Detailed instructions for use are in the User's Guide.
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
7+(237, &$/'5, 9(
&'5:'9'520&20%2'5, 9(
<RXU 1RWHERRN KDV D &'5:'9'520 FRPER GULYH 7KLV GULYH FDQ SOD\ HYHU\WKLQJ WKDW D '9'520 GULYH FDQ SOD\ '9'PRYLHVPXVLF&'VDQGGDWD'9'VDQG&'V, WFDQDOVR UXQVRIWZDUHSURJUDPVIURP&'VDQG'9'V, QDGGLWLRQWKLV GULYH FDQ ZULWH GDWD DQG PXVLF &'V DQG FRS\ &'V , W ZULWHV WR&'5RU&'5:
+$1'/, 1*', 6&6
7R PDLQWDLQ WKH OLIH RI &' DQG '9' GLVFV REVHUYH WKHVH JXLGHOLQHV · · · · · $YRLGUDGLDWLRQE\GLUHFWVXQOLJKW89$89% $YRLGVFUDWFKHVDQGGDPDJHWRWKHGLVFVXUIDFH $YRLGH[WUHPHWHPSHUDWXUHV 'RQRWDWWDFKODEHOVRUSDSHUWR'9'GLVFV 'R QRW XVH UHFRUGFOHDQLQJ RU DQWLVWDWLF DJHQWV WR FOHDQ\RXUGLVFV
:H DOVR UHFRPPHQG WKDW \RX DYRLG VSHFLDOO\ VKDSHG GLVFV VXFK DV KHDUWV RU SRO\JRQV RU GLVFV WKDW DUH QRW VWDQGDUG VL]H'RQRWXVHZDUSHGRUFUDFNHGGLVFVDVWKH\PD\FDXVH GDPDJHWR\RXUGULYH
0$, 1&20321(176
/2$', 1*$', 6&
3UHVV WKH HMHFW EXWWRQ RQ WKH IURQW RI WKH GULYH WR RSHQ WKHWUD\ 3ODFHWKHGLVFRQWKHWUD\VRWKDWLWOD\VIODWZLWKWKHODEHO IDFLQJXSZDUG
*HQWO\SXVKWKHWUD\LQWRFORVHLW
0DQ\ GLVFV DXWRPDWLFDOO\ VWDUW ZKHQ WKH\ DUH ORDGHG DQG ODXQFK D SOD\EDFN VRIWZDUH SURJUDP , Q VRPH FDVHV \RX PLJKW QHHG WR VWDUW D SURJUDP IRU H[DPSOH D '9' SOD\HU SURJUDP
5(029, 1*$', 6&
3UHVVWKHHMHFWEXWWRQRQWKHIURQWRIWKHGULYHWRRSHQWKH WUD\ :$51, 1*:KLOHWKH1RWHERRNLVDFFHVVLQJ WKH&'520GULYHWKHPHGLDDFWLYLW\LQGLFDWRU LVOLW'RQRWWU\WRUHPRYHWKH&'IURPWKH GULYHZKLOHWKLV/('LVOLW
3/$<, 1*086, &&'6
:LQGRZV 0HGLD 3OD\HU DQG 0XVLF0DWFK -XNHER[ FDQ EH XVHG WR SOD\ PXVLF &'V 3OHDVH UHIHU WR WKH GRFXPHQWDWLRQ IRU WKHVH SURJUDPV WR GHFLGH ZKLFK SURJUDP \RX ZRXOG OLNH WR XVH 0$, 1&20321(176
3/$<, 1*'9'029, (6
7R SOD\ '9' PRYLHV RQ \RXU 1RWHERRN \RX QHHG D '9' SOD\EDFN VRIWZDUH SURJUDP VXFK DV &\EHU/LQN¶V DZDUG ZLQQLQJ3RZHU'9'7RSOD\'9'PRYLHVXVLQJWKLVVRIWZDUH LQVHUW D PRYLH '9' LQWR WKH '9'520 RU '9'5: GULYH WKHQFOLFN6WDUWWKHQ$OO3URJUDPVDQGVHOHFW3RZHU'9' , QVSLWHRIWKHKLJKVWRUDJHFDSDELOLW\RIWKH'9'WKHGDWD PXVWEHH[WUHPHO\FRPSUHVVHGLQRUGHUIRUDFRPSOHWHIH D WXUHILOPWREHVWRUHG7KLVH[WUHPHFRPSUHVVLRQFRPELQHG ZLWKH[FHSWLRQDOSLFWXUHTXDOLW\LVSURYLGHGE\WKH03(* LPDJHFRGLQJPHWKRGRQWKH'9'7KLVSODFHVKLJKGHPDQGV RQWKH1RWHERRN¶VSURFHVVRUVRZKHQSOD\LQJD'9'SOHDVH FORVHDOORWKHUDSSOLFDWLRQV7RLQFUHDVH1RWHERRNSHUIRU P DQFH\RXPD\DOVRZLVKWRSXUFKDVHDSOXJLQ03(*GH FRGHUFDUGZKLFKKDVLWVRZQGHFRPSUHVVLRQSURFHVVRUDQG ZLOOWKXVIUHHWKH1RWHERRN¶VSURFHVVRU
127(7KHGHFRGLQJVRIWZDUHLQFOXGHGZLWK\RXU 1RWHERRNPD\EHFKDQJHGIRUUHJLRQDO'9'GHFRGLQJ XSWRILYHWLPHVDIWHUZKLFKWKHGULYHZLOORQO\SOD\ '9'PRYLHVIRUWKHUHJLRQVHWWLQJODVWHQWHUHG
0$, 1&20321(176
:5, 7, 1*&'6
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
0$, 1&20321(176
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³7HFKQLFDO5HIHUHQFH´VHFWLRQRIWKLVPDQXDOXQGHU³&' )DFWV´ :$51, 1*8QOHVV\RXRZQWKHFRS\ULJKWRU WKHSHUPLVVLRQRIWKHRZQHURIWKHFRS\ULJKW XQDSSURYHGFRS\LQJRIFRS\ULJKWHG&'VRU'9'V YLRODWHVQDWLRQDODQGRULQWHUQDWLRQDOODZVDQG FDQUHVXOWLQVHULRXVSXQLVKPHQW
0$, 1&20321(176
7+(6281'&$5'
<RXU1RWHERRNKDVDQLQWHJUDWHGVWHUHRVRXQGFDUGRQ ERDUGZLWKELWDQG'VSDWLDOVRXQGHIIHFWV'7KH VRXQGFDUGLVFRPSDWLEOHZLWKWKHLQGXVWU\VWDQGDUG6RXQG %ODVWHUDQG0LFURVRIW6RXQG6\VWHP9HUVLRQ7KLV JXDUDQWHHVRSWLPDOVXSSRUWIRUDOOSRSXODUSURJUDPVDQG JDPHV , I\RXZLVKWRDOWHUWKHEDVHYROXPHFOLFNRQWKHORXGVSHDNHU V\PEROLQWKHWDVNEDU$GRXEOHFOLFNRSHQVWKHVRXQGPL[HU
(;7(51$/$8', 232576
$XGLRLQ H[WHUQDOPLFURSKRQH, WLVVHWWKURXJKWKHDX 0LFURSKRQHLQ GLRSURSHUWLHV
)RUUHFRUGLQJYLDDQH[WHUQDODXGLRVRXUFHRUDQ ÖS )RUVRXQGUHSURGXFWLRQYLDH[WHUQDOVWHUHR HTXLSPHQWVXFKDVORXGVSHDNHUVRUKHDG SKRQHV&RQQHFWLRQWRDVRXQGV\VWHPDQD ORJGLJLWDO
LVDOVRYLDWKLVRXWSXW7KHQRWH ERRNDXWRPDWLFDOO\UHFRJQL]HVLIDQDQDORJ PPVWHUHRSOXJRUDGLJLWDORSWLFDOOLQN KDVEHHQFUHDWHG7KHLQWHUQDOORXGVSHDNHUVDUH VZLWFKHGRIIZKHQWKLVSRUWLVXVHGÖS
6WHUHRRXW 63', )
<RXU1RWHERRNKDVDORXGVSHDNHUVR\RXFDQDOZD\VSOD \ EDFNVRXQGVZLWKRXWDGGLWLRQDOHTXLSPHQW7KHFRQQHFWLRQRI D+L)LV\VWHPLQFUHDVHVWKHVRXQGTXDOLW\VLJQLILFDQWO\
0$, 1&20321(176
02'(0
7KHPRGHPLVILWWHGZLWKDQ5-LQWHUIDFHLQWRZKLFKD VWDQGDUGWHOHSKRQHOHDGFDQEHSOXJJHG :$51, 1*8VHRQO\ZLWKDQDQDORJWHOHSKRQH OLQH7KHPRGHPFDQQRWZLWKVWDQGWKHYROWDJH OHYHOVRIGLJLWDOWHOHSKRQHV\VWHPVVXFK3%;RU OLQHVVXFKDV, 6'1RU%URDGEDQGVHUYLFHV
02'(03257
, QVHUWRQHHQGRIWKH5-FRQQHFWLRQWHOHSKRQHSOXJFRQ QHFWRULQWRWKHPRGHPQHWZRUNLQWHUIDFHDQGWKHRWKHULQWR DQDQDORJWHOHSKRQHVRFNHWWKDWLVHDVLO\DFFHVVLEOH 127('RQRWSODFHWKH1RWHERRNLQ6XVSHQG RU6OHHSPRGHLI\RXDUHFRQQHFWHGWR\RXU , QWHUQHWSURYLGHUVLQFHWKLVZLOOFDXVHWKHPR GHPFRQQHFWLRQWREHORVW
0$, 1&20321(176
7+(1(7:25.
:+$7, 6$1(7:25. "
$QHWZRUNPHDQVFRQQHFWLQJ\RXU1RWHERRNWRRQHRUVH YHUDO RWKHUFRPSXWHUV8VHUVFDQWUDQVIHUGDWDEHWZHHQFRPSXWHUV DQGVKDUHUHVRXUFHVVXFKDVSULQWHUVPRGHPVDQGKDUGGLVN GULYHV +HUHDUHVRPHSUDFWLFDOH[DPSOHV · · · · <RXFDQH[FKDQJH(PDLODQGPDQDJHDSSRLQWPHQWVLQ DQRIILFH 8VHUVFDQVKDUHDSULQWHULQDQHWZRUNDQGVDYHWKHLU GDWDRQDFHQWUDOVHUYHU 8VHUVFDQVKDUHRQHPRGHPDPRQJFRPSXWHUVIRU, QWH U QHWDFFHVV 7ZRRUPRUHFRPSXWHUVFDQEHFRQQHFWHGWRSOD\QHW ZRUNJDPHVRUVKDUHGDWD
)$67(7+(51(71(7:25.
<RXU3&KDVD)DVW(WKHUQHW1HWZRUNFRQQHFWLRQ<RXFDQXVH WKLVWRFRQQHFWWRDQHWZRUN 7KH:LQGRZV;3+HOSDQG6XSSRUW&HQWHURIIHUVH[WHQVLYH LQIRUPDWLRQDERXWQHWZRUNLQJ\RXU3&<RXFDQDFFHVVWKLV LQIRUPDWLRQE\FOLFNLQJRQ6WDUWWKHQ+HOS
0$, 1&20321(176
:+$7'2<281((')251(7:25. , 1*"
6RPHUHTXLUHPHQWVKDYHWREHIXOILOOHGWRVXFFHVVIXOO\QH W ZRUNFRPSXWHUV 7KH1RWHERRNPXVWKDYHDQHWZRUNFDUGWKDWVXSSRUWV WKHVDPHQHWZRUNWHFKQRORJ\DVWKHRWKHUFRPSXWHUVRQ WKHQHWZRUN8QOHVVRWKHUZLVHTXRWHG\RXU1RWHERRN ZLOOVXSSRUWWKHFXUUHQW)DVW(WKHUQHW0ELW VWDQGDUG 7KHQHWZRUNFDUGVPXVWEHFRQQHFWHG<RXQHHGD 6KLHOGHG7ZLVWHG3DLUFDEOH&$7WKDWKDVDQ5- FRQQHFWRU , I\RXZDQWWRGLUHFWO\FRQQHFWWZR3&V\RXQHHGD &URVV/LQNFDEOH , IPRUH3&VPXVWEHFRQQHFWHG\RXQHHGDVXSSOH PHQWDU\GLVWULEXWRU+XERU6ZLWFKDQGD3DWFKFD EOH
$OOFRQQHFWHG3&VQHHGDQHWZRUNRSHUDWLQJV\VWHP :LQGRZVFDQDFWDVDQHWZRUNRSHUDWLQJV\VWHP $OOQHWZRUNHG3&VPXVWVSHDNWKHVDPH³ODQJXDJH´WR XQGHUVWDQGRQHDQRWKHU7KH\XVHSURWRFROVIRUWKLVSXU SRVH7KHVHWWLQJRISURWRFROVWKHUHIRUHPXVWEHWKH VDPHIRUDOOQHWZRUNHG3&V
0$, 1&20321(176
7528%/(6+227, 1*:, 7+, 17+(1(7:25.
:K\GRHVDQHUURUPHVVDJHDSSHDUZKHQ, FOLFNRQWKH QHWZRUNHQYLURQPHQW" 7KHFRPSXWHUQDPHPXVWEHXQLTXHRQWKHQHW ZRUNDQGPD\QRWEHWKHVDPHDVWKHWDVNJURXS , WDSSHDUVWKDWWKHQHWZRUNERDUGVDUHXQDEOHWRFRP PXQLFDWH:KDWPLJKWEHWKHSUREOHP" 0D\EHRQHRIWKHXVHGQHWZRUNERDUGVZRUNVZLWKD GLIIHUHQWVSHHGHJLQVWHDG0ELWDQG \RXUQHWZRUNFRPSXWHULVXQDEOHWRUHFRJQL]HWKLV , IQHFHVVDU\VHWWKHQHWZRUNGULYHUWRWKHFRPSDWL EOHVSHHG , IWZR3&VVKRXOGEHOLQNHG\RXUHTXLUHDFURVV OLQNFDEOHRWKHUZLVHXVHDSDWFKFDEOH , QDGGLWLRQFKHFNWKHSURWRFROVDQGWKHFRQILJX UDWLRQ 7KHGDWDWUDQVPLVVLRQLVLQFRUUHFWRUYHU\VORZ:KDW PLJKWEHWKHSUREOHP" 0D\EH\RXKDYHWKHZURQJFDEOH873&$7RU ORZHURUWKHSUREOHPLVWKHSUR[LPLW\RIDSRZHU FRUGRUDQRWKHUVRXUFHRILQWHUIHUHQFH )RUIXUWKHUKLQWVRQWURXEOHVKRRWLQJVHDUFKIRU³QHWZRUNHU URUV´LQ:LQGRZV+HOSDQG6XSSRUW
0$, 1&20321(176
:, 5(/(66/$1
:LUHOHVV/$1LVDQRSWLRQDOIHDWXUH7KLVIXQFWLRQDOORZV\RX WRFUHDWHDZLUHOHVVQHWZRUNOLQNZLWKDQDFFHVVSRLQWRUGL UHFWO\ZLWKDQRWKHUZLUHOHVVHQDEOHG3& 3UHVV)Q!)!WRHQDEOHRUGLVDEOHWKHZLUHOHVV/$1
&21', 7, 216
$QDFFHVVSRLQWLVDZLUHOHVVWUDQVPLWWHUWKDWFRPPXQLFDWHV ZLWK\RXUQRWHERRNDQGFRQWUROVDFFHVVWRWKHQHWZRUNFR Q QHFWLRQHJDKRPHQHWZRUNRUDEURDGEDQGFRQQHFWLRQ VXFKDV'6/ :LUHOHVVDFFHVVSRLQWVDUHRIWHQIRXQGLQRIILFHVDLUSRUWV XQLYHUVLWLHVRU, QWHUQHWFDIp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³ZLUHOHVVQHWZRUNLQJ´LQ:LQGRZV+HOSDQG6XSSRUW IRUPRUHLQIRUPDWLRQ
0$, 1&20321(176
0(025<&$5'&211(&7, 216
0HPRU\FDUGVDUHPHGLDWKDWDUHEHLQJXVHGIRUDYDULHW\RI SXUSRVHVHVSHFLDOO\LQGLJLWDOSKRWRJUDSK\7KH\DUHLQFUHD V LQJO\UHSODFLQJWKHIORSS\GLVN7KHIRUPDQGFDSDFLW\RID PHPRU\FDUGFDQYDU\DFFRUGLQJWRWKHPDQXIDFWXUHU <RXUQRWHERRNVXSSRUWVWKHIROORZLQJIRUPDWV · · · · · · 00&0XOWL0HGLD&DUG 6'6HFXUH'LJLWDO 0HPRU\6WLFN 6PDUW0HGLD &)&RPSDFW)ODVK , %00LFURGULYH
:KHQLQVHUWLQJPHPRU\FDUGVHQVXUHWKDWWKHFRQWDFWVDUH IDFLQJWKHULJKWZD\6HHWDEOHEHORZ, QFRUUHFWLQVHUWLRQRID FDUGFDQFDXVHGDPDJHWRWKHFDUGUHDGHUDQGRUWKHFDUG
6ORW LQÖS &DUGW\SH 6'6HFXUH'LJLWDO 00&0XOWL0HGLD&DUG 6PDUW0HGLD 0HPRU\6WLFN &)&RPSDFW)ODVK , %00LFURGULYH &RQWDFWV SRLQWLQJGRZQ SRLQWLQJGRZQ SRLQWLQJXS SRLQWLQJGRZQ SRLQWLQJIRUZDUGV SRLQWLQJIRUZDUGV
&)ÖS
&KHFNWKHLQGLFDWRUOLJKWWRPDNHVXUHWKDW\RXU1RWHERRNLV QRWDFFHVVLQJ\RXUPHPRU\FDUGEHIRUHUHPRYLQJLWSDJH
0$, 1&20321(176
, 16(57, 1*0(025<&$5'6
 0HPRU\FDUGVFDQRQO\EHLQVWDOOHGLQRQHGL
UHFWLRQ 5HIHU WR WKH LQVWUXFWLRQV RQ WKHSUH YLRXVSDJH
5(029, 1*0(025<&$5'6
0$, 1&20321(176
7+(3&&$5'6/27
7KH3&FDUGVORWRQWKHOHIWVLGHVHHSDJHRIWKH1RWH ERRNFDQEHXVHGWRRSHUDWHFUHGLWFDUGVL]HG3&FDUGV0RVW 3&FDUGVDUHFRPPXQLFDWLRQVRULQWHUIDFHGHYLFHVVXFKDV , 6'1)D[PRGHP1HWZRUNRU6&6, DGDSWHUV 6RPH3&FDUGVFRQWDLQPHPRU\FKLSVRUKDUGGLVNVIRUGDWD VWRUDJH, I\RXXVHVXFKFDUGVZLWK\RXU1RWHERRNWKHV\ V WHPDVVLJQVWKHFDUGDGULYHQDPHVRWKDW\RXPD\DFFHVV WKHUHVRXUFHV7KH3&FDUGGULYHLQ\RXU1RWHERRNVXSSRUWV 3&0&, $7\SH, , DQG&DUG%XV7\SH, FDUGV&DUGVRI 7\SH, DUHPPDQG7\SH, , PPWKLFN
%, 7&$5'%863257
&DUG%XVFDUGVKDYHDELWDUFKLWHFWXUHZLWKZKLFKKLJK GDWDWUDQVIHUVSHHGVRIXSWR0%FDQEHDFKLHYHGVLP L ODUWR3&, , QWKLVZD\\RXU1RWHERRNFDQDOVRVXSSRUWGDWD LQWHQVLYHGHYLFHVVXFKDV0ESV)DVW(WKHUQHW)DVW6&6, SHULSKHUDOVDQGYLGHRFRQIHUHQFLQJGHYLFHV 7KH&DUG%XVSRUWLVEDFNZDUGFRPSDWLEOHZLWKELW3& FDUGVZLWKD9SRZHUVXSSO\WKRXJKWKH&DUG%XVRQO\UH TXLUHVDSRZHUVDYLQJ9
86(2)3&&$5'6
, QRUGHUWRUXQD3&FDUGVSHFLDOVRIWZDUHLVQHHGHGGULY HUVHWF7KHFDUGPDQXIDFWXUHUXVXDOO\VXSSOLHVWKLVVRI W ZDUH6XSSRUWIRUWKHFDUGSRUWLVDFRPSRQHQWRI:LQGRZV DQGDWSUHVHQWUHSUHVHQWVWKHRSWLPXPLQRSHUDWLRQDO VPRRWKQHVV<RXVKRXOGFRQVLGHUWKLVSRLQWZKHQFKRRVLQJ EHWZHHQDOWHUQDWLYHRSHUDWLQJV\VWHPV
0$, 1&20321(176
, 167$//, 1*$3&&$5'
)ROORZWKH3&FDUGLQVWDOODWLRQLQVWUXFWLRQVWKDWDUHJLYHQIRU XVHXQGHU:LQGRZVDQGKDYHWKHQHFHVVDU\GULYHUVRIWZDUH UHDG\2QFH\RXKDYHVWDUWHG:LQGRZVVOLSWKHFDUGFDUH IXOO\LQWRWKHVORWSURYLGHG :KHQWKHFDUGLVIXOO\LQVHUWHGWZRDXGLEOHVLJQDOVZLOOEH KHDUGSURYLGHGLWKDVEHHQFRUUHFWO\UHFRJQL]HGDQG VXFFHVVIXOO\FRQILJXUHG 7KHIROORZLQJLFRQZLOODSSHDULQ\RXUWDVNEDU , IRQO\RQHVLJQDOLVKHDUGWKLVVLJQLILHVDSUREOHPZLWKWKH FDUGUHFRJQLWLRQ, QWKLVFDVHIROORZWKHLQVWUXFWLRQVWKDW DFFRPSDQ\\RXUQHZ3&FDUG
5(029, 1*$3&&$5'
7RUHPRYH\RXU3&FDUG 3UHVVWKHHMHFWEXWWRQQH[WWRWKHVORW
0$, 1&20321(176
&211(&7, 21237, 216
7KH1RWHERRNKDVDQXPEHURILQSXWDQGRXWSXWLQWHUIDFHV IRUFRQQHFWLRQRISHULSKHUDOGHYLFHVVXFKDVDSULQWHUVFDQ QHUNH\ERDUGDQGVRRQ7KLVVHFWLRQSUHVHQWVWKHLQGLYLGXDO SRUWV)RUIXUWKHULQIRUPDWLRQUHIHUWRSDJHZKHUHWKH SRVLWLRQVRIWKHUHVSHFWLYHSRUWVDUHGHVFULEHG
81, 9(56$/6(5, $/%8686%3257
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
36, 17(5)$&(
7KLVSRUWLVXVHGWRFRQQHFWGHYLFHVWKDWXVHWKH36 6WDQGDUGVXFKDVNH\ERDUGVDQGSRLQWLQJGHYLFHV
, (((), 5(:, 5(
, (((DOVRNQRZQDVL/LQNRU)LUH:LUHSRUWVSURYLGH DQHDV\DQGKLJKSHUIRUPDQFHZD\RIFRQQHFWLQJKLJKVSHHG VWRUDJH LPDJLQJ DQG PDQ\ QHZ W\SHV RI DXGLRYLGHR G H YLFHVHDVLO\
0$, 1&20321(176
, 1)5$5(', 17(5)$&(
7KH, 5SRUWFRUUHVSRQGVWRWKH, U'$6HULDO, QIUDUHG'DWD
7KHLQIUDUHGSRUWLVORFDWHGRQWKHOHIWVLGHRIWKH1RWHERRNÖS /LQN9HUVLRQVWDQGDUG, WLVXVHGIRUZLUHOHVVSRLQWWRSRLQW FRPPXQLFDWLRQ <RXFDQXVH6, 5), 5DSSOLFDWLRQVLQRUGHUWRH[FKDQJHILOHVZLWK RWKHUGHYLFHVZKLFKDUH, 5DZDUH, IWKHPRGHVHWWLQJGRHVQRW PDWFKWKDWRIWKHFRPPXQLFDWLQJGHYLFH\RXPXVWVHWWKHQH F HVVDU\PRGHLQWKH%, 26), 5)DVW, QIUDUHGVXSSRUWVXSWR 0ESVDQG6, 56HULDO, QIUDUHGXSWR. ESV $WSUHVHQWWKHLQWHUIDFHFDQEHXVHGWROLQNXSZLWKRWKHU FRPSXWHUVSHULSKHUDOVDQGDQXPEHURI3'$
V3HUVRQDO 'LJLWDO$VVLVWDQWV7KH1RWHERRNLGHQWLILHVWKHLQIUDUHGSRUW DVDVHULDOSRUW
, 16758&7, 216)2586, 1*7+(, 53257
:KHQXVLQJ, 5EHVXUHWRIROORZWKHVHLQVWUXFWLRQV
· · ·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
· · · ·
0$, 1&20321(176
62)7:$5(
62)7:$5(
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
62)7:$5(
', *, 7$/6, *1$785(6
:KHQ LQVWDOOLQJ VRIWZDUH RU GULYHUV \RX PD\ UHFHLYH WKH PHVVDJH ³7KH VRIWZDUH \RX DUH LQVWDOOLQJ KDV QRW SDVVHG :LQGRZV/RJRWHVWLQJWRYHULI\LWVFRPSDWLELOLW\ZLWK:LQGRZV ;3´$OWKRXJKWKHVRIWZDUHODFNVWKHGLJLWDOVLJQDWXUHLWPD\ ZRUN SURSHUO\ &OLFN RQ ³7HOO PH ZK\ WKLV WHVWLQJ LV LPSRU WDQW´WRJHWGHWDLOHGLQIRUPDWLRQ&OLFNRQ³&RQWLQXH$Q\ZD\´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
62)7:$5(
:, 1'2:6$&7, 9$7, 21
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
62)7:$5(
7+(%, 266(783352*5$0
, Q%, 26VHWXS%DVLF&RQILJXUDWLRQWKHUHDUHDQXPEHURI FRQILJXUDEOHSDUDPHWHUVHWWLQJVDYDLODEOHIRU\RXU1RWHERRN )RUH[DPSOH\RXFDQFKDQJHWKHRSHUDWLQJPRGHRIWKHL Q WHUIDFHVVHFXULW\IHDWXUHVRUSRZHUPDQDJHPHQW :$51, 1*7KH1RWHERRNLVIDFWRU\SUHVHWWR JXDUDQWHHRSWLPXPRSHUDWLRQ2QO\PRGLI\WKH SDUDPHWHUVLIQHFHVVDU\DQGLI\RXDUHIDPLOLDU ZLWKWKHFRQILJXUDWLRQRSWLRQV
5811, 1*7+(%, 266(783
<RXFDQRQO\UXQWKH%, 26FRQILJXUDWLRQSURJUDPDWV\VWHP VWDUWXS, IWKH1RWHERRNKDVDOUHDG\VWDUWHGSRZHULWGRZQ DQGWKHQXSDJDLQ3UHVVWKH)IXQFWLRQNH\LQRUGHUWRVWDUW WKH%, 266(783
1$9, *$7, 1*7+(%, 2687, /, 7<
7KHUHDUHVL[PHQXRSWLRQV6\VWHP, QIRUPDWLRQ%DVLF6\ V WHP6HWWLQJV6WDUWXS&RQILJXUDWLRQ2QERDUG'HYLFHV&RQ ILJXUDWLRQ6\VWHP6HFXULW\DQG/RDG'HIDXOW6HWWLQJV 7RHQWHUDPHQXKLJKOLJKWWKHLWHPXVLQJWKHFXUVRU XSGRZQNH\VWKHQSUHVV(QWHU :KLOHLQDPHQXIROORZWKHVHLQVWUXFWLRQV
3UHVVWKHFXUVRUXSGRZQNH\VWRPRYHEHWZHHQSDUDPHWHUV 3UHVVWKHFXUVRUOHIWULJKWNH\VWRFKDQJHWKHYDOXHRIDSD UDPHWHU 3UHVV(VFZKLOH\RXDUHLQDQ\RIWKHPHQXVWRUHWXUQWRWKH PDLQPHQX
1RWH, I\RXDUHXQVXUHLI\RXUSDUDPHWHUVHWWLQJV DUHFRUUHFW\RXVKRXOGORDGWKH6HWXS 'HIDXOWV
7+(%, 266(783352*5$0
&86720(56(59, &(
'$7$$1'6<67(06(&85, 7<
7KHSURJUDPVGHVFULEHGEHORZDUHSDUWRI\RXU:LQGRZVR S HUDWLQJV\VWHP<RXZLOOILQGDGGLWLRQDOLQIRUPDWLRQRQWKHVH SURJUDPVLQWKH:LQGRZV+HOSILOH
'$7$6(&85, 7<
%DFNXSGDWDUHJXODUO\RQH[WHUQDOPHGLDVXFKDVD&'5RU &'5::LQGRZVRIIHUVERWKD%DFNXSSURJUDPDQGD)LOHV DQG6HWWLQJV7UDQVIHU:L]DUG %RWKSURJUDPVDUHIRXQGLQ$FFHVVRULHV6\VWHP7RROV ZLWKLQWKH6WDUWPHQX<RXVKRXOGPDNHDEDFNXSGLVNZLWK DOO\RXUSDVVZRUGVDQGWKHRSHUDWLQJV\VWHP¶VRULJLQDOFR Q ILJXUDWLRQ
0$, 17(1$1&(352*5$06
<RXFDQDYRLGVRPHKDUGZDUHDQGVRIWZDUHHUURUVZLWKGLVN PDLQWHQDQFHSURJUDPVVXFKDV'LVN'HIUDJPHQWHUDQG 'LVN&OHDQXS7KHSURJUDP6\VWHP, QIRUPDWLRQFDQDOVR EHKHOSIXOVLQFHLWJLYHV\RXGHWDLOHGLQIRUPDWLRQDERXW\RXU V\VWHPFRQILJXUDWLRQ<RXZLOOILQGWKHVHSURJUDPVLQ$FFHV VRULHV6\VWHP7RROV
&86720(56(59, &(
6<67(05(&29(5<
6<67(05(&29(5<
%HIRUHSHUIRUPLQJDUHFRYHU\\RXVKRXOGUHYLHZWKH³7UR X EOHVKRRWLQJ´VHFWLRQLQWKLVPDQXDOWRVHHLI\RXFDQUHVROYH WKHSUREOHP, IQRWLWLVSRVVLEOHWKDWDVRIWZDUHILOHUHTXLUHG E\:LQGRZV;3WRRSHUDWHWKHFRPSXWHUZDVGDPDJHGRU GHOHWHG, IWKLVLVWKHFDVHWKHUHDUHEDVLFDOO\WZRVWUDWHJLHV IRUUHFRYHU\ · 5HVWRULQJ\RXUV\VWHPXVLQJ:LQGRZV;36\VWHP 5HVWRUH 7KLVW\SHRIUHFRYHU\LVXVXDOO\YHU\TXLFNDQGZLOOVROYH PRVWW\SLFDOSUREOHPVWKDWRFFXUDIWHUDQXQVXFFHVVIXO LQVWDOODWLRQRIDQDSSOLFDWLRQGHYLFHRUGULYHUKDVFDXVHG LQVWDELOLW\LQWKHV\VWHP · 5HVWRULQJ\RXUV\VWHPXVLQJWKH$SSOLFDWLRQ 6XSSRUW'LVFSURYLGHGE\0HGLRQDQGSRZHUHGE\ 3RZHU4XHVW 7KHUHDUHVHYHUDORSWLRQVIRUUHFRYHU\DYDLODEOHXVLQJWKH $SSOLFDWLRQ6XSSRUW'LVFLQFOXGLQJWKHDELOLW\WRUHVWRUH \RXHQWLUHV\VWHPWRLWVRULJLQDOIDFWRU\VHWWLQJV
6<67(05(&29(5<
5(6725, 1*0, &5262)7:, 1'2:6;3
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
6<67(05(&29(5<
6<67(05(6725(32:(5('%<32:(548(67
, I\RXUV\VWHPLVQRWIXQFWLRQLQJSURSHUO\DQG:LQGRZV;3 6\VWHP5HVWRUHGLGQRWVROYHWKHSUREOHPWKHQ\RXVKRXOG XVHWKH$SSOLFDWLRQ6XSSRUW'LVFSURYLGHGE\0HGLRQWRUH VWRUH\RXUV\VWHP7KLVUHFRYHU\PRGHSURYLGHVVHYHUDOR S WLRQV
7KHUHDUHWKUHHRSWLRQVIRUUHVWRULQJ\RXUV\VWHP 5HFRYHU\RIVWDUWXSILOHV 8VHWKLVRSWLRQWRUHVWRUHWKHVWDUWXSILOHV7KLVRSWLRQLVPRVW XVHIXOZKHQDYLUXVKDVFRUUXSWHGFHUWDLQILOHVQHFHVVDU\IRU \RXUFRPSXWHUWRERRW, WLVH[HFXWHGYHU\TXLFNO\ 5HFRYHU\RIV\VWHPDQGGULYHUILOHV 7KLVRSWLRQZLOOFRS\WKHRULJLQDOV\VWHPDQGGULYHUILOHVWR\RXU KDUGGLVN7KLVIHDWXUHVKRXOGQ¶WDIIHFW\RXUSHUVRQDOILOHVDQG VHWWLQJV+RZHYHUZHUHFRPPHQGWKDW\RXILUVWEDFNXS\RXU SHUVRQDOGDWDMXVWWREHVDIH 5HVWRULQJWKHIDFWRU\VHWWLQJV 7KLVUHFRYHU\ZLOOUHVHW\RXUV\VWHPWRLWVFRQGLWLRQDWGHOLYHU\ $//'$7$21<285/2&$/', 6&&'5, 9(:, //%((5$6(' , ISRVVLEOHEDFNXS\RXUSHUVRQDOGDWDWRH[WHUQDOPHGLD EHIRUHSHUIRUPLQJWKLVUHVWRUH
6<67(05(&29(5<
/, 0, 76 2) 5(6725( )$&725< 6(77, 1*6 5(6725( 237, 21
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
3(5)250, 1*7+(5(6725(
(DFKVWHSRIWKHUHVWRUHUHSODFHVDQLQFUHDVLQJQXPEHURI ILOHVRQ\RXUKDUGGULYHDQGWKHUHIRUHWDNHVORQJHUWRILQLVK :HUHFRPPHQGWKDW\RXDWWHPSWHDFKRIWKHUHVWRUHRSWLRQV LQRUGHUVWDUWLQJZLWK³5HFRYHU\RIVWDUWXSILOHV´$IWHUILQ LVKLQJHDFKUHVWRUHRSWLRQ\RXVKRXOGWHVW\RXUV\VWHPWR VHHLILWKDVVROYHG\RXUSUREOHP, IWKHSUREOHPSHUVLVWV WKHQWU\WKHQH[WUHVWRUHRSWLRQ 7RPDNHVHOHFWLRQVLQWKHUHVWRUHSURJUDPXVHWKHXSDQG GRZQDUURZNH\VWRKLJKOLJKWWKHRSWLRQ\RXZRXOGOLNHWR VHOHFWDQGWKHQSUHVVHQWHUWRPDNHWKHVHOHFWLRQ
6<67(05(&29(5<
&RS\\RXUGDWDILOHVWRH[WHUQDOPHGLDVXFKDV DIORSS\GLVN&'5&'5:'9'5:RUIODVK FDUG%()25(\RXFRQWLQXH , QVHUWWKH³$SSOLFDWLRQ6XSSRUW´GLVFDQGUHVWDUW UHERRWWKH1RWHERRN &DXWLRQ'RQRWXVHWKH³0HGLRQ3URGXFW5HFRYHU\´&' 520D:LQGRZV;3&'IRUUHVWRULQJ:LQGRZV;3LWVHOI IRUUHVWRUDWLRQSXUSRVHV7KLVGLVFGRHVQRWUHVWRUHWKH RULJLQDOIDFWRU\VHWXSRIWKH1RWHERRN 6HOHFWWKHRSWLRQ³%RRWIURP&'520´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
6<67(05(&29(5<
)$4±)5(48(17/<$6. ('48(67, 216
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
6<67(05(&29(5<
'R, VWLOOKDYHWRLQVWDOOWKHHQFORVHG&'V'9'V" 1R%DVLFDOO\DOOSURJUDPVDUHDOUHDG\SUHLQVWDOOHG 7KHGLVNVDUHRQO\LQWHQGHGDVEDFNXSFRSLHV :KHQLVWKHUHFRYHU\RIWKHIDFWRU\VHWWLQJUHFRP PHQGHG" 7KLVPHWKRGVKRXOGEHFKRVHQDVWKHODVWUHVRUW 5HDGFKDSWHU³6\VWHPUHFRYHU\´RQSDJHFRQ FHUQLQJWKHSRVVLEOHDOWHUQDWLYHV :K\LVWKHERRWSDUWLWLRQPLVVLQJZKHQERRWLQJIURP WKHVXSSRUWDSSOLFDWLRQ&'" 7KHILUVWSDUWLWLRQLVIRUPDWWHGZLWKWKHILOHV\VWHP 17)6&RPSDUHGWR)$7WKLVILOHV\VWHPRIIHUV PRUHVHFXULW\DQGDPRUHHIILFLHQWDFFHVV+RZHYHU 17)6SDUWLWLRQVFDQRQO\EHUHDGIURPRSHUDWLQJV\V WHPVVXSSRUWLQJWKLV7KLVLVQRWWKHFDVHLQWKH DIRUHPHQWLRQHG&'
6<67(05(&29(5<
7528%/(6+227, 1*
/2&$/, =(7+(&$86(
(UURUVFDQKDYHVLPSOHFDXVHVEXWVRPHWLPHVWKH\DUH FDXVHGE\IDXOW\HTXLSPHQW:HZRXOGOLNHWRJLYH\RXVRPH WLSVWRKHOSVROYHFRPPRQSUREOHPV6KRXOGWKHVHLQVWUX F WLRQVQRWOHDGWRVXFFHVVSOHDVHIHHOIUHHWRFRQWDFWXV
&+(&. &$%/(6$1'&211(&7, 216
9LVLEO\FKHFNDOOFDEOHVDQGFRQQHFWLRQV6KRXOGDOOOLJKWVEH RIIFKHFNZKHWKHUDOOHTXLSPHQWLVVXSSOLHGZLWKSRZHU ¾, QEDWWHU\PRGHFRQQHFWWKH1RWHERRNWRWKHSRZHU DGDSWHUDQGHQVXUHWKDWWKHEDWWHU\LVFKDUJHGXS ¾, I\RXDUHRSHUDWLQJWKH1RWHERRNZLWKWKHSRZHU DGDSWHUFKHFNWKHHOHFWULFDOVRFNHWSRZHUFRUGDQGDOO VZLWFKHVLQWKHFLUFXLWRIWKHHOHFWULFDOVRFNHW
¾ 6ZLWFKRIIWKH1RWHERRNDQGFKHFNDOOFDEOHFRQQHFWLRQV
&KHFNWKHFRQQHFWLRQVWRSHULSKHUDOV'RQRWH[FKDQJH FDEOHVHYHQWKRXJKWKH\PD\ORRNVLPLODU7KHSRODULW\LQ WKHFDEOHVPD\EHGLIIHUHQW:KHQLWLVFRQILUPHGWKDWWKH 1RWHERRNKDVSRZHUDQGDOOFRQQHFWLRQVDUHFRUUHFWWXUQ WKH1RWHERRNRQDJDLQ
7+(32:(5216(/)7(673267
7KH3RZHU2Q6HOI7HVW3267LVH[HFXWHGGXULQJHDFKERRW SURFHVVWRWHVWWKHPHPRU\PRWKHUERDUGGLVSOD\NH\ERDUG DQGRWKHUFRPSRQHQWV, IWKH1RWHERRNGRHVQRWSDVVWKH 3267EXWEHHSVVHYHUDOWLPHVRULIWKHVFUHHQUHPDLQV EODQNFDOO\RXU1RWHERRNVXSSRUWWHFKQLFLDQ
6<67(05(&29(5<
(55256$1'3266, %/(&$86(6
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¶V:HEVLWH 7KHPRXVHGRHVQRWZRUN - &KHFNWKHFDEOHFRQQHFWLRQ
6<67(05(&29(5<
$'', 7, 21$/6833257
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
'5, 9(56833257
7KLV1RWHERRNKDVEHHQH[WHQVLYHO\WHVWHGLQRXUODERUDWRULHV ZLWKDODUJHQXPEHURIFRPSDWLEOHGHYLFHV, WIXOILOOVDOOUHTXLUHG VWDQGDUGVDQGFRPSOLHVZLWKWKHVWDQGDUG³'HVLJQHGIRU:L Q GRZV´ZKLFKFHUWLILHVXWPRVWFRPSDWLELOLW\+RZHYHUWKHVRI W ZDUHGULYHUVIRULQGLYLGXDOFRPSRQHQWVDUHXSGDWHGIURPWLPH WRWLPH7KLVLVDUHJXODUSURFHVVSURYLGHGE\WKHPDQXIDFWXUHU WRPHQGSRVVLEOHFRPSDWLELOLW\SUREOHPVWKDWPD\R FFXUZLWK FRPSRQHQWVHJSURJUDPVRUKDUGZDUHWKDWZHUHQRWWHVWHG DWWKHWLPHRI\RXU1RWHERRN¶VPDQXIDFWXUH'ULYHUXSGDWHV DQGWKHODWHVWLQIRUPDWLRQRQ\RXUSURGXFWDUHDYDLODEOHRQWKH , QWHUQHW 9LVLW0HGLRQRQWKH:HEDW
ZZZPHGLRQFRP
6<67(05(&29(5<
:$55$17<
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
:$55$17<
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
:$55$17<
, 62&/$66, ,
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
5RZV %OXH *UHHQ 5HG
7\SHVRI3L[HO)DLOXUHV 7\SH $FRQVWDQWO\OLWSL[HODEULJKWZKLWHVSRWHYHQWKRXJKLWLV QRWDGGUHVVHG $ZKLWHSL[HOLVFDXVHGZKHQDOOWKUHHVXESL[HODUHOLW 7\SH $SL[HOWKDWGRHVQRWOLJKWXSGDUNEODFNVSRWDOWKRXJKLWLV DGGUHVVHG 7\SH $EQRUPDORUGHIHFWLYHUHGJUHHQRUEOXHVXESL[HOV (JFRQVWDQWO\OLWZLWKKDOIWKHEULJKWQHVVRQHFRORULVQRW VKLQLQJEOLQNLQJRUIOLFNHULQJEXWQRWEHORQJLQJWR7\SHRU 3L[HO)DLOXUHV , QDGGLWLRQ $FOXVWHURIW\SH RUPRUHGHIHFWLYHVXESL[HOVLQDQ DUUD\RI[SL[HO$FOXVWHULVDQDUUD\RI[SL[HO[ VXESL[HO
:$55$17<
, 62&ODVV, ,
5HVROXWLRQ
7\SH
7\SH
7\SH
[ [ [ [ ([DPSOH
&OXVWHU 7\SH 7\SH
&OXVWHU 7\SH
$´6;*$GLVSOD\FRQVLVWVRIKRUL]RQWDODQGYHUWLFDOSLFWXUH GRWVSL[HOZKLFKDPRXQWVWRDWRWDORIPLOOLRQSL[HOV%DVHGRQRQH PLOOLRQSL[HOVWKLVWUDQVODWHVLQWRDIDFWRURIDERXW &ODVV, , W\SHIDLOXUHFRQVHTXHQWO\DOORZVIRUWKUHHGHIHFWVHDFKRIW\SHDQG W\SHDQGGHIHFWVRIW\SHDQGFOXVWHURIW\SH 7KHVHFDVHVDUHQRUPDOO\QRWFRYHUHGE\ZDUUDQW\ , IWKHQXPEHURIIDLOXUHVH[FHHGVWKHILJXUHVRIDQ\FDWHJRU\PHQWLRQHG DERYHWKHQWKLVPD\EHFRYHUHGE\WKHZDUUDQW\
:$55$17<
67$1'$5'6
7KLV1RWHERRNPHHWVWKHUHTXLUHPHQWVRIWKHIROORZLQJVWDQGDUGV
(/(&7520$*1(7, &&203$7, %, /, 7<
7KLV1RWHERRNPHHWVWKHIROORZLQJUHTXLUHPHQWVIRUVWDQ GDUGVRIHOHFWURPDJQHWLFFRPSDWLELOLW\DQGHOHFWULFDOVDIHW\ (1 (1 (1 (1
, QIRUPDWLRQWHFKQRORJ\HTXLSPHQW5DGLRGLVWXU EDQFHFKDUDFWHULVWLFV/LPLWVDQGPHWKRGVRIPHDV XUHPHQW , QIRUPDWLRQWHFKQRORJ\HTXLSPHQW, PPXQLW\FKDU DFWHULVWLFV/LPLWVDQGPHWKRGVRIPHDVXUHPHQW /LPLWV/LPLWVIRUKDUPRQLFFXUUHQWHPLVVLRQV HTXLSPHQWLQSXWFXUUHQWXSWRDQGLQFOXGLQJ$ SHUSKDVH /LPLWV/LPLWDWLRQRIYROWDJHIOXFWXDWLRQVDQGIOLFNHU LQORZYROWDJHVXSSO\V\VWHPVIRUHTXLSPHQWZLWKD UDWHGFXUUHQWXSWR$
· . HHSWKH1RWHERRNDWOHDVWRQHPHWHUDSSUR[LPDWHO\ WKUHHIHHWDZD\IURPKLJKIUHTXHQF\DQGPDJQHWLFLQ WHUIHUHQFHVRXUFHVHJWHOHYLVLRQVORXGVSHDNHUFDEL QHWVPRELOHWHOHSKRQHVHWFLQRUGHUWRDYRLGPDOIXQF WLRQVDQGRUORVVRIGDWD · 3OHDVHQRWHWKDWRQO\VKLHOGHGFDEOHVVKRUWHUWKDQ PHWHUVIWVKRXOGEHXVHGIRUWKH/37&20 86%, (((DXGLRYLGHRDQGQHWZRUNLQWHUIDFHV ZLWKWKLV1RWHERRN · :KHQFRQQHFWLQJDGGLWLRQDOFRPSRQHQWVSOHDVHREVHUYH WKH*XLGHOLQHVRQ(OHFWURPDJQHWLF&RPSDWLELOLW\(0&
:$55$17<
(/(&75, &$/6$)(7<
(1
6DIHW\RILQIRUPDWLRQWHFKQRORJ\HTXLSPHQW
· 7KHFRQQHFWLRQRIGHYLFHVLVOLPLWHGWRHTXLSPHQWWKDWFR P SOLHVZLWK(1³6DIHW\RILQIRUPDWLRQWHFKQRORJ\ HTXLSPHQW´RU(1³$XGLRYLGHRDQGVLPLODUHOHF WURQLFDSSDUDWXV6DIHW\UHTXLUHPHQWV´
· )RU86&DQDGLDQSXUSRVHV7KH1RWHERRNVKRXOG
RQO\EHFRQQHFWHGWRHTXLSPHQWZKLFKFRPSOLHVZLWK 8/&$1&6$1R
(UJRQRPLFUHTXLUHPHQWVIRURIILFHZRUNZLWK YLVXDOGLVSOD\WHUPLQDOV9'7V9LVXDOGLVSOD\ UHTXLUHPHQWV (UJRQRPLFUHTXLUHPHQWVIRURIILFHZRUNZLWK YLVXDOGLVSOD\WHUPLQDOV9'7V5HTXLUHPHQWVIRU GLVSOD\HGFRORUV
(5*2120, &6
(1 (1, 62
6833/(0(17$5<, 1)250$7, 21
7KLVSURGXFWFRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKH577( 'LUHFWLYH(&DQGFDUULHVWKH&(PDUNLQJDFFRUGLQJO\ &(
:$55$17<
)&&&203/, $1&(67$7(0(17
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· · · · 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD , QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQG UHFHLYHU &RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLW GLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG &RQVXOWWKHGHDOHURUDQH[SHULHQFHGWHFKQLFLDQIRU KHOS
&KDQJHVRUPRGLILFDWLRQVQRWH[SUHVVO\DSSURYHGE\WKH SDUW\UHVSRQVLEOHIRUFRPSOLDQFHFRXOGYRLGWKHXVHU¶V DXWKRULW\WRRSHUDWHWKHHTXLSPHQW6KLHOGHGLQWHUIDFH FDEOHVLIDQ\PXVWEHXVHGLQRUGHUWRFRPSO\ZLWKWKH HPLVVLRQOLPLWV
:$55$17<
'(&/$5$7, 212)&21)250, 7<
$FFRUGLQJWR&)53DUWVDQGIRU &ODVV%3HUVRQDO&RPSXWHUV :H 0HGLRQ86$, QFBBBBBBBB 1DPHRIWKH5HVSRQVLEOH3DUW\ %D\KLOO'U6WHB 6DQ%UXQR&$BBB $GGUHVV&LW\6WDWH=LS&RGH )D[BBBB )DFVLPLOH1XPEHUIRUFRQIRUPLW\LVVXHVRQO\
/RFDWHGDW
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
:$55$17<
, 1'(;
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
, 1'(;
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
, 1'(;
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
, 1'(;
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
, 1'(;
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
, 1'(;
363RUW 63', )$XGLR287 6SHDNHUV 6WDWXV/(' 69LGHR79SRUW 7)7'LVSOD\ 7RXFKSDG 86%SRUW :/$1&RPSDUWPHQW :DUUDQW\ :LQGRZV/RJRWHVWLQJ :LQGRZV0HGLD3OD\HU :LQGRZV;3 &RQWURO3DQHO 'HVNWRS +HOS +HOSDQG6XSSRUW , QWHUDFWLYH7UDLQLQJ 0DQXDO 5HFRYHU\3RLQW 7RXU :LQGRZV[S 5HFRYHU\ :LUHOHVV/$1 :ULWLQJ&'V
, 1'(; [. . . ] [. . . ]