Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
%H,16758&7,210$18$/
,PSRUWDQW1RWHEHFDXVHRIDSROLF\FRQWLQXRXVSURGXFWLPSURYHPHQWWKHLQIRUPDWLRQPHQWLRQHGE\WKLV
LQVWUXFWLRQPDQXDOLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH
6(783352&('85(6 SDJH
,QLWLDO6HWWLQJ SDJH
:LULQJ,QVWDOODWLRQ*XLGHOLQHV SDJH
0$18$/
23(5$7,1*,16758&7,216SDJH
%H,QLWLDO6HW8S SDJH
0DQXDO67$57 SDJH
0DQXDO6WRS SDJH
/RDG&RQWURO SDJH
2))2SHUDWLQJ0RGH SDJH
$872
23(5$7,1*,16758&7,21 SDJH
%H6HW8S SDJH
$8722SHUDWLQJ0RGH6HOHFWLRQ SDJH
8VLQJD5HPRWH6WDUW)HDWXUH SDJH
8VLQJWKH$0))HDWXUH SDJH
$ODUP0RQLWRULQJLQ$872 SDJH
6WRSWKH6HWLQ$872 SDJH
$8727LPLQJVDQG6HWWLQJV SDJH
86(5,17(5)$&( SDJH
'LVSOD\DQG3XVK%XWWRQV SDJH
6ROLG6WDWH/DPSV SDJH
',63/$<0(18)($785(6SDJH
(1*,1(PHQX SDJH
352*5$0PHQX SDJH
32:(50HQX SDJH
9$+]K0HQX SDJH
$/$500HQX SDJH
3URJUDPPLQJ,QVWUXFWLRQ SDJH
$/$50'(6&5,37,21SDJH
2LO3UHVVXUH:DUQLQJDQG6KXW'RZQ 3DJH
7HPSHUDWXUH:DUQLQJ6KXW'RZQ 3DJH
)DLOWR6WDUW6KXW'RZQ 3DJH
%DWWHU\9ROWDJH:DUQLQJ 3DJH
([WHUQDO6WRS,QSXW6KXW'RZQ 3DJH
2YHU6SHHG8QGHU6SHHG6KXW'RZQ 3DJH
8QGHU2YHU)UHTXHQF\6KXW'RZQ 3DJH
/RZ)XHO/HYHO6KXW'RZQ 3DJH
/RZ)XHO/HYHO:DUQLQJ 3DJH
2YHU3RZHU
.YD
6KXW'RZQ 3DJH
2YHU&XUUHQW6KXW'RZQ 3DJH
2YHU8QGHU9ROWDJH6KXW'RZQ 3DJH
%H86(50$18$/9HUVLRQ
%HOW)DLOXUH6KXW'RZQ 3DJH
$OWHUQDWRU)DLOXUH6KXW'RZQ 3DJH
$X[LOLDU\$ODUP,QSXW6KXW'RZQ 3DJH
0HPRU\(UU0HVVDJH 3DJH
*(1(5$/63(&,),&$7,216SDJH
6WDWLF2XWSXWV&KDUDFWHULVWLFV 3DJH
*HQHUDWRU9ROWDJH,QSXW&KDUDFWHULVWLFV 3DJH
&XUUHQW7UDQVIRUPHU,QSXW&KDUDFWHULVWLFV 3DJH
'LJLWDO,QSXW&KDUDFWHULVWLFV 3DJH
2LO3UHVVXUH$QDORJXH,QSXW&KDUDFWHULVWLFV 3DJH
7HPSHUDWXUH$QDORJXH,QSXW&KDUDFWHULVWLFV3DJH
(QJLQH5XQQLQJ&KDUDFWHULVWLFV3DJH
3LFN8S,QSXW&KDUDFWHULVWLFV3DJH
)XHO/HYHO$QDORJXH,QSXW &KDUDFWHULVWLFV 3DJH
$OWHUQDWRU%DWWHU\&KDUJHU0RQLWRULQJ SDJH
7,0,1*/,673$5$0(7(56SDJH
3UHKHDW7LPH SDJH
1XPEHUVRI&UDQNLQJ$WWHPSWV SDJH
(OHFWULF
67$57(5
,QVHUWLRQ7LPHSDJH
7LPLQJ 3DXVH%HWZHHQ6WDUWLQJ$WWHPSWV SDJH
$ODUP'HOD\7LPLQJ SDJH
&RROLQJ'RZQ6WDUW6WRS'HOD\:DUP8S SDJH
:,5,1*',$*5$0SDJH
6(5,$/,17(5)$&(021,725,1*62)7:$5(SDJH
7528%/(6+227,1* SDJH
0($685(0(176&$/,%5$7,21SDJH
+285&2817(5&/($5,1* SDJH
'(),1,7,21RI7(506SDJH
7(50,1$/'(6&5,37,21SDJH
5($59,(:',0(16,216DQG&211(&7,216 SDJH
6(783352&('85(6
7KHIROORZLQJSURFHGXUHVSURYLGHDQ RSHUDWLRQDOFKHFNRXWDVDPHDQVRIYHULI\LQJ%HRSHUDWLRQ7KH
SURFHGXUHVDQGDUHUHVHUYHGWRTXDOLILHGSHUVRQQHORQO\$IWHUWKHVHSUHOLPLQDU\RSHUDWLRQVWKH
RSHUDWRURUWKHHQGXVHUFDQSXWWKH%HWRQRUPDOXVHDVGHVFULEHGLQVHFWLRQV0$18$/DQG
%H86(50$18$/9HUVLRQ
$872
,QLWLDO6HWWLQJ
:$51,1*72$92,'3(5621$/,1-85<7+()2//2:,1*23(5$7,216$5(72%(
&$55,('287%<48$/,),('3(56211(/21/<
D,QLWLDOFRQGLWLRQDOOWHUPLQDOVDUHQRWFRQQHFWHGDQGWKHHQJLQHLVQRWUXQQLQJ
E&RQQHFWVXSSO\SOXJ SOXVWHUPLQDOWR9EDWWHU\V\VWHPRULID9EDWWHU\V\VWHPLVXVHG
DQG PLQXVWRWKHEDWWHU\RIWKHHQJLQH7KHSHUPLWWHGYROWDJHUDQJHWRRSHUDWHWKH%HLV9GFWR
9GF7KHEDWWHU\PLQXVPXVWEHJURXQGHGRQO\DWWKHHQJLQHVLGH,WLVGDQJHURXVWRJURXQGWKHPLQXV
ZLUHRIWKH%HVXSSO\LQPXOWLSOHVLWHVGLIIHUHQWJURXQGSRWHQWLDOPD\GHVWUR\WKH%HXQLW$VWKH
SRZHUVXSSO\LVDSSOLHGWKHLQWHUQDOPLFURFRPSXWHURIWKH%HSHUIRUPVDQLQWHUQDOWHVWDQGWXUQVRQDOO
/('VDQGGLVSOD\IRU
2QWKHGLVSOD\ZLOODSSHDUWHPSRUDULO\YHUVLRQRIWKHFXUUHQWVRIWZDUHIRUH[DPSOH>@DQGWKHQWKH
PHVVDJH> @RU> @LQGLFDWLQJWKHVL]HRIWKHFRQQHFWHGEDWWHU\
$Q\IDLOXUHGXULQJWKHF\FOHZLOOSURGXFHD>(UU@PHVVDJHODWFKHGRQGLJLWGLVSOD\VHFWLRQ,IQR
HUURUVDUHGHWHFWHGRQHGHFLPDOSRLQWZLOOILQDOO\EHGLVSOD\HGLQWKH/6'/HDVW6LJQLILFDQW'LJLW
F &RQQHFWWKHSOXJRIVHULDOLQWHUIDFHWRFKHFNWKH*HQHUDWLQJVHWFRQILJXUDWLRQRURSHUDWHRQIURQWIDFLD
SXVKEXWWRQVWRUHDGWKHSDUDPHWHUVVHH6HFWLRQDQG
:LULQJ ,QVWDOODWLRQ*XLGHOLQHV
D8QSOXJWKHVXSSO\FRQQHFWRUWRWXUQRIIWKH%HXQLW
E%HIRUHFRQQHFWLQJWKHLQSXWWHUPLQDOVWRPDNHVXUHWKDWDOOFRQWDFWVZLWFKHVDUHLQWKHQRUPDO
RSHUDWLRQDOPRGH2LO,QSXWFRQQHFWHGWRDFORVHGFRQWDFWVZLWFKDQGWKHUHVWRIWKHWHUPLQDOVZLUHGWRD
FRQWDFWWKDWPDWFKHVWKHSURJUDPPHGDFWLRQQRUPDOO\RSHQFORVHG
F7HVWHDFKRXWSXWORDGLQRUGHUWREHVXUHEHIRUHFRQQHFWLQJWKHZLUHVWRDYRLGDOOVKRUWFLUFXLWVDQG
PLVWDNHV$VVRRQDV\RXDUHVXUHWKDWDOORXWSXWVVROHQRLGVDQGUHOD\VDUHZRUNLQJSURSHUO\\RXPD\
FRPPHQFHWKHFRQQHFWLRQWRWKHWHUPLQDOVWR
G &RQQHFWWKHVHQGHUWHUPLQDOVWRFKHFNZLWKDQ2+0PHWHUWKHUHVLVWDQFHRIWKHVHQVRUWKH
DOORZHGUDQJHLV2+0WR2+0
H &RQQHFWWKH
$OWHUQDWRU&RQWURO
WHUPLQDOWRWKH:/DQGSODFHDSURSHUFRQQHFWLRQIRU9DQG
WR:/'RU9DQGWR:/'
I &RQQHFWWKH&XUUHQW7UDQVIRUPHU2XWSXWWRWKHDQGWHUPLQDOLQSXWVWKH6RXWSXWRIWKH&7
PXVWEHJURXQGHGRQ&7VLGH
J &RQQHFWWKHSLFN8S
K 7KHODVWFRQQHFWLRQPXVWEHWKH*(1(5$725FRQQHFWRUSOXJ1///
127(PDNHVXUHWKDWZLUHVFRQQHFWLRQVWRUHPRYDEOHWHUPLQDOEORFNDUHVHFXUHO\IDVWHQHGDQGWKDW
WKHUHDUHQRZLUHVWDQGVWKDWDUHH[SRVHG
L 7RRSHUDWHWKH%HFRQQHFWWKHSROHVVXSSO\SOXJDQG7KHGLVSOD\ZLOOVKRZLQ
VHTXHQFHWKHVRIWZDUHYHUVLRQLQDGLJLWVIRUP>@WKHGHWHFWHGEDWWHU\> @9RU> @9DQGWKHQ
DXWRPDWLFDOO\ZLOOFRPHLQ2))RSHUDWLQJPRGHE\SODFLQJDGHFLPDOSRLQWRQWKH/HDVW6LJQLILFDQW'LJLW
0$18$/
23(5$7,1*,16758&7,216
:$51,1*,7,65(&200(1'('72&+(&.,16(&7,217+$77+()$&725<
352*5$00,1*0((767+(&+$5$&7(5,67,&62)7+((1*,1($1'*(1(5$7256(7
<28$5(86,1*
%H,QLWLDO6HW8S
%H86(50$18$/9HUVLRQ
3XVK
67$5721
SXVKEXWWRQIRUDWOHDVWWKH
/$037(67
ZLOOWDNHSODFHIRUDQG
DWWKHHQGWKH/('
$8720$1
ZLOOQRWEHLOOXPLQDWHGLQGLFDWLQJD0$18$/RSHUDWLQJPRGH7KH
GLVSOD\PHQXLVDXWRPDWLFDOO\SODFHGRQWKH
(QJLQH
SRVLWLRQLQDZD\WRVKRZRSHUDWLQJPHVVDJHV$IRXU
GDVKHVPHVVDJHLQGLFDWHV%HLQVWDQGE\
,ILQGRXEWWKHDFWLRQRQWKH$&.SXVKEXWWRQZLOONHHSRQGLVSOD\WKHGHVFULSWLRQPHVVDJHRIWKH
SDUDPHWHUODWFKHGRQWKHGLVSOD\7KHXVHUQRZFDQVHOHFW
7RSXWWKH%HLQ
2))
E\PHDQVRIWKH
67232))
SXVKEXWWRQ
7RSXWWKH%HLQ
$872
E\SXVKLQJ
$8720$1
SXVKEXWWRQVHH6HFWLRQ
7R67$57DQG6723WKHVHWE\XVLQJ
67$57
21
DQG67232))SXVKEXWWRQV
7REURZVHWKHPHQXRIWKHGLJLWGLVSOD\VHH6HFWLRQ
0DQXDO67$57
3XVKWKH
67$57
SXVKEXWWRQXQWLOHQJLQHVWDUWLVREWDLQHG7RHQDEOHWKLVF\FOHWKHDODUPPHPRU\PXVWEH
HPSW\7RLQIRUPDERXWWKHSUHVHQFHRIDODUPVWKH
$ODUP
UHG/('LVSURYLGHG$OODODUPVRQWKHIURQW
IDFLDPXVWEHWXUQHGRII7RFOHDUWKHDODUPVSUHVVWKH
2))
SXVKEXWWRQDQGWKHQUHSHDWVWHSVHHDOVR
WKH6HFWLRQ,ID
6723F\FOH
LVHQJDJHGZDLWIRUWKHHQGRIWKH6723WLPLQJRUSXVKDJDLQ
67232))SXVKEXWWRQLQRUGHUWRFOHDUWKH6WRSF\FOH
7KHPHVVDJH>6WD@LVGLVSOD\HGGXULQJWKH&UDQNF\FOHLQWKH(QJLQHPHQX
7KH%HKDVPDQ\VRXUFHVWRGHWHFWWKHSRLQWWRGLVFRQQHFWWKH
67$57(5
HOHFWULFPRWRUDVLQGLFDWHGLQ
6HFWLRQ
7KH\HOORZ/('(QJLQHIODVKHVLIRQHVRXUFHRI(QJLQHUXQQLQJVLJQDOLVUHFRJQL]HGWREHWUXH$WWKLV
SRLQWDQ\IXUWKHUDFWLRQRQWKH
67$5721
SXVKEXWWRQKDVQRHIIHFW
,IWKH
35(+($7
IXQFWLRQLVLQFOXGHGLQWKH*HQHUDWLQJVHWFRQILJXUDWLRQPHQXD>+($W@PHVVDJHZLOO
DSSHDURQWKHGLVSOD\GXULQJWKH35(+($7F\FOH$VDVDIHW\UXOHWKHIXHOVROHQRLGLVDXWRPDWLFDOO\
GLVDEOHGLIWKHHQJLQHGRHVQRWVWDUWSURSHUO\ZLWKLQVHFRQGVHJWKHXVHUSXVKHVWKH67$57DVVKRUWO\
DVWKHHQJLQHLVQRWDEOHWRVWDUWDQGIRUJHWVWRXVHWKH
67232))
SXVKEXWWRQ
,Q
0$18$/
RSHUDWLQJPRGHDOODODUPVDUHPRQLWRUHG H[FHSW
81'(5)5(48(1&<
DQG
81'(5
92/7$*(
0DQXDO6WRS
3XVKWKH
67232))
SXVKEXWWRQXQWLOWKHPHVVDJH>6W23@DSSHDUVRQWKH(QJLQHPHQXGLVSOD\
7KH)8(/62/(12,'LVGLVDEOHGDQGWKH
672362/(12,'
ZLOOWDNHSODFHIRUWKH
SURJUDPPHGWLPH>6W23@LQ6HFWLRQ$WWKHHQGRIWKH
6723
F\FOHDIXUWKHUDFWLRQRQWKH
67232))
SXVKEXWWRQZLOOWXUQWKH%HLQWKH
2))
RSHUDWLQJPRGH
7KH2))RSHUDWLQJPRGHLVDORZSRZHUFRQGLWLRQLQGLFDWHGE\PHDQVRIDGHFLPDOSRLQWRQWKH/HDVW
6LJQLILFDQW'LJLW
/RDG&RQWURO
,QPDQXDOPRGHWKHORDGPXVWEHWUDQVIHUUHGWRWKH0DLQVLQGHSHQGHQWO\RIWKHVWDWXVRIWKH0DLQV,Q
DSSOLFDWLRQZKHUHWKHFRQWDFWRUVDUHQRWXVHGHJQRW
VWDQGE\
ZLULQJWKHXVHUFDQFRQQHFWIRUH[DPSOH
WKHORDGWRWKHDOWHUQDWRUGLUHFWO\E\PHDQVRIDPDQXDOO\FRQWUROOHGFLUFXLWEUHDNHU,QWKLVFDVHWKH
81'(5
)5(48(1&<
DQG
81'(592/7$*(
SURWHFWLRQVGRHVQRWZRUNVEHFDXVHHQDEOHGRQO\LQ
$872
$
JRRGVDIHSUDFWLFHLVWRXVHWKH$872RSHUDWLQJPRGH,QWKLVZD\DQH[WHUQDOFRQWDFWRUSURWHFWVWKH/RDG
DQGWKH*HQHUDWRU6HWLQDOOFRQGLWLRQV*(1(5$725&217$&725'5,9(RXWSXW
2))2SHUDWLQJ0RGH
7KLVPRGHLVLQGLFDWHGE\PHDQVDGHFLPDOSRLQWRQWKH/HDVW6LJQLILFDQW'LJLW 7KLVPRGHLVDOZD\V
REWDLQHGE\WKHDFWLRQRQWKH67232))SXVKEXWWRQ
%H86(50$18$/9HUVLRQ
$87223(5$7,1*,16758&7,216
:$51,1*&+(&.,16(&7,217+$77+()$&725<352*5$00,1*
0((767+(*(1(5$7,1*6(7&+$5$&7(5,67,&67+$7<28$5(86,1*
%H6HW8S
3UHVV
67$5721
SXVKEXWWRQIRUDWOHDVWWKH
/$037(67
ZLOOWDNHSODFHIRUDQGDWWKHHQGWKH
/('
$8720$1
ZLOOQRWEHLOOXPLQDWHG0$18$/PRGH7KHPHQX
$ODUP3URJUDP3RZHU9$+]K(QJLQHZLOOEHDXWRPDWLFDOO\SODFHGRQWKH
(QJLQH
PRGHLQDZD\
WRVKRZWKHRSHUDWLQJPHVVDJHV
$8722SHUDWLQJ0RGH6HOHFWLRQ
3XVK
$8720$1
IRUDWOHDVW$VFRQILUPDWLRQRIWKH
$872
PRGHWKHJUHHQ/('RQWKHWRSRIWKH
SXVKEXWWRQZLOOOLJKW1RZWKH6WDUWDQGWKH6WRSRIWKHVHWLVUHODWHGWRWKHVWDWXVRIWKH5(027(67$57
LQSXWDQGWKH$0)LQSXW
,IRQHRUPRUHDODUPVDUHSUHVHQWWKH%HLQWHUQDOVDIHFRQWUROLQKLELWVWKHWUDQVLWLRQ0$1WR$872
PDNHVXUHWKDWDOODODUPVDUHUHFRJQL]HGDQGSURSHUO\FOHDUHGEHIRUHVHOHFWLQJWKH$872RSHUDWLQJPRGH
,IWKHDODUPPHPRU\LVQRWHPSW\WKH$ODUPUHG/HGIODVKHVVORZO\RURQHRIWKH/('DODUPVHQHUJL]HV
8VLQJD5HPRWH6WDUW)HDWXUH
:KHQWKH5(027(67$57FRQWDFWFORVHVWKH%HVWDUWVWKHHQJLQHDQGWKHQ ZLOOWUDQVIHUWKH
ORDGWRWKH*HQHUDWRU6HWE\PHDQVRIWKHRXWSXW$VWKH5(027(67$57FRQWDFWLVRSHQHGWKHORDG
PXVWEHFRQQHFWHGWRWKHPDLQVDQGWKHVHWZLOOVWRS
)RUWKHWLPLQJVRIWKHDXWRPDWLFVHTXHQFHVVHHWKH6HFWLRQDQG
8VLQJWKH$0))HDWXUH
7KHXVHUFDQVWDUWDQGVWRSWKHVHWE\JURXQGLQJWKH
$0)LQSXWWHUPLQDO7KLVLQSXWKDVWKH
SULRULW\RYHU5(027(67$57DQGLQFOXGHVLPSRUWDQWWLPLQJVOLNH67$57:,7+'(/$<:$50
83&22/,1*'2:17,0(DQG6723:,7+'(/$<6RPHH[DPSOHVRI
$0),QSXW
LQSXW
IROORZ%HDOORZVWKH$0)LQSXWFRQWDFWDFWLRQSURJUDPPLQJVHFWLRQ
(;$03/( 0DLQVLVQRWH[LVWLQJ
,QWKLVFDVHWKH$0)LQSXWVLPXODWHVWKHPDLQVLQIXOO,IWKHLQSXWLVJURXQGHGWKH*HQHUDWLQJVHW
ZLOOVWDUWDIWHUGHOD\DQGLIRSHQHGWKH*HQHUDWLQJVHWZLOOVWRSDIWHUGHOD\$VLPSRUWDQWUXOHWKH
*HQHUDWLQJVHWZLOORSHUDWHOLNHDQ$8720$7,&0$,16)$,/85(SURFHGXUH
(;$03/(3XPS6HWV&RQWURO
,QDSSOLFDWLRQVZKHUHWKH*HQHUDWLQJVHWLVVXSSO\LQJHQHUJ\WRHOHFWULFSXPSVLWLVSRVVLEOHWRFRQQHFW
$0)LQSXWWRDQH[WHUQDO/HYHO3UHVVXUHVZLWFK
$ODUP0RQLWRULQJLQ$872
,Q
$872
DOODODUPVDUHPRQLWRUHG6RPHDODUPVVWRSWKHHQJLQHLPPHGLDWHO\DQGVRPHRWKHUVDIWHUD
SURJUDPPDEOHFRROLQJGRZQWLPH>&22/@7KHVHGHWDLOVDUHH[SODLQHGLQ6HFWLRQ
,IGXULQJWKH>&22/@ZLWKRXWZDLWLQJIRUWKHDXWRPDWLF
6723F\FOH
WKHXVHUSXWVWKH%HLQWKH
0$18$/
PRGHWKHHQJLQHZLOOFRQWLQXHWRUXQXQWLOD FRPSOHWHFRROLQJGRZQWLPLQJKDVH[SLUHG7KH
DODUPDFNQRZOHGJHPHQWDQGUHVHWRSHUDWLRQDUHDFFHSWHGIURPWKH%HRQO\LIWKHHQJLQHLVQRWUXQQLQJ
HJWKH\HOORZ/('(QJLQHLVQRWIODVKLQJ)XUWKHUGHWDLOVDUHLQ6HFWLRQ
6WRSWKH6HWLQ$872
,QDQ\PRPHQWWKHXVHUFDQVWRSWKHJHQHUDWLQJVHW7KHVLPSOHVWZD\LVWRSXWWKHVHWLQ
0$1
DQGVWRSWKH
HQJLQHE\PHDQVRIWKH
67232))
SXVKEXWWRQ
$VWKHV\VWHPFRPHVLQ
0$1DOODXWRPDWLFUHTXHVWVPDGHRQWKHLQSXWWHUPLQDOVDUHFOHDUHG 7KHXVHRI
WKH67232))
SXVKEXWWRQLQWKH$XWRRSHUDWLQJPRGHZLOOHQHUJL]HWKHDODUP
(;7
DQGWKHXVHUPXVW
FOHDUWKLVDODUPWRUHVWDUWWKH%H
,QDVDPHZD\WKHXVHUFDQXVHWKH([WHUQDO6WRS,QSXW
$8727LPLQJVDQG6HWWLQJV
)XUWKHUGHWDLOVUHJDUGLQJWKHWLPLQJRI
$872
RSHUDWLQJPRGHDUHH[SODLQHGLQ6HFWLRQ
%H86(50$18$/9HUVLRQ
86(5,17(5)$&(
'LVSOD\DQG3XVK%XWWRQV
7KH%HIURQWSDQHOIHDWXUHVSXVKEXWWRQVDQGGLJLWGLVSOD\VPDGHRIVHJPHQW/('V
,Q0$18$/DQG$872RSHUDWLQJPRGHVE\PHDQVRIWKH83RU'2:1SXVKEXWWRQVLWLVSRVVLEOH
WRVHOHFWRQHRIWKHIROORZLQJPHQX$ODUP3URJUDP3RZHU9$+]K(QJLQH
%\PHDQVRIWKH/()7DQG5,*+7SXVKEXWWRQVWKHXVHUEURZVHVWKHPHQXFRQWHQWV,Q2))PRGHWKH
SURJUDPPLQJDQGWKHFDOLEUDWLRQPRGHDUHDYDLODEOHE\SXVKEXWWRQVFRPELQHGDFWLRQV)XUWKHUGHWDLOVDUHLQ
6HFWLRQDQG
6ROLG6WDWH/DPSV
7KH%HIHDWXUHVVROLGVWDWHODPSVPDGHRIFRORXUHG/('V/LJKW(PLVVLRQ'LRGH7KHIURQWIDFLDKDV
$/$50UHG/('V$8720$1JUHHQ/('DQG0HQX6HOHFW\HOORZ/('V
',63/$<0(18)($785(6
8VLQJWKH83DQG'2:1SXVKEXWWRQVLWLVSRVVLEOHWRVHOHFWRQHRIWKHIROORZLQJPHQX
$ODUP
(QJLQH3URJUDP3RZHUDQG9$+]K$GHWDLOHGGHVFULSWLRQRIHDFKPHQXIROORZV
(1*,1(PHQX
7KH(QJLQH\HOORZ/('HQDEOHVWKHGLVSOD\WRVKRZPHVVDJHVDQGPHDVXUHPHQWVUHODWHGWRWKHHQJLQH
7KHPHVVDJHVLQGLFDWHRQHRIWKHIROORZLQJFRQGLWLRQV
>WRQ@7KH$0),QSXWLQSXWLVDFWLYDWHGDQGWKH%HLVZDLWLQJIRUWKHGHOD\WLPHRXW
>W2))@ 7KH$0),QSXWLVUHOHDVHGDQGWKH%HLVFRXQWLQJWKHGHOD\WRVWRSWKHVHW
>&22/@ 7KHFRQWDFWRUKDVEHHQRSHQHGDQGWKH%HLVFRXQWLQJWKHFRROLQJGRZQWLPH
>6W23@ 7KHVHWLVVWRSSLQJDQG%HFRXQWVWKH(QHUJL]HGWR6WRS6ROHQRLGWLPH
>+($W@ 7KH%HLVFRXQWLQJWKH3UHKHDW*ORZWLPH
>7J(Q@ ,QGLFDWLRQRI:DUP8SWLPHGHOD\EHIRUHFORVLQJWKHFRQWDFWRU
>6W$@7KLVPHVVDJHLQIRUPVWKDWWKH6WDUWRXWSXWLVHQHUJL]HGWRVWDUWWKHHQJLQH
>/2$G@7KLVPHVVDJHLQIRUPVWKDWWKHRXWSXWFRQWDFWRULVFORVHG
> @ %HLVZDLWLQJDQDFWLRQEHFDXVHDOOWKHDERYHSURFHGXUHVKDYHEHHQH[SLUHG
7KH(QJLQHPHQXFRQWHQWVFRQWLQXHVZLWKWKHPHDVXUHPHQWVPDGHRQWKHHQJLQH
>U30@ (QJLQH6SHHGLQGLFDWLRQXSWR530
>2,/@ 2LO3UHVVXUHLQGLFDWLRQXSWR%DU
>W(P3@ (QJLQH7HPSHUDWXUHLQGLFDWLRQXSWR&
>E$WW@ %DWWHU\9ROWDJHLQDUDQJH9GFWR9GF
,QDQ\PRPHQWWKHXVHUNQRZVWKHQDPHRIWKHSDUDPHWHUE\SXVKLQJWKH$FNSXVKEXWWRQWKHPHVVDJH
ZLOODSSHDURQWKHGLVSOD\
>)8(/@ ,VWKH7DQNIXHOOHYHOLQGLFDWLRQSHUFHQWDJHLQIRUPDWLRQ,IWKHVHQGHULVQRWVHOHFWHGDVLQSXW
VHFWLRQDGDVKHVZLOOEHGLVSOD\HG
127(
7KH(QJLQH\HOORZ/('LVXVHGDOVRDVLQGLFDWLRQRI(QJLQH5XQQLQJ6WDWXV7KH\HOORZOLJKWLQWKLV
FDVHZLOOIODVKVHHVHFWLRQWRILQGRXWPRUH
%H86(50$18$/9HUVLRQ
352*5$0PHQX
$OLVWRIWKHSURJUDPPDEOHSDUDPHWHUZLWKDEULHIGHVFULSWLRQIROORZV7KHILUVWV\PERO LQFOXGHGLQWKH
VTXDUHEUDFNHWVLVWKHPHVVDJHWKDWDSSHDUVRQWKHGLVSOD\,WSRVVLEOHWRVFDQDOOSDUDPHWHUVE\XVLQJWKH
8SDQG'RZQSXVKEXWWRQV7KHSDUDPHWHUYDOXHLVGLVSOD\HGE\NHHSLQJWKH$&.SXVKEXWWRQ
SXVKHG2QWKHULJKWVLGHRIWKHIROORZLQJSDUDPHWHUOLVWWKHIDFWRU\SURJUDPPHGYDOXHVDUHLQGLFDWHG
)XUWKHUGHWDLOVIRUWKHSURJUDPPLQJLQVWUXFWLRQDUHH[SODLQHGLQ6HFWLRQ7KHGHWDLOHGDODUPVGHVFULSWLRQ
LVZULWWHQLQ6HFWLRQ
(QJLQHPLVFHOODQHRXVWLPLQJ
>+($W@>@*ORZ(QDEOH3UHKHDWXSWR7LPHUWRFRQWUROWKH*ORZ3UHKHDWRXWSXW7KH
>@FRGHGLVDEOHVWKHWLPHU
%H86(50$18$/9HUVLRQ
(QJLQHZDUQLQJVHWWLQJV
LQKLELWLRQ
3URJUDPPDEOH2XWSXWV
>,Q@ >QR@7HPSHUDWXUH,QSXWVZLWFKDFWLRQQRUPDOO\RSHQRUQRUPDOO\FORVHG>QF@
>,Q@ >QR@ $0)LQSXWVZLWFKDFWLRQQRUPDOO\RSHQRUQRUPDOO\FORVHG>QF@
>,Q@>QR@ ([WHUQDO6WRS,QSXWVZLWFKDFWLRQQRUPDOO\RSHQRUQRUPDOO\FORVHG>QF@
>,Q@ >QR@$X[LOLDU\$ODUP,QSXW6ZLWFK$FWLRQQRUPDOO\RSHQRUQRUPDOO\FORVHG>QF@WR6KXW
'RZQWKHHQJLQHRU>)8(/@RSHUDWLQJLQSXWPRGHWRLQWHUIDFHD)XHO/HYHO6HQGHU
)XHO6HQGHU,QWHUIDFH
,ID)8(/RSHUDWLQJLQSXWPRGHLVVHOHFWHGWKHIROORZLQJDGGLWLRQDOSDUDPHWHUVZLOODSSHDU
1RWHWKH2KPUDQJHPXVWEHZLWKLQWR2KP2WKHUYDOXHVPD\EHDUUDQJHGZLWKDQH[WHUQDOUHVLVWRUV
VHULHVSDUDOOHOFRPELQDWLRQ7KH)XHO/HYHOUHIHUHQFHSRLQWDUHIL[HGWRDQG
%H86(50$18$/9HUVLRQ
3UHVVXUH6HQGHU,QWHUIDFH
6L[SRLQWUHODWLRQVKLSEHWZHHQ
%DU
XSWRDQG
2KP
XSWR,QEUDFNHWVWKHGLVSOD\GHIDXOW
YDOXHVDQGPHVVDJHVDUHLQGLFDWHG
0HVVDJH0HDQLQJ9DOXH
>U3@2KP>@
>U3@2KP
>@
>U3@2KP
>@
>U3@2KP
>U3@2KP
>U3@2KP
0HVVDJH0HDQLQJ9DOXH
>@
>@
>@
>3 @%DU
>@
>3 @
>@
>3 @%DU
>@
%DU
>3 @%DU
>@
>3 @%DU
>@
>3 @%DU
>@
7HPSHUDWXUH6HQGHU,QWHUIDFH
6L[SRLQWUHODWLRQVKLSEHWZHHQ7HPSHUDWXUHDQG2KPYDOXHV$Q
LQGLFDWHVWKHIDFWRU\SURJUDPPHG
YDOXHV7KH2KPUDQJHPXVWEHZLWKLQWR2KP2WKHUYDOXHVPD\EHDUUDQJHGZLWKDUHVLVWRUV
VHULHVSDUDOOHOH[WHUQDOFRPELQDWLRQ7KHWHPSHUDWXUHYDOXHVVSDQVWR&XSWR&
0HVVDJH0HDQLQJ9DOXH
0HVVDJH0HDQLQJ9DOXH
>UW@2KP
>@
>W @
&
>@
>UW@2KP
>@
>W @
&
>@
>UW@2KP
>@
>UW@2KP
>@
>UW@2KP
>@
>UW@2KP
>@
>W @
>W @
>W @
>W @
&
&
&
&
>@
>@
>@
>@
32:(50HQX
7KLVPHQXVKRZVWKH
$33$5(1732:(5
>8$@ YDOXHLQN9$XQLWVWRN9$DVZHOODV
$&7,9(32:(5>$FW3@ WRN9$5($&7,9(32:(5 >8$U@ WRN9$DQG32:(5
)$&725>3)@WR
9$+]K0HQX
7KLVPHQXVKRZVWKHIROORZLQJSDUDPHWHUV
>8$F@7KHSKDVHYROWDJHVDUHLQGLFDWHGE\KRUL]RQWDOGDVKHVRQWKHOHIWGLJLWRIWKHGLVSOD\
7RSGDVKSKDVH/WR/LQDUDQJH9DFWR9DF9DFDFFRUGLQJWR>9DFU@
0LGGOHGDVKSKDVH/WR/VDPHDVDERYH
%RWWRPGDVKSKDVH/WR/VDPHDVDERYH
7KH%HLVDEOHWRUHDGWKHYROWDJHDFFRUGLQJWRD;RU;IDFWRUVHHSDUDPHWHU>9DFU@
,IWKHVLQJOHSKDVHVHOHFWLRQLVPDGH>3+$6@WKHUHDGLQJUHIHUWRWKH/WR1YROWDJH
>&XUU@7KHFXUUHQWPHDVXUHPHQWLVLQDGLJLWILHOGXSWR$DFDQGUHIHUVWRRQHSKDVHRQO\
>)U(T@7KH)UHTXHQF\KDV+]UHVROXWLRQWR
>+RXU@7KH+RXUV0HWHUFDQUHFRUGXSWRKRXUVZLWKRQHKRXUUHVROXWLRQRQGLVSOD\UHDGLQJDQG
PLQXWHVUHVROXWLRQRQWKHLQWHUQDOPHPRU\FRXQW
,QDQ\PRPHQWE\SXVKLQJWKH$FNSXVKEXWWRQWKHQDPHRIWKHSDUDPHWHULVSODFHGRQWKHGLVSOD\LQ
RUGHUWRKHOSWKHXVHU
%H86(50$18$/9HUVLRQ
$/$500HQX
7KLVPHQXOLVWVWKHFRGHVRIWKHDODUPVQRWDYDLODEOHDVVLQJOH/('LQGLFDWLRQRQWKHIURQWSDQHO
)XUWKHUGHWDLOVUHJDUGLQJDODUPVDUHH[SODLQHGLQ6HFWLRQ,IRQHRI WKHIROORZLQJDODUPVHQHUJL]HVWKH
UHG$ODUP/HGPHQXZLOOIODVKFRQWLQXRXVO\WRFDSWXUHWKHDWWHQWLRQRIWKHXVHU7KH/HGZLOOVWRSWRIODVK
DVWKHDODUPLVFOHDUHGDVGHVFULEHGLQVHFWLRQ
>+L,@2YHU&XUUHQWVKXWGRZQ
>+L3@$SSDUHQW3RZHUVKXWGRZQ
>/R3U@/RZ2LO3UHVVXUHZDUQLQJ>)3U@3UHVVXUH6HQGHUZDUQLQJ
>+L&@7HPSHUDWXUHZDUQLQJ>)&@7HPSHUDWXUH6HQGHU)DLOXUHZDUQLQJ
>+L)U@2YHU)UHTXHQF\VKXWGRZQ
>/R)U @8QGHU)UHTXHQF\VKXWGRZQ
>)3L@3LFN8S)DLOXUH
>)&U@)DLO7R6WDUWVKXWGRZQ
>)$/@$OWHUQDWRU)DLOXUHVKXWGRZQ
>/R8 @8QGHU 9ROWDJH VKXWGRZQ
>E(/W@%HOW%UHDNVKXWGRZQ
>+L8@2YHU9ROWDJHVKXWGRZQ
>/R63@8QGHU6SHHGVKXWGRZQ>)8(/@/RZ/HYHO)XHO:DUQLQJ
>,Q@$X[LOLDU\$ODUP,QSXW6KXW'RZQ
:KHQRQHRUPRUHDODUPFRGHVDUHSUHVHQWLQWKHPHPRU\WKH$ODUPUHG/('ZLOOLOOXPLQDWH2WKHUZLVH
WKH$ODUP/('LVWXUQHGRII7KHUHVWRIWKHDODUPVDUHLQGLFDWHGGLUHFWO\E\PHDQVRI
WKH/('VRQIURQWSDQHO
2LO3UHVVXUHVZLWFKVRXUFH-%
(QJLQH7HPSHUDWXUH,QSXWVZLWFKVRXUFH-%
%DWWHU\9ROWDJH+LJKRU/RZVXSSO\VRXUFH-$
)XHO/HYHOVZLWFKVRXUFH-%
([WHUQDO6WRS,QSXWVZLWFKVRXUFH-%
2YHU6SHHG3LFN8SVRXUFH-*
)XUWKHUGHWDLOVUHJDUGLQJDODUPVDUHH[SODLQHGLQ6HFWLRQ
3URJUDPPLQJ,QVWUXFWLRQ
7KHSDUDPHWHUVSURJUDPPLQJLVSHUPLWWHGRQO\LQ2))RSHUDWLQJPRGHUHIHUWR6HFWLRQLIWKH',3
VZLWFKRQWKHEDFNLVWXUQHG217RDFWLYDWHWKH',3VZLWFKLWLVQHFHVVDU\WRUHPRYHWKHUHDU
FRYHU%\PHDQVRIDFRPELQHGDFWLRQRQWKH$&.DQG5,*+7SXVKEXWWRQVIRUDWOHDVWWKHXVHU
HQWHUVWKH352*5$00,1*PRGHWKH3UR*PHVVDJHZLOODSSHDUDQGWKH3URJUDP\HOORZ/('ZLOO
LOOXPLQDWH%\XVLQJ/()7RU5,*+7SXVKEXWWRQVWKHXVHUFDQVHOHFWDSDUDPHWHU%\PHDQVRIWKH
83DQG'2:1SXVKEXWWRQVWRJHWKHUZLWKWKH$&.SXVKEXWWRQLWLVSRVVLEOHWRFKDQJHWKHSDUDPHWHU
YDOXH7KHDFWLRQRQWKH$&.SXVKEXWWRQNHHSVWKHSDUDPHWHUYDOXHRQWKHGLVSOD\7RVDYHWKHPRGLILHG
SDUDPHWHUVLQWRWKHPHPRU\SUHVVWRJHWKHU$&.DQG67232))IRUVHFRQGVDOOHDVW7KHPHVVDJH
>6D9(@ZLOODSSHDURQWKHGLVSOD\DVFRQILUPDWLRQ,IWKHPHVVDJH(UUDSSHDUVRQWKHGLVSOD\UHIHUWRWKH
VHFWLRQ
127(E\PHDQVRIWKHFRPELQHGDFWLRQRIWKH8SDQG'RZQSXVKEXWWRQVIRUVHFRQGVWKHXVHU
UHFDOOVWKH'()$8/7SDUDPHWHURULJLQDOIDFWRU\VHWWLQJV$VKRUWGLVSOD\WXUQRIIZLOOFRQILUPWKH
SURFHGXUH
7RHQWHULQWKHQRUPDORSHUDWLQJPRGHXQSOXJWKHVXSSO\IRUDIHZVHFRQGVDQGWKHQDVDJRRGSUDFWLVHWHVW
WKHPRGLILHGSDUDPHWHUVLQRUGHUWRPDNHVXUHWKDWHYHU\WKLQJZRUNVDVH[SHFWHG
7XUQRII WKH',3VZLWFKWRGLVDEOHIXUWKHUSURJUDPPLQJDWWHPSWV
7KH6HFWLRQOLVWVWKHSURJUDPPDEOHSDUDPHWHUV
$/$50'(6&5,37,21
7KHDODUPVDUHLQGLFDWHGE\PHDQVRIUHG/('VE\DSDUWLFXODUPHVVDJHRQWKH$ODUPPHQXGLVSOD\
UHIHUWR6HFWLRQ E\WKH+RUQRXWSXWDQGE\PHDQVWKH2XWSXW2XWSXW
%H86(50$18$/9HUVLRQ
SURJUDPPDEOHRXWSXWV
7KHUHG/('VIODVKHVXQWLOWKHRSHUDWRUSUHVVHVWKH$&.DFNQRZOHGJHSXVKEXWWRQDQGWKHQZLOOVWD\OLW
7KH$/$50RXWSXWLVGHHQHUJL]HGE\WKH
$&.
SXVKEXWWRQRUE\PHDQVRIWKH>+RUQ@SDUDPHWHU
WLPHRXW,IWKHFRGH>FRQW@LVSURJUDPPHGRQWKH>+RUQ@WKH$/$50RXWSXWRXWGRHVQRWGHHQHUJL]H
DXWRPDWLFDOO\
7KHGLVSOD\PHVVDJHWKH2XWSXW2XWSXWDQGWKH/('VDUHFOHDUHGRQO\E\ PHDQV67232))SXVK
EXWWRQ,WLVSRVVLEOHWRFOHDUWKHDODUPVRQO\LIWKHHQJLQHLVQRWUXQQLQJHJWKH(QJLQH\HOORZ/('LV
QRWIODVKLQJ
$OODODUPVIURPVZLWFKHVDUHHQHUJL]HGWRJURXQG6HFWLRQIRUZLULQJFRQQHFWLRQVDQGWKHVZLWFK
DFWLRQ1RUPDOO\&ORVHGRU1RUPDOO\2SHQLVXVHUSURJUDPPDEOHH[FHSWIRUWKH2LO3UHVVXUH6ZLWFK
5HPRWH6WDUWDQG)XHO/HYHOVZLWFKHVIXUWKHUGHWDLOVLQ6HFWLRQ
7KHIROORZLQJ6HFWLRQVGHVFULEHWKHDODUPFKDUDFWHULVWLFV
2LO3UHVVXUH:DUQLQJDQG 6KXW'RZQ
,QSXWWHUPLQDOVWRDQDORJXHVHQGHUDQGWRDQRUPDOO\FORVHGSUHVVXUHVZLWFK
3URJUDPPDEOH2LO3UHVVXUH:DUQLQJVHWWLQJSDUDPHWHU>/R3U@
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@RSWLRQ >@DQG >@
2LO3UHVVXUH5HG/('LQGLFDWLQJDQHQJLQHVKXWGRZQIURP2LO3UHVVXUHVZLWFKLQSXW
$ODUPPHQXPHVVDJHV>)3U@IRU6HQVRU)DLOXUHDQG>/R3U@IRU/RZ2LO3UHVVXUHZDUQLQJ
$VHFRQGVGHOD\WLPHLVSURYLGHGWRILOWHURXWIDOVHWULJJHURQWKH2LO6HQGHU)DLOXUH2LO6HQGHU
:DUQLQJDQG2LO3UHVVXUH6ZLWFK(QJLQH6KXW'RZQ
5HVLVWDQFHUDQJHRIWKHVHQGHU2+0WR2+0
7HPSHUDWXUH:DUQLQJDQG6KXW'RZQ
,QSXWWHUPLQDOVWRDQDORJXHVHQGHUDQGWRD7HPSHUDWXUH,QSXW
3URJUDPPDEOH7HPSHUDWXUH:DUQLQJVHWWLQJSDUDPHWHU>+L&@
7HPSHUDWXUH,QSXWFRQILJXUDEOHWREHQRUPDOO\RSHQRUFORVHGFRQWDFWVDFFRUGLQJWR>,Q@
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@RSWLRQ >@ RU >@
5HG/('RQIURQWSDQHOLQGLFDWLQJ7(03(5$785(6KXW'RZQIURPLQSXWVZLWFK
(QJLQH6KXW'RZQLQFOXGHVD&RROLQJ'RZQ7LPH>&22/@
$GHOD\WLPHRIVHFRQGVILOWHUVRXWQRLVHVLJQDOVRQWKH7HPSHUDWXUH6HQGHU
0HVVDJHVLQWKH$ODUPPHQX>+L&@IRU7HPSHUDWXUHDODUPDQG>)&@IRU6HQGHUIDLOXUH
6HQVRUUHVLVWDQFHUDQJH2+0XSWR2+0
)DLOWR6WDUW6KXW'RZQ
6RIWZDUHDODUPDOODWWHPSWVWRVWDUWWKHHQJLQHKDYHIDLOHG
1XPEHURIDWWHPSWV
0D[LPXPFUDQNWLPHVHF
,QWHUYDOWLPHEHWZHHQDWWHPSWVVHF
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@RSWLRQ >@
)DLOWR6WDUWSURWHFWLRQLVRSHUDWLQJRQO\LQ
$872
$ODUPPHQXPHVVDJH>)&U@ PHDQVFUDQNLQJIDLOXUH
)XUWKHULQIRUPDWLRQRQ(QJLQH5XQQLQJLQ6HFWLRQ
%DWWHU\9ROWDJH:DUQLQJ
7KLVDODUPLVLQGLFDWHGE\PHDQVRID/('ZLWK%DWWHU\V\PERORQIURQWSDQHO
$ODUPLQWHUQDOVHWWLQJIRU9%DWWHU\V\VWHP9ORZDQG!9KLJK
$ODUPLQWHUQDOVHWWLQJIRU9%DWWHU\V\VWHP9ORZDQG!9KLJK
7KHIDXOWFRQGLWLRQPXVWSHUVLVWIRUDWLPHRIVHFRQGVDWOHDVWLQRUGHUWRWULJJHUWKHZDUQLQJ
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ > @
([WHUQDO6WRS,QSXW6KXW'RZQ
%H86(50$18$/9HUVLRQ
7KLVDODUPUHIHUVWRWKHLQSXWWHUPLQDOFRQILJXUDEOHWREHQRQFFRQWDFWDFFRUGLQJWR>,Q@
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
5HGODPS/('RQIURQWSDQHOLQGLFDWLQJ(;7
&RQWDFWQRLVHILOWHULQJVHFRQGWKHHQJLQHVKXWVGRZQZLWKRXWDFRROLQJGRZQWLPH
3UHVVLQJWKH67232))SXVKEXWWRQZKHQWKH%HLVLQ$872PRGHDVGHVFULEHGLQ6HFWLRQ
DOVRHQHUJL]HVWKLVDODUP
2YHU6SHHGDQG8QGHUVSHHG6KXW'RZQ
7KH%HPRQLWRUVFRQWLQXRXVO\WKHVLJQDORIWKH3LFN8SVSHHGVHQVRU
7KHVHWWLQJRIWKHWKUHVKROGVDUHWKHSDUDPHWHUV>/R63@>+L63@ DQG>3LU@
2YHU6SHHGWULSGHOD\VHFRQGQRFRROLQJGRZQWLPHLVLQFOXGHG
8QGHU6SHHGWULSGHOD\VHFRQGVLQFOXGHVDFRROLQJGRZQWLPH>&22/@
8QGHU6SHHGLVGLVDEOHGLQ0DQXDORSHUDWLQJPRGH
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
5HGODPS/('RQIURQWSDQHOLQGLFDWLQJ2YHU6SHHG
0HVVDJH>/R63@ RQWKH$ODUPPHQXLQGLFDWLQJORZVSHHGFRQGLWLRQ
,IWKHUHLVDORVVRISXOVHVIURPWKH3LFN8SDPHVVDJH>)3L@ ZLOODSSHDURQGLVSOD\
8QGHU2YHU)UHTXHQF\6KXW'RZQ
7KHDODUPVRXUFHLVDIDLOXUHRQWKH)UHTXHQF\RIWKH*HQHUDWRU
7KHIDFWRU\VHWWLQJLVSURJUDPPDEOH>/R)U@>+L)U@ VHH6HFWLRQ
7ULSGHOD\VHFRQGVIRU8QGHU)UHTXHQF\VHFRQGVIRU2YHU)UHTXHQF\
$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
8QGHUIUHTXHQF\SURWHFWLRQLVHQDEOHGRQO\LQ
$872
/RZ)XHO/HYHO:DUQLQJ
7KHDODUPVHWWLQJLVSHUFHQWDJHSURJUDPPLQJ>)8(/@
0HVVDJHLQWKH$ODUPPHQX>)8(/@
$ODUPE\SDVVVHFRQGV&RQQHFWLRQWHUPLQDO
$ODUPRXWSXWFRQQHFWLRQVDQGSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
,IWKHLQSXWLVXVHGDV)XHO6HQGHULQSXWWKH$X[LOLDU\$ODUPLQSXWIXQFWLRQLVQRWDOORZHG7KH
VHOHFWLRQLVPDGHRQWKHSDUDPHWHU>,Q@DVH[SODLQHGLQ6HFWLRQ
2YHU3RZHU
N9$
6KXW'RZQ
7KHVHWWLQJLVSURJUDPPDEOH>+L3@
7ULSGHOD\VHFRQGV
N9$DODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
,IWKHV\VWHPLVLQ
$872
WKH%HZLOOLQVHUWWKHFRROLQJGRZQWLPH>&22/@
$ODUPPHVVDJHLQWKH$ODUPPHQX>+L3@
2YHU&XUUHQW6KXW'RZQ
7KHVHWWLQJLVSURJUDPPDEOH>+L,@
7ULSGHOD\VHFRQGV
6WDWLF$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
%H86(50$18$/9HUVLRQ
,IWKHV\VWHPLVLQ
$872
WKH%HZLOOLQVHUWWKHSURJUDPPDEOHFRROLQJGRZQWLPH>&22/@
$ODUPPHVVDJHLQWKH$ODUPPHQX>+L,@
2YHU8QGHU9ROWDJH6KXW'RZQ
7KHVHWWLQJVDUHSURJUDPPDEOH>/R8@>+L8@6HFWLRQ
7ULSGHOD\VHFRQGV
6WDWLF$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
8QGHU9ROWDJHLVRSHUDWLQJRQO\LQ
$872
$ODUPPHQXPHVVDJH>+L8@RU >/R8@
$&RROLQJ'RZQ7LPHLVLQVHUWHGIRU8QGHU9ROWDJHVKXWGRZQ>&22/@
%HOW)DLOXUHVKXWGRZQ
7KLVDODUPPRQLWRUVWKHFKDUJHUDOWHUQDWRULQSXWWHUPLQDO
6WDWLF$ODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
7ULSGHOD\VHFRQGV
$ODUPPHQXPHVVDJH >E(/W@
$OWHUQDWRU)DLOXUH6KXW'RZQ
7KLVDODUPVWRSVWKHHQJLQHLIWKH9ROWDJHRIWKH$OWHUQDWRULVQRWDEOHWRUHDFKWKHSURJUDPPHG
WKUHVKROG>/R8@ VHH6HFWLRQZLWKLQVHFRQGVIURPWKHHQJLQHVWDUWLQJPRPHQW
7KLVDODUPLVPRQLWRUHGLQ0$1DQG$872RSHUDWLQJPRGHV
6WDWLFDODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
$ODUPPHQXPHVVDJH>)$/@
$X[LOLDU\$ODUP,QSXW6KXW'RZQ
$X[LOLDU\$ODUP,QSXWVKXWGRZQPHVVDJH>,Q@
$X[LOLDU\$ODUP,QSXWWHUPLQDOFRQQHFWLRQ
$X[LOLDU\DODUPLQSXWVZLWFKFRQILJXUDEOHWREHQRUPDOO\RSHQRUFORVHGFRQWDFWV>,Q@
7ULSGHOD\VHFRQGZLWKRXWFRROLQJGRZQWLPH
6WDWLFDODUPRXWSXWFRQQHFWLRQVSURJUDPPLQJDQG>2XW@>2XW@ RSWLRQ >@
,IWKHLQSXWLVXVHGDVVZLWFKLQSXWWKH)XHO/HYHO0HDVXUHPHQWLVQRWDOORZHG7KHVHOHFWLRQLV
PDGHRQWKHSDUDPHWHU>,Q@DVH[SODLQHGLQ6HFWLRQ
0HPRU\(UU0HVVDJH
7KLVPHVVDJHLQGLFDWHVWKHIDLOXUHRIWKHVDYHSURFHGXUHRUDPHPRU\IDLOXUH7KHXVHUPXVWIROORZVWKH
VWHSV
3XVKWKH$&.SXVKEXWWRQWRFOHDUWKHDODUP
(QWHUWKHSURJUDPPLQJPRGHDVGHVFULEHGLQVHFWLRQ
9HULI\DOOSDUDPHWHUVVHWWLQJDFFRUGLQJWRWKHRULJLQDOSURJUDPPLQJ
6DYHWKHVHWWLQJDVGHVFULEHGLQVHFWLRQ
,IWKHHUURUPHVVDJHSHUVLVWVFRQWDFWIDFWRU\WRUHWXUQWKH%HXQLWIRUUHSDLU
*(1(5$/63(&,),&$7,216
6XSSO\9ROWDJH9GFWR9GF5HYHUVHSRODULW\SHUPLWWHGIRUXQOLPLWHGSHULRGRIWLPH
6XSSO\6RXUFHIRUPD9RU9SODQWHQJLQHEDWWHU\ZLWKPLQXVJURXQGHG
6XSSO\5LSSOHXS+]2YHU9ROWDJH9VHFRQGVDWGHJ&
3URWHFWLRQ LQWHUQDOP$WKHUPDOIXVHRQWKHVXSSO\
6XSSO\&XUUHQW&RQVXPSWLRQP$WRP$
6XSSO\7KUHVKROGWR5HVHWWKH6\VWHP9IRUVHFRQGV
'DWD5HWHQWLRQ((3520.%LW\HDUVUDWHG
6HULDO,QWHUIDFHVWDQGDUG56&SOXJLQPRGXOH
%H86(50$18$/9HUVLRQ
2YHUDOO'LPHQVLRQVPP;PP;PPLQFOXGHVFRQQHFWRUVDQGFRYHU
3DQHO&XWRXWPP;PPRSHUDWLRQ2XWGRRU,QGRRU
2SHUDWLQJ7HPSHUDWXUHUDQJHGHJ&WRGHJ&
2SHUDWLQJ+XPLGLW\5DQJHXSWRQRQFRQGHQVLQJ
:HLJKWJU9LEUDWLRQPPVHF
*HQHUDO'HVLJQ((&((&((&((&,(&
&HUWLILFDWLRQ&(ODERUDWRU\UHSRUWDYDLODEOHXSRQUHTXHVW
6WDWLF2XWSXWV&KDUDFWHULVWLFV
2XWSXW&XUUHQWP$6KRUW&LUFXLW3URRI
2XWSXW9ROWDJH%DWWHU\9ROWDJHPLQXV9
/RJLF3RVLWLYH
9ROWDJH6XSSUHVVLRQH[WHUQDOUHFWLILHUVDUHUHFRPPHQGHG
2XWSXWGHVLJQDWLRQ2XWSXW2XWSXW$ODUP)XHO6ROHQRLG3UHKHDW*ORZ
6WRS6ROHQRLG6WDUW2XWSXW&UDQN&\FOHDQG*HQHUDWRU6HW&RQWDFWRU
*HQHUDWRU9ROWDJH,QSXW&KDUDFWHULVWLFV
*HQHUDWRU,QSXW9ROWDJH9DF
0D[LPXPDOORZHG9ROWDJH9DFFRQWLQXRXVO\
2YHUYROWDJH.9DFSKDVHWRSKDVHSKDVHWRQHXWUDO
,QVXODWLRQWRJURXQG.9DFVHFRQGV
,QSXWLPSHGDQFH0HJD2KP
&RQQHFWLRQ3KDVHV1///1/IRUVLQJOH3KDVH
7HUPLQDO1///
3HUPLWWHG'LVWRUWLRQ
5HDGLQJ5DWLR[[[
'LVSOD\LQGLFDWLRQ 9DFXSWR9DF
&XUUHQW7UDQVIRUPHU,QSXW&KDUDFWHULVWLFV
&XUUHQW7UDQVIRUPHU6L]H$DFXSWR$DF
0D[LPXP&XUUHQW$DFIRUVHFRQGV
9ROWDJHWR*URXQG9
&RQQHFWLRQWHUPLQDOV3HUPLWWHG'LVWRUWLRQ
,QWHUQDOLPSHGDQFH2KP
'LJLWDO,QSXW&KDUDFWHULVWLFV
2SHQ&LUFXLW9ROWDJH9EDWWHU\PLQXV9
&ORVHGFLUFXLW&XUUHQWP$GFPD[LPXP
2YHUYROWDJH9P6
6RIWZDUH)LOWHULQJP6
&DEOHOHQJWKPHWHUVPD[LPXPVL]HVTXDUHPPPD[2+0
,QSXWGHVLJQDWLRQ)XHO/HYHO$ODUP5HPRWH6WDUW([WHUQDO6WRS,QSXW
,QSXW)XHO6HQGHUVHH$0),QSXW7HPSHUDWXUH,QSXWDQG2LO3UHVVXUH
6ZLWFK
2LO3UHVVXUH$QDORJXH,QSXW&KDUDFWHULVWLFV
5HVLVWDQFHUDQJHRKPWRRKP3UHVVXUHUDQJHXS.JFP
0D[LPXPFDEOHUHVLVWDQFH2+0
5HODWLRQVKLSSRLQWVFRPSXWHUGRZQORDGRUORFDOSURJUDPPLQJ
&RQQHFWLRQDQG
*URXQGLQJWHUPLQDWLRQ
0D[LPXPVHQVRUFXUUHQW0D
%H86(50$18$/9HUVLRQ
2SHQ6HQVRU9ROWDJH9GFPD[
2YHU9ROWDJHSURWHFWLRQ9GF
7HPSHUDWXUH$QDORJXH,QSXW&KDUDFWHULVWLFV
5HVLVWDQFHUDQJHRKPWRRKP7HPSHUDWXUHUDQJHXS&
&DEOHUHVLVWDQFH2+0PD[
5HODWLRQVKLSSRLQWVFRPSXWHUGRZQORDGRUORFDOSURJUDPPLQJ
&RQQHFWLRQDQG
*URXQGLQJWHUPLQDWLRQ
0D[LPXPVHQVRUFXUUHQWP$
2SHQ6HQVRU9ROWDJH9GFPD[
2YHU9ROWDJHSURWHFWLRQ9GF
(QJLQH5XQQLQJ&KDUDFWHULVWLFV
%HKDVPDQ\VRXUFHVWRGHWHFWWKHSRLQWWRGLVFRQQHFWWKH
67$57(5
2,/3UHVVXUHPHDVXUHPHQWLVRYHU%DU
2QHRIWKH3KDVHV//RU/PHDVXUHPHQWVLVRYHU9DF
%DWWHU\FKDUJHULQSXWYROWDJHLVRYHU9GF
3LFN8S530PHDVXUHPHQWLVRYHUSURJUDPPHGWKUHVKROGSDUDPHWHU>+L&U@
*HQHUDWRU6HWIUHTXHQF\LVRYHU+]
(DFKVRXUFHPXVWSHUVLVWIRUPVDWOHDVWDQGDSUHVHQFHRIRQHRIWKHDERYHFRQGLWLRQVZLOOIODVKWKH
(QJLQH\HOORZ/('$Q\DWWHPSWVWRVWDUWWKHHQJLQHZLOOEHLQKLELWHG7KH\HOORZ/('(QJLQHZLOOVWRS
WRIODVKZKHQDOOWKHVRXUFHVLQGLFDWHGDERYHDUHPLVVLQJIRUVHFRQGVDWOHDVW
3LFN8S,QSXW&KDUDFWHULVWLFV
3LFN8SSURJUDPPDEOHSDUDPHWHUV>3LU@>/R63@>+L63@DQG>+L&U@
$ODUPPHVVDJHV>/R63@>)3L@DQG2YHU6SHHG/('RQWKHIURQWSDQHO
3LFN8SVHQVLWLYLW\9UPV
0D[LPXP9ROWDJH,QSXW9DFGF
)UHTXHQF\UDQJHXSWRN+]
)O\ZKHHO0D[LPXP7HHWK3URJUDPPLQJSDUDPHWHU>3LU@
)XHO/HYHO$QDORJXH,QSXW&KDUDFWHULVWLFV
6HQVRU,QSXW2KPWR2KP
)RXU3RLQWV6HQVRU3URJUDPPDEOH5HODWLRQVKLSDQG
0D[LPXPVHQVRUFXUUHQWP$
2SHQ6HQVRU9ROWDJH9GFPD[
2YHU9ROWDJHSURWHFWLRQ9GF
&KDUJHU$OWHUQDWRU0RQLWRULQJ
2SHUDWLQJ9ROWDJHXS9GF
2YHUYROWDJH9P6
5HYHUVHSRODULW\SHUPLWWHGIRUXQOLPLWHGSHULRGRIWLPH
7KUHVKROG9GF9DQG9GF9VHOIGHWHFWLRQYRUY
([FLWDWLRQ3RZHUPD[:
'HVLJQDWLRQWHUPLQDOV:/RU'
7,0,1*/,673$5$0(7(56
$OOLQWHUQDOURXWLQHVJRYHUQLQJWKH%HKDYHSDUWLFXODUO\WLPLQJDVIROORZV
3UHKHDW7LPH
3URJUDPPLQJ>+($7@7KLVWLPHHQDEOHVWKH
*/2:35(+($7
V\VWHPRIWKHHQJLQH7KLVWLPLQJWDNHV
SODFHEHIRUHWKHFUDQNLQJDWWHPSWV
1XPEHUVRI&UDQNLQJ$WWHPSWV
%H86(50$18$/9HUVLRQ
%HKDVDXWRPDWLFDWWHPSWVLQRUGHUWRVWDUWWKHHQJLQH%HWZHHQWKHVWDUWLQJSXOVHVDSDXVHRI
VHFRQGVLVLQVHUWHG$VWKHQXPEHURIDWWHPSWVLVRYHUWKHDODUP
)DLO7R6WDUW
ZLOOHQHUJL]H
(OHFWULF
67$57(5
,QVHUWLRQ7LPH
7KHPD[LPXPWLPHRIWKHVWDUWHULQVHUWLRQGXULQJFUDQNF\FOHLVVHFRQGV7KLVWLPHLVFOHDUHGLIGXULQJ
WKHDWWHPSWWKH%HUHFRJQL]HWKHHQJLQH
5811,1*67$786
VHH6HFWLRQWRILQGRXWIXUWKHU
GHWDLOV
7LPLQJ3DXVH%HWZHHQ6WDUWLQJ$WWHPSWV
$VHFRQGVGHOD\LVLQFOXGHGEHWZHHQWKH VWDUWLQJSXOVHVWRVWDELOL]HWKHEDWWHU\HQJLQHSDUWVDQGHOHFWULF
VWDUWHUPRWRU
$ODUP'HOD\7LPLQJ
5HIHUWR6HFWLRQWRILQGRXWIXUWKHUGHWDLOV
&RROLQJ'RZQ6WDUW6WRS'HOD\:DUP8S
7KHVHWLPHUVDUHSURJUDPPDEOHDQGOLVWHGLQ6HFWLRQ
:,5,1*',$*5$0
7KHZLULQJGLDJUDPLVVKRZQRQSDJH
6(5,$/,17(5)$&(021,725,1*62)7:$5(
%\PHDQVRIDVHULDOLQWHUIDFHLWLVSRVVLEOHWRGRZQORDGDOOFRQILJXUDWLRQSDUDPHWHUV$IXOOFRPPXQLFDWLRQ
LVSURYLGHGWRWUDQVIHUDODUPVDQGPHDVXUHPHQWV7KHVRIWZDUHUXQVXQGHU:,1'2:6RSHUDWLQJV\VWHP
7KHFRPSOHWHGHVFULSWLRQLVRQD7;7ILOHLQFOXGHGLQWKHVRIWZDUHSDFNDJH&'520
%HDFFHSWV56RSWLRQPRGXOHRU56RSWLRQPRGXOHSOXJLQRQWKHEDFN
7528%/(6+227,1*
:$51,1*7+()2//2:,1*,1',&$7,216$5(72%(&$55,('287%<48$/,),('
3(56211(/21/<72$92,'3(5621$/,1-85<'21273(5)250$1<$&7,21
63(&,),(',17+,66(&7,21
%HSUHVHQWVDOO/('VWRWDOO\RII
&KHFNWKHSUHVHQFHDQGWKHSRODULW\RIWKH VXSSO\
7KHVXSSO\SOXJLVQRWSURSHUO\FRQQHFWHG
7KHIHPDOHSOXJKDVLQWHUQDOFRQWDFWLQWURXEOH
%HSUHVHQWVDOO/('VRUVRPHRIWKHPLOOXPLQDWHGZLWKYHU\ORZLQWHQVLW\
6DPHDVDQGLQDGGLWLRQWKHVHULDOLQWHUIDFHFDEOHVRXUFHVDVPDOOFXUUHQWDEOHWROLJKWIHZ/('VEXW
QRWHQRXJKWRVWDUWWKHPLFURSURFHVVRU
)DXOWRIWKHPLQXVEDWWHU\YROWDJHOLQHWKHVXSSO\FLUFXLWLVFORVHGE\PHDQVRIWKHSDUDVLWLFFXUUHQWRIWKH
VWDWLFRXWSXWV
7KHUHDGLQJRIWKH%DWWHU\YROWDJHLVQRWVWDEOH
%DWWHU\PLQXVLVQRWSURSHUO\JURXQGHG
7KHEDWWHU\FKDUJHULVZLWKRXWFRQQHFWLRQWRWKHEDWWHU\
6HHDQG
7KHVXSSO\YROWDJHLVQHDU9GF
7KHUHDGLQJRIWKH*HQHUDWRU6HW&XUUHQWLVQRWVWDEOHRULQFRUUHFW
7KHFXUUHQWWUDQVIRUPHU&7LVQRWJURXQGHG
0LVWDNHVLQZLULQJVHHZLULQJGLDJUDPRQWKHFRQQHFWLRQSRLQWRIYLHZ6DQG6DUHQRWWKHVDPH
&KHFNIRUWKHDGGLWLRQDO$PHWHUVWKH\PXVWEHFRQQHFWHGLQVHULHVQRWLQSDUDOOHO
&KHFNIRUWKHSURSHUO\UDWLRRQFRQILJXUDWLRQPHQX
7KHVXSSO\YROWDJHLVQHDU9GF
7KH*HQHUDWRU6HWYROWDJHRUIUHTXHQF\LVXQVWDEOH
&KHFNIRUWKHFRUUHFWZLULQJDQGFKHFNWKHYROWDJHRIWKHQHXWUDOOLQH
&KHFNIRUGLIIHUHQWORDGFRPELQDWLRQVSUREDEO\WKHUHDUHKLJKOHYHOVRIGLVWRUWLRQ
%H86(50$18$/9HUVLRQ
7KHVXSSO\YROWDJHLVQHDU9GF
7KHPHDVXUHPHQWRIWKH
32:(5
LVLQFRUUHFW
&KHFNWKHSRODULW\RIWKH&XUUHQW7UDQVIRUPHU
&KHFNWKHJURXQGLQJRIWKH&XUUHQW7UDQVIRUPHU
7KH%HGRHVQRW67$57667236WKH(QJLQH
&KHFNWKHYROWDJHRIWKHRXWSXWDQGPXVWQRWEHORZHUWKDQ9RIWKH%DWWHU\YROWDJH
'LVFRQQHFWWKHVXVSHFWHGRXWSXWWHUPLQDODQGWU\WRHQHUJL]HE\PHDQVRIDMXPSHUWRWKHSRVLWLYHEDWWHU\
YROWDJHE\XVLQJDMXPSHUSURWHFWHGE\$IXVH
&KHFNWKHPD[LPXPUDWLQJRIWKHORDGPD[LPXPP$
&KHFNLIWKHFRQILJXUDWLRQPDWFKHVWKHHQJLQHFKDUDFWHULVWLFVSUHKHDWIRUH[DPSOH
7KHVXSSO\YROWDJHLVQHDU9GF
7KH(QJLQHVWRSVZLWKRXWUHDVRQVDIWHUIHZVHFRQGVRUPLQXWHV
&KHFNWKHNLQGRI DODUPRQIURQWSDQHORUWKHNLQGRIPHVVDJHRQDOSKDQXPHULFGLVSOD\
,IWKHH[DPLQHGDODUPVDUHQRWWKHUHDVRQRIWKHHQJLQH
6723
F\FOHWU\WRWHVWWKHYROWDJHRIWKHIXHO
VROHQRLGRXWSXWSHUIRUPWKHWHVWVSHFLILHGLQ6HFWLRQ
7KHVXSSO\YROWDJHLVQHDU9GF
2QHRUPRUHLQSXWVGRQRWHQHUJL]HWKH%H
&KHFNWKHRWKHUVLGHRIWKHVZLWFKPXVWEHSURSHUO\JURXQGHGDQGQRQFSRODULW\
&RQQHFWWRJURXQGGLUHFWO\E\PHDQVRIDMXPSHUWKHVXVSHFWHGLQSXW
7KHVXSSO\YROWDJHLVQHDUWR9GF
%HGRHVQRWHQWHULQ$872RSHUDWLQJPRGH
7KHUHLVRQHRUPRUHDODUPSUHVHQWLQWKHIURQWSDQHOUHG/('VRURQHRUPRUHDODUPPHVVDJHVLQWKH
$/$50PHQX7KHSURFHGXUHLVWRFOHDUWKHDODUPVE\PHDQVRI$&.DQG2))SXVKEXWWRQV
0($685(0(176&$/,%5$7,21
%HIHDWXUHVWKHFDOLEUDWLRQRIWKHDQDORJXHPHDVXUHPHQWV7RHQWHUWKHSURFHGXUHSXVKWKH$&.SXVK
EXWWRQGXULQJWKHSRZHURQVHTXHQFH7KH%HZLOOFRQILUPWKHFDOLEUDWLQJPRGHE\PHDQVWKHPHVVDJH
>&D/@RQWKHGLVSOD\7KHIROORZLQJPHDVXUHPHQWVDUHGLVSOD\HGRQWKH%H
>/@ SKDVH/YROWV
>/@ SKDVH/YROWV
>/@ SKDVH/YROWV
>&XUU@ *HQHUDWRU6HWFXUUHQW
>E$WW@ EDWWHU\YROWDJH
>2,/@ 2LO3UHVVXUHPHDVXUHPHQW
>&@(QJLQH7HPSHUDWXUHPHDVXUHPHQW
>)8(/@)XHO/HYHOPHDVXUHPHQW
7KHVHOHFWLRQRIWKHSDUDPHWHULVPDGHE\PHDQVWKHULJKWDQGOHIWSXVKEXWWRQV7KHFRUUHFWLRQRIWKH
PHDVXUHLVPDGHE\PHDQVWKHXSDQGGRZQSXVKEXWWRQ,ILQGRXEWWKHQDPHRIWKHSDUDPHWHULV
LQGLFDWHGRQ WKHGLVSOD\E\SXVKLQJWKH$&.SXVKEXWWRQ
,QRUGHUWRKDYHDJRRGFDOLEUDWLRQLWLVQHFHVVDU\WRFRQQHFWDVRXUFHRIVWDEOHVLJQDORUUHIHUHQFH
7RVDYHWKHQHZFDOLEUDWLRQUDWLRSUHVV$&.DQGWKHQ67232))SXVKEXWWRQVDPHVVDJH6$9(ZLOO
FRQILUPWKHRSHUDWLRQ,ILQGRXEWLWLVSRVVLEOHWRXVHWKHIDFWRU\FDOLEUDWLRQE\XVLQJWKH8SDQG'RZQ
SXVKEXWWRQVVLPXOWDQHRXVO\IRUVHFRQGVDVKRUWGLVSOD\WXUQRIIZLOOFRQILUPWKHXVHRIWKHGHIDXOW
FDOLEUDWLRQSDUDPHWHUV
7RUHWXUQWRDQRUPDO XVHGLVFRQQHFWWKHVXSSO\DQWKHQDIWHUDIHZVHFRQGVFRQQHFWDJDLQWKHVXSSO\WR
WXUQRQDJDLQWKH%HDVGHVFULEHGLQ6HFWLRQDQG,WLVDJRRGSUDFWLFHWRFKHFNWKHFDOLEUDWHG
%H86(50$18$/9HUVLRQ
PHDVXUHPHQWV
+RXU&RXQWHU&OHDULQJ
7KHSURFHGXUHWR FOHDUWKHFRXQWRIWKHKRXUFRXQWHULVDVIROORZV
D 5HPRYHWKHUHDUFRYHUDQG6HWWKH'LS6ZLWFKLQSURJUDPPRGH2QSRVLWLRQ
E (QWHULQWKH0DQXDORSHUDWLQJPRGHVHHRU
F 6HOHFWE\PHDQVWKHXSDQGGRZQSXVKEXWWRQVWKH>+RXU@PRGHGLVSOD\
G 3XVKWRJHWKHUWKH$&.DQGWKHOHIWSXVKEXWWRQVIRUDWOHDVW
H $VKRUWGLVSOD\WXUQRIIZLOOFRQILUPWKHFRXQWHUFOHDULQJ
I 6HWWKH'LS6ZLWFKWRWKHRIIUHDSSO\WKHUHDUFRYHUDQGUHWXUQWRDQRUPDORSHUDWLQJPRGHVHH
RU
'(),1,7,212)7(506
&+$5*(5$/7(51$725UHIHUVWRWKHJHQHUDWRUIRUFKDUJLQJWKHVWDUWLQJEDWWHU\VHW
$/7(51$725*HQHUDWRULVWKHURWDWLQJPDFKLQHDEOHWRVXSSO\SRZHUIRUWKHXVHUORDG
$1$/2*8(6(1'(5DQ\YDULDEOHUHVLVWRUSURSRUWLRQDOWRWKHSK\VLFDOSKHQRPHQD
6(7*(1(5$7,1*6(7*HQHUDWLQJVHWLVWKHDVVHPEO\RIDQHQJLQHDQGRQHDOWHUQDWRU
)5217)$&,$WKHIURQWSDQHOXVHULQWHUIDFHZLWKSXVKEXWWRQ/('VDQG'LVSOD\V
)8(/62/(12,'HOHFWULFYDOYHHQHUJL]HGWRRSHQWKHIXHOIORZ
%(/7%5($.UHIHUVWRWKHWUDQVPLVVLRQEHOWIDLOXUH
/('/('VVROLGVWDWHODPS
/2$'DOOHOHFWULFDOHTXLSPHQWDEOHWRDEVRUEHQHUJ\IURPWKH*HQHUDWRU
386+%87721WRXFKW\SHSXVKEXWWRQRQWKH%HIURQWSDQHO
6(5,$/,17(5)$&(LIQRWRWKHUZLVHVWDWHGWKHVHULDOLQWHUIDFHLV56&
672362/(12,'HOHFWURPDJQHWHQHUJL]HGWRVWRSWKHHQJLQH
QXPEHURIWKH%HLQSXWRURXWSXWSOXJFRQQHFWLRQVRQWKHUHDUSDQHO
7(50,1$/'(6&5,37,21
,QSXW
,QSXW
,QSXW
,QSXW
-'
,QSXW
-'
-*
-*
-*
-*
-*
,QSXW
2XWSXW
,QSXW
2XWSXW
*URXQG
,QSXW
*HQHUDWRU1HXWUDO/LQH9ROWDJH
*HQHUDWRU3KDVH/9ROWDJH
*HQHUDWRU3KDVH/9ROWDJH
*HQHUDWRU3KDVH/9ROWDJH
*HQHUDWRU3KDVH/&XUUHQW6
VLGH
*HQHUDWRU3KDVH/&XUUHQW6
VLGH
([FLWLQJ&XUUHQW:/9
P$
&KDUJHU$OWHUQDWRU0RQLWRULQJ
([FLWLQJ&XUUHQW:/9
P$
3LFN8S6KLHOG
3LFN8S6LJQDO+LJK
(OHFWULFDO
6SHFLILFDWLRQV
6HFWLRQ
)XUWKHULQIRUPDWLRQ
RQ6HFWLRQ[[DQG
[[
9DF5HDGLQJ5DWLR
2YHU8QGHU9ROWDJH
2YHU8QGHU)UHTXHQF\
*HQHUDWRU)DLOXUH
3KDVH6LQJOH3KDVH
&7V5DWLR
2YHU&XUUHQW
2YHUN9$
&KDUJHU)DLOXUH
(QJLQH5XQQLQJ
%DWWHU\$ODUP
%HOW%UHDN
2YHU8QGHU6SHHG
3LFN8S5DWLR
%H86(50$18$/9HUVLRQ
-*
,QSXW
3LFN8S6LJQDO/RZ
-%
,QSXW
2LO6HQGHUJURXQG5HIHUHQFH
-%
,QSXW
2LO6HQGHU6LJQDO+LJK
7HUPLQDO )XQFWLRQ 7HUPLQDO'HVFULSWLRQ
FRQQHFWLRQ
-%
-%
,QSXW
,QSXW
7HPSHUDWXUH6HQGHUJURXQG5HI
7HPSHUDWXUH6HQGHU6LJQDO+LJK
-%
-%
-%
,QSXW
,QSXW
,QSXW
)XHO/HYHO6ZLWFK:DUQLQJ
5HPRWH6WDUW
7HPSHUDWXUH6ZLWFK,QSXW
-%
-%
-%
,QSXW
,QSXW
,QSXW
2LO3UHVVXUH6ZLWFK
([WHUQDO6WRS,QSXW
$0)LQSXW
(OHFWULFDO
)XUWKHULQIRUPDWLRQ
6SHFLILFDWLRQ LQ6HFWLRQV[[DQG
6HFWLRQV
[[
-%
,QSXW
,QSXW)XHO/HYHO,QGLFDWLRQ
-%
1R&RQQHFWLRQ
-)
-)
-)E
-)
-)
-)
-)
-$
-$
-$
-/
-/
-/
-/
-/
-/
2XWSXW
2XWSXW
2XWSXW
2XWSXW
2XWSXW
2XWSXW
2XWSXW
,QSXW
*URXQG
,QSXW
2XWSXW
,QSXW
2XWSXW
2XWSXW
*URXQG
,QSXW
6WDUW&UDQN3LORW
$ODUP +RUQ
*HQHUDWRU&RQWDFWRU
2XWSXW
2XWSXW
6WRS6ROHQRLG
3UHKHDW
9GF6XSSO\
%DWWHU\0LQXV
9GF6XSSO\
5HTXHVW7R6HQG
5HFHLYH'DWD
7UDQVPLW'DWD
'DWD7HUPLQDO5HDG\
*URXQG5HIHUHQFH
'DWD6HW5HDG\
-)
2XWSXW
)XHO6ROHQRLG
&UDQN'LVFRQQHFW
3LFN8S)DLOXUH
2LO3UHVVXUH:DUQLQJ
6HQGHU5HODWLRQVKLS
6HQGHU)DLOXUH
7HPSHUDWXUH:DUQLQJ
6HQGHU5HODWLRQVKLS
6HQGHU)DLOXUH
(QJLQH6KXW'RZQ
(QJLQH6KXW'RZQ
QFQRFKRLFH
:DUQLQJ6KXWGRZQ
(QJLQH&RQWURO
(QJLQH6KXW'RZQ
QFQRFKRLFH
*HQ6HWFRQWURO
'HOD\HG6WDUW6WRS
QFQRFKRLFH
:DUQLQJ6KXW'RZQ
QFQRFKRLFH
6HQGHU5HODWLRQVKLS
(QJLQHDQG*HQHUDWLQJ
6HW$XWRPDWLRQ
3UHKHDW7LPLQJ
6WRS6ROHQRLG7LPLQJ
+RUQ7LPLQJ
&RROLQJ7LPLQJ
:DUP8SWLPLQJ
3URJUDPPDEOH$ODUP
2XWSXWV
6XSSO\
%DWWHU\9ROWDJH
0RQLWRU
56LQWHUIDFH
%H86(50$18$/9HUVLRQ
%H86(50$18$/9HUVLRQ