‡
‡
7KLVꢁSOD\HUꢁLVꢁ'LY;ꢁꢋꢁDQGꢁ'LY;ꢁꢍꢁFRPSDWLEOHꢊꢁZKLFKꢁVXSSRUWꢁXSꢁWRꢁKRPHꢁWKHDWUHꢁSURILOHꢁZLWKꢁPD[LPXP
SHDNꢁELWꢆUDWHꢁ ꢁꢀꢒꢒꢒꢒꢁ.ESVꢂꢁ7KHꢁYLGHRꢁUHVROXWLRQꢁFDQꢁVXSSRUWꢁXSꢁWRꢁWKHꢁPD[LPXPꢁRIꢁꢏꢈꢒꢁ[ꢁꢋꢐꢒꢁ#ꢁꢉꢒISVꢁDQG
ꢏꢈꢒꢁ[ꢁꢍꢏꢎꢁ#ꢁꢈꢍISVꢂ
7KLVꢁSOD\HUꢁVXSSRUWVꢁWKHꢁELWVWUHDPVꢁWKDWꢁHQFRGHGꢁLQꢁ,62ꢁ03(*ꢆꢋꢁFRPSOLDQWꢂꢁ7KHꢁYLVXDOꢁSURILOHꢁFDQꢁVXSSRUW
IURPꢁ6LPSOHꢁ3URILOHꢁꢅ63ꢄꢁOHYHOꢁꢒꢁWRꢁOHYHOꢁꢉꢁDQGꢁ$GYDQFHGꢁ6LPSOHꢁ3URILOHꢁꢅ$63ꢄꢁOHYHOꢁꢒꢁWRꢁOHYHOꢁꢍꢊꢁZLWK
PD[LPXPꢁELWꢆUDWHꢁ ꢁꢐꢒꢒꢒꢁ.ESVꢂ
1RWHVꢅ
‡
‡
‡
,IꢁWKHꢁ6HDUFKꢁIHDWXUHꢁLVꢁDWWHPSWHGꢁLQꢁWKHꢁ3OD\ꢁPRGHꢊꢁWKHQꢁ\RXꢁFDQꢁRQO\ꢁJRꢁWRꢁDꢁVSHFLILFꢁFKDSWHUꢁRU
WLPHꢊꢁ\RXꢁFDQQRWꢁFKDQJHꢁWKHꢁWLWOHꢁQXPEHUꢂ
,Iꢁ\RXꢁHQWHUꢁDꢁWLPHꢁWKDWꢁH[FHHGVꢁWKHꢁWLPHꢁOLPLWꢁRIꢁWKHꢁ'9'ꢊꢁWKHQꢁ³ꢁꢁꢁꢁꢁꢁ,1387ꢁ,19$/,'´ꢁZLOOꢁDSSHDUꢊ
DQGꢁ\RXꢁPXVWꢁWU\ꢁDJDLQꢂ
%DWWHU\ꢀ LQVWDOODWLRQ
/RFDWLRQꢀRIꢀ)HDWXUHV
)URQWꢀ 3DQHOꢀ &RQWUROV
ꢀꢂ 5HPRYHꢁWKHꢁEDWWHU\ꢁFRYHUꢂ
ꢈꢂ ,QVHUWꢁWZRꢁEDWWHU\ꢁꢅ$$ꢊꢁ5ꢎꢊꢁ80ꢆꢉꢁW\SHVꢄ
PDNLQJꢁVXUHꢁWKHꢁSRODULW\ꢁꢅꢓꢌ±ꢄꢁPDWFKHVꢁWKH
PDUNVꢁLQVLGHꢁWKHꢁXQLWꢂ
7LWOHꢁVHDUFKꢁPD\ꢁQRWꢁZRUNꢁSURSHUO\ꢁZLWKꢁVRPHꢁGLVFVꢂ
ꢀ
ꢑ
ꢈ
ꢉ
ꢋ
ꢍ
ꢉꢂ 5HSODFHꢁWKHꢁFRYHU
1RWHVꢅ
‡
‡
'RꢁQRWꢁDWWHPSWꢁWRꢁUHFKDUJHꢊꢁVKRUWꢆFLUFXLWꢊ
GLVDVVHPEOHꢊꢁKHDWꢁRUꢁWKURZꢁWKHꢁEDWWHULHVꢁLQWRꢁWKHꢁILUHꢂ
7KHUHꢁDUHꢁPDQ\ꢁQRQꢆVWDQGDUGLVHGꢁ'9'ꢌ03(*ꢆꢋꢌ'LY;ꢌ03ꢉꢌ:0$ꢌ&'ꢆUHFRUGLQJꢁSURFHGXUHVꢁDQGꢁFRS\
3OD\EDFNꢀ0RGH
SURWHFWLRQꢁSURFHGXUHVꢁQRZꢁLQꢁXVHꢊꢁDQGꢁPDQ\ꢁGLIIHUHQWꢁNLQGVꢁRIꢁ'9'“5ꢊꢁ'9'“5:ꢊꢁ&'ꢆ5ꢁDQGꢁ&'ꢆ5:
EODQNꢁGLVNVꢂꢁ7KHUHIRUHꢁLQꢁVRPHꢁFDVHVꢁUHDGꢁHUURUVꢁRUꢁUHDGꢁGHOD\VꢁPD\ꢁEHꢁHQFRXQWHUHGꢂꢁ7KLVꢁLVꢁQRWꢁDꢁGHIHFW
RIꢁWKHꢁGHYLFHꢂ
‡
'RꢁQRWꢁPL[ꢁGLIIHUHQWꢁW\SHVꢁRIꢁEDWWHULHVꢁRUꢁROGꢁDQGꢁQHZꢁEDWWHULHVꢂ
5HSHDWꢀ3OD\EDFNꢀ0RGHꢀ%XWWRQV
'9'ꢀ3/$<(5
02'(/ꢀ12ꢆꢅꢀ'9'ꢄꢃꢂꢁꢁ
7KHꢁUHSHDWꢁIXQFWLRQVꢁWKDWꢁ\RXꢁFDQꢁHQMR\ꢁDUHꢁGHSHQGHQWꢁRQꢁWKHꢁGLVFꢁW\SHVꢁSOD\HGꢂ
'9'ꢇ 7LWOHꢁUHSHDWꢊꢁFKDSWHUꢁUHSHDWꢁDQGꢁJLYHQꢁSRUWLRQꢁUHSHDWꢂ
&'ꢇ $OOꢁWUDFNVꢁUHSHDWꢊꢁVLQJOHꢁWUDFNꢁUHSHDWꢁDQGꢁJLYHQꢁSRUWLRQꢂ
'LY;ꢇꢁ2QHꢁWUDFNꢁUHSHDWꢊꢁDOOꢁWUDFNVꢁUHSHDWꢂ
‡
‡
7KLVꢁSOD\HUꢁGRHVꢁQRWꢁUHVSRQVLEOHꢁIRUꢁSOD\ꢁDELOLW\ꢁRIꢁ03ꢉꢁLQꢁDQ\ꢁFDVHꢂꢁ'XHꢁWRꢁUHFRUGLQJꢁFRQGLWLRQꢁVXFK
DVꢁ3&ꢁSHUIRUPDQFHꢊꢁZULWLQJꢁVRIWZDUHꢊꢁPHGLDꢁDELOLW\ꢁRUꢁHWFꢂ
)RUꢁ&'ꢆ5:ꢁRUꢁ&'ꢆ5ꢊꢁLWꢁPD\ꢁQRWꢁEHꢁSOD\HGꢁDFFRUGLQJꢁWRꢁWKHꢁW\SHꢁRIꢁWKLVꢁGLVFꢂ
ꢀꢒ
ꢐ
ꢏ
ꢎ
%DVLFꢀ&RQQHFWLRQꢀꢊ'9'ꢀ3OD\HUꢀꢉꢀ79ꢀꢉꢀ9LGHRꢀ5HFRUGHUꢈ
ꢀꢂ &DUGꢁ6ORWꢁꢀ
$FFHSWVꢁ FDUGVꢇꢁ 2QO\ꢁ 0XOWLꢆ0HGLDꢁ &DUGꢁ ꢅ00&ꢄꢃꢁ 6HFXUHꢁ 'LJLWDOꢁ ꢅ6'ꢄꢃ
0HPRU\ꢁ 6WLFNꢁ ꢅ06ꢄꢃꢁ 0HPRU\ꢁ 6WLFNꢁ 3URꢁ ꢅ063URꢄꢃꢁ RUꢁ 6PDUWꢁ 0HGLDꢁ ꢅ60ꢄꢂ
7 9
ꢈꢂ (-(&7ꢁ%XWWRQ
ꢉꢂ 6(/(&7ꢁ%XWWRQ
ꢋꢂ 3/$<ꢁ%XWWRQ
ꢍꢂ 67$1'%<ꢌ6723ꢁ%XWWRQ
ꢎꢂ 5(027(ꢁ6(1625
ꢏꢂ 67$1'%<ꢁ,QGLFDWRU
ꢐꢂ 'LVSOD\
2SHQVꢁDQGꢁFORVHVꢁGLVFꢁWUD\ꢂ
6ZLWFKHVꢁEHWZHHQꢁPHPRU\ꢁFDUGꢁ6ORWꢁꢀꢊꢁ6ORWꢁꢈꢁDQGꢁGLVFꢁWUD\ꢂ
%HJLQVꢁGLVFꢁSOD\ꢂ
7XUQVꢁWKHꢁ'9'ꢁSOD\HUꢁRQꢁDQGꢁRIIꢂꢁ6WRSꢁSOD\EDFNꢂ
5HFHLYHVꢁWKHꢁFRPPDQGVꢁIURPꢁWKHꢁUHPRWHꢁFRQWUROꢂ
/LJKWVꢁZKHQꢁWKHꢁV\VWHPꢁLVꢁLQꢁVWDQGE\ꢁꢅRIIꢄꢁPRGHꢁRUꢁRSHUDWLQJꢁꢅRQꢄꢁPRGHꢂ
5(3($7ꢁEXWWRQꢇ
&DUGꢀ5HDGHUꢀ2SHUDWLRQV
‡
‡
‡
<RXꢁFDQꢁUHSHDWHGO\ꢁSOD\ꢁDꢁWLWOHꢁꢅ'9'ꢄꢁRUꢁDOOꢁWUDFNVꢁꢅ9&'ꢌ&'ꢄꢁZKHQꢁ³ꢁꢁꢁꢁꢁ7LWOHꢁ´ꢁRUꢁ³ꢁꢁꢁꢁꢁ$OOꢁ´ꢁDSSHDUVꢁRQ
79ꢁVFUHHQꢁUHVSHFWLYHO\ꢂ
<RXꢁFDQꢁUHSHDWHGO\ꢁSOD\ꢁDꢁFKDSWHUꢁꢅ'9'ꢄꢁRUꢁDꢁVLQJOHꢁWUDFNVꢁꢅ69&'ꢁꢌꢁ9&'ꢁꢌꢁ&'ꢄꢁZKHQꢁ³ꢁꢁꢁꢁꢁ&KDSWHUꢁ´ꢁRU
³ꢁꢁꢁꢁꢁꢁ7UDFNꢁ´ꢁDSSHDUVꢁRQꢁ79ꢁVFUHHQꢁUHVSHFWLYHO\ꢂ
$9 $PSOLILHU ZLWK D
'ROE\ 'LJLWDO 'HFRGHU
7KHꢁ&DUGꢁUHDGLQJꢁIRUPDWVꢁIRUꢁ6ORWꢁSOD\EDFNꢁDUHꢁ03ꢉꢊꢁ:0$ꢊꢁ-3(*ꢁDQGꢁ03(*ꢆꢋꢂꢁ:KHQꢁXVLQJꢁDꢁPHPRU\ꢁFDUGꢊ
WKHꢁILOHꢁQDPHꢁPXVWꢁEHꢁVHYHQꢁFKDUDFWHUVꢁLQꢁRUGHUꢁWRꢁEHꢁGLVSOD\HGꢊꢁXQOLNHꢁWKHꢁILOHꢁQDPHꢁRIꢁDꢁGLVFꢂ
ꢀꢂ ,QVHUWꢁDꢁFRPSDWLEOHꢁPHPRU\ꢁFDUGꢁꢅW\SHVꢁGHVFULEHGꢁDERYHꢄꢁLQWRꢁ6ORWꢁꢀꢁRUꢁ6ORWꢁꢈꢂ
ꢈꢂ 3UHVVꢁWKHꢁ6(/(&7ꢁEXWWRQꢁWRꢁFKRRVHꢁFDUGꢁꢀꢊꢁSUHVVꢁDJDLQꢁWRꢁFKRRVHꢁFDUGꢁꢈꢁDQGꢁDꢁWKLUGꢁWLPHꢁWRꢁFKRRVHꢁFDUG
ꢉꢂꢁ5HSHDWHGO\ꢁSUHVVLQJꢁWKHꢁ6(/(&7ꢁEXWWRQꢁVZLWFKHVꢁEHWZHHQꢁWKHꢁFDUGꢁꢀꢊꢁFDUGꢁꢈꢊꢁFDUGꢁꢉꢁDQGꢁWKHꢁGLVFꢁWUD\ꢂ
9,'(
,1
2
6
ꢀ
9,'(
2
,1
$8',2
,1
/
5
<RXꢁFDQꢁFDQFHOꢁUHSHDWꢁIXQFWLRQVꢁZKHQꢁ³ꢁꢁꢁꢁꢁꢁ2IIꢁ´ꢁDSSHDUVꢁRQꢁ79ꢁVFUHHQꢂ
ꢑꢂ &DUGꢁ6ORWꢁꢈ
ꢀꢒꢂ 'LVFꢁ7UD\
$FFHSWVꢁFDUGVꢇꢁ&RPSDFWꢁ)ODVKꢁꢅ&)ꢄꢁ7\SHꢁ,ꢃꢁRUꢁ&RPSDFWꢁ)ODVKꢁꢅ&)ꢄꢁ7\SHꢁ,,ꢂ
5(3($7ꢀ$ꢄ%ꢁEXWWRQꢇ
ꢉꢂ 8VHꢁWKHꢁ1DYLJDWLRQꢁꢅ
ꢊ
ꢊ
ꢊ
ꢄꢁEXWWRQVꢁWRꢁPRYHꢁXSꢊꢁGRZQꢊꢁOHIWꢁRUꢁULJKWꢁWKURXJKꢁWKHꢁIROGHUVꢊꢁSUHVVꢁ(17(5
WRꢁVHOHFWꢁWKHꢁKLJKOLJKWHGꢁIROGHUꢁRUꢁLWHPꢂ
‡
<RXꢁFDQꢁUHSHDWHGO\ꢁSOD\ꢁDꢁJLYHQꢁSRUWLRQꢁE\ꢁRSHUDWLQJꢁDVꢁIROORZLQJꢇ
±
7RꢁSUHVVꢁWKLVꢁEXWWRQꢁRQFHꢁWRꢁGHILQHꢁWKHꢁSRUWLRQꢁKHDGꢂꢁ7RꢁSUHVVꢁWKLVꢁEXWWRQꢁDJDLQꢁWRꢁGHILQHꢁWKHꢁSRUWLRQ
ꢋꢂ 3UHVVꢁ3/$<ꢁWRꢁEHJLQꢁSOD\EDFNꢂ
5HDUꢀ3DQHOꢀ&RQWUROV
ꢀꢂ $&ꢁ3RZHUꢁ&RUG
ꢈꢂ +'0,ꢁ2XWSXW
ꢉꢂ ꢍꢂꢀꢁ&KDQQHOꢁ2XWSXW
ꢋꢂ 237,&$/ꢁ'LJLWDOꢁ$XGLRꢁ2XWSXW
ꢍꢂ 6FDUW
ꢎꢂ &2$;,$/ꢁ'LJLWDOꢁ$XGLRꢁ2XWSXW
ꢏꢂ 9,'(2ꢁ2XWSXW
WRHꢂꢁ$QGꢁWKHQꢁWKHꢁSRUWLRQꢁZLOOꢁEHꢁSOD\HGꢁUHSHDWHGO\ꢂ
‡
‡
3UHVVꢁ6723ꢁWRꢁVWRSꢁSOD\EDFNꢂ
7RꢁUHPRYHꢁWKHꢁLQIRUPDWLRQꢁIURPꢁWKHꢁVFUHHQꢊꢁUHSHDWHGO\ꢁSUHVVꢁWKHꢁ6(/(&7ꢁEXWWRQꢁRUꢁUHPRYHꢁWKHꢁFDUGVꢂ
‡
7RꢁSUHVVꢁWKLVꢁEXWWRQꢁDJDLQꢁWRꢁUHWXUQꢁWRꢁQRUPDOꢁSOD\EDFNꢂ
ꢀ
ꢈ
ꢉ
ꢋ
ꢍ
ꢎ
1RWHꢅꢁ'LY;ꢊꢁ:0$ꢁ ꢁ03ꢉꢁGLVFVꢁGRHVꢁQRWꢁVXSSRUWꢁWKLVꢁIXQFWLRQꢂ
3URJUDPꢀ 3OD\EDFN
%DVLFꢀ2SHUDWLRQ
7KLVꢁXQLWꢁKDVꢁDꢁꢈꢒꢁWUDFNꢁSURJUDPPDEOHꢁPHPRU\ꢁWKDWꢁDOORZVꢁ\RXꢁWRꢁSURJUDPꢁXSꢁWRꢁꢈꢒꢁWUDFNVꢁRQꢁDQ\ꢁGLVFꢁIRU
SOD\EDFNꢁLQꢁDQ\ꢁGHVLUHGꢁRUGHUꢂꢁ<RXꢁPD\ꢁSURJUDPꢁꢈꢒꢁGLIIHUHQWꢁWUDFNVꢁRUꢁ\RXꢁPD\ꢁDOVRꢁSURJUDPꢁFHUWDLQꢁWUDFNV
WRꢁSOD\ꢁPRUHꢁWKDQꢁRQFHꢂꢁ3URJUDPPHGꢁ3OD\EDFNꢁRQO\ꢁZRUNꢁIRUꢁ&'¶VꢊꢁLWꢁGRHVꢁQRWꢁZRUNꢁRQꢁ03ꢉꢁ&'¶Vꢂ
ꢐ
ꢏ
1RWHꢅ :KHQHYHUꢁ\RXꢁDUHꢁFRQQHFWLQJꢁ\RXUꢁV\VWHPꢁFDEOHVꢊꢁWXUQꢁRIIꢁWKHꢁSRZHUꢁDQGꢁPDNHꢁFHUWDLQꢁWKDWꢁWKH
6WDUWLQJꢀ 3OD\EDFN
SRZHUꢁFRUGꢁKDVꢁEHHQꢁUHPRYHGꢁIRUPꢁWKHꢁZDOOꢁRXWOHWꢂ
ꢐꢂ 6ꢆ9,'(2ꢁ2XWSXW
ꢀꢂ 3OXJꢁWKHꢁ$&ꢁSRZHUꢁFRUGꢁLQWRꢁ\RXUꢁ$&ꢁSRZHUꢁRXWOHWꢁDWꢁKRPHꢂꢁ7KHꢁ67$1'%<ꢁLQGLFDWRUꢁWXUQVꢁRQꢂꢁ7KHꢁXQLW
LVꢁFRQQHFWHGꢁWRꢁWKHꢁPDLQꢁSRZHUꢂ
7RꢁSHUIRUPꢁSURJUDPPHGꢁSOD\EDFNꢊꢁSURFHHGꢁDVꢁIROORZVꢇ
ꢀꢂ :KLOHꢁLQꢁWKHꢁ6WRSꢁPRGHꢊꢁSUHVVꢁWKHꢁ352*5$0ꢁEXWWRQꢊꢁWKHꢁ3URJUDPꢁPHQXꢁZLOOꢁDSSHDUꢁRQꢁWKHꢁ79ꢁVFUHHQꢂ
ꢈꢂ 3UHVVꢁWKHꢁ1XPEHUꢁEXWWRQVꢁWRꢁLQSXWꢁꢈꢁQXPEHUVꢁIRUꢁHDFKꢁSURJUDPꢁWUDFNꢇꢁRQHꢁIRUꢁWLWOHꢊꢁRQHꢁIRUꢁFKDSWHUꢂꢁ$IWHU
LQSXWꢁꢈꢁQXPEHUVꢊꢁWKHꢁFXUVRUꢁZLOOꢁDXWRPDWLFDOO\ꢁMXPSꢁWRꢁWKHꢁQH[WꢁSURJUDPꢁWUDFNꢁIRUꢁLQSXWꢁDQRWKHUꢁQXPEHUVꢂ
ꢉꢂ 5HSHDWꢁVWHSꢁꢈꢁXQWLOꢁDOOꢁGHVLUHGꢁWLWOHꢁ ꢁFKDSWHUVꢁKDYHꢁEHHQꢁSURJUDPPHGꢁꢅXSꢁWRꢁꢈꢒꢄꢂꢁ<RXꢁFDQꢁUHSHDWꢁDꢁWLWOHꢁ
FKDSWHUꢁPRUHꢁWKDQꢁRQFHꢁLIꢁGHVLUHGꢂ
8VHꢁ$XGLRꢁ&DEOHꢁꢅ5HGꢌ:KLWHꢄꢊꢁ9LGHRꢁ&DEOHꢁꢅ<HOORZꢄꢁWRꢁFRQQHFWꢁWKHꢁ'9'ꢁSOD\HUꢁDQGꢁ\RXUꢁ79ꢂ
ꢀꢂ &RQQHFWꢁWKHꢁDXGLRꢁFDEOHVꢁWRꢁWKHꢁ$8',2ꢁ287ꢁ/ꢁDQGꢁ5ꢁMDFNVꢁRQꢁWKHꢁEDFNꢁRIꢁ\RXUꢁ'9'ꢁSOD\HUꢁDQGꢁWRꢁWKH
FRUUHVSRQGLQJꢁ$8',2ꢁ,1387ꢁMDFNVꢁRQꢁ\RXUꢁ79ꢂ
'LVSOD\
ꢀꢂ 9&'ꢌ&'ꢁ,QGLFDWRU
ꢈꢂ '9'ꢁ,QGLFDWRU
ꢈꢂ ,IꢁWKHꢁXQLWꢁLVꢁRQꢁVWDQGꢁE\ꢁPRGHꢂꢁ3UHVVꢁWKHꢁ67$1'%<ꢁ21ꢌ2))ꢁEXWWRQꢁRIꢁWKHꢁUHPRWHꢁKDQGVHWꢁRUꢁWKHꢁPDLQ
XQLWꢁWRꢁWXUQꢁRQꢁWKHꢁSOD\HUꢂ
ꢈꢂ &RQQHFWꢁWKHꢁ9LGHRꢁFDEOH
‡
3UHVVꢁDQGꢁKROGꢁWKHꢁ67$1'%<ꢌ6723ꢁEXWWRQꢁRIꢁWKHꢁXQLWꢁDꢁIHZꢁVHFRQGVꢊꢁWKHꢁXQLWꢁZDVꢁWXUQꢁRIIꢂ
ꢀ
ꢈ
ꢉ
ꢋ
ꢍ
ꢎ
ꢐ
ꢏ
,QVWUXFWLRQꢀ 0DQXDO
‡
%DVLFꢁFRQQHFWLRQꢁ²ꢁ&RQQHFWꢁWKHꢁYLGHRꢁFDEOHꢁWRꢁWKHꢁ9,'(2ꢁ287ꢁMDFNꢁRQꢁWKHꢁEDFNꢁRIꢁ\RXUꢁ'9'ꢁSOD\HUꢊ
DQGꢁWRꢁWKHꢁ9,'(2ꢁ,1387ꢁMDFNꢁRQꢁ\RXUꢁ79ꢂꢁ2U
ꢉꢂ 3/$<ꢁ,QGLFDWRU
ꢋꢂ 'LVFꢁ3OD\LQJꢁ,QGLFDWRU
ꢍꢂ &KDSWHUꢁ7UDFNꢁ,QGLFDWRU
ꢎꢂ 5HSHDWꢁ,QGLFDWRU
ꢏꢂ '76ꢁ,QGLFDWRU
ꢐꢂ '2/%<ꢁ',*,7$/ꢁ,QGLFDWRU
ꢑꢂ 3OD\WLPHꢁ,QGLFDWRU
ꢀꢒꢂ 3%&ꢁ,QGLFDWRU
ꢉꢂ 3UHVVꢁWKHꢁ(-(&7ꢁEXWWRQꢁWRꢁRSHQꢁWKHꢁGLVFꢁWUD\ꢁꢅµ2SHQ¶ꢁDSSHDUVꢁRQꢁGLVSOD\ꢁDQGꢁ79ꢁVFUHHQꢄꢁDQGꢁSODFHꢁWKHꢁGLVF
ZLWKꢁWKHꢁODEHOꢁVLGHꢁIDFLQJꢁXSꢁRQꢁWKHꢁGLVFꢁWUD\ꢂ
ꢋꢂ 3UHVVꢁWKHꢁ1DYLJDWLRQꢁꢅ
ꢊ
ꢊ
ꢊ
ꢄꢁEXWWRQꢁWRꢁVHOHFWꢁ³67$57´ꢁSRVLWLRQꢂ
‡
6ꢆ9,'(2ꢁ²ꢁ,Iꢁ\RXUꢁ79ꢁVHWꢁKDVꢁDQꢁ6ꢆ9LGHRꢁMDFNꢊꢁFRQQHFWꢁWKHꢁ6ꢆ9LGHRꢁFDEOHꢁWRꢁWKHꢁ6ꢆ9LGHRꢁMDFNꢁRQꢁWKH
'9'ꢁWRꢁWKHꢁ6ꢆ9LGHRꢁRIꢁ\RXUꢁ79ꢂ
‡
+ROGꢁWKHꢁGLVFꢁZLWKRXWꢁWRXFKLQJꢁHLWKHUꢁRIꢁLWVꢁVXUIDFHVꢊꢁSRVLWLRQꢁLWꢁZLWKꢁWKHꢁSULQWHGꢁWLWOHꢁVLGHꢁIDFLQJꢁXSꢊꢁDOLJQꢁLW
ZLWKꢁWKHꢁJXLGHVꢊꢁDQGꢁSODFHꢁLWꢁLQꢁLWVꢁSURSHUꢁSRVLWLRQꢂ
9&'
ꢍꢂ 3UHVVꢁWKHꢁ3/$<ꢁꢅ ꢄꢁEXWWRQꢁWRꢁEHJLQꢁSURJUDPPHGꢁSOD\EDFNꢂꢁ3OD\EDFNꢁZLOOꢁEHJLQꢁRQꢁWKHꢁILUVWꢁWLWOHꢌFKDSWHU
WKDWꢁ\RXꢁSURJUDPPHGꢁDQGꢁWKHꢁSOD\HUꢁZLOOꢁFRQWLQXHꢁWRꢁSOD\ꢁDOOꢁRIꢁWKH WUDFNVꢁWKDWꢁ\RXꢁSURJUDPPHGꢁLQꢁWKHꢁRUGHU
LQꢁZKLFKꢁ\RXꢁSURJUDPPHGꢁWKHPꢂ
3%&
ꢋꢂ 3UHVVꢁWKHꢁ(-(&7ꢁEXWWRQꢂꢁ7KHꢁGLVFꢁWUD\ꢁFORVHVꢁꢅµ/RDG¶ꢁDSSHDUVꢁRQꢁGLVSOD\ꢁDQGꢁµ/RDGLQJ¶ꢁDSSHDUVꢁRQꢁ79
VFUHHQꢄꢊDQGꢁSOD\ꢁVWDUWꢁDXWRPDWLFDOO\ꢂ
,IꢀDꢀ0(18ꢀDSSHDUVꢀRQꢀWKHꢀ79ꢀVFUHHQꢅ
6&$57
&RQQHFWꢁWKHꢁ'9'ꢁSOD\HUꢁ6FDUWꢁVRFNHWꢁꢅ79ꢁ$8',2ꢁ9,'(2ꢁ287ꢄꢁWRꢁWKHꢁ79ꢁVHW¶Vꢁ6FDUWꢁVRFNHWꢁXVLQJꢁDꢁ6FDUW
OHDGꢂ
ꢎꢂ 7RꢁFDQFHOꢁWKHꢁ3URJUDPꢁIXQFWLRQꢊꢁSUHVVꢁWKHꢁ6723ꢁꢅ ꢄꢁEXWWRQꢁWZLFHꢊꢁRUꢁSUHVVꢁWKHꢁ23(1ꢌ&/26(ꢁEXWWRQꢂ
ꢀꢈ ꢀꢀ ꢀꢒ
ꢑ
0DLQWHQDQFHꢀDQGꢀ&DUH
&DULQJꢀIRUꢀWKHꢀSOD\HU
3UHVVꢁWKHꢁ
ꢊ
ꢊ
ꢁRUꢁ ꢁEXWWRQꢊꢁWRꢁVHOHFWꢁWKHꢁGHVLUHGꢁLWHPꢊꢁWKHQꢁSUHVVꢁWKHꢁ(17(5ꢁEXWWRQꢂꢁ3OD\EDFNꢁRI
)RUꢀ9&'ꢇ&'
'LJLWDOꢀ2XWꢀ&RD[LDOꢇ2SWLFDOꢀꢊ$XGLRꢈ
WKHꢁVHOHFWHGꢁLWHPꢁZLOOꢁVWDUWꢂ
ꢀꢀꢂ 3$86(ꢁ,QGLFDWRU
ꢀꢈꢂ 03ꢉꢁ,QGLFDWRU
6HOHFWꢁWKHꢁWUDFNꢁWRꢁEHꢁPHPRU\ꢁE\ꢁXVLQJꢁWKHꢁ1XPEHUꢁEXWWRQVꢂꢁ7KHꢁXQLWꢁZLOOꢁDXWRPDWLFDOO\ꢁJRꢁWRꢁWKHꢁQH[W
WUDFNꢁWRꢁDOORZꢁ\RXꢁWRꢁSURJUDPꢂ
8VHꢁRQHꢁRIꢁWKHVHꢁMDFNVꢁWRꢁFRQQHFWꢁ\RXUꢁ'9'ꢁSOD\HUꢁWRꢁDꢁ'ROE\ꢁ'LJLWDOꢁUHFHLYHUꢁRUꢁGHFRGHUꢂꢁ6RPHꢁUHFHLYHUV
KDYHꢁHLWKHUꢁWKHꢁ&2$;,$/ꢁRUꢁ237,&$/ꢁW\SHꢁRIꢁ'LJLWDOꢁ$XGLRꢁ,QSXWꢁMDFNꢁDQGꢁVRPHꢁKDYHꢁERWKꢂꢁ8QGHUꢁPRVW
FRQGLWLRQVꢊꢁRSWLFDOꢁDQGꢁFRD[LDOꢁFRQQHFWLRQVꢁZRUNꢁHTXDOO\ꢁZHOO²WKHꢁRQO\ꢁGLIIHUHQFHꢁLVꢁWKHꢁW\SHꢁRIꢁFDEOHꢁ\RX
FRQQHFWꢁWRꢁWKHꢁMDFNꢂ
1RWHꢅ )RUꢁPRUHꢁGHWDLOVꢊꢁSOHDVHꢁUHIHUꢁWRꢁWKHꢁMDFNHWꢁRUꢁFDVHꢁRIꢁWKHꢁGLVFꢂ
‡
‡
‡
³7KHꢁDSSDUDWXVꢁVKDOOꢁQRWꢁEHꢁH[SRVHGꢁWRꢁGULSSLQJꢁRUꢁVSODVKLQJ´ꢁDQGꢁWKDWꢁQRꢁREMHFWVꢁILOOHGꢁZLWKꢁOLTXLG
VKDOOꢁEHꢁSODFHGꢁRQꢁWKHꢁXQLWꢂ
(OHFWURQLFꢁSURGXFWVꢁRIꢁWKLVꢁNLQGꢁVKRXOGꢁQHYHUꢁEHꢁVXEMHFWHGꢁWRꢁH[WUHPHꢁWHPSHUDWXUHVꢁRUꢁKLJKꢁKXPLGLW\ꢂ
)RUꢁLQVWDQFHꢊꢁWKLVꢁVHWꢁVKRXOGꢁQRWꢁEHꢁSODFHGꢁLQꢁEDWKLQJꢁDUHDVꢁRUꢁDURXQGꢁVWRYHVꢁDQGꢁUDGLDWRUVꢂ
,IꢁDQ\WKLQJꢁIDOOVꢁLQWRꢁWKHꢁFDELQHWꢊꢁXQSOXJꢁWKHꢁXQLWꢁDQGꢁKDYHꢁLWꢁFKHFNHGꢁE\ꢁTXDOLILHGꢁSHUVRQQHOꢁEHIRUH
RSHUDWLQJꢁLWꢁDQ\ꢁIXUWKHUꢂ
ꢍꢂ 6WRSSLQJꢁ3OD\
3UHVVꢁWKHꢁ6723ꢁEXWWRQꢁRQFHꢁDQGꢁ³3UHVVꢁ3OD\ꢁ.H\ꢁ7Rꢁ&RQWLQXH´ꢁDQGꢁ³
´ꢁDSSHDUꢁRQꢁWKHꢁVFUHHQꢂꢁ7KHꢁSOD\HU
5HPRWHꢀ &RQWUROꢀ 8QLW
)RUꢀ'9'
PHPRULHVꢁWKHꢁSRLQWꢁZKHUHꢁ\RXꢁVWRSSHGꢂꢁ,Iꢁ\RXꢁSUHVVꢁWKHꢁ3/$<ꢁEXWWRQꢁDJDLQꢊꢁSOD\ꢁVWDUWVꢁDXWRPDWLFDOO\ꢁIURP
WKHꢁSRLQWꢁZKHUHꢁ\RXꢁVWRSSHGꢂꢁꢅ5HVXPLQJꢁ3OD\EDFNꢄꢁ,IꢁWKHꢁ6723ꢁEXWWRQꢁLVꢁSUHVVHGꢁWZLFHꢊꢁWKHꢁVFUHHQꢁRQO\
VKRZVꢁ³ ꢁ´ꢊꢁWKHQꢁWKHꢁSOD\HUꢁVWRSVꢁFRPSOHWHO\ꢂ
6HOHFWꢁWKHꢁ7,7/(ꢌ&+$37(5ꢁWRꢁEHꢁPHPRU\ꢁE\ꢁXVLQJꢁWKHꢁQXPEHUꢁEXWWRQVꢂꢁ7KHꢁXQLWꢁZLOOꢁDXWRPDWLFDOO\ꢁJRꢁWRꢁWKH
ꢀꢂ .(<ꢁ/2&.ꢁ%XWWRQ
ꢈꢂ 180%(5ꢁꢒꢁ72ꢁꢓꢑꢁ%XWWRQ
ꢉꢂ '9'ꢁ0(18ꢁ%XWWRQ
ꢋꢂ $8',2ꢁ02'(ꢁ%XWWRQ
ꢍꢂ 7,7/(ꢁ0(18ꢁ%XWWRQ
ꢎꢂ 68%7,7/(ꢁ0(18ꢁ%XWWRQ
ꢏꢂ 3%&ꢁ%XWWRQ
+'0,ꢀ ꢊ+LJKꢄ'HILQLWLRQꢀ 0XOWLPHGLDꢀ ,QWHUIDFHꢈꢀ 6RFNHW
QH[WꢁWUDFNꢁWRꢁDOORZꢁ\RXꢁWRꢁSURJUDPꢂꢁ3UHVVꢁWKHꢁ6723ꢁꢅ ꢄꢁEXWWRQꢁWRꢁVWRSꢁSURJUDPPHGꢁSOD\ꢂ
ꢆꢁ
7KHꢁ+'0,ꢁMDFNꢁSURYLGHVꢁRSWLPXPꢁSLFWXUHꢁTXDOLW\ꢂꢁ7KLVꢁMDFNꢁJLYHVꢁ\RXꢁDQꢁXQFRPSUHVVHGꢁGLJLWDOꢁLQWHUIDFH
WKDWꢁFDUULHVꢁERWKꢁYLGHRꢁDQGꢁDXGLRꢁGDWDꢁE\ꢁZD\ꢁRIꢁDQꢁLQWHJUDWHGꢁPLQLSOXJꢁFDEOHꢂ
1RWHꢅ 0DNHꢁVXUHꢁ\RXꢁVHWꢁWKHꢁ+'0,ꢁVHWXSꢁRSWLRQꢁLQꢁWKHꢁPHQXꢁV\VWHPꢁWRꢁWKHꢁUHVROXWLRQꢁVHWWLQJꢁWKDWꢁPRVW
FORVHO\ꢁPDWFKHVꢁ\RXUꢁ79ꢂ
1RWHꢅꢁ'LY;ꢊꢁ:0$ꢁ ꢁ03ꢉꢁGLVFVꢁGRHVꢁQRWꢁVXSSRUWꢁWKLVꢁIXQFWLRQꢂ
ꢅ
1RWHꢅ 6RPHꢁGLVFVꢁPD\ꢁQRWꢁVWDUWꢁUHVXPLQJꢁSOD\EDFNꢂ
ꢆꢆ
5DQGRPꢀ 3OD\EDFN
$OOꢁWKHꢁWUDFNVꢁDUHꢁSOD\HGꢁLQꢁDꢁUDQGRPꢁRUGHUꢂꢁꢅ&KRVHQꢁE\ꢁWKHꢁ'9'ꢄ
ꢀꢂ ,QVHUWꢁDꢁGLVFꢂ
ꢈꢂ ,QꢁVWRSꢁPRGHꢊꢁSUHVVꢁWKHꢁ5$1'20ꢁEXWWRQꢁꢅ5DQGRPꢁDSSHDUVꢄꢂ
ꢉꢂ 3UHVVꢁWKHꢁ3/$<ꢁEXWWRQꢁWRꢁVWDUWꢁUDQGRPꢁSOD\EDFNꢂꢁ2QFHꢁDOOꢁWKHꢁWUDFNVꢁRQꢁWKHꢁFXUUHQWꢁGLVFꢁKDYHꢁEHHQ
UDQGRPO\ꢁSOD\HGꢊꢁWKHꢁSOD\HUꢁDXWRPDWLFDOO\ꢁVWRSVꢁSOD\EDFNꢂ
&OHDQLQJꢀWKHꢀ8QLW
.H\ꢀ/RFN
ꢀ
‡
‡
7RꢁSUHYHQWꢁILUHꢁRUꢁVKRFNꢁKD]DUGꢊꢁGLVFRQQHFWꢁ\RXUꢁXQLWꢁIURPꢁWKHꢁ$&ꢁSRZHUꢁVRXUFHꢁZKHQꢁFOHDQLQJꢂ
7KHꢁILQLVKꢁRQꢁ\RXUꢁXQLWꢁPD\ꢁEHꢁFOHDQHGꢁZLWKꢁDꢁGXVWꢁFORWKꢁDQGꢁFDUHGꢁIRUꢁDVꢁRWKHUꢁIXUQLWXUHꢂꢁ8VHꢁFDXWLRQ
ZKHQꢁFOHDQLQJꢁDQGꢁZLSLQJꢁWKHꢁSODVWLFꢁSDUWVꢂ
ꢆꢀ
ꢆꢅ
ꢆꢉ
ꢀꢄ
ꢀꢃ
ꢀꢇ
ꢀꢈ
ꢀꢂ
ꢀꢁ
ꢀꢆ
ꢀꢀ
ꢀꢅ
ꢀꢉ
ꢅꢄ
ꢅꢃ
7KLVꢁIHDWXUHꢁDOORZVꢁ\RXꢁWRꢁORFNꢁDOOꢁWKHꢁFRQWUROVꢁRQꢁWKHꢁIURQWꢁSDQHOꢁRIꢁWKHꢁPDLQꢁXQLWꢁWRꢁSUHYHQWꢁRWKHUVꢊꢁHVSHFLDOO\
FKLOGUHQꢊꢁIURPꢁRSHUDWLQJꢁWKHꢁXQLWꢁZLWKRXWꢁWKHꢁUHPRWHꢁKDQGVHWꢂꢁ7RꢁDFWLYDWHꢁWKHꢁ.H\ꢁ/RFNꢁIHDWXUHꢁSUHVVꢁWKHꢁ.(<
/2&.ꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢂꢁ7KHꢁꢕ.(<ꢁ/2&.ꢁ21ꢕꢁVWDWHPHQWꢁZLOOꢁDSSHDUꢁRQꢁWKHꢁ79ꢁVFUHHQꢁDQGꢁDOOꢁIURQW
SDQHOꢁFRQWUROVꢊꢁLQFOXGLQJꢁWKHꢁ3RZHUꢁEXWWRQꢁZLOOꢁEHꢁORFNHGꢂꢁ7RꢁXQORFNꢁWKHꢁIURQWꢁSDQHOꢁFRQWUROVꢁSUHVVꢁWKHꢁ.(<
/2&.ꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢁDJDLQꢂꢁ7KHꢁ³.(<ꢁ/2&.ꢁ2))´ꢁVWDWHPHQWꢁZLOOꢁDSSHDUꢁRQꢁWKHꢁ79ꢁVFUHHQꢁWR
LQGLFDWHꢁWKHꢁXQORFNꢁDFWLRQꢂ
ꢆ
ꢂ
ꢇ
ꢁ
ꢈ
ꢐꢂ ꢉ'ꢁ%XWWRQ
ꢑꢂ ',63/$<ꢁ%XWWRQ
$ERXWꢀ:0$
‡
0LOGꢁVRDSꢁDQGꢁDꢁGDPSꢁFORWKꢁPD\ꢁEHꢁXVHGꢁRQꢁWKHIURQWꢁSDQHOꢂ
ꢀꢒꢂ 1DYLJDWLRQꢁꢅ
ꢌ
ꢌ
ꢌ
ꢄꢁ%XWWRQV
:0$ꢁ LVꢁ WKHꢁ DEEUHYLDWLRQꢁ RIꢁ :LQGRZVꢁ 0HGLDꢁ $XGLRꢁ DQGꢁ UHIHUVꢁ WRꢁ DQꢁ DXGLRꢁ FRPSUHVVLRQꢁ WHFKQRORJ\
GHYHORSHGꢁE\ꢁ0LFURVRIWꢁ&RUSRUDWLRQꢂ
:0$ꢁ GDWDꢁ FDQꢁ EHꢁ HQFRGHGꢁ E\ꢁ XVLQJꢁ :LQGRZVꢁ 0HGLDꢁ 3OD\HUꢁ YHUVLRQꢁ ꢐꢁ RUꢁ :LQGRZVꢁ 0HGLDꢁ 3OD\HUꢁ IRU
:LQGRZVꢁ;3ꢂꢁ)LOHVꢁDUHꢁUHFRJQL]HGꢁE\ꢁWKHLUꢁILOHꢁH[WHQVLRQꢁ³ꢂZPD´ꢁRUꢁ³ꢂ:0$´ꢂ
:LQGRZVꢁ0HGLDꢊꢁDQGꢁWKHꢁ:LQGRZVꢁORJRꢁDUHꢁWUDGHPDUNVꢊꢁRUꢁUHJLVWHUHGꢁWUDGHPDUNVꢁRIꢁ0LFURVRIWꢁ&RUSRUDWLRQ
LQꢁWKHꢁ8QLWHGꢁ6WDWHVꢁDQGꢌRUꢁRWKHUꢁFRXQWULHVꢂ
ꢃ
,QFOLQDWLRQ
'RꢁQRWꢁLQVWDOOꢁWKHꢁXQLWꢁLQꢁDQꢁLQFOLQHGꢁSRVLWLRQꢂꢁ,WꢁLVꢁGHVLJQHGꢁWRꢁEHꢁRSHUDWHGꢁLQꢁDꢁKRUL]RQWDOꢁSRVLWLRQꢁRQO\ꢂ
ꢋꢂ 3UHVVꢁWKHꢁ5$1'20ꢁEXWWRQꢁDJDLQꢁWRꢁVWRSꢁSOD\EDFNꢁꢅ5DQGRPꢁGLVDSSHDUꢄꢂ
ꢀꢀꢂ 5(7851ꢁ%XWWRQ
ꢀꢈꢂ %22.0$5.ꢁ%XWWRQ
ꢀꢉꢂ 6723ꢁ%XWWRQ
ꢄ
‡
6NLSꢀDQGꢀ6HDUFKLQJ
ꢀꢂ 6.,3ꢁ%$&.ꢁ ꢌꢁ1(;7ꢁ ꢁEXWWRQꢇ
3UHVVꢁWKHVHꢁEXWWRQVꢁWRꢁJRꢁWRꢁWKHꢁSUHYLRXVꢌQH[WꢁFKDSWHUꢁꢅ'9'ꢄꢁRUꢁWUDFNꢁꢅ&'ꢄꢂ
ꢅꢉ
,QWHUDFWLYHꢀ)XQFWLRQꢀ%XWWRQVꢀꢊ'9'ꢈ
ꢀꢂ $8',2ꢁEXWWRQꢇ
ꢅꢅ
ꢅꢀ
ꢅꢆ
ꢅꢁ
ꢅꢂ
&RQGHQVDWLRQ
ꢀꢋꢂ 6/2:ꢌ5ꢁ%XWWRQ
<RXꢁFDQꢁFKDQJHꢁWKHꢁDXGLRꢁODQJXDJHꢁIURPꢁWKHꢁRQHꢁVHOHFWHGꢁDWꢁWKHꢁLQLWLDOꢁVHWWLQJVꢁWRꢁDꢁGLIIHUHQWꢁODQJXDJHꢊ
LIꢁDYDLODEOHꢂ
‡
,IꢁWKHꢁXQLWꢁLVꢁEURXJKWꢁGLUHFWO\ꢁIURPꢁDꢁFROGꢁWRꢁDꢁZDUPꢁORFDWLRQꢊꢁPRLVWXUHꢁPD\ꢁFRQGHQVHꢁLQVLGHꢁWKHꢁ'9'
SOD\HUꢁDQGꢁFDXVHꢁGDPDJHꢁWRꢁWKHꢁOHQVHVꢂꢁ:KHQꢁ\RXꢁILUVWꢁLQVWDOOꢁWKHꢁXQLWꢊꢁRUꢁZKHQꢁ\RXꢁPRYHꢁLWꢁIURPꢁD
FROGꢁWRꢁDꢁZDUPꢁORFDWLRQꢊꢁZDLWꢁIRUꢁꢉꢒꢁPLQXWHVꢁEHIRUHꢁRSHUDWLQJꢁWKHꢁXQLWꢂ
ꢀꢍꢂ 3$86(ꢌ67(3ꢁ%XWWRQ
ꢀꢎꢂ 5$1'20ꢁ%XWWRQ
ꢀꢏꢂ 087(ꢁ%XWWRQ
ꢀꢐꢂ 5(3($7ꢁ%XWWRQ
ꢀꢑꢂ 5(3($7ꢌ$ꢆ%ꢁ%XWWRQ
ꢈꢒꢂ 6($5&+ꢁ5(9ꢁ ꢌꢁ):'ꢁ ꢁ%XWWRQ
ꢈꢀꢂ 6.,3ꢁ5(9ꢁ ꢌꢁ):'ꢁ ꢁ%XWWRQ
ꢈꢈꢂ 6/2:ꢌ)ꢁ%XWWRQ
ꢈꢉꢂ 352*5$0ꢁ%XWWRQ
ꢈꢋꢂ 6($5&+ꢁ%XWWRQ
ꢈꢍꢂ (17(5ꢁ%XWWRQ
ꢈꢎꢂ 3/$<ꢁ%XWWRQ
ꢈꢏꢂ 6(783ꢁ%XWWRQ
ꢈꢐꢂ $1*/(ꢁ%XWWRQ
ꢈꢑꢂ $8',2ꢁ0(18ꢁ%XWWRQ
ꢉꢒꢂ =220ꢁ%XWWRQ
ꢉꢀꢂ &/($5ꢁ%XWWRQ
ꢉꢈꢂ ',*(67ꢁ%XWWRQ
ꢉꢉꢂ 67$1'%<ꢁ21ꢌ2))ꢁ%XWWRQ
ꢉꢋꢂ 23(1ꢌ&/26(ꢁ%XWWRQ
ꢈꢂ 6/2:ꢌ)ꢁꢌꢁ6/2:ꢌ5ꢁEXWWRQꢇ
‡
7KLVꢁXQLWꢁZLOOꢁSOD\ꢁ&'ꢆ520ꢊꢁ&'ꢆ5ꢁDQGꢁ&'ꢆ5:ꢁGLVFVꢁFRQWDLQLQJꢁILOHVꢁVDYHGꢁLQꢁWKHꢁ03ꢉꢁRUꢁ:0$ꢁIRUPDW
ZLWKꢁDꢁVDPSOLQJꢁUDWHꢁRIꢁꢉꢈꢊꢁꢋꢋꢂꢀꢁRUꢁꢋꢐꢁ.+]ꢂ
3UHVVꢁWKLVꢁEXWWRQꢁWRꢁVHOHFWꢁVORZꢆPRWLRQꢁIRUZDUGꢁRUꢁUHZLQGꢁSOD\EDFNꢁDWꢁꢀꢌꢈꢊꢁꢀꢌꢋꢊꢁꢀꢌꢐꢊꢁꢀꢌꢀꢎꢁQRUPDOꢁVSHHG
ꢈꢂ 68%7,7/(ꢁEXWWRQꢇ
ꢁZLWKRXWꢁVRXQGꢂ
‡
‡
‡
‡
)L[HGꢁELWꢆUDWHꢁ03ꢉꢁILOHVꢁDUHꢁUHFRPPHQGHGꢊꢁRUꢁWKHꢁSOD\LQJꢁWLPHꢁPD\ꢁQRWꢁEHꢁVKRZQꢁFRUUHFWO\ꢂ
7KLVꢁSOD\HUꢁLVꢁQRWꢁFRPSDWLEOHꢁZLWKꢁQRꢁORVVꢁHQFRGLQJꢁRUꢁYDULDEOHꢁELWꢆUDWHꢁꢅ9%5ꢄꢁ:0$ꢁILOHVꢂ
:0$ꢁILOHVꢁHQFRGHGꢁZLWKꢁ'50ꢁꢅ'LJLWDOꢁ5LJKWVꢁ0DQDJHPHQWꢄꢁFRS\ꢁSURWHFWLRQꢁZLOOꢁQRWꢁSOD\ꢂ
:KHQꢁQDPLQJꢁ03ꢉꢁDQGꢁ:0$ꢁILOHVꢊꢁDGGꢁFRUUHVSRQGLQJꢁILOHꢁQDPHꢁH[WHQVLRQꢁꢅꢂPSꢉꢁRUꢁꢂZPDꢄꢂꢁ)LOHVꢁDUH
SOD\HGꢁDFFRUGLQJꢁWRꢁWKHꢁILOHꢁH[WHQVLRQꢂꢁ7RꢁSUHYHQWꢁQRLVHꢁDQGꢁPDOIXQFWLRQVꢊꢁGRꢁQRWꢁXVHꢁWKHVHꢁH[WHQVLRQV
IRUꢁRWKHUꢁNLQGVꢁRIꢁILOHVꢂ
<RXꢁFDQꢁVHOHFWꢁDꢁVXEWLWOHꢁODQJXDJHꢊꢁDQGꢁWRꢁWXUQꢁWKHꢁVXEWLWOHꢁPHQXꢁRQꢌRIIꢂ
‡
3UHVVꢁWKHꢁ3/$<ꢁEXWWRQꢁWRꢁUHVXPHꢁQRUPDOꢁSOD\EDFNꢂ
$YRLGꢀ ,QWHUIHUHQFH
ꢅꢈ
ꢅꢇ
ꢉꢂ '9'ꢁ0(18ꢁEXWWRQꢇ
1RWHꢅ 7KLVꢁSOD\HUꢁGRHVꢁQRWꢁVXSSRUWꢁVORZꢆPRWLRQꢁUHZLQGꢁꢅ6/2:ꢌ5ꢄꢁSOD\EDFNꢁDQGꢁ³ꢁꢁꢁꢁꢁ´ꢁZLOOꢁDSSHDUꢁRQꢁWKH
‡
'HSHQGLQJꢁ RQꢁ WKHꢁ UHFHSWLRQꢁ FRQGLWLRQꢁ RIꢁ WKHꢁ 79ꢊꢁ LQWHUIHUHQFHꢁ PD\ꢁ DSSHDUꢁ RQꢁ WKHꢁ 79ꢁ VFUHHQꢁ ZKLOH
\RXꢁZDWFKꢁDꢁ79ꢁEURDGFDVWꢁDQGꢁWKHꢁXQLWꢁLVꢁOHIWꢁRQꢂꢁ7KLVꢁLVꢁQRWꢁDꢁPDOIXQFWLRQꢁRIꢁWKHꢁXQLWꢁRUꢁWKHꢁ79ꢂꢁ7R
ꢁZDWFKꢁDꢁ79ꢁEURDGFDVWꢊꢁWXUQꢁRIIꢁWKHꢁXQLWꢂ
3UHVVꢁWKLVꢁEXWWRQꢂꢁ7KHꢁ0DLQꢁ0HQXꢁRIꢁWKHꢁGLVFꢁZLOOꢁDSSHDUꢂꢁ8VHꢁWKHꢁ1DYLJDWLRQꢁꢅ
WKHꢁGHVLUHGꢁRSWLRQꢊꢁDQGꢁWKHQꢁSUHVVꢁWKHꢁ(17(5ꢁEXWWRQꢂ
ꢊ
ꢊ
ꢊ
ꢊ
ꢊ
ꢊ
ꢄꢁEXWWRQꢁWRꢁVHOHFW
ꢄꢁEXWWRQꢁWRꢁVHOHFW
79ꢁVFUHHQꢁLIꢁ\RXꢁSUHVVꢁ6/2:ꢌ5ꢁEXWWRQꢁZKHQꢁSOD\LQJꢁDꢁ9&'ꢁGLVFꢂ
ꢉꢂ 3$86(ꢌ67(3ꢁEXWWRQꢇ
ꢋꢂ 7,7/(ꢁEXWWRQꢇ
3UHVVꢁWKHꢁ3$86(ꢌ67(3ꢁEXWWRQꢁRQFHꢁWRꢁSDXVHꢁWKHꢁSLFWXUHꢂꢁ5HSHDWHGO\ꢁSUHVVꢁWKHꢁ3$86(ꢌ67(3ꢁEXWWRQ
3UHVVꢁWKLVꢁEXWWRQꢂꢁ7KHꢁ7LWOHꢁ0HQXꢁRIꢁWKHꢁGLVFꢁZLOOꢁDSSHDUꢂꢁ8VHꢁWKHꢁ1DYLJDWLRQꢁꢅ
WKHꢁGHVLUHGꢁRSWLRQꢊꢁDQGꢁWKHQꢁSUHVVꢁWKHꢁ(17(5ꢁEXWWRQꢂ
'LVFRQQHFWꢀ 3RZHU
WRꢁSOD\ꢁWKHꢁ'9'ꢁRQHꢁIUDPHꢁDWꢁDꢁWLPHꢂ
‡
7KLVꢁSOD\HUꢁFDQꢁUHFRJQL]HꢁXSꢁWRꢁꢑꢑꢑꢁILOHVꢁꢅ:0$ꢌ03ꢉꢄꢁDQGꢁXSꢁWRꢁꢋꢑꢑꢁIROGHUVꢂꢁ,IꢁDꢁGLVFꢁH[FHHGVꢁWKHVH
OLPLWVꢊꢁRQO\ꢁILOHVꢁDQGꢁIROGHUVꢁXSꢁWRꢁWKHVHꢁOLPLWVꢁZLOOꢁEHꢁSOD\DEOHꢂꢁ)LOHVꢁDQGꢁIROGHUVꢁDUHꢁUHDGꢌGLVSOD\HGꢁLQ
DOSKDEHWLFDOꢁRUGHUꢂ
‡
,Iꢁ \RXꢁ DUHꢁ QRWꢁ JRLQJꢁ WRꢁ XVHꢁ WKHꢁ SOD\HUꢁ IRUꢁ Dꢁ ORQJꢁ WLPHꢊꢁ EHꢁ VXUHꢁ WRꢁ GLVFRQQHFWꢁ WKHꢁ SOD\HUꢁ IURPꢁ WKH
ZDOOꢁRXWOHWꢂꢁ7RꢁGLVFRQQHFWꢁWKHꢁ$&ꢁSRZHUꢁFRUGꢁꢅPDLQꢁOHDGVꢄꢊꢁJUDVSꢁWKHꢁSOXJꢁLWVHOIꢊꢁQHYHUꢁSXOOꢁWKHꢁFRUGꢂ
‡
3UHVVꢁWKHꢁ3/$<ꢁEXWWRQꢁWRꢁUHVXPHꢁQRUPDOꢁSOD\EDFNꢂ
ꢋꢂ 6($5&+ꢁ5(:ꢁ ꢁDQGꢁ):'ꢁ ꢁEXWWRQꢇ
7KHVHꢁEXWWRQVꢁDOORZꢁVHDUFKLQJꢁDKHDGꢌEDFNꢁDWꢁꢋꢆOHYHOꢁVSHHGVꢁDVꢁꢈ[ꢊꢁꢋ[ꢊꢁꢐ[ꢊꢁDQGꢁꢀꢎ[ꢂ
$XGLRꢀ0RGHꢀꢊ$XGLRꢀ&'VꢀRQO\ꢈ
:KLOHꢁSOD\LQJꢁDQꢁDXGLRꢁ&'ꢁꢅQRWꢁ'9'ꢄꢊꢁ\RXꢁFDQꢁF\FOHꢁEHWZHHQꢁWKHꢁDXGLRꢁPRGHVꢁDVꢁIROORZVꢇ
3UHVVꢁWKHꢁ$8',2ꢁ02'(ꢁEXWWRQꢁWRꢁF\FOHꢁWKURXJKꢁWKHꢁDXGLRꢁPRGHVꢂꢁ7KHꢁDXGLRꢁPRGHVꢁYDU\ꢁGHSHQGLQJꢁRQꢁWKH
GLVFꢁLQVHUWHGꢊꢁEXWꢁLQFOXGHꢁ0212ꢁ/()7ꢊꢁ0212ꢁ5,*+7ꢊꢁ0,;ꢁ0212ꢊꢁ67(5(2ꢊꢁHWFꢂꢁ³',6&ꢁ127ꢁ6833257´ꢁZLOO
DSSHDUꢁLIꢁWKHꢁGLVFꢁGRHVꢁQRWꢁVXSSRUWꢁDXGLRꢁPRGHꢁFKDQJLQJꢂ
‡
7KHꢁPDLQVꢁSOXJꢁLVꢁXVHGꢁDVꢁWKHꢁGLVFRQQHFWꢁGHYLFHꢊꢁWKHꢁGLVFRQQHFWꢁGHYLFHꢁVKDOOꢁUHPDLQꢁUHDGLO\ꢁRSHUDEOHꢂ
‡
‡
)ROGHUꢁDQGꢁWUDFNꢁQDPHVꢁꢅH[FOXGLQJꢁWKHꢁILOHꢁH[WHQVLRQꢄꢁDUHꢁGLVSOD\HGꢂ
7KLVꢁSOD\HUꢁFDQQRWꢁꢀꢒꢒꢔꢁSOD\LQJꢁDOOꢁNLQGVꢁRIꢁ:0$ꢌ03ꢉꢌ-3(*ꢁILOHꢁGLVFꢁEHFDXVHꢁWKHꢁXQLW¶VꢁSOD\ꢁDELOLW\
GHSHQGVꢁRQꢁWKHꢁTXDOLW\ꢁRIꢁWKHꢁGLVFꢊꢁELWꢆUDWHꢊꢁDQGꢁILOHꢁVWUXFWXUHꢂ
‡
3UHVVꢁWKHꢁ3/$<ꢁEXWWRQꢁWRꢁUHWXUQꢁWRꢁQRUPDOꢁSOD\EDFNꢂ
'LVFꢀ 0DLQWHQDQFH
‡
%HIRUHꢁSOD\EDFNꢊꢁZLSHꢁWKHꢁGLVFꢁIURPꢁWKHꢁFHQWHUꢁKROHꢁWRZDUGꢁWKH
RXWHUꢁHGJHꢁZLWKꢁDꢁFOHDQꢁFORWKꢂ
7LWOHꢇ&KDSWHUꢀ 6HDUFK
$ERXWꢀ03(*ꢋꢀDQGꢀ'LY;
03(*ꢁLVꢁWKHꢁDEEUHYLDWLRQꢁRIꢁWKHꢁ0RYLQJꢁ3LFWXUHꢁ([SHUWVꢁ*URXSꢁZKLFKꢁEHORQJVꢁWRꢁWKHꢁIDPLO\ꢁRIꢁ,62ꢌ,(&
VWDQGDUGVꢁꢅ,QWHUQDWLRQDOꢁ2UJDQL]DWLRQꢁIRUꢁ6WDQGDUGL]DWLRQꢁDQGꢁ,QWHUQDWLRQDOꢁ(OHFWURWHFKQLFDOꢁ&RPPLVVLRQꢄꢂ
03(*ꢆꢋꢁLVꢁDꢁFRPSUHVVLRQꢁWHFKQRORJ\ꢁIRUꢁ,QWHUDFWLYHꢁ0XOWLPHGLDꢁ6\VWHPꢂ
'LY;ꢁLVꢁDꢁEUDQGꢆQDPHꢁYLGHRꢁFRGHFꢁꢅFRPSUHVVLRQꢆGHFRPSUHVVLRQꢄꢁWHFKQRORJ\ꢁFRGHFꢁEDVHGꢁRQꢁWKHꢁ03(*ꢆꢋ
VWDQGDUGꢁWKDWꢁFRPSUHVVHVꢁYLGHRꢁWRꢁVPDOOꢁHQRXJKꢁVL]HVꢁWKDWꢁLWꢁFDQꢁEHꢁHDVLO\ꢁVHQWꢁRYHUꢁWKHꢁ,QWHUQHWꢊꢁEXWꢁUHWDLQV
DꢁKLJKꢁGHJUHHꢁRIꢁYLGHRꢁTXDOLW\ꢂ
1RWHꢅ 'LY;ꢁGLVFꢁGRHVꢁQRWꢁVXSSRUWꢁWKLVꢁIXQFWLRQꢂꢁ:0$ꢁDQGꢁ03ꢉꢁGLVFVꢁVXSSRUWꢁWKLVꢁIXQFWLRQꢂ
3UHVVꢁWKHꢁ6($5&+ꢁEXWWRQꢁRQFHꢊꢁWKHQꢁSUHVVꢁWKHꢁ1DYLJDWLRQꢁEXWWRQꢁꢅ
ꢊ
ꢄꢁWRꢁVHOHFWꢁ7LWOHꢌ&KDSWHUꢁDQG
‡
1HYHUꢁXVHꢁEHQ]LQHꢊꢁWKLQQHUꢊꢁFOHDQLQJꢁIOXLGꢊꢁVWDWLFꢁHOHFWULFLW\
SUHYHQWLRQꢁOLTXLGVꢁRUꢁDQ\ꢁRWKHUꢁVROYHQWꢂ
SUHVVꢁWKHꢁ1XPEHUꢁEXWWRQVꢁWRꢁVHOHFWꢁWLWOHꢁQXPEHUꢁDQGꢁFKDSWHUꢁQXPEHUꢁUHVSHFWLYHO\ꢂ
1RWHꢅ 3RLQWꢁUHPRWHꢁFRQWUROꢁXQLWꢁQRꢁPRUHꢁWKDQ
ꢎPꢁ IURPꢁ WKHꢁ UHPRWHꢁ VHQVRUꢁ DQGꢁ ZLWKLQ
DERXWꢁꢋꢍƒꢁRIꢁWKHꢁIURQWꢁRIꢁWKHꢁXQLWꢂ
=RRP
5LJKW
:URQJ
7LWOHꢀ 7LPHꢇ&KDSWHUꢀ 7LPHꢀ 6HDUFK
3UHVVꢁWKHꢁ6($5&+ꢁEXWWRQꢁWZLFHꢁDQGꢁSUHVVꢁ1XPEHUꢁEXWWRQVꢁWRꢁVHOHFWꢁWLWOHꢁWLPHꢁꢅ+RXUꢇꢁ0LQXWHꢇꢁ6HFRQGꢄꢂ
3UHVVꢁWKHꢁ6($5&+ꢁEXWWRQꢁWKHꢁWKLUGꢁWLPHꢁDQGꢁUHSHDWꢁWKHꢁDERYHꢁPHQWLRQHGꢁSURFHGXUHꢁIRUꢁFKDSWHUꢁWLPHꢂ
3UHVVꢁWKLVꢁEXWWRQꢁꢅ=RRPꢁꢈ[ꢊꢁꢉ[ꢊꢁꢋ[ꢄꢁGXULQJꢁQRUPDOꢊꢁVORZꢁRUꢁVWLOOꢁSOD\EDFNꢁPRGHꢂꢁ7KLVꢁSOD\HUꢁFDQꢁPDJQLI\ꢁD
SLFWXUHꢁDQGꢁXVHꢁGLUHFWLRQꢁEXWWRQV ꢅ
ꢊ
ꢊ
ꢊ
ꢄꢁWRꢁVHOHFWꢁGHVLUHGꢁSDUWꢁRIꢁWKHꢁ]RRPHGꢁSLFWXUHꢂ
1RWHꢅ 'LY;ꢁGLVFꢁVXSSRUWꢁWKLVꢁIXQFWLRQꢂꢁ:0$ꢁDQGꢁ03ꢉꢁGLVFVꢁGRHVꢁQRWꢁVXSSRUWꢁWKLVꢁIXQFWLRQꢂ
FRQWLQXHGꢀRQꢀQH[WꢀSDJH
Download from Www.Somanuals.com. All Manuals Search And Download.
|
Accusplit Fitness Electronics AH120MAG User Manual
AEG Microwave Oven EMS26415X User Manual
AG Neovo Flat Panel Television ER 19 User Manual
AltiGen comm Network Card Advanced Call RouterTM User Manual
Amana Range ACS7270A User Manual
Asus Cell Phone V75 User Manual
Avocent Network Card LongView Wireless User Manual
Axis Communications Security Camera axis communications dome network camera User Manual
Axis Communications Security Camera P3215 VE User Manual
Beko Range CSM 89300 G User Manual