206V3L
EN User manual
1
27
32
Customer care and warranty
Troubleshooting & FAQs
ꢀꢁꢂ,PSRUWDQW
ꢀ 3OHDVHꢂXVHꢂDSSURYHGꢂSRZHUꢂFRUGꢂSURYLGHGꢂ
E\ꢂ3KLOLSVꢂDOOꢂWKHꢂWLPHꢁꢂ,Iꢂ\RXUꢂSRZHUꢂFRUGꢂ
LVꢂPLVVLQJꢋꢂSOHDVHꢂFRQWDFWꢂZLWKꢂ\RXUꢂORFDOꢂ
VHUYLFHꢂFHQWHUꢁꢂꢏ3OHDVHꢂUHIHUꢂWRꢂ&XVWRPHUꢂ
&DUHꢂ&RQVXPHUꢂ,QIRUPDWLRQꢂ&HQWHUꢐ
ꢁꢂꢀ ,PSRUWDQW
7KLVꢂHOHFWURQLFꢂXVHUꢉVꢂJXLGHꢂLVꢂLQWHQGHGꢂIRUꢂ
DQ\RQHꢂZKRꢂXVHVꢂWKHꢂ3KLOLSVꢂPRQLWRUꢁꢂ7DNHꢂWLPHꢂ
WRꢂUHDGꢂWKLVꢂXVHUꢂPDQXDOꢂEHIRUHꢂ\RXꢂXVHꢂ\RXUꢂ
PRQLWRUꢁꢂ,WꢂFRQWDLQVꢂLPSRUWDQWꢂLQIRUPDWLRQꢂDQGꢂ
QRWHVꢂUHJDUGLQJꢂRSHUDWLQJꢂ\RXUꢂPRQLWRUꢁ
ꢀ 'RꢂQRWꢂVXEMHFWꢂWKHꢂPRQLWRUꢂWRꢂVHYHUHꢂ
YLEUDWLRQꢂRUꢂKLJKꢂLPSDFWꢂFRQGLWLRQVꢂGXULQJꢂ
RSHUDWLRQꢁ
7KHꢂ3KLOLSVꢂJXDUDQWHHꢂDSSOLHVꢂSURYLGHGꢂWKHꢂ
SURGXFWꢂLVꢂKDQGOHGꢂSURSHUO\ꢂIRUꢂLWVꢂLQWHQGHGꢂXVHꢋꢂ
LQꢂDFFRUGDQFHꢂZLWKꢂLWVꢂRSHUDWLQJꢂLQVWUXFWLRQVꢂDQGꢂ
XSRQꢂSUHVHQWDWLRQꢂRIꢂWKHꢂRULJLQDOꢂLQYRLFHꢂRUꢂFDVKꢂ
UHFHLSWꢋꢂLQGLFDWLQJꢂWKHꢂGDWHꢂRIꢂSXUFKDVHꢋꢂGHDOHUꢉVꢂ
QDPHꢂDQGꢂPRGHOꢂDQGꢂSURGXFWLRQꢂQXPEHUꢂRIꢂWKHꢂ
SURGXFWꢁ
ꢀ 'RꢂQRWꢂNQRFNꢂRUꢂGURSꢂWKHꢂPRQLWRUꢂGXULQJꢂ
RSHUDWLRQꢂRUꢂWUDQVSRUWDWLRQꢁ
0DLQWHQDQFH
ꢀ 7RꢂSURWHFWꢂ\RXUꢂPRQLWRUꢂIURPꢂSRVVLEOHꢂ
GDPDJHꢋꢂGRꢂQRWꢂSXWꢂH[FHVVLYHꢂSUHVVXUHꢂRQꢂ
WKHꢂ/&'ꢂSDQHOꢁꢂ:KHQꢂPRYLQJꢂ\RXUꢂPRQLꢍ
WRUꢋꢂJUDVSꢂWKHꢂIUDPHꢂWRꢂOLIWꢑꢂGRꢂQRWꢂOLIWꢂWKHꢂ
PRQLWRUꢂE\ꢂSODFLQJꢂ\RXUꢂKDQGꢂRUꢂILQJHUVꢂRQꢂ
WKHꢂ/&'ꢂSDQHOꢁ
ꢁꢂꢁꢀ 6DIHW\ꢀSUHFDXWLRQVꢀDQGꢀPDLQWHꢌ
QDQFH
ꢀ 8QSOXJꢂWKHꢂPRQLWRUꢂLIꢂ\RXꢂDUHꢂQRWꢂJRLQJꢂWRꢂ
XVHꢂLWꢂIRUꢂDQꢂH[WHQVLYHꢂSHULRGꢂRIꢂWLPHꢁ
ꢀ :DUQLQJV
8VHꢂRIꢂFRQWUROVꢋꢂDGMXVWPHQWVꢂRUꢂSURFHGXUHVꢂ
RWKHUꢂWKDQꢂWKRVHꢂVSHFLILHGꢂLQꢂWKLVꢂGRFXPHQWDWLRQꢂ
PD\ꢂUHVXOWꢂLQꢂH[SRVXUHꢂWRꢂVKRFNꢋꢂHOHFWULFDOꢂ
KD]DUGVꢂDQGꢌRUꢂPHFKDQLFDOꢂKD]DUGVꢁ
ꢀ 8QSOXJꢂWKHꢂPRQLWRUꢂLIꢂ\RXꢂQHHGꢂWRꢂFOHDQꢂLWꢂ
ZLWKꢂDꢂVOLJKWO\ꢂGDPSꢂFORWKꢁꢂ7KHꢂVFUHHQꢂPD\ꢂ
EHꢂZLSHGꢂZLWKꢂDꢂGU\ꢂFORWKꢂZKHQꢂWKHꢂSRZHUꢂ
LVꢂRIIꢁꢂ+RZHYHUꢋꢂQHYHUꢂXVHꢂRUJDQLFꢂVROYHQWꢋꢂ
VXFKꢂDVꢋꢂDOFRKROꢋꢂRUꢂDPPRQLDꢍEDVHGꢂOLTXLGVꢂ
WRꢂFOHDQꢂ\RXUꢂPRQLWRUꢁ
5HDGꢂDQGꢂIROORZꢂWKHVHꢂLQVWUXFWLRQVꢂZKHQꢂ
FRQQHFWLQJꢂDQGꢂXVLQJꢂ\RXUꢂFRPSXWHUꢂPRQLWRUꢁ
ꢀ 7RꢂDYRLGꢂWKHꢂULVNꢂRIꢂVKRFNꢂRUꢂSHUPDQHQWꢂ
GDPDJHꢂWRꢂWKHꢂVHWꢋꢂGRꢂQRWꢂH[SRVHꢂWKHꢂ
PRQLWRUꢂWRꢂGXVWꢋꢂUDLQꢋꢂZDWHUꢋꢂRUꢂH[FHVVLYHꢂ
PRLVWXUHꢂHQYLURQPHQWꢁ
2SHUDWLRQ
ꢀ 3OHDVHꢂ.HHSꢂWKHꢂPRQLWRUꢂRXWꢂRIꢂGLUHFWꢂ
VXQOLJKWꢋꢂYHU\ꢂVWURQJꢂEULJKWꢂOLJKWVꢂDQGꢂ
DZD\ꢂIURPꢂDQ\ꢂRWKHUꢂKHDWꢂVRXUFHꢁꢂ/HQJWK\ꢂ
H[SRVXUHꢂWRꢂWKLVꢂW\SHꢂRIꢂHQYLURQPHQWꢂPD\ꢂ
UHVXOWꢂLQꢂGLVFRORUDWLRQꢂDQGꢂGDPDJHꢂWRꢂWKHꢂ
PRQLWRUꢁ
ꢀ ,Iꢂ\RXUꢂPRQLWRUꢂJHWVꢂZHWꢋꢂZLSHꢂLWꢂZLWKꢂGU\ꢂ
FORWKꢂDVꢂVRRQꢂDVꢂSRVVLEOHꢁꢂ
ꢀ ,IꢂIRUHLJQꢂVXEVWDQFHꢂRUꢂZDWHUꢂJHWVꢂLQꢂ\RXUꢂ
PRQLWRUꢋꢂSOHDVHꢂWXUQꢂWKHꢂSRZHUꢂRIIꢂLPPHGLꢍ
DWHO\ꢂDQGꢂGLVFRQQHFWꢂWKHꢂSRZHUꢂFRUGꢁꢂ7KHQꢋꢂ
UHPRYHꢂWKHꢂIRUHLJQꢂVXEVWDQFHꢂRUꢂZDWHUꢋꢂDQGꢂ
VHQGꢂLWꢂWRꢂWKHꢂPDLQWHQDQFHꢂFHQWHUꢁ
ꢀ 5HPRYHꢂDQ\ꢂREMHFWꢂWKDWꢂFRXOGꢂIDOOꢂLQWRꢂ
YHQWLODWLRQꢂKROHVꢂRUꢂSUHYHQWꢂSURSHUꢂFRROLQJꢂ
RIꢂWKHꢂPRQLWRUꢉVꢂHOHFWURQLFVꢁ
ꢀ 'RꢂQRWꢂEORFNꢂWKHꢂYHQWLODWLRQꢂKROHVꢂRQꢂWKHꢂ
ꢀ 'RꢂQRWꢂVWRUHꢂRUꢂXVHꢂWKHꢂPRQLWRUꢂLQꢂORFDꢍ
WLRQVꢂH[SRVHGꢂWRꢂKHDWꢋꢂGLUHFWꢂVXQOLJKWꢂRUꢂ
H[WUHPHꢂFROGꢁ
FDELQHWꢁ
ꢀ :KHQꢂSRVLWLRQLQJꢂWKHꢂPRQLWRUꢋꢂPDNHꢂVXUHꢂ
WKHꢂSRZHUꢂSOXJꢂDQGꢂRXWOHWꢂDUHꢂHDVLO\ꢂDFꢍ
FHVVLEOHꢁ
ꢀ ,QꢂRUGHUꢂWRꢂPDLQWDLQꢂWKHꢂEHVWꢂSHUIRUPDQFHꢂ
RIꢂ\RXUꢂPRQLWRUꢂDQGꢂXVHꢂLWꢂIRUꢂDꢂORQJHUꢂOLIHꢍ
WLPHꢋꢂSOHDVHꢂXVHꢂWKHꢂPRQLWRUꢂLQꢂDꢂORFDWLRQꢂ
WKDWꢂIDOOVꢂZLWKLQꢂWKHꢂIROORZLQJꢂWHPSHUDWXUHꢂ
DQGꢂKXPLGLW\ꢂUDQJHVꢁ
ꢀ ,IꢂWXUQLQJꢂRIIꢂWKHꢂPRQLWRUꢂE\ꢂGHWDFKLQJꢂWKHꢂ
SRZHUꢂFDEOHꢂRUꢂ'&ꢂSRZHUꢂFRUGꢋꢂZDLWꢂIRUꢂꢎꢂ
VHFRQGVꢂEHIRUHꢂDWWDFKLQJꢂWKHꢂSRZHUꢂFDEOHꢂ
RUꢂ'&ꢂSRZHUꢂFRUGꢂIRUꢂQRUPDOꢂRSHUDWLRQꢁ
ꢀ
ꢀꢁꢂ,PSRUWDQW
ꢀ 7HPSHUDWXUHꢒꢂꢓꢍꢅꢓ-&ꢂꢄꢃꢍꢈꢆ-)
ꢀ +XPLGLW\ꢒꢂꢃꢓꢍꢊꢓꢔꢂ5+
ꢁꢂꢃꢀ 1RWDWLRQDOꢀ'HVFULSWLRQV
7KHꢂIROORZLQJꢂVXEVHFWLRQVꢂGHVFULEHꢂQRWDWLRQDOꢂ
FRQYHQWLRQVꢂXVHGꢂLQꢂWKLVꢂGRFXPHQWꢁꢂ
ꢀ ,03257$17ꢒꢂ$OZD\VꢂDFWLYDWHꢂDꢂPRYLQJꢂ
VFUHHQꢂVDYHUꢂSURJUDPꢂZKHQꢂ\RXꢂOHDYHꢂ
\RXUꢂPRQLWRUꢂXQDWWHQGHGꢁꢂ$OZD\VꢂDFWLYDWHꢂ
DꢂSHULRGLFꢂVFUHHQꢂUHIUHVKꢂDSSOLFDWLRQꢂ
LIꢂ\RXUꢂPRQLWRUꢂZLOOꢂGLVSOD\ꢂXQFKDQJLQJꢂ
VWDWLFꢂFRQWHQWꢁꢂ8QLQWHUUXSWHGꢂGLVSOD\ꢂRIꢂ
VWLOOꢂRUꢂVWDWLFꢂLPDJHVꢂRYHUꢂDQꢂH[WHQGHGꢂ
SHULRGꢂPD\ꢂFDXVHꢂkEXUQꢂLQyꢋꢂDOVRꢂNQRZQꢂDVꢂ
kDIWHUꢍLPDJLQJyꢂRUꢂkJKRVWꢂLPDJLQJyꢋꢂRQꢂ\RXUꢂ
VFUHHQꢁꢂ
1RWHVꢍꢀ&DXWLRQVꢀDQGꢀ:DUQLQJVꢀ
7KURXJKRXWꢂWKLVꢂJXLGHꢋꢂEORFNVꢂRIꢂWH[WꢂPD\ꢂEHꢂ
DFFRPSDQLHGꢂE\ꢂDQꢂLFRQꢂDQGꢂSULQWHGꢂLQꢂEROGꢂRUꢂ
LWDOLFꢂW\SHꢁꢂ7KHVHꢂEORFNVꢂFRQWDLQꢂQRWHVꢋꢂFDXWLRQVꢂ
RUꢂZDUQLQJVꢁꢂ7KH\ꢂDUHꢂXVHGꢂDVꢂIROORZVꢒ
ꢂ 1RWH
7KLVꢂLFRQꢂLQGLFDWHVꢂLPSRUWDQWꢂLQIRUPDWLRQꢂDQGꢂ
WLSVꢂWKDWꢂKHOSꢂ\RXꢂPDNHꢂEHWWHUꢂXVHꢂRIꢂ\RXUꢂ
FRPSXWHUꢂV\VWHPꢁ
ꢕ%XUQꢍLQꢕꢋꢂꢕDIWHUꢍLPDJLQJꢕꢋꢂRUꢂꢕJKRVWꢂLPDJꢍ
LQJꢕꢂLVꢂDꢂZHOOꢍNQRZQꢂSKHQRPHQRQꢂLQꢂ/&'ꢂ
SDQHOꢂWHFKQRORJ\ꢁꢂ,QꢂPRVWꢂFDVHVꢋꢂWKHꢂ
kEXUQHGꢂLQyꢂRUꢂkDIWHUꢍLPDJLQJyꢂRUꢂkJKRVWꢂ
LPDJLQJyꢂZLOOꢂGLVDSSHDUꢂJUDGXDOO\ꢂRYHUꢂDꢂ
SHULRGꢂRIꢂWLPHꢂDIWHUꢂWKHꢂSRZHUꢂKDVꢂEHHQꢂ
VZLWFKHGꢂRIIꢁ
ꢂ &DXWLRQ
7KLVꢂLFRQꢂLQGLFDWHVꢂLQIRUPDWLRQꢂWKDWꢂWHOOVꢂ\RXꢂ
KRZꢂWRꢂDYRLGꢂHLWKHUꢂSRWHQWLDOꢂGDPDJHꢂWRꢂ
KDUGZDUHꢂRUꢂORVVꢂRIꢂGDWDꢁ
ꢂ :DUQLQJ
ꢂ :DUQLQJ
6HYHUHyꢂEXUQꢍLQyꢂRUꢂkDIWHUꢍLPDJHyꢂRUꢂkJKRVWꢂ
LPDJHyꢂV\PSWRPVꢂZLOOꢂQRWꢂGLVDSSHDUꢂDQGꢂFDQQRWꢂ
EHꢂUHSDLUHGꢁꢂ7KHꢂGDPDJHꢂPHQWLRQHGꢂDERYHꢂLVꢂ
QRWꢂFRYHUHGꢂXQGHUꢂ\RXUꢂZDUUDQW\ꢁ
7KLVꢂLFRQꢂLQGLFDWHVꢂWKHꢂSRWHQWLDOꢂIRUꢂERGLO\ꢂKDUPꢂ
DQGꢂWHOOVꢂ\RXꢂKRZꢂWRꢂDYRLGꢂWKHꢂSUREOHPꢁ
6RPHꢂZDUQLQJVꢂPD\ꢂDSSHDUꢂLQꢂDOWHUQDWHꢂIRUPDWVꢂ
DQGꢂPD\ꢂQRWꢂEHꢂDFFRPSDQLHGꢂE\ꢂDQꢂLFRQꢁꢂ,QꢂVXFKꢂ
FDVHVꢋꢂWKHꢂVSHFLILFꢂSUHVHQWDWLRQꢂRIꢂWKHꢂZDUQLQJꢂLVꢂ
PDQGDWHGꢂE\ꢂWKHꢂUHOHYDQWꢂUHJXODWRU\ꢂDXWKRULW\ꢁ
6HUYLFH
ꢀ 7KHꢂFDVLQJꢂFRYHUꢂVKRXOGꢂEHꢂRSHQHGꢂRQO\ꢂ
E\ꢂTXDOLILHGꢂVHUYLFHꢂSHUVRQQHOꢁ
ꢀ ,IꢂWKHUHꢂLVꢂDQ\ꢂQHHGꢂIRUꢂDQ\ꢂGRFXPHQWꢂIRUꢂ
UHSDLUꢂRUꢂLQWHJUDWLRQꢋꢂSOHDVHꢂFRQWDFWꢂZLWKꢂ
\RXUꢂORFDOꢂVHUYLFHꢂFHQWHUꢁꢂꢏSOHDVHꢂUHIHUꢂWRꢂ
WKHꢂFKDSWHUꢂRIꢂꢕ&RQVXPHUꢂ,QIRUPDWLRQꢂ
&HQWHUꢕꢐꢂ
ꢀ )RUꢂWUDQVSRUWDWLRQꢂLQIRUPDWLRQꢋꢂSOHDVHꢂ
UHIHUꢂWRꢂꢕ7HFKQLFDOꢂ6SHFLILFDWLRQVꢕꢁꢂ
ꢀ 'RꢂQRWꢂOHDYHꢂ\RXUꢂPRQLWRUꢂLQꢂDꢂFDUꢌWUXQNꢂ
XQGHUꢂGLUHFWꢂVXQꢂOLJKWꢁ
ꢂ 1RWH
&RQVXOWꢂDꢂVHUYLFHꢂWHFKQLFLDQꢂLIꢂWKHꢂPRQLWRUꢂ
GRHVꢂQRWꢂRSHUDWHꢂQRUPDOO\ꢋꢂRUꢂ\RXꢂDUHꢂQRWꢂVXUHꢂ
ZKDWꢂSURFHGXUHꢂWRꢂWDNHꢂZKHQꢂWKHꢂRSHUDWLQJꢂ
LQVWUXFWLRQVꢂJLYHQꢂLQꢂWKLVꢂPDQXDOꢂKDYHꢂEHHQꢂ
IROORZHGꢁ
ꢃ
ꢀꢁꢂ,PSRUWDQW
5HF\FOLQJꢀ,QIRUPDWLRQꢀIRUꢀ&XVWRPHUV
ꢁꢂꢅꢀ 'LVSRVDOꢀRIꢀSURGXFWꢀDQGꢀSDFNLQJꢀ
PDWHULDO
<RXUꢂGLVSOD\ꢂLVꢂPDQXIDFWXUHGꢂZLWKꢂKLJKꢂTXDOLW\ꢂ
PDWHULDOVꢂDQGꢂFRPSRQHQWVꢂZKLFKꢂFDQꢂEHꢂ
UHF\FOHGꢂDQGꢂUHXVHGꢁ
:DVWHꢀ(OHFWULFDOꢀDQGꢀ(OHFWURQLFꢀ(TXLSPHQWꢌ
:(((
7RꢂOHDUQꢂPRUHꢂDERXWꢂRXUꢂUHF\FOLQJꢂSURJUDPꢂ
SOHDVHꢂYLVLWꢂZZZꢁSKLOLSVꢁFRPꢌDERXWꢌVXVWDLQDELOLW\ꢌ
UHF\FOLQJꢁ
7KLVꢂPDUNLQJꢂRQꢂWKHꢂSURGXFWꢂRUꢂRQꢂLWVꢂ
SDFNDJLQJꢂLOOXVWUDWHVꢂWKDWꢋꢂXQGHUꢂ(XURSHDQꢂ
'LUHFWLYHꢂꢃꢓꢓꢃꢌꢈꢎꢌ(&ꢂJRYHUQLQJꢂXVHGꢂHOHFWULFDOꢂ
DQGꢂHOHFWURQLFꢂDSSOLDQFHVꢋꢂWKLVꢂSURGXFWꢂPD\ꢂ
QRWꢂEHꢂGLVSRVHGꢂRIꢂZLWKꢂQRUPDOꢂKRXVHKROGꢂ
ZDVWHꢁꢂ<RXꢂDUHꢂUHVSRQVLEOHꢂIRUꢂGLVSRVDOꢂRIꢂ
WKLVꢂHTXLSPHQWꢂWKURXJKꢂDꢂGHVLJQDWHGꢂZDVWHꢂ
HOHFWULFDOꢂDQGꢂHOHFWURQLFꢂHTXLSPHQWꢂFROOHFWLRQꢁꢂ
7RꢂGHWHUPLQHꢂWKHꢂORFDWLRQVꢂIRUꢂGURSSLQJꢂRIIꢂ
VXFKꢂZDVWHꢂHOHFWULFDOꢂDQGꢂHOHFWURQLFꢋꢂFRQWDFWꢂ
\RXUꢂORFDOꢂJRYHUQPHQWꢂRIILFHꢋꢂWKHꢂZDVWHꢂGLVSRVDOꢂ
RUJDQL]DWLRQꢂWKDWꢂVHUYHVꢂ\RXUꢂKRXVHKROGꢂRUꢂWKHꢂ
VWRUHꢂDWꢂZKLFKꢂ\RXꢂSXUFKDVHGꢂWKHꢂSURGXFWꢁ
<RXUꢂQHZꢂPRQLWRUꢂFRQWDLQVꢂPDWHULDOVꢂWKDWꢂFDQꢂ
EHꢂUHF\FOHGꢂDQGꢂUHXVHGꢁꢂ6SHFLDOL]HGꢂFRPSDQLHVꢂ
FDQꢂUHF\FOHꢂ\RXUꢂSURGXFWꢂWRꢂLQFUHDVHꢂWKHꢂ
DPRXQWꢂRIꢂUHXVDEOHꢂPDWHULDOVꢂDQGꢂWRꢂPLQLPL]Hꢂ
WKHꢂDPRXQWꢂWRꢂEHꢂGLVSRVHGꢂRIꢁꢂ
$OOꢂUHGXQGDQWꢂSDFNLQJꢂPDWHULDOꢂKDVꢂEHHQꢂ
RPLWWHGꢁꢂ:HꢂKDYHꢂGRQHꢂRXUꢂXWPRVWꢂWRꢂPDNHꢂWKHꢂ
SDFNDJLQJꢂHDVLO\ꢂVHSDUDEOHꢂLQWRꢂPRQRꢂPDWHULDOVꢁ
3OHDVHꢂILQGꢂRXWꢂDERXWꢂWKHꢂORFDOꢂUHJXODWLRQVꢂRQꢂ
KRZꢂWRꢂGLVSRVHꢂRIꢂ\RXUꢂROGꢂPRQLWRUꢂDQGꢂSDFNLQJꢂ
IURPꢂ\RXUꢂVDOHVꢂUHSUHVHQWDWLYHꢁꢂ
ꢄ
2. Setting up the monitor
Install base stand
2. Setting up the monitor
1. Place the monitor face down on soft
and smooth surface taking care to avoid
scratching or damaging the screen.
2.1 Installation
2. Attach the base column with the monitor
until it clicks into position.
Package contents
Register your product and get support at
206V3LA
Quick
Start
3. Hold the monitor base stand with both
hands and firmly insert the base stand into
the base column.
l
Audio cable (optional)
DVI (optional)
VGA (optional)
4
ꢃꢁꢂ6HWWLQJꢂXSꢂWKHꢂPRQLWRU
ꢂ &RQQHFWLQJꢀWRꢀ\RXUꢀ3&
ꢃꢂꢃꢀ 2SHUDWLQJꢀWKHꢀPRQLWRU
ꢂ )URQWꢀYLHZꢀSURGXFWꢀGHVFULSWLRQ
5
ꢂ ꢂ$&ꢂSRZHUꢂLQSXW
ꢂ ꢂ9*$ꢂLQSXW
ꢂ ꢂ'9,ꢍ'ꢂLQSXWꢂꢏDYDLODEOHꢂIRUꢂVHOHFWHGꢂPRGHOVꢐ
ꢂ ꢂ$XGLRꢂLQSXWꢂꢏDYDLODEOHꢂIRUꢂVHOHFWHGꢂPRGHOVꢐ
ꢂ ꢂ.HQVLQJWRQꢂDQWLꢍWKHIWꢂORFN
0RGHOꢀꢃꢉꢇ9ꢅ/$ꢎ
&RQQHFWꢀWRꢀ3&
ꢄ
ꢀꢁꢂ &RQQHFWꢂWKHꢂSRZHUꢂFRUGꢂWRꢂWKHꢂEDFNꢂRIꢂ
WKHꢂPRQLWRUꢂILUPO\ꢁ
ꢃꢁꢂ 7XUQꢂRIIꢂ\RXUꢂFRPSXWHUꢂDQGꢂXQSOXJꢂLWVꢂ
SRZHUꢂFDEOHꢁ
ꢈ
ꢅ
ꢇ
ꢆ
ꢃ
ꢄꢁꢂ &RQQHFWꢂWKHꢂPRQLWRUꢂVLJQDOꢂFDEOHꢂWRꢂWKHꢂꢂ
YLGHRꢂFRQQHFWRUꢂRQꢂWKHꢂEDFNꢂRIꢂ\RXUꢂ
FRPSXWHUꢁ
0RGHOꢀꢃꢉꢇ9ꢅ/ꢎ
ꢄ
ꢅꢁꢂ 3OXJꢂWKHꢂSRZHUꢂFRUGꢂRIꢂ\RXUꢂFRPSXWHUꢂDQGꢂ
\RXUꢂPRQLWRUꢂLQWRꢂDꢂQHDUE\ꢂRXWOHWꢁ
ꢆꢁꢂ 7XUQꢂRQꢂ\RXUꢂFRPSXWHUꢂDQGꢂPRQLWRUꢁꢂ,IꢂWKHꢂ
PRQLWRUꢂGLVSOD\VꢂDQꢂLPDJHꢋꢂꢂLQVWDOODWLRQꢂLVꢂ
FRPSOHWHꢁ
ꢈ
ꢅ
ꢇ
ꢆ
ꢃ
6ZLWFKꢂPRQLWRUꢉVꢂSRZHUꢂ21ꢂDQGꢂ
2))ꢁꢂ
$FFHVVꢂWKHꢂ26'ꢂPHQXꢁꢂ
&RQILUPꢂWKHꢂ26'ꢂDGMXVWPHQWꢁ
5HWXUQꢂWRꢂSUHYLRXVꢂ26'ꢂOHYHOꢁꢂ
$GMXVWꢂWKHꢂEULJKWQHVVꢂOHYHOꢁꢂ
$GMXVWꢂWKHꢂ26'ꢂPHQXꢁꢂ
$GMXVWꢂWKHꢂVSHDNHUꢂYROXPHꢁ
&KDQJHꢂGLVSOD\ꢂIRUPDWꢁ
$XWRPDWLFDOO\ꢂDGMXVWꢂWKHꢂPRQLWRUꢁ
ꢆ
ꢃꢁꢂ6HWWLQJꢂXSꢂWKHꢂPRQLWRU
ꢂ 'HVFULSWLRQꢀRIꢀWKHꢀ2Qꢀ6FUHHQꢀ'LVSOD\
7KHꢀ26'ꢀ0HQX
%HORZꢂLVꢂDQꢂRYHUDOOꢂYLHZꢂRIꢂWKHꢂVWUXFWXUHꢂRIꢂ
WKHꢂ2Qꢍ6FUHHQꢂ'LVSOD\ꢁꢂ<RXꢂFDQꢂXVHꢂWKLVꢂDVꢂDꢂ
UHIHUHQFHꢂZKHQꢂ\RXꢂZDQWꢂWRꢂZRUNꢂ\RXUꢂZD\ꢂ
DURXQGꢂWKHꢂGLIIHUHQWꢂDGMXVWPHQWVꢂODWHUꢂRQꢁ
:KDWꢀLVꢀ2Qꢌ6FUHHQꢀ'LVSOD\ꢀꢏ26'ꢐ"
2Qꢍ6FUHHQꢂ'LVSOD\ꢂꢏ26'ꢐꢂLVꢂDꢂIHDWXUHꢂLQꢂDOOꢂ
3KLOLSVꢂ/&'ꢂPRQLWRUVꢁꢂ,WꢂDOORZVꢂDQꢂHQGꢂXVHUꢂWRꢂ
DGMXVWꢂVFUHHQꢂSHUIRUPDQFHꢂRUꢂVHOHFWꢂIXQFWLRQVꢂ
RIꢂWKHꢂPRQLWRUVꢂGLUHFWO\ꢂWKURXJKꢂDQꢂRQꢍVFUHHQꢂ
LQVWUXFWLRQꢂZLQGRZꢁꢂ$ꢂXVHUꢂIULHQGO\ꢂRQꢂVFUHHQꢂ
GLVSOD\ꢂLQWHUIDFHꢂLVꢂVKRZQꢂDVꢂEHORZꢒ
0DLQꢀPHQX
6XEꢀPHQX
9*$
'9,
,QSXW
0RGHOꢀꢃꢉꢇ9ꢅ/$ꢎ
ꢏDYDLODEOHꢀIRUꢀVHOHFWLYHꢀPRGHOVꢐ
9*$
,QSXW
'9,
:LGHꢀ6FUHHQꢍꢀꢄꢎꢅ
ꢉaꢁꢉꢉ
3LFWXUHꢀ)RUPDW
3LFWXUH
3LFWXUH
$XGLR
%ULJKWQHVV
&RQWUDVW
ꢉaꢁꢉꢉ
6PDUW&RQWUDVW
2Qꢍꢀ2II
&RORU
9ROXPH
6WDQGꢌ$ORQH
0XWH
ꢉaꢁꢉꢉ
/DQJXDJH
$XGLR
2Qꢍꢀ2II
2Qꢍꢀ2II
ꢏDYDLODEOHꢀIRUꢀVHOHFWLYHꢀPRGHOVꢐ
0RGHOꢀꢃꢉꢇ9ꢅ/ꢎ
9*$
ꢇꢈꢉꢉ.ꢍꢀꢆꢅꢉꢉ.
,QSXW
'9,
&RORUꢀ7HPSHUDWXUH
&RORU
V5*%
3LFWXUH
5HGꢎꢀꢉaꢁꢉꢉ
*UHHQꢎꢀꢉaꢁꢉꢉ
%OXHꢎꢀꢉaꢁꢉꢉ
8VHUꢀ'HILQH
&RORU
/DQJXDJH
26'ꢀ6HWWLQJV
/DQJXDJH
(QJOLVK (VSDÙROꢍꢀ)UDQ£DLVꢍꢀ'HXWVFKꢍꢀ,WDOLDQRꢍ
࿒፩ၭĭ
!
7UNoH
3RUWXJXÒVꢍꢀРусский
ꢉaꢁꢉꢉ
ꢉaꢁꢉꢉ
+RUL]RQWDO
9HUWLFDO
0RGHOꢀꢃꢉꢇ9ꢅ/ꢀꢏIRUꢀꢁ$ꢀPRGHOꢐꢎ
26'ꢀ6HWWLQJV
3LFWXUHꢀꢀ)RUPDWꢀꢀꢀ
%ULJKWQHVVꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
&RQWUDVW
:LGHꢀ6FUHHQ
2II
3LFWXUH
ꢁꢂꢂ
ꢃꢂ
2IIꢍꢀꢁꢍꢀꢃꢍꢀꢅꢍꢀꢄ
7UDQVSDUHQF\
&RORU
6PDUW&RQWUDVW
ꢈVꢍꢀꢁꢉVꢍꢀꢃꢉVꢍꢀꢅꢉVꢍꢀꢇꢉV
26'ꢀ7LPHꢀ2XW
/DQJXDJH
$XWR
6HWXS
26'ꢀ6HWWLQJV
6HWXS
ꢉaꢁꢉꢉ
ꢉaꢁꢉꢉ
ꢉaꢁꢉꢉ
ꢉaꢁꢉꢉ
+ꢂꢀ3RVLWLRQ
9ꢂꢀ3RVLWLRQ
3KDVH
&ORFN
%DVLFꢀDQGꢀVLPSOHꢀLQVWUXFWLRQꢀRQꢀWKHꢀFRQWUROꢀ
NH\V
5HVROXWLRQꢀ1RWLILFDWLRQ
5HVHW
2Qꢍꢀ2II
<HVꢍꢀ1R
,QꢂWKHꢂ26'ꢂVKRZQꢂDERYHꢋꢂ\RXꢂFDQꢂSUHVVꢂ ꢂ
ꢂEXWWRQVꢂDWꢂWKHꢂIURQWꢂEH]HOꢂRIꢂWKHꢂPRQLWRUꢂ
WRꢂPRYHꢂWKHꢂFXUVRUꢋꢂDQGꢂSUHVVꢂ2.ꢂEXWWRQꢂWRꢂ
FRQILUPꢂWKHꢂFKRLFHꢂRUꢂFKDQJHꢁ
,QIRUPDWLRQ
ꢎ
2. Setting up the monitor
Resolution notification
2.3 Remove Base Stand and Base
This monitor is designed for optimal
performance at its native resolution, 1600 ×
900 @ 60 Hz.When the monitor is powered
on at a different resolution, an alert is displayed
on screen: Use 1600 × 900 @ 60 Hz for best
results.
Remove the Base Stand
Before you start disassembling the monitor
base, please follow the instructions below to
avoid any possible damage or injury.
1. Place the monitor face down on a smooth
surface, taking care to avoid scratching or
damaging the screen.
Display of the native resolution alert can be
switched off from Setup in the OSD (On
Screen Display) menu.
Physical Function
Tilt
206
2. Press the locking clips to detach the base
stand away from the base column.
1
3. Press the release button to detach the base
column.
2
7
ꢃꢁꢂ6HWWLQJꢂXSꢂWKHꢂPRQLWRU
ꢀ 5HPRYHꢀWKHꢀEDVH
ꢀꢁꢂ <RXꢂPD\ꢂXVHꢂDꢂIODWKHDGꢂVFUHZGULYHUꢂWRꢂVWLFNꢂ
LQWRꢂWZRꢂUHOHDVHꢂKROVꢂRQꢂWKHꢂKLQJHꢂFRYHUꢋꢂ
DQGꢂJHQWO\ꢂSU\ꢂWKHꢂKLQJHꢂFRYHUꢂWRꢂKDYHꢂLWꢂ
UHPRYHGꢁ
ꢃꢁꢂ 5HPRYHꢂꢅꢂVFUHZVꢂDQGꢂWKHQꢂUHPRYHꢂWKHꢂ
EDVHꢂIURPꢂWKHꢂPRQLWRUꢁ
ꢊ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
,FRQꢂEDVHGꢂVRIWZDUHꢂLVꢂUHDG\ꢂWRꢂHQKDQFHꢂ\RXUꢂ
H[SHULHQFHꢂZLWKꢂ3KLOLSVꢂPRQLWRUVꢖ
ꢅꢂꢀ ,PDJHꢀ2SWLPL]DWLRQ
ꢂ ,QVWDOODWLRQ
ꢅꢂꢁꢀ 6PDUW&RQWUDVW
vꢂ )ROORZꢂWKHꢂLQVWUXFWLRQꢂDQGꢂFRPSOHWHꢂWKHꢂ
LQVWDOODWLRQꢁ
ꢀ :KDWꢀLVꢀLW"
vꢂ <RXꢂFDQꢂODXQFKꢂDIWHUꢂLQVWDOODWLRQꢂLVꢂ
FRPSOHWHGꢁ
$ꢂXQLTXHꢂWHFKQRORJ\ꢂWKDWꢂG\QDPLFDOO\ꢂDQDO\]HVꢂ
GLVSOD\HGꢂFRQWHQWꢂDQGꢂDXWRPDWLFDOO\ꢂRSWLPL]HVꢂ
DQꢂ/&'ꢂPRQLWRUjVꢂFRQWUDVWꢂUDWLRꢂIRUꢂPD[LPXPꢂ
YLVXDOꢂFODULW\ꢂDQGꢂYLHZLQJꢂHQMR\PHQWꢋꢂVWHSSLQJꢂ
XSꢂEDFNOLJKWLQJꢂIRUꢂFOHDUHUꢋꢂFULVSHUꢂDQGꢂEULJKWHUꢂ
LPDJHVꢂRUꢂGLPPLQJꢂEDFNOLJKWLQJꢂIRUꢂFOHDUꢂGLVSOD\ꢂ
RIꢂLPDJHVꢂRQꢂGDUNꢂEDFNJURXQGVꢁꢂ
vꢂ ,Iꢂ\RXꢂZDQWꢂWRꢂODXQFKꢂODWHUꢋꢂ\RXꢂFDQꢂHLWKHUꢂ
FOLFNꢂWKHꢂVKRUWFXWꢂRQꢂGHVNWRSꢂRUꢂWRROEDUꢁ
ꢀ :K\ꢀGRꢀ,ꢀQHHGꢀLW"
<RXꢂZDQWꢂWKHꢂYHU\ꢂEHVWꢂYLVXDOꢂFODULW\ꢂDQGꢂ
YLHZLQJꢂFRPIRUWꢂIRUꢂHYHU\ꢂW\SHꢂRIꢂFRQWHQWꢁꢂ
6PDUW&RQWUDVWꢂG\QDPLFDOO\ꢂFRQWUROVꢂFRQWUDVWꢂ
DQGꢂDGMXVWVꢂEDFNOLJKWLQJꢂIRUꢂFOHDUꢋꢂFULVSꢋꢂEULJKWꢂ
JDPLQJꢂDQGꢂYLGHRꢂLPDJHVꢂRUꢂGLVSOD\VꢂFOHDUꢋꢂ
UHDGDEOHꢂWH[WꢂIRUꢂRIILFHꢂZRUNꢁꢂ%\ꢂUHGXFLQJꢂ\RXUꢂ
PRQLWRUjVꢂSRZHUꢂFRQVXPSWLRQꢋꢂ\RXꢂVDYHꢂRQꢂ
HQHUJ\ꢂFRVWVꢂDQGꢂH[WHQGꢂWKHꢂOLIHWLPHꢂRIꢂ\RXUꢂ
PRQLWRUꢁꢂ
)LUVWꢀODXQFKꢀꢌ:L]DUG
ꢀ +RZꢀGRHVꢀLWꢀZRUN"
vꢂ 7KHꢂILUVWꢂWLPHꢂDIWHUꢂLQVWDOODWLRQꢂRIꢂ
6PDUW&RQWUROꢂ/LWHꢋꢂLWꢂZLOOꢂDXWRPDWLFDOO\ꢂJRꢂ
WRꢂ:L]DUGꢂIRUꢂILUVWꢂWLPHꢂODXQFKꢁ
:KHQꢂ\RXꢂDFWLYDWHꢂ6PDUW&RQWUDVWꢋꢂLWꢂZLOOꢂDQDO\VHꢂ
WKHꢂFRQWHQWꢂ\RXꢂDUHꢂGLVSOD\LQJꢂLQꢂUHDOꢂWLPHꢂWRꢂ
DGMXVWꢂFRORUVꢂDQGꢂFRQWUROꢂEDFNOLJKWꢂLQWHQVLW\ꢁꢂ7KLVꢂ
IXQFWLRQꢂZLOOꢂG\QDPLFDOO\ꢂHQKDQFHꢂFRQWUDVWꢂIRUꢂDꢂ
JUHDWꢂHQWHUWDLQPHQWꢂH[SHULHQFHꢂZKHQꢂYLHZLQJꢂ
YLGHRVꢂRUꢂSOD\LQJꢂJDPHVꢁ
vꢂ 7KHꢂZL]DUGꢂZLOOꢂJXLGHꢂ\RXꢂWKURXJKꢂDGMXVWLQJꢂ
\RXUꢂPRQLWRUꢂSHUIRUPDQFHꢂVWHSꢂE\ꢂVWHSꢁ
vꢂ <RXꢂFDQꢂJRꢂWRꢂ3OXJꢍLQꢂPHQXꢂWRꢂODXQFKꢂ
ZL]DUGꢂODWHUꢂRQꢂDVꢂZHOOꢁ
vꢂ <RXꢂFDQꢂDGMXVWꢂPRUHꢂRSWLRQVꢂZLWKRXWꢂ
ZL]DUGꢂE\ꢂ6WDQGDUGꢂSDQHꢁ
ꢅꢂꢃꢀ 3KLOLSVꢀ6PDUW&RQWUROꢀ/LWH
7KHꢂQHZꢂ6PDUW&RQWUROꢂ/LWHꢂVRIWZDUHꢂE\ꢂ3KLOOLSVꢂ
DOORZVꢂ\RXꢂWRꢂFRQWUROꢂ\RXUꢂPRQLWRUꢂYLDꢂDQꢂHDV\ꢂ
WRꢂXVHꢂRQꢍVFUHHQꢂJUDSKLFꢂLQWHUIDFHꢁꢂꢂ&RPSOLFDWHGꢂ
DGMXVWPHQWVꢂDUHꢂDꢂWKLQJꢂRIꢂWKHꢂSDVWꢂDVꢂWKLVꢂXVHUꢂ
IULHQGO\ꢂVRIWZDUHꢂJXLGHVꢂ\RXꢂWKURXJKꢂILQHꢍ
WXQLQJꢂUHVROXWLRQꢋꢂ&RORUꢂFDOLEUDWLRQꢋꢂ&ORFNꢌ3KDVHꢂ
DGMXVWPHQWVꢋꢂ5*%ꢂ:KLWHꢂSRLQWꢂDGMXVWPHQWꢋꢂHWFꢁ
(TXLSSHGꢂZLWKꢂODWHVWꢂWHFKQRORJ\ꢂLQꢂFRUHꢂ
DOJRULWKPꢂIRUꢂIDVWꢂSURFHVVLQJꢂDQGꢂUHVSRQVHꢋꢂWKLVꢂ
:LQGRZVꢂꢇꢂFRPSOLDQWꢂH\HꢂFDWFKLQJꢂDQLPDWHGꢂ
ꢈ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
ꢂ 6WDUWꢀZLWKꢀ6WDQGDUGꢀSDQHꢎ
$GMXVWꢀPHQXꢎ
vꢂ $GMXVWꢂ0HQXꢂDOORZꢂ\RXꢂWRꢂDGMXVWꢂ%ULJKWQHVVꢋꢂ
&RQWUDVWꢋꢂ)RFXVꢋꢂ3RVLWLRQꢂDQGꢂ5HVROXWLRQꢁꢂ
vꢂ <RXꢂFDQꢂIROORZꢂWKHꢂLQVWUXFWLRQꢂDQGꢂGRꢂWKHꢂ
DGMXVWPHQWꢁꢂ
vꢂ &DQFHOꢂSURPSWVꢂXVHUꢂLIꢂ\RXꢂZDQWꢂWRꢂFDQFHOꢂ
LQVWDOODWLRQꢁꢂ
ꢀꢓ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
&RORUꢀPHQXꢎꢀ
vꢂ &RORUꢂ0HQXꢂDOORZꢂ\RXꢂWRꢂDGMXVWꢂ5*%ꢋꢂ%ODFNꢂ
/HYHOꢋꢂ:KLWHꢂ3RLQWꢋꢂDQGꢂ&RORUꢂ&DOLEUDWLRQꢁ
vꢂ <RXꢂFDQꢂIROORZꢂWKHꢂLQVWUXFWLRQꢂDQGꢂGRꢂWKHꢂ
DGMXVWPHQWꢁꢂ
vꢂ 5HIHUꢂWRꢂEHORZꢂWDEOHꢂIRUꢂVXEꢍPHQXꢂLWHPꢂ
EDVHꢂRQꢂ\RXUꢂLQSXWꢁꢂ
vꢂ ([DPSOHꢂIRUꢂ&RORUꢂ&DOLEUDWLRQꢒꢂ
ꢀꢀ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
ꢀꢁꢂ ꢕ6KRZꢂ0HꢕꢂVWDUWVꢂFRORUꢂFDOLEUDWLRQꢂWXWRULDOꢁ
2SWLRQV!3UHIHUHQFHVꢂꢍꢂ:LOOꢂRQO\ꢂEHꢂDFWLYHꢂ
ZKHQꢂVHOHFWLQJꢂ3UHIHUHQFHVꢂIURPꢂWKHꢂGURSꢍ
GRZQꢂ2SWLRQVꢂPHQXꢁꢂ2QꢂDꢂQRQꢍVXSSRUWHGꢂ
GLVSOD\ꢂFDSDEOHꢂRIꢂ''&ꢌ&,ꢋꢂRQO\ꢂWKHꢂ+HOSꢂDQGꢂ
2SWLRQVꢂWDEVꢂDUHꢂDYDLODEOHꢁ
ꢃꢁꢂ 6WDUWꢂꢍꢂVWDUWVꢂWKHꢂꢎꢍVWHSꢂFRORUꢂFDOLEUDWLRQꢂ
VHTXHQFHꢁ
ꢄꢁꢂ 4XLFNꢂ9LHZꢂORDGVꢂWKHꢂEHIRUHꢌDIWHUꢂLPDJHVꢁ
ꢅꢁꢂ 7RꢂUHWXUQꢂWRꢂ&RORUꢂKRPHꢂSDQHꢋꢂFOLFNꢂWKHꢂ
&DQFHOꢂEXWWRQꢁ
ꢆꢁꢂ (QDEOHꢂFRORUꢂFDOLEUDWLRQꢂꢍꢂE\ꢂGHIDXOWꢂLVꢂRQꢁꢂ
,IꢂXQFKHFNHGꢋꢂGRHVꢂQRWꢂDOORZꢂIRUꢂFRORUꢂ
FDOLEUDWLRQꢂWRꢂKDSSHQꢋꢂGLPHVꢂRXWꢂVWDUWꢂDQGꢂ
TXLFNꢂYLHZꢂEXWWRQVꢁ
ꢎꢁꢂ 0XVWꢂKDYHꢂSDWHQWꢂLQIRꢂLQꢂFDOLEUDWLRQꢂVFUHHQꢁ
)LUVWꢀFRORUꢀ&DOLEUDWLRQꢀ6FUHHQꢎꢀ
vꢂ 'LVSOD\VꢂFXUUHQWꢂSUHIHUHQFHꢂVHWWLQJVꢁꢂ
vꢂ $ꢂFKHFNHGꢂER[ꢂHQDEOHVꢂWKHꢂIHDWXUHꢁꢂ7KHꢂ
FKHFNꢂER[ꢂLVꢂDꢂWRJJOHꢁꢂ
vꢂ 3UHYLRXVꢂEXWWRQꢂLVꢂGLVDEOHGꢂXQWLOꢂWKHꢂVHFRQGꢂ
FRORUꢂVFUHHQꢁꢂ
vꢂ (QDEOHꢂ&RQWH[Wꢂ0HQXꢂRQꢂGHVNWRSꢂLVꢂ
FKHFNHGꢂꢏ2QꢐꢂE\ꢂGHIDXOWꢁꢂ(QDEOHꢂ&RQWH[Wꢂ
PHQXꢂGLVSOD\Vꢂ6PDUW&RQWUROꢂ/LWHꢂVHOHFWLRQVꢂ
IRUꢂ6HOHFWꢂ3UHVHWꢂDQGꢂ7XQHꢂ'LVSOD\ꢂLQꢂWKHꢂ
GHVNWRSꢂULJKWꢍFOLFNꢂFRQWH[WꢂPHQXꢁꢂ'LVDEOHGꢂ
UHPRYHVꢂ6PDUW&RQWUROꢂ/LWHꢂIURPꢂWKHꢂULJKWꢂ
FOLFNꢂFRQWH[WꢂPHQXꢁꢂ
vꢂ 1H[WꢂJRHVꢂWRꢂWKHꢂVXFFHHGLQJꢂWDUJHWꢂ
ꢏꢎꢍWDUJHWVꢐꢁꢂ
vꢂ )LQDOꢂQH[WꢂJRHVꢂ)LOH!3UHVHWVꢂSDQHꢁꢂ
vꢂ &DQFHOꢂFORVHVꢂWKHꢂ8,ꢂDQGꢂUHWXUQVꢂWRꢂWKHꢂ
SOXJꢂLQꢂSDJHꢁ
vꢂ (QDEOHꢂ7DVNꢂ7UD\ꢂLFRQꢂLVꢂFKHFNHGꢂꢏ2QꢐꢂE\ꢂ
GHIDXOWꢁꢂ(QDEOHꢂFRQWH[WꢂPHQXꢂVKRZVꢂWKHꢂ
WDVNꢂWUD\ꢂPHQXꢂIRUꢂ6PDUW&RQWUROꢂ/LWHꢁꢂ$ꢂ
ULJKWꢂFOLFNꢂRQꢂWKHꢂWDVNꢂWUD\ꢂLFRQꢂGLVSOD\VꢂWKHꢂ
PHQXꢂRSWLRQVꢂIRUꢂ+HOSꢋꢂ7HFKQLFDOꢂ6XSSRUWꢋꢂ
&KHFNꢂIRUꢂ8SJUDGHꢋꢂ$ERXWꢋꢂDQGꢂ([LWꢁꢂ:KHQꢂ
(QDEOHꢂWDVNꢂWUD\ꢂPHQXꢂLVꢂGLVDEOHGꢋꢂWKHꢂWDVNꢂ
WUD\ꢂLFRQꢂZLOOꢂRQO\ꢂGLVSOD\ꢂ(;,7ꢁꢂ
vꢂ 5XQꢂDWꢂ6WDUWXSꢂLVꢂFKHFNHGꢂꢏ2QꢐꢂE\ꢂGHIDXOWꢁꢂ
:KHQꢂGLVDEOHGꢋꢂ6PDUW&RQWUROꢂ/LWHꢂZLOOꢂQRWꢂ
ODXQFKꢂDWꢂVWDUWꢂRUꢂEHꢂLQꢂWKHꢂWDVNꢂWUD\ꢁꢂ7KHꢂ
RQO\ꢂZD\ꢂWRꢂODXQFKꢂ6PDUW&RQWUROꢂ/LWHꢂLVꢂ
HLWKHUꢂIURPꢂWKHꢂGHVNWRSꢂVKRUWꢂFXWꢂRUꢂIURPꢂ
WKHꢂSURJUDPꢂILOHꢁꢂ$Q\ꢂSUHVHWꢂVHWꢂWRꢂUXQꢂ
ꢀꢃ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
DWꢂVWDUWXSꢂZLOOꢂQRWꢂORDGꢂZKHQꢂWKLVꢂER[ꢂLVꢂ
XQFKHFNHGꢂꢏ'LVDEOHGꢐꢁꢂ
2SWLRQV!$XGLRꢂꢍꢂ:LOOꢂRQO\ꢂEHꢂDFWLYHꢂZKHQꢂ
VHOHFWLQJꢂ$XGLRꢂIURPꢂWKHꢂGURSꢍGRZQꢂ2SWLRQVꢂ
PHQXꢁ
vꢂ (QDEOHꢂWUDQVSDUHQF\ꢂPRGHꢂꢂꢏ:LQGRZVꢂꢇꢋꢂ
9LVWDꢋꢂ;3ꢐꢁꢂ'HIDXOWꢂLVꢂꢓꢔꢂ2SDTXHꢁ
2QꢂDꢂQRQꢍVXSSRUWHGꢂGLVSOD\ꢂFDSDEOHꢂRIꢂ''&ꢌ
&,ꢋꢂRQO\ꢂWKHꢂ+HOSꢂDQGꢂ2SWLRQVꢂWDEVꢂDUHꢂDYDLODEOHꢁꢂ
2SWLRQV!,QSXWꢂꢍꢂ:LOOꢂRQO\ꢂEHꢂDFWLYHꢂZKHQꢂ
VHOHFWLQJꢂ,QSXWꢂIURPꢂWKHꢂGURSꢍGRZQꢂ2SWLRQVꢂ
PHQXꢁꢂ2QꢂDꢂQRQꢍVXSSRUWHGꢂGLVSOD\ꢂFDSDEOHꢂRIꢂ
''&ꢌ&,ꢋꢂRQO\ꢂWKHꢂ+HOSꢂDQGꢂ2SWLRQVꢂWDEVꢂDUHꢂ
DYDLODEOHꢁꢂ$OOꢂRWKHUꢂ6PDUW&RQWUROꢂ/LWHꢂWDEVꢂDUHꢂ
QRWꢂDYDLODEOHꢁ
+HOS!8VHUꢀ0DQXDOꢂꢍꢂ:LOOꢂRQO\ꢂEHꢂDFWLYHꢂZKHQꢂ
VHOHFWLQJꢂ8VHUꢂ0DQXDOꢂIURPꢂWKHꢂGURSꢍGRZQꢂ
+HOSꢂPHQXꢁꢂ2QꢂDꢂQRQꢍVXSSRUWHGꢂGLVSOD\ꢂ
FDSDEOHꢂRIꢂ''&ꢌ&,ꢋꢂRQO\ꢂWKHꢂ+HOSꢂDQGꢂ2SWLRQVꢂ
WDEVꢂDUHꢂDYDLODEOHꢁ
vꢂ 'LVSOD\ꢂWKHꢂ6RXUFHꢂLQVWUXFWLRQꢂSDQHꢂDQGꢂ
FXUUHQWꢂLQSXWꢂVRXUFHꢂVHWWLQJꢁꢂ
vꢂ 2QꢂVLQJOHꢂLQSXWꢂGLVSOD\VꢋꢂWKLVꢂSDQHꢂZLOOꢂQRWꢂ
EHꢂYLVLEOHꢁ
ꢀꢄ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
+HOS!9HUVLRQꢂꢍꢂ:LOOꢂRQO\ꢂEHꢂDFWLYHꢂZKHQꢂ
VHOHFWLQJꢂ9HUVLRQꢂIURPꢂWKHꢂGURSꢍꢂGRZQꢂ+HOSꢂ
PHQXꢁꢂ2QꢂDꢂQRQꢍVXSSRUWHGꢂGLVSOD\ꢂFDSDEOHꢂRIꢂ
''&ꢌ&,ꢋꢂRQO\ꢂWKHꢂ+HOSꢂDQGꢂ2SWLRQVꢂWDEVꢂDUHꢂ
DYDLODEOHꢁ
7DVNꢀ7UD\ꢀ0HQXꢀ(QDEOHG
7KHꢂWDVNꢂWUD\ꢂPHQXꢂFDQꢂEHꢂGLVSOD\HGꢂE\ꢂULJKWꢍ
FOLFNLQJꢂRQꢂWKHꢂ6PDUW&RQWUROꢂ/LWHꢂLFRQꢂIURPꢂWKHꢂ
WDVNꢂWUD\ꢁꢂ/HIWꢂ&OLFNꢂZLOOꢂODXQFKꢂWKHꢂDSSOLFDWLRQꢁ
7KHꢀWDVNꢀWUD\ꢀKDVꢀILYHꢀHQWULHVꢎ
vꢂ +HOSꢂꢍꢂ$FFHVVꢂWRꢂ8VHUꢂ0DQXDOꢂILOHꢒꢂ2SHQꢂ
8VHUꢂ0DQXDOꢂILOHꢂXVLQJꢂWKHꢂGHIDXOWꢂEURZVHUꢂ
ZLQGRZꢁꢂ
vꢂ 7HFKQLFDOꢂ6XSSRUWꢂꢍꢂGLVSOD\VꢂWKHꢂWHFKꢂ
VXSSRUWꢂSDJHꢁꢂ
vꢂ &KHFNꢂIRUꢂ8SGDWHꢂꢍꢂWDNHVꢂWKHꢂXVHUꢂWRꢂ3',ꢂ
/DQGLQJꢂDQGꢂFKHFNVꢂWKHꢂXVHUꢉVꢂYHUVLRQꢂ
DJDLQVWꢂWKHꢂPRVWꢂFXUUHQWꢂDYDLODEOHꢁꢂ
&RQWH[Wꢀ6HQVLWLYHꢀPHQX
7KHꢂ&RQWH[Wꢂ6HQVLWLYHꢂPHQXꢂLVꢂ(QDEOHGꢂE\ꢂ
GHIDXOWꢁꢂ,Iꢂ(QDEOHꢂ&RQWH[Wꢂ0HQXꢂKDVꢂEHHQꢂ
FKHFNHGꢂLQꢂWKHꢂ2SWLRQV!3UHIHUHQFHVꢂSDQHꢋꢂWKHQꢂ
WKHꢂPHQXꢂZLOOꢂEHꢂYLVLEOHꢁ
vꢂ $ERXWꢂꢍꢂ'LVSOD\VꢂGHWDLOHGꢂUHIHUHQFHꢂ
LQIRUPDWLRQꢒꢂSURGXFWꢂYHUVLRQꢋꢂUHOHDVHꢂ
LQIRUPDWLRQꢋꢂDQGꢂSURGXFWꢂQDPHꢁꢂ
vꢂ ([LWꢂꢍꢂ&ORVHꢂ6PDUW&RQWUROꢂ/LWHꢁ
7RꢂUXQꢂ6PDUW&RQWUROꢂ/LWHꢂDJDLQꢂHLWKHUꢂVHOHFWꢂ
6PDUW&RQWUROꢂ/LWHꢂIURPꢂ3URJUDPꢂPHQXꢋꢂGRXEOHꢍ
FOLFNꢂWKHꢂGHVNWRSꢂ3&ꢂLFRQꢂRUꢂUHVWDUWꢂWKHꢂV\VWHPꢁ
7KHꢀ&RQWH[Wꢀ0HQXꢀKDVꢀWKUHHꢀHQWULHVꢎ
vꢂ 6PDUW&RQWUROꢂ/LWHꢂꢍꢂ:KHQꢂVHOHFWHGꢂWKHꢂ
$ERXWꢂ6FUHHQꢂLVꢂGLVSOD\HGꢁ
vꢂ 6HOHFWꢂ3UHVHWꢂꢍꢂ3URYLGHVꢂDꢂKLHUDUFKLFDOꢂ
PHQXꢂRIꢂVDYHGꢂSUHVHWVꢂIRUꢂLPPHGLDWHꢂXVHꢁꢂ
$ꢂFKHFNꢂPDUNꢂVKRZVꢂWKHꢂFXUUHQWO\ꢂVHOHFWHGꢂ
SUHVHWꢁꢂ)DFWRU\ꢂ3UHVHWꢂFDQꢂDOVRꢂEHꢂFDOOHGꢂ
IURPꢂWKHꢂGURSꢂGRZQꢂPHQXꢁ
vꢂ 7XQHꢂ'LVSOD\ꢂꢍꢂ2SHQVꢂWKHꢂ6PDUW&RQWUROꢂ
/LWHꢂFRQWUROꢂSDQHOꢁꢂ
ꢀꢅ
ꢆꢁꢂ,PDJHꢂ2SWLPL]DWLRQ
7DVNꢀ7UD\ꢀ0HQXꢀ'LVDEOHG
:KHQꢂWKHꢂ7DVNꢂ7UD\ꢂLVꢂGLVDEOHGꢂLQꢂWKHꢂSUHIHUHQFHꢂ
IROGHUꢋꢂRQO\ꢂWKHꢂ(;,7ꢂVHOHFWLRQꢂLVꢂDYDLODEOHꢁꢂ
7RꢂFRPSOHWHO\ꢂUHPRYHꢂ6PDUW&RQWUROꢂ/LWHꢂ
IURPꢂWKHꢂWDVNꢂWUD\ꢋꢂGLVDEOHꢂ5XQꢂDWꢂ6WDUWXSꢂLQꢂ
2SWLRQV!3UHIHUHQFHVꢁꢂ
ꢀꢆ
ꢇꢁꢂ7HFKQLFDOꢂ6SHFLÀFDWLRQV
ꢄꢂꢀ 7HFKQLFDOꢀ6SHFLILFDWLRQV
3LFWXUHꢑ'LVSOD\
0RQLWRUꢂ3DQHOꢂ7\SH
%DFNOLJKWꢂ
7)7ꢍ/&'
/('ꢂ
3DQHOꢂ6L]H
$VSHFWꢂ5DWLR
ꢃꢓꢕꢂ:ꢂꢏꢆꢓꢁꢊFPꢐ
ꢀꢎꢒꢈ
3L[HOꢂ3LWFK
ꢓꢁꢃꢇꢎꢊꢂ[ꢂꢓꢁꢃꢇꢎꢊꢂPP
ꢃꢆꢓꢂFGꢌPªꢂ
ꢀꢓꢋꢓꢓꢓꢋꢓꢓꢓꢒꢀꢂ
ꢀꢓꢓꢓꢒꢀ
%ULJKWQHVV ꢏW\Sꢁꢐ
6PDUW&RQWUDVWꢂ
&RQWUDVWꢂ5DWLRꢂꢏW\Sꢁꢐ
5HVSRQVHꢂ7LPHꢂꢏW\Sꢁꢐ
2SWLPXPꢂ5HVROXWLRQ
9LHZLQJꢂ$QJOH
'LVSOD\ꢂ&RORUV
9HUWLFDOꢂ5HIUHVKꢂ5DWH
+RUL]RQWDOꢂ)UHTXHQF\
V5*%
ꢆPV
ꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓꢂ#ꢂꢎꢓ+]
ꢀꢇꢎ-ꢂꢏ+ꢐꢂꢌꢂꢀꢇꢓ-ꢂꢏ9ꢐꢂ#ꢂ&ꢌ5ꢂ!ꢂꢀꢓ
ꢀꢎꢁꢇ0
ꢆꢎ+]ꢂꢍꢂꢇꢎ+]
ꢄꢓN+]ꢂꢍꢂꢊꢄN+]
<(6
&RQQHFWLYLW\
6LJQDOꢂ,QSXW
'9,ꢂꢏGLJLWDOꢐꢋꢂ9*$ꢂꢏ$QDORJꢐ
,QSXWꢂ6LJQDO
6HSDUDWHꢂ6\QFꢋꢂ6\QFꢂRQꢂ*UHHQ
&RQYHQLHQFH
ꢃꢓꢎ9ꢄ/$ꢒꢂꢂ
ꢃꢓꢎ9ꢄ/ꢒꢂꢂ
8VHUꢂ&RQYHQLHQFH
26'ꢂ/DQJXDJHV
(QJOLVKꢋꢂ)UHQFKꢋꢂ*HUPDQꢋꢂ6SDQLVKꢋꢂ,WDOLDQꢋꢂ5XVVLDQꢋꢂꢂ
6LPSOLILHGꢂ&KLQHVHꢋꢂ3RUWXJXHVHꢋꢂ7XUNLVK
.HQVLQJWRQꢂ/RFN
2WKHUꢂ&RQYHQLHQFH
3OXJꢂ ꢂ3OD\ꢂ&RPSDWLELOLW\
''&ꢌ&,ꢋꢂV5*%ꢋꢂ:LQGRZVꢂꢇꢌ9LVWDꢌ;3ꢋꢂ0DFꢂ26;ꢋꢂ/LQX[ꢂ
6WDQG
7LOW
ꢍꢆꢂꢌꢂꢗꢃꢓꢂ
ꢃꢉꢇ9ꢅ/$ꢎꢀ
3RZHU
2Qꢂ0RGH
ꢃꢓꢁꢃꢄ:ꢂꢏW\Sꢁꢐꢋꢂꢃꢎꢁꢎꢆ:ꢂꢏPD[ꢁꢐ
$&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ
ꢀꢓꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢀꢀꢆ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢃꢄꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ
(QHUJ\ꢂ&RQVXPSWLRQ
ꢏ(QHUJ\6WDUꢂꢆꢁꢓꢂWHVWꢂPHWKRGꢐꢂ
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢀꢊꢁꢓꢅ:
ꢓꢁꢆ:
ꢎꢓ+]ꢂꢗꢌꢍꢄ+]
ꢀꢇꢁꢈꢆ:
ꢓꢁꢆ:
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢀꢇꢁꢊꢊ:
ꢓꢁꢆ:
1RUPDOꢂ2SHUDWLRQꢂꢏW\Sꢁꢐꢂ
6OHHSꢂꢏ6WDQGE\ꢐ
2II
ꢓꢁꢆ:
ꢓꢁꢆ:
ꢓꢁꢆ:
$&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ
ꢀꢓꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢀꢀꢆ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢃꢄꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ
+HDWꢂ'LVVLSDWLRQꢘ
1RUPDOꢂ2SHUDWLRQ
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢎꢓ+]ꢂꢗꢌꢍꢄ+]
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢎꢀꢁꢆꢇꢂ%78ꢌKU
ꢎꢀꢁꢃꢎꢂ%78ꢌKU
ꢎꢀꢁꢓꢃ %78ꢌKU
ꢀꢎ
ꢇꢁꢂ7HFKQLFDOꢂ6SHFLÀFDWLRQV
6OHHSꢂꢏ6WDQGE\ꢐ
2II
ꢀꢁꢇꢓꢎ %78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎ %78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
3RZHUꢂ/('ꢂLQGLFDWRU
3RZHUꢂ6XSSO\
2QꢂPRGHꢒꢂ:KLWHꢋꢂ6WDQGE\ꢌ6OHHSꢂPRGHꢒꢂ:KLWHꢂꢏEOLQNLQJꢐ
%XLOWꢍLQꢋꢂꢀꢓꢓꢍꢃꢅꢓ9$&ꢋꢂꢆꢓꢌꢎꢓ+]
ꢃꢉꢇ9ꢅ/ꢎꢀ
3RZHU
2Qꢂ0RGH
ꢃꢓꢁꢀꢎ:ꢂꢏW\Sꢁꢐꢋꢂꢃꢄꢁꢊꢆ:ꢂꢏPD[ꢁꢐ
$&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ
ꢀꢓꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢀꢀꢆ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢃꢄꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ
(QHUJ\ꢂ&RQVXPSWLRQ
ꢏ(QHUJ\6WDUꢂꢆꢁꢓꢂWHVWꢂPHWKRGꢐꢂ
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢀꢊꢁꢓꢅ:
ꢓꢁꢆ:
ꢎꢓ+]ꢂꢗꢌꢍꢄ+]
ꢀꢇꢁꢈꢆ:
ꢓꢁꢆ:
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢀꢇꢁꢊꢊ:
ꢓꢁꢆ:
1RUPDOꢂ2SHUDWLRQꢂꢏW\Sꢁꢐꢂ
6OHHSꢂꢏ6WDQGE\ꢐ
2II
ꢓꢁꢆ:
ꢓꢁꢆ:
ꢓꢁꢆ:
$&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ $&ꢂ,QSXWꢂ9ROWDJHꢂDWꢂ
ꢀꢓꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢀꢀꢆ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ ꢃꢄꢓ9$&ꢂꢗꢌꢍꢆ9$&ꢋꢂ
+HDWꢂ'LVVLSDWLRQꢘ
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢎ ꢀꢁꢆꢇ %78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢎꢓ+]ꢂꢗꢌꢍꢄ+]
ꢎꢀꢁꢃꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢆꢓ+]ꢂꢗꢌꢍꢄ+]
ꢎꢀꢁꢓꢃꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
ꢀꢁꢇꢓꢎꢂ%78ꢌKU
1RUPDOꢂ2SHUDWLRQ
6OHHSꢂꢏ6WDQGE\ꢐ
2II
3RZHUꢂ/('ꢂLQGLFDWRU
3RZHUꢂ6XSSO\
2QꢂPRGHꢒꢂ:KLWHꢋꢂ6WDQGE\ꢌ6OHHSꢂPRGHꢒꢂ:KLWHꢂꢏEOLQNLQJꢐ
%XLOWꢍLQꢋꢂꢀꢓꢓꢍꢃꢅꢓ9$&ꢋꢂꢆꢓꢌꢎꢓ+]
'LPHQVLRQ
3URGXFWꢂZLWKꢂVWDQGꢂꢏ:[+['ꢐꢂ
3URGXFWꢂZLWKRXWꢂVWDQGꢂ
ꢏ:[+['ꢐꢂ
ꢅꢈꢎꢂ[ꢂꢄꢇꢇꢂ[ꢂꢀꢈꢈꢂPP
ꢅꢈꢎꢂ[ꢂꢄꢀꢄꢂ[ꢂꢅꢅꢂPP
:HLJKW
3URGXFWꢂZLWKꢂVWDQGꢂꢂ
3URGXFWꢂZLWKRXWꢂVWDQG
3URGXFWꢂZLWKꢂSDFNDJLQJ
ꢄꢁꢀꢊNJ
ꢃꢁꢈꢃNJ
ꢅꢁꢓꢈNJ
2SHUDWLQJꢀ&RQGLWLRQ
7HPSHUDWXUHꢂUDQJHꢂꢏRSHUDWLRQꢐ
7HPSHUDWXUHꢂUDQJHꢂꢂ
ꢏ1RQꢍRSHUDWLRQꢐꢂ
ꢓ-&ꢂWRꢂꢅꢓꢂ-&
ꢍꢃꢓ-&ꢂWRꢂꢎꢓ-&ꢂ
5HODWLYHꢂKXPLGLW\
ꢃꢓꢔꢂWRꢂꢊꢓꢔ
2SHUDWLRQꢒꢂꢗꢂꢀꢃꢋꢓꢓꢓIWꢂꢏꢄꢋꢎꢆꢊPꢐ
1RQꢍRSHUDWLRQꢒꢂꢗꢂꢅꢓꢋꢓꢓꢓIWꢂꢏꢀꢃꢋꢀꢈꢃPꢐ
$OWLWXGH
07%)
ꢄꢓꢋꢓꢓꢓKUVꢂ
(QYLURQPHQWDO
52+6ꢂ
<(6
(3($7
3DFNDJLQJ
6LOYHUꢂꢏZZZꢁHSHDWꢁQHWꢐ
ꢀꢓꢓꢔꢂUHF\FODEOH
ꢀꢇ
ꢇꢁꢂ7HFKQLFDOꢂ6SHFLÀFDWLRQV
&RPSOLDQFHꢀDQGꢀVWDQGDUGV
&(ꢂ0DUNꢋꢂ)&&ꢂ&ODVVꢂ%ꢋꢂ*267ꢋꢂ6(0.2ꢋꢂ7&2ꢂ&HUWLILHGꢏ2QO\ꢂIRUꢂ
VHOHFWLYHꢂPRGHOVꢐꢋꢂ8/ꢌF8/ꢋꢂꢂ%60,ꢋꢂ,62ꢈꢃꢅꢀꢍꢄꢓꢇꢋ&%ꢋ(QHUJ\ VWDU ꢆꢁꢓ
36%ꢋ&&&ꢋ&(&3
5HJXODWRU\ꢂ$SSURYDOV
&DELQHW
&RORU
ꢂ
%ODFN
)LQLVK
*ORVV\ꢌ7H[WXUH
ꢂ 1RWHꢂ
ꢀꢁꢂ (3($7ꢂ*ROGꢂRUꢂ6LOYHUꢂLVꢂYDOLGꢂRQO\ꢂZKHUHꢂ3KLOLSVꢂUHJLVWHUVꢂWKHꢂSURGXFWꢁꢂ3OHDVHꢂYLVLWꢂZZZꢁHSHDWꢁQHWꢂ
IRUꢂUHJLVWUDWLRQꢂVWDWXVꢂLQꢂ\RXUꢂFRXQWU\ꢁ
ꢃꢁꢂ 7KLVꢂGDWDꢂLVꢂVXEMHFWꢂWRꢂFKDQJHꢂZLWKRXWꢂQRWLFHꢁꢂ*RꢂWRꢂZZZꢁSKLOLSVꢁFRPꢌVXSSRUWꢂWRꢂGRZQORDGꢂWKHꢂ
ODWHVWꢂYHUVLRQꢂRIꢂOHDIOHWꢁ
ꢀꢊ
ꢇꢁꢂ7HFKQLFDOꢂ6SHFLÀFDWLRQV
ꢄꢂꢁꢀ 5HVROXWLRQꢀ ꢀ3UHVHWꢀ0RGHV
ꢀ 0D[LPXPꢀ5HVROXWLRQ
ꢂ
ꢂ
ꢀꢈꢃꢓꢂ[ꢂꢀꢓꢊꢓꢂ#ꢂꢎꢓꢂ+]ꢂꢏDQDORJꢂLQSXWꢐꢂ
ꢀꢈꢃꢓꢂ[ꢂꢀꢓꢊꢓꢂ#ꢂꢎꢓꢂ+]ꢂꢏGLJLWDOꢂLQSXWꢐ
ꢀ 5HFRPPHQGHGꢀ5HVROXWLRQ
ꢂ
ꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓꢂ#ꢂꢎꢓꢂ+]ꢂꢏGLJLWDOꢂLQSXWꢐ
+ꢂꢀIUHTꢀꢏN+]ꢐ 5HVROXWLRQ
9ꢂꢀIUHTꢀꢏ+]ꢐ
ꢄꢀꢁꢅꢇ
ꢄꢀꢁꢅꢇ
ꢄꢇꢁꢆꢓ
ꢄꢇꢁꢊꢊ
ꢅꢎꢁꢊꢊ
ꢅꢊꢁꢄꢎ
ꢎꢓꢁꢓꢃ
ꢅꢅꢁꢇꢇ
ꢅꢈꢁꢇꢓ
ꢎꢄꢁꢊꢈ
ꢇꢈꢁꢈꢊ
ꢎꢓꢁꢓꢓ
ꢇꢓꢁꢆꢆ
ꢎꢅꢁꢎꢇ
ꢎꢆꢁꢃꢈ
ꢎꢇꢁꢆꢓ
ꢇꢃꢓꢂ[ꢂꢅꢓꢓ
ꢎꢅꢓꢂ[ꢂꢅꢊꢓ
ꢎꢅꢓꢂ[ꢂꢅꢊꢓ
ꢊꢓꢓꢂ[ꢂꢎꢓꢓ
ꢊꢓꢓꢂ[ꢂꢎꢓꢓ
ꢀꢓꢃꢅꢂ[ꢂꢇꢎꢊ
ꢇꢓꢁꢓꢈ
ꢆꢈꢁꢈꢅ
ꢇꢆꢁꢓꢓ
ꢎꢓꢁꢄꢃ
ꢇꢆꢁꢓꢓ
ꢎꢓꢁꢓꢓ
ꢇꢆꢁꢓꢄ
ꢆꢈꢁꢊꢎ
ꢆꢈꢁꢊꢀ
ꢎꢓꢁꢓꢃ
ꢇꢆꢁꢓꢄ
ꢎꢓꢁꢓꢓ
ꢇꢆꢁꢓꢓ
ꢆꢈꢁꢊꢊ
ꢆꢈꢁꢈꢆ
ꢎꢓꢁꢓꢓ
ꢂ ꢂ
ꢀꢓꢃꢅꢂ[ꢂꢇꢎꢊ
ꢀꢃꢊꢓꢂ[ꢂꢇꢃꢓ
ꢀꢃꢊꢓꢂ[ꢂꢊꢓꢓ
ꢀꢃꢊꢓꢂ[ꢂꢀꢓꢃꢅ
ꢀꢃꢊꢓꢂ[ꢂꢀꢓꢃꢅ
ꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓ
ꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓ
ꢀꢎꢊꢓꢂ[ꢂꢀꢓꢆꢓ
ꢀꢎꢊꢓꢂ[ꢂꢀꢓꢆꢓ
ꢀꢈꢃꢓꢂ[ꢂꢀꢓꢊꢓ
ꢂ 1RWHꢂ
3OHDVHꢂQRWLFHꢂWKDWꢂ\RXUꢂGLVSOD\ꢂZRUNVꢂEHVWꢂDWꢂ
QDWLYHꢂUHVROXWLRQꢂRIꢂꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓꢂ#ꢂꢎꢓ+]ꢁꢂ)RUꢂ
EHVWꢂGLVSOD\ꢂTXDOLW\ꢋSOHDVHꢂIROORZꢂWKLVꢂUHVROXWLRQꢂ
UHFRPPHQGDWLRQꢁꢂ
ꢀꢈ
ꢄꢁꢂ3RZHUꢂ0DQDJHPHQW
ꢈꢂꢀ 3RZHUꢀ0DQDJHPHQW
,Iꢂ\RXꢂKDYHꢂ9(6$ꢂ'30ꢂFRPSOLDQFHꢂGLVSOD\ꢂFDUGꢂ
RUꢂVRIWZDUHꢂLQVWDOOHGꢂLQꢂ\RXUꢂ3&ꢋꢂWKHꢂPRQLWRUꢂ
FDQꢂDXWRPDWLFDOO\ꢂUHGXFHꢂLWVꢂSRZHUꢂFRQVXPSWLRQꢂ
ZKHQꢂQRWꢂLQꢂXVHꢁꢂ,IꢂDQꢂLQSXWꢂIURPꢂDꢂNH\ERDUGꢋꢂ
PRXVHꢂRUꢂRWKHUꢂLQSXWꢂGHYLFHꢂLVꢂGHWHFWHGꢋꢂ
WKHꢂPRQLWRUꢂZLOOꢂjZDNHꢂXSjꢂDXWRPDWLFDOO\ꢁꢂ7KHꢂ
IROORZLQJꢂWDEOHꢂVKRZVꢂWKHꢂSRZHUꢂFRQVXPSWLRQꢂ
DQGꢂVLJQDOLQJꢂRIꢂWKLVꢂDXWRPDWLFꢂSRZHUꢂVDYLQJꢂ
IHDWXUHꢒꢂ
ꢃꢉꢇ9ꢅ/$ꢎꢀ
3RZHUꢂ0DQDJHPHQWꢂ'HILQLWLRQ
9(6$ꢂ
0RGHꢂ
9LGHRꢂ +ꢍV\QFꢂ 9ꢍV\QF
3RZHUꢂ8VHG
/('ꢂ&RORUꢂ
:KLWH
$FWLYHꢂ
21ꢂ
2))
<HV
<HV
ꢃꢓꢁꢃꢄ:ꢂꢏW\Sꢁꢐ
6OHHSꢂ
ꢏ6WDQGE\ꢐꢂ
:KLWHꢂ
ꢏEOLQNꢐꢂ
1R
ꢍ
1R
ꢍ
ꢙꢂꢓꢁꢆ:ꢂꢏW\Sꢁꢐ
ꢙꢂꢓꢁꢆ:ꢂꢏW\Sꢁꢐ
6ZLWFKꢂ2II 2))
2))
ꢃꢉꢇ9ꢅ/ꢎꢀ
3RZHUꢂ0DQDJHPHQWꢂ'HILQLWLRQ
9(6$ꢂ
0RGHꢂ
9LGHRꢂ +ꢍV\QFꢂ 9ꢍV\QF
3RZHUꢂ8VHG
/('ꢂ&RORUꢂ
:KLWH
$FWLYHꢂ
21ꢂ
2))
<HV
<HV
ꢃꢓꢁꢀꢎ:ꢂꢏW\Sꢁꢐ
6OHHSꢂ
ꢏ6WDQGE\ꢐꢂ
:KLWHꢂ
ꢏEOLQNꢐꢂ
1R
ꢍ
1R
ꢍ
ꢙꢂꢓꢁꢆ:ꢂꢏW\Sꢁꢐ
ꢙꢂꢓꢁꢆ:ꢂꢏW\Sꢁꢐ
6ZLWFKꢂ2II 2))
2))
7KHꢂIROORZLQJꢂVHWXSꢂLVꢂXVHGꢂWRꢂPHDVXUHꢂSRZHUꢂ
FRQVXPSWLRQꢂRQꢂWKLVꢂPRQLWRUꢁ
vꢂ 1DWLYHꢂUHVROXWLRQꢒꢂꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓ
vꢂ &RQWUDVWꢒꢂꢆꢓꢔ
vꢂ %ULJKWQHVVꢒꢂꢃꢆꢓꢂQLWV
vꢂ &RORUꢂWHPSHUDWXUHꢒꢂꢎꢆꢓꢓNꢂZLWKꢂIXOOꢂZKLWHꢂ
SDWWHUQ
ꢂ 1RWH
7KLVꢂGDWDꢂLVꢂVXEMHFWꢂWRꢂFKDQJHꢂZLWKRXWꢂQRWLFHꢁ
ꢃꢓ
ꢅꢁꢂ5HJXODWRU\ꢂ,QIRPDWLRQ
vꢂ (OHFWULFꢂDQGꢂPDJQHWLFꢂILHOGVꢂHPLVVLRQVꢂDVꢂ
ORZꢂDVꢂQRUPDOꢂKRXVHKROGꢂEDFNJURXQGꢂ
OHYHOVꢁ
ꢇꢂꢀ 5HJXODWRU\ꢀ,QIRUPDWLRQ
/HDGꢌIUHHꢀ3URGXFW
vꢂ /RZꢂDFRXVWLFꢂQRLVHꢂHPLVVLRQVꢂꢏZKHQꢂ
DSSOLFDEOHꢐꢁ
/HDGꢂIUHHꢂGLVSOD\ꢂSURPRWHVꢂ
HQYLURQPHQWDOO\ꢂVRXQGꢂUHFRYHU\ꢂ
DQGꢂGLVSRVDOꢂRIꢂZDVWHꢂIURPꢂHOHFWULFDOꢂ
DQGꢂHOHFWURQLFꢂHTXLSPHQWꢁꢂ7R[LFꢂ
6RPHꢀRIꢀWKHꢀ(QYLURQPHQWDOꢀIHDWXUHVꢀRIꢀWKHꢀ
7&2ꢀ&HUWLILHGꢀIRUꢀGLVSOD\Vꢎꢀꢀ
VXEVWDQFHVꢂOLNHꢂ/HDGꢂKDVꢂEHHQꢂHOLPLQDWHGꢂ
DQGꢂFRPSOLDQFHꢂZLWKꢂ(XURSHDQꢂFRPPXQLW\ꢉVꢂ
VWULQJHQWꢂ5R+VꢂGLUHFWLYHꢂPDQGDWLQJꢂUHVWULFWLRQVꢂ
RQꢂKD]DUGRXVꢂVXEVWDQFHVꢂLQꢂHOHFWULFDOꢂDQGꢂ
HOHFWURQLFꢂHTXLSPHQWꢂKDYHꢂEHHQꢂDGKHUHGꢂWRꢂ
LQꢂRUGHUꢂWRꢂPDNHꢂ3KLOLSVꢂPRQLWRUVꢂVDIHꢂWRꢂXVHꢂ
WKURXJKRXWꢂLWVꢂOLIHꢂF\FOHꢁ
vꢂ 7KHꢂEUDQGꢂRZQHUꢂGHPRQVWUDWHVꢂFRUSRUDWHꢂ
VRFLDOꢂUHVSRQVLELOLW\ꢂDQGꢂKDVꢂDꢂFHUWLILHGꢂ
HQYLURQPHQWDOꢂPDQDJHPHQWꢂV\VWHPꢂꢏ(0$6ꢂ
RUꢂ,62ꢂꢀꢅꢓꢓꢀꢐꢁ
vꢂ 9HU\ꢂORZꢂHQHUJ\ꢂFRQVXPSWLRQꢂERWKꢂLQꢂRQꢍꢂ
DQGꢂVWDQGE\ꢂPRGHꢂPLQLPL]HꢂFOLPDWHꢂLPSDFWꢁ
vꢂ 5HVWULFWLRQVꢂRQꢂFKORULQDWHGꢂDQGꢂEURPLQDWHGꢂ
IODPHꢂUHWDUGDQWVꢋꢂSODVWLFL]HUVꢋꢂSODVWLFVꢂDQGꢂ
KHDY\ꢂPHWDOVꢂVXFKꢂDVꢂFDGPLXPꢋꢂPHUFXU\ꢂ
DQGꢂOHDGꢂꢏ5R+6ꢂFRPSOLDQFHꢐꢁ
&RQJUDWXODWLRQVꢒ
7KLVꢂGLVSOD\ꢂLVꢂGHVLJQHGꢂIRUꢂERWKꢂ\RXꢂDQGꢂWKHꢂ
SODQHW
vꢂ %RWKꢂSURGXFWꢂDQGꢂSURGXFWꢂSDFNDJLQJꢂLVꢂ
SUHSDUHGꢂIRUꢂUHF\FOLQJꢁ
7KHꢂGLVSOD\ꢂ\RXꢂKDYHꢂMXVWꢂSXUFKDVHGꢂ
FDUULHVꢂWKHꢂ7&2ꢂ&HUWLILHGꢂODEHOꢁꢂ
7KLVꢂHQVXUHVꢂWKDWꢂ\RXUꢂGLVSOD\ꢂLVꢂ
vꢂ 7KHꢂEUDQGꢂRZQHUꢂRIIHUVꢂWDNHꢍEDFNꢂRSWLRQVꢁ
7KHꢂUHTXLUHPHQWVꢂFDQꢂEHꢂGRZQORDGHGꢂIURPꢂRXUꢂ
ZHEꢂVLWHꢁꢂ7KHꢂUHTXLUHPHQWVꢂLQFOXGHGꢂLQꢂWKLVꢂODEHOꢂ
KDYHꢂEHHQꢂGHYHORSHGꢂE\ꢂ7&2ꢂ'HYHORSPHQWꢂLQꢂ
FRꢍRSHUDWLRQꢂZLWKꢂVFLHQWLVWVꢋꢂH[SHUWVꢋꢂXVHUVꢂDVꢂ
ZHOOꢂDVꢂPDQXIDFWXUHUVꢂDOOꢂRYHUꢂWKHꢂZRUOGꢁꢂ6LQFHꢂ
WKHꢂHQGꢂRIꢂWKHꢂꢀꢈꢊꢓVꢂ7&2ꢂKDVꢂEHHQꢂLQYROYHGꢂ
LQꢂLQIOXHQFLQJꢂWKHꢂGHYHORSPHQWꢂRIꢂ,7ꢂHTXLSPHQWꢂ
LQꢂDꢂPRUHꢂXVHUꢍIULHQGO\ꢂGLUHFWLRQꢁꢂ2XUꢂODEHOLQJꢂ
V\VWHPꢂVWDUWHGꢂZLWKꢂGLVSOD\VꢂLQꢂꢀꢈꢈꢃꢂDQGꢂLVꢂ
QRZꢂUHTXHVWHGꢂE\ꢂXVHUVꢂDQGꢂ,7ꢍPDQXIDFWXUHUVꢂ
DOOꢂRYHUꢂWKHꢂZRUOGꢁꢂ$ERXWꢂꢆꢓꢔꢂRIꢂDOOꢂGLVSOD\Vꢂ
ZRUOGZLGHꢂDUHꢂ7&2ꢂFHUWLILHGꢁ
GHVLJQHGꢋꢂPDQXIDFWXUHGꢂDQGꢂWHVWHGꢂDFFRUGLQJꢂWRꢂ
VRPHꢂRIꢂWKHꢂVWULFWHVWꢂTXDOLW\ꢂDQGꢂHQYLURQPHQWDOꢂ
UHTXLUHPHQWVꢂLQꢂWKHꢂZRUOGꢁꢂ7KLVꢂPDNHVꢂIRUꢂDꢂKLJKꢂ
SHUIRUPDQFHꢂSURGXFWꢋꢂGHVLJQHGꢂZLWKꢂWKHꢂXVHUꢂ
LQꢂIRFXVꢂWKDWꢂDOVRꢂPLQLPL]HVꢂWKHꢂLPSDFWꢂRQꢂWKHꢂ
FOLPDWHꢂDQGꢂRXUꢂQDWXUDOꢂHQYLURQPHQWꢁ
7&2ꢂ&HUWLILHGꢂLVꢂDꢂWKLUGꢂSDUW\ꢂYHULILHGꢂSURJUDPꢋꢂ
ZKHUHꢂHYHU\ꢂSURGXFWꢂPRGHOꢂLVꢂWHVWHGꢂE\ꢂDQꢂ
DFFUHGLWHGꢂLPSDUWLDOꢂWHVWꢂODERUDWRU\ꢁꢂ7&2ꢂ
&HUWLILHGꢂUHSUHVHQWVꢂRQHꢂRIꢂWKHꢂWRXJKHVWꢂ
FHUWLILFDWLRQVꢂIRUꢂGLVSOD\VꢂZRUOGZLGHꢁ
6RPHꢀRIꢀWKHꢀ8VDELOLW\ꢀIHDWXUHVꢀRIꢀWKHꢀ7&2ꢀ
&HUWLILHGꢀIRUꢀGLVSOD\Vꢎ
)RUꢂPRUHꢂLQIRUPDWLRQꢋꢂSOHDVHꢂYLVLWꢒꢂꢂ
ZZZꢁWFRGHYHORSPHQWꢁFRP
vꢂ 9LVXDOꢂHUJRQRPLFVꢂIRUꢂJRRGꢂLPDJHꢂTXDOLW\ꢂ
LVꢂWHVWHGꢂWRꢂHQVXUHꢂWRSꢂSHUIRUPDQFHꢂDQGꢂ
UHGXFHꢂVLJKWꢂDQGꢂVWUDLQꢂSUREOHPVꢁꢂ,PSRUWDQWꢂ
SDUDPHWHUVꢂDUHꢂOXPLQDQFHꢋꢂFRQWUDVWꢋꢂ
UHVROXWLRQꢋꢂEODFNꢂOHYHOꢋꢂJDPPDꢂFXUYHꢋꢂFRORXUꢂ
DQGꢂOXPLQDQFHꢂXQLIRUPLW\ꢂDQGꢂFRORXUꢂ
UHQGHULQJꢁ
ꢂ7&2)ꢀꢓꢆꢊꢂ7&2ꢂ'RFXPHQWꢋꢂ9HUꢁꢂꢃꢁꢀ
7HFKQRORJ\ꢀIRUꢀ\RXꢀDQGꢀWKHꢀSODQHW
ꢏ2QO\ꢂIRUꢂVHOHFWLYHꢂPRGHOVꢐ
vꢂ 3URGXFWVꢂDUHꢂWHVWHGꢂDFFRUGLQJꢂWRꢂULJRURXVꢂ
VDIHW\ꢂVWDQGDUGVꢂDWꢂLPSDUWLDOꢂODERUDWRULHVꢁ
ꢃꢀ
ꢅꢁꢂ5HJXODWRU\ꢂ,QIRPDWLRQ
(3($7
&(ꢀ'HFODUDWLRQꢀRIꢀ&RQIRUPLW\
ꢏZZZꢁHSHDWꢁQHWꢐ
7KLVꢂSURGXFWꢂLVꢂLQꢂFRQIRUPLW\ꢂZLWKꢂWKHꢂIROORZLQJꢂ
VWDQGDUGVꢂ
k7KHꢂ(3($7ꢂꢏ(OHFWURQLFꢂ3URGXFWꢂ
(QYLURQPHQWDOꢂ$VVHVVPHQWꢂ7RROꢐꢂ
SURJUDPꢂHYDOXDWHVꢂFRPSXWHUꢂ
vꢂ (1ꢎꢓꢈꢆꢓꢍꢀꢒꢃꢓꢓꢎꢂꢏ6DIHW\ꢂUHTXLUHPHQWꢂRIꢂ
,QIRUPDWLRQꢂ7HFKQRORJ\ꢂ(TXLSPHQWꢐꢁ
GHVNWRSVꢋꢂODSWRSVꢋꢂDQGꢂPRQLWRUVꢂ
vꢂ (1ꢆꢆꢓꢃꢃꢒꢃꢓꢓꢎꢂꢏ5DGLRꢂ'LVWXUEDQFHꢂ
UHTXLUHPHQWꢂRIꢂ,QIRUPDWLRQꢂ7HFKQRORJ\ꢂ
(TXLSPHQWꢐꢁ
EDVHGꢂRQꢂꢆꢀꢂHQYLURQPHQWDOꢂFULWHULDꢂGHYHORSHGꢂ
WKURXJKꢂDQꢂH[WHQVLYHꢂVWDNHKROGHUꢂFRQVHQVXVꢂ
SURFHVVꢂVXSSRUWHGꢂE\ꢂ86ꢂ(3$ꢁ
vꢂ (1ꢆꢆꢓꢃꢅꢒꢀꢈꢈꢊꢗ$ꢀꢒꢃꢓꢓꢀꢗ$ꢃꢒꢃꢓꢓꢄꢂ
ꢏ,PPXQLW\ꢂUHTXLUHPHQWꢂRIꢂ,QIRUPDWLRQꢂ
7HFKQRORJ\ꢂ(TXLSPHQWꢐꢁ
(3($7ꢂV\VWHPꢂKHOSVꢂSXUFKDVHUVꢂLQꢂWKHꢂSXEOLFꢂ
DQGꢂSULYDWHꢂVHFWRUVꢂHYDOXDWHꢋꢂFRPSDUHꢂDQGꢂ
VHOHFWꢂGHVNWRSꢂFRPSXWHUVꢋꢂQRWHERRNVꢂDQGꢂ
PRQLWRUVꢂEDVHGꢂRQꢂWKHLUꢂHQYLURQPHQWDOꢂ
DWWULEXWHVꢁꢂ(3($7ꢂDOVRꢂSURYLGHVꢂDꢂFOHDUꢂDQGꢂ
FRQVLVWHQWꢂVHWꢂRIꢂSHUIRUPDQFHꢂFULWHULDꢂIRUꢂWKHꢂ
GHVLJQꢂRIꢂSURGXFWVꢋꢂDQGꢂSURYLGHVꢂDQꢂRSSRUWXQLW\ꢂ
IRUꢂPDQXIDFWXUHUVꢂWRꢂVHFXUHꢂPDUNHWꢂUHFRJQLWLRQꢂ
IRUꢂHIIRUWVꢂWRꢂUHGXFHꢂWKHꢂHQYLURQPHQWDOꢂLPSDFWꢂ
RIꢂLWVꢂSURGXFWVꢁy
vꢂ (1ꢎꢀꢓꢓꢓꢍꢄꢍꢃꢒꢃꢓꢓꢎꢂꢏ/LPLWVꢂIRUꢂ+DUPRQLFꢂ
&XUUHQWꢂ(PLVVLRQꢐꢁ
vꢂ (1ꢎꢀꢓꢓꢓꢍꢄꢍꢄꢒꢀꢈꢈꢆꢗ$ꢀꢒꢃꢓꢓꢀꢗ$ꢃꢒꢃꢓꢓꢆꢂ
ꢏ/LPLWDWLRQꢂRIꢂ9ROWDJHꢂ)OXFWXDWLRQꢂDQGꢂ
)OLFNHUꢐꢂIROORZLQJꢂSURYLVLRQVꢂRIꢂGLUHFWLYHVꢂ
DSSOLFDEOHꢁ
vꢂ ꢃꢓꢓꢎꢌꢈꢆꢌ(&ꢂꢏ/RZꢂ9ROWDJHꢂ'LUHFWLYHꢐꢁ
vꢂ ꢃꢓꢓꢅꢌꢀꢓꢊꢌ(&ꢂꢏ(0&ꢂ'LUHFWLYHꢐꢁ
%HQHILWVꢀRIꢀ(3($7
vꢂ ꢃꢓꢓꢆꢌꢄꢃꢌ(&ꢂꢏ(X3ꢂ'LUHFWLYHꢋꢂ(&ꢂ1Rꢁꢂ
ꢀꢃꢇꢆꢌꢃꢓꢓꢊꢂPSOHPHQWLQJꢂ'LUHFWLYHꢂ
IRUꢂ6WDQGE\ꢂDQGꢂ2IIꢂPRGHꢂSRZHUꢂ
FRQVXPSWLRQꢐꢂDQGꢂLVꢂSURGXFHGꢂE\ꢂDꢂ
PDQXIDFWXULQJꢂRUJDQL]DWLRQꢂRQꢂ,62ꢈꢓꢓꢓꢂ
OHYHOꢁ
5HGXFHꢂXVHꢂRIꢂSULPDU\ꢂPDWHULDOVꢂ
5HGXFHꢂXVHꢂRIꢂWR[LFꢂPDWHULDOV
$YRLGꢂWKHꢂGLVSRVDOꢂRIꢂKD]DUGRXVꢂZDVWHꢂ(3($7ꢉ6ꢂ
UHTXLUHPHQWꢂWKDWꢂDOOꢂUHJLVWHUHGꢂSURGXFWVꢂPHHWꢂ
(1(5*<ꢂ67$5ꢉVꢂHQHUJ\ꢂHIILFLHQF\ꢂVSHFLILFDWLRQVꢋꢂ
PHDQVꢂWKDWꢂWKHVHꢂSURGXFWVꢂZLOOꢂFRQVXPHꢂOHVVꢂ
HQHUJ\ꢂWKURXJKRXWꢂWKHLUꢂOLIHꢁ
7KHꢂSURGXFWꢂDOVRꢂFRPSO\ꢂZLWKꢂWKHꢂIROORZLQJꢂ
VWDQGDUGVꢂ
vꢂ ,62ꢈꢃꢅꢀꢍꢄꢓꢇꢒꢃꢓꢓꢊꢂꢏ(UJRQRPLFꢂ
UHTXLUHPHQWꢋꢂ$QDO\VLVꢂDQGꢂFRPSOLDQFHꢂWHVWꢂ
PHWKRGVꢂIRUꢂHOHFWURQLFꢂYLVXDOꢂGLVSOD\Vꢐꢁ
vꢂ *6ꢂ(.ꢀꢍꢃꢓꢓꢓꢒꢃꢓꢓꢈꢂꢏ*6ꢂPDUNꢂUHTXLUHPHQWꢐꢁ
vꢂ SU(1ꢆꢓꢃꢇꢈꢒꢀꢈꢈꢊꢂꢏ/RZꢂ)UHTXHQF\ꢂ(OHFWULFꢂ
DQGꢂ0DJQHWLFꢂILHOGVꢂIRUꢂ9LVXDOꢂ'LVSOD\ꢐꢁ
vꢂ 035ꢍ,,ꢂꢏ035ꢒꢀꢈꢈꢓꢒꢊꢌꢀꢈꢈꢓꢒꢀꢓꢂ/RZꢂ
)UHTXHQF\ꢂ(OHFWULFꢂDQGꢂ0DJQHWLFꢂILHOGVꢐꢁ
vꢂ 7&2ꢂ&(57,),('ꢂꢏ5HTXLUHPHQWꢂIRUꢂ
(QYLURQPHQWꢂ/DEHOLQJꢂRIꢂ(UJRQRPLFVꢋꢂ
(QHUJ\ꢋꢂ(FRORJ\ꢂDQGꢂ(PLVVLRQꢋꢂ7&2ꢒꢂ6ZHGLVKꢂ
&RQIHGHUDWLRQꢂRIꢂ3URIHVVLRQDOꢂ(PSOR\HHVꢐꢂ
IRUꢂ7&2ꢂYHUVLRQVꢁ
ꢃꢃ
ꢅꢁꢂ5HJXODWRU\ꢂ,QIRPDWLRQ
(QHUJ\ꢀ6WDUꢀ'HFODUDWLRQ
ꢏZZZꢁHQHUJ\VWDUꢁJRYꢐ
ꢂ &KDQJHVꢂRUꢂPRGLILFDWLRQVꢂQRWꢂH[SUHVVO\ꢂ
DSSURYHGꢂE\ꢂWKHꢂSDUW\ꢂUHVSRQVLEOHꢂIRUꢂ
FRPSOLDQFHꢂFRXOGꢂYRLGꢂWKHꢂXVHUjVꢂDXWKRULW\ꢂ
WRꢂRSHUDWHꢂWKHꢂHTXLSPHQWꢁ
$VꢂDQꢂ(1(5*<ꢂ67$5 ꢂ3DUWQHUꢋꢂZHꢂ
KDYHꢂGHWHUPLQHGꢂWKDWꢂWKLVꢂSURGXFWꢂ
PHHWVꢂWKHꢂ(1(5*<ꢂ67$5 ꢂ
8VHꢂRQO\ꢂ5)ꢂVKLHOGHGꢂFDEOHꢂWKDWꢂZDVꢂVXSSOLHGꢂ
ZLWKꢂWKHꢂPRQLWRUꢂZKHQꢂFRQQHFWLQJꢂWKLVꢂPRQLWRUꢂ
WRꢂDꢂFRPSXWHUꢂGHYLFHꢁꢂ
JXLGHOLQHVꢂIRUꢂHQHUJ\ꢂHIILFLHQF\ꢁ
ꢂ 1RWH
7RꢂSUHYHQWꢂGDPDJHꢂZKLFKꢂPD\ꢂUHVXOWꢂLQꢂILUHꢂRUꢂ
VKRFNꢂKD]DUGꢋꢂGRꢂQRWꢂH[SRVHꢂWKLVꢂDSSOLDQFHꢂWRꢂ
UDLQꢂRUꢂH[FHVVLYHꢂPRLVWXUHꢁꢂ
:HꢂUHFRPPHQGꢂ\RXꢂVZLWFKꢂRIIꢂWKHꢂPRQLWRUꢂ
ZKHQꢂLWꢂLVꢂQRWꢂLQꢂXVHꢂIRUꢂDꢂORQJꢂWLPHꢁ
7+,6ꢂ&/$66ꢂ%ꢂ',*,7$/ꢂ$33$5$786ꢂ0((76ꢂ
$//ꢂ5(48,5(0(176ꢂ2)ꢂ7+(ꢂ&$1$',$1ꢂ
,17(5)(5(1&(ꢍ&$86,1*ꢂ(48,30(17ꢂ
5(*8/$7,216ꢁ
)HGHUDOꢀ&RPPXQLFDWLRQVꢀ&RPPLVVLRQꢀꢏ)&&ꢐꢀ
1RWLFHꢀꢏ8ꢂ6ꢂꢀ2QO\ꢐ
ꢂ 7KLVꢂHTXLSPHQWꢂKDVꢂEHHQꢂWHVWHGꢂDQGꢂIRXQGꢂ
WRꢂFRPSO\ꢂZLWKꢂWKHꢂOLPLWVꢂIRUꢂDꢂ&ODVVꢂ%ꢂGLJLWDOꢂ
GHYLFHꢋꢂSXUVXDQWꢂWRꢂ3DUWꢂꢀꢆꢂRIꢂWKHꢂ)&&ꢂ
5XOHVꢁꢂ7KHVHꢂOLPLWVꢂDUHꢂGHVLJQHGꢂWRꢂSURYLGHꢂ
UHDVRQDEOHꢂSURWHFWLRQꢂDJDLQVWꢂKDUPIXOꢂ
LQWHUIHUHQFHꢂLQꢂDꢂUHVLGHQWLDOꢂLQVWDOODWLRQꢁꢂ
7KLVꢂHTXLSPHQWꢂJHQHUDWHVꢋꢂXVHVꢂDQGꢂFDQꢂ
UDGLDWHꢂUDGLRꢂIUHTXHQF\ꢂHQHUJ\ꢂDQGꢋꢂLIꢂQRWꢂ
LQVWDOOHGꢂDQGꢂXVHGꢂLQꢂDFFRUGDQFHꢂZLWKꢂWKHꢂ
LQVWUXFWLRQVꢋꢂPD\ꢂFDXVHꢂKDUPIXOꢂLQWHUIHUHQFHꢂ
WRꢂUDGLRꢂFRPPXQLFDWLRQVꢁꢂꢂ
)&&ꢀ'HFODUDWLRQꢀRIꢀ&RQIRUPLW\
'HFODUDWLRQꢂRIꢂ&RQIRUPLW\ꢂIRUꢂ3URGXFWVꢂ0DUNHGꢂ
ZLWKꢂ)&&ꢂ/RJRꢋꢂ
8QLWHGꢀ6WDWHVꢀ2QO\
7KLVꢂGHYLFHꢂFRPSOLHVꢂZLWKꢂ3DUWꢂꢀꢆꢂRIꢂWKHꢂ)&&ꢂ
5XOHVꢁꢂ2SHUDWLRQꢂLVꢂVXEMHFWꢂWRꢂWKHꢂIROORZLQJꢂWZRꢂ
FRQGLWLRQVꢒꢂꢏꢀꢐꢂWKLVꢂGHYLFHꢂPD\ꢂQRWꢂFDXVHꢂKDUPIXOꢂ
LQWHUIHUHQFHꢋꢂDQGꢂꢏꢃꢐꢂWKLVꢂGHYLFHꢂPXVWꢂDFFHSWꢂDQ\ꢂ
LQWHUIHUHQFHꢂUHFHLYHGꢋꢂLQFOXGLQJꢂLQWHUIHUHQFHꢂWKDWꢂ
PD\ꢂFDXVHꢂXQGHVLUHGꢂRSHUDWLRQꢁꢂ
ꢂ
+RZHYHUꢋꢂWKHUHꢂLVꢂQRꢂJXDUDQWHHꢂWKDWꢂ
LQWHUIHUHQFHꢂZLOOꢂQRWꢂRFFXUꢂLQꢂDꢂSDUWLFXODUꢂ
LQVWDOODWLRQꢁꢂ,IꢂWKLVꢂHTXLSPHQWꢂGRHVꢂFDXVHꢂ
KDUPIXOꢂLQWHUIHUHQFHꢂWRꢂUDGLRꢂRUꢂWHOHYLVLRQꢂ
UHFHSWLRQꢋꢂZKLFKꢂFDQꢂEHꢂGHWHUPLQHGꢂE\ꢂ
WXUQLQJꢂWKHꢂHTXLSPHQWꢂRIIꢂDQGꢂRQꢋꢂWKHꢂ
XVHUꢂLVꢂHQFRXUDJHGꢂWRꢂWU\ꢂWRꢂFRUUHFWꢂ
WKHꢂLQWHUIHUHQFHꢂE\ꢂRQHꢂRUꢂPRUHꢂRIꢂWKHꢂ
IROORZLQJꢂPHDVXUHVꢒꢂ
&RPPLVVLRQꢀ)HGHUDOHꢀGHꢀODꢀ&RPPXQLFDWLRQꢀ
ꢏ)&&ꢀ'HFODUDWLRQꢐ
ꢂ &HWꢂÑTXLSHPHQWꢂDꢂÑWÑꢂWHVWÑꢂHWꢂGÑFODUÑꢂ
FRQIRUPHꢂDX[OLPLWHVꢂGHVꢂDSSDUHLOVꢂ
QXPÑULTXHVꢂGHꢂFODVVꢂ%ꢋDX[ꢂWHUPHVꢂGHꢂ
OjDUWLFOHꢂꢀꢆꢂ'HVꢂUÔJOHVꢂGHꢂODꢂ)&&ꢁꢂ&HVꢂ
OLPLWHVꢂVRQWꢂFRQ£XHVꢂGHꢂID£RQꢂÎꢂIRXULUꢂ
XQHꢂꢂSURWHFWLRQꢂUDLVRQQDEOHꢂFRQWUHꢂOHVꢂ
LQWHUIÑUHQFHVꢂQXLVLEOHVꢂGDQVꢂOHꢂFDGUHꢂGjXQHꢂ
LQVWDOODWLRQꢂUÑVLGHQWLHOOHꢁꢂꢂ
vꢂ 5HRULHQWꢂRUꢂUHORFDWHꢂWKHꢂUHFHLYLQJꢂDQWHQQDꢁ
vꢂ ,QFUHDVHꢂWKHꢂVHSDUDWLRQꢂEHWZHHQꢂWKHꢂ
HTXLSPHQWꢂDQGꢂUHFHLYHUꢁ
vꢂ &RQQHFWꢂWKHꢂHTXLSPHQWꢂLQWRꢂDQꢂRXWOHWꢂRQꢂ
DꢂFLUFXLWꢂGLIIHUHQWꢂIURPꢂWKDWꢂWRꢂZKLFKꢂWKHꢂ
UHFHLYHUꢂLVꢂFRQQHFWHGꢁ
ꢂ
vꢂ &RQVXOWꢂWKHꢂGHDOHUꢂRUꢂDQꢂH[SHULHQFHGꢂ
UDGLRꢌ79ꢂWHFKQLFLDQꢂIRUꢂKHOSꢁ
&(7ꢂDSSDUHLOꢂSURGXLWꢋꢂXWLOLVHꢂHWꢂSHXWꢂÑPHWWUHꢂ
GHVꢂK\SHUIUÑTXHQFHVꢂTXLꢋꢂVLꢂOjDSSDUHLOꢂQjHVWꢂ
SDVꢂLQVWDOOÑꢂHWꢂXWLOLVÑꢂVHORQꢂOHVꢂFRQVLJQHVꢂ
GRQQÑHVꢋꢂSHXYHQWꢂFDXVHUꢂGHVꢂLQWHUIÑUHQFHVꢂ
QXLVLEOHVꢂDX[ꢂFRPPXQLFDWLRQVꢂUDGLRꢁꢂꢂ
ꢃꢄ
ꢅꢁꢂ5HJXODWRU\ꢂ,QIRPDWLRQ
&HSHQGDQWꢋꢂULHQꢂQHꢂSHXWꢂJDUDQWLUꢂOjDEVHQFHꢂ
GjLQWHUIÑUHQFHVꢂGDQVꢂOHꢂFDGUHꢂGjXQHꢂ
LQVWDOODWLRQꢂSDUWLFXOLÔUHꢁꢂ6LꢂFHWꢂDSSDUHLOꢂHVWꢂ
ODꢂFDXVHꢂGjLQWHUIÑUHQFHVꢂQXLVLEOHVꢂSRXUꢂ
ODꢂUÑFHSWLRQꢂGHVꢂVLJQDX[ꢂGHꢂUDGLRꢂRXꢂGHꢂ
WÑOÑYLVLRQꢋꢂFHꢂTXLꢂSHXWꢂÒWUHꢂGÑFHOÑꢂHQꢂ
IHUPDQWꢂOjÑTXLSHPHQWꢋꢂSXLVꢂHQꢂOHꢂUHPHWWDQWꢂ
HQꢂIRQFWLRQꢋꢂOjXWLOLVDWHXUꢂSRXUUDLWꢂHVVD\HUꢂGHꢂ
FRUULJHUꢂODꢂVLWXDWLRQꢂHQꢂSUHQDQWꢂOHVꢂPHVXUHVꢂ
VXLYDQWHVꢒ
(1ꢀꢈꢈꢉꢃꢃꢀ&RPSOLDQFHꢀꢏ&]HFKꢀ5HSXEOLFꢀ2QO\ꢐ
3ROLVKꢀ&HQWHUꢀIRUꢀ7HVWLQJꢀDQGꢀ&HUWLILFDWLRQꢀ
1RWLFH
7KHꢂHTXLSPHQWꢂVKRXOGꢂGUDZꢂSRZHUꢂIURPꢂDꢂ
VRFNHWꢂZLWKꢂDQꢂDWWDFKHGꢂSURWHFWLRQꢂFLUFXLWꢂꢏDꢂ
WKUHHꢍSURQJꢂVRFNHWꢐꢁꢂ$OOꢂHTXLSPHQWꢂWKDWꢂZRUNVꢂ
WRJHWKHUꢂꢏFRPSXWHUꢋꢂPRQLWRUꢋꢂSULQWHUꢋꢂDQGꢂVRꢂRQꢐꢂ
VKRXOGꢂKDYHꢂWKHꢂVDPHꢂSRZHUꢂVXSSO\ꢂVRXUFHꢁ
vꢂ 5ÑRULHQWHUꢂRXꢂGÑSODFHUꢂOꢉDQWHQQHꢂGHꢂ
UÑFHSWLRQꢁ
vꢂ $XJPHQWHUꢂODꢂGLVWDQFHꢂHQWUHꢂOꢉÑTXLSHPHQWꢂ
HWꢂOHꢂUÑFHSWHXUꢁ
vꢂ %UDQFKHUꢂOꢉÑTXLSHPHQWꢂVXUꢂXQꢂDXWUHꢂFLUFXLWꢂ
TXHꢂFHOXLꢂXWLOLVÑꢂSDUꢂOHꢂUÑFHSWHXUꢁ
7KHꢂSKDVLQJꢂFRQGXFWRUꢂRIꢂWKHꢂURRPjVꢂHOHFWULFDOꢂ
LQVWDOODWLRQꢂVKRXOGꢂKDYHꢂDꢂUHVHUYHꢂVKRUWꢍFLUFXLWꢂ
SURWHFWLRQꢂGHYLFHꢂLQꢂWKHꢂIRUPꢂRIꢂDꢂIXVHꢂZLWKꢂDꢂ
QRPLQDOꢂYDOXHꢂQRꢂODUJHUꢂWKDQꢂꢀꢎꢂDPSHUHVꢂꢏ$ꢐꢁ
vꢂ 'HPDQGHUꢂOꢉDLGHꢂGXꢂPDUFKDQGꢂRXꢂGꢉXQꢂ
WHFKQLFLHQꢂFKHYURQQÑꢂHQꢂUDGLRꢌWÑOÑYLVLRQꢁ
ꢂ 7RXWHVꢂPRGLILFDWLRQVꢂQjD\DQWꢂSDVꢂUH£Xꢂ
OjDSSUREDWLRQꢂGHVꢂVHUYLFHVꢂFRPSÑWHQWVꢂ
HQꢂPDWLÔUHꢂGHꢂFRQIRUPLWÑꢂHVWꢂVXVFHSWLEOHꢂ
GjLQWHUGLUHꢂÎꢂOjXWLOLVDWHXUꢂOjXVDJHꢂGXꢂSUÑVHQWꢂ
ÑTXLSHPHQWꢁ
7RꢂFRPSOHWHO\ꢂVZLWFKꢂRIIꢂWKHꢂHTXLSPHQWꢋꢂWKHꢂ
SRZHUꢂVXSSO\ꢂFDEOHꢂPXVWꢂEHꢂUHPRYHGꢂIURPꢂWKHꢂ
SRZHUꢂVXSSO\ꢂVRFNHWꢋꢂZKLFKꢂVKRXOGꢂEHꢂORFDWHGꢂ
QHDUꢂWKHꢂHTXLSPHQWꢂDQGꢂHDVLO\ꢂDFFHVVLEOHꢁ
$ꢂSURWHFWLRQꢂPDUNꢂꢕ%ꢕꢂFRQILUPVꢂWKDWꢂWKHꢂ
HTXLSPHQWꢂLVꢂLQꢂFRPSOLDQFHꢂZLWKꢂWKHꢂSURWHFWLRQꢂ
XVDJHꢂUHTXLUHPHQWVꢂRIꢂVWDQGDUGVꢂ31ꢍꢈꢄꢌ7ꢍꢅꢃꢀꢓꢇꢂ
DQGꢂ31ꢍꢊꢈꢌ(ꢍꢓꢎꢃꢆꢀꢁ
1jXWLOLVHUꢂTXHꢂGHVꢂFÌEOHVꢂ5)ꢂDUPÑVꢂSRXUꢂ
OHVꢂFRQQHFWLRQVꢂDYHFꢂGHVꢂRUGLQDWHXUVꢂRXꢂ
SÑULSKÑULTXHVꢁꢂ
&(7ꢂ$33$5(,/ꢂ180(5,48(ꢂ'(ꢂ/$ꢂ&/$66(ꢂ
%ꢂ5(63(&7(ꢂ7287(6ꢂ/(6ꢂ(;,*(1&(6ꢂ'8ꢂ
5(*/(0(17ꢂ685ꢂ/(ꢂ0$7(5,(/ꢂ%528,//(85ꢂ
'8ꢂ&$1$'$ꢁꢂ
ꢃꢅ
ꢅꢁꢂ5HJXODWRU\ꢂ,QIRPDWLRQ
1RUWKꢀ(XURSHꢀꢏ1RUGLFꢀ&RXQWULHVꢐꢀ,QIRUPDWLRQ
(UJRQRPLHꢀ+LQZHLVꢀꢏQXUꢀ'HXWVFKODQGꢐ
'HUꢂYRQꢂXQVꢂJHOLHIHUWHꢂ)DUEPRQLWRUꢂHQWVSULFKWꢂ
GHQꢂLQꢂGHUꢂꢕ9HURUGQXQJꢂâEHUꢂGHQꢂ6FKXW]ꢂYRUꢂ
6FKÍGHQꢂGXUFKꢂ5ÜQWJHQVWUDKOHQꢕꢂIHVWJHOHJWHQꢂ
9RUVFKULIWHQꢁꢂ
3ODFHULQJꢌ9HQWLODWLRQꢂ
9$51,1*ꢎ
)À56±.5$ꢂ',*ꢂ20ꢂ$77ꢂ+898'%5<7$5(ꢂ
2&+ꢂ877$*ꢂ±5ꢂ/±7³7.20/,*$ꢋꢂ1±5ꢂ
'8ꢂ67±//(5ꢂ',1ꢂ8758671,1*ꢂ3³3/$76ꢁ
$XIꢂGHUꢂ5âFNZDQGꢂGHVꢂ*HUÍWHVꢂEHILQGHWꢂVLFKꢂ
HLQꢂ$XINOHEHUꢋꢂGHUꢂDXIꢂGLHꢂ8QEHGHQNOLFKNHLWꢂGHUꢂ
,QEHWULHEQDKPHꢂKLQZHLVWꢋꢂGDꢂGLHꢂ9RUVFKULIWHQꢂ
âEHUꢂGLHꢂ%DXDUWꢂYRQꢂ6WÜUVWUDKOHUQꢂQDFKꢂ$QODJHꢂ
,,,ꢂiꢂꢆꢂ$EVꢁꢂꢅꢂGHUꢂ5ÜQWJHQYHURUGQXQJꢂHUIâOOWꢂVLQGꢁꢂ
3ODFHULQJꢌ9HQWLODWLRQꢂ
$'9$56(/ꢎꢀ
65*ꢂ9('ꢂ 3/$&(5,1*(1ꢂ )25ꢋꢂ $7ꢂ
1(7/('1,1*(16ꢂ67,.ꢂ2*ꢂ67,..217$.7ꢂ
(5ꢂ1(07ꢂ7,/*1*(/,*(ꢁꢂ
'DPLWꢂ,KUꢂ0RQLWRUꢂLPPHUꢂGHQꢂLQꢂGHUꢂ=XODVVXQJꢂ
JHIRUGHUWHQꢂ:HUWHQꢂHQWVSULFKWꢋꢂLVWꢂGDUDXIꢂ]Xꢂ
DFKWHQꢋꢂGDꢂ
3DLNNDꢌ,OPDQNLHUWRꢂ
9$52,786ꢎꢀ
ꢀꢁꢂ 5HSDUDWXUHQꢂQXUꢂGXUFKꢂ)DFKSHUVRQDOꢂ
GXUFKJHIâKUWꢂZHUGHQꢁꢂ
6,-2,7$ꢂ/$,7(ꢂ6,7(1ꢋꢂ(77±ꢂ9(5..2-2+72ꢂ
92,'$$1ꢂ7$59,77$(66$ꢂ +(/3267,ꢂ
,55277$$ꢂ3,6725$6,$67$ꢁꢂ
ꢃꢁꢂ ꢂQXUꢂRULJLQDOꢍ(UVDW]WHLOHꢂYHUZHQGHWꢂZHUGHQꢁꢂ
ꢄꢁꢂ ꢂEHLꢂ(UVDW]ꢂGHUꢂ%LOGUÜKUHꢂQXUꢂHLQHꢂ
EDXDUWJOHLFKHꢂHLQJHEDXWꢂZLUGꢁꢂ
3ODVVHULQJꢌ9HQWLODVMRQꢂ
$'9$56(/ꢎꢂ
$XVꢂHUJRQRPLVFKHQꢂ*UâQGHQꢂZLUGꢂHPSIRKOHQꢋꢂ
GLHꢂ *UXQGIDUEHQꢂ %ODXꢂ XQGꢂ 5RWꢂ QLFKWꢂ DXIꢂ
GXQNOHPꢂ8QWHUJUXQGꢂ]XꢂYHUZHQGHQꢂꢏVFKOHFKWHꢂ
/HVEDUNHLWꢂXQGꢂHUKÜKWHꢂ$XJHQEHODVWXQJꢂEHLꢂ]Xꢂ
JHULQJHPꢂ=HLFKHQNRQWUDVWꢂZÍUHQꢂGLHꢂ)ROJHꢐꢁꢂ
'HUꢂDUEHLWVSODW]EH]RJHQHꢂ6FKDOOGUXFNSHJHOꢂ
QDFKꢂ',1ꢂꢅꢆꢂꢎꢄꢆꢂEHWUÍJWꢂꢇꢓG%ꢂꢏ$ꢐꢂRGHUꢂ
ZHQLJHUꢁꢂ
1³5ꢂ'(77(ꢂ8767<5(7ꢂ3/$66(5(6ꢋꢂ0³ꢂ
'8ꢂ 3$66(ꢂ 3³ꢂ$7ꢂ .217$.7(1(ꢂ )25ꢂ
6707,/)56(/ꢂ(5ꢂ/(77(ꢂ³ꢂ1³ꢁ
%60,ꢀ1RWLFHꢀꢏ7DLZDQꢀ2QO\ꢐ
ꢂ $&+781*ꢒꢂ%(,0ꢂ$8)67(//(1ꢂ
',(6(6ꢂ*(5±7(6ꢂ'$5$8)ꢂ
$&+7(1ꢋꢂ'$ꢂ1(7=67(&.(5ꢂ81'ꢂ
1(7=.$%(/$16&+/8ꢂ/(,&+7ꢂ
=8*±1*/,&+ꢂ6,1'ꢁꢂ
ꢃꢆ
ꢅꢁꢂ5HJXODWRU\ꢂ,QIRPDWLRQ
&KLQDꢀ5R+6ꢀ
ʳ㩾অ
شࠌ ཚૻʳ 7KHꢂ3HRSOHjVꢂ5HSXEOLFꢂRIꢂ&KLQDꢂUHOHDVHGꢂDꢂ
UHJXODWLRQꢂFDOOHGꢂꢕ0DQDJHPHQWꢂ0HWKRGVꢂIRUꢂ
&RQWUROOLQJꢂ3ROOXWLRQꢂE\ꢂ(OHFWURQLFꢂ,QIRUPDWLRQꢂ
3URGXFWVꢕꢂRUꢂFRPPRQO\ꢂUHIHUUHGꢂWRꢂDVꢂ&KLQDꢂ
5R+6ꢁꢂ$OOꢂSURGXFWVꢂLQFOXGLQJꢂ&57ꢂDQGꢂ0RQLWRUꢂ
ZKLFKꢂDUHꢂSURGXFHGꢂDQGꢂVROGꢂIRUꢂ&KLQDꢂPDUNHWꢂ
KDYHꢂWRꢂPHHWꢂ&KLQDꢂ5R+6ꢂUHTXHVWꢁ
ڼ 䰬兘ਐཚૻʻԼڣ ʼʿ䶣ॾஒ䣈խܶڶ ऱ
ڶ ڶ ୭ढ凝ࢨ ցైإڇ ൄشࠌ ऱ㦕ٙ Հլ㢸䦡
س ؆इࢨ ડ䦣ʿʳ䶣ॾஒ䣈ش 㡬 ࠌ ش 具䶣ॾஒ䣈լ㢸㢑㩾ቼທګ 䢘ૹ ۆ ࢨ 㢑ࠡԳߪ Εʳ凗䣈ທګ 䢘ૹ䮦୭ऱཚ ૻΗ
π䬙㥯䶣ᕴ䶣䣈
گڃ 㢊ጥ㦕ࠏ ρ༼ࢤق 円
ࣔ 䢠Ա
چړޓ 䤤䵋֗অ䮍چ Δ㣞ش 㡬լ٦Ꮑ ڼ 䣈
ࢨ 䣈㥣ࡎ 伡ַ㦍Δ冉ᙅښ 㧺୮䬙㥯䶣ᕴ䶣 䣈
گڃ 㢊ઌ䤤ऄ৳ऄ億Δ㰒ٌࠡ伲㣞چ ࠠ ڶ 㧺୮儶ױ ऱگڃ 㢊凹凝ऱᩈ劓۩گڃ 㢊 Ζ
ꢃꢎ
ꢈꢁꢂ&XVWRPHUꢂFDUHꢂDQGꢂZDUUDQW\
EODFNꢂSL[HOꢁꢂ2WKHUꢂFRPELQDWLRQVꢂRIꢂOLWꢂDQGꢂGDUNꢂ
VXEꢂSL[HOVꢂDSSHDUꢂDVꢂVLQJOHꢂSL[HOVꢂRIꢂRWKHUꢂFRORUVꢁ
ꢊꢂꢀ &XVWRPHUꢀFDUHꢀDQGꢀ
ZDUUDQW
7\SHVꢀRIꢀ3L[HOꢀ'HIHFWVꢀ
3L[HOꢂDQGꢂVXEꢂSL[HOꢂGHIHFWVꢂDSSHDUꢂRQꢂWKHꢂVFUHHQꢂ
LQꢂGLIIHUHQWꢂZD\Vꢁꢂ7KHUHꢂDUHꢂWZRꢂFDWHJRULHVꢂRIꢂ
SL[HOꢂGHIHFWVꢂDQGꢂVHYHUDOꢂW\SHVꢂRIꢂVXEꢂSL[HOꢂ
GHIHFWVꢂZLWKLQꢂHDFKꢂFDWHJRU\ꢁꢂ
ꢊꢂꢁꢀ 3KLOLSVꢓꢀ)ODWꢀ3DQHOꢀ0RQLWRUVꢀ3L[HOꢀ
'HIHFWꢀ3ROLF\
3KLOLSVꢂVWULYHVꢂWRꢂGHOLYHUꢂWKHꢂKLJKHVWꢂTXDOLW\ꢂ
SURGXFWVꢁꢂ:HꢂXVHꢂVRPHꢂRIꢂWKHꢂLQGXVWU\jVꢂPRVWꢂ
DGYDQFHGꢂPDQXIDFWXULQJꢂSURFHVVHVꢂDQGꢂSUDFWLFHꢂ
VWULQJHQWꢂTXDOLW\ꢂFRQWUROꢁꢂ+RZHYHUꢋꢂSL[HOꢂRUꢂ
VXEꢂSL[HOꢂGHIHFWVꢂRQꢂWKHꢂ7)7ꢂ0RQLWRUꢂSDQHOVꢂ
XVHGꢂLQꢂIODWꢂSDQHOꢂPRQLWRUVꢂDUHꢂVRPHWLPHVꢂ
XQDYRLGDEOHꢁꢂ1RꢂPDQXIDFWXUHUꢂFDQꢂJXDUDQWHHꢂ
WKDWꢂDOOꢂSDQHOVꢂZLOOꢂEHꢂIUHHꢂIURPꢂSL[HOꢂGHIHFWVꢋꢂ
EXWꢂ3KLOLSVꢂJXDUDQWHHVꢂWKDWꢂDQ\ꢂPRQLWRUꢂZLWKꢂDQꢂ
XQDFFHSWDEOHꢂQXPEHUꢂRIꢂGHIHFWVꢂZLOOꢂEHꢂUHSDLUHGꢂ
RUꢂUHSODFHGꢂXQGHUꢂZDUUDQW\ꢁꢂ7KLVꢂQRWLFHꢂH[SODLQVꢂ
WKHꢂGLIIHUHQWꢂW\SHVꢂRIꢂSL[HOꢂGHIHFWVꢂDQGꢂGHILQHVꢂ
DFFHSWDEOHꢂGHIHFWꢂOHYHOVꢂIRUꢂHDFKꢂW\SHꢁꢂ,QꢂRUGHUꢂ
WRꢂTXDOLI\ꢂIRUꢂUHSDLUꢂRUꢂUHSODFHPHQWꢂXQGHUꢂ
ZDUUDQW\ꢋꢂWKHꢂQXPEHUꢂRIꢂSL[HOꢂGHIHFWVꢂRQꢂDꢂ7)7ꢂ
0RQLWRUꢂSDQHOꢂPXVWꢂH[FHHGꢂWKHVHꢂDFFHSWDEOHꢂ
OHYHOVꢁꢂ)RUꢂH[DPSOHꢋꢂQRꢂPRUHꢂWKDQꢂꢓꢁꢓꢓꢓꢅꢔꢂRIꢂ
WKHꢂVXEꢂSL[HOVꢂRQꢂDꢂPRQLWRUꢂPD\ꢂEHꢂGHIHFWLYHꢁꢂ
)XUWKHUPRUHꢋꢂ3KLOLSVꢂVHWVꢂHYHQꢂKLJKHUꢂTXDOLW\ꢂ
VWDQGDUGVꢂIRUꢂFHUWDLQꢂW\SHVꢂRUꢂFRPELQDWLRQVꢂ
RIꢂSL[HOꢂGHIHFWVꢂWKDWꢂDUHꢂPRUHꢂQRWLFHDEOHꢂWKDQꢂ
RWKHUVꢁꢂ7KLVꢂSROLF\ꢂLVꢂYDOLGꢂZRUOGZLGHꢁ
%ULJKWꢀ'RWꢀ'HIHFWV
%ULJKWꢂGRWꢂGHIHFWVꢂDSSHDUꢂDVꢂSL[HOVꢂRUꢂVXEꢂSL[HOVꢂ
WKDWꢂDUHꢂDOZD\VꢂOLWꢂRUꢂjRQjꢁꢂ7KDWꢂLVꢋꢂDꢂEULJKWꢂGRWꢂLVꢂ
DꢂVXEꢍSL[HOꢂWKDWꢂVWDQGVꢂRXWꢂRQꢂWKHꢂVFUHHQꢂZKHQꢂ
WKHꢂPRQLWRUꢂGLVSOD\VꢂDꢂGDUNꢂSDWWHUQꢁꢂ7KHUHꢂDUHꢂ
WKHꢂW\SHVꢂRIꢂEULJKWꢂGRWꢂGHIHFWVꢁ
2QHꢂOLWꢂUHGꢋꢂJUHHQꢂRUꢂEOXHꢂVXEꢂSL[HOꢁ
7ZRꢂDGMDFHQWꢂOLWꢂVXEꢂSL[HOVꢒ
ꢍꢂ 5HGꢂꢗꢂ%OXHꢂ ꢂ3XUSOH
ꢍꢂꢂ 5HGꢂꢗꢂ*UHHQꢂ ꢂ<HOORZ
ꢍꢂꢂ *UHHQꢂꢗꢂ%OXHꢂ ꢂ&\DQꢂꢏ/LJKWꢂ%OXHꢐ
3L[HOVꢀDQGꢀ6XEꢀSL[HOV
$ꢂSL[HOꢋꢂRUꢂSLFWXUHꢂHOHPHQWꢋꢂLVꢂFRPSRVHGꢂRIꢂ
WKUHHꢂVXEꢂSL[HOVꢂLQꢂWKHꢂSULPDU\ꢂFRORUVꢂRIꢂUHGꢋꢂ
JUHHQꢂDQGꢂEOXHꢁꢂ0DQ\ꢂSL[HOVꢂWRJHWKHUꢂIRUPꢂDQꢂ
LPDJHꢁꢂ:KHQꢂDOOꢂVXEꢂSL[HOVꢂRIꢂDꢂSL[HOꢂDUHꢂOLWꢋꢂWKHꢂ
WKUHHꢂFRORUHGꢂVXEꢂSL[HOVꢂWRJHWKHUꢂDSSHDUꢂDVꢂDꢂ
VLQJOHꢂZKLWHꢂSL[HOꢁꢂ:KHQꢂDOOꢂDUHꢂGDUNꢋꢂWKHꢂWKUHHꢂ
FRORUHGꢂVXEꢂSL[HOVꢂWRJHWKHUꢂDSSHDUꢂDVꢂDꢂVLQJOHꢂ
7KUHHꢂDGMDFHQWꢂOLWꢂVXEꢂSL[HOVꢂꢏRQHꢂZKLWHꢂSL[HOꢐꢁ
ꢃꢇ
ꢈꢁꢂ&XVWRPHUꢂFDUHꢂDQGꢂZDUUDQW\
3UR[LPLW\ꢀRIꢀ3L[HOꢀ'HIHFWVꢀ
ꢂ 1RWH
$ꢂUHGꢂRUꢂEOXHꢂEULJKWꢂGRWꢂPXVWꢂEHꢂPRUHꢂ
%HFDXVHꢂSL[HOꢂDQGꢂVXEꢂSL[HOVꢂGHIHFWVꢂRIꢂWKHꢂ
VDPHꢂW\SHꢂWKDWꢂDUHꢂQHDUꢂWRꢂRQHꢂDQRWKHUꢂPD\ꢂEHꢂ
PRUHꢂQRWLFHDEOHꢋꢂ3KLOLSVꢂDOVRꢂVSHFLILHVꢂWROHUDQFHVꢂ
IRUꢂWKHꢂSUR[LPLW\ꢂRIꢂSL[HOꢂGHIHFWVꢁ
WKDQꢂꢆꢓꢂ
SHUFHQWꢂEULJKWHUꢂWKDQꢂQHLJKERULQJꢂGRWVꢂZKLOHꢂ
DꢂJUHHQꢂEULJKWꢂGRWꢂLVꢂꢄꢓꢂSHUFHQWꢂEULJKWHUꢂWKDQꢂ
QHLJKERULQJꢂGRWVꢁ
%ODFNꢀ'RWꢀ'HIHFWVꢀ
%ODFNꢂGRWꢂGHIHFWVꢂDSSHDUꢂDVꢂSL[HOVꢂRUꢂVXEꢂSL[HOVꢂ
WKDWꢂDUHꢂDOZD\VꢂGDUNꢂRUꢂjRIIjꢁꢂ7KDWꢂLVꢋꢂDꢂGDUNꢂGRWꢂLVꢂ
DꢂVXEꢍSL[HOꢂWKDWꢂVWDQGVꢂRXWꢂRQꢂWKHꢂVFUHHQꢂZKHQꢂ
WKHꢂPRQLWRUꢂGLVSOD\VꢂDꢂOLJKWꢂSDWWHUQꢁꢂ7KHVHꢂDUHꢂ
WKHꢂW\SHVꢂRIꢂEODFNꢂGRWꢂGHIHFWVꢁ
3L[HOꢀ'HIHFWꢀ7ROHUDQFHV
,QꢂRUGHUꢂWRꢂTXDOLI\ꢂIRUꢂUHSDLUꢂRUꢂUHSODFHPHQWꢂ
GXHꢂWRꢂSL[HOꢂGHIHFWVꢂGXULQJꢂWKHꢂZDUUDQW\ꢂSHULRGꢋꢂ
Dꢂ7)7ꢂ0RQLWRUꢂSDQHOꢂLQꢂDꢂ3KLOLSVꢂIODWꢂSDQHOꢂ
PRQLWRUꢂPXVWꢂKDYHꢂSL[HOꢂRUꢂVXEꢂSL[HOꢂGHIHFWVꢂ
H[FHHGLQJꢂWKHꢂWROHUDQFHVꢂOLVWHGꢂLQꢂWKHꢂIROORZLQJꢂ
WDEOHVꢁ
%5,*+7ꢀ'27ꢀ'()(&76
$&&(37$%/(ꢀ/(9(/
ꢀꢂOLWꢂVXESL[HO
ꢄ
ꢃꢂDGMDFHQWꢂOLWꢂVXESL[HOV
ꢀ
ꢄꢂDGMDFHQWꢂOLWꢂVXESL[HOVꢂꢏRQHꢂZKLWHꢂSL[HOꢐ
'LVWDQFHꢂEHWZHHQꢂWZRꢂEULJKWꢂGRWꢂGHIHFWVꢘ
7RWDOꢂEULJKWꢂGRWꢂGHIHFWVꢂRIꢂDOOꢂW\SHV
ꢓ
!ꢀꢆPP
ꢄ
%/$&.ꢀ'27ꢀ'()(&76
ꢀꢂGDUNꢂVXESL[HO
ꢃꢂDGMDFHQWꢂGDUNꢂVXESL[HOV
ꢄꢂDGMDFHQWꢂGDUNꢂVXESL[HOV
'LVWDQFHꢂEHWZHHQꢂWZRꢂEODFNꢂGRWꢂGHIHFWVꢘ
7RWDOꢂEODFNꢂGRWꢂGHIHFWVꢂRIꢂDOOꢂW\SHV
$&&(37$%/(ꢀ/(9(/
ꢆꢂRUꢂIHZHU
ꢃꢂRUꢂIHZHU
ꢓ
!ꢀꢆPP
ꢆꢂRUꢂIHZHU
727$/ꢀ'27ꢀ'()(&76
$&&(37$%/(ꢀ/(9(/
7RWDOꢂEULJKWꢂRUꢂEODFNꢂGRWꢂGHIHFWVꢂRIꢂDOOꢂW\SHV
ꢆꢂRUꢂIHZHU
ꢀ 1RWH
ꢀꢁꢂ ꢀꢂRUꢂꢃꢂDGMDFHQWꢂVXEꢂSL[HOꢂGHIHFWVꢂ ꢂꢀꢂGRWꢂGHIHFW
ꢃꢁꢂ 7KLVꢂPRQLWRUꢂLVꢂ,62ꢈꢃꢅꢀꢍꢄꢓꢇꢂFRPSOLDQWꢂꢏ,62ꢈꢃꢅꢀꢍꢄꢓꢇꢒꢂ(UJRQRPLFꢂUHTXLUHPHQWꢋDQDO\VLVꢂDQGꢂ
FRPSOLDQFHꢂWHVWꢂPHWKRGVꢂIRUꢂHOHFWURQLFꢂYLVXDOꢂGLVSOD\Vꢐ
ꢃꢊ
ꢈꢁꢂ&XVWRPHUꢂFDUHꢂDQGꢂZDUUDQW\
ꢊꢂꢃꢀ &XVWRPHUꢀ&DUHꢀ ꢀ:DUUDQW\
)RUꢂZDUUDQW\ꢂFRYHUDJHꢂLQIRUPDWLRQꢂDQGꢂDGGLWLRQDOꢂVXSSRUWꢂUHTXLUHPHQWꢂYDOLGꢂIRUꢂ\RXUꢂUHJLRQꢋꢂSOHDVHꢂYLVLWꢂ
ZZZꢁSKLOLSVꢁFRPꢌVXSSRUWꢂZHEVLWHꢂIRUꢂGHWDLOVꢁꢂꢂ<RXꢂPD\ꢂDOVRꢂFRQWDFWꢂ\RXUꢂORFDOꢂ3KLOLSVꢂ&XVWRPHUꢂ&DUHꢂ
&HQWHUꢂQXPEHUꢂOLVWHGꢂEHORZꢁ
&RQWDFWꢀ,QIRUPDWLRQꢀIRUꢀ:(67(51ꢀ(8523(ꢀUHJLRQꢎ
&RXQWU\
*HUPDQ\
8QLWHGꢂ.LQJGRP
,UHODQGꢂ
$6&
&RQVXPHUꢀFDUHꢀQXPEHU
ꢗꢅꢈꢂꢓꢀꢊꢓꢄꢂꢄꢊꢎꢂꢊꢆꢄ
ꢗꢅꢅꢂꢓꢃꢓꢇꢂꢈꢅꢈꢂꢓꢓꢎꢈꢂ
ꢗꢄꢆꢄꢂꢓꢀꢂꢎꢓꢀꢂꢀꢀꢎꢀ
ꢗꢄꢅꢂꢈꢓꢃꢂꢊꢊꢊꢂꢇꢊꢆꢂ
ꢗꢄꢆꢊꢂꢓꢈꢂꢃꢃꢈꢓꢂꢀꢈꢓꢊꢂ
ꢗꢄꢄꢂꢓꢊꢃꢀꢎꢀꢂꢀꢎꢆꢊꢂ
ꢗꢄꢓꢂꢓꢓꢊꢓꢓꢂꢄꢀꢃꢃꢂꢀꢃꢃꢄꢂ
ꢗꢄꢈꢂꢊꢅꢓꢂꢄꢃꢓꢂꢓꢅꢀꢂ
ꢗꢄꢀꢂꢓꢈꢓꢓꢂꢓꢅꢓꢓꢂꢓꢎꢄ
ꢗꢅꢆꢂꢄꢆꢃꢆꢂꢊꢇꢎꢀ
3ULFH
ꢂꢓꢁꢓꢈ
6LHPHQVꢂ, 6
,QYHFꢂ6FRWODQG
,QYHFꢂ6FRWODQG
(DWVDꢂ6SDLQꢂ
$ꢍQRYR
¼
/RFDOꢂFDOOꢂWDULII
/RFDOꢂFDOOꢂWDULII
6SDLQ
ꢂꢓꢁꢀꢓ
¼
)LQODQG
/RFDOꢂFDOOꢂWDULII
)UDQFH
$ꢍQRYR
ꢂꢓꢁꢓꢈ
¼
*UHHFH
$OOPDQꢂ+HOODV
$ꢍQRYR
)UHHꢂRIꢂFKDUJH
,WDO\
ꢂꢓꢁꢓꢊ
ꢂꢓꢁꢀꢓ
¼
¼
1HWKHUODQGV
'HQPDUNꢂ
1RUZD\ꢂ
6ZHGHQ
(ꢂ&DUH
$ꢍQRYR
/RFDOꢂFDOOꢂWDULII
/RFDOꢂFDOOꢂWDULII
/RFDOꢂFDOOꢂWDULII
/RFDOꢂFDOOꢂWDULII
$ꢍQRYR
ꢗꢅꢇꢂꢃꢃꢇꢓꢂꢊꢃꢆꢓꢂ
$ꢍQRYR
ꢗꢅꢎꢂꢓꢊꢂꢎꢄꢃꢂꢓꢓꢀꢎ
ꢗꢅꢊꢂꢓꢃꢃꢄꢅꢈꢀꢆꢓꢆꢂ
ꢗꢅꢄꢂꢓꢊꢀꢓꢂꢓꢓꢓꢃꢓꢎꢂ
ꢗꢄꢃꢂꢓꢇꢊꢂꢃꢆꢓꢊꢆꢀꢂ
ꢗꢄꢆꢃꢂꢃꢎꢂꢊꢅꢂꢄꢓꢂꢓꢓ
ꢗꢄꢆꢀꢂꢃꢂꢀꢄꢆꢈꢂꢀꢅꢅꢓ
ꢗꢅꢀꢂꢓꢃꢂꢃꢄꢀꢓꢂꢃꢀꢀꢎꢂ
3RODQG
=ROWHU
$XVWULD
6LHPHQVꢂ, 6
(ꢂ&DUH
ꢂꢓꢁꢓꢇ
ꢂꢓꢁꢓꢎ
¼
¼
%HOJLXPꢂ
/X[HPERXUJꢂ
3RUWXJDOꢂ
6ZLW]HUODQGꢂ
(ꢂ&DUH
/RFDOꢂFDOOꢂWDULII
/RFDOꢂFDOOꢂWDULII
/RFDOꢂFDOOꢂWDULII
(DWVDꢂ6SDLQꢂ
$ꢍQRYR
ꢃꢈ
ꢈꢁꢂ&XVWRPHUꢂFDUHꢂDQGꢂZDUUDQW\
&RQWDFWꢀ,QIRUPDWLRQꢀIRUꢀ&(175$/ꢀ$1'ꢀ($67(51ꢀ(8523(ꢀUHJLRQꢎ
&RXQWU\
%HODUXV
%XOJDULD
&URDWLD
(VWRQLD
/DWYLD
&DOOꢀFHQWHU
1$
$6&
&RQVXPHUꢀFDUHꢀQXPEHU
ꢗꢄꢇꢆꢂꢀꢇꢂꢃꢀꢇꢂꢄꢄꢊꢎ
ꢗꢄꢆꢈꢂꢃꢂꢈꢎꢓꢂꢃꢄꢎꢓ
ꢗꢄꢊꢆꢂꢀꢂꢄꢄꢄꢂꢓꢈꢇꢅ
ꢗꢄꢇꢃꢂꢎꢆꢀꢈꢈꢓꢓ
,%$
1$
/$1ꢂ6HUYLFH
5HQRSURP
)8-,768
1$
1$
1$
k6HUYLFH1HWꢂ/9yꢂ/WGꢁ
8$%ꢂꢕ6HUYLFHQHWꢕ
%OXHꢂ5LGJHꢂ,QWOꢁ
ꢗꢄꢇꢀꢂꢇꢅꢎꢓꢄꢈꢈ
/LWKXDQLD
5RPDQLD
1$
ꢗꢄꢇꢓꢂꢇꢅꢓꢓꢓꢊꢊ
1$
ꢗꢅꢓꢂꢃꢀꢂꢃꢀꢓꢀꢈꢎꢈ
6HUELDꢂ ꢂ
0RQWHQHJUR
1$
.LPꢂ7HFꢂGꢁRꢁRꢁ
ꢗꢄꢊꢀꢂꢀꢀꢂꢃꢓꢂꢇꢓꢂꢎꢊꢅ
6ORYHQLD
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
3&ꢂ+ꢁDQG
ꢗꢄꢊꢎꢂꢀꢂꢆꢄꢓꢂꢓꢊꢂꢃꢅ
ꢗꢄꢊꢓꢂꢆꢎꢃꢄꢃꢓꢓꢅꢆꢂ
&RPHO
8NUDLQH
7RSD]ꢍ6HUYLFHꢂ&RPSDQ\
&36ꢂ
ꢗꢄꢊꢂꢓꢅꢅꢂꢃꢅꢆꢂꢇꢄꢂꢄꢀ
ꢗꢇꢂꢏꢅꢈꢆꢐꢂꢎꢅꢆꢂꢎꢇꢅꢎꢂꢏIRUꢂUHSDLUꢐ
ꢗꢇꢂꢏꢅꢈꢆꢐꢂꢎꢅꢆꢂꢄꢓꢀꢓꢂꢏIRUꢂVDOHVꢐ
ꢗꢅꢃꢀꢂꢃꢂꢅꢈꢃꢓꢇꢀꢆꢆ
5XVVLD
&(((ꢂ3DUWQHUV
'DWDODQꢂ6HUYLFH
7HFKSUR
6ORYDNLD
7XUNH\
ꢗꢈꢓꢂꢃꢀꢃꢂꢅꢅꢅꢂꢅꢂꢊꢄꢃꢂ
ꢊꢓꢓꢂꢀꢓꢓꢂꢎꢈꢇ
&]HFKꢂ5HSꢁꢂ
$VXSSRUW
6HUZDUH
ꢗꢄꢎꢂꢀꢂꢃꢅꢃꢎꢄꢄꢀꢂ
+XQJDU\
3URILꢂ6HUYLFH
ꢗꢄꢎꢂꢀꢂꢊꢀꢅꢂꢊꢓꢊꢓ
&RQWDFWꢀ,QIRUPDWLRQꢀIRUꢀ/$7,1ꢀ$0(5,&$ꢀUHJLRQꢎ
&RXQWU\
%UD]LO
&DOOꢀFHQWHU
&RQVXPHUꢀFDUHꢀQXPEHU
ꢓꢊꢓꢓꢍꢇꢃꢆꢅꢀꢓꢀ
9HUPRQWꢂ
$UJHQWLQD
ꢓꢊꢓꢓꢂꢄꢄꢄꢓꢂꢊꢆꢎ
&RQWDFWꢀ,QIRUPDWLRQꢀIRUꢀ&KLQDꢎ
&KLQDꢂ
&RQVXPHUꢂFDUHꢂQXPEHUꢂꢒꢂꢅꢓꢓꢊꢂꢊꢓꢓꢂꢓꢓꢊ
&RQWDFWꢀ,QIRUPDWLRQꢀIRUꢀ1257+ꢀ$0(5,&$ꢀꢎ
&RXQWU\
8ꢁ6ꢁ$ꢁ
&DOOꢀFHQWHU
726ꢂ
$6&
&RQVXPHUꢀFDUHꢀQXPEHU
ꢏꢊꢇꢇꢐꢂꢊꢄꢆꢍꢀꢊꢄꢊ
7HOHSODQ
6XSHUFRP
&DQDGD
6XSHUFRP
ꢏꢊꢓꢓꢐꢅꢇꢈꢍꢎꢎꢈꢎ
ꢄꢓ
ꢈꢁꢂ&XVWRPHUꢂFDUHꢂDQGꢂZDUUDQW\
&RQWDFWꢀ,QIRUPDWLRQꢀIRUꢀ$30($ꢀUHJLRQꢎ
&RXQWU\
&DOOꢀFHQWHU
1$
$6&
&RQVXPHUꢀFDUHꢀQXPEHU
ꢀꢄꢓꢓꢂꢄꢎꢓꢂꢄꢊꢎ
$XVWUDOLD
$*26ꢂ1(7:25.ꢂ37<ꢂ/7'
9LVXDOꢂ*URXSꢂ/WGꢁ
1HZꢂ=HDODQG 1$
ꢓꢊꢓꢓꢂꢎꢆꢇꢅꢅꢇ
+RQJꢂ.RQJꢂꢌꢂ
1$
+RQJꢂ.RQJꢒ7HOꢒꢂꢗꢊꢆꢃꢂꢃꢎꢀꢈꢂꢈꢎꢄꢈꢂ
0DFDXꢒ7HOꢒꢂꢏꢊꢆꢄꢐꢍꢓꢊꢓꢓꢍꢈꢊꢇ
6PDUWꢂ3L[HOVꢂ7HFKQRORJ\ꢂ/WGꢁ
5(',1*721ꢂ,1',$ꢂ/7'
0DFDX
7HOꢒꢂꢀꢂꢊꢓꢓꢂꢅꢃꢆꢂꢎꢄꢈꢎꢂ
606ꢒꢂ3+,/,36ꢂWRꢂꢆꢎꢎꢇꢇꢂ
,QGLD
1$
7HOꢒꢂꢎꢃꢂꢃꢀꢂꢇꢆꢈꢓꢈꢓꢆꢄꢋꢂꢇꢆꢈꢓꢈꢓꢆꢎꢋꢂ
ꢇꢆꢀꢀꢆꢄꢓ
,QGRQHVLD
6RXWKꢂ.RUHD
0DOD\VLD
1$
1$
1$
1$
37ꢁꢂ*DGLQJVDULꢂHOHNWURQLNDꢂ3ULPD
3&6ꢂ2QHꢂ.RUHDꢂ/WGꢁꢂ
ꢓꢊꢓꢍꢎꢓꢓꢍꢎꢎꢓꢓ
$IWHUꢂ0DUNHWꢂ6ROXWLRQVꢂꢏ&(ꢐꢂ
6GQꢂ%KG
ꢎꢓꢄꢂꢇꢈꢆꢄꢂꢄꢄꢇꢓ
ꢏꢈꢃꢃꢀꢐꢂꢃꢇꢄꢇꢅꢀꢀꢍꢀꢎ
3DNLVWDQ
3KLOLSVꢂ&RQVXPHUꢂ6HUYLFH
3KLOLSVꢂ(OHFWURQLFVꢂ6LQJDSRUHꢂ
6LQJDSRUH
7DLZDQ
1$
3WHꢂ/WGꢂꢏ3KLOLSVꢂ&RQVXPHUꢂ&DUHꢂ ꢏꢎꢆꢐꢂꢎꢊꢊꢃꢂꢄꢈꢈꢈ
&HQWHUꢐ
3&&:ꢂ
7HOHVHUYLFHVꢂ
7DLZDQꢂ
)(7(&ꢁ&2
ꢓꢊꢓꢓꢍꢃꢄꢀꢍꢓꢈꢈ
7KDLODQG
1$
1$
$[LVꢂ&RPSXWHUꢂ6\VWHPꢂ&Rꢁꢋꢂ/WGꢁ ꢏꢎꢎꢃꢐꢂꢈꢄꢅꢍꢆꢅꢈꢊ
6\OYDUDꢂ7HFKQRORJLHVꢂ3W\ꢂ/WG ꢓꢊꢎꢂꢓꢓꢓꢓꢂꢊꢊꢊꢂ
6RXWKꢂ$IULFD
8QLWHGꢂ$UDEꢂ
(PLUDWHV
1$
1$
$/ꢂ6+$+'ꢂ&20387(5ꢂ/ꢁ/ꢁ& ꢓꢓꢈꢇꢀꢂꢅꢂꢃꢃꢇꢎꢆꢃꢆ
,VUDHO
(DVWURQLFVꢂ/7'
ꢀꢍꢊꢓꢓꢍꢆꢎꢇꢓꢓꢓ
ꢗꢊꢅꢂꢊꢂꢄꢊꢃꢅꢊꢓꢓꢇꢂ+Rꢂ&KLꢂ0LQKꢂ&LW\ꢂ
ꢗꢊꢅꢂꢆꢀꢀꢄꢁꢆꢎꢃꢎꢎꢎꢂ'DQDQJꢂ&LW\ꢂ
ꢗꢊꢅꢂꢆꢀꢀꢄꢁꢆꢎꢃꢎꢎꢎꢂ&DQꢂWKRꢂ3URYLQFH
)37ꢂ6HUYLFHꢂ,QIRUPDWLFꢂ
&RPSDQ\ꢂ/WGꢁ
9LHWQDP
1$
ꢏꢓꢃꢐꢂꢎꢄꢄꢍꢅꢆꢄꢄꢂWRꢂꢄꢅꢋꢂ
ꢏꢓꢃꢐꢂꢎꢄꢇꢍꢎꢆꢆꢈꢂWRꢂꢎꢓ
3KLOLSSLQHV
6ULꢂ/DQNDꢂ
%DQJODGHVK
1HSDO
1$
1$
1$
1$
*OHHꢂ(OHFWURQLFVꢋꢂ,QFꢁꢂ
QRꢂGLVWULEXWRUꢂDQGꢌRUꢂVHUYLFHꢂ
SURYLGHUꢂFXUUHQWO\
'LVWULEXWRUꢒꢂ&RPSXWHUꢂ6RXUFHꢂ ꢊꢊꢓꢍꢃꢍꢈꢀꢅꢀꢇꢅꢇꢋꢂꢈꢀꢃꢇꢆꢈꢃꢂ
/WGꢂꢏZDUUDQW\ꢂEX\ꢍRXWꢐ
ꢊꢊꢓꢍꢃꢍꢊꢀꢃꢊꢊꢅꢊꢂꢌꢂꢆꢃ
'LVWULEXWRUꢒꢂ6\DNDUꢂ&Rꢁꢂ/WGꢂ
ꢏZDUUDQW\ꢂEX\ꢍRXWꢐ
ꢈꢇꢇꢍꢀꢍꢅꢃꢃꢃꢄꢈꢆꢂ
'LVWULEXWRUꢒꢂ1HDWꢂ7HFKQRORJ\ꢂ
&DPERGLD
1$
3WHꢂ/WGꢂꢏ6LQJDSRUHꢐꢂꢏZDUUDQW\ꢂ ꢊꢆꢆꢍꢓꢃꢄꢍꢈꢈꢈꢈꢈꢃ
EX\ꢍRXWꢐ
ꢄꢀ
ꢉꢁꢂ7URXEOHVKRRWLQJꢂ ꢂ)$4V
VDWLVIDFWRU\ꢋꢂ\RXꢂFDQꢂGRꢂPDQXDOꢂDGMXVWPHQWVꢂ
YLDꢂWKHꢂ26'ꢂPHQXꢁ
ꢋꢂꢀ 7URXEOHVKRRWLQJꢀ ꢀ)$4V
ꢂ 1RWH
7KHꢂ$XWRꢂ)XQFWLRQꢂLVꢂQRWꢂDSSOLFDEOHꢂLQꢂ'9,ꢍ
'LJLWDOꢂPRGHꢂDVꢂLWꢂLVꢂQRWꢂQHFHVVDU\ꢁꢂ
ꢋꢂꢁꢀ 7URXEOHVKRRWLQJ
7KLVꢂSDJHꢂGHDOVꢂZLWKꢂSUREOHPVꢂWKDWꢂFDQꢂEHꢂ
FRUUHFWHGꢂE\ꢂDꢂXVHUꢁꢂ,IꢂWKHꢂSUREOHPꢂVWLOOꢂSHUVLVWVꢂ
DIWHUꢂ\RXꢂKDYHꢂWULHGꢂWKHVHꢂVROXWLRQVꢋꢂFRQWDFWꢂ
3KLOLSVꢂFXVWRPHUꢂVHUYLFHꢂUHSUHVHQWDWLYHꢁ
9LVLEOHꢀVLJQVꢀRIꢀVPRNHꢀRUꢀVSDUNV
vꢂ 'RꢂQRWꢂSHUIRUPꢂDQ\ꢂWURXEOHVKRRWLQJꢂVWHSV
vꢂ 'LVFRQQHFWꢂWKHꢂPRQLWRUꢂIURPꢂPDLQVꢂSRZHUꢂ
VRXUFHꢂLPPHGLDWHO\ꢂIRUꢂVDIHW\
ꢀ &RPPRQꢀ3UREOHPV
vꢂ &RQWDFWꢂZLWKꢂ3KLOLSVꢂFXVWRPHUꢂVHUYLFHꢂ
UHSUHVHQWDWLYHꢂLPPHGLDWHO\ꢁ
1Rꢀ3LFWXUHꢀꢏ3RZHUꢀ/('ꢀQRWꢀOLWꢐ
vꢂ 0DNHꢂVXUHꢂWKHꢂSRZHUꢂFRUGꢂLVꢂSOXJJHGꢂLQWRꢂ
WKHꢂSRZHUꢂRXWOHWꢂDQGꢂLQWRꢂWKHꢂEDFNꢂRIꢂWKHꢂ
PRQLWRUꢁꢂ
ꢀ ,PDJLQJꢀ3UREOHPV
,PDJHꢀLVꢀQRWꢀFHQWHUHG
vꢂ )LUVWꢋꢂHQVXUHꢂWKDWꢂWKHꢂSRZHUꢂEXWWRQꢂRQꢂWKHꢂ
IURQWꢂRIꢂWKHꢂPRQLWRUꢂLVꢂLQꢂWKHꢂ2))ꢂSRVLWLRQꢋꢂ
WKHQꢂSUHVVꢂLWꢂWRꢂWKHꢂ21ꢂSRVLWLRQꢁ
vꢂ $GMXVWꢂWKHꢂLPDJHꢂSRVLWLRQꢂXVLQJꢂWKHꢂk$XWRyꢂ
IXQFWLRQꢂLQꢂ26'ꢂ0DLQꢂ&RQWUROVꢁꢂ
vꢂ $GMXVWꢂWKHꢂLPDJHꢂSRVLWLRQꢂXVLQJꢂWKHꢂ3KDVHꢌ
&ORFNꢂRIꢂ6HWXSꢂLQꢂ26'ꢂ0DLQꢂ&RQWUROVꢁꢂꢂ,WꢂLVꢂ
YDOLGꢂRQO\ꢂLQꢂ9*$ꢂPRGHꢁꢂ
1Rꢀ3LFWXUHꢀꢏ3RZHUꢀ/('ꢀLVꢀ:KLWHꢐ
vꢂ 0DNHꢂVXUHꢂWKHꢂFRPSXWHUꢂLVꢂWXUQHGꢂRQꢁꢂ
vꢂ 0DNHꢂVXUHꢂWKHꢂVLJQDOꢂFDEOHꢂLVꢂSURSHUO\ꢂ
FRQQHFWHGꢂWRꢂ\RXUꢂFRPSXWHUꢁꢂ
,PDJHꢀYLEUDWHVꢀRQꢀWKHꢀVFUHHQ
vꢂ &KHFNꢂWKDWꢂWKHꢂVLJQDOꢂFDEOHꢂLVꢂSURSHUO\ꢂ
VHFXUHO\ꢂFRQQHFWHGꢂWRꢂWKHꢂJUDSKLFVꢂERDUGꢂ
RUꢂ3&ꢁꢂ
vꢂ 0DNHꢂVXUHꢂWKHꢂPRQLWRUꢂFDEOHꢂKDVꢂQRꢂEHQWꢂ
SLQVꢂRQꢂWKHꢂFRQQHFWꢂVLGHꢁꢂ,Iꢂ\HVꢋꢂUHSDLUꢂRUꢂ
UHSODFHꢂWKHꢂFDEOHꢁꢂ
9HUWLFDOꢀIOLFNHUꢀDSSHDUV
vꢂ 7KHꢂ(QHUJ\ꢂ6DYLQJꢂIHDWXUHꢂPD\ꢂEHꢂDFWLYDWHG
6FUHHQꢀVD\V
$WWHQWLRQ
vꢂ $GMXVWꢂWKHꢂLPDJHꢂXVLQJꢂWKHꢂk$XWRyꢂIXQFWLRQꢂ
LQꢂ26'ꢂ0DLQꢂ&RQWUROVꢁ
&KHFNꢂFDEOHꢂFRQQHFWLRQ
vꢂ (OLPLQDWHꢂWKHꢂYHUWLFDOꢂEDUVꢂXVLQJꢂWKHꢂ3KDVHꢌ
&ORFNꢂRIꢂ6HWXSꢂLQꢂ26'ꢂ0DLQꢂ&RQWUROVꢁꢂ,WꢂLVꢂ
YDOLGꢂRQO\ꢂLQꢂ9*$ꢂPRGHꢁ
vꢂ 0DNHꢂVXUHꢂWKHꢂPRQLWRUꢂFDEOHꢂLVꢂSURSHUO\ꢂ
FRQQHFWHGꢂWRꢂ\RXUꢂFRPSXWHUꢁꢂꢏ$OVRꢂUHIHUꢂWRꢂ
WKHꢂ4XLFNꢂ6WDUWꢂ*XLGHꢐꢁꢂ
+RUL]RQWDOꢀIOLFNHUꢀDSSHDUV
vꢂ &KHFNꢂWRꢂVHHꢂLIꢂWKHꢂPRQLWRUꢂFDEOHꢂKDVꢂEHQWꢂ
SLQVꢁꢂ
vꢂ 0DNHꢂVXUHꢂWKHꢂFRPSXWHUꢂLVꢂWXUQHGꢂRQꢁꢂ
$872ꢀEXWWRQꢀGRHVQjWꢀIXQFWLRQ
vꢂ $GMXVWꢂWKHꢂLPDJHꢂXVLQJꢂWKHꢂk$XWRyꢂIXQFWLRQꢂ
LQꢂ26'ꢂ0DLQꢂ&RQWUROVꢁꢂ
vꢂ 7KHꢂDXWRꢂIXQFWLRQꢂLVꢂDSSOLFDEOHꢂRQO\ꢂLQꢂ
9*$ꢍ$QDORJꢂPRGHꢁꢂꢂ,IꢂWKHꢂUHVXOWꢂLVꢂQRWꢂ
ꢄꢃ
ꢉꢁꢂ7URXEOHVKRRWLQJꢂ ꢂ)$4V
vꢂ (OLPLQDWHꢂWKHꢂYHUWLFDOꢂEDUVꢂXVLQJꢂWKHꢂ3KDVHꢌ
&ORFNꢂRIꢂ6HWXSꢂLQꢂ26'ꢂ0DLQꢂ&RQWUROVꢁꢂ,WꢂLVꢂ
YDOLGꢂRQO\ꢂLQꢂ9*$ꢂPRGHꢁ
)RUꢂIXUWKHUꢂDVVLVWDQFHꢋꢂUHIHUꢂWRꢂWKHꢂ&RQVXPHUꢂ
,QIRUPDWLRQꢂ&HQWHUVꢂOLVWꢂDQGꢂFRQWDFWꢂ3KLOLSVꢂ
FXVWRPHUꢂVHUYLFHꢂUHSUHVHQWDWLYHꢁ
,PDJHꢀDSSHDUVꢀEOXUUHGꢍꢀLQGLVWLQFWꢀRUꢀWRRꢀGDUN
vꢂ $GMXVWꢂWKHꢂFRQWUDVWꢂDQGꢂEULJKWQHVVꢂRQꢂ
2Qꢍ6FUHHQꢂ'LVSOD\ꢁ
ꢋꢂꢃꢀ *HQHUDOꢀ)$4V
4ꢁꢎꢀꢀ ꢀ:KHQꢀ,ꢀLQVWDOOꢀP\ꢀPRQLWRUꢀZKDWꢀVKRXOGꢀ
,ꢀGRꢀLIꢀWKHꢀVFUHHQꢀVKRZVꢀj&DQQRWꢀGLVSOD\ꢀ
WKLVꢀYLGHRꢀPRGHj"
$QꢀꢔDIWHUꢌLPDJHꢔꢍꢀꢔEXUQꢌLQꢔꢀRUꢀꢔJKRVWꢀLPDJHꢔꢀ
UHPDLQVꢀDIWHUꢀWKHꢀSRZHUꢀKDVꢀEHHQꢀWXUQHGꢀRIIꢂ
vꢂ 8QLQWHUUXSWHGꢂGLVSOD\ꢂRIꢂVWLOOꢂRUꢂVWDWLFꢂ
LPDJHVꢂRYHUꢂDQꢂH[WHQGHGꢂSHULRGꢂPD\ꢂFDXVHꢂ
ꢕEXUQꢂLQꢕꢋꢂDOVRꢂNQRZQꢂDVꢂꢕDIWHUꢍLPDJLQJꢂꢕꢂ
RUꢂꢕJKRVWꢂLPDJLQJꢕꢋꢂRQꢂ\RXUꢂVFUHHQꢁꢂꢕ%XUQꢍ
LQꢕꢋꢂꢕDIWHUꢍLPDJLQJꢕꢋꢂRUꢂꢕJKRVWꢂLPDJLQJꢕꢂLVꢂDꢂ
ZHOOꢍNQRZQꢂSKHQRPHQRQꢂLQꢂ/&'ꢂSDQHOꢂ
WHFKQRORJ\ꢁꢂ,QꢂPRVWꢂFDVHVꢋꢂWKHꢂꢕEXUQHGꢂLQꢕꢂ
RUꢂꢕDIWHUꢍLPDJLQJꢕꢂRUꢂꢕJKRVWꢂLPDJLQJꢕꢂZLOOꢂ
GLVDSSHDUꢂJUDGXDOO\ꢂRYHUꢂDꢂSHULRGꢂRIꢂWLPHꢂ
DIWHUꢂWKHꢂSRZHUꢂKDVꢂEHHQꢂVZLWFKHGꢂRIIꢁꢂ
$QVꢂꢎꢂꢂ5HFRPPHQGHGꢂUHVROXWLRQꢂIRUꢂWKLVꢂ
PRQLWRUꢒꢂꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓꢂ#ꢂꢎꢓꢂ+]ꢁ
vꢂ 8QSOXJꢂDOOꢂFDEOHVꢋꢂWKHQꢂFRQQHFWꢂ\RXUꢂ3&ꢂWRꢂ
WKHꢂPRQLWRUꢂWKDWꢂ\RXꢂXVHGꢂSUHYLRXVO\ꢁꢂ
vꢂ ,QꢂWKHꢂ:LQGRZVꢂ6WDUWꢂ0HQXꢋꢂVHOHFWꢂ6HWWLQJVꢌ
&RQWUROꢂ3DQHOꢁꢂ,QꢂWKHꢂ&RQWUROꢂ3DQHOꢂ
:LQGRZꢋꢂVHOHFWꢂWKHꢂ'LVSOD\ꢂLFRQꢁꢂ,QVLGHꢂWKHꢂ
'LVSOD\ꢂ&RQWUROꢂ3DQHOꢋꢂVHOHFWꢂWKHꢂj6HWWLQJVjꢂ
WDEꢁꢂ8QGHUꢂWKHꢂVHWWLQJꢂWDEꢋꢂLQꢂER[ꢂODEHOOHGꢂ
jGHVNWRSꢂDUHDjꢋꢂPRYHꢂWKHꢂVLGHEDUꢂWRꢂꢀꢎꢓꢓꢂ[ꢂ
ꢈꢓꢓꢂSL[HOVꢁ
vꢂ $OZD\VꢂDFWLYDWHꢂDꢂPRYLQJꢂVFUHHQꢂVDYHUꢂ
SURJUDPꢂZKHQꢂ\RXꢂOHDYHꢂ\RXUꢂPRQLWRUꢂ
XQDWWHQGHGꢁꢂ
vꢂ 2SHQꢂj$GYDQFHGꢂ3URSHUWLHVjꢂDQGꢂVHWꢂWKHꢂ
5HIUHVKꢂ5DWHꢂWRꢂꢎꢓꢂ+]ꢋꢂWKHQꢂFOLFNꢂ2.ꢁꢂ
vꢂ $OZD\VꢂDFWLYDWHꢂDꢂSHULRGLFꢂVFUHHQꢂUHIUHVKꢂ
DSSOLFDWLRQꢂLIꢂ\RXUꢂ/&'ꢂPRQLWRUꢂZLOOꢂGLVSOD\ꢂ
XQFKDQJLQJꢂVWDWLFꢂFRQWHQWꢁ
vꢂ 5HVWDUWꢂ\RXUꢂFRPSXWHUꢂDQGꢂUHSHDWꢂVWHSꢂꢃꢂ
DQGꢂꢄꢂWRꢂYHULI\ꢂWKDWꢂ\RXUꢂ3&ꢂLVꢂVHWꢂDWꢂꢀꢎꢓꢓꢂ
[ꢂꢈꢓꢓꢂ#ꢂꢎꢓꢂ+]ꢁꢂ
vꢂ 6HYHUHyꢂEXUQꢍLQyꢂRUꢂkDIWHUꢍLPDJHyꢂRUꢂkJKRVWꢂ
LPDJHyꢂV\PSWRPVꢂZLOOꢂQRWꢂGLVDSSHDUꢂDQGꢂ
FDQQRWꢂEHꢂUHSDLUHGꢁꢂ7KHꢂGDPDJHꢂPHQWLRQHGꢂ
DERYHꢂLVꢂQRWꢂFRYHUHGꢂXQGHUꢂ\RXUꢂZDUUDQW\ꢁ
vꢂ 6KXWꢂGRZQꢂ\RXUꢂFRPSXWHUꢋꢂGLVFRQQHFWꢂ\RXUꢂ
ROGꢂPRQLWRUꢂDQGꢂUHFRQQHFWꢂ\RXUꢂ3KLOLSVꢂ
/&'ꢂPRQLWRUꢁꢂ
vꢂ 7XUQꢂRQꢂ\RXUꢂPRQLWRUꢂDQGꢂWKHQꢂWXUQꢂRQꢂ
\RXUꢂ3&ꢁ
,PDJHꢀDSSHDUVꢀGLVWRUWHGꢂꢀ7H[WꢀLVꢀIX]]\ꢀRUꢀ
EOXUUHGꢂꢀ
4ꢃꢎꢀꢀ ꢀ:KDWꢀLVꢀWKHꢀUHFRPPHQGHGꢀUHIUHVKꢀUDWHꢀ
IRUꢀ/&'ꢀPRQLWRU"
vꢂ 6HWꢂWKHꢂ3&ꢉVꢂGLVSOD\ꢂUHVROXWLRQꢂWRꢂWKHꢂVDPHꢂ
PRGHꢂDVꢂPRQLWRUꢉVꢂUHFRPPHQGHGꢂVFUHHQꢂ
QDWLYHꢂUHVROXWLRQꢁ
$QVꢂꢎꢂꢂ5HFRPPHQGHGꢂUHIUHVKꢂUDWHꢂLQꢂ/&'ꢂ
PRQLWRUVꢂLVꢂꢎꢓꢂ+]ꢋꢂ,QꢂFDVHꢂRIꢂDQ\ꢂ
GLVWXUEDQFHꢂRQꢂVFUHHQꢋꢂ\RXꢂFDQꢂVHWꢂLWꢂ
XSꢂWRꢂꢇꢆꢂ+]ꢂWRꢂVHHꢂLIꢂWKDWꢂUHPRYHVꢂWKHꢂ
GLVWXUEDQFHꢁꢂ
*UHHQꢍꢀUHGꢍꢀEOXHꢍꢀGDUNꢍꢀDQGꢀZKLWHꢀGRWVꢀDSSHDUVꢀ
RQꢀWKHꢀVFUHHQ
vꢂ 7KHꢂUHPDLQLQJꢂGRWVꢂDUHꢂQRUPDOꢂ
FKDUDFWHULVWLFꢂRIꢂWKHꢂOLTXLGꢂFU\VWDOꢂXVHGꢂLQꢂ
WRGD\ꢉVꢂWHFKQRORJ\ꢋꢂ3OHDVHꢂUHIHUꢂWKHꢂSL[HOꢂ
SROLF\ꢂIRUꢂPRUHꢂGHWDLOꢁ
4ꢅꢎꢀꢀ ꢀ:KDWꢀDUHꢀWKHꢀꢂLQIꢀDQGꢀꢂLFPꢀILOHVꢀRQꢀWKHꢀ
&'ꢌ520"ꢀ+RZꢀGRꢀ,ꢀLQVWDOOꢀWKHꢀGULYHUVꢀ
ꢏꢂLQIꢀDQGꢀꢂLFPꢐ"
$QVꢂꢎꢂꢂ7KHVHꢂDUHꢂWKHꢂGULYHUꢂILOHVꢂIRUꢂ\RXUꢂ
PRQLWRUꢁꢂ)ROORZꢂWKHꢂLQVWUXFWLRQVꢂLQꢂ\RXUꢂ
XVHUꢂPDQXDOꢂWRꢂLQVWDOOꢂWKHꢂGULYHUVꢁꢂ<RXUꢂ
FRPSXWHUꢂPD\ꢂDVNꢂ\RXꢂIRUꢂPRQLWRUꢂ
7KHꢀꢔSRZHUꢀRQꢔꢀOLJKWꢀLVꢀWRRꢀVWURQJꢀDQGꢀLVꢀ
GLVWXUELQJꢀ
vꢂ <RXꢂFDQꢂDGMXVWꢂkSRZHUꢂRQyꢂOLJKWꢂXVLQJꢂWKHꢂ
SRZHUꢂ/('ꢂ6HWXSꢂLQꢂ26'ꢂPDLQꢂ&RQWUROVꢁ
ꢄꢄ
ꢉꢁꢂ7URXEOHVKRRWLQJꢂ ꢂ)$4V
GULYHUVꢂꢏꢁLQIꢂDQGꢂꢁLFPꢂILOHVꢐꢂRUꢂDꢂGULYHUꢂGLVNꢂ
ZKHQꢂ\RXꢂILUVWꢂLQVWDOOꢂ\RXUꢂPRQLWRUꢁꢂ)ROORZꢂ
WKHꢂLQVWUXFWLRQVꢂWRꢂLQVHUWꢂWKHꢂꢏꢂFRPSDQLRQꢂ
&'ꢍ520ꢐꢂLQFOXGHGꢂLQꢂWKLVꢂSDFNDJHꢁꢂ
0RQLWRUꢂGULYHUVꢂꢏꢁLQIꢂDQGꢂꢁLFPꢂILOHVꢐꢂZLOOꢂEHꢂ
LQVWDOOHGꢂDXWRPDWLFDOO\ꢁ
ꢕZDUPꢋꢂZLWKꢂDꢂUHGꢍZKLWHꢂFRORUꢂWRQHꢕꢋꢂ
ZKLOHꢂDꢂꢈꢄꢓꢓ.ꢂWHPSHUDWXUHꢂ\LHOGVꢂꢕFRROꢋꢂ
EOXHZKLWHꢂWRQLQJꢕꢁ
ꢃꢂꢂ V5*%ꢑꢂWKLVꢂLVꢂDꢂVWDQGDUGꢂVHWWLQJꢂIRUꢂ
HQVXULQJꢂFRUUHFWꢂH[FKDQJHꢂRIꢂFRORUVꢂ
EHWZHHQꢂGLIIHUHQWꢂGHYLFHꢂꢏHꢁJꢁꢂGLJLWDOꢂ
FDPHUDVꢋꢂPRQLWRUVꢋꢂSULQWHUVꢋꢂVFDQQHUVꢋꢂ
HWFꢐꢂ
4ꢄꢎꢀꢀ ꢀ+RZꢀGRꢀ,ꢀDGMXVWꢀWKHꢀUHVROXWLRQ"
$QVꢂꢎꢂꢂ<RXUꢂYLGHRꢂFDUGꢌJUDSKLFꢂGULYHUꢂDQGꢂ
PRQLWRUꢂWRJHWKHUꢂGHWHUPLQHꢂWKHꢂDYDLODEOHꢂ
UHVROXWLRQVꢁꢂ<RXꢂFDQꢂVHOHFWꢂWKHꢂGHVLUHGꢂ
ꢅꢂꢂ 8VHUꢂ'HILQHꢑꢂWKHꢂXVHUꢂFDQꢂFKRRVHꢂKLVꢌ
KHUꢂSUHIHUHQFHꢂFRORUꢂVHWWLQJꢂE\ꢂDGMXVWLQJꢂ
UHGꢋꢂJUHHQꢂEOXHꢂFRORUꢁ
UHVROXWLRQꢂXQGHUꢂ:LQGRZV ꢂ&RQWUROꢂ
3DQHOꢂZLWKꢂWKHꢂꢕ'LVSOD\ꢂSURSHUWLHVꢕꢁ
ꢂ 1RWH
4ꢈꢎꢀꢀ ꢀ:KDWꢀLIꢀ,ꢀJHWꢀORVWꢀZKHQꢀ,ꢀDPꢀPDNLQJꢀ
PRQLWRUꢀDGMXVWPHQWVꢀYLDꢀ26'"
$QVꢂꢎꢂꢂ6LPSO\ꢂSUHVVꢂWKHꢂ2.ꢂEXWWRQꢋꢂWKHQꢂVHOHFWꢂ
j5HVHWjꢂWRꢂUHFDOOꢂDOOꢂRIꢂWKHꢂRULJLQDOꢂIDFWRU\ꢂ
VHWWLQJVꢁ
$ꢂPHDVXUHPHQWꢂRIꢂWKHꢂFRORUꢂRIꢂOLJKWꢂUDGLDWHGꢂ
E\ꢂDQꢂREMHFWꢂZKLOHꢂLWꢂLVꢂEHLQJꢂKHDWHGꢁꢂ7KLVꢂ
PHDVXUHPHQWꢂLVꢂH[SUHVVHGꢂLQꢂWHUPVꢂRIꢂ
DEVROXWHꢂVFDOHꢋꢂꢏGHJUHHVꢂ.HOYLQꢐꢁꢂ/RZHUꢂ.HYLQꢂ
WHPSHUDWXUHVꢂVXFKꢂDVꢂꢃꢓꢓꢅ.ꢂDUHꢂUHGꢑꢂKLJKHUꢂ
WHPSHUDWXUHVꢂVXFKꢂDVꢂꢈꢄꢓꢓ.ꢂDUHꢂEOXHꢁꢂ1HXWUDOꢂ
WHPSHUDWXUHꢂLVꢂZKLWHꢋꢂDWꢂꢎꢆꢓꢅ.ꢁ
4ꢇꢎꢀꢀ ꢀ,VꢀWKHꢀ/&'ꢀVFUHHQꢀUHVLVWDQWꢀWRꢀVFUDWFKHV"
$QVꢂꢎꢂꢂ,QꢂJHQHUDOꢂLWꢂLVꢂUHFRPPHQGHGꢂWKDWꢂWKHꢂ
SDQHOꢂVXUIDFHꢂLVꢂQRWꢂVXEMHFWHGꢂWRꢂH[FHVVLYHꢂ
VKRFNVꢂDQGꢂLVꢂSURWHFWHGꢂIURPꢂVKDUSꢂRUꢂ
EOXQWꢂREMHFWVꢁꢂ:KHQꢂKDQGOLQJꢂWKHꢂPRQLWRUꢋꢂ
PDNHꢂVXUHꢂWKDWꢂWKHUHꢂLVꢂQRꢂSUHVVXUHꢂRUꢂ
IRUFHꢂDSSOLHGꢂWRꢂWKHꢂSDQHOꢂVXUIDFHꢂVLGHꢁꢂꢂ
7KLVꢂPD\ꢂDIIHFWꢂ\RXUꢂZDUUDQW\ꢂFRQGLWLRQVꢁ
4ꢆꢎꢀꢀ ꢀ&DQꢀ,ꢀFRQQHFWꢀP\ꢀ/&'ꢀPRQLWRUꢀWRꢀDQ\ꢀ
3&ꢍꢀZRUNVWDWLRQꢀRUꢀ0DF"
$QVꢂꢎꢂꢂ<HVꢁꢂ$OOꢂ3KLOLSVꢂ/&'ꢂPRQLWRUVꢂDUHꢂIXOO\ꢂ
FRPSDWLEOHꢂZLWKꢂVWDQGDUGꢂ3&Vꢋꢂ0DFVꢂ
DQGꢂZRUNVWDWLRQVꢁꢂ<RXꢂPD\ꢂQHHGꢂDꢂFDEOHꢂ
DGDSWHUꢂWRꢂFRQQHFWꢂWKHꢂPRQLWRUꢂWRꢂ\RXUꢂ
0DFꢂV\VWHPꢁꢂ3OHDVHꢂFRQWDFWꢂ\RXUꢂ3KLOLSVꢂ
VDOHVꢂUHSUHVHQWDWLYHꢂIRUꢂPRUHꢂLQIRUPDWLRQꢁꢂ
4ꢊꢎꢀꢀ ꢀ+RZꢀVKRXOGꢀ,ꢀFOHDQꢀWKHꢀ/&'ꢀVXUIDFH"
$QVꢂꢎꢂꢂ)RUꢂQRUPDOꢂFOHDQLQJꢋꢂXVHꢂDꢂFOHDQꢋꢂVRIWꢂ
FORWKꢁꢂ)RUꢂH[WHQVLYHꢂFOHDQLQJꢋꢂSOHDVHꢂXVHꢂ
LVRSURS\OꢂDOFRKROꢁꢂ'RꢂQRWꢂXVHꢂRWKHUꢂ
VROYHQWVꢂVXFKꢂDVꢂHWK\OꢂDOFRKROꢋꢂHWKDQROꢋꢂ
DFHWRQHꢋꢂKH[DQHꢋꢂHWFꢁꢂ
4ꢁꢉꢎꢀꢀꢀ$UHꢀ3KLOLSVꢀ/&'ꢀPRQLWRUVꢀ3OXJꢌDQGꢌꢀ
3OD\"
$QVꢂꢎꢂꢂ<HVꢋꢂWKHꢂPRQLWRUVꢂDUHꢂ3OXJꢍDQGꢍ3OD\ꢂ
FRPSDWLEOHꢂZLWKꢂ:LQGRZVꢂꢇꢌ9LVWDꢌ;3ꢌ17ꢋꢂ
0DFꢂ26;ꢋꢂ/LQX[ꢂ
4ꢋꢎꢀꢀ ꢀ&DQꢀ,ꢀFKDQJHꢀWKHꢀFRORUꢀVHWWLQJꢀRIꢀP\ꢀ
PRQLWRU"
$QVꢂꢎꢂꢂ<HVꢋꢂ\RXꢂFDQꢂFKDQJHꢂ\RXUꢂFRORUꢂVHWWLQJꢂ
WKURXJKꢂ26'ꢂFRQWUROꢂDVꢂWKHꢂIROORZLQJꢂ
SURFHGXUHVꢋ
4ꢁꢁꢎꢀꢀꢀ:KDWꢀLVꢀ,PDJHꢀ6WLFNLQJꢍꢀRUꢀ,PDJHꢀ%XUQꢌLQꢍꢀ
RUꢀ$IWHUꢀ,PDJHꢍꢀRUꢀ*KRVWꢀ,PDJHꢀLQꢀ/&'ꢀ
SDQHOV"ꢂ
$QVꢂꢎꢂꢂ8QLQWHUUXSWHGꢂGLVSOD\ꢂRIꢂVWLOOꢂRUꢂVWDWLFꢂ
LPDJHVꢂRYHUꢂDQꢂH[WHQGHGꢂSHULRGꢂPD\ꢂ
FDXVHꢂꢕEXUQꢂLQꢕꢋꢂDOVRꢂNQRZQꢂDVꢂꢕDIWHUꢍ
LPDJLQJꢕꢂRUꢂꢕJKRVWꢂLPDJLQJꢕꢋꢂRQꢂ\RXUꢂ
VFUHHQꢁꢂꢕ%XUQꢍLQꢕꢋꢂꢕDIWHUꢍLPDJLQJꢕꢋꢂRUꢂꢕJKRVWꢂ
LPDJLQJꢕꢂLVꢂDꢂZHOOꢍNQRZQꢂSKHQRPHQRQꢂLQꢂ
/&'ꢂSDQHOꢂWHFKQRORJ\ꢁꢂ,QꢂPRVWꢂFDVHVꢋꢂWKHꢂ
ꢕEXUQHGꢂLQꢕꢂRUꢂꢕDWWHUꢍLPDJLQJꢕꢂRUꢂꢕJKRVWꢂ
vꢂ 3UHVVꢂꢕ2.ꢕꢂWRꢂVKRZꢂWKHꢂ26'ꢂꢏ2Qꢂ6FUHHQꢂ
'LVSOD\ꢐꢂPHQX
vꢂ 3UHVVꢂꢕ'RZQꢂ$UURZꢕꢂWRꢂVHOHFWꢂWKHꢂRSWLRQꢂ
ꢕ&RORUꢕꢂWKHQꢂSUHVVꢂꢕ2.ꢕꢂWRꢂHQWHUꢂFRORUꢂ
VHWWLQJꢋꢂWKHUHꢂDUHꢂWKUHHꢂVHWWLQJVꢂDVꢂEHORZꢁ
ꢁꢂꢂ &RORUꢂ7HPSHUDWXUHꢑꢂ7KHꢂWZRꢂVHWWLQJVꢂ
DUHꢂꢎꢆꢓꢓ.ꢂDQGꢂꢈꢄꢓꢓ.ꢁꢂ:LWKꢂVHWWLQJVꢂ
LQꢂWKHꢂꢎꢆꢓꢓ.ꢂUDQJHꢂWKHꢂSDQHOꢂDSSHDUVꢂ
ꢄꢅ
ꢉꢁꢂ7URXEOHVKRRWLQJꢂ ꢂ)$4V
LPDJLQJꢕꢂZLOOꢂGLVDSSHDUꢂJUDGXDOO\ꢂRYHUꢂDꢂ
SHULRGꢂRIꢂWLPHꢂDIWHUꢂWKHꢂSRZHUꢂKDVꢂEHHQꢂ
VZLWFKHGꢂRIIꢁꢂ
$OZD\VꢂDFWLYDWHꢂDꢂPRYLQJꢂVFUHHQꢂVDYHUꢂ
SURJUDPꢂZKHQꢂ\RXꢂOHDYHꢂ\RXUꢂPRQLWRUꢂ
XQDWWHQGHGꢁꢂ
$OZD\VꢂDFWLYDWHꢂDꢂSHULRGLFꢂVFUHHQꢂUHIUHVKꢂ
DSSOLFDWLRQꢂLIꢂ\RXUꢂ/&'ꢂPRQLWRUꢂZLOOꢂ
GLVSOD\ꢂXQFKDQJLQJꢂVWDWLFꢂFRQWHQWꢁ
ꢂ :DUQLQJ
6HYHUHꢕEXUQꢍLQꢕꢂRUꢂꢕDIWHUꢍLPDJHꢕꢂRUꢂꢕJKRVWꢂLPDJHꢕꢂ
V\PSWRPVꢂZLOOꢂQRWꢂGLVDSSHDUꢂDQGꢂFDQQRWꢂEHꢂ
UHSDLUHGꢁꢂ7KHꢂGDPDJHꢂPHQWLRQHGꢂDERYHꢂLVꢂQRWꢂ
FRYHUHGꢂXQGHUꢂ\RXUꢂZDUUDQW\ꢁ
4ꢁꢃꢎꢀꢀꢀ:K\ꢀLVꢀP\ꢀ'LVSOD\ꢀQRWꢀVKRZLQJꢀVKDUSꢀ
WH[WꢍꢀDQGꢀLVꢀGLVSOD\LQJꢀMDJJHGꢀFKDUDFWHUV"
$QVꢂꢎꢂꢂ<RXUꢂ/&'ꢂPRQLWRUꢂZRUNVꢂEHVWꢂDWꢂLWVꢂQDWLYHꢂ
UHVROXWLRQꢂRIꢂꢀꢎꢓꢓꢂ[ꢂꢈꢓꢓꢂ#ꢂꢎꢓꢂ+]ꢁꢂ)RUꢂ
EHVWꢂGLVSOD\ꢋꢂSOHDVHꢂXVHꢂWKLVꢂUHVROXWLRQꢁꢂ
ꢄꢆ
ꢃꢉꢁꢁꢀ¨ꢀ.RQLQNOLMNHꢀ3KLOLSVꢀ(OHFWURQLFVꢀ1ꢂ9ꢂꢀꢀ$OOꢀULJKWVꢀUHVHUYHGꢂ
3KLOLSVꢀDQGꢀWKHꢀ3KLOLSVꢀ6KLHOGꢀ(PEOHPꢀDUHꢀUHJLVWHUHGꢀWUDGHPDUNVꢀRIꢀ
.RQLQNOLMNHꢀ3KLOLSVꢀ(OHFWURQLFVꢀ1ꢂ9ꢂꢀDQGꢀDUHꢀXVHGꢀXQGHUꢀOLFHQVHꢀIURPꢀ
.RQLQNOLMNHꢀ3KLOLSVꢀ(OHFWURQLFVꢀ1ꢂ9ꢂ
6SHFLILFDWLRQVꢀDUHꢀVXEMHFWꢀWRꢀFKDQJHꢀZLWKRXWꢀQRWLFHꢂ
9HUVLRQꢎꢀ0ꢅꢃꢉꢇ9ꢁ&
|