86(5ꢀ0$18$/
ꢁꢂ3'ꢃꢄꢂ'7$
7KDQNꢄ\RXꢄIRUꢄSXUFKDVLQJꢄWKHꢄ+LWDFKLꢄ3ODVPDꢄ7HOHYLVLRQꢅ
3OHDVHꢄUHDGꢄWKLVꢄXVHUꢄPDQXDOꢄFDUHIXOO\ꢄEHIRUHꢄRSHUDWLQJꢄ
WKLVꢄSURGXFWꢅ
7RꢄHQVXUHꢄSURSHUꢄRSHUDWLRQꢆꢄSOHDVHꢄUHDGꢄDQGꢄIROORZꢄ$//ꢄ
WKHꢄLQVWUXFWLRQVꢆꢄHVSHFLDOO\ꢄWKHꢄꢇ,03257$17ꢄ6$)(7<ꢄ
,16758&7,216ꢇꢄDQGꢄꢇ6$)(7<ꢄ35(&$87,216ꢇꢅꢄ
3OHDVHꢄNHHSꢄWKLVꢄXVHUꢄPDQXDOꢄIRUꢄIXWXUHꢄUHIHUHQFHꢅ
,1752'8&7,21
7KDQNꢄ\RXꢄIRUꢄSXUFKDVLQJꢄWKHꢄ+LWDFKLꢄ3ODVPDꢄ7HOHYLVLRQꢅꢄꢄ:HꢄKRSHꢄWKDWꢄ\RXꢄZLOOꢄHQMR\ꢄWKHꢄJUHDWꢄSHUIRUPDQFHꢄZLWKꢄWKLVꢄ
SURGXFWꢅ
7KLVꢄ3ODVPDꢄWHOHYLVLRQꢄKDVꢄEHHQꢄGHVLJQHGꢄWRꢄPHHWꢄWKHꢄLQWHUQDWLRQDOꢄVWDQGDUGVꢅꢄꢄ+RZHYHUꢆꢄLWꢄFRXOGꢄFDXVHꢄSHUVRQDOꢄ
LQMXULHVꢄDQGꢄSURSHUW\ꢄGDPDJHꢄLIꢄLPSURSHUO\ꢄKDQGOHGꢅꢄꢄ,QꢄRUGHUꢄWRꢄSUHYHQWꢄSRWHQWLDOꢄGDQJHUꢄDQGꢄREWDLQꢄPD[LPXPꢄEHQH¿Wꢄ
IURPꢄ\RXUꢄVHWꢆꢄSOHDVHꢄREVHUYHꢄWKHꢄIROORZLQJꢄLQVWUXFWLRQVꢄZKHQꢄLQVWDOOLQJꢆꢄRSHUDWLQJꢆꢄDQGꢄFOHDQLQJꢄWKHꢄSURGXFWꢅ
.HHSꢄWKLVꢄPDQXDOꢄIRUꢄIXWXUHꢄUHIHUHQFHꢆꢄDQGꢄUHFRUGꢄWKHꢄVHULDOꢄQXPEHUꢄRIꢄ\RXUꢄVHWꢄLQꢄWKHꢄVSDFHꢄSURYLGHGꢄRQꢄWKHꢄIURQWꢄ
FRYHUꢄSDJHꢄRIꢄWKLVꢄPDQXDOꢅ
$ERXWꢀ7KLVꢀ0DQXDO
ꢄ7KHꢄLQIRUPDWLRQꢄLQꢄWKLVꢄPDQXDOꢄLVꢄVXEMHFWꢄWRꢄFKDQJHꢄZLWKRXWꢄQRWLFHꢅ
ꢄ7KLVꢄPDQXDOꢄKDVꢄEHHQꢄFUHDWHGꢄZLWKꢄH[WUDꢄFDUHꢅꢄꢄ,QꢄFDVHꢄWKDWꢄ\RXꢄKDYHꢄDQ\ꢄFRPPHQWVꢄRUꢄTXHVWLRQVꢄUHJDUGLQJꢄWKLVꢄ
PDQXDOꢆꢄSOHDVHꢄFRQWDFWꢄ\RXUꢄORFDOꢄGHDOHUꢄRUꢄRXUꢄ&XVWRPHUꢄ6HUYLFHꢄ&HQWHUꢅ
ꢄ%HIRUHꢄRSHUDWLQJꢄWKLVꢄVHWꢆꢄSOHDVHꢄIXOO\ꢄXQGHUVWDQGꢄWKHꢄSUHUHTXLVLWHꢄVXFKꢄDVꢄVSHFL¿FDWLRQVꢄRUꢄFRQVWUDLQWVꢄRIꢄWKHꢄ
KDUGZDUHꢄDQGꢄVRIWZDUHꢅꢄꢄ:HꢄDUHꢄQRWꢄUHVSRQVLEOHꢄDQGꢄKDYHꢄQRꢄOLDELOLW\ꢄIRUꢄDQ\ꢄORVVꢆꢄGDPDJHꢄRUꢄLQMXU\ꢄDVꢄDꢄUHVXOWꢄRIꢄ
PLVXVHꢅ
ꢄ5HSURGXFWLRQꢆꢄFRS\LQJꢆꢄXVHꢆꢄPRGL¿FDWLRQꢆꢄDQGꢍRUꢄWUDQVPLVVLRQꢄLQꢄZKROHꢄRUꢄLQꢄSDUWꢄRIꢄWKLVꢄPDQXDOꢄDUHꢄSURKLELWHGꢄ
ZLWKRXWꢄDQ\ꢄSULRUꢄZULWWHQꢄSHUPLVVLRQꢅ
ꢄ$OOꢄRWKHUꢄSURGXFWVꢄDQGꢄFRPSDQ\ꢄQDPHVꢄXVHGꢄLQꢄWKLVꢄPDQXDOꢄDUHꢄWUDGHPDUNVꢄRUꢄUHJLVWHUHGꢄWUDGHPDUNVꢄRIꢄWKHLUꢄ
UHVSHFWLYHꢄRZQHUVꢅ
7UDGHPDUNꢀ&UHGLWV
ꢄ9*$ꢄDQGꢄ;*$ꢄDUHꢄWUDGHPDUNVꢄRIꢄ,QWHUQDWLRQDOꢄ%XVLQHVVꢄ0DFKLQHVꢄ&RUSRUDWLRQꢅ
ꢄ9(6$ꢄLVꢄDꢄUHJLVWHUHGꢄWUDGHPDUNꢄRIꢄWKHꢄ9LGHRꢄ(OHFWURQLFVꢄ6WDQGDUGꢄ$VVRFLDWLRQꢅ
ꢄ/LFHQVHGꢄE\ꢄ%%(ꢄ6RXQGꢆꢄ,QFꢅꢄXQGHUꢄ863ꢀꢀꢈꢁꢋꢀꢉꢄDQGꢄꢀꢋꢊꢃꢎꢂꢋꢅꢄ
%%(ꢄDQGꢄ%%(ꢄV\PEROꢄDUHꢄUHJLVWHUHGꢄWUDGHPDUNVꢄRIꢄ%%(ꢄ6RXQGꢆꢄ,QFꢅꢄꢄ
0DQXIDFWXUHGꢄXQGHUꢄOLFHQVHꢄIURPꢄ%%(ꢄ6RXQGꢆꢄ,QFꢅ
ꢄ:2:ꢆꢄ656ꢄDQGꢄꢐ ꢑꢄV\PEROꢄDUHꢄWUDGHPDUNVꢄRIꢄ656ꢄ/DEVꢆꢄ,QFꢅꢄ
z
:2:ꢄWHFKQRORJ\ꢄLVꢄLQFRUSRUDWHGꢄXQGHUꢄOLFHQVHꢄIURPꢄ656ꢄ/DEVꢆꢄ,QFꢅ
ꢄ+'0,ꢆꢄWKHꢄ+'0,ꢄORJRꢄDQGꢄ+LJKꢌ'H¿QLWLRQꢄ0XOWLPHGLDꢄ,QWHUIDFHꢄDUHꢄWUDGHPDUNVꢄRUꢄUHJLVWHUHGꢄWUDGHPDUNVꢄRIꢄ+'0,ꢄ
/LFHQVLQJꢄ//&ꢅꢄ
ꢄ'9%ꢄLVꢄDꢄUHJLVWHUHGꢄWUDGHPDUNꢄRIꢄWKHꢄ'9%ꢄ3URMHFWꢅꢄ
(YHQꢄLIꢄQRꢄVSHFLDOꢄQRWDWLRQꢄKDVꢄEHHQꢄPDGHꢄRIꢄFRPSDQ\ꢄRUꢄSURGXFWꢄWUDGHPDUNVꢆꢄWKHVHꢄWUDGHPDUNVꢄKDYHꢄEHHQꢄIXOO\ꢄ
UHVSHFWHGꢅ
$ERXWꢀ6RIWZDUH
<RXꢄPD\ꢄQRWꢄDOWHUꢆꢄGHFRPSLOHꢆꢄGLVDVVHPEOHꢆꢄGHFU\SWꢆꢄRUꢄRWKHUZLVHꢄUHYHUVHꢌꢄHQJLQHHUꢄWKHꢄ6RIWZDUHꢄLQVWDOOHGꢄLQꢄWKLVꢄ
SURGXFWꢆꢄZKLFKꢄDUHꢄSURKLELWHGꢄE\ꢄODZꢅ
ꢉ
6$)(7<ꢀ35(&$87,216
)RUꢄ\RXUꢄVDIHW\ꢆꢄSOHDVHꢄUHDGꢄWKHꢄIROORZLQJꢄSUHFDXWLRQVꢄFDUHIXOO\ꢄEHIRUHꢄXVLQJꢄWKLVꢄSURGXFWꢅꢄ,PSURSHUꢄXVHꢄZRXOGꢄFDXVHꢄVHULRXVꢄSHUVRQDOꢄLQMXULHVꢄ
DQGꢍRUꢄGDPDJHꢄWRꢄ\RXUꢄSURSHUW\ꢄRUꢄWKLVꢄSURGXFWꢅꢄꢄ
$ERXWꢀWKHꢀ6\PEROV
7KHꢄIROORZLQJꢄDUHꢄWKHꢄV\PEROVꢄXVHGꢄLQꢄWKLVꢄPDQXDOꢄDQGꢄDI¿[HGꢄRQꢄWKHꢄXQLWꢄLWVHOIꢅꢄꢄ3OHDVHꢄIXOO\ꢄXQGHUVWDQGꢄWKHꢄPHDQLQJVꢄRIꢄWKHꢄV\PEROVꢄEHIRUHꢄ
UHDGLQJꢄWKHꢄLQVWUXFWLRQVꢄLQꢄWKLVꢄVHFWLRQꢅ
1HYHUꢄLJQRUHꢄWKHꢄLQVWUXFWLRQꢅꢄ7KHUHꢄDUHꢄULVNVꢄRIꢄVHULRXVꢄLQMXULHVꢄRUꢄSRVVLEOHꢄGHDWKꢄWRꢄWKHꢄXVHUꢅ
:$51,1*
'RꢄQRWꢄLJQRUHꢄWKHꢄLQVWUXFWLRQꢅꢄ7KHUHꢄDUHꢄSRVVLELOLWLHVꢄRIꢄSHUVRQDOꢄLQMXULHVꢄDQGꢍRUꢄSURSHUW\ꢄGDPDJHꢅ
&$87,21
2WKHUꢀ6\PEROVꢀ
7KHꢄWULDQJOHꢄZLWKꢄLOOXVWUDWLRQꢄLVꢄLQWHQGHGꢄWRꢄDOHUWꢄWKHꢄXVHUVꢄWKDWꢄWKHUHꢄDUHꢄSRVVLELOLWLHVꢄRIꢄ¿UHꢆꢄH[SORVLRQꢆꢄRUꢄKLJKꢄ
WHPSHUDWXUHVꢄLIꢄWKHꢄSURGXFWꢄLVꢄKDQGOHGꢄLPSURSHUO\ꢅ
(DFKꢄLOOXVWUDWLRQꢄZLWKLQꢄWKHꢄWULDQJOHꢄVSHFL¿HVꢄWKHꢄFRQWHQWVꢄLQꢄGHWDLOꢅꢄꢐ7KHꢄ¿JXUHꢄRQꢄWKHꢄOHIWꢄLVꢄDQꢄH[DPSOHꢅꢑ
7KHꢄFLUFOHꢄZLWKꢄGLDJRQDOꢄOLQHꢄDQGꢄLOOXVWUDWLRQꢄLQGLFDWHVꢄDꢄSURKLELWHGꢄDFWLRQꢄꢐWKHꢄV\PEROꢄWRꢄWKHꢄOHIWꢄLQGLFDWHVꢄWKDWꢄ
GLVDVVHPEO\ꢄLVꢄSURKLELWHGꢑꢅ
7KLVꢄV\PEROꢄLQGLFDWHVꢄDꢄFRPSXOVRU\ꢄDFWLRQꢅ
7KHꢄFRQWHQWVꢄZLOOꢄEHꢄFOHDUO\ꢄLQGLFDWHGꢄLQꢄDQꢄLOOXVWUDWLRQꢄRUꢄQHDUE\ꢄꢐWKHꢄV\PEROꢄWRꢄWKHꢄOHIWꢄLQGLFDWHVꢄWKDWꢄWKHꢄSRZHUꢄSOXJꢄ
VKRXOGꢄEHꢄGLVFRQQHFWHGꢄIURPꢄWKHꢄSRZHUꢄRXWOHWꢑꢅ
:$51,1*
7KHUHꢀLVꢀDꢀULVNꢀRIꢀÀUHꢎꢀHOHFWULFꢀVKRFNꢎꢀRUꢀVHULRXVꢀLQMXU\ꢅ
ʄ
ꢀ8QSOXJꢀWKHꢀSRZHUꢀFRUGꢀLPPHGLDWHO\ꢀZKHQꢀVHULRXVꢀSUREOHPVꢀRFFXUꢅꢀꢀ
6HULRXVꢄSUREOHPVꢄVXFKꢄDVꢄꢄ
ꢄ6PRNHꢆꢄDEQRUPDOꢄRGRUꢄRUꢄQRLVHꢄFRPHVꢄRXWꢄIURPꢄWKHꢄSURGXFWꢅ
ꢄ1RꢄSLFWXUHꢆꢄQRꢄVRXQGꢄRUꢄGLVWRUWHGꢄSLFWXUHꢄRQꢄWKHꢄGLVSOD\ꢅ
ꢄ)RUHLJQꢄREMHFWVꢄꢐVXFKꢄDVꢄZDWHUꢆꢄPHWDOVꢄHWFꢅꢑꢄJHWꢄLQVLGHꢄWKHꢄXQLWꢅꢄꢄ
'RꢄQRWꢄFRQWLQXHꢄXVLQJꢄWKHꢄSURGXFWꢄXQGHUꢄWKHVHꢄDEQRUPDOꢄFRQGLWLRQVꢅ
7XUQꢄRIIꢄWKHꢄ0DLQꢄ3RZHUꢆꢄXQSOXJꢄWKHꢄ3RZHUꢄ&RUGꢆꢄDQGꢄFRQWDFWꢄ\RXUꢄGHDOHUꢄLPPHGLDWHO\ꢅꢄ
)RUꢀ\RXUꢀVDIHW\ꢎꢀQHYHUꢀWU\ꢀWRꢀUHSDLUꢀWKHꢀSURGXFWꢀE\ꢀ\RXUVHOIꢅ
'LVFRQQHFWꢄWKH
SOXJꢄIURPꢄWKHꢄ
SRZHUꢄRXWOHWꢅ
ʄ
ʄ
ꢀ'RꢀQRWꢀLQVHUWꢀOLTXLGVꢀRUꢀDQ\ꢀIRUHLJQꢀREMHFWVꢀꢋVXFKꢀDVꢀPHWDOVꢀRUꢀÁDPPDEOHꢀLWHPVꢌꢀLQVLGHꢀWKHꢀXQLWꢅ
ꢄ,QꢄFDVHꢄLWꢄKDSSHQVꢆꢄWXUQꢄRIIꢄWKHꢄPDLQꢄSRZHUꢆꢄXQSOXJꢄWKHꢄ3RZHUꢄ&RUGꢆꢄDQGꢄFRQWDFWꢄ\RXUꢄGHDOHUꢄLPPHGLDWHO\ꢅ
ꢄ8VHꢄVSHFLDOꢄFDXWLRQꢄZKHQꢄ\RXQJHUꢄFKLOGUHQꢄDUHꢄDURXQGꢄWKHꢄXQLWꢅ
ꢀ'RꢀQRWꢀUHPRYHꢀFRYHUꢎꢀRUꢀPRGLI\ꢀWKHꢀSURGXFWꢅ
ꢄ+LJKꢌYROWDJHꢄFRPSRQHQWVꢄDUHꢄLQVWDOOHGꢄLQVLGHꢄRIꢄWKHꢄXQLWꢅꢄꢄ5HPRYLQJꢄFRYHUVꢄFDQꢄH[SRVHꢄ\RXꢄWRꢄKLJKꢄ
YROWDJHꢆꢄHOHFWULFDOꢄVKRFNꢆꢄDQGꢄRWKHUꢄGDQJHURXVꢄFRQGLWLRQVꢅ
ꢄ&RQWDFWꢄ\RXUꢄORFDOꢄGHDOHUꢄWRꢄSHUIRUPꢄVHUYLFLQJꢄVXFKꢄDVꢄLQVSHFWLRQꢆꢄDGMXVWPHQWꢆꢄRUꢄUHSDLUꢄZRUNꢅ
'RꢄQRWꢄ
GLVDVVHPEOH
ꢊ
6$)(7<ꢀ35(&$87,216ꢀꢋFRQWLQXHGꢌ
:$51,1*
7KHUHꢀLVꢀDꢀULVNꢀRIꢀÀUHꢎꢀHOHFWULFꢀVKRFNꢎꢀRUꢀVHULRXVꢀLQMXU\ꢅ
ʄ
ʄ
ꢀ,QVWDOOꢀWKHꢀXQLWꢀDWꢀDꢀSURSHUꢀDUHDꢀZKHUHꢀLWꢀGRHVꢀQRWꢀH[SRVHꢀDQ\RQHꢀWRꢀDQ\ꢀGDQJHUꢅ
ꢄ,Iꢄ\RXꢄKLWꢄDJDLQVWꢄWKHꢄHGJHꢄRIꢄWKHꢄXQLWꢆꢄ\RXꢄPD\ꢄEHꢄLQMXUHGꢅ
ꢀ'RꢀQRWꢀSODFHꢀDQ\ꢀREMHFWVꢀRQꢀWRSꢀRIꢀWKHꢀXQLWꢅ
2EMHFWVꢄVXFKꢄDV
ꢄ/LTXLGꢄFRQWDLQHUVꢄꢐYDVHꢆꢄ¿VKꢄWDQNꢆꢄÀRZHUSRWꢆꢄFRVPHWLFVꢄRUꢄOLTXLGꢄPHGLFLQHꢑꢅꢄ
ꢄ,IꢄZDWHUꢄRUꢄDQ\ꢄOLTXLGꢄVSLOOꢄRQWRꢄWKHꢄXQLWꢆꢄLWꢄPD\ꢄFDXVHꢄVKRUWꢌFLUFXLWꢄDQGꢄUHVXOWꢄLQꢄ¿UHꢄRUꢄHOHFWULFDOꢄVKRFNꢅ
ꢄ,QꢄFDVHꢄWKDWꢄLWꢄKDSSHQVꢆꢄWXUQꢄRIIꢄWKHꢄ0DLQꢄ3RZHUꢆꢄXQSOXJꢄWKHꢄ3RZHUꢄ&RUGꢆꢄDQGꢄFRQWDFWꢄ\RXUꢄGHDOHUꢄLPPHGLDWHO\ꢅ
ꢄ'RꢄQRWꢄSODFHꢄDQ\WKLQJꢄKHDY\ꢄRQꢄWRSꢄRIꢄWKHꢄXQLWꢅ
ꢄ'RꢄQRWꢄFOLPEꢄRQꢄRUꢄKDQJꢄIURPꢄWKHꢄXQLWꢅꢄ
ꢄ'RꢄQRWꢄOHWꢄ\RXUꢄSHWVꢄJHWꢄRQꢄWRSꢄRIꢄWKHꢄXQLW
ʄ
ꢀ'RꢀQRWꢀH[SRVHꢀWKLVꢀXQLWꢀWRꢀUDLQꢀRUꢀPRLVWXUHꢅ
ꢄ1HYHUꢄXVHꢄWKLVꢄXQLWꢄLQꢄWKHꢄEDWKURRPꢄRUꢄVKRZHUꢄURRPꢅ
ꢄ%HZDUHꢄZKHQꢄ\RXꢄXVHꢄWKLVꢄSURGXFWꢄRXWVLGHꢆꢄHVSHFLDOO\ꢄLQꢄUDLQ\ꢆꢄRUꢄVQRZ\ꢄZHDWKHUꢆꢄDQGꢄDWꢄWKHꢄEHDFKꢄRUꢄ
ZDWHUIURQWꢅꢄ
ꢄ:KHQꢄWKHꢄSURGXFWꢄJHWVꢄZHWꢆꢄLWꢄFRXOGꢄFDXVHꢄ¿UHꢄRUꢄHOHFWULFDOꢄVKRFNꢅ
ʄ
ʄ
ꢀ8QSOXJꢀWKLVꢀXQLWꢀGXULQJꢀOLJKWQLQJꢀVWRUPꢅ
ꢄ7RꢄUHGXFHꢄWKHꢄULVNꢄRIꢄHOHFWULFDOꢄVKRFNꢆꢄGRꢄQRWꢄWRXFKꢄWKHꢄSURGXFWꢄZKHQꢄVWDUWVꢄOLJKWQLQJꢅ
'LVFRQQHFWꢄWKH
SOXJꢄIURPꢄWKHꢄ
SRZHUꢄRXWOHWꢅ
ꢀ'RꢀQRWꢀGRꢀDQ\WKLQJꢀWKDWꢀPD\ꢀGDPDJHꢀWKHꢀ3RZHUꢀ&RUGꢅ
ꢄ'RꢄQRWꢄGDPDJHꢆꢄPRGLI\ꢆꢄWZLVWꢆꢄIRUFLEO\ꢄEHQGꢆꢄKHDWꢆꢄRUꢄSXOOꢄH[FHVVLYHO\ꢄWKHꢄ3RZHUꢄ&RUGꢅꢄ
ꢄ'RꢄQRWꢄSODFHꢄKHDY\ꢄREMHFWVꢄꢐLQFOXGLQJꢄWKHꢄXQLWꢄLWVHOIꢑꢄRQꢄWRSꢄRIꢄWKHꢄ3RZHUꢄ&RUGꢅ
ꢄ,IꢄWKHꢄ3RZHUꢄ&RUGꢄLVꢄGDPDJHGꢆꢄFRQWDFWꢄ\RXUꢄGHDOHUꢄIRUꢄUHSDLUVꢄRUꢄH[FKDQJHꢅ
ʄ
ʄ
ꢀ8VHꢀRQO\ꢀZLWKꢀGHVLJQDWHGꢀSRZHUꢀVXSSO\ꢀYROWDJHꢅ
ꢄ7RꢄSUHYHQWꢄWKHꢄULVNꢄRIꢄ¿UHꢄDQGꢄHOHFWULFDOꢄVKRFNꢆꢄRSHUDWHꢄWKLVꢄSURGXFWꢄRQO\ꢄZLWKꢄWKHꢄSRZHUꢄVXSSO\ꢄYROWDJHꢄLQGLFDWHGꢄRQꢄWKHꢄ
XQLWꢅ
ꢀ%HZDUHꢀQRWꢀWRꢀGURSꢀRUꢀKDYHꢀDQ\ꢀLPSDFWꢀRQꢀWKHꢀXQLWꢅꢀ
ꢄ7DNHꢄH[WUDꢄFDUHꢄZKLOHꢄPRYLQJꢄWKHꢄXQLWꢅ
ꢄ7KHꢄSODVPDꢄGLVSOD\ꢄSDQHOꢄLVꢄPDGHꢄRIꢄJODVVꢅꢄꢄ,QꢄFDVHꢄWKDWꢄLWꢄEUHDNVꢆꢄ\RXꢄPD\ꢄEHꢄLQMXUHGꢄE\ꢄWKHꢄEURNHQꢄSLHFHVꢅ
ꢄ,QꢄFDVHꢄWKDWꢄ\RXꢄGURSꢄWKHꢄXQLWꢄRUꢄWKHꢄFDELQHWꢄLVꢄGDPDJHGꢆꢄWXUQꢄRIIꢄWKHꢄ0DLQꢄ3RZHUꢆꢄXQSOXJꢄWKHꢄ3RZHUꢄ&RUGꢄDQGꢄFRQWDFWꢄ
\RXUꢄORFDOꢄGHDOHUꢄLPPHGLDWHO\ꢅ
ꢄ&RQWLQXLQJꢄXVHꢄRIꢄWKHꢄSURGXFWꢄZLWKꢄDERYHꢄFRQGLWLRQVꢄPD\ꢄFDXVHꢄ¿UHꢄRUꢄHOHFWULFDOꢄVKRFNꢅꢄ
ʄ
ʄ
ꢀ&OHDQꢀGXVWꢀRUꢀPHWDOVꢀRQꢀRUꢀDURXQGꢀWKHꢀEODGHꢀRIꢀWKHꢀSRZHUꢀSOXJꢀUHJXODU\ꢅ
ꢄ&RQWLQXLQJꢄXVHꢄRIꢄWKHꢄSURGXFWꢄZLWKꢄDERYHꢄFRQGLWLRQꢄPD\ꢄFDXVHꢄ¿UHꢄRUꢄHOHFWULFDOꢄVKRFNꢅ
ꢄ$OZD\VꢄXQSOXJꢄWKHꢄ3RZHUꢄ&RUGꢄ¿UVWꢆꢄDQGꢄFOHDQꢄWKHꢄEODGHVꢄZLWKꢄDꢄGU\ꢄFORWKꢅꢄ
ꢀ'RꢀQRWꢀSODFHꢀWKHꢀXQLWꢀRQꢀDQꢀXQVWDEOHꢀVXUIDFHꢅ
8QVWDEOHꢄSODFHVꢄVXFKꢄDV
ꢄ7LOWHGꢄVXUIDFHꢄRUꢄVKDN\ꢄUDFNꢆꢄWDEOHꢆꢄVWDQGꢄRUꢄWUROO\ꢅ
ꢄ,IꢄWKHꢄXQLWꢄIDOOVꢄGRZQꢆꢄLWꢄFRXOGꢄFDXVHꢄSHUVRQDOꢄLQMXU\ꢅ
ʄ
ꢀ'RꢀQRWꢀSODFHꢀ\RXUꢀÀQJHUVꢀLQWRꢀWKHꢀJDSꢀDWꢀWKHꢀRSHQHGꢀIURQWꢀGRRUꢀRIꢀWKHꢀXQLWꢅ
ꢄ,Iꢄ\RXUꢄ¿QJHUVꢄDUHꢄFDXJKWꢄLQꢄWKHꢄIURQWꢄGRRUꢆꢄ\RXꢄPD\ꢄEHꢄLQMXUHGꢅ
ꢄ'RꢄQRWꢄDOORZꢄFKLOGUHQꢄWRꢄWRXFKꢄWKHꢄIURQWꢄGRRUꢄRUꢄSOD\ꢄQHDUꢄLWꢅ
ꢏ
6$)(7<ꢀ35(&$87,216ꢀꢋFRQWLQXHGꢌ
&$87,21
ʄ
ʄ
ꢀ'RꢀQRWꢀSODFHꢀWKHꢀXQLWꢀDWꢀDꢀGXVW\ꢀSODFHꢅ
,WꢄFRXOGꢄFDXVHꢄPDOIXQFWLRQꢅ
ꢀ'RꢀQRWꢀFRYHUꢀRUꢀEORFNꢀDQ\ꢀYHQWLODWLRQꢀKROHVꢀRQꢀWKHꢀSURGXFWꢅ
7KHꢄXQLWꢄZRXOGꢄRYHUKHDWꢆꢄDQGꢄLWꢄFRXOGꢄFDXVHꢄ¿UHꢄRUꢄGDPDJHꢄWKHꢄSURGXFWꢄZKLFKꢄPD\ꢄVKRUWHQꢄLWVꢄVHUYLFHꢄOLIHꢅ
ꢄ,QVWDOOꢄWKHꢄSURGXFWꢄLQꢄDFFRUGDQFHꢄZLWKꢄWKHꢄLQVWUXFWLRQVꢄLQꢄWKLVꢄPDQXDOꢅ
ꢄ'RꢄQRWꢄSODFHꢄWKHꢄXQLWꢄZLWKꢄYHQWLODWLRQꢄVLGHꢄGRZQꢅ
ꢄ'RꢄQRWꢄLQVWDOOꢄWKHꢄXQLWꢄRQꢄWKHꢄFDUSHWꢄRUꢄEHGFORWKHVꢅ
ꢄ'RꢄQRWꢄFRYHUꢄWKHꢄXQLWꢄZLWKꢄWDEOHꢄFORWKꢄHWFꢅ
ʄ
ʄ
ꢀ%HꢀVXUHꢀWRꢀJURXQGꢀWKHꢀHDUWKꢀFDEOHꢀFRUUHFWO\ꢅ
ꢄ(VSHFLDOO\ꢄZKHQꢄ\RXꢄXVHꢄ3RZHUꢄ&RUGꢄDGDSWHUꢆꢄEHꢄVXUHꢄWRꢄFRQQHFWꢄWKHꢄHDUWKꢄFDEOHꢄWRꢄWKHꢄJURXQGꢄWHUPLQDOꢅꢄꢄ,QFRUUHFWꢄ
FRQQHFWLRQꢄZRXOGꢄFDXVHꢄ¿UHꢄRUꢄHOHFWULFDOꢄVKRFNꢅ
6XSSO\ꢄFRQQHFWꢄ
WKHꢄJURXQGꢄZLUHꢅ
ꢄ)RUꢄ\RXUꢄVDIHW\ꢆꢄDOZD\VꢄPDNHꢄVXUHꢄWRꢄXQSOXJꢄWKHꢄ3RZHUꢄ&RUGꢄEHIRUHꢄFRQQHFWꢄRUꢄGLVFRQQHFWꢄWKHꢄHDUWKꢄFDEOHꢄꢅ
ꢀ)ROORZꢀWKHꢀ$QWLꢏWXPEOHꢀPHDVXUHVꢀLQꢀWKLVꢀPDQXDOꢅ
ꢄ,IꢄWKHꢄXQLWꢄWXPEOHVꢄRYHUꢆꢄWKHUHꢄLVꢄDꢄULVNꢄRIꢄSHUVRQDOꢄLQMXU\ꢄDQGꢄSRVVLEOHꢄGHDWKꢅꢄꢄ$OVRꢆꢄLWꢄZRXOGꢄGDPDJHꢄWKHꢄSURGXFWꢄ
VHULRXVO\ꢅ
ʄ
ʄ
ꢀ'RꢀQRWꢀLQVWDOOꢀWKHꢀXQLWꢀQHDUꢀWKHꢀPHGLFDOꢀGHYLFHVꢅ
ꢄ7RꢄSUHYHQWꢄPDOIXQFWLRQꢄRIꢄWKHꢄPHGLFDOꢄGHYLFHVꢆꢄGRꢄQRWꢄXVHꢄWKLVꢄSURGXFWꢄDQGꢄPHGLFDOꢄGHYLFHVꢄLQꢄWKHꢄVDPHꢄURRPꢅꢄꢄ
ꢀ'RꢀQRWꢀSODFHꢀDꢀ&57ꢏEDVHGꢀWHOHYLVLRQꢀQHDUꢀWKHꢀVSHDNHUVꢀRIꢀWKHꢀ3ODVPDꢀ7HOHYLVLRQꢅ
ꢄ,WꢄFRXOGꢄFDXVHꢄWKHꢄSDUWLDOꢄGLVFRORUDWLRQꢄRUꢄEOXUULQJꢄRIꢄWKHꢄLPDJHꢄRQꢄWKHꢄ&57ꢌEDVHGꢄWHOHYLVLRQꢅꢄ
3OHDVHꢄLQVWDOOꢄLWꢄDZD\ꢄIURPꢄWKHꢄVSHDNHUVꢄRIꢄWKHꢄXQLWꢅ
ʄ
ʄ
ꢀ'LVFRQQHFWꢀDOOꢀRIꢀWKHꢀH[WHUQDOꢀFRQQHFWLRQꢀFDEOHVꢀDQGꢀGHWDFKꢀWKHꢀDQWLꢏWXPEOHꢀPHDVXUHVꢀEHIRUHꢀ
PRYLQJꢀWKHꢀXQLWꢅ
ꢄ,WꢄPD\ꢄFDXVHꢄ¿UHꢆꢄHOHFWULFDOꢄVKRFNꢆꢄRUꢄSHUVRQDOꢄLQMXULHVꢅ
ꢀ&RQQHFWꢀWKHꢀSRZHUꢀSOXJꢀVHFXUHO\ꢅ
ꢄ,PSURSHUꢄFRQQHFWLRQꢄZLOOꢄFDXVHꢄRYHUKHDWLQJꢄDQGꢄPD\ꢄUHVXOWꢄLQꢄ¿UHꢅ
ꢄ'RꢄQRWꢄWRXFKꢄWKHꢄEODGHVꢄRIꢄWKHꢄSOXJꢄZKLOHꢄFRQQHFWLQJꢄLWꢄWRꢄWKHꢄZDOOꢄVRFNHWꢅꢄꢄ,WꢄFRXOGꢄFDXVHꢄHOHFWULFDOꢄVKRFNꢅ
ꢄ,IꢄWKHꢄSOXJꢄLVꢄQRWꢄ¿WWHGꢄIRUꢄWKHꢄZDOOꢄVRFNHWꢆꢄFRQWDFWꢄ\RXUꢄGHDOHUꢄIRUꢄUHSODFHPHQWꢅ
ʄ
ʄ
ꢀ'RꢀQRWꢀKDQGOHꢀWKHꢀ3RZHUꢀ&RUGꢀZLWKꢀZHWꢀKDQGVꢅ
ꢄ,WꢄFRXOGꢄUHVXOWꢄLQꢄHOHFWULFDOꢄVKRFNꢅ
ꢀ'RꢀQRWꢀSXOOꢀWKHꢀFRUGꢀZKHQꢀ\RXꢀXQSOXJꢀWKHꢀ3RZHUꢀ&RUGꢅ
ꢄ,WꢄPD\ꢄGDPDJHꢄWKHꢄFRUGꢄDQGꢄFRXOGꢄUHVXOWꢄLQꢄ¿UHꢄRUꢄHOHFWULFDOꢄVKRFNꢅ
ꢄ+ROGꢄWKHꢄSOXJꢄZKHQꢄGLVFRQQHFWLQJꢄLWꢅ
ʄ
ʄ
ꢀ8QSOXJꢀWKHꢀ3RZHUꢀ&RUGꢀZKHQꢀ\RXꢀGRꢀQRWꢀLQWHQGꢀWRꢀXVHꢀWKHꢀSURGXFWꢀIRUꢀORQJꢀSHULRGVꢀRIꢀWLPHꢅ
ꢀ+DQGOHꢀWKHꢀEDWWHULHVꢀSURSHUO\ꢅ
ꢄ,PSURSHUꢄRUꢄLQFRUUHFWꢄXVHꢄRIꢄWKHꢄEDWWHULHVꢄPD\ꢄFDXVHꢄFRUURVLRQꢄRUꢄEDWWHU\ꢄOHDNDJHꢆꢄZKLFKꢄFRXOGꢄFDXVHꢄ¿UHꢆꢄSHUVRQDOꢄ
LQMXU\ꢄRUꢄGDPDJHꢄWRꢄWKHꢄSURSHUW\ꢅ
ꢄ8VHꢄRQO\ꢄWKHꢄW\SHVꢄRIꢄWKHꢄEDWWHULHVꢄZKLFKꢄDUHꢄLQGLFDWHGꢄLQꢄWKLVꢄPDQXDOꢅ
ꢄ'RꢄQRWꢄLQVWDOOꢄQHZꢄEDWWHULHVꢄZLWKꢄXVHGꢄRQHVꢅ
ꢄ,QVWDOOꢄWKHꢄEDWWHULHVꢄFRUUHFWO\ꢄE\ꢄIROORZLQJꢄWKHꢄSRODULW\ꢄꢐꢒꢄDQGꢄꢌꢑꢄLQGLFDWLRQVꢄRQꢄWKHꢄEDWWHU\ꢄFRPSDUWPHQWꢅ
ꢄ'RꢄQRWꢄGLVSRVHꢄRIꢄWKHꢄXVHGꢄEDWWHULHVꢄDVꢄGRPHVWLFꢄZDVWHꢅꢄ'LVSRVHꢄRIꢄWKHPꢄLQꢄDFFRUGDQFHꢄZLWKꢄWKHꢄORFDOꢄUHJXODWLRQVꢅ
ꢀ
6$)(7<ꢀ35(&$87,216ꢀꢋFRQWLQXHGꢌ
35(&$87,216
ꢀ'RꢀQRWꢀLQVWDOOꢀWKHꢀXQLWꢀDWꢀDUHDVꢀZKHUHꢀLWꢀZLOOꢀEHꢀVXEMHFWHGꢀWRꢀKLJKꢀWHPSHUDWXUHVꢅ
,WꢄFRXOGꢄGDPDJHꢄWKHꢄFDELQHWꢄRUꢄSDUWVꢄRIꢄWKHꢄSURGXFWꢅ
ʄ
ꢄ'RꢄQRWꢄLQVWDOOꢄQHDUꢄDQ\ꢄKHDWꢄVRXUFHVꢄVXFKꢄDVꢄUDGLDWRUVꢆꢄKHDWꢄUHJLVWHUVꢆꢄVWRYHVꢆꢄRUꢄRWKHUꢄDSSDUDWXVꢄWKDWꢄSURGXFHꢄKHDWꢅꢄ
ꢄ.HHSꢄWKHꢄXQLWꢄRXWꢄRIꢄGLUHFWꢄVXQOLJKWꢅꢄ,WꢄFRXOGꢄLQFUHDVHꢄWKHꢄWHPSHUDWXUHꢄRIꢄWKHꢄXQLWꢄDQGꢄFDXVHꢄPDOIXQFWLRQꢅ
ʄ
ʄ
ꢀ0RWRUꢀ)DQ
ꢄ
7KHꢄ79ꢄKDVꢄPRWRUꢄIDQꢄWRꢄORZHUꢄLWVꢄWHPSHUDWXUHꢆꢄDQGꢄWKHꢄIDQꢄPD\ꢄSURGXFHꢄQRLVHꢄGXULQJꢄLWVꢄRSHUDWLRQꢅꢄꢄ7KLVꢄLVꢄQRWꢄDꢄPDOIXQFWLRQꢅ
ꢀ9LHZLQJꢀ$GYLFH
ꢄ7KHꢄOLJKWLQJꢄRIꢄWKHꢄHQYLURQPHQWꢄLQꢄZKLFKꢄWKHꢄSURGXFWꢄLVꢄXVHGꢄVKRXOGꢄEHꢄDSSURSULDWHꢅꢄꢄ7RRꢄEULJKWꢄꢍꢄGDUNꢄHQYLURQPHQWVꢄDUHꢄQRWꢄJRRGꢄIRUꢄ
\RXUꢄH\HVꢅ
ꢄ7DNHꢄWLPHꢄWRꢄUHOD[ꢄ\RXUꢄH\HVꢄRFFDVLRQDOO\ꢅ
ꢄ:KHQꢄ\RXꢄXVHꢄWKLVꢄSURGXFWꢆꢄYLHZꢄIURPꢄDꢄGLVWDQFHꢄHTXDOꢄWRꢄꢊꢄWRꢄꢋꢄWLPHVꢄWKHꢄKHLJKWꢄRIꢄWKHꢄVFUHHQꢅꢄꢄ7KLVꢄLVꢄWKHꢄEHVWꢄYLHZLQJꢄGLVWDQFHꢄLQꢄ
RUGHUꢄWRꢄSURWHFWꢄ\RXUꢄH\HVꢄDJDLQVWꢄH\HVWUDLQꢅꢄꢄ
ꢄ$GMXVWꢄWKHꢄYROXPHꢄWRꢄDQꢄDSSURSULDWHꢄOHYHOꢆꢄHVSHFLDOO\ꢄGXULQJꢄWKHꢄQLJKWꢅ
ʄ
ʄ
ꢀ:KHQꢀWUDQVSRUWLQJꢀWKLVꢀSURGXFWꢐ
ꢄ:KHQꢄWKHꢄSURGXFWꢄQHHGVꢄWRꢄEHꢄWUDQVSRUWHGꢄGXHꢄWRꢄPRYLQJꢄRUꢄUHSDLUꢆꢄXVHꢄWKHꢄFDUWRQꢄER[ꢄDQGꢄEXIIHUꢄPDWHULDOꢄWKDWꢄFDPHꢄZLWKꢄꢄ
WKLVꢄSURGXFWꢅ
ꢄ'RꢄQRWꢄWUDQVSRUWꢄWKLVꢄSURGXFWꢄRQꢄLWVꢄVLGHꢅꢄꢄ,WꢄFRXOGꢄGDPDJHꢄWKHꢄSDQHOꢄJODVVꢄRUꢄGHJUDGHꢄWKHꢄSKRVSKRUVꢄRIꢄWKHꢄSDQHOꢅ
ꢀ.HHSꢀUDGLRVꢀDZD\ꢀIURPꢀWKHꢀXQLWꢀZKLOHꢀLQꢀXVHꢅ
7KLVꢄXQLWꢄLVꢄGHVLJQHGꢄWRꢄPHHWꢄWKHꢄLQWHUQDWLRQDOꢄ(0,ꢄVWDQGDUGVꢄGXHꢄWRꢄSUHYHQWꢄUDGLRꢄLQWHUIHUHQFHꢅꢄꢄ+RZHYHUꢆꢄWKHꢄXQLWꢄꢄ
PD\ꢄJHQHUDWHꢄQRLVHꢄLQꢄWKHꢄUDGLRꢅ
ꢄ,IꢄWKHꢄQRLVHꢄLVꢄKHDUGꢄRQꢄWKHꢄUDGLRꢆꢄSOHDVHꢄWU\ꢄWKHꢄIROORZLQJꢄDFWLRQVꢅ
ꢄ $GMXVWꢄWKHꢄGLUHFWLRQꢄRIꢄWKHꢄUDGLRꢄDQWHQQDꢄLQꢄRUGHUꢄQRWꢄWRꢄUHFHLYHꢄWKHꢄLQWHUIHUHQFHꢄIURPꢄWKHꢄXQLWꢅ
ꢄ .HHSꢄWKHꢄUDGLRꢄDZD\ꢄIURPꢄWKHꢄXQLWꢅ
ꢄ 8VHꢄFRD[LDOꢄFDEOHꢄIRUꢄWKHꢄDQWHQQDꢅ
ʄ
ʄ
ꢀ$ERXWꢀLQIUDUHGꢀFRPPXQLFDWLRQꢀGHYLFHVꢐ
ꢄ7KHꢄLQIUDUHGꢄFRPPXQLFDWLRQꢄGHYLFHVꢄVXFKꢄDVꢄFRUGOHVVꢄPLFURSKRQHVꢄRUꢄFRUGOHVVꢄKHDGSKRQHVꢄPD\ꢄQRWꢄRSHUDWHꢄSURSHUO\ꢄDURXQGꢄWKHꢄ
XQLWꢅꢄꢄ,WꢄLVꢄEHFDXVHꢄRIꢄFRPPXQLFDWLRQꢄIDLOXUHꢅꢄꢄ3OHDVHꢄQRWHꢄWKDWꢄWKLVꢄLVꢄQRWꢄPDOIXQFWLRQꢅ
ꢀ:KHQꢀ\RXꢀGLVSRVHꢀRIꢀWKLVꢀSURGXFWꢀDWꢀWKHꢀHQGꢀRIꢀLWVꢀOLIHꢎꢀIROORZꢀWKHꢀUHJXODWLRQVꢀLQꢀ\RXUꢀUHVLGHQWLDOꢀDUHDꢅꢀꢀ
ꢄ)RUꢄPRUHꢄLQIRUPDWLRQꢆꢄFRQWDFWꢄWKHꢄORFDOꢄDXWKRULW\ꢄRUꢄWKHꢄGHDOHUꢄZKHUHꢄ\RXꢄSXUFKDVHGꢄWKHꢄSURGXFWꢅ
&OHDQLQJꢀDQGꢀ0DLQWHQDQFH
3OHDVHꢀPDNHꢀVXUHꢀWRꢀXQSOXJꢀWKHꢀSRZHUꢀFRUGꢀEHIRUHꢀFOHDQLQJꢀWKHꢀXQLWꢅ
ʄ
ꢀ+RZꢀWRꢀFOHDQꢀWKHꢀSODVPDꢀVFUHHQꢀSDQHOꢀRIꢀWKHꢀXQLWꢅ
ꢄ7KHꢄSDQHOꢄVXUIDFHꢄLVꢄVSHFLDOO\ꢌFRDWHGꢄWRꢄUHGXFHꢄWKHꢄUHÀHFWLRQꢄDQGꢄFXWꢄLQIUDUHGꢄUDGLDWLRQꢓꢄWKXVꢆꢄZLSHꢄWKHꢄSDQHOꢄZLWKꢄDꢄOLQWꢌIUHHꢄDQGꢄGU\ꢄ
FORWKꢄLQꢄRUGHUꢄWRꢄSUHYHQWꢄGDPDJHꢄWRꢄWKHꢄFRDWLQJꢅꢄꢄ
ꢄ'RꢄQRWꢄXVHꢄDꢄFKHPLFDOꢄFORWKꢄRUꢄFOHDQHUꢅꢄ'HSHQGLQJꢄRQꢄWKHꢄLQJUHGLHQWVꢆꢄLWꢄPD\ꢄFDXVHꢄGLVFRORUDWLRQꢄDQGꢄGDPDJHꢄRQꢄWKHꢄFRDWLQJꢅꢄ
ꢄ'RꢄQRWꢄZLSHꢄZLWKꢄDꢄKDUGꢄFORWKꢄRUꢄUXEꢄKDUGꢅꢄ,WꢄPD\ꢄKXUWꢄWKHꢄFRDWLQJꢅ
ꢄ,QꢄFDVHꢄRIꢄWKHꢄJUHDV\ꢄGLUWꢄVXFKꢄDVꢄ¿QJHUSULQWꢆꢄZLSHꢄZLWKꢄDꢄOLQWꢌIUHHꢄFORWKꢄPRLVWHQHGꢄE\ꢄDꢄGLOXWHGꢄQHXWUDOꢄGHWHUJHQWꢄVROXWLRQꢆꢄDQGꢄWKHQꢄ
ZLSHꢄZLWKꢄDꢄVRIWꢄDQGꢄGU\ꢄFORWKꢅ
ꢄ'RꢄQRWꢄXVHꢄDꢄVSUD\ꢄFOHDQHUꢅꢄ,WꢄFRXOGꢄUHPRYHꢄWKHꢄFRDWLQJꢄRUꢄFDXVHꢄPDOIXQFWLRQꢄE\ꢄHQWHULQJꢄLQVLGHꢄRIꢄWKHꢄXQLWꢅꢄ
ʄ
ꢀ+RZꢀWRꢀFOHDQꢀWKHꢀFDELQHWꢀRIꢀWKHꢀXQLWꢅꢀ
ꢄ7KHꢄIROORZLQJꢄPD\ꢄFDXVHꢄFUDFNꢆꢄGHIRUPDWLRQꢆꢄDQGꢄSDLQWꢄSHHOLQJꢅ
ꢄ 'RꢄQRWꢄZLSHꢄWKHꢄFDELQHWꢄZLWKꢄEHQ]HQHꢆꢄWKLQQHUꢆꢄDQGꢄRWKHUꢄFKHPLFDOꢄSURGXFWVꢅꢄ
ꢄ 'RꢄQRWꢄVSUD\ꢄYRODWLOHꢄVROXWLRQVꢄVXFKꢄDVꢄLQVHFWLFLGHꢄRYHUꢄWKHꢄFDELQHWꢅ
ꢄ 'RꢄQRWꢄOHDYHꢄWKHꢄFDELQHWꢄLQꢄSURORQJHGꢄFRQWDFWꢄZLWKꢄSODVWLFꢄRUꢄUXEEHUꢄPDWHULDOVꢅꢄ
ꢄ'RꢄQRWꢄXVHꢄDꢄFKHPLFDOꢄFORWKꢆꢄFOHDQHUꢄRUꢄZD[ꢅꢄ'HSHQGLQJꢄRQꢄWKHꢄLQJUHGLHQWVꢆꢄLWꢄPD\ꢄFDXVHꢄFUDFNꢄDQGꢄGHIRUPDWLRQꢅꢄ
ꢄ8VHꢄDꢄOLQWꢌIUHHꢄFORWKꢄWRꢄFOHDQꢄWKHꢄFDELQHWꢄDQGꢄFRQWUROꢄSDQHOꢄRIꢄWKHꢄXQLWꢅꢄꢄꢄꢄ,QꢄFDVHꢄRIꢄWKHꢄKHDY\ꢄGLUWꢆꢄZLSHꢄZLWKꢄDꢄVRIWꢄFORWKꢄPRLVWHQHGꢄE\ꢄ
DꢄGLOXWHGꢄQHXWUDOꢄGHWHUJHQWꢄVROXWLRQꢆꢄDQGꢄWKHQꢄZLSHꢄZLWKꢄDꢄVRIWꢄDQGꢄGU\ꢄFORWKꢅ
ꢄ1HYHUꢄXVHꢄWKHꢄIROORZLQJꢄGHWHUJHQWVꢅꢄ,WꢄFRXOGꢄFDXVHꢄFUDFNꢆꢄGLVFRORUDWLRQꢆꢄDQGꢄVFUDWFKꢅꢄ
ꢄ $FLGꢍꢄDONDOLQHꢄGHWHUJHQWꢆꢄDOFRKROLFꢄGHWHUJHQWꢆꢄDEUDVLYHꢄFOHDQHUꢆꢄSRZGHUꢄVRDSꢆꢄ2$ꢄFOHDQHUꢆꢄFDUꢄZD[ꢆꢄJODVVꢄFOHDQHUꢆꢄHWFꢅ
ꢃ
$%287ꢀ3/$60$ꢀ',63/$<ꢀ3$1(/
,PDJHꢀ5HWHQWLRQꢀRIꢀ3ODVPDꢀ'LVSOD\
7KHꢄSODVPDꢄGLVSOD\ꢄKDVꢄRQHꢄRIꢄFKDUDFWHULVWLFVꢄWKDWꢄUHVXOWVꢄLQꢄSDQHOꢄLPDJHꢄUHWHQWLRQꢄGHSHQGLQJꢄRQꢄKRZꢄWKHꢄSODVPDꢄGLVSOD\ꢄ
LVꢄXVHGꢅꢄ7KHꢄIROORZLQJꢄDUHꢄWKHꢄFRPPRQꢄUHDVRQVꢄIRUꢄDQGꢄHIIHFWLYHꢄSUHYHQWLYHꢄPHDVXUHVꢄDJDLQVWꢄWKHꢄLPDJHꢄUHWHQWLRQꢅ
&KDUDFWHULVWLFVꢀRIꢀ,PDJHꢀ5HWHQWLRQꢀ
ꢄ,PDJHꢄUHWHQWLRQꢄLVꢄFDXVHGꢄE\ꢄSDUWLDOꢄGHJUDGLQJꢄWKHꢄSKRVSKRUꢄGXHꢄ
WRꢄWKHꢄSDUWLDOꢄGLVSOD\ꢄRIꢄFKDUDFWHUꢄDQGꢄ¿JXUHꢅ
ꢄ)RUꢄH[DPSOHꢆꢄZKHQꢄWKHꢄFKDUDFWHUVꢄDVꢄVKRZQꢄLQꢄ)LJꢅꢄ$ꢄDUHꢄGLVSOD\HGꢄ
FRQWLQXRXVO\ꢄIRUꢄDꢄORQJꢄSHULRGꢄRIꢄWLPHꢆꢄRQO\ꢄWKHꢄSKRVSKRUVꢄꢐ5HGꢍ*UHHQꢍ
%OXHꢑꢄGLVSOD\LQJꢄWKHꢄFKDUDFWHUVꢄDUHꢄGHJUDGHGꢅꢄ&RQVHTXHQWO\ꢆꢄZKHQꢄ
GLVSOD\LQJꢄDQꢄDOOꢄZKLWHꢄLPDJHꢄRQꢄWKHꢄHQWLUHꢄVFUHHQꢄDVꢄVKRZQꢄLQꢄ)LJꢅꢄ
>)LJꢅꢄ$@
>)LJꢅꢄ%@
>)LJꢅꢄD@
>)LJꢅꢄE@
DꢆꢄWKHꢄPDUNVꢄUHPDLQLQJꢄE\ꢄWKHꢄFKDUDFWHUVꢄZLOOꢄVKRZꢄFRORUꢄGLIIHUHQFHVꢓꢄ
WKHUHIRUHꢆꢄQRWHꢄWKDWꢄLWꢄLVꢄQRWꢄEXUQWꢄUHPDLQVꢄRIꢄWKHꢄSKRVSKRUVꢅ
ꢄ7KHꢄGHJUHHꢄRIꢄLPDJHꢄUHWHQWLRQꢄLVꢄSURSRUWLRQDOꢄWRꢄWKHꢄ%ULJKWQHVVꢄ
DQGꢄ'LVSOD\ꢄ7LPHꢄIRUꢄWKHꢄFKDUDFWHUVꢄDQGꢍRUꢄ¿JXUHVꢅ
ꢄ7KHꢄEULJKWHUꢄWKHꢄFKDUDFWHUVꢄDQGꢄ¿JXUHꢆꢄWKHꢄPRUHꢄSKRVSKRUꢄLVꢄ
GHJUDGHGꢅꢄ$VꢄVKRZQꢄLQꢄ)LJꢅꢄ%ꢆꢄLQꢄFDVHꢄRIꢄGLVSOD\LQJꢄLPDJHVꢄWKDWꢄ
KDYHꢄGLIIHUHQWꢄEULJKWQHVVꢄHDFKꢄIRUꢄDꢄORQJꢄWLPHꢆꢄ)LJꢅꢄEꢄVKRZVꢄWKDWꢄ
WKHꢄEULJKWHUꢄWKHꢄLPDJHꢆꢄWKHꢄPRUHꢄLWꢄWHQGVꢄWRꢄUHPDLQꢅ
ꢔꢄ7KHꢄLOOXVWUDWLRQVꢄDUHꢄLPDJHVꢄWRꢄH[SODLQꢄLPDJHꢄUHWHQWLRQꢅꢄ7KHꢄDFWXDOꢄPDQQHUVꢄRQꢄWKHꢄLPDJHꢄUHWHQWLRQꢄYDU\ꢄGHSHQGLQJꢄ
RQꢄVXFKꢄFRQGLWLRQVꢄDVꢄRSHUDWLRQꢄWLPHꢄDQGꢄEULJKWQHVVꢅ
0HWKRGꢀWRꢀ5HGXFHꢀ,PDJHꢀ5HWHQWLRQ
ꢇꢄ
ꢄ8VHꢄ³6FUHHQꢄ:LSH´ꢄIXQFWLRQꢄRQꢄWKHꢄGLVSOD\ꢆꢄZKLFKꢄDUHꢄDYDLODEOHꢄIURPꢄ)XQFWLRQꢄ0HQXꢅꢄꢐ5HIHUꢄWRꢄ ꢅꢑ
ꢄ $IWHUꢄGLVSOD\LQJꢄFHUWDLQꢄLPDJHVꢄVXFKꢄDVꢄVWLOOꢄLPDJHꢄIRUꢄDꢄORQJꢄWLPHꢆꢄ³6FUHHQꢄ:LSH´ꢄFDQꢄEHꢄXVHGꢄWRꢄUHGXFHꢄWKHꢄLPDJHꢄ
UHWHQWLRQꢄE\ꢄGLVSOD\LQJꢄDꢄFRPSOHWHO\ꢄZKLWHꢄVFUHHQꢄIRUꢄDERXWꢄꢈaꢉꢄKRXUVꢅ
ꢄ8VHꢄLQꢄFRPELQDWLRQꢄZLWKꢄPRYLQJꢄLPDJHVꢅ
ꢄ 6LQFHꢄWKHꢄHQWLUHꢄVFUHHQꢄKDVꢄUHODWLYHO\ꢄHYHQꢄGHJUDGDWLRQꢄRIꢄWKHꢄSKRVSKRUꢄLQꢄPRYLQJꢄLPDJHVꢆꢄLWꢄFDQꢄUHGXFHꢄWKHꢄSDUWLDOꢄ
LPDJHꢄUHWHQWLRQꢅꢄ:HꢄUHFRPPHQGꢄWRꢄXVHꢄWRJHWKHUꢄZLWKꢄVXFKꢄPRYLQJꢄLPDJHVꢄDVꢄ'9'ꢅ
ꢄ3OHDVHꢄEHꢄFDUHIXOꢄWKDWꢄOHDYLQJꢄWKHꢄLPDJHVꢄLQꢄIUHH]HꢄPRGHꢄIRUꢄDꢄORQJꢄSHULRGꢄRIꢄWLPHꢄFDQꢄFDXVHꢄLPDJHꢄUHWHQWLRQꢅ
ꢄ6RPHꢄWHOHYLVLRQꢄEURDGFDVWVꢄFRQWDLQꢄLPDJHVꢄRIꢄZKLFKꢄFXWꢄWKHꢄOHIWꢍULJKWꢄRUꢄWRSꢍERWWRPꢆꢄDQGꢄLQꢄZKLFKꢄEURDGFDVWꢄVWDWLRQꢄ
LGHQWLW\ꢄRUꢄDꢄFORFNꢄLVꢄGLVSOD\HGꢄIRUꢄDꢄORQJꢄWLPHꢄDWꢄWKHꢄVDPHꢄSRVLWLRQꢅꢄ3OHDVHꢄEHꢄDZDUHꢄWKDWꢄLWꢄPD\ꢄFDXVHꢄLPDJHꢄUHWHQWLRQꢅ
&RPPRQꢀ&KDUDFWHULVWLFVꢀRIꢀ3ODVPDꢀ'LVSOD\ꢀ3DQHOV
7KHꢄIROORZLQJꢄDUHꢄWKHꢄFRPPRQꢄFKDUDFWHULVWLFVꢄRIꢄ3ODVPDꢄ'LVSOD\ꢄ3DQHOVꢄGXHꢄWRꢄVWUXFWXUDOꢄUHDVRQVꢅꢄꢄ3OHDVHꢄQRWHꢄWKDWꢄ
WKH\ꢄDUHꢄQRWꢄPDOIXQFWLRQVꢅ
ꢀ5HVLGXDOꢀLPDJH
:KHQꢄDꢄVWLOOꢄLPDJHꢄRUꢄPHQXꢄLVꢄGLVSOD\HGꢄRQꢄWKHꢄVFUHHQꢄIRUꢄDꢄVKRUWꢄWLPHꢄꢐDERXWꢄDꢄPLQXWHꢑꢄDQGꢄWKHQꢄVZLWFKHVꢄWRꢄDQRWKHUꢄ
LPDJHꢆꢄLWꢄPD\ꢄOHDYHꢄDQꢄ³DIWHUꢌLPDJH´ꢄRQꢄWKHꢄVFUHHQꢅꢄꢄ
7KHꢄUHVLGXDOꢄLPDJHꢄZLOOꢄGLVDSSHDUꢄRQꢄLWVꢄRZQꢅ
ꢀ6XUIDFHꢀRQꢀ3DQHO
7KHꢄSODVPDꢄSDQHOꢄGLVSOD\VꢄLPDJHVꢄE\ꢄJHQHUDWLQJꢄGLVFKDUJHVꢄLQWHUQDOO\ꢅꢄ7KLVꢄFRXOGꢄUDLVHꢄWKHꢄWHPSHUDWXUHꢄRIꢄWKHꢄGLVSOD\ꢄVXUIDFHꢅꢄꢄ
,QꢄDGGLWLRQꢆꢄGRꢄQRWꢄDOORZꢄDQ\ꢄIRUFHIXOꢄLPSDFWꢄWRꢄWKHꢄVXUIDFHꢄRIꢄSDQHOꢄEHFDXVHꢄSODVPDꢄSDQHOꢄLVꢄ¿QHꢌSURFHVVLQJꢄJODVVꢄ
HYHQꢄWKRXJKꢄWKHꢄSDQHOꢄVWUHQJWKHQVꢄE\ꢄWKHꢄIURQWꢄ¿OWHUꢄPDGHꢄRIꢄWHPSHUHGꢄJODVVꢅꢄ
ꢀ'HIHFWLYHꢀ3L[HOVꢀRQꢀ3DQHO
7KHꢄSODVPDꢄGLVSOD\ꢄSDQHOꢄLVꢄPDQXIDFWXUHGꢄZLWKꢄKLJKꢌSUHFLVLRQꢄWHFKQRORJ\ꢅꢄꢄ+RZHYHUꢆꢄWKHUHꢄPLJKWꢄEHꢄVRPHꢄSL[HOVꢄWKDWꢄ
GRꢄQRWꢄOLJKWꢆꢄDUHꢄEULJKWHUꢄWKDQꢄWKHꢄRWKHUVꢆꢄRUꢄLQꢄGLIIHUHQWꢄFRORUVꢆꢄHWFꢅ
ꢋ
)($785(6
(QMR\ꢄQRWꢄRQO\ꢄEHDXWLIXOꢄDQGꢄKLJKꢌTXDOLW\ꢄSLFWXUHVꢄRQꢄWKHꢄGLVSOD\ꢆꢄEXWꢄDOVRꢄYDULRXVꢄNLQGVꢄRIꢄXVHIXOꢄDQGꢄFRQYHQLHQWꢄ
IXQFWLRQVꢄLQꢄ\RXUꢄGDLO\ꢄOLIHꢕ
ꢄ/DUJHꢌVFUHHQꢄDQGꢄKLJKꢌGH¿QLWLRQꢄSODVPDꢄGLVSOD\ꢅ
ꢄ(QMR\ꢄKLJKꢄUHVROXWLRQꢄGLVSOD\ꢄZLWKꢄꢈꢉꢎꢁꢄꢐ+ꢑꢄ[ꢄꢈꢁꢎꢁꢄꢐ9ꢑꢄSL[HOVꢅ
ꢄ,PSURYHGꢄ'LJLWDOꢄVLJQDOꢄSURFHVVRUꢅ
ꢄ+LJKꢄTXDOLW\ꢄVRXQGꢄZLWKꢄGHHSHUꢆꢄULFKHUꢄDQGꢄG\QDPLFꢄEDVVꢄWRQHVꢅ
ꢄ$FFHSWꢄPRUHꢄGLJLWDOꢄLQSXWꢄGHYLFHVꢄZLWKꢄꢉꢄ+'0,ꢄWHUPLQDOVꢅ
ꢄ*UHDWꢄGLYHUVLW\ꢄRIꢄFRQQHFWLQJꢄWHUPLQDOVꢄWRꢄFRYHUꢄZLGHꢄUDQJHꢄRIꢄDXGLRꢌYLVXDOꢄHTXLSPHQWVꢅ
ꢄ(QMR\ꢄWKHꢄLPDJHꢄIURPꢄ3&ꢄZLWKꢄODUJHꢆꢄKLJKꢌGH¿QLWLRQꢄ3ODVPDꢄVFUHHQꢅ
ꢄ(DV\ꢌWRꢌXVHꢄ2Qꢌ6FUHHQꢄ'LVSOD\ꢄV\VWHPꢄRSHUDWLQJꢄZLWKꢄ5HPRWHꢄFRQWUROꢅ
ꢄ/RZꢄSRZHUꢄFRQVXPSWLRQꢄZLWKꢄ3RZHUꢄ6DYLQJꢄIHDWXUHꢅ
6833/,('ꢀ$&&(6625,(6
&KHFNꢄWKHꢄVXSSOLHGꢄDFFHVVRULHVꢄEHIRUHꢄLQVWDOODWLRQꢅ
,QꢄFDVHꢄRIꢄPLVVLQJꢄRUꢄGDPDJHGꢆꢄSOHDVHꢄFRQWDFWꢄWKHꢄGHDOHUꢄLPPHGLDWHO\ꢅ
8VHUꢄ0DQXDO
5HPRWHꢄ&RQWURO
$$ꢄVL]HꢄEDWWHU\
;ꢉ
3RZHUꢄ&RUGꢔ
ꢔ7KHꢄW\SHꢄRIꢄSRZHUꢄSOXJꢄSURYLGHGꢄPD\ꢄEHꢄGLIIHUHQWꢄIURPꢄWKLVꢄGUDZLQJꢅ
237,21
$VNꢄ\RXUꢄORFDOꢄGHDOHUꢄIRUꢄIXUWKHUꢄGHWDLOVꢅ
'HVNWRSꢄ6WDQGꢄꢖꢄꢄ6'ꢂ*ꢀꢁꢁꢁꢄꢄꢄ
ꢎ
&20321(17ꢀ1$0(6
0DLQꢀ8QLW
ꢄꢄ&DELQHW
ꢄꢄ3DQHO
.
3
$
/
1
4
2
(
)URQWꢀ3DQHO
ꢄꢄ5HPRWHꢄ&RQWUROꢄ5HFHLYHU
ꢄꢄ,QGLFDWLQJꢄ/DPS
ꢄꢄ0DLQꢄ3RZHUꢄ6ZLWFKꢄꢐRQꢄWKHꢄERWWRPꢄVXUIDFHꢑ
ꢄꢄ&RQWUROꢄ3DQHOꢄDQGꢄ)URQWꢄ,QSXWꢄꢐVHHꢄEHORZꢄIRUꢄGHWDLOVꢑ
ꢄꢄ'HVNWRSꢄ6WDQGꢄꢐRSWLRQꢑ
ꢄꢄ6SHDNHU
.
3
(
$
/
4
2 1
5HDUꢀ3DQHO
ꢄꢄ7HUPLQDOꢄ%RDUGꢄꢐ([WHUQDOꢄ'HYLFHꢄ&RQQHFWLRQꢑ
ꢄꢄ3RZHUꢄ&RUGꢄ6RFNHW
ꢄꢄ+DQGJULSV
.
3
$
/
/
ꢄꢄ0RWRUꢄ)DQ
$
ꢆꢈ ꢆꢉ
3OHDVHꢄUHIHUꢄWRꢄ
a
ꢄIRUꢄWKHꢄGHWDLOHGꢄLQIRUPDWLRQꢄ
IRUꢄWKHꢄFRQQHFWLRQVꢅ
3
.
&RQWUROꢀ3DQHOꢀꢋLQFOXGLQJꢀIURQWꢀLQSXWꢌꢀ
&$87,21
$
ꢄ
'RꢄQRWꢄSODFHꢄ\RXUꢄ¿QJHUVꢄLQWRꢄWKHꢄ
JDSꢄDWꢄWKHꢄRSHQHGꢄGRRUꢅꢄ,Iꢄ\RXUꢄ
¿QJHUVꢄDUHꢄFDXJKWꢄLQꢄWKHꢄIURQWꢄ
GRRUꢆꢄ\RXꢄPD\ꢄEHꢄLQMXUHGꢅꢄ
3XVKꢄKHUHꢄWRꢄRSHQꢄWKHꢄGRRUꢅ
$ꢄꢄꢄꢄ3XVKꢄWKHꢄERWWRPꢄFHQWHUꢄRIꢄ
%
ꢄꢄ)URQWꢄ,QSXWꢄꢐ$9ꢏꢑ
ꢄꢄ0HQXꢍ5HWXUQꢄEXWWRQ
ꢄꢄ,QSXWꢄ6HOHFWꢍ2.ꢄEXWWRQ
.
WKHꢄIURQWꢄGRRUꢄWRꢄXQORFNꢅ
%ꢄꢄꢄ/ꢄ LIWꢄLWꢄXSꢄIURPꢄWKHꢄXQGHUVLGHꢄ
RIꢄWKHꢄGRRUꢅ
3
$
ꢄꢄ9ROXPHꢄ'RZQꢍŻEXWWRQ
/
ꢄꢄ9ROXPHꢄ8SꢍŹEXWWRQ
ꢄꢄ&KDQQHOꢄ'RZQꢍźEXWWRQ
ꢄꢄ&KDQQHOꢄ8SꢍŸEXWWRQ
ꢄꢄ6XEꢄ3RZHUꢄEXWWRQ
1
ꢒꢓꢔꢀꢈꢀ
ꢋꢉꢎꢇꢀ
ꢍ
ꢑ
ꢀꢁ
ꢂ
4
2
(
ꢌꢇꢎꢏꢀ
ꢇꢈꢂꢉꢊꢛꢜꢋꢌ
ꢃꢂꢄꢅ
ꢄꢐꢌꢇꢎꢏꢀ
ꢂꢆ ꢗꢘꢙꢚ
.
3$/142(
ꢂ
&20321(17ꢀ1$0(6ꢀꢋ&RQWLQXHGꢌ
5HPRWHꢀ&RQWURO
ꢄꢄ6XEꢀ3RZHU
.
3
ꢄ
ꢄꢄ)XQFWLRQꢀ6HOHFWꢀꢁ79ꢂ'9'ꢂ67%ꢃ
ꢄꢄꢄ3UHVVꢄWKLVꢄEXWWRQꢄWRꢄVHOHFWꢄIXQFWLRQꢄPRGHꢄ
LQGLFDWLQJꢄ/('ꢄODPSꢅꢄ
1RUPDOO\ꢆꢄVHOHFWꢄ³79´ꢅ
ꢄꢄ,QSXWꢀ6HOHFWꢂ'9'ꢀ&RQWURO
ꢄꢄ3UHVVꢄWKLVꢄEXWWRQꢄWRꢄFKDQJHꢄLQSXWꢄPRGHꢅꢄ
ꢄꢄꢄ,QꢄDGGLWLRQꢆꢄ\RXꢄFDQꢄXVHꢄWKHVHꢄEXWWRQVꢄZKLOHꢄ
RSHUDWLQJꢄWKHꢄVHOHFWHGꢄEUDQGꢄRIꢄ'9'ꢄSOD\HUꢅ
ꢄꢄ0HQX
$
ꢄ
*
.
3
ꢄ
/
1
4
2
ꢄ
ꢄꢄ&XUVRU
ꢄꢄ2.
ꢄꢄ6RXQGꢀ0RGH
$
/
ꢄꢄ6ꢄ RXQGꢄPRGHꢄFDQꢄEHꢄFKDQJHGꢄHDFKꢄWLPHꢄSUHVVHGꢄ
LQꢄWKHꢄIROORZLQJꢄVHTXHQFHꢅꢄ0RYLHĺ0XVLFĺ
6SHHFKĺ)DYRULWH
ꢄꢄ&+,ꢂ,,
(
ꢄ
+
ꢀꢁ
ꢄ
ꢄ
ꢄ7KLVꢄLVꢄH[FOXVLYHO\ꢄIRUꢄ79ꢄDXGLRꢄ$ꢉꢍ1,&$0ꢄPRGHꢅ
ꢄꢄ$OVRꢆꢄSUHVVꢄWKLVꢄEXWWRQꢄWRꢄVHOHFWꢄ$XGLRꢄ/DQJXDJHꢄ
LQꢄ'77ꢄPRGHꢅ
ꢄ
1
4
ꢄꢄ9ROXPHꢀ8Sꢂ'RZQ
,
"
ꢄ
ꢄꢄ3URJUDPꢀ6HOHFWꢀ>3DJHꢀ6HOHFW@
ꢄꢄꢄ3UHVVꢄWKHVHꢄEXWWRQVꢄWRꢄVHOHFWꢄDꢄ79ꢄSURJUDPꢄ
GLUHFWO\ꢅꢄ)RUꢄꢉꢄRUꢄꢊꢄGLJLWVꢄFKDQQHOꢄVHOHFWLRQꢆꢄ
ꢀ
SUHVVꢄ ꢄEXWWRQꢄLQꢄDGYDQFHꢅꢄ
ꢇꢇ
5HIHUꢄWRꢄ ꢄIRUꢄGHWDLOVꢅ
2
(
,
ꢄꢄ)UHH]Hꢀ>+ROG@
0
ꢄ
ꢄꢄꢄ3UHVVꢄWKLVꢄEXWWRQꢄWRꢄFKDQJHꢄWKHꢄSLFWXUHꢄWRꢄIUHH]Hꢄ
PRGHꢅꢄ3UHVVꢄLWꢄDJDLQꢄWRꢄUHWXUQꢄWRꢄQRUPDOꢄSLFWXUHꢅꢄ
ꢄꢄꢄꢐ$OVRꢆꢄLWꢄKROGVꢄWKHꢄSDJHꢄLQꢄWHOHWH[WꢄPRGHꢅꢑ
ꢄꢄ&RORUꢀ>&RORU@
ꢄ
ꢂꢃ
ꢂꢄ
#
ꢄ
ꢄꢄꢄ<HOORZꢖꢄ,WꢄGLVSOD\VꢄSURJUDPꢄOLVWꢄLQꢄ'77ꢄPRGHꢅ
ꢄꢄꢄ%OXHꢄꢄꢄꢖꢄ,WꢄGLVSOD\VꢄIDYRULWHꢄOLVWꢄLQꢄ'77ꢄPRGHꢅ
ꢄꢄ*XLGHꢀ>,QGH[@
ꢄ
%
ꢄ
ꢄꢄꢄ,WꢄGLVSOD\Vꢄ(3*ꢄVFUHHQꢄLQꢄ'77ꢄPRGHꢅ
ꢄꢄ7LPHꢀ>&DQFHO@
&
ꢄ
"
ꢄꢄꢄ3UHVVꢄWKLVꢄEXWWRQꢄWRꢄGLVSOD\ꢄWKHꢄWLPHꢄZKHQꢄ
UHFHLYLQJꢄDꢄ79ꢄSURJUDPꢅꢄ
7KHꢄWLPHꢄLVꢄQRWꢄGLVSOD\HGꢄLIꢄWKHꢄVLJQDOꢄUHFHLYHGꢄ
GRHVꢄQRWꢄKDYHꢄDQ\ꢄWLPHꢄLQIRUPDWLRQꢅ
ꢄꢄ79ꢂ7H[Wꢀ>79 7H[W@
'
ꢄ
Ù
ꢄꢄꢄ7KLVꢄVZLWFKHVꢄEHWZHHQꢄWKHꢄ79ꢄPRGHꢄDQGꢄWKHꢄ
7HOHWH[WꢄPRGHꢅ
0
#
ꢄꢄ=RRPꢀ>7H[W 79ꢄ7H[W@
)
ꢄ
Ù
ꢂꢅ
ꢄꢄ3UHVVꢄWKLVꢄEXWWRQꢄWRꢄFKDQJHꢄSLFWXUHꢄVL]Hꢅ
ꢄꢄ5HFDOO
*
ꢄ
ꢄꢄ3ꢄ UHVVꢄWKLVꢄEXWWRQꢄWRꢄVKRZꢄWKHꢄLQSXWꢄVLJQDOꢄVWDWXVꢅ
ꢄꢄ5HWXUQ
+
<RXꢄFDQꢄXVHꢄWKLVꢄWRꢄUHWXUQꢄWRꢄWKHꢄSUHYLRXVꢄPHQXꢅꢄ
ꢄ
ꢄꢄ
%
&
'
ꢂꢆ
ꢂꢇ
ꢂꢈ
ꢂ
ꢄꢄ3LFWXUHꢀ0RGH
ꢀꢁ
ꢄ
ꢄꢄ3ꢄ LFWXUHꢄPRGHꢄFDQꢄEHꢄFKDQJHGꢄHDFKꢄWLPHꢄSUHVVHGꢄ
LQꢄWKHꢄIROORZLQJꢄVHTXHQFHꢅꢄ'\QDPLFĺ1DWXUDOĺ
&LQHPD
ꢄꢄ&KDQQHOꢀ8Sꢂ'RZQꢀ>3DJHꢀ6HOHFW@
ꢂꢃ
ꢂꢄ
ꢂꢅ
ꢂꢆ
ꢂꢇ
ꢄ
)
ꢄꢄ0XWH
ꢄꢄ1RWꢀ$YDLODEOH
ꢄꢄ>5HYHDO@
ꢄꢄ>6XEWLWOH@
ꢄꢄ,ꢄWꢄGLVSOD\VꢄVXEWLWOHꢄLQꢄERWKꢄ79ꢄDQGꢄ'77ꢄPRGHꢅ
ꢄꢄ1RWꢀ$YDLODEOH
ꢂꢈ
ꢂ
ꢄꢄ1RWꢀ$YDLODEOH
ꢅꢀꢆꢇ
6RPHꢄEXWWRQVꢄDUHꢄRQO\ꢄIRUꢄ7HOHWH[WꢄPRGHꢆꢄDQGꢄRWKHUꢄEXWWRQVꢄKDYHꢄGLIIHUHQWꢄIXQFWLRQVꢄLQꢄ7HOHWH[WꢄPRGHꢄIURPꢄ
WKHꢄXVHꢄRIꢄ79ꢄPRGHꢅꢄ7KRVHꢄEXWWRQVꢄDUHꢄLQGLFDWHGꢄE\ꢄ>ꢀꢀ@ꢅꢄ5HIHUꢄWRꢄꢇ$QDORJꢄ7HOHWH[WꢇꢄRQꢄ ꢈꢁ ꢅ
ꢈꢁ
35(3$5$7,21
5HPRWHꢀ&RQWUROꢀ%DWWHULHVꢀ,QVWDOODWLRQ
+DQGOLQJꢀWKHꢀ5HPRWHꢀ&RQWURO
8VHꢄWKHꢄUHPRWHꢄFRQWUROꢄZLWKLQꢄDERXWꢄꢀPꢄIURPꢄ
IURQWꢄRIꢄWKHꢄXQLW¶VꢄUHPRWHꢌFRQWUROꢄVHQVRUꢄDQGꢄ
ZLWKLQꢄꢊꢁꢄGHJUHHVꢄRQꢄERWKꢄVLGHVꢅ
7KLVꢄUHPRWHꢄFRQWUROꢄRSHUDWHVꢄRQꢄꢈꢀ³$$´ꢄEDWWHULHVꢅ
ꢆꢅꢀ2SHQꢀWKHꢀEDWWHU\ꢀFRPSDUWPHQWꢀFRYHUꢅ
ꢄ6OLGHꢄRSHQꢄWKHꢄEDWWHU\ꢄꢄ
FRPSDUWPHQWꢄFRYHUꢄRQꢄWKHꢄꢄ
EDFNVLGHꢄRIꢄWKHꢄUHPRWHꢄFRQWUROꢄLQꢄꢄ
WKHꢄGLUHFWLRQꢄRIꢄDQꢄDUURZꢅ
ꢇꢅꢀ,QVWDOOꢀWKHꢀEDWWHULHVꢅ
ꢄ,QVWDOOꢄꢉꢄ³$$´ꢄEDWWHULHVꢄꢐLQFOXGHGꢑꢄPDNLQJꢄꢄ
VXUHꢄWKHꢄSRODULWLHVꢄPDWFKꢄWKHꢄLQGLFDWLRQꢄꢄ
LQVLGHꢄWKHꢄFRPSDUWPHQWꢅ
ꢀꢁꢂꢃꢁꢄꢅꢆꢇ
ꢈ ꢉꢊ
ꢀꢁꢂꢃꢁꢄꢅꢆꢇ
ꢋ
ꢈ ꢉꢊ
ꢋ
ꢌꢍꢎꢏꢂꢅꢆꢑ
ꢌꢍꢎꢏꢂꢅꢆꢑ
ꢌꢍꢎꢏꢂꢅꢐꢑ
ꢈꢅꢀ&ORVHꢀWKHꢀEDWWHU\ꢀFRPSDUWPHQWꢀFRYHUꢅ
ꢄ7RꢄFORVHꢄWKHꢄEDWWHU\ꢄFRPSDUWPHQWꢄꢄ
FRYHUꢆꢄVOLGHꢄWKHꢄFRYHUꢄLQꢄWKHꢄꢄ
GLUHFWLRQꢄRIꢄDQꢄDUURZꢄWLOOꢄLWꢄFOLFNVꢄꢄ
VKXWꢅ
&$87,21
,WꢀFRXOGꢀFDXVHꢀFRUURVLRQꢀRUꢀEDWWHU\ꢀOHDNDJHꢀDQGꢀPD\ꢀUHVXOWꢀLQꢀSK\VLFDOꢀLQMXU\ꢀ
DQGꢑRUꢀSURSHUW\ꢀGDPDJHꢀLQFOXGLQJꢀÀUHꢅꢀꢀ
ꢄ1HYHUꢄPL[ꢄXVHGꢄDQGꢄQHZꢄEDWWHULHVꢄLQꢄWKHꢄGHYLFHꢅꢄꢄ
ꢄ5HSODFHꢄDOOꢄWKHꢄEDWWHULHVꢄLQꢄDꢄGHYLFHꢄDWꢄWKHꢄVDPHꢄWLPHꢅ
ꢄ5HPRYHꢄWKHꢄEDWWHULHVꢄLIꢄWKHꢄUHPRWHꢄFRQWUROꢄLVꢄQRWꢄJRLQJꢄWRꢄEHꢄXVHGꢄIRUꢄDQꢄH[WHQGHGꢄSHULRGꢄRIꢄWLPHꢅ
7RꢀDYRLGꢀSRVVLEOHꢀIDLOXUHꢎꢀUHDGꢀWKHꢀIROORZLQJꢀLQVWUXFWLRQVꢀDQGꢀKDQGOHꢀWKHꢀ
UHPRWHꢀFRQWUROꢀSURSHUO\ꢅꢀꢀ
ꢄ'RꢄQRWꢄGURSꢄRUꢄFDXVHꢄLPSDFWꢄWRꢄWKHꢄUHPRWHꢄFRQWUROꢅ
ꢄ'RꢄQRWꢄVSLOOꢄZDWHUꢄRUꢄDQ\ꢄOLTXLGꢄRQꢄWKHꢄUHPRWHꢄFRQWUROꢅ
ꢄ'RꢄQRWꢄSODFHꢄWKHꢄUHPRWHꢄFRQWUROꢄRQꢄDꢄZHWꢄREMHFWꢅ
ꢄ'RꢄQRWꢄSODFHꢄWKHꢄUHPRWHꢄFRQWUROꢄXQGHUꢄWKHꢄGLUHFWꢄVXQOLJKWꢄRUꢄQHDUꢄVRXUFHVꢄRIꢄH[FHVVLYHꢄKHDWꢅ
&DXWLRQꢀ:KHQꢀ0RYLQJꢀWKHꢀ0DLQꢀ8QLW
$VꢄWKLVꢄSURGXFWꢄLVꢄKHDY\ꢆꢄZKHQHYHUꢄLWꢄLVꢄPRYHGꢆꢄWZRꢄSHRSOHꢄDUHꢄUHTXLUHGꢄWRꢄWUDQVSRUWꢄLWꢄVDIHO\ꢅ
:KHQꢄWUDQVIHUULQJꢄWKHꢄXQLWꢆꢄKROGꢄWKHꢄXQLWꢄE\ꢄXVLQJꢄWKHꢄKDQGJULSVꢄDWꢄWKHꢄEDFNVLGHꢄRIꢄWKHꢄSDQHOꢅꢄꢐ6HHꢄWKHꢄ¿JXUHꢄEHORZꢄIRUꢄGHWDLOVꢅꢑ
+DQGJULSV
ꢈꢈ
35(3$5$7,21ꢀꢋFRQWLQXHGꢌ
6DIHW\ꢀ3UHFDXWLRQꢀRQꢀ0DLQꢀ8QLWꢀ,QVWDOODWLRQ
ꢈ
ꢄ
5HDGꢀ6$)(7<ꢀ35(&$87,216ꢀꢋꢀ WRꢀ ꢄꢌꢀFDUHIXOO\ꢀEHVLGHVꢀWKLVꢀSDJHꢅꢀ
ꢄ
ꢔ:KHQꢄLQVWDOOLQJꢄWKHꢄXQLWꢆꢄXVHꢄWKHꢄRSWLRQDOꢄ'HVNWRSꢄ6WDQGꢄꢐ6'ꢂ*ꢀꢁꢁꢁꢑꢅꢄ3OHDVHꢄUHIHUꢄWRꢄWKHꢄXVHUꢄPDQXDOꢄRIꢄWKHꢄVWDQGꢅ
7KHꢄ'HVNWRSꢄ6WDQGꢄꢐ2SWLRQꢑꢄKDVꢄEHHQꢄXVHGꢄIRUꢄWKHꢄLOOXVWUDWLRQꢄLQꢄWKLVꢄPDQXDOꢅ
:KHQꢄLQVWDOOLQJꢄWKHꢄPDLQꢄXQLWꢆꢄEHꢄVXUHꢄWRꢄXVHꢄWKHꢄVSHFL¿HGꢄPRXQWꢄXQLWVꢄLQꢄRUGHUꢄWRꢄREWDLQꢄPD[LPXPꢄSHUIRUPDQFHꢄ
DQGꢄPDLQWDLQꢄWKHꢄVDIHW\ꢅ
:HꢄDVVXPHꢄQRꢄUHVSRQVLELOLW\ꢄRUꢄOLDELOLW\ꢄIRUꢄSHUVRQDOꢄLQMXULHVꢄRUꢄSURSHUW\ꢄGDPDJHVꢄFDXVHGꢄE\ꢄXVHꢄRIꢄRWKHUꢄPRXQWꢄ
XQLWVꢄRUꢄLPSURSHUꢄLQVWDOODWLRQꢅꢄꢄ
$VꢄIRUꢄWKHꢄLQVWDOODWLRQꢄLQVWUXFWLRQꢆꢄSOHDVHꢄUHDGꢄHDFKꢄXVHUꢄPDQXDOꢄRIꢄWKHꢄPRXQWꢄXQLWVꢖꢄIRUꢄ'HVNWRSꢄ6HWXSꢆꢄ:DOOꢄ
0RXQWLQJꢆꢄDQGꢄ&HLOLQJꢄ0RXQWLQJꢅ
,QꢄFDVHꢄRIꢄXVLQJꢄ:DOOꢄRUꢄ&HLOLQJꢄ0RXQWLQJꢄXQLWꢆꢄE\ꢄFRQWDFWLQJꢄ\RXUꢄORFDOꢄGHDOHUꢆꢄDVNꢄWKHꢄVSHFL¿HGꢄLQVWDOODWLRQꢄ
VSHFLDOLVWꢄWRꢄVHWꢄXSꢅꢄ1HYHUꢄDWWHPSWꢄWRꢄLQVWDOOꢄLWꢄE\ꢄ\RXUVHOIꢅꢄ,WꢄFRXOGꢄFDXVHꢄLQMXULHVꢄRUꢄGDPDJHVꢅ
3OHDVHꢄOHDYHꢄWKHꢄDGHTXDWHꢄVSDFHꢄDURXQGꢄWKLVꢄXQLWꢄLQꢄRUGHUꢄ
WRꢄDYRLGꢄLQFUHDVLQJꢄWKHꢄLQWHUQDOꢄWHPSHUDWXUHꢄDQGꢄNHHSꢄ
VDIHW\ꢅ
ꢒꢀFPꢁRUꢁPRUHꢂꢁ
ꢅꢇꢁꢂꢅ
ꢃ ꢅꢂꢃ ꢄꢅ
ꢀꢇꢁꢂꢅ
ꢃ ꢅꢂꢃ ꢄꢅ
ꢀꢇꢁꢂꢅ
ꢃ ꢅꢂꢃ ꢄꢅ
0DNHꢄVXUHꢄQRWꢄWRꢄEORFNꢄDQ\ꢄYHQWLODWLRQꢄKROHVꢅ
'RꢄQRWꢄLQVWDOOꢄWKHꢄXQLWꢄLQꢄWKHꢄVPDOOꢄVSDFHꢄVXFKꢄDVꢄLQVLGHꢄ
WKHꢄUDFNꢆꢄFORVHWꢄRUꢄWKHꢄER[ꢅ
/HDYHꢄPRUHꢄWKDQꢄꢈꢁFPꢄRIꢄFOHDUDQFHꢄIURPꢄHDFKꢄVLGHꢄRIꢄ
XQLWꢄDQGꢄꢊꢁFPꢄIURPꢄWKHꢄWRSꢄRIꢄXQLWꢄWRꢄZDOOꢅ
/HDYHꢄDWꢄOHDVWꢄꢈꢁFPꢄRIꢄFOHDUDQFHꢄEHKLQGꢄUHDUꢄXQLWꢅ
&RUGꢁ
RUꢁ
FKDLQꢁ
&ODPSꢁ
$QWLꢏ7XPEOHꢀ0HDVXUHV
,QVWDOOꢄLQꢄDꢄVWDEOHꢄSODFHꢄDQGꢄLPSOHPHQWꢄVDIHW\ꢄPHDVXUHꢄDJDLQVWꢄRYHUWXUQLQJꢅ
6HFXULQJꢀWRꢀDꢀZDOOꢀRUꢀSLOODU
FRUGꢁRUꢁFKDLQꢁ
8VLQJꢄDꢄFRPPHUFLDOO\ꢄDYDLODEOHꢄFRUGꢆꢄFKDLQꢆꢄDQGꢄFODPSꢆꢄ
VHFXUHꢄWKHꢄVHWꢄWRꢄDꢄZDOOꢄRUꢄSLOODUꢅ
FRUGꢁRUꢁFKDLQꢁ
:DOOꢁRUꢁ3LOODUꢁ
KRRNꢁ
VFUHZꢁ
FODPSꢁ
6HFXULQJꢀWRꢀFHLOLQJ
8VLQJꢄDꢄFRPPHUFLDOO\ꢄDYDLODEOHꢄFRUGꢆꢄFKDLQꢆꢄDQGꢄFODPSꢆꢄVHFXUHꢄWKHꢄVHWꢄWRꢄDꢄFHLOLQJꢅ
ꢅꢀꢆꢇ
ꢄ)RUꢄPRUHꢄLQIRUPDWLRQꢄUHJDUGLQJꢄWKHꢄPRXQWLQJꢄRIꢄWKHꢄXQLWꢆꢄSOHDVHꢄFRQWDFWꢄ\RXUꢄGHDOHUꢅ
ꢄ3OHDVHꢄLQVWDOOꢄWKHꢄXQLWꢄDWꢄDꢄSURSHUꢄDUHDꢄZKHUHꢄLWꢄGRHVꢄQRWꢄH[SRVHꢄDQ\RQHꢄWRꢄWKHꢄGDQJHUꢄRIꢄKLWWLQJꢄWKHPVHOYHVꢄꢐIRUꢄ
H[DPSOHꢄWKHLUꢄKDQGVꢆꢄKHDGꢄRUꢄIDFHꢆꢄHWFꢑꢄDJDLQVWꢄWKHꢄHGJHꢄRIꢄWKHꢄXQLWꢄDQGꢄFDXVHꢄSHUVRQDOꢄLQMXU\ꢅ
ꢈꢉ
&211(&7,21
7HUPLQDOꢀ3RVLWLRQV
5HDU
3
(
ꢄꢄ3RZHUꢄ&RUGꢄ6RFNHW
.
3
$
/
1
4
2
ꢊꢝꢋꢌꢌꢍꢍ
ꢔꢇꢚꢛꢕꢎꢇ
ꢖꢔꢇ
ꢄꢄ$HULDOꢄ6RFNHW
,
"
ꢙꢜꢓ
ꢐꢄꢅ
ꢁꢂꢊꢋꢃꢄꢌꢍꢎꢅ
$/142
ꢁꢂꢊꢋꢃ
ꢄꢄ$9ꢈ
ꢗꢎ
ꢏꢜꢏꢓꢙꢐꢅꢚꢐꢆ
ꢁꢂꢊꢋꢃ ꢁꢂꢊꢋꢃ ꢁꢂꢊꢋꢃ
ꢔꢋꢃꢊꢋꢃ ꢄꢌꢍꢎꢀ
ꢁꢂꢊꢋꢃꢄꢆ ꢏꢁꢅ
ꢄꢐꢑꢇꢅ ꢄꢐꢑꢒꢅ ꢄꢐꢑꢓꢅ
ꢄꢄ$9ꢉ
ꢁ
ꢏꢂꢃ
"ꢇ ꢓꢒꢇꢔ
"ꢇ ꢓꢒꢇꢔ
ꢘꢙꢘꢈꢅꢔꢚꢔꢅ!,$ꢅꢅꢅꢅꢅꢅꢅꢅ/2+"-*ꢅ!.%ꢅ0.!$%+!.)/ꢅ-&ꢅꢔꢚꢔꢅꢓ!"/ꢈꢅꢕ,#ꢃ
ꢄꢄ$9ꢊ
ꢙꢀ ꢁꢂꢃꢄ
ꢅꢆꢇ
ꢁ
ꢁ
ꢏꢂꢒ
!ꢄꢄꢈꢃꢉ
ꢘꢆ
ꢘꢆ
ꢘꢗ
ꢓ(#%,/%$ꢅ"2ꢅꢆꢆꢇꢅꢔ-1,$ꢈꢅꢕ,#ꢃꢅ1,$%.ꢅꢖꢔꢗꢉꢉꢄꢅꢊꢉꢆꢅ!,$ꢅꢉꢊ ꢋꢌꢍꢊꢃ
ꢆꢆꢇꢅ!,$ꢅꢆꢆꢇꢅ/2+"-*ꢅ!.%ꢅ.%'(/0%.%$ꢅ0.!$%+!.)/ꢅ-&ꢅꢆꢆꢇꢅꢔ-1,$ꢈꢅꢕ,#ꢃ
0
ꢁꢂꢃꢄ
ꢘꢗ
ꢓꢒꢇꢔ
ꢏꢑꢒꢓꢔ
ꢄꢄ0RQLWRUꢄ2XWꢄDQGꢄ6XEꢄ:RRIHU
ꢏꢂꢆ
ꢔꢇꢚꢛꢕꢎꢇꢅꢖꢔꢇꢅꢙꢜꢓ
ꢏꢑꢒꢓꢔ
ꢏꢑꢒꢓꢔ
ꢏꢑꢒꢓꢔ
ꢏꢑꢒꢓꢔ
ꢄꢄ3ꢄ &ꢄꢐ5*%ꢑꢍ+'0,ꢄ$QDORJꢄ$XGLRꢄ,QSXWꢄ
ꢝ
ꢕꢔꢖꢔ
ꢝ
ꢎ
ꢕꢔꢖꢔ
ꢝ
ꢕꢔꢖꢔ
ꢝ
ꢝ
ꢎ
ꢎ
ꢗ
ꢗ
ꢗ
ꢗ
ꢗ
ꢐ6HHꢄ ꢆꢁ
ꢑ
ꢄꢄ6HUYLFHꢄ8VHꢄRQO\
ꢄꢄꢄ6HUYLFHꢄ8VHꢄRQO\
ꢄꢄꢄ3&ꢄ&RQQHFWLRQꢄ7HUPLQDOꢄꢄ
ꢐ'ꢌVXEꢄꢈꢀꢄ3LQꢑ
(
,
"
ꢏꢅꢎ
.
ꢄꢄ+'0,ꢈꢄDQGꢄ+'0,ꢉ
0
)URQW
ꢄꢄ$9ꢏ
#
ꢐꢑꢒꢋꢂꢋ
ꢇꢄꢊꢁꢋ
ꢉ
ꢏ
ꢈꢉ
ꢎ
ꢈꢁꢊꢌꢋ
ꢁꢂꢃꢄꢅꢅꢆꢇꢈ
ꢄꢄ+HDGSKRQHꢄ7HUPLQDO
ꢏꢎꢐꢑ
%
ꢍꢎꢈꢁꢊꢌꢋ
ꢎꢊ ꢒꢓꢋꢀ
%
#
&RQQHFWLQJꢀ3URFHGXUH
7KLVꢄXQLWꢄLVꢄUHDG\ꢄIRUꢄYDULRXVꢄNLQGVꢄRIꢄFRQQHFWLRQVꢅꢄ0DNHꢄDꢄFRQQHFWLRQꢄLQꢄWKHꢄIROORZLQJꢄVWHSVꢅꢄ%HꢄVXUHꢄWRꢄWXUQꢄRIIꢄWKHꢄ
0DLQꢄ3RZHUꢄ¿UVWꢄZKHQꢄFRQQHFWLQJꢄH[WHUQDOꢄHTXLSPHQWVꢅ
ꢆꢅꢄ&RQQHFWꢄ3RZHUꢄ&RUGꢄWRꢄWKHꢄUHDUꢄSDQHOꢅ
ꢇꢅꢄ&RQQHFWꢄ$HULDOꢄ/HDGꢅ
ꢈꢅꢄ&RQQHFWꢄ\RXUꢄH[WHUQDOꢄHTXLSPHQWVꢄWRꢄWKHꢄXQLWꢄLIꢄDQ\ꢅꢄ
ꢍꢅꢄ&RQQHFWꢄWKHꢄ3RZHUꢄ3OXJꢄWRꢄWKHꢄ:DOOꢄ6RFNHWꢅ
ꢆꢅꢄ&RQQHFWLQJꢀ3RZHUꢀ&RUGꢀWRꢀWKHꢀ5HDUꢀ3DQHO
&RQQHFWꢄ3RZHUꢄ&RUGꢄWRꢄWKHꢄXQLWꢅ
ꢔ0DNHꢄVXUHꢄQRWꢄWRꢄFRQQHFWꢄWKHꢄ3RZHUꢄ3OXJꢄWRꢄWKHꢄ:DOOꢄ6RFNHWꢄ
XQWLOꢄDOOꢄFRQQHFWLRQVꢄDUHꢄFRPSOHWHGꢅ
ꢇꢅꢀ&RQQHFWLQJꢀ$HULDOꢀ/HDGꢅ
7KHUHꢄDUHꢄWZRꢄZD\VꢄWRꢄFRQQHFWꢄ$HULDOꢄ/HDGꢅꢄ
ꢀꢁ
ꢂꢃꢄ
ꢄꢄ:KHQꢀ\RXꢀGRꢀQRWꢀKDYHꢀDQ\ꢀRWKHUꢀH[WHUQDOꢀHTXLSPHQWꢉ
&RQQHFWꢄWKHꢄ$HULDOꢄ/HDGꢄGLUHFWO\ꢄLQWRꢄWKHꢄ6RFNHWꢄDWꢄUHDUꢄSDQHOꢅꢄ
ꢄꢄ:KHQꢀ\RXꢀKDYHꢀRQHꢀRUꢀPRUHꢀH[WHUQDOꢀGHYLFHVꢀWRꢀFRQQHFWꢉꢀ
ꢄꢄꢄꢄꢄꢈꢅꢄ8ꢄ VHꢄ5)ꢄFDEOHꢄWRꢄFRQQHFWꢄEHWZHHQꢄHDFKꢄHTXLSPHQWꢄDQGꢄ
$QWHQQDꢅꢄ
.
3
ꢀꢁ
ꢀꢁ
ꢂ
ꢃ
ꢂ
ꢃ
>([DPSOHꢖꢄ&RQQHFWLQJꢄ$QWHQQDꢄꢄ
WKURXJKꢄ67%ꢄDQGꢄ9&5@
ꢄꢄꢄꢄꢄꢉꢅꢄ&ꢄ RQQHFWꢄWKHꢄ$HULDOꢄ/HDGꢄWRꢄDQꢄHTXLSPHQWꢄµ,Q¶ꢄ6RFNHWꢄ
PDUNHG
ꢄꢄꢄꢄꢄꢊꢅꢄ&RQQHFWꢄWKHꢄ5)ꢄFDEOHꢄIURPꢄWKHꢄHTXLSPHQWꢄµ2XW¶ꢄWRꢄWKHꢄRWKHUꢄHTXLSPHQWꢄµ,Qꢅ¶
ꢄꢄꢄꢄꢄꢏꢅꢄ7KHQꢆꢄFRQQHFWꢄIURPꢄWKHꢄHTXLSPHQWꢄµ2XW¶ꢄWRꢄ³$17´ꢄRQꢄWKHꢄSODVPDꢄVFUHHQꢄ6RFNHWꢄRQꢄPDUNHGꢄꢅ
3UHFDXWLRQVꢀZKHQꢀFRQQHFWLQJꢀWKHꢀDHULDO
ꢄ3OHDVHꢄXVHꢄDꢄFRD[LDOꢄFDEOHꢄZKLFKꢄLVꢄIUHHꢄIURPꢄLQWHUIHUHQFHꢄWRꢄFRQQHFWꢄWKHꢄDHULDOꢅꢄ$YRLGꢄXVLQJꢄDꢄSDUDOOHOꢄÀDWꢄIHHGHUꢄ
ZLUHꢄDVꢄLQWHUIHUHQFHꢄPD\ꢄRFFXUꢆꢄFDXVLQJꢄUHFHSWLRQꢄWRꢄEHꢄXQVWDEOHꢄDQGꢄVWULSHꢄQRLVHꢄWRꢄDSSHDUꢄRQꢄWKHꢄVFUHHQꢅ
ꢄ$YRLGꢄXVLQJꢄLQGRRUꢄDHULDOꢄDVꢄWKLVꢄPD\ꢄEHꢄDIIHFWHGꢄE\ꢄLQWHUIHUHQFHꢅꢄ3OHDVHꢄXVHꢄ&$79ꢄQHWꢄRUꢄRXWGRRUꢄDHULDOꢅ
ꢄ)RUꢄVDIHW\ꢆꢄLQVWDOOꢄDQꢄH[WHUQDOꢄDHULDOꢄFRQIRUPLQJꢄWRꢄ$6ꢈꢏꢈꢋꢅꢈꢅ
ꢄ,IꢄQRLVHꢄDSSHDUVꢄLQꢄWKHꢄSLFWXUHꢄRIꢄ9+)ꢌ/RZꢄEDQGꢄFKDQQHOꢆꢄSOHDVHꢄXVHꢄDꢄGRXEOHꢌVKLHOGHGꢄFDEOHꢄꢐQRWꢄSURYLGHGꢑꢄIRUꢄ
5)ꢄ/($'6ꢄWRꢄUHGXFHꢄWKHꢄQRLVHꢅ
ꢈꢊ
&211(&7,21ꢀꢋFRQWLQXHGꢌ
&RQQHFWLQJꢀ3URFHGXUHꢀꢋFRQWLQXHGꢌ
ꢈꢅꢀ&RQQHFWLQJꢀWRꢀ([WHUQDOꢀ(TXLSPHQW
ꢀ7HUPLQDOVꢀRQꢀ5HDU
$
9ꢇꢀDQGꢀ$9ꢈꢆFDQꢆEHꢆFRQQHFWHGꢆWRꢆWKHꢆHTXLSPHQWꢆZLWKꢆHLWKHUꢆ&RPSRQHQWꢆRUꢆ&RPSRVLWHꢆRXWSXWꢇꢆ'HSHQGLQJꢆRQꢆZKHWKHUꢆWKHꢆ
<ꢈ9,'(2ꢆLQSXWꢆRIꢆ\RXUꢆVHOHFWHGꢆHTXLSPHQWꢆLVꢆ<ꢆVLJQDOꢆRUꢆ9LGHRꢆVLJQDOꢉꢆLWꢆDXWRPDWLFDOO\ꢆUHJDUGVꢆDVꢆ&RPSRQHQWꢆRUꢆ&RPSRVLWHꢇꢆ
:KHQꢆXVLQJꢆDVꢆ&RPSRVLWHꢉꢆGRꢆQRWꢆLQVHUWꢆWKHꢆMDFNVꢆLQWRꢆ3%ꢆRUꢆ35ꢇ
>([DPSOH@
,1
287
ꢊꢋꢀ ꢐꢘꢙ
ꢀꢏꢁ
ꢗꢖ
ꢐꢀꢐꢑꢂꢃꢒꢓꢄꢅ
ꢗꢁ
ꢚꢌꢐ
ꢙ
ꢆꢄꢔꢕꢇꢈꢂꢑꢖꢈꢉ
ꢛ
ꢍꢙꢎꢙ
ꢏ
ꢁ
ꢆ,Iꢆ\RXUꢆH[WHUQDOꢆGHYLFHꢆKDVꢆDꢆ&RPSRQHQWꢆWHUPLQDOꢉꢆ&20321(17ꢆFRQQHFWLRQꢆLVꢆUHFRPPHQGHGꢆIRUꢆKLJKHUꢆTXDOLW\ꢆSLFWXUHꢇ
$9ꢕꢆFDQꢆEHꢆFRQQHFWHGꢆWRꢆWKHꢆHTXLSPHQWꢆZLWKꢆDQꢆ6ꢊ9LGHRꢆRXWSXWꢆDQGꢆ&RPSRVLWHꢆRXWSXWꢇ
>([DPSOH@
ꢏꢐ
ꢉꢊꢋꢃꢂꢌꢄ
,1
287
ꢋꢃꢂꢌꢄ
ꢑ
ꢑꢑꢒꢀꢁꢂꢃꢄ
ꢀꢁꢂꢃꢄ
ꢅꢃꢆꢕꢇꢈꢉꢑꢊꢈꢋ
ꢅꢄꢆꢄ
ꢇ
ꢈ
ꢆ,Iꢆ\RXUꢆH[WHUQDOꢆGHYLFHꢆKDVꢆDꢆ6ꢊYLGHRꢆWHUPLQDOꢉꢆ6ꢊ9,'(2ꢆFRQQHFWLRQꢆLVꢆUHFRPPHQGHGꢆIRUꢆKLJKHUꢆTXDOLW\ꢆSLFWXUHꢇ
ꢅꢀꢆꢇ
ꢆ,IꢆERWKꢆ6ꢊYLGHRꢆDQGꢆYLGHRꢆLQSXWꢆWHUPLQDOVꢆRIꢆ$9ꢋꢆDUHꢆFRQQHFWHGꢆDWꢆWKHꢆVDPHꢆWLPHꢉꢆ6ꢊYLGHRꢆZLOOꢆKDYHꢆLWVꢆSULRULW\ꢇ
0RQLWRUꢀ2XWꢀFDQꢆEHꢆXVHGꢆWRꢆGLVSOD\ꢆVDPHꢆLPDJHꢆDVꢆPDLQꢆXQLWꢆRQꢆDQRWKHUꢆPRQLWRUꢇ
:KHQꢆWKLVꢆRXWSXWꢆWHUPLQDOꢆLVꢆFRQQHFWHGꢆWRꢆDQꢆH[WHUQDOꢆPRQLWRUꢆZLWKꢆDꢆꢌꢂꢆ2KPꢆWHUPLQDOꢉꢆWKHꢆVDPHꢆLPDJHꢆIURPꢆ
FRPSRVLWHꢍ$9ꢀaꢁꢎꢉꢆ6ꢊ9LGHRꢍ$9ꢋꢉꢁꢎꢉꢆRUꢆ5)ꢆꢍLQFOXGLQJꢆ'77ꢎꢆVLJQDOꢆFDQꢆEHꢆGLVSOD\HGꢆWRꢆWKHꢆH[WHUQDOꢆPRQLWRUꢇꢆ
287
,1
ꢆꢃꢂꢇꢄ
>([DPSOH@
ꢀꢁꢂꢃꢄ
ꢀꢁꢂ
ꢃꢂꢄꢅꢆꢇ ꢈꢉꢊꢋꢌꢄꢍꢈꢅꢄꢎ
ꢅ
ꢅꢀꢆꢇ
ꢆ9LGHRꢆRXWSXWꢆLVꢆQRWꢆDYDLODEOHꢆIURPꢆFRPSRQHQWꢉꢆ5*%ꢉꢆRUꢆ+'0,ꢆLQSXWꢇ
ꢆ$XGLRꢆRXWSXWꢆLVꢆQRWꢆDYDLODEOHꢆZKHQꢆ+'0,ꢊ+'0,ꢆFDEOHꢆLVꢆFRQQHFWHGꢇ
6XEꢀ:RRIHUꢆWHUPLQDOꢆFDQꢆEULQJꢆWKHꢆGHHSꢆEDVVꢆVRXQGꢆIURPꢆWKHꢆH[WHUQDOꢆVSHDNHUꢇ
>([DPSOH@
287 ,1
ꢀꢁꢂ
ꢃꢄꢄꢅꢆꢇ
RU
ꢀꢁ
&211(&7,21ꢀꢋFRQWLQXHGꢌ
&RQQHFWLQJꢀ3URFHGXUHꢀꢋFRQWLQXHGꢌ
3&ꢀWHUPLQDOꢀꢁ'ꢂVXEꢀꢃꢖꢀSLQꢄꢀꢅꢀ3&ꢀꢁ5*%ꢃꢂ+'0,ꢀ$QDORJꢀ$XGLRꢀ,QSXWꢀWHUPLQDOꢀDUHꢀFRQQHFWHGꢀWRꢀ3&ꢆꢀZKLFKꢀDOORZVꢀ$QDORJꢀ5*%ꢀVLJQDOꢇꢀ
,1
287
ꢀꢁꢁꢂꢃ
ꢅ
RU
ꢄ
+'0,ꢀꢈ ꢈꢀWHUPLQDOVꢀFDQꢀEHꢀFRQQHFWHGꢀWRꢀWKHꢀGHYLFHVꢀZLWKꢀ+'0,ꢀRXWSXWꢇꢀ
,IꢀWKHꢀH[WHUQDOꢀGHYLFHꢀKDVꢀ'9,ꢀRXWSXWꢆꢀWKLVꢀFDQꢀEHꢀDYDLODEOHꢀZLWKꢀ+'0,ꢂ'9,ꢀFDEOHꢇꢀ,QꢀFDVHꢀRIꢀXVLQJꢀWKHꢀ+'0,ꢂ'9,ꢀFDEOHꢆꢀFRQQHFWꢀDQDORJꢀ
DXGLRꢀVLJQDOꢀWRꢀ3&ꢀꢁ5*%ꢃꢂ+'0,ꢀ$QDORJꢀ$XGLRꢀ,QSXWꢀWHUPLQDOꢇ
>([DPSOH@
,1
287
ꢅꢕꢁꢆ
ꢈꢀꢉ
ꢇ
ꢁꢈꢁꢂꢊꢋꢌꢍꢎꢏ
ꢉ
ꢈꢉꢊꢋꢌꢀꢁ
ꢈ+'0,ꢉ
ꢈ'9,ꢉ
ꢐꢎꢑꢃꢒꢓꢊꢂꢄꢓꢔ
ꢓꢏ
ꢂꢃꢄꢅꢆꢇꢁ
ꢈ+'0,ꢉ
ꢈ+'0,ꢉ
ꢀ,QIRUPDWLRQ
+'0,ꢀꢁ+LJKꢀ'H¿QLWLRQꢀ0XOWLPHGLDꢀ,QWHUIDFHꢄꢀLVꢀQH[WꢂJHQHUDWLRQꢀPXOWLPHGLDꢀ,ꢈ2ꢀLQWHUIDFHꢇꢀ2QO\ꢀRQHꢀFDEOHꢀLVꢀXVHGꢀWRꢀ
WUDQVPLWꢀDOOꢀYLGHRꢈDXGLRꢈFRQWUROꢀVLJQDOVꢆꢀZKLFKꢀFUHDWHVꢀHDV\ꢀFRQQHFWLRQꢇ
0RUHRYHUꢆꢀWKRVHꢀGLJLWDOꢀVLJQDOVꢀFDQꢀSURGXFHꢀKLJKꢀTXDOLW\ꢀGDWDꢀZLWKRXWꢀDQ\ꢀGHJUDGDWLRQꢇꢀ
<RXꢀDUHꢀSURYLGHGꢀZLWKꢀWZRꢀ+'0,ꢀWHUPLQDOVꢆꢀRQHꢀRIꢀWKHꢀPRVWꢀUHPDUNDEOHꢀIHDWXUHVꢇ
ꢀ,Iꢀ\RXUꢀH[WHUQDOꢀGHYLFHꢀKDVꢀDꢀ+'0,ꢀWHUPLQDOꢆꢀ+'0,ꢀFRQQHFWLRQꢀLVꢀUHFRPPHQGHGꢀIRUꢀKLJKHUꢀTXDOLW\ꢀSLFWXUHꢀDQGꢀVRXQGꢇ
ꢅꢀꢆꢇ
ꢋꢌꢍꢎꢎꢏꢏ
ꢀ3&ꢀꢁ5*%ꢄꢈ+'0,ꢀDQDORJꢀDXGLRꢀLQSXWꢀWHUPLQDO
ꢗꢍꢜꢝꢇꢋꢍ
ꢘꢗꢍ
ꢛꢕꢋ
ꢐꢊꢋ
ꢉꢊꢊꢋꢋꢂꢌꢍꢎꢁ
7KLVꢀWHUPLQDOꢀFDQꢀEHꢀXVHGꢀLQꢀRQHꢀRIꢀWKHꢀIROORZLQJꢀFDVHVꢀRQO\ꢇ
ꢙꢋ
3&ꢀꢐ5*%ꢑꢀ7HUPLQDO
+'0,ꢒꢀ7HUPLQDO
+'0,ꢃꢀ7HUPLQDO
ꢌꢕꢌꢋꢛꢍꢌꢜꢍꢆ
ꢉꢊꢊꢋꢋ
ꢉꢊꢊꢋꢋ ꢉꢊꢊꢋꢋ ꢉꢊꢊꢋꢋ
ꢔꢋꢋꢊꢋꢋ ꢂꢌꢍꢎꢀ
ꢉꢊꢊꢋꢋꢂꢌ ꢏꢉꢁ
ꢂꢐꢑꢆꢁ ꢂꢐꢑꢒꢁ ꢂꢐꢑꢓꢁ
ꢀꢀ7KHꢀH[WHUQDOꢀGHYLFHꢀLVꢀFRQQHFWHGꢀWRꢀWKHꢀ3&ꢀꢁ5*%ꢄꢀWHUPLQDOꢀ
.
ꢌ
ꢏꢉꢁ
"ꢀ ꢁꢂꢃꢄ
"ꢀ ꢁꢂꢃꢄ
RIꢀWKHꢀ79ꢇ
ꢚꢛꢚꢎꢌꢗꢜꢗꢌ!,$ꢌꢌꢌꢌꢌꢌꢌꢌ/2+"-*ꢌ!.%ꢌ0.!$%+!.)/ꢌ-&ꢌꢗꢜꢗꢌꢋ!"/ꢎꢌꢇ,#ꢏ
ꢅꢆ ꢁꢂꢃꢄ
ꢅꢇꢈ
ꢌ
ꢌ
ꢏꢉꢒ
!ꢄꢄꢉꢃꢊ
ꢛꢆ
ꢛꢆ
ꢋ(#%,/%$ꢌ"2ꢌꢆꢆꢍꢌꢗ-1,$ꢎꢌꢇ,#ꢏꢌ1,$%.ꢌꢘꢗꢙꢐꢐꢑꢒꢈꢐꢓꢌ!,$ꢌꢐꢈ ꢉꢔꢊꢈꢏ
ꢆꢆꢍꢌ!,$ꢌꢆꢆꢍꢌ/2+"-*ꢌ!.%ꢌ.%'(/0%.%$ꢌ0.!$%+!.)/ꢌ-&ꢌꢆꢆꢍꢌꢗ-1,$ꢎꢌꢇ,#ꢏ
ꢀꢀ7KHꢀ'9,ꢀRXWSXWꢀRIꢀDQꢀH[WHUQDOꢀGHYLFHꢀLVꢀFRQQHFWHGꢀWRꢀWKHꢀ
3
ꢁꢂꢃꢄ
ꢛꢚ
ꢛꢚ
ꢏꢎꢍꢗ
ꢏꢉꢆ
+'0,ꢃꢀWHUPLQDOꢀXVLQJꢀWKHꢀ+'0,ꢂ'9,ꢀFDEOHꢇ
ꢗꢍꢜꢝꢇꢋꢍꢌꢘꢗꢍꢌꢛꢕꢋ
ꢌꢖꢎꢏꢗ
ꢌꢖꢎꢏꢗ
ꢌꢖꢎꢏꢗ
ꢌꢖꢎꢏꢗ
ꢌꢖꢎꢏꢗ
ꢘ
ꢋ
ꢐꢗꢙꢗ
ꢘ
ꢋ
ꢐꢗꢙꢗ
ꢘ
ꢋ
ꢐꢗꢙꢗ
ꢘ
ꢘ
ꢀꢀ7KHꢀ'9,ꢀRXWSXWꢀRIꢀDQꢀH[WHUQDOꢀGHYLFHꢀLVꢀFRQQHFWHGꢀWRꢀWKHꢀ
$
ꢚ
ꢚ
ꢚ
ꢚ
ꢚ
+'0,ꢉꢀWHUPLQDOꢀXVLQJꢀWKHꢀ+'0,ꢂ'9,ꢀFDEOHꢇ
ꢌꢌꢋ
0DNHꢀVXUHꢀWKDWꢀWKHꢀYLGHRꢀDQGꢀDXGLRꢀWHUPLQDOVꢀDUHꢀFRQQHFWHGꢀ
WRꢀWKHꢀVDPHꢀH[WHUQDOꢀGHYLFHꢇ
3&ꢀꢐ5*%ꢑꢈ+'0,ꢀ$QDORJꢀ$XGLRꢀ
,QSXWꢀ7HUPLQDO
$ERXWꢀWKHꢀRXWSXWꢀIRUPDWꢀRIꢀDQꢀH[WHUQDOꢀGHYLFHꢆꢀUHIHUꢀWRꢀ
ꢊ5HFRPPHQGHGꢀ6LJQDOꢀ/LVWꢊꢀRQꢀ ꢁꢄ ꢇ
ꢀꢂ
&211(&7,21ꢀꢋFRQWLQXHGꢌ
&RQQHFWLQJꢀ3URFHGXUHꢀꢋFRQWLQXHGꢌ
ꢀ7HUPLQDOVꢀRQꢀ)URQW
6LQFHꢀWKHꢀIROORZLQJꢀWHUPLQDOVꢀDUHꢀORFDWHGꢀRQꢀWKHꢀIURQWꢔꢀLWꢀLVꢀYHU\ꢀFRQYHQLHQWꢀWRꢀFRQQHFWꢀDQꢀH[WUDꢀGHYLFHꢀRQꢀDꢀWHPSRUDU\ꢀ
EDVLVꢀDIWHUꢀFRPSOHWLQJꢀWKHꢀFRQQHFWLRQVꢀRQꢀWKHꢀUHDUꢀSDQHOꢕꢀ
$9ꢖꢀFDQꢀEHꢀFRQQHFWHGꢀWRꢀWKHꢀHTXLSPHQWꢀZLWKꢀ6ꢂ9LGHRꢀRXWSXWꢀDQGꢀFRPSRVLWHꢀRXWSXWꢕꢀ
ꢐꢑꢒꢋꢁꢋ
ꢇꢃ ꢀꢋ
ꢏ
ꢈꢀ ꢌꢋ
ꢀꢁꢂꢃꢄꢅꢆꢇꢈꢉꢊ
ꢍꢎꢈꢀ ꢌꢋ
>([DPSOH@
ꢖꢗꢇꢘ
287
ꢓꢑꢒꢓꢔ!ꢕꢖ!ꢂ
,1
ꢀꢁꢀꢂꢃꢄꢅꢆ ꢇꢂ
ꢈꢉꢊ ꢂꢋꢌꢍ ꢉꢂꢎꢅꢊ ꢂꢏꢆꢏꢐ ꢊꢂ
ꢀ,Iꢀ\RXUꢀH[WHUQDOꢀGHYLFHꢀKDVꢀ6ꢂYLGHRꢀWHUPLQDOꢔꢀ6ꢂ9,'(2ꢀFRQQHFWLRQꢀLVꢀUHFRPPHQGHGꢀIRUꢀKLJKHUꢀTXDOLW\ꢀSLFWXUHꢕ
ꢅꢀꢆꢇ
ꢀ,IꢀERWKꢀ6ꢂYLGHRꢀDQGꢀYLGHRꢀLQSXWꢀWHUPLQDOVꢀRIꢀ$9ꢒꢀDUHꢀFRQQHFWHGꢀDWꢀWKHꢀVDPHꢀWLPHꢔꢀ6ꢂYLGHRꢀZLOOꢀKDYHꢀLWVꢀSULRULW\ꢕ
+HDGSKRQHꢀ7KHꢀGHWDLOꢀVHWWLQJVꢀFDQꢀEHꢀDGMXVWHGꢀIURPꢀ$XGLRꢀ0HQXꢀRQꢀSDJHꢀ ꢈꢈ ꢕ
ꢓ0LQLꢀ6WHUHRꢀSOXJꢑ
ꢀ7KHꢀDXGLRꢀIURPꢀWKHꢀVSHDNHUꢀZLOOꢀEHꢀPXWHGꢀZKHQꢀFRQQHFWLQJꢀWKHꢀKHDGSKRQHꢀWRꢀWKLVꢀWHUPLQDOꢕ
ꢃꢓ
&211(&7,21ꢀꢋFRQWLQXHGꢌ
&RQQHFWLQJꢀ3URFHGXUHꢀꢋFRQWLQXHGꢌ
ꢍꢅꢀ&RQQHFWLQJꢀWKHꢀSOXJꢀLQWRꢀWKHꢀZDOOꢀVRFNHW
&RQQHFWꢀWKHꢀ3RZHUꢀ&RUGꢀDIWHUꢀFRPSOHWLQJꢀDOOꢀRWKHUꢀFRQQHFWLRQVꢕ
ꢓ7KHꢀW\SHꢀRIꢀSOXJꢀLVꢀGLIIHUHQWꢀIURPꢀWKLVꢀGUDZLQJꢕꢑ
&$87,21
ꢀ
ꢀ
ꢀ
8VHꢀRQO\ꢀWKHꢀ3RZHUꢀ&RUGꢀSURYLGHGꢕ
'RꢀQRWꢀXVHꢀDꢀSRZHUꢀVXSSO\ꢀYROWDJHꢀRWKHUꢀWKDQꢀWKDWꢀLQGLFDWHGꢓ$&ꢗꢕꢑ9ꢔꢀꢖꢑ+]ꢑꢕꢀ,WꢀPD\ꢀFDXVHꢀ¿UHꢀRUꢀHOHFWULFꢀVKRFNꢕ
)RUꢀWKHꢀSODVPDꢀWHOHYLVLRQꢔꢀDꢀWKUHHꢂFRUHꢀSRZHUꢀFRUGꢀZLWKꢀDꢀJURXQGꢀWHUPLQDOꢀLVꢀXVHGꢀIRUꢀHI¿FLHQF\ꢀSURWHFWLRQꢕꢀ$OZD\VꢀEHꢀ
VXUHꢀWRꢀFRQQHFWꢀWKHꢀ3RZHUꢀ&RUGꢀWRꢀDꢀWKUHHꢂSURQJHGꢀJURXQGHGꢀRXWOHWꢀDQGꢀPDNHꢀVXUHꢀWKDWꢀWKHꢀFRUGꢀLVꢀSURSHUO\ꢀJURXQGHGꢕꢀ
,Iꢀ\RXꢀXVHꢀDꢀSRZHUꢀVRXUFHꢀFRQYHUWHUꢀSOXJꢔꢀXVHꢀDQꢀRXWOHWꢀZLWKꢀDꢀJURXQGꢀWHUPLQDOꢀDQGꢀVFUHZꢀGRZQꢀWKHꢀJURXQGꢀOLQHꢕ
(QVXUHꢀWKDWꢀERWKꢀHQGVꢀRIꢀSRZHUꢀFRUGꢀDUHꢀHDVLO\ꢀDFFHVVLEOHꢕ
ꢀ
ꢀ
,Iꢀ\RXꢀKDYHꢀWRꢀFKDQJHꢀWKHꢀSRZHUꢀFRUGꢔꢀSOHDVHꢀXVHꢀWKHꢀFHUWL¿HGꢀSRZHUꢀFRUGꢀWKDWꢀPHHWVꢀ\RXUꢀUHJLRQ¶VꢀVDIHW\ꢀVWDQGDUGꢕ
ꢀ,QIRUPDWLRQ
ꢀ+RZꢀWRꢀVHFXUHꢀWKHꢀFDEOHVꢍ
$IWHUꢀFRQQHFWLQJꢀDOOꢀRIꢀWKHꢀFDEOHVꢀWRꢀWKHꢀWHUPLQDOVꢔꢀVHFXUHꢀWKHPꢀZLWKꢀWKHꢀFODPSꢕ
:KHQꢀ\RXꢀVHFXUHꢀWKHꢀFDEOHVꢔꢀSOHDVHꢀEHꢀFDUHIXOꢀQRWꢀWRꢀWLJKWHQꢀWRRꢀPXFKꢕ
ꢝꢌꢖꢎꢎꢏꢏ
+RZꢀWRꢀFODPSꢐ
ꢀ7RꢀVHW
ꢗꢃꢜꢝꢇꢋꢃ
ꢘꢗꢃ
ꢛꢗꢘ
ꢐꢆꢋ
ꢉꢊꢎꢀꢁꢂꢃꢍꢎꢄ
6HWꢀWKHꢀFODPSꢀLQꢀWKHꢀ
GLUHFWLRQꢀRIꢀWKHꢀDUURZꢕ
ꢙꢋ
ꢌꢗꢌꢘꢛꢍꢅꢜꢍꢈ
ꢅꢆꢊꢋꢋ
ꢅꢆꢊꢋꢋ ꢅꢆꢊꢋꢋ ꢅꢆꢊꢋꢋ
ꢂꢌꢍꢎꢊ
ꢔꢋꢋꢊꢋꢋ
ꢅꢆꢇꢀꢁꢂꢈ ꢏꢅꢄ
ꢂꢐꢑꢉꢄ ꢂꢐꢑꢒꢄ ꢂꢐꢑꢓꢄ
ꢈ
ꢏꢅꢄ
"ꢑ ꢁꢂꢃꢄ
"ꢑ ꢁꢂꢃꢄ
ꢚꢛꢚꢙꢅꢗꢜꢗꢅ!,$ꢅꢅꢅꢅꢅꢅꢅꢅ/2+"-*ꢅ!.%ꢅ0.!$%+!.)/ꢅ-&ꢅꢗꢜꢗꢅꢘ!ꢙꢅꢇ,#ꢙ
ꢜꢄ
ꢜꢘꢈ
ꢈ
ꢈ
ꢏꢅꢒ
!ꢄꢄꢉꢃꢚ
ꢛꢈ
ꢛꢈ
ꢘ(#%,/%$ꢅ"2ꢅꢈꢈꢃꢅꢗ-1,$ꢙꢅꢇ,#ꢙꢅ1,$%.ꢅꢘꢗꢙꢏꢏꢚꢒꢈꢏꢖꢅ!,$ꢅꢏꢈ ꢉꢎꢛꢈꢙ
ꢈꢈꢃꢅ!,$ꢅꢈꢈꢃꢅ/2+"-*ꢅ!.%ꢅ.%'(/0%.%$ꢅ0.!$%+!.)/ꢅ-&ꢅꢈꢈꢃꢅꢗ1,$ꢙꢅꢇ,#ꢙ
ꢁꢂꢃ
ꢁꢂꢃꢄ
ꢛꢚ
ꢛꢚ
ꢀ7RꢀXQIDVWHQ
ꢏꢅꢉ
ꢗꢜꢝꢇꢋꢃꢅꢘꢗꢃꢅꢛꢗꢘ
/RRVHQꢀWKHꢀKRRNꢔꢀDQGꢀ
SXOOꢀLQꢀWKHꢀGLUHFWLRQꢀRIꢀ
WKHꢀDUURZꢕ
ꢌꢘꢂꢁꢄ
ꢌꢘꢂꢁꢄ
ꢌꢘꢂꢁꢄ
ꢌꢘꢂꢁꢄ
ꢌꢘꢂꢁꢄ
ꢌ
ꢋ
ꢜꢄꢙꢄ
ꢌ
ꢋ
ꢜꢄꢙꢄ
ꢌ
ꢋ
ꢜꢄꢙꢄ
ꢌ
ꢚ
ꢚ
ꢚ
ꢚ
ꢚ
+RRN
:LWKꢀODUJHꢀFODPS
ꢃꢔ
%$6,&ꢀ23(5$7,21
3RZHUꢀ2Qꢑ2II
1RZꢔꢀWXUQꢀ2QꢀWKHꢀPDLQꢀSRZHUꢀWRꢀWKHꢀXQLWꢕꢀꢀ0DNHꢀVXUHꢀWKDWꢀWKHꢀ3RZHUꢀ&RUGꢀꢀ
KDVꢀSOXJJHGꢀLQWRꢀWKHꢀZDOOꢀVRFNHWꢕ
ꢀ7RꢀWXUQꢀ2QꢀWKHꢀSRZHUꢀRIꢀWKHꢀXQLWꢐ
ꢆꢅꢀꢀ3UHVVꢀWKHꢀ0DLQꢀ3RZHUꢀVZLWFKꢀRQꢀWKHꢀXQLWꢕ
0DLQꢀ3RZHUꢀVZLWFKꢀꢓRQꢀWKHꢀERWWRPꢀVXUIDFHꢑ
ꢀ 7KHꢀ,QGLFDWLQJꢀ/DPSꢀZLOOꢀLOOXPLQDWHVꢀLQꢀ5HGꢀꢓ6WDQGE\ꢀPRGHꢑꢕ
6XEꢀ3RZHUꢀEXWWRQ
ꢇꢅꢀ3ꢀ UHVVꢀ6XEꢀ3RZHUꢀEXWWRQꢀHLWKHUꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢀRUꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢕ
ꢀ 7KHꢀFRORUꢀRIꢀWKHꢀ,QGLFDWLQJꢀ/DPSꢀWXUQVꢀLQWRꢀ*UHHQꢔꢀDQGꢀWKHꢀLPDJHꢀZLOOꢀ
GLVSOD\ꢀRQꢀWKHꢀVFUHHQꢕꢀ
ꢀ7RꢀWXUQꢀ2IIꢀWKHꢀSRZHUꢀRIꢀWKHꢀXQLWꢐ
ꢆꢅꢀꢀ3UHVVꢀ6XEꢀ3RZHUꢀEXWWRQꢀHLWKHUꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢀRUꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢕ
ꢀ ꢀ7KHꢀLPDJHꢀGLVDSSHDUVꢀIURPꢀWKHꢀVFUHHQꢀDQGꢀWKHꢀ,QGLFDWLQJꢀ/DPSꢀWXUQVꢀ
LQWRꢀ5HGꢀꢓ6WDQGE\ꢀPRGHꢑꢕ
ꢊꢋ
ꢌ
ꢇꢅꢀ3UHVVꢀ0DLQꢀ3RZHUꢀVZLWFKꢀWRꢀFRPSOHWHO\ꢀWXUQꢀ2IIꢀWKHꢀSRZHUꢀRIꢀWKHꢀXQLWꢕ
6XEꢀ3RZHUꢀEXWWRQ
7KHꢀ,QGLFDWLQJꢀ/DPSꢀ6WDWXVꢀ&KHFN
,QGLFDWLQJꢀ/DPSꢀ
3RZHUꢀ6WDWXV
3RZHUꢀ6ZLWFKꢀ6WDWXV
0DLQꢀSRZHUꢀĺꢀ2II
6WDWXV
2II
2II
0DLQꢀSRZHUꢀĺꢀ2Q
5HG
6WDQGE\ꢀPRGH
2Q
6XEꢀ3RZHUꢀEXWWRQꢀĺꢀ2II
0DLQꢀSRZHUꢀĺꢀ2Q
6XEꢀSRZHUꢀEXWWRQꢀĺꢀ2Q
*UHHQ
2UDQJH
0DLQꢀSRZHUꢀĺꢀ2Q
6XEꢀ3RZHUꢀEXWWRQꢀĺꢀ2Q
3RZHUꢀ6DYHꢀPRGHꢔ
ꢀ
ꢔꢀ$ERXWꢀ3RZHUꢀ6DYHꢀPRGHꢔꢀVHHꢀ³3RZHUꢀ6DYHꢀ0RGH´ꢀDQGꢀ³:KHQꢀ)ROORZLQJꢀ0HVVDJHVꢀ$SSHDUꢀRQꢀWKHꢀ6FUHHQ´ꢀRQꢀ ꢍꢃ
DQG
ꢀ
ꢀ ꢁꢆ ꢀIRUꢀGHWDLOVꢕ
ꢅꢀꢆꢇ
,IꢀWKHꢀLPDJHꢀGRHVꢀQRWꢀDSSHDUꢀRQꢀWKHꢀVFUHHQꢀDWꢀDOOꢔꢀRUꢀKDYHꢀDQ\ꢀSUREOHPꢔꢀVHHꢀ7528%/(6+227,1*ꢀRQ ꢁꢆ ꢁꢈ ꢕꢀꢀ,Wꢀ
ꢀ
ꢀ
a
PD\ꢀKHOSꢀ\RXꢀWRꢀVROYHꢀWKHꢀSUREOHPVꢕ
ꢀ<RXꢀFDQꢀWXUQꢀ21ꢀWKHꢀSRZHUꢀRQO\ꢀE\ꢀSUHVVLQJꢀWKHꢀ6XEꢀ3RZHUꢀEXWWRQꢀGXULQJꢀWKHꢀ6WDQGE\ꢀPRGHꢕ
ꢀ'RꢀQRWꢀVZLWFKꢀWKHꢀSRZHUꢀ2Qꢈ2IIꢀUHSHDWHGO\ꢀLQꢀDꢀVKRUWꢀSHULRGꢀRIꢀWLPHꢕꢀ,WꢀFRXOGꢀFDXVHꢀPDOIXQFWLRQꢕ
ꢀ7RꢀDYRLGꢀVXGGHQꢀVXUJHVꢀRIꢀHOHFWULFLW\ꢀZKHQꢀWKHꢀSRZHUꢀFRPHVꢀEDFNꢀRQꢔꢀWXUQꢀ2IIꢀWKHꢀPDLQꢀSRZHUꢀRIꢀWKHꢀXQLWꢀEHIRUHꢀ\RXꢀ
OHDYHꢀLIꢀWKHUHꢀLVꢀDꢀSRZHUꢀFXWꢀGXULQJꢀXVHꢀRIꢀWKHꢀXQLWꢕ
ꢃꢚ
%$6,&ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
)LUVWꢀ7LPHꢀ6HWXS
ꢅꢅ
ꢅꢅ
ꢅꢅ
ꢅꢅ
:KHQꢀ\RXꢀWXUQꢀ21ꢀWKHꢀ79ꢀIRUꢀWKHꢀ¿UVWꢀWLPHꢔꢀDꢀPHVVDJHꢀVKRZVꢀXSꢀWRꢀOHDGꢀWRꢀWKHꢀ'77ꢀ
FKDQQHOꢀLQVWDOODWLRQꢕ
ꢅꢅ
ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢀ
ꢌ
ꢍ
ꢎꢏꢅꢐꢎꢅꢁꢑꢂꢌꢃ
ꢆꢅꢀ7KHꢀPHVVDJHꢀ³'DWDEDVHꢀLVꢀ(PSW\ꢀꢀ3UHVVꢀ0(18ꢀIRUꢀLQVWDOODWLRQ´ꢀDSSHDUVꢕ
ꢅꢅꢅꢅꢅꢄꢒꢏ ꢎꢎꢅꢅ ꢁꢆꢇꢅꢓꢔ ꢒꢅꢈꢕꢎꢌ ꢖꢖ ꢌꢐꢔꢕ
ꢇꢅꢀ3UHVVꢀꢀꢁꢂꢃꢀEXWWRQꢀWRꢀDFFHVVꢀ'77ꢀPDLQꢀPHQXꢄ
ꢀꢁ
ꢈꢅꢀ6ꢀ HOHFWꢀ³,QVWDOODWLRQ´ꢀIURPꢀ'77ꢀPDLQꢀPHQXꢀDQGꢀSUHVVꢀ ꢀEXWWRQꢄ
ºººº
ꢅꢅꢉꢊꢅꢋꢌꢗꢘꢙ
ꢅꢅꢉꢅꢚꢚꢝ ꢋꢛꢁ
ꢅꢓꢅꢓꢅꢓꢅꢓ
ꢍꢅꢀꢀ7KHꢀSDVVZRUGꢀER[ꢀZLOOꢀDSSHDUVꢀDVꢀ³
´ꢅꢀDQGꢀHQWHUꢀ³ꢆꢆꢆꢆ´ꢀDVꢀ\RXUꢀLQLWLDOꢀ
ꢅꢅꢀꢁꢂꢗꢅꢃꢄꢅꢆꢆꢇꢈꢚ
ꢅꢅꢉꢅꢛꢇꢆꢗꢅꢈꢅꢊꢘꢂꢁꢅꢆꢃꢇ
ꢅꢅ ꢆꢚꢗ ꢅꢈꢈꢅꢗꢂꢋꢆ
SDVVZRUGꢄ
ꢅꢅꢌꢇꢆꢇꢛꢅꢈꢅꢚꢇꢗꢗꢂꢆꢊꢚ
ꢅꢅꢍꢜꢚꢗꢇꢎ
ꢁꢅꢀꢀ6HOHFWꢀRQHꢀRIꢀWKHꢀVFDQQLQJꢀPHWKRGꢀIURPꢀ³0DQXDOꢀVFDQ´ꢅꢀ³4XLFNꢀVFDQ´ꢅꢀRUꢀ³$XWRꢀ
VFDQꢍ´
ꢉꢛꢇꢚꢚꢅ ꢏꢐꢑꢅꢗꢋꢅꢃꢄꢅꢆꢊꢇꢒ
ꢀꢅꢀꢀꢆꢇ
³4XLFNꢀVFDQ´ꢀDQGꢀ³$XWRꢀVFDQ´ꢀDUHꢀHDVLHUꢀPHWKRGVꢀIRUꢀWKHꢀ¿UVWꢀWLPHꢄꢀ
ꢈ'77ꢀ0DLQꢀ0HQX!
ꢈꢉ
ꢀꢀ6HHꢀ ꢀIRUꢀWKHꢀGHWDLOVꢄꢀ
8VHꢀ ꢀEXWWRQꢀWRꢀJRꢀEDFNꢀDꢀSUHYLRXVꢀPHQXꢀFRQGLWLRQꢅꢀDQGꢀXVHꢀꢀꢁꢂꢃꢀEXWWRQꢀWRꢀUHWXUQꢀꢀ
ꢀ
ꢀ
WRꢀWKHꢀ'77ꢀPDLQꢀPHQXꢄ
9ROXPHꢀ83ꢑ'2:1
ꢆꢅꢀꢀ7RꢀLQFUHDVHꢀWKHꢀVRXQGꢀYROXPHꢅꢀSUHVVꢀ
ꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢅꢀꢀ
RUꢀ9ROXPHꢀ8SꢀEXWWRQꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢄ
ꢀ
7KHꢀ9ROXPHꢀ,QGLFDWRUꢀYDOXHꢀRQꢀWKHꢀVFUHHQꢀZLOOꢀVKLIWꢀULJKWꢄꢀ
ꢇꢅꢀ7RꢀGHFUHDVHꢀWKHꢀVRXQGꢀYROXPHꢅꢀSUHVVꢀ
ꢀEXWWRQꢀRQꢀWKHꢀ
UHPRWHꢀFRQWUROꢀRUꢀ9ROXPHꢀ'RZQꢀEXWWRQꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢄ
ꢀ
7KHꢀ9ROXPHꢀ,QGLFDWRUꢀYDOXHꢀRQꢀWKHꢀVFUHHQꢀZLOOꢀVKLIWꢀOHIWꢄ
0XWHꢀEXWWRQ
9ROXPHꢀ8Sꢇ'RZQꢀEXWWRQ
0XWH
ꢆꢅꢀ7RꢀPXWHꢀWKHꢀVRXQGꢅꢀSUHVVꢀ ꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢄ
ꢀ
7KHꢀVRXQGꢀRIꢀWKHꢀXQLWꢀLVꢀWHPSRUDULO\ꢀWXUQHGꢀ2IIꢄ
ꢀ
7KHꢀFRORUꢀRIꢀWKHꢀ9ROXPHꢀ,QGLFDWRUꢀZLOOꢀWXUQꢀLQWRꢀPDJHQWDꢀ
ꢀ ZKLOHꢀPXWLQJꢀWKHꢀYROXPHꢄꢀ
ꢋ
ꢈꢉ
ꢊ
ꢇꢅꢀꢀ7RꢀWXUQꢀWKHꢀVRXQGꢀEDFNꢅꢀSUHVVꢀ ꢀEXWWRQꢀDJDLQꢅꢀRUꢀ9ROXPHꢀ8SꢀEXWWRQꢀRQꢀ
HLWKHUꢀUHPRWHꢀFRQWUROꢀRUꢀWKHꢀFRQWUROꢀSDQHOꢄ
ꢀ
7KHꢀFRORUꢀRIꢀWKHꢀ9ROXPHꢀ,QGLFDWRUꢀZLOOꢀWXUQꢀEDFNꢀWRꢀJUHHQꢄ
9ROXPHꢀ8Sꢇ'RZQꢀ
EXWWRQ
ꢀꢅꢀꢆꢇ
<RXꢀFDQꢀGHFUHDVHꢀWKHꢀYROXPHꢀE\ꢀSUHVVLQJꢀ
ꢀEXWWRQꢀ
ꢀ ZKLOHꢀWKHꢀVRXQGꢀLVꢀPXWHGꢄ
ꢀꢁꢂ ꢃꢄꢅꢅꢆꢇ
7KHꢀ9ROXPHꢀ,QGLFDWRU
ꢃꢛ
%$6,&ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
,QSXWꢀ6ZLWFKLQJꢀWRꢀ'77ꢑ79ꢎꢀ$9ꢆaꢍꢎꢀ+'0,ꢎꢀDQGꢀ5*%
,QSXWꢀ6HOHFWꢀEXWWRQV
%\ꢀSUHVVLQJꢀ,QSXWꢀ6HOHFWꢀEXWWRQꢅꢀ\RXꢀFDQꢀVZLWFKꢀWKHꢀLQSXWꢄ
ꢀ7RꢀZDWFKꢀDFWXDOꢀEURDGFDVWꢅꢀSUHVVꢀ,QSXWꢀ6HOHFWꢀEXWWRQꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢅꢀ
WKHꢀQXPHULFꢀEXWWRQVꢀRUꢀ&KDQQHOꢀ8Sꢇ'RZQꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢄ
ꢀ7RꢀGLVSOD\ꢀWKHꢀLPDJHꢀRXWSXWWLQJꢀIURPꢀWKHꢀH[WHUQDOꢀHTXLSPHQWVꢀ
FRQQHFWHGꢀWRꢀHDFKꢀWHUPLQDOꢀꢌ'77ꢅꢀ79ꢅꢀ$9ꢍaꢎꢅꢀ+'0,ꢀꢍꢅꢀꢉꢅꢀDQGꢀ5*%ꢏꢅꢀ
VHOHFWꢀFRUUHVSRQGLQJꢀPRGHꢄ
ꢆꢅꢀ3UHVVꢀ,QSXWꢀ6HOHFWꢀEXWWRQVꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢄ
ꢌ8VHꢀ
ꢀEXWWRQꢀWRꢀVZLWFKꢀEHWZHHQꢀ'77ꢀDQGꢀ79ꢀPRGHꢄꢏ
&KDQQHOꢀ
8Sꢇ'RZQꢀEXWWRQ
ꢇꢅꢀ7KHꢀ,QSXWꢀPRGHVꢀFDQꢀEHꢀDOVRꢀVZLWFKHGꢀE\ꢀXVLQJꢀ,QSXWꢀ6HOHFWꢀEXWWRQꢀ
RQꢀWKHꢀFRQWUROꢀSDQHOꢄꢀ
(DFKꢀWLPHꢀWKLVꢀEXWWRQꢀLVꢀSUHVVHGꢅꢀWKHꢀVFUHHQꢀGLVSOD\VꢀFRUUHVSRQGLQJꢀ
PRGHꢀE\ꢀIROORZLQJꢀRUGHUꢄꢀ
ꢔ
ꢒꢋ
ꢓ
ꢂꢀꢀ ꢀꢁ
ꢃꢁꢄ
ꢃꢁꢅ
ꢃꢁꢆ
ꢃꢁꢇ
ꢉꢊꢋ
ꢂꢇꢈꢅ
ꢂꢇꢈꢄ
,QSXWꢂ6HOHFWꢂ
&KDQQHOꢂ8Sꢁ'RZQꢂ
EXWWRQ
ꢈꢅꢀꢀ7RꢀGLUHFWO\ꢀJRꢀEDFNꢀWRꢀ79ꢀPRGHꢅꢀSUHVVLQJꢀFKDQQHOꢀ8Sꢇ'RZQꢀEXWWRQVꢀRQꢀ
HLWKHUꢀUHPRWHꢀFRQWUROꢀRUꢀWKHꢀFRQWUROꢀSDQHOꢄ
ꢀ
$OVRꢅꢀ\RXꢀFDQꢀXVHꢀWKHꢀQXPHULFꢀEXWWRQVꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢄ
,QSXWꢀ6LJQDOꢀ6FUHHQꢀ'LVSOD\
7KHꢀLQSXWꢀVLJQDOꢀVWDWXVꢀFDQꢀEHꢀGLVSOD\HGꢀRQꢀWKHꢀVFUHHQꢀE\ꢀ
ꢀ
ꢀ
SUHVVLQJꢀWKH
EXWWRQ RIꢀWKHꢀUHPRWHꢀFRQWUROꢄ
ꢀ
ꢀ
ꢀꢀ7KHꢀGLVSOD\ꢀLQꢀ'77ꢀPRGHꢀZLOOꢀDSSHDUꢀDVꢀFKDQJLQJꢀWKHꢀFKDQQHOVꢀDQGꢀJRꢀRXWꢀLQꢀVHWꢀ
WLPHꢄꢀꢌ5HIHU WRꢀ ꢍꢂ ꢏ
ꢀ
ꢀ7KHꢀGLVSOD\ꢀLQꢀ79ꢇ9LGHRꢇ5*%ꢀPRGHꢀZLOOꢀJRꢀRXWꢀLQꢀDSSUR[LPDWHO\ꢀꢋꢀVHFRQGVꢄ
3URJUDPꢂQDPH
%URDGFDVWLQJꢂWLPH
5(&$//ꢂ
EXWWRQ
'77
6WDUWꢂWLPH
(QGꢂWLPH
ꢅꢀꢁꢆꢀꢀꢂꢃꢅꢅꢅꢅꢅꢅꢅꢅꢅꢄꢅꢆ
ꢅꢇꢈꢅꢅꢅꢅꢉ
ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢊ ꢉꢈꢋ
ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢆꢅꢆꢅꢆꢅꢆꢅꢆꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢆꢅꢆꢅꢌꢅꢆꢅꢆ
ꢅꢅꢅꢅꢆꢅꢆꢅꢌꢅꢆꢅꢆꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢆꢅꢆꢅꢌꢅꢆꢅꢆ
ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅ
&KDQQHOꢂQDPH
6WDWLRQꢂQDPH
79ꢀSRVLWLRQ
1DPH
79
ꢀ
ꢄ
ꢁꢂꢃ
6RXQGꢀPRGH
2IIꢐWLPHU
2QꢐWLPHU
ꢅꢅꢅꢅꢅꢅꢆꢆꢅꢆꢆꢅꢇꢈꢉꢊ
ꢀꢁꢁ
ꢆꢆꢅꢆꢆꢅꢋꢅꢆꢆꢅꢆꢆ
,QSXWꢎPRGH
6LJQDOꢎPRGH
6LJQDOꢎIRUPDWꢀ
9,'(2
ꢀꢁ
ꢂꢃꢄꢅꢃꢆꢇꢆꢈ
ꢉꢊꢋR
ꢀ&RPSRQHQWꢁ+'0,ꢂRQO\
2IIꢉWLPHU
2QꢉWLPHU
ꢅꢅꢅꢅꢅꢅꢆꢆꢅꢆꢆꢅꢇꢌꢆꢊ
ꢀꢁꢁ
ꢆꢆꢅꢆꢆꢅꢍꢅꢆꢆꢅꢆꢆ
5*%
,QSXWꢊPRGH
,QSXWꢊKRUL]RQWDOꢊIUHTXHQF\
,QSXWꢊYHUWLFDOꢊIUHTXHQF\
ꢌꢀꢁ
ꢅꢂꢅ ꢅꢅꢅꢃꢄꢊꢃꢍꢂꢎ
ꢏꢅ ꢅꢅꢅꢅꢆꢊꢇꢅ ꢂꢎ
2IIꢉWLPHU
2QꢉWLPHU
ꢅꢅꢅꢅꢅꢅꢆꢆꢅꢆꢆꢅꢈꢐꢑꢊ
ꢀꢁꢁ
ꢆꢆꢅꢆꢆꢅ ꢅꢆꢆꢅꢆꢆ
ꢉꢆ
ꢀ79ꢀ6(783ꢀ23(5$7,21
+RZꢀWRꢀXVHꢀWKHꢀ2Qꢏ6FUHHQꢀ'LVSOD\ꢀꢋ26'ꢌꢀV\VWHP
:LWKꢂWKHꢂ2Qꢌ6FUHHQꢂ'LVSOD\ꢂV\VWHPꢍꢂ\RXꢂFDQꢂDFFHVVꢂWKHꢂYDULRXVꢂNLQGVꢂRIꢂWKHꢂIHDWXUHVꢂDQGꢂIXQFWLRQVꢂLQꢂWKLVꢂSURGXFWꢍ
ꢂꢃ ꢄꢅꢆꢇ
ꢀꢅꢈꢃꢉ
ꢀ%DVLFꢀ2SHUDWLRQ
ꢊꢃꢋꢇꢆ
ꢆꢅꢂ3UHVVꢂꢎꢏꢀꢁꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂRUꢂ0HQXꢂEXWWRQꢂRQꢂWKHꢂFRQWUROꢂSDQHOꢂ
ꢌꢅꢍ ꢄꢃꢉꢍ
ꢎꢇꢄꢅꢏ
ꢁꢁꢁꢎꢇꢐꢇ ꢄꢁꢁꢁꢁꢁꢑꢒꢁꢁꢁꢎꢇꢄ
RIꢂWKHꢂXQLWꢂꢂ7KHꢂ0DLQꢀ0HQXꢂLVꢂGLVSOD\HGꢂRQꢂWKHꢂVFUHHQꢂDVꢂVKRZQꢂRQꢂWKHꢂULJKWꢂꢂ
ꢂꢂ
ꢇꢅꢂ7RꢂVHOHFWꢂWKHꢂLWHPꢃꢂSUHVVꢂ ꢂEXWWRQꢂꢂ
7KHꢂVHOHFWHGꢂLWHPꢂZLOOꢂEHꢂKLJKOLJKWHGꢂLQꢂ*UHHQꢂ
ꢗ79ꢂ0DLQꢂ0HQX!
ꢀꢁ
ꢈꢅꢂ3UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂ\RXUꢂVHOHFWLRQꢂ
7KHꢂVHOHFWHGꢂPHQXꢂSDJHꢂZLOOꢂEHꢂGLVSOD\HGꢂRQꢂWKHꢂVFUHHQꢂ
0HQXꢂEXWWRQ
ꢍꢅꢂ8VHꢂ ꢂEXWWRQꢂWRꢂFKRRVHꢂWKHꢂLWHPꢂRQꢂWKHꢂ0(18ꢂSDJHꢂ
ꢀꢁ
3UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂ\RXUꢂVHOHFWLRQꢂ
ꢀꢁ
ꢁꢅꢂ8VHꢂ ꢂEXWWRQꢂWRꢂDGMXVWꢂWKHꢂLWHPꢂYDOXHVꢂRUꢂFKRRVHꢂRSWLRQVꢂ
ꢀꢁ
3UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂ\RXUꢂVHOHFWLRQꢂ
ꢄꢅꢂ7RꢂH[LWꢂIURPꢂWKHꢂPHQXꢃꢂSUHVVꢂꢎꢏꢀꢁꢂEXWWRQꢂ
ꢂꢅꢂꢆꢇ
7KHꢂ26'ꢂPHQXꢂVFUHHQꢂZLOOꢂEHꢂFORVHGꢂDXWRPDWLFDOO\ꢂZKHQꢂQRꢂRSHUDWLRQꢂKDVꢂ
EHHQꢂPDGHꢂIRUꢂDERXWꢂRQHꢂPLQXWHꢂ
ꢂ
,IꢂWKHꢂLWHPꢂLQꢂPHQXꢂLVꢂVKRZQꢂLQꢂJUD\ꢃꢂLWꢂPHDQVꢂWKDWꢂLWꢂFDQQRWꢂEHꢂVHOHFWHGꢂRUꢂ
DGMXVWHGꢂ
ꢕ
ꢓꢂ
ꢔ
0HQXꢂEXWWRQꢂ
ꢕꢖ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
6HWXSꢀ0HQXꢀꢋ79ꢀPRGHꢌ
:LWKꢂWKLVꢂPHQXꢃꢂ\RXꢂFDQꢂDFFHVVꢂYDULRXVꢂNLQGVꢂRIꢂIHDWXUHVꢂUHODWLQJꢂWRꢂ79ꢂFKDQQHOꢂVHWWLQJVꢂꢂ
ꢀꢁꢂꢃ
ꢄꢄꢅꢂꢁꢆꢄꢇꢂꢈꢉꢈꢊ
ꢄꢄꢋꢌꢈꢂꢌꢍꢄꢇꢂꢈꢉꢈꢊ
ꢄꢄꢎꢉꢈꢀꢄꢇꢂꢈꢉꢈꢊ
ꢄꢄ ꢆꢏꢁ
ꢄꢄꢇꢀꢍꢀꢁꢀꢐꢁꢄꢑꢌꢈꢊꢂꢌꢊꢀ
ꢄꢄꢅꢂꢁꢆꢄꢒꢓꢓꢄ
ꢒꢓꢓ
ꢄꢄꢄ ꢀꢍꢀꢔꢁꢄꢄꢄꢄꢒꢕꢄꢄ ꢀꢁꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢖꢀꢁꢂꢏꢈ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
6HOHFWꢂWKHꢂZD\ꢂWRꢂGLVSOD\ꢂWKHꢂFKDQQHOVꢂRQꢂWKHꢂVFUHHQꢂ
ꢀ
EHWZHHQꢂ³ꢈꢈ´ꢃꢂ³ꢈꢈꢈ´ꢃꢂ³ꢈ´ꢂDQGꢂ$9ꢇꢇꢂE\ꢂXVLQJꢂ ꢂEXWWRQꢂ
³ꢈꢈ´ꢂLVꢂIRUꢂꢕꢂGLJLWVꢂFKDQQHOꢂVHOHFWLRQꢃ
³ꢈꢈꢈ´ꢂLVꢂIRUꢂꢉꢂGLJLWVꢂFKDQQHOꢂVHOHFWLRQꢃꢂDQG
³ꢈ´ꢂLVꢂIRUꢂꢖꢂGLJLWꢂFKDQQHOꢂVHOHFWLRQꢂ
7KHꢂSRVLWLRQꢂQXPEHUVꢂDUHꢂGLVSOD\HGꢂRQꢂWKHꢂXSSHUꢂULJKWꢂ
FRUQHUꢂRIꢂVFUHHQꢂꢂ
3RVLWLRQ
'LUHFW
0RGH
$XWRꢀ7XQLQJ
ꢊꢖaꢖꢘꢘꢃꢂ$9ꢇꢇꢋ
7KHꢂFKDQQHOꢂQXPEHUꢂꢖaꢘꢘꢂDUHꢂGLVSOD\HGꢂDVꢂ&
ꢃꢂDQGꢂWKHꢂ
FKDQQHOꢂQXPEHUꢂꢖꢇꢖaꢖꢘꢘꢂDUHꢂGLVSOD\HGꢂDVꢂ6
ꢂ
7XQHꢂWKHꢂORFDOꢂFKDQQHOVꢂDXWRPDWLFDOO\ꢂ
3UHVVꢂ ꢂEXWWRQꢂWRꢂVWDUWꢂVHDUFKLQJꢂ
6HDUFK
ꢀꢁ
3UHVVꢂFKDQQHOꢂXSꢂꢊꢌꢋꢂGRZQꢂꢊꢈꢋꢂEXWWRQVꢂWRꢂLQSXWꢂSRVLWLRQꢂ
QXPEHUꢂꢊꢖaꢖꢘꢘꢃꢂ$9ꢇꢇꢋꢂRUꢂFKDQQHOꢂQXPEHUꢂꢊ& ꢂRUꢂ6
3RVLWLRQ
ꢋꢂ
:KHQꢂ$XWRꢂ7XQLQJꢂ0RGHꢂLVꢂVHWꢂWRꢂ>SRVLWLRQ@ꢃꢂVHDUFKꢂWKHꢂ
ꢀꢁ
IUHTXHQF\ꢂE\ꢂXVLQJꢂ ꢂEXWWRQꢂ
)UHTXHQF\
1DPH
:KHQꢂ$XWRꢂ7XQLQJꢂ0RGHꢂLVꢂVHWꢂWRꢂ>'LUHFW@ꢃꢂWKLVꢂIXQFWLRQꢂLVꢂ
QRWꢂDYDLODEOHꢂꢊJUD\HGꢂRXWꢋꢂꢂ
ꢖꢂꢂ0RYHꢂWKHꢂFXUVRUꢂWRꢂWKHꢂ¿UVWꢂGLJLWꢂDQGꢂVHOHFWꢂWKHꢂOHWWHUVꢂ
ZLWKꢂ ꢂEXWWRQꢂꢂ
ꢕꢂꢂ0RYHꢂWRꢂWKHꢂQH[WꢂGLJLWꢂZLWKꢂŹꢂEXWWRQꢂꢂꢂ
0DQXDOꢀ7XQLQJ
ꢀꢁ
ꢉꢂꢂ3UHVVꢂ ꢂEXWWRQꢂDJDLQꢂZKHQꢂ\RXꢂ¿QLVKꢂLQSXWWLQJꢂDOOꢂWKHꢂ
OHWWHUVꢂ
ꢂ7KHꢂVHOHFWDEOHꢂOHWWHUVꢂDUHꢂDVꢂIROORZVꢚꢂ³ꢇ´a´ꢘ´ꢃꢂ³$´a´=´ꢃꢂ³ꢌ´ꢃꢂ
³ꢂ´ꢂꢊEODQNꢋꢃꢂ³ꢈ´ꢂꢊGLVSOD\HGꢂDVꢂEODQNꢋꢃꢂDQGꢂ³ꢂ´ꢂꢊSHULRGꢋꢂ
$XWR
0
6RXQGꢂ
6\VWHP
6HOHFWꢂWKHꢂVRXQGꢂV\VWHPꢂIURPꢂꢆꢂGLIIHUHQWꢂPRGHVꢂ
%*
,
'.
ꢂ
ꢂ,QIRUPDWLRQ
ꢂ
8VHꢂ$9ꢇꢇꢂZKHQꢂFRQQHFWLQJꢂHTXLSPHQWꢂVXFKꢂDVꢂDꢂ9&5ꢂYLDꢂDQꢂ5)ꢂꢊDHULDOꢂW\SHꢋꢂFDEOHꢂ
ꢕꢕ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
6HWXSꢀ0HQXꢀꢋ79ꢀPRGHꢌꢂꢂꢋFRQWLQXHGꢌ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
$XWR
3$/
&RORUꢂ
6\VWHP
6NLS
6(&$0 6HOHFWꢂFRORUꢂV\VWHPꢂIURPꢂꢃꢂGLIIHUHQWꢂPRGHVꢄ
176&ꢂꢅꢄꢅꢁ
176&ꢂꢁꢄꢃꢗ
,WꢂDOORZVꢂ\RXꢂWRꢂVNLSꢂXQUHJLVWHUHGꢂFKDQQHOVꢂDXWRPDWLFDOO\ꢂ
ZKHQꢂ\RXꢂXVHꢂFKDQQHOꢂXSꢂꢆꢇꢈꢂGRZQꢂꢆꢉꢈꢂEXWWRQVꢂWRꢂVHOHFWꢂ
FKDQQHOVꢄꢂ
7KLVꢂIXQFWLRQꢂZLOOꢂDXWRPDWLFDOO\ꢂVNLSꢂXQDYDLODEOHꢂFKDQQHOVꢂ
ZKHQꢂVHWꢂWRꢂRQꢄ
2II
0DQXDOꢀ7XQLQJ
2Q
2II
2Q
7KHꢂQRLVHꢂRQꢂWKHꢂVFUHHQꢂRUꢂLQWHUIHUHQFHꢂFRXOGꢂEHꢂUHGXFHGꢊꢂ
HVSHFLDOO\ꢂDWꢂWKHꢂDUHDꢂRIꢂZHDNꢂHOHFWULFꢂ¿HOGꢄ
15
7KHꢂQRLVHꢂRQꢂWKHꢂVFUHHQꢂRUꢂLQWHUIHUHQFHꢂFRXOGꢂEHꢂUHGXFHGꢂ
LQꢂFDVHꢂWKDWꢂWKHꢂUHFHLYLQJꢂDLUZDYHVꢂDUHꢂWRRꢂVWURQJꢄ
ꢂ7KHꢂVHOHFWLRQꢂRQꢂWKLVꢂLWHPꢂLVꢂDSSOLHGꢂWRꢂDOOꢂWKHꢂFKDQQHOVꢄ
2II
2Q
$QWHQQDꢂ$WWꢄ
Źꢂꢙꢂ,QFUHDVHꢂWKHꢂIUHTXHQF\ꢂGDWDꢂIRUꢂWKHꢂPDLQꢂWXQHUꢄ
)LQHꢀ7XQLQJ
6RUW
ꢉꢃꢘaꢇꢃꢘ
Żꢂꢙꢂ'HFUHDVHꢂWKHꢂIUHTXHQF\ꢂGDWDꢂIRUꢂWKHꢂPDLQꢂWXQHUꢄ
<RXꢂFDQꢂFKDQJHꢂWKHꢂRUGHUꢂRIꢂFKDQQHOVꢂDVꢂIROORZVꢄ
ꢋꢄꢂ0RYHꢂWKHꢂFXUVRUꢂWRꢂWKHꢂFKDQQHOꢂURZꢂ\RXꢂZDQWꢂWRꢂFKDQJHꢂ
ꢀꢁ
RUGHUꢂDQGꢂWKHQꢊꢂSUHVVꢂ ꢂEXWWRQꢄꢂꢂ
ꢀꢄꢂ7KHꢂFRORUꢂRIꢂWKHꢂOHWWHUVꢂRQꢂWKHꢂGHVLJQDWHGꢂOLQHꢂZLOOꢂEHꢂ
WXUQHGꢂLQWRꢂJUHHQꢂEUDFNHWꢂDQGꢂZLWKꢂ>ꢂ@ꢄꢂꢂ
ꢂ
ꢁꢄꢂ0RYHꢂWKHꢂGHVLJQDWHGꢂURZꢂE\ꢂXVLQJꢂ
EXWWRQꢄꢂꢂ
ꢀꢁ
ꢅꢄꢂ3UHVVꢂ ꢂEXWWRQꢂWRꢂ¿[ꢂWKHꢂSRVLWLRQꢄꢂ
ꢂ7KLVꢂIXQFWLRQꢂLVꢂQRWꢂDYDLODEOHꢂꢆJUD\HGꢂRXWꢈꢂZKHQꢂWKHꢂ$XWRꢂ
7XQLQJꢂ0RGHꢂLVꢂVHWꢂWRꢂ>'LUHFW@ꢄꢂ
6HOHFWꢂ7HOHWH[Wꢂ/DQJXDJHꢂIURPꢂꢃꢂGLIIHUHQWꢂFDWHJRULHVꢂ
ꢆ:HVWꢂ(XURSHꢊꢂ(DVWꢂ(XURSHꢊꢂ5XVVLDQꢊꢂ$UDELFꢂDQGꢂ)DUVLꢈꢂ
DFFRUGLQJꢂWRꢂWKHꢂDUHDꢄ
([DPSOHꢙ
:HVWꢂ(XURSHꢂ ꢙꢂꢂ$VLDQꢂFRXQWULHVꢂZKHUHꢂWKHꢂ7HOHWH[Wꢂ
LVꢂEURDGFDVWLQJꢂLQꢂ(QJOLVKꢂVXFKꢂDVꢂ
6LQJDSRUHꢊꢂ$XVWUDOLDꢊꢂDQGꢂ0DOD\VLDꢄ
(DVWꢂ(XURSHꢂ ꢙꢂ3RODQGꢊꢂ6ZHGHQꢊꢂ+XQJDU\ꢂ
7HOHWH[Wꢀ/DQJXDJH
5XVVLDQꢂ
$UDELFꢂ
)DUVLꢂ
ꢙꢂ5XVVLD
ꢙꢂ$UDEꢂFRXQWULHV
ꢙꢂ,UDQ
:KHQꢂQRꢂDLUZDYHꢂKDVꢂEHHQꢂUHFHLYHGꢂDQGꢂQRꢂRSHUDWLRQꢂ
KDVꢂEHHQꢂPDGHꢂIRUꢂꢋꢌꢂPLQXWHVꢂLQꢂ79ꢂPRGHꢊꢂLWꢂWXUQVꢂWRꢂ
VWDQGE\ꢂPRGHꢂDXWRPDWLFDOO\ꢄ
2II
2Q
$XWRꢀ2II
ꢀꢁ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
6HWXSꢀ0HQXꢀꢋ$9ꢀPRGHꢌ
:LWKꢂWKLVꢂPHQXꢊꢂ\RXꢂFDQꢂVHOHFWꢂRUꢂDGMXVWꢂWKHꢂFRQGLWLRQꢂRIꢂWKHꢂLQSXWꢂVLJQDOVꢂIURPꢂHDFKꢂWHUPLQDOꢄꢂ
ꢂꢃꢄꢅꢆ
ꢀꢀꢂꢇꢈꢄꢃ
ꢀ
ꢂꢇꢈꢄꢃ ꢀꢁ
ꢀꢀꢉꢊꢋꢊꢌꢀꢂꢇꢈꢄꢃ
ꢀꢀꢀꢂꢃꢋꢃꢍꢄꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢂꢃꢄꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢎꢃꢄꢅꢌꢏ
6HOHFWHGꢀ,WHPV
6\VWHPꢂꢋꢂ
6HWXSꢀKLQW
'RꢂQRWꢂFKDQJHꢂWKHꢂRULJLQDOꢂVHWWLQJꢄ
ꢆ6\VWHPꢋꢙꢂ(XURSHꢍ$VLDꢊꢂ6\VWHPꢀꢙ6RXWKꢂ$PHULFDꢈ
ꢂ&RPSRVLWHꢂDQGꢂ6ꢉYLGHRꢂLQSXWꢂRQO\ꢄ
6\VWHPꢀ
6\VWHPꢂꢀ
$XWR
3$/
6(&$0
176&ꢂꢅꢄꢅꢁ
176&ꢂꢁꢄꢃꢗ
3$/ꢘꢌ
6HOHFWꢂWKHꢂFRORUꢂV\VWHPꢂGHSHQGLQJꢂRQꢂWKHꢂLQSXWꢂVLJQDOꢄ
ꢂ*HQHUDOO\ꢊꢂVHOHFWꢂ>$XWR@ꢂWRꢂUHFHLYHꢂDOOꢂVLJQDOVꢂIRUꢂERWKꢂ
6\VWHPꢋꢂDQGꢂ6\VWHPꢀꢄ
6\VWHPꢂꢋ
&RORUꢀ
6\VWHP
ꢂ,QꢂFDVHꢂWKDWꢂWKHꢂLQSXWꢂVLJQDOꢂKDVꢂWRRꢂPXFKꢂQRLVHꢊꢂWKHꢂ
VLJQDOꢂOHYHOꢂLVꢂWRRꢂORZꢊꢂRUꢂWKHꢂRSHUDWLRQꢂLVꢂXQVWDEOHꢂLQꢂ
>$XWR@ꢊꢂVHOHFWꢂWKHꢂV\VWHPꢂDFFRUGLQJꢂWRꢂWKHꢂFRORUꢂV\VWHPꢂ
RIꢂWKHꢂLQSXWꢂVLJQDOꢄ
$9ꢋa$9ꢅ
$XWR
ꢂ&RPSRVLWHꢂDQGꢂ6ꢉYLGHRꢂLQSXWꢂRQO\ꢄ
176&ꢉ0
3$/ꢉ0
6\VWHPꢂꢀ
3$/ꢉ1
ꢀꢅ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
6HWXSꢀ0HQXꢀꢋ5*%ꢀPRGHꢌ
:LWKꢂWKLVꢂPHQXꢊꢂ\RXꢂFDQꢂDGMXVWꢂWKHꢂGLVSOD\ꢂFRQGLWLRQꢂRIꢂWKHꢂLPDJHꢂZKLFKꢂLVꢂLQSXWWLQJꢂIURPꢂWKHꢂ5*%ꢂWHUPLQDOVꢄꢂ
%\ꢂSUHVVLQJźEXWWRQꢂDWꢂWKHꢂERWWRPꢂRIꢂWKHꢂꢋVWꢂ6HWXSꢂPHQXꢂSDJHꢊꢂWKHꢂꢀQGꢂ6HWXSꢂPHQXꢂSDJHꢂZLOOꢂDSSHDUꢂRQꢂWKHꢂVFUHHQꢄ
ꢀꢁꢂꢃꢄ
ꢀꢁꢂꢃ
ꢅꢅꢆꢃꢂꢇꢅꢆꢈꢉꢃꢊꢂꢅ
ꢆꢈꢉꢃꢊꢂ
ꢅꢅꢄꢅꢀꢆꢂꢀꢇꢈꢉꢅꢊꢋꢌꢃꢍꢎꢉꢅ ꢏꢐꢐ
ꢅꢅ ꢇꢋꢌꢍꢇꢎꢂꢏꢐꢅꢑꢇꢊꢌꢂꢌꢇꢎꢅꢅꢅꢅꢅꢅ ꢒ
ꢅꢅꢓꢁꢋꢂꢌꢔꢏꢐꢅꢑꢇꢊꢌꢂꢌꢇꢎꢅꢅꢅꢅꢅꢅꢅꢅꢕꢖꢗ
ꢅꢅ ꢇꢋꢌꢍꢇꢎꢂꢏꢐꢅꢘꢐꢇꢔꢙꢅꢅꢅꢅꢅꢅꢅꢅꢚꢛꢒ
ꢅꢅꢘꢐꢇꢔꢙꢅꢑꢜꢏꢊꢁꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢗꢒ
ꢅꢅꢑꢒꢓꢔꢅꢕꢖꢗꢀꢅ
ꢏꢐꢐ
ꢅꢅꢅ ꢀꢍꢀꢈꢁꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅ ꢀꢁꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢘꢀꢁꢂꢅꢇ
ꢅꢅꢝꢁꢊꢁꢂꢅ
ꢝꢁꢊꢁꢂ
ꢅꢅꢅꢀꢁꢐꢁꢔꢂꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢀꢁꢂꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢝꢁꢂꢃꢋꢎ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
$GMXVWꢂ+RUL]RQWDOꢂ3RVLWLRQꢊꢂ9HUWLFDOꢂ3RVLWLRQꢊꢂ+RUL]RQWDOꢂ
&ORFNꢊꢂDQGꢂ&ORFNꢂ3KDVHꢂDXWRPDWLFDOO\ꢄ
ꢀꢁ
ꢂ3UHVVꢂ ꢂEXWWRQꢂWRꢂVWDUWꢂDXWRꢂDGMXVWPHQWꢄ
ꢂ
$XWRꢀ$GMXVW
7KHꢂPHVVDJHꢂ³$XWRꢂ$GMXVWLQJ´ꢂLVꢂGLVSOD\HGꢄ
ꢂ'ꢂ HSHQGLQJꢂRQꢂWKHꢂW\SHꢂRIꢂWKHꢂVLJQDOꢊꢂWKHUHꢂLVꢂDꢂSRVVLELOLW\ꢂWKDWꢂ
WKHꢂGLVSOD\ꢂPD\ꢂQRWꢂEHꢂDGMXVWHGꢂLQꢂLWVꢂRSWLPXPꢂFRQGLWLRQꢂZLWKꢂ
WKLVꢂIXQFWLRQꢄꢂꢂ,QꢂWKDWꢂFDVHꢊꢂSOHDVHꢂDGMXVWꢂHDFKꢂLWHPꢂPDQXDOO\ꢄ
$GMXVWꢂWKHꢂGLVSOD\ꢂSRVLWLRQꢂKRUL]RQWDOO\ꢄ
ꢉꢘꢁaꢇꢘꢁ ꢂ:KHQꢂWKHꢂSRVLWLRQꢂH[FHHGVꢂWKHꢂSRVVLEOHꢂUDQJHꢊꢂWKHꢂ
GLVSOD\ꢂFRORUꢂZLOOꢂWXUQꢂLQWRꢂ0DJHQWDꢄ
+RUL]RQWDOꢀ3RVLWLRQꢃ
$GMXVWꢂWKHꢂGLVSOD\ꢂSRVLWLRQꢂYHUWLFDOO\ꢄ
ꢉꢁꢋaꢇꢁꢋ ꢂ:KHQꢂWKHꢂSRVLWLRQꢂH[FHHGVꢂWKHꢂSRVVLEOHꢂUDQJHꢊꢂWKHꢂ
GLVSOD\ꢂFRORUꢂZLOOꢂWXUQꢂLQWRꢂ0DJHQWDꢄ
9HUWLFDOꢀ3RVLWLRQꢃ
+RUL]RQWDOꢀ&ORFNꢃ
&ORFNꢀ3KDVHꢃ
ꢉꢁꢋaꢇꢁꢋ 0LQLPL]HꢂWKHꢂYHUWLFDOꢂVWULSHVꢂRQꢂWKHꢂVFUHHQꢄ
0LQLPL]HꢂWKHꢂEOXUULQJꢂRIꢂWKHꢂOHWWHUVꢂDQGꢂVWULSHVꢂRQꢂKRUL]RQWDOꢂURZꢄ
ꢌaꢘꢁ ꢂ0DNHꢂVXUHꢂWRꢂDGMXVWꢂ+RUL]RQWDOꢂ&ORFNꢂ¿UVWꢂEHIRUHꢂ
DGMXVWLQJꢂ&ORFNꢂ3KDVHꢄ
5HVHWꢂDOOꢂWKHꢂVHWꢂYDOXHVꢂRQꢂWKLVꢂ0HQXꢂSDJHꢂWRꢂRULJLQDOꢂIDFꢉ
WRU\ꢂVHWWLQJVꢄ
5HVHW
2II
6HOHFWꢂZKHWKHUꢂLQGLFDWLQJꢂWKHꢂ3&ꢂVLJQDOꢂIUHTXHQF\ꢂLQIRUꢉ
)UHTXHQF\ꢀ'LVSOD\
PDWLRQꢂRQꢂ,QSXWꢂ6LJQDOꢂ6FUHHQꢂ'LVSOD\ꢂRUꢂQRWꢄ
2Q
2II
ꢋꢀꢗꢌ[ꢛꢘꢗ
ꢋꢁꢘꢘ[ꢛꢘꢗ
ꢂ7KLVꢂIXQFWLRQꢂLVꢂDYDLODEOHꢂRQO\ꢂIRUꢂ:;*$ꢂVLJQDOꢄ
:;*$ꢀ0RGH
ꢁꢄ
ꢂ5HIHUꢂWRꢂ³5HFRPPHQGHGꢂ6LJQDOꢂ/LVW´ꢂRQꢂ
ꢄ
ꢂ
ꢂ,QIRUPDWLRQ
ꢂ
7KHꢂLWHPVꢂLQGLFDWHGꢂE\ꢂ³
ꢎ´ꢂFDQꢂEHꢂDXWRPDWLFDOO\ꢂVWRUHGꢂGHSHQGLQJꢂRQꢂWKHꢂVLJQDOꢂPRGHꢄꢂ
ꢂ7KHꢂVLJQDOꢂPRGHꢂLVꢂLGHQWL¿HGꢂE\ꢂWKHꢂ+RUL]RQWDOꢍ9HUWLFDOꢂIUHTXHQF\ꢂDQGꢂWKHꢂV\QFꢄꢂVLJQDOꢂSRODULW\ꢊꢂZKLFKꢂKDVꢂDOPRVWꢂ
VDPHꢂYDOXHVꢂLQꢂDOOꢂWKHꢂDERYHꢂLWHPVꢂPLJKWꢂEHꢂUHJDUGHGꢂDVꢂWKHꢂVDPHꢂVLJQDOꢄ
ꢂ
ꢀꢁ
7KHꢂLWHPꢂ³$XWRꢂ$GMXVW´ꢂFDQQRWꢂEHꢂVWRUHGꢄꢂ3UHVVꢂ ꢂWRꢂVWDUWꢂDXWRꢂDGMXVWPHQWꢂDVꢂQHHGHGꢄ
ꢀꢃ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
)XQFWLRQꢀ0HQX
7KLVꢂPHQXꢂSURYLGHVꢂYDULRXVꢂZD\VꢂWRꢂSURWHFWꢂ\RXUꢂSDQHOꢊꢂUHGXFHꢂSRZHUꢂFRQVXPSWLRQꢊꢂDQGꢂVHWꢂXSꢂXWLOL]LQJꢂWKHꢂXVHIXOꢂ
IXQFWLRQVꢊꢂVXFKꢂDVꢂ)UHH]Hꢂ0RGHꢄ
!ꢀꢁ ꢂꢃꢀ
ꢅꢅꢄꢁꢅꢆꢆꢀꢅꢄꢇ"ꢆꢅꢅ
ꢈꢉꢉ
ꢅꢅꢄꢁꢅꢆꢆꢀꢅꢊꢂꢋꢆꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢈꢀꢅꢌꢒꢍꢂꢀꢎ
ꢅꢅꢏꢐꢇꢁꢑꢅꢄꢂꢒꢆꢅꢓꢇꢀꢆꢐꢅ ꢈꢉꢉ
ꢅꢅꢔꢂꢒꢆꢃꢅꢓꢃ#ꢆꢅꢅꢄꢇ"ꢆꢅ ꢈꢉꢉ
ꢅꢅ ꢅꢆꢆ$ꢆꢅꢍꢃꢒꢆꢅ
ꢅꢅꢕꢆꢉꢇ!ꢐ ꢅꢖꢃꢃꢗꢅ
ꢅꢅꢘꢁꢃꢅꢍꢃꢒꢆꢅ
ꢅꢅꢓꢂꢁ !ꢅꢆꢅꢄꢂ$ꢆꢅ
ꢅꢅꢙꢆꢚꢆ ꢅ
ꢄꢋꢐꢂ
ꢓꢇꢀꢃꢅꢇꢗꢂꢁ
ꢈꢀ
ꢗ
ꢙꢆꢚꢆ
ꢅꢅꢅꢄꢆꢐꢆꢁ ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢄꢆ ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢙꢆ !ꢅꢀ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
2II
ꢃ0LQꢄ
ꢋꢌ0LQꢄ
ꢀꢌ0LQꢄ
ꢅꢌ0LQꢄ
ꢘꢌ0LQꢄ
2Q
7KLVꢂKHOSVꢂWRꢂUHGXFHꢂLPDJHꢂUHWHQWLRQꢂE\ꢂVKLIWLQJꢂWKHꢂ
ZKROHꢂSLFWXUHꢂꢆLQꢂVPDOOꢂDPRXQWVꢈꢂDURXQGꢂWKHꢂVFUHHQꢂDWꢂVHWꢂ
LQWHUYDOVꢄꢂ
6FUHHQꢀ6DYHU
6FUHHQꢀ:LSH
<RXꢂFDQꢂVHOHFWꢂWKHꢂLQWHUYDOꢂEHWZHHQꢂHDFKꢂVKLIWꢄ
7KLVꢂGLVSOD\VꢂWKHꢂZKLWHꢂSDWWHUQꢂWRꢂUHGXFHꢂWKHꢂLPDJHꢂ
UHWHQWLRQꢄ
ꢂ2Qꢂꢙꢂ&RQWLQXRXVꢂ2SHUDWLRQ
ꢂꢘꢌ0LQꢄꢂꢙꢂ/LPLWHGꢂ2SHUDWLRQꢂIRUꢂꢘꢌꢂPLQXWHVꢄꢂ$IWHUꢂꢂ
ꢘꢌꢂPLQXWHVꢊꢂ79ꢂJRHVꢂWRꢂVWDQGE\ꢂPRGHꢄ
ꢘꢌ0LQꢄ
7KLVꢂFDQꢂFKDQJHꢂWKHꢂFRORUꢂRIꢂVLGHEDUVꢂVKRZLQJꢂXSꢂLQꢂ
QRUPDOꢂPRGHꢄꢂꢆ2IIꢙJUD\ꢊꢂ2QꢙEODFNꢈ
2II
2Q
%ODFNꢀ6LGHꢀ3DQHO
9LGHRꢀ3RZHUꢀ6DYH
)UHH]Hꢀ0RGH
,WꢂLVꢂUHFRPPHQGHGꢂWRꢂVHWꢂ2IIꢂWRꢂUHGXFHꢂLPDJHꢂUHWHQWLRQꢄꢂꢂ
7KLVꢂFDQQRWꢂEHꢂVWRUHGꢄꢂꢆ7KHꢂGHIDXOWꢂVHWWLQJꢂLVꢂRIIꢄꢈ
'XULQJꢂ$9ꢂLQSXWꢊꢂWKLVꢂKHOSVꢂWRꢂUHGXFHꢂSRZHUꢂFRQVXPSWLRQꢂ
ZKHQꢂWKHUHꢂLVꢂQRꢂYLGHRꢂVLJQDOꢄꢂ,QꢂFDVHꢂRIꢂVHOHFWLQJꢂ$9ꢂ
LQSXWꢂWHUPLQDOꢂZKLFKꢂGRHVꢂQRWꢂKDYHꢂVLJQDOꢂLQSXWꢊꢂLWꢂFKDQJHVꢂ
WKHꢂSRZHUꢂVWDWXVꢂWRꢂSRZHUꢂVDYHꢂPRGHꢂLQꢂ$9ꢋꢍ$9ꢀꢂDQGꢂ
VWDQGE\ꢂPRGHꢂLQꢂRWKHUꢂ$9ꢂLQSXWꢄꢂꢆ6HHꢂ ꢍꢃ ꢂLQꢂGHWDLOVꢄꢈ
2II
2Q
6LQJOH
7KLVꢂLVꢂWKHꢂXVHIXOꢂIXQFWLRQꢂWRꢂZDWFKꢂWKHꢂSURJUDPꢂLQꢂDꢂVWLOOꢂ
SLFWXUHꢄꢂꢆ6HHꢂ ꢍꢉ ꢂLQꢂGHWDLOVꢄꢈ
ꢂ6LQJOHꢙꢂIXOOꢉVL]HGꢂLPDJH
6SOLW
ꢂ
6SOLWꢙꢂKDOIꢉVL]HGꢂLPDJHVꢂꢆ2QHꢂLVꢂVWLOOꢊꢂZKLOHꢂWKHꢂRWKHUꢂLVꢂDFWLYHꢄꢈ
3DQRUDPLFꢋ
3DQRUDPLFꢀ
ꢅꢙꢁ
<RXꢂFDQꢂVHWꢂWKHꢂGLVSOD\ꢂVL]HꢂIRUꢂ79ꢂLQSXWꢂVFUHHQꢂDSSHDULQJꢂ
'HIDXOWꢀ=RRP
(FRꢀ0RGH
¿UVWꢂZKHQꢂWXUQLQJꢂWKHꢂPDLQꢂSRZHUꢂ2Qꢄ
)XOO
2II
2Q
7KLVꢂFDQꢂUHGXFHꢂWKHꢂSRZHUꢂFRQVXPSWLRQꢄ
ꢂ,QIRUPDWLRQ
7KHꢂLWHPꢂ³6FUHHQꢂ:LSH´ꢂFDQQRWꢂEHꢂVWRUHGꢄꢂ
ꢂ
6HOHFWꢂ³2Q´ꢂRUꢂ³ꢘꢌꢂ0LQꢄ´ꢂWRꢂFRQGXFWꢂWKLVꢂIXQFWLRQꢂDVꢂQHHGHGꢄꢂ
ꢅꢂꢆꢇ
ꢂ
ꢂ
5HIHUꢂWRꢂ ꢉ ꢂDERXWꢂLPDJHꢂUHWHQWLRQꢄ
ꢀꢘ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
)XQFWLRQꢀ0HQXꢀꢋFRQWLQXHGꢌ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
,QꢂFDVHꢂWKDWꢂWKHꢂLPDJHꢂIURPꢂ79ꢂVLJQDOꢂꢆHVSHFLDOO\ꢂ&$79ꢈꢂKDVꢂ
DꢂEODFNHQHGꢂJDSꢂLQꢂHLWKHUꢂRUꢂERWKꢂVLGHꢂGXULQJꢂ3DQRUDPLFꢂ
PRGHꢊꢂVHOHFWꢂ>ꢀ@ꢂVRꢂWKDWꢂLWꢂFDQꢂPDNHꢂXSꢂIRUꢂWKHꢂJDSꢄ
7KLVꢂLVꢂQRWꢂDYDLODEOHꢂZKHQꢂGLVSOD\LQJꢂ³&LQHPD´ꢂVL]Hꢄ
7KLVꢂLVꢂQRWꢂDYDLODEOHꢂH[FHSWꢂ5)ꢊꢂFRPSRVLWHꢊꢂDQGꢂ
FRPSRQHQWꢂꢆꢃꢛꢘLꢊꢅꢗꢌLꢈꢂLQSXWꢄꢂꢆJUD\ꢂRXWꢈ
ꢋ
ꢀ
3LFWXUHꢀ6L]H
5HVHW
(DFKꢂLWHPꢂRQꢂWKLVꢂPHQXꢂVFUHHQꢂFDQꢂEHꢂUHVWRUHGꢂWRꢂWKHꢂ
ꢀꢁ
RULJLQDOꢂIDFWRU\ꢂVHWWLQJVꢂE\ꢂSUHVVLQJ
EXWWRQꢄ
ꢂ
ꢂ
ꢀꢛ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
3LFWXUHꢀ0HQXꢀꢋ79ꢑ$9ꢀPRGHꢌ
,QꢂWKLVꢂPHQXꢊꢂ\RXꢂFDQꢂPDNHꢂVSHFL¿FꢂDGMXVWPHQWVꢂIRUꢂWKHꢂSLFWXUHꢂEDVHGꢂRQꢂ\RXUꢂSUHIHUHQFHꢄ
%\ꢂSUHVVLQJꢂźEXWWRQꢂDWꢂWKHꢂERWWRPꢂRIꢂHDFKꢂPHQXꢂSDJHꢊꢂWKHꢂQH[Wꢂ3LFWXUHꢂPHQXꢂSDJHꢂZLOOꢂDSSHDUꢂRQꢂWKHꢂVFUHHQꢄꢂ
ꢀꢁꢂ !ꢃꢄꢅ
ꢅ"ꢆꢇꢈꢁꢂ
ꢏꢐꢐ
ꢂꢃꢄ !ꢅꢆ
ꢛꢀꢁꢂꢃꢄꢅꢅ
ꢆꢇꢈꢉꢊꢀꢁ
ꢅꢅꢉꢅꢅꢊꢋꢌꢋꢃꢅꢍꢇꢆꢇꢎꢄꢈꢄꢆ
ꢅ
ꢅꢅꢂꢃꢄ !ꢅꢆꢅꢇꢈꢉꢆꢅ
"ꢊꢋꢌꢃꢄ
ꢅꢅꢋꢌꢍꢌꢄꢅꢎꢅꢊꢏꢐꢅꢑꢒꢓꢃꢔꢂꢅ
ꢅꢅꢑꢌꢇꢂꢒꢅꢓꢆꢔꢇꢆꢂꢄꢈꢄꢆ ꢅ ꢏꢐꢐ
ꢅꢅꢅꢕꢖꢅ
ꢅꢅꢍꢀꢓꢗꢅꢕꢖꢅ
ꢅꢅꢘꢁꢌꢈꢅꢍꢋꢙꢄꢅ
ꢅꢅꢉꢅꢅꢊꢋꢈꢚꢅꢘꢁꢌ ꢄꢃꢅ
ꢅꢅꢖꢄꢛꢄ ꢅ
ꢅꢅꢘꢈꢊ ꢅꢋꢍ ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅ ꢕꢎꢗ
ꢅꢅꢏꢅꢃꢐꢑ ꢊꢆꢍꢍꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅ#ꢎꢗ
ꢅꢅꢘꢈꢒꢈꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢒ
ꢅꢅꢓꢑꢋꢅꢔꢊꢆꢍꢍꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢕꢗꢕ
ꢅꢅꢖꢃꢊ ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢒ
ꢅꢅꢘꢈꢒꢈꢅꢅꢖꢆꢌꢔꢆꢅꢋ !ꢅꢆꢅ ꢗꢈꢅꢌꢋꢒ
ꢏꢐꢐ
ꢅꢅꢅꢕꢅꢍꢅꢁꢂꢅꢅꢅꢅꢖꢗꢅꢅꢕꢅꢂꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅ ꢅꢂꢃꢄꢈ
ꢏꢐꢐ
ꢏꢐꢐ
ꢏꢐꢐ
ꢖꢄꢛꢄ
ꢅꢅꢘꢈꢊ ꢅꢋꢍ ꢅꢇꢈꢉꢆꢅ
ꢅꢅꢘꢆꢍꢆ ꢅ
ꢗꢈꢅꢌꢋꢒ
ꢘꢆꢍꢆ
ꢅꢅꢅꢜꢄꢌꢄꢂ ꢅꢅꢅꢅꢏ ꢅꢅꢜꢄ ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢖꢄ !ꢃꢆ
ꢅꢅꢅꢓꢆꢒꢆꢄ ꢅꢅꢅꢅꢙꢚꢅꢅꢓꢆ ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢘꢆ !ꢅꢊ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
<RXꢂFDQꢂPDNHꢂWKHꢂEHVWꢂVHOHFWLRQꢂIURPꢂꢁꢂPRGHVꢂGHSHQGLQJꢂ
'\QDPLF
RQꢂWKHꢂOLJKWLQJꢂFRQGLWLRQꢂDQGꢂLQWHQGHGꢂXVHꢄ
3LFWXUHꢀ0RGH
1DWXUDO '\QDPLFꢙꢂ6XLWDEOHꢂIRUꢂWKHꢂEULJKWHUꢂFRQGLWLRQVꢄ
1DWXUDOꢂꢂꢂꢙꢂ6XLWDEOHꢂIRUꢂWKHꢂQRUPDOꢂOLJKWLQJꢂFRQGLWLRQꢄ
&LQHPD
&LQHPDꢂꢂꢙꢂ6XLWDEOHꢂIRUꢂZDWFKLQJꢂPRYLHꢄ
7KLVꢂDGMXVWVꢂWKHꢂFRQWUDVWꢂWRꢂPHHWꢂWKHꢂOLJKWLQJꢂHQYLURQPHQWꢂ
E\ꢂXVLQJꢂ ꢛꢀ ꢂEXWWRQꢄ
ꢂ7KHꢂPD[LPXPꢂYDOXHꢂFDQꢂEHꢂH[WHQGHGꢂWRꢂ>ꢇꢅꢌ@ꢂE\ꢂ
SUHVVLQJꢂDQGꢂKROGLQJꢂŹꢂEXWWRQꢂDWꢂ>ꢇꢁꢋ@ꢊꢂZKLFKꢂFKDQJHVꢂ
WKHꢂFRORUꢂEHWZHHQꢂWKRVHꢂQXPEHUVꢂIURPꢂJUHHQꢂWRꢂ
PDJHQWDꢄꢂ7KLVꢂLVꢂWKHꢂVSHFLDOꢂIHDWXUHꢂSUHSDUHGꢂIRUꢂWKHꢂ
GDUNꢂVFHQHꢄꢂ$WꢂWKHꢂQRUPDOꢂFRQGLWLRQꢊꢂLWꢂLVꢂUHFRPPHQGHGꢂ
WRꢂVHWꢂWKHꢂYDOXHꢂOHVVꢂWKDQꢂ>ꢇꢁꢋ@ꢄꢂ
ꢉꢁꢋ ꢇꢁꢋ
ꢆꢇꢁꢀ ꢇꢅꢌꢈ
&RQWUDVWꢃ
:LWKꢂWKLVꢂIXQFWLRQꢊꢂEODFNꢂLVꢂDGMXVWHGꢂWRꢂFKDQJHꢂWKHꢂRYHUDOOꢂ
%ULJKWQHVVꢃ
&RORUꢃ
ꢉꢁꢋ ꢇꢁꢋ
ꢉꢁꢋ ꢇꢁꢋ
ꢉꢋꢃ ꢇꢋꢃ
EULJKWQHVVꢂE\ꢂXVLQJꢂ ꢁꢀ EXWWRQꢄ
ꢂ
,WꢂFDQꢂDGMXVWꢂFRORUꢂGHQVLW\ꢂEDVHGꢂRQꢂ\RXUꢂSUHIHUHQFHꢂE\ꢂ
XVLQJꢂ ꢁꢀ EXWWRQꢄ
ꢂ
3UHIHUUHGꢂVKDUSQHVVꢂFDQꢂEHꢂDGMXVWHGꢂE\ꢂSUHVVLQJꢂŻꢂ
EXWWRQꢂIRUꢂ6RIWHUꢂLPDJHꢂRUꢂŹꢂEXWWRQꢂIRUꢂ6KDUSHUꢂLPDJHꢄ
6KDUSQHVVꢃ
3UHVVLQJꢂŻꢂEXWWRQꢂHQKDQFHVꢂUHGꢂDQGꢂZHDNHQVꢂJUHHQꢊꢂ
ZKLOHꢂSUHVVLQJꢂŹꢂEXWWRQꢂZHDNHQVꢂUHGꢂDQGꢂHQKDQFHVꢂ
JUHHQꢄꢂ7KHꢂVHWXSꢂKLQWꢂLVꢂDGMXVWLQJꢂIRUꢂWKHꢂUHDOLVWLFꢂVNLQꢂ
FRORUꢄ
7LQWꢃ
ꢉꢁꢋ ꢇꢁꢋ
&RRO
1RUPDO
:DUP
<RXꢂFDQꢂVHOHFWꢂIURPꢂꢁꢂVHWWLQJVꢂꢆGHIDXOWꢈꢂGHSHQGLQJꢂRQꢂWKHꢂ
FRORUꢂFRQGLWLRQꢂZLWKꢂ ꢁꢀ ꢂEXWWRQꢄ
&RORUꢀ7HPSHUDWXUHꢃ
,WꢂDOORZVꢂ\RXꢂWRꢂFKRRVHꢂIURPꢂꢁꢂPRGHVꢄ
'\QDPLFꢙꢂ6KDUSHQꢂWKHꢂJUDGDWLRQꢂWRꢂLPSURYHꢂWKHꢂFRQWUDVWꢂ
IHHOLQJꢄ
1RUPDOꢙꢂ5HSURGXFHꢂDVꢂIDLWKIXOꢂJUDGDWLRQꢂDVꢂSRVVLEOHꢄ
/RZꢙꢂ:HDNHQꢂWKHꢂJUDGXDWLRQꢂWRꢂUHGXFHꢂWKHꢂFRQWUDVWꢂ
IHHOLQJꢄꢂ
'\QDPLF
1RUPDO
/RZ
&RQWUDVWꢀ0RGHꢃ
(DFKꢂLWHPꢂRQꢂWKLVꢂPHQXꢂVFUHHQꢂFDQꢂEHꢂUHVWRUHGꢂWRꢂWKHꢂ
5HVHW
ꢀꢁ
RULJLQDOꢂIDFWRU\ꢂVHWWLQJVꢂE\ꢂSUHVVLQJ
EXWWRQꢄ
ꢂ
ꢂ
ꢀꢗ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
3LFWXUHꢀ0HQXꢀꢋ79ꢑ$9ꢀPRGHꢌꢀꢋFRQWLQXHGꢌ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
2Qꢜꢘꢜ,ꢜWꢜDXWRPDWLFDOO\ꢜDGMXVWVꢜWKHꢜVXLWDEOHꢜWLQWꢀꢁFRORUꢁGHQVLW\ꢀꢁ
DQGꢁEULJKWQHVVꢁRQꢁLPDJHVꢂ
2IIꢁꢃꢁ6HWꢁLWꢁRIIꢁLIꢁWKHꢁLPDJHꢁGRHVꢁQRWꢁORRNꢁQDWXUDOꢂ
2II
2Q
ꢕ'ꢀ&RORUꢀ0DQDJHPHQWꢃ
2II
/RZ
0LGGOH
+LJK
2II
%ODFNꢀ(QKDQFHPHQWꢃ
$GMXVWVꢁWKHꢁEODFNꢁOHYHOꢁFRPSHQVDWLRQꢂ
/RZ
'15ꢃ
7KLVꢁLVꢁDꢁQRLVHꢁUHGXFWLRQꢁV\VWHPꢁIRUꢁSLFWXUHꢁVLJQDOꢂ
0LGGOH
+LJK
2II
/RZ
+LJK
7KLVꢁLVꢁDꢁQRLVHꢁUHGXFWLRQꢁV\VWHPꢁIRUꢁ03(*ꢁSLFWXUHꢁVLJQDOꢂꢁ
ꢄH[ꢂꢁDJDLQVWꢁPRVTXLWRꢁQRLVHꢁDQGꢁEORFNꢁQRLVHꢂꢅ
03(*ꢀ15ꢃ
2II
2Qꢃꢁ$XWRPDWLFDOO\ꢁLGHQWLI\ꢁLIꢁLWꢁLVꢁWKHꢁPRYLHꢁ¿OPꢁDQGꢁ
IDLWKIXOO\ꢁUHSURGXFHVꢁWKHꢁRULJLQDOꢁ¿OPꢁLPDJHVꢂ
2IIꢃꢁ6HWꢁWRꢁ2IIꢁLIꢁWKHꢁLPDJHꢁGRHVꢁQRWꢁORRNꢁQDWXUDOꢂ
)LOPꢀ0RGHꢃ
2Q
2II
/RZ
7KLVꢁLVꢁDYDLODEOHꢁRQO\ꢁZKHQꢁUHFHLYLQJꢁꢁ176&ꢆ3$/ꢁ
FRPSRVLWHꢁVLJQDOꢂꢁ7KLVꢁUHGXFHVꢁWKHꢁGRWꢁDQGꢁFRORUꢁEOXUULQJꢁ
LQꢁPLQXWHꢁVFDOHVꢁVRꢁWKDWꢁLWꢁFDQꢁUHSURGXFHꢁSXUHUꢁFRORUꢂꢁ
7KLVꢁLVꢁQRWꢁDYDLODEOHꢁIRUꢁ176&ꢇꢂꢇꢈꢀꢁ3$/ꢉꢊꢀꢁ3$/ꢋ1ꢀꢁDQGꢁ
3$/ꢋ0ꢁV\VWHPꢂꢁ
ꢕ'ꢀ&RPEꢀ)LOWHUꢃ
0LGGOH
+LJK
(DFKꢁLWHPꢁRQꢁWKLVꢁPHQXꢁVFUHHQꢁFDQꢁEHꢁUHVWRUHGꢁWRꢁWKHꢁ
5HVHW
ꢀꢁ
RULJLQDOꢁIDFWRU\ꢁVHWWLQJVꢁE\ꢁSUHVVLQJ
EXWWRQꢂ
ꢁ
ꢁ
ꢀꢚ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
3LFWXUHꢀ0HQXꢀꢋ79ꢑ$9ꢀPRGHꢌꢀꢋFRQWLQXHGꢌ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
$PSOLWXGH
2Qꢃꢁꢁ:KHQꢁ\RXꢁZDQWꢁWRꢁVHWꢁVSHFL¿FꢁDGMXVWPHQWVꢁLQꢁHDFKꢁRIꢁ
WKHꢁꢈꢁ&RORUꢁ7HPSHUDWXUHꢁPRGHVꢂꢁ<RXꢁFDQꢁDGMXVWꢁRQꢁ
WKHꢁDPSOLWXGHꢁDQGꢁFXWꢁRIIꢂꢁ7KHꢁVHWWLQJVꢁUHÀHFWꢁRQꢁWKHꢁ
&RORUꢁ7HPSHUDWXUHꢂ
5HGꢃꢃ
*UHHQꢃꢃ
%OXHꢃꢃ
$PSOLWXGHꢃꢁꢁVXEGXHꢁWKHꢁIROORZLQJꢁFRORUVꢁRQꢁWKHꢁEULJKWHUꢁ
SDUWVꢂꢁꢄꢋꢉꢈaꢊꢅ
2Q
2II
&RORUꢀ7HPSꢄꢀ$GMXVWꢃ
&XWꢁRII
&XWꢁRIIꢁꢁꢁꢁꢁꢁꢃꢁꢁVXEGXHꢁWKHꢁIROORZLQJꢁFRORUVꢁRQꢁWKHꢁGDUNHUꢁ
SDUWVꢂꢁꢄꢋꢈꢎaꢏꢈꢎꢅ
5HGꢃꢃ
*UHHQꢃꢃ
%OXHꢃꢃ
2IIꢃꢁ5HPDLQVꢁDVꢁGHIDXOWꢁVHWWLQJꢂ
ꢁ,QIRUPDWLRQ
7KHꢁLWHPVꢁLQGLFDWHGꢁE\ꢁ³ ´ꢁFDQꢁEHꢁVWRUHGꢁIRUꢁHDFKꢁRIꢁLQSXWVꢁDQGꢁSLFWXUHꢁPRGHVꢁꢄ'\QDPLFꢆ1DWXUDOꢆ&LQHPDꢅꢂꢁꢁ
ꢐ
<RXꢁFDQꢁHQMR\ꢁGLIIHUHQWꢁVHWWLQJꢁGHSHQGLQJꢁRQꢁWKHꢁVHOHFWHGꢁLQSXWꢁVXFKꢁDVꢁ9&5ꢁLQꢁ$9ꢎꢂ
,QꢁDGGLWLRQꢀꢁWKHꢁLWHPꢁLQGLFDWHGꢁE\ꢁ³
´ꢁFDQꢁEHꢁVWRUHGꢁIRUꢁHDFKꢁRIꢁFRORUꢁWHPSHUDWXUHꢁPRGHVꢂꢁ
ꢐꢐ
ꢈꢊ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
3LFWXUHꢀ0HQXꢀꢋ5*%ꢀPRGHꢌ
,QꢁWKLVꢁPHQXꢀꢁ\RXꢁFDQꢁPDNHꢁVSHFL¿FꢁDGMXVWPHQWVꢁIRUꢁWKHꢁ5*%ꢁSLFWXUHꢁEDVHGꢁRQꢁ\RXUꢁSUHIHUHQFHꢂ
ꢂꢃꢄ!"ꢅꢆ
ꢀꢀꢇꢈꢉ!ꢅꢊ !ꢀ
ꢀꢀ ꢅꢃꢎꢏ!ꢉꢆ ꢀ
ꢀꢀꢇꢈꢐꢈꢅꢀ
ꢋꢀꢁꢌꢍ
ꢋꢀ#ꢌꢍ
ꢋꢀ
ꢑ
ꢀꢀꢒꢃꢉ!ꢀ
ꢋꢀꢁꢌꢍ
ꢀꢀꢇꢈꢐꢈꢅꢀꢒꢆꢓꢔꢆꢅꢊ!"ꢅꢆꢀ ꢋꢀ ꢕꢈꢅꢓꢊꢐ
ꢀꢀꢇꢈꢐꢈꢅꢀꢒꢆꢓꢔꢖꢀꢗꢘꢙ" !
ꢀꢀꢚꢆ ꢆ!ꢀ
ꢚꢆ ꢆ!
ꢀꢀꢀꢛꢆꢐꢆꢄ!ꢀꢀꢀꢀꢜꢝꢀꢀꢛꢆ!ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢚꢆ!"ꢅꢉ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
7KLVꢁDGMXVWVꢁWKHꢁFRQWUDVWꢁWRꢁPHHWꢁWKHꢁOLJKWLQJꢁHQYLURQPHQWꢁ
E\ꢁXVLQJꢁ ꢀꢁ EXWWRQꢂ
ꢁ
ꢁ7KHꢁPD[LPXPꢁYDOXHꢁFDQꢁEHꢁH[WHQGHGꢁWRꢁ>ꢏꢇꢊ@ꢁE\ꢁ
SUHVVLQJꢁDQGꢁKROGLQJꢁŹꢁEXWWRQꢁDWꢁ>ꢏꢈꢎ@ꢀꢁZKLFKꢁFKDQJHVꢁ
WKHꢁFRORUꢁEHWZHHQꢁWKRVHꢁQXPEHUVꢁIURPꢁJUHHQꢁWRꢁ
PDJHQWDꢂꢁ7KLVꢁLVꢁWKHꢁVSHFLDOꢁIHDWXUHꢁSUHSDUHGꢁIRUꢁWKHꢁ
GDUNꢁVFHQHꢂꢁ$WꢁQRUPDOꢁFRQGLWLRQꢀꢁLWꢁLVꢁUHFRPPHQGHGꢁWRꢁ
VHWꢁWKHꢁYDOXHꢁOHVVꢁWKDQꢁ>ꢏꢈꢎ@ꢂ
ꢋꢈꢎaꢏꢈꢎ
ꢄꢏꢈꢑaꢏꢇꢊꢅ
&RQWUDVW
ꢀꢁ
$GMXVWꢁDFFRUGLQJꢁWRꢁSHUVRQDOꢁSUHIHUHQFHꢁE\ꢁXVLQJꢁ
ꢁ
ꢁ
%ULJKWQHVV
&RORU
ꢋꢈꢎaꢏꢈꢎ
EXWWRQꢂ
ꢀꢁ
$GMXVWꢁDFFRUGLQJꢁWRꢁSHUVRQDOꢁSUHIHUHQFHꢁE\ꢁXVLQJꢁ
ꢋꢈꢎaꢏꢈꢎ
EXWWRQꢂ
3UHVVLQJꢁŻꢁEXWWRQꢁHQKDQFHVꢁUHGꢁDQGꢁZHDNHQVꢁJUHHQꢀꢁ
ZKLOHꢁSUHVVLQJꢁŹꢁEXWWRQꢁZHDNHQVꢁUHGꢁDQGꢁHQKDQFHVꢁ
JUHHQꢂꢁ7KHꢁVHWXSꢁKLQWꢁLVꢁDGMXVWLQJꢁIRUꢁWKHꢁUHDOLVWLFꢁVNLQꢁ
FRORUꢂ
7LQW
ꢋꢈꢎaꢏꢈꢎ
&RRO
1RUPDO
:DUP
<RXꢁFDQꢁVHOHFWꢁIURPꢁꢈꢁVHWWLQJVꢁꢄGHIDXOWꢅꢁGHSHQGLQJꢁRQꢁWKHꢁ
OLJKWLQJꢁFRQGLWLRQꢁZLWKꢁ ꢁEXWWRQꢂ
&RORUꢀ7HPSHUDWXUH
ꢀꢁ
ꢈꢎ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
3LFWXUHꢀPHQXꢀꢋ5*%ꢀPRGHꢌꢀꢋFRQWLQXHGꢌ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
$PSOLWXGH
2Qꢃꢁꢁ:KHQꢁ\RXꢁZDQWꢁWRꢁVHWꢁVSHFL¿FꢁDGMXVWPHQWVꢁLQꢁHDFKꢁRIꢁ
WKHꢁꢈꢁ&RORUꢁ7HPSHUDWXUHꢁPRGHVꢂꢁ<RXꢁFDQꢁDGMXVWꢁRQꢁ
WKHꢁDPSOLWXGHꢁDQGꢁFXWꢁRIIꢂꢁ7KHꢁVHWWLQJVꢁUHÀHFWꢁRQꢁWKHꢁ
&RORUꢁ7HPSHUDWXUHꢂ
5HGꢃ
*UHHQꢃ
%OXHꢃ
$PSOLWXGHꢃꢁ6ꢁ XEGXHꢁWKHꢁIROORZLQJꢁFRORUVꢁRQꢁWKHꢁ
EULJKWHUꢁSDUWVꢂꢁꢄꢋꢉꢈaꢊꢅ
2Q
2II
&XWꢁRII
&RORUꢀ7HPSꢄꢀ$GMXVWꢄ
&XWꢁRIIꢁꢁꢁꢁꢁꢁꢃꢁꢁ6XEGXHꢁWKHꢁIROORZLQJꢁFRORUVꢁRQꢁWKHꢁGDUNHUꢁ
SDUWVꢂꢁꢁꢄꢋꢈꢎaꢏꢈꢎꢅ
5HGꢃ
*UHHQꢃ
%OXHꢃ
2IIꢃꢁ5HPDLQVꢁDVꢁGHIDXOWꢁVHWWLQJꢂ
(DFKꢁLWHPꢁRQꢁWKLVꢁPHQXꢁVFUHHQꢁFDQꢁEHꢁUHVWRUHGꢁWRꢁWKHꢁRULJLQDOꢁIDFWRU\ꢁVHWWLQJVꢁ
E\ꢁSUHVVLQJꢁ ꢁEXWWRQꢂ
5HVHW
ꢀꢁ
ꢁ,QIRUPDWLRQ
7KHꢁLWHPꢁLQGLFDWHGꢁE\ꢁ³ ´ꢁFDQꢁEHꢁVWRUHGꢁIRUꢁHDFKꢁRIꢁFRORUꢁWHPSHUDWXUHꢁPRGHVꢂꢁ
ꢐ
ꢈꢑ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
$XGLRꢀ0HQX
:LWKꢁWKLVꢁPHQXꢀꢁ\RXꢁFDQꢁDGMXVWꢁDQGꢁFXVWRPL]HꢁWKHꢁDXGLRꢁFRQGLWLRQꢁDVꢁ\RXꢁOLNHꢂꢁꢁ
<RXꢁFDQꢁPRYHꢁRQꢁWRꢁWKHꢁQH[WꢁPHQXꢁVFUHHQꢁE\ꢁSUHVVLQJꢁźEXWWRQꢁDWꢁWKHꢁERWWRPꢂ
ꢗ&ꢂꢃ!
ꢀꢀꢗ&ꢂꢃ!ꢀꢄ!ꢂꢅ
ꢀ
ꢋꢀ ꢄ!'ꢃꢅ
ꢋꢀꢁꢉꢊ
ꢀꢀꢆ#ꢅꢇꢈꢅꢀ
ꢀꢀ ꢋ$$ꢀ
ꢋꢀ)ꢉꢊ
ꢒ
ꢏ
ꢀꢀ ꢋꢈꢋ ꢌꢅꢀ
ꢋꢀ
ꢍ
ꢀꢀꢎꢏꢎ
ꢀ
ꢋꢀ ꢐꢑꢑ
ꢀꢀꢆ#& ꢋ$$ꢀ
ꢋꢀ ꢒ!(
ꢋꢀ ꢒ!(
ꢋꢀ ꢐꢑꢑ
ꢀꢀ ꢓꢀ
ꢀꢀꢔꢅ#ꢑꢅꢌ%ꢀꢕ!ꢈ&ꢖꢅꢀ
ꢀꢀꢗ %ꢅ# ꢋꢈꢀꢎ"ꢅꢋꢘꢅ#ꢀ ꢋꢀ ꢐ
ꢀꢀꢙꢅꢋꢂ"ꢚ! ꢅꢀꢕ!ꢈ&ꢖꢅ
ꢀꢀꢏꢅ$ꢅ%ꢀ
ꢀꢀꢀꢎꢅꢈꢅꢌ%ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢎꢅ%ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢏꢅ%&#
ꢀ
ꢋꢀꢁꢛꢍ
ꢏꢅ$ꢅ%
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
0RYLH
0XVLF
6SHHFK
)DYRULWH
ꢁ<RXꢁFDQꢁVHOHFWꢁWKHꢁPRVWꢁVXLWDEOHꢁVRXQGꢁFRQGLWLRQꢁIURPꢁꢇꢁ
DOWHUQDWLYHVꢁDFFRUGLQJꢁWRꢁWKHꢁFRQWHQWVꢂ
,Iꢁ\RXꢁZDQWꢁWRꢁDGMXVWꢁHDFKꢁLWHPꢁYDOXHꢁEDVHGꢁRQꢁ\RXUꢁ
SUHIHUHQFHꢀꢁVHOHFWꢁ³)DYRULWH´ꢂ
$XGLRꢀ0RGH
7UHEOHꢃ
ꢋꢎꢌaꢏꢎꢌ $GMXVWꢁWKHꢁ7UHEOHꢂ
%DVVꢃ
ꢋꢎꢌaꢏꢎꢌ $GMXVWꢁWKHꢁ%DVVꢂ
%DODQFH
ꢋꢎꢊaꢏꢎꢊ $GMXVWꢁWKHꢁEDODQFHꢁRIꢁWKHꢁVRXQGꢁIURPꢁULJKWꢁDQGꢁOHIWꢁVSHDNHUVꢂ
2II
2Q
656ꢃ
7KLVꢁV\VWHPꢁJLYHVꢁ\RXꢁWKHꢁG\QDPLFꢁꢈ'ꢁVRXQGꢂ
2II
7UX%DVVꢁJLYHVꢁ\RXꢁWKHꢁHQFKDQFHGꢁEDVVꢁVRXQGꢂꢁ
6HOHFWꢁLWꢁGHSHQGLQJꢁRQꢁ\RXUꢁSUHIHUHQFHꢂ
7UX%DVVꢃ
/RZ
+LJK
2II
/RZ
+LJK
%%(ꢁ+LJKꢁ'H¿QLWLRQꢁ6RXQGꢁUHVWRUHVꢁFODULW\ꢁDQGꢁSUHVHQFHꢁ
IRUꢁEHWWHUꢁVSHHFKꢁLQWHOOLJLELOLW\ꢁDQGꢁPXVLFDOꢁUHDOLVPꢂ
6HOHFWꢁLWꢁGHSHQGLQJꢁRQꢁ\RXUꢁSUHIHUHQFHꢂ
%%(ꢃ
2II
,WꢁZLOOꢁDXWRPDWLFDOO\ꢁDGMXVWꢁWKHꢁYROXPHꢁWRꢁLWVꢁDYHUDJHꢁOHYHOꢁ
3HUIHFWꢀ9ROXPH
,QWHUQDOꢀ6SHDNHU
HDFKꢁWLPHꢁ\RXꢁFKDQJHꢁWKHꢁFKDQQHOꢂ
2Q
2II
7KLVꢁQHHGVꢁWRꢁEHꢁVZLWFKHGꢁWRꢁ2IIꢁZKHQꢁ\RXꢁZDQWꢁWRꢁWDNHꢁ
DXGLRꢁIURPꢁH[WHUQDOꢁHSXLSPHQWꢂꢁ
,WꢁLVꢁQRUPDOO\ꢁVHWꢁWRꢁ2QꢁZKHQꢁ\RXꢁRSHUDWHꢁWKHꢁVHWꢁXVLQJꢁ
WKHꢁEXLOWꢁLQꢁVSHDNHUVꢂ
2Q
,WꢁDOORZVꢁ\RXꢁWRꢁDGMXVWꢁWKHꢁYROXPHꢁRIꢁWKHꢁKHDGSKRQHꢂ
+HDGSKRQHꢀ9ROXPH
5HVHW
ꢊaꢉꢈ 7KHꢁVRXQGꢁIURPꢁWKHꢁVSHDNHUꢁZLOOꢁDXWRPDWLFDOO\ꢁVHWꢁWRꢁ
087(ꢁZKHQꢁWKHꢁKHDGSKRQHꢁLVꢁFRQQHFWHGꢁWRꢁWKHꢁWHUPLQDOꢂꢁ
5HVHWꢁDOOꢁWKHꢁVHWꢁYDOXHVꢁRQꢁWKLVꢁ0HQXꢁ3DJHꢁWRꢁWKHꢁRULJLQDOꢁ
IDFWRU\ꢁVHWWLQJVꢂ
ꢁ
,QIRUPDWLRQ
7KHꢁLWHPVꢁLQGLFDWHGꢁE\ꢁ³ ´ꢁFDQꢁEHꢁVWRUHGꢁIRUꢁHDFKꢁRIꢁ$XGLRꢁ0RGHꢂ
ꢐ
ꢈꢈ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
7LPHUꢀ0HQX
7KLVꢁDOORZVꢁWKHꢁXQLWꢁWRꢁWXUQꢁ2IIꢁꢄ6WDQGE\ꢁPRGHꢅꢁRUꢁ2QꢁDWꢁVHWꢁWLPHꢁDXWRPDWLFDOO\ꢀꢁZKLFKꢁ\RXꢁPD\ꢁ¿QGꢁXVHIXOꢂꢁ
ꢀꢁꢂꢃꢄ
ꢅꢅ ꢆꢆꢅꢀꢁꢂꢃꢄ
ꢅꢅ ꢊꢅꢀꢁꢂꢃꢄ
ꢅ
ꢅ
ꢇꢅ ꢈꢑꢉꢁꢊꢖ
ꢇꢅ ꢋꢋꢅꢇꢅꢋꢋ
ꢅꢅꢅꢌꢃꢍꢃꢎꢏꢅꢅꢅꢅꢅꢅꢅꢅꢐꢑꢒꢓꢔꢏꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢕꢃꢏꢓꢄꢊ
6HOHFWHGꢀ,WHPV
6HWXSꢀKLQW
ꢋꢋ0LQꢂ
ꢈꢊ0LQꢂ
ꢉꢊ0LQꢂ
ꢍꢊ0LQꢂ
ꢎꢑꢊ0LQꢂ
7KLVꢁIXQFWLRQꢁDXWRPDWLFDOO\ꢁVHWVꢁWKHꢁSRZHUꢁWRꢁ6WDQGE\ꢁ
2IIꢀ7LPHU
2Qꢀ7LPHU
PRGHꢁZKHQꢁWKHꢁVHOHFWHGꢁWLPHꢁSHULRGꢁKDVꢁHODSVHGꢂ
7KLVꢁIXQFWLRQꢁDXWRPDWLFDOO\ꢁVHWVꢁWKHꢁSRZHUꢁIURPꢁVWDQGE\ꢁ
PRGHꢁWRꢁ2QꢁZKHQꢁWKHꢁVSHFL¿HGꢁWLPHꢁSHULRGꢁKDVꢁHODSVHGꢂꢁ
$IWHUꢁWKHꢁ³2Qꢁ7LPHU´ꢁLVꢁVHWꢀꢁWKHꢁLQGLFDWLQJꢁODPSꢁZLOOꢁVWDUWꢁ
EOLQNLQJꢂ
ꢅꢅꢉꢅꢅ
,QSXWꢁWKHꢁGHVLUHGꢁWLPHꢁZLWKLQꢁWKHꢁUDQJHꢁRIꢁꢊꢊꢃꢊꢎꢁWRꢁꢎꢎꢃꢌꢍꢁ
E\ꢁXVLQJꢁ ꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢂ
ꢈꢇ
79ꢀ6(783ꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
$QDORJꢀ7HOHWH[W
ꢀ
:KDWꢀLVꢀ´7HOHWH[Wµ
7HOHWH[WꢁLVꢁWKHꢁZULWWHQꢁLQIRUPDWLRQꢁVHUYLFHVꢁSURYLGHGꢁE\ꢁHDFKꢁ79ꢁFKDQQHOꢂꢁꢁ
0RVWꢁ79ꢁFKDQQHOVꢁSURYLGHꢁLQIRUPDWLRQꢁYLDꢁ7HOHWH[WꢁVXFKꢁDVꢃ
ꢁꢁꢀꢂꢀꢃꢄꢀꢂꢀꢅꢆ
ꢇꢈꢉꢊꢀꢋꢌꢍꢎꢊꢏ
ꢁ79ꢁSURJUDPꢁVFKHGXOH
ꢁ:HDWKHUꢁIRUHFDVWV
ꢁ6SRUWVꢁUHVXOWV
ꢐꢑꢒꢓꢀꢔꢈꢉꢊꢕ
ꢁ1HZVÀDVKꢁ
ꢀ
+RZꢀWRꢀRSHUDWHꢀWKHꢀ7HOHWH[W
ꢖꢊꢗ
ꢏꢊꢊꢒ
ꢘꢊꢙꢙꢚꢛ
ꢜꢙꢌꢊ
<RXꢁFDQꢁGLVSOD\ꢁWKHꢁ7HOHWH[WꢁVLPSO\ꢁE\ꢁSUHVVLQJꢁWKHꢁUHPRWHꢁFRQWUROꢁEXWWRQVꢂꢁ
ꢅꢂꢆꢇ
6HOHFWꢁ7HOHWH[WꢁODQJXDJHꢁIURPꢁ6HWXSꢁ0HQXꢁVKRZQꢁRQꢁ ꢇꢈ ꢁꢂ
2SHUDWLRQ
3UHVV
7RꢁDFWLYDWHꢁ7HOHWH[WꢁPRGHꢂ
7RꢁH[LWꢁIURPꢁWKHꢁ7HOHWH[WꢁPRGHꢂ
>79Ù7H[W@
7RꢁPRYHꢁWRꢁWKHꢁQH[WꢁRUꢁSUHYLRXVꢁSDJHꢂ
>3DJHꢁ6HOHFW@
ꢁaꢁ
7RꢁMXPSꢁWRꢁWKHꢁLQGLFDWHGꢁSDJHꢂ
>3DJHꢁ6HOHFW@
7RꢁVSOLWꢁWKHꢁVFUHHQꢁLQWRꢁWZRꢁDQGꢁZDWFKꢁERWKꢁ7HOHWH[WꢁLQIRUPDWLRQꢁ
DQGꢁDFWXDOꢁEURDGFDVWꢁDWꢁWKHꢁVDPHꢁWLPHꢂꢁ
3UHVVꢁDJDLQꢁWRꢁZDWFKꢁ7HOHWH[WꢁRQꢁDꢁVLQJOHꢁVFUHHQꢂ
>7H[WÙ79ꢏ7H[W@
7RꢁGLVSOD\ꢁ,QGH[ꢁSDJHꢂ
>,QGH[@
7RꢁDFFHVVꢁ6XEWLWOHꢁVHUYLFHꢁGLUHFWO\ꢁꢄLIꢁWKHꢁFKDQQHOꢁKDVꢁWKHꢁ6XEWLWOHꢁ
VHUYLFHꢁEURDGFDVWLQJꢅꢂ
>6XEWLWOH@
7RꢁGLVSOD\ꢁ+LGGHQꢁWH[Wꢂ
ꢀ
ꢁ
H[ꢂꢁ7KHꢁDQVZHUVꢁRIꢁWKHꢁ4XL]ꢁRUꢁWKHꢁ*DPHꢁSDJHꢂ
>5HYHDO@
3UHVVꢁDJDLQꢁWRꢁFORVHꢁWKHꢁUHYHDOHGꢁDQVZHUꢂ
7RꢁUHWXUQꢁWRꢁDFWXDOꢁEURDGFDVWꢁWHPSRUDULO\ꢁZKLOHꢁVHDUFKLQJꢁIRUꢁWKHꢁ
7HOHWH[WꢁSDJHꢁ\RXꢁUHTXHVWꢂ
ꢀ
:KHQꢁWKHꢁVHDUFKꢁLVꢁGRQHꢀꢁWKHꢁGHVLJQDWHGꢁSDJHꢁꢒꢁZLOOꢁEHꢁGLVSOD\HGꢁ
RQꢁWKHꢁXSSHUꢁOHIWꢁRIꢁWKHꢁVFUHHQꢂꢁ
>&DQFHO@
3UHVVꢁDJDLQꢁWRꢁUHWXUQꢁWRꢁ7HOHWH[WꢁSDJHꢂ
7RꢁDFFHVVꢁWKHꢁOLQNꢁSDJHVꢁZKLFKꢁDUHꢁGLVSOD\HGꢁDWꢁWKHꢁERWWRPꢁRIꢁWKHꢁSDJHꢂ
>&RORU@
>+ROG@
ꢄ6HOHFWꢁWKHꢁEXWWRQVꢁFRUUHVSRQGLQJꢁWRꢁWKHꢁFRORUVꢁRIꢁWKHꢁOHWWHUVꢁRQꢁVFUHHQꢂꢅꢁ
7RꢁKROGꢁWKHꢁWH[WꢁSLFWXUHꢂ
ꢁ,QIRUPDWLRQ
ꢁ
ꢁ
(DFKꢁWLPHꢁWKH
EXWWRQꢁLVꢁSUHVVHGꢀꢁWKHꢁVFUHHQꢁZLOOꢁEHꢁVZLWFKHGꢁIURPꢁGRXEOHꢁVFUHHQꢁWRꢁVLJQDOꢁVFUHHQꢂ
ꢁ
ꢁ
6RPHꢁ7HOHWH[WꢁSDJHVꢁGRꢁQRWꢁGLVSOD\ꢁ/LQNꢁ3DJHVꢁDWꢁWKHꢁERWWRPꢁRIꢁWKHꢁVFUHHQꢂꢁꢁ3UHVV
ꢅꢂꢆꢇ
EXWWRQꢁWRꢁGLVSOD\ꢁWKHPꢂ
ꢁ
ꢁ
ꢁ
5HIHUꢁWRꢁ ꢍꢂ ꢁDERXWꢁ'LJLWDOꢁ7HOHWH[Wꢂ
7HOHWH[WꢁIXQFWLRQꢁLVꢁGLIIHUHQWꢁEHWZHHQꢁ$QDORJꢁDQGꢁ'LJLWDOꢂꢁ
ꢈꢌ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21
+RZꢀWRꢀXVHꢀWKHꢀ2Qꢏ6FUHHQꢀ'LVSOD\ꢀꢋ26'ꢌꢀV\VWHP
:LWKꢁWKHꢁ2Qꢋ6FUHHQꢁ'LVSOD\ꢁV\VWHPꢀꢁ\RXꢁFDQꢁDFFHVVꢁWKHꢁYDULRXVꢁNLQGVꢁRIꢁWKHꢁIHDWXUHVꢁDQGꢁIXQFWLRQVꢂ
ꢀ%DVLFꢀ2SHUDWLRQ
ꢆꢅꢁ3UHVVꢁꢁꢀꢁꢂꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂRUꢂ0HQXꢂEXWWRQꢂRQꢂWKHꢂFRQWUROꢂSDQHOꢂRIꢂ
ꢀꢀꢁꢋꢌꢈꢀꢍꢎ ꢏꢏꢇꢐꢑ
ꢀꢀꢒ ꢓꢇꢏꢈ ꢐꢀꢔꢉꢌꢋ ꢏꢍꢇ
ꢀꢀꢂꢏꢑꢈ ꢐꢐ ꢈꢌꢕꢏ
ꢀꢀꢄꢅꢀꢆꢇꢈꢉꢊ
WKHꢂXQLWꢃꢂ7KHꢂ'77ꢀ0DLQꢀ0HQXꢂLVꢂGLVSOD\HGꢂRQꢂWKHꢂVFUHHQꢂDVꢂVKRZQꢂRQꢂWKHꢂULJKWꢃ
ꢀꢀꢃꢇꢏꢇꢓ ꢐꢀꢑꢇꢈꢈꢌꢏꢔꢑ
ꢀꢀꢆꢖꢑꢈꢇꢗ
ꢂꢂ
ꢇꢅꢂ7RꢂVHOHFWꢂWKHꢂLWHPꢄꢂSUHVVꢂ ꢂEXWWRQꢃꢂ
7KHꢂVHOHFWHGꢂLWHPꢂZLOOꢂEHꢂKLJKOLJKWHGꢃ
ꢀꢁ
ꢈꢅꢂ3UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂ\RXUꢂVHOHFWLRQꢃ
ꢝ'77ꢂ0DLQꢂ0HQX!
7KHꢂVHOHFWHGꢂPHQXꢂSDJHꢂZLOOꢂEHꢂGLVSOD\HGꢂRQꢂWKHꢂVFUHHQꢃ
ꢍꢅꢂ8VHꢂ ꢂEXWWRQꢂWRꢂFKRRVHꢂWKHꢂLWHPꢂRQꢂWKHꢂ0(18ꢂSDJHꢃ
ꢀꢁ
3UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂ\RXUꢂVHOHFWLRQꢃ
0HQXꢂEXWWRQ
ꢀꢁ
ꢁꢅꢂ8VHꢂ ꢂEXWWRQꢂWRꢂDGMXVWꢂWKHꢂLWHPꢂYDOXHVꢂRUꢂFKRRVHꢂRSWLRQVꢃ
ꢀꢁ
3UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂ\RXUꢂVHOHFWLRQꢃ
ꢄꢅꢂ7RꢂH[LWꢂIURPꢂWKHꢂPHQXꢄꢂSUHVVꢂꢀꢁꢂꢃꢂEXWWRQꢃ
ꢅꢂꢆꢇ
ꢀ
7KHꢂ26'ꢂPHQXꢂVFUHHQꢂZLOOꢂEHꢂFORVHGꢂDXWRPDWLFDOO\ꢂZKHQꢂQRꢂRSHUDWLRQꢂKDVꢂEHHQꢂ
PDGHꢂIRUꢂDERXWꢂRQHꢂPLQXWHꢃ
ꢀ
'XULQJꢂ'77ꢂLQSXWꢄꢂWKHꢂSDUWꢂRIꢂ26'ꢂPLJKWꢂQRWꢂEHꢂGLVSOD\HGꢂLQꢂ3DQRUDPLFꢂPRGHꢃꢂꢂ
7RꢂGLVSOD\ꢂIXOO\ꢄꢂVHOHFWꢂWKHꢂRWKHUꢂGLVSOD\ꢂVL]HꢂZLWKꢂ ꢂEXWWRQꢃꢂꢅ5HIHUꢂWRꢂ ꢍꢍ ꢃꢆ
ꢇ
ꢄ
ꢅ
ꢆ
'77ꢀ0DLQꢀ0HQXꢀ/LVW
0HQXꢂEXWWRQꢂ
&KHFNꢂWKHꢂUHIHUHQFHꢂSDJHꢂIRUꢂWKHꢂGHWDLOVꢃ
0HQX
)XQFWLRQ
3DJH
7KLVꢂMXPSVꢂWRꢂWKHꢂ79ꢂPDLQꢂPHQXꢂFRQWDLQLQJꢂ$QDORJꢂ
79ꢂIXQFWLRQꢄꢂVXFKꢂDVꢂ3LFWXUHꢂPHQXꢂDQGꢂ$XGLRꢂPHQXꢃ
ꢍꢈ
79ꢂ6HWXS
ꢈꢃ
ꢍꢇ
(GLWꢂFKDQQHOV
3DUHQWDOꢂJXLGDQFH
,QVWDOODWLRQ
<RXꢂFDQꢂVHWꢂDꢂOLVWꢂRIꢂIDYRULWHꢂFKDQQHOVꢃ
7KLVꢂEORFNVꢂSURJUDPVꢂZLWKꢂWKHꢂVHOHFWHGꢂUDWLQJꢃ
7KLVꢂVHDUFKHVꢂWKHꢂDYDLODEOHꢂFKDQQHOVꢃꢂ
ꢇ
6HDUFKꢂE\ꢂLWVꢂFKDQQHOꢂQXPEHUꢄꢂIUHTXHQF\ꢄꢂ
EDQGZLGWKꢄꢂRUꢂSULRULW\ꢃ
ꢈꢉ
0DQXDOꢂVFDQ
ꢈꢉ
ꢈꢉ
ꢈꢉ
4XLFNꢂVFDQ
$XWRꢂVFDQ
6HDUFKꢂE\ꢂWKHꢂUHVLGHQWꢂDUHDꢃ
$XWRPDWLFDOO\ꢂVHDUFKꢂRQHꢂE\ꢂRQHꢃ
5HVWRUHꢂWKHꢂFKDQQHOꢂVHWWLQJꢃ
5HVWRUHꢂGHIDXOW
*HQHUDOꢂVHWWLQJV
2SWLRQꢂVHWXS
&KDQJHꢂSLQ
ꢇ
ꢍꢂ
6HWꢂXSꢂWKHꢂGLVSOD\ꢂWLPHꢂRIꢂLQIRUPDWLRQꢂEDQQHUꢃ
&KDQJHꢂWKHꢂ3DVVZRUGꢃ
ꢍꢇ
ꢍꢇ
ꢍꢆ
ꢍꢈ
/RFDOꢂWLPH
6HWꢂXSꢂWKHꢂORFDOꢂWLPHꢃ
6XEWLWOHꢂVHWWLQJ
6\VWHP
(QDEOHꢂRUꢂGLVDEOHꢂWKHꢂVXEWLWOHꢃ
7KLVꢂGLVSOD\VꢂWKHꢂFXUUHQWꢂ'77ꢂV\VWHPꢂLQIRUPDWLRQꢃ
ꢈꢉ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
,QVWDOOLQJꢀ&KDQQHOV
<RXꢂFDQꢂVHDUFKꢂꢂDYDLODEOHꢂFKDQQHOVꢂLQꢂDQ\ꢂRIꢂWKHꢂIROORZLQJꢂꢈꢂPHWKRGVꢃ
ꢆꢅꢂ3UHVVꢂꢀꢁꢂꢃꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂLQꢂ'77ꢂPRGHꢃ
ꢀꢁ
ꢇꢅꢂ6ꢂ HOHFWꢂ³,QVWDOODWLRQ´ꢂRQꢂWKHꢂ'77ꢂPDLQꢂPHQXꢂZLWKꢂ ꢂEXWWRQꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃ
ꢈꢅꢂꢂ7KHꢂSDVVZRUGꢂLVꢂUHTXLUHGꢂWRꢂHQWHUꢂWKHꢂ,QVWDOODWLRQꢂPHQXꢃꢂ7KHꢂLQLWLDOꢂSDVVZRUGꢂLVꢂꢊꢊꢊꢊꢃ
ꢍꢅꢂ<RXꢂFDQꢂVHOHFWꢂHLWKHUꢂRIꢂWKHꢂIROORZLQJVꢂE\ꢂSUHVVLQJꢂ ꢂEXWWRQꢃ
ꢀꢁ
ꢀ0DQXDOꢀVFDQꢐꢀ6HDUFKHVꢂE\ꢂLQGLYLGXDOꢂVHWWLQJVꢂPDQXDOO\ꢃ
ꢅꢅꢅꢅꢅꢅꢉꢘ"#ꢊꢙꢙꢊ#ꢚꢛꢘ
ꢅꢅꢀꢁꢂ$ꢁꢃꢄ"ꢅꢁꢂ
ꢄꢄꢆ$ꢇꢅꢈꢄ"ꢅꢁꢂ
ꢏꢁꢂꢂꢌꢃꢄꢂ$ꢐ ꢄꢄꢄꢄꢄꢄꢄꢄꢄꢔ
7KHꢂER[ꢂVKRZQꢂRQꢂWKHꢂULJKWꢂDSSHDUVꢃꢂ)LOOꢂRXWꢂWKHꢂIROORZLQJꢂꢋꢂLWHPVꢂDVꢂQHHGHGꢃ
ꢑ!ꢌ $ꢌꢂꢅ&
ꢒꢁꢂꢍ%ꢇꢍ#ꢏ
ꢓ!ꢇꢊ!ꢇ#&
ꢕꢖꢖꢗꢘꢘꢙꢚ'
ꢖꢄꢀꢚ'
ꢚꢇꢛꢏ
ꢀꢁꢂ$ꢁꢃꢄ"ꢅꢁꢂ ꢜ#ꢁ!#ꢄ"ꢅꢁꢂ
ꢄꢄꢉ$#ꢊꢄ"ꢅꢁꢂ
ꢄꢄꢋꢌ"#ꢊ!ꢌꢄꢍꢌꢎꢁ$ꢃ#
ꢀꢁ
8VHꢂ
ꢂEXWWRQꢂRUꢂQXPHULFꢂEXWWRQꢂWRꢂHQWHUꢂWKHꢂQXPEHUꢃꢂꢂ
&KDQQHOꢂQXP
ꢅ&Kꢌꢇ&Kꢍꢎꢆꢂꢂꢂꢏ,QꢂFDVHꢂRIꢂWXQLQJꢂ&Kꢎ$ꢄꢂVHOHFWꢂ&Kꢌꢂ
ꢅIUHTXHQF\ꢐꢂꢌꢊꢑꢃꢑ0+]ꢃꢆꢃ
)UHTXHQF\
%DQGZLGWK
8VHꢂQXPHULFꢂEXWWRQꢂWRꢂHQWHUꢂWKHꢂIUHTXHQF\ꢃ
6HOHFWꢂHLWKHUꢂꢉ0+]ꢂRUꢂꢒ0+]ꢂE\ꢂXVLQJꢂ ꢀꢁ ꢂEXWWRQꢃꢂ6HWꢂWRꢂ
ꢉ0+]ꢂQRUPDOO\ꢃ
ꢄꢄꢄꢄꢄꢄꢋ ꢜꢌꢀꢀꢌꢜꢂꢀꢁ
ꢂꢂꢃꢄꢁꢅꢄꢆꢂꢇꢈꢄꢁ
ꢂꢂꢉꢅꢊꢈꢋꢂꢇꢈꢄꢁ
ꢌꢑꢏꢆꢄꢊꢑꢏ
ꢕꢐꢊꢇꢖꢄꢁꢏ
ꢃꢏꢆꢖꢀꢅꢐꢁꢏ
ꢏꢐꢍꢗ
ꢘꢓꢑꢁꢏꢓ
ꢕꢄꢍꢈꢗꢏꢆꢀꢐ
ꢙꢄꢁꢖꢏꢐꢐꢄ
ꢚꢄꢐꢛꢊꢁ
ꢂꢂꢌꢅꢍꢀꢂꢇꢈꢄꢁ
ꢀꢁ
3ULRULW\
6HOHFWꢂ+LJKꢂRUꢂ/RZꢂE\ꢂXVLQJꢂ
ꢂEXWWRQꢃꢂ6HWꢂWRꢂ+LJKꢂQRUPDOO\ꢃ
ꢂꢂꢎꢏꢇꢍꢀꢐꢏꢂꢑꢏꢒꢄꢅꢆꢍ
ꢀꢁ
7KHQꢄꢂSUHVVꢂ
ꢂEXWWRQꢂRQꢂ³6WDUWꢀVFDQ´ꢂRIꢂ³0DQXDOꢀVFDQ´ꢂFROXPQꢃꢂ,IꢂLWꢂ¿QGVꢂD
FKDQQHOꢄꢂ³6XFFHVV´ꢂVKRZVꢂXSꢃꢂ,IꢂQRWꢄꢂ³7LPHRXWꢀHUURU´ꢂLVꢂGLVSOD\HGꢃ
ꢂꢂꢂꢂ ꢐꢏꢇꢇꢂꢂꢂꢂꢂꢂꢂꢂꢍꢀꢂꢇꢏꢆꢏꢈꢍꢂꢈꢊꢍꢓꢔ
ꢀ4XLFNꢀVFDQꢐꢀ6HDUFKHVꢂFKDQQHOVꢂRIꢂWKHꢂVHOHFWHGꢂDUHDꢃ
ꢀꢀꢀꢀꢀꢀ ꢘꢙ ꢈꢀꢀꢁꢙꢂꢃꢄ
ꢅꢅꢆꢁꢄꢚꢁꢀꢅꢘꢇꢁꢄ
ꢅꢅꢈꢚꢂꢇꢉꢅꢘꢇꢁꢄ
ꢊꢚꢙꢃꢅꢘꢇꢁꢄꢅꢜꢂꢀꢀꢅꢙꢁꢉꢌ
ꢀꢁ
7KHꢂOLVWꢂRIꢂWKHꢂDUHDꢂVKRZVꢂXSꢃꢂ6HOHFWꢂRQHꢂRIꢂWKRVHꢂZLWKꢂ
ꢂEXWWRQꢂDQGꢂSUHVVꢂ
ꢂEXWWRQꢃ
ꢏꢃꢛꢌꢅꢙꢐꢁꢄꢅꢑꢒꢅꢏꢂꢄꢚꢙꢌꢘꢓ
ꢔꢃꢅ ꢃꢚꢅꢜꢁꢄꢙꢅꢙꢃꢅꢇꢃꢄꢙꢂꢄꢚꢌꢕ
ꢅꢅꢅꢅꢅꢅꢖꢌꢘꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢅꢗꢝꢂꢙ
ꢅꢂꢆꢇ
ꢅꢅꢊꢚꢙꢃꢅꢘꢇꢁꢄ
ꢀꢀ
ꢅꢅꢋꢌꢘꢙ ꢃꢛꢌꢅꢍꢌꢎꢁꢚꢀꢙ
,Iꢂ\RXꢂDUHꢂXQFHUWDLQꢂDERXWꢂWKHꢂDUHDꢄꢂSOHDVHꢂVHOHFWꢂ³$XWRꢂVFDQ´ꢂPHWKRGꢂRUꢂ
FRQWDFWꢂWKHꢂORFDOꢂGHDOHUꢂLQꢂ\RXUꢂDUHDꢃ
ꢀ$XWRꢀVFDQꢐꢀ6HDUFKHVꢂHYHU\ꢂFKDQQHOVꢃ
7KHꢂPHVVDJHꢂ³$XWRꢀVFDQꢀZLOOꢀWDNHꢀPRUHꢀWKDQꢀꢆꢇꢀPLQXWHVꢄꢀ'Rꢀ\RXꢀZDQWꢀWRꢀ
FRQWLQXH"´
6HOHFWꢂ³<HV´ꢂDQGꢂSUHVVꢂ
ꢀꢁ
ꢂEXWWRQꢂWRꢂSURFHHGꢂLWꢃ
5HVWRULQJꢀ&KDQQHOV
7KLVꢂUHVWRUHVꢂWKHꢂDOOꢂFKDQQHOꢂVHWWLQJVꢃ
ꢆꢅꢂ3UHVVꢂꢀꢁꢂꢃꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂLQꢂ'77ꢂPRGHꢃ
ꢂꢂꢂꢂꢂꢂꢍꢎꢀꢁꢂꢃꢃꢂꢁꢄꢅꢆ
ꢇꢇꢈꢂꢆꢉꢂꢃꢇꢀꢊꢂꢆ
ꢇꢇꢋꢉꢄꢊꢌꢇꢀꢊꢂꢆ
ꢍꢃꢃꢇꢀꢏꢁꢁꢄꢆꢓꢇꢔꢅꢉꢃꢑꢇꢕꢏꢇꢃꢅꢀꢁꢖ
ꢇꢇꢇꢇꢇꢇ ꢏꢀꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢗꢘꢄꢁ
ꢇꢇꢍꢉꢁꢅꢇꢀꢊꢂꢆ
ꢇꢇꢎꢏꢀꢁꢅꢐꢏꢇꢑꢏꢒꢂꢉꢃꢁ
ꢀꢁ
ꢇꢅꢂ6
ꢂ
HOHFWꢂ³,QVWDOODWLRQ´ꢂRQꢂWKHꢂ'77ꢂPDLQꢂPHQXꢂZLWKꢂ
ꢂEXWWRQꢂDQGꢂSUHVVꢂ
ꢂEXWWRQꢃ
ꢈꢅꢂ7
ꢂ
KHꢂSDVVZRUGꢂLVꢂUHTXLUHGꢂWRꢂHQWHUꢂWKHꢂ,QVWDOODWLRQꢂPHQXꢃꢂ7KHꢂLQLWLDOꢂSDVVZRUGꢂLVꢂꢊꢊꢊꢊꢃ
ꢀꢁ
ꢍꢅꢂꢂ6HOHFWꢂ³5HVWRUHꢀGHIDXOW´ꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃꢂ7KHꢂPHVVDJHꢂꢂ
ꢀꢁ
³$OOꢀVHWWLQJꢀZRXOGꢀEHꢀORVW´ꢂDSSHDUVꢃꢂ6HOHFWꢂ³<HV´ꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃ
ꢅꢂꢆꢇ
ꢀꢀ
7KHꢂSDVVZRUGꢂZLOOꢂUHWXUQꢂWRꢂWKHꢂGHIDXOWꢂVHWWLQJꢂZKHQꢂDFWLYDWLQJꢂ³5HVWRUHꢀGHIDXOW´ꢃ
ꢈꢉ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
&KDQQHOꢀ6HOHFWLRQV
7KHUHꢂDUHꢂꢋꢂZD\VꢂWRꢂVHOHFWꢂWKHꢂFKDQQHOVꢐꢂVWHSSLQJꢂWKURXJKꢂWKHꢂFKDQQHOꢄꢂVHOHFWLQJꢂE\ꢂQXPEHUꢄꢂVHOHFWLQJꢂIURPꢂWKHꢂ
SURJUDPꢓIDYRULWHꢂOLVWꢄꢂDQGꢂXVLQJꢂWKHꢂ(OHFWURQLFꢂ3URJUDPꢂ*XLGHꢂꢅ(3*ꢆꢃ
6WHSSLQJꢀWKURXJKꢀWKHꢀ&KDQQHO
3UHVVꢂ&+$11(/ꢂ83ꢓ'2:1ꢂEXWWRQꢂWRꢂVZLWFKꢂWKHꢂQH[WꢂRUꢂSUHYLRXVꢂFKDQQHOꢂRQꢂWKHꢂOLVWꢃꢂ,QIRUPDWLRQꢂEDQQHUꢂLVꢂGLVSOD\HGꢂ
HYHU\ꢂWLPHꢂFKDQQHOꢂLVꢂVZLWFKHGꢃ
5HIHUꢂWRꢂ ꢍꢂ ꢂDERXWꢂWKHꢂLQIRUPDWLRQꢂEDQQHUꢃ
6HOHFWLQJꢀIURPꢀWKHꢀ3URJUDPꢀꢑꢀ)DYRULWHꢀ/LVW
ꢀ3URJUDPꢀ/LVW
$OOꢂWXQHGꢂFKDQQHOꢂLVꢂVHOHFWDEOHꢂIURPꢂ3URJUDPꢂ/LVWꢃ
ꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢇꢀꢁꢂꢃꢁꢄꢅꢆꢇꢈꢉꢊ
ꢋꢌꢍꢋꢋꢋꢎꢆꢆꢆꢆꢎꢆꢏꢐꢄꢑꢑꢒꢇꢆꢓ
ꢆꢅꢂ3UHVVꢂ
ꢂ><HOORZ@ꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂWRꢂVKRZꢂXSꢂWKHꢂ3URJUDPꢂ/LVWꢃ
ꢋꢌꢍꢋꢋꢎꢋꢆꢆꢆꢆꢎꢆꢏꢐꢄꢑꢑꢒꢇꢆꢔ
ꢋꢌꢍꢋꢋꢎꢓꢆꢆꢆꢆꢎꢆꢏꢐꢄꢑꢑꢒꢇꢆꢕ
ꢋꢌꢍꢋꢋꢎꢔꢆꢆꢆꢆꢎꢆꢏꢐꢄꢑꢑꢒꢇꢆ
ꢋꢌꢍꢋꢋꢎꢕꢆꢆꢆꢆꢎꢆꢏꢐꢄꢑꢑꢒꢇꢆꢖ
ꢋꢌꢍꢋꢋꢎꢎꢆꢆꢆꢆꢎꢆꢏꢐꢄꢑꢑꢒꢇꢆꢗꢈꢃꢈꢊꢄꢇ
ꢀꢁ
ꢇꢅꢂ8ꢂ VHꢂ ꢂEXWWRQꢂWRꢂVHOHFWꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃꢂ7KHQꢂLWꢂMXPSVꢂWRꢂWKHꢂVHOHFWHGꢂ
FKDQQHOꢃ
ꢀ)DYRULWHꢀ/LVW
<RXUꢂIDYRULWHꢂFKDQQHOVꢂFDQꢂEHꢂVHOHFWHGꢂIURPꢂ)DYRULWHꢂ/LVWꢃ
ꢆꢅꢂꢂ3UHVVꢂ
ꢂ>%OXH@ꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂWRꢂVKRZꢂXSꢂWKHꢂ)DYRULWHꢂOLVWꢃꢂ
ꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢏ ꢀꢁꢂꢃꢄꢅꢆꢇꢃꢈꢄꢆꢉ
ꢊꢋꢌꢊꢊꢊꢍꢆꢆꢆꢆꢍꢆꢎꢏ ꢐꢐꢅꢇꢆꢉ
(DFKꢂWLPHꢂSUHVVHGꢄꢂLWꢂVZLWFKHVꢂWRꢂ)DYRULWHꢂOLVWꢂꢔꢄꢂ)DYRULWHꢂOLVWꢂꢌꢂDQGꢂRIIꢃ
ꢀꢁ
ꢇꢅꢂ8ꢂ VHꢂ ꢂEXWWRQꢂWRꢂVHOHFWꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃꢂ7KHQꢂLWꢂMXPSVꢂWRꢂWKHꢂ
VHOHFWHGꢂFKDQQHOꢃꢂ
$ERXWꢂKRZꢂWRꢂVHWꢂWKHꢂFKDQQHOꢂLQꢂ)DYRULWHꢂOLVWꢄꢂSOHDVHꢂUHIHUꢂWRꢂ ꢈꢃ ꢃ
6HOHFWLQJꢀE\ꢀ1XPEHU
(QWHUꢂWKHꢂQXPEHUꢂꢅWKHꢂODVWꢂꢋꢂGLJLWVꢆꢂEDVHGꢂRQꢂWKHꢂOLVWꢂE\ꢂXVLQJꢂQXPHULFꢂEXWWRQVꢂ
RQꢂWKHꢂUHPRWHꢂFRQWUROꢃꢂ$QꢂHPSW\ꢂLQIRUPDWLRQꢂEDQQHUꢂVKRZVꢂXSꢂZLWKꢂWKHꢂHQWHUHGꢂ
QXPEHUꢃꢂ&KDQQHOꢂLVꢂVZLWFKHGꢂLIꢂWKHꢂQXPEHUꢂLVꢂYDOLGꢃꢂ,IꢂWKHꢂHQWHUHGꢂQXPEHUꢂLVꢂ
QRWꢂYDOLGꢂIRUꢂRQHꢂRIꢂWKHꢂVHWXSꢂFKDQQHOVꢄꢂLWꢂDXWRPDWLFDOO\ꢂVHOHFWVꢂWKHꢂFORVHVWꢂ
FKDQQHOꢃ
ꢆꢆꢆꢆꢆꢆꢆꢊꢊꢊ
ꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢌꢆꢌꢆꢌꢆꢌꢆꢌꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢌꢆꢌꢆꢙꢆꢌꢆꢌ
ꢆꢆꢆꢆꢌꢆꢌꢆꢙꢆꢌꢆꢌꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢌꢆꢌꢆꢙꢆꢌꢆꢌ
ꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆ
8VLQJꢀWKHꢀ(OHFWURQLFꢀ3URJUDPꢀ*XLGHꢀꢋ(3*ꢌ
7KHꢂ(3*ꢂVFUHHQꢂGLVSOD\VꢂDꢂOLVWꢂRIꢂWKHꢂVWRUHGꢂFKDQQHOꢂꢅꢋꢂFKDQQHOVꢂSHUꢂSDJHꢆꢂ
DORQJꢂZLWKꢂWKHꢂQRZꢂ ꢂQH[WꢂSURJUDPꢂQDPHꢃꢂ<RXꢂFDQꢂVHOHFWꢂDꢂFKDQQHOꢂIURPꢂWKHꢂ
(3*ꢂFKDQQHOꢂ/LVWꢃ
ꢑ&!ꢙ,*)($ꢙꢁꢚ*)"*ꢃ'ꢁꢛ-$ !
ꢍ-!+ ꢃ0ꢁꢅꢆꢇꢅꢆꢁꢈꢉ
ꢅꢒꢗꢅꢅꢅꢀꢁꢁꢁꢀꢁꢂ#ꢃ((!&ꢁꢄ
ꢑ!.!(ꢆꢒ!,/)*%
ꢅꢒꢗꢅꢅꢀꢅꢁꢁꢁꢀꢁꢂ#ꢃ((!&ꢁꢘ
ꢆꢆꢆꢀꢁꢂ#ꢃ((!&ꢁꢄꢁꢁꢁꢅꢆꢇꢅꢅꢈꢉꢊꢅꢆꢇ ꢅꢋ
ꢆꢅꢂ3
ꢂ
UHVVꢂ
ꢂEXWWRQꢂWRꢂDFFHVVꢂ(3*ꢂVFUHHQꢃꢂ
ꢅꢒꢗꢅꢅꢀꢄꢁꢁꢁꢀꢁꢂ#ꢃ((!&
ꢁ
ꢁꢁꢁꢌꢍꢎꢏꢁꢈꢂꢈꢐꢑꢉꢌꢂ
ꢅꢒꢗꢅꢅꢀꢘꢁꢁꢁꢀꢁꢂ#ꢃ((!&ꢁꢈ
ꢁꢁꢁꢀꢁꢂ#ꢃ((!&ꢁꢄꢁꢁꢁꢅꢆꢇ ꢅꢈꢉꢊꢅꢒꢇꢅꢅꢋ
ꢀꢁ
ꢁꢁꢁꢏꢑꢓꢑꢔꢁꢔꢑꢕꢏꢁꢈꢍꢁꢖꢇ
ꢅ
ꢇꢅꢂ8ꢂ VHꢂ ꢂEXWWRQꢂWRꢂVHOHFWꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃ
ꢜꢑꢍꢝꢜꢔ
ꢈꢅꢂ3UHVVꢂ ꢂEXWWRQꢂRUꢂ
ꢂEXWWRQꢂDJDLQꢂWRꢂUHWXUQꢂWRꢂQRUPDOꢂVFUHHQꢃ
ꢈꢒ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
0DNLQJꢀ)DYRULWHꢀ/LVW
7KHꢂ³(GLWꢂFKDQQHOV´ꢂPHQXꢂDOORZVꢂ\RXꢂWRꢂVHOHFWꢂ\RXUꢂIDYRULWHꢂFKDQQHOVꢂDQGꢂPDNHꢂDꢂ)DYRULWHꢂ/LVWꢂLQꢂRUGHUꢂWRꢂDFFHVVꢂ
HDVLO\ꢂWRꢂWKHꢂFKDQQHOꢂ\RXꢂZDWFKꢂPRVWꢂRIWHQꢃ
ꢆꢅꢂꢂ3UHVVꢂꢄꢅꢂꢃꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢂDQGꢂVHOHFWꢂ³(GLWꢀFKDQQHOV´ꢂDQGꢂ
ꢀꢕꢖꢓ&ꢀꢗꢍꢆ!!ꢇꢎ%
ꢀꢀꢂꢃꢀꢄ"ꢅꢀꢀꢀꢂꢃꢀ!ꢆ ꢇꢀꢀꢀꢀꢈꢆ'ꢅꢉ ꢈꢆ'ꢅꢊ
˳
SUHVVꢂ
ꢂEXWWRQꢃ
ꢀꢁ
ꢋꢌꢁꢋꢋꢋ ꢀꢀ ꢀꢂꢍꢆ!!ꢇꢎꢀꢉ
ꢋꢌꢁꢋꢋ ꢋꢀꢀ ꢀꢂꢍꢆ!!ꢇꢎꢀꢊ
ꢋꢌꢁꢋꢋ ꢉꢀꢀ ꢀꢂꢍꢆ!!ꢇꢎꢀꢏ
ꢋꢌꢁꢋꢋ ꢊꢀꢀ ꢀꢂꢍꢆ!!ꢇꢎꢀꢐ
ꢋꢌꢁꢋꢋ ꢏꢀꢀ ꢀꢂꢍꢆ!!ꢇꢎꢀꢑ
ꢋꢌꢁꢋꢋ ꢀꢀ ꢀꢂꢍꢆ!!ꢇꢎꢀꢒꢓꢔꢓ&ꢆꢎ
ꢇꢅꢂꢂ8VHꢂ ꢂEXWWRQꢂWRꢂVHOHFWꢂWKHꢂFKDQQHOꢆꢂDQGꢂŹꢂEXWWRQꢂWRꢂVHOHFWꢂ)DYꢄꢆꢂRUꢂ)DYꢄꢀꢈꢃ
ꢀꢁ
ꢈꢅꢂ3ꢂ UHVVꢂ ꢂEXWWRQꢂWRꢂVHWꢂXSꢂDVꢂ)DYꢄꢀ/LVWꢃꢂ7KHꢂ ꢂPDUNꢂZLOOꢂVKRZꢂXSꢆꢂZKLFKꢂ
Ɔ
ꢀꢁ
PHDQVꢂDVꢂIDYRULWHꢂFKDQQHOꢃꢂ3UHVVLQJꢂ ꢂEXWWRQꢂDJDLQꢂRQꢂWKHꢂPDUNꢂZLOOꢂ
ꢘ$ꢇ%%ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ&"ꢀ%ꢇꢎꢇꢗ&ꢅꢀꢙꢍꢇ!ꢀ#$ꢇ%%ꢀꢚꢛꢜꢝꢅ
FDQFHOꢂWKHꢂVHWWLQJꢃ
<RXꢂFDQꢂGLVSOD\ꢂIDYRULWHꢂOLVWꢂE\ꢂSUHVVLQJꢂ
ꢂ>%OXH@ꢂEXWWRQꢃꢂꢇ5HIHUꢂWRꢂ
ꢈ
ꢃ
ꢈꢊ
ꢀꢁ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
8WLOL]LQJꢀWKHꢀ,QIRUPDWLRQꢀ7RRO
,QIRUPDWLRQꢀ%DQQHU
:KHQHYHUꢂDꢂFKDQQHOꢂLVꢂVZLWFKHGꢆꢂWKHꢂ79ꢂGLVSOD\VꢂWKHꢂSLFWXUHꢂDORQJꢂZLWKꢂDQꢂ
LQIRUPDWLRQꢂEDQQHUꢂDWꢂWKHꢂERWWRPꢂRIꢂVFUHHQꢃꢂ
7KHꢂLQIRUPDWLRQꢂEDQQHUꢂDOVRꢂDSSHDUVꢂE\ꢂSUHVVLQJꢂ ꢂEXWWRQꢂZKLOHꢂZDWFKLQJꢂ
'77ꢃꢂ:KLOHꢂGLVSOD\LQJꢂLQIRUPDWLRQꢂEDQQHUꢆꢂSUHVVꢂ ꢂEXWWRQꢂRQHꢂPRUHꢂWLPHꢆꢂ
WKHꢂGHVFULSWLRQꢂFXUUHQWO\ꢂEHLQJꢂEURDGFDVWꢂVKRZVꢂXSꢃꢂ3UHVVLQJꢂLWꢂDJDLQꢆꢂWKHꢂ
GHVFULSWLRQꢂRIꢂQH[WꢂSURJUDPꢂDSSHDUVꢃ
ꢀꢋꢌꢂꢋꢋ ꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢄꢅꢆ
ꢀꢇꢒꢀꢀꢀꢀꢂ
ꢀꢀꢀꢀꢀꢀꢀꢀ ꢀꢂꢈꢉꢊꢊꢋꢌꢀꢍ
ꢀꢀꢀꢀꢀꢀꢀꢎꢏꢀꢁꢂꢃꢂꢃꢒꢕꢄꢅꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢋꢆꢂꢇꢂꢋꢈ
ꢂꢂꢂꢂꢋꢆꢂꢇꢂꢋꢋꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢋꢆꢂꢇꢂꢉꢋ
ꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂ
ꢀ6HWꢀXSꢀWKHꢀGLVSOD\ꢀWLPH
7KHꢂGLVSOD\ꢂWLPHꢂRIꢂLQIRUPDWLRQꢂEDQQHUꢂFDQꢂEHꢂVHWꢂXSꢂIURPꢂꢊꢂWRꢂꢍꢊꢂVHFꢃ
ꢅꢅꢅꢅꢅꢅꢍꢈꢄꢈꢎꢀꢏꢅꢋꢈꢁꢁꢂꢄꢐꢋ
ꢑꢁꢂꢃꢄꢅꢋꢈꢁꢉꢑ
ꢐꢊꢋꢌꢍꢎꢀꢁꢂꢃꢄꢅꢆꢃ ꢅꢁꢂꢇꢈꢃꢉꢁ ꢊꢅꢋꢈꢌ
ꢆꢅꢂ3UHVVꢂꢄꢅꢂꢃꢂEXWWRQꢂRQꢂWKHꢂUHPRWHꢂFRQWUROꢃ
ꢔꢃꢌꢀꢏꢅꢁꢂꢇꢈ
ꢕꢉꢆꢁꢂꢁꢏꢈꢅꢋꢈꢁꢁꢂꢄꢐ
ꢒꢓꢀꢄꢐꢈꢅꢑꢂꢄ
ꢀꢁ
ꢇꢅ 6HOHFWꢂ³*HQHUDOꢀVHWWLQJV´ꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃ
ꢖꢎꢈꢋꢋꢅꢅꢅꢅꢅꢅꢅꢅꢅꢁꢃꢅꢋꢈꢏꢈꢌꢁꢗꢅꢘꢓꢈꢄꢅꢑꢎꢈꢋꢋꢅꢙ ꢚꢛꢗ
ꢀꢁ
ꢈꢅꢂ6HOHFWꢂ³2SWLRQꢀVHWXS´ꢂDQGꢂSUHVVꢂ ꢂEXWWRQꢃ
ꢀꢁ
ꢍꢅꢂꢂ7KHꢂER[ꢂVKRZVꢂXSꢆꢂDQGꢂVHOHFWꢂWKHꢂGLVSOD\ꢂWLPHꢂE\ꢂXVLQJꢂ ꢂEXWWRQꢃꢂ
ꢅꢂꢆꢇ
ꢀꢀ
:KHQꢂ\RXꢂVHOHFWꢂ³ꢇꢀVHF´ꢂIRUꢂ³,QIRUPDWLRQꢀER[ꢀWLPHRXW´ꢆꢂWKHꢂLQIRUPDWLRQꢂ
EDQQHUꢂZLOOꢂQRWꢂVKRZꢂXSꢃ
'LJLWDOꢀ7HOHWH[W
ꢎꢉꢋꢋꢄꢄꢄꢄꢄꢄꢄꢏ,*+(-+ꢄꢄꢄꢄꢉꢋꢋꢄꢄꢄꢄꢄ ,(ꢄꢄꢄꢉꢘꢄꢄꢄꢓ')ꢄꢄꢄꢄꢄꢄꢄꢄꢄꢉꢈꢙꢋꢘꢙ
ꢍ
ꢏ ! ꢆꢂ ꢊꢎꢁ%ꢔ$ꢌꢐ ꢃ ꢄꢄꢄꢄꢄꢌꢅꢄꢖꢓꢊꢔꢏꢓꢏꢌ ꢅꢌꢊꢅꢄꢄꢄꢄꢊꢄꢅꢌꢄꢄꢉꢅꢋꢘꢒ ꢁ $
7HOHWH[WꢂFDQꢂSURYLGHꢂYDULRXVꢂLQIRUPDWLRQꢂZLWKꢂWH[WꢂRQꢂWKHꢂVFUHHQꢃ
ꢅꢅꢅꢅꢅꢅꢅꢅꢅꢃꢄꢅꢆꢇꢈꢉ ꢃꢆꢄ
ꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢄꢌꢅꢒꢁ$
ꢓꢏꢌꢅꢄꢌꢅꢒꢁ$ꢇꢄꢄꢇꢄꢄꢇꢉꢋꢋ
ꢋ!ꢆꢌꢅꢁꢆꢆꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢉꢉꢏ
ꢅꢁ#ꢆꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢉꢉꢑ
ꢆꢎꢊꢔ ꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢉꢈꢋ
ꢊꢋꢄꢋꢇꢉꢌꢅꢃꢄꢍꢋ$ꢎꢅꢅꢎꢅꢅꢎꢅꢅꢎꢅꢅꢎꢏꢋꢋ
ꢐꢆꢇꢆꢑꢐꢆꢒꢋꢑꢎꢅꢅꢎꢅꢅꢎꢅꢅꢎꢅꢅꢎꢅꢅꢎꢏꢋꢏ
ꢑꢐꢃꢀ ꢁꢂꢃꢄꢅꢁ#ꢆꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢈꢉꢉ
ꢆꢃꢊ#ꢋꢌ&ꢄꢅꢁ#ꢆꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢈꢍꢏ
ꢁꢆ ꢄꢎꢏꢐꢁꢆꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢈꢑꢋ
3UHVVꢂ
ꢂEXWWRQꢂWRꢂDFFHVVꢃꢂ3UHVVꢂLWꢂDJDLQꢂWRꢂUHWXUQꢂWRꢂWKHꢂQRUPDOꢂVFUHHQꢃ
#ꢁꢏ ꢃꢁꢔꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢏꢋꢋ
ꢏꢋꢄꢆꢁꢔ"ꢌꢂꢁꢇꢄꢄꢇ ꢋꢋ
ꢐꢁꢅꢁꢔꢏꢕꢄꢌꢅꢖꢊꢄꢈꢋꢋ
"ꢄꢎꢔꢊꢐꢔꢏꢓꢆꢄꢇꢈ
ꢋ
2SHUDWLRQ
3UHVV
ꢂꢏꢎ ꢌꢊꢅꢆꢇꢄꢄꢇꢄꢄꢇꢄꢄꢇꢍꢋꢉ
ꢓ ꢏ ꢗ ꢁ ꢄ ꢏ ! ꢆ ꢁ $ ꢄ % ꢊ ! ꢔ ꢄ ꢖ ꢌ ꢔ ꢆ ꢄ ꢂ ꢃ ꢊ ꢌ ꢂ ꢁ
ꢖ ꢊ ꢔ ꢄ ꢕ ꢊ ꢂ ꢏ ꢕ ꢄ ꢅ ꢁ # ꢆ
7RꢂDFWLYDWHꢂ7HOHWH[WꢂPRGHꢃ
7RꢂH[LWꢂIURPꢂWKHꢂ7HOHWH[WꢂPRGHꢃ
ꢅ ꢏ ꢌ ꢊ ꢅ ꢏ ꢕ ꢄ ꢅ ꢁ # ꢆ ꢄ ꢌ ꢅ ꢒ ꢁ $ ꢄ ꢎ ꢏ ꢐ ꢁ ꢄ ꢉ ꢊ ꢋ
ꢀ
ꢏ
ꢁ
7RꢂPRYHꢂWRꢂWKHꢂQH[WꢂRUꢂSUHYLRXVꢂSDJHꢃ
7RꢁMXPSꢁWRꢁWKHꢁLQGLFDWHGꢁSDJHꢂ
ꢁaꢁ
ꢅꢂꢆꢇ
ꢈꢁ
6HHꢂ ꢂKRZꢂWRꢂRSHUDWHꢂDWꢂ$QDORJꢂWHOHWH[Wꢃ
7KHꢂVHUYLFHꢂRIꢂGLJLWDOꢂEURDGFDVWLQJꢂVLJQDOꢂYDULHVꢂGHSHQGLQJꢂRQꢂWKHꢂDUHDꢃ
ꢉꢊ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
(OHFWURQLFꢀ3URJUDPꢀ*XLGHꢀꢋ(3*ꢌ
7KHꢁ(3*ꢁVFUHHQꢁGLVSOD\VꢁDꢁOLVWꢁRIꢁWKHꢁVWRUHGꢁFKDQQHOVꢁꢓꢑꢁFKDQQHOVꢁSHUꢁSDJHꢔꢁ
DORQJꢁZLWKꢁLQIRUPDWLRQꢁWKHꢁQRZꢁ ꢁQH[WꢁSURJUDPꢁQDPHꢂꢁ
ꢕ&!ꢙ,*)($ꢙꢄꢚ*)"*ꢎ'ꢄꢛ-$ !
ꢓ-!+ ꢎ0ꢄꢁꢂꢏꢁꢂꢄꢐꢑ
ꢁꢖꢈꢁꢁꢁꢌꢄꢄꢄꢌꢄꢍ#ꢎ((!&ꢄꢆ
ꢁꢖꢈꢁꢁꢌꢁꢄꢄꢄꢌꢄꢍ#ꢎ((!&ꢄꢉ
ꢁꢖꢈꢁꢁꢌꢆꢄꢄꢄꢌꢄꢍ#ꢎ((!&ꢄ
ꢁꢖꢈꢁꢁꢌꢉꢄꢄꢄꢌꢄꢍ#ꢎ((!&ꢄꢐ
ꢊ!.!(ꢅꢋ!,/)*%
ꢆꢅꢁ3UHVVꢁ
ꢁEXWWRQꢁWRꢁGLVSOD\ꢁ(3*ꢁVFUHHQꢂ
ꢅꢅꢅꢌꢅꢍ#ꢎ((!&ꢅꢄꢅꢅꢅꢅꢈꢏꢅꢅꢐꢑꢀꢁꢂꢏ ꢁꢃ
ꢄꢄꢄꢒꢓꢅꢊꢄꢐꢍꢐꢔꢕꢑꢒꢍ
ꢀꢁ
ꢄꢄꢄꢌꢄꢍ#ꢎ((!&ꢄꢆꢄꢄꢄꢁꢂꢏ ꢁꢐꢑꢀꢁꢖꢏꢁꢁꢃ
ꢄꢄꢄꢊꢕꢗꢕꢋꢄꢋꢕꢘꢊꢄꢐꢓꢄꢇꢏ
ꢇꢅꢁ6HOHFWꢁWKHꢁGHVLUHGꢁFKDQQHOꢁZLWKꢁ ꢁEXWWRQꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂꢁ
ꢁ
ꢈꢅꢁ3UHVVꢁꢁ ꢁEXWWRQꢁRUꢁ
ꢁEXWWRQꢁWRꢁUHWXUQꢁWRꢁWKHꢁQRUPDOꢁVFUHHQꢂ
ꢜꢕꢓꢝꢜꢋ
ꢅꢂꢆꢇ
1RWꢁDOOꢁFKDQQHOVꢁEURDGFDVWꢁDOOꢁSURJUDPꢁLQIRUPDWLRQꢁGDWDꢂꢁ6RPHꢁFKDQQHOVꢁGRꢁ
QRWꢁSURYLGHꢁSURJUDPꢁQDPHꢁDQGꢁGHWDLOVꢂꢁꢁ,QꢁWKDWꢁFDVHꢀꢁRQO\ꢁFKDQQHOꢁQDPHꢁDUHꢁ
GLVSOD\HGꢂ
6XEWLWOH
ꢄꢄꢄꢄꢄꢄꢎꢉꢋꢉꢏꢌꢈꢄꢅꢉꢂꢂꢇꢋꢐꢅ
ꢑꢒꢂꢇꢃꢋꢄꢅꢉꢂꢁꢒ
ꢓꢔꢌꢋꢐꢉꢄꢒꢇꢋ
7KLVꢁHQDEOHVꢁꢃꢁꢄꢁGLVDEOHꢅꢁWKHꢁVXEWLWOHꢁLIꢁDYDLODEOHꢁDVꢁ\RXUꢁXVHIXOꢁWRROꢂ
ꢀꢁꢂꢃꢄꢅꢁꢆꢂꢇꢂꢈꢉ
ꢊꢋꢌꢆꢈꢉ
ꢍꢇꢅꢌꢆꢈꢉ
ꢆꢅꢁ3UHVVꢁꢀꢁꢂꢃꢁEXWWRQꢁWRꢁGLVSOD\ꢁ'77ꢁPDLQꢁPHQXꢂ
ꢃꢕꢌꢈꢄꢂꢇꢖꢉ
ꢗꢁꢆꢂꢇꢂꢈꢉꢄꢅꢉꢂꢂꢇꢋꢐ
ꢀꢁ
ꢇꢅꢁ6HOHFWꢁ³*HQHUDOꢀVHWWLQJV´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢘꢏꢉꢅꢅꢄꢄꢄꢄꢄꢄꢄꢄꢄꢂꢃꢄꢅꢉꢈꢉꢕꢂꢙꢄꢚꢔꢉꢋꢄꢒꢏꢉꢅꢅꢄꢛꢑꢜꢝꢙ
ꢀꢁ
ꢈꢅꢁ6HOHFWꢁ³6XEWLWOHꢀVHWWLQJ´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢀꢁ
ꢍꢅꢁ:LWK
ꢁEXWWRQꢀꢁVHOHFWꢁ³(QDEOH´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢀꢈꢁꢉꢂꢉꢃꢄ ꢅꢆꢇ
<RXꢁFDQꢁDOVRꢁDFWLYDWHꢁWKHꢁVXEWLWOHꢁE\ꢁSUHVVLQJꢁꢄꢅꢆꢀꢁꢂꢄꢃꢇ ꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢂ
ꢈ6XEWLWOHVꢀ2QꢈꢀRUꢀꢈ6XEWLWOHVꢀ2IIꢈꢀZLOOꢁDSSHDUVꢁRQꢁWKHꢁXSSHUꢁOHIWꢁFRUQHUꢂ
ꢅꢂꢆꢇ
ꢀꢀ
2QFHꢁWXULQJꢁ79ꢁRIIꢀꢁ³$XWRꢀVXEWLWOH´ꢀUHWXUQVꢁWRꢁ³'LVDEOH´ꢂ
ꢑꢒ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
&RQÀJXULQJꢀ6HWWLQJ
3DUHQWDOꢀJXLGDQFH
ꢂꢎꢈꢒꢍꢉꢓꢈꢄꢂꢔꢕꢖꢊꢈꢉꢅꢍ
ꢄꢄꢄꢄꢄꢄꢄꢄꢓꢊꢋꢌꢍꢄꢌꢎꢏꢐ
ꢀꢁꢂꢃꢄꢁꢅꢆ
$Q\ꢁFKDQQHOꢁFDQꢁEHꢁORFNHGꢁVRꢁWKDWꢁLWꢁFDQQRWꢁEHꢁVHOHFWHGꢁIRUꢁYLHZLQJꢁZLWKRXWꢁꢆꢁ
ꢃꢄꢁꢅꢆꢂꢇꢂꢈꢉꢊꢂꢈꢋꢁꢌꢍ
ꢃꢄꢁꢅꢆꢂꢎꢇꢂꢈꢉꢊꢂꢈꢋꢁꢌꢍ
ꢃꢄꢁꢅꢆꢂꢏꢂꢈꢉꢊꢂꢈꢋꢁꢌꢍ
ꢃꢄꢁꢅꢆꢂꢏꢐꢂꢈꢉꢊꢂꢈꢋꢁꢌꢍ
ꢃꢄꢁꢅꢆꢂꢐꢑꢂꢈꢉꢊꢂꢈꢋꢁꢌꢍ
ꢃꢄꢁꢅꢆꢂ ꢂꢈꢉꢊꢂꢈꢋꢁꢌꢍ
ꢃꢄꢁꢅꢆꢂꢐꢄꢄ
GLJLWVꢁSLQꢁFRGHꢂ
ꢆꢅꢁ3UHVVꢁꢀꢁꢂꢃꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢂ
ꢀꢁ
ꢇꢅꢁ6HOHFWꢁ³3DUHQWDOꢀJXLGDQFH´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢈꢅꢁ7KHꢁSDVVZRUGꢁLVꢁUHTXLUHGꢁWRꢁHQWHUꢂꢁꢃ7KHꢁLQLWLDOꢁSDVVZRUGꢁLVꢁꢉꢉꢉꢉꢂꢅ
ꢕꢇ%ꢈ"'ꢇ ꢃꢖ(ꢗꢘꢇ"ꢙꢈꢃꢅ#"'%# ꢃꢗ&ꢃꢇꢙ'ꢗ)ꢇ'ꢈꢘꢃ
ꢚ#%ꢃ'ꢆꢗ&ꢃ$%#ꢛ%ꢇ!ꢜꢃꢍꢈ ꢈꢙ'ꢃꢇ"#'ꢆꢈ%ꢃ
ꢀꢁ
ꢍꢅꢁ:LWKꢁ ꢁEXWWRQꢀꢁVHOHFWꢁWKHꢁUDWLQJꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢙꢆꢇ""ꢈ ꢃ#%ꢃꢈ"'ꢈ%ꢃ$ꢇ&&*#%ꢘꢃ'#ꢃ#)ꢈ%*%ꢗ'ꢈꢜ
ꢕꢇ&&*#%ꢘ
$IWHUꢁWKLVꢁSURWHFWLRQꢀꢁZKHQꢁHQFRXQWHUꢁWKHꢁFKDQQHOꢁEORFNHGꢀꢁWKHꢁPHVVDJHꢁ
ꢄꢆꢉꢀꢁꢁꢂꢁꢃꢃꢃꢃꢃꢃꢃꢃꢃꢄ#*
ꢃꢃꢃꢃꢃꢃꢃꢊꢋꢌꢍꢃꢎꢅꢎꢏꢐꢑꢊꢅꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁ ꢃꢒꢃꢁꢓ
ꢃꢃꢃꢃꢁ ꢃꢒꢃꢁꢁꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁ ꢃꢒꢃꢔꢁ
ꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃ
ꢃꢃꢃꢀꢃꢃꢃꢃꢃꢃꢅ
VKRZVꢁXSꢁDQGꢁWKHꢁSDVVZRUGꢁLVꢁUHTXLUHGꢁWRꢁYLHZꢁWKHꢁFKDQQHOꢂ
ꢃꢃꢃꢃꢃꢃꢃꢃꢃꢂꢃꢅꢆꢇ""ꢈ ꢃꢉꢃ
$XGLRꢀODQJXDJH
ꢀꢁ ꢂꢃꢄꢅꢆꢇꢈꢁꢆꢈꢉ
ꢅꢆꢇꢈꢁꢆꢈꢉꢄꢊꢄꢋꢌꢍꢉꢈꢎ
7KHꢁDYDLODEOHꢁ$XGLRꢁODQJXDJHꢁFDQꢁEHꢁVHOHFWHGꢂ
ꢆꢅꢀ3UHVVꢁ ꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢁLQꢁ'77ꢁPRGHꢂ
ꢇꢅꢀ7KHꢁDYDLODEOHꢁDXGLRꢁODQJXDJHꢁDSSHDUVꢂ
ꢀꢁ
ꢈꢅꢁ:LWKꢁ ꢁEXWWRQꢀꢁVHOHFWꢁWKHꢁDXGLRꢁODQJXDJHꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
&KDQJHꢀSLQ
ꢃꢃꢃꢃꢃꢃꢏꢁꢋꢁꢈꢅꢐꢃꢆꢁꢑꢑꢍꢋꢒꢆ
ꢓꢄꢑꢍꢇꢋꢃꢆꢁꢑꢔꢄ
ꢊꢕꢅꢋꢒꢁꢃꢄꢍꢋ
ꢏꢗ ꢄꢐꢆꢑꢑꢒꢓꢔ
ꢀꢁꢂꢃꢄꢅꢆꢆꢂꢇꢈꢉ
ꢊꢇꢋꢌꢍꢈꢎꢃꢋꢁꢂꢃꢄꢅꢆꢆꢂꢇꢈꢉ
ꢀ˳ꢀ˳ꢀ˳ꢀ
ꢀ˳ꢀ˳ꢀ˳ꢀ
ꢀ˳ꢀ˳ꢀ˳ꢀ
7RꢁXVHꢁWKHꢁORFNVꢁHIIHFWLYHO\ꢀꢁGRꢁFKDQJHꢁWKHꢁSLQꢁQXPEHUꢁIURPꢁWKHꢁGHIDXOWꢁVHWWLQJꢀꢁ
ZKLFKꢁVKRXOGꢁEHꢁNQRZQꢁDQGꢁUHPHPEHUHGꢁRQO\ꢁE\ꢁ\RXꢂꢁ7KHꢁGHIDXOWꢁVHWWLQJꢁLVꢁ
ꢉꢉꢉꢉꢂ
ꢆꢅꢁ3UHVVꢁꢀꢁꢂꢃꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢂ
ꢖꢇꢗꢅꢐꢃꢑꢍꢎꢁ
ꢘꢔ ꢑꢍꢑꢐꢁꢃꢆꢁꢑꢑꢍꢋꢒ
ꢀꢁ
ꢇꢅꢁ6HOHFWꢁ³*HQHUDOꢀVHWWLQJ´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢀꢁ
ꢈꢅꢁ6HOHFWꢁ³&KDQJHꢀSLQ´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢍꢅꢁꢁ7KHꢁER[ꢁDSSHDUVꢁWRꢁ¿OOꢁRXWꢁWKHꢁROGꢁDQGꢁQHZꢁSDVVZRUGꢀꢁDQGꢁWKHꢁFRQ¿UPDWLRQꢁ
RIꢁWKHꢁQHZꢁSDVVZRUGꢂ
ꢁꢅꢁ8VHꢁWKHꢁQXPHULFꢁQXPEHUꢁWRꢁHQWHUꢂ
ꢅꢂꢆꢇ
ꢁꢈ
,QꢁFDVHꢁWKDWꢁ\RXꢁIRUJHWꢁ\RXUꢁSDVVZRUGꢀꢁSOHDVHꢁUHIHUꢁWRꢁ7URXEOHVKRRWLQJꢁRQꢁ
ꢂ
/RFDOꢀWLPH
ꢄꢄꢄꢄꢄꢄꢈꢂꢃꢂꢁꢋꢎꢄ ꢂ!!ꢅꢃꢘ
ꢙꢚ!ꢅꢇꢃꢄ ꢂ!"ꢚ
ꢀꢊꢋꢃꢘꢂꢄꢚꢅꢃ
ꢀ"ꢁꢁꢂꢃ!ꢄ!ꢅꢆꢂꢄ%ꢇꢃꢂ
0DNHꢁVXUHꢁWRꢁVHOHFWꢁ\RXUꢁUHVLGHQWꢁDUHDꢁWRꢁVHWꢁXSꢁWKHꢁFRUUHFWꢁORFDOꢁWLPHꢂ
ꢈꢁꢂꢂꢃ#ꢅꢉꢊꢄꢆꢂꢋꢃꢄ!ꢅꢆꢂ
ꢌꢍꢂꢎꢋꢅꢍꢂꢏꢄꢌ" !ꢐ
ꢑꢁꢅ ꢒꢋꢃꢂꢏꢄꢌ" !ꢐ
ꢀꢋꢃꢒꢂꢁꢁꢋꢏꢄꢌ" !ꢐ
ꢓꢋꢁ#ꢅꢃꢏꢄꢌ" !ꢐ
ꢆꢅꢁ3UHVVꢁꢀꢁꢂꢃꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢂ
ꢛꢇꢉꢋꢎꢄ!ꢅꢆꢂ
ꢖ"ꢒ!ꢅ!ꢎꢂꢄ ꢂ!!ꢅꢃꢘ
ꢔꢂꢎꢒꢇ"ꢁꢃꢂꢏꢄꢌ" !ꢐ
ꢕꢂꢁ!ꢊꢏꢄꢌ" !ꢐ
ꢀꢁ
ꢇꢅꢁ6HOHFWꢁ³*HQHUDOꢀVHWWLQJ´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢖ$ꢍꢃꢂ$ꢏꢄꢌ" !ꢐ
ꢗꢋ ꢆꢋꢃꢅꢋꢏꢄꢌ" !ꢐ
ꢀꢁ
ꢈꢅꢁ6HOHFWꢁ³/RFDOꢀWLPH´ꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢕꢁꢂ ꢄꢄꢄꢄꢄꢄꢄꢄ!ꢇꢄ ꢂꢎꢂꢉ!ꢐꢄꢗꢊꢂꢃꢄꢚꢁꢂ ꢄꢜꢙ ꢝꢐ
ꢀꢁ
ꢍꢅꢁ8VHꢁ ꢁEXWWRQꢀꢁVHOHFWꢁWKHꢁDUHDꢁDQGꢁSUHVVꢁ ꢁEXWWRQꢂ
ꢆꢇ
',*,7$/ꢀ7(55(675,$/ꢀ7(/(9,6,21ꢀꢋ'77ꢌꢀ23(5$7,21ꢀꢋFRQWLQXHGꢌ
&KHFNLQJꢀ'77ꢀ6\VWHPꢀ,QIRUPDWLRQ
ꢏꢏꢏꢏꢏꢏꢓ'$%ꢔ
ꢓ%ꢗ%&$
ꢏꢏꢏꢏꢏꢏꢏꢏꢏꢏꢏꢏꢏꢓ'$%ꢔ ꢏꢕ!ꢖ"# ꢗ%ꢕ"!
ꢀꢁꢘꢏꢙꢔ#$ꢕ"!ꢏꢂꢏꢃꢄꢅꢏꢆꢇꢈꢉ
ꢓꢁꢘꢏꢙꢔ#$ꢕ"!ꢏꢂꢏꢇꢊꢉ
7KLVꢀFDQꢀGLVSOD\ꢀFXUUHQWꢀ'77ꢀV\VWHPꢀLQIRUPDWLRQꢁ
ꢋꢔꢚꢔꢗ$ꢔꢏ%ꢕ ꢔꢏꢂꢏꢌ&ꢛꢏꢍꢎꢏꢍꢇꢇ ꢏꢎꢎꢂꢍꢏꢂꢐꢏ
ꢆꢅꢀ3UHVVꢀꢀꢁꢂꢃꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢁ
ꢓ'$%ꢔ ꢏꢕ!ꢖ"# ꢗ%ꢕ"!ꢊꢏꢑ#ꢔ$$ꢏꢜꢋꢔ%&#!ꢝꢏ%"ꢏ#ꢔ%&#!ꢊ
ꢀꢁ
ꢇꢅꢀ6HOHFWꢀ³6\VWHP´ꢀDQGꢀSUHVVꢀ ꢀEXWWRQꢁ
ꢆ7KHꢀDERYHꢀLVꢀDQꢀH[DPSOHꢁ
ꢀꢁ
ꢈꢅꢀ3ꢀ UHVVLQJꢀ ꢀEXWWRQꢀRQꢀ³6WDWXV´ꢀVKRZVꢀXSꢀ6\VWHPꢀLQIRUPDWLRQꢁꢀꢂ+ꢃ:ꢀ
YHUVLRQꢄꢀ6ꢃ:ꢀYHUVLRQꢄꢀDQGꢀ5HOHDVHꢀWLPHꢅ
79ꢀ6HWXSꢀ0HQX
ꢀꢁ ꢂꢃꢄꢅ
ꢆꢃꢇꢁꢈ
³79ꢀ6HWXS´ꢀPHQXꢀFDQꢀEHꢀDFFHVVHGꢀIURPꢀWKHꢀ'77ꢀPDLQꢀPHQXꢁ
,WꢀMXPSVꢀWRꢀWKHꢀ79ꢀPDLQꢀPHQXꢀFRQWDLQLQJꢀ$QDORJꢀ79ꢀIXQFWLRQꢄꢀVXFKꢀDVꢀ3LFWXUHꢀ
PHQXꢀDQGꢀ$XGLRꢀPHQXꢁ
ꢉꢁꢊꢅꢄ
ꢋꢃꢌ ꢂꢁꢈꢌ
ꢍꢅꢂꢃꢎ
ꢏꢏꢏꢍꢅꢐꢅ ꢂꢏꢏꢏꢏꢏꢑꢒꢏꢏꢏꢍꢅꢂ
5HIHUꢀWRꢀ
aꢀ ꢀUHJDUGLQJꢀWKHꢀVHWWLQJꢀIRUꢀWKHꢀGHWDLOVꢁ
ꢈꢍ
ꢇꢆ
ꢀ
ꢑ
)81&7,21
6L]Hꢀ6ZLWFKLQJ
(DFKꢀWLPHꢀ ꢀEXWWRQꢀRIꢀWKHꢀUHPRWHꢀFRQWUROꢀLVꢀSUHVVHGꢄꢀWKHꢀVFUHHQꢀGLVSOD\ꢀVL]HꢀLVꢀ
VZLWFKHGꢀLQꢀVHTXHQFHꢄꢀDQGꢀWKHꢀVWDWXVꢀZLOOꢀEHꢀGLVSOD\HGꢀDWꢀWKHꢀERWWRPꢀRIꢀWKHꢀVFUHHQꢁ
=220ꢀEXWWRQ
79ꢑ$9ꢀVLJQDOꢀLQSXW
ꢀ
:DWFKLQJꢀ6WDQGDUGꢀ'HÀQLWLRQꢀ3LFWXUHVꢀꢋꢍꢊꢂLꢎꢀꢍꢊꢂSꢎꢀꢁꢉꢄLꢎꢀꢁꢉꢄSꢌ
'77ꢃ79ꢃ$9ꢌꢃ$9ꢍꢃ$9ꢎꢃ$9ꢇꢃ+'0,ꢌꢃ+'0,ꢍ
ꢀꢁꢂ
ꢃꢄꢅꢆꢄꢄꢇꢈꢉꢊ
ꢃꢄꢅꢆꢄꢄꢇꢈꢉꢋ
ꢆꢆꢇ
ꢎꢏꢐꢐ
ꢌꢈꢅꢍꢇꢄ
ꢀ
:DWFKLQJꢀ+LJKꢀ'HÀQLWLRQꢀ3LFWXUHVꢀꢋꢉꢇꢂSꢎꢀꢆꢂꢊꢂLꢎꢀꢆꢂꢊꢂSꢀꢋ+'0,ꢀRQO\ꢌꢌ
$9ꢌꢃ$9ꢍꢃ+'0,ꢌꢃ+'0,ꢍ
ꢀꢁꢂꢂ ꢀꢁꢂꢂꢏꢃꢄꢅꢄ
ꢆꢇꢈꢉꢊꢇꢋꢌ ꢏꢍ
XULQJꢀ'77ꢀLQSXWꢄꢀWKHꢀSDUWꢀRIꢀ26'ꢀPLJKWꢀQRWꢀEHꢀGLVSOD\HGꢀLQꢀ3DQRUDPLFꢀPRGHꢁ
ꢆꢀ'ꢀ
<RXꢀFDQꢀGLVSOD\ꢀWKHꢀLPDJHꢀDWꢀRSWLPXPꢀFRQGLWLRQꢀE\ꢀVHOHFWLQJꢀGLVSOD\ꢀVL]HꢀGHSHQGLQJꢀRQꢀWKHꢀFXUUHQWꢀRXWSXWꢀLPDJHꢀDVꢀVKRZQꢀEHORZꢁ
'LVSOD\ꢀ
,QSXWꢀ6LJQDOꢀ
'LVSOD\ꢀ6L]H
7RꢀGLVSOD\ꢀVXLWDEOHꢀVFUHHQꢀDVꢀIROORZVꢅ
6FUHHQ
:KHQꢀ:DWFKLQJꢀ6'ꢀ3LFWXUHVꢐ
3OD\ꢀDꢀꢇꢏꢎꢀLPDJHꢀRQꢀVFUHHQꢀIDLWKIXOO\ꢁꢀ%ODQNLQJꢀRFFXUVꢀRQꢀERWKꢀ
VLGHVꢁ
ꢇꢏꢎ
3OD\ꢀDꢀꢇꢏꢎꢀLPDJHꢀZKLFKꢀHQODUJHVꢀKRUL]RQWDOꢀDQGꢀYHUWLFDOꢀVL]HꢀRIꢀ
WKHꢀPLGGOHꢀLQꢀHTXDOꢀVFDOHVꢄꢀDQGꢀGLVSOD\VꢀERWKꢀVLGHVꢀDSSHDULQJꢀ
PXFKꢀZLGHUꢁꢀ
7KHꢀYHUWLFDOꢀVL]HꢀRIꢀ3DQRUDPLFꢌꢀLVꢀUHGXFHGꢀVRꢀWKDWꢀ\RXꢀFDQꢀ
VHHꢀWKHꢀZKROHꢀLPDJHꢄꢀLQFOXGLQJꢀDQ\ꢀVXEWLWOHVꢄꢀWKDWꢀPLJKWꢀ
RWKHUZLVHꢀQRWꢀEHꢀIXOO\ꢀYLVLEOHꢀRQꢀWKHꢀVFUHHQꢁ
3DQRUDPLFꢌ
3DQRUDPLFꢍ
ꢂꢇꢏꢎꢀ6LJQDOꢅ
3OD\ꢀDꢀꢌꢋꢏꢊꢀLPDJHꢀLQꢀꢇꢏꢎꢀIUDPHꢀꢂ9LVWDꢀVL]HꢅꢀIDLWKIXOO\ꢁ
ꢆ,QꢀVRPHꢀFDVHꢄꢀVOLJKWꢀEODQNLQJꢀPD\ꢀUHPDLQꢀDWꢀWKHꢀWRSꢀDQGꢀ
ERWWRPꢁ
=RRP
&LQHPD
)XOO
ꢂ9LVWDꢅ
3OD\ꢀDꢀꢍꢌꢏꢊꢀLPDJHꢀLQꢀꢇꢏꢎꢀIUDPHꢀꢂ&LQHPDꢀVL]HꢅꢀH[SDQGLQJꢀ
YHUWLFDOO\ꢁꢀ
ꢆ,QꢀVRPHꢀFDVHꢄꢀVOLJKWꢀEODQNLQJꢀPD\ꢀUHPDLQꢀDWꢀWKHꢀWRSꢀDQGꢀ
ꢂ&LQHPDꢅ
ERWWRPꢁ
3OD\ꢀDꢀꢇꢏꢎꢀLPDJHꢀIDLWKIXOO\ꢀLQꢀWKHꢀVWDQGDUGꢀYHUWLFDOꢀVL]HꢀDQGꢀ
KRUL]RQWDOO\ꢀVTXHH]HGꢁꢀ
ꢂ6TXHH]Hꢅ
:KHQꢀ:DWFKLQJꢀ+'ꢀ3LFWXUHVꢐ
)XOO
3OD\ꢀDꢀꢌꢋꢏꢊꢀLPDJHꢀIDLWKIXOO\ꢀVKRZLQJꢀꢊꢈꢐꢀRIꢀWKHꢀVL]Hꢁ
3OD\ꢀDꢀꢌꢋꢏꢊꢀLPDJHꢀIDLWKIXOO\ꢀVKRZLQJꢀꢌꢉꢉꢐꢀRIꢀWKHꢀVL]Hꢁ
ꢆ,QꢀVRPHꢀFDVHꢄꢀWKHꢀVFUHHQꢀGLVSOD\ꢀKDVꢀXQQHFHVVDU\ꢀEODQNLQJꢀ
RUꢀQRLVHꢀDWꢀWKHꢀHGJHVꢁ
ꢂꢌꢋꢏꢊꢀ6LJQDOꢅ
)XOOꢀꢌꢉꢑꢉ
3OD\ꢀDꢀꢇꢏꢎꢀLPDJHꢀLQꢀꢌꢋꢏꢊꢀIUDPHꢀZKLFKꢀHQODUJHVꢀKRUL]RQWDOꢀDQGꢀ
YHUWLFDOꢀVL]HꢀRIꢀWKHꢀPLGGOHꢀLQꢀHTXDOꢀVFDOHVꢄꢀDQGꢀGLVSOD\VꢀERWKꢀ
VLGHVꢀDSSHDULQJꢀPXFKꢀZLGHUꢁ
3DQRUDPLF
ꢂꢇꢏꢎꢀ,PDJHꢀLQꢀꢀ
ꢌꢋꢏꢊꢀ)UDPHꢅ
ꢀ,QIRUPDWLRQ
$VSHFWꢀUDWLRꢀUHSUHVHQWVꢀKRUL]RQWDOꢀꢏꢀYHUWLFDOꢀUDWLRꢀRQꢀVFUHHQꢁ
)RUꢀH[DPSOHꢄꢀYLVWDꢀLPDJHꢀLVꢀꢌꢋꢏꢊꢀLQꢀꢇꢏꢎꢀLPDJHꢁ
ꢇꢇ
)81&7,21ꢀꢋFRQWLQXHGꢌ
6L]Hꢀ6ZLWFKLQJꢀꢋFRQWLQXHGꢌ
79ꢑ$9ꢀVLJQDOꢀLQSXWꢀꢋFRQWLQXHGꢌ
ꢀ
3RVLWLRQꢀ$GMXVWPHQW
9HUWLFDOꢀSLFWXUHꢀSRVLWLRQꢀFDQꢀEHꢀDGMXVWHGꢀIRUꢀ3DQRUDPLFꢆꢄꢀ=RRPꢄꢀ&LQHPDꢄꢀDQGꢀ)XOOꢀꢆꢇꢗꢇꢀPRGHꢀDVꢀIROORZVꢁ
ꢀ
ꢌꢁꢀ3UHVVꢀ
EXWWRQꢀZKLOHꢀRSHUDWLQJꢀWKHꢀSLFWXUHꢀVL]HꢀGLVSOD\ꢁ
ꢍꢁꢀ³3RVLWLRQ´ꢀGLVSOD\ꢀZLOOꢀDSSHDUꢁ
ꢀ
ꢎꢁꢀ$GMXVWꢀWKHꢀSRVLWLRQꢀE\ꢀ
EXWWRQꢁ
$GMXVWPHQWꢀUDQJHꢀRIꢀHDFKꢀSLFWXUHꢀVL]HꢀDUHꢀDVꢀVKRZQꢀEHORZꢁ
'LVSOD\ꢀ6L]H
3DQRUDPLFꢆ
=RRPꢄꢀ&LQHPD
)XOOꢀꢆꢇꢗꢇ
$GMXVWDEOHꢀ5DQJH
ꢒꢌꢍꢀaꢀꢓꢌꢍ
ꢒꢎꢌꢀaꢀꢓꢎꢌ
ꢌ
&RQGLWLRQꢂ5HPDUN
ꢀ&RPSRQHQWꢀVLJQDOꢀRQO\
3RVLWLRQꢀꢀꢄꢀꢕꢆ
3RVLWLRQꢀꢀꢅꢀꢕꢆ
3UHVVź
3UHVVŸ
&$87,21
8VLQJꢀDꢀZLGHꢏVFUHHQꢀWHOHYLVLRQ
ꢀ7KLVꢀWHOHYLVLRQꢀKDVꢀDꢀVFUHHQꢀPRGHꢀVHOHFWLRQꢀIHDWXUHꢁꢀ,IꢀDQꢀLQFRPSDWLEOHꢀVFUHHQꢀPRGHꢀLVꢀVHOHFWHGꢀWRꢀSOD\ꢀFHUWDLQꢀ
VRIWZDUHꢄꢀVXFKꢀDVꢀDꢀ79ꢀSURJUDPꢄꢀWKHꢀLPDJHꢀZRXOGꢀDSSHDUꢀGLIIHUHQWꢀIRUPꢀWKHꢀRULJLQDOꢁꢀ7DNHꢀWKLVꢀLQWRꢀFRQVLGHUDWLRQꢀ
ZKHQꢀPDNLQJꢀVFUHHQꢀPRGHꢀFKRLFHVꢁ
ꢀ8VHꢀRIꢀWKHꢀZLGHꢀIHDWXUHꢀGLVSOD\LQJꢀHQODUJHGꢀSLFWXUHVꢀLQꢀFRIIHHꢀVKRSVꢄꢀKRWHOꢀDQGꢀRWKHUꢀHVWDEOLVKPHQWVꢀIRUꢀ
FRPPHUFLDOꢀRUꢀSXEOLFꢀYLHZLQJꢀSXUSRVHVꢀFRXOGꢀLQIULQJHꢀRQꢀWKHꢀFRS\ULJKWꢀKROGHU¶VꢀULJKWꢀSURWHFWHGꢀE\ꢀ&RS\ULJKWꢀ/DZꢁ
ꢀ:KHQꢀDꢀQRUPDOꢀꢇꢏꢎꢀLPDJHꢀꢂQRWꢀZLGHꢀVFUHHQꢅꢀLVꢀGLVSOD\HGꢀRYHUꢀWKHꢀHQWLUHꢀVFUHHQꢀLQꢀWKHꢀ3DQRUDPLFꢀPRGHꢄꢀWKHꢀ
SHULSKHUDOꢀLPDJHꢀPD\ꢀGLVDSSHDUꢀSDUWO\ꢀDQGꢃRUꢀDSSHDUꢀGLVWRUWHGꢀLQꢀVRPHꢀFDVHVꢁꢀ8VHꢀꢇꢏꢎꢀPRGHꢀWRꢀYLHZꢀWKHꢀLPDJHꢀ
UHÀHFWLQJꢀRULJLQDOꢀLQWHQWLRQꢁ
ꢇꢈ
)81&7,21ꢀꢋFRQWLQXHGꢌ
6L]Hꢀ6ZLWFKLQJꢀꢋFRQWLQXHGꢌ
5*%ꢀVLJQDOꢀLQSXW
<RXꢀFDQꢀVHOHFWꢀVXLWDEOHꢀVL]HꢀGHSHQGLQJꢀRQꢀWKHꢀUHVROXWLRQꢁ
ꢇꢁꢁꢃ
ꢀꢁꢂꢃꢄꢅ
ꢆ ꢅꢅ
'LVSOD\ꢀ$UHDꢀ6HOHFWLRQꢀ'LDJUDP
5HVROXWLRQ
,QSXWꢀVLJQDO
)XOOꢀGLVSOD\
&LUFXODUꢀGLVSOD\
'LVSOD\
)XOO
1RUPDO
=RRP
ꢋꢇꢉꢀ;ꢀꢇꢑꢉꢀꢂ9*$ꢅ
ꢑꢉꢉꢀ;ꢀꢋꢉꢉꢀꢂ69*$ꢅ
ꢌꢉꢍꢇꢀ;ꢀꢔꢋꢑꢀꢂ;*$ꢅ
ꢌꢍꢑꢉꢀ;ꢀꢌꢉꢍꢇꢀꢂ6;*$ꢅ
ꢋꢇꢉꢀ;ꢀꢇꢉꢉꢀꢂ9*$ꢅ
ꢌꢍꢑꢉꢀ;ꢀꢔꢋꢑꢀꢂ:;*$ꢅ
¼
¼
ņ
ņ
ꢌꢎꢋꢋꢀ;ꢀꢔꢋꢑꢀꢂ:;*$ꢅ
,QꢀWKHꢀVLJQDOꢀGLVSOD\ꢀFKDUWꢀVKRZQꢀDERYHꢄꢀVRPHꢀFRPSUHVVLRQꢀRUꢀVWUHWFKLQJꢀKDVꢀWDNHQꢀSODFHꢁꢀ)OLFNHUꢀPD\ꢀEHꢀQRWLFHDEOHꢀ
LQꢀ=RRPꢀPRGHꢀGHSHQGLQJꢀRQꢀFRQWHQWꢁ
¼
ꢀꢌꢎꢋꢋꢀ;ꢀꢔꢋꢑꢀꢂ:;*$ꢅꢀLVꢀDYDLODEOHꢀRQO\ꢀLQꢀ)XOOꢀPRGHꢁ
ꢇꢋ
)81&7,21ꢀꢋFRQWLQXHGꢌ
3LFWXUHꢀ)UHH]LQJ
%\ꢀSUHVVLQJꢀ ꢀEXWWRQꢄꢀ\RXꢀFDQꢀFKDQJHꢀWRꢀIUHH]HꢀPRGHꢀHDVLO\ꢀDQ\WLPHꢀ\RXꢀ
OLNHꢁꢀ3UHVVꢀLWꢀDJDLQꢀWRꢀUHWXUQꢀWRꢀQRUPDOꢀSLFWXUHꢁꢀ
)5((=(ꢂEXWWRQ
ꢉꢊꢍꢗꢃꢌꢄꢏ
7KHUHꢀDUHꢀWZRꢀW\SHVꢀRIꢀIUHH]HꢀPRGHꢁꢀ<RXꢀFDQꢀVHOHFWꢀWKHVHꢀLQꢀWKHꢀ³)UHH]Hꢀ
0RGH´ꢀIURPꢀ)XQFWLRQꢀ0HQXꢁꢂ ꢇꢄ ꢅ
ꢔꢕꢄꢄꢅꢄ
6LQJOHꢉꢀ
,WꢀIUHH]HVꢀDꢀSLFWXUHꢀRQꢀDꢀVLQJOHꢀIUDPHꢁ
ꢉꢊꢋꢌꢍꢎꢏ
6SOLWꢉꢀ
,WꢀGLVSOD\VꢀꢍꢀSLFWXUHVꢀIURPꢀWKHꢀVDPHꢀVRXUFHꢁꢀ2QHꢀLVꢀDFWLYHꢀꢂOHIWꢅꢄꢀZKLOHꢀWKHꢀRWKHUꢀ
LVꢀVWLOOꢀSLFWXUHꢀꢂULJKWꢅꢁꢀ7KLVꢀLVꢀYHU\ꢀXVHIXOꢀLQꢀRUGHUꢀWRꢀDYRLGꢀPLVVLQJꢀVRPHWKLQJꢀRUꢀ
WRꢀPDNHꢀDꢀQRWHꢀRIꢀVRPHWKLQJꢄꢀVXFKꢀDVꢀDꢀUHFLSHꢁ
ꢐꢑꢎꢍꢒꢓ
ꢔꢕꢓꢓꢖꢓ
ꢘꢂ7KHꢂVL]HꢂRIꢂWKHꢂSLFWXUHVꢂGLIIHUVꢂ
GHSHQGLQJꢂRQꢂWKHꢂVLJQDOꢂIRUPDWꢂ
UHFHLYHGꢈ
ꢅꢂꢆꢇ
ꢂ
7KLVꢂIXQFWLRQꢂLVꢂQRWꢂDYDLODEOHꢂLQꢂ5*%ꢂLQSXWꢈ
ꢇꢔ
)81&7,21ꢂꢋFRQWLQXHGꢌ
$XGLRꢀ6ZLWFKLQJ
1,&$0ꢀꢑꢀ6RXQGꢀ0XOWLSOH[ꢋLQFOXGLQJꢀ$ꢇꢌꢀꢀꢀꢋ79ꢀPRGHꢌ
<RXꢂFDQꢂPDNHꢂRSWLPXPꢂXVHꢂRIꢂDYDLODEOHꢂDXGLRꢂE\ꢂSUHVVLQJ
EXWWRQꢂRIꢂUHPRWHꢂFRQWUROꢈꢂꢂ$XGLRꢂFDQꢂEHꢂVZLWFKHGꢂRQO\ꢂLIꢂ
ꢂ
ꢂ
UHFHLYLQJꢂ1,&$0ꢂDQGꢂVRXQGꢂPXOWLSOH[ꢂVLJQDOVꢐꢂRWKHUZLVHꢙꢂSUHVVLQJꢂWKLVꢂEXWWRQꢂZLOOꢂKDYHꢂQRꢂHIIHFWꢙꢂVXFKꢂDVꢂZKHQꢂRQO\ꢂ
PRQRꢂVRXQGꢂLVꢂUHFHLYHGꢈꢂ
7KHVHꢂFDQꢂEHꢂGLYLGHGꢂLQWRꢂWZRꢂPDLQꢂFDWHJRULHVꢋꢂ%LOLQJXDOꢚ'XDOꢂ6RXQGꢂEURDGFDVWꢂDQGꢂ6WHUHRꢂEURDGFDVWꢈ
%LOLQJXDOꢑ'XDOꢀ6RXQGꢀEURDGFDVW
%LOLQJXDOꢂEURDGFDVWꢂLVꢂWKHꢂEURDGFDVWꢂDYDLODEOHꢂRQꢂWKHꢂPDLQꢂDQGꢂVXEꢂODQJXDJHVꢙꢂZKLOHꢂGXDOꢂVRXQGꢂEURDGFDVWꢂLVꢂ
DYDLODEOHꢂRQꢂWKHꢂSULPDU\ꢂDQGꢂVHFRQGDU\ꢂVRXQGVꢐꢂIRUꢂH[DPSOHꢙꢂVRPHꢂVSRUWVꢂSURJUDPVꢂFRQWDLQꢂEURDGFDVWꢂFRPPHQWDU\ꢂ
RQꢂDꢂJDPHꢂDVꢂSULPDU\ꢂVRXQGꢙꢂDQGꢂDꢂFRPPHQWDU\ꢂDERXWꢂDꢂWHDPꢂDVꢂWKHꢂVHFRQGDU\ꢈ
:KHQꢂELOLQJXDOꢂSURJUDPꢂLVꢂUHFHLYHGꢙꢂVRXQGꢂPRGHꢂGLVSOD\ꢂDSSHDUVꢂLQꢂ\HOORZꢂDVꢂVKRZQꢈꢂ$OVRꢙꢂZKHQꢂUHFHLYLQJꢂ1,&$0ꢂ
VLJQDOVꢙꢂ1,&$0ꢂGLVSOD\ꢂZLOOꢂDSSHDUꢈ
(DFKꢂWLPHꢂ ꢂEXWWRQꢂLVꢂSUHVVHGꢙꢂWKHꢂGLVSOD\ꢂLVꢂVZLWFKHGꢂLQꢂWKHꢂVHTXHQFHꢂRIꢂIROORZLQJꢈ
ꢌꢛꢍꢎꢏꢏꢑꢍꢐꢒꢑꢓꢐꢒꢔꢏꢕꢑꢓꢎꢜꢐꢏꢑꢒꢔꢒꢑꢖꢒꢏ
ꢉꢇꢇꢏꢐ
ꢑꢈꢉꢉꢅ
ꢒꢐꢐꢛꢗ
ꢝꢏꢏꢕ
ꢍꢏꢏꢎ
ꢖꢗꢀꢆꢁꢏꢂꢃꢄꢅꢆꢇꢏꢈꢉꢊꢉꢃꢋꢉꢌ
ꢉꢇꢇꢏꢐ
ꢉꢇꢇꢏꢐ
ꢑꢈꢉꢉꢅ
ꢒꢓꢀꢆꢁꢍꢏꢏꢎ
ꢒꢓꢀꢆꢁꢍꢏꢏꢎ
,
,,
> @«0DLQꢂODQJXDJHꢚ3ULPDU\ꢂ6RXQG
>
@ꢈꢈꢈ6XEꢂODQJXDJHꢚ6HFRQGDU\ꢂ6RXQG
ź«IRUFHꢂPRQRꢔꢂ7KLVꢂVHOHFWVꢂPDLQꢂODQJXDJHꢂRUꢂSULPDU\ꢂVRXQGꢈꢂ
6WHUHRꢀEURDGFDVW
:LWKꢂVWHUHRꢂEURDGFDVWꢙꢂ\RXꢂFDQꢂHQMR\ꢂGLIIHUHQWꢂVRXQGꢂIURPꢂHLWKHUꢂVLGHꢈꢂꢂ
:KHQꢂDꢂVWHUHRꢂSURJUDPꢂLVꢂUHFHLYHGꢙꢂVRXQGꢂPRGHꢂGLVSOD\ꢂZLOOꢂDSSHDUꢂLQꢂUHGꢂDVꢂVKRZQꢈ
$OVRꢙꢂZKHQꢂUHFHLYLQJꢂ1,&$0ꢂVLJQDOVꢙꢂ1,&$0ꢂGLVSOD\ꢂZLOOꢂDSSHDUꢈ
3UHVVꢂ ꢂEXWWRQꢂWRꢂVZLWFKꢂEHWZHHQꢂVWHUHRꢂDQGꢂPRQRꢂVRXQGꢈꢂ
ꢀꢁꢂꢃꢄꢏꢅꢂꢆꢇꢈꢉꢆꢊꢋꢏꢌꢈꢍꢃꢎꢆꢏꢏꢊꢐꢊꢈꢑꢊꢄ
ꢖꢊꢄ
ꢗꢏꢊꢊꢃ
ꢒꢓꢔꢕꢏꢌꢈꢍꢃꢎꢆꢏꢏꢊꢐꢊꢈꢑꢊꢄ
ꢒꢓꢔꢕ
ꢖꢊꢄ
ꢗꢏꢊꢊꢃ
ꢘꢘꢘꢀꢇꢊꢏꢊꢁ
ꢘꢘꢘꢘꢘꢙꢁꢏꢐꢊꢏꢕꢁꢃꢁ
ꢅꢂꢆꢇ
ꢂꢂ3OHDVHꢂVHOHFWꢂźꢀIRUFHꢁPRQRꢂꢁLQꢁFDVHꢁRIꢁSRRUꢁUHFHSWLRQꢃꢁQRLVHꢃꢁSRRUꢁVWHUHRꢁVRXQGꢁGXHꢁWRꢁVLJQDOꢁFRQGLWLRQꢁVRꢁWKDWꢁ
\RXꢁFDQꢁUHFHLYHꢁDꢁFOHDUꢁPRQRꢁVRXQGꢄ
VꢁUHSUHVHQWVꢁWKHꢁ0RQRꢁEURDGFDVWꢄ
ꢁ
ꢏꢆ
)81&7,21ꢀꢋFRQWLQXHGꢌ
3RZHUꢀ6DYHꢀ0RGH
:KHQꢀ$9ꢀLQSXWꢀLVꢀVHOHFWHG
ꢁ<RXꢁDUHꢁSURYLGHGꢁWKHꢁIXQFWLRQꢁWRꢁVDYHꢁSRZHUꢁFRQVXPSWLRQꢁZKHQꢁQRꢁVLJQDOꢁLVꢁGHWHFWHGꢁLQꢁ$9ꢁLQSXWꢄꢁ6HWꢁWRꢁ2QꢁLQꢁ³9LGHRꢁ
3RZHUꢁ6DYH´ꢁIURPꢁ)XQFWLRQꢁ0HQXꢃꢁZKLFKꢁOHDGVꢁWRꢁWKHꢁSRZHUꢁVDYHꢁPRGHꢁLQꢁ$9ꢇꢁꢈ$9ꢉꢁꢈ+'0,ꢇꢁꢈ+'0,ꢉꢁDQGꢁWKHꢁ
5HIHUꢁWRꢁ ꢇꢄ
ꢄꢁ
DERXWꢁ³9LGHRꢁ3RZHUꢁ6DYH´
6WDQGE\ꢁPRGHꢁLQꢁRWKHUꢁ$9ꢁLQSXWꢄꢁꢀ3OHDVHꢁVHHꢁWKHꢁWDEOHꢁEHORZꢁIRUꢁGHWDLOVꢂꢁ
ꢁ
:KHQꢀQRꢀVLJQDOꢀLVꢀGHWHFWHG
:KHQꢀVLJQDOꢀLVꢀLQSXWꢀGXULQJꢀꢀ
2QꢀLQꢀ´9LGHRꢀ3RZHUꢀ6DYHµ
&RQGLWLRQ
3RZHUꢁ6DYH
6WDQGE\
,QGLFDWLQJꢁ/DPS
$9ꢇꢃꢁ$9ꢉꢃꢁ
+'0,ꢇꢃꢁ+'0,ꢉ
2UDQJH
7XUQVꢁ2QꢁDXWRPDWLFDOO\ꢄ
$9ꢊꢃꢁ$9ꢅ
5HG
5HPDLQVꢁDVꢁ6WDQGE\ꢁPRGHꢄ
:KHQꢀWKHꢀ5*%ꢀLQSXWꢀLVꢀVHOHFWHG
ꢁ:KHQꢁWKLVꢁXQLWꢁLVꢁFRQQHFWHGꢁWRꢁDꢁ9(6$ꢁ'306ꢁFRPSXWHUꢃꢁWKHꢁ3RZHUꢁ6DYHꢁPRGHꢁꢀ2SHUDWLRQꢁPRGHꢁꢋꢁ2IIꢂꢁFDQꢁEHꢁVHWꢁ
WRꢁEHꢁDFWLYDWHGꢁDXWRPDWLFDOO\ꢁZKHQꢁWKHꢁFRPSXWHUꢁLVꢁQRWꢁEHLQJꢁXVHGꢁWRꢁUHGXFHꢁSRZHUꢁFRQVXPSWLRQꢁE\ꢁWKLVꢁXQLWꢄ
+RUL]RQWDO
9HUWLFDO
3&ꢀVLJQDO
<HV
1R
<HV
<HV
1R
1R
1R
5*%ꢀV\QFꢀVLJQDO
<HV
$FWLYHꢁꢀQRUPDOꢁGLVSOD\ꢂ
2Q
%ODQNꢁꢀQRꢁGLVSOD\ꢂ
2II
/LJKWVꢁRUDQJH
2SHUDWLRQꢀPRGH
,QGLFDWLQJꢀODPS
/LJKWVꢁJUHHQ
5HWXUQLQJꢀWRꢀRSHUDWLQJꢀVWDWXV
ꢁ2SHUDWHꢁWKHꢁSHUVRQDOꢁFRPSXWHUꢃꢁRUꢁSUHVVꢁHLWKHUꢁWKHꢁ,1387ꢁ6(/(&7ꢁEXWWRQꢁRIꢁWKHꢁFRQWUROꢁSDQHOꢁRUꢁWKHꢁ5*%ꢁEXWWRQꢁ
RIꢁWKHꢁUHPRWHꢁFRQWUROꢄ
ꢅꢆ
)81&7,21ꢀꢋFRQWLQXHGꢌ
'9'ꢀ3OD\HUꢀꢑꢀ67%ꢀ6HOHFWLRQ
<RXꢁFDQꢁXVHꢁWKLVꢁUHPRWHꢁFRQWUROꢁWRꢁRSHUDWHꢁ'9'ꢁ3OD\HUꢁDQGꢁ6HWꢁ7RSꢁ%R[ꢁRIꢁRWKHUꢁ
PDNHUVꢁDVꢁZHOOꢁDVꢁWKLVꢁVHWꢄꢁ$IWHUꢁSUHVVLQJ
EXWWRQꢃꢁSUHVVꢁꢀRUꢁKROGꢂꢁWKHꢁUHTXLUHGꢁ
ꢁ
ꢁ
EXWWRQVꢁWRꢁVHOHFWꢁWKHꢁPDNHUꢁDQGꢁW\SHꢁDVꢁVKRZQꢁEHORZꢄꢁꢁ
6HWꢀXS
([DPSOHꢋꢁ+,7$&+,ꢁ'9'
3
ꢆꢅꢁ6HWꢁXSꢁWKHꢁPDNHUꢄ
3UHVV
EXWWRQꢁWRꢁLQGLFDWHꢁWKHꢁ'9'ꢁ/('ꢁRQꢁWKHꢁUHPRWHꢁFRQWUROꢄꢁ:KLOHꢁWKHꢁ'9'ꢁ
ꢁ
ꢁ
ꢀ
/('ꢁLVꢁEOLQNLQJꢁꢀ$SSUR[ꢄꢁꢊꢍꢁ6HFRQGVꢂꢃꢁSUHVVꢁ ꢁDQGꢁ ꢁEXWWRQVꢄ
.
ꢇꢅꢁ6HWꢁXSꢁWKHꢁPDNHUꢁW\SHꢄ
ꢀ
5HOHDVHꢁWKHꢁ ꢁEXWWRQꢁZKLOHꢁNHHSLQJꢁ ꢁEXWWRQꢁGHSUHVVHGꢄꢁ7KHQꢁSUHVVꢁ ꢁEXWWRQꢄ
.
3
ꢈꢅꢁ&RQ¿UPꢁWKHꢁVHWWLQJꢄ
$IWHUꢁVHWWLQJꢁWKHꢁPDNHUꢁDQGꢁW\SHꢃꢁSUHVVꢁWKHꢁ68%ꢁ32:(5ꢁEXWWRQꢁRQꢁWKHꢁUHPRWHꢁ
FRQWUROꢄꢁꢁ,IꢁWKHꢁ'9'ꢁGRHVꢁQRWꢁVZLWFKꢁ21ꢃꢁUHSHDWꢁVWHSꢁꢇꢁDQGꢁꢉꢁXVLQJꢁRWKHUꢁPDNHUꢁ
W\SHVꢁDVꢁOLVWHGꢄꢁ
ꢒ´'9'µꢀ6HOHFWLRQ!
0DNHUVꢀRIꢀ'9'ꢀ3OD\HU 6HWꢀ0DNHU
6HWꢀW\SH
a
. $
0DNHUVꢀRIꢀ'9'ꢀ3OD\HU 6HWꢀ0DNHU
6HWꢀW\SH
ꢀ
ꢀ
ꢀ
+,7$&+,
)81$,
3LRQHHU
3DQDVRQLF
726+,%$
3KLOLSV
-9&
6$0681*
6RQ\
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
5&$
0LWVXELVKL
21.<2
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
.
3
$
/
1
4
2
(
,
-
.
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
.
.
ꢀ
5('
a
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
a
. $
. 4
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
*5((1
<(//2:
%/8(
a
=(1,7+
. /
.
.
.
.
.
a
7+20621
6+,1&2
6.<:257+
%8%8.2
'(121
. /
a
. 3
.
.
a
a
. /
. 3
ꢀ
6KDUS
a
. 3
<$0$+$
a
. 3
ꢒ´67%µꢀ6HOHFWLRQ!
0DNHUVꢀRIꢀ67%ꢀ3OD\HU 6HWꢀ0DNHU
6HWꢀW\SH
ꢀ
ꢀ
+,7$&+,
726+,%$
'*7(&
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
a
. 3
.
3
$
/
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
.
.
.
3DQDVRQLF
ꢅꢂꢆꢇ
3OHDVHꢁQRWHꢁWKDWꢁQRWꢁDOOꢁPRGHOVꢁRIꢁWKHꢁOLVWHGꢁPDNHUVꢁFDQꢁEHꢁRSHUDWHGꢁXVLQJꢁWKLVꢁUHPRWHꢁFRQWUROꢄ
ꢌꢍ
7528%/(6+227,1*
%HIRUHꢁFDOOLQJꢁVHUYLFHꢁWHFKQLFLDQꢃꢁFKHFNꢁWKHꢁIROORZLQJꢁWDEOHVꢁ¿UVWꢄꢁ,IꢁWKHꢁSUREOHPꢁLVꢁQRWꢁEHꢁVROYHGꢁZLWKꢁWKHꢁVXJJHVWHGꢁSURFHGXUHVꢃꢁFRQWDFWꢁ\RXUꢁORFDOꢁ
GHDOHUꢄꢁ)RUꢁ\RXUꢁVDIHW\ꢃꢁ1(9(5ꢁWU\ꢁWRꢁUHSDLUꢁWKHꢁSURGXFWꢁE\ꢁ\RXUVHOIꢄ
:KHQꢀ)ROORZLQJꢀ0HVVDJHVꢀ$SSHDUꢀRQꢀWKHꢀ6FUHHQ
0HVVDJH
&RQGLWLRQꢀꢑꢀ$FWLRQ
3DJH
7KLVꢁLQGLFDWHVꢁLWꢁLVꢁLQꢁ3RZHUꢁ6DYHꢁPRGHꢄꢁꢀLQꢁ$9ꢈ5*%ꢁPRGHꢂ
7KHꢁLQGLFDWLQJꢁODPSꢁOLJKWVꢁLQꢁRUDQJHꢄ
ꢇꢄ ꢍꢃ
3RZHUꢀ6DYH
ꢃ
ꢁ
7KHꢁXQLWꢁFDQQRWꢁGHWHFWꢁDQ\ꢁVLJQDOVꢁIURPꢁDQ\ꢁLQSXWꢁWHUPLQDOVꢄꢁ
ꢁ&KHFNꢁLIꢁWKHꢁFDEOHꢁLVꢁFRQQHFWHGꢁFRUUHFWO\ꢁDQGꢁ¿UPO\ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁSRZHUꢁRIꢁDQ\ꢁH[WHUQDOꢁHTXLSPHQWꢁLVꢁ21ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁLQSXWꢁVHOHFWLRQꢁPDWFKHVꢁWKHꢁFRQQHFWLRQꢁWHUPLQDOꢄꢁ
ꢁ&KHFNꢁLIꢁWKHꢁ3&ꢁLVꢁLQꢁ3RZHUꢁ6DYHꢁPRGHꢁRUꢁQRWꢄ
ꢆꢍ
ꢆꢄ
1Rꢀ6\QFꢄꢀ6LJQDO
ꢁaꢁ
7KHꢁXQLWꢁUHFHLYHVꢁXQVXSSRUWHGꢁVLJQDOVꢄ
ꢁ&KHFNꢁLIꢁWKHꢁFDEOHꢁLVꢁFRQQHFWHGꢁFRUUHFWO\ꢁDQGꢁ¿UPO\ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁLQSXWꢁVLJQDOꢁLVꢁFRPSDWLEOHꢁZLWKꢁWKHꢁVSHFL¿FDWLRQꢁRIꢁWKHꢁWHOHYLVLRQꢄ
ꢁꢍ ꢁꢄ
,QYDOLGꢀ6FDQꢀ)UHTꢄ
ꢃ
ꢁ
1RWꢀ$YDLODEOH
7KLVꢁVKRZVꢁZKHQꢁWKHꢁVHOHFWHGꢁRSHUDWLRQꢁLVꢁQRWꢁDYDLODEOHꢄ
7KLVꢁPHVVDJHꢁDSSHDUVꢁZKHQꢁ\RXꢁVHOHFWꢁRWKHUꢁWKDQꢁ
3UHVVꢁ ꢁEXWWRQꢁZKHQꢁWKLVꢁPHVVDJHꢁDSSHDUVꢄ
ꢁEXWWRQꢁZKLOHꢁ6FUHHQꢁ:LSHꢁLVꢁ21ꢄ
ꢇꢄ
3OHDVHꢀ3XVKꢀ>5HWXUQ@ꢀEXWWRQ
ꢆꢈ
ꢇꢁ
&KHFNꢀ$QWHQQD
$XWRꢀ$GMXVWLQJ
:HDNꢀVLJQDO
&KHFNꢁWKHꢁFRQQHFWLRQꢁVWDWXVꢁZKHQꢁWKLVꢁPHVVDJHꢁDSSHDUVꢄ
7KLVꢁLQGLFDWHVꢁWKDWꢁLWꢁLVꢁLQꢁWKHꢁSURFHVVꢁRIꢁDXWRꢁDGMXVWLQJꢄꢁꢀLQꢁ5*%ꢁPRGHꢂꢁ
ꢁ&KHFNꢁDHULDOꢁOHDGꢁLIꢁLWꢁLVꢁGLVFRQQHFWHGꢈGDPDJHGꢈPLVDOLJQHGꢄꢁꢀLQꢁ'77ꢁPRGHꢂ
ꢁ&KHFNꢁZLWKꢁ\RXUꢁGHDOHUꢁLIꢁLWꢁLVꢁRXWꢁRIꢁVLJQDOꢁDUHDꢁRUꢁQRWꢄꢁꢀLQꢁ'77ꢁPRGHꢂ
%DGꢀRUꢀ1RꢀVLJQDO
6\PSWRPꢀDQGꢀ&KHFNꢀ/LVW
6\PSWRPV
&KHFNꢀOLVW
3DJH
ꢁ
ꢁ
ꢁ
&KHFNꢁWKHꢁ,QGLFDWLQJꢁODPSꢁVWDWXVꢁꢀ2IIꢃꢁ5HGꢃꢁ*UHHQꢃꢁRUꢁ2UDQJHꢂꢄ
&KHFNꢁWKHꢁFRQQHFWLRQꢁRIꢁWKHꢁ3RZHUꢁ&RUGꢁDQGꢈRUꢁRWKHUꢁFDEOHVꢄ
&KHFNꢁLIꢁWKHꢁ0DLQꢁ3RZHUꢁRIꢁWKHꢁXQLWꢁRUꢁH[WHUQDOꢁHTXLSPHQWVꢁLVꢁ21ꢄ
ꢆꢈ
ꢆꢊ
ꢁ
aꢁ
1RꢁSLFWXUHꢁꢏꢁQRꢁVRXQGꢁ
ꢁ&KHFNꢁLIꢁWKHꢁ79ꢁPRGHꢁLVꢁVHOHFWHGꢄ
ꢇꢂ ꢍꢃ
ꢃꢁ
ꢁ
ꢁ
&KHFNꢁLIꢁWKHꢁ79ꢁLVꢁLQꢁ³6WDQGE\ꢁPRGH´ꢁRUꢁ³3RZHUꢁ6DYHꢁPRGH´ꢄ
ꢁ$GMXVWꢁWKHꢁYDOXHVꢁLQꢁ³3LFWXUHꢁPHQX´ꢁDQGꢁ³$XGLRꢁPHQX´ꢄ
ꢁ&KHFNꢁWKHꢁDQWHQQDꢁFRQQHFWLRQꢁDQGꢁGLUHFWLRQꢄ
ꢁ7KHꢁ79ꢁVWDWLRQꢁPD\ꢁKDYHꢁEURDGFDVWꢁGLI¿FXOWLHVꢄ
ꢁꢁ7U\ꢁDQRWKHUꢁFKDQQHOꢄ
ꢆꢈ
6QRZ\ꢁSLFWXUHꢏSRRUꢁVRXQG
0XOWLSOHꢁLPDJHVꢏQRUPDOꢁVRXQG
,QWHUPLWWHQWꢁLQWHUIHUHQFH
ꢁ&KHFNꢁWKHꢁDQWHQQDꢁFRQQHFWLRQꢁDQGꢁGLUHFWLRQꢄ
ꢁ)LQHꢁWXQLQJꢁWKHꢁ79ꢄ
ꢆꢈ ꢇꢈ
ꢃꢁ
ꢁ&KHFNꢁWKHꢁFRQQHFWLRQꢁRIꢁWKHꢁH[WHUQDOꢁHTXLSPHQWVꢄ
ꢁ
7KHꢁ79ꢁVWDWLRQꢁPD\ꢁKDYHꢁEURDGFDVWꢁGLI¿FXOWLHVꢄ7U\ꢁDQRWKHUꢁFKDQQHOꢄ
ꢁ&KHFNꢁLIꢁWKHꢁVRXUFHꢁRIꢁLQWHUIHUHQFHꢁLVꢁVKLHOGHGꢁZHOOꢄ
ꢁ5HPRYHꢁWKRVHꢁNLQGVꢁRIꢁHOHFWULFDOꢁGHYLFHVꢁDZD\ꢁIURPꢁWKHꢁ79ꢄ
ꢁ&KHFNꢁWKHꢁYROXPHꢁOHYHOꢄ
&KHFNꢁLIꢁWKH
EXWWRQꢁKDVꢁEHHQꢁSUHVVHGꢁRUꢁQRWꢄ
ꢁ
ꢁ
ꢁ
ꢆꢃ
1RUPDOꢁSLFWXUHꢃꢁEXWꢁQRꢁVRXQGꢁ
ꢁ0DNHꢁVXUHꢁWKDWꢁWKHꢁKHDGSKRQHꢁLVꢁ127ꢁFRQQHFWHGꢄ
ꢁ&KHFNꢁWKHꢁFRQQHFWLRQꢁRIꢁWKHꢁH[WHUQDOꢁHTXLSPHQWVꢄ
ꢁ&KHFNꢁWKHꢁYDOXHꢁOHYHOꢁRIꢁ³%ULJKWQHVV´ꢁDQGꢁ³&RQWUDVW´ꢁLQꢁ
³3LFWXUHꢁ0HQX´ꢄ
ꢇꢊ ꢈꢆ
1RꢁSLFWXUHꢁꢏꢁQRUPDOꢁVRXQG
ꢃ
ꢁ
ꢁ
ꢁ
ꢁ
&KHFNꢁLIꢁWKHꢁEDWWHULHVꢁDUHꢁLQVWDOOHGꢁFRUUHFWO\ꢄ
7KHꢁEDWWHULHVꢁPLJKWꢁEHꢁH[KDXVWHGꢄꢁ5HSODFHꢁWKHPꢁZLWKꢁQHZꢁRQHVꢄ
5HPRYHꢁDOOꢁWKHꢁREVWUXFWLRQVꢁLQꢁIURQWꢁRIꢁWKHꢁVHQVRUꢁZLQGRZꢁRQꢁWKHꢁXQLWꢄ
ꢆꢂ ꢆꢆ
7KHꢁUHPRWHꢁFRQWUROꢁGRHVꢁQRWꢁZRUNꢄ
ꢃ
ꢁ
ꢁ&KHFNꢁLIꢁ\RXꢁVHOHFWꢁWKHꢁFRUUHFWꢁIXQFWLRQꢁE\
ꢁEXWWRQꢁRQꢁWKHꢁ
ꢁ
UHPRWHꢁFRQWURO
ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁEXWWRQVꢁRIꢁWKHꢁFRQWUROꢁSDQHOꢁFDQꢁZRUNꢄ
ꢁ&KHFNꢁWKHꢁFRQQHFWLRQꢁRIꢁWKHꢁH[WHUQDOꢁHTXLSPHQWVꢄ
ꢁ&KHFNꢁWKHꢁ³6RXQGꢁ6\VWHP´ꢁDQGꢁ³&RORUꢁ6\VWHP´ꢁLQꢁ³6HWXSꢁ
0HQX´ꢄ
ꢆꢍ
ꢇꢇ
ꢆꢄ
ꢁ
a
ꢁ
ꢁ
1RUPDOꢁSLFWXUHꢁEXWꢁQRꢁFRORUꢏQRUPDOꢁVRXQG
ꢇꢍ
ꢁa
ꢁ
ꢌꢇ
7528%/(6+227,1*ꢀꢋFRQWLQXHGꢌ
6\PSWRPꢀDQGꢀ&KHFNꢀ/LVWꢀꢋFRQWLQXHGꢌ
6\PSWRPV
&KHFNꢀOLVW
3DJH
ꢍꢉ
ꢁ,PDJHꢁLVꢁSDXVHGꢄ
ꢁ&KHFNꢁLIꢁWKHꢁ79ꢁLVꢁLQꢁIUHH]HꢁPRGHꢁE\ꢁSUHVVLQJꢁ
ꢁEXWWRQꢄ
ꢁ1RꢁSLFWXUH
7KHꢁ,QGLFDWLQJꢁODPSꢁĺꢁ2II
ꢁ&KHFNꢁLIꢁWKHꢁ3RZHUꢁ&RUGꢁLVꢁSOXJJHGꢁLQWRꢁWKHꢁVRFNHWꢁ¿UPO\ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁ0DLQꢁ3RZHUꢁLVꢁ21ꢄ
ꢆꢉ ꢆꢊ
ꢃ
ꢁ
ꢁ&KHFNꢁLIꢁDOOꢁWKHꢁFDEOHVꢁRIꢁWKHꢁH[WHUQDOꢁHTXLSPHQWVꢁDUHꢁFRQQHFWHGꢁ
FRUUHFWO\ꢁDQGꢁ¿UPO\ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁSRZHUꢁRIꢁWKHꢁH[WHUQDOꢁHTXLSPHQWVꢁLVꢁ21ꢄ
ꢁ&KHFNꢁLIꢁWKHꢁ79ꢈ$9ꢁPRGHꢁKDVꢁEHHQꢁVHOHFWHGꢁFRUUHFWO\ꢄꢁ
ꢁ&KHFNꢁLIꢁWKHꢁ3&ꢁLVꢁLQꢁ3RZHUꢁ6DYHꢁPRGHꢁRUꢁQRWꢄ
ꢁ5HIHUꢁWRꢁ³3RZHUꢁ6DYHꢁPRGH´ꢁDQGꢁ³:KHQꢁIROORZLQJꢁPHVVDJHVꢁDSSHDUVꢁRQꢁ
WKHꢁVFUHHQ´ꢄ
ꢁ1RꢁSLFWXUH
7KHꢁ,QGLFDWLQJꢁODPSꢁĺꢁ2UDQJH
,WꢁPHDQVꢁWKDWꢁWKHꢁXQLWꢁLVꢁLQꢁ³3RZHUꢁ6DYHꢁ
PRGH´ꢄꢁ
ꢍꢃ ꢁꢆ
ꢃꢁ
ꢁ1RꢁSLFWXUH
7KHꢁLQGLFDWLQJꢁODPSꢁĺꢁ*UHHQ
ꢁ&KHFNꢁLIꢁWKHꢁVLJQDOꢁFDEOHꢁLVꢁFRQQHFWHGꢁFRUUHFWO\ꢁDQGꢁ¿UPO\ꢄ
ꢁ$GMXVWꢁWKHꢁOHYHOꢁRIꢁ%ULJKWQHVVꢁDQGꢁ&RQWUDVWꢁORZHUꢄ
ꢆꢍ
ꢆꢄ
ꢁaꢁ
ꢁ7KHꢁUHDUꢁRIꢁWKHꢁ79ꢁPDNHVꢁDꢁEX]]LQJꢁ
VRXQGꢄ
ꢁ7KLVꢁFRXOGꢁEHꢁWKHꢁVRXQGꢁSURGXFHGꢁE\ꢁWKHꢁPRWRUꢁIDQꢁZKHQꢁLWꢁURWDWHVꢄꢁ
7KLVꢁLVꢁQRWꢁDꢁPDOIXQFWLRQꢄ
ꢁ7KHꢁWRSꢁRIꢁWKHꢁXQLWꢁDQGꢁVXUIDFHꢁRIꢁWKHꢁ
ꢁ,WꢁPD\ꢁKDSSHQꢁZKHQꢁ\RXꢁXVHꢁWKHꢁXQLWꢁIRUꢁORQJꢁKRXUVꢄꢁ7XUQꢁRIIꢁWKHꢁ0DLQꢁ
ꢁꢍ
ꢇꢁ ꢁꢍ
SDQHOꢁKHDWꢁXSꢄ
3RZHUꢁRIꢁWKHꢁXQLWꢁIRUꢁDꢁZKLOHꢄꢁ3OHDVHꢁQRWHꢁWKDWꢁWKLVꢁLVꢁQRWꢁPDOIXQFWLRQꢄ
ꢁ
ꢃꢁ
ꢃꢁ
ꢁ,PDJHꢁFDQQRWꢁEHꢁGLVSOD\HGꢁLQꢁWKHꢁFRUUHFWꢁ
SRVLWLRQꢄ
ꢁ3UHVV
EXWWRQꢁWRꢁFKHFNꢁLIꢁWKHꢁLQSXWꢁVLJQDOꢁRIꢁWKHꢁGLVSOD\HGꢁLPDJHꢁLVꢁ
ꢁ
ꢁ
FRPSDWLEOHꢁZLWKꢁWKHꢁVSHFL¿FDWLRQꢁRIꢁWKHꢁWHOHYLVLRQꢄꢁ
ꢁꢄ
ꢁ:KHQꢁWKHꢁ9&5ꢁLVꢁLQꢁVSHFLDOꢁSOD\EDFNꢁ
IHDWXUHVꢁꢀ)DVWꢁ)RUZDUGꢁRUꢁ5HZLQGꢂꢃꢁWKHꢁ
VFUHHQꢁJHWVꢁGDUNꢁDQGꢁFDQQRWꢁVHHꢁWKHꢁ
LPDJHꢁDWꢁDOOꢄ
ꢁ,WꢁFRXOGꢁKDSSHQꢁZKHQꢁWKHꢁ9&5ꢁLVꢁFRQQHFWHGꢁWRꢁ&RPSRQHQWꢁRXWSXWꢃꢁVXFKꢁ
DVꢁꢅꢐꢍLꢄꢁꢁ7KLVꢁLVꢁQRWꢁPDOIXQFWLRQꢄ
ꢁꢁ
7U\ꢁ&RPSRVLWHꢁRXWSXWꢁRUꢁ6ꢏYLGHRꢁRXWSXWꢁDQGꢁFKHFNꢁWKHꢁSLFWXUHꢁDJDLQꢄ
ꢁ&KHFNꢁWKHꢁVLJQDOꢁVWDWXVꢁE\ꢁSUHVVLQJꢁWKH
FRQWUROꢄꢁ7KHꢁDYDLODEOHꢁVFUHHQꢁGLVSOD\ꢁVL]HꢁLVꢁGLIIHUHQWꢁGHSHQGLQJꢁRQꢁWKHꢁ
FXUUHQWꢁVLJQDOꢁVWDWXVꢄ
EXWWRQꢁRQꢁWKHꢁUHPRWHꢁ
ꢇꢂ
ꢁ
ꢁ
ꢁ
ꢃ
ꢍꢄ
ꢁ6RPHꢁVFUHHQꢁGLVSOD\ꢁVL]HꢁFDQQRWꢁEHꢁ
VZLWFKHGꢄ
ꢍꢍ
ꢁaꢁ
ꢁ&KHFNꢁLIꢁWKHꢁFDEOHVꢁDUHꢁFRQQHFWHGꢁFRUUHFWO\ꢄ
ꢁ&KHFNꢁWKHꢁRXWSXWꢁIRUPDWꢁRIꢁWKHꢁHTXLSPHQWVꢄ
ꢁꢀ3OHDVHꢁUHIHUꢁWRꢁ³&RQQHFWLQJꢁ3URFHGXUH´ꢁDQGꢁ³5HFRPPHQGHGꢁ6LJQDOꢁ
/LVW´ꢄꢂ
ꢁ&DQQRWꢁEHꢁGLVSOD\HGꢁWKHꢁLPDJHꢁIURPꢁ
+'0,ꢁꢇꢁRUꢁꢉꢄ
ꢁꢍ
ꢁꢄ
ꢁaꢁ
ꢁ7KHꢁLPDJHꢁDQGꢁDXGLRꢁDUHꢁPLVPDWFKHGꢁ
ZKHQꢁLQꢁ5*%ꢁRUꢁ+'0,ꢇꢈꢉꢁPRGHꢄ
ꢁ&KHFNꢁLIꢁWKHꢁ3&ꢁꢀ5*%ꢂꢈ+'0,ꢁDQDORJꢁDXGLRꢁLQSXWꢁWHUPLQDOꢁLVꢁFRQQHFWHGꢁ
WRꢁWKHꢁVDPHꢁH[WHUQDOꢁGHYLFHꢄ
ꢆꢁ
ꢌꢉ
7528%/(6+227,1*ꢀꢋFRQWLQXHGꢌ
6\PSWRPꢀDQGꢀ&KHFNꢀ/LVWꢀꢋFRQWLQXHGꢌ
6\PSWRPV
&KHFNꢀOLVW
3DJH
ꢇꢁ
ꢁ7KHꢁLPDJHꢁRQꢁWKHꢁVFUHHQꢁLVꢁPRYLQJꢁLQꢁ
DQꢁREOLTXHꢁGLUHFWLRQꢄ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁ$GMXVWꢁ³+RUL]RQWDOꢁ&ORFN´ꢁDQGꢁ³&ORFNꢁ3KDVH´ꢄ
ꢁ7KHꢁFRDUVHꢁKRUL]RQWDOꢁVWULSHVꢁFRXOGꢁEHꢁ
VHHQꢁLQꢁIXOOꢏGLVSOD\ꢁPRGHꢄ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢇꢁ
ꢁ$GMXVWꢁ³+RUL]RQWDOꢁ&ORFN´ꢄ
ꢀꢀꢀꢀꢀ
ꢁ7KHꢁSDUWꢁRIꢁWKHꢁLPDJHꢁLVꢁODFNLQJꢄ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁ&KHFNꢁLIꢁWKHꢁ³6FUHHQꢁ6DYHU´ꢁLVꢁ2))ꢄ
ꢁ7U\ꢁ³$XWRꢁ$GMXVW´ꢄ
ꢇꢁ ꢇꢄ
ꢃꢁ
ꢁ7KHꢁKRUL]RQWDOꢁVWULSHVꢁDUHꢁPRYLQJꢁ
YHUWLFDOO\ꢁZLWKꢁÀLFNHULQJꢁVFUHHQꢄ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁ&KHFNꢁWKHꢁ6LJQDOꢁVWDWXVꢁRIꢁWKHꢁ3&ꢁE\ꢁSUHVVLQJ
RQꢁWKHꢁUHPRWHꢁFRQWUROꢄ
EXWWRQꢁ
ꢁ
ꢁ
ꢁ:KHQꢁWKHꢁFKDUDFWHUVꢁDUHꢁGLVSOD\HGꢁ
RQꢁWKHꢁZKROHꢁVFUHHQꢃꢁWKHꢁYHUWLFDOꢁ
VWULSHVꢁDSSHDUꢁDQGꢁVRPHꢁRIꢁWKHꢁ
FKDUDFWHUVꢁDUHꢁEOXUUHGꢄ
ꢁ7U\ꢁ³$XWRꢁ$GMXVW´ꢄ
ꢀꢁꢂꢃꢄꢅꢆꢇ ꢈ
ꢉꢊꢋꢌꢍꢎꢏꢀꢁꢂꢃꢄꢅꢆꢉꢊꢋꢌ
ꢀꢁꢂꢃꢄꢅꢆꢇ ꢈ
ꢉꢊꢋꢌꢍꢎꢏꢀꢁꢂꢃꢄꢅꢆꢉꢊꢋꢌ
ꢇꢁ
ꢁ,IꢁWKHꢁGLVSOD\ꢁFRQGLWLRQꢁLVꢁQRWꢁLPSURYHGꢁZLWKꢁ$XWRꢁ$GMXVWꢃꢁ
DGMXVWꢁ³+RUL]RQWDOꢁ&ORFN´ꢄ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁ:KHQꢁWKHꢁOHWWHUꢁVWULQJꢁLVꢁGLVSOD\HGꢁLQꢁ
IXOOꢏVFUHHQꢃꢁDOOꢁRIꢁWKHꢁFKDUDFWHUVꢁRQꢁ
WKHꢁVFUHHQꢁDUHꢁEOXUUHGꢄ
ꢁ7U\ꢁ³$XWRꢁ$GMXVW´ꢄꢁ
ꢁ,IꢁWKHꢁFRQGLWLRQꢁLVꢁQRWꢁLPSURYHGꢁZLWKꢁ$XWRꢁ$GMXVWꢃꢁDGMXVWꢁ
³&ORFNꢁ3KDVH´ꢁWLOOꢁ\RXꢁJHWꢁFOHDUHVWꢁLPDJHꢄꢁ
ꢀꢁꢂꢃꢄꢅꢆꢇ ꢈ
ꢉꢊꢋꢌꢍꢎꢏꢀꢁꢂꢃꢄꢅꢆꢉꢊꢋꢌ
ꢀꢁꢂꢃꢄꢅꢆꢇ ꢈ
ꢉꢊꢋꢌꢍꢎꢏꢀꢁꢂꢃꢄꢅꢆꢉꢊꢋꢌ
ꢇꢁ
ꢇꢁ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁ:KHQꢁWKHꢁVPDOOꢁSDWWHUQVꢁDUHꢁ
GLVSOD\HGꢁRQꢁWKHꢁVFUHHQꢃꢁWKHꢁHQWLUHꢁ
VFUHHQꢁLVꢁÀLFNHULQJꢄ
ꢁ7U\ꢁ³$XWRꢁ$GMXVW´ꢄ
ꢁ,IꢁWKHꢁFRQGLWLRQꢁLVꢁQRWꢁLPSURYHGꢁZLWKꢁ$XWRꢁ$GMXVWꢃꢁDGMXVWꢁ
³&ORFNꢁ3KDVH´ꢁWLOOꢁ\RXꢁJHWꢁÀLFNHUꢏIUHHꢁGLVSOD\ꢄ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁ7KHꢁWKLFNQHVVꢁRIꢁWKHꢁOHWWHUVꢃꢁOLQHVꢃꢁHWFꢁ
LVꢁQRWꢁGLVSOD\HGꢁHYHQO\ꢄ
ꢁ,WꢁFRXOGꢁKDSSHQꢁZKHQꢁWKHꢁLPDJHꢁZLWKꢁPRUHꢁWKDQꢁꢌꢅꢍꢁOLQHVꢁ
RIꢁYHUWLFDOꢁUHVROXWLRQꢁLVꢁGLVSOD\HGꢄꢁꢁ
ꢁꢄ
ꢍꢂ
ꢀ3&ꢁLQSXWꢁPRGHꢁRQO\ꢂ
ꢁꢁ3OHDVHꢁQRWHꢁWKLVꢁLVꢁQRWꢁPDOIXQFWLRQꢄ
1Rꢀ3LFWXUHꢀRUꢀVRXQGꢀLVꢀRXWSXWꢁ
ꢂ'77ꢀPRGHꢀRQO\ꢃ
,WꢀPLJKWꢀRFFXUꢀEHFDXVHꢀLWꢀLVꢀWXQHGꢀWRꢀGLJLWDOꢀWHOHWH[WꢀFKDQQHOꢁ
5HWXUQꢀWRꢀDQRWKHUꢀFKDQQHOꢁ
3UHVVꢀDQGꢀKROGꢀGRZQꢀ
ꢀ>5HG@ꢄꢀ
ꢀ>*UHHQ@ꢄꢀDQGꢀ
ꢀ
EXWWRQVꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀVLPXOWDQHRXVO\ꢀIRUꢀRYHUꢀꢅꢀ
VHFRQGVꢀVRꢀWKDWꢀWKHꢀSDVVZRUGꢀUHWXUQVꢀWRꢀWKHꢀGHIDXOWꢀVHWWLQJꢀ
ꢂꢆꢆꢆꢆꢃꢁꢀ3OHDVHꢀQRWHꢀWKDWꢀDOOꢀWXQHGꢀFKDQQHOVꢀDQGꢀDGMXVWHGꢀ
GDWDꢀIRUꢀERWKꢀDQDORJꢀDQGꢀGLJLWDOꢀZLOOꢀEHꢀORVWꢁ
)RUJRWWHQꢀSDVVZRUGꢁ
ꢂ'77ꢀPRGHꢀRQO\ꢃ
ꢍꢇ
'XHꢀWRꢀWKHꢀEDGꢀUHFHSWLRQꢄꢀEORFNꢀQRLVHꢀ
LQWHUIHUHVꢀGXULQJꢀ'77ꢀPRGHꢁ
ꢂ'77ꢀPRGHꢀRQO\ꢃ
ꢆꢈ
ꢍꢇ
&KHFNꢀWKHꢀDHULDOꢀV\VWHPꢀWRꢀLPSURYHꢀVLJQDOꢀTXDOLW\ꢁ
&KHFNꢀLIꢀ\RXꢀVHOHFWꢀFRUUHFWꢀDUHDꢀLQꢀ³/RFDOꢀWLPH´ꢀIURPꢀ
³*HQHUDOꢀVHWWLQJ´ꢁ
/RFDOꢀWLPHꢀGLVSOD\VꢀLQFRUUHFWO\ꢁꢀꢀ
ꢂ'77ꢀPRGHꢀRQO\ꢃ
ꢀ
ꢌꢊ
352'8&7ꢀ63(&,),&$7,216
63(&,),&$7,21
'LVSOD\ꢀGLPHQVLRQV
5HVROXWLRQ
$SSUR[ꢁꢀꢇꢆꢀLQFKHVꢀꢂꢋꢋꢆꢊꢀꢂ+ꢃꢀ[ꢀꢊꢌꢊꢀꢂ9ꢃꢀPPꢄꢀGLDJRQDOꢀꢋꢌꢍꢆPPꢃ
3DQHO
ꢋꢌꢎꢆꢀꢂ+ꢃꢀ[ꢀꢋꢆꢎꢆꢀꢂ9ꢃꢀSL[HOV
LQFOXGLQJꢀ2SWLRQDOꢀ6WDQGꢏꢀꢋꢌꢈꢆꢀꢂ:ꢃꢀ[ꢀꢉꢆꢆꢀꢂ+ꢃꢀ[ꢀꢈꢌꢅꢀꢂ'ꢃꢀPP
H[FOXGLQJꢀ2SWLRQDOꢀ6WDQGꢏꢀꢋꢌꢈꢆꢀꢂ:ꢃꢀ[ꢀꢎꢅꢊꢀꢂ+ꢃꢀ[ꢀꢋꢌꢇꢀꢂ'ꢃꢀPP
1HWꢀGLPHQVLRQV
1HWꢀZHLJKW
LQFOXGLQJꢀ2SWLRQDOꢀ6WDQGꢏꢀꢈꢊꢁꢇNJ
H[FOXGLQJꢀ2SWLRQDOꢀ6WDQGꢏꢀꢈꢆꢁꢍNJ
7HPSHUDWXUH
2SHUDWLQJꢀꢏꢀꢇ&ꢀWRꢀꢅꢇ&ꢄꢀ6WRUDJHꢀꢏꢀꢆ&ꢀWRꢀꢈꢆ&
$PELHQWꢀ
FRQGLWLRQV
5HODWLYHꢀKXPLGLW\
2SHUDWLQJꢀꢏꢀꢌꢆꢐꢀWRꢀꢎꢆꢐꢄꢀ6WRUDJHꢀꢏꢀꢌꢆꢐꢀWRꢀꢉꢆꢐꢀꢂQRQꢑFRQGHQVLQJꢃ
$&ꢌꢈꢆ9ꢄꢀꢇꢆ+]
ꢈꢎꢆ:ꢀꢒꢀꢓꢋ:
3RZHUꢀVXSSO\
3RZHUꢀFRQVXPSWLRQꢒꢀDWꢀVWDQGE\
$XGLRꢀRXWSXW
VSHDNHUꢀWRWDOꢀꢌꢆ:
ꢂ9,'(2ꢀLQSXWꢃ
$9ꢋꢌꢏꢀFRPSRVLWHꢀYLGHRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
FRPSRQHQWꢀYLGHRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
/ꢒ5ꢀDXGLRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
$9ꢅꢈꢏꢀFRPSRVLWHꢀYLGHRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
6ꢀYLGHRꢀLQSXWꢀWHUPLQDOꢁ
,QSXWꢀWHUPLQDOV
/ꢒ5ꢀDXGLRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
+'0,ꢀꢋꢌꢀꢏꢀ+'0,ꢀLQSXWꢀWHUPLQDO
$XGLRꢀLQSXWꢀWHUPLQDOꢀꢂ/ꢒ5ꢀDXGLRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃꢃꢔ
&RPSRVLWHꢀYLGHRꢏꢀ3$/ꢄꢀ6(&$0ꢄꢀ176&ꢅꢁꢇꢎꢄꢀ176&ꢈꢁꢈꢅꢄꢀ3$/ꢊꢆ
&RPSRQHQWꢀYLGHRꢏꢀꢈꢎꢆLꢄꢀꢇꢍꢊLꢄꢀꢈꢎꢆSꢄꢀꢇꢍꢊSꢄꢀꢍꢌꢆSꢒꢇꢆꢄꢀꢍꢌꢆSꢒꢊꢆꢄꢀꢋꢆꢎꢆLꢒꢇꢆꢄꢀꢋꢆꢎꢆLꢒꢊꢆ
+'0,ꢏꢀꢀ9*$ꢒꢊꢆꢄꢀꢈꢎꢆLꢄꢀꢇꢍꢊLꢄꢀꢈꢎꢆSꢄꢀꢇꢍꢊSꢄꢀꢍꢌꢆSꢒꢇꢆꢄꢀꢍꢌꢆSꢒꢊꢆꢄꢀꢋꢆꢎꢆLꢒꢇꢆꢄꢀꢋꢆꢎꢆLꢒꢊꢆꢄꢀꢀ
ꢋꢆꢎꢆSꢒꢇꢆꢄꢀꢋꢆꢎꢆSꢒꢊꢆ
,QSXWꢀVLJQDOV
287387ꢀꢂ021,725ꢃꢏꢀFRPSRVLWHꢀYLGHRꢀPRQLWRUꢑRXWSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
287387ꢀꢂ021,725ꢃꢏꢀ/ꢒ5ꢀDXGLRꢀPRQLWRUꢑꢀRXWSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
287387ꢀꢂ+($'3+21(ꢃꢏꢀ/ꢒ5ꢀDXGLRꢀPRQLWRUꢑꢀRXWSXWꢀWHUPLQDOꢀꢂ0LQLꢑSLQꢃ
287387ꢀꢂ68%ꢑ:22)(5ꢃꢏꢀ:RRIHUꢀRXWSXWꢀWHUPLQDOꢀꢂ5&$ꢃ
2XWSXWꢀ6LJQDO
ꢂ5)ꢀLQSXWꢃ
,QSXWꢀWHUPLQDOꢀꢒꢀ5HFHLYLQJꢀUDQJH
$17ꢀꢏꢀꢍꢇꢀ8QEDODQFHGꢀꢒꢀꢈꢈaꢎꢍꢆ0+]
3$/ꢀ%ꢄꢀ*ꢄꢀ+ꢀꢒꢀ,ꢀꢒꢀ'ꢄꢀ.
6(&$0ꢀ%ꢄꢀ*ꢀꢒꢀ'ꢄꢀ.ꢀꢒꢀ.ꢋ
176&ꢑ0
5)ꢀ9LGHRꢀ6\VWHP
ꢂ5*%ꢀLQSXWꢃ
'9%ꢑ7
$QDORJꢀ5*%ꢀLQSXWꢀWHUPLQDOꢀꢂ'ꢑVXEꢀꢋꢇꢑSLQꢃ
$XGLRꢀLQSXWꢀWHUPLQDOꢀꢂ/ꢒ5ꢀDXGLRꢀLQSXWꢀWHUPLQDOꢀꢂ5&$ꢃꢃꢔ
,QSXWꢀWHUPLQDOV
,QSXWꢀVLJQDOV
6\QFꢀVLJQDOV
ꢆꢁꢍꢀ9SꢑSꢄꢀDQDORJꢀ5*%ꢀꢂ5HFRPPHQGHGꢀ6LJQDOꢃ
+ꢒ9ꢀVHSDUDWHꢄꢀ77/ꢀOHYHOꢀ>ꢌ.@
ꢀ7KHꢀXQLWꢀWDNHVꢀDWꢀOHDVWꢀꢅꢆꢀPLQXWHVꢀWRꢀDWWDLQꢀWKHꢀVWDWXVꢀRIꢀRSWLPDOꢀSLFWXUHꢀTXDOLW\ꢁ
ꢔꢀ7KLVꢀDQDORJꢀDXGLRꢀLQSXWꢀWHUPLQDOꢀFDQꢀEHꢀXVHGꢀIRUꢀ3&ꢀꢂ5*%ꢃꢀRUꢀ+'0,ꢋꢒꢌꢀRQO\ꢁ
ꢇꢈ
352'8&7ꢀ63(&,),&$7,216ꢀꢋFRQWLQXHGꢌ
6LJQDOꢀ,QSXW
5*%ꢀWHUPLQDOꢀꢋ'ꢏVXEꢀꢆꢁꢏSLQꢀFRQQHFWRUꢌ
3LQ
,QSXWꢀVLJQDO
ꢋ
5
ꢌ
*
ꢅ
%
ꢈ
ꢇ
ꢊ
1RꢀFRQQHFWLRQ
1RꢀFRQQHFWLRQ
5ꢁ*1'
ꢍ
*ꢁ*1'
ꢎ
%ꢁ*1'
ꢉ
1RꢀFRQQHFWLRQ
*1'
1RꢀFRQQHFWLRQ
>6'$@
+ꢁꢀV\QF
9ꢁV\QFꢁꢀ>9ꢁ&/.@
>6&/@
ꢋꢆ
ꢋꢋ
ꢋꢌ
ꢋꢅ
ꢋꢈ
ꢋꢇ
6ꢏLQSXWꢀFRQQHFWRUꢀSLQꢀVSHFLÀFDWLRQV
3LQ
,QSXWꢀVLJQDO
ꢋ
<
ꢌ
ꢅ
ꢈ
<ꢑ*1'
&
&ꢑ*1'
*1'
)UDPH
+'0,ꢀFRQQHFWRUꢀSLQꢀVSHFLÀFDWLRQV
3LQ
,QSXWꢀVLJQDO
3LQ
,QSXWꢀVLJQDO
70'6ꢀ&ORFNꢀ6KLHOG
70'6ꢀ&ORFNꢑ
&(&
ꢋ
70'6ꢀ'DWDꢌꢕ
ꢋꢋ
ꢌ
ꢅ
ꢈ
ꢇ
ꢊ
ꢍ
ꢎ
ꢉ
70'6ꢀ'DWDꢌꢀ6KLHOG
70'6ꢀ'DWDꢌꢑ
70'6ꢀ'DWDꢀꢋꢕ
70'6ꢀ'DWDꢋꢀ6KLHOG
70'6ꢀ'DWDꢋꢑ
70'6ꢀ'DWDꢆꢕ
70'6ꢀ'DWDꢆꢀ6KLHOG
70'6ꢀ'DWDꢆꢑ
ꢋꢌ
ꢋꢅ
ꢋꢈ
ꢋꢇ
ꢋꢊ
ꢋꢍ
ꢋꢎ
ꢋꢉ
5HVHUYHGꢂ1ꢁ&ꢁꢀRQꢀGHYLFHꢃ
6&/
6'$
''&ꢒ&(&ꢀ*URXQG
ꢕꢇ9ꢀ3RZHU
+RWꢀ3OXJꢀ'HWHFW
ꢋꢆ
70'6ꢀ&ORFNꢕ
ꢇꢇ
352'8&7ꢀ63(&,),&$7,216ꢀꢋFRQWLQXHGꢌ
5HFRPPHQGHGꢀ6LJQDOꢀ/LVW
:LWKꢀ+'0,ꢀLQSXW
6LJQDOꢀPRGH
+RUL]RQWDOꢀ
IUHTXHQF\ꢀ
ꢋN+]ꢌ
'RWꢀFORFN
IUHTXHQF\ꢀ
ꢋ0+]ꢌ
1Rꢅ
5HPDUNV
(,$ꢒ&($ꢑꢎꢊꢋ%
6LJQDOꢀ
1DPH
9*$
ꢇꢍꢊL
ꢈꢎꢆL
9HUWLFDOꢀ
5HVROXWLRQ
IUHTXHQF\ꢀꢋ+]ꢌ
ꢋ
ꢌ
ꢅ
ꢊꢈꢆꢀ;ꢀꢈꢎꢆ
ꢍꢌꢆꢂꢋꢈꢈꢆꢃꢀ;ꢀꢇꢍꢊ
ꢍꢌꢆꢂꢋꢈꢈꢆꢃꢀ;ꢀꢈꢎꢆ
ꢍꢌꢆꢀ;ꢀꢇꢍꢊ
ꢇꢉꢁꢉꢈ
ꢇꢆꢁꢆꢆ
ꢇꢉꢁꢉꢈ
ꢇꢆꢁꢆꢆ
ꢇꢉꢁꢉꢈ
ꢇꢆꢁꢆꢆ
ꢊꢆꢁꢆꢆ
ꢇꢆꢁꢆꢆ
ꢊꢆꢁꢆꢆ
ꢇꢆꢁꢆꢆ
ꢊꢆꢁꢆꢆ
ꢅꢋꢁꢈꢍ
ꢋꢇꢁꢊꢅ
ꢋꢇꢁꢍꢅ
ꢅꢋꢁꢌꢇ
ꢅꢋꢁꢈꢍ
ꢌꢎꢁꢋꢅ
ꢅꢅꢁꢍꢇ
ꢅꢍꢁꢇꢆ
ꢈꢇꢁꢆꢆ
ꢇꢊꢁꢌꢇ
ꢊꢍꢁꢇꢆ
ꢌꢇꢁꢋꢎ
ꢌꢍꢁꢆꢆ
ꢌꢍꢁꢆꢆ
ꢌꢍꢁꢆꢆ
ꢌꢍꢁꢆꢆ
ꢍꢈꢁꢌꢇ
ꢍꢈꢁꢌꢇ
ꢍꢈꢁꢌꢇ
ꢍꢈꢁꢌꢇ
ꢋꢈꢎꢁꢇꢆ
ꢋꢈꢎꢁꢇꢆ
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
(,$ꢒ&($ꢑꢎꢊꢋ%
ꢈ
ꢇꢍꢊS
ꢇ
ꢈꢎꢆS
ꢍꢌꢆꢀ;ꢀꢈꢎꢆ
ꢊ
ꢍ
ꢎ
ꢉ
ꢋꢆ
ꢋꢋ
ꢋꢆꢎꢆLꢒꢇꢆ
ꢋꢆꢎꢆLꢒꢊꢆ
ꢍꢌꢆSꢒꢇꢆ
ꢍꢌꢆSꢒꢊꢆ
ꢋꢆꢎꢆSꢒꢇꢆ
ꢋꢆꢎꢆSꢒꢊꢆ
ꢋꢉꢌꢆꢀ;ꢀꢋꢆꢎꢆ
ꢋꢉꢌꢆꢀ;ꢀꢋꢆꢎꢆ
ꢋꢌꢎꢆꢀ;ꢀꢍꢌꢆ
ꢋꢌꢎꢆꢀ;ꢀꢍꢌꢆ
ꢋꢉꢌꢆꢀ;ꢀꢋꢆꢎꢆ
ꢋꢉꢌꢆꢀ;ꢀꢋꢆꢎꢆ
:LWKꢀ5*%ꢀLQSXW
6LJQDOꢀPRGH
+RUL]RQWDOꢀ
IUHTXHQF\ꢀ
ꢋN+]ꢌ
'RWꢀFORFN
IUHTXHQF\ꢀ
ꢋ0+]ꢌ
1Rꢅ
5HPDUNV
6LJQDOꢀ
1DPH
9HUWLFDOꢀ
5HVROXWLRQ
IUHTXHQF\ꢀꢋ+]ꢌ
ꢋ
ꢌ
ꢅ
ꢈ
ꢇ
ꢊ
ꢍ
ꢊꢈꢆꢀ;ꢀꢈꢆꢆ
ꢊꢈꢆꢀ;ꢀꢈꢎꢆ
ꢎꢆꢆꢀ;ꢀꢊꢆꢆ
ꢋꢆꢌꢈꢀ;ꢀꢍꢊꢎ
ꢋꢌꢎꢆꢀ;ꢀꢋꢆꢌꢈ
ꢋꢌꢎꢆꢀ;ꢀꢍꢊꢎ
ꢋꢅꢊꢊꢀ;ꢀꢍꢊꢎ
ꢍꢆꢁꢆꢎ
ꢇꢉꢁꢉꢈ
ꢊꢆꢁꢅꢌ
ꢊꢆꢁꢆꢆ
ꢊꢆꢁꢆꢌ
ꢇꢉꢁꢎꢍꢊ
ꢊꢆꢁꢆꢋꢇ
ꢅꢋꢁꢈꢍ
ꢅꢋꢁꢈꢍ
ꢅꢍꢁꢎꢎ
ꢈꢎꢁꢅꢊ
ꢊꢅꢁꢉꢎ
ꢈꢍꢁꢍꢍꢊ
ꢈꢍꢁꢍꢋꢌ
ꢌꢇꢁꢋꢎ
ꢌꢇꢁꢋꢎ
ꢈꢆꢁꢆꢆ
ꢊꢇꢁꢆꢆ
ꢋꢆꢎꢁꢆꢆ
ꢍꢉꢁꢇꢆ
ꢎꢇꢁꢇꢆ
9*$
9(6$
:ꢑ;*$
:;*$ꢀ0RGHꢀꢏꢀꢋꢌꢎꢆ[ꢍꢊꢎ
:;*$ꢀ0RGHꢀꢏꢀꢋꢅꢊꢊ[ꢍꢊꢎ
ꢀ
ꢀ
ꢀ
7KHꢀW\SHꢀRIꢀYLGHRꢀERDUGꢀRUꢀFRQQHFWLQJꢀFDEOHꢀXVHGꢀPD\ꢀQRWꢀDOORZꢀIRUꢀFRUUHFWꢀGLVSOD\VꢀDGMXVWPHQWꢀRIꢀ+RUL]RQWDOꢀ3RVLWLRQꢄꢀ9HUWLFDOꢀ
3RVLWLRQꢄꢀ+RUL]RQWDOꢀ&ORFNꢀDQGꢀ&ORFNꢀ3KDVHꢁ
7KHꢀXQLWꢀGLIIHUHQWLDWHVꢀWKHꢀVLJQDOꢀPRGHVꢀDFFRUGLQJꢀWRꢀWKHꢀKRUL]RQWDOꢀDQGꢀYHUWLFDOꢀIUHTXHQFLHVꢀDQGꢀWKHꢀKRUL]RQWDOꢀDQGꢀYHUWLFDOꢀV\QFꢀ
VLJQDOꢀSRODULWLHVꢁꢀꢀ1RWHꢀWKDWꢀGLIIHUHQWꢀVLJQDOVꢀKDYLQJꢀDOOꢀWKHVHꢀHOHPHQWVꢀDOLNHꢀPD\ꢀEHꢀKDQGOHGꢀDVꢀWKHꢀVDPHꢀVLJQDOꢁ
'
LVSOD\LQJꢀLPDJHVꢀZLWKꢀPRUHꢀWKDQꢀꢇꢈꢆꢀOLQHVꢀRIꢀYHUWLFDOꢀUHVROXWLRQꢀDWꢀ)XOOꢀGLVSOD\ꢀꢂFRPSUHVVHGꢀGLVSOD\ꢃꢀFDQꢀUHVXOWꢀLQꢀWKHꢀ
LQWHUSRODWLRQꢀRIꢀVWULSHVꢁ
ꢇꢊ
|