>
@
53%2å-!.5!,
,#$ -ONITOR
"ELINEAååå
%(/,1($35(0,806(59,&(
7KHWKUHH\HDUUHWXUQWREDVHZDUUDQW\IRU\RXU%HOLQHDPRQLWRULQFOXGHVDOOSDUWVDQGODERXU,Q
DGGLWLRQPDQ\FRXQWULHVRIIHUDIUHHRIFKDUJHVZDSRXWZDUUDQW\SURJUDPPH7KLVGRHVQRWDIIHFW
\RXU6WDWXWRU\5LJKWV3OHDVHYLVLWKWWSZZZEHOLQHDFRPRUFDOOWKHQXPEHUVEHORZIRUIXUWKHU
ZDUUDQW\RUVHUYLFHLQIRUPDWLRQ
3OHDVHKDYHWKHVHULDODQGPRGHOQXPEHUUHDG\ZKHQFDOOLQJ
'LH *DUDQWLH IU ,KUHQ %HOLQHD0RQLWRU EHWUlJW GUHL -DKUH XQG XPIDVVW DOOH %DXWHLOH 'DU
EHU KLQDXV ELHWHQ ZLU LQ YLHOHQ /lQGHUQ HLQHQ ]XVlW]OLFKHQ NRVWHQORVHQ $XVWDXVFK6HUYLFH
DQ 9RQ GLHVHU R J *DUDQWLH EOHLEHQ HWZDLJH JHVHW]OLFKH *HZlKUOHLVWXQJVUHFKWH XQEH
UKUW 1lKHUH ,QIRUPDWLRQHQ ]X *DUDQWLH XQG 6HUYLFHIUDJHQ HUKDOWHQ 6LH LP ,QWHUQHW XQWHU
KWWSZZZEHOLQHDFRPVRZLHXQWHUGHQXJ5XIQXPPHUQ
%LWWHKDOWHQ6LHIU,KUHQ$QUXI6HULHQXQG0RGHOOQXPPHUEHUHLW
/DJDUDQWLHLQWHUQDWLRQDOHGHWURLVDQVVXUOHVpFUDQV%HOLQHDV¶HQWHQGSLqFHVHWPDLQG¶°XYUH3RXU
REWHQLUSOXVG¶LQIRUPDWLRQVVXUODJDUDQWLHHWOHVHUYLFHDSUqVYHQWHFRQWDFWH]QRXVVXU,QWHUQHW
KWWSZZZEHOLQHDFRPRXDX[QXPpURVGHWpOpSKRQHFLGHVVRXV9RXVSRXYH]REWHQLUpJDOHPHQW
SOXVGHGpWDLOVVXUOHVSRVVLELOLWpVG¶pFKDQJHJUDWXLWVHUYLFHRIIHUWGDQVGHQRPEUHX[SD\V
3RXUYRWUHDSSHOWHQH]OHVQXPpURVGHVpULHHWG¶DUWLFOHjSRUWpHGHPDLQ
(QJOLVK
'HXWVFK
)UDQoDLV
&RXQWU\
3KRQHQXPEHU
$GGLWLRQDOVZDSRXWVHUYLFH
/DQG
7HOHIRQQXPPHU
=XVlW]OLFKHU$XVWDXVFK6HUYLFH
3D\V
1XPpURGHWpOpSKRQH
6HUYLFHVXSSOpPHQWDLUHG¶pFKDQJHVXUVLWH
%HOJLH%HOJLTXH
¼PLQ
\HDURQVLWHZDUUDQW\VZDSRXW
'HXWVFKODQG
-DKUH*DUDQWLH$XVWDXVFK6HUYLFH
ýHVNiUHSXEOLND
=iUXNDURN\
(VSDxD
DxRVGHJDUDQWLDFRQLQWHUFDPELRDGRPLFLOLR
ǼȜȜĮįĮ
ǼȖȖȣȘıȘȤȡȠȞȚĮİʌȚIJȠʌȠȣĮȞIJȚțĮIJĮıIJĮıȘ
)UDQFH
DQVGHJDUDQWLHDYHFpFKDQJHVWDQGDUGVXUVLWH
+UYDWVND
JRGLQHMDPVWYD
,WDOLD
DQQLGL*DUDQ]DGLVRVWLWX]LRQHDGRPLFLOLR
,UHODQG
\HDURQVLWHZDUUDQW\VZDSRXW
/X[HPEXUJ/X[HPERXUJ
¼PLQ
\HDURQVLWHZDUUDQW\VZDSRXW
0DJ\DURUV]iJ
pYKHO\LV]HUYL]
1HGHUODQG
%(/,1($
\HDURQVLWHZDUUDQW\VZDSRXW
¼*HVSUHN
gVWHUUHLFK
-DKUH9RU2UW$XVWDXVFK*DUDQWLH
3ROVND
ODWDJZDUDQFMLGRRUWRGRRU
3RUWXJDO
$QRVGH7URFDHP*DUDQWLD2Q6LWH
rÐÓÓÊÁ
tÒÇ×ÍÇÔÏÁÁÅÂÒÂÏÔÊÁÓÉÂÎÇÏÐËÏÂÒÂÃÐÙÇÎÎÇÓÔÇ
6FKZHL]
&+)PLQ
-DKUH9RU2UW$XVWDXVFK6HUYLFH
6ORYHQLMD
OHWDJDUDQFLMH
8QLWHG.LQJGRP
\HDURQVLWHVZDSRXWZDUUDQW
8.PDLQODQGRQO\
$OORWKHUFRXQWULHV
$OOHDQGHUHQ/lQGHU
/HVDXWUHVSD\V
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
,1752'8&7,21
7KLVPDQXDOZLOOIDPLOLDUL]H\RXZLWKWKHLQVWDOODWLRQDQG
XVH RI \RXU %HOLQHD PRQLWRU 3OHDVH WDNH WKH WLPH WR
ORRNWKURXJKWKHVHLQVWUXFWLRQVHYHQLI\RXDUHIDPLOLDU
ZLWKPRQLWRUV
:H KDYH WDNHQ DOO SRVVLEOH FDUH WR HQVXUH WKDW WKLV
PDQXDOFRQWDLQVFRUUHFWDFFXUDWHLQIRUPDWLRQ+RZHYHU
WKHPDQXIDFWXUHUFDQQRWDVVXPHOLDELOLW\IRUDQ\SRVVLEOH
HUURUV,QDGGLWLRQWKHPDQXIDFWXUHUFDQQRWJXDUDQWHH
WKDWWKHKDUGZDUHZLOOPHHWWKHSXUSRVH\RXUHTXLUH:H
ZRXOGDSSUHFLDWHUHSRUWVRIDQ\HUURUVVXJJHVWLRQVRU
FULWLFLVP
&RS\ULJKW
0$;'$7$6\VWHPH*PE+
0DUO*HUPDQ\
ZZZPD[GDWDFRP
(GLWLQJ'73DQGWUDQVODWLRQE\WKLQN¶=*PE+
ZZZWKLQN]GH
$OO ULJKWV UHVHUYHG 1R SDUW RI WKLV PDQXDO PD\ EH
UHSURGXFHGSURFHVVHGRUGLVWULEXWHGLQDQ\IRUPSULQW
SKRWRFRS\PLFUR¿OPRUDQ\RWKHUSURFHVVRUSURFHVVHG
E\DQHOHFWURQLFV\VWHPZLWKRXWSULRUZULWWHQSHUPLVVLRQ
IURPWKHPDQXIDFWXUHU
:HUHVHUYHWKHULJKWWRPDNHFKDQJHVDFFRUGLQJWRWHFKQLFDO
SURJUHVV%HOLQHDLVDQLQWHUQDWLRQDOO\UHJLVWHUHGWUDGHPDUN
2WKHUEUDQGQDPHVPD\EHUHJLVWHUHGWUDGHPDUNVDQGPXVW
EHWUHDWHGDVVXFK
7$%/(2)&217(176
,1752'8&7,21
,03257$17,1)250$7,21
&$5,1*)25<285/&'021,725
:$//02817,1*
813$&.,1*
&211(&7,1*
67$5783
&21),*85$7,21
%$6,&6(783
,0$*(6(77,1*686,1*7+(26'0(18
26'0(18)81&7,216
7528%/(6+227,1*
7(&+1,&$/63(&,),&$7,216
'(),1,7,212)7+(0$;'$7$:$55$17<
*XLGHWRV\PEROV
7KHV\PEROVEHORZDUHXVHGLQWKLVPDQXDOWRLQGLFDWH
ZKHUHWKHUHLVULVNRILQMXU\RUGDPDJLQJGHYLFHVRUWR
LQGLFDWHHVSHFLDOO\XVHIXOLQIRUPDWLRQ
'$1*(5 ,QGLFDWHV ULVN RI LQMXU\ :KHQ QRW
IROORZLQJ LQVWUXFWLRQV VHYHUH LQMXU\ RU GHDWK
PD\UHVXOW
$77(17,21 ,QGLFDWHV SRVVLEOH GDPDJH WR
GHYLFHV:KHQQRWIROORZLQJLQVWUXFWLRQVGHYLFHV
PD\EHKHDYLO\GDPDJHG
,03257$17,QGLFDWHVKLQWVRQRSHUDWLRQDQG
RWKHUXVHIXOLQIRUPDWLRQ
:HDUHDOOUHVSRQVLEOHIRUWKHHQYLURQPHQWWKLVPDQXDOZDVSULQWHGIURPIURQWWREDFNRQSDSHU
WKDWZDVSURGXFHGZLWKRXWFKORULQH
,PSRUWDQW6DIHW\,QVWUXFWLRQV
6RPH%HOLQHDPRQLWRUPRGHOVFRPHZLWKSRZHUFRUGV
3OHDVHHQVXUH\RXXVHWKH8.SOXJSLQLQWKH8.DQG
QRWWKH(XURSHDQSOXJSLQ
'RQRWSODFHWKHPRQLWRULQYHU\KRWRUFROGQRUGDPSRU
GXVW\VXUURXQGLQJV'RQRWSXWYDVHVHWFRQWKHPRQLWRU
ZDWHUPD\FDXVHVKRUWFLUFXLWV'RQRWEORFNRUFRYHUWKH
YHQWLODWLQJRSHQLQJV$OOSURGXFWVWKDWSURGXFHPDJQHWLF
¿HOGVLHODVHUSULQWHUVORXGVSHDNHUVHWFPXVWQRWEH
SODFHGFORVHWRWKHPRQLWRU'RQRWLQVWDOOWKLVPRQLWRU
LQDUHDVZKHUHWRRPXFKOLJKWRUVXQVKLQHPLJKWGLUHFWO\
KLWWKHVFUHHQRWKHUZLVHWKHEULJKWQHVVRIWKHSLFWXUH
ZLOOEHSRRUGXHWRUHÀHFWLRQV5HIHUDOOVHUYLFLQJDQG
PDLQWHQDQFHWRDXWKRULVHGVHUYLFHSHUVRQQHORQO\
&$87,21
'RQRWUHPRYHWKHFRYHU
6HULRXV HOHFWULFDO VKRFN KD]DUGV H[LVW LQVLGH
WKLVPRQLWRU
127(
5HPRYDORIFRYHULQYDOLGDWHV\RXUZDUUDQW\
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
)LUVW XQSOXJ WKH SRZHU FRUG IURP WKH ZDOO
VRFNHW
,IWKH/&'VFUHHQLVH[WUHPHO\GLUW\FOHDQLWZLWK
DPRLVWFORWK8VHRQO\ZDUPZDWHUDQGWKHQZLSH
WKHPRQLWRUGU\6ROYHQWVRUKDUVKFOHDQHUVFDQ
GDPDJHWKHKRXVLQJ&OHDQWKHGLVSOD\VXUIDFH
RQO\ZLWKDVRIWFORWKRWKHUZLVH\RXPD\GDPDJH
WKHGLVSOD\¶VFRDWLQJ
&$5,1*)25<285/&'021,725
,IWKHPRQLWRULVRQO\VOLJKWO\GLUW\FOHDQLWXVLQJ
DVRIWGU\DQGDQWLVWDWLFFORWK
7KH/&'PRQLWRU¶VVFUHHQVXUIDFHLVYHU\VHQ
VLWLYH3OHDVHDYRLGDQ\FRQWDFWZLWKWKHVXUIDFH
¿QJHU SHQFLO HWF DQG EH HVSHFLDOO\ FDXWLRXV
GXULQJWUDQVSRUWDWLRQVLQFHMROWVDQGVKRFNVFDQ
FDXVHWKHVFUHHQWREHFRPHVFUDWFKHGDOZD\V
XVHWKHRULJLQDOSDFNDJLQJ
:$//02817,1*
7KH %HOLQHD PRQLWRU LV VKLSSHG ZLWK WKH VWDQGDUG GHVNWRS FRQ¿JXUDWLRQ +RZHYHU \RX FDQ RSWLRQDOO\ PRXQW WKH
GHYLFH RQ D ZDOO RU RQ D PRQLWRU VZLYHO DUP RSWLRQDO DFFHVVRU\ 3OHDVH IROORZ WKH FRUUHVSRQGLQJ LQVWUXFWLRQV
KROHDVVHPEO\ZLWKDVSDFLQJRIîPPDFFRUGLQJWRWKHLQWHUQDWLRQDO9(6$)'0,VWDQGDUG
,03257$17,1)250$7,21
1RWHRQPRQLWRUSODFHPHQW
7KH VHWXS ORFDWLRQ PXVW QRW EH H[WUHPHO\ KRW
FROGKXPLGRUGXVW\+HDWDQGFROGFDQLPSDLU
WKHIXQFWLRQDOLW\RIWKHPRQLWRU+XPLGLW\DQGGXVW
FDQFDXVHWKHPRQLWRUWRIDLO
'RQ¶W SODFH WKH PRQLWRU QHDU KHDWHUV VXFK DV
UDGLDWRUVRUWKHOLNH'RQ¶WH[SRVHWKHPRQLWRUWR
PHFKDQLFDOYLEUDWLRQVRUMDUULQJ
3RVLWLRQWKHPRQLWRUVRWKDWQRGLUHFWOLJKWRUVXQ
VWULNHVWKHVFUHHQZKLFKFRXOGFDXVHUHÀHFWLRQV
WKDWUHGXFHWKHTXDOLW\RIWKHLPDJH
1RWHVRQSRZHUFRQQHFWLRQ
2QO\XVHWKHSRZHUFRUGGHVLJQDWHGIRUXVHLQ
\RXUFRXQWU\
7KHZDOORXWOHWVKRXOGEHZLWKLQHDV\UHDFK3XO
OLQJWKHSRZHUSOXJLVWKHRQO\ZD\WRGLVFRQQHFW
WKHPRQLWRUIURPWKHSRZHUVRXUFH
7KLV PRQLWRU LV (1(5*< 67$5
FRPSDWLEOH
0$;'$7$ LV DQ (1(5*< 67$5
SDUWQHU DQG
JXDUDQWHHV WKDW WKLV GHYLFH FRPSOLHV ZLWK WKH
(1(5*<67$5
JXLGHOLQHVIRURSWLPL]LQJSRZHU
FRQVXPSWLRQ
6DIHW\LQVWUXFWLRQVIRURSHUDWLRQ
7KHSRZHUFRUGPXVWQRWEHGDPDJHG'RQRW
SODFHDQ\REMHFWVRQWKHSRZHUFRUGDQGPDNH
VXUHLWGRHVQRWKDYHDQ\NQRWV7RXQSOXJWKH
FRUGDOZD\VSXOORQWKHSOXJDQGQRWRQWKHFDEOH
LWVHOI
$YRLGFRYHULQJWKHYHQWLODWLRQVORWV$LUFLUFXODWLRQ
LVQHFHVVDU\WRSUHYHQWWKHPRQLWRUIURPRYHU
KHDWLQJ,IWKHDLUFLUFXODWLRQLVUHVWULFWHGLWFRXOG
FDXVH¿UHRUGDPDJHWKHPRQLWRU
'RQRWXVHDQ\VROYHQWVWRFOHDQWKHPRQLWRUDV
WKHKRXVLQJFRXOGEHGDPDJHG)RUPRUHLQIRU
PDWLRQ DERXW FOHDQLQJ WKH PRQLWRU SOHDVH VHH
³&DULQJIRU<RXU/&'0RQLWRU´
1HYHURSHQWKHPRQLWRUKRXVLQJ\RXUVHOI7KHUH
LVDGDQJHURIHOHFWULFVKRFNDQGRWKHUKD]DUGV
7KHPRQLWRUPD\RQO\EHRSHQHGDQGVHUYLFHG
E\TXDOL¿HGSURIHVVLRQDOV
1RWHRQUHVROXWLRQ
$OOUHVROXWLRQVSURYLGHGE\WKHJUDSKLFVFDUGWKDW
GHYLDWHIRUPWKHSK\VLFDOUHVROXWLRQRIWKHSDQHO
DUHDGMXVWHGE\LQWHUSRODWLRQ7KLVFDQLPSDLUWKH
LPDJHTXDOLW\
1RWHVRQHUJRQRPLFV
,QRUGHUWRUHOLHYH\RXUH\HVQHFNDQGVKRXOGHU
PXVFOHVZKHQORRNLQJDWWKHVFUHHQZHUHFRP
PHQGWKDW\RXPDLQWDLQDGLVWDQFHRIWRFP
EHWZHHQWKHPRQLWRUDQG\RXUH\HV,QDGGLWLRQ
\RXFDQUHOD[\RXUH\HVE\UHJXODUO\IRFXVLQJRQ
DQREMHFWDWDGLVWDQFHRIDERXWP7RDFKLHYH
DQHUJRQRPLFVLWWLQJSRVLWLRQ\RXUHOERZVSHOYLV
NQHHVDQGDQNOHVVKRXOGIRUPDULJKWDQJOH
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
6LJQDOFDEOH
'68%
$8',2,1
$&,1
³7RFRQQHFWWKHPRQLWRUWR\RXU3&
0DNHVXUHWKDWWKH3&DQGPRQLWRUDUHXQSOXJJHG
&RQQHFW WKH SLQ VLJQDO FDEOH WR WKH 3& VHH
¿JXUH
³7RFRQQHFWWKHPRQLWRUWRWKHSRZHUVRXUFH
&RQQHFWWKHVHSDUDWHSRZHUFDEOH
c
LQ¿JWRWKH
PRQLWRUDQGDJURXQGHGRXWOHW
&DUHIXOO\OLIWWKHPRQLWRURXWRIWKHSDFNDJLQJDQGPDNH
VXUHWKDWDOOFRPSRQHQWVDUHLQFOXGHGVHH¿J
6DYHWKHRULJLQDOER[DQGSDFNLQJPDWHULDOLQFDVH\RX
KDYHWRVKLSRUWUDQVSRUWWKHPRQLWRU
7R VHW XS WKH GHYLFH \RX PXVW ¿W WKH PRQLWRU EDVH
WRJHWKHU
813$&.,1*
67$5783
)LUVW VWDUW \RXU 3& DQG WKHQ WXUQ RQ \RXU %HOLQHD
PRQLWRU XVLQJ WKH SRZHU VZLWFK
e
LQ ¿J 7KH
VWDWXVLQGLFDWRU
f
LQ¿JVKRXOGOLJKWXSJUHHQ
$GMXVWWKHLPDJHWRPHHW\RXUUHTXLUHPHQWVVHHWKH
IROORZLQJVHFWLRQV³%DVLF6HWXS´DQG³,PDJHVHWWLQJV
XVLQJWKH26'PHQX´
,IWKHUHLVQRLPDJHGLVSOD\HGRQWKHPRQLWRUFRQVXOW
WKHVHFWLRQ³7URXEOHVKRRWLQJ´
)LJXUH0RQLWRUZLWKVZLYHOEDVH
&211(&7,1*
)LJXUH&RQQHFWLQJWKHPRQLWRUWRWKH3&
3RZHUFRUG
$XGLRFDEOH
9*$FDEOH
)LJXUH&RQQHFWLQJWKHPRQLWRUWRWKHSRZHUVRXUFH
'68%
$8',2,1
$&,1
³&RQQHFWLQJWKHDXGLRFDEOH
,I\RXUFRPSXWHULVHTXLSSHGZLWKDQDXGLRRXWSXWSRUW
WKHQFRQQHFWRQHHQGRIWKHVRXQGFDEOHWRWKHDXGLR
LQSXWFRQQHFWRURIWKHPRQLWRU
d
LQ¿JDQGWKHRWKHU
HQGWRWKH/LQH2XWFRQQHFWRURIWKHFRPSXWHU
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
&21),*85$7,21
³0RQLWRUVHWXSXQGHU:LQGRZV
[0(
DQG;3
,I XVLQJ WKH PRQLWRU XQGHU :LQGRZV
[0( RU
;3ZHVWURQJO\UHFRPPHQGLQVWDOOLQJWKH%HOLQHDFRQ
¿JXUDWLRQ¿OH<RXFDQREWDLQWKLV¿OHIURP\RXU%HOLQHD
GHDOHURUGRZQORDGLWIURPWKH0$;'$7$)73VHUYHUDW
IWSPD[GDWDFRP
+HUH FOLFN WKH ³%HOLQHDB7UHLEHUB'ULYHU´ GLUHFWRU\ DQG
GRZQORDG WKH %HOLQHDLQI DQG 5($'0(B%HOLQHD7;7
¿OHV)ROORZWKHLQVWDOODWLRQLQVWUXFWLRQVLQWKH5($'0(B
%HOLQHD7;7¿OH
³0RQLWRUVHWXSXQGHU:LQGRZV
17
8QGHU :LQGRZV
17 QR VHSDUDWH VHWXS ILOH LV
UHTXLUHG6HOHFWWKHYHUWLFDOIUHTXHQF\DQGWKHQXPEHU
RIFRORUVGLUHFWO\IURPZLWKLQWKH³6HWWLQJV´Æ³&RQWURO
3DQHO´Æ³'LVSOD\´Æ³6HWWLQJV´PHQX
%$6,&6(783
³$XWRPDWLF,PDJH$GMXVWPHQW
<RXFDQDGMXVWWKHLPDJHVHWWLQJVVXFKDVLPDJHSRVL
WLRQSKDVHHWFPDQXDOO\RUE\XVLQJWKH/&'PRQLWRU¶V
DXWRPDWLFLPDJHDGMXVWPHQWIHDWXUH7KLVZLOODGMXVWWKH
LPDJHSDUDPHWHUVWRWKHLURSWLPDOVHWWLQJVIRUWKHFXUUHQW
JUDSKLFVPRGH3UHVV$872
h
LQ¿JWRODXQFKWKH
DXWRPDWLFDGMXVWPHQW7KHSURFHVVZLOOWDNHDVKRUWZKLOH
XQWLOFRPSOHWHG
³6KRUWFXWIRUDGMXVWLQJFRQWUDVWDQGEULJKWQHVV
<RX FDQ DGMXVW FRQWUDVW DQG EULJKWQHVV GLUHFWO\ E\
SUHVVLQJWKH
EXWWRQ
c
LQ¿JZKLOHWKH26'PHQX
LV QRW GLVSOD\HG 3UHVV WKH
!
EXWWRQ
d
LQ ¿J
WR
LQFUHDVHWKHFRQWUDVWEULJKWQHVVRUWKH
EXWWRQ
c
LQ
¿JWRGHFUHDVHLW
³6HWWLQJWKHYROXPHGLUHFWO\
<RXFDQDGMXVWWKHYROXPHGLUHFWO\E\SUHVVLQJEXWWRQ
!
d
LQ¿JZKHQWKH26'PHQXLVQRWGLVSOD\HGRQ
VFUHHQ<RXFDQWKHQFKDQJHWKHYROXPHE\SUHVVLQJ
WKHEXWWRQV
RU
!
c
DQG
d
LQ¿J
³/RFNLQJDQG8QORFNLQJWKH26'
7RORFNDQGXQORFNWKH26'PHQXKROGGRZQWKHEXWWRQ
FRPELQDWLRQ
c
LQ¿JDQG0(18
g
LQ¿JXQWLO
DFRUUHVSRQGLQJPHVVDJHLVGLVSOD\HG
,0$*(6(77,1*686,1*7+(26'0(18
7KH26'PHQXLVDZLQGRZRQ\RXUVFUHHQWKDWDOORZV
\RXWRYLHZDQGFKDQJHGLVSOD\VHWWLQJV7RFKDQJHDQ
26'VHWWLQJ
3UHVVWKHEXWWRQ0(18
g
LQ¿JWRGLVSOD\WKH
26'PHQXRQWKHVFUHHQ
7KHUHDUHDWRWDORI26'VXEPHQXVGLYLGHGE\FDWH
JRULHV6HOHFWWKHGHVLUHGVXEPHQXE\SUHVVLQJWKH
26'EXWWRQ
RU
!
c
DQG
d
LQ¿JVHHVHFWLRQ
³26'0HQX)XQFWLRQV´
3UHVVWKHEXWWRQ0(18
g
LQ¿JWRDFWLYDWHWKH
VHOHFWHGIXQFWLRQRUDVVRFLDWHGVXEPHQX
,I\RXVHOHFWHGDVXEPHQXQRZVHOHFWWKHVXEIXQF
WLRQ\RXZDQWXVLQJWKH26'EXWWRQV
RU
!
c
DQG
d
LQ¿J
6HWWKHGHVLUHGYDOXHXVLQJWKH26'EXWWRQV
RU
!
c
DQG
d
LQ¿J
7KHFXUUHQWVHWWLQJVDUHDXWRPDWLFDOO\VDYHGZKHQ
\RXUHWXUQWRWKHSUHYLRXVOHYHORUH[LWWKH26'PHQX
5HSHDW VWHSV ± WR PDNH IXUWKHU DGMXVWPHQWV DV
QHHGHG
7KH26'PHQXDXWRPDWLFDOO\GLVDSSHDUVLIQRFKDQ
JHV DUH PDGH IRU PRUH WKDQ VHFRQGV GHIDXOW
VHWWLQJ7KHFXUUHQWVHWWLQJVZLOOEHVDYHG<RXFDQ
FORVHLWPDQXDOO\E\SUHVVLQJWKHEXWWRQ$872
h
LQ¿J
)LJXUH0RQLWRUIHDWXUHV
d
c
e
g
h
f
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
26'0(18)81&7,216
%5,*+71(66&2175$67
%ULJKWQHVV $GMXVWV EULJKWQHVV E\ XVLQJ WKH
EXWWRQV
RU
!
c
DQG
d
LQ¿J
&RQWUDVW$GMXVWVVFUHHQFRQWUDVWE\XVLQJWKH
EXWWRQV
RU
!
c
DQG
d
LQ¿J
,0$*(&21752/
26'&21752/
/DQJXDJH 26' PHQX ODQJXDJH VHOHFWLRQ
(QJOLVK)UHQFK*HUPDQ,WDOLDQ6SDQLVK'XWFK
5XVVLDQ3ROLVK
6SHDNHU9ROXPH$GMXVWVWKHPRQLWRUORXGVSHD
NHURXWSXWYROXPH
,QIRUPDWLRQ7KHUHLVDQRSWLRQDO26'ZLQGRZ
RQRIIWKDWGLVSOD\VWKHQHZO\DGMXVWHGVFUHHQ
UHVROXWLRQVHWWLQJV
+ 26' 3RVLWLRQ &RQWUROV WKH 26' PHQX¶V
KRUL]RQWDOSRVLWLRQ
9 26' 3RVLWLRQ &RQWUROV WKH 26' PHQX¶V
YHUWLFDOSRVLWLRQ
26' 7LPHRXW 'HWHUPLQHV KRZ ORQJ LQ
VHFRQGV WKH 26' PHQX ZDLWV EHIRUH FORVLQJ
DXWRPDWLFDOO\ DIWHU QR DFWLRQ KDV EHHQ SHUIRU
PHG
27+(56
$XWR $GMXVWPHQW $XWRPDWLFDOO\ VHOHFWV WKH
RSWLPDO VHWWLQJV IRU LPDJH SDUDPHWHUV LPDJH
SRVLWLRQSKDVHHWFE\XVLQJWKHEXWWRQ0(18
g
LQ¿J
+ 3RVLWLRQ &RQWUROV WKH SLFWXUH¶V KRUL]RQWDO
SRVLWLRQ
93RVLWLRQ&RQWUROVWKHSLFWXUH¶VYHUWLFDOSRVL
WLRQ
&ORFN6HWVXSWKHLQWHUQDOFORFN/DUJHUYDOXHV
PDNHWKHGLVSOD\HGLPDJHDSSHDUZLGHUVPDOOHU
YDOXHVPDNHLWDSSHDUFRPSUHVVHG
3KDVH $GMXVWV WKH LQWHUQDO FORFN¶V WLPH ODJ LQ
RUGHUWRRSWLPL]HWKHVFUHHQLPDJH
6KDUSQHVV&RQWUROVLPDJHVKDUSQHVVRQO\IRU
UHVROXWLRQVOHVVWKDQîSL[HOV
7KLVPHQXOHWV\RXVHOHFWDSUHVHWFRORUWHPSHUD
WXUH..RUV5*%'E\SUHVVLQJ
WKH 26' EXWWRQV
RU
!
c
DQG
d
LQ ¿J
&KDQJHVWRWKHFRORUWHPSHUDWXUHWDNHLPPHGLDWH
HIIHFWRQVFUHHQ,I\RXZLVKWRVHWLQGLYLGXDOFRORU
YDOXHVVHOHFWWKH&XVWRP&RORURSWLRQ7KHQ
SUHVVWKH0(18EXWWRQ
g
LQ¿JWRVHOHFWWKH
UHGJUHHQDQGEOXHVHWWLQJVDQGVHWWKHGHVLUHG
YDOXHXVLQJWKH26'EXWWRQV
RU
!
c
DQG
d
LQ¿J7KHFXUUHQWVHWWLQJVDUHDXWRPDWLFDOO\
VDYHGZKHQ\RXUHWXUQWRWKHSUHYLRXVOHYHORU
H[LWWKH26'PHQX
&2/25
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
7528%/(6+227,1*
%ODQN6FUHHQ
3RZHULQGLFDWRULVRII
0DNHVXUHWKHSRZHUFDEOHLVFRQQHFWHGSURSHUO\VHHVHFWLRQ³&RQQHFWLQJ´
0DNHVXUHWKDWWKHPRQLWRUZDVWXUQHGRQXVLQJWKHSRZHUVZLWFKVHHVHFWLRQ³6WDUWXS´
3RZHULQGLFDWRUOLJKWVRUDQJH
3HUKDSVDSRZHUVDYLQJPRGHLVDFWLYH"3UHVVDQ\NH\RQ\RXUNH\ERDUGRUPRYHWKHPRXVH
3RZHULQGLFDWRUOLJKWVJUHHQ
$VFUHHQVDYHUPD\KDYHDFWLYDWHGDXWRPDWLFDOO\DIWHUDFHUWDLQSHULRGRILQDFWLYLW\3UHVVDQ\NH\RQ\RXUNH\ERDUG
RUPRYHWKHPRXVH
³1R6LJQDO´PHVVDJH
,VWKHVLJQDOFDEOHFRQQHFWHGWRWKHPRQLWRUDQGWKH3&¶VJUDSKLFVSRUWVHHVHFWLRQ³&RQQHFWLQJ´"
,VWKH3&WXUQHGRQVHH\RXU3&¶VGRFXPHQWDWLRQ"
'LVSOD\3UREOHPV
,PDJHLVGLVSODFHGWRWKHOHIWULJKWRUWRWKHWRSERWWRP
,IWKHLPDJHDSSHDUVQRUPDOEXWRIIFHQWHU\RXFDQDGMXVWLWXVLQJWKH26'IXQFWLRQV)RUIXUWKHULQIRUPDWLRQVHH
FKDSWHU³%DVLF6HWXS´VHFWLRQ³$XWRPDWLF,PDJH$GMXVWPHQW´RUFKDSWHU³26'0HQX)XQFWLRQV´VHFWLRQ³,PDJH
&RQWURO´
,PDJHIOLFNHUVRULVVKDN\
3HUKDSV VHWXS ¿OH FKRVHQ IRU WKH PRQLWRU LV LQFRUUHFW )RU LQIRUPDWLRQ RQ PRQLWRU VHWXS XQGHU :LQGRZV
[
0(17;3FRQVXOWWKH³&RQ¿JXUDWLRQ´VHFWLRQ
,PDJHLVEOXUUHG
&KHFNEULJKWQHVVDQGFRQWUDVWVHWWLQJVVHHFKDSWHU³26'0HQX)XQFWLRQV´VHFWLRQ³%ULJKWQHVV&RQWUDVW´
&KHFNWKHVKDUSQHVVVHWWLQJVHHFKDSWHU³26'0HQX)XQFWLRQV´VHFWLRQ³6KDUSQHVV´
&RORUSUREOHPV
,IWKHFRORUVDUHRIIHJZKLWHLVQRWUHDOO\GLVSOD\HGDVZKLWHHWF\RXVKRXOGDGMXVWWKHFRORUWHPSHUDWXUHVHH
FKDSWHU³26'0HQX)XQFWLRQV´VHFWLRQ³&RORU´
/&'SDQHO
LQFKGLDJRQDOVL]HFPYLVLEOHORZUDGLDWLRQDFFRUGLQJWR7&2
FHUWL¿HG
WR,62SL[HOIDXOWFODVV,,71SDQHOWHFKQRORJ\
&RQWUDVWUDWLR
W\SLFDO
9LHZLQJDQJOH
&RQWUDVWUDWLRKRUL]RQWDOYHUWLFDOW\SLFDO
&RQWUDVWUDWLRKRUL]RQWDOYHUWLFDOW\SLFDO
5HVSRQVHWLPH
PVW\SLFDO
%ULJKWQHVV
FGP
W\SLFDO
,QSXWVLJQDO
9LGHRDQDORJSLQPLQL'6XE
'LVSOD\FRORUV
PLOOFRORUV
6\QFKURQL]DWLRQ
±N+]KRUL]RQWDO±+]YHUWLFDO
9LGHREDQGZLGWK
0+]SL[HOUDWH
(UJRQRPLFUHVROXWLRQ
î+]
$XGLR
$PSOL¿HU:DW2KPV
/RXGVSHDNHU:FRQWLQXRXVORDG:SHDNSRZHU
3RZHUFRQQHFWLRQ
±9$&±+]
3RZHUFRQVXPSWLRQ
21VWDWXVPD[:FRORURIWKHVWDWXV/('JUHHQ
6/((3VWDWXVPD[:FRORURIWKHVWDWXV/('RUDQJH
3RZHUVDYLQJIXQFWLRQV(3$FHUWL¿HG
'LPHQVLRQVZHLJKW
:LGWKPPKHLJKWPPGHSWKPPNJQHW
2SHUDWLQJHQYLURQPHQW
2SHUDWLRQWR&KXPLGLW\±QRQFRQGHQVLQJ
6WRUDJHWR&KXPLGLW\±QRQFRQGHQVLQJ
7(&+1,&$/63(&,),&$7,216
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
'(),1,7,212)7+(0$;'$7$:$55$17<
7KH0$;'$7$ZDUUDQW\FRYHUVDOOIDLOXUHVUHVXOWLQJIURPGHIHFWLYHFRPSRQHQWVDQGPDQXIDFWXULQJGHIHFWVWKDWRFFXU
ZLWKLQWKHSURGXFWVSHFL¿FZDUUDQW\SHULRG7KHZDUUDQW\SHULRGEHJLQVRQWKHGDWHRISXUFKDVHGDWHRIRULJLQDOFXV
WRPHULQYRLFH
3OHDVHEHDZDUHWKDWLQRUGHUWRPDLQWDLQ\RXUZDUUDQW\FODLPWKHSURGXFWFRQFHUQHGKDVWREHUHFHLYHGE\0$;'$7$
WRJHWKHUZLWKWKHVHULDOQXPEHUDQGDFRS\RIWKHRULJLQDOFXVWRPHULQYRLFHZLWKLQWKHZDUUDQW\SHULRG
0$;'$7$µVREOLJDWLRQXQGHUWKHZDUUDQW\LVUHVWULFWHGWRUHSDLULQJRUH[FKDQJLQJGHIHFWLYHFRPSRQHQWV
'HIHFWLYHFRPSRQHQWVUHPRYHGGXULQJUHSDLUSURFHVVEHFRPHWKHSURSHUW\RI0$;'$7$
&RPSRQHQWVUHSODFHGZLWKLQZDUUDQW\FRYHUDJHDVVXPHWKHUHPDLQLQJYDOLGZDUUDQW\SHULRGRIWKHV\VWHP
6FRSHRIWKH0$;'$7$ZDUUDQW\
0$;'$7$µVREOLJDWLRQXQGHUWKHZDUUDQW\LVOLPLWHGWRIDLOXUHVUHVXOWLQJIURPGHIHFWLYHFRPSRQHQWVDQGPDQXIDFWXULQJ
GHIHFWVGHIHFWVLQWKH&57SDQHODQGEDFNJURXQGOLJKWLQJIRUHOHFWULFDOHUURUVSOHDVHDOVRUHIHUWRWKHWHUPGH¿QLWLRQ
DQGOLDELOLW\UHVWULFWLRQ
([FOXVLRQVIURPWKH0$;'$7$ZDUUDQW\
7KH0$;'$7$ZDUUDQW\GRHVQRWFRYHUGDPDJHRIDQ\NLQGWKDWUHVXOWVIURP
7KHXVHRISHULSKHUDOGHYLFHV
,PSURSHUXVHRSHUDWLQJIDXOWV
1RQDGKHUHQFHWRWKHXVHULQVWUXFWLRQV
$WWHPSWHGUHSDLUVE\WKHFXVWRPHURUWKLUGSDUWLHVZLWKRXWDXWKRULVDWLRQE\0$;'$7$
'HIHFWLYHPDLQWHQDQFHE\WKLUGSDUWLHV
'HYLFHGHIHFWVGXHWRSRZHUIDLOXUHKHDWORVVHVPLVVLQJ(0&HOHFWURPDJQHWLFFRPSDWLELOLW\FDEOLQJRUVLPLODU
UHDVRQV
$FFLGHQWVVWRUPVOLJKWHQLQJ¿UHZDWHURWKHUOLTXLGVRWKHUQDWXUDOFDWDVWURSKHVWKHIWULRWVSOXQGHULQJWKHHIIHFWV
RIZDURURWKHULQVWDQFHVRIDFWVRIJRG
7KHXVHRIWKLUGSDUW\FRPSRQHQWV
1RQDXWKRULVHGV\VWHPFKDQJHV
%,26YHUVLRQV¿UPZDUHXSGDWHVSURJUDPPHVWRUHPRYHGHIHFWVRIDOONLQGVHJVHUYLFHSDFNVEXJ¿[HVKRW
¿[HV
5HVHWWLQJVDIHW\IXQFWLRQVGHOHWLRQRISDVVZRUGVHWF
/RVVRIFXVWRPHUVSHFL¿FGDWDRUVRIWZDUHIURPUHSDLUDQGLQVWDOODWLRQSURFHVVHV
,PSURSHUXVHRIPDFKLQHFDSDFLW\RURXWSXW
,QDSSURSULDWHFXVWRPHURSHUDWLQJHQYLURQPHQW
7KH0$;'$7$ZDUUDQW\DOVRGRHVQRWFRYHUWKHIROORZLQJ
0$;'$7$SURGXFWVIURPZKLFKWKHFDWHJRU\SODWHVVHULDOQXPEHUVSDUWQXPEHUVRQWKHPDFKLQHRIPDFKLQHSDUWV
KDYHEHHQUHPRYHGRUFKDQJHG
'HFOLQHLQUHFKDUJHDEOHEDWWHU\FDSDFLW\DIWHUWKHHQGRIWKHPRQWKZDUUDQW\SHULRG
7KHSURYLVLRQDQGLQVWDOODWLRQRI%,26GULYHURUVRIWZDUHXSGDWHVXSJUDGHV
7KHQHZLQVWDOODWLRQRIVRIWZDUHRSHUDWLQJV\VWHPVWKDWDUHQRORQJHUDEOHWRUXQHJEHFDXVHRIWKHGHOHWLRQRI
V\VWHPUHOHYDQW¿OHVLQFRUUHFWV\VWHPVHWWLQJVRUVHOIFRS\LQJSURJUDPVHJFRPSXWHUYLUXVHV
:HDUDQGWHDURQGDWDVWRUDJHPHGLD/&'EDFNJURXQGOLJKWLQJ&57VRQ&57PRQLWRUVSLFWXUHWXEHEXUQLQRU
ORVVRIEULJKWQHVV
0$;'$7$SURGXFWVIRUZKLFKWKHZDUUDQW\VHDOKDVEHHQEURNHQE\HQWLWLHVRWKHUWKDQ0$;'$7$RUWKRVHDXWKR
ULVHGE\0$;'$7$
%UHDNVDQGVFUDWFKHVRQ7)7SDQHOVDQG&57GLVSOD\V
'DPDJHWKURXJKXVHRIIRUFHDQGH[WHUQDOLPSDFWUHVSHFWLYHO\
6SRWVRQWKHSDQHOFDXVHGE\H[WHUQDOLPSDFWV
%HOLQHD2SHUDWLQJ,QVWUXFWLRQV
(1*/,6+
&RORXUVSRWVUHVXOWLQJIURPIDOOV
(UURUFODVVSL[HOHUURUVSOHDVHQRWHWKHLQIRUPDWLRQRQ,62RQWKHZHEVLWHRIWKH0$;'$7$VXEVLGLDU\
FRQFHUQHG
,IWKHGHYLFHUHFHLYHGE\0$;'$7$GHPRQVWUDWHVWZRGHIHFWVDQGRQO\RQHRIWKHVHLVFRYHUHGE\WKH0$;'$7$
ZDUUDQW\FODLPWKHFXVWRPHURQO\KDVWKHULJKWWRUHSDLUIRUWKHGDPDJHWRKLVGHYLFHFRYHUHGE\WKHZDUUDQW\
,QWKLVFDVH0$;'$7$UHVHUYHVWKHULJKWWRRIIHUWKHFXVWRPHUVHYHUDORSWLRQVRQUHVROXWLRQLQWKHIRUPRIDTXRWDWLRQ
DQGWRFKDUJHWKHUHOHYDQWSURFHVVLQJFRVWV
7KLVDOVRDSSOLHVWRWKRVHGHYLFHVIRUZKLFKXSRQUHFHLSWLWLVIRXQGWKDWWKH\DUHQRWFRYHUHGE\WKHZDUUDQW\,QWKHVH
FDVHV0$;'$7$UHVHUYHVRZQHUVKLSRIWKHH[FKDQJHGHYLFHSURYLGHGDQGLVHQWLWOHGWRGHPDQGLWVUHWXUQ
0$;'$7$UHVHUYHVWKHULJKWWRFKDUJHFRVWVLQFXUUHGIRUXQVXFFHVVIXODWWHPSWVWRFROOHFWDGHYLFHWKDWKDVEHHQ
UHJLVWHUHGDVGHIHFWLYHIURPWKHFXVWRPHU
,IDQH[FKDQJHGHYLFHLVQRWSURYLGHGLQVSLWHRIDSHULRGKDYLQJEHHQVHW0$;'$7$LVHQWLWOHGWRFKDUJHWKHQHWVDOHV
SULFHDVSHUWKHFXUUHQWSULFHOLVWSOXVWKHSURFHVVLQJFRVWVLQFXUUHG7KHFXVWRPHUKDVWKHULJKWWRSURYLGHHYLGHQFH
IRUWKHH[LVWHQFHRIORZHUGDPDJHV
0$;'$7$UHVWULFWLRQWROLDELOLW\
0$;'$7$ H[SUHVVO\ H[FOXGHV FXVWRPHU FODLPV WKDW JR EH\RQG WKH ZDUUDQW\ FRQGLWLRQV LI WKHUH LV QR REOLJDWLRQ RI
OLDELOLW\LPSRVHGRQ0$;'$7$E\WKHODZVRIWKHFRXQWU\ZKHUHWKHGHYLFHZDVERXJKW7KLVDOVRDSSOLHVLQSDUWLFXODU
ZLWKUHJDUGWRFODLPVIRUGDPDJHVDVDUHVXOWRIGHIDXOWGDPDJHVIRUFODLPVDULVLQJDVDUHVXOWRIGHIHFWVORVVRISUR¿W
WUDQVSRUWGDPDJHWKDWZDVQRWUHJLVWHUHGZLWKLQDSHULRGRIGD\VDIWHUUHFHLSWRIWKHJRRGVORVVRIGDWDRULQIRUPDWLRQ
WKURXJKUHSDLUSURFHVVHVRUGDPDJHUHVXOWLQJIURPLQWHUUXSWLRQWRRSHUDWLRQV
*RYHUQLQJODZ
$OOULJKWVDQGGXWLHVDUHVXEMHFWWRWKHODZRIWKHFRXQWU\LQZKLFKWKH0$;'$7$SURGXFWZDVSXUFKDVHG7KH$JUHH
PHQWRQ&RQWUDFWVIRUWKH,QWHUQDWLRQDO6DOHRI*RRGV&,6*LVQRWDSSOLFDEOH
'DWD%DFNXS
7KHUHVSRQVLELOLW\IRUFRPSOHWHGDWDEDFNXSVLQFOXGLQJRIDSSOLFDWLRQVDQGRSHUDWLQJV\VWHPVRIWZDUHUHPDLQVH[FOX
VLYHO\ZLWKWKHFXVWRPHU7KHGDWDPXVWEHEDFNHGXSEHIRUHWKHZDUUDQW\FODLPLVPDGH0$;'$7$H[FOXGHVOLDELOLW\
IRUDQ\GDWDRULQIRUPDWLRQORVWIRUWKLVUHDVRQGXULQJDZDUUDQW\FODLP
)RUIXUWKHUGHWDLOVUHJDUGLQJWKH0$;'$7$ZDUUDQW\FRQGLWLRQVSOHDVHUHIHUWRZZZPD[GDWDFRXN
!"!
(7=0)>-2=;<8=:+0);-,)&#C)88:7>-,)6,4)*-44-,8:7,=+<(7=:+071+-0);8:7>1,-,A7=?1<0)8:7,=+<,->-478-,.7:8:7.-;;176)4=;-
(7=:
8=:+0);-0);)4;7+76<:1*=<-,<7:-,=+16/<0-*=:,-676<0--6>1:765-6<)6,)4;7<7<0-.=:<0-:,->-4785-6<7.-6>1:765-6<)44A),)8<-,-4-+<:761+;
8:7,=+<;
&01; 8:7,=+< 5--<; <0- :-9=1:-5-6<; .7: <0- &#C ;+0-5- ?01+0 8:7>1,-; .7: )6 16<-:6)<176)4 -6>1:765-6<)4 )6, 9=)41<A 4)*-4416/ 7. 8-:;76)4
+758=<-:;
&0- 4)*-4416/ ;+0-5- ?); ,->-478-, ); ) 2716< -..7:< *A <0- &# &0- %?-,1;0 76.-,-:)<176 7. $:7.-;;176)4 5847A--; %>-6;3)
")<=:;3A,,;.7:-616/-6 &0- %?-,1;0 %7+1-<A .7: ")<=:- 76;-:>)<176 %<)<-6; 6-:/15A6,1/0-< &0- %?-,1;0 ")<176)4 6-:/A ,5161;<:)<176 )6,
%!#
&0-:-9=1:-5-6<;+7>-:)?1,-:)6/-7.1;;=-;-6>1:765-6<-:/76751+;=;)*141<A:-,=+<1767.-4-+<:1+)6,5)/6-<1+.1-4,;-6-:/A+76;=58<176)6,
-4-+<:1+)4 ;).-<A
%$##!%"!
65)6A+7=6<:1-;-6>1:765-6<)44)*-4416/0);*-+75-)6-;<)*41;0-,5-<07,.7:-6+7=:)/16/<0-),)8<)<1767./77,;)6,;-:>1+-;<7<0--6>1:765-6<
&0- 5)16 8:7*4-5 ); .): ); +758=<-:; )6, 7<0-: -4-+<:761+; -9=185-6< ):- +76+-:6-, 1; <0)< -6>1:765-6<)44A 0):5.=4 ;=*;<)6+-; ):- =;-, *7<0 16
<0- 8:7,=+<; )6, ,=:16/ <0-1: 5)6=.)+<=:-
%16+- 1< 1; 67< ;7 .): 87;;1*4- <7 ;)<1;.)+<7:14A :-+A+4- <0- 5)27:1<A 7. -4-+<:761+; -9=185-6< 57;< 7. <0-;-
87<-6<1)44A ,)5)/16/ ;=*;<)6+-; ;776-: 7: 4)<-: -6<-: 6)<=:-
&0-:-):-)4;77<0-:+0):)+<-:1;<1+;7.)+758=<-:;=+0);-6-:/A+76;=58<1764->-4;<0)<):-1587:<)6<.:75<0->1-?8716<;7.*7<0<0-?7:316<-:6)4
)6, 6)<=:)4 -@<-:6)4 -6>1:765-6<;
%16+- )44 5-<07,; 7. -4-+<:1+1<A /-6-:)<176 0)>- ) 6-/)<1>- -..-+< 76 <0- -6>1:765-6< -
/
)+1,1+ )6, +415)<-
16.4=-6+16/ -51;;176; :),17)+<1>- ?);<- 1< 1; >1<)4 <7 ;)>- -6-:/A
4-+<:761+; -9=185-6< 16 7..1+-; 1; 7.<-6 4-.< :=6616/ +76<16=7=;4A )6, <0-:-*A
+76;=5-; ) 47< 7. -6-:/A
! !###
&0- -6>1:765-6<)4 ,-5)6,; 0); *--6 ,->-478-, *A %>-6;3) ")<=:;3A,,;.7:-616/-6 &0- %?-,1;0 %7+1-<A .7: ")<=:- 76;-:>)<176
&0-;-
,-5)6,; 1587;- :-;<:1+<176; 76 <0- 8:-;-6+- )6, =;- 7. 0-)>A 5-<)4; *:7516)<-, )6, +047:16)<-, .4)5- :-<):,)6<; ; .:-76; )6, +047:16)<-,
;74>-6<;)576/7<0-:<016/;
&0-8:7,=+<5=;<*-8:-8):-,.7::-+A+416/)6,<0-5)6=.)+<=:-:1;7*41/-,<70)>-)6-6>1:765-6<)48741+A?01+05=;<
*- ),0-:-, <7 16 -)+0 +7=6<:A ?0-:- <0- +758)6A 1584-5-6<; 1<; 78-:)<176)4 8741+A
&0--6-:/A:-9=1:-5-6<;16+4=,-),-5)6,<0)<<0-+758=<-:)6,7:,1;84)A).<-:)+-:<)168-:17,7.16)+<1>1<A;0)44:-,=+-1<;87?-:+76;=58<176<7
)47?-:4->-41676-7:57:-;<)/-;
&0-4-6/<07.<15-<7:-)+<1>)<-<0-+758=<-:;0)44*-:-);76)*4-.7:<0-=;-:
-47? A7= ?144 .16, ) *:1-. ;=55):A 7. <0- -6>1:765-6<)4 :-9=1:-5-6<; 5-< *A <01; 8:7,=+<
&0- +7584-<- -6>1:765-6<)4 +:1<-:1) ,7+=5-6< 5)A *-
7:,-:-, .:75
#! % %<7+30745%?-,-6 )@ 5)146<-:6-<,->-4785-6<<+7 ;-
=::-6<16.7:5)<176:-/):,16/&#C)88:7>-,)6,4)*-44-,8:7,=+<;5)A)4;7*-7*<)16-,>1)<0-6<-:6-<=;16/<0-),,:-;;0<<8??? <+7 16.7 +75
#! "!
!!
4)5-:-<):,)6<;):-8:-;-6<168:16<-,+1:+=1<*7):,;+)*4-;?1:-;+);16/;)6,07=;16/;
&0-1:8=:87;-1;<78:->-6<7:)<4-);<<7,-4)A<0-;8:-),
7..1:-
'8<77.<0-84);<1+16)+758=<-:+);16/+)6+76;1;<7..4)5-:-<):,)6<;=*;<)6+-;
!7;<.4)5-:-<):,)6<;+76<)16*:7516-7:+047:1,-)6,
<07;- .4)5- :-<):,)6<; ):- +0-51+)44A :-4)<-, <7 )67<0-: /:7=8 7. -6>1:765-6<)4 <7@16; $;
7<0 <0- .4)5- :-<):,)6<; +76<)1616/ *:7516- 7:
+047:1,- )6, <0- $; ):- ;=;8-+<-, 7. /1>16/ :1;- <7 ;->-:- 0-)4<0 -..-+<; 16+4=,16/ :-8:7,=+<1>- ,)5)/- 16 .1;0 -)<16/ *1:,; )6, 5)55)4; ,=- <7
<0- *17 )++=5=4)<1>-
8:7+-;;-; 4)5-:-<):,)6<;0)>-*--6.7=6,160=5)6*477,)6,:-;-):+0-:;.-):<0)<,1;<=:*)6+-;16.7-<=;,->-4785-6<
5)A 7++=:
&0- :-4->)6< &#C ,-5)6, :-9=1:-; <0)< 84);<1+ +75876-6<; ?-1/016/ 57:- <0)6 /:)5; 5=;< 67< +76<)16 .4)5- :-<):,)6<; ?1<0 7:/)61+)44A
*7=6, *:7516- 7: +047:16-
4)5- :-<):,)6<; ):- )447?-, 16 <0- 8:16<-, +1:+=1< *7):,; ;16+- 67 ;=*;<1<=<-; ):- )>)14)*4-
"
),51=5 1; 8:-;-6< 16 :-+0):/-)*4- *)<<-:1-; )6, 16 <0- +747=: /-6-:)<16/ 4)A-:; 7. +-:<)16 +758=<-: ,1;84)A;
),51=5 ,)5)/-; <0- 6-:>7=;
;A;<-5 )6, 1; <7@1+ 16 01/0 ,7;-;
&0- :-4->)6< &#C :-9=1:-5-6< ;<)<-; <0)< *)<<-:1-; <0- +747=: /-6-:)<16/ 4)A-:; 7. ,1;84)A ;+:--6; )6, <0-
-4-+<:1+)4 7: -4-+<:761+; +75876-6<; 5=;< 67< +76<)16 )6A +),51=5
"%
!-:+=:A 1; ;75-<15-; .7=6, 16 *)<<-:1-; :-4)A; )6, ;?1<+0-;
< ,)5)/-; <0- 6-:>7=; ;A;<-5 )6, 1; <7@1+ 16 01/0 ,7;-;
&0- :-4->)6< &#C
:-9=1:-5-6< ;<)<-; <0)< *)<<-:1-; 5)A 67< +76<)16 )6A 5-:+=:A
< )4;7 ,-5)6,; <0)< 5-:+=:A 1; 67< 8:-;-6< 16 )6A 7. <0- -4-+<:1+)4 7: -4-+<:761+;
+75876-6<;);;7+1)<-,?1<0<0-4)*-44-,=61<
&0-:-1;07?->-:76--@+-8<176
!-:+=:A1;.7:<0-<15-*-16/8-:51<<-,16<0-*)+341/0<;A;<-57..4)<
8)6-4 5761<7:; ); <0-:- <7,)A 1; 67 +755-:+1)44A )>)14)*4- )4<-:6)<1>-
&# )15; 76 :-57>16/ <01; -@+-8<176 ?0-6 ) 5-:+=:A .:-- )4<-:6)<1>- 1;
)>)14)*4-
&0- :-4->)6< &#C :-9=1:-5-6< ;<)<-; <0)< 6-1<0-: ; 67: ; 5)A *- =;-, ,=:16/ <0- 5)6=.)+<=:- )6, );;-5*4A 7. <0- 8:7,=+<
;
.:-76; ):- ;75-<15-; =;-, .7: ?);016/ 8:16<-, +1:+=1< *7):,;
; *:-)3 ,7?6 7B76- )6, <0-:-*A ,)5)/- <0- 7B76- 4)A-: 16 <0- ;<:)<7;80-:-
+)=;16/ 16+:-);-, :-+-8<176 76 -):<0 7. =4<:)>174-< 41/0< ?1<0 -
/
16+:-);-, :1;3; 7. ;316 +)6+-: 5)41/6)6< 5-4)675) ); ) +76;-9=-6+-
-), +)6 *- .7=6, 16 81+<=:- <=*-; ,1;84)A ;+:--6; ;74,-:; )6, +)8)+1<7:;
-), ,)5)/-; <0- 6-:>7=; ;A;<-5 )6, 16 01/0-: ,7;-; +)=;-; 4-),
871;7616/
&0- :-4->)6< &#D :-9=1:-5-6< 8-:51<; <0- 16+4=;176 7. 4-), ;16+- 67 :-84)+-5-6< 0); A-< *--6 ,->-478-,
!USTRIA
-!8$!4!å#OMPUTERå'MB(
)GNAZ +CK 3TRAEååså! å7IEN
"ENELUX
-!8$!4!å"ENELUXå"6
"REDASEWEGå åså., å,!å%TTEN ,EUR
'ERMANY
-!8$!4!å#OMPUTERå'MB(åå#Oå+'
%LBESTRAEå åså$ å-ARL
&RANCE
-!8$!4!å3!2,
åRUEåDUå'EVAUDANåså3),)#å
& å%629 ,)33%3
)TALY
-!8$!4!å)TALIAå3RL
3TRADAåå0ALAZZOå&
) å-ILANOlORIå!SSAGOå-)
0OLAND
-!8$!4!å3PåZåOO
5RSYNWå"USINESSå0ARK
5Lå0UAWSKAååså0, å7ARSZAWA
3PAINåså0ORTUGAL
-!8$!4!å)BERIAå
##OLLADOåMEDIANOåSNåså%DIlCIOå0RISMA
0ORTALåå å0TAåAå"åså% å å,ASå2/:!3å-ADRID
3WITZERLAND
-!8$!4!å#OMPUTERå!'
(ALDENSTRASSEååså#( å"AAR
5NITEDå+INGDOM
-!8$!4!å5+å,IMITED
4HEå-!8$!4!å#ENTREåså$OWNMILLå2OADå
"RACKNELLå"ERKSHIREå2'å13åså5+
WWWMAXDATACOM
!R
Tå.Oå
å
å