Download - Catalog Www.mte.Net
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
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
5CXK 'NGVVTQPKEC UTN NGCFGT KPVJG $XWRPRWLYH GNF RTGUGPVUVJG DTCPF 0LQLWRROV HQT VJGRTQFWEVKQP QH URGGFQ RCTVU CPFVQQNU VQ TGRCKT FKIKVCN QFQOGVGTU6JG GPVKTG TCPIG QH /KPKVQQNURTQFWEVU KU HQT ECT GNGEVTQPKEUQRGTCVQTU5CXK 'NGVVTQPKEC JCU DGGP KP VJG$IWHUPDUNHWGNFHQTUQNQPIVKOGUVWF[KPICNNQFQOGVGTURTQDNGOUCPF ETGCVKPI C PGY NKPG QHCFCRVCDNGFCUJDQCTFURCTGRCTVUVQUQNXGVJGO9JGP VJGTGU C RTQDNGO CDQWV CFKIKVCN ENWUVGT VJG[ UWIIGUV [QWVQ EJCPIG VJG GPVKTG FCUJDQCTFURGPFKPI NQV QH OQPG[ ;QW ECPUCXG OQPG[ LWUV TGRNCEKPI VJGDTQMGPFCUJDQCTFRCTVYKVJCPGY/KPKVQQNUQPG;QWECPEJCPIGC.%& FKURNC[ C HNCV ECDNG C EQXGTQT CP ''241/ YKVJ C /KPKVQQNUFCUJDQCTFRCTVCPFVJGTGRCKTYKNNDGRGTHGEVN[FQPG#NN /KPKVQQNU RTQFWEVU CTG VGUVGFCPFEQPVTQNNGFVQDGYCTTCPV[QHCRGTHGEVTGRCKT6JCVUYJ[ VJG[CTGPQYVJGTUVRTQFWEVU KP VJG GNF NQQMKPI CVSWCNKV[CPFEQPXGPKGPEG
5#8+'.'66410+%#GKNOCTEJKQ/+0+611.5
5#8+'.'66410+%#CPFVJG/+0+611.5
DTCPF
8CPVCIIKFGKRTQFQVVK/+0+611.5
'XCUKQPGFGINKQTFKPKKPIKQTPCVCEQPRQUUKDKNKVFKEQPUGIPCTGKP+VCNKCKPEKTECIKQTPQKUQNGIKQTPKKP
'WTQRCKPEKTECIKQTPKPGNTGUVQFGNOQPFQEQPVGORKFKEQPUGIPC725Q606EKTECIKQTPK
)CTCP\KCUWKRTQFQVVK+PRCTVKEQNCTGRGTKHNCVNCICTCP\KCXCNKFCCPEJGKPECUQFKKPUVCNNC\KQPGUDCINKCVC
7PUGTXK\KQFKCUUKUVGP\CVGEPKECURGEKCNK\\CVQ
6WVVKKRTQFQVVKCOCTEJKQ/KPKVQQNUUQPQXGPFWVKFKTGVVCOGPVGFCNRTQFWVVQTGCINKQRGTCVQTKFGNUGVVQTG
0GUUWPSWCPVKVCVKXQOKPKOQTKEJKGUVQ5EQPVKRGTSWCPVKV
&GNKXGT[YKVJKPFC[ KP +VCN[FC[U KP'WTQRGCPF725606QT&*.EQPFKVKQPUHQTVJGTGUVQHVJGYQTNF
CDQWVFC[U
9CTTCPV[ 1P VJG HNCV VJGTGU C URGEKCN GZVGPFGFYCTTCPV[QPRTQDNGOUVJCVOC[QEEWTHTQOCYTQPIKPUVCNNCVKQP
/KPKVQQNU RTQFWEVU CTG FKTGEVN[ UQNF HTQO VJGOCPWHCEVWTGTVQVJGPCNEWUVQOGT
#RTQORVURGEKCNK\GFUGTXKEGQHVGEJPKECNCUUKUVCPEGVQMGGRKPVQWEJYKVJVJGPCNEWUVQOGT
0Q OKPKOWO SWCPVKV[ KU TGSWGUVGF 2TKEGU CPFFKUEQWPVUCTGDCUGFQPSWCPVKVKGU
9J[KVUDGVVGTVQDW[/+0+611.5RTQFWEVU
XOWLP
RDJJ
LRUQDPH
QWR
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
+0&+%',1'(;
SDJ 0RGXORGRUGLQH 2UGHUIRUPSDJ &RQGL]LRQLJHQHUDOLGLYHQGLWD *HQHUDOVDOHFRQGLWLRQVSDJ 0RGXOR50$SDJ 50$IRUPSDJ 0RGXORULSDUD]LRQLSDJ 5HSDLUVIRUP
2#)'LVSOD\/&'SHUTXDGULVWUXPHQWL'DVKERDUGV/&'GLVSOD\V
2#))ODWGLULFDPELRSHUTXDGULVWUXPHQWL5HSODFHPHQW DWFDEOHVIRUGDVKERDUGV
2#)5LSDUD]LRQL5HSDLUV
2#)3LQ]HGLWHVWHDGDWWDWRUL,&WHVWFOLSVDQGDGDSWHUV
2#)$GDWWDWRULSHUGLDJQRVL'LDJQRVWLFDGDSWHUV
2#)$WWUH]]DWXUDSHUULSDUD]LRQL5HSDLUWRROV
2#)5LFDPELSHUFRQWDFKLORPHWUL'DVKERDUGVVSDUHSDUWV3DJ-XNHQ6ZLVV7HFKQRORJ\
N NFNHNJNLN ENNEFN
EHNEJNELN
EFGH I
J K L
fENNN
2#),QJUDQDJJLSHUFRQWDFKLORPHWUL5HSODFHPHQWDXWRPRWLYHJHDUV
2#)5LFDPELFRYHUFKLDYLHJRPPLQL5HSODFHPHQWNH\FRYHUVDQGUXEEHUV
2#)%DWWHULHGLULFDPELR5HSODFHPHQWEDWWHULHV
2#)3XOVDQWLHPLFURSXOVDQWL6ZLWFKHVDQGPLFURVZLWFKHV
2#)6WUXPHQWLHULFDPELSHULGURJXLGD3RZHUVWHHULQJSDUWVDQGWRROV
2#)5HOSHUODULSDUD]LRQHGHOOHOHWWURQLFDGHOODXWR5HOD\VIRUDXWRPRWLYHHOHFWURQLFUHSDLU
2#)&RPSRQHQWLHOHWWURQLFL(OHFWURQLFGHYLFHV
2#)$WWUH]]DWXUH(TXLSPHQWV
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3',63
'LVSOD\/&'FRQDWDGDWWDELOHDTXDGULVWUXPHQWL$/)$520(20$*1(7,0$5(//,1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\ZLWKDWWR$/)$520(20$*1(7,0$5(//,GDVKERDUGV,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
/&'GLVSOD\IRU$OID5RPHRGDVKERDUGV
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
/&'GLVSOD\IRU%PZ(((GDVKERDUGV
'LVSOD\/&'DGDWWDELOHDLTXDGULVWUXPHQWL %0:6HULH( %0:6HULH( %0:;(QRDLPRGHOOL9HUVLRQLFRQRVHQ]DDWFRQFRQWDWWLLQFDUERQLR'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\WR %0:6HULHV( %0:6HULHV( %0:;(GDVKERDUGVXQWLOPRGHOV,WFDQEHSURYLGHGZLWKRUZLWKRXWDWZLWKFDUERQFRQWDFWV6L]H[PP
6(3',63QRDW
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52 5'2&+52(
'LVSOD\/&'GLULFDPELRSHUFRQWDFKLORPHWULHTXDGULVWUXPHQWL$GDWWDELOLDTXDGULHFRQWDFKLORPHWULGLGLYHUVHFDVHDXWRPRELOLVWLFKH$XGL$OID5RPHR%PZ)LDW3HXJHRW0HUFHGHV5HQDXOW9RONVZDJHQHFFVRVWLWXLVFRQRLOGLVSOD\GLIHWWRVRULVROYHQGRDOFXQLSUREOHPLGHOORULJLQDOHTXDOLDGHVHPSLRGLVSOD\LOOHJJLELOHSRFRFRQWUDVWRSHUGLWDGHLSL[HOLPPDJLQHULEDOWDWDHFF
5HSODFHPHQW/&'GLVSOD\IRUGLJLWDOVSHHGRPHWHUVDQGLQVWUXPHQWFOXVWHUV$GDSWDEOHWRFOXVWHUVRIGLIIHUHQWEUDQGV$XGL$OID5RPHR%PZ)LDW3HXJHRW0HUFHGHV5HQDXOW9RONVZDJHQHWFWKH\FDQUHSODFHWKHGHIHFWLYH/&'GLVSOD\VROYLQJVRPHSUREOHPVRIWKHRULJLQDORQHVXFKDVPLVVLQJVFUHHQSL[HOVXQUHDGDEOHGLVSOD\GHDGSL[HOVORZFRQWUDVWVZDSSHGLPDJHLOOXPLQDWLRQIDLOXUHHWF
'LVSOD\/&'SHUTXDGULVWUXPHQWL'DVKERDUGV/&'GLVSOD\V
6(3',63)ZLWKDW
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
/&'GLVSOD\IRU$OID5RPHR,QIRFHQWHU$OID5RPHR5DGLRQDYLJDWLRQ6\VWHP
6(3',63
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHD ,QIRFHQWHU$/)$520(2
PRGHOOLQRDO $XWRUDGLR1DYLJDWRUHSHU
$/)$520(21RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWR $/)$520(2
,QIRFHQWHUPRGHOVXQWLO
$/)$520(25DGLRQDYLJDWLRQ6\VWHP
,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
/&'GLVSOD\IRU0HUFHGHV:DQG$0*:GDVKERDUGV
6(3',63
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL0(5&('(6:H$0*:PRGHOOLQRDO1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWR0(5&('(6:DQG$0*:GDVKERDUGVXQWLOPRGHOV,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
3$*
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL0(5&('(6&ODVVH$%PRGHOOLGDOLQSRL'LVSRQLELOHQHOOHYHUVLRQLHYROWV1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP7HVWGLYHULFDYROWVSHU6(3',63$OLPHQWDUHLOFRQWDFKLORPHWULFRQQHWWRUHELDQFR3,1QR*1'3,1QR3,1QRYHFRQWUROODUHFRQXQWHVWHUODWHQVLRQHULVXOWDQWHGDOODPLVXUD]LRQHGHLSXQWLLQGLFDWLQHOODJXUD6HODWHQVLRQHFRPSUHVDWUDYHYYDPRQWDWRLO6(3',6396HODWHQVLRQHFRPSUHVDWUDYHYQHFHVVDULRPRQWDUHLO6(3',639
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWR0(5&('(6$%&ODVVGDVKERDUGVIURPPRGHOV$YDLODEOHLQDQGYROWVYHUVLRQ,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
6(3',63YROWVWHVW7XUQRQWKHGDVKERDUGZKLWHFRQQHFWRU3,1QR*1'3,1QR3,1QRYDQGXVHDPXOWLPHWHUWRFKHFNWKHYROWDJHEHWZHHQWKHSRLQWVDVLQWKHSLFWXUH,ILWJRHVIURPYDQGY\RXKDYHWRSXW6(3',639RQ,IWKHYROWDJHLVLQFOXGHGEHWZHHQYDQGY\RXKDYHWRLQVWDOO6(3',639
/&'GLVSOD\IRU0HUFHGHV$%&ODVVGDVKERDUGV
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+528 5'2&+528
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL0(5&('(6&ODVVH&*PRGHOOLGDODO1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
/&'GLVSOD\IRU0HUFHGHV&*&ODVVGDVKERDUGV
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWR0(5&('(6&*&ODVVGDVKERDUGVIURPWRPRGHOV,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
6(3',63
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',6396(3',639
63(',=,21( 3HUO,WDOLDDSSOLFKLDPROHVHJXHQWLFRQGL]LRQL1HVVXQFRVWR3HURUGLQLVXSHULRULD,9$HVFOXVD
3HURUGLQLLQIHULRULD,9$HVFOXVD
/H VSHGL]LRQL YHQJRQR HYDVH LQ JLRUQDWD HG HIIHWWXDWHWUDPLWHFRUULHUH6'$
6+,33,1* :HDSSO\WKHIROORZLQJVKLSSLQJUDWHV'7 016'71RFKDUJH
2UGHUVPRUHWKDQ
2UGHUVOHVVWKDQ
1RFKDUJH
2UGHUVPRUHWKDQ
2UGHUVOHVVWKDQ6KLSPHQWVDUHSURFHVVHGRQWKHVDPHGD\DQGFDUULHGRXWE\'+/717RU836
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
#NN.%&FKURNC[UCTGIWCTCPVGGFOQPVJU
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL $8',$-$(*(5PRGHOOL
QRDO $8',$-$(*(5PRGHOOL
QRDO $8',$-$(*(5PRGHOOL
QRDO $8',77-$(*(5PRGHOOL
QRDO,O6(3',63FRPSRVWRGDOGLVSOD\/&'XQLWRDODWGDVDOGDUHFRQVWDJQRDOFLUFXLWR'LPHQVLRQL[PP
6(3',63
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWRWKHIROORZLQJGDVKERDUGV $8',$-$(*(5XQWLO
PRGHOV $8',$-$(*(5XQWLO
PRGHOV $8',$-$(*(5XQWLO
PRGHOV $8',77-$(*(5XQWLO
PRGHOV7KH6(3',63LVFRPSRVHGE\WKH/&'GLVSOD\DQGWKHDWWKDWPXVWEHVROGHUHGWRWKHPRWKHUERDUG6L]H[PP
/&'GLVSOD\IRU$XGL$$$77-DHJHUGDVKERDUGV
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',63
/&'GLVSOD\IRU9RONVZDJHQ*ROI97RXUDQ3DVVDW6HDWDQG6NRGDGDVKERDUGV
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL 92/.6:$*(1*2/)9
3$66$77285$1PRGHOOLGRSRLO
6($7DOFXQLPRGHOOLGRSRLO
6.2'$DOFXQLPRGHOOLGRSRLO
1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWRWKHIROORZLQJGDVKERDUGV 92/.6:$*(1*2/)9
3$66$77285$1PRGHOVDIWHU
6($7VRPHPRGHOVDIWHU
6.2'$VRPHPRGHOVDIWHU
,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL5$1*(529(5PRGHOOLQRDO'LPHQVLRQL[PP
/&'GLVSOD\IRU5DQJH5RYHUGDVKERDUGV
$GDSWDEOH/&'GLVSOD\ZLWKDWWR5$1*(529(5GDVKERDUGVXQWLOPRGHOV6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',63
7XWWLLGLVSOD\/&'VRQRJDUDQWLWLPHVL
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL 6.2'$2&7$9,$PRGHOOL
GRSRLO 92/.6:$*(13$66$7
PRGHOOLGRSRLO1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWRWKHIROORZLQJGDVKERDUGV 6.2'$2&7$9,$PRGHOV
DIWHU 92/.6:$*(13$66$7
PRGHOVDIWHU,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
6(3',63PPVSHVVRUHWKLFNQHVV
6(3',63%PPVSHVVRUHWKLFNQHVV
127(3HUGLVWLQJXHUH6(3',63GD6(3',63%QHFHVVDULRYHULFDUHORVSHVVRUHYHGLIRWRDODWR7RNQRZWKHULJKWGLVSOD\EHWZHHQ6(3',63DQG6(3',63%KDYHDORRNWRWKHWKLFNQHVVVHHSLFWXUHRQWKHOHIW
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL 92/.6:$*(1*2/)9
7285$13$66$7PRGHOOLGRSRLO
6($7DOFXQLPRGHOOLGRSRLO
1RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
/&'GLVSOD\IRU9RONVZDJHQ*ROI97RXUDQ3DVVDWDQG6HDWGDVKERDUGV
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWRWKHIROORZLQJGDVKERDUGV 92/.6:$*(1*2/)9
7285$13$66$7PRGHOVDIWHU
6($7VRPHPRGHOVDIWHU
,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
6(3',63
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52 5'2&+52$
/&'GLVSOD\IRU6NRGD2FWDYLDDQG9RONVZDJHQ3DVVDWGDVKERDUGV
6(3',63%
PP
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL3(8*(271RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP127$(PROWRLPSRUWDQWHPLVXUDUHODGLVWDQ]DGDODWDOERUGRLQIHULRUHGHOGLVSOD\SHULGHQWLFDUORFRUUHWWDPHQWH
/&'GLVSOD\IRU3HXJHRWGDVKERDUGV$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWR3(8*(27GDVKERDUGV,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
127(,WVYHU\LPSRUWDQWWRPHDVXUHWKHGLVWDQFHEHWZHHQWKHDWDQGWKHERWWRPRIWKH/&'WRFRUUHFWO\LGHQWLI\WKHGLVSOD\
6(3',63
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3',63
'LVSOD\/&'ODWRGHVWUR[SL[HOFRPSOHWRGLDWDGDWWDELOHDLFRQWDFKLORPHWUL5(1$8/702'861RQVLVDOGDVXOODVFKHGDPDVLLQVHULVFHDGLQFDVWURQHOODSSRVLWRFRQQHWWRUH'LPHQVLRQL[PP
6(3',63
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHD,QIRFHQWHU6$$%6,'6,'6,'PRGHOOLGDODO'LPHQVLRQL[PP
/&'GLVSOD\IRU5HQDXOW0RGXVGDVKERDUGV
$GDSWDEOH/&'ULJKWVLGHGLVSOD\[SL[HOVZLWKDWWR5(1$8/702'86GDVKERDUGV,WGRHVQRWQHHGWREHVROGHUHGEXWLQVHUWHGLQWKHFRQQHFWRURQWKHERDUG6L]H[PP
/&'GLVSOD\DWIRU6DDE6,',QIRFHQWHU
$GDSWDEOH/&'GLVSOD\ZLWKDWWR6$$%6,'6,'6,',QIRFHQWHUPRGHOVIURPWR6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
'LVSOD\/&'[SL[HODGDWWDELOHDFRQWDFKLORPHWUL0(5&('(69,$129,72PRGHOOLGDOLQSRL,O6(3',63%FRPSRVWRGDOGLVSOD\/&'XQLWRDODWGDVDOGDUHFRQVWDJQRDOFLUFXLWR'LPHQVLRQL[PP
/&'GLVSOD\IRU0HUFHGHV9LDQR9LWRGDVKERDUGV
$GDSWDEOH/&'GLVSOD\[SL[HOVWR0(5&('(69,$129,72GDVKERDUGVIURPPRGHOV7KH6(3',63%LVFRPSRVHGE\WKH/&'GLVSOD\DQGWKHDWWKDWPXVWEHVROGHUHGWRWKHPRWKHUERDUG6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52$
6(3',63%
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHSHUPRGXORDULDFRQGL]LRQDWD$&&6$$%PRGHOOLQRDO'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\ZLWKDWWR6$$%$&&FOLPDWHFRQWUROXQLWXQWLOPRGHOV6L]H[PP
'LVSOD\DWIRU6DDE$&&
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',63
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHDLTXDGULVWUXPHQWLGHOOHVHJXHQWLDXWR 0(5&('(6&ODVVH&: 0(5&('(6&ODVVH(: 0(5&('(6&ODVVH&/.: 0(5&('(6&ODVVH6/.5,FRQWDFKLORPHWUL0HUFHGHVGHOOHDXWRVRSUDHOHQFDWHXWLOL]]DQRGLYHUVLPRGHOOLGLGLVSOD\/&'JHQHUDOPHQWHDVVRFLDWLWUDGLORURDJUXSSLGLWUH3HULGHQWLFDUHOHVDWWDFRQJXUD]LRQHQHFHVVDULRQHOODPDJJLRUSDUWHGHLFDVLULFRQRVFHUHLOGLVSOD\FHQWUDOHHVXFFHVVLYDPHQWHLGXHGLVSOD\ODWHUDOL
/&'GLVSOD\IRU0HUFHGHV&(&/.6/.&ODVVGDVKERDUGV
$GDSWDEOH/&'GLVSOD\ZLWKDWWRWKHIROORZLQJGDVKERDUGV 0(5&('(6&&ODVV: 0(5&('(6(&ODVV: 0(5&('(6&/.&ODVV: 0(5&('(66/.&ODVV52Q0HUFHGHVFDUVGDVKERDUGVOLVWHGDERYHLWVSRVVLEOHWRQGPDQ\GLIIHUHQWPRGHOVRI/&'GLVSOD\VJHQHUDOO\DVVRFLDWHGRQHWRDQRWKHULQVHWVRIWKUHH7RLGHQWLI\WKHH[DFWFRQJXUDWLRQLQPRVWRIWKHFDVHVLWLVQHFHVVDU\WRUHFRJQL]HWKHFHQWUDOGLVSOD\DQGWKHQWKHWZRRQWKHVLGHV
3LQQRQFROOHJDWR1RWFRQQHFWHGSLQ
6(3',63$6(3',63'6(3',63%,OPRGHOORPDJJLRUPHQWHULFRQRVFLELOHLO6(3',63'4XHVWRGLVSOD\YLVXDOL]]DVRORLNPSDU]LDOLHWRWDOLVHQ]DQHVVXQDOWURVLPEROR&RQTXHVWDFRQJXUD]LRQHQHOODPDJJLRUSDUWHGHLFDVLLGXHGLVSOD\ODWHUDOLVRQRLPRGHOOL6(3',63$H6(3',63%127$LOFLUFXLWRVWDPSDWRVXFXLYDFROOHJDWRLO6(3',63%KDXQDSLVWDLQPHQRULVSHWWRDODWGHOGLVSOD\LOSLQGDODVFLDUHYXRWRLOSULPRDVLQLVWUD
6(3',63$6(3',63'6(3',63%7KHPRVWUHFRJQL]DEOHGLVSOD\LVWKH6(3',63',WVKRZVMXVWSDUWLDODQGWRWDONLORPHWHUVYDOXHZLWKRXWDQ\IXUWKHUV\PERO:LWKWKLVOD\RXWLQPRVWRIWKHFDVHVWKHPRGHOV6(3',63$DQG6(3',63%DUHWKHWZRVLGHGLVSOD\V127(WKHUHVRQHVWULSOHVVRQWKHERDUGFRPSDULQJWRWKH6(3',63%GLVSOD\VDWWKHIUHHSLQQRWFRQQHFWHGLVWKHUVWRQHRQWKHOHIW
/$
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3',63*6(3',63'6(3',63),OPRGHOORSLULFRQRVFLELOHLO6(3',63'FKHYLVXDOL]]DLNPSDU]LDOLHWRWDOLSLDOFXQHVSLHTXDOLROLRVHUYLFHHFF&RQTXHVWDFRQJXUD]LRQHQHOODPDJJLRUSDUWHGHLFDVLLGXHGLVSOD\ODWHUDOLVRQRLPRGHOOL6(3',63*H6(3',63)127$LOFLUFXLWRVWDPSDWRVXFXLYDFROOHJDWRLO6(3',63)KDXQDSLVWDLQPHQRULVSHWWRDODWGHOGLVSOD\LOSLQGDODVFLDUHYXRWRLOSULPRDVLQLVWUD
6(3',63*6(3',63'6(3',63)7KHPRVWUHFRJQL]DEOHGLVSOD\LVWKH6(3',63'WKDWVKRZVSDUWLDODQGWRWDONLORPHWHUVYDOXHSOXVVRPHRWKHULQIRUPDWLRQVXFKDVRLOVHUYLFHDQGVRRQ:LWKWKLVOD\RXWLQPRVWRIWKHFDVHV6(3',63*DQG6(3',63)DUHWKHWZRVLGHGLVSOD\V127(WKHUHVRQHVWULSOHVVRQWKHERDUGFRPSDULQJWRWKH6(3',63)GLVSOD\VDWWKHIUHHSLQQRWFRQQHFWHGLVWKHUVWRQHRQWKHOHIW
3LQQRQFROOHJDWR1RWFRQQHFWHGSLQ
6(3',63(6(3',63&,OTXDGURSUHVHQWDXQGLVSOD\FHQWUDOHDGLQFDVWURFRQWHFQRORJLD&2*FKHQRQKDGLIHWWLQRWLSLLGXHODWHUDOL7UDLGXHODWHUDOLLOSLULFRQRVFLELOHLOPRGHOOR6(3',63&FKHYLVXDOL]]DLQXQULTXDGURDVLQLVWUDODPDUFLDLQXVRFRQLOFDPELRDXWRPDWLFRGHOODXWR127$LOFLUFXLWRVWDPSDWRVXFXLYDFROOHJDWRLO6(3',63(KDXQDSLVWDLQPHQRULVSHWWRDODWGHOGLVSOD\LOSLQGDODVFLDUHYXRWRLOSULPRDGHVWUD
6(3',63(6(3',63&,QWKHPLGGOHRIWKHGDVKERDUGWKHUHVDFHQWUDOGLVSOD\&2*WHFKQRORJ\SOXJJHGLQD=,)FRQQHFWRUWKDWKDVQRNQRZQGHIHFWVSOXVWZRGLVSOD\VRQHRQWKHULJKWDQGRQHRQWKHOHIW7KHPRVWUHFRJQL]DEOHDPRQJWKRVHWZRGLVSOD\VLVWKH6(3',63&WKDWVKRZVLQDVPDOOZLQGRZWKHJHDURIWKHDXWRPDWLFWUDQVPLVVLRQ127(WKHUHVRQHVWULSOHVVRQWKHERDUGFRPSDULQJWRWKH6(3',63(GLVSOD\VDWWKHIUHHSLQQRWFRQQHFWHGLVWKHUVWRQHRQWKHULJKWVLGH
3LQQRQFROOHJDWR1RWFRQQHFWHGSLQ
/$
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
3LQ 3LQ
6(3',63
/&'GLVSOD\IRU0HUFHGHV&/.6/.GDVKERDUGV'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL0(5&('(6&/.6/.PRGHOOLGDODO3RVL]LRQDWRQHOODSDUWHLQIHULRUHGHOTXDGURVWUXPHQWL'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWR0(5&('(6&/.6/.GDVKERDUGVPRGHOVIURPWR3RVLWLRQHGLQWKHORZHUSDUWRIWKHGDVKERDUG6L]H[PP
6(3',63 'LVSOD\/&'[SL[HOFRPSOHWRGLDWDSLQDGDWWDELOHDLTXDGULVWUXPHQWL 92/.6:$*(13$66$7H
*2/)9'2QRDO $8',$$$9'2QR
DO 6($7DOFXQLPRGHOOL9'2
QRDO 6.2'$DOFXQLPRGHOOL9'2
QRDO,O6(3',63FRPSRVWRGDOGLVSOD\/&'XQLWRDODWGDVDOGDUHFRQVWDJQRDOFLUFXLWR'LPHQVLRQL[PP
'LVSOD\RULJLQDOH2ULJLQDOGLVSOD\
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDSLQDWWRWKHIROORZLQJGDVKERDUGV 92/.6:$*(13$66$7DQG
*2/)9'2XQWLO $8',$$$9'2
XQWLO 6($7VRPH9'2PRGHOV
XQWLO 6.2'$VRPH9'2PRGHOV
XQWLO7KH6(3',63LVFRPSRVHGE\WKH/&'GLVSOD\DQGWKHDWWKDWPXVWEHVROGHUHGWRWKHPRWKHUERDUG6L]H[PP
/&'GLVSOD\IRU$XGL$$$9RONVZDJHQ3DVVDW*ROI6HDWDQG6NRGDGDVKERDUGV
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',63
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHDQDYLJDWRUH 6($7$/7($ 6($7/(21'LPHQVLRQL[PP
$GDSWDEOH/&'QDYLJDWLRQV\VWHPGLVSOD\ZLWKDWWR 6($7$/7($ 6($7/(216L]H[PP
/&'GLVSOD\IRU6HDW$OWHDDQG/HRQQDYLJDWLRQV\VWHP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3',63
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDSLQDWWRWKHIROORZLQJGDVKERDUGV 92/.6:$*(13$66$7DQG
*2/)9'2PRGHOVXQWLO
$8',$$$9'2PRGHOVXQWLO
6($7VRPH9'2PRGHOVXQWLO
6.2'$VRPH9'2PRGHOVXQWLO
7KH6(3',63LVFRPSRVHGE\WKH/&'GLVSOD\DQGWKHDWWKDWPXVWEHVROGHUHGWRWKHPRWKHUERDUG6L]H[PP
'LVSOD\IRU$XGL$$$9RONVZDJHQ3DVVDW*ROI6HDWDQG6NRGDGDVKERDUGV
3LQ 3LQ
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDSLQDGDWWDELOHDLTXDGULVWUXPHQWL 92/.6:$*(13$66$7H
*2/)9'2QRDO $8',$$$9'2QR
DO 6($7DOFXQLPRGHOOL9'2
QRDO 6.2'$DOFXQLPRGHOOL9'2
QRDO,O6(3',63FRPSRVWRGDOGLVSOD\OFGXQLWRDODWGDVDOGDUHFRQVWDJQRDOFLUFXLWR'LPHQVLRQL[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52 5'2&+52.%& 5'2&+52$1#4&
'LVSOD\IRU-$(*(50$*1(7,0$5(//,DQG9'2GDVKERDUGVIRU$XGL$$$9RONVZDJHQ3DVVDW*ROI6HDWDQG6NRGD
0'9
.LWGLVSOD\/&'[SL[HO3&%DGDWWDELOHDWXWWLLFRQWDFKLORPHWUL-$(*(50$*1(7,0$5(//,H9'2WUDFXL $8',$$$-$(*(5
QRDO $8',77-$(*(5QRDO
$8',$$9'2
QRDO $8',$$9'2
QRDO 92/.6:$*(1*ROI,9
3DVVDW%RUD6KDUDQ9'2QRDO
92/.6:$*(17UDQVSRUWHU779'2QRDO
6($7$OKDPEUD,EL]D/HRQ9'2QRDO
6.2'$)DELD2FWDYLD9'2QRDO
,O6(3',63XQNLWFRPSRVWRGDXQFLUFXLWRVWDPSDWRGDVDOGDUHVXOODVFKHGDGHOFRQWDFKLORPHWULHGDXQGLVSOD\/&'FRPSOHWRGLDWGDLQVHULUHQHOFRQQHWWRUHGHO3&%IRUQLWR6RVWLWXLVFHLGLVSOD\0LQLWRROV6(3',63(H6(3',63('LPHQVLRQL[PP
/&'GLVSOD\NLW[SL[HO3&%DGDSWDEOHWRDOO-$(*(50$*1(7,0$5(//,DQG9'2GDVKERDUGVVXFKDV $8',$$$-$(*(5
XQWLO $8',77-$(*(5XQWLO
$8',$$9'2
XQWLO $8',$$9'2
XQWLO 92/.6:$*(1*ROI,9
3DVVDW%RUD6KDUDQ9'2XQWLO
92/.6:$*(17UDQVSRUWHU779'2XQWLO
6($7$OKDPEUD,EL]D/HRQ9'2XQWLO
6.2'$)DELD2FWDYLD9'2XQWLO
7KH6(3',63NLWLVFRPSRVHGE\DERDUGWREHVROGHUHGRQWKHPDLQERDUGRIWKHFOXVWHUDQGD/&'GLVSOD\ZLWKDWLQFOXGHGWRLQVHUWLQWKHUHODWHG3&%SOXJRQWKHVPDOOERDUG,WUHSODFHV0LQLWRROVGLVSOD\6(3',63(DQG6(3',63(6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',63
'LVSOD\RULJLQDOL2ULJLQDOGLVSOD\V
0'9
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3',63
'LVSOD\/&'[SL[HOFRPSOHWRGLDWDGDWWDELOHDLTXDGULVWUXPHQWL0(5&('(60/:GDODO'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\[SL[HOVZLWKDWWRWKH0(5&('(60/:IURPWRGDVKERDUGV6L]H[PP
/&'GLVSOD\IRU0HUFHGHV0/GDVKERDUGV
0'9
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
6(3',63
'LVSOD\/&'PRQRFURPDWLFR[SL[HOFRPSOHWRGLDWDGDWWDELOHDLTXDGULVWUXPHQWL$8',$%26&+GDODO'LPHQVLRQL[PP
$GDSWDEOHPRQRFKURPDWLF/&'GLVSOD\[SL[HOVZLWKDWWR$8',$%26&+IURPWR6L]H[PP
0RQRFKURPDWLF/&'GLVSOD\IRU$XGL$%RVFK
0'9
%QFKEG%QFG 2TG\\Q2TKEG
5'2&+52
0RQRFKURPDWLF/&'GLVSOD\IRU3RUVFKH&D\HQQHDQG9RONVZDJHQ7RXDUHJGDVKERDUGV
6(3',630'9 'LVSOD\/&'PRQRFURPDWLFR[SL[HODGDWWDELOHDTXDGUL
VWUXPHQWL 3256&+(&$
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(,',63
'LVSOD\/&'DFRORULDGDWWDELOHDTXDGULVWUXPHQWL$8',$H40$*1(7,0$5(//,PRGHOOLGRSRLO'LPHQVLRQL[PP
&RORXU/&'GLVSOD\IRU$XGL$DQG4
$GDSWDEOHFRORXU/&'GLVSOD\WR$8',$DQG40$*1(7,0$5(//,LQVWUXPHQWFOXVWHUVPRGHOVDIWHU6L]H[PP
4KEQPFK\KQPCVQ4GHWTDKUJGF
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
6(,',63
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL),$7*5$1'(38172'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\ZLWKDWWR),$7*5$1'(38172LQVWUXPHQWFOXVWHUV6L]H[PP
/&'GLVSOD\IRU)LDW*UDQGH3XQWR
4KEQPFK\KQPCVQ4GHWTDKUJGF
6(,',63
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL),$738172'LPHQVLRQL[PP
/&'GLVSOD\IRU)LDW3XQWR
$GDSWDEOH/&'GLVSOD\ZLWKDWWR),$738172LQVWUXPHQWFOXVWHUV6L]H[PP
6(,',63
'LVSOD\/&'FRPSOHWRGLDWDGDWWDELOHDTXDGULVWUXPHQWL),$7'LPHQVLRQLPP
/&'GLVSOD\IRU)LDW
$GDSWDEOH/&'GLVSOD\ZLWKDWWR),$7LQVWUXPHQWFOXVWHUV6L]HPP
4KEQPFK\KQPCVQ4GHWTDKUJGF
4KEQPFK\KQPCVQ4GHWTDKUJGF
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
'LVSOD\/&'DFRORULDGDWWDELOHDTXDGULVWUXPHQWL$8',$%26&+PRGHOOLGDODO'LPHQVLRQL[PP
&RORXU/&'GLVSOD\IRU$XGL$
$GDSWDEOHFRORXU/&'GLVSOD\WR$8',$%26&+LQVWUXPHQWFOXVWHUVPRGHOVIURPWR6L]H[PP
5HWUR%DFN
6(,',63
'LVSOD\/&'PRQRFURPDWLFRDGDWWDELOHDTXDGULVWUXPHQWL$8',$H40$*1(7,0$5(//,PRGHOOLGRSRLO'LPHQVLRQL[PP
0RQRFKURPDWLF/&'GLVSOD\IRU$XGL$DQG4
$GDSWDEOHPRQRFKURPDWLF/&'GLVSOD\WR$8',$DQG40$*1(7,0$5(//,LQVWUXPHQWFOXVWHUVPRGHOVDIWHU6L]H[PP
4KEQPFK\KQPCVQ4GHWTDKUJGF
4KEQPFK\KQPCVQ4GHWTDKUJGF
&KURQPKDKNKVNKOKVCVC.KOKVGFCXCKNCDKNKV[
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
6(,',63
6(,',63
'LVSOD\/&'DFRORULDGDWWDELOHDTXDGULVWUXPHQWL0$*1(7,0$5(//, $8',$656
PRGHOOLGRSRLO $8',$656
PRGHOOLGRSRLO'LPHQVLRQL[PP
&RORXU/&'GLVSOD\IRU$XGL$656DQG$XGL$656
$GDSWDEOHFRORXU/&'GLVSOD\WR0$*1(7,0$5(//,LQVWUXPHQWFOXVWHUVRI $8',$656
PRGHOVDIWHU $8',$656
PRGHOVDIWHU6L]H[PP
5HWUR%DFN
4KEQPFK\KQPCVQ4GHWTDKUJGF
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
6(,',63
'LVSOD\/&'PRQRFURPDWLFRDGDWWDELOHDTXDGULVWUXPHQWL0$*1(7,0$5(//, $8',$656PRGHOOL
GRSRLO $8',$656PRGHOOL
GRSRLO'LPHQVLRQL[PP
0RQRFKURPDWLF/&'GLVSOD\IRU$XGL$656DQG$XGL$656
$GDSWDEOHPRQRFKURPDWLF/&'GLVSOD\WR0$*1(7,0$5(//,LQVWUXPHQWFOXVWHUVRI $8',$656PRGHOV
DIWHU $8',$656PRGHOV
DIWHU6L]H[PP
4KEQPFK\KQPCVQ4GHWTDKUJGF
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(,',63
'LVSOD\/&'DFRORULDGDWWDELOHDTXDGULVWUXPHQWL 92/.6:$*(1728$5(*
PRGHOOLGDODO 3256&+(&$
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
'LVSOD\/&'DGDWWDELOHDTXDGULVWUXPHQWL$/)$520(2'LPHQVLRQL[PP
/&'GLVSOD\IRU$OID5RPHRGDVKERDUGV
$GDSWDEOH/&'GLVSOD\WR$/)$520(2LQVWUXPHQWFOXVWHUV6L]H[PP
4KEQPFK\KQPCVQ4GHWTDKUJGF
6(,',630'9
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
/&'GLVSOD\IRU$OID5RPHR0L7R*LXOLHWWDGDVKERDUGV
0'9
4KEQPFK\KQPCVQ4GHWTDKUJGF
6(,',63
'LVSOD\/&'DGDWWDELOHDTXDGULVWUXPHQWL$/)$520(20L7R*,8/,(77$'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\WR$/)$520(20L7R*,8/,(77$LQVWUXPHQWFOXVWHUV6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
/&'GLVSOD\IRU$OID5RPHRGDVKERDUGV
6(,',63
'LVSOD\/&'DGDWWDELOHDTXDGULVWUXPHQWL$/)$520(2'LPHQVLRQL[PP
$GDSWDEOH/&'GLVSOD\WR$/)$520(2LQVWUXPHQWFOXVWHUV6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
0'9
4KEQPFK\KQPCVQ4GHWTDKUJGF
-
&KURNC[.%&RGTSWCFTKUVTWOGPVK
&CUJDQCTFU.%&FKURNC[U
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
/&'GLVSOD\IRU5HQDXOW0RGXVGDVKERDUGV
6(,',63
'LVSOD\/&'ODWRVLQLVWURDGDWWDELOHDTXDGULVWUXPHQWL5(1$8/702'86'LPHQVLRQL[PP
$GDSWDEOH/&'OHIWVLGHGLVSOD\WR5(1$8/702'86GDVKERDUGV6L]H[PP
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
/&'GLVSOD\IRU5HQDXOW6FQLFGDVKERDUGV'LVSOD\GLULFDPELRSHUFRQWDFKLORPHWUL5(1$8/76&1,&ODWRVLQLVWUR'LPHQVLRQL[PP
5HSODFHPHQW/&'GLVSOD\IRU5(1$8/76&1,&FOXVWHUVOHIWVLGH6L]H[PP
6(,',634KEQPFK\KQPCVQ4GHWTDKUJGF
%QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
6(,',63
'LVSOD\GLULFDPELRFRQWDFKLORPHWUL5(1$8/76&1,&ODWRGHVWUR'LPHQVLRQL[PP
5HSODFHPHQW/&'GLVSOD\IRU5(1$8/76&1,&GDVKERDUGVULJKWVLGH6L]H[PP
/&'GLVSOD\IRU5HQDXOW6FQLFGDVKERDUGV
4KEQPFK\KQPCVQ4GHWTDKUJGF %QFKEG%QFG 2TG\\Q2TKEG
5'+&+52
0'9
0'9
0'9
4KEQPFK\KQPCVQ4GHWTDKUJGF
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWDGDWWDELOLFRQFRQWDWWLLQFDUERQLRSHUFRQQHWWHUHLOGLVSOD\/&'DOFLUFXLWRVWDPSDWRGHOTXDGURVWUXPHQWL8WLOL]]DWLSHUODULSDUD]LRQHGHLTXDGULLQFDVRGLXVXUDGHOOHVWULVFHFRQGXWWLYHGHODWRULJLQDOH/DJDPPDLQFOXGHULFDPELSHULTXDGULVWUXPHQWLGHOOHPDJJLRULFDVHDXWRPRELOLVWLFKH$OID%PZ)LDW2SHO3HXJHRW0HUFHGHV9RONVZDJHQHFF
)OH[LEOHDWFDEOHVZLWKFDUERQFRQWDFWVWRFRQQHFWWKH/&'GLVSOD\WRWKHERDUG7KH\DUHXVHGWRUHSDLUWKHFDUGDVKERDUGLQFDVHRIFRQVXPSWLRQRIWKHVWULSVRIWKHRULJLQDODWFDEOH7KHUDQJHLQFOXGHVDWVIRUGDVKERDUGVRIWKHPDLQEUDQGV$OID%PZ)LDW2SHO3HXJHRW0HUFHGHV9RONVZDJHQHWF
)ODWGLULFDPELRSHUTXDGULVWUXPHQWL5HSODFHPHQWDWFDEOHVIRUGDVKERDUGV
&RSSLDGLDWGLULFDPELRDGDWWDELOLFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DQRVXTXDGULVWUXPHQWL 0(5&('(6&ODVVH&
: 0(5&('(6&ODVVH(
: 0(5&('(6&ODVVH&/.
: 0(5&('(6&ODVVH6/.
5PRGHOOLGDODO
)ODWVNLWIRU0HUFHGHV&(&/.6/.&ODVVGDVKERDUGV
&RXSOHRIDGDSWDEOHDWVZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG7KH\DUHXVHGLQWKHIROORZLQJGDVKERDUGV 0(5&('(6&&ODVV
: 0(5&('(6(&ODVV
: 0(5&('(6&/.&ODVV
: 0(5&('(66/.&ODVV
5PRGHOVIURPWR
6(3)/$7$ 6(3)/$7%
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6MKV 5'2(.#6# 5'2(.#6$
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL0(5&('(6&ODVVH$PRGHOOLGDODO
)ODWIRU0HUFHGHV$&ODVVGDVKERDUGV
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ0(5&('(6$&ODVVGDVKERDUGVPRGHOV
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HODVFKHGD6LXWLOL]]DVXTXDGULVWUXPHQWL3(8*(27H),$78/
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'FHQWUDOHHLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL 0(5&('(6&ODVVH&
: 0(5&('(6&ODVVH(
: 0(5&('(6&ODVVH&/.
: 0(5&('(6&ODVVH6/.
5PRGHOOLGDODO
)ODWIRU0HUFHGHV&(&ON6ON&ODVVGDVKERDUGV
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKHFHQWUDO/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQWKHIROORZLQJGDVKERDUGV 0(5&('(6&&ODVV: 0(5&('(6(&ODVV: 0(5&('(6&/.&ODVV
: 0(5&('(66/.&ODVV
5PRGHOVUDQJLQJIURPWR
6(3)/$7
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL92/.6:$*(1)2;
)ODWIRU9RONVZDJHQ)R[GDVKERDUGV
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ92/.6:$*(1)2;GDVKERDUGV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX,QIRFHQWHU6$$%6,'6,'PRGHOOLGDODO
)ODWIRU6DDE6,'6,',QIRFHQWHU
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ6$$%6,'6,',QIRFHQWHUIURPWRPRGHOV
6(3)/$7
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3)/$7 )ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL60$57)RUWZRPRGHOOLQRDO
)ODWIRU6PDUW)RUWZRGDVKERDUGV$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ60$57)RUWZRGDVKERDUGVXQWLOPRGHOV
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX,QIRFHQWHU6$$%6,'6,'PRGHOOLGDODO
)ODWIRU6DDE6,'6,',QIRFHQWHU
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ6$$%6,'6,',QIRFHQWHUIURPWRPRGHOV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX,QIRFHQWHU23(/$675$*H9(&75$%PRGHOOLGDODO
)ODWIRU2SHO$VWUD*9HFWUD%,QIRFHQWHU
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ23(/$675$*DQG9(&75$%,QIRFHQWHUIURPWRPRGHOV
6(3)/$7
&RSSLDGLDWGLULFDPELRDGDWWDELOLFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DQRVX,QIRFHQWHU23(/9(&75$%20(*$%H=$),5$$PRGHOOLGDODO
)ODWVNLWIRU2SHO9HFWUD%2PHJD%=DUD$,QIRFHQWHU
$GDSWDEOHDWVZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG7KH\DUHXVHGLQ23(/9(&75$%20(*$%DQG=$),5$$,QIRFHQWHUIURPWRPRGHOV
6(3)/$7
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX,QIRFHQWHU23(/$*,/$PRGHOOLQRDO
)ODWIRU2SHO$JLOD,QIRFHQWHU
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ23(/$*,/$,QIRFHQWHUXQWLOPRGHOV
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL23(/$675$H=$),5$PRGHOOLGDODO
)ODWIRU2SHO$VWUD=DUDGDVKERDUGV
)ODWIRU$&&6DDE
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGRQ23(/$675$DQG=$),5$GDVKERDUGVIURPWRPRGHOV
6(3)/$7
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXGLVSOD\SHUDULDFRQGL]LRQDWD$&&6$$%PRGHOOLQRDO
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ6$$%$&&FOLPDWHFRQWUROGLVSOD\XQWLOPRGHOV
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DSHUODULSDUD]LRQHGHOUDGLRQDYLJDWRUH%/$8381.7),$738172PRGHOOLGDODO
)ODWIRU)LDW3XQWR%ODXSXQNW5DGLR1DYLJDWLRQ6\VWHP
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ),$738172%/$8381.7UDGLRQDYLJDWLRQV\VWHPGLVSOD\IURPWRPRGHOV
6(3)/$7
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXGLVSOD\DULDFRQGL]LRQDWD$/)$520(2
)ODWIRU$OID5RPHRFOLPD
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ$/)$520(2FOLPDGLVSOD\
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWLPRWR3,$**,2/,%(57
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL-$*8$567
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWIRU0HUFHGHV:::GDVKERDUGV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL0(5&('(6::H:PRGHOOLQRDO
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ0(5&('(6::DQG:GDVKERDUGVXQWLOPRGHOV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL%0:(PRGHOOLQRDO
)ODWIRU%PZ(GDVKERDUGV
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ%0:(GDVKERDUGVXQWLOPRGHOV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWLGHLWUDWWRUL0$66(
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3)/$7
.LWFRPSRVWRGDWUHDWGLULFDPELRDGDWWDELOLFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DQRVXTXDGULVWUXPHQWL3256&+(
$ % &
)ODWVNLWIRU3RUVFKHGDVKERDUGV
.LWRIDGDSWDEOHDWVZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG7KH\DUHXVHGLQ3256&+(GDVKERDUGV
)ODWIRU2SHO$VWUD*0,'6(3)/$7
)ODWGLULFDPELRDGDWWDELOHSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX0,'23(/$675$*PRGHOOLGRSRLO
$GDSWDEOHDWWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ23(/$675$*0,'PRGHOVDIWHU
127((FRQVLJOLDWRLOPRQWDJJLRGHODWGDSDUWHGLSHUVRQDOHTXDOLFDWRHGHVSHUWR
7KHDWPXVWEHLQVWDOOHGMXVWE\H[SHUWSHRSOH
)ODWGLULFDPELRDGDWWDELOHSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX,QIRFHQWHU3(8*(27
)ODWIRU3HXJHRW,QIRFHQWHU
$GDSWDEOHDWWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ3(8*(27,QIRFHQWHU
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL92/.6:$*(1*2/
)ODWIRU9RONVZDJHQ*ROGDVKERDUGV
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ92/.6:$*(1*2/GDVKERDUGV
6(3)/$7
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL0(5&('(69,$12H9,72GDOLQSRL
127(4XHVWRDWVRVWLWXLVFHORULJLQDOHGLFRORUHYHUGH
6(3)/$7
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ0(5&('(69,$12DQG9,72GDVKERDUGVIURPRQ
7KLVDWFDQUHSODFHWKHRULJLQDOJUHHQRQH
)ODWIRU0HUFHGHV9LDQR9LWRGDVKERDUGV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWLGL1,66$148(67PRGHOOLGDODO
)ODWIRU1LVVDQ4XHVWGDVKERDUGV
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ1,66$148(67GDVKERDUGVPRGHOV
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL$8',PRGHOOL9'2QRDO
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ$8',LQVWUXPHQWFOXVWHUV9'2PRGHOVXQWLO
)ODWIRU$XGLGDVKERDUGV
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
0'9 7HPSLGLFRQVHJQD
,WDOLDJJODYRUDWLYR(8JJODYRUDWLYL1RQ(8aJJODYRUDWLYL
'HOLYHU\WLPH
,WDO\ZRUNLQJGD\(8ZRUNLQJGD\V1RW(8aZRUNLQJGD\V
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXPRGXOR$&&%0:(PRGHOOLGDODO
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ%0:($&&PRGXOHPRGHOVIURPWR
6(3)/$7
)ODWIRU%PZ($&&PRGXOH
)ODWIRU9RONVZDJHQ&DPSHU9DQ$&&PRGXOHV
6(3)/$7
)ODWIRU5HQDXOW1HZ7ZLQJRGDVKERDUGV
6(3)/$70'9 0'9
)ODWIRU&LWURQ'6GDVKERDUGV6(3)/$7
0'9
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXPRGXORDULDFRQGL]LRQDWD92/.6:$*(1&$03(59$1WUDFXL75$163257(5H&$/,)251,$
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL5(1$8/71(:7:,1*2GRSRLO
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXTXDGULVWUXPHQWL&,7521'6
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ92/.6:$*(1&$03(59$1$&&FOLPDWHFRQWUROGLVSOD\VXFKDV75$163257(5DQG&$/,)251,$
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ5(1$8/71(:7:,1*2GDVKERDUGVPRGHOVDIWHU
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ&,7521'6GDVKERDUGV
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
0'9
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWIRU2SHO9HFWUD%,QIRFHQWHU
6(3)/$70'9
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVX,QIRFHQWHU23(/9(&75$%
)ODWIRUWUDFWRUKRXUFRXQWHU6(3)/$7
.LWDWVIRU/DQFLD'HGUD
6(3)/$7
0'9
0'9
&RSSLDGLDWGLULFDPELRDGDWWDELOLFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DQRVXPRGXORFKHFNFRQWURO%25*SHU/$1&,$'('5$
&RXSOHRIDGDSWDEOHDWVZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG7KH\DUHXVHGLQ%25*FKHFNFRQWUROPRGXOHIRU/$1&,$'('5$
$GDSWDEOHDWZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQ23(/9(&75$%,QIRFHQWHU
)ODWGLULFDPELRDGDWWDELOHDSLQFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXVWUXPHQWRFRQWDRUHSHUWUDWWRUL
$GDSWDEOHDWSLQVZLWKFDUERQFRQWDFWVWRUHSODFHWKHFRQQHFWLRQEHWZHHQWKH/&'GLVSOD\DQGWKHERDUG,WLVXVHGLQWUDFWRUVKRXUFRXQWHU
PP
PP
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
%QFKEG%QFG 2TG\\Q2TKEG
5'2(.#6
-
(NCVFKTKECODKQRGTSWCFTKUVTWOGPVK
4GRNCEGOGPVHNCVECDNGUHQTFCUJDQCTFU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)ODWIRU7R\RWDIRUNOLIWVGDVKERDUGV
0'9
6(3)/$7
)ODWIRU5HQDXOW/DJXQD$&&PRGXOH
0'9
6(3)/$7
)ODWGLULFDPELRDGDWWDELOHFRQFRQWDWWLLQFDUERQLRSHUODFRQQHVVLRQHWUDLOGLVSOD\/&'HLOFLUFXLWRVWDPSDWR6LXWLOL]]DVXYDULTXDGULVWUXPHQWLSHUFDUUHOORHOHYDWRUH72
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
5LSDUD]LRQL6HUYL]LRVSHFLDOL]]DWRQHOODULSDUD]LRQHGLTXDGULVWUXPHQWLFRQJDUDQ]LDGLPHVL(FFRXQHOHQFRGHOOHSULQFLSDOLULSDUD]LRQL4XDORUDVLYHULFDVVHXQSUREOHPDGLYHUVRGDTXHOOLHOHQFDWLQRQHVLWDWHDFRQWDWWDUFLYLDLXWHUHPRDWURYDUHODPLJOLRUHVROX]LRQHFRQXQVLFXURULVSDUPLR
5HSDLUV6SHFLDOL]HGUHSDLULQJVHUYLFHRIGLJLWDOFOXVWHUVFRYHUHGE\DPRQWKVZDUUDQW\+HUHLVDOLVWRIVRPHFRPPRQSUREOHPVRIGDVKERDUGVWKDWZHFDQVROYHLQRXUODERUDWRU\I\RXQGRXWDSUREOHPQRWLQFOXGHGLQWKLVOLVWGRQWKHVLWDWHWRFRQWDFWXVZHZLOOWU\WRKHOS\RXWRVROYHLWDWWKHFKHDSHVWSULFH
0RGHOORDXWR&DUPRGHO 3UREOHPDULVFRQWUDWR7LSRGLULSDUD]LRQH 3UREOHP 5HSDLUW\SH
3UH]]R3ULFH
#.(#41/'1PQCNWPVKN
+NFKURNC[FGNNKPHQEGPVGTPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[+PHQEGPVGT
6JGKPHQEGPVGTFKURNC[KUPQVYQTMKPIRTQRGTN[
+PHQEGPVGTFKURNC[TGRNCEGOGPV
#.(#41/'1+NFKURNC[FGNNCTKCEQPFK\KQPCVCPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGHNCV 6JGENKOCFKURNC[KUPQVYQTMKPIRTQRGTN[ (NCVTGRNCEGOGPV
#.(#41/'1+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+#$15%*+NSWCFTQUVTWOGPVKPQPGOGVVGUWQPKFKUGIPCNC\KQPG
5QUVKVW\KQPGEKECNKPQ
6JGKPUVTWOGPVRCPGNFQGUPQVUQWPF
/KPKURGCMGTTGRNCEGOGPV
#7&+#$15%*
FKURNC[OQPQETQOCVKEQOQPQEJTQOCVKEFKURNC[
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+#$15%*
FKURNC[CEQNQTKEQNQTFKURNC[
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+####8&1895-15'#6PQCNWPVKN
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+###66,#')'4
PQCNWPVKN
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGEGPVTCNFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+###66,#')'4
PQCNWPVKN
+NEQPVCMONCORGIIKCGNGNCPEGVVGUQPQHWQTKVCTCVWTC
5QUVKVW\KQPG/%76JGFCUJDQCTFHNCUJGUCPFVJGPGGFNGUCTGPQVECNKDTCVGF
/%7TGRNCEGOGPV
#7&+###66,#')'4
PQCNWPVKN
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVGGNGNCPEGVVGUQPQHWQTKVCTCVWTC
5QUVKVW\KQPGFKURNC[G/%7
6JGEGPVTCNFKURNC[QHVJGFCUJDQCTFKUPQVYQTMKPIRTQRGTN[CPFVJGPGGFNGUCTGPQVECNKDTCVGF
&KURNC[CPF/%7TGRNCEGOGPV
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
0RGHOORDXWR&DUPRGHO 3UREOHPDULVFRQWUDWR7LSRGLULSDUD]LRQH 3UREOHP 5HSDLUW\SH
3UH]]R3ULFH
#7&+#/#)0'6+/#4'..+,#')'4FCNHTQO
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGEGPVTCNFKURNC[QHVJGFCUJDQCTFKUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+#/#)0'6+/#4'..+,#')'4FCNHTQO
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPUKCEEGPFG
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGEGPVTCNFKURNC[QHVJGENWUVGTFQGUPQVUVCTV
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
#7&+#545#545/#)0'6+/#4'..+,#')'4FKURNC[OQPQETQOCVKEQOQPQEJTQOCVKEFKURNC[
FCNHTQO
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGEGPVTCNFKURNC[QHVJGFCUJDQCTFKUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
#7&+#545#545/#)0'6+/#4'..+,#')'4FKURNC[CEQNQTKEQNQTFKURNC[
FCNHTQO
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGEGPVTCNFKURNC[QHVJGFCUJDQCTFKUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
3WCFTK/#)0'6+/#4'..+G,#')'4/#)0'6+/#4'..+CPF,#')'4FCUJDQCTFU
.GNCPEGVVGXGNQEKVGQEQPVCIKTKUQPQHGTOGQUKOWQXQPQCUECVVK
5QUVKVW\KQPGFKEQXGTOQVQTKPQ
6JGURGGFCPFQTTGXEQWPVGTPGGFNGUCTGUVQRRGFQTVJG[OQXGYTQPIN[
4GRNCEGOGPVQHRQKPVGTOQVQTEQXGT
$/9'':PQCNWPVKN
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
$/9/+&'':G4#0)'418'4PQCNWPVKN
+NFKURNC[FGN/+&PQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGHNCV 6JG/+&FKURNC[KUPQVYQTMKPIRTQRGTN[(NCVECDNGTGRNCEGOGPV
(+#6+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
(+#627061
FCNPQCNHTQOVQ
+NEQPVCMONCORGIIKCGNGNCPEGVVGUQPQHWQTKVCTCVWTC
5QUVKVW\KQPG/%76JGURGGFQOGVGTHNCUJGUCPFVJGPGGFNGUCTGPQVECNKDTCVGF
/%7TGRNCEGOGPV
(+#6)4#0&'2706127061'81
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
.#0%+#;25+.10FQRQKNCHVGT
.GNCPEGVVGUQPQHGTOGQHWP\KQPCPQCKPVGTOKVVGP\C
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGPGGFNGUCTGUVWEMQTVJG[YQTMKPVGTOKVVGPVN[
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
/'4%'&'5%NCUUG#
FCNCNHTQOVQ
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGHNCV6JGURGGFQOGVGTFKURNC[ECPVDGTGCFCUYGNN
(NCVECDNGTGRNCEGOGPV
/'4%'&'5%NCUUG#
FCNHTQO
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
/'4%'&'5%'%.-5.-
PQCNWPVKN
+FKURNC[FGNEQPVCMOPQPHWP\KQPCPQEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[NCVGTCNKFKURNC[EGPVTCNG
6JGFCUJDQCTFFKURNC[UCTGPQVYQTMKPIRTQRGTN[
4GRNCEGOGPVQHVJGUKFGFKURNC[URNWUVJGEGPVTCNQPG
/'4%'&'5%NCUUG%9
PQCNWPVKN
+NFKURNC[FGNEQPVCMOPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
0RGHOORDXWR&DUPRGHO 3UREOHPDULVFRQWUDWR7LSRGLULSDUD]LRQH 3UREOHP 5HSDLUW\SH
3UH]]R3ULFH
/'4%'&'5%NCUUG%)FCNCNHTQOVQ
+NFKURNC[FGNEQPVCMOPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
/'4%'&'5%.-5.-FCNCNHTQOVQ
+NFKURNC[FGNEQPVCMOPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
/'4%'&'55GTKG5oGoOQFGNNQUVCPFPFOQFGN
0QPHWP\KQPCNKNNWOKPC\KQPGUGTCNGFGNEQPVCMO
5QUVKVW\KQPGVTCUHQTOCVQTG
6JGPKIJVNKIJVPKPIQHVJGENWUVGTFQGUPQVYQTM
6TCPUHQTOGTTGRNCEGOGPV
/'4%'&'58+61524+06'4/#)0'6+/#4'..+
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGHNCV 6JGENWUVGTFKURNC[ECPVDGTGCFCUYGNN(NCVECDNGTGRNCEGOGPV
/'4%'&'58+61524+06'4/#)0'6+/#4'..+
+NEQPVCMONCORGIIKCGNGNCPEGVVGUQPQHWQTKVCTCVWTC
5QUVKVW\KQPG/%76JGENWUVGTHNCUJGUCPFVJGPGGFNGUCTGPQVECNKDTCVGF
/%7TGRNCEGOGPV
/'4%'&'58+61524+06'4/#)0'6+/#4'..+
+NEQPVCMONCORGIIKCKNFKURNC[UKXGFGOCNGGNGNCPEGVVGUQPQHWQTKVCTCVWTC
5QUVKVW\KQPGHNCVG/%7
6JGENWUVGTHNCUJGUVJGFKURNC[ECPVDGTGCFCUYGNNCPFVJGPGGFNGUCTGPQVECNKDTCVGF
(NCVCPF/%7TGRNCEGOGPV
/'4%'&'58+618+#01FCNHTQO
+NFKURNC[FGNEQPVCEJKNQOGVTKPQPHWP\KQPCEQTTGVVCOGPVG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
12'.(4106'4#+NSWCFTQUVTWOGPVKHWP\KQPCCKPVGTOKVVGP\C
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGKPUVTWOGPVRCPGNYQTMUQEECUKQPCNN[
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
2'7)'16(+#67.;55'
PQCNWPVKN
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGHNCV6JGFCUJDQCTFFKURNC[ECPVDGTGCFCUYGNN
(NCVTGRNCEGOGPV
2'7)'16(+#67.;55'
PQCNWPVKN
.GNCPEGVVGXGNQEKVGEQPVCIKTKUQPQHGTOGQUKOWQXQPQCUECVVK
5QUVKVW\KQPGEQXGT
6JGURGGFCPFTGXEQWPVGTPGGFNGUCTGUVQRRGFQTVJG[OQXGYTQPIN[
EQXGTUTGRNCEGOGPV
2'7)'16+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
2+#))+1.+$'46;/+%41%#4
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGHNCV6JGFCUJDQCTFFKURNC[ECPVDGTGCFCUYGNN
(NCVTGRNCEGOGPV
2145%*'%#;'00'81.-59#)'0617#4')
+NFKURNC[EGPVTCNGFGNEQPVCEJKNQOGVTKPQPUKCEEGPFGGQPQPHWP\KQPCNKNNWOKPC\KQPGUGTCNG
5QUVKVW\KQPGVTCUHQTOCVQTK
6JGEGPVTCNFKURNC[QHVJGENWUVGTFQGUPQVUVCTVCPFQTVJGPKIJVNKIJVPKPIKUPQVYQTMKPI
6TCPUHQTOGTTGRNCEGOGPV
2145%*'+FKURNC[FGNEQPVCMOPQPHWP\KQPCPQEQTTGVVCOGPVG
5QUVKVW\KQPGFGKHNCV
6JGFCUJDQCTFFKURNC[UCTGPQVYQTMKPIRTQRGTN[
(NCVUTGRNCEGOGPV
4#0)'418'4PQCNWPVKN
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGFKURNC[
6JGENWUVGTFKURNC[ECPVDGTGCFCUYGNN &KURNC[TGRNCEGOGPV
4'0#7.65%'0+%
FCNCNHTQOVQ
+NEQPVCEJKNQOGVTKFKPHQTOC\KQPKUDCINKCVGQPQPHWP\KQPC
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGURGGFQOGVGTUJQYUYTQPIKPHQTOCVKQPQTKUPQVYQTMKPICVCNN
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
0RGHOORDXWR&DUPRGHO 3UREOHPDULVFRQWUDWR7LSRGLULSDUD]LRQH 3UREOHP 5HSDLUW\SH
3UH]]R3ULFH
4'0#7.6'52#%'
FCNCNHTQOVQ
+NEQPVCEJKNQOGVTKFKPHQTOC\KQPKUDCINKCVGQPQPHWP\KQPC
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGURGGFQOGVGTUJQYUYTQPIKPHQTOCVKQPQTKUPQVYQTMKPICVCNN
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
4'0#7.6/1&75+NFKURNC[NCVQFGUVTQFGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGFKURNC[
6JGTKIJVUKFGFKURNC[QHVJGFCUJDQCTFKUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
4'0#7.6/1&75+NFKURNC[NCVQUKPKUVTQFGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGFKURNC[
6JGNGHVUKFGFKURNC[QHVJGFCUJDQCTFKUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
5##$5+&5+&5+&OQFGNNKFCNCNOQFGNUHTQOVQ
+NFKURNC[FGNNKPHQEGPVGTUKXGFGOCNG
5QUVKVW\KQPGHNCVGQFKURNC[
6JGKPHQEGPVGTFKURNC[ECPVDGTGCFCUYGNN
(NCVECDNGFKURNC[TGRNCEGOGPV
5##$#%%OQFGNNKFCNCNOQFGNUHTQOVQ
+NFKURNC[FGNOQFWNQCTKCEQPFK\KQPCVCUKXGFGOCNG
5QUVKVW\KQPGHNCV6JG#%%ENKOCVGEQPVTQNFKURNC[ECPVDGTGCFCUYGNN
(NCVTGRNCEGOGPV
5-11%6#8+#PQCNWPVKN
+NSWCFTQUVTWOGPVKHWP\KQPCCKPVGTOKVVGP\C
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGKPUVTWOGPVRCPGNYQTMUQEECUKQPCNN[
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
5-11%6#8+#FCNHTQO
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
5/#46PQCNWPVKN
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGHNCV6JGURGGFQOGVGTFKURNC[ECPVDGTGCFCUYGNN
(NCVECDNGTGRNCEGOGPV
81.-59#)'0)1.(8
FQRQKNCHVGT2#55#6FQRQKNCHVGT
+NFKURNC[FGNEQPVCEJKNQOGVTKUKXGFGOCNG
5QUVKVW\KQPGFKURNC[
6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
&KURNC[TGRNCEGOGPV
81.815585:%FCNCNEQPPGVVQTGXGTFGHTQOVQITGGPEQPPGEVQT
+NSWCFTQUVTWOGPVKHWP\KQPCCKPVGTOKVVGP\C
5GTKGFKKPVGTXGPVKGUQUVKVW\KQPGFKEQORQPGPVK
6JGKPUVTWOGPVRCPGNYQTMUQEECUKQPCNN[
5GXGTCNKPVGTXGPVKQPUCPFTGRNCEGOGPVQHEQORQPGPVU
8CTKOQFGNNKFKVTCVVQTK5GXGTCNVTCEVQTUOQFGNU
+NFKRNC[FGNSWCFTQUVTWOGPVKUKXGFGOCNG
5QUVKVW\KQPGHNCV6JGFCUJDQCTFFKURNC[KUPQVYQTMKPIRTQRGTN[
(NCVTGRNCEGOGPV
0RGXORLQYLRULSDUD]LRQLSDJ
5HSDLUIRUPSDJ
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6HULHGLSLQ]HGLWHVWSHUFLUFXLWLLQWHJUDWLJDPPDGLDGDWWDWRULHVWUXPHQWD]LRQHSHUOHOHWWURQLFD/DJDPPDGLWHVWFOLSFRQVHQWHGLSLQ]DUHLFRPSRQHQWLGHOFLUFXLWRVHQ]DGLVVDOGDUOL'LVSRQLELOLYDULFRQQHWWRULHDGDWWDWRULSHUGLYHUVLSDFNDJH',362,&0623HFFHQXPHURGLSLQ,QROWUHWUDOHYDULHVWUXPHQWD]LRQLSURGXFLDPRXQFDQFHOODWRUHGL(HSURP00XQSURJUDPPDWRUHXQLYHUVDOHSHU6HULDO(HSURP((&OLSHXQSURJUDPPDWRUHSHUPLFURFRQWUROORULGHOODIDPLJOLD
$QXPEHURIFOLSVIRU,&WHVWLQJDUDQJHRIDGDSWHUVDQGVHYHUDOHOHFWURQLFWRROV7KHUDQJHRIFOLSVIRU,&WHVWLQJDOORZVWKHWHVWLQJRIFRPSRQHQWVZLWKRXWGHVROGHUWKHPIURPWKH3&%9DULRXVFRQQHFWRUVDQGDGDSWHUVDUHDYDLODEOHIRUVHYHUDO(HSURPSDFNDJHV',362,&0623HWFDQGQXPEHURISLQV0RUHRYHUDPRQJWKHWRROVSURGXFHGE\0LQLWRROVWKHUHDUHWKH00((3520HUDVHUWKH((&OLSDXQLYHUVDO6HULDO((3520SURJUDPPHUDQGDPLFURFRQWUROOHUSURJUDPPHUIRU0&8VFODVV
(UDVHUIRU00(HSURP&DQFHOODWRUHGLHHSURP0VWDQGDORQHFRQDXWRULFRQRVFLPHQWRGHOODHHSURP&DQFHOODOLQWHURFRQWHQXWRGHOODPHPRULDFRPSUHVLLUHJLVWULLQFUHPHQWDOL5LHVFHDFDQFHOODUHOHHHSURP0GLRJQLJHQHUD]LRQHGDOODSULPDDOODSLUHFHQWHFRPSUHVDOD0,QTXHVWRPRGRSRVVLELOHULXWLOL]]DUHOHVXGGHWWHHHSURPLQQLWHYROWH,WHPSLGLD]]HUDPHQWRYDULDQRDVHFRQGDGHOPRGHOORGLHHSURPFROOHJDWD
6WDQGDORQH0(HSURPHUDVHUZLWKDXWRGHWHFW,WFDQHUDVHWKHZKROH(HSURPLQFOXGLQJWKHLQFUHPHQWDOUHJLVWHUV,WZRUNVRQ0(HSURPVWDUWLQJIURPWKHUVWJHQHUDWLRQXQWLOWKHODVWRQHLQFOXGLQJ0,QWKLVZD\(HSURPFDQEHSURJUDPPHGIRUFRXQWOHVVWLPHV(UDVLQJWLPHGHSHQGVRQ(HSURPPRGHOFRQQHFWHG
/QFGNNQOGOQTKC
6GORQC\\GTCOGPVQ
///
UGEQPFQEKTEC
/8/82&93/&93
UGEQPFKEKTEC
/GOQT[OQFGN
'TCUKPIVKOG
///
CDQWVUGEQPF
/8/82&93/&93
CDQWVUGEQPFU
0RGXOREDVHFDQFHOODWRUH3LQ]DSLQ$OLPHQWDWRUHLQJUHVVR9$&XVFLWD9'&$d(UDVLQJEDVHPRGXOHSLQVWHVWFOLS3RZHUVXSSO\9$&9'&$
%QFKEG%QFG 2TG\\Q2TKEG
5'2'4#5'
6(3(5$6(
3LQ]HGLWHVWHDGDWWDWRUL,&WHVWFOLSVDQGDGDSWHUV
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
3URJUDPPDWRUHXQLYHUVDOHSHUGLVSRVLWLYL6HULDO(HSURP623FROOHJDELOHDWWUDYHUVRODSRUWD86%GLXQFRPXQH3&)RUQLWRFRQVRIWZDUH:LQGRZVFKHSHUPHWWHGLOHJJHUHHVFULYHUHLGLVSRVLWLYLFROOHJDWL3HURJQLIDPLJOLDGL(HSURPSUHYLVWRXQFDYRGLFROOHJDPHQWRFRQUHODWLYDSLQ]DGLFRQQHVVLRQH
%QFKEG%QFG &GUETK\KQPG &GUETKRVKQP 2TG\\Q2TKEG
^W>/W 3URJUDPPDWRUHGL(HSURP86%((&/3 (HSURP86%GHYLFHSURJUDPPHU((&/3
^W&DYRFRQWHVWFOLS623'LVSRVLWLYLVXSSRUWDWL$$$$$$666
&DEOHZLWK623WHVWFOLS6XSSRUWHGGHYLFHV$$$$$$666
^W&DYRFRQWHVWFOLS623'LVSRVLWLYLVXSSRUWDWL3
&DEOH ZLWK 623 WHVW FOLS 6XSSRUWHG GHYLFHV3
^W&DYRFRQWHVWFOLS623'LVSRVLWLYLVXSSRUWDWL
&DEOHZLWK623WHVWFOLS6XSSRUWHGGHYLFHV
^W&DYRFRQWHVWFOLS623'LVSRVLWLYLVXSSRUWDWL/HWWXUD3URJUDPPD]LRQH/HWWXUD3URJUDPPD]LRQH
&DEOHZLWK623WHVWFOLS6XSSRUWHGGHYLFHV5HDG3URJUDP5HDG3URJUDP
^W>/W/W/d
#UUKUVGP\CVGNGHQPKECGQXKCGOCKNKPKVCNKCPQRGTCPPQUWNNWVKNK\\QFGN5'2''%.+2
2QH\HDUWHFKQLFDOVXSSRUWE\SKRQHDQGRUHPDLOLQLWDOLDQODQJXDJHVWDUWLQJIURPWKHSXUFKDVHRI6(3((&/3
^W^^>/WE
$VVLVWHQ]DYLDHPDLOLQLQJOHVHSHUDQQRVXOOXWLOL]]RGHO6(3((&/3
2QH\HDUWHFKQLFDOVXSSRUWE\HPDLOLQHQJOLVKODQJXDJHVWDUWLQJIURPWKHSXUFKDVHRI6(3((&/3
/DWDEHOODVRWWRPRVWUDDOFXQLGHLGLVSRVLWLYLVXSSRUWDWLGDOVRIWZDUH((&OLS/DOLVWDFRPSOHWDLQFOXGHSLGLGLVSRVLWLYL
((&OLSODYRUDLQFLUFXLWVXOODPDJJLRUSDUWHGHOOHVFKHGH,QDOFXQLFDVLQHFHVVDULRGLVVDOGDUHODHHSURPVXFXLVLLQWHQGHODYRUDUH
6(3((&/,3
6236HULDO(HSURPXQLYHUVDOGHYLFHSURJUDPPHUZKLFKZRUNVWKURXJK3&86%SRUW6XSSOLHGZLWK((&/,3:LQGRZVVRIWZDUHWRUHDGDQGSURJUDPWKHFRQQHFWHGGHYLFH7KHUHLVDFRQQHFWLRQZLUHZLWKWKHUHODWHG7HVW&OLSIRUHYHU\(HSURPVFODVV
8QLYHUVDOLQFLUFXLW6236HULDO(HSURP86%GHYLFHSURJUDPPHU
7KHWDEOHEHORZVKRZVVRPHRIWKHVXSSRUWHGGHYLFHVIURP((&OLSVRIZDUH7KHIXOOOLVWLQFOXGHVPRUHWKDQVXSSRUWHGGHYLFHV
((&OLSZRUNVLQFLUFXLWRQWKHPDMRULW\RIWKHERDUGV,QVRPHFDVHVLWVKRXOGEHQHFHVVDU\WRGHVROGHUWKHGHYLFH
6(3((
&211(66,21(2JQLFDYRVSHFLFRSHUXQDFDWHJRULDGLGLVSRVLWLYLDGHVHPSLRFRQ6(3((VLSXRSHUDUHVXLGLVSRVLWLYL623[[VLDDFKHDELWV3HULQIRUPD]LRQLVXOOHFDUDWWHULVWLFKHWHFQLFKHFRQVXOWDUHLOVLWRZZZHHFOLSFRP
&211(&7,21&$%/((DFKFDEOHLVGHGLFDWHGWRVSHFLFGHYLFHFDWHJRULHVIRULQVWDQFHZLWKFDEOH\RXFDQUHDGDOONLQGRI623[[ERWKDQGELWVGDWD)RULQIRUPDWLRQDERXWWHFKQLFDOIHDWXUHVSOHDVHYLVLWZZZHHFOLSFRP
$OWULDGDWWDWRULXWLOL]]DELOLFRQ((&/,32WKHUDGDSWHUV\RXFDQXVHZLWK((&/,36(07$'6(07$'6(07$'6(07$'6(07$'6(07$'6(07$'
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
3LQ]DXWLOL]]DELOHSHULOWHVWGLFLUFXLWLLQWHJUDWLLQIRUPDWR62,&RSHUODSURJUDPPD]LRQHGL6HULDO(HSURP&RQVHQWHGLSLQ]DUHLGLVSRVLWLYLVHQ]DGLVVDOGDUOL,FRQWDWWLVRQRSODFFDWLLQRURSHUXQDSHUIHWWDFRQQHVVLRQHHVLDJJDQFLDQRDOFRPSRQHQWHVLDVDOGDWRFKHGLVVDOGDWR,OPDWHULDOHGLFRVWUX]LRQHQRQVRJJHWWRDGXVXUDQHOWHPSRDQFKHLQFDVRGLXWLOL]]RSRFRDWWHQWRHSXUHVLVWHUHDWHPSHUDWXUHQRDr&/DSLQ]DSXHVVHUHDFTXLVWDWDSHUFRPSRQHQWLHSLQ
62,&WHVWFOLS
7KLVWHVWFOLSLVFUHDWHGIRUWHVWLQJ62,&FRPSRQHQWVRUIRUSURJUDPPLQJ6HULDO(HSURPV8VLQJWKLVWHVWFOLS\RXFDQZRUNRQERDUG*ROGSODWHGFRQWDFWVDVVXUHDSHUIHFWVWURQJFRQQHFWLRQEHWZHHQWKHFOLSDQGWKH(HSURPHLWKHUZLUHGRUIUHH7KHWHVWFOLSFDQUHVLVWXSWRr&EHFDXVHRIWKHPDWHULDOXVHG,WFDQEHERXJKWIRUDQGSLQVFRPSRQHQWV
6(3,17&6236(3,17&6236(3,17&623
,1&/,3LOQXRYRVLVWHPDSHUODSURJUDPPD]LRQHLQFLUFXLW(XQVLVWHPDFKHVLFRPSRQHGLSDUWL ODWHVWFOLS623YHGL6(3,17&623 LOGLVSRVLWLYR623R',/,1&/,3FRQVHQWHXQQRWHYROHULVSDUPLRDSLOLYHOOL HFRQRPLFRSHUFKLOGLVSRVLWLYRFRVWDPHQRGLFHQWHVLPLGL
HXURFRQWURLOFRVWRVXSHULRUHGLXQFRQQHWWRUH GLPHQVLRQDOHSHUFKRFFXSDORVSD]LRGLXQFRPSRQHQWH623
FRQWUROHGLPHQVLRQLFODVVLFKHGLXQFRQQHWWRUHQRWHYROPHQWHPDJJLRUL
WHPSRUDOHSHUFKDWWUDYHUVRODWHVWFOLSVLLQWHUIDFFLDYHORFHPHQWHFRQXQTXDOXQTXHGLVSRVLWLYRFRQVHQWHQGRXQDUDSLGDSURJUDPPD]LRQHRXQUDSLGRDJJLRUQDPHQWRGHOODVFKHGDVXOODTXDOHLQVWDOODWR
,1&/,3XQPDUFKLRGL6DYL(OHWWURQLFD6UO
,1&/,3LVWKHQHZV\VWHPIRUWKHLQFLUFXLWZD\RISURJUDP,1&/,3LVFRPSRVHGE\ WKH623WHVWFOLSUHDG6(3,17&623 WKH623RU',/GHYLFH,1&/,3DOORZVWRVDYHPRQH\IRUVHYHUDOUHDVRQV HFRQRPLFUHDVRQWKHGHYLFHFRVWVOHVVWKDQYVWKH
KLJKHUFRVWRIDFRPPRQFRQQHFWRU GLPHQVLRQDOUHDVRQWKHGHYLFHLVD623SDFNDJHYVWKHODUJHU
GLPHQVLRQVRIDFRPPRQFRQQHFWRU WLPHUHDVRQWKURXJKWKHWHVWFOLSWKHGHYLFHFDQTXLFNO\EH
FRQQHFWHGDQGLWFDQSURJUDPRUXSGDWHWKHFLUFXLWRQZKLFKLWLVLQVWDOOHGLQDYHU\HDV\ZD\
,1&/,3LVDEUDQGRI6DYL(OHWWURQLFD6UO
%QFKEG%QFG 2TG\\Q2TKEG
5'2+0512'/ 5'2+0512'/
REUTGGN
5'2+0&+.'/
%QFKEG%QFG 2CEMCIG 2TG\\Q2TKEG
5'2+06%512 512 5'2+06%512 512 5'2+06%512 512
6(3,1',/(06(3,1623(0 0'9
,WVQRWDFKLSLWVQRWDFRQQHFWRULWV +0%.+2
,FRGLFL6(076(076(07VRQRVWDWLVRVWLWXLWLGDLFRGLFL6(3,17&6236(3,17&623
H6(3,17&623&RGHV6(076(076(07KDYH
EHHQUHSODFHGE\FRGHV6(3,17&6236(3,17&623H6(3,17&623
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(07&
623&DEOHGFOLS3LQ]DFDEODWDSHUXVRJHQHULFRXWLOL]]DELOHLQEDVHDOOHSURSULHHVLJHQ]H
*HQHULFFDEOHGFOLSWRXVHDFFRUGLQJWRDOOQHHGV1HUR%ODFN
*ULJLR*UD\9LROD3XUSOH
%LDQFR:KLWH
5RVD3LQN
9HUGH*UHHQ%OX%OXH
*LDOOR
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
0DWULFHGLFRUULVSRQGHQ]DDGDWWDWRUL0LQLWRROV
',/3,1 623,1&/,3 ',/,1&/,3 ',/3,16:,7&+ 623&/,3623,1&/,3',/,1&/,36:,7&+
',*$ (1,*0$ '3
',/ '$70(6'$70(6'$70(6'$70(6'$70(6'$70(6'$70(6
623 6(07$'
62,- 6(07$' 6(07$' 6(07$'
76623 '$70(6'$70(6'$70(6'$70(6'$70(6'$70(6
0623 '$70(6'$70(6'$70(6'$70(6'$70(6'$70(6
627 6(07$' 6(07$' 6(07$'
')1 6(07$' 6(07$' 6(07$'
623 6(07$'
76623 6(07$'
0623 6(07$'
627 6(07$'
',/ 6(07$'
623 '$70(6'$70(6%'$70(6'$70(6'$70(6
3&%
7(.&263,/&
*OLDGDWWDWRUL0LQLWRROVVLXVDQRSHU ODYRUDUHVXLGLVSRVLWLYL6HULDO((3520FRQ LVHJXHQWLSDFNDJHV
',/ 623 62,- 76623
0623 627 ')1
0LQLWRROVDGDSWHUVDUHXVHGWRZRUNRQ6HULDO((3520GHYLFHVZLWKWKHIROORZLQJSDFNDJHV
0LQLWRROVDGDSWHUVPDWUL[
6HULDO((3520DGDSWHUV
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
$GDSWHUVRFNHWIURP62362&.(7WR',/3,1
$GDSWHUVRFNHWIURP062362&.(7WR',/3,1
$GDSWHUVRFNHWIURP7662362&.(7WR',/3,1
6(07$'
6(07$'6(07$'
6(07$'$GDSWHUERDUGIURP6233&%WR',/3,1
$GDSWHUFOLSIURP623&/,3WR',/3,1
6(07$'
6(07$' 6(07$'
$GDSWHUFOLSIURP623&/,3WR',*$
6(07$'%
6(07$'
$GDSWHUFOLSIURP623&/,3WR'3
6(07$'
$GDSWHUVRFNHWIURP062362&.(7WR',*$
0'9
:LUHGWHVWFOLSIURP',/&/,3WR',/3,1
$GDSWHUFOLSIURP623&/,3WR(1,*0$
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(07$'
$GDSWHUVRFNHWIURP7662362&.(7WR',*$
6(07$'
$GDSWHUVRFNHWIURP062362&.(7WR(1,*0$
6(07$' 6(07$'
6(07$' 6(07$'
6(07$' 6(07$'
$GDSWHUVRFNHWIURP7662362&.(7WR(1,*0$
$GDSWHUVRFNHWIURP062362&.(7WR623,1&/,3
$GDSWHUVRFNHWIURP7662362&.(7WR623,1&/,3
$GDSWHUVRFNHWIURP062362&.(7WR',/,1&/,3
$GDSWHUVRFNHWIURP7662362&.(7WR',/,1&/,3
$GDSWHUVRFNHWIURP',/62&.(7WR',*$
0'9 0'9
0'9 0'9
0'9 0'9
0'9 0'9
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(07$' 6(07$'
6(07$' 6(07$'
6(07$' 6(07$'
6(07$' 6(07$'
0'9 0'9
0'9 0'9
0'9 0'9
0'9 0'9
$GDSWHUVRFNHWIURP',/62&.(7WR(1,*0$
$GDSWHUVRFNHWIURP',/62&.(7WR623,1&/,3
$GDSWHUVRFNHWIURP',/62&.(7WR',/,1&/,3
$GDSWHUVRFNHWIURP6273&%WR',/3,1
$GDSWHUVRFNHWIURP06233&%WR',/3,1
$GDSWHUVRFNHWIURP766233&%WR',/3,1
$GDSWHUVRFNHWIURP',/62&.(7WR'3
$GDSWHUVRFNHWIURP062362&.(7WR'3
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(07$' 6(07$'
6(07$'
6(07$'
6(07$' 6(07$'
6(07$'
$GDSWHUVRFNHWIURP7662362&.(7WR'3
$GDSWHUVRFNHWIURP62762&.(7WR623',/,1&/,3
$GDSWHUVRFNHWIURP62762&.(7WR',/3,1
$GDSWHUVRFNHWIURP62,-62&.(7WR623',/,1&/,3
0'9
0'9
$GDSWHUVRFNHWIURP')162&.(7WR623',/,1&/,3
$GDSWHUVRFNHWIURP62,-62&.(7WR',/3,1
$GDSWHUVRFNHWIURP')162&.(7WR',/3,1
0'90'9
0'90'9
0'96(07$'0'9
$GDSWHUFDEOHIURP623&/,3WR623&/,3
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(07$'0'9
$GDSWHUVRFNHWIURP',/62&.(7WR623',/,1&/,36:,7&+
%QFKEG%QFG 2TG\\Q2TKEG
5'/6#& 5'/6#& 5'/6#& 5'/6#&$ 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#&
6(07$'$GDSWHUVRFNHWIURP',/62&.(7WR',/3,16:,7&+
0'9
8WLOL]]DQGRTXHVWRDGDWWDWRUHSRVVLELOHODYRUDUHVX((3520FRQSLQRXWVWDQGDUGHQRQVWDQGDUG6(07$'VLLQWHUIDFFLDFRQSURJUDPPDWRULIRUQLWLGL]RFFROR',/
8VLQJWKLVDGDSWHULWLVSRVVLEOHWRZRUNRQ((3520ZLWKVWDQGDUGDQGQRWVWDQGDUGSLQRXW6(07$'FDQEHFRQQHFWHGWRSURJUDPPHUVZLWK',/VRFNHW
8WLOL]]DQGRTXHVWRDGDWWDWRUHSRVVLELOHODYRUDUHVX((3520FRQSLQRXWVWDQGDUGHQRQVWDQGDUG6(07$'VLLQWHUIDFFLDDWWUDYHUVRLOGLVSRVLWLYR623R',/,1&/,3FRQSURJUDPPDWRULFKHVLFROOHJDQRDWWUDYHUVR7HVW&OLS
8VLQJWKLVDGDSWHULWLVSRVVLEOHWRZRUNRQ((3520ZLWKVWDQGDUGDQGQRWVWDQGDUGSLQRXW6(07$'FDQEHFRQQHFWHGWKURXJKWKH623RU',/,1&/,3GHYLFHWRSURJUDPPHUVWKDWZRUNZLWK7HVW&OLS
%QFKEG%QFG 2TG\\Q2TKEG
5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#& 5'/6#&
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
)UHHVFDOH0&80&$=$&)8/-
6(,/-
3DFNDJH4)33,1
6(07$' =RFFRORDGDWWDWRUHSHUSURJUDPPDWRUHFKHFRQVHQWHODFRQQHVVLRQHYHORFHFRQLPLFURFRQWUROORULGHOODIDPLJOLD0RWRUROD)UHHVFDOHWUDFXL0&+&$=&)80&$=$&)8HDOWULFRQWHQLWRUH4)3FRQPPGLSDVVRWUDLSLQ
%QFKEG%QFG &GUETK\KQPG&GUETKRVKQP 2TG\\Q2TKEG
5'25#8+ 2TQITCOOCVQTGRGT/%7
5'2#55+6
#UUKUVGP\CVGEPKECVGNGHQPKECKPKVCNKCPQRGTCPPQUWNNWVKNK\\QFGN5'25#8+1PG[GCTVGEJPKECNUWRRQTVD[RJQPGCPFQTGOCKNKPKVCNKCPNCPIWCIGUVCTVKPIHTQOVJGRWTEJCUGQH5'25#8+
5'2#55'0
#UUKUVGP\CVGEPKECXKCGOCKNKPKPINGUGRGTCPPQUWNNWVKNK\\QFGN5'25#8+1PG[GCTVGEJPKECNUWRRQTVD[GOCKNKPGPINKUJNCPIWCIGUVCTVKPIHTQOVJGRWTEJCUGQH5'25#8+
5'25#8+-+6+6
+NMKVKPENWFG5'25#8+5'/6#&5'+R\5'+#R\5'2#55+66JGMKVKPENWFGU5'25#8+5'/6#&5'+
REU5'+#REU5'2#55+6
5'25#8+-+6'0
+NMKVKPENWFG5'25#8+5'/6#&5'+R\5'+#R\5'2#55'06JGMKVKPENWFGU5'25#8+5'/6#&5'+
REU5'+#REU5'2#55'0
4)3DGDSWHUVRFNHWIRU0&8SURJUDPPHU
7KLVDGDSWHUVRFNHWIRU0&8SURJUDPPHUDOORZVDIDVWFRQQHFWLRQZLWK0RWRUROD)UHHVFDOHGHYLFHVVXFKDV0&+&$=&)80&$=$&)8DQGVRPHRWKHUVZLWK4)3SDFNDJHDQGPPSLWFKVL]H
%QFKEG%QFG 2TG\\Q2TKEG
5'/6#&
6(36$9,
'LVSRVLWLYRGLSURJUDPPD]LRQHGHLPLFURFRQWUROORULGHOODIDPLJOLD0RWRUROD)UHHVFDOHWUDFXL0&+&$=&)8-
-
2KP\GFKVGUVGCFCVVCVQTK
+%VGUVENKRUCPFCFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(,&2&5*%91
'LVSRQLELOLQHLFRORULLQJXUD/XQJKH]]DPP0DVVLPDDSHUWXUDPP&RQIH]LRQHGDSH]]L
,QVXODWHGDOOLJDWRUFOLSV',/
$YDLODEOHLQFRORXUVLQWKHSLFWXUH/HQJWKPP0D[LPXPRSHQLQJPPSFVSDFNDJH
5LYHQGLWD5HVHOOHU
6(,7&
0LFURSLQ]DLQJUDGRGLDJJDQFLDUHSLQGLFRPSRQHQWL60'DGHV4)3FRQSDVVRPPRPP
6(,7&
3LQ]HWWHSHUDJJDQFLDUHFRPSRQHQWL60'FRQSDVVRWUDLSLQGLPPRFRPSRQHQWL',3FRQSDVVRPP'LPHQVLRQLOXQJKH]]DPPSXQWDPP&RORULJLDOORURVVREOXHQHUR&RQIH]LRQHSH]]L
0LFURJUDEEHUWHVWFOLS
0LFURWHVWFOLSWKDWFDQJUDE60'VSLQVIRULQVWDQFH4)3ZLWKSLWFKUDQJLQJIURPPPWRPP
*UDEEHUFOLSV
0LFURFOLSVWRJUDE60'VZLWKPPSLWFKVL]HRU',3FRPSRQHQWVZLWKPPSLWFKVL]H6L]HOHQJWKPPWLSPP&RORXUV\HOORZUHGEOXHDQGEODFN3DFNDJHSFV
5LYHQGLWD5HVHOOHU
5LYHQGLWD5HVHOOHU
5,9(1',7$5HVHOOHU
%QFKEG%QFG 2TG\\Q2TKEG
5'+6%
%QFKEG%QFG %QNQTG%QNQWT 2TG\\Q2TKEG
5'+%1%4 4QUUQ4GF 5'+%1%) )KCNNQ;GNNQY 5'+%1%$ $KCPEQ9JKVG 5'+%1%8 8GTFG)TGGP 5'+%1%0 0GTQ$NCEM
%QFKEG%QFG 2TG\\Q2TKEG
5'+6%
-
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
#
&RQQHWWRULHDGDWWDWRULSHUGLDJQRVL3UHVHSHUODGLDJQRVWLFDHLOFRQWUROORGHOODXWRGDTXHOOHVSHFLFKHSHU%PZH0HUFHGHVDOODJHQHULFDHVWDQGDUG2%'2%',,6WDPSDWHFRQPHWRGRDLQLH]LRQHGLSODVWLFDJDUDQWLVFRQRUREXVWH]]DYHUVDWLOLWHOXQJDGXUDWD
$GDSWHUVDQGFRQQHFWRUVIRUGLDJQRVLV&RQQHFWRUVIRUGLDJQRVLVDQGFKHFNRIWKHFDUIURPWKRVHVSHFLFIRU%PZDQG0HUFHGHVWRWKHJHQHULFDQGVWDQGDUG2%'3ULQWHGZLWKSODVWLFLQMHFWLRQPROGLQJWHFKQLTXHWKH\FDQHQVXUHFRPSOHWHYHUVDWLOLW\DQGGXUDELOLW\
6(3$2%'$
&RQQHWWRUHGLDJQRVLFRPSRQLELOH6LSXDFTXLVWDUHRJQLVLQJRORSH]]RHGDVVHPEODUORLQEDVHDOOHSURSULHHVLJHQ]H(VVHVLDFTXLVWDQRLSH]]L$H%VLSRVVRQRDVVHPEODUHHGXVDUHFRPHVHPSOLFHFRQWHQLWRUHSHUOHOHWWURQLFD6HLQYHFHVLDFTXLVWD$'(VLDVVHPEODXQDSUHVDGLDJQRVL2%'GDPDVFKLRDIHPPLQD'LPHQVLRQL6(3$2%'$[[PP6(3$2%')[[PP&RORUH1HUR
2%'PRGXODUGLDJQRVWLFFRQQHFWRU
0RGXODUGLDJQRVWLFFRQQHFWRU
-
#FCVVCVQTKRGTFKCIPQUK
&KCIPQUVKECFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
3UHVDGLDJQRVL2%'IHPPLQDSLQLQWHUDPHQWHPRQWDWLGLVDVVHPEODWDGDFDEODUHLQEDVHDOOHSURSULHHVLJHQ]H,QROWUHODSUHVDSXHVVHUHVWDPSDWDFRQPDUFKLRSHUVRQDOL]]DWRSHUJUDQGLTXDQWLWDWLYL'LPHQVLRQL[[PP&RORUH1HUR
2%'IHPDOHGLDJQRVWLFFRQQHFWRU
2%'IHPDOHGLDJQRVWLFFRQQHFWRUSLQWRWDOO\[HGLVUHDG\WREHDVVHPEOHGIROORZLQJFXVWRPHUVQHHGV7KLVWRROFDQEHSULQWHGZLWKDGLIIHUHQWEUDQGQRW0LQLWRROVIRUODUJHTXDQWLWLHV6L]H[[&RORXUEODFN
6(3)2%'
%QFKEG%QFG 2TG\\Q2TKEG
5'2(1$&
6(302%'
3UHVDGLDJQRVL2%'PDVFKLRSLQLQWHUDPHQWHPRQWDWLGLVDVVHPEODWDGDFDEODUHLQEDVHDOOHSURSULHHVLJHQ]H,QROWUHODSUHVDSXHVVHUHVWDPSDWDFRQPDUFKLRSHUVRQDOL]]DWRSHUJUDQGLTXDQWDWLYL'LPHQVLRQH[[PP&RORUH1HUR
2%'PDOHGLDJQRVWLFFRQQHFWRU
2%'PDOHGLDJQRVWLFFRQQHFWRUSLQWRWDOO\[HGLVUHDG\WREHDVVHPEOHGIROORZLQJFXVWRPHUVQHHGV7KLVWRROFDQEHSULQWHGZLWKDGLIIHUHQWEUDQGQRW0LQLWRROVIRUODUJHTXDQWLWLHV6L]H[[PP&RORXUEODFN
%QFKEG%QFG 2TG\\Q2TKEG
5'2/1$&
3UHVDGLDJQRVL0HUFHGHV1XP3LQ&RORUH1HUR
6(30%0:
3UHVDGLDJQRVL%0:1XP3LQ&RORUH1HUR
0HUFHGHVGLDJQRVWLFFRQQHFWRU %PZGLDJQRVWLFFRQQHFWRU
0HUFHGHVGLDJQRVWLFFRQQHFWRU1XP3LQV&RORXUEODFN
%0:GLDJQRVWLFFRQQHFWRU1XP3LQV&RORXUEODFN
5LYHQGLWD5HVHOOHU
5LYHQGLWD5HVHOOHU
%QFKEG%QFG 2TG\\Q2TKEG
5'2//$
6(300%
%QFKEG%QFG 2TG\\Q2TKEG
5'2/$/9
-
#FCVVCVQTKRGTFKCIPQUK
&KCIPQUVKECFCRVGTU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6(3%2;2 &RQWHQLWRUHLQ$%69SHUOHOHWWURQLFD'LPHQVLRQL[[PP&RORUHQHUR
(OHFWURQLFFDVH
(OHFWURQLFFDVHPDGHRI$%696L]H[[PP&RORXUEODFN
%QFKEG%QFG 2TG\\Q2TKEG
5'2$1:1
-
#VVTG\\CVWTCRGTTKRCTC\KQPG
4GRCKTVQQNU
9LHWDWDODULSURGX]LRQHLQWHJUDOHRSDU]LDOH,OSUHVHQWHFDWDORJRLGLVHJQLOHIRWRJUDHHLFRGLFLVRQRGLSURSULHWGL6DYL(OHWWURQLFD6UO,PDUFKLVLLQWHQGRQRDSSDUWHQHQWLDLUHODWLYLSURSULHWDULHFLWDWLVRORDWLWRORLQGLFDWLYR$OOULJKWVUHVHUYHG7KLVFDWDORJXHWKHGUDZLQJVWKHSKRWRVDQGWKHFRGHVDUHIUHHKROGSURSHUW\RI6DYL(OHWWURQLFD6UO2ULJLQDO3QDQGPDNHVIRULQGLFDWLYHSXUSRVHRQO\
6WUXPHQWD]LRQHHDWWUH]]DWXUDSHUODULSDUD]LRQHGLFRQWDFKLORPHWUL8QDJDPPDGLVWUXPHQWLHXWHQVLOLVWXGLDWLSHUDLXWDUHHDVVLVWHUHODXWRULSDUDWRUHQHJOLLQWHUYHQWLVXLTXDGULVWUXPHQWL'DOVHWGLSLQ]HHWURQFKHVLQHDPDUFKLR0LQLWRROVDLJHQHUDWRUL&$1%86VSHFLFLSHUODULSDUD]LRQHGL5HQDXOW9ROYR$XGLHFFQRDOOH]RRPFDPHUD9LGHR]RRPSHUODYRUDUHFRPRGDPHQWHVXOOHVFKHGHHOHWWURQLFKH
7RROVDQGHTXLSPHQWIRULQVWUXPHQWFOXVWHUUHSDLU$UDQJHRILQVWUXPHQWVDQGWRROVGHVLJQHGWRKHOSDQGDVVLVWWKHRSHUDWRUVGXULQJVSHHGRPHWHUVDQGFOXVWHUVUHSDLUV)URPWKHVHWRI0LQLWRROVFOLSVDQGFXWWHUVWR&$1%86JHQHUDWRUVVSHFLFIRUWKHFOXVWHUUHSDLURI5HQDXOW9ROYR$XGLHWFWR]RRPFDPHUDV9LGHR]RRPWRZRUNFRPIRUWDEO\RQFOXVWHUVERDUGV
,OJHQHUDWRUH&$1SHUPHWWHGLDOLPHQWDUHLOTXDGURVWUXPHQWLGHOOD5(1$8/76FQLFGLUHWWDPHQWHVXOEDQFRSURYDIRUQHQGRLVHJQDOL&$1%86VHQ]DGRYHUULFROOHJDUHLOTXDGURDOODXWRYHLFROR &$5$77(5,67,&+(7(&1,&+(7HQVLRQHGLDOLP 9'&&RUUH