHUDWLQJWLPH
FRQWLQXHRSHUDWLQJXQWLOWKHEDWWHU\SDFNLVIXOO\GLVFKDUJHG+RZHYHU
LIWKH%DWWHU\LQGLFDWRUIODVKHVRUWKHUHLVVRPHRWKHUZDUQLQJWR
LQGLFDWHDORZEDWWHU\FRQGLWLRQJRWR6WHS
&RQQHFWWKH$&DGDSWRUWRWKH'&,19MDFNDQGWRDZDOORXWOHW
WKDWLVVXSSO\LQJSRZHU7KH%DWWHU\DQGRU6HFRQG%DWWHU\LQGLFDWRU
JORZVDPEHUWRLQGLFDWHWKDWWKHEDWWHU\SDFNLVEHLQJFKDUJHG
+RZHYHULI%DWWHU\DQGRU6HFRQG%DWWHU\LQGLFDWRUGRHVQRWJORZ
WKLVLQGLFDWHVWKDWSRZHULVQRWEHLQJVXSSOLHG&KHFNWKHFRQQHFWLRQV
IRUWKH$&DGDSWRUDQGWKHSRZHUFRUG
&KDUJHWKHEDWWHU\SDFNXQWLOWKH%DWWHU\DQGRU6HFRQG%DWWHU\
LQGLFDWRUJORZVZKLWH
:LUHOHVV:$1GHYLFH
6RPHPRGHOVDUHHTXLSSHGZLWKWKH:LUHOHVV:$1GHYLFH7KLVGHYLFH
HQDEOHVDKLJKVSHHGFRQQHFWLRQWRWKH,QWHUQHWFRUSRUDWHLQWUDQHWDQG
\RXUHPDLOZKLOH\RXDUHDZD\IURPWKHRIILFH
,QVWDOOLQJD6,0FDUG
7RLQVWDOOD6,0FDUGGRWKHIROORZLQJ
 &OLFN3RZHULQWKH6HWWLQJVFKDUPDQGWKHQFOLFN6KXWGRZQDQG
HQVXUHWKDWWKH3RZHULQGLFDWRULVRII
8VHUV0DQXDO 
 5HPRYHWKH$&DGDSWRUDQGDOOFDEOHVDQGSHULSKHUDOVFRQQHFWHGWR
WKHFRPSXWHU
 /RFDWHWKH6,0FDUGVORW
 7RSRSWKH6,0FDUGWUD\SDUWLDOO\RSHQLQVHUWDVOHQGHUREMHFWDERXW
PPVXFKDVDVWUDLJKWHQHGSDSHUFOLSLQWRWKHHMHFWKROH*HQWO\
SXOOWRRSHQWKH6,0FDUGWUD\
1HYHUSXOOWKH6,0FDUGWUD\FRPSOHWHO\RXWRIWKHVORW
)LJXUH2SHQWKH6,0FDUGWUD\
1
2
6OHQGHUREMHFW'LDPHWHUPP 6,0FDUGWUD\
 3ODFHWKH6,0FDUGLQWRWKH6,0FDUGWUD\ZLWKWKHPHWDOFRQQHFWRUV
IDFLQJXS
 ,QVHUWWKH6,0FDUGWUD\LQWRWKH6,0FDUGVORWDQGSXVKWKHFHQWHURI
WKHWUD\WRFORVHLW3UHVVJHQWO\XQWLOLWORFNVLQWRSODFH
)LJXUH,QVHUWLQJWKH6,0FDUG
1
2
6,0FDUGWUD\ 6,0FDUG
1HYHUDOORZPHWDOREMHFWVVXFKDVVFUHZVVWDSOHVDQGSDSHUFOLSVWR
HQWHUWKHFRPSXWHU)RUHLJQPHWDOREMHFWVFDQFUHDWHDVKRUWFLUFXLW
ZKLFKFDQFDXVHGDPDJHDQGILUHSRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\
'RQRWWRXFKWKHFRQQHFWRUVRQWKH6,0FDUGRURQWKHFRPSXWHU
'HEULVRQWKHFRQQHFWRUVPLJKWFDXVHDFFHVVSUREOHPV
5HPRYLQJD6,0&DUG
7RUHPRYHWKH6,0FDUGGRWKHIROORZLQJ
8VHUV0DQXDO 
 6KXWGRZQWKHFRPSXWHU0DNHVXUHWKH3RZHULQGLFDWRULVRII
 7RSRSWKH6,0FDUGWUD\SDUWLDOO\RSHQLQVHUWDVOHQGHUREMHFWDERXW
PPVXFKDVDVWUDLJKWHQHGSDSHUFOLSLQWRWKHHMHFWKROH*HQWO\
SXOOWRRSHQWKH6,0FDUGWUD\
 5HPRYHWKH6,0FDUGIURPWKH6,0FDUGWUD\
 ,QVHUWWKH6,0FDUGWUD\EDFNLQWRWKH6,0FDUGVORW
*36)XQFWLRQ
<RXUFRPSXWHUPLJKWLQFOXGHDEXLOWLQ*36*OREDO3RVLWLRQLQJ6\VWHP
7KHSHUIRUPDQFHRI*36YDULHVGHSHQGLQJRQWKHHQYLURQPHQW)DLOXUHWR
SLQSRLQWDORFDWLRQPLJKWKDSSHQ
<RXUFXUUHQWORFDWLRQPLJKWQRWEHVKRZQGHSHQGLQJRQWKHVWDWXVRI*36
RUWKHORFDWLRQ,I\RXDUHREWDLQLQJ\RXUFXUUHQWORFDWLRQLQIRUPDWLRQIURP
WKHFRPSXWHU\RXUFXUUHQWORFDWLRQPLJKWQRWEHGHWHFWHGGXHWRWKH
LQIRUPDWLRQDFFXUDF\6SHFLILFDOO\\RXUFXUUHQWORFDWLRQPLJKWQRWEH
GHWHFWHGLQWKHIROORZLQJSODFHVRUVLWXDWLRQV
,QVLGHRUGLUHFWO\XQGHUDEXLOGLQJ
,QVLGHDEDJRUER[
$PRQJGHQVHWUHHV
:KHQWKHUHLVDQREVWDFOHSHUVRQRUREMHFWLQWKHIURQWRIWKH
DQWHQQD
8QGHUJURXQGWXQQHOXQGHUJURXQGRUXQGHUZDWHU
%XLOGLQJVVWUHHWVRUUHVLGHQWLDODUHDV
1HDUWRKLJKYROWDJHFDEOHV
%DGZHDWKHUVXFKDVKHDY\UDLQRUVQRZ
/$1
726+,%$.H\ERDUG'RFNKDVEXLOWLQVXSSRUWIRU(WKHUQHW/$1
PHJDELWVSHUVHFRQG%$6(7)DVW(WKHUQHW/$1PHJDELWVSHU
VHFRQG%$6(7;RU*LJDELW(WKHUQHW/$1PHJDELWVSHU
VHFRQG%$6(7
7KLVVHFWLRQGHVFULEHVKRZWRFRQQHFWGLVFRQQHFWWRD/$1
7KH:DNHXSRQ/$1IXQFWLRQFRQVXPHVSRZHUHYHQZKHQWKH
V\VWHPLVRII/HDYHWKH$&DGDSWRUFRQQHFWHGZKLOHXVLQJWKLV
IHDWXUH
7KH/LQNVSHHGPHJDELWVSHUVHFRQGFKDQJHV
DXWRPDWLFDOO\GHSHQGLQJRQWKHQHWZRUNFRQGLWLRQVFRQQHFWHGGHYLFH
FDEOHRUQRLVHDQGVRRQ
8VHUV0DQXDO 
/$1FDEOHW\SHV
7KHFRPSXWHUPXVWEHFRQILJXUHGSURSHUO\EHIRUHFRQQHFWLQJWRD/$1
/RJJLQJRQWRD/$1XVLQJWKHFRPSXWHU¶VGHIDXOWVHWWLQJVPLJKWFDXVHD
PDOIXQFWLRQLQ/$1RSHUDWLRQ&KHFNZLWK\RXU/$1DGPLQLVWUDWRUUHJDUGLQJ
VHWXSSURFHGXUHV
,I\RXDUHXVLQJ*LJDELW(WKHUQHW/$1PHJDELWVSHUVHFRQG
%$6(7EHVXUHWRFRQQHFWZLWKD&$7HFDEOHRUKLJKHU<RX
FDQQRWXVHD&$7RU&$7FDEOH
,I\RXDUHXVLQJ)DVW(WKHUQHW/$1PHJDELWVSHUVHFRQG%$6(
7;EHVXUHWRFRQQHFWZLWKD&$7FDEOHRUKLJKHU<RXFDQQRWXVHD
&$7FDEOH
,I\RXDUHXVLQJ(WKHUQHW/$1PHJDELWVSHUVHFRQG%$6(7\RX
FDQFRQQHFWZLWKD&$7RUKLJKHUFDEOH
&RQQHFWLQJWKH/$1FDEOH
7RFRQQHFWWKH/$1FDEOHGRWKHIROORZLQJ
&RQQHFWWKH$&DGDSWRUEHIRUHFRQQHFWLQJWKH/$1FDEOH7KH$&
DGDSWRUPXVWUHPDLQFRQQHFWHGGXULQJ/$1XVH,I\RXGLVFRQQHFWWKH
$&$GDSWRUZKLOHWKHFRPSXWHULVDFFHVVLQJD/$1WKHV\VWHPPLJKW
KDQJXS
'RQRWFRQQHFWDQ\RWKHUFDEOHWRWKH/$1MDFNH[FHSWWKH/$1FDEOH
2WKHUZLVHPDOIXQFWLRQVRUGDPDJHPLJKWRFFXU
'RQRWFRQQHFWDQ\SRZHUVXSSO\LQJGHYLFHWRWKH/$1FDEOHWKDWLV
FRQQHFWHGWRWKH/$1MDFN2WKHUZLVHPDOIXQFWLRQVRUGDPDJHPLJKW
RFFXU
 7XUQRIIWKHSRZHUWRDOOH[WHUQDOGHYLFHVFRQQHFWHGWRWKHFRPSXWHU
 3OXJRQHHQGRIWKHFDEOHLQWRWKH/$1MDFN3UHVVJHQWO\XQWLO\RX
KHDUWKHODWFKFOLFNLQWRSODFH
)LJXUH&RQQHFWLQJWKH/$1FDEOH
2
1
/$1MDFN /$1FDEOH
8VHUV0DQXDO 
 3OXJWKHRWKHUHQGRIWKHFDEOHLQWRD/$1KXEFRQQHFWRURUURXWHU
&KHFNZLWK\RXU/$1DGPLQLVWUDWRUDQGKDUGZDUHRUVRIWZDUHYHQGRU
EHIRUHXVLQJRUFRQILJXULQJDQHWZRUNFRQQHFWLRQ
0HPRU\PHGLD
7KHFRPSXWHULVHTXLSSHGZLWKDPHPRU\PHGLDVORWWKDWFDQ
DFFRPPRGDWHVRPHNLQGVRIPHPRU\PHGLDZLWKYDULRXVPHPRU\
FDSDFLWLHVVRWKDW\RXFDQHDVLO\WUDQVIHUGDWDIURPGHYLFHVVXFKDVGLJLWDO
FDPHUDVDQG3HUVRQDO'LJLWDO$VVLVWDQWV
.HHSIRUHLJQREMHFWVRXWRIWKHPHPRU\PHGLDVORW1HYHUDOORZPHWDO
REMHFWVVXFKDVVFUHZVVWDSOHVDQGSDSHUFOLSVWRHQWHUWKHFRPSXWHURU
.H\ERDUG)RUHLJQPHWDOREMHFWVFDQFUHDWHDVKRUWFLUFXLWZKLFKFDQ
FDXVHFRPSXWHUGDPDJHDQGILUHSRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\
7KLV0HPRU\PHGLDVORWVXSSRUWVWKHIROORZLQJPHPRU\PHGLD
PLFUR6'6'+&6';&&DUG
1RWDOOPHPRU\PHGLDKDYHEHHQWHVWHGDQGYHULILHGWRZRUNFRUUHFWO\
7KHUHIRUHLWLVQRWSRVVLEOHWRJXDUDQWHHWKDWDOOPHPRU\PHGLDFDQ
RSHUDWHSURSHUO\
)LJXUH([DPSOHVRIPHPRU\PHGLDPLFUR6'FDUG
3RLQWVWRQRWHDERXWWKHPHPRU\PHGLDFDUG
PLFUR6'6'+&6';&PHPRU\FDUGVFRPSO\ZLWK6'0,6HFXUH'LJLWDO
0XVLF,QLWLDWLYHZKLFKLVDWHFKQRORJ\DGRSWHGWRSUHYHQWXQODZIXOFRS\RU
SOD\EDFNRIGLJLWDOPXVLF)RUWKLVUHDVRQ\RXFDQQRWFRS\RUSOD\EDFN
SURWHFWHGPDWHULDORQDQRWKHUFRPSXWHURURWKHUGHYLFHDQG\RXFDQQRW
UHSURGXFHDQ\FRS\ULJKWHGPDWHULDOH[FHSWIRU\RXUSHUVRQDOHQMR\PHQW
7KHVXSSRUWHGPD[LPXPFDSDFLW\RIPHPRU\FDUGLV*%
0HPRU\PHGLDIRUPDW
1HZPHGLDFDUGVDUHIRUPDWWHGDFFRUGLQJWRVSHFLILFVWDQGDUGV,I\RXZLVK
WRUHIRUPDWDPHGLDFDUGEHVXUHWRGRVRZLWKDGHYLFHWKDWXVHVPHGLD
FDUGV
)RUPDWWLQJDPHPRU\PHGLDFDUG
0HPRU\PHGLDFDUGVDUHVROGDOUHDG\IRUPDWWHGLQFRQIRUPLW\WRVSHFLILF
VWDQGDUGV,I\RXUHIRUPDWDPHPRU\FDUGEHVXUHWRUHIRUPDWLWZLWKD
GHYLFHVXFKDVGLJLWDOFDPHUDRUGLJLWDODXGLRSOD\HUWKDWXVHVWKHPHPRU\
FDUGVQRWZLWKWKHIRUPDWFRPPDQGSURYLGHGZLWKLQ:LQGRZV
8VHUV0DQXDO 
7RIRUPDWDOODUHDVRIWKHPHPRU\FDUGLQFOXGLQJWKHSURWHFWHGDUHD\RX
PXVWREWDLQDQDSSURSULDWHDSSOLFDWLRQWKDWDSSOLHVWKHFRS\SURWHFWLRQ
V\VWHP
0HGLDFDUH
2EVHUYHWKHIROORZLQJSUHFDXWLRQVZKHQKDQGOLQJWKHFDUG
'RQRWWZLVWRUEHQGFDUGV
'RQRWH[SRVHFDUGVWROLTXLGVRUVWRUHLQKXPLGDUHDVRUOD\PHGLD
FORVHWRFRQWDLQHUVRIOLTXLG
'RQRWWRXFKWKHPHWDOSDUWRIDFDUGRUH[SRVHLWWROLTXLGVRUOHWLWJHW
GLUW\
$IWHUXVLQJFDUGUHWXUQLWWRLWVFDVH
7KHFDUGLVGHVLJQHGVRWKDWLWFDQEHLQVHUWHGRQO\RQHZD\'RQRW
WU\WRIRUFHWKHFDUGLQWRWKHVORW
0HPRU\FDUGVKDYHDOLPLWHGOLIHVSDQVRLWLVLPSRUWDQWWREDFNXS
LPSRUWDQWGDWD
'RQRWZULWHWRDFDUGLIWKHEDWWHU\SRZHULVORZ/RZSRZHUPLJKW
DIIHFWZULWLQJDFFXUDF\
'RQRWUHPRYHDFDUGZKLOHUHDGZULWHLVLQSURJUHVV
)RUPRUHGHWDLOVRQXVLQJPHPRU\FDUGVVHHPDQXDOVDFFRPSDQ\LQJWKH
FDUGV
,QVHUWLQJPHPRU\PHGLD
7KHIROORZLQJLQVWUXFWLRQVDSSO\WRDOOW\SHVRIVXSSRUWHGPHGLDGHYLFHV7R
LQVHUWPHPRU\PHGLDGRWKHIROORZLQJ
 7XUQWKHPHPRU\PHGLDVRWKDWWKHFRQWDFWVPHWDODUHDVIDFHGRZQ
 ,QVHUWWKHPHPRU\PHGLDLQWRWKHPHPRU\PHGLDVORWRQWKHWDEOHW
FRPSXWHU
8VHUV0DQXDO 
 3UHVVWKHPHPRU\PHGLDJHQWO\XQWLOLWFOLFNVLQWRSODFH
)LJXUH,QVHUWLQJPHPRU\PHGLD
1 2
0HPRU\PHGLDVORW 0HPRU\PHGLD
0DNHVXUHWKDWWKHPHPRU\PHGLDLVRULHQWHGSURSHUO\EHIRUH\RX
LQVHUWLW,I\RXLQVHUWWKHPHGLDLQZURQJGLUHFWLRQ\RXPLJKWQRWEH
DEOHWRUHPRYHLW
:KHQLQVHUWLQJWKHPHPRU\PHGLDGRQRWWRXFKWKHPHWDOFRQWDFWV
<RXPLJKWH[SRVHWKHVWRUDJHDUHDWRVWDWLFHOHFWULFLW\ZKLFKFDQ
GHVWUR\GDWD
'RQRWWXUQRIIWKHFRPSXWHURUVZLWFKWR6OHHS0RGHRU+LEHUQDWLRQ
0RGHZKLOHILOHVDUHEHLQJFRSLHG)DLOXUHWRGRVRPLJKWFDXVHGDWD
ORVV
5HPRYLQJPHPRU\PHGLD
7KHIROORZLQJLQVWUXFWLRQVDSSO\WRDOOW\SHVRIVXSSRUWHGPHGLDGHYLFHV7R
UHPRYHPHPRU\PHGLDGRWKHIROORZLQJ
 &OLFNWKH6DIHO\5HPRYH+DUGZDUHDQG(MHFW0HGLDLFRQRQWKH
:LQGRZV7DVNEDU
 6HOHFWPHPRU\PHGLD
 3XVKWKHPHPRU\PHGLDXQWLO\RXKHDUDFOLFNWRSDUWLDOO\UHOHDVHLW
 *UDVSWKHPHGLDDQGUHPRYHLW
,I\RXUHPRYHWKHPHPRU\PHGLDRUWXUQRIIWKHSRZHUZKLOHWKH
FRPSXWHULVDFFHVVLQJWKHPHPRU\PHGLD\RXPLJKWORVHGDWDRU
GDPDJHWKHPHGLD
'RQRWUHPRYHWKHPHPRU\PHGLDZKLOHWKHFRPSXWHULVLQ6OHHSRU
+LEHUQDWLRQ0RGH7KHFRPSXWHUPLJKWEHFRPHXQVWDEOHRUGDWDLQ
WKHPHPRU\PHGLDPLJKWEHORVW
([WHUQDO'LVSOD\
<RXUFRPSXWHUYLGHRFDSDELOLWLHVFDQEHHQKDQFHGZLWKDGGLWLRQDOGLVSOD\V
([WHUQDOGLVSOD\VDOORZ\RXWRVKDUH\RXUGHVNWRSRUH[WHQGWKHGHVNWRS
DUHD
8VHUV0DQXDO 
&RQQHFWLQJDQH[WHUQDOGLVSOD\
<RXUFRPSXWHUFRPHVZLWKDEXLOWLQGLVSOD\EXW\RXFDQDOVRFRQQHFW
RWKHUH[WHUQDOGLVSOD\VYLDDYDLODEOHSRUWVRQWKHFRPSXWHU
$VWKHSRUWRSHUDWLRQRIDOOH[WHUQDOGLVSOD\GHYLFHVKDYHQRWEHHQ
FRQILUPHGVRPHGHYLFHVPLJKWQRWIXQFWLRQSURSHUO\
+'0,SRUWDQG([WHUQDO5*%PRQLWRUSRUWRQWKHNH\ERDUGGRFNFDQ
QRWEHFRQQHFWHGIRUXVHDWWKHVDPHWLPH,IERWKSRUWVDUH
FRQQHFWHGRQO\+'0,SRUWLVDFWLYDWHG
([WHUQDO5*%PRQLWRUSRUW
$QH[WHUQDODQDORJPRQLWRUFDQEHFRQQHFWHGWRWKH([WHUQDO5*%PRQLWRU
SRUWRQWKHNH\ERDUGGRFN7RFRQQHFWDQH[WHUQDODQDORJPRQLWRUGRWKH
IROORZLQJ
 &RQQHFWWKH5*%FDEOHWRWKH([WHUQDO5*%PRQLWRUSRUW
)LJXUH&RQQHFWLQJWKH5*%FDEOHWRWKH([WHUQDO5*%PRQLWRUSRUW
12
([WHUQDO5*%PRQLWRUSRUW 5*%FDEOH
7KHUHDUHQRIDVWHQLQJVFUHZVIRUDQH[WHUQDOPRQLWRUFDEOHRQWKH
([WHUQDO5*%PRQLWRUSRUW+RZHYHUH[WHUQDOPRQLWRUFDEOHVZKLFKKDYH
FRQQHFWRUVZLWKIDVWHQLQJVFUHZVFDQVWLOOEHXVHG
 7XUQWKHH[WHUQDOPRQLWRUVSRZHURQ
:KHQ\RXWXUQRQWKHSRZHUWKHFRPSXWHUDXWRPDWLFDOO\UHFRJQL]HVWKH
PRQLWRUDQGGHWHUPLQHVZKHWKHULWLVDFRORURUPRQRFKURPHGHYLFH
:KHQGLVSOD\LQJGHVNWRSRQDQH[WHUQDO5*%PRQLWRUGHVNWRSLV
VRPHWLPHVGLVSOD\HGRQWKHFHQWHURIWKHPRQLWRUZLWKEODFNEDUVDURXQG
GHVNWRSZLWKVPDOOVL]H
$WWKDWWLPHSOHDVHUHDGWKHPDQXDORIWKHPRQLWRUDQGVHWWKHGLVSOD\
PRGHZKLFKLVVXSSRUWLQJDWWKHPRQLWRU7KHQLWZLOOEHGLVSOD\HGZLWK
VXLWDEOHVL]HZLWKFRUUHFWDVSHFWUDWLR
8VHUV0DQXDO 
+'0,SRUW
+'0,+LJK'HILQLWLRQ0XOWLPHGLD,QWHUIDFHSRUWGLJLWDOO\WUDQVIHUVERWK
YLGHRDQGDXGLRGDWDZLWKRXWUHGXFLQJWKHTXDOLW\+'0,FRPSDWLEOH
H[WHUQDOGLVSOD\GHYLFHVLQFOXGLQJWHOHYLVLRQVFDQEHFRQQHFWHGYLDWKH
+'0,SRUW
7RFRQQHFWDQ+'0,FRPSDWLEOHGLVSOD\GHYLFHGRWKHIROORZLQJ
$VWKHSRUWRSHUDWLRQRIDOO+'0,GLVSOD\GHYLFHVKDYHQRWEHHQ
FRQILUPHGVRPH+'0,GLVSOD\GHYLFHVPLJKWQRWIXQFWLRQSURSHUO\
7RFRQQHFWDGHYLFHWRWKH+'0,RXWSRUW\RXPXVWSXUFKDVHD
VXLWDEOH+'0,FDEOH
 3OXJRQHHQGRIWKH+'0,FDEOHLQWRWKH+'0,LQSRUWRIWKH+'0,
GLVSOD\GHYLFH
 3OXJWKHRWKHUHQGRIWKH+'0,FDEOHLQWRWKH+'0,SRUWRQ\RXUWDEOHW
FRPSXWHURURQWKHNH\ERDUGGRFN
 7XUQWKH+'0,GLVSOD\GHYLFHVSRZHURQ
)LJXUH&RQQHFWLQJWKH+'0,SRUW
12
+'0,SRUW +'0,FDEOH7\SH$FRQQHFWRU
)LJXUH&RQQHFWLQJWKH+'0,0LFURSRUW
1 2
+'0,0LFURSRUW +'0,FDEOH7\SH'FRQQHFWRU
'RQRWSOXJXQSOXJDQ+'0,GHYLFHXQGHUWKHIROORZLQJFRQGLWLRQV
7KHV\VWHPLVVWDUWLQJXS
8VHUV0DQXDO 
7KHV\VWHPLVVKXWWLQJGRZQ
:KHQ\RXFRQQHFWDWHOHYLVLRQRUH[WHUQDOPRQLWRUWRWKH+'0,SRUWWKH
GLVSOD\RXWSXWGHYLFHLVVHWWR+'0,
:KHQ\RXXQSOXJWKH+'0,FDEOHDQGUHSOXJLWZDLWDWOHDVWVHFRQGV
EHIRUH\RXUHSOXJWKH+'0,FDEOHDJDLQ
:KHQ\RXFKDQJHWKHGLVSOD\RXWSXWGHYLFHWKHSOD\EDFNGHYLFHPLJKWQRW
VZLWFKDXWRPDWLFDOO\,QWKLVFDVH7RVHWWKHSOD\EDFNGHYLFHWRWKHVDPH
GHYLFHDVWKHGLVSOD\RXWSXWGHYLFHDGMXVWWKHSOD\EDFNGHYLFHPDQXDOO\
E\WKHIROORZLQJVWHSV
&OLFN&RQWURO3DQHO!+DUGZDUHDQG6RXQG!6RXQGXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
,QWKH3OD\EDFNWDEVHOHFWWKHSOD\EDFNGHYLFHZKLFK\RXZDQWWR
VZLWFKWR
7RXVHWKHLQWHUQDOVSHDNHUVRQ\RXUFRPSXWHUVHOHFW6SHDNHUV7RXVH
WKHWHOHYLVLRQRUWKHH[WHUQDOPRQLWRUWKDW\RXKDYHFRQQHFWHGWRWKH
FRPSXWHUVHOHFWDGLIIHUHQWSOD\EDFNGHYLFH
&OLFNWKH6HW'HIDXOWEXWWRQ
&OLFN2.WRFORVHWKH6RXQGGLDORJ
6HWWLQJVIRUGLVSOD\YLGHRRQ+'0,
7RYLHZYLGHRRQWKH+'0,GLVSOD\GHYLFHEHVXUHWRFRQILJXUHWKH
IROORZLQJVHWWLQJVRWKHUZLVH\RXPLJKWILQGWKDWQRWKLQJLVGLVSOD\HG
%HVXUHWRXVHWKHIXQFWLRQNH\WRVHOHFWWKHGLVSOD\GHYLFHEHIRUHVWDUWLQJ
WRSOD\YLGHR'RQRWFKDQJHWKHGLVSOD\GHYLFHZKLOHSOD\LQJYLGHR
'RQRWFKDQJHWKHGLVSOD\GHYLFHXQGHUWKHIROORZLQJFRQGLWLRQV
:KLOHGDWDLVEHLQJUHDGRUZULWWHQ
:KLOHFRPPXQLFDWLRQLVEHLQJFDUULHGRXW
6HOHFWLQJ+')RUPDW
7RVHOHFWWKHGLVSOD\PRGHGRWKHIROORZLQJ
 &OLFN&RQWURO3DQHO!$SSHDUDQFHDQG3HUVRQDOL]DWLRQ!'LVSOD\
!&KDQJHGLVSOD\VHWWLQJV!$GYDQFHGVHWWLQJV!/LVW$OO
0RGHVXQGHU:LQGRZV6\VWHPLQWKH$SSVYLHZ
 6HOHFWRQHRIWKHPRGHVDW/LVW$OO0RGHV
0XOWL0RQLWRURQO\IRU3257e*e=W%
<RXUFRPSXWHUVXSSRUWVWKH0XOWL0RQLWRUIXQFWLRQWKDWFDQGLVSOD\LPDJH
RQ0XOWL0RQLWRULQGHSHQGHQWO\
7KHIROORZLQJFRPELQDWLRQVDUHVXSSRUWHG
8VHUV0DQXDO 
726+,%$.H\ERDUG'RFN  
5*% <HV 
+'0,  <HV
<HV6XSSRUW
:LUHOHVVGLVSOD\
<RXUFRPSXWHUPLJKWVXSSRUW:LUHOHVVGLVSOD\DZLUHOHVVWHFKQRORJ\ZKLFK
XWLOL]HV:L)LWRDOORZWKHFRPSXWHUWREHZLUHOHVVO\FRQQHFWHGWRH[WHUQDO
GLVSOD\VLQFOXGLQJ79VDVH[WHQGHGVFUHHQV:LWK:LUHOHVVGLVSOD\
GRFXPHQWVVWUHDPHGORFDOPHGLDFRQWHQWVRURWKHURQOLQHFRQWHQWVFDQEH
VKDUHGZLUHOHVVO\ZLWKRWKHUV
7RXVH:LUHOHVVGLVSOD\HLWKHURQHRIWKHIROORZLQJGHYLFHVLVUHTXLUHG
$FRPSDWLEOHH[WHUQDOGLVSOD\ZLWKEXLOWLQVXSSRUWIRU:LUHOHVVGLVSOD\
$QH[WHUQDOGLVSOD\ZLWK+'0,SRUWDQGD:LUHOHVVGLVSOD\DGDSWRU
7KH:LUHOHVVGLVSOD\DGDSWRULVDGHYLFHWKDWFRQQHFWVWRWKHH[WHUQDO
GLVSOD\YLD+'0,SRUWDQGFDQUHFHLYH:L)LVLJQDOVIURP\RXU
FRPSXWHU
7RZLUHOHVVO\FRQQHFWWRDQH[WHUQDOGLVSOD\\RXFDQIROORZWKHVWHSVDV
GHVFULEHGEHORZ
 ,QWKH6HWWLQJVFKDUPFOLFN&KDQJH3&VHWWLQJV!3&DQGGHYLFHV
!'HYLFHV
 &OLFN$GGDGHYLFH<RXUFRPSXWHUZLOOVWDUWVHDUFKLQJIRUWKH
:LUHOHVVGLVSOD\GHYLFH
 $IWHUWKH:LUHOHVVGLVSOD\GHYLFHLVVHDUFKHGIROORZWKHRQVFUHHQ
LQVWUXFWLRQVWRILQLVKFRQQHFWLRQ
$IWHUWKHFRQQHFWLRQLVHVWDEOLVKHGWKHQDPHRIWKH:LUHOHVVGLVSOD\
GHYLFHDSSHDUVXQGHU3URMHFWRUV
7RGLVFRQQHFWWKH:LUHOHVVGLVSOD\GHYLFHFOLFNWKH:LUHOHVVGLVSOD\
GHYLFHQDPHDQGWKHQFOLFN5HPRYHGHYLFH
&KDQJLQJWKHGLVSOD\VHWWLQJV
$IWHURQHRUPRUHH[WHUQDOGLVSOD\VDUHFRQQHFWHGWKHRSHUDWLQJV\VWHP
FDQDXWRPDWLFDOO\GHWHFWLGHQWLI\DQGVHWXSWKHGLVSOD\VHWWLQJV
<RXFDQDOVRPDQXDOO\PDQDJHKRZWKHH[WHUQDOGLVSOD\VZRUNDQGFKDQJH
WKHGLVSOD\VHWWLQJVE\SUHVVLQJ3ZKLOHKROGLQJGRZQWKH:LQGRZV 
NH\,I\RXGLVFRQQHFWWKHH[WHUQDOGLVSOD\EHIRUH\RXWXUQRIIWKH
FRPSXWHUVSRZHUEHVXUHWRVZLWFKWRWKHLQWHUQDOGLVSOD\
8VHUV0DQXDO 
6HFXULW\ORFN
$VHFXULW\ORFNHQDEOHV\RXWRDQFKRU\RXUFRPSXWHUWRDGHVNRURWKHU
KHDY\REMHFWLQRUGHUWRKHOSSUHYHQWXQDXWKRUL]HGUHPRYDORUWKHIW7KH
FRPSXWHUKDVDVHFXULW\ORFNVORWRQWKHNH\ERDUGGRFNLQWRZKLFK\RXFDQ
DWWDFKRQHHQGRIWKHVHFXULW\FDEOHZKLOHWKHRWKHUHQGDWWDFKHVWRDGHVN
RUVLPLODUREMHFW7KHPHWKRGVXVHGIRUDWWDFKLQJVHFXULW\FDEOHVGLIIHUIURP
SURGXFWWRSURGXFW5HIHUWRWKHLQVWUXFWLRQVIRUWKHSURGXFW\RXDUHXVLQJ
IRUPRUHLQIRUPDWLRQ
&RQQHFWLQJWKHVHFXULW\ORFN
7RFRQQHFWDVHFXULW\FDEOHWRWKHFRPSXWHUGRWKHIROORZLQJ
 7XUQWKHFRPSXWHUVRLWVOHIWVLGHIDFHV\RX
 6OLGHWKHVHFXULW\ORFNVZLWFKWRWKHORFNHGSRVLWLRQ
)LJXUH6OLGHWKHVHFXULW\ORFNVZLWFK
 $OLJQWKHVHFXULW\FDEOHZLWKWKHORFNVORWDQGVHFXUHLWLQSODFH
)LJXUH6HFXULW\ORFN
1
2
6HFXULW\ORFNVORW 6HFXULW\ORFN
8VHUV0DQXDO 
2SWLRQDO726+,%$$FFHVVRULHV
7RPDNH\RXUFRPSXWHUHYHQPRUHSRZHUIXODQGFRQYHQLHQWWRXVH\RX
FDQDGGDQXPEHURIRSWLRQVDQGDFFHVVRULHV)RUUHIHUHQFHWKHIROORZLQJ
OLVWGHWDLOVVRPHRIWKHLWHPVWKDWDUHDYDLODEOHIURP\RXUUHVHOOHURU
726+,%$GHDOHU
8QLYHUVDO$&$GDSWRU ,I\RXIUHTXHQWO\XVH\RXUFRPSXWHUDWPRUHWKDQ
RQHVLWHLWPLJKWEHFRQYHQLHQWWRSXUFKDVHDQ
DGGLWLRQDO$&DGDSWRUWREHNHSWDWHDFKVLWHLQ
RUGHUWRUHPRYHWKHQHHGWRFDUU\WKHDGDSWRU
ZLWK\RXDOZD\V
6W\OXV3HQ 6W\OXV3HQFDQEHSXUFKDVHGIURP\RXU
726+,%$GHDOHUIRUXVHDVVSDUHLWHPVVSDUH
SHQWLSVDQGDWLSGUDZRXWWRRODUHLQFOXGHG
1RWDOOWKHDFFHVVRULHVDUHDYDLODEOHLQ\RXUUHJLRQ&RQWDFW\RXUUHVHOOHURU
726+,%$GHDOHUIRUPRUHLQIRUPDWLRQ
6RXQG6\VWHPDQG9LGHRPRGH
7KLVVHFWLRQGHVFULEHVVRPHRIWKHDXGLRFRQWUROIXQFWLRQV
9ROXPH0L[HU
7KH9ROXPH0L[HUXWLOLW\OHWV\RXFRQWUROWKHDXGLRYROXPHIRUSOD\EDFNRI
GHYLFHVDQGDSSOLFDWLRQVXQGHU:LQGRZV
7RODXQFKWKH9ROXPH0L[HUXWLOLW\ULJKWFOLFNRQWKHVSHDNHULFRQRQ
WKH:LQGRZV7DVNEDUDQGWKHQVHOHFW2SHQ9ROXPH0L[HUIURPWKH
VXEPHQX
7RDGMXVWWKHYROXPHOHYHORIVSHDNHUVRUKHDGSKRQHVPRYHWKH
6SHDNHUVVOLGHU
7RDGMXVWWKHYROXPHOHYHORIDQDSSOLFDWLRQWKDW\RXDUHXVLQJPRYH
WKHVOLGHUIRUWKHFRUUHVSRQGLQJDSSOLFDWLRQ
0LFURSKRQH/HYHO
7RFKDQJHWKHPLFURSKRQHUHFRUGLQJOHYHOGRWKHIROORZLQJ
 5LJKWFOLFNRQWKHVSHDNHULFRQRQWKH:LQGRZV7DVNEDUDQGVHOHFW
5HFRUGLQJGHYLFHVIURPWKHVXEPHQX
 6HOHFW0LFURSKRQHDQGFOLFN3URSHUWLHV
 2QWKH/HYHOVWDEPRYHWKH0LFURSKRQHVOLGHUWRLQFUHDVHRU
GHFUHDVHWKHPLFURSKRQHYROXPHOHYHO
,I\RXIHHOWKHPLFURSKRQHYROXPHOHYHOLVLQDGHTXDWHPRYHWKH
0LFURSKRQH%RRVWVOLGHUWRDKLJKHUOHYHO
8VHUV0DQXDO 
$XGLR(QKDQFHPHQWV
7RDSSO\WKHVRXQGHIIHFWVIRU\RXUFXUUHQWVSHDNHUGRWKHIROORZLQJ
 5LJKWFOLFNRQWKH6SHDNHUVLFRQRQWKH:LQGRZV7DVNEDUDQGWKHQ
VHOHFW3OD\EDFNGHYLFHVIURPWKHVXEPHQX
 6HOHFW6SHDNHUVDQGFOLFN3URSHUWLHV
 2QWKH(QKDQFHPHQWVWDEVHOHFWWKHVRXQGHIIHFWV\RXZRXOGOLNH
DQGFOLFN$SSO\
6PDUW$XGLR
<RXUFRPSXWHUFRQWDLQV6PDUW$XGLRDSRZHUIXOSURJUDPWKDWDOORZV\RXWR
FRQILJXUH\RXUDXGLRVRIWZDUHWRHQKDQFHDQGSHUVRQDOL]H\RXUOLVWHQLQJ
H[SHULHQFH
6WDUWLQJ6PDUW$XGLR$SSOLFDWLRQ
7RODXQFKWKH6PDUW$XGLRFOLFN&RQWURO3DQHO!+DUGZDUHDQG6RXQG
!6PDUW$XGLRXQGHU:LQGRZV6\VWHPLQWKH$SSVYLHZ
+HDGSKRQH0LFURSKRQHVHOHFWLRQ
7RFKDQJHWKHW\SHRIKHDGSKRQHRUPLFURSKRQHGRWKHIROORZLQJ
 3OXJDKHDGSKRQHRUPLFURSKRQHLQWRWKHKHDGSKRQHPLFURSKRQH
FRPERMDFN
 &OLFNWKH-DFN&RQILJXUDWLRQLFRQLQWKH6PDUW$XGLRPDLQVFUHHQ
 6HOHFWRQHIURPWKHGHYLFHOLVWIRUWKHGHYLFH\RXSOXJJHGLQWR
2SHQLQJ6PDUW$XGLR+HOS
&OLFNLQJ"LQWKHWRSULJKWFRUQHURIWKH6PDUW$XGLRZLQGRZZLOORSHQWKH
+HOSILOHLQ\RXUVHOHFWHGODQJXDJHRULQ(QJOLVKLI\RXUVHOHFWHGODQJXDJH
LVQRWVXSSRUWHG
'766WXGLR6RXQG
'766WXGLR6RXQGLVDSUHPLXPDXGLRHQKDQFHPHQWVXLWHWKDWXWLOL]HV
UHYROXWLRQDU\DXGLRWHFKQRORJ\WRSURYLGHWKHPRVWLPPHUVLYHDQGUHDOLVWLF
OLVWHQLQJH[SHULHQFHHYHURIIHUHGIRUDWZRVSHDNHUSOD\EDFNHQYLURQPHQW
'766WXGLR6RXQGSURYLGHVWKHIROORZLQJIHDWXUHV
$GYDQFHGDXGLRUHQGHULQJWRPDWFK'DQG'YLGHRFRQWHQWIRU
HQYHORSLQJVXUURXQGVRXQG
$FFXUDWHSODFHPHQWRIDXGLRFXHVIRULPPHUVLYHVXUURXQGVRXQGIURP
DQ\3&VSHDNHUFRQILJXUDWLRQODSWRSGHVNWRSVSHDNHUVRUKHDGSKRQHV
%URDGVZHHWVSRWZLWKHOHYDWHGVRXQGLPDJH
0D[LPXPYROXPHRXWSXWGHOLYHULQJPD[LPXPYROXPHZLWKRXWFUHDWLQJ
FOLSSLQJRUGLVWRUWLRQ
'LDORJHQKDQFHPHQWIRUFOHDUDQGLQWHOOLJLEOHYRFDOV
%DVVHQKDQFHPHQWIRUULFKORZIUHTXHQF\SURGXFWLRQ
8VHUV0DQXDO 
+LJKIUHTXHQF\GHILQLWLRQIRUFULVSGHWDLOV
&RQVLVWHQWYROXPHOHYHODFURVVFRQWHQW
7RDFFHVVWKHXWLOLW\FOLFN'766WXGLR6RXQGLQWKH$SSVYLHZ
86SDWHQWVDSSO\WRWKLVSURGXFW6HHKWWSSDWHQWVGWVFRP
0DQXIDFWXUHGXQGHUOLFHQVHIURP'76/LFHQVLQJ/LPLWHG
9LGHRPRGH
9LGHRPRGHVHWWLQJVDUHFRQILJXUHGYLDWKH6FUHHQ5HVROXWLRQGLDORJ
7RRSHQWKH6FUHHQ5HVROXWLRQGLDORJFOLFN&RQWURO3DQHO!
$SSHDUDQFHDQG3HUVRQDOL]DWLRQ!'LVSOD\!&KDQJHGLVSOD\
VHWWLQJVXQGHU:LQGRZV6\VWHPLQWKH$SSVYLHZ
,I\RXDUHUXQQLQJVRPHDSSOLFDWLRQVIRUH[DPSOHD'DSSOLFDWLRQRUYLGHR
SOD\EDFN\RXPLJKWVHHVRPHGLVWXUEDQFHIOLFNHULQJRUIUDPHGURSSLQJ
RQ\RXUVFUHHQ
,IWKDWRFFXUVDGMXVWWKHUHVROXWLRQRIGLVSOD\ORZHULQJLWXQWLOWKHVFUHHQLV
GLVSOD\HGSURSHUO\
8VHUV0DQXDO 
&KDSWHU
8WLOLWLHVDQG$GYDQFHG8VDJH
7KLVFKDSWHUGHVFULEHVWKHXWLOLWLHVDQGVSHFLDOIHDWXUHVRIWKLVFRPSXWHU
DQGWKHDGYDQFHGXVDJHRIVRPHXWLOLWLHV
8WLOLWLHVDQG$SSOLFDWLRQV
7KLVVHFWLRQGHVFULEHVWKHSUHLQVWDOOHGXWLOLWLHVWKDWFRPHZLWKWKH
FRPSXWHUDQGGHWDLOVKRZWRVWDUWWKHP)RUIXUWKHULQIRUPDWLRQRQWKHLU
RSHUDWLRQUHIHUWRRQOLQHPDQXDOKHOSILOHVRU5($'0(7;7ILOHLI
DSSOLFDEOHRIHDFKXWLOLW\
726+,%$'LVSOD\
8WLOLW\
726+,%$'LVSOD\8WLOLW\LQFOXGHV'HVNWRS7H[W
6L]HXWLOLW\6SOLW6FUHHQXWLOLW\DQG0XOWLSOH
'LVSOD\VXWLOLW\
'HVNWRS7H[W6L]HDOORZV\RXWRPDNHWKHWH[W
VL]HELJJHURUVPDOOHURQWKHGHVNWRSDFFRUGLQJ
WR\RXUXVDJHDQGIDYRULWH<RXFDQFKDQJHWKH
WH[WVL]HRQWKHGLVSOD\DQGRQWKHWLWOHEDURI
ZLQGRZVE\FKDQJLQJWKHVFDOLQJRIWKHWH[WVL]H
:KHQWKHVFDOLQJLVVPDOOHUPRUHLQIRUPDWLRQZLOO
DSSHDURQWKHGLVSOD\VLPXOWDQHRXVO\EXWWKHWH[W
VL]HEHFRPHVVPDOOHU:KHQWKHVFDOLQJLV
ODUJHUOHVVLQIRUPDWLRQZLOODSSHDURQWKHGLVSOD\
VLPXOWDQHRXVO\EXWWKHWH[WVL]HEHFRPHVODUJHU
<RXFDQLQVWDOO6SOLW6FUHHQXWLOLW\E\\RXUVHOI
6SOLW6FUHHQXWLOLW\HQDEOHV\RXWRFUHDWHPXOWLSOH
GLVSOD\]RQHVRQDVFUHHQDQGWRILWWKHDFWLYH
ZLQGRZVWRZLWKLQWKRVH]RQHV
0XOWLSOH'LVSOD\VXWLOLW\DOORZV\RXWRFRQILJXUH
WKH'LVSOD\0RGHVHOHFWPRQLWRUVDQGFRQILJXUH
\RXUGHVNWRSHWF
7RDFFHVVWKLVXWLOLW\FOLFN'LVSOD\8WLOLW\XQGHU
726+,%$JURXSLQWKH$SSVYLHZ
)RUGHWDLOVRQWKLVXWLOLW\VHHWKHKHOSILOH
726+,%$3DVVZRUG
8WLOLW\
7KLVXWLOLW\DOORZV\RXWRVHWDSDVVZRUGWRUHVWULFW
DFFHVVWRWKHFRPSXWHU
7RDFFHVVWKLVXWLOLW\FOLFN3DVVZRUG8WLOLW\
XQGHU726+,%$JURXSLQWKH$SSVYLHZ
8VHUV0DQXDO 
726+,%$6\VWHP
6HWWLQJV
7KLVXWLOLW\DOORZV\RXWRFXVWRPL]H\RXU
KDUGZDUHVHWWLQJVDFFRUGLQJWRWKHZD\\RXZRUN
ZLWKWKHFRPSXWHUDQGWKHSHULSKHUDOV\RXXVH
7RDFFHVVWKLVXWLOLW\FOLFN6\VWHP6HWWLQJV
XQGHU726+,%$JURXSLQWKH$SSVYLHZ
726+,%$6HWXS
8WLOLW\
726+,%$6HWXS8WLOLW\LVD%,26VHWXSXWLOLW\WKDW
SURYLGHV\RXDPHQXEDVHGXVHULQWHUIDFHVR
WKDW\RXFDQHDVLO\YLHZDQGFKDQJH%,26
VHWWLQJV
)RUPRUHLQIRUPDWLRQUHIHUWRWKH726+,%$
6HWXS8WLOLW\VHFWLRQ
726+,%$HFR8WLOLW\ 7KLVFRPSXWHULVHTXLSSHGZLWKHFRPRGH7KLV
PRGHVOLJKWO\ORZHUVSHUIRUPDQFHRIVRPH
GHYLFHVWRUHGXFHHOHFWULFSRZHUFRQVXPSWLRQ
<RXFDQUHDOL]HPHDVXUDEOHSRZHUVDYLQJVE\
XVLQJLWFRQWLQXRXVO\
726+,%$HFR8WLOLW\KHOSVFRQWUROWKHSRZHU
FRQVXPSWLRQRI\RXUFRPSXWHU9DULRXV
LQIRUPDWLRQFDQKHOS\RXXQGHUVWDQG\RXUGHJUHH
RIFRQWULEXWLRQWRWKHHQYLURQPHQW
)XUWKHUPRUHWKLVXWLOLW\FRQWDLQV3HDNVKLIW
IXQFWLRQWKDWFDQKHOSUHGXFHSRZHUXVDJHGXULQJ
SHULRGVRISHDNGHPDQGE\VKLIWLQJVRPHSRZHU
FRQVXPSWLRQWRSHULRGVZKHQGHPDQGLVORZHU
7KHXWLOLW\DOVRVXSSRUWVHFRFKDUJHPRGH7KH
EDWWHU\SDFNZLOOQRWEHIXOO\FKDUJHGLQWKLV
PRGHWKXVH[WHQGLQJWKHOLIHF\FOHRIWKHEDWWHU\
,WLVUHFRPPHQGHGXVLQJWKHFRPSXWHUZLWK$&
DGDSWRUFRQQHFWHGDVWKHEDWWHU\RSHUDWLQJWLPH
LVFRPSDUDWLYHO\VKRUWLQWKLVPRGH
'HSHQGLQJRQWKHXVDJHVLWXDWLRQWKHOLIHF\FOH
RIEDWWHU\SDFNPLJKWQRWEHH[WHQGHGSURSHUO\
7RDFFHVVWKLVXWLOLW\FOLFNHFR8WLOLW\XQGHU
726+,%$JURXSLQWKH$SSVYLHZ
)RUGHWDLOVRQ726+,%$HFRXWLOLW\VHHWKHKHOS
ILOH
726+,%$)XQFWLRQ
.H\
7KLVXWLOLW\DOORZV\RXWRSHUIRUPVRPHIHDWXUHV
E\SUHVVLQJDVSHFLILHGNH\RUFRPELQHGZLWKWKH
)1NH\
7RVHWXSWKLVXWLOLW\FOLFN)XQFWLRQ.H\XQGHU
726+,%$JURXSLQWKH$SSVYLHZ
)RUGHWDLOVUHIHUWRWKH)XQFWLRQ.H\VHFWLRQ
8VHUV0DQXDO 
726+,%$6HUYLFH
6WDWLRQ
7KLVDSSOLFDWLRQDOORZV\RXUFRPSXWHUWR
DXWRPDWLFDOO\VHDUFKIRU726+,%$VRIWZDUH
XSGDWHVRURWKHUDOHUWVIURP726+,%$WKDWDUH
VSHFLILFWR\RXUFRPSXWHUV\VWHPDQGLWV
SURJUDPV:KHQHQDEOHGWKLVDSSOLFDWLRQ
SHULRGLFDOO\WUDQVPLWVWRRXUVHUYHUVDOLPLWHG
DPRXQWRIV\VWHPLQIRUPDWLRQZKLFKZLOOEH
WUHDWHGLQVWULFWDFFRUGDQFHZLWKWKHUXOHVDQG
UHJXODWLRQVDVZHOODVDSSOLFDEOHGDWDSURWHFWLRQ
ODZ
7RDFFHVVWKLVXWLOLW\FOLFN6HUYLFH6WDWLRQXQGHU
726+,%$JURXSLQWKH$SSVYLHZ
726+,%$3&+HDOWK
0RQLWRU
7KH726+,%$3&+HDOWK0RQLWRUDSSOLFDWLRQ
SURDFWLYHO\PRQLWRUVDQXPEHURIV\VWHP
IXQFWLRQVVXFKDVSRZHUFRQVXPSWLRQEDWWHU\
KHDOWKDQGV\VWHPFRROLQJLQIRUPLQJ\RXRI
VLJQLILFDQWV\VWHPFRQGLWLRQV7KLVDSSOLFDWLRQ
UHFRJQL]HVWKHV\VWHPDQGLQGLYLGXDOFRPSRQHQW
VHULDOQXPEHUVDQGWUDFNVVSHFLILFDFWLYLWLHV
UHODWHGWRWKHLUXVDJH
7RDFFHVVWKLVXWLOLW\FOLFN3&+HDOWK0RQLWRU
XQGHU726+,%$JURXSLQWKH$SSVYLHZ
)RUGHWDLOVRQ726+,%$3&+HDOWK0RQLWRUVHH
WKHKHOSILOH
726+,%$7DEOHW
$FFHVV&RGH/RJRQ
8WLOLW\
<RXFDQXVHWKHXWLOLW\WRSHUIRUPXVHUORJLQ
DXWKHQWLFDWLRQXVLQJDKDQGZULWWHQDFFHVVFRGH
7RDFFHVVWKLVXWLOLW\FOLFN7DEOHW$FFHVV&RGH
/RJRQ8WLOLW\XQGHU726+,%$JURXSLQWKH$SSV
YLHZ
&DPHUDIRU
7RVKLED
&DPHUDIRU7RVKLEDFRPELQHVSKRWR
FDSWXULQJDQGYLGHRUHFRUGLQJLQRQHZLWKWKH
HQKDQFHGIHDWXUHVDOORZLQJ\RXWRFDSWXUHWKH
IOHHWLQJPRPHQWV
)RUPRUHLQIRUPDWLRQUHIHUWRWKH&DPHUDIRU
7RVKLEDVHFWLRQ
7UXVWHG3ODWIRUP
0RGXOH730
7KH7307UXVWHG3ODWIRUP0RGXOHLVDVHFXULW\
HQFU\SWLRQGHYLFHIRUWKH+''66'
7UXVWHG3ODWIRUP0RGXOHLVSURYLGHGZLWKVRPH
PRGHOV7RRSHUDWHWKH730IXQFWLRQXVHDQ
DSSOLFDEOHXWLOLW\
<RXPLJKWQRWKDYHDOOWKHVRIWZDUHOLVWHGLQWKLVVHFWLRQGHSHQGLQJRQWKH
PRGHO\RXSXUFKDVHG
8VHUV0DQXDO 
6SHFLDOIHDWXUHV
7KHIROORZLQJIHDWXUHVDUHHLWKHUXQLTXHWR726+,%$FRPSXWHUVRUDUH
DGYDQFHGIHDWXUHVZKLFKPDNHWKHFRPSXWHUPRUHFRQYHQLHQWWRXVH
$FFHVVHDFKIXQFWLRQXVLQJWKHIROORZLQJSURFHGXUHV
7RDFFHVVWKH3RZHU2SWLRQVFOLFN&RQWURO3DQHO!6\VWHPDQG
6HFXULW\!3RZHU2SWLRQVXQGHU:LQGRZV6\VWHPLQWKH$SSVYLHZ
'LVSOD\DXWRPDWLF
SRZHURII
7KLVIHDWXUHDXWRPDWLFDOO\FXWVRIISRZHUWRWKH
FRPSXWHUVGLVSOD\SDQHOZKHQWKHUHLVQR
NH\ERDUGLQSXWIRUDVSHFLILHGWLPHZLWKSRZHU
EHLQJUHVWRUHGWKHQH[WWLPHDNH\LVSUHVVHG
7KLVFDQEHVSHFLILHGLQWKH3RZHU2SWLRQV
66'DXWRPDWLFSRZHU
RII
7KLVIHDWXUHDXWRPDWLFDOO\FXWVRIISRZHUWRWKH
6ROLG6WDWH'ULYHZKHQLWLVQRWDFFHVVHGIRUD
VSHFLILHGWLPHZLWKSRZHUEHLQJUHVWRUHGZKHQ
WKHKDUGGLVNGULYHLVQH[WDFFHVVHG7KLVFDQEH
VSHFLILHGLQWKH3RZHU2SWLRQV
6\VWHPDXWRPDWLF
6OHHS+LEHUQDWLRQ
0RGH
7KLVIHDWXUHDXWRPDWLFDOO\VKXWVGRZQWKHV\VWHP
LQWRHLWKHU6OHHS0RGHRU+LEHUQDWLRQ0RGH
ZKHQWKHUHLVQRLQSXWRUKDUGZDUHDFFHVVIRUD
VSHFLILHGWLPH7KLVFDQEHVSHFLILHGLQWKH3RZHU
2SWLRQV
3RZHURQSDVVZRUG 7ZROHYHOVRISDVVZRUGVHFXULW\VXSHUYLVRUDQG
XVHUDUHDYDLODEOHWRSUHYHQWXQDXWKRUL]HG
DFFHVVWR\RXUFRPSXWHU
,QWHOOLJHQWSRZHU
VXSSO\
$PLFURSURFHVVRULQWKHFRPSXWHUVLQWHOOLJHQW
SRZHUVXSSO\GHWHFWVWKHEDWWHU\FKDUJH
DXWRPDWLFDOO\FDOFXODWHVWKHUHPDLQLQJEDWWHU\
FDSDFLW\DQGSURWHFWVHOHFWURQLFFRPSRQHQWV
IURPDEQRUPDOFRQGLWLRQVVXFKDVDYROWDJH
RYHUORDGIURPWKH$&DGDSWRU7KLVFDQEH
VSHFLILHGLQWKH3RZHU2SWLRQV
%DWWHU\VDYHPRGH 7KLVIHDWXUHOHWV\RXFRQILJXUHWKHFRPSXWHULQ
RUGHUWRVDYHEDWWHU\SRZHU7KLVFDQEH
VSHFLILHGLQWKH3RZHU2SWLRQV
3DQHOSRZHURQRII 7KLVIHDWXUHDXWRPDWLFDOO\WXUQVSRZHUWRWKH
FRPSXWHURIIZKHQWKHGLVSOD\SDQHOLVFORVHG
DQGWXUQVLWEDFNRQZKHQWKHGLVSOD\SDQHOLV
RSHQHG7KLVFDQEHVSHFLILHGLQWKH3RZHU
2SWLRQV
/RZEDWWHU\
DXWRPDWLF+LEHUQDWLRQ
0RGH
:KHQEDWWHU\SRZHULVH[KDXVWHGWRWKHSRLQW
WKDWFRPSXWHURSHUDWLRQFDQQRWEHFRQWLQXHGWKH
V\VWHPDXWRPDWLFDOO\HQWHUV+LEHUQDWLRQ0RGH
DQGVKXWVLWVHOIGRZQ7KLVFDQEHVSHFLILHGLQ
WKH3RZHU2SWLRQV
8VHUV0DQXDO 
6OHHS0RGH ,I\RXKDYHWRLQWHUUXSW\RXUZRUN\RXFDQXVH
WKLVIHDWXUHWRDOORZ\RXWRWXUQRIISRZHUWRWKH
FRPSXWHUZLWKRXWH[LWLQJIURP\RXUVRIWZDUH
'DWDLVPDLQWDLQHGLQWKHFRPSXWHUVPDLQ
PHPRU\VRWKDWZKHQ\RXQH[WWXUQRQWKH
SRZHU\RXFDQFRQWLQXHZRUNLQJULJKWZKHUH\RX
OHIWRII
+LEHUQDWLRQ0RGH 7KLVIHDWXUHOHWV\RXWXUQRIIWKHSRZHUWRWKH
FRPSXWHUZLWKRXWH[LWLQJIURP\RXUVRIWZDUH7KH
FRQWHQWVRIPDLQPHPRU\DUHDXWRPDWLFDOO\
VDYHGWRWKHLQWHUQDOVWRUDJHVRWKDWZKHQ\RX
QH[WWXUQRQWKHSRZHUDJDLQ\RXFDQFRQWLQXH
ZRUNLQJULJKWZKHUH\RXOHIWRII<RXPXVWHQDEOH
WKH+LEHUQDWLRQ0RGHEHIRUHXVLQJWKLVIHDWXUH
5HIHUWRWKH6WDUWLQJ+LEHUQDWLRQ0RGHVHFWLRQ
IRUPRUHGHWDLOV
86%:DNHXSIXQFWLRQ 7KLVIXQFWLRQUHVWRUHVWKHFRPSXWHUIURP6OHHS
0RGHGHSHQGLQJRQWKHH[WHUQDOGHYLFHV
FRQQHFWHGWRWKH86%SRUWV
)RUH[DPSOHLIDPRXVHRU86%NH\ERDUGLV
FRQQHFWHGWRD86%SRUWFOLFNLQJWKHPRXVH
EXWWRQRUSUHVVLQJWKHNH\ERDUGZLOOZDNHXSWKH
FRPSXWHU
+HDWGLVSHUVDO 7RSURWHFWDJDLQVWRYHUKHDWLQJWKHSURFHVVRULV
HTXLSSHGZLWKDQLQWHUQDOWHPSHUDWXUHVHQVRU
ZKLFKORZHUVWKHSURFHVVLQJVSHHGLIWKH
FRPSXWHUVLQWHUQDOWHPSHUDWXUHULVHVWRDFHUWDLQ
OHYHO
:KHQWKHSURFHVVRUVWHPSHUDWXUHIDOOVZLWKLQ
QRUPDOUDQJHWKHSURFHVVRURSHUDWLRQUHWXUQVWR
LWVVWDQGDUGVSHHG
,IWKHSURFHVVRUVWHPSHUDWXUHUHDFKHVDQ
XQDFFHSWDEO\KLJKOHYHOZLWKHLWKHUVHWWLQJWKH
FRPSXWHUDXWRPDWLFDOO\VKXWVGRZQWRSUHYHQW
DQ\GDPDJH,QWKLVLQVWDQFHDOOXQVDYHGGDWDLQ
PHPRU\ZLOOEHORVW
726+,%$3DVVZRUG8WLOLW\
7KH726+,%$3DVVZRUG8WLOLW\SURYLGHVWZROHYHOVRISDVVZRUGVHFXULW\
8VHUDQG6XSHUYLVRU
3DVVZRUGVVHWE\WKH726+,%$3DVVZRUG8WLOLW\IXQFWLRQDUHGLIIHUHQWIURP
WKH:LQGRZVSDVVZRUG
8VHUV0DQXDO 
8VHU3DVVZRUG
7RVWDUWWKHXWLOLW\FOLFN3DVVZRUG8WLOLW\XQGHU726+,%$JURXSLQWKH
$SSVYLHZDQGFOLFN8VHU3DVVZRUG
8VHUDXWKHQWLFDWLRQPLJKWEHUHTXLUHGWRYDOLGDWHXVHUULJKWVZKHQXVLQJ
726+,%$3DVVZRUG8WLOLW\WRGHOHWHRUFKDQJHSDVVZRUGVDQGVRRQ
6HWEXWWRQ
&OLFNWKLVEXWWRQWRUHJLVWHUDSDVVZRUG$IWHUDSDVVZRUGLVVHW\RX
DUHSURPSWHGWRHQWHULWZKHQ\RXVWDUWWKHFRPSXWHU
$IWHU\RXVHWWKHSDVVZRUGDGLDORJER[DSSHDUVDVNLQJZKHWKHU\RX
ZDQWWRVDYHLWWRRWKHUPHGLD,I\RXIRUJHWWKHSDVVZRUG\RXFDQ
RSHQWKHSDVVZRUGILOHRQDQRWKHUFRPSXWHU%HVXUHWRNHHSWKH
PHGLDLQDVDIHSODFH
:KHQHQWHULQJWKHFKDUDFWHUVWULQJWRUHJLVWHUWKHSDVVZRUGHQWHU
IURPWKHNH\ERDUGFKDUDFWHUE\FKDUDFWHUDQGGRQRWHQWHUDV$6&,,
FRGHRUFRS\DQGSDVWHWKHFKDUDFWHUVWULQJ,QDGGLWLRQHQVXUHWKDW
WKHUHJLVWHUHGSDVVZRUGLVFRUUHFWE\RXWSXWWLQJWKHFKDUDFWHUVWULQJWR
WKHSDVVZRUGILOH
:KHQHQWHULQJDSDVVZRUGGRQRWHQWHUDQ\FKDUDFWHUVIRUH[DPSOH
RUSURGXFHGE\SUHVVLQJWKH6+,)7RU$/7NH\V
'HOHWHEXWWRQ
&OLFNWKLVEXWWRQWRGHOHWHDUHJLVWHUHGSDVVZRUG%HIRUH\RXFDQ
GHOHWHDSDVVZRUG\RXPXVWILUVWHQWHUWKHFXUUHQWSDVVZRUGFRUUHFWO\
&KDQJHEXWWRQ
&OLFNWKLVEXWWRQWRFKDQJHDUHJLVWHUHGSDVVZRUG%HIRUH\RXFDQ
FKDQJHDSDVVZRUG\RXPXVWILUVWHQWHUWKHFXUUHQWSDVVZRUG
FRUUHFWO\
2ZQHU6WULQJWH[WER[
<RXFDQXVHWKLVER[WRDVVRFLDWHWH[WZLWKWKHSDVVZRUG$IWHU\RX
HQWHUWH[WFOLFN$SSO\RU2.:KHQWKHFRPSXWHULVVWDUWHGWKLVWH[W
LVGLVSOD\HGWRJHWKHUZLWKWKHSURPSWDVNLQJ\RXWRHQWHUDSDVVZRUG
<RXFDQODXQFKWKH%,26VHWXSXWLOLW\WRVHWFKDQJHRUGHOHWHWKH+''
3DVVZRUGRU+''0DVWHU3DVVZRUG
5HIHUWRWKH726+,%$6HWXS8WLOLW\VHFWLRQIRUIXUWKHULQIRUPDWLRQ
8VHUV0DQXDO 
,I\RXIRUJHW\RXU+''8VHU3DVVZRUG726+,%$ZLOO127EHDEOHWR
DVVLVW\RXDQG\RXU+''ZLOOEHUHQGHUHG&203/(7(/<DQG
3(50$1(17/<,123(5$%/(726+,%$ZLOO127EHKHOG
UHVSRQVLEOHIRUDQ\ORVVRIDQ\GDWDDQ\ORVVRIXVHRUDFFHVVWR\RXU
+''RUIRUDQ\RWKHUORVVHVWR\RXRUDQ\RWKHUSHUVRQRU
RUJDQL]DWLRQWKDWUHVXOWIURPWKHORVVRIDFFHVVWR\RXU+'',I\RX
FDQQRWDFFHSWWKLVULVNGRQRWUHJLVWHUWKH+''8VHU3DVVZRUG
:KHQVDYLQJWKH+''8VHU3DVVZRUGVKXWGRZQRUUHVWDUWWKH
FRPSXWHU,IWKHFRPSXWHULVQRWVKXWGRZQRUUHVWDUWHGWKHVDYHG
GDWDPLJKWQRWEHFRUUHFWO\UHIOHFWHG)RUPRUHLQIRUPDWLRQRQVKXWWLQJ
GRZQRUUHVWDUWLQJWKHFRPSXWHUUHIHUWR7XUQLQJRQWKHSRZHU
6XSHUYLVRU3DVVZRUG
,I\RXVHWD6XSHUYLVRU3DVVZRUGVRPHIXQFWLRQVPLJKWEHUHVWULFWHGZKHQ
DXVHUORJVRQZLWKWKH8VHU3DVVZRUG7RVHWD6XSHUYLVRU3DVVZRUG
&OLFN3DVVZRUG8WLOLW\XQGHU726+,%$JURXSLQWKH$SSVYLHZDQGFOLFN
6XSHUYLVRU3DVVZRUG
7KLVXWLOLW\OHWV\RXGRWKHIROORZLQJ
5HJLVWHURUGHOHWHWKH6XSHUYLVRU3DVVZRUG
6SHFLI\UHVWULFWLRQVIRUJHQHUDOXVHUV
6WDUWLQJWKHFRPSXWHUXVLQJDSDVVZRUG
,I\RXKDYHDOUHDG\UHJLVWHUHGDXVHUSDVVZRUGWKHUHLVRQHZD\WRVWDUW
WKHFRPSXWHU
(QWHUWKHSDVVZRUGPDQXDOO\
7KHSDVVZRUGLVQHFHVVDU\RQO\LIWKHFRPSXWHUZDVVKXWGRZQLQ
+LEHUQDWLRQPRGHRUERRWPRGH,WLVQRWQHHGHGLQ6OHHSPRGHDQG
5HVWDUW
7RHQWHUDSDVVZRUGPDQXDOO\GRWKHIROORZLQJ
 7XUQRQWKHSRZHUDVGHVFULEHGLQWKH*HWWLQJ6WDUWHGVHFWLRQ7KH
IROORZLQJPHVVDJHDSSHDUVLQWKHVFUHHQ
+''66'3DVVZRUG
$WWKLVSRLQWWKHIXQFWLRQNH\VGRQRWZRUN7KH\ZLOOIXQFWLRQDIWHU\RX
HQWHUWKHSDVVZRUG
 (QWHUWKH3DVVZRUG
8VHUV0DQXDO 
 3UHVV(17(5
,I\RXHQWHUWKHSDVVZRUGLQFRUUHFWO\WKUHHWLPHVLQDURZRULI\RXGRQRW
HQWHUWKHSDVVZRUGZLWKLQPLQXWHWKHFRPSXWHUVKXWVRII,QWKLVFDVH
VRPHIHDWXUHVWKDWFDQSRZHURQWKHFRPSXWHUDXWRPDWLFDOO\:DNHXSRQ
/$17DVN6FKHGXOHUHWFPLJKWQRWZRUN<RXPXVWWXUQWKHFRPSXWHU
EDFNRQWRUHWU\SDVVZRUGHQWU\
726+,%$6\VWHP6HWWLQJV
726+,%$6\VWHP6HWWLQJVLVWKH726+,%$FRQILJXUDWLRQPDQDJHPHQWWRRO
DYDLODEOHWKURXJKWKH:LQGRZVRSHUDWLQJV\VWHP
7RUXQ726+,%$6\VWHP6HWWLQJVFOLFN6\VWHP6HWWLQJVXQGHU726+,%$
JURXSLQWKH$SSVYLHZ
7KH726+,%$6\VWHP6HWWLQJVZLQGRZFRQWDLQVDQXPEHURIWDEVWRDOORZ
VSHFLILFIXQFWLRQVRIWKHFRPSXWHUWREHFRQILJXUHG
,QDGGLWLRQWKHUHDUHDOVRWKUHHEXWWRQV2.&DQFHODQG$SSO\
2. $FFHSWV\RXUFKDQJHVDQGFORVHVWKH726+,%$
6\VWHP6HWWLQJVZLQGRZ
&DQFHO &ORVHVWKHZLQGRZZLWKRXWDFFHSWLQJ\RXU
FKDQJHV
$SSO\ $FFHSWVDOO\RXUFKDQJHVZLWKRXWFORVLQJWKH
726+,%$6\VWHP6HWWLQJVZLQGRZ
6RPHRSWLRQVVKRZQLQJUD\DUHSRVVLEOHWRFRQILUPWKHLUVWDWXV
726+,%$6\VWHP6HWWLQJVVFUHHQPLJKWKDYHWKHIROORZLQJWDEV
*HQHUDO²$OORZV\RXWRYLHZWKHFXUUHQW%,26YHUVLRQRUFKDQJH
FHUWDLQVHWWLQJVEDFNWRWKHLUGHIDXOWYDOXHV
'LVSOD\²$OORZV\RXWRVHOHFWWKHLQWHUQDO/&'DQGRUH[WHUQDOPRQLWRU
ZKHQWKHFRPSXWHUERRWVXS
%RRW2SWLRQV²$OORZV\RXWRFKDQJHWKHVHTXHQFHLQZKLFK\RXU
FRPSXWHUVHDUFKHVWKHGULYHVIRUWKHRSHUDWLQJV\VWHP
.H\ERDUG²$OORZV\RXWRDFFHVVWKHZDNHRQNH\ERDUGIXQFWLRQRUWR
FRQILJXUHWKHIXQFWLRQNH\V
86%²$OORZV\RXWRVHWFRQGLWLRQVIRU86%
6$7$²$OORZV\RXWRVHWFRQGLWLRQVIRU6$7$
/$1²$OORZV\RXWRVHWFRQGLWLRQVIRU/$1
8QGRFNDQG6OHHS²$OORZV\RXWRVHWVOHHSFRQGLWLRQVZKLOH
XQGRFNLQJ
$GYDQFHG2SWLRQV²$OORZV\RXWRVHWFRQGLWLRQVIRUDVSHFLILFGHYLFH
RUIXQFWLRQ
8VHUV0DQXDO 
7KHVHWWLQJVRURSWLRQVH[SODLQHGKHUHPLJKWYDU\GHSHQGLQJRQWKHPRGHO
\RXSXUFKDVHG
$IWHU\RXFKDQJHGWKHVHWWLQJVDGLDORJER[PLJKWDSSHDUWRSURPSW\RX
WKDWWKHFKDQJHVZLOOWDNHHIIHFWDIWHUWKHFRPSXWHULVUHVWDUWHG0DNHVXUH
WRUHVWDUW\RXUFRPSXWHULPPHGLDWHO\WRDSSO\WKHVHFKDQJHV
726+,%$7DEOHW$FFHVV&RGH/RJRQ8WLOLW\
<RXFDQXVHWKH7DEOHW$FFHVV&RGH/RJRQ8WLOLW\WRSHUIRUPXVHUORJLQ
DXWKHQWLFDWLRQXVLQJDKDQGZULWWHQDFFHVVFRGH
<RXUDFFHVVFRGHLVUHJLVWHUHGE\XVLQJFKDUDFWHUVV\PEROVVSHHGRI
\RXUVLJQDWXUHSHQSUHVVXUHRUGLUHFWLRQVLQZKLFK\RXPRYHWKHSHQ
EHWZHHQFKDUDFWHUVRUV\PEROV
$OZD\VUHJLVWHU\RXUDFFHVVFRGHLQDFFRUGDQFHZLWKWKHSURFHGXUHWKDW
DSSHDUVRQWKHVFUHHQ<RXQHHGWRUHHQWHUWKHVDPHFRGHVHYHUDOWLPHV
WRUHJLVWHU\RXUDFFHVVFRGHSURSHUO\
8VHPXOWLSOHFKDUDFWHUVRUV\PEROVWRFUHDWHDQDFFHVVFRGHWKDWLVQRW
HDVLO\LGHQWLILHGE\DWKLUGSDUW\WRSUHYHQWLOOHJDODFFHVVWR\RXUGHYLFH
'LVFODLPHU
726+,%$GRHVQRWJXDUDQWHHWKDWWKH7DEOHW$FFHVV&RGH/RJRQ8WLOLW\LV
FRPSOHWHO\VHFXUHRUHUURUIUHHDWDOOWLPHV726+,%$LVQRWOLDEOHIRUDQ\
IDLOXUHRUGDPDJHWKDWPLJKWDULVHRXWRI\RXUXVHRIWKH7DEOHW$FFHVV
&RGH/RJRQ8WLOLW\HYHQLIDGYLVHGRIWKHSRVVLELOLW\WKHUHRI
726+,%$,76$)),/,$7(6$1'6833/,(566+$//+$9(12
5(63216,%,/,7<)25'$0$*(7225/2662)$1<%86,1(66
352),76352*5$06'$7$1(7:25.6<67(06255(029$%/(
6725$*(0(',$$5,6,1*2872)255(68/7,1*)5207+(86(
2)7+(7$%/(7$&&(66&2'(/2*2187,/,7<(9(1,)$'9,6('
2)7+(3266,%,/,7<7+(5(2)
&DPHUDIRU7RVKLED
&DPHUDIRU7RVKLEDFRPELQHVSKRWRFDSWXULQJDQGYLGHRUHFRUGLQJLQ
RQHZLWKWKHHQKDQFHGIHDWXUHVDOORZLQJ\RXWRFDSWXUHWKHIOHHWLQJ
PRPHQWV
8VLQJ&DPHUDIRU7RVKLED
7RODXQFKWKHDSSOLFDWLRQWDS&DPHUDIRU7RVKLEDLQWKH$SSVYLHZ
8VHUV0DQXDO 
6WDUWFDSWXULQJ
%\GHIDXOWSKRWRPRGHLVDFWLYDWHGDQGWKHEDFN:HE&DPHUDLVVHW<RX
FDQVHHWKHUHDOWLPHSUHYLHZVFUHHQ
7R]RRPLQRU]RRPRXWVLPSO\VZLSHXSRUGRZQRQWKHSUHYLHZVFUHHQ
2SWLRQVRQWKHPDLQVFUHHQDUHWKHIROORZLQJ
&DSWXUHPRGH  
6OLGHWRVZLWFKEHWZHHQSKRWRDQGYLGHRPRGH
&DSWXUH 
7DSWRWDNHDSKRWRRUVWDUWUHFRUGLQJDYLGHR
,QYLGHRPRGHWDS DJDLQWRVWRSUHFRUGLQJ
&KDQJHFDPHUD 
7DSWRVZLWFKEHWZHHQEDFNDQGIURQW:HE&DPHUD
3KRWRPRGH
7DSWRVZLWFKEHWZHHQWKHSUHVHWFDPHUDPRGHVWRLPSURYHHIIHFWV
DQGHQKDQFH\RXUSKRWRWDNLQJH[SHULHQFHV
7KHRSWLRQLVQRWDYDLODEOHLQYLGHRPRGH
1RUPDOPRGH 
1RUPDOPRGHLVVHWE\GHIDXOW
7LPHUPRGH 
&RXQWGRZQEHIRUHFDSWXULQJDSKRWRVHFRQGVLVVHWE\GHIDXOW
DQG\RXFDQFKDQJHWKHFRXQWGRZQWLPHLQWKHDSSVHWWLQJV
%XUVWPRGH 
&DSWXUHDVHWQXPEHURISKRWRVFRQWLQXRXVO\LQDVKRUWDPRXQWRI
WLPH7KLVRIWHQZRUNVEHVWIRUIDVWPRYLQJREMHFWVRUVFHQHV
VHTXHQWLDOLPDJHVLVVHWE\GHIDXOWDQG\RXFDQFKDQJHWKH
QXPEHULQWKHVHWWLQJV
%HDXW\PRGH 
7KHFDPHUDGHWHFWVWKHIDFHDQGDXWRPDWLFDOO\UHWRXFKHVWKH
IDFLDOVNLQLQUHDOWLPH
6PLOHPRGH 
7KHFDPHUDGHWHFWVVPLOHRQWKHIDFHDQGDXWRPDWLFDOO\FDSWXUH
WKHMR\RXVPRPHQWIRU\RX
7KHOLJKWLQJFRQGLWLRQDQGWKHGLVWDQFHEHWZHHQFDPHUDDQG\RXUIDFH
PLJKWKDYHDQLPSDFWRQWKHGHWHFWLRQSHUIRUPDQFH
8VHUV0DQXDO 
*DOOHU\
*DOOHU\LVDPHGLDOLEUDU\ZKLFKDOORZVXVHUVWRYLHZDQGPDQDJHDOO
FDSWXUHGSKRWRVDQGYLGHRV7RDFFHVV*DOOHU\WDS*DOOHU\ RQWKH
PDLQVFUHHQ
7RYLHZDQLWHPVLPSO\WDSWKHWKXPEQDLO
7RGHOHWHLWHPVVZLSHWRVHOHFWRQHRUPRUHWKXPEQDLOVDQGWDS'HOHWH
6HWWLQJV
7KHDSSOLFDWLRQVHWWLQJVDUHGHVFULEHGEHORZ'HSHQGLQJRQWKHPRGHOV
QRWDOORSWLRQVDUHDYDLODEOH
%ULJKWQHVV 
$GMXVWLPDJHEULJKWQHVVIRUFDSWXULQJ
&RQWUDVW 
$GMXVWLPDJHFRQWUDVWIRUFDSWXULQJ
:KLWH%DODQFH 
$GMXVWWKHOLJKWLQJFRQGLWLRQVPDQXDOO\%\GHIDXOWWKHDSSOLFDWLRQ
DXWRPDWLFDOO\ILQHWXQHVWKHZKLWHEDODQFH
%XUVW 
6HOHFWWKHQXPEHURISKRWRVIRU%XUVWPRGH
7LPHU 
6HOHFWWKHFRXQWGRZQWLPHIRU7LPHUPRGH
5HVROXWLRQ 
6HOHFWWKHFDPHUDUHVROXWLRQWKHKLJKHURIWKHUHVROXWLRQWKHEHWWHU
TXDOLW\WKHFDSWXUHGPHGLDZLOOEH
)OLFNHU 
6HOHFWWKHIUHTXHQF\RIWKHOLJKWLQJFRQGLWLRQV
*HRLQIR 
7XUQRQRIIWKHDXWRPDWLFJHRJUDSKLFDOWDJWRWKHSKRWRV7KLVRSWLRQ
LVRQO\DYDLODEOHRQPRGHOVHTXLSSHGZLWKD*36PRGXOH
)RFXV 
6HOHFWDXWRRUPDQXDOIRFXVWRVHWIRUWKHFDPHUD
5HVHW 
7DSDQGVHOHFW<HVWRUHVHWDOOFDPHUDVHWWLQJVWRWKHIDFWRU\GHIDXOW
8VHUV0DQXDO 
1RWHVRQXVH
'RQRWSRZHURII\RXUFRPSXWHUZKLOHFDSWXULQJSKRWRVRUYLGHRVDVLW
PLJKWFDXVHVDYLQJIDLOXUHSRVVLEO\UHVXOWLQJLQGDWDORVV
726+,%$3&+HDOWK0RQLWRU
7KH726+,%$3&+HDOWK0RQLWRUDSSOLFDWLRQSURDFWLYHO\PRQLWRUVD
QXPEHURIV\VWHPIXQFWLRQVVXFKDVSRZHUFRQVXPSWLRQEDWWHU\KHDOWKIRU
PRGHOVZLWKEDWWHU\DQGWKHV\VWHPFRROLQJLQIRUPLQJ\RXRIVLJQLILFDQW
V\VWHPFRQGLWLRQV7KLVDSSOLFDWLRQUHFRJQL]HVWKHV\VWHPDQGLQGLYLGXDO
FRPSRQHQWVHULDOQXPEHUVDQGWUDFNVVSHFLILFDFWLYLWLHVUHODWHGWRWKH
FRPSXWHUDQGWKHLUXVDJH
7KHFROOHFWHGLQIRUPDWLRQLQFOXGHVGHYLFHRSHUDWLRQWLPHDQGQXPEHURI
DFWXDWLRQVRUVWDWXVFKDQJHVWKDWLVQXPEHURISRZHUEXWWRQDQG)1NH\
FRPELQDWLRQXVHV$&DGDSWRUEDWWHU\IRUPRGHOVZLWKEDWWHU\/&'IDQ
IRUPRGHOVZLWKIDQ+''66'VRXQGYROXPHZLUHOHVVFRPPXQLFDWLRQ
IXQFWLRQDOLWLHVDQG86%LQIRUPDWLRQGDWHRILQLWLDOV\VWHPXVHDQGDOVR
FRPSXWHUDQGGHYLFHXVDJHWKDWLVSRZHUVHWWLQJVEDWWHU\WHPSHUDWXUH
DQGUHFKDUJLQJIRUPRGHOVZLWKEDWWHU\&38PHPRU\EDFNOLJKW
LOOXPLQDWLRQWLPHDQGWHPSHUDWXUHVIRUYDULRXVGHYLFHV7KHFROOHFWHG
LQIRUPDWLRQLVQRWOLPLWHGWRWKHH[DPSOHVVSHFLILHGKHUH7KHVWRUHGGDWD
XVHVDYHU\VPDOOSRUWLRQRIWKHWRWDOLQWHUQDOVWRUDJHFDSDFLW\
DSSUR[LPDWHO\0%RUOHVVSHU\HDU
7KLVLQIRUPDWLRQLVXVHGWRLGHQWLI\DQGSURYLGHDQRWLILFDWLRQRIV\VWHP
FRQGLWLRQVZKLFKPLJKWDIIHFWWKHSHUIRUPDQFHRI\RXU726+,%$FRPSXWHU
,WPLJKWDOVREHXVHGWRKHOSGLDJQRVHSUREOHPVVKRXOGWKHFRPSXWHU
UHTXLUHVHUYLFHE\726+,%$RU726+,%$DXWKRUL]HGVHUYLFHSURYLGHUV
$GGLWLRQDOO\726+,%$PLJKWDOVRXVHWKLVLQIRUPDWLRQIRUTXDOLW\DVVXUDQFH
DQDO\VLV
6XEMHFWWRWKHXVHUHVWULFWLRQVDERYHWKHGDWDRQWKHLQWHUQDOVWRUDJHGULYH
ORJJHGPLJKWEHWUDQVIHUUHGWRHQWLWLHVORFDWHGRXWVLGHRI\RXUFRXQWU\RU
UHJLRQRIUHVLGHQFHIRUH[DPSOH(XURSHDQ8QLRQ7KRVHFRXQWULHVPLJKW
RUPLJKWQRWKDYHWKHVDPHGDWDSURWHFWLRQODZVRUGDWDSURWHFWLRQOHYHOV
DVUHTXLUHGE\\RXUKRPHFRXQWU\RUUHJLRQ
<RXFDQGLVDEOHWKH726+,%$3&+HDOWK0RQLWRUDWDQ\WLPHE\
XQLQVWDOOLQJWKHVRIWZDUHYLD8QLQVWDOODSURJUDPLQWKH&RQWURO3DQHO
'RLQJVRZLOODXWRPDWLFDOO\GHOHWHDOOFROOHFWHGLQIRUPDWLRQIURPWKHLQWHUQDO
VWRUDJHGULYH
7KH726+,%$3&+HDOWK0RQLWRUVRIWZDUHGRHVQRWH[WHQGRUPRGLI\
726+,%$REOLJDWLRQVXQGHULWVVWDQGDUGOLPLWHGZDUUDQW\LQDQ\ZD\
726+,%$VWDQGDUGOLPLWHGZDUUDQW\WHUPVDQGOLPLWDWLRQVDSSO\
6WDUWLQJWKH726+,%$3&+HDOWK0RQLWRU
7KH726+,%$3&+HDOWK0RQLWRUFDQEHRSHQHGE\FOLFNLQJ3&+HDOWK
0RQLWRUXQGHU726+,%$JURXSLQWKH$SSVYLHZ
7KH726+,%$3&+HDOWK0RQLWRUPDLQVFUHHQLVGLVSOD\HG
8VHUV0DQXDO 
7KLVXWLOLW\PLJKWEHGLVDEOHGE\GHIDXOWRQ\RXUFRPSXWHU<RXFDQHQDEOH
LWE\FOLFNLQJ3OHDVHFOLFNKHUHWRHQDEOH726+,%$3&+HDOWK0RQLWRU
7KH3&+HDOWK0RQLWRU6RIWZDUH1RWLFH$FFHSWDQFHVFUHHQLV
GLVSOD\HG&DUHIXOO\UHDGWKHLQIRUPDWLRQGLVSOD\HG6HOHFWLQJ$&&(37
DQGFOLFNLQJ2.HQDEOHVWKHSURJUDP%\HQDEOLQJWKH726+,%$3&
+HDOWK0RQLWRUVRIWZDUH\RXDJUHHZLWKWKHVHWHUPVDQGFRQGLWLRQVDQGWR
WKHXVHDQGVKDULQJRIWKHFROOHFWHGLQIRUPDWLRQ2QFHWKHSURJUDPLV
HQDEOHGWKH726+,%$3&+HDOWK0RQLWRUVFUHHQLVGLVSOD\HGDQGWKH
SURJUDPEHJLQVPRQLWRULQJV\VWHPIXQFWLRQVDQGFROOHFWLQJLQIRUPDWLRQ
$PHVVDJHLVGLVSOD\HGLIDQ\FKDQJHVZKLFKPLJKWLQWHUIHUHZLWKWKH
RSHUDWLRQRIWKHSURJUDPDUHGHWHFWHG)ROORZWKHLQVWUXFWLRQVGLVSOD\HG
RQVFUHHQLQWKHPHVVDJH
726+,%$6HWXS8WLOLW\
726+,%$6HWXS8WLOLW\LVD%,26VHWXSXWLOLW\WKDWSURYLGHV\RXDPHQX
EDVHGXVHULQWHUIDFHVRWKDW\RXFDQHDVLO\YLHZDQGFKDQJH%,26
VHWWLQJV
7RHQWHUWKH%,26VHWXSXWLOLW\GRWKHIROORZLQJ
 6DYH\RXUZRUN
 &OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGWKHQVHOHFW
5HVWDUW
 +ROGGRZQWKH)NH\DQGWKHQUHOHDVHWKLVNH\RQHVHFRQGDIWHUWKH
FRPSXWHULVSRZHURQ
7KH%,26VHWXSXWLOLW\FDQDOVREHODXQFKHGE\EXWWRQFRPELQDWLRQ
 6DYH\RXUZRUN
 &OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGWKHQVHOHFW6KXW
GRZQ
 :KLOHKROGLQJGRZQWKH9ROXPHGRZQEXWWRQSUHVVWKH3RZHUEXWWRQ
WRWXUQRQWKHSRZHU5HOHDVHWKH9ROXPHGRZQEXWWRQDIWHU
726+,%$6HWXS8WLOLW\LVORDGHG
0DNHVXUHWKDWIDVWVWDUWXSLVGLVDEOHGLQWKH3RZHU2SWLRQVE\WKH
IROORZLQJVWHSV
&OLFN&RQWURO3DQHO!6\VWHPDQG6HFXULW\!3RZHU2SWLRQVXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
&OLFN&KRRVHZKDWWKHSRZHUEXWWRQGRHVRU&KRRVHZKDWFORVLQJ
WKHOLGGRHV
&OLFN&KDQJHVHWWLQJVWKDWDUHFXUUHQWO\XQDYDLODEOH
'HVHOHFWWKH7XUQRQIDVWVWDUWXSFKHFNER[IURP6KXWGRZQVHWWLQJV
&OLFNWKH6DYHFKDQJHVEXWWRQ
8VHUV0DQXDO 
7RVDYHWKHFKDQJHVDQGH[LWWKHXWLOLW\SUHVVWKH)NH\DQGSURFHHGE\
VHOHFWLQJ<HVRUVHOHFW([LW!([LW6DYLQJ&KDQJHV!<HV7KH
FRPSXWHUUHVWDUWVLPPHGLDWHO\
1DYLJDWLQJWKHXWLOLW\
726+,%$6HWXS8WLOLW\FDQEHQDYLJDWHGWKURXJKWKHWRXFKVFUHHQRUWKH
SURYLGHG6W\OXV3HQ
6RPHEXWWRQVRQWKHWDEOHWFRPSXWHUDUHDOVRGHVLJQDWHGWRH[HFXWHWKH
FRUUHVSRQGLQJNH\IXQFWLRQRQWKHNH\ERDUG'HWDLOVDUHGHVFULEHGDV
IROORZV
%XWWRQ .H\ )XQFWLRQ
:LQGRZV (QWHUNH\ 3URFHHGRUFRQILUP
RSHUDWLRQ
9ROXPHXS 8SDUURZNH\ 6HOHFWWKHSUHYLRXVLWHP
9ROXPHGRZQ 'RZQDUURZNH\ 6HOHFWWKHQH[WLWHP
6\VWHP5HFRYHU\
7KHUHLVDKLGGHQSDUWLWLRQDOORFDWHGRQWKHLQWHUQDOVWRUDJHIRUWKH6\VWHP
5HFRYHU\2SWLRQVLQWKHHYHQWRIDSUREOHP
<RXFDQDOVRFUHDWHUHFRYHU\PHGLDDQGUHVWRUHWKHV\VWHP
7KHIROORZLQJLWHPVDUHGHVFULEHGLQWKLVVHFWLRQ
&UHDWLQJ5HFRYHU\0HGLD
5HVWRULQJWKHSUHLQVWDOOHGVRIWZDUHIURP\RXUFUHDWHG5HFRYHU\
0HGLD
5HVWRULQJWKHSUHLQVWDOOHGVRIWZDUHIURPWKH5HFRYHU\3DUWLWLRQ
&UHDWLQJ5HFRYHU\0HGLD
7KLVVHFWLRQGHVFULEHVKRZWRFUHDWH5HFRYHU\0HGLD
%HVXUHWRFRQQHFWWKH$&DGDSWRUZKHQ\RXFUHDWH5HFRYHU\0HGLD
%HVXUHWRFORVHDOORWKHUVRIWZDUHSURJUDPV
'RQRWUXQVRIWZDUHVXFKDVVFUHHQVDYHUVZKLFKFDQSXWDKHDY\
ORDGRQWKH&38
2SHUDWHWKHFRPSXWHUDWIXOOSRZHU
'RQRWXVHSRZHUVDYLQJIHDWXUHV
'RQRWZULWHWRWKHPHGLDZKHQWKHYLUXVFKHFNVRIWZDUHLVUXQQLQJ
:DLWIRULWWRILQLVKWKHQGLVDEOHYLUXVGHWHFWLRQSURJUDPVLQFOXGLQJDQ\
VRIWZDUHWKDWFKHFNVILOHVDXWRPDWLFDOO\LQWKHEDFNJURXQG
8VHUV0DQXDO 
'RQRWXVHXWLOLWLHVLQFOXGLQJWKRVHLQWHQGHGWRHQKDQFHLQWHUQDO
VWRUDJHDFFHVVVSHHG7KH\PLJKWFDXVHXQVWDEOHRSHUDWLRQDQG
GDPDJHGDWD
'RQRWVKXWGRZQORJRIIRU6OHHS+LEHUQDWHZKLOHZULWLQJRUUHZULWLQJ
WKHPHGLD
6HWWKHFRPSXWHURQDOHYHOVXUIDFHDQGDYRLGSODFHVVXEMHFWHGWR
YLEUDWLRQVVXFKDVDLUSODQHVWUDLQVRUFDUV
'RQRWXVHRQDQXQVWDEOHVXUIDFHVXFKDVDVWDQG
$UHFRYHU\LPDJHRIWKHVRIWZDUHRQ\RXUFRPSXWHULVVWRUHGRQWKHLQWHUQDO
VWRUDJHDQGFDQEHFRSLHGWRHLWKHUGLVFPHGLDRU86%)ODVK0HPRU\E\
XVLQJWKHIROORZLQJVWHSV
 6HOHFWHLWKHUEODQNGLVFRU86%)ODVK0HPRU\
7KHDSSOLFDWLRQDOORZV\RXWRFKRRVHIURPDYDULHW\RIGLIIHUHQWPHGLD
RQWRZKLFKWKHUHFRYHU\LPDJHFDQEHFRSLHGLQFOXGLQJGLVFPHGLD
DQG86%)ODVK0HPRU\
1RWHWKDWVRPHRIWKHGLVFPHGLDPLJKWQRWEHFRPSDWLEOHZLWKWKH
RSWLFDOGLVFGULYHFRQQHFWHGWR\RXUFRPSXWHU<RXVKRXOGWKHUHIRUH
YHULI\WKDWWKHRSWLFDOGLVFGULYHVXSSRUWVWKHEODQNPHGLD\RXKDYH
FKRVHQEHIRUHSURFHHGLQJ
86%)ODVK0HPRU\ZLOOEHIRUPDWWHGDQGDOOWKHGDWDLQWKH86%)ODVK
0HPRU\ZLOOEHORVWZKHQSURFHHGLQJ
 7XUQRQ\RXUFRPSXWHUDQGDOORZLWWRORDGWKH:LQGRZVRSHUDWLQJ
V\VWHPDVQRUPDO
 ,QVHUWWKHILUVWEODQNGLVFLQWRWKHH[WHUQDORSWLFDOGLVFGULYHWUD\RU
LQVHUWWKH86%)ODVK0HPRU\LQWRRQHDYDLODEOH86%SRUW
 )RUPRGHOVZLWK5HFRYHU\0HGLD&UHDWRUSUHLQVWDOOHG
&OLFN5HFRYHU\0HGLD&UHDWRUXQGHU726+,%$JURXSLQWKH$SSV
YLHZ
)RUPRGHOVZLWKRXW5HFRYHU\0HGLD&UHDWRUSUHLQVWDOOHG
&OLFN&RQWURO3DQHO!6\VWHPDQG6HFXULW\!$FWLRQ&HQWHU!
5HFRYHU\!&UHDWHDUHFRYHU\GULYHXQGHU:LQGRZV6\VWHPLQWKH
$SSVYLHZ
 )ROORZWKHRQVFUHHQLQVWUXFWLRQVWRILQLVKFUHDWLQJWKH5HFRYHU\
0HGLD
5HVWRULQJWKHSUHLQVWDOOHGVRIWZDUHIURP\RXUFUHDWHG
5HFRYHU\0HGLD
,IWKHSUHLQVWDOOHGILOHVDUHGDPDJHG\RXDUHDEOHWRXVHWKH5HFRYHU\
0HGLD\RXKDYHFUHDWHGWRUHVWRUHWKHFRPSXWHUWRWKHVWDWHLWZDVLQZKHQ
\RXRULJLQDOO\UHFHLYHGLW7RSHUIRUPWKLVUHVWRUDWLRQGRWKHIROORZLQJ
8VHUV0DQXDO 
0DNHVXUHWKDWWKH$&DGDSWRULVFRQQHFWHGGXULQJWKHUHVWRULQJ
SURFHVV
0DNHVXUHWRGRFNWKHWDEOHWFRPSXWHUWR726+,%$.H\ERDUG'RFN
EHIRUHUHVWRULQJWKHRSHUDWLQJV\VWHPRQO\IRU3257e*e=W%
:KHQ\RXUHLQVWDOOWKH:LQGRZVRSHUDWLQJV\VWHPWKHLQWHUQDOVWRUDJH
ZLOOEHUHIRUPDWWHGDQGDOOGDWDZLOOEHORVW
0DNHVXUHWRXVHWKHGHIDXOW%RRW0RGHRSWLRQLQWKH%,26VHWXS
XWLOLW\EHIRUHUHVWRULQJ
/DXQFKWKH%,26VHWXSXWLOLW\
5HIHUWRWKH726+,%$6HWXS8WLOLW\VHFWLRQIRUIXUWKHULQIRUPDWLRQ
,QWKH%,26VHWXSVFUHHQVHOHFW$GYDQFHG!6\VWHP
&RQILJXUDWLRQ!%RRW0RGH
1RWH6NLSWKHIROORZLQJFRQWHQWVLI\RXFDQQRWILQGWKH%RRW0RGH
RSWLRQLQ\RXUV\VWHP
6HOHFW8(),%RRW'HIDXOW
,I\RXVHWWKH%RRW0RGHDV&60%RRWWKHUHFRYHU\PHGLDFUHDWHGE\
5HFRYHU\0HGLD&UHDWRUZLOO127EHDEOHWRUHVWRUH
,I\RXFUHDWHDUHFRYHU\LPDJHXVLQJDGYDQFHGUHFRYHU\WRROVIURP
&RQWURO3DQHODOVRPDNHVXUHWRXVHWKHGHIDXOW%RRW0RGHRSWLRQ
8(),%RRWLQWKH%,26VHWXSXWLOLW\EHIRUHUHVWRULQJ
 /RDGWKH5HFRYHU\0HGLDLQWRWKHH[WHUQDORSWLFDOGLVFGULYHRULQVHUW
WKHUHFRYHU\86%)ODVK0HPRU\LQWRRQHDYDLODEOH86%SRUW
 &OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGVHOHFW5HVWDUW
 +ROGGRZQWKH)NH\DQGUHOHDVHWKLVNH\RQHVHFRQGDIWHUWKH
FRPSXWHULVSRZHURQ
:LWKRXWWKHNH\ERDUGGRFN\RXFDQKROGGRZQWKH9ROXPHXSEXWWRQ
XQWLOWKH%RRWPHQXLVORDGHG
 8VHWKHXSDQGGRZQFXUVRUNH\WRVHOHFWWKHDSSURSULDWHRSWLRQIURP
WKHPHQXDFFRUGLQJWR\RXUDFWXDOUHFRYHU\PHGLD
:LWKRXWWKHNH\ERDUGGRFN\RXFDQXVHWKH9ROXPHXSDQGWKH
9ROXPHGRZQEXWWRQWRVHOHFWWKHDSSURSULDWHRSWLRQIURPWKHPHQX
DQGWDSWKH:LQGRZVEXWWRQWRFRQILUPWKHVHOHFWLRQ
 $PHQXLVGLVSOD\HGIURPZKLFK\RXVKRXOGIROORZWKHRQVFUHHQ
LQVWUXFWLRQV
,I\RXKDYHSUHYLRXVO\FKRVHQWRUHPRYHWKHUHFRYHU\SDUWLWLRQZLWKRXW
FUHDWLQJ5HFRYHU\0HGLDWKH5HFRYHU\0HGLDFDQQRWEHFUHDWHG
+RZHYHULI\RXKDYHDOUHDG\FUHDWHGD5HFRYHU\0HGLD\RXFDQXVHLW
WRUHVWRUHWKHUHFRYHU\SDUWLWLRQ
8VHUV0DQXDO 
,I\RXKDYHQRWFUHDWHG5HFRYHU\0HGLDFRQWDFW726+,%$VXSSRUWIRU
DVVLVWDQFH
5HVWRULQJWKHSUHLQVWDOOHGVRIWZDUHIURPWKH
5HFRYHU\3DUWLWLRQ
$SRUWLRQRIWKHLQWHUQDOVWRUDJHVSDFHLVFRQILJXUHGDVDKLGGHQUHFRYHU\
SDUWLWLRQ7KLVSDUWLWLRQVWRUHVILOHVZKLFKFDQEHXVHGWRUHVWRUHSUH
LQVWDOOHGVRIWZDUHLQWKHHYHQWRIDSUREOHP
,I\RXVHWXS\RXULQWHUQDOVWRUDJHDJDLQODWHUGRQRWFKDQJHGHOHWHRUDGG
SDUWLWLRQVLQDPDQQHURWKHUWKDQVSHFLILHGLQWKHPDQXDORWKHUZLVH\RX
PLJKWILQGWKDWVSDFHIRUWKHUHTXLUHGVRIWZDUHLVQRWDYDLODEOH
,QDGGLWLRQLI\RXXVHDWKLUGSDUW\SDUWLWLRQLQJSURJUDPWRUHFRQILJXUHWKH
SDUWLWLRQVRQ\RXULQWHUQDOVWRUDJH\RXPLJKWILQGWKDWLWEHFRPHV
LPSRVVLEOHWRVHWXS\RXUFRPSXWHU
0DNHVXUHWKDWWKH$&DGDSWRULVFRQQHFWHGGXULQJWKHUHVWRULQJ
SURFHVV
0DNHVXUHWRGRFNWKHWDEOHWFRPSXWHUWR726+,%$.H\ERDUG'RFN
EHIRUHUHVWRULQJWKHRSHUDWLQJV\VWHPRQO\IRU3257e*e=W%
:KHQ\RXUHLQVWDOOWKH:LQGRZVRSHUDWLQJV\VWHPWKHLQWHUQDOVWRUDJHZLOO
EHUHIRUPDWWHGDQGDOOGDWDZLOOEHORVW
 &OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGVHOHFW5HVWDUW
 +ROGGRZQ]HURNH\DQGUHOHDVHWKLVNH\RQHVHFRQGDIWHUWKH
FRPSXWHULVSRZHURQ
:LWKRXWWKHNH\ERDUGGRFN\RXFDQKROGGRZQWKH9ROXPHXSEXWWRQ
XQWLOWKH%RRWPHQXLVORDGHGDQGWKHQVHOHFW+''5HFRYHU\
&KRRVH<HVLI\RXZDQWWRFRQWLQXH
 6HOHFW7URXEOHVKRRW
 6HOHFW5HVHW\RXU3&
 )ROORZWKHRQVFUHHQLQVWUXFWLRQVWRILQLVKWKHUHFRYHU\
<RXFDQDOVRSHUIRUPWKHUHVWRUDWLRQWKURXJK3&VHWWLQJVLQWKHRSHUDWLQJ
V\VWHP
 &OLFNWKH6HWWLQJVFKDUPDQGFOLFN&KDQJH3&VHWWLQJV
 &OLFN8SGDWHDQGUHFRYHU\XQGHU3&VHWWLQJVDQGWKHQFOLFN
5HFRYHU\
 &OLFN*HWVWDUWHGXQGHU5HPRYHHYHU\WKLQJDQGUHLQVWDOO:LQGRZV
 )ROORZWKHRQVFUHHQLQVWUXFWLRQVWRILQLVKWKHUHFRYHU\
8VHUV0DQXDO 
&KDSWHU
7URXEOHVKRRWLQJ
726+,%$KDVGHVLJQHGWKLVFRPSXWHUIRUGXUDELOLW\KRZHYHUVKRXOG
SUREOHPVRFFXU\RXDUHDEOHWRXVHWKHSURFHGXUHVGHWDLOHGLQWKLVFKDSWHU
WRKHOSGHWHUPLQHWKHFDXVH
<RXVKRXOGEHFRPHIDPLOLDUZLWKWKLVFKDSWHUDVNQRZLQJZKDWPLJKWJR
ZURQJFDQKHOSSUHYHQWSUREOHPVIURPRFFXUULQJLQWKHILUVWSODFH
3UREOHPVROYLQJSURFHVV
,I\RXREVHUYHWKHIROORZLQJJXLGHOLQHVUHVROYLQJSUREOHPVZLOOEHPXFK
HDVLHU
6WRSLPPHGLDWHO\ZKHQ\RXUHFRJQL]HDSUREOHPH[LVWVDVWDNLQJ
IXUWKHUDFWLRQPLJKWUHVXOWLQGDWDORVVRUGDPDJHRU\RXPLJKW
GHVWUR\YDOXDEOHSUREOHPUHODWHGLQIRUPDWLRQWKDWFDQKHOSVROYHWKH
SUREOHP
2EVHUYHZKDWLVKDSSHQLQJ:ULWHGRZQZKDWWKHV\VWHPLVGRLQJDQG
ZKDWDFWLRQV\RXSHUIRUPHGLPPHGLDWHO\EHIRUHWKHSUREOHPRFFXUUHG
0DNHDVFUHHQVKRWRIWKHFXUUHQWGLVSOD\
$OVREHDZDUHWKDWWKHTXHVWLRQVDQGSURFHGXUHVGHVFULEHGLQWKLVFKDSWHU
DUHPHDQWRQO\DVDJXLGHWKH\DUHQRWGHILQLWLYHSUREOHPVROYLQJ
WHFKQLTXHV,QUHDOLW\PDQ\SUREOHPVFDQEHVROYHGVLPSO\EXWDIHZPLJKW
UHTXLUHKHOSIURP726+,%$6XSSRUW,I\RXILQG\RXQHHGWRFRQVXOWRWKHUV
EHSUHSDUHGWRGHVFULEHWKHSUREOHPLQDVPXFKGHWDLODVSRVVLEOH
3UHOLPLQDU\FKHFNOLVW
<RXVKRXOGDOZD\VFRQVLGHUWKHVLPSOHVWVROXWLRQILUVW7KHLWHPVGHWDLOHG
LQWKLVFKHFNOLVWDUHHDV\WRIL[DQG\HWFDQFDXVHZKDWDSSHDUVWREHD
VHULRXVSUREOHP
0DNHVXUHWKDW\RXWXUQRQDOOSHULSKHUDOGHYLFHVEHIRUH\RXWXUQRQ
WKHFRPSXWHU7KLVLQFOXGHV\RXUSULQWHUDQGDQ\RWKHUH[WHUQDOGHYLFH
\RXDUHXVLQJ
%HIRUH\RXDWWDFKDQH[WHUQDOGHYLFH\RXVKRXOGILUVWWXUQRIIWKH
FRPSXWHUWKHQZKHQ\RXWXUQWKHFRPSXWHUEDFNRQLWUHFRJQL]HVWKH
QHZGHYLFH
0DNHVXUHWKDWDOORSWLRQDODFFHVVRULHVDUHFRQILJXUHGSURSHUO\LQWKH
FRPSXWHUVVHWXSSURJUDPDQGWKDWDOOUHTXLUHGGULYHUVRIWZDUHKDV
EHHQORDGHGUHIHUWRWKHGRFXPHQWDWLRQLQFOXGHGZLWKWKHRSWLRQDO
DFFHVVRULHVIRUIXUWKHULQIRUPDWLRQRQLWVLQVWDOODWLRQDQG
FRQILJXUDWLRQ
8VHUV0DQXDO 
&KHFNDOOFDEOHVWRHQVXUHWKDWWKH\DUHFRUUHFWO\DQGILUPO\DWWDFKHG
WRWKHFRPSXWHUORRVHFDEOHVFDQFDXVHVLJQDOHUURUV
,QVSHFWDOOFRQQHFWLQJFDEOHVIRUORRVHZLUHVDQGDOOFRQQHFWRUVIRU
ORRVHSLQV
&KHFNWKDW\RXUGLVFPHGLDLVFRUUHFWO\ORDGHG
$OZD\VWU\WRPDNHGHWDLOHGQRWHVRI\RXUREVHUYDWLRQVDQGNHHSWKHPLQD
SHUPDQHQWHUURUORJWKLVKHOSV\RXWRGHVFULEH\RXUSUREOHPVWR726+,%$
6XSSRUW,QDGGLWLRQLIDSUREOHPUHFXUVWKHORJ\RXKDYHPDGHKHOSVWR
LGHQWLI\WKHSUREOHPIDVWHU
$QDO\]LQJWKHSUREOHP
6RPHWLPHVWKHFRPSXWHUJLYHV\RXFOXHVWKDWFDQKHOS\RXLGHQWLI\ZK\LW
LVPDOIXQFWLRQLQJ,QYLHZRIWKLVNHHSWKHIROORZLQJTXHVWLRQVLQPLQG
:KLFKSDUWRIWKHFRPSXWHULVQRWRSHUDWLQJSURSHUO\NH\ERDUG
LQWHUQDOVWRUDJHGLVSOD\SDQHO7RXFK3DG7RXFK3DGFRQWUROEXWWRQV
DVHDFKGHYLFHSURGXFHVGLIIHUHQWV\PSWRPV
&KHFNWKHRSWLRQVZLWKLQWKHRSHUDWLQJV\VWHPWRHQVXUHWKDWLWV
FRQILJXUDWLRQLVVHWSURSHUO\
:KDWDSSHDUVRQWKHGLVSOD\"'RHVLWGLVSOD\DQ\PHVVDJHVRU
UDQGRPFKDUDFWHUV"0DNHDVFUHHQVKRWRIWKHFXUUHQWGLVSOD\DQGLI
SRVVLEOHORRNXSWKHPHVVDJHVLQWKHGRFXPHQWDWLRQLQFOXGHGZLWKWKH
FRPSXWHUVRIWZDUHRURSHUDWLQJV\VWHP
&KHFNWKDWDOOFRQQHFWLQJFDEOHVDUHFRUUHFWO\DQGILUPO\DWWDFKHGDV
ORRVHFDEOHVFDQFDXVHHUURQHRXVRULQWHUPLWWHQWVLJQDOV
'RDQ\LQGLFDWRUVOLJKWLIVRZKLFKRQHVZKDWFRORUDUHWKH\DQGGR
WKH\VWD\RQRUEOLQN":ULWHGRZQZKDW\RXVHH
'R\RXKHDUDQ\EHHSVLIVRKRZPDQ\DUHWKH\ORQJRUVKRUWDQGDUH
WKH\KLJKSLWFKHGRUORZSLWFKHG",QDGGLWLRQLVWKHFRPSXWHUPDNLQJ
DQ\XQXVXDOQRLVHV":ULWHGRZQZKDW\RXKHDU
5HFRUG\RXUREVHUYDWLRQVVR\RXFDQGHVFULEHWKHPLQGHWDLOWR726+,%$
6XSSRUW
6RIWZDUH 7KHSUREOHPVPLJKWEHFDXVHGE\\RXUVRIWZDUH
RUGLVN,I\RXFDQQRWORDGDVRIWZDUHSDFNDJH
WKHPHGLDPLJKWEHGDPDJHGRUWKHSURJUDP
PLJKWEHFRUUXSWHG,QWKHVHLQVWDQFHVWU\
ORDGLQJDQRWKHUFRS\RIWKHVRIWZDUHLISRVVLEOH
,IDQHUURUPHVVDJHDSSHDUVZKLOH\RXDUHXVLQJ
DVRIWZDUHSDFNDJH\RXVKRXOGUHIHUWRWKH
GRFXPHQWDWLRQVXSSOLHGZLWKLWDVWKLVXVXDOO\
LQFOXGHVDSUREOHPVROYLQJVHFWLRQRUDVXPPDU\
RIHUURUPHVVDJHV
1H[WFKHFNDQ\HUURUPHVVDJHVDJDLQVWWKH
RSHUDWLQJV\VWHPGRFXPHQWDWLRQ
8VHUV0DQXDO 
+DUGZDUH ,I\RXFDQQRWILQGDVRIWZDUHSUREOHP\RXVKRXOG
WKHQFKHFNWKHVHWXSDQGFRQILJXUDWLRQRI\RXU
KDUGZDUH)LUVWUXQWKURXJKWKHLWHPVLQWKH
SUHOLPLQDU\FKHFNOLVWDVGHVFULEHGSUHYLRXVO\
WKHQLI\RXVWLOOFDQQRWFRUUHFWWKHSUREOHPWU\WR
LGHQWLI\WKHVRXUFH7KHQH[WVHFWLRQSURYLGHV
FKHFNOLVWVIRULQGLYLGXDOFRPSRQHQWVDQG
SHULSKHUDOV
%HIRUHXVLQJDSHULSKHUDOGHYLFHRUDSSOLFDWLRQVRIWZDUHWKDWLVQRWDQ
DXWKRUL]HG726+,%$SDUWRUSURGXFWPDNHVXUHWKDWWKHGHYLFHRUVRIWZDUH
FDQEHXVHGZLWK\RXUFRPSXWHU8VHRILQFRPSDWLEOHGHYLFHVPLJKWFDXVH
LQMXU\RUPLJKWGDPDJH\RXUFRPSXWHU
,IVRPHWKLQJJRHVZURQJ
<RXUFRPSXWHUGRHVQRWUHVSRQGWRWKHNH\ERDUGFRPPDQGV
,IDQHUURURFFXUVDQGWKHFRPSXWHUGRHVQRWUHVSRQGWR\RXUNH\ERDUG
FRPPDQGVGRWKHIROORZLQJ
3UHVVWKHSRZHUEXWWRQDQGKROGLWGRZQIRUILYHVHFRQGV2QFHWKH
FRPSXWHUKDVWXUQHGLWVHOIRIIZDLW±VHFRQGVEHIRUHWXUQLQJRQ
WKHSRZHUDJDLQE\SUHVVLQJWKHSRZHUEXWWRQ
,QVHUWDVOHQGHUREMHFWVXFKDVDQHHGOHLQWRWKHIRUFHVKXWGRZQKROH
RQWKHWDEOHWFRPSXWHU
<RXUSURJUDPVWRSVUHVSRQGLQJ
,I\RXDUHZRUNLQJZLWKDSURJUDPWKDWVXGGHQO\IUHH]HVDOORSHUDWLRQV
FKDQFHVDUHWKHSURJUDPKDVVWRSSHGUHVSRQGLQJ<RXFDQH[LWWKHIDLOHG
SURJUDPZLWKRXWVKXWWLQJGRZQWKHRSHUDWLQJV\VWHPRUFORVLQJRWKHU
SURJUDPV
7RFORVHDSURJUDPWKDWKDVVWRSSHGUHVSRQGLQJ
 3UHVV&75/$/7DQG'(/VLPXOWDQHRXVO\RQFHWKHQFOLFN7DVN
0DQDJHU7KH:LQGRZV7DVN0DQDJHUZLQGRZDSSHDUV
 6HOHFWWKHSURJUDP\RXZDQWWRFORVHWKHQFOLFN(QG7DVN&ORVLQJ
WKHIDLOHGSURJUDPVKRXOGDOORZ\RXWRFRQWLQXHZRUNLQJ,ILWGRHVQRW
FRQWLQXHZLWKWKHQH[WVWHS
 &ORVHWKHUHPDLQLQJSURJUDPVRQHE\RQHE\VHOHFWLQJWKHSURJUDP
QDPHWKHQ(QG7DVN&ORVLQJDOOSURJUDPVVKRXOGDOORZ\RXWR
FRQWLQXHZRUNLQJ,ILWGRHVQRWSRZHURII\RXUFRPSXWHUDQGWKHQ
UHVWDUWLW
7KHFRPSXWHUGRHVQRWVWDUW
0DNHVXUHWKDW\RXDWWDFKHGWKH$&DGDSWRUDQGSRZHUFRUGFDEOH
SURSHUO\
8VHUV0DQXDO 
,I\RXDUHXVLQJWKH$&DGDSWRUFKHFNWKDWWKHZDOORXWOHWLVZRUNLQJE\
SOXJJLQJLQDQRWKHUGHYLFHVXFKDVDODPS
9HULI\WKDWWKHFRPSXWHULVRQE\ORRNLQJDWWKH3RZHULQGLFDWRU
,IWKHLQGLFDWRULVJORZLQJWKHFRPSXWHULVRQ$OVRWU\WXUQLQJWKHFRPSXWHU
RIIDQGWKHQRQ
,I\RXDUHXVLQJDQ$&DGDSWRUYHULI\WKDWWKHFRPSXWHULVUHFHLYLQJSRZHU
IURPWKHH[WHUQDOSRZHUVRXUFHE\ORRNLQJDWWKH%DWWHU\LQGLFDWRU,IWKH
LQGLFDWRULVJORZLQJWKHFRPSXWHULVFRQQHFWHGWRDOLYHH[WHUQDOSRZHU
VRXUFH
7KHFRPSXWHUGRHVQRWORDGDGYDQFHGRSWLRQVGXULQJ
VWDUWXS
%\KROGLQJGRZQRQHRIWKHIROORZLQJNH\VRUEXWWRQVGXULQJVWDUWXS\RXU
FRPSXWHUFDQORDGWKHIROORZLQJDGYDQFHGRSWLRQV
$GYDQFHGRSWLRQ .H\ %XWWRQ
%,26XWLOLW\ ) 9ROXPHGRZQ
%RRWPHQX ) 9ROXPHXS
5HFRYHU\RSWLRQV ]HUR
,I\RXUFRPSXWHUVWDUWVWRORDGWKH2SHUDWLQJ6\VWHPLQVWHDGRIGHVLUHG
DGYDQFHGRSWLRQVGRWKHIROORZLQJ
0DNHVXUHWKDWIDVWVWDUWXSLVGLVDEOHGLQWKH3RZHU2SWLRQVE\WKH
IROORZLQJVWHSV
&OLFN&RQWURO3DQHO!6\VWHPDQG6HFXULW\!3RZHU2SWLRQVXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
&OLFN&KRRVHZKDWWKHSRZHUEXWWRQGRHVRU&KRRVHZKDWFORVLQJ
WKHOLGGRHV
&OLFN&KDQJHVHWWLQJVWKDWDUHFXUUHQWO\XQDYDLODEOH
'HVHOHFWWKH7XUQRQIDVWVWDUWXSFKHFNER[IURP6KXWGRZQVHWWLQJV
&OLFNWKH6DYHFKDQJHVEXWWRQ
 &OLFNWKHSRZHULFRQ RQWKH6WDUWVFUHHQDQGWKHQVHOHFW6KXW
GRZQ
 :KLOHKROGLQJGRZQWKHFRUUHVSRQGLQJNH\RUEXWWRQSUHVVWKH3RZHU
EXWWRQWRWXUQRQWKHSRZHU
 )ROORZWKHRQVFUHHQLQVWUXFWLRQVWRSURFHHG
+DUGZDUHDQGV\VWHPFKHFNOLVW
7KLVVHFWLRQGLVFXVVHVSUREOHPVFDXVHGE\\RXUFRPSXWHU¶VKDUGZDUHRU
DWWDFKHGSHULSKHUDOV%DVLFSUREOHPVPLJKWRFFXULQWKHIROORZLQJDUHDV
8VHUV0DQXDO 
3RZHU
.H\ERDUG
,QWHUQDOGLVSOD\SDQHO
,QWHUQDO6WRUDJH
0HPRU\0HGLD&DUG
3RLQWLQJ'HYLFH
86%GHYLFH
6RXQGV\VWHP
([WHUQDOPRQLWRU
/$1
:LUHOHVV/$1
%OXHWRRWK
3RZHU
:KHQWKHFRPSXWHULVQRWSOXJJHGLQWRDQ$&SRZHURXWOHWWKHEDWWHU\
SDFNLVWKHSULPDU\SRZHUVRXUFH<RXUFRPSXWHUDOVRKDV5HDO7LPH
&ORFN57&IXQFWLRQ$OORIWKHSRZHUUHVRXUFHVDUHLQWHUUHODWHGZLWK
DQ\RQHKDYLQJWKHDELOLW\WRSURGXFHDSSDUHQWSRZHUSUREOHPV
2YHUKHDWLQJSRZHUGRZQ
,IWKHSURFHVVRUVWHPSHUDWXUHUHDFKHVDQXQDFFHSWDEO\KLJKOHYHOZLWK
HLWKHUVHWWLQJWKHFRPSXWHUDXWRPDWLFDOO\VKXWVGRZQWRSUHYHQWDQ\
GDPDJH,QWKLVLQVWDQFHDOOXQVDYHGGDWDLQPHPRU\LVORVW
3UREOHP 3URFHGXUH
&RPSXWHUVKXWV
GRZQDXWRPDWLFDOO\
/HDYHWKHFRPSXWHURIIXQWLOLWUHDFKHVURRP
WHPSHUDWXUH,IWKHFRPSXWHUKDVUHDFKHGURRP
WHPSHUDWXUHDQGLWVWLOOGRHVQRWVWDUWRULILWVWDUWV
EXWVKXWVGRZQTXLFNO\FRQWDFW726+,%$6XSSRUW
$&SRZHU
,I\RXKDYHWURXEOHWXUQLQJRQWKHFRPSXWHUZLWKWKH$&DGDSWRUFRQQHFWHG
FKHFNWKHVWDWXVRIWKH'&,1%DWWHU\LQGLFDWRU5HIHUWRWKH3RZHU
&RQGLWLRQ'HVFULSWLRQVVHFWLRQIRUIXUWKHULQIRUPDWLRQ
3UREOHP 3URFHGXUH
$&DGDSWRUGRHVQRW
SRZHUWKHFRPSXWHU
&KHFNWKHFRQQHFWLRQVWRPDNHVXUHWKDWWKH
SRZHUFRUGDGDSWRULVILUPO\FRQQHFWHGWRWKH
FRPSXWHUDQGDZRUNLQJSRZHURXWOHW
&KHFNWKHFRQGLWLRQRIWKHFRUGDQGWHUPLQDOV,I
WKHFRUGLVIUD\HGRUGDPDJHGLWVKRXOGEH
UHSODFHGZKLOHLIWKHWHUPLQDOVDUHVRLOHGWKH\
VKRXOGEHFOHDQHGZLWKDFOHDQFRWWRQFORWK
,IWKH$&DGDSWRUVWLOOGRHVQRWSRZHUWKH
FRPSXWHU\RXVKRXOGFRQWDFW726+,%$6XSSRUW
8VHUV0DQXDO 
%DWWHU\
,I\RXVXVSHFWDSUREOHPZLWKWKHEDWWHU\FKHFNWKHVWDWXVRIWKH%DWWHU\
LQGLFDWRURUWKH6HFRQG%DWWHU\LQGLFDWRU
3UREOHP 3URFHGXUH
%DWWHU\GRHVQRW
SRZHUWKHFRPSXWHU
7KHEDWWHU\PLJKWEHGLVFKDUJHG&RQQHFWWKH$&
DGDSWRUWRUHFKDUJHWKHEDWWHU\
%DWWHU\GRHVQRW
FKDUJHZKHQWKH$&
DGDSWRULVDWWDFKHG
,IWKHEDWWHU\LVFRPSOHWHO\GLVFKDUJHGLWZLOOQRW
EHJLQFKDUJLQJLPPHGLDWHO\,QWKHVHLQVWDQFHV
ZDLWDIHZPLQXWHVEHIRUHWU\LQJDJDLQ,IWKH
EDWWHU\VWLOOGRHVQRWFKDUJHFKHFNWKDWWKHSRZHU
RXWOHWWKH$&DGDSWRULVFRQQHFWHGWRLVVXSSO\LQJ
SRZHU7KLVFDQEHWHVWHGE\SOXJJLQJDQRWKHU
DSSOLDQFHLQWRLW
%DWWHU\GRHVQRW
SRZHUWKHFRPSXWHU
DVORQJDVH[SHFWHG
,I\RXIUHTXHQWO\UHFKDUJHDSDUWLDOO\FKDUJHG
EDWWHU\WKHEDWWHU\PLJKWQRWFKDUJHWRLWVIXOO
SRWHQWLDO,QWKHVHLQVWDQFHV\RXVKRXOGIXOO\
GLVFKDUJHWKHEDWWHU\DQGWKHQDWWHPSWWRFKDUJHLW
DJDLQ
&KHFNWKH3RZHUVDYHURSWLRQXQGHU&KRRVHRU
FXVWRPL]HDSRZHUSODQLQWKH3RZHU2SWLRQV
5HDO7LPH&ORFN
3UREOHP 3URFHGXUH
7KH%,26VHWWLQJ
DQGV\VWHPGDWH
WLPHDUHORVW
7KHODVWLQJWLPHRIWKH5HDO7LPH&ORFN57&KDV
UXQRXW<RXPXVWVHWWKHGDWHDQGWLPHLQWKH
%,26VHWXSXWLOLW\E\XVLQJWKHIROORZLQJVWHSV
 /DXQFKWKH%,26VHWXSXWLOLW\
5HIHUWRWKH726+,%$6HWXS8WLOLW\VHFWLRQIRU
IXUWKHULQIRUPDWLRQ
 6HWWKHGDWHLQWKH6\VWHP'DWHILHOG
 6HWWKHWLPHLQWKH6\VWHP7LPHILHOG
 3UHVV)DFRQILUPDWLRQPHVVDJHLV
GLVSOD\HG
 6HOHFW<HVWKH%,26VHWXSXWLOLW\ZLOOHQG
DQGWKHFRPSXWHUZLOOUHVWDUW
.H\ERDUG
.H\ERDUGSUREOHPVFDQEHFDXVHGE\WKHVHWXSDQGFRQILJXUDWLRQRIWKH
FRPSXWHU5HIHUWRWKH7KH.H\ERDUGVHFWLRQIRUIXUWKHULQIRUPDWLRQ
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
2XWSXWWRVFUHHQLV
JDUEOHG
5HIHUWR\RXUVRIWZDUHGRFXPHQWDWLRQWRHQVXUH
WKDWLWLVQRWUHPDSSLQJWKHNH\ERDUGLQDQ\ZD\
UHPDSSLQJLQYROYHVFKDQJLQJRUUHDVVLJQLQJWKH
IXQFWLRQRIHDFKNH\
,I\RXDUHVWLOOXQDEOHWRXVHWKHNH\ERDUG\RX
VKRXOGFRQWDFW726+,%$6XSSRUW
,QWHUQDOGLVSOD\SDQHO
$SSDUHQWSUREOHPVRIWKHFRPSXWHUVGLVSOD\SDQHOPLJKWEHUHODWHGWR
VHWXSDQGFRQILJXUDWLRQRIWKHFRPSXWHU
3UREOHP 3URFHGXUH
1RGLVSOD\ 3UHVVWKHIXQFWLRQNH\VWRDGMXVWWKHGLVSOD\
SULRULW\DQGWRPDNHVXUHWKDWLWLVQRWVHWIRU
RXWSXWWRDQH[WHUQDOPRQLWRU
0DUNLQJVDSSHDURQ
WKHFRPSXWHUV
GLVSOD\SDQHO
7KHVHPDUNVPLJKWKDYHFRPHIURPFRQWDFWZLWK
WKHNH\ERDUGDQG7RXFK3DGZKLOHWKHGLVSOD\
SDQHOKDVEHHQFORVHG7U\WRUHPRYHWKHPDUNV
E\JHQWO\ZLSLQJWKHGLVSOD\SDQHOZLWKDFOHDQGU\
FORWKRULIWKLVIDLOVZLWKDJRRGTXDOLW\/&'VFUHHQ
FOHDQHU,QWKLVODWWHULQVWDQFH\RXVKRXOGDOZD\V
IROORZWKHLQVWUXFWLRQVZLWKWKHVFUHHQFOHDQHUDQG
DOZD\VHQVXUHWKDW\RXOHWWKHGLVSOD\SDQHOGU\
SURSHUO\EHIRUHFORVLQJLW
,QWHUQDO6WRUDJH
3UREOHP 3URFHGXUH
&RPSXWHUGRHVQRW
ERRWIURPWKH
LQWHUQDOVWRUDJH
&KHFNWRVHHZKHWKHUWKHUHLVDGLVFLQWKHH[WHUQDO
RSWLFDOGLVFGULYHLIVRUHPRYHLWDQGWU\WRVWDUW
WKHFRPSXWHUDJDLQ
,IWKLVKDVQRHIIHFWFKHFNWKH%RRW3ULRULW\
2SWLRQVVHWWLQJZLWKLQWKH726+,%$6\VWHP
6HWWLQJV
0HPRU\0HGLD&DUG
)RUIXUWKHULQIRUPDWLRQUHIHUWR2SHUDWLQJ%DVLFV
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
0HPRU\PHGLDFDUG
HUURURFFXUV
5HPRYHWKHPHPRU\PHGLDFDUGIURPWKH
FRPSXWHUDQGWKHQUHLQVHUWLWWRHQVXUHWKDWLWLV
ILUPO\FRQQHFWHG
,IWKHSUREOHPSHUVLVWVWKHQ\RXVKRXOGUHIHUWRWKH
GRFXPHQWDWLRQVXSSOLHGZLWK\RXUPHPRU\PHGLD
FDUGIRUIXUWKHULQIRUPDWLRQ
<RXFDQQRWUHDGD
ILOH
&KHFNWRHQVXUHWKDWWKHUHTXLUHGILOHLVDFWXDOO\RQ
WKHPHPRU\PHGLDFDUGWKDWLVLQVHUWHGLQWRWKH
FRPSXWHU
,I\RXDUHVWLOOXQDEOHWRUHVROYHWKHSUREOHP
FRQWDFW726+,%$6XSSRUW
3RLQWLQJGHYLFH
,I\RXDUHXVLQJD86%PRXVH\RXVKRXOGDOVRUHIHUWRERWKWKH86%
PRXVHVHFWLRQDQGWKHGRFXPHQWDWLRQVXSSOLHGZLWK\RXUPRXVH
7RXFK3DG
3UREOHP 3URFHGXUH
7KH7RXFK3DGGRHV
QRWZRUN
&KHFNWKH'HYLFH6HOHFWVHWWLQJV
&OLFN&RQWURO3DQHO!+DUGZDUHDQG6RXQG!
0RXVHXQGHU:LQGRZV6\VWHPLQWKH$SSVYLHZ
2QVFUHHQSRLQWHU
GRHVQRWUHVSRQGWR
SRLQWLQJGHYLFH
RSHUDWLRQ
,QWKLVLQVWDQFHWKHV\VWHPPLJKWEHEXV\7U\
PRYLQJWKHPRXVHDJDLQDIWHUZDLWLQJDVKRUW
ZKLOH
'RXEOHWDSSLQJ
7RXFK3DGGRHV
QRWZRUN
,QWKLVLQVWDQFH\RXVKRXOGLQLWLDOO\WU\FKDQJLQJ
WKHGRXEOHFOLFNVSHHGVHWWLQJZLWKLQWKH0RXVH
&RQWUROXWLOLW\
 7RDFFHVVWKLVXWLOLW\FOLFN&RQWURO3DQHO!
+DUGZDUHDQG6RXQG!0RXVHXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
 :LWKLQWKH0RXVH3URSHUWLHVZLQGRZFOLFNWKH
%XWWRQVWDE
 6HWWKHGRXEOHFOLFNVSHHGDVUHTXLUHGDQG
FOLFN2.
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
7KHRQVFUHHQ
SRLQWHUPRYHVWRR
IDVWRUWRRVORZ
,QWKLVLQVWDQFH\RXVKRXOGLQLWLDOO\WU\FKDQJLQJ
WKHVSHHGVHWWLQJZLWKLQWKH0RXVH&RQWUROXWLOLW\
 7RDFFHVVWKLVXWLOLW\FOLFN&RQWURO3DQHO!
+DUGZDUHDQG6RXQG!0RXVHXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
 :LWKLQWKH0RXVH3URSHUWLHVZLQGRZFOLFNWKH
3RLQWHU2SWLRQVWDE
 6HWWKHSRLQWHUVSHHGDVUHTXLUHGDQGFOLFN
2.
7KHUHDFWLRQRI
7RXFK3DGLVHLWKHU
WRRVHQVLWLYHRUQRW
VHQVLWLYHHQRXJK
$GMXVWWKHWRXFK6HQVLWLYLW\
7RDFFHVVLWFOLFN&RQWURO3DQHO!+DUGZDUH
DQG6RXQG!0RXVHXQGHU:LQGRZV6\VWHPLQ
WKH$SSVYLHZ
,I\RXDUHVWLOOXQDEOHWRUHVROYHWKHSUREOHP
FRQWDFW726+,%$6XSSRUW
86%PRXVH
3UREOHP 3URFHGXUH
2QVFUHHQSRLQWHU
GRHVQRWUHVSRQGWR
PRXVHRSHUDWLRQ
,QWKLVLQVWDQFHWKHV\VWHPPLJKWEHEXV\7U\
PRYLQJWKHPRXVHDJDLQDIWHUZDLWLQJDVKRUW
ZKLOH
5HPRYHWKHPRXVHIURPWKHFRPSXWHUDQGWKHQ
UHFRQQHFWLWWRDIUHH86%SRUWWRHQVXUHWKDWLWLV
ILUPO\DWWDFKHG
'RXEOHFOLFNLQJGRHV
QRWZRUN
,QWKLVLQVWDQFH\RXVKRXOGLQLWLDOO\WU\FKDQJLQJ
WKHGRXEOHFOLFNVSHHGVHWWLQJZLWKLQWKH0RXVH
&RQWUROXWLOLW\
 7RDFFHVVWKLVXWLOLW\FOLFN&RQWURO3DQHO!
+DUGZDUHDQG6RXQG!0RXVHXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
 :LWKLQWKH0RXVH3URSHUWLHVZLQGRZFOLFNWKH
%XWWRQVWDE
 6HWWKHGRXEOHFOLFNVSHHGDVUHTXLUHGDQG
FOLFN2.
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
7KHRQVFUHHQ
SRLQWHUPRYHVWRR
IDVWRUWRRVORZ
,QWKLVLQVWDQFH\RXVKRXOGLQLWLDOO\WU\FKDQJLQJ
WKHVSHHGVHWWLQJZLWKLQWKH0RXVH&RQWUROXWLOLW\
 7RDFFHVVWKLVXWLOLW\FOLFN&RQWURO3DQHO!
+DUGZDUHDQG6RXQG!0RXVHXQGHU
:LQGRZV6\VWHPLQWKH$SSVYLHZ
 :LWKLQWKH0RXVH3URSHUWLHVZLQGRZFOLFNWKH
3RLQWHU2SWLRQVWDE
 6HWWKHSRLQWHUVSHHGDVUHTXLUHGDQGFOLFN
2.
7KHRQVFUHHQ
SRLQWHUPRYHV
HUUDWLFDOO\
7KHHOHPHQWVRIWKHPRXVHUHVSRQVLEOHIRU
GHWHFWLQJPRYHPHQWPLJKWEHGLUW\5HIHUWRWKH
GRFXPHQWDWLRQVXSSOLHGZLWKWKHPRXVHIRU
LQVWUXFWLRQVRQKRZWRFOHDQLW
,I\RXDUHVWLOOXQDEOHWRUHVROYHWKHSUREOHP
FRQWDFW726+,%$6XSSRUW
86%GHYLFH
,QDGGLWLRQWRWKHLQIRUPDWLRQLQWKLVVHFWLRQDOVRUHIHUWRWKHGRFXPHQWDWLRQ
VXSSOLHGZLWK\RXU86%GHYLFH
3UREOHP 3URFHGXUH
86%GHYLFHGRHVQRW
ZRUN
5HPRYHWKH86%GHYLFHIURPWKHFRPSXWHUDQG
WKHQUHFRQQHFWLWWRDIUHHSRUWWRHQVXUHWKDWLWLV
ILUPO\DWWDFKHG
(QVXUHWKDWDQ\UHTXLUHG86%GHYLFHGULYHUVDUH
SURSHUO\LQVWDOOHG7RDFKLHYHWKLV\RXVKRXOGUHIHU
WRERWKWKHGHYLFHGRFXPHQWDWLRQDQGWKH
RSHUDWLQJV\VWHPGRFXPHQWDWLRQ
6RXQGV\VWHP
,QDGGLWLRQWRWKHLQIRUPDWLRQLQWKLVVHFWLRQDOVRUHIHUWRWKHGRFXPHQWDWLRQ
VXSSOLHGZLWK\RXUDXGLRGHYLFH
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
1RVRXQGLVKHDUG 3UHVVWKHIXQFWLRQNH\VWRLQFUHDVHRUGHFUHDVH
YROXPH
&KHFNWKHVRIWZDUHYROXPHVHWWLQJV
&KHFNWRVHHLI0XWHLVWXUQHGWR2II
&KHFNWRPDNHVXUHWKDWWKHKHDGSKRQH
FRQQHFWLRQLVVHFXUH
&KHFNZLWKLQWKH:LQGRZV'HYLFH0DQDJHU
DSSOLFDWLRQWRHQVXUHWKDWWKHVRXQGGHYLFHLV
HQDEOHGDQGWKDWWKHGHYLFHLVSURSHUO\ZRUNLQJ
$QQR\LQJVRXQGLV
KHDUG
,QWKLVLQVWDQFH\RXPLJKWEHH[SHULHQFLQJ
IHHGEDFNIURPHLWKHUWKHLQWHUQDOPLFURSKRQHRUDQ
H[WHUQDOPLFURSKRQHFRQQHFWHGWRWKHFRPSXWHU
5HIHUWR6RXQG6\VWHPDQG9LGHRPRGHIRUIXUWKHU
LQIRUPDWLRQ
9ROXPHFDQQRWEHDGMXVWHGGXULQJ:LQGRZVVWDUW
XSRUVKXWGRZQ
,I\RXDUHVWLOOXQDEOHWRUHVROYHWKHSUREOHP
FRQWDFW726+,%$6XSSRUW
([WHUQDOPRQLWRU
$OVRUHIHUWR2SHUDWLQJ%DVLFVDQGWRWKHGRFXPHQWDWLRQVXSSOLHGZLWK
\RXUPRQLWRUIRUIXUWKHULQIRUPDWLRQ
3UREOHP 3URFHGXUH
0RQLWRUGRHVQRW
WXUQRQ
$IWHUFRQILUPLQJWKDWWKHPRQLWRUVSRZHUVZLWFKLV
RQFKHFNWKHFRQQHFWLRQVWRPDNHVXUHWKDWWKH
SRZHUFRUGDGDSWRULVILUPO\FRQQHFWHGWRWKH
PRQLWRUDQGWRDZRUNLQJSRZHURXWOHW
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
1RGLVSOD\ 7U\DGMXVWLQJWKHFRQWUDVWDQGEULJKWQHVVFRQWUROV
RQWKHH[WHUQDOPRQLWRU
3UHVVWKHIXQFWLRQNH\WRFKDQJHWKHGLVSOD\
SULRULW\DQGHQVXUHWKDWLWLVQRWVHWIRUWKHLQWHUQDO
GLVSOD\RQO\
&KHFNWRVHHLIWKHH[WHUQDOPRQLWRULVFRQQHFWHG
:KHQWKHH[WHUQDOPRQLWRULVVHWDVWKHSULPDU\
GLVSOD\GHYLFHLQH[WHQGHGGHVNWRSPRGHLWGRHV
QRWGLVSOD\ZKHQWKHFRPSXWHUZDNHVXSIURP
6OHHS0RGHLIWKHH[WHUQDOPRQLWRUKDVEHHQ
GLVFRQQHFWHGZKLOHLQ6OHHS0RGH
7RNHHSWKLVIURPKDSSHQLQJGRQRWGLVFRQQHFW
WKHH[WHUQDOPRQLWRUZKLOHWKHFRPSXWHULVLQ6OHHS
RU+LEHUQDWLRQ0RGH
5HPHPEHUWRWXUQRIIWKHFRPSXWHUEHIRUH
GLVFRQQHFWLQJWKHH[WHUQDOPRQLWRU
:KHQWKHGLVSOD\SDQHODQGDQH[WHUQDOPRQLWRU
DUHVHWWRFORQHPRGHDQGWKH\DUHWXUQHGRIIE\
WKHWLPHUWKHGLVSOD\SDQHORUWKHH[WHUQDOPRQLWRU
PLJKWQRWGLVSOD\ZKHQWXUQHGRQDJDLQ
,IWKLVRFFXUVSUHVVWKHIXQFWLRQNH\WRUHVHWWKH
GLVSOD\SDQHODQGH[WHUQDOPRQLWRUWRFORQHPRGH
'LVSOD\HUURURFFXUV &KHFNWKDWWKHFDEOHFRQQHFWLQJWKHH[WHUQDO
PRQLWRUWRWKHFRPSXWHULVILUPO\DWWDFKHG
,I\RXDUHVWLOOXQDEOHWRUHVROYHWKHSUREOHP
FRQWDFW726+,%$6XSSRUW
/$1
3UREOHP 3URFHGXUH
&DQQRWDFFHVV/$1 &KHFNIRUDILUPFDEOHFRQQHFWLRQEHWZHHQWKH
/$1MDFNDQGWKH/$1KXE
8VHUV0DQXDO 
3UREOHP 3URFHGXUH
:DNHXSRQ/$1
GRHVQRWZRUN
0DNHVXUHWKH$&DGDSWRULVFRQQHFWHG7KH
:DNHXSRQ/$1IXQFWLRQFRQVXPHVSRZHUHYHQ
ZKHQWKHV\VWHPLVRII
&KHFNWRPDNHVXUHWKDWIDVWVWDUWXSLVGLVDEOHG
 &OLFN&RQWURO3DQHO!6\VWHPDQG6HFXULW\
!3RZHU2SWLRQVXQGHU:LQGRZV6\VWHP
LQWKH$SSVYLHZ
 &OLFN&KRRVHZKDWWKHSRZHUEXWWRQGRHV
RU&KRRVHZKDWFORVLQJWKHOLGGRHV
 &OLFN&KDQJHVHWWLQJVWKDWDUHFXUUHQWO\
XQDYDLODEOH
 &OHDUWKH7XUQRQIDVWVWDUWXSFKHFNER[
 &OLFNWKH6DYHFKDQJHVEXWWRQ
,ISUREOHPVSHUVLVWFRQVXOW\RXU/$1DGPLQLVWUDWRU
:LUHOHVV/$1
3UREOHP 3URFHGXUH
&DQQRWDFFHVV
:LUHOHVV/$1
0DNHVXUHWKDWWKHZLUHOHVVFRPPXQLFDWLRQ
IXQFWLRQRIWKHFRPSXWHULVRQ
,ISUREOHPVSHUVLVWFRQWDFW\RXU/$1
DGPLQLVWUDWRU
%OXHWRRWK
3UREOHP 3URFHGXUH
&DQQRWDFFHVV
%OXHWRRWKGHYLFH
&KHFNWRHQVXUHWKDWWKHZLUHOHVVFRPPXQLFDWLRQ
IXQFWLRQRIWKHFRPSXWHULVRQ
&KHFNWRHQVXUHWKDWWKH%OXHWRRWK0DQDJHU
DSSOLFDWLRQLVUXQQLQJRQWKHFRPSXWHUDQGWKDW
SRZHUWRWKHH[WHUQDO%OXHWRRWKGHYLFHLVWXUQHG
RQ
&KHFNWRHQVXUHWKDWQRRSWLRQDO%OXHWRRWK$GDSWRU
LVLQVWDOOHGLQWKHFRPSXWHU7KHEXLOWLQ%OXHWRRWK
KDUGZDUHFDQQRWRSHUDWHVLPXOWDQHRXVO\ZLWK
DQRWKHU%OXHWRRWKFRQWUROOHU
,I\RXDUHVWLOOXQDEOHWRUHVROYHWKHSUREOHP
FRQWDFW726+,%$6XSSRUW
8VHUV0DQXDO 
726+,%$VXSSRUW
,I\RXUHTXLUHDQ\DGGLWLRQDOKHOSXVLQJ\RXUFRPSXWHURULI\RXDUHKDYLQJ
SUREOHPVRSHUDWLQJWKHFRPSXWHU\RXPLJKWQHHGWRFRQWDFW726+,%$IRU
DGGLWLRQDOWHFKQLFDODVVLVWDQFH
%HIRUH\RXFDOO
6RPHSUREOHPV\RXH[SHULHQFHPLJKWEHUHODWHGWRVRIWZDUHRUWKH
RSHUDWLQJV\VWHPVRLWLVLPSRUWDQWWKDW\RXLQYHVWLJDWHRWKHUVRXUFHVRI
DVVLVWDQFHILUVW%HIRUHFRQWDFWLQJ726+,%$WU\WKHIROORZLQJ
5HYLHZWURXEOHVKRRWLQJVHFWLRQVLQWKHGRFXPHQWDWLRQVXSSOLHGZLWK
\RXUVRIWZDUHDQGRUSHULSKHUDOGHYLFHV
,IDSUREOHPRFFXUVZKHQ\RXDUHUXQQLQJVRIWZDUHDSSOLFDWLRQV
FRQVXOWWKHVRIWZDUHGRFXPHQWDWLRQIRUWURXEOHVKRRWLQJVXJJHVWLRQV
DQGFRQVLGHUFDOOLQJWKHVRIWZDUHFRPSDQ\VWHFKQLFDOVXSSRUW
GHSDUWPHQWIRUDVVLVWDQFH
&RQVXOWWKHUHVHOOHURUGHDOHUIURPZKHUH\RXSXUFKDVHG\RXU
FRPSXWHUDQGRUVRIWZDUHWKH\DUH\RXUEHVWUHVRXUFHIRUFXUUHQW
LQIRUPDWLRQDQGVXSSRUW
726+,%$WHFKQLFDOVXSSRUW
,I\RXDUHVWLOOXQDEOHWRVROYHWKHSUREOHPDQGVXVSHFWWKDWLWLV
KDUGZDUHUHODWHGUHDGWKHHQFORVHGZDUUDQW\ERRNOHWRUYLVLWWKH726+,%$
WHFKQLFDOVXSSRUWZHEVLWH
KWWSSFVXSSRUWWRVKLEDHX
8VHUV0DQXDO 
&KDSWHU
$SSHQGL[
6SHFLILFDWLRQV
7KLVVHFWLRQVXPPDUL]HVWKHWHFKQLFDOVSHFLILFDWLRQVRIWKHFRPSXWHU
3K\VLFDO'LPHQVLRQV
7KHIROORZLQJSK\VLFDOGLPHQVLRQVGRQRWLQFOXGHSDUWVWKDWH[WHQGEH\RQG
WKHPDLQERG\7KHSK\VLFDOGLPHQVLRQVPLJKWYDU\GHSHQGLQJRQWKH
PRGHO\RXSXUFKDVHG
6L]H $SSUR[LPDWHO\Z[G[K
PLOOLPHWHUV3257e*e=W%
$SSUR[LPDWHO\Z[G[K
PLOOLPHWHUV3257e*e:7%
QRWLQFOXGLQJSDUWVWKDWH[WHQGEH\RQGWKHPDLQERG\
(QYLURQPHQWDO5HTXLUHPHQWV
&RQGLWLRQV $PELHQWWHPSHUDWXUH 5HODWLYHKXPLGLW\
2SHUDWLQJ &)WR&
)
WR
QRQFRQGHQVLQJ
1RQRSHUDWLQJ &)WR&
)
WR
QRQFRQGHQVLQJ
:HWEXOEWHPSHUDWXUH &PD[LPXP
&RQGLWLRQV $OWLWXGHIURPVHD
OHYHO
2SHUDWLQJ WRPHWHUV
1RQRSHUDWLQJ WRPHWHUV
PD[LPXP
3RZHU5HTXLUHPHQWV
$&DGDSWRU 9$&
+]RU+]F\FOHVSHUVHFRQG
8VHUV0DQXDO 
&RPSXWHU 9'&
 
([WHUQDO5*%PRQLWRUSRUWSLQDVVLJQPHQW
610
1
5
15 11
3LQ 6LJQDO1DPH 'HVFULSWLRQ ,2
 &59 5HG9LGHR6LJQDO 2
 &*9 *UHHQ9LGHR6LJQDO 2
 &%9 %OXH9LGHR6LJQDO 2
5HVHUYHG 5HVHUYHG
 *1' *URXQG
 *1' *URXQG
 *1' *URXQG
 *1' *URXQG
 9 3RZHU6XSSO\
 *1' *URXQG
 5HVHUYHG 5HVHUYHG
 6'$ 6HULDO'DWD6LJQDO ,2
 +6<1& +RUL]RQWDO6\QF6LJQDO 2
 96<1& 9HUWLFDO6\QF6LJQDO 2
 6&/ 6HULDO&ORFN6LJQDO 2
,2,,QSXWWRFRPSXWHU
,222XWSXWIURPFRPSXWHU
$&3RZHU&RUGDQG&RQQHFWRUV
7KH$&LQSXWSOXJRIWKHSRZHUFRUGPXVWEHFRPSDWLEOHZLWKWKHYDULRXV
LQWHUQDWLRQDO$&SRZHURXWOHWVDQGWKHFRUGPXVWPHHWWKHVWDQGDUGVIRU
WKHFRXQWU\UHJLRQLQZKLFKLWLVXVHG$OOFRUGVPXVWPHHWWKHIROORZLQJ
VSHFLILFDWLRQV
:LUHVL]H 0LQLPXPPP
8VHUV0DQXDO 
&XUUHQWUDWLQJ 0LQLPXPDPSHUHV
 
&HUWLILFDWLRQDJHQFLHV
&KLQD &4&
86DQG&DQDGD 8/OLVWHGDQG&6$FHUWLILHG
1R$:*7\SH697RU637
$XVWUDOLD $6
-DSDQ '(1$1+2
(XURSH
$XVWULD 29( ,WDO\ ,04
%HOJLXP &(%(& 7KH1HWKHUODQGV .(0$
'HQPDUN '(0.2 1RUZD\ 1(0.2
)LQODQG ),0.2 6ZHGHQ 6(0.2
)UDQFH /&,( 6ZLW]HUODQG 6(9
*HUPDQ\ 9'( 8QLWHG.LQJGRP %6,
 
,Q(XURSHWZRFRQGXFWRUVSRZHUFRUGPXVWEH9'(W\SH+99+)RU
+99+)DQGIRUWKUHHFRQGXFWRUVSRZHUFRUGPXVWEH9'(W\SH
+99)
)RUWKH8QLWHG6WDWHVDQG&DQDGDWZRSLQSOXJFRQILJXUDWLRQPXVWEHD
39RU39DQGWKUHHSLQSOXJFRQILJXUDWLRQPXVWEH
39RU39DVGHVLJQDWHGLQWKH861DWLRQDO
(OHFWULFDOFRGHKDQGERRNDQGWKH&DQDGLDQ(OHFWULFDO&RGH3DUW,,
7KHIROORZLQJLOOXVWUDWLRQVVKRZWKHSOXJVKDSHVIRUWKH86$DQG
&DQDGDWKH8QLWHG.LQJGRP$XVWUDOLD(XURSHDQG&KLQD
86$
8/DSSURYHG
8QLWHG.LQJGRP
%6DSSURYHG
8VHUV0DQXDO 
$XVWUDOLD
$6DSSURYHG
(XURSH
$SSURYHGE\WKHDSSURSULDWH
DJHQF\
&DQDGD
&6$DSSURYHG
&KLQD
&&&DSSURYHG
,QIRUPDWLRQIRU:LUHOHVV'HYLFHV
:LUHOHVV7HFKQRORJ\,QWHURSHUDELOLW\
7KH:LUHOHVV/$1LVFRPSDWLEOHZLWKRWKHU/$1V\VWHPV'LUHFW6HTXHQFH
6SUHDG6SHFWUXP'6662UWKRJRQDO)UHTXHQF\'LYLVLRQ0XOWLSOH[LQJ
2)'0UDGLRWHFKQRORJ\DQGLVFRPSOLDQWWR
7KH,(((6WDQGDUGRQ:LUHOHVV/$1V5HYLVLRQDEJQEJQ
RU5HYLVLRQDEJQDFDVGHILQHGDQGDSSURYHGE\WKH,QVWLWXWHRI
(OHFWULFDODQG(OHFWURQLFV(QJLQHHUV
%OXHWRRWK0RGXOHVDUHGHVLJQHGWREHLQWHURSHUDEOHZLWKDQ\SURGXFWZLWK
%OXHWRRWKZLUHOHVVWHFKQRORJ\WKDWLVEDVHGRQ)UHTXHQF\+RSSLQJ6SUHDG
6SHFWUXP)+66UDGLRWHFKQRORJ\DQGLVFRPSOLDQWWR
%OXHWRRWK6SHFLILFDWLRQGHSHQGLQJRQWKHPRGHO\RXSXUFKDVHGDV
GHILQHGDQGDSSURYHGE\WKH%OXHWRRWK6SHFLDO,QWHUHVW*URXS
/RJRFHUWLILFDWLRQZLWK%OXHWRRWKZLUHOHVVWHFKQRORJ\DVGHILQHGE\WKH
%OXHWRRWK6SHFLDOLQWHUHVW*URXS
7KLV%OXHWRRWKSURGXFWLVQRWFRPSDWLEOHZLWKGHYLFHVXVLQJ%OXHWRRWK
9HUVLRQ%VSHFLILFDWLRQV
7KHZLUHOHVVGHYLFHVKDYHQRWFRPSOHWHGYHULILFDWLRQRIFRQQHFWLRQDQG
RSHUDWLRQZLWKDOOGHYLFHVZKLFKDUHXVLQJWKH:LUHOHVV/$1RU%OXHWRRWK
UDGLRWHFKQRORJ\
%OXHWRRWKDQG:LUHOHVV/$1GHYLFHVRSHUDWHZLWKLQWKHVDPHUDGLR
IUHTXHQF\UDQJHDQGPLJKWLQWHUIHUHZLWKRQHDQRWKHU,I\RXXVH%OXHWRRWK
DQG:LUHOHVV/$1GHYLFHVVLPXOWDQHRXVO\\RXPLJKWRFFDVLRQDOO\
H[SHULHQFHDOHVVWKDQRSWLPDOQHWZRUNSHUIRUPDQFHRUHYHQORVH\RXU
QHWZRUNFRQQHFWLRQ
,I\RXH[SHULHQFHDQ\VXFKSUREOHPLPPHGLDWHO\WXUQRIIHLWKHURQHRI\RXU
%OXHWRRWKRU:LUHOHVV/$1
8VHUV0DQXDO 
,I\RXKDYHDQ\TXHVWLRQVDERXWXVLQJ:LUHOHVV/$1RU%OXHWRRWK0RGXOH
YLVLW
KWWSZZZSFVXSSRUWJOREDOWRVKLEDFRP
,Q(XURSHYLVLW
KWWSZZZWRVKLEDHXURSHFRPFRPSXWHUVWQWEOXHWRRWKKWP
:LUHOHVV'HYLFHVDQG\RXUKHDOWK
:LUHOHVVSURGXFWVOLNHRWKHUUDGLRGHYLFHVHPLWUDGLRIUHTXHQF\
HOHFWURPDJQHWLFHQHUJ\7KHOHYHORIHQHUJ\HPLWWHGE\:LUHOHVVSURGXFWV
KRZHYHULVIDUPXFKOHVVWKDQWKHHOHFWURPDJQHWLFHQHUJ\HPLWWHGE\
ZLUHOHVVGHYLFHVOLNHIRUH[DPSOHPRELOHSKRQHV
%HFDXVH:LUHOHVVSURGXFWVRSHUDWHZLWKLQWKHJXLGHOLQHVIRXQGLQUDGLR
IUHTXHQF\VDIHW\VWDQGDUGVDQGUHFRPPHQGDWLRQV726+,%$EHOLHYHV
:LUHOHVVSURGXFWVDUHVDIHIRUXVHE\FRQVXPHUV7KHVHVWDQGDUGVDQG
UHFRPPHQGDWLRQVUHIOHFWWKHFRQVHQVXVRIWKHVFLHQWLILFFRPPXQLW\DQG
UHVXOWIURPGHOLEHUDWLRQVRISDQHOVDQGFRPPLWWHHVRIVFLHQWLVWVZKR
FRQWLQXDOO\UHYLHZDQGLQWHUSUHWWKHH[WHQVLYHUHVHDUFKOLWHUDWXUH
,QVRPHVLWXDWLRQVRUHQYLURQPHQWVWKHXVHRI:LUHOHVVSURGXFWVPD\EH
UHVWULFWHGE\WKHSURSULHWRURIWKHEXLOGLQJRUUHVSRQVLEOHUHSUHVHQWDWLYHVRI
WKHRUJDQL]DWLRQ7KHVHVLWXDWLRQVPD\IRUH[DPSOHLQFOXGH
8VLQJWKH:LUHOHVVSURGXFWVHTXLSPHQWRQERDUGRIDLUSODQHVRU
,QDQ\RWKHUHQYLURQPHQWZKHUHWKHULVNRILQWHUIHUHQFHWRRWKHU
GHYLFHVRUVHUYLFHVLVSHUFHLYHGRULGHQWLILHGDVKDUPIXO
,I\RXDUHXQFHUWDLQRIWKHSROLF\WKDWDSSOLHVRQWKHXVHRIZLUHOHVVGHYLFHV
LQDVSHFLILFRUJDQL]DWLRQRUHQYLURQPHQWHJDLUSRUWV\RXDUH
HQFRXUDJHGWRDVNIRUDXWKRUL]DWLRQWRXVHWKH:LUHOHVVGHYLFHSULRUWR
WXUQLQJRQWKHHTXLSPHQW
:LUHOHVV/$17HFKQRORJ\
7KHZLUHOHVVFRPPXQLFDWLRQIXQFWLRQRIWKHFRPSXWHUVXSSRUWVVRPH
ZLUHOHVVFRPPXQLFDWLRQGHYLFHV
2QO\VRPHPRGHOVDUHHTXLSSHGZLWKERWK:LUHOHVV/$1DQG%OXHWRRWK
IXQFWLRQV
'RQRWXVHWKH:LUHOHVV/$1:L)LRU%OXHWRRWKIXQFWLRQDOLWLHVQHDUD
PLFURZDYHRYHQRULQDUHDVVXEMHFWWRUDGLRLQWHUIHUHQFHRUPDJQHWLF
ILHOGV,QWHUIHUHQFHIURPDPLFURZDYHRYHQRURWKHUVRXUFHFDQGLVUXSW
:L)LRU%OXHWRRWKRSHUDWLRQ
8VHUV0DQXDO 
7XUQRIIDOOZLUHOHVVIXQFWLRQDOLWLHVZKHQQHDUDSHUVRQZKRPLJKW
KDYHDFDUGLDFSDFHPDNHULPSODQWRURWKHUPHGLFDOHOHFWULFGHYLFH
5DGLRZDYHVPLJKWDIIHFWSDFHPDNHURUPHGLFDOGHYLFHRSHUDWLRQ
SRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\)ROORZWKHLQVWUXFWLRQIRU\RXU
PHGLFDOGHYLFHZKHQXVLQJDQ\ZLUHOHVVIXQFWLRQDOLW\
$OZD\VWXUQRIIZLUHOHVVIXQFWLRQDOLW\LIWKHFRPSXWHULVQHDUDXWRPDWLF
FRQWUROHTXLSPHQWRUDSSOLDQFHVVXFKDVDXWRPDWLFGRRUVRUILUH
GHWHFWRUV5DGLRZDYHVFDQFDXVHPDOIXQFWLRQRIVXFKHTXLSPHQW
SRVVLEO\UHVXOWLQJLQVHULRXVLQMXU\
,WPLJKWQRWEHSRVVLEOHWRPDNHDQHWZRUNFRQQHFWLRQWRDVSHFLILHG
QHWZRUNQDPHXVLQJWKHDGKRFQHWZRUNIXQFWLRQ,IWKLVRFFXUVWKH
QHZQHWZRUNKDVWREHFRQILJXUHGIRUDOOFRPSXWHUVFRQQHFWHGWR
WKHVDPHQHWZRUNLQRUGHUWRUHHQDEOHQHWZRUNFRQQHFWLRQV
0DNHVXUHWRXVHQHZQHWZRUNQDPH
6HFXULW\
726+,%$VWURQJO\UHFRPPHQGVWKDW\RXHQDEOHHQFU\SWLRQ
IXQFWLRQDOLW\RWKHUZLVH\RXUFRPSXWHULVRSHQWRLOOHJDODFFHVVE\DQ
RXWVLGHUXVLQJDZLUHOHVVFRQQHFWLRQ,IWKLVRFFXUVWKHRXWVLGHUPLJKW
LOOHJDOO\DFFHVV\RXUV\VWHPHDYHVGURSRUFDXVHWKHORVVRU
GHVWUXFWLRQRIVWRUHGGDWD
726+,%$LVQRWOLDEOHIRUWKHORVVRIGDWDGXHWRHDYHVGURSSLQJRU
LOOHJDODFFHVVWKURXJKWKHZLUHOHVV/$1DQGWKHGDPDJHWKHUHRI
&DUG6SHFLILFDWLRQV
&RPSDWLELOLW\ ,(((6WDQGDUGIRU:LUHOHVV/$1V
1HWZRUN2SHUDWLQJ
6\VWHP
0LFURVRIW:LQGRZV1HWZRUNLQJ
0HGLD$FFHVV
3URWRFRO
&60$&$&ROOLVLRQ$YRLGDQFHZLWK
$FNQRZOHGJPHQW$&.
5DGLR&KDUDFWHULVWLFV
5DGLR&KDUDFWHULVWLFVRI:LUHOHVV/$1PRGXOHPLJKWYDU\DFFRUGLQJWR
&RXQWU\UHJLRQZKHUHWKHSURGXFWZDVSXUFKDVHG
7\SHRISURGXFW
:LUHOHVVFRPPXQLFDWLRQLVRIWHQVXEMHFWWRORFDOUDGLRUHJXODWLRQV
$OWKRXJK:LUHOHVV/$1ZLUHOHVVQHWZRUNLQJSURGXFWVKDYHEHHQGHVLJQHG
IRURSHUDWLRQLQWKHOLFHQVHIUHH*+]DQG*+]EDQGORFDOUDGLR
UHJXODWLRQVPLJKWLPSRVHDQXPEHURIOLPLWDWLRQVWRWKHXVHRIZLUHOHVV
FRPPXQLFDWLRQHTXLSPHQW
8VHUV0DQXDO 
5DGLR)UHTXHQF\ %DQG*+]0+]5HYLVLRQD
DQGQ
%DQG*+]0+]5HYLVLRQ
EJDQGQ
7KHUDQJHRIWKHZLUHOHVVVLJQDOLVUHODWHGWRWKHWUDQVPLWUDWHRIWKH
ZLUHOHVVFRPPXQLFDWLRQ&RPPXQLFDWLRQVDWORZHUWUDQVPLWUDQJHPLJKW
WUDYHOODUJHUGLVWDQFHV
7KHUDQJHRI\RXUZLUHOHVVGHYLFHVFDQEHDIIHFWHGZKHQWKH
DQWHQQDVDUHSODFHGQHDUPHWDOVXUIDFHVDQGVROLGKLJKGHQVLW\
PDWHULDOV
5DQJHLVDOVRLPSDFWHGGXHWRREVWDFOHVLQWKHVLJQDOSDWKRIWKH
UDGLRWKDWPLJKWHLWKHUDEVRUERUUHIOHFWWKHUDGLRVLJQDO
5DGLR)UHTXHQF\,QWHUIHUHQFH5HTXLUHPHQWV
7KLVGHYLFHLVUHVWULFWHGWRLQGRRUXVHGXHWRLWVRSHUDWLRQLQWKHWR
*+]IUHTXHQF\UDQJH
+LJKSRZHUUDGDUVDUHDOORFDWHGDVSULPDU\XVHUVLHSULRULW\XVHUVRIWKH
EDQGVWR*+]DQGWR*+]DQGWKDWWKHVHUDGDUVFRXOG
FDXVHLQWHUIHUHQFHDQGRUGDPDJHWR/(/$1GHYLFHV
%OXHWRRWKZLUHOHVVWHFKQRORJ\
6RPHFRPSXWHUVLQWKLVVHULHVKDYH%OXHWRRWKZLUHOHVVFRPPXQLFDWLRQ
IXQFWLRQZKLFKHOLPLQDWHVWKHQHHGIRUFDEOHVEHWZHHQHOHFWURQLFGHYLFHV
VXFKDVFRPSXWHUVSULQWHUVDQGPRELOHSKRQHV:KHQLWLVHQDEOHG
%OXHWRRWKSURYLGHVWKHZLUHOHVVSHUVRQDODUHDQHWZRUNHQYLURQPHQWZKLFK
LVVDIHDQGWUXVWZRUWK\WKDWLVTXLFNDQGHDV\
<RXFDQQRWXVHWKHEXLOWLQ%OXHWRRWKIXQFWLRQVRIWKHFRPSXWHUDQGDQ
H[WHUQDO%OXHWRRWKDGDSWRUVLPXOWDQHRXVO\)RUUHIHUHQFH%OXHWRRWK
ZLUHOHVVWHFKQRORJ\KDVWKHIROORZLQJIHDWXUHV
6HFXULW\
7ZRDGYDQFHGVHFXULW\PHFKDQLVPVHQVXUHDKLJKOHYHORIVHFXULW\
$XWKHQWLFDWLRQSUHYHQWVDFFHVVWRFULWLFDOGDWDDQGPDNHVLWLPSRVVLEOH
WRIDOVLI\WKHRULJLQRIDPHVVDJH
(QFU\SWLRQSUHYHQWVHDYHVGURSSLQJDQGPDLQWDLQVOLQNSULYDF\
:RUOGZLGHRSHUDWLRQ
7KH%OXHWRRWKUDGLRWUDQVPLWWHUDQGUHFHLYHURSHUDWHLQWKH*+]EDQG
ZKLFKLVOLFHQVHIUHHDQGFRPSDWLEOHZLWKUDGLRV\VWHPVLQPRVWFRXQWULHV
LQWKHZRUOG
8VHUV0DQXDO 
5DGLROLQNV
<RXFDQHDVLO\HVWDEOLVKOLQNVEHWZHHQWZRRUPRUHGHYLFHVZLWKWKHVH
OLQNVEHLQJPDLQWDLQHGHYHQLIWKHGHYLFHVDUHQRWZLWKLQDOLQHRIVLJKWRI
HDFKRWKHU
5DGLR5HJXODWRU\,QIRUPDWLRQ
7KHZLUHOHVVGHYLFHPXVWEHLQVWDOOHGDQGXVHGLQVWULFWDFFRUGDQFHZLWK
WKHPDQXIDFWXUHU¶VLQVWUXFWLRQVDVGHVFULEHGLQWKHXVHUGRFXPHQWDWLRQWKDW
FRPHVZLWKWKHSURGXFW7KLVSURGXFWFRPSOLHVZLWKWKHIROORZLQJUDGLR
IUHTXHQF\DQGVDIHW\VWDQGDUGV
(XURSH
5HVWULFWLRQVIRU8VHRI0+])UHTXHQFLHVLQ(XURSH
)UDQFH 2XWGRRUXVH
OLPLWHGWRP:
HLUSZLWKLQWKH
EDQG
0+]
0LOLWDU\5DGLRORFDWLRQXVH
5HIDUPLQJRIWKH*+]EDQGKDV
EHHQRQJRLQJLQUHFHQW\HDUVWR
DOORZFXUUHQWUHOD[HGUHJXODWLRQ)XOO
LPSOHPHQWDWLRQSODQQHG
,WDO\  )RUSULYDWHXVHDJHQHUDO
DXWKRUL]DWLRQLVUHTXLUHGLI:$6
5/$1¶VDUHXVHGRXWVLGHRZQ
SUHPLVHV)RUSXEOLFXVHDJHQHUDO
DXWKRUL]DWLRQLVUHTXLUHG
/X[HPERXUJ ,PSOHPHQWHG *HQHUDODXWKRUL]DWLRQUHTXLUHGIRU
QHWZRUNDQGVHUYLFHVXSSO\
1RUZD\ ,PSOHPHQWHG 7KLVVXEVHFWLRQGRHVQRWDSSO\IRU
WKHJHRJUDSKLFDODUHDZLWKLQD
UDGLXVRINPIURPWKHFHQWUHRI
1\$OHVXQG
5XVVLDQ
)HGHUDWLRQ
 2QO\IRULQGRRUDSSOLFDWLRQV
  
5HVWULFWLRQVIRU8VHRI0+])UHTXHQFLHVLQ(XURSH
,WDO\  )RUSULYDWHXVHDJHQHUDO
DXWKRUL]DWLRQLVUHTXLUHGLI:$6
5/$1¶VDUHXVHGRXWVLGHRZQ
SUHPLVHV
/X[HPERXUJ ,PSOHPHQWHG *HQHUDODXWKRUL]DWLRQUHTXLUHGIRU
QHWZRUNDQGVHUYLFHVXSSO\
8VHUV0DQXDO 
5XVVLDQ
)HGHUDWLRQ
/LPLWHG HLUSP:3HUPLWWHGWRXVH
RQO\IRULQGRRUDSSOLFDWLRQVFORVHG
LQGXVWULDODQGZDUHKRXVHDUHDV
DQGRQERDUGDLUFUDIW
 3HUPLWWHGWRXVHIRUORFDO
QHWZRUNVRIDLUFUDIWFUHZ
VHUYLFHFRPPXQLFDWLRQVRQ
ERDUGDLUFUDIWLQDUHDRIWKH
DLUSRUWDQGDWDOOVWDJHVRI
IOLJKW
 3HUPLWWHGWRXVHIRUSXEOLF
ZLUHOHVVDFFHVVORFDOQHWZRUNV
RQERDUGDLUFUDIWGXULQJDIOLJKW
DWWKHDOWLWXGHQRWOHVVWKDQ
P
  
5HVWULFWLRQVIRU8VHRI0+])UHTXHQFLHVLQ(XURSH
,WDO\  )RUSULYDWHXVHDJHQHUDO
DXWKRUL]DWLRQLVUHTXLUHGLI:$6
5/$1¶VDUHXVHGRXWVLGHRZQ
SUHPLVHV
/X[HPERXUJ ,PSOHPHQWHG *HQHUDODXWKRUL]DWLRQUHTXLUHGIRU
QHWZRUNDQGVHUYLFHVXSSO\
5XVVLDQ
)HGHUDWLRQ
/LPLWHG HLUSP:3HUPLWWHGWRXVH
RQO\IRULQGRRUDSSOLFDWLRQVFORVHG
LQGXVWULDODQGZDUHKRXVHDUHDV
DQGRQERDUGDLUFUDIW
 3HUPLWWHGWRXVHIRUORFDO
QHWZRUNVRIDLUFUDIWFUHZ
VHUYLFHFRPPXQLFDWLRQVRQ
ERDUGDLUFUDIWLQDUHDRIWKH
DLUSRUWDQGDWDOOVWDJHVRI
IOLJKW
 3HUPLWWHGWRXVHIRUSXEOLF
ZLUHOHVVDFFHVVORFDOQHWZRUNV
RQERDUGDLUFUDIWGXULQJDIOLJKW
DWWKHDOWLWXGHQRWOHVVWKDQ
P
  
7RUHPDLQLQFRQIRUPDQFHZLWK(XURSHDQVSHFWUXPXVDJHODZVIRU
:LUHOHVV/$1RSHUDWLRQWKHDERYH*+]DQG*+]FKDQQHOOLPLWDWLRQV
DSSO\IRURXWGRRUXVDJH7KHXVHUVKRXOGXVHWKH:LUHOHVV/$1XWLOLW\WR
8VHUV0DQXDO 
FKHFNWKHFXUUHQWFKDQQHORIRSHUDWLRQ,IRSHUDWLRQLVRFFXUULQJRXWVLGHRI
WKHDOORZDEOHIUHTXHQFLHVIRURXWGRRUXVHDVOLVWHGDERYHWKHXVHUPXVW
FRQWDFWWKHDSSOLFDEOHQDWLRQDOVSHFWUXPUHJXODWRUWRUHTXHVWDOLFHQVHIRU
RXWGRRURSHUDWLRQ
&DQDGD,QGXVWU\&DQDGD,&
7KLVGHYLFHFRPSOLHVZLWK566RIWKH,QGXVWU\&DQDGD5XOHV
2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV7KLVGHYLFHPD\QRW
FDXVHKDUPIXOLQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQ\
LQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHG
RSHUDWLRQ
&HGLVSRVLWLIHVWFRQIRUPHjODQRUPH&15G,QGXVWULH&DQDGD
DSSOLFDEOHDX[DSSDUHLOVUDGLRH[HPSWVGHOLFHQFH6RQIRQFWLRQQHPHQWHVW
VXMHWDX[GHX[FRQGLWLRQVVXLYDQWHVOHGLVSRVLWLIQHGRLWSDVSURGXLUHGH
EURXLOODJHSUpMXGLFLDEOHHWFHGLVSRVLWLIGRLWDFFHSWHUWRXWEURXLOODJH
UHoX\FRPSULVXQEURXLOODJHVXVFHSWLEOHGHSURYRTXHUXQIRQFWLRQQHPHQW
LQGpVLUDEOH
/HVGLVSRVLWLIVIRQFWLRQQDQWGDQVODEDQGH*+]VRQWUpVHUYpV
XQLTXHPHQWSRXUXQHXWLOLVDWLRQjOLQWpULHXUDILQGHUpGXLUHOHVULVTXHVGH
EURXLOODJHSUpMXGLFLDEOHDX[V\VWqPHVGHVDWHOOLWHVPRELOHVXWLOLVDQWOHV
PrPHVFDQDX[
/HVXWLOLVDWHXUVGHYUDLHQWDXVVLrWUHDYLVpVTXHOHVXWLOLVDWHXUVGHUDGDUVGH
KDXWHSXLVVDQFHVRQWGpVLJQpVXWLOLVDWHXUVSULQFLSDX[FjGTXLOVRQWOD
SULRULWpSRXUOHVEDQGHV*+]HW*+]HWTXHFHVUDGDUV
SRXUUDLHQWFDXVHUGXEURXLOODJHHWRXGHVGRPPDJHVDX[GLVSRVLWLIV/$1
(/
7KHWHUP³,&´EHIRUHWKHHTXLSPHQWFHUWLILFDWLRQQXPEHURQO\VLJQLILHVWKDW
WKH,QGXVWU\&DQDGDWHFKQLFDOVSHFLILFDWLRQVZHUHPHW
86$)HGHUDO&RPPXQLFDWLRQV&RPPLVVLRQ)&&
7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD
&ODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRI)&&5XOHV7KHVHOLPLWVDUH
GHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHLQD
UHVLGHQWLDOLQVWDOODWLRQ
5HIHUWRWKH)&&LQIRUPDWLRQVHFWLRQIRUWKHGHWDLOHGLQIRUPDWLRQ
7KLVGHYLFHDQGLWVDQWHQQDVPXVWQRWEHFRORFDWHGRURSHUDWLQJLQ
FRQMXQFWLRQZLWKDQ\RWKHUDQWHQQDRUWUDQVPLWWHU
7KHUDGLDWHGRXWSXWSRZHURIWKH:LUHOHVVGHYLFHLVIDUEHORZWKH)&&
UDGLRIUHTXHQF\H[SRVXUHOLPLWV1HYHUWKHOHVVWKH:LUHOHVVGHYLFHVKDOOEH
XVHGLQVXFKDPDQQHUWKDWWKHSRWHQWLDOIRUKXPDQFRQWDFWGXULQJQRUPDO
RSHUDWLRQLVPLQLPL]HG
7KHLQVWDOOHURIWKLVUDGLRHTXLSPHQWPXVWHQVXUHWKDWWKHDQWHQQDLV
ORFDWHGRUSRLQWHGVXFKWKDWLWGRHVQRWHPLW5)ILHOGLQH[FHVVRI+HDOWK
8VHUV0DQXDO 
&DQDGDOLPLWVIRUWKHJHQHUDOSRSXODWLRQFRQVXOW6DIHW\&RGHREWDLQDEOH
IURP+HDOWK&DQDGD¶VZHEVLWHZZZKFVFJFFD
7DLZDQ
$UWLFOH :LWKRXWSHUPLVVLRQJUDQWHGE\WKH1&&DQ\
FRPSDQ\HQWHUSULVHRUXVHULVQRWDOORZHGWR
FKDQJHIUHTXHQF\HQKDQFHWUDQVPLWWLQJSRZHURU
DOWHURULJLQDOFKDUDFWHULVWLFDVZHOODVSHUIRUPDQFH
WRDQDSSURYHGORZSRZHUUDGLRIUHTXHQF\GHYLFHV
$UWLFOH 7KHORZSRZHUUDGLRIUHTXHQF\GHYLFHVVKDOOQRW
LQIOXHQFHDLUFUDIWVHFXULW\DQGLQWHUIHUHOHJDO
FRPPXQLFDWLRQV
,IIRXQGWKHXVHUVKDOOFHDVHRSHUDWLQJ
LPPHGLDWHO\XQWLOQRLQWHUIHUHQFHLVDFKLHYHG
7KHVDLGOHJDOFRPPXQLFDWLRQVPHDQVUDGLR
FRPPXQLFDWLRQVLVRSHUDWHGLQFRPSOLDQFHZLWKWKH
7HOHFRPPXQLFDWLRQV$FW
7KHORZSRZHUUDGLRIUHTXHQF\GHYLFHVPXVWEH
VXVFHSWLEOHZLWKWKHLQWHUIHUHQFHIURPOHJDO
FRPPXQLFDWLRQVRU,60UDGLRZDYHUDGLDWHG
GHYLFHV
 
$XVWUDOLDDQG1HZ=HDODQGUHJXODWRU\FRPSOLDQFH
7KLVHTXLSPHQWLQFRUSRUDWHVDUDGLRWUDQVPLWWLQJGHYLFHLQQRUPDOXVHD
VHSDUDWLRQGLVWDQFHRIFPZLOOHQVXUHUDGLRIUHTXHQF\H[SRVXUHOHYHOV
FRPSOLHVZLWKWKH$XVWUDOLDQDQG1HZ=HDODQG6WDQGDUGV
8VLQJWKLVHTXLSPHQWLQ-DSDQ
,Q-DSDQWKHIUHTXHQF\EDQGZLGWKRI0+]WR0+]IRUVHFRQG
JHQHUDWLRQORZSRZHUGDWDFRPPXQLFDWLRQV\VWHPVVXFKDVWKLVHTXLSPHQW
RYHUODSVWKDWRIPRELOHREMHFWLGHQWLILFDWLRQV\VWHPVSUHPLVHVUDGLRVWDWLRQ
DQGVSHFLILHGORZSRZHUUDGLRVWDWLRQ
,PSRUWDQWQRWLFH
7KHIUHTXHQF\EDQGZLGWKRIWKLVHTXLSPHQWPD\RSHUDWHZLWKLQWKHVDPH
UDQJHDVLQGXVWULDOGHYLFHVVFLHQWLILFGHYLFHVPHGLFDOGHYLFHVPLFURZDYH
RYHQVOLFHQVHGUDGLRVWDWLRQVDQGQRQOLFHQVHGVSHFLILHGORZSRZHUUDGLR
VWDWLRQVIRUPRELOHREMHFWLGHQWLILFDWLRQV\VWHPV5),'XVHGLQIDFWRU\
SURGXFWLRQOLQHV2WKHU5DGLR6WDWLRQV
 %HIRUHXVLQJWKLVHTXLSPHQWHQVXUHWKDWLWGRHVQRWLQWHUIHUHZLWKDQ\
RIWKHHTXLSPHQWOLVWHGDERYH
8VHUV0DQXDO 
 ,IWKLVHTXLSPHQWFDXVHV5)LQWHUIHUHQFHWRRWKHUUDGLRVWDWLRQV
SURPSWO\FKDQJHWKHIUHTXHQF\EHLQJXVHGFKDQJHWKHORFDWLRQRI
XVHRUWXUQRIIWKHVRXUFHRIHPLVVLRQV
 &RQWDFWDQDXWKRUL]HG726+,%$VHUYLFHSURYLGHULI\RXKDYH
SUREOHPVZLWKLQWHUIHUHQFHFDXVHGE\WKLVSURGXFWWR2WKHU5DGLR
6WDWLRQV
,QGLFDWLRQIRU:LUHOHVV/$1
7KHLQGLFDWLRQVKRZQEHORZDSSHDUVRQWKLVHTXLSPHQW
(1)(2) (3)(4)
(5)
 7KLVHTXLSPHQWXVHVDIUHTXHQF\RI*+]
 '67KLVHTXLSPHQWXVHV'666PRGXODWLRQ
 2)7KLVHTXLSPHQWXVHV2)'0PRGXODWLRQ
 7KHLQWHUIHUHQFHUDQJHRIWKLVHTXLSPHQWLVOHVVWKDQP
 7KLVHTXLSPHQWXVHVDIUHTXHQF\EDQGZLGWKIURP0+]
WR0+],WLVSRVVLEOHWRDYRLGWKHEDQGRIPRELOHREMHFW
LGHQWLILFDWLRQV\VWHPV
,QGLFDWLRQIRU%OXHWRRWK
7KHLQGLFDWLRQVKRZQEHORZDSSHDUVRQWKLVHTXLSPHQW
(4)
(1) (2) (3)
1
 7KLVHTXLSPHQWXVHVDIUHTXHQF\RI*+]
 )+7KLVHTXLSPHQWXVHV)+66PRGXODWLRQ
 7KHLQWHUIHUHQFHUDQJHRIWKLVHTXLSPHQWLVOHVVWKDQP
 7KLVHTXLSPHQWXVHVDIUHTXHQF\EDQGZLGWKIURP0+]
WR0+],WLVLPSRVVLEOHWRDYRLGWKHEDQGRIPRELOHREMHFW
LGHQWLILFDWLRQV\VWHPV
$ERXWWKH-(,7$
*+]:LUHOHVV/$1VXSSRUWV:::&KDQQHO
8VHUV0DQXDO 
'HYLFH$XWKRUL]DWLRQ
7KLVGHYLFHREWDLQVWKH7HFKQLFDO5HJXODWLRQ&RQIRUPLW\&HUWLILFDWLRQDQGLW
EHORQJVWRWKHGHYLFHFODVVRIUDGLRHTXLSPHQWRIORZSRZHUGDWD
FRPPXQLFDWLRQV\VWHPUDGLRVWDWLRQVWLSXODWHGLQWKH7HOHFRPPXQLFDWLRQV
%XVLQHVV/DZRI-DSDQ
,QWHO'XDOEDQG:LUHOHVV$&
,QWHO'XDOEDQG:LUHOHVV1
,QWHO:LUHOHVV1
7KH1DPHRIWKHUDGLRHTXLSPHQW1*:
'635HVHDUFK,QF
$SSURYDO1XPEHU'
,QWHO'XDOEDQG:LUHOHVV$&
7KH1DPHRIWKHUDGLRHTXLSPHQW1*:
'635HVHDUFK,QF
$SSURYDO1XPEHU'
7KHIROORZLQJUHVWULFWLRQVDSSO\
'RQRWGLVDVVHPEOHRUPRGLI\WKHGHYLFH
'RQRWLQVWDOOWKHHPEHGGHGZLUHOHVVPRGXOHLQWRRWKHUGHYLFH
5DGLRDSSURYDOVIRUZLUHOHVVGHYLFHV
7KLVHTXLSPHQWLVDSSURYHGWRWKHUDGLRVWDQGDUGE\WKHFRXQWULHVUHJLRQV
LQWKHIROORZLQJWDEOH
,I\RXXVHWKLVHTXLSPHQWLQWKHFRXQWULHVUHJLRQVZKLFKDUHQRWOLVWHGLQWKH
IROORZLQJWDEOHFRQWDFW726+,%$6XSSRUW
$VRI1RYHPEHU
$XVWULD %HOJLXP %XOJDULD &DQDGD
&\SUXV &]HFK5HS 'HQPDUN (VWRQLD
)LQODQG )UDQFH *HUPDQ\ *UHHFH
+RQJ.RQJ +XQJDU\ ,FHODQG ,QGLD
,UHODQG ,WDO\ -DSDQ .RUHD
/DWYLD /LHFKWHQVWHLQ /LWKXDQLD /X[HPEXUJ
0DOWD 0RQDFR 1HWKHUODQGV 1RUZD\
3KLOLSSLQHV 3RODQG 3RUWXJDO 5RPDQLD
6ORYDN5HSXEOLF 6ORYHQLD 6SDLQ 6ZHGHQ
8VHUV0DQXDO 
6ZLW]HUODQG 8. 86$
,QIRUPDWLRQDERXW,QWHO$07
<RXUFRPSXWHUPLJKWVXSSRUW,QWHO$FWLYH0DQDJHPHQW7HFKQRORJ\$07
GHSHQGLQJRQWKHPRGHO\RXSXUFKDVHG
8VLQJEXLOWLQSODWIRUPFDSDELOLWLHVDQGSRSXODUWKLUGSDUW\PDQDJHPHQWDQG
VHFXULW\DSSOLFDWLRQV,QWHO$07DOORZV,7WREHWWHUGLVFRYHUKHDODQG
SURWHFWWKHLUQHWZRUNHGFRPSXWLQJDVVHWV
&RQVXOWZLWK\RXUV\VWHPDGPLQLVWUDWRUDERXWFRQILJXUDWLRQVRIWKH$07
IXQFWLRQEHIRUHFRQQHFWLQJWRDQHWZRUN
'LVDEOHWKH$07IXQFWLRQ
,QWHO$07IXQFWLRQLVHQDEOHGE\GHIDXOWDQGLQDVLWXDWLRQZKHUHQR
V\VWHPDGPLQLVWUDWRUSUHVHQWVLWLVVWURQJO\UHFRPPHQGHGWKDW\RXWXUQRII
WKH$07IXQFWLRQEHIRUHFRQQHFWLQJWRDQHWZRUN
,IWKH$07IXQFWLRQLV127WXUQHGRIIWKHUHLVDGDQJHUWKDWWKH
PDQDJHPHQWRI$07IXQFWLRQZLOOEHDEXVHGE\RWKHUSDUWLHVZKLFK
SRVVLEO\OHDGWRWKHOHDNRIVHQVLWLYHDQGRUSURSULHWDU\LQIRUPDWLRQ
GDWDORVV+''HUDVXUHRUILOHRYHUZULWWHQ
)LUVW\RXPXVWGRWKHIROORZLQJLQWKH%,26VHWXSXWLOLW\
 7XUQRQWKHFRPSXWHUZKLOHSUHVVLQJWKH)NH\
 2QWKH%,26VHWXSXWLOLW\VFUHHQFKDQJH$076HWXS3URPSWWR
(QDEOHG
 3UHVVWKH)NH\DQGSUHVV<NH\WRVDYHWKHVHWWLQJV
:KHQWKHFRPSXWHUUHVWDUWVWKHPHVVDJH³3UHVV&WUO3!WRHQWHU
,QWHO50(6HWXS´DSSHDUV3UHVV&75/3WRHQWHUWKH0(%[6HWXS
7RGLVDEOHWKH$07IXQFWLRQGRWKHIROORZLQJ
 6HOHFW0(%[/RJLQDQGHQWHUWKHGHIDXOWSDVVZRUG³DGPLQ´LQWKH
SDVVZRUGILHOG
8VHUV0DQXDO 
 (QWHUDQHZSDVVZRUG3DVVZRUGPXVWFRPSO\ZLWKWKHIROORZLQJ
UHTXLUHPHQWVFRQFHUQLQJFKDUDFWHUW\SHVDQGOHQJWK
0XVWEHEHWZHHQDQGFKDUDFWHUVORQJ
0XVWFRQWDLQDWOHDVWRQHQXPEHU³´³´
0XVWFRQWDLQDPL[RIORZHUFDVH³D´³E´³]´HWFDQGXSSHUFDVH
³$´³%´³=´HWFOHWWHU
0XVWFRQWDLQDWOHDVWRQHVSHFLDOFKDUDFWHURIWKHIROORZLQJCa#
A >@¶!"
8QGHUVFRUH³B´LVFRQVLGHUHGWKHVDPHDV5RPDQDOSKDEHW
FKDUDFWHUVDQGLVQRWFRXQWHGDVDVSHFLDOFKDUDFWHU
.H\LQSXWLVEDVHGRQWKH86NH\ERDUGOD\RXW7KHIROORZLQJWDEOHVKRZV
H[DPSOHVRIWKHVSHFLDOFKDUDFWHUVLQ86NH\ERDUGOD\RXW
6SHFLDOFKDUDFWHU\RX
ZDQWWRLQSXW
&RUUHVSRQGLQJQXPEHU
NH\6+,)7NH\DQXPEHU
NH\
 
# 
 
 
 
A 
 
 
 
 
 6HOHFW,QWHO5$07&RQILJXUDWLRQDQGSUHVVWKH(QWHUNH\
 6HOHFW0DQDJHDELOLW\)HDWXUHV6HOHFWLRQDQGSUHVVWKH(QWHUNH\
 6HOHFW'LVDEOHGDQGSUHVVWKH(QWHUNH\
 3UHVVWKH<NH\DQGSUHVVWKH(6&NH\
 6HOHFW0(%[([LWDQGSUHVV<NH\
 :KHQWKHFRPSXWHUUHVWDUWVJRWR%,26VHWXSXWLOLW\
2QWKH%,26VHWXSXWLOLW\VFUHHQFKDQJH$076HWXS3URPSWWR
'LVDEOHG
 3UHVVWKH)NH\WRVDYHWKHVHWWLQJVDQGSUHVVWKH<NH\
8VHUV0DQXDO 
:KHQXVLQJWKHFRPSXWHUZLWKWKH$&DGDSWRUFRQQHFWHGDQGWKH
$07IXQFWLRQVHWWRHQDEOHGSRZHUPLJKWVWLOOEHVXSSOLHGWRWKH
V\VWHPPHPRU\HYHQZKHQWKHFRPSXWHUSRZHULVWXUQHGRIIRUWKH
FRPSXWHULVLQ6OHHS0RGHRU+LEHUQDWLRQ0RGH
:KHQFRQQHFWLQJWKH$&DGDSWRUWKHFRPSXWHULVSRZHUHGDQGFDQ
EHWXUQHGRQ,IWKHSRZHULVDXWRPDWLFDOO\WXUQHGRIIDIWHU
DSSUR[LPDWHO\WRVHFRQGVLWLVEHFDXVHWKH57&ODVWLQJWLPHUXQV
RXWDQGWKHVHWWLQJVRI$07IXQFWLRQKDYHEHHQFOHDUHG7KLVLV
QRUPDODQGQRWDQHUURU,ILWRFFXUVWKHVHWWLQJVRI$07IXQFWLRQPXVW
EHUHFRQILJXUHG
,IWKHUHLVDSUREOHPZKHQ\RXVWDUWWKHFRPSXWHURULQLWLDOL]HWKH
0DQDJHPHQW(QJLQH0(ILUPZDUHDIWHUWKH57&ODVWLQJWLPHUXQV
RXWWKHV\VWHPZLOODXWRPDWLFDOO\UHVHWLWVHOIGXULQJVHWXS7KLVLVWKH
IXQFWLRQRI$07FRQILJXUDWLRQVDQGLVQRWDQHUURU
(QDEOLQJWKH$07IXQFWLRQPLJKWFDXVHWKHQHWZRUN/$1(QDEOH
'LVDEOHLWHPVWREHQRORQJHUFKDQJHDEOHLQ%,26VHWXSXWLOLW\
&RQVXOWZLWK\RXUV\VWHPDGPLQLVWUDWRUDERXWGHWDLOV
:KHQXVLQJWKH$07IXQFWLRQ726+,%$.H\ERDUG'RFNLVUHTXLUHG
:KHQXVLQJ0(%[726+,%$.H\ERDUG'RFNRUDQH[WHUQDO86%
NH\ERDUGLVUHTXLUHG
$07IXQFWLRQFDQQRWEHRSHUDWHGXVLQJD86%/$1DGDSWRU
7KHXVHDEOHV\VWHPPHPRU\IRUPRGHOVHTXLSSHGZLWKWKH$07IXQFWLRQLV
0%OHVVWKDQWKDWRIPRGHOVQRWHTXLSSHGZLWKWKH$07IXQFWLRQ
7KHDPRXQWRIWKHGLIIHUHQFHGHSHQGVRQWKHDPRXQWRIPHPRU\LQVWDOOHG
1RWHVIRUV\VWHPDGPLQLVWUDWRUV
,QWHO$07LVHQDEOHGE\GHIDXOWLQWKH0DQDJHPHQW(QJLQH0(
ILUPZDUH
%RWKWKHVHFXULW\RIPDQDJHPHQWFRQVROHDQGWKHQHWZRUN
PDQDJHPHQWPXVWEHWKRURXJKO\LPSOHPHQWHGWKURXJKPDQDJHPHQW
RI$07IXQFWLRQ2WKHUZLVHDGPLQLVWUDWRUSULYLOHJHVPLJKWEHDEXVHG
E\RWKHUSDUWLHVZKLFKSRVVLEO\OHDGWRWKHOHDNRIVHQVLWLYHDQGRU
SURSULHWDU\LQIRUPDWLRQGDWDORVV+''HUDVXUHRUILOHRYHUZULWWHQ
7KHIROORZLQJIXQFWLRQVDUHQRWVXSSRUWHG
53$75HPRWH3&$VVLVW7HFKQRORJ\
5HPRWH%,26XSGDWH
8VHUV0DQXDO 
/HJDO)RRWQRWHV
1RQDSSOLFDEOH,FRQV
&HUWDLQFRPSXWHUFKDVVLVDUHGHVLJQHGWRDFFRPPRGDWHDOOSRVVLEOH
FRQILJXUDWLRQVIRUDQHQWLUHSURGXFWVHULHV7KHUHIRUHEHDZDUHWKDW\RXU
VHOHFWHGPRGHOPLJKWQRWKDYHDOOWKHIHDWXUHVDQGVSHFLILFDWLRQV
FRUUHVSRQGLQJWRDOORIWKHLFRQVRUVZLWFKHVVKRZQRQWKHFRPSXWHU
FKDVVLV
&38
&HQWUDO3URFHVVLQJ8QLW&383HUIRUPDQFH/HJDO)RRWQRWHV
&38SHUIRUPDQFHLQ\RXUFRPSXWHUSURGXFWPLJKWYDU\IURPVSHFLILFDWLRQV
XQGHUWKHIROORZLQJFRQGLWLRQV
XVHRIFHUWDLQH[WHUQDOSHULSKHUDOSURGXFWV
XVHRIEDWWHU\SRZHULQVWHDGRI$&SRZHU
XVHRIFHUWDLQPXOWLPHGLDFRPSXWHUJHQHUDWHGJUDSKLFVRUYLGHR
DSSOLFDWLRQV
XVHRIVWDQGDUGWHOHSKRQHOLQHVRUORZVSHHGQHWZRUNFRQQHFWLRQV
XVHRIFRPSOH[PRGHOLQJVRIWZDUHVXFKDVKLJKHQGFRPSXWHUDLGHG
GHVLJQDSSOLFDWLRQV
XVHRIVHYHUDODSSOLFDWLRQVRUIXQFWLRQDOLWLHVVLPXOWDQHRXVO\
XVHRIFRPSXWHULQDUHDVZLWKORZDLUSUHVVXUHKLJKDOWLWXGH!
PHWHUVRU!IHHWDERYHVHDOHYHO
XVHRIFRPSXWHUDWWHPSHUDWXUHVRXWVLGHWKHUDQJHRI&WR&
±)RU!&)DWKLJKDOWLWXGHDOOWHPSHUDWXUHUHIHUHQFHV
DUHDSSUR[LPDWHDQGPLJKWYDU\GHSHQGLQJRQWKHVSHFLILFFRPSXWHU
PRGHOFRQWDFW726+,%$VXSSRUWIRUGHWDLOV
&38SHUIRUPDQFHPLJKWDOVRYDU\IURPVSHFLILFDWLRQVGXHWRGHVLJQ
FRQILJXUDWLRQ
8QGHUVRPHFRQGLWLRQV\RXUFRPSXWHUSURGXFWPLJKWDXWRPDWLFDOO\
VKXWGRZQ7KLVLVDQRUPDOSURWHFWLYHIHDWXUHGHVLJQHGWRUHGXFHWKHULVNRI
ORVWGDWDRUGDPDJHWRWKHSURGXFWZKHQXVHGRXWVLGHUHFRPPHQGHG
FRQGLWLRQV7RDYRLGULVNRIORVWGDWDDOZD\VPDNHEDFNXSFRSLHVRIGDWD
E\SHULRGLFDOO\VWRULQJLWRQDQH[WHUQDOVWRUDJHPHGLXP)RURSWLPXP
SHUIRUPDQFHXVH\RXUFRPSXWHUSURGXFWRQO\XQGHUUHFRPPHQGHG
FRQGLWLRQV5HDGDGGLWLRQDOUHVWULFWLRQVLQ\RXUSURGXFWGRFXPHQWDWLRQ
&RQWDFW726+,%$WHFKQLFDOVHUYLFHDQGVXSSRUWUHIHUWR726+,%$VXSSRUW
VHFWLRQIRUPRUHLQIRUPDWLRQ
%LW&RPSXWLQJ
&HUWDLQELWGHYLFHGULYHUVDQGRUDSSOLFDWLRQVPLJKWQRWEHFRPSDWLEOH
ZLWKDELW&38RSHUDWLQJV\VWHPDQGWKHUHIRUHPLJKWQRWIXQFWLRQ
SURSHUO\
8VHUV0DQXDO 
0HPRU\0DLQ6\VWHP
3DUWRIWKHPDLQV\VWHPPHPRU\PLJKWEHXVHGE\WKHJUDSKLFVV\VWHPIRU
JUDSKLFVSHUIRUPDQFHDQGWKHUHIRUHUHGXFHWKHDPRXQWRIPDLQV\VWHP
PHPRU\DYDLODEOHIRURWKHUFRPSXWLQJDFWLYLWLHV7KHDPRXQWRIPDLQ
V\VWHPPHPRU\DOORFDWHGWRVXSSRUWJUDSKLFVPLJKWYDU\GHSHQGLQJRQWKH
JUDSKLFVV\VWHPDSSOLFDWLRQVXWLOL]HGV\VWHPPHPRU\VL]HDQGRWKHU
IDFWRUV
,I\RXUFRPSXWHULVFRQILJXUHGZLWKPRUHWKDQ*%PHPRU\WKHPHPRU\
PLJKWEHGLVSOD\HGDVDSSUR[LPDWHO\*%RQO\GHSHQGLQJRQWKH
KDUGZDUHVSHFLILFDWLRQVRIWKHFRPSXWHU
7KLVLVFRUUHFWEHFDXVHWKHRSHUDWLQJV\VWHPXVXDOO\GLVSOD\VWKHDYDLODEOH
PHPRU\LQVWHDGRIWKHSK\VLFDOPHPRU\5$0EXLOWLQWRWKHFRPSXWHU
9DULRXVV\VWHPFRPSRQHQWVOLNHWKHYLGHRDGDSWHU¶V*38DQG3&,
GHYLFHVOLNH:LUHOHVV/$1DQGVRRQUHTXLUHWKHLURZQPHPRU\VSDFH
6LQFHDELWRSHUDWLQJV\VWHPFDQQRWDGGUHVVPRUHWKDQ*%RI
PHPRU\WKHVHV\VWHPUHVRXUFHVRYHUODSWKHSK\VLFDOPHPRU\,WLVD
WHFKQLFDOOLPLWDWLRQWKDWWKHRYHUODSSHGPHPRU\LVQRWDYDLODEOHWRWKH
RSHUDWLQJV\VWHP(YHQWKRXJKVRPHWRROVPLJKWGLVSOD\WKHDFWXDO
SK\VLFDOPHPRU\EXLOWLQWR\RXUFRPSXWHUWKHPHPRU\DYDLODEOHWRWKH
RSHUDWLQJV\VWHPLVVWLOODSSUR[LPDWHO\*%RQO\
&RPSXWHUVFRQILJXUHGZLWKDELWRSHUDWLQJV\VWHPFDQDGGUHVV*%RU
PRUHRIV\VWHPPHPRU\
%DWWHU\/LIH
%DWWHU\OLIHPLJKWYDU\FRQVLGHUDEO\GHSHQGLQJRQSURGXFWPRGHO
FRQILJXUDWLRQDSSOLFDWLRQVSRZHUPDQDJHPHQWVHWWLQJVDQGIHDWXUHV
XWLOL]HGDVZHOODVWKHQDWXUDOSHUIRUPDQFHYDULDWLRQVSURGXFHGE\WKH
GHVLJQRILQGLYLGXDOFRPSRQHQWV3XEOLVKHGEDWWHU\OLIHQXPEHUVDUH
DFKLHYHGRQVHOHFWPRGHOVDQGFRQILJXUDWLRQVWHVWHGE\726+,%$DWWKH
WLPHRISXEOLFDWLRQ5HFKDUJHWLPHYDULHVGHSHQGLQJRQXVDJH%DWWHU\
PLJKWQRWFKDUJHZKLOHFRPSXWHULVFRQVXPLQJIXOOSRZHU
$IWHUJRLQJWKURXJKPDQ\FKDUJHDQGGLVFKDUJHF\FOHVWKHEDWWHU\ORVHVLWV
DELOLW\WRSHUIRUPDWPD[LPXPFDSDFLW\DQGQHHGVWREHUHSODFHG7KLVLVD
QRUPDOSKHQRPHQRQIRUDOOEDWWHULHV7RSXUFKDVHDQHZEDWWHU\SDFNVHH
WKHDFFHVVRULHVLQIRUPDWLRQWKDWLVVKLSSHGZLWK\RXUFRPSXWHU
,QWHUQDO6WRUDJH&DSDFLW\
*LJDE\WH*%PHDQV E\WHVXVLQJSRZHUVRI
7KHFRPSXWHURSHUDWLQJV\VWHPKRZHYHUUHSRUWVVWRUDJHFDSDFLW\XVLQJ
SRZHUVRIIRUWKHGHILQLWLRQRI*%  E\WHVDQG
WKHUHIRUHVKRZVOHVVVWRUDJHFDSDFLW\$YDLODEOHVWRUDJHFDSDFLW\ZLOODOVR
EHOHVVLIWKHSURGXFWLQFOXGHVRQHRUPRUHSUHLQVWDOOHGRSHUDWLQJV\VWHPV
VXFKDV0LFURVRIW2SHUDWLQJ6\VWHPDQGRUSUHLQVWDOOHGVRIWZDUH
DSSOLFDWLRQVRUPHGLDFRQWHQW$FWXDOIRUPDWWHGFDSDFLW\PLJKWYDU\
8VHUV0DQXDO 
/&'
2YHUDSHULRGRIWLPHDQGGHSHQGLQJRQWKHXVDJHRIWKHFRPSXWHUWKH
EULJKWQHVVRIWKH/&'VFUHHQZLOOGHWHULRUDWH7KLVLVDQLQWULQVLF
FKDUDFWHULVWLFRI/&'WHFKQRORJ\
0D[LPXPEULJKWQHVVLVRQO\DYDLODEOHZKHQRSHUDWLQJLQ$&SRZHUPRGH
6FUHHQGLPVZKHQWKHFRPSXWHULVRSHUDWHGRQEDWWHU\SRZHUDQG\RX
PLJKWQRWEHDEOHWRLQFUHDVHWKHEULJKWQHVVRIWKHVFUHHQ
*UDSKLFV3URFHVVLQJ8QLW*38
*UDSKLFVSURFHVVLQJXQLW*38SHUIRUPDQFHPLJKWYDU\GHSHQGLQJRQ
SURGXFWPRGHOGHVLJQFRQILJXUDWLRQDSSOLFDWLRQVSRZHUPDQDJHPHQW
VHWWLQJVDQGIHDWXUHVXWLOL]HG*38SHUIRUPDQFHLVRQO\RSWLPL]HGZKHQ
RSHUDWLQJLQ$&SRZHUPRGHDQGPLJKWGHFUHDVHFRQVLGHUDEO\ZKHQ
RSHUDWLQJLQEDWWHU\SRZHUPRGH
7RWDO$YDLODEOH*UDSKLFV0HPRU\LVWKHWRWDORIDVDSSOLFDEOH'HGLFDWHG
9LGHR0HPRU\6\VWHP9LGHR0HPRU\DQG6KDUHG6\VWHP0HPRU\
6KDUHG6\VWHP0HPRU\YDULHVGHSHQGLQJRQV\VWHPPHPRU\VL]HDQG
RWKHUIDFWRUV
:LUHOHVV/$1
7KHWUDQVPLVVLRQVSHHGRYHUWKHZLUHOHVV/$1DQGWKHGLVWDQFHRYHUZKLFK
ZLUHOHVV/$1FDQUHDFKPLJKWYDU\GHSHQGLQJRQVXUURXQGLQJ
HOHFWURPDJQHWLFHQYLURQPHQWREVWDFOHVDFFHVVSRLQWGHVLJQDQG
FRQILJXUDWLRQDQGFOLHQWGHVLJQDQGVRIWZDUHKDUGZDUHFRQILJXUDWLRQV
7KHDFWXDOWUDQVPLVVLRQVSHHGLVORZHUWKDQWKHWKHRUHWLFDOPD[LPXP
VSHHG
&RS\3URWHFWLRQ
$SSOLFDEOHFRS\SURWHFWLRQVWDQGDUGVLQFOXGHGLQFHUWDLQPHGLDPLJKW
SUHYHQWRUOLPLWUHFRUGLQJRUYLHZLQJRIWKHPHGLD
9&&,&ODVV%,QIRUPDWLRQ-DSDQ2QO\
この装置は、クラスB情報技術装置です。この装置は、家庭環境で使
用することを目的としていますが、この装置がラジオやテレビジョン
受信機に近接して使用されると、受信障害を引き起こすことがあります。
取扱説明書に従って正しい取り扱いをしてください。
VCCI‐B
2SHQ66/7RRONLW/LFHQVH,VVXHV
/,&(16(,668(6
8VHUV0DQXDO 
7KH2SHQ66/WRRONLWVWD\VXQGHUDGXDOOLFHQVHLHERWKWKHFRQGLWLRQVRI
WKH2SHQ66//LFHQVHDQGWKHRULJLQDO66/HD\OLFHQVHDSSO\WRWKHWRRONLW
6HHEHORZIRUWKHDFWXDOOLFHQVHWH[WV$FWXDOO\ERWKOLFHQVHVDUH%6'VW\OH
2SHQ6RXUFHOLFHQVHV,QFDVHRIDQ\OLFHQVHLVVXHVUHODWHGWR2SHQ66/
SOHDVHFRQWDFWRSHQVVOFRUH#RSHQVVORUJ
2SHQ66//LFHQVH


&RS\ULJKWF7KH2SHQ66/3URMHFW$OOULJKWVUHVHUYHG
5HGLVWULEXWLRQDQGXVHLQVRXUFHDQGELQDU\IRUPVZLWKRUZLWKRXW
PRGLILFDWLRQDUHSHUPLWWHGSURYLGHGWKDWWKHIROORZLQJFRQGLWLRQVDUHPHW
 5HGLVWULEXWLRQVRIVRXUFHFRGHPXVWUHWDLQWKHDERYHFRS\ULJKWQRWLFH
WKLVOLVWRIFRQGLWLRQVDQGWKHIROORZLQJGLVFODLPHU
 5HGLVWULEXWLRQVLQELQDU\IRUPPXVWUHSURGXFHWKHDERYHFRS\ULJKW
QRWLFHWKLVOLVWRIFRQGLWLRQVDQGWKHIROORZLQJGLVFODLPHULQWKH
GRFXPHQWDWLRQDQGRURWKHUPDWHULDOVSURYLGHGZLWKWKHGLVWULEXWLRQ
 $OODGYHUWLVLQJPDWHULDOVPHQWLRQLQJIHDWXUHVRUXVHRIWKLVVRIWZDUH
PXVWGLVSOD\WKHIROORZLQJDFNQRZOHGJPHQW
7KLVSURGXFWLQFOXGHVVRIWZDUHGHYHORSHGE\WKH2SHQ66/3URMHFWIRU
XVHLQWKH2SHQ66/7RRONLW
KWWSZZZRSHQVVORUJ
 7KHQDPHV2SHQ66/7RRONLWDQG2SHQ66/3URMHFWPXVWQRWEH
XVHGWRHQGRUVHRUSURPRWHSURGXFWVGHULYHGIURPWKLVVRIWZDUH
ZLWKRXWSULRUZULWWHQSHUPLVVLRQ)RUZULWWHQSHUPLVVLRQSOHDVHFRQWDFW
RSHQVVOFRUH#RSHQVVORUJ
 3URGXFWVGHULYHGIURPWKLVVRIWZDUHPD\QRWEHFDOOHG2SHQ66/QRU
PD\2SHQ66/DSSHDULQWKHLUQDPHVZLWKRXWSULRUZULWWHQSHUPLVVLRQ
RIWKH2SHQ66/3URMHFW
 5HGLVWULEXWLRQVRIDQ\IRUPZKDWVRHYHUPXVWUHWDLQWKHIROORZLQJ
DFNQRZOHGJPHQW
7KLVSURGXFWLQFOXGHVVRIWZDUHGHYHORSHGE\WKH2SHQ66/3URMHFWIRU
XVHLQWKH2SHQ66/7RRONLW
KWWSZZZRSHQVVORUJ
7+,662)7:$5(,63529,'('%<7+(2SHQ66/352-(&7CC$6,6
$1'$1<(;35(66('25,03/,(':$55$17,(6,1&/8',1*%87
127/,0,7('727+(,03/,(':$55$17,(62)0(5&+$17$%,/,7<
$1'),71(66)25$3$57,&8/$5385326($5(',6&/$,0(',1
12(9(176+$//7+(2SHQ66/352-(&725,76&2175,%87256
%(/,$%/()25$1<',5(&7,1',5(&7,1&,'(17$/63(&,$/
(;(03/$5<25&216(48(17,$/'$0$*(6,1&/8',1*%87127
/,0,7('72352&85(0(172)68%67,787(*22'625
6(59,&(6/2662)86('$7$25352),7625%86,1(66
,17(55837,21+2:(9(5&$86('$1'21$1<7+(25<2)
/,$%,/,7<:+(7+(5,1&2175$&7675,&7/,$%,/,7<257257
,1&/8',1*1(*/,*(1&(2527+(5:,6($5,6,1*,1$1<:$<
8VHUV0DQXDO 
2872)7+(86(2)7+,662)7:$5((9(1,)$'9,6('2)7+(
3266,%,/,7<2)68&+'$0$*(
7KLVSURGXFWLQFOXGHVFU\SWRJUDSKLFVRIWZDUHZULWWHQE\(ULF<RXQJ
HD\#FU\SWVRIWFRP7KLVSURGXFWLQFOXGHVVRIWZDUHZULWWHQE\7LP
+XGVRQWMK#FU\SWVRIWFRP

2ULJLQDO66/HD\/LFHQVH

&RS\ULJKW&(ULF<RXQJHD\#FU\SWVRIWFRP
$OOULJKWVUHVHUYHG
7KLVSDFNDJHLVDQ66/LPSOHPHQWDWLRQZULWWHQE\(ULF<RXQJ
HD\#FU\SWVRIWFRP
7KHLPSOHPHQWDWLRQZDVZULWWHQVRDVWRFRQIRUPZLWK1HWVFDSHV66/
7KLVOLEUDU\LVIUHHIRUFRPPHUFLDODQGQRQFRPPHUFLDOXVHDVORQJDVWKH
IROORZLQJFRQGLWLRQVDUHDKHDUHGWR7KHIROORZLQJFRQGLWLRQVDSSO\WRDOO
FRGHIRXQGLQWKLVGLVWULEXWLRQEHLWWKH5&56$OKDVK'(6HWFFRGH
QRWMXVWWKH66/FRGH7KH66/GRFXPHQWDWLRQLQFOXGHGZLWKWKLV
GLVWULEXWLRQLVFRYHUHGE\WKHVDPHFRS\ULJKWWHUPVH[FHSWWKDWWKHKROGHU
LV7LP+XGVRQWMK#FU\SWVRIWFRP
&RS\ULJKWUHPDLQV(ULF<RXQJVDQGDVVXFKDQ\&RS\ULJKWQRWLFHVLQWKH
FRGHDUHQRWWREHUHPRYHG
,IWKLVSDFNDJHLVXVHGLQDSURGXFW(ULF<RXQJVKRXOGEHJLYHQDWWULEXWLRQ
DVWKHDXWKRURIWKHSDUWVRIWKHOLEUDU\XVHG
7KLVFDQEHLQWKHIRUPRIDWH[WXDOPHVVDJHDWSURJUDPVWDUWXSRULQ
GRFXPHQWDWLRQRQOLQHRUWH[WXDOSURYLGHGZLWKWKHSDFNDJH
5HGLVWULEXWLRQDQGXVHLQVRXUFHDQGELQDU\IRUPVZLWKRUZLWKRXW
PRGLILFDWLRQDUHSHUPLWWHGSURYLGHGWKDWWKHIROORZLQJFRQGLWLRQVDUHPHW
 5HGLVWULEXWLRQVRIVRXUFHFRGHPXVWUHWDLQWKHFRS\ULJKWQRWLFHWKLVOLVW
RIFRQGLWLRQVDQGWKHIROORZLQJGLVFODLPHU
 5HGLVWULEXWLRQVLQELQDU\IRUPPXVWUHSURGXFHWKHDERYHFRS\ULJKW
QRWLFHWKLVOLVWRIFRQGLWLRQVDQGWKHIROORZLQJGLVFODLPHULQWKH
GRFXPHQWDWLRQDQGRURWKHUPDWHULDOVSURYLGHGZLWKWKHGLVWULEXWLRQ
 $OODGYHUWLVLQJPDWHULDOVPHQWLRQLQJIHDWXUHVRUXVHRIWKLVVRIWZDUH
PXVWGLVSOD\WKHIROORZLQJDFNQRZOHGJHPHQW
7KLVSURGXFWLQFOXGHVFU\SWRJUDSKLFVRIWZDUHZULWWHQE\(ULF<RXQJ
HD\#FU\SWVRIWFRP
7KHZRUGFU\SWRJUDSKLFFDQEHOHIWRXWLIWKHURXLQHVIURPWKHOLEUDU\
EHLQJXVHGDUHQRWFU\SWRJUDSKLFUHODWHG
8VHUV0DQXDO 
 ,I\RXLQFOXGHDQ\:LQGRZVVSHFLILFFRGHRUDGHULYDWLYHWKHUHRIIURP
WKHDSSVGLUHFWRU\DSSOLFDWLRQFRGH\RXPXVWLQFOXGHDQ
DFNQRZOHGJHPHQW
7KLVSURGXFWLQFOXGHVVRIWZDUHZULWWHQE\7LP+XGVRQ
WMK#FU\SWVRIWFRP
7+,662)7:$5(,63529,'('%<(5,&<281*CC$6,6$1'$1<
(;35(6625,03/,(':$55$17,(6,1&/8',1*%87127/,0,7('
727+(,03/,(':$55$17,(62)0(5&+$17$%,/,7<$1'
),71(66)25$3$57,&8/$5385326($5(',6&/$,0(',112
(9(176+$//7+($87+2525&2175,%87256%(/,$%/()25
$1<',5(&7,1',5(&7,1&,'(17$/63(&,$/(;(03/$5<25
&216(48(17,$/'$0$*(6,1&/8',1*%87127/,0,7('72
352&85(0(172)68%67,787(*22'6256(59,&(6/2662)
86('$7$25352),7625%86,1(66,17(55837,21+2:(9(5
&$86('$1'21$1<7+(25<2)/,$%,/,7<:+(7+(5,1
&2175$&7675,&7/,$%,/,7<257257,1&/8',1*1(*/,*(1&(
2527+(5:,6($5,6,1*,1$1<:$<2872)7+(86(2)7+,6
62)7:$5((9(1,)$'9,6('2)7+(3266,%,/,7<2)68&+
'$0$*(
7KHOLFHQFHDQGGLVWULEXWLRQWHUPVIRUDQ\SXEOLFDOO\DYDLODEOHYHUVLRQRU
GHULYDWLYHRIWKLVFRGHFDQQRWEHFKDQJHGLHWKLVFRGHFDQQRWVLPSO\EH
FRSLHGDQGSXWXQGHUDQRWKHUGLVWULEXWLRQOLFHQFH>LQFOXGLQJWKH*183XEOLF
/LFHQFH@

)UHH7\SH/LFHQVH,VVXHV
7KH)UHH7\SH3URMHFW/,&(16(

-DQ
&RS\ULJKWE\
'DYLG7XUQHU5REHUW:LOKHOPDQG:HUQHU/HPEHUJ
,QWURGXFWLRQ
7KH)UHH7\SH3URMHFWLVGLVWULEXWHGLQVHYHUDODUFKLYHSDFNDJHVVRPHRI
WKHPPD\FRQWDLQLQDGGLWLRQWRWKH)UHH7\SHIRQWHQJLQHYDULRXVWRROV
DQGFRQWULEXWLRQVZKLFKUHO\RQRUUHODWHWRWKH)UHH7\SH3URMHFW
7KLVOLFHQVHDSSOLHVWRDOOILOHVIRXQGLQVXFKSDFNDJHVDQGZKLFKGRQRW
IDOOXQGHUWKHLURZQH[SOLFLWOLFHQVH7KHOLFHQVHDIIHFWVWKXVWKH)UHH7\SH
IRQWHQJLQHWKHWHVWSURJUDPVGRFXPHQWDWLRQDQGPDNHILOHVDWWKHYHU\
OHDVW
7KLVOLFHQVHZDVLQVSLUHGE\WKH%6'$UWLVWLFDQG,-*,QGHSHQGHQW-3(*
*URXSOLFHQVHVZKLFKDOOHQFRXUDJHLQFOXVLRQDQGXVHRIIUHHVRIWZDUHLQ
FRPPHUFLDODQGIUHHZDUHSURGXFWVDOLNH$VDFRQVHTXHQFHLWVPDLQ
SRLQWVDUHWKDW
8VHUV0DQXDO 
:HGRQWSURPLVHWKDWWKLVVRIWZDUHZRUNV+RZHYHUZHZLOOEH
LQWHUHVWHGLQDQ\NLQGRIEXJUHSRUWVCDVLVGLVWULEXWLRQ
<RXFDQXVHWKLVVRIWZDUHIRUZKDWHYHU\RXZDQWLQSDUWVRUIXOOIRUP
ZLWKRXWKDYLQJWRSD\XVCUR\DOW\IUHHXVDJH
<RXPD\QRWSUHWHQGWKDW\RXZURWHWKLVVRIWZDUH,I\RXXVHLWRURQO\
SDUWVRILWLQDSURJUDP\RXPXVWDFNQRZOHGJHVRPHZKHUHLQ\RXU
GRFXPHQWDWLRQWKDW\RXKDYHXVHGWKH)UHH7\SHFRGHCFUHGLWV
:HVSHFLILFDOO\SHUPLWDQGHQFRXUDJHWKHLQFOXVLRQRIWKLVVRIWZDUHZLWKRU
ZLWKRXWPRGLILFDWLRQVLQFRPPHUFLDOSURGXFWV
:HGLVFODLPDOOZDUUDQWLHVFRYHULQJ7KH)UHH7\SH3URMHFWDQGDVVXPHQR
OLDELOLW\UHODWHGWR7KH)UHH7\SH3URMHFW
)LQDOO\PDQ\SHRSOHDVNHGXVIRUDSUHIHUUHGIRUPIRUDFUHGLWGLVFODLPHUWR
XVHLQFRPSOLDQFHZLWKWKLVOLFHQVH:HWKXVHQFRXUDJH\RXWRXVHWKH
IROORZLQJWH[W

3RUWLRQVRIWKLVVRIWZDUHDUHFRS\ULJKW&\HDU!7KH)UHH7\SH3URMHFW
ZZZIUHHW\SHRUJ
$OOULJKWVUHVHUYHG

3OHDVHUHSODFH\HDU!ZLWKWKHYDOXHIURPWKH)UHH7\SHYHUVLRQ\RX
DFWXDOO\XVH
/HJDO7HUPV
'HILQLWLRQV

7KURXJKRXWWKLVOLFHQVHWKHWHUPVCSDFNDJHC)UHH7\SH3URMHFWDQG
C)UHH7\SHDUFKLYHUHIHUWRWKHVHWRIILOHVRULJLQDOO\GLVWULEXWHGE\WKH
DXWKRUV'DYLG7XUQHU5REHUW:LOKHOPDQG:HUQHU/HPEHUJDVWKH
C)UHH7\SH3URMHFWEHWKH\QDPHGDVDOSKDEHWDRUILQDOUHOHDVH
C<RXUHIHUVWRWKHOLFHQVHHRUSHUVRQXVLQJWKHSURMHFWZKHUHCXVLQJLVD
JHQHULFWHUPLQFOXGLQJFRPSLOLQJWKHSURMHFWVVRXUFHFRGHDVZHOODV
OLQNLQJLWWRIRUPDCSURJUDPRUCH[HFXWDEOH7KLVSURJUDPLVUHIHUUHGWRDV
CDSURJUDPXVLQJWKH)UHH7\SHHQJLQH
7KLVOLFHQVHDSSOLHVWRDOOILOHVGLVWULEXWHGLQWKHRULJLQDO)UHH7\SH3URMHFW
LQFOXGLQJDOOVRXUFHFRGHELQDULHVDQGGRFXPHQWDWLRQXQOHVVRWKHUZLVH
VWDWHGLQWKHILOHLQLWVRULJLQDOXQPRGLILHGIRUPDVGLVWULEXWHGLQWKHRULJLQDO
DUFKLYH,I\RXDUHXQVXUHZKHWKHURUQRWDSDUWLFXODUILOHLVFRYHUHGE\WKLV
OLFHQVH\RXPXVWFRQWDFWXVWRYHULI\WKLV
7KH)UHH7\SH3URMHFWLVFRS\ULJKW&E\'DYLG7XUQHU5REHUW
:LOKHOPDQG:HUQHU/HPEHUJ$OOULJKWVUHVHUYHGH[FHSWDVVSHFLILHG
EHORZ
1R:DUUDQW\
8VHUV0DQXDO 

7+()5((7<3(352-(&7,63529,'('C$6,6:,7+287
:$55$17<2)$1<.,1'(,7+(5(;35(6625,03/,('
,1&/8',1*%87127/,0,7('72:$55$17,(62)
0(5&+$17$%,/,7<$1'),71(66)25$3$57,&8/$5385326(,1
12(9(17:,//$1<2)7+($87+25625&23<5,*+7+2/'(56
%(/,$%/()25$1<'$0$*(6&$86('%<7+(86(257+(
,1$%,/,7<7286(2)7+()5((7<3(352-(&7
5HGLVWULEXWLRQ

7KLVOLFHQVHJUDQWVDZRUOGZLGHUR\DOW\IUHHSHUSHWXDODQGLUUHYRFDEOH
ULJKWDQGOLFHQVHWRXVHH[HFXWHSHUIRUPFRPSLOHGLVSOD\FRS\FUHDWH
GHULYDWLYHZRUNVRIGLVWULEXWHDQGVXEOLFHQVHWKH)UHH7\SH3URMHFWLQERWK
VRXUFHDQGREMHFWFRGHIRUPVDQGGHULYDWLYHZRUNVWKHUHRIIRUDQ\
SXUSRVHDQGWRDXWKRUL]HRWKHUVWRH[HUFLVHVRPHRUDOORIWKHULJKWV
JUDQWHGKHUHLQVXEMHFWWRWKHIROORZLQJFRQGLWLRQV
5HGLVWULEXWLRQRIVRXUFHFRGHPXVWUHWDLQWKLVOLFHQVHILOHC)7/7;7
XQDOWHUHGDQ\DGGLWLRQVGHOHWLRQVRUFKDQJHVWRWKHRULJLQDOILOHVPXVW
EHFOHDUO\LQGLFDWHGLQDFFRPSDQ\LQJGRFXPHQWDWLRQ7KHFRS\ULJKW
QRWLFHVRIWKHXQDOWHUHGRULJLQDOILOHVPXVWEHSUHVHUYHGLQDOOFRSLHV
RIVRXUFHILOHV
5HGLVWULEXWLRQLQELQDU\IRUPPXVWSURYLGHDGLVFODLPHUWKDWVWDWHVWKDW
WKHVRIWZDUHLVEDVHGLQSDUWRIWKHZRUNRIWKH)UHH7\SH7HDPLQWKH
GLVWULEXWLRQGRFXPHQWDWLRQ:HDOVRHQFRXUDJH\RXWRSXWDQ85/WR
WKH)UHH7\SHZHESDJHLQ\RXUGRFXPHQWDWLRQWKRXJKWKLVLVQW
PDQGDWRU\
7KHVHFRQGLWLRQVDSSO\WRDQ\VRIWZDUHGHULYHGIURPRUEDVHGRQWKH
)UHH7\SH3URMHFWQRWMXVWWKHXQPRGLILHGILOHV,I\RXXVHRXUZRUN\RX
PXVWDFNQRZOHGJHXV+RZHYHUQRIHHQHHGEHSDLGWRXV
$GYHUWLVLQJ

1HLWKHUWKH)UHH7\SHDXWKRUVDQGFRQWULEXWRUVQRU\RXVKDOOXVHWKHQDPH
RIWKHRWKHUIRUFRPPHUFLDODGYHUWLVLQJRUSURPRWLRQDOSXUSRVHVZLWKRXW
VSHFLILFSULRUZULWWHQSHUPLVVLRQ
:HVXJJHVWEXWGRQRWUHTXLUHWKDW\RXXVHRQHRUPRUHRIWKHIROORZLQJ
SKUDVHVWRUHIHUWRWKLVVRIWZDUHLQ\RXUGRFXPHQWDWLRQRUDGYHUWLVLQJ
PDWHULDOVC)UHH7\SH3URMHFWC)UHH7\SH(QJLQHC)UHH7\SHOLEUDU\RU
C)UHH7\SH'LVWULEXWLRQ
$V\RXKDYHQRWVLJQHGWKLVOLFHQVH\RXDUHQRWUHTXLUHGWRDFFHSWLW
+RZHYHUDVWKH)UHH7\SH3URMHFWLVFRS\ULJKWHGPDWHULDORQO\WKLVOLFHQVH
RUDQRWKHURQHFRQWUDFWHGZLWKWKHDXWKRUVJUDQWV\RXWKHULJKWWRXVH
GLVWULEXWHDQGPRGLI\LW7KHUHIRUHE\XVLQJGLVWULEXWLQJRUPRGLI\LQJWKH
)UHH7\SH3URMHFW\RXLQGLFDWHWKDW\RXXQGHUVWDQGDQGDFFHSWDOOWKH
WHUPVRIWKLVOLFHQVH
&RQWDFWV
8VHUV0DQXDO 

7KHUHDUHWZRPDLOLQJOLVWVUHODWHGWR)UHH7\SH
IUHHW\SH#QRQJQXRUJ
'LVFXVVHVJHQHUDOXVHDQGDSSOLFDWLRQVRI)UHH7\SHDVZHOODVIXWXUH
DQGZDQWHGDGGLWLRQVWRWKHOLEUDU\DQGGLVWULEXWLRQ,I\RXDUHORRNLQJ
IRUVXSSRUWVWDUWLQWKLVOLVWLI\RXKDYHQWIRXQGDQ\WKLQJWRKHOS\RXLQ
WKHGRFXPHQWDWLRQ
IUHHW\SHGHYHO#QRQJQXRUJ
'LVFXVVHVEXJVDVZHOODVHQJLQHLQWHUQDOVGHVLJQLVVXHVVSHFLILF
OLFHQVHVSRUWLQJHWF
2XUKRPHSDJHFDQEHIRXQGDW
KWWSZZZIUHHW\SHRUJ
8VHUV0DQXDO 
,QGH[
$
$&DGDSWRU
DGGLWLRQDO
FRQQHFWLQJ
'&,19MDFN
$6&,,FKDUDFWHUV
%
%DWWHU\
H[WHQGLQJOLIH
PRQLWRULQJFDSDFLW\
VDYHPRGH
%DWWHU\LQGLFDWRU
%OXHWRRWK
&
&OHDQLQJWKHFRPSXWHU
&RROLQJYHQWV
'
'LVSOD\
DXWRPDWLFSRZHURII
VFUHHQ
'RFXPHQWDWLRQOLVW
'XDO3RLQWLQJ'HYLFH
7RXFK3DG
(
(TXLSPHQWFKHFNOLVW
([WHUQDOPRQLWRU
SUREOHPV
*
*UDSKLFV3URFHVVLQJ8QLW

+
+'0,0LFURSRUW
+'0,RXWSRUW
.
.H\ERDUG
IXQFWLRQNH\V
)XQFWLRQNH\V))

SUREOHPV
:LQGRZVVSHFLDONH\V
.H\SDGRYHUOD\
$UURZPRGH
1XPHULFPRGH
WHPSRUDULO\XVLQJQRUPDO
NH\ERDUGRYHUOD\RQ
WHPSRUDULO\XVLQJRYHUOD\
RYHUOD\RII
WXUQLQJRQWKHRYHUOD\V

/
/$1
8VHUV0DQXDO ,QGH[
FDEOHW\SHV
FRQQHFWLQJ
0
0HGLDFDUH
&DUGFDUH
PHPRU\PHGLDFDUG
LQVHUWLQJ
UHPRYLQJ
0HPRU\PHGLDVORW
0RYLQJWKHFRPSXWHU
3
3DVVZRUG
SRZHURQ
6WDUWLQJWKHFRPSXWHUE\
SDVVZRUG
6XSHUYLVRU
XVHU
3RLQWLQJ'HYLFH
$FFX3RLQW
$FFX3RLQWFRQWURO
EXWWRQV
7RXFK3DG
3HQ
3RZHU
FRQGLWLRQV
+LEHUQDWLRQ0RGH
SDQHORQRII
6KXW'RZQPRGH
6OHHS0RGH
WXUQLQJRII
WXUQLQJRQ
3UREOHPV
$&SRZHU
$QDO\]LQJWKHSUREOHP
%DWWHU\
'XDO3RLQWLQJGHYLFH
([WHUQDOPRQLWRU
+DUGZDUHDQGV\VWHP
FKHFNOLVW
,QWHUQDOGLVSOD\SDQHO
,QWHUQDO6WRUDJH
.H\ERDUG
0HPRU\0HGLD&DUG
2YHUKHDWLQJSRZHU
GRZQ
3RZHU
5HDO7LPH&ORFN
6RXQGV\VWHP
726+,%$VXSSRUW
7RXFK3DG
86%GHYLFH
86%PRXVH
5
5HFRYHU\0HGLD
5HFRYHU\3DUWLWLRQ
5HVWDUWLQJWKHFRPSXWHU
6
6'6'+&6';&&DUG
IRUPDWWLQJ
QRWH
6HFRQG%DWWHU\LQGLFDWRU

6HFXULW\ORFN
6,0&DUG
LQVWDOOLQJ
UHPRYLQJ
6OHHS0RGH
VHWWLQJ
6\VWHPDXWRPDWLF
8VHUV0DQXDO ,QGH[
6RXQGV\VWHP
SUREOHPV
66'
DXWRPDWLFSRZHURII
7
726+,%$'LVSOD\8WLOLW\
7RXFK6FUHHQ
8
86%GHYLFH
SUREOHPV
9
9LGHRPRGH
9LGHR5$0
:
:HE&DPHUDEDFN
:HE&DPHUDIURQW
:LUHOHVVFRPPXQLFDWLRQ
8VHUV0DQXDO ,QGH[

Navigation menu