&1$

1HWZRUN'HILQLWLRQ

$ JURXSRIFRPSXWHUVWKDWFRPPXQLFDWHDQGVKDUHUHVRXUFHV

+DUGZDUHWKDWFRQVLVWVRIVHUYHUVZRUNVWDWLRQVQHWZRUNVERDUGV

FRPPXQLFDWLRQPHGLDLHFDEOHDQGSHULSKHUDOGHYLFHVLHSULQWHUV

0LQLPXP+DUGZDUH5HTXLUHPHQWVIRU1HWZDUHVHUYHU

3HQWLXPSURFHVVRU

0%5$0

0%'26SDUWLWLRQ

0%6<6SDUWLWLRQ

9*$ 9LGHRDGDSWHUDQGGLVSOD\

&'5RP

1HWZRUN%RDUG

1HWZRUN5HVRXUFHVDQG1HWZRUN6HUYLFHV

$ UHVRXUFHLV VRPHWKLQJ\RXXVHVXFKDVDSULQWHU

$ VHUYLFHLVWKHV\VWHPRUPHWKRGRIDFFHVVLQJWKHUHVRXUFHKRZWRJHW\RXU

MRE IURP\RXUZRUNVWDWLRQWRDQHWZRUNSULQWHU

7KHVHUYLFHVWKDWDUHSURYLGHGE\1HW:DUHDUH

1RYHOO'LUHFWRU\6HUYLFHV1'67KLVLVWKHEUDLQRIWKHQHWZRUN,WLV

D GDWDEDVHWKDWFRQWDLQVDOOUHVRXUFHVVHWXSLQWKHQHWZRUNXVHU

DFFRXQWVSULQWHUVVHUYHUVHWF

6HFXULW\7KHUH DUHGLIIHUHQWOHYHOVRIVHFXULW\WKDWFDQEHDSSOLHGRQ

WKHQHWZRUN/RJLQVHFXULW\ILOHV\VWHPVHFXULW\1'6VHFXULW\SK\VLFDO

VHFXULW\

)LOH6\VWHP7KH ILOHV\VWHPFDQEHLPSOHPHQWHGIRUGDWDWREHVWRUHG

RQDVHUYHULQVWHDGRIWKHORFDOKDUGGULYHRIDZRUNVWDWLRQ

1HWZRUN3ULQWLQJ3ULQWHUVFDQEHDWWDFKHGWRWKHQHWZRUNDQGVKDUHG

WR XVHUVZKRDUHFRQQHFWHGWRWKHQHWZRUN

$SSOLFDWLRQ$FFHVV$SSOLFDWLRQVFDQEHLQVWDOOHGRQDVHUYHUDQG

VKDUHGRXWWRXVHUDFFRXQWVRUGRZQORDGHGDQGLQVWDOOHGRQWKHLU

ZRUNVWDWLRQV XVLQJ$SSOLFDWLRQ/DXQFKHU

=HQ:RUNV6WDUWHU3DFN =HQ:RUNVLVDSURGXFWWKDWFDQEHLQVWDOOHG

WR LPSRUWZRUNVWDWLRQVLQWRWKH1'6DQGWRPDQDJHDQGPDLQWDLQ

QHWZRUNDSSOLFDWLRQV

6WRUDJH0DQDJHPHQW6HUYLFHV6067KLVLV1RYHOO¶VWHUPLQRORJ\IRU

EDFNXS0RVWLQVWDOODWLRQVZLOOSXUFKDVHWKLUGSDUW\VRIWZDUHWREDFNXS

DQG UHFRYHUWKHILOHV\VWHPDQG1'6

/RJLQ

*DLQLQJDFFHVVWRWKHQHWZRUNUHVRXUFHVDQGVHUYLFHVLVGRQHWKURXJKWKH

ORJLQ SURFHVV,WLVPDQGDWRU\DQGDVHFXULW\LVVXH$YDOLGXVHUDFFRXQWLV

UHTXLUHG$SDVVZRUGLVRSWLRQDO

2QFHWKH&OLHQWVRIWZDUHLVLQVWDOOHGRQDZRUNVWDWLRQWKHRSWLRQVWRJDLQ

DFFHVV WRWKHORJLQDUH

7KH1RYHOO&OLHQWORJLQZLQGRZZKLFKDSSHDUVDIWHUWKHZRUNVWDWLRQERRWVXS

&KRRVH6WDUW_3URJUDPV_1RYHOO_1HW:DUH/RJLQ

5LJKW FOLFNWKHUHGµ1¶LQWKHV\VWHPWUD\DQGVHOHFW1HW:DUH/RJLQ

5XQ &?1RYHOO?&OLHQW?/RJLQ:H[H

5XQ :,117?6\VWHP?/RJLQ:17H[H17

/RJLQ6HTXHQFH

3URPSWV9DOLGDWHV8VHUQDPH!5HVXOW'HQLHGRU

&KHFNV$FFRXQW5HVWULFWLRQV!5HVXOW'HQLHGRU

3URPSWVIRU3DVVZRUG!5HVXOW'HQLHGDQG,QWUXGHU'HWHFWLRQ1RWLILHGLI

HQDEOHGRU

$FFHVVJUDQWHG

&RQWH[W

&RQWH[WGHVFULEHVZKDWSDUWRIWKHWUHHDQREMHFWUHVLGHVLQ

7ZR W\SHVRIFRQWH[WDYDLODEOH &XUUHQWFRQWH[W

1DPH FRQWH[W

&RQWH[WYHUVXV&XUUHQW&RQWH[W

&RQWH[WLVWKHFRQWDLQHUZKHUHWKHREMHFWKDVEHHQFUHDWHG

&XUUHQW&RQWH[WLVWKHORFDWLRQZKHUH\RXDUHµFXUUHQWO\¶VLWWLQJLQWKHWUHH

,Q DFRPSDULVRQWRWKHILOHV\VWHPDILOHLVFUHDWHGLQDGLUHFWRU\±ZKLFK

ZRXOG EHWKHILOH¶VFRQWH[W<RXFRXOGEHSRLQWLQJWRDGLUHFWRU\VRPHZKHUH

HOVH LQWKHILOHV\VWHPRUULJKWDWWKHURRWRIWKHYROXPH±ZKLFKZRXOGEHWKH

FXUUHQWFRQWH[W

1DPH FRQWH[W'HILQHVZKHUHDQREMHFWUHVLGHVLQWKHWUHH

1DPLQJ&RQYHQWLRQV

7KHUHDUHWZRQDPLQJFRQYHQWLRQVIRU1'6

'LVWLQJXLVKHG1DPH

5HODWLYH'LVWLQJXLVKHG1DPH

'LVWLQJXLVKHG1DPH

$ 'LVWLQJXLVKHG1DPHLVWKHIXOO\TXDOLILHGQDPHRIDQREMHFWLQWKH1'6

3XW DQRWKHUZD\LWLVWKHIXOOSDWKRIZKHUHWKHREMHFWUHVLGHVVWDUWLQJIURPWKH

REMHFWDQGZDONLQJXSWKHWUHHWRQRWLQFOXGLQJ>5RRW@

:KHQVHQGLQJWKLVLQIRUPDWLRQWR1'6\RXLGHQWLI\WKDWLWLVWKHIXOOSDWKE\

VWDUWLQJWKHQDPHZLWKDSHULRG

([DPSOH

$'0,1&2531<&(0$RU

&1 $'0,128 &25328 1<&2 (0$

1'6 LGHQWLILHVWKHOHDGLQJSHULRGDQGZLOOQRWGRDQ\IXUWKHUQDPHUHVROXWLRQ

5HODWLYH'LVWLQJXLVKHG1DPH

$ 5HODWLYH'LVWLQJXLVKHG1DPHLVUHODWLYHWRZKHUH\RXUFXUUHQWFRQWH[WLVRU

ZKHUH \RXDUHFXUUHQWO\VLWWLQJLQWKHWUHH

7KHGLIIHUHQFHWR1'6LVWKDW\RXGRQRWVWDUWWKHUHODWLYHQDPHZLWKDOHDGLQJ

SHULRG1'6WDNHVWKHLQIRUPDWLRQSURYLGHGDQGDGGVRQWKHFXUUHQWFRQWH[WWR

EXLOGDGLVWLQJXLVKHGQDPH1'6RQO\XVHVGLVWLQJXLVKHGQDPHV

([DPSOH,I\RXUFXUUHQWFRQWH[WLV&2531<&(0$\RXZRXOGXVH$'0,1

1'6 LGHQWLILHVWKDWWKHUHLVQROHDGLQJSHULRGWDNHV$'0,1

&2531<&(0$WREXLOGDGLVWLQJXLVKHGQDPHRI$'0,1&2531<&(0$

,I \RXUFXUUHQWFRQWH[WZDVKLJKHUWKHQ\RXZRXOGSURYLGHPRUHLQIRUPDWLRQWR

ZDON XSWRWKHFXUUHQWFRQWH[W

7UDLOLQJSHULRGVFDQEHXVHGZLWK5HODWLYHQDPHV,WZRUNVOLNHWKH&'

FRPPDQGLQ'26(DFKWUDLOLQJSHULRGLVWKHHTXLYDOHQWRIPRYLQJXSRQH

OHYHO LQWKHWUHHRUUHPRYLQJDQLWHPIURPOHIWVLGHRIWKHFXUUHQWFRQWH[W

([DPSOH

$'0,1RU&1 $'0,1

7\SHIXOYHUVXV7\SHOHVV

7KH1'6GHVLJQZDVEDVHGRQWKH;,QWHUQDWLRQDOVWDQGDUG:LWKWKDW

FRPHDWWULEXWHVWKDWFDQEHXVHGWRIXOO\TXDOLI\WKHREMHFWW\SH8VLQJWKH

DWWULEXWHLVW\SHIXOQRDWWULEXWHLVW\SHOHVV

$WWULEXWHV

& &RXQWU\FRQWDLQHU

2 2UJDQL]DWLRQFRQWDLQHU

28 2UJDQL]DWLRQDOXQLWFRQWDLQHU

&1 &RPPRQ1DPHRIWKHOHDIREMHFW

7KHVHFDQEHXVHGZLWK'LVWLQJXLVKHGRU5HODWLYH'LVWLQJXLVKHGQDPHV

([DPSOHV

7\SHIXOOGLVWLQJXLVKHGQDPH

&1 $GPLQ28 &RUS28 1<&2 (0$

7\SHOHVVGLVWLQJXLVKHGQDPH

$GPLQ&RUS1<&(0$

1RYHOO'LUHFWRU\6HUYLFHV1'6

7KH1'6LVDKLHUDUFKLFDOGDWDEDVH,WUHVLGHVRQDVHUYHURQWKH6<6

YROXPH,WFRQWDLQVREMHFWVWKDWUHSUHVHQWWKHUHVRXUFHVWKDWDUHRQWKH

QHWZRUNXVHUVSULQWHUVVHUYHUV

$OOQHWZRUNUHTXHVWVJRWKURXJKWKH1'6

:KHQ\RXORJLQWRWKHQHWZRUN±\RXORJLQRQFHWKURXJKDSURFHVV

FDOOHGDXWKHQWLFDWLRQ2QFHVXFFHVVIXOO\ORJJHGLQ\RXKDYHDFFHVVWR

DQ\1'6UHVRXUFHRUILOHV\VWHPZKHUH\RXKDYHEHHQJUDQWHGULJKWV

RU SULYLOHJHV

7KH1'6LVFRPSRVHGRIFRPSRQHQWV2EMHFWV3URSHUWLHV9DOXHV

$QREMHFWUHSUHVHQWVDUHVRXUFHXVHUSULQWHUVHUYHUJURXSHWF

(DFKREMHFWKDVSURSHUWLHV7KHVHDUHILHOGVRILQIRUPDWLRQDERXWWKH

REMHFW

7KHHQWU\WRWKHSURSHUW\LVFDOOHGWKHYDOXH

$QH[DPSOHLVDXVHU$XVHULVDQREMHFWFUHDWHGLQWKH1'6$XVHU

REMHFW KDVSURSHUWLHVVXFKDVWLWOHILUVWQDPHWHOHSKRQHQXPEHU7KH

HQWU\DJDLQVWWKDWSURSHUW\VXFKDV0DQDJHU%REDUHWKH

YDOXHV

7KH1'6LVKLHUDUFKLFDORUDWUHHGHVLJQ7KLQNRIWKHILOHV\VWHPRQ

\RXUKDUGGULYH

&LVWKHWRSRIWKHILOHV\VWHPDOVRNQRZQDWWKHURRW8QGHUWKHURRWRI

& \RXFDQFUHDWHGLUHFWRULHVXQGHUWKRVHGLUHFWRULHV\RXFDQFUHDWH

VXEGLUHFWRULHVDQGGHFLGHZKHUHWKHLQGLYLGXDOILOHVDUHSODFHG

7KH1'6VWUXFWXUHLVVLPLODU

>5227@

$WWKHWRSRIWKHWUHHLV>5227@DOZD\VUHIHUHQFHGZLWKWKHVTXDUH

EUDFNHWV<RXFDQKDYHRQO\RQH>5RRW@SHUWUHH,WLVDSODFHKROGHUDQG

WKHRQO\REMHFWWKDWGRHVQRWKDYHSURSHUWLHVRUYDOXHV

1'6&RQWDLQHU2EMHFWV

>5227@

$W WKHWRSRIWKHWUHHLV>5227@DOZD\VUHIHUHQFHGZLWKWKHVTXDUHEUDFNHWV

<RX FDQKDYHRQO\RQH>5RRW@SHUWUHH,WLVDSODFHKROGHUDQGWKHRQO\REMHFW

WKDW GRHVQRWKDYHSURSHUWLHVRUYDOXHV7KH>5227@FDQQRWEHGHOHWHGRU

UHQDPHG$QGRQO\DQGDOLDVWKDWSRLQWVWRDQRUJDQL]DWLRQFDQH[LVWXQGHUWKH

>5227@

&RXQWU\FRQWDLQHU

$ &RXQWU\FRQWDLQHUFDQRQO\H[LVWGLUHFWO\EHORZWKH>5RRW@,WPXVWEHDYDOLG

; FRXQWU\FRGH8.IRU8QLWHG.LQJGRP86IRU8QLWHG6WDWHV,WLV

RSWLRQDO,WLVDOVROLPLWLQJLQWKDWLWFDQRQO\KDYHDQ2UJDQL]DWLRQFRQWDLQHURU

$OLDVOHDIREMHFWXQGHULW<RXFRXOGQRWSODFHXVHUDFFRXQWVVHUYHUVRUDQ\

RWKHUOHDIREMHFWVXQGHUD&RXQWU\FRQWDLQHU<RXFDQKDYHPXOWLSOH&RXQWU\

FRQWDLQHUVEXWDOOPXVWEHXQGHU>5RRW@

2UJDQL]DWLRQFRQWDLQHU

$Q 2UJDQL]DWLRQFRQWDLQHULVFUHDWHGXQGHU>5RRW@RULIWKHUHLVD&RXQWU\

FRQWDLQHULWZRXOGEHFUHDWHGXQGHULW$Q2UJDQL]DWLRQDO8QLWFRQWDLQHURUDQ\

OHDIREMHFWFDQEHFUHDWHGXQGHUDQ2UJDQL]DWLRQFRQWDLQHU$WOHDVWRQH

2UJDQL]DWLRQFRQWDLQHULVUHTXLUHG,WLVXVXDOO\QDPHGDIWHUWKH&RPSDQ\

2UJDQL]DWLRQDO8QLWFRQWDLQHU

$Q 2UJDQL]DWLRQDO8QLWFRQWDLQHUFDQEHFUHDWHGXQGHUDQ2UJDQL]DWLRQRUDQ

2UJDQL]DWLRQDO8QLWFRQWDLQHU,WFDQFRQWDLQDOOOHDIREMHFWV,WLVDQRSWLRQDO

FRQWDLQHU

$OLDV

/RJLFDO1'6SRLQWHU&DQRQO\SRLQWWRD &RXQWU\2UJDQL]DWLRQRU

2UJDQL]DWLRQ8QLWREMHFWZKHQXVHGDVD&RQWDLQHUREMHFW

1'6/HDI2EMHFWV

$ /HDIREMHFWUHSUHVHQWVDUHVRXUFHVXFKDVDXVHUSULQWHUVHUYHURUJURXS

,W LVWKHHQGPRVWREMHFWOLNHDILOHLQWKHILOHV\VWHP<RXFDQQRWFUHDWHDILOH

XQGHUDILOHDQG\RXFDQQRWFUHDWHDQ\WKLQJXQGHUDOHDI/HDIREMHFWVRWKHU

WKDQ DQ$OLDVFDQEHFUHDWHGXQGHUDQ2UJDQL]DWLRQRU2UJDQL]DWLRQDO8QLW

FRQWDLQHU$QG\RXFDQKDYHWROHDIREMHFWZLWKWKHVDPHQDPHEXWWKH\¶OO

KDYHWREHXQGHUDGLIIHUHQWFRQWH[W7KHIROORZLQJOLVWVFRPPRQO\XVHGOHDI

REMHFWV

8VHU

5HSUHVHQWVDQLQGLYLGXDOZKRZLOODFFHVVWKHQHWZRUN

$OLDV

/RJLFDO1'6SRLQWHU8VHGDVDVKRUWFXWWRSRLQWWRDOHDIREMHFWLQDQRWKHU

FRQWDLQHU

7HPSODWH

7HPSODWHXVHGWRFUHDWHXVHUVZLWKSUHGHILQHGVHWWLQJV

2UJDQL]DWLRQDO5ROH

'HILQHVDSRVLWLRQLQRUJDQL]DWLRQ8VHGWRDVVLJQSULYLOHJHVWRLQGLYLGXDOVLQD

FHUWDLQSRVLWLRQ

3URILOH

&RQWDLQVORJLQVFULSWFRPPDQGVWKDWFDQEHDSSOLHGWRXVHUV

'LUHFWRU\0DS

5HSUHVHQWVDORJLFDOSRLQWHUWRDGLUHFWRU\LQWKHVHUYHUILOHV\VWHP8VHGWR

FHQWUDOO\PDQDJHGULYHPDSSLQJV

$SSOLFDWLRQ

3URYLGHVDELOLW\WRPDQDJHDSSOLFDWLRQVDV1'6REMHFWV

1'363ULQWLQJ

1RYHOO'LVWULEXWHG3ULQW6HUYLFHVPDQDJHVSULQWLQJLQWKH1HWZDUH

HQYLURQPHQW'RZQORDGVQHFHVVDU\GULYHUVWRWKHZRUNVWDWLRQ6XSSRUWV

7&3,3

3ULQWHU$JHQW

$ 3ULQWHU$JHQWLVFUHDWHGIRUHDFKSULQWHU$3ULQWHU$JHQWFDQEHDVRIWZDUH

HQWLW\UXQQLQJRQDVHUYHUUHSUHVHQWLQJDORFDOUHPRWHRUQHWZRUNDWWDFKHG

SULQWHURUD3ULQWHU$JHQWFDQEHDVRIWZDUHHQWLW\HPEHGGHGZLWKLQD

QHWZRUNDWWDFKHGSULQWHU

1'36 0DQDJHU

$Q 1'360DQDJHULVDQREMHFWFUHDWHGLQWKH1'6DQGFDQVXSSRUWXQOLPLWHG

QXPEHURISULQWHUDJHQWV$SULQWHUDJHQWUHSUHVHQWVDSULQWHU0XOWLSOH

1'36 0DQDJHUVFDQEHFUHDWHGLQ1'6EXWRQO\RQH1'360DQDJHUFDQEH

ORDGHGDQGUXQQLQJRQDVHUYHUDWDWLPH7KH1'360DQDJHUZRXOGVXSSRUW

DOO SULQWHUDJHQWVDVVLJQHGWRLW,I\RXKDYHPXOWLSOHVHUYHUV\RXFDQUXQ

PXOWLSOH1'360DQDJHUVRQHSHUVHUYHU

1'36 *DWHZD\

œ

$ JDWHZD\WUDQVODWHV1'36TXHULHVWRSULQWHUVSHFLILFODQJXDJH7KLUG

SDUW\JDWHZD\VSURYLGHELGLUHFWLRQDOIHHGEDFNDQGFRQWUROEHWZHHQWKH

FOLHQW DQGWKHSK\VLFDOSULQWHU

œ

6HQW MREVWRSULQWHUVWKDWDUHQRW1'36DZDUH

œ

6HQW MREVWRSULQWLQJV\VWHPVWKDWUHTXLHUTXHXHV

1'36 %URNHU

$Q 1'36%URNHULVDQREMHFWFUHDWHGLQWKH1'6ZKHQWKH1'36SURGXFWLV

LQVWDOOHGRQDVHUYHUDQGZKHQQRRWKHUEURNHUH[LVWVZLWKLQWKUHHKRSVRI

DQRWKHUVHUYHU,WZLOOEHFUHDWHGLQWKHVDPHFRQWDLQHUDVWKHVHUYHUDQGZLOO

UHVLGH RQWKDWVHUYHU,WPDLQWDLQVWKUHHVHUYLFHV

656  6HUYLFH5HJLVWU\6HUYLFHVUHJLVWHUVLQIRUPDWLRQRI3XEOLF$FFHVV

3ULQWHUV

(16 (YHQW1RWLILFDWLRQ6HUYLFHVFRQILJXUDWLRQVIRUSULQWMREDQGSULQWHU

QRWLILFDWLRQ1RWLILFDWLRQFDQEHFRQILJXUHGIRUHPDLOSRSXSPHQXVDQG

FUHDWLRQRIORJILOHV

506  5HVRXUFH0DQDJHPHQW6HUYLFHV±$GDWDEDVHRISULQWHUGULYHUV

EDQQHUVSULQWHUGHILQLWLRQVDQGIRQWV

3ULQWHU7\SHV

3XEOLF

7KH3XEOLF$FFHVVSULQWHULVFUHDWHGWKURXJKWKH1'360DQDJHU,WGRHVQRW

KDYHDQREMHFWLQWKH1'6WKHUHIRUHOLWWOHVHFXULW\FDQEHSODFHRQLW,WLV

DYDLODEOHWRHYHU\RQHORJJHGLQWRWKHQHWZRUN7KHLQIRUPDWLRQFRQILJXUHGIRU

WKLV SULQWHULVVWRUHGLQWKH6HUYLFH5HJLVWU\6HUYLFHVRIWKH1'36%URNHU

REMHFW

&RQWUROOHG$FFHVV

$ &RQWUROOHG$FFHVV3ULQWHUJLYHV\RXFRQWURORIWKHSULQWHU,WLVFRQILJXUHGE\

FUHDWLQJDQREMHFWLQ1'6<RXFDQVSHFLI\ZKRFDQSULQWWRLWZKRKDV

FRQWURORIWKHMREVDQGZKRFDQFRQILJXUHDFFHVVWRSULQWTXHXHV:KHQ

FUHDWLQJWKH1'363ULQWHUREMHFW\RXVSHFLI\WKH1'360DQDJHUZKR

VXSSRUWVLW<RXKDYHWUHHOHYHOVRIDGPLQLVWULQJ8VHU±2SHUDWRU±0DQDJHU

œ

,W RIIHUVVLPSOHRUDXWRPDWLFLQVWDOODWLRQ

œ

5HGXFHVDGPLQLVWUDWLRQFRVWV

œ

5HGXFHV1HWZRUNLQJSUREOHPV

œ

,PSURYHVQHWZRUNLQJSHUIRUPDQFH

œ

,W RIIHUVDIXOOUDQJHRIHYHQWDQGVWDWXVQRWLILFDWLRQRSWLRQV

1RYHOO3ULQW0DQDJHU

6<63XEOLF?:LQ?1:30:H[H

7KH1RYHOO3ULQWHU0DQDJHUDOORZV\RXWR

0DQXDOO\FRQILJXUHSULQWHUVRQDZRUNVWDWLRQ

0DLQWDLQDQGXSGDWHWKHSULQWHUOLVW

9LHZDOLVWRIDOOSULQWMREV

5HFHLYHLQIRUPDWLRQDQGHYHQWQRWLILFDWLRQIRUMREVDQGSULQWHUV

&KDQJHMRERUGHU

0DQDJLQJWKHILOHV\VWHP

8WLOLWLHV

1HW:DUH$GPLQLVWUDWRU

œ

$ *8,DSSOLFDWLRQXVHGWRPDQDJHWKH1'6DQGILOHV\VWHP

œ

+HOSLVDYDLODEOHE\SUHVVLQJ)RUE\FKRRVLQJWKHKHOSPHQXRSWLRQ

œ

<RX FDQFUHDWHDQREMHFWE\



8VLQJWKHWRROEDU



5LJKWFOLFNLQJRQDFRQWDLQHU



8VLQJWKHREMHFWPHQX

),/(5

$ '26EDVHGXWLOLW\XVHGWRPDQDJHILOHVGLUHFWRULHVGLVSOD\YROXPH

LQIRUPDWLRQVDOYDJHDQGSXUJHILOHV

&2162/(

-DYDEDVHGPDQDJHPHQWXWLOLW\UHTXLUHV-DYD5XQWLPH(QYLURQPHQW&DQEH

XVHG WRFUHDWH8VHU*URXS2UJDQL]DWLRQDQG2UJDQL]DWLRQDO8QLWREMHFWV

&RPPDQGV

3DWK VHUYHUQDPHB6<638%/,&?0*07?&2162/((;(

)/$*&KDQJHVILOHGLUHFWRU\DWWULEXWHV

1',58VHGWRYLHZILOHVGLUHFWRULHVDQGYROXPHV

1',56



6HHVXEGLUHFWRULHV

1',5/



6HHLIORQJILOHVDUHVXSSRUWHG

1',5'2



'LUHFWRULHVRQO\

1',5$&



$FFHVVHG

1',5)2



)LOHVRQO\

1',50$& 

6HHLIPDFLQWRVKPDFKLQHVDUHVXSSRUWHG

1&23< &RSLHVGLUHFWRU\VWUXFWXUHDQGILOHVLQFOXGLQJ1HWZDUHDWWULEXWHV

5(1',5 5HQDPHVDGLUHFWRU\

8,032578VHGWRLPSRUWXVHUVIURPDGDWDEDVHWR1'6'HOLPLWHG$6&,,

ILOH 6DPSOHV\QWD[8,03257/,67&7//,67'$7

6DOYDJLQJ'HOHWHG)LOHV

)LOHVFDQEHUHFRYHUHGWKURXJKWKH6DOYDJHXWLOLW\LQ)LOHU1HW:DUH

$GPLQLVWUDWRUDQG([SORUHU)LOHVFDQQRWEHUHFRYHUHGZKHQ

GLVNVSDFHEHJLQVWRUXQRXW7KHROGHVWHUDVHGILOHZLOOEHZULWWHQRYHU

ILUVW

DILOHLVSXUJHG±ZLWKWKHSXUJHDWWULEXWHLWFDQQRWEHUHFRYHUHG

'(/(7('6$9

,VDV\VWHPFUHDWHGGLUHFWRU\WRUHFRYHUGHOHWHGILOHVZKHQLWVGLUHFWRU\

KDVEHHQGHOHWHG

0DQDJLQJ9ROXPH6SDFH8VDJH

7KHUHDUHWZRZD\VWRUHVWULFWXVHUDFFRXQWVRQKRZPXFKGDWDWKH\FDQ

VWRUHRQWKHQHWZRUN

E\WKHWRWDODPRXQWRIGDWDLQDGLUHFWRU\

E\WKHWRWDODPRXQWRIGDWDRQDQHQWLUHYROXPH

,I \RXUHVWULFWWKHDPRXQWRIGDWDWKDWFDQEHSODFHGLQDGLUHFWRU\±WKHOLPLWLV

VHWDWWKHGLUHFWRU\DQGZLOOLQFOXGHDOOGDWDDQGVXEGLUHFWRULHVFUHDWHGZLWKLQ

LWUHJDUGOHVVRIZKRSODFHVGDWDLQLW

,I \RXUHVWULFWE\YROXPH\RXDUHFKDUJLQJDXVHUDFFRXQWE\WKHDPRXQWRI

WKH VL]HRIHDFKILOHWKDWWKHXVHUFUHDWHVWKHRZQHUSURSHUW\UHJDUGOHVVRI

ZKHUH WKDWILOHLVVWRUHGRQWKHYROXPH7KLVUHVWULFWLRQLVSODFHGRQWKH

YROXPHVSHFLI\LQJWKHXVHUDFFRXQW

&RPSUHVVLRQ

1HWZDUHFRPSUHVVLRQLVDQDORJRXVWR=,3ILOHFRPSUHVVLRQ,WLVHQDEOHGRQ

HYHU\YROXPHE\GHIDXOWDQGFDQVDYHDQDYHUDJHRIRIGLVNVSDFH

$WWULEXWHVWRRYHUULGHFRPSUHVVLRQVHWWLQJVDUH

'&±'RQ¶WFRPSUHVV

,& ± ,PPHGLDWHFRPSUHVV

%ORFN6XEDOORFDWLRQ

%ORFN6XEDOORFDWLRQRSWLPL]HVGLVNVSDFHE\WDNLQJWKHODVWSLHFHRIWKHILOH

WKDW GRHVQRWUHTXLUHDIXOOEORFNDQGZULWLQJLWWRDQXQXVHGSRUWLRQRIDQRWKHU

EORFN

0LJUDWLRQ

0LJUDWLRQLVZKHUH\RXFDQSXUFKDVHDGHYLFHNQRZQDVDMXNHER[7KLVLVD

UHDGDEOHZULWHDEOHRSWLFDOGHYLFHWKDWFDQEHFRQILJXUHGWKURXJK1RYHOO¶V+LJK

&DSDFLW\6WRUDJH6\VWHPRUWKURXJKWKLUGSDUW\VRIWZDUHWKDWDOORZV\RX

µPLJUDWH¶GDWDRIIDYROXPHWRWKLVMXNHER[ZKLFKLVµQHDUOLQH¶VWRUDJHLQVWHDG

RIµRIIOLQH¶VWRUDJHEDFNXSWDSH,WORRNVWRWKHXVHUOLNHWKHGDWDLVVWLOORQ

WKH YROXPH7KHDWWULEXWHWRNHHSILOHVIURPEHLQJPLJUDWHGLV'0±'RQ¶W

0LJUDWH

0$3FRPPDQGRSWLRQV

0$3

'LVSOD\VDOLVWRIFXUUHQWGULYHPDSSLQJV

0$3 ; 6(59(5?6<6

0DSVWKH;GULYHWRWKH6<6YROXPHRQ6(59(5

0$316(59(5?6<6

0DSVWKHQH[WDYDLODEOHGULYHWRWKH6<6YROXPHRQ6(59(5

0$3 '(/;

'HOHWHVWKHGULYHPDSSLQJWR;

0$3 6 6<66<67(0

0DNHVWKH6<66<67(0GLUHFWRU\WKHVHFRQGVHDUFKGULYH

0$3 &6

&KDQJHV6IURPDVHDUFKGULYHWRDQHWZRUNGULYH

1HWZDUH)LOH6\VWHP

7KHILOHV\VWHPRUJDQL]HVLQWHUQDOGLVNVLQWRRQHRUPRUHYROXPHV

7R UHQDPHDSK\VLFDOYROXPHFKDQJHLWVQDPHDWWKHVHUYHUZLWK

1:&21),*

7R UHQDPHDORJLFDOYROXPHLQWKH1'6XVH1HW:DUH$GPLQLVWUDWRU

1HW:DUHGHIDXOWGLUHFWRU\VWUXFWXUH

6<6

&RQWDLQV26ILOHV1/0VDQG1'6SURJUDPV6KRXOGEHUHVHUYHGIRU

1HW:DUH

38%/,&

&RQWDLQVXVHUXWLOLWLHVDQGFRPPDQGV

1/6

&RQWDLQVPHVVDJHDQGKHOSILOHVIRUPXOWLOLQJXDOVXSSRUW

(7&

6DPSOHILOHVWRFRQILJXUH7&3,3

'(/(7('6$9

&RQWDLQVUHFRYHUDEOHILOHVWKDWKDYHEHHQGHOHWHGDQGWKHGLUHFWRU\WKDWWKH\

UHVLGHGLQZDVDOVRGHOHWHG

6<67(0

&RQWDLQV1HWZDUHRSHUDWLQJV\VWHPILOHV

0$,/

,IWKHVHUYHUZDVXSJUDGHGIURPDSUHYLRXVYHUVLRQFRQWDLQVXVHUORJLQ

VFULSWVDQGSULQWMREFRQILJXUDWLRQILOHV

1'6DQG)LOH6\VWHP5LJKWV

7KHIROORZLQJFRQFHSWVDSSO\WRERWK1'6VHFXULW\DQGWKHILOHV\VWHP

VHFXULW\

7UXVWHHV

$ 7UXVWHHLVXVHGIRUDVVLJQLQJULJKWVWRDVSHFLILFREMHFWGLUHFWRU\RUILOH7KH

7UXVWHHLVWKHµZKR¶WKDWLVDGGHGWRWKH$FFHVV&RQWURO/LVW$&/RIWKH

REMHFWGLUHFWRU\RUILOHDQGWKHµZKDW¶DUHWKHULJKWVDVVLJQHGWRWKH7UXVWHH

7KHREMHFWVWKDWFDQEHXVHGIRUDVVLJQLQJULJKWVDUH8VHUV*URXSV

2UJDQL]DWLRQDO5ROHV&RQWDLQHUV>5RRW@DQG>3XEOLF@$FFRXQWVZKREHORQJV

WR DQ\RIWKHVHZLOOUHFHLYHWKHULJKWVDVVLJQHGDWWKDWOHYHODQGFDUU\WKHP

IURPWKDWSRLQWGRZQLQHLWKHUWKHILOHV\VWHPRU1'67KLVLVNQRZQDV

,QKHULWDQFH

,QKHULWDQFH

:KHQULJKWVDUHJUDQWHGWRDGLUHFWRU\LQWKHILOHV\VWHPRUDFRQWDLQHULQWKH

1'6 WKHULJKWVIURPWKDWSRLQWZLOOIORZGRZQWRDOOILOHVDQGVXEGLUHFWRULHVRU

DOO FRQWDLQHUVDQGOHDIREMHFWVEHORZ7KLVLVFDOOHG,QKHULWDQFH

7KHUHDUHWZRZD\VWRVWRSWKHIORZRILQKHULWDQFH

0DNHDQHZDVVLJQPHQWWRWKHREMHFWWKDWZDVJUDQWHGWKHULJKWVIURP

DERYH7KLVQHZDVVLJQPHQWZLOORYHUZULWHWKHROGDVVLJQPHQW7KLV

FDQ JUDQWPRUHRUOHVVULJKWV,I\RXZDQWWKHULJKWVWREHPDLQWDLQHG

IURPWKHDVVLJQPHQWDERYH\RXPXVWJUDQWWKHPWKRVHULJKWVLQWKH

QHZDVVLJQPHQW

7KHVHFRQGZD\LVWRSODFHDQ,QKHULWDQFH5LJKWV)LOWHU,5)7KLQNRI

WKHILOWHUVLWWLQJRQWRSRIWKHREMHFWGLUHFWRU\RUILOH±ILOWHULQJRXWULJKWV

IORZLQJLQWRLW7KLVILOWHUDIIHFWVHYHU\RQHZKRPD\KDYHULJKWV±LW

FDQQRWEHVHOHFWLYHDVWRZKR\RXILOWHUULJKWVIURP

$Q H[FHSWLRQKHUHLVZLWKLQWKHILOHV\VWHP,I\RXJUDQWWKHVXSHUYLVRUULJKWLQ

WKH ILOHV\VWHPLWFDQQRWEHWDNHQDZD\DWDORZHUOHYHOZLWKHLWKHUDQHZ

DVVLJQPHQWRUDILOWHU7KLVGRHVQRWDSSO\LQWKH1'6

(IIHFWLYH5LJKWV

7KHULJKWVFDQEHFRPLQJIURPRWKHUREMHFWVWKDWWKHXVHUEHORQJVWRZKHUH

DGGLWLRQDOULJKWVKDYHEHHQDVVLJQHG$QLQGLYLGXDODVVLJQPHQWZLOORQO\

RYHUZULWHDSUHYLRXVLQGLYLGXDODVVLJQPHQW,IWKLVXVHUEHORQJVWRJURXSV

RUJDQL]DWLRQDOUROHVFRQWDLQHUVRUKDVEHHQJUDQWHGVHFXULW\HTXLYDOHQFH

ZKHUH DQ\RIWKHVHKDYHEHHQJUDQWHGDGGLWLRQDOULJKWVWKH\DUHDGGLWLYH

7KLV LVFDOOHG(IIHFWLYH5LJKWV&KHFNWKHµ(IIHFWLYH5LJKWV¶WRVHHWKHWRWDO

VXPRIULJKWVWKHXVHUKDVDQGWKHQFKHFNWKHXVHU¶Vµ6HFXULW\(TXDO7R¶SDJH

DV WRZKHUHULJKWVPD\FRPHIURP

6HFXULW\(TXLYDOHQFH

8VHUVFDQDOVREHPDGHVHFXULW\HTXDOWRDQRWKHUXVHU7KH\ZLOO

REWDLQDQ\DGGLWLRQDOULJKWVWKDWXVHUVPD\KDYH,WVKRXOGEHXVHGDVD

WHPSRUDU\DVVLJQPHQW±LIDXVHUQHHGVWKHULJKWVRQDSHUPDQHQW

EDVLVPDNHDWUXVWHHDVVLJQPHQW6HFXULW\HTXLYDOHQFHLVVHWDWWKH

XVHUREMHFW

>5227@YHUVXV>38%/,&@

>5227@LVUHSUHVHQWHGDVDQREMHFWDWWKHWRSRIWKH1'6WUHH7KH

>38%/,&@WUXVWHHGRHVQRWKDYHDQ1'6REMHFWDQGLVRQO\DYDLODEOHDV

D WUXVWHHDVVLJQPHQW>38%/,&@KDVWKHVDPHSRVLWLRQLQWKHWUHHDV

>5227@(YHU\REMHFWLVDPHPEHURIERWK>5227@DQG>38%/,&@7KH

GLIIHUHQFHLVWKDWULJKWVDVVLJQHGWR>5227@FDQEHUHFHLYHGRQFH\RX

DUHDXWKHQWLFDWHGORJJHGLQ>38%/,&@PHDQV\RXDUHµFRQQHFWHG¶WR

EXWQRWORJJHGLQWRWKHQHWZRUN

1'66HFXULW\

1'6YHUVXV)LOH5LJKWV

5LJKWVQHYHUIORZIURPWKHILOHV\VWHPLQWRWKH1'65LJKWVZLOOIORZ

IURPWKH1'6LQWRWKHILOHV\VWHPZKHQVRPHRQHKDVWKH6XSHUYLVRU

REMHFWULJKWWRWKH6HUYHUREMHFW7KH\ZLOOKDYHDOOILOHULJKWVLQFOXGLQJ

6XSHUYLVRUWRDOOYROXPHVWKDWEHORQJWRWKDWVHUYHU$OVRLIWKH\REWDLQ

WKH:ULWHSURSHUW\ULJKWWRWKH2EMHFW7UXVWHH$&/SURSHUW\RIWKH

VHUYHU REMHFWWKH\ZLOODOVRUHFHLYHDOOULJKWVLQFOXGLQJVXSHUYLVRUWRDOO

YROXPHVRQWKDWVHUYHU7KH6XSHUYLVRUULJKWLQWKH1'6FDQEH

UHPRYHGZLWKDQ,5),QKHULWDEOH5LJKWV)LOWHUDQGFDQEHUHPRYHGDW

D ORZHUOHYHOZLWKDQHZWUXVWHHDVVLJQPHQW

'HIDXOW1'65LJKWV

8VHUVZLOOUHFHLYHWKH%URZVHREMHFWULJKWWRDOOREMHFWVLQWKH7UHHIURP

WKHWUXVWHHDVVLJQPHQWRI>3XEOLF@WR>5RRW@8VHUVDOVRUHFHLYHWKH

5HDG3URSHUW\ULJKWWR$OO3URSHUWLHVRIWKHLUXVHUDFFRXQW7KLVPHDQV

WKH\FDQ5HDGDQ\VHWWLQJPDGHWRDQ\SURSHUW\RIWKHPVHOYHV7KH\

DOVRUHFHLYH6HOHFWHG3URSHUW\DVVLJQPHQWVRI5HDGDQG:ULWHWRWKH

/RJLQ6FULSWDQG3ULQWHU&RQILJXUDWLRQSURSHUWLHV>5227@LVPDGHD

WUXVWHHRIDXVHUDQGJUDQWHG5HDGWR*URXS0HPEHUVKLSDQG1HWZRUN

DGGUHVVVHOHFWHGSURSHUWLHV>3XEOLF@LVPDGHDWUXVWHHRIDXVHUDQG

JUDQWHG5HDGWRWKH'HIDXOW6HUYHUVHOHFWHGSURSHUW\

1'6KDVWZRVHWVRIULJKWV5LJKWVDJDLQVWWKHREMHFWLWVHOIDQGULJKWV

WR ZKDW\RXFDQGRWKHYDOXHVRIWKHSURSHUWLHVWKDWEHORQJWRWKDW

REMHFW

2%-(&75,*+76

6XSHUYLVRU

7KH6XSHUYLVRUREMHFWULJKWLPSOLHVDOOREMHFWULJKWV%\JUDQWLQJWKH

6XSHUYLVRU2EMHFWULJKWDOVRLPSOLHVJUDQWLQJWKH6XSHUYLVRUULJKWWR$OO

3URSHUWLHV

%URZVH

$OORZV \RXWRVHHREMHFWVLQWKH1'6

&UHDWH

$OORZV \RXWRFUHDWHDQRWKHUREMHFW<RXZLOORQO\VHH&UHDWHRQDFRQWDLQHU

QRWRQDOHDIREMHFW

'HOHWH

$OORZV \RXWRGHOHWHDQREMHFW

5HQDPH

$OORZV \RXWRFKDQJHWKHQDPHRIWKHREMHFW

,QKHULWDEOH

$OORZV \RXWRGHFLGHZKHWKHUWKHDVVLJQPHQWZLOOIORZIURPWKHFRQWDLQHU

GRZQ<RXZLOOQRWVHHWKHLQKHULWDEOHRSWLRQRQDOHDIREMHFW

3523(57<5,*+76

6XSHUYLVRU7KH 6XSHUYLVRU3URSHUW\ULJKWLPSOLHVDOORWKHUSURSHUW\ULJKWV

&RPSDUH &RPSDUHDOORZVDFRPSDULVRQWREHUXQDJDLQVWWKHYDOXHDQG

UHFHLYHD7UXHRU)DOVHUHVSRQVH,I\RXKDYHWKH5HDGULJKW

&RPSDUHLVLPSOLHG

5HDG

$OORZV\RXWRVHHWKHYDOXH

:ULWH

$OORZVFKDQJHVWREHPDGHWRWKHYDOXH,I\RXKDYHWKH:ULWH

SURSHUW\ULJKWWRWKHµ2EMHFW7UXVWHHV$&/¶SURSHUW\RIDQ\

REMHFWWKLVZLOODOORZ\RXWRPDNHDWUXVWHHDVVLJQPHQWWR

DQ\RQHDQGJUDQWDOOULJKWVLQFOXGLQJ6XSHUYLVRU

$GG5HPRYH6HOI

$OORZV\RXWRDGGRUUHPRYH\RXUVHOIDVDYDOXHRI

WKH SURSHUW\EXW\RXFDQQRWFKDQJHDQ\RWKHU

YDOXHRIWKHSURSHUW\,I\RXKDYHWKH:ULWHULJKW

$GG5HPRYH6HOILVLPSOLHG

,QKHULWDEOH

$OORZV\RXWRGHFLGHZKHWKHUWKHDVVLJQPHQWZLOOIORZ

IURPWKHFRQWDLQHUGRZQ<RXZLOOQRWVHHLQKHULWDEOHRQD

OHDIREMHFW

$OO 3URSHUWLHVYHUVXV6HOHFWHG3URSHUWLHV

$QDVVLJQPHQWRIULJKWVWR$OO3URSHUWLHVZLOOJUDQWWKRVHULJKWVWRHYHU\

SURSHUW\RIWKDWREMHFW$QDVVLJQPHQWWR6HOHFWHG3URSHUWLHVZLOOJUDQW

ULJKWVRQO\WRWKHSURSHUWLHVVHOHFWHGZKHUHPRUHRUOHVVULJKWVZHUH

JUDQWHG$QDVVLJQPHQWWRDVHOHFWHGSURSHUW\ZLOORYHUZULWHULJKWV

JUDQWHGWR$OO3URSHUWLHVIRUWKDWSDUWLFXODUSURSHUW\

,Q1HW:DUHDWDFRQWDLQHU¶V6HOHFWHG3URSHUWLHV±DOOSURSHUWLHVRIDOO

REMHFWVFRQWDLQHUDQGOHDIDUHDYDLODEOHIRUVHOHFWLRQ7KHUHIRUHLIDQ

DVVLJQPHQWLVPDGHWRDVHOHFWHGSURSHUW\DWDFRQWDLQHUWKDWDSSOLHV

WR DOHDIRUFRQWDLQHUREMHFWDQGWKHLQKHULWDEOHULJKWLVFKHFNHGWKDW

DVVLJQPHQWZLOOLQKHULWWRDQ\REMHFWWKDWKDVWKDWSURSHUW\

6HOHFWHG3URSHUWLHVRYHUZULWH$OO3URSHUWLHVERWKFDQEHLQKHULWHG

7RXVHD'LUHFWRU\0DSREMHFWDWUXVWHHDVVLJQPHQWLVUHTXLUHGZLWKD

PLQLPXPRI5HDGWRWKH3DWKSURSHUW\

7RXVHD3URILOHREMHFWDWUXVWHHDVVLJQPHQWLVUHTXLUHGZLWKD

PLQLPXPRI5HDGWRWKH/RJLQ6FULSWSURSHUW\

0DQDJLQJ)LOH6\VWHP6HFXULW\

'LUHFWRU\ )LOH5LJKWV
6XSHUYLVRU± ,PSOLHVDOOULJKWV

5HDG±5HDGWKHFRQWHQWVRIDQH[LVWLQJILOHDQGODXQFKH[HFXWDEOHV

:ULWH±*UDQWVULJKWVWRRSHQDQGFKDQJHFRQWHQWVRIH[LVWLQJILOHV

&UHDWH± &UHDWHQHZILOHVDQGGLUHFWRULHV

(UDVH±(UDVHH[LVWLQJILOHVDQGGLUHFWRULHV

0RGLI\± 6HWDWWULEXWHVDQGFKDQJHWKHQDPHRIILOHVDQGGLUHFWRULHV

)LOH6FDQ±6HHILOHVDQGGLUHFWRULHVEXWXQDEOHWRRSHQFRS\

$FFHVV&RQWURO 6HW,QKHULWDQFH5LJKWV)LOWHUVDQGPDNHWUXVWHH

DVVLJQPHQWV

± JUDQWLQJDOOULJKWVH[FHSW6XSHUYLVRU

'HIDXOW5LJKWV

:KHQDXVHUDFFRXQWDQGKRPHGLUHFWRU\DUHFUHDWHGDWWKHVDPHWLPH

WKHXVHULVPDGHDWUXVWHHRIWKHGLUHFWRU\DQGJUDQWHGDOOULJKWVH[FHSW

6XSHUYLVRU

7KHFRQWDLQHUZKHUHWKH6<6YROXPHUHVLGHVLVPDGHDWUXVWHHRIWKH

6<63XEOLFGLUHFWRU\DQGJUDQWHG5HDGDQG)LOH6FDQ

$WWULEXWHV

$WWULEXWHVFDQEHGHVFULEHGDVDQRWKHUOHYHORIVHFXULW\IRUILOHVDQG

GLUHFWRULHV7KH\FDQSRWHQWLDOO\RYHUZULWHWKHDELOLW\WRSHUIRUPDQDFWLRQWKDW

WKH ULJKWVDOORZ\RXWRGRZLWKRXWWKHP,I\RXKDYHDSSOLHGDUHDGRQO\

DWWULEXWHRQDILOH\RXFDQQRWHUDVHLWHYHQWKRXJK\RXKDYHWKHHUDVHULJKW

7KH0RGLI\ULJKWDOORZV\RXWRFKDQJHWKHDWWULEXWHWRDUHDGZULWHDQGWKHQ

\RX FRXOGHUDVHLW8WLOLWLHVWRVHWDWWULEXWHVDUH

1HW:DUH$GPLQLVWUDWRU)LOHU)ODJ

2WKHULVVXHVFRQFHUQLQJVHFXULW\

5LJKWVIURP1'6GRQRWWUDQVIHULQWRWKHILOHV\VWHPH[FHSWIRU

6XSHUYLVRUULJKWVWRDVHUYHUREMHFW

7KHFUHDWRULVPDGHDQRZQHURIDILOHRUGLUHFWRU\KHRUVKHFUHDWHV

7KHFRQWDLQHUWKDWFRQWDLQVWKH6<6YROXPHLVDOZD\VJLYHQ5)DFFHVV

WR 6<638%/,&$OORWKHUFRQWDLQHUVPXVWUHFLHYHULJKWVWKURXJKD

WUXVWHHDVVLJQPHQW

$XVHULVJUDQWHG5:&(0)$DFFHVVWRKLVRUKHUKRPHGLUHFWRU\ZKHQ

WKHXVHUDFFRXQWDQGKRPHGLUHFWRU\DUHFUHDWHGDWWKHVDPHWLPH

,Q1HW:DUH$GPLQLVWUDWRU

7KH 5LJKWVWR)LOHVDQG'LUHFWRULHV SDJHLVXVHGWRDVVLJQULJKWVIURP

D XVHU VDVSHFW

7KH 7UXVWHHVRIWKLV'LUHFWRU\ SDJHLVXVHGWRDVVLJQULJKWVIURPD

GLUHFWRU\ VDVSHFW

,5),QKHULWHG5LJKWV)LOWHU

:KHQWKHILOWHULVDSSOLHGWKHULJKWVWKDWDUHQRWFKHFNHGDUHWKHULJKWV

DOORZHGWRSDVVWKURXJK

,I -RHKDV5)ULJKWVDQGJRHVWKURXJKDQ,5)ZLWKRQO\)VSHFLILHGQRW

FKHFNHG-RHNHHSVRQO\)ULJKWV

6HFXULW\HTXLYDOHQFH

0HDQVWKDWRQHREMHFW VDFFHVVULJKWVDUHVSHFLILHGWREHHTXLYDOHQWRI

DQRWKHUREMHFW VDFFHVVULJKWV

$QFHVWUDO,QKHULWDQFH

%\GHIDXOWDQ\REMHFWLVVHFXULW\HTXLYDOHQWWRLWVSDUHQWFRQWDLQHU

6HUYHU6HFXULW\

,PSOHPHQWWKHIROORZLQJVWHSVWRHQVXUHILOHVHUYHUVHFXULW\

 5HVWULFWSK\VLFDODFFHVVWRWKHILOHVHUYHU

 /RFNWKHILOHVHUYHUFRQVROHXVLQJ6&56$9(51/0

 /RDG6(&85(&2162/(WRDOORZ1/0VWRRQO\EHORDGHGIURPWKH

6<66<67(0GLUHFWRU\

/RJLQ6FULSWV

7KHUHDUHIRXUORJLQVFULSWVDQGWKH\H[HFXWHLQWKHIROORZLQJRUGHU

&RQWDLQHU/RJLQ6FULSW

3URILOH/RJLQ6FULSW

8VHU /RJLQ6FULSW

'HIDXOW/RJLQ6FULSW

&RQWDLQHU/RJLQ6FULSW

7KHFRPPDQGVZULWWHQLQDFRQWDLQHUORJLQVFULSWZLOOH[HFXWHIRUWKHXVHUV

ORJJLQJLQWKDWEHORQJWRWKDWFRQWDLQHU

3URILOH /RJLQ6FULSW

$ SURILOHLVDQ1'6REMHFWZKLFKFRQWDLQVORJLQVFULSWFRPPDQGVZULWWHQDV

YDOXHV WRWKHORJLQVFULSWSURSHUW\7KHSURILOHPXVWEHDVVLJQHGWRWKHXVHU

RQH SURILOHSHUXVHUDQGWKHXVHUPXVWKDYHULJKWVWRWKHSURILOH

8VHU /RJLQ6FULSW

$ XVHUORJLQVFULSWFDQEHZULWWHQIRUDQLQGLYLGXDODWWKHORJLQVFULSWSURSHUW\

RIWKDWXVHU

'HIDXOW/RJLQ6FULSW

7KHGHIDXOWORJLQVFULSWZLOORQO\UXQLIWKHUHLVQRXVHUORJLQVFULSW,WKDV

HVVHQWLDOFRPPDQGVVXFKDVDPDSSLQJWRWKH6<63XEOLFGLUHFWRU\,WFDQQRW

EH HGLWHG,WLVKDUGFRGHGLQWKH/2*,1(;(WKDWLVIRXQGLQ6<63XEOLFDQG

6<6/RJLQGLUHFWRULHV

&RPPDQGVDQG,GHQWLILHUV

/RJLQVFULSWVKDYHWZRFRPSRQHQWVFRPPDQGVDQGLGHQWLILHUYDULDEOHV

&RPPDQGV

0$3 &UHDWHVGULYHOHWWHUVWRSRLQWWRGLUHFWRULHVLQWKHILOHV\VWHP

5(05(0$5.  &RPPHQWLQJRXWDOLQH±WKHORJLQVFULSWLJQRUHVDQ\WKLQJ

DIWHUDUHPDUN

([DPSOH



5(00$3) 6<638%/,&

12B'()$8/77XUQVRIIWKHH[HFXWLRQRIWKH'HIDXOWORJLQVFULSW

 RU #5XQVDQH[WHUQDOFRPPDQGIURPWKHORJLQVFULSWPHDQVJRH[HFXWH

WKH FRPPDQGDQGVWRSV#PHDQVJRH[HFXWHWKHFRPPDQGDQGWKHORJLQ

VFULSWNHHSVSURFHVVLQJ

([DPSOH



&$3785(3 +3/-&RORU

)',63/$<'LVSOD\VWKHFRQWHQWVRIDWH[WILOHµ)¶LVIRUILOWHULQJUHYHDOFRGHV

IURPWKHZRUGSURFHVVRU

,1&/8'(&DOOVLQDQGH[HFXWHVDGGLWLRQDOORJLQVFULSWFRPPDQGVLQHLWKHUD

WH[W ILOHRUDQRWKHUORJLQVFULSW

:5,7(:ULWHVWKHOLQHWRWKHVFUHHQ'RXEOHTXRWHVHQFDSVXODWHWKHOLQH

,GHQWLILHU9DULDEOHV

,GHQWLILHUYDULDEOHVDOORZ\RXWRHQWHUDYDULDEOHVXFKDV/$67B1$0(UDWKHU

WKDQ DVSHFLILFQDPHVXFKDV-RQHVLQDORJLQVFULSWFRPPDQG:KHQWKH

ORJLQ VFULSWH[HFXWHVLWVXEVWLWXWHVUHDOYDOXHVIRUWKHLGHQWLILHUYDULDEOHV

9DULDEOHVPXVWEHW\SHGLQXSSHUFDVHFDSLWDOV:KHQXVLQJLGHQWLILHU

YDULDEOHVZLWKWKH:5,7(VWDWHPHQWRU0$3FRPPDQGVWKH\QHHGWREH

SUHFHGHGZLWKD

6DPSOH6\QWD[:5,7(*RRG*5((7,1*B7,0(/2*,1B1$0(

=HQZRUNV

'HVLJQ*XLGHOLQHV

œ &UHDWHJURXSVLQWKHVDPHFRQWDLQHUDVWKHDVVRFLDWHGDSSOLFDWLRQ

œ /LPLWDJURXSWRPHPEHUV

œ 1HYHUVSDQJURXSPHPEHUVLQFRQWDLQHUVRYHU:$1OLQNV

œ .HHSJURXSVDQGXVHUVLQWKHVDPHSDUWLWLRQ

œ 'RQRWSODFHXVHUVLQPRUHWKDQJURXSV

,QVWDOODWLRQRI=(1ZRUNV6WDUWHU3DFN

5HTXLUHPHQWV

œ 6HUYHU0%IUHHGLVNVSDFH0%IUHHRI0%5$01HW:DUH

œ :RUNVWDWLRQ0%GLVNVSDFH3HQWLXPZLWK0%5$0

œ 6XSHUYLVRUULJKWWR>5RRW@

:RUNVWDWLRQ0DQDJHU

7KHZRUNVWDWLRQPDQDJHUFRPSRQHQWLVLQVWDOOHGRQVHUYHUVDQGZRUNVWDWLRQV

ZLWK WKHLQVWDOODWLRQRI=(1ZRUNVVHUYHUDQGWKH1RYHOO&OLHQWZRUNVWDWLRQ

7KLV DOORZV\RXWRFRQILJXUH0LFURVRIWSROLFLHVWKURXJK1HW:DUH$GPLQLVWUDWRU

1:$GPLQ,WLVPDGHXSRIPRGXOHVRQWKHZRUNVWDWLRQDQGSURYLGHVD

1HW:DUH$GPLQLVWUDWRUVQDSLQ

5HJLVWHULQJ:RUNVWDWLRQV

$ ZRUNVWDWLRQPXVWILUVWEHUHJLVWHUHGEHIRUHLWFDQEHLPSRUWHGLQWRWKH1'6

7KLV LVGRQHWKURXJKWKHZRUNVWDWLRQUHJLVWUDWLRQSURJUDP

7KHUHDUHWKUHHPHWKRGVDYDLODEOHIRU:RUNVWDWLRQ5HJLVWUDWLRQ

œ $SSOLFDWLRQ/DXQFKHU±=HQ:RUNVDXWRPDWLFDOO\FUHDWHVWZRDSSOLFDWLRQ

REMHFWVSRLQWLQJWR:65(*(;(DQG:65(*(;(

œ 6FKHGXOHU±$6FKHGXOHUSURJUDPLVDYDLODEOHIURPWKH1RYHOO&OLHQW

:65(*(;(DQGUXQVHDFKWLPHDXVHUORJVLQ$QLFRQLVSODFHGLQ

WKH 6\VWHP7UD\

œ /RJLQ6FULSW±7KH:65(*(;(DQG:65(*(;(FDQEHSODFHGLQ

D ORJLQVFULSWDVFRPPDQGVWRUXQDWHDFKORJLQ

/RJ)LOH

$ UHJLVWUDWLRQORJILOHLVFUHDWHGRQWKHZRUNVWDWLRQ&?:65(*/2*

,PSRUWLQJ:RUNVWDWLRQV

œ 5HJLVWHUHGZRUNVWDWLRQVKDYHWRLPSRUWHGLQWRWKH1'6WREHFRPH

ZRUNVWDWLRQREMHFWV

œ $ 8VHU3ROLF\3DFNDJHLVUHTXLUHGZKHUHWKH:RUNVWDWLRQ,PSRUW3ROLF\

KDV EHHQHQDEOHGDQGDVVRFLDWHGZLWKDFRQWDLQHU

œ :RUNVWDWLRQVFDQEHPDQXDOO\LPSRUWHGWKURXJK7RROVLQ1HW:DUH

$GPLQLVWUDWRU

3ROLF\3DFNDJHV

7KHUHDUHWKUHHW\SHVRISROLF\SDFNDJHREMHFWVWKDWFDQEHFUHDWHG

œ &RQWDLQHU

œ 8VHU

œ :RUNVWDWLRQ

7KH8VHUDQG:RUNVWDWLRQSDFNDJHVDUHSODWIRUPVSHFLILFWKH\PXVWPDWFK

WKH RSHUDWLQJV\VWHPWKH\ZLOOEHXVHGRQ±:LQGRZV17

&RQWDLQHU3DFNDJH

œ &DQRQO\EHDVVRFLDWHGZLWKDFRQWDLQHU

œ &RQWDLQVDVHDUFKSROLF\WRGHWHUPLQHKRZIDUXSWKHWUHHWRVHDUFKIRU

SROLFLHV'HIDXOWLVXSWR>5RRW@

8VHU 3ROLF\3DFNDJH

œ $ XVHUSROLF\DOORZV\RXWRGHILQHµUXOHV¶DJDLQVWDXVHUDFFRXQWUHJDUGOHVV

RIZKLFKZRUNVWDWLRQWKH\ORJLQWR

:RUNVWDWLRQ3ROLF\3DFNDJH

œ $ ZRUNVWDWLRQSROLF\SDFNDJHLVDSSOLHGWRDZRUNVWDWLRQREMHFWWKDWKDV

EHHQLPSRUWHGLQWRWKH1'6UHJDUGOHVVRIZKRORJVLQDWWKHZRUNVWDWLRQ

œ 6RPHSROLFLHVVXFKDV5HPRWH0DQDJHPHQWDSSHDULQERWKWKH

ZRUNVWDWLRQDQGXVHUSROLFLHV7KHVHFDQEHFRQILJXUHGWREHDSSOLHGWR

HLWKHUWKHZRUNVWDWLRQRUWKHXVHU

œ :KHQD8VHUDXWKHQWLFDWHVWRWKHQHWZRUNWKH:RUNVWDWLRQ0DQDJHU

FKHFNVIRUDQ\SROLFLHVDVVLJQHGWRWKH8VHUDQGFKHFNVIRUSROLFLHV

DVVLJQHGWRDQ\JURXSVWKHXVHUEHORQJVWR

$VVRFLDWLQJ2EMHFWVZLWK3ROLF\3DFNDJHV

œ $Q HQDEOHGSROLF\LQDSROLF\SDFNDJHLVQRWHIIHFWLYHXQOHVVWKHSROLF\

SDFNDJHLVDVVRFLDWHGZLWKDQREMHFW<RXFDQDVVRFLDWHSROLF\SDFNDJHV

ZLWK8VHUV*URXSV:RUNVWDWLRQV:RUNVWDWLRQ*URXSVRUFRQWDLQHUV

GHSHQGLQJRQWKHW\SHRISROLF\SDFNDJH

œ -XVWOLNHDVVLJQLQJGLIIHUHQWULJKWVIRUGLIIHUHQWXVHUVLQ1'6\RXFDQVHWD

JHQHUDOSROLF\IRUPRVWXVHUVDQGDXQLTXHSROLF\IRUDXQLTXHXVHU

8QOHVVRWKHUZLVHVSHFLILHGLQD6HDUFKSROLF\ZKHQWKHV\VWHPVWDUWV

VHDUFKLQJIRUWKHDVVRFLDWHGSROLF\SDFNDJHVIRUDQREMHFWLWVWDUWVDWWKH

REMHFWDQGZRUNVLWVZD\XSWKHWUHH$Q\HQDEOHGSROLF\LQDSROLF\

SDFNDJHDVVRFLDWHGGLUHFWO\ZLWKDQREMHFWXVHURUZRUNVWDWLRQWDNHV

FRQWUROHYHQLIDFRQWUDGLFWLQJSROLF\LQDSROLF\SDFNDJHLVKLJKHULQWKH

WUHH JURXSRUFRQWDLQHU

œ ,I WKHXVHUKDVERWKZRUNVWDWLRQDQGXVHUSROLF\SDFNDJHVDVVRFLDWHGZLWK

LW WKHXVHUSROLF\SDFNDJHVDSSO\ILUVW:LWKLQWKHXVHUSROLF\SDFNDJHV

LQGLYLGXDOSROLFLHVDUHDSSOLHGEDVHGRQWKHIROORZLQJFULWHULD

6HDUFK2UGHU

3ROLFLHVDUHDSSOLHGLQWKLVGHIDXOWVHDUFKRUGHU

œ 8VHUSROLF\SDFNDJHV3ROLF\SDFNDJHVDVVRFLDWHGGLUHFWO\ZLWKWKHXVHU

œ *URXSSROLF\SDFNDJHV

œ &RQWDLQHUSROLF\SDFNDJHV

(QDEOLQJDVHDUFKSROLF\DQGFRQILJXULQJWKDWSROLF\FDQFKDQJHWKLVVHDUFK

RUGHU

(IIHFWLYH3ROLFLHV

œ (IIHFWLYHSROLFLHVDUHWKHWRWDOVXPRIDOOHQDEOHGSROLFLHVLQDOOSROLF\

SDFNDJHVDVVRFLDWHGGLUHFWO\RULQGLUHFWO\WRDQREMHFW-XVWDVWKHHIIHFWLYH

ULJKWVLQ1'6IORZGRZQWKHWUHHSROLF\SDFNDJHDVVRFLDWLRQVIORZGRZQ

WKH WUHHXQOHVVWKHUHLVDQH[SOLFLWDVVRFLDWLRQIRUDQREMHFWZLWKDSROLF\

SDFNDJH

œ :KHQWKHV\VWHPFDOFXODWHVWKHHIIHFWLYHSROLFLHVIRUDQREMHFWLWVWDUWV

ZLWKDOOSROLF\SDFNDJHVDVVLJQHGWRWKDWREMHFW,WWKHQORRNVXSWKHWUHH

DVVXPLQJWKDWWKHVHDUFKRUGHUVWDUWVDWWKHOHDIREMHFWVDQGJRHVXS

WRZDUGVWKHURRWRIWKHWUHHIRUDVVRFLDWLRQVPDGHWRSDUHQWFRQWDLQHUV

7KHILUVWHQDEOHGSROLF\LWILQGVLVWKHRQHLWXVHVMXVWDVWKHV\VWHPORRNV

XS WKHWUHHIRUHIIHFWLYHULJKWV

3ROLF\$VVRFLDWLRQVDQG,QKHULWDQFH

œ <RXFDQDVVRFLDWHSROLFLHVWRWKHREMHFWLWVHOI8VHURU:RUNVWDWLRQWRWKH

JURXSWKHREMHFWLVDPHPEHURI*URXSRU:RUNVWDWLRQ*URXSRUWRDQ\

FRQWDLQHUVSHFLILHGLQWKHGLVWLQJXLVKHGQDPHRIWKHREMHFWXSWRWKHURRWRI

WKH WUHH$SROLF\DVVRFLDWHGWRDQREMHFWWDNHVSUHFHGHQFHRYHUDSROLF\

DVVRFLDWHGWRDJURXSZKLFKWDNHVSUHFHGHQFHRYHUDSROLF\DVVRFLDWHGWR

D FRQWDLQHU7KLVLVDFFRUGLQJWRWKHGHIDXOWVHDUFKSROLF\

œ )RU H[DPSOHVXSSRVHWKH5HPRWH0DQDJHPHQWSROLF\LVQRWHQDEOHGLQD

8VHU3ROLF\3DFNDJHDVVRFLDWHGZLWKWKH8VHUREMHFW+RZHYHUWKH

5HPRWH0DQDJHPHQWSROLF\LVHQDEOHGLQWKH8VHU3ROLF\3DFNDJH

DVVRFLDWHGZLWKWKHFRQWDLQHUZKHUH8VHUREMHFWVUHVLGH7KHUHVXOWLVWKDW

WKH HQDEOHG5HPRWH0DQDJHPHQWSROLF\LVWKHHIIHFWLYHSROLF\IRUWKHXVHU

œ =(1ZRUNVORRNVXSWKHWUHHIRUHIIHFWLYHSROLFLHVDVVXPLQJWKDWWKH

VHDUFKRUGHUVWDUWVDWWKHOHDIREMHFWVDQGJRHVXSWRZDUGVWKHURRWRIWKH

WUHH7KHILUVWHQDEOHGSROLF\LWILQGVZLQV

&XPXODWLYH3ROLFLHV

7KHVHSROLFLHVDOORZPXOWLSOHSROLF\SDFNDJHVWREHLQHIIHFWIURPGLIIHUHQW

DVVRFLDWHGSROLFLHV7KHFXPXODWLYHSROLFLHVLQFOXGH

œ (QDEOHG8VHU&RPSXWHU6\VWHP3ROLFLHV

œ (QDEOHG8VHU&RPSXWHU([WHQVLEOH3ROLFLHV

œ 6FKHGXOHG$FWLRQ3ROLFLHV

$SSOLFDWLRQ/DXQFKHU

7KH$SSOLFDWLRQ/DXQFKHUFRPSRQHQWRI=(1ZRUNVDOORZV\RXWRFUHDWH

REMHFWVWRGLVWULEXWHDSSOLFDWLRQV

%HQHILWV

6LQJOH SRLQWRIDSSOLFDWLRQDGPLQLVWUDWLRQ

œ /RFDWLRQ,QGHSHQGHQW\RXUDSSOLFDWLRQVJRHVZLWK\RX

œ 3XVKDQG3XOOVRIWZDUHGLVWULEXWLRQWRZRUNVWDWLRQV

3XVK DXWRPDWLFLQVWDOORUIRUFHGUXQ

3XOO XVHULQLWLDWHG

œ $SSOLFDWLRQ)DXOW7ROHUDQFHDQG/RDG%DODQFLQJ±LWFDQEHFRQILJXUHG

VXFKWKDWXVHUVKDYHDFFHVVWRDSSOLFDWLRQVRQPXOWLSOHVHUYHUVLQFDVH

RQH EHFRPHVXQDYDLODEOH

œ )LOH 5LJKWV$VVLJQPHQWWKURXJKWKH$SSOLFDWLRQREMHFW

œ 5RDPLQJ3URILOHVXSSRUW

$SSOLFDWLRQ/DXQFKHU&RPSRQHQWV

$GPLQLVWUDWRU&RPSRQHQWV

œ $SSOLFDWLRQ/DXQFKHUVQDSLQIRU1HW:DUH$GPLQLVWUDWRU

œ 6Q$SS6KRW

8VHU &RPSRQHQWV

œ $SSOLFDWLRQ/DXQFKHUZLQGRZ

œ 6<6?38%/,&?1$/(;(

œ $SSOLFDWLRQ([SORUHU

œ 6<6?38%/,&?1$/(;3/'(;(

$SSOLFDWLRQ([SORUHUFDQRQO\EHUXQRQ:LQGRZV17

7KHLFRQVFDQEHSODFHGLQWKH

œ $SSOLFDWLRQ([SORUHU:LQGRZ

œ :LQGRZV([SORUHU

œ 6WDUW0HQX

œ 6\VWHP7UD\

œ 'HVNWRS

6KRUWFXWVRQWKH'HVNWRSKDYHDUHGDUURZ

6LPSOHYHUVXV&RPSOH[$SSOLFDWLRQV

6LPSOH

$ VLPSOHDSSOLFDWLRQSRLQWVWRWKHH[HFXWDEOHDQGLVUXQIURPWKHVHUYHU$

VLPSOHDSSOLFDWLRQLVFUHDWHGZLWKDQ$SSOLFDWLRQREMHFWLQWKH1'6SRLQWLQJWR

WKH H[HFXWDEOHDQGDVVRFLDWLQJZKRFDQXVHLW7KHUHDUHDGGLWLRQDO

FRQILJXUDWLRQVWKDWFDQEHDSSOLHGWKDWGHILQHKRZWKHREMHFWZLOOEHXVHG

&RPSOH[

$ FRPSOH[DSSOLFDWLRQFRQWDLQVWKHDSSOLFDWLRQLWVHOISOXVFRQILJXUDWLRQVVXFK

DV UHJLVWU\VHWWLQJV7KLVLVGRQHE\FUHDWLQJDQ1'6REMHFWDIWHUXVLQJWKH

VQ$SS6KRWXWLOLW\

VQ$SS6KRW8WLOLW\

$Q$SSOLFDWLRQ2EMHFWWHPSODWH$27LVFUHDWHGZLWKDXWLOLW\FDOOHG

VQ$SS6KRW6QDSVKRWH[H,WWDNHVDVQDSVKRWWKHEHIRUHSLFWXUHRIWKH

ZRUNVWDWLRQRSHUDWLQJV\VWHPLQFOXGLQJUHJLVWU\VHWWLQJV2QFHFRPSOHWHLW

SDXVHVVR\RXFDQLQVWDOOWKHDSSOLFDWLRQ2QFHWKHLQVWDOODWLRQLVFRPSOHWH

\RX WDNHWKHµDIWHU¶VQDSVKRW2QFHFRPSOHWHLWWDNHVWKHGLIIHUHQFHEHWZHHQ

WKH EHIRUHDQGDIWHUSLFWXUHDQGEXQGOHVWKHGLIIHUHQFHLQWKH$27,WDOVR

FUHDWHVDQ$;7ILOH±$SSOLFDWLRQ2EMHFW7H[W7HPSODWH7KH$27LVLQELQDU\

IRUPDWDQGFDQQRWEHHGLWHG7KH$;7FDQEHHGLWHG7KLV$27FDQEH

FRQILJXUHGLQDQ$SSOLFDWLRQREMHFWDQGUROOHGRXWWRZRUNVWDWLRQVZKHUHWKH

DSSOLFDWLRQZLOOEHLQVWDOOHG,WDOVRKDVDYHULILFDWLRQSURFHVVVRWKDWLIDILOH

DVVRFLDWHGZLWKWKHDSSOLFDWLRQEHFRPHVGHOHWHGRUFRUUXSWLWZLOOUHLQVWDOOWKH

$27 ILOHV

&RQILJXULQJ$SSOLFDWLRQ2EMHFWV

(QYLURQPHQW3DJH

$OORZV \RXWR

œ 6HWWKHZRUNLQJGLUHFWRU\

œ 'HILQHKRZWKHDSSOLFDWLRQZLOOEHUXQPLQLPL]HGKLGGHQPD[LPL]HG

œ 3URYLGHELW:LQGRZV2Q:LQGRZVVXSSRUW

œ &OHDQXSUHVRXUFHVVXFKDVPDSSHGGULYHVRURWKHUFRQQHFWLRQV

œ 8VHDZUDSSHUH[HFXWDEOHWRODXQFKWKHDSSURSULDWHRSHUDWLQJV\VWHPILOH

6\VWHP 5HTXLUHPHQWV

<RX FDQVSHFLI\WKHUHTXLUHPHQWVQHHGHGIRUWKHDSSOLFDWLRQWRUXQRUEH

LQVWDOOHGVXFKDV

œ 7KHVSHFLILFYHUVLRQRIWKHRSHUDWLQJV\VWHP17

œ 3URFHVVRU3HQWLXP,,

œ 7KHDPRXQWRI5$0

œ 7KHDPRXQWRIIUHHGLVNVSDFH

'LVWULEXWLRQ6FKHGXOHVDQG$YDLODELOLW\

<RX FDQVFKHGXOHZKHQDSSOLFDWLRQVDUHGHOLYHUHGRUDYDLODEOH

/RDG %DODQFLQJDQG)DXOW7ROHUDQFH

/RDGEDODQFLQJDOORZV\RXWRKDYHFRSLHVRIWKHVDPHDSSOLFDWLRQRQPXOWLSOH

VHUYHUVWREDODQFHDFFHVVWRWKHDSSOLFDWLRQV)DXOWWROHUDQFHDOORZV\RXWR

VHWXSSULPDU\DQGDOWHUQDWHVRXUFHVRIDSSOLFDWLRQDFFHVVLQFDVHRIIDLOXUHRI

WKH SULPDU\VHUYHU

&OLHQW

œ 6XSSRUWVERWK7&3,35HTXLUHGIRU,QWHUQHWDQG,3;5HTXLUHGIRUROGHU

1RYHOO1HWZRUNV3URWRFROV

œ 5HTXLUHV2',/HJDF\'RV:LQ[RU1',6:LQ17FDSDELOLW\

œ %HQHILWVDUH



)HZHU+DUZDUHFRPSRQHQWV



0XOWLSOHSURWRFROVRQWKHVDPHFDEOH



)OH[LEOH&RQILJXUDWLRQV