Grounding Catalog - Burndy

%851'< &dqdgd zzz exuqg\ frp 86 *urxqglqj &rpsuhvvlrq 0hfkdqlfdo ([rwkhuplf 7$%/( 2) &217(176 frqwlqxhg...

80 downloads 908 Views 9MB Size
The

GroundingSuperstore

Grounding Solutions

TM

%851'<Š

*URXQGLQJ &RPSUHVVLRQ0HFKDQLFDO([RWKHUPLF

7$%/(2)&217(176 +<*5281'Š,UUHYHUVLEOH&RPSUHVVLRQ*URXQGLQJ +<*5281'Š,QWURGXFWLRQ   ([DPSOH*ULGV   )HDWXUHV %HQHÀWV 

7\SH<*+6 

7\SH<*/& 

7\SH<*) 

7\SH<*/5& 

7\SH<*,% 

7\SH<*+3& 

7\SH*678'+< 

7\SH<*+3& 

7\SHV<*7<77$* 

7\SH<*+&& 

7\SH<*% 

7\SH<*6 

7\SH<*++&&  7\SH<*&  7\SH<6+*  7\SH<*+5&  7\SH<*+5&  7\SH<*+$  7\SH<*$  *5281'7$%    /LJKWQLQJ3URWHFWLRQ,QIRUPDWLRQ %DVLFUXOHVIRUVHOHFWLRQDUH       

0XVWEHOLNHPDWHULDOWRWKHFRQGXFWRU 7ZREROWVWRJURXQGURG²PLQLPXPIRUPHFKDQLFDO &DEOHWRFDEOHFRQQHFWLRQVFDQEHLQVWDOOHGZLWKRQHEROWWZREROWRUFRPSUHVVLRQPHDQV &DEOHWRVWHHOVWUXFWXUHPXVWKDYHLQFRQWDFWZLWKVWHHO +HDY\GXW\VWDFNV²PHFKDQLFDORQO\ 2QDOOFRQQHFWRUVZLWKKHDY\GXW\VWDFNUDWLQJZHPXVWRIIHU´WKLFNOHDGSODWLQJDVDQRSWLRQ 7KHUHDVRQLVFORVHVWIWWRVWDFNRSHQLQJPXVWXVHOHDGFRDWHGSURGXFW 8//LVWLQJ

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ &RPSUHVVLRQ0HFKDQLFDO([RWKHUPLF

%851'<Š

7$%/(2)&217(176 0HFKDQLFDO*URXQGLQJ 7\SHV.&.& 

7\SHV*4*; 

7\SH6% 

7\SH** 

7\SH.&.) 

7\SH.6 

%UDLG,QIRUPDWLRQ   7\SH%   7\SH%%/7   7\SHV&&<%%   7\SH%%66 

7\SH))* 

7\SHV*%*%0*&*&0 

7\SHV*.$.3% 

7\SHV*/*= 

7\SHV&/&/71&/ 

7\SH*&&7 

7\SH%*%6 

7\SH*,(* 

7\SH*$5 

7\SH*&%7* 

7\SHV*$5%8*$5*$55% 

6WDWLF'LVFKDUJH5HHOV 

7\SH*$57& 

5DLO&RQQHFWRUV 

7\SH*' 

7\SH4*)/ 

7\SH*3 

5DLVHG)ORRU*URXQG&RQQHFWRUV  683(5&/$03Œ 7\SH*;3    81,*5281'Œ 7\SH*5)    7\SHV*3**357 

7\SHV.&-(4& 

7\SH*$+  7\SH*. 

%XV%DU 7\SH%%%   %21',7Š,QWHUV\VWHP%RQGLQJ  +RXVHRU0HWHU6RFNHW0RXQW   :DOO0RXQWHG 

7\SH%:%6HULHV3RRO:DWHU%RQGLQJ.LW  

:DWHU3LSH*URXQGLQJ  7\SH*&$  7\SHV*5&*&57*5/ 

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ &RPSUHVVLRQ0HFKDQLFDO([RWKHUPLF

7$%/(2)&217(176 FRQWLQXHG %851'<:HOGŠ([RWKHUPLF*URXQGLQJ 4,./,7(Š%851'<:HOGŠ  %DWWHU\,JQLWLRQ6\VWHP

7\SH%&50ROGV  +RUL]RQWDO&DEOHWR  *URXQG5RG

7\SH%&60ROGV  9HUWLFDOWKURXJK&DEOHWR  9HUWLFDO6WHHO6XUIDFH

7\SH%&50ROGV  +RUL]RQWDOWKURXJK&DEOH  WR*URXQG5RG

7\SH%&60ROGV  +RUL]RQWDOWKURXJK&DEOHWR  9HUWLFDO6WHHO6XUIDFH

7\SH%&50ROGV  +RUL]RQWDO5XQDQG7DS  &DEOHVWR*URXQG5RG

7\SH%&60ROGV  2YHUKHDG9HUWLFDO7DS&DEOH  WR9HUWLFDO6WHHO6XUIDFH

7\SH%&50ROGV  +RUL]RQWDO3DUDOOHO5XQ  &DEOHVWR*URXQG5RG

7\SH%&60ROGV  +RUL]RQWDO7DS&DEOHWR  9HUWLFDO6WHHO6XUIDFH

6,1*/(6+2702/'6

7\SH%&60ROGV  +RUL]RQWDO&DEOH7DSWR  +RUL]RQWDO&DVW,URQ6XUIDFH

%851'<:HOGŠ,QWURGXFWLRQ 0DNLQJD%851'<:HOG   &RQQHFWLRQ Š

%851'<:HOGŠ:HOG0HWDO 7\SH%&&0ROGV  +RUL]RQWDO(QGWR(QG 7\SH%&&0ROGV  +RUL]RQWDO&DEOH7DSWR  +RUL]RQWDO&DEOH5XQ 7\SH%&&0ROGV  +RUL]RQWDOWR+RUL]RQWDO  &DEOH&URVV 7\SH%&&0ROGV  +RUL]RQWDOWR+RUL]RQWDO  &DEOH&URVV 7\SH%&&0ROGV  +RUL]RQWDO3DUDOOHO7DS 7\SH%&&0ROGV  +RUL]RQWDO3DUDOOHOWKURXJK  &DEOHV 7\SH%&&0ROGV  +RUL]RQWDO3DUDOOHOWKURXJK  &DEOHV 7\SH%&50ROGV  +RUL]RQWDO&DEOH7HUPLQDO  WR*URXQG5RG

&DQDGD 

7\SH%&60ROGV  +RUL]RQWDO&DEOHWR  +RUL]RQWDO6WHHO6XUIDFH 7\SH%&60ROGV  +RUL]RQWDO&DEOHWR  +RUL]RQWDO6WHHO6XUIDFH 7\SH%&60ROGV  +RUL]RQWDOWKURXJK&DEOHWR  +RUL]RQWDO6WHHO6XUIDFH 7\SH%&60ROGV  +RUL]RQWDO&DEOHWR  +RUL]RQWDO6WHHO6XUIDFH 7\SH%&60ROGV  $QJXODU&DEOH'URSWR  9HUWLFDO6WHHO6XUIDFH 7\SH%&60ROGV  9HUWLFDO&DEOH'URSWR  9HUWLFDO6WHHO6XUIDFH



ZZZEXUQG\FRP  

7\SH%&5(0ROGV  +RUL]RQWDO3DUDOOHO7DS  WR5HEDU 7\SH%&5(0ROGV  +RUL]RQWDO3DUDOOHO7DS  WR+RUL]RQWDO5HEDU5XQ 7\SH%&5(0ROGV  +RUL]RQWDOWKURXJK&DEOHWR  9HUWLFDO5HEDU 7\SH%&5(0ROGV  +RUL]RQWDOWKURXJK&DEOHWR  +RUL]RQWDO5HEDU 7\SH%&5(0ROGV  +RUL]RQWDO&DEOH7DSWR  9HUWLFDO5HEDU

86

*URXQGLQJ &RPSUHVVLRQ0HFKDQLFDO([RWKHUPLF

%851'<Š

7$%/(2)&217(176 FRQWLQXHG %851'<:HOGŠ([RWKHUPLF*URXQGLQJ FRQWLQXHG *5281'0$;Š 

%851'<:HOGŠ7RRO.LWV 

*5,'0$;Œ 

%851'<:HOGŠ7RROV 

% %+DQGOH&ODPSV 

%5DVS 

%+DQGOH$WWDFKPHQW 

%)OLQW,JQLWRU 

0ROG6XSSRUW&ODPS 

*URXQG5RG'ULYLQJ6OHHYHV 

9HUWLFDO0DJQHWLF&ODPSV 

6KLP6WRFN$GDSWHU6OHHYHV 

+RUL]RQWDO 9HUWLFDO&KDLQ&ODPSV  %851'<:HOGŠ$FFHVVRULHV  %&DEOH&ODPS  &DEOH&OHDQLQJ%UXVK  &DUG&ORWK%UXVK  0ROG&OHDQHUV  3DFNLQJ0DWHULDO 

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7$%/(2)&217(176 FRQWLQXHG :LOH\6ROXWLRQV :LOH\,QWURGXFWLRQ  $&(&RQGXLW(QWU\%R[  %RQGLQJ-XPSHUV  &ODPSLQJ6ROXWLRQV  *URXQGLQJ/XJV  :((%Š:DVKHUV  :LOH\&DEOH&OLSV  :LOH\%XQGOH6WUDS  :LOH\,QVXODWHG:LUH0DQDJHPHQW 

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7$%/(2)&217(176 FRQWLQXHG 7RROLQJ ,QWURGXFWLRQ 

&XWWHUV

&ULPS7RROV

 3$7&87/, 

 3$7/:6/, 

 3$7&87/, 

 3$7/:/, 

 %&&&8$/ 

 3$7/, 

 <&87$&65 

 <+6;7 

 5+&&$&65 

 </:6%+ 

 5+&&&8$/ 

 </:%+ 

 0&&6HULHV 

 <%+;7 

 5&&&X$O 

'LHV

 5&&&X$ODQG$&65 

 7RQ8'LHV 

3XPSV

 8'LH.LWV 

 <$& 

 :'LHV 

 (33 

 :'LH.LWV 

+\GUDXOLF+RVHV  7RUTXH7RROV%7:6HULHV 

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7$%/(2)&217(176 FRQWLQXHG $FFHVVRULHV ,QWURGXFWLRQ 

*DOYDQL]HG6WHHO+DUGZDUH

3(1(752;Œ+RZWR,QVWDOO&RQQHFWRUV

   

3(1(752;Œ 

%ROWV  1XWV  )ODWZDVKHUV  ,QWHUQDO7RRWK/RFNZDVKHUV 

+DUGZDUH'DWD  6WDLQOHVV6WHHO+DUGZDUH '85,80Œ6LOLFRQ%URQ]H+DUGZDUH     

%ROWV  1XWV  )ODWZDVKHUV  6SOLW/RFNZDVKHUV  ,QWHUQDO7RRWK/RFNZDVKHUV 

    

%ROWV  1XWV  6SOLW/RFNZDVKHUV  )ODW:DVKHUV  %HOOHYLOOH:DVKHUV 

+DUGZDUH.LWV $OXPLQXP+DUGZDUH    

%ROWV  1XWV  )ODW:DVKHUV  6SOLW/RFNZDVKHUV 

&DQDGD 



 7\SH70+   7\SH70+66  8%ROWV 

ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7$%/(2)&217(176 FRQWLQXHG 5HIHUHQFH 6SHFLÀFVIRU%851'<Š+<*5281'Š&RQQHFWRU6\VWHP +DUGZDUH'DWD        

5HFRPPHQGHG7LJKWHQLQJ7RUTXH '85,80Œ+H[DJRQDO%ROW'DWD 5HFRPPHQGHG7HUPLQDWLRQ+DUGZDUH 5HFRPPHQGHG7LJKWHQLQJ7RUTXHSHU8/$ 8/%  6FUHZV  6ORWWHG+HDG  5HFHVVHG$OOHQ6TXDUH'ULYHV 5HFRPPHQGHG&ODPSLQJRQ%ROWHG&RQQHFWRUV

&DEOH'DWD       

&RSSHU7XEH %XV  6ROLG&RSSHU:LUH$670%% % 6WUDQGHG&RSSHU:LUH$670% H[FOXGLQJEUHDNLQJORDGV  6ROLG&RSSHUZHOG&DEOH$670% 6WUDQGHG&RSSHUZHOG&DEOH$670% &RSSHUZHOG&RSSHU&DEOH$670% *DOYDQL]HG6WHHO&DEOH$670$

$:*YV0HWULF:LUH6L]HV ,QFKHV 0LOOLPHWHUV&RQYHUVLRQ&KDUW $OSKD1XPHULF,QGH[

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7+(+<*5281'Š,55(9(56,%/(&2035(66,216<67(0 %851'<Š KDV GHYHORSHG DQ LUUHYHUVLEOH FRPSUHVVLRQ JURXQG V\VWHP ZKLFK PHHWV WKH PRVW VWULQJHQW VDIHW\ DQG SHUIRUPDQFHUHTXLUHPHQWVLQFOXGLQJWKRVHRI26+$DQGQXFOHDUSRZHUSODQWGHVLJQ3HUIRUPDQFHH[FHOOHQFHDQG ORQJOLIHH[SHFWDQF\DUHWKHV\VWHP¶VEDVLFGHVLJQJXLGHOLQHV,WLVDFRPSOHWHV\VWHPZKLFKFRQVLVWVRIFRQQHFWRUVIRU JULGFURVVFRQQHFWLRQVWDSVVSOLFHVFDEOHWRJURXQGURGJURXQGSODWHVDQGWHUPLQDWLRQV 2XULUUHYHUVLEOHFRPSUHVVLRQJURXQGFRQQHFWRUVHPSOR\ZHOOSURYHQGHVLJQSULQFLSOHVDQGWHFKQRORJ\WKDWKDYHEHHQ LQH[LVWHQFHIRURYHU\HDUV &RQQHFWRUVDUHMXVWRQHFRPSRQHQWRIRXU,UUHYHUVLEOH&RPSUHVVLRQ*URXQG6\VWHP,QVWDOODWLRQWRROLQJLVDOVRDQ LQWHJUDOSDUWRIWKLVV\VWHP%851'<ŠSLRQHHUHGWKHFRPSUHVVLRQFRQQHFWRUSULQFLSOHDQGFRQWLQXHVWRGD\WREHWKH OHDGHULQFRPSUHVVLRQWHFKQRORJ\2XUWRROLQJSDFNDJHLVWKHPRVWH[WHQVLYHLQWKHLQGXVWU\DQGDIIRUGVWKHXVHUPDQ\ RSWLRQV

/(*(1'

<*+$

<*$

<*+6

<*6

<*%

<*+3&

<*+&&

<*,%

<*/&

<*/5&

<*)1

<*)1

<6+*

<*+5&

*678'+<

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7+(+<*5281'Š,55(9(56,%/(&2035(66,216<67(0 ([DPSOH %851'<Š+<*5281'Š&RPSUHVVLRQ&RQQHFWRU*ULG

*678'+<

<*)1

<*+3&

<*+$RU <*+&&RU <*$ <*+3& <*,% <*+3&RU <*+&&

<*+3&RU <*+&&

<*+5&RU <*+3&

<*+6RU <*6 <*/& <6+*

<*)1

<*/5&RU <*/& <*+5&

6HH/HJHQGRQ3DJH

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7+(+<*5281'Š,55(9(56,%/(&2035(66,216<67(0 ([DPSOH %851'<Š+<*5281'Š:LUHOHVV&RPPXQLFDWLRQV*URXQG5LQJ&RPSUHVVLRQ&RQQHFWRU6\VWHP

<*+6<*6

<*+$<*$ <*+&&

<*+$<*$ <*,%

<*+3&

<*%

<*+6<*6

6HH/HJHQGRQ3DJH

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ 7+(+<*5281'Š ,55(9(56,%/( &2035(66,21 6<67(0

‡

‡

,UUHYHUVLEOHFRPSUHVVLRQ ‡

0DWHULDOSXUHZURXJKWFRSSHUH[WUXVLRQV URGDQGVHDPOHVVWXELQJ±±LGHQWLFDOPDWHULDO WRWKHFRQGXFWRU ¸&RPSOHWHO\HOLPLQDWHVWKHSRVVLELOLW\RI FRUURVLRQGXHWRGLVVLPLODUPHWDOV

‡

‡

‡

5DQJHWDNLQJGHVLJQ±±PLQLPXPQXPEHURI FRQQHFWRUFRPELQDWLRQVUHTXLUHGWRLQVWDOO DFRQGXFWRUUDQJHRIVROLGWRNFPLO SOXVDQGJURXQGURGVDQG UHEDU ¸,QYHQWRULHVDUHNHSWWRDPLQLPXPDQG SURGXFWVHOHFWLRQLVVLPSOL¿HG

,QVSHFWLRQSRUWVDUHSURYLGHGWRDVVXUH SURSHULQVHUWLRQRIWKHFRQGXFWRU 7KHGLHLQGH[QXPEHULVHPERVVHGRQWKH FRQQHFWRUDIWHUFRPSOHWLRQRIWKHFULPS

3OHDVHFRQWDFW&XVWRPHU6HUYLFHIRUDSSOLFDWLRQV UHTXLULQJ,(((

¸(QVXUHVWKDWDOOFRQWDFWVXUIDFHVDUHLQ WKHSURSHUFRQGLWLRQIRULQVWDOODWLRQ ¸(QVXUHVWKHHOHFWULFDOLQWHJULW\RIWKH ¿QLVKHGFRQQHFWLRQE\LQKLELWLQJPRLVWXUH DQGFRQWDPLQDWHVIURPHQWHULQJWKHFRQWDFW DUHD

¸(DFKWRROLQJUHFRPPHQGDWLRQKDV EHHQGHVLJQHGWRHQVXUHUHOLDELOLW\RIWKH FRQQHFWLRQ

$OO+<*5281'ŠLUUHYHUVLEOHFRPSUHVVLRQ FRQQHFWRUVDUH/LVWHGLQFRQIRUPDQFHZLWK 8QGHUZULWHUV/DERUDWRULHV6WDQGDUG8/ DQGFRQIRUPWRDSSOLFDEOHVHFWLRQVRIWKH 1DWLRQDO(OHFWULFDO&RGH

,UUHYHUVLEOHFRPSUHVVLRQFRQQHFWRUVFDQEH LQVWDOOHGLQDOONLQGVRIZHDWKHU

¸0D\EHXVHGLQGLUHFWEXULDORUFRQFUHWH HPEHGGHGJURXQGLQJDSSOLFDWLRQV

6\VWHPHQJLQHHUHGWRROLQJ

0D\EHLQVWDOOHGZLWKRXWVSHFLDOWUDLQLQJRU VSHFLDOWRROV<FULPSVHQWLUHUDQJH

‡

*URXQG5RGDQG5HEDU'LDPHWHU&KDUW 6L]H

¸/RZLQVWDOOHGFRVW

´

¸6LPSOL¿HGLQVWDOODWLRQ

´ ´ ´

86



$OORZVFRQQHFWLRQWRPRVWVL]HVRIVWUXFWXUDO VWHHOZLWKQRGULOOLQJWDSSLQJRUZHOGLQJ ¸ 6DIHO\ LQVWDOOHG DW ORZ FRVW +RW ZRUN SHUPLWV DUH QRW UHTXLUHG WR LQVWDOO LQ KD]DUGRXVDUHDV

0RVW+<*5281'ŠLUUHYHUVLEOH FRPSUHVVLRQHOHPHQWVDUHSUH¿OOHGZLWK 3(1(752;ŒDQGLQGLYLGXDOO\VHDOHG

¸(OLPLQDWHVFRVWO\FRQVWUXFWLRQGHOD\VDQG HQDEOHVWKHLQVWDOOHUWREHWWHUVFKHGXOHKLV MRE ‡

‡

¸)DFLOLWDWHVVSHHG\LQVSHFWLRQRILQVWDOOHG FRQQHFWRUVWRLQVXUHFRQVLVWHQWO\UHOLDEOH DQGVRXQGFRQQHFWLRQV

+HDY\GXW\FRQQHFWRUGHVLJQ ¸$OOFRQQHFWRUVZLOOFDUU\WKHHTXLYDOHQW RUJUHDWHUFXUUHQWFDUU\LQJFDSDFLW\RI WKHFRQGXFWRUZKLOHPDLQWDLQLQJKLJK PHFKDQLFDOVWUHQJWKDQGHOHFWULFDOLQWHJULW\

‡

¸835(&5,03GLHVJLYHDGGHGPHFKDQLFDO VWUHQJWK835(&5,03IRU URG835(&5,03IRUURGDQG 835(&5,03IRUURG QRZLQFOXGHV XQGHUVL]HG86PDUNHWSODFHURGV 

¸%XLOWLQTXDOLW\DVVXUDQFH ‡

$OO+<*5281'ŠLUUHYHUVLEOHFRQQHFWRUV ZLWKWKHH[FHSWLRQRIW\SH<*$DQG<*6  KDYHEHHQWHVWHGVXFFHVVIXOO\DFFRUGLQJWR UHTXLUHPHQWVRI6WDQGDUG,((( ¸0HHWVWRXJKLQGXVWU\SHUIRUPDQFH UHTXLUHPHQWV

(DFKFRQQHFWRULVFOHDUO\PDUNHGZLWK FDWDORJQXPEHUFRQGXFWRUVL]HDQG LQVWDOODWLRQGLHLQIRUPDWLRQ ¸(DV\DQGDFFXUDWHLGHQWL¿FDWLRQ

¸0HHWV1(&FRGHVHFWLRQ

‡

‡

¸6LPSOL¿HGLQVWDOODWLRQ

)HDWXUHVDQG%HQHÀWV

‡

(DFKFRQQHFWLRQFDQEHPDGHLQOHVVWKDQ PLQXWHV ¸/RZLQVWDOOHGFRVW

&RQWLQXHG

‡

%851'<Š

*URXQG5RG

5HLQIRUFLQJ%DU 5HEDU

0DWHULDO

'LDPHWHU

6L]H

'LDPHWHU

6WHHO



 ´



&RSSHUFODG



 ´



6WHHO



 ´



&RSSHUFODG



 ´



6WHHO



 ´



&RSSHUFODG



 ´



6WHHO



 ´



&RSSHUFODG



²

²

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*/& +<*5,'Œ&5266&211(&725 $Q LUUHYHUVLEOH FRPSUHVVLRQ JURXQG JULG FURVV FRQQHFWRU ZKLFK DOORZV DGMXVWPHQW RI WKH FRPSUHVVLRQ HOHPHQWV SULRU WR LQVWDOODWLRQ 2QO\ VL[FRQQHFWRUVDQGIRXUGLHVDUHUHTXLUHGWRLQVWDOO DOOFRPELQDWLRQVIURPVROLGWKURXJKNFPLO 8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWKDQGFRQFUHWH3UH¿OOHGZLWK3(1(752;Œ FRPSRXQGDQGVWULSVHDOHG



&DWDORJ 1XPEHU <*/& <*/& <*/& <*/& <*/& <*/&

%

%%











&

&&

'

     

     

     

/

5



     

8//LVWHGIRU/LJKWQLQJ3URWHFWLRQ

25'(5,1*,1)250$7,21 &DWDORJ 1XPEHU

&DEOHWR&DEOH (OHPHQW´$µ

(OHPHQW´%µ

6RO  6WU   ^`^` 6WU  NFPLO   ^`^` 6WU  NFPLO   ^`^`

6RO  6WU   ^`^` 6RO  6WU   ^`^` 6WU  NFPLO   ^`^`

<*/& <*/& NFPLO  NFPLO  <*/&

6WU  NFPLO 

<*/& <*/& <*/&

(OHPHQW´$µ

&DEOHWR*URXQG5RG (OHPHQW´%µ

7R5HEDU (OHPHQW´$µ

²

²

²

5RG

6RO  6WU 



5RG

6WU  NFPLO 

5HEDU

5RG

6WU  NFPLO 

6RO  6WU 

6RO  6WU 

NFPLO  NFPLO 

NFPLO  NFPLO 

 5HEDU

'LPHQVLRQVLQEUDFNHWV^`UHSUHVHQWOLJKWQLQJSURWHFWLRQFRQGXFWRUV

&DWDORJ 1XPEHU

<<<+<35(66Œ (OHPHQW´$µ (OHPHQW´%µ <*/& 82  82  <*/& 8  82  <*/& 8  8  <*/&‚ 38  38  <*/&‚ 38  38  <*/&‚ 8  8 

,QVWDOODWLRQ7RROV'LH6HW&DWDORJ1XPEHU 1XPEHURI&ULPSV 3$79 <+<35(66Œ (OHPHQW´$µ (OHPHQW´%µ (OHPHQW´$µ (OHPHQW´%µ 82  82  82  82   83  82  8  82   83   83  8  8  38  82  6RU38  82   83  38  6RU38  8  8  8  6  6 

:KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWK <+<35(66ŒD37DGDSWHUPXVWEHXVHG :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWK WKH<+<35(66ŒD38$'3DGDSWHUPXVWEH XVHG  3RODUL]HGGLHIRUWKH3$79 ‚7KHVHFRQQHFWRUVFDQRQO\EHLQVWDOOHGXVLQJ WKH<<RU<+<35(66ŒZLWKWKH UHFRPPHQGHGGLHV

3OHDVH FRQWDFW &XVWRPHU 6HUYLFH IRU DSSOLFDWLRQV UHTXLULQJ,(((

&DQDGD 

127(6 ‡%HIRUHFULPSLQJERWKFRQQHFWRUHOHPHQWVFDQEH WXUQHGRQURGGLDPHWHU³'´WRDQ\GHVLUHGSRVLWLRQ ‡&OHDQUXVWDQGRUSURWHFWLYHFRDWLQJVIURPUHEDU SULRUWRLQVWDOODWLRQ ‡:KHQDWWDFKLQJFRQQHFWRUWRJURXQGURGJURXQG URGPXVWEHHPERVVHGZLWKDSSURSULDWH35(&5,03Œ GLH)RUFRQQHFWLRQVWKDWPXVWPHHW,(((UH TXLUHPHQWV835(&5,03W\SH35(FULPSGLHVPXVW EHXVHGIRUPD[LPXPFODPSLQJUHWHQWLRQ



ZZZEXUQG\FRP  

<+<35(66Œ (OHPHQW´$µ (OHPHQW´%µ 82  82  8  82  8  8  3RU38  82  3RU38  8  3  3 

*URXQG5RG 'LD 

35(&5,03'LHV 835(&5,03



835(&5,03



835(&5,03

8&$%7

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*/5& *5,'/2.Œ +LJK6WUHQJWK,UUHYHUVLEOH &RPSUHVVLRQ*URXQG5RGWR*ULG &RQQHFWRU *URXQGJULGFRQQHFWRUIRUDZLGHUDQJHRIFRSSHU FDEOHWRJURXQGURG3URYLGHVKLJKWRUTXHVWUHQJWK RQ JURXQG URG 8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK DQG FRQFUHWH 3UH¿OOHG ZLWK 3(1(752;ŒFRPSRXQGDQGVWULSVHDOHG &DWDORJ 1XPEHU

%

<*/5&



<*/5&



<*/5&



<*/5&



<*/5&



<*/5&



<*/5&



<*/5&



&DWDORJ 1XPEHU

%%  >@  >@  >@  >@  >@  >@  >@  >@

'

/

































8 

38 

<*/5&

²

²

<*/5&

8 

38 

<*/5&

²

²

<*/5&

8 

38 

<*/5&

²

²

<*/5&

²

²

<*/5&

²

²

   

:KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWK< +<35(66ŒD37DGDSWHULVUHTXLUHG :KHUHD8RU38GLHLVUHFRPPHQGHGZLWK< +<35(66ŒD38$'3DGDSWHULVUHTXLUHG

3OHDVH FRQWDFW &XVWRPHU 6HUYLFH IRU DSSOLFDWLRQV UHTXLULQJ,(((

86

&RPPHUFLDO&RSSHU &DEOH5DQJH (OHPHQW´$µ 6WU 'LD  NFPLO 'LD NFPLO 'LD NFPLO 'LD 6WU 'LD  NFPLO 'LD NFPLO 'LD  NFPLO 'LD 6WU 'LD  NFPLO 'LD NFPLO 'LD  NFPLO 'LD 6WU 'LD  NFPLO 'LD NFPLO 'LD  NFPLO 'LD

0HWULF&RSSHU &DEOH5DQJH (OHPHQW´$µ PP PP'LD  PP PP'LD PP PP'LD  PP PP'LD PP PP'LD PP PP'LD PP PP'LD  PP PP'LD PP PP'LD  PP PP'LD PP PP'LD  PP PP'LD PP PP'LD  PP PP'LD PP PP'LD  PP PP'LD

&RSSHU:HOG&DEOH5DQJH *URXQG5RG'LD (OHPHQW´$µ (OHPHQW´%µ NFPLO 'LD  NFPLO 'LD NFPLO 'LD NFPLO 'LD NFPLO 'LD NFPLO 'LD NFPLO 'LD NFPLO 'LD NFPLO 'LD  NFPLO 'LD NFPLO 'LD  NFPLO 'LD NFPLO 'LD  NFPLO 'LD NFPLO 'LD  NFPLO 'LD

,QVWDOODWLRQ7RROV'LH6HW&DW1R 1XPEHURI&ULPSV  <+<35(66Œ <3$7 (OHPHQW´$µ (OHPHQW´%µ (OHPHQW´$µ (OHPHQW´%µ 8  RU 6  RU 8  8  38  38  8RU 8  RU 6RU 6  RU 38  38  38  38  8  RU 6  RU 8  8  38  38  8RU 8  RU 6RU 6  RU 38  38  38  38  8  RU 6  RU 8  8  38  38  8  RU 8  RU 8  RU 6  RU 38  38  38  38  8  RU 6  RU 8  8  38  38  8  RU 8  RU 8  RU 6  RU 38  38  38  38 

<<+<35(66Œ (OHPHQW´$µ (OHPHQW´%µ

<*/5&



127(6 ‡%HIRUHFULPSLQJERWKFRQQHFWRUHOHPHQWVFDQEH WXUQHGRQURGGLDPHWHU³'´WRDQ\GHVLUHGSRVLWLRQ ‡:KHQDWWDFKLQJFRQQHFWRUWRJURXQGURGJURXQGURG PXVWEHHPERVVHGZLWKDSSURSULDWH35(&5,03GLH )RUFRQQHFWRUVWKDWPXVWPHHW,(((UHTXLUHPHQWV 835(&5,03W\SHSUHFULPSGLHVPXVWEHXVHGIRU PD[LPXPFODPSLQJUHWHQWLRQ1RSUHFULPSQHHGHGLI XVLQJ63RU8GLHVHWV

ZZZEXUQG\FRP  

 >@

 >@

 >@

 >@

 <+<35(66Œ (OHPHQW´$µ (OHPHQW´%µ 3  RU 8  38  3RU 3  RU 38  38  3  RU 8  38  3RU 3  RU 38  38  3  RU 8  38  8  RU 3  RU 38  38  3  RU 8  38  8  RU 3  RU 38 38 

*URXQG5RG'LD

35(&5,03'LHV

Ǝ

835(&5,03

Ǝ

835(&5,03

Ǝ

835(&5,03

8&$%7

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*+3& +<7$3Œ ,UUHYHUVLEOHFRPSUHVVLRQJURXQGWDS¿JXUHFDQ EH XVHG DV D WDS FRQQHFWRU RU DV D WDS VSOLFH FRQQHFWRU)RXUGLHVHWVDQGHLJKWFRQQHFWRUVFDQ DFFRPPRGDWHDFRQGXFWRUUDQJHIURPVROLG WKURXJKNFPLOSOXVDQGFRSSHU ERQGHGJURXQGURGV8//LVWHG$FFHSWDEOH IRUGLUHFWEXULDOLQHDUWKDQGFRQFUHWH3UH¿OOHG ZLWK3(1(752;ŒFRPSRXQGDQGVWULSVHDOHG

8//LVWHGIRU/LJKWQLQJ3URWHFWLRQ





)LJ

$FFRPPRGDWHV &DWDORJ 1XPEHU

)LJ 

 &DEOHWR5HEDU

5XQ

 7DS  6RO  



6RO   ^` 6WU   ^`

<*+3&::



6RO   6WU  

6RO   6WU  4W\

²

²

<*+3&::



6RO   6WU  4W\

5HEDU  5HEDU

6RO 6WU

6RO  ^6RO` 6WU  ^6WU`

5HEDU  5HEDU

6WU

6WU  ^` 6WU  ^`

5HEDU  5HEDU

6WU 6WU

<*+3&







<*+3&



6WU   ^` NFPLO   ^` ´´5RG

^` 6WU   ^`

6WU  ^` NFPLO  ^`

5HEDU  5HEDU

6WU NFPLO



6RO   6WU 

5HEDU  5HEDU

²

6WU  ^` 6WU  ^`

5HEDU  5HEDU

6WU 6WU

6WU  ^` NFPLO  ^`

5HEDU  5HEDU

6WU NFPLO

NFPLO   NFPLO 

5HEDU  5HEDU

 NFPLO NFPLO

<*+3&





<*+3&



<*+3&







NFPLO   NFPLO   ´´5RG

127(6  'LPHQVLRQVLQEUDFNHWV^`UHSUHVHQWOLJKWQLQJ

 

SURWHFWLRQFRQGXFWRUV :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWK< +<35(66ŒD37DGDSWHULVUHTXLUHG :KHUHD8RU38GLHLVUHFRPPHQGHGZLWK< +<35(66ŒD38$'3DGDSWHULVUHTXLUHG 3RODUL]HGGLHIRUWKH3$7VHULHVWRRO 7KHVHFRQQHFWRUVFDQRQO\EHLQVWDOOHGXVLQJWKH <<RU<VHULHVRI+<35(66ŒWRROV FDQQRWEHLQVWDOOHGZLWKWKH<RU<VHULHV

&DQDGD 

<< <

<

<





 RI &ULPSV

82

82

82

82







 8

83

8

8





  



38

38

38 RU 6

38 RU 3









 :KHQXVLQJ6ROLQWDSIROGFRQGXFWRUGRXEOH

IRULPSURYHG¿OO  1RW8/&6$  :KHQXVLQJLQWDSPLQLPXPUXQFRQGXFWRU PXVWEH6WU  &OHDQUXVWDQGSURWHFWLYHFRDWLQJVIURPUHEDUSULRU WRLQVWDOODWLRQWRSURYLGHSURSHUJURXQGFRQQHFWLRQ 3UHFULPSLQJLVQRWUHTXLUHG

3OHDVH FRQWDFW &XVWRPHU 6HUYLFH IRU DSSOLFDWLRQV UHTXLULQJ,(((



3$79







NFPLO   ^NFPLO` NFPLO   ^NFPLO` ´´5RG

%

2

<*+3&



,QVWDOODWLRQ'DWD 'LH ,QGH[

²



<*+3&



²

7DS

<*+3&





5XQ

)LJ

ZZZEXUQG\FRP  

8

8

*URXQG5RG'LD

6

3



35(&5,03'LHV

Ǝ

835(&5,03

Ǝ

835(&5,03

Ǝ

835(&5,03

8&$%7

)RU LQFUHDVHG URWDWLRQDO UHVLVWDQFH RQ JURXQG URGV SUHFULPSJURXQGURGZLWK8&$%7835(&5,03GLHV PD\ EH XVHG IRU HYHQ JUHDWHU URWDWLRQ DQG YLEUDWLRQ UHVLVWDQFHRQJURXQGURGV

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ 7<3(<*+3&

%851'<Š

35(),//(':,7+ 3(1(752;Œ(

+<7$3Œ&211(&725

7$3 %

+LJK6WUHQJWK&RSSHU,UUHYHUVLEOH &RPSUHVVLRQ

',(,1'(; $1'&21'8&725 ,1)250$7,21

7$3 $ 3$7(17('

*URXQG5RG7DS&RQQHFWRU 7\SH<*+3&LUUHYHUVLEOHFRPSUHVVLRQJURXQG WDS ¿JXUH  FDQ EH XVHG DV D JURXQG URG WDS FRQQHFWRU IRU ERWK FRQWLQXRXV UXQ DQG WDSSLQJ DSSOLFDWLRQV $Q RSHQ JURRYH DOORZV JURXQG URG WREHFRQQHFWHGWRDFRQWLQXRXVUXQRUWDS7KH VHFRQG JURRYH LV IRU D WDS RQO\ 3UH¿OOHG  ZLWK 3(1(752;Œ  (  DQG  VWULS VHDOHG 8/ /LVWHG IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH )RU DSSOLFDWLRQV UHTXLULQJ ,(((  SOHDVH FRQWDFW&XVWRPHU6HUYLFH

)HDWXUHV %HQHÀWV ‡7DS $ DFFHSWVDFRQWLQXRXVUXQRQ WDSFRQGXFWRU7DS % DFFHSWVDWDS FRQGXFWRURQO\ ¸2QHFRQQHFWRUVW\OHFDQEHXVHGIRUPDQ\ DSSOLFDWLRQVUHGXFLQJQXPEHURIFRQQHF WRUVLQLQYHQWRU\ ‡0DWHULDOLVKLJKFRQGXFWLYLW\ZURXJKW FRSSHUH[WUXVLRQLGHQWLFDOPDWHULDOWRWKH FRQGXFWRU ¸+LJKFRQGXFWLYLW\FRSSHUPLQLPL]HV UHVLVWDQFHDQGYROWDJHGURS (OLPLQDWHVWKHSRVVLELOLW\RIFRUURVLRQ GXHWRGLVVLPLODUPHWDOV ‡6\VWHPHQJLQHHUHGWRROLQJ ¸7KHWRROLQJUHFRPPHQGDWLRQKDVEHHQ GHVLJQHGWRHQVXUHDUHOLDEOH GHSHQGDEOHFRQQHFWLRQHYHU\WLPH ‡7KHGLHLQGH[QXPEHULVHPERVVHGRQ FRQGXFWRUDIWHUFRPSOHWLRQRIFULPS ¸)DFLOLWDWHVVSHHG\LQVSHFWLRQRI LQVWDOOHGFRQQHFWRUVWRLQVXUH FRQVLVWHQWO\UHOLDEOHDQGGHSHQGDEOH FRQQHFWLRQV

6,1*/(7$3 &DWDORJ 1XPEHU

*URXQG 5RG'LD

´7+,5'+$1'µ

&217,18286581

‡3UH¿OOHGZLWK3(1(752;Œ(DQGLQGLYLGXDOO\ VHDOHGLQFOHDUSRO\HWK\OHQHVKHHW ¸(QVXUHVWKHHOHFWULFDOLQWHJULW\RIWKH¿QLVKHG FRQQHFWLRQE\LQKLELWLQJPRLVWXUHDQGFRQ WDPLQDWHVIURPHQWHULQJWKHFRQWDFWDUHD 0DLQWDLQVORQJWHUPKLJKFRQGXFWLYLW\ ‡8//LVWHG ¸0D\EHXVHGLQGLUHFWEXULDORU FRQFUHWHHPEHGGHGJURXQGLQJ DSSOLFDWLRQV3URYLGHVTXDOLW\ DVVXUDQFHWRUHFRJQL]HGLQGXVWU\1(& VWDQGDUGVIURPDQLQGHSHQGHQWSDUW\ ‡³7KLUG+DQG´FRQVWUDLQVFRQGXFWRUVZKLOH LQVWDOOHUFRPSOHWHVFULPSLQFOXGHGZLWK HDFKFRQQHFWRU ¸6LPSOL¿HVLQVWDOODWLRQUHGXFLQJ LQVWDOOHGFRVW

&217,18286581$1'7$3 ,QVWDOODWLRQ7RROLQJ'LH1XPEHU RI&ULPSV 

'LPHQVLRQV 7DS&RQGXFWRU





+

/

:

<<3$7 +<35(66Œ



6RO6RO&RSSHU  &RQWLQXRXV5XQDQG  7DSRUXSWR  7DSVPD\EHFRQQHFWHG







8 

<*+3&: <*+3&:71

 *URXQGURGPXVWEHSUHFULPSHGZLWKGLH8&$%7

86

 (LWKHUWDSSRVLWLRQPD\EHOHIWYRLGZKHQIHZHUWKDQ  

FRQGXFWRUVDUHXVHG  6HH7RROLQJ6HFWLRQLQ0DVWHU&DWDORJIRUFRPSOHWH WRRODQGGLHOLVWLQJ

,QGH[ IRUJUHDWHUURWDWLRQDOUHVLVWDQFHXVH 835(&5,03GLH*DOYDQL]HG6WHHO5RGVUHTXLUH <*+3&:71



ZZZEXUQG\FRP  

< +<35(66Œ 8 



'LH ,QGH[



 8VH38$'3ZLWK³8´GLHVLQ<

127(

$ƎEHQGUDGLXVLVUHFRPPHQGHGIRUWKHFRQGXFWRU

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*+&& +<7$3Œ&211(&725 ,UUHYHUVLEOH FRPSUHVVLRQ JURXQG WDS ¿JXUH ³&´ FRQQHFWRUV$FFRPPRGDWHVDOOFDEOHFRPELQDWLRQV IURP  VROLG WKURXJK  NFPLO ³&´ VKDSHG RSHQLQJ SHUPLWV SODFLQJ WZR FRQWLQXRXV SDUDOOHO FDEOHV LQWR FRQGXFWRU JURRYH 8/  /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH 3UH¿OOHGZLWK3(1(752;ŒFRPSRXQGDQGVWULS VHDOHG&HUWDLQVL]HVDUHDOVR8//LVWHGDQG &6$&HUWL¿HGIRUZLUHWRJURXQGURG



8//LVWHGIRU/LJKWQLQJ3URWHFWLRQ 

&DWDORJ 1XPEHU



&RPPHUFLDO&RSSHU &DEOHWR&DEOHRU &DEOHWR*URXQG5RG

5XQ

6WUDQGHG&RSSHU &DEOH5DQJH0HWULF

$



%

,QVWDOODWLRQ'DWD 'LH ,QGH[ << < 1R 3$7<

<

1R RI &ULPSV

7DS

5XQ

7DS PPð PP PPð PP





&

8&

8&

8&







<*+&&

6RO  6WU  5RG 

6RO  6WU 

PPð PP PPð PP

<*+&&

6WU   ^` 6WU   ^` 5RG 

6RO   ^6RO` 6WU   ^6WU`

PPð PP PPð PP

PPð PP PPð PP





2

82

82

82



<*+&&

6WU   ^` 6WU   ^` 5RG 

6WU   ^` 6WU   ^`

PPð PP PPð PP

PPð PP PPð PP





2

82

82

82



<*+&&

6WU   ^6WU` NFPLO   ^NFPLO`  RU5RG

6RO   ^` 6WU   ^`

PPð PP PPð PP

PPð PP PPð PP







8

8

8



<*+&&

6WU  NFPLO  RU5RG 

6WU  NFPLO 

PPð PP PPð PP

PPð PP PPð PP







8

8

8



<*+&&

NFPLO   ^NFPLO` NFPLO   ^NFPLO` 5RG 

6RO   ^` 6WU   ^`

PPð PP PPð PP

PPð PP PPð PP







8

6

3



NFPLO  NFPLO 

6WU  NFPLO 





8

6

3



NFPLO  NFPLO 

PPð PP PPð PP PPð PP PPð PP



NFPLO  NFPLO 

PPð PP PPð PP PPð PP PPð PP







8

6

3





<*+&& 

<*+&& 

 'LPHQVLRQVLQEUDFNHWV^`UHSUHVHQWOLJKWQLQJSURWHFWLRQ

FRQGXFWRUV  )RUJURXQGURGWRZLUHDSSOLFDWLRQVJURXQGURGPXVWEH SUHFULPSHGVHHWDEOHIRUDSSURSULDWHSUHFULPSGLHV  :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH< +<35(66ŒD37DGDSWHUPXVWEHXVHG  :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH< +<35(66ŒD38$'3DGDSWHUPXVWEHXVHG

&DQDGD 

 *URXQGURGWRFRSSHUFDEOHLV8//LVWHGIRUGLUHFWEXULDOLQ

HDUWKDQGFRQFUHWH  7KHVHFRQQHFWRUVFDQQRWEHLQVWDOOHGZLWKWKH<RU<

+<35(66Œ

127(6

/LVWHGXQGHU8/$IRUFRSSHUZLUHFRQQHFWRUV )RUFRQQHFWRUVZLWKRXW3(1(752;ŒR[LGHLQKLELWRUDGGVXI¿[ ³13´WRWKHHQGRIWKHFDWDORJQXPEHU H[DPSOH<*+&&13

3OHDVH FRQWDFW &XVWRPHU 6HUYLFH IRU DSSOLFDWLRQV UHTXLULQJ ,(((



ZZZEXUQG\FRP  

*URXQG5RG 'LD

35(&5,03'LHV



835(&5,03



835(&5,03



835(&5,03

8&$%7

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*++&& ,(((  4XDOLÀHG

+<7$3Œ&211(&725 ,UUHYHUVLEOH FRPSUHVVLRQ JURXQG WDS ¿JXUH ³&´ FRQQHFWRUV$FFRPPRGDWHVDOOFDEOHFRPELQDWLRQV IURP  VROLG WKURXJK  NFPLO ³&´ VKDSHG RSHQLQJ SHUPLWV SODFLQJ WZR FRQWLQXRXV SDUDOOHO FDEOHV LQWR FRQGXFWRU JURRYH 7KH <*++&& VHULHVLVTXDOL¿HGWR,(((3UH¿OOHGZLWK 3(1(752;ŒFRPSRXQGDQGVWULSVHDOHG

&DWDORJ 1XPEHU

<*++&&

&RPPHUFLDO&RSSHU &DEOHWR&DEOHRU &DEOHWR*URXQG5RG

6WUDQGHG&RSSHU &DEOH5DQJH0HWULF

5XQ

7DS

5XQ

7DS

6WU   6WU   5RG

6WU   6WU  

PPð PP PPð PP

PPð PP PPð PP

PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP

PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP PPð PP

6WU   <*++&& NFPLO   RU5RG

6RO   6WU  

6WU  <*++&& NFPLO  RU5RG

6WU  NFPLO 

NFPLO   <*++&& NFPLO   5RG

6RO   6WU  

<*++&& NFPLO   NFPLO 

6WU  NFPLO 

NFPLO  NFPLO 

NFPLO  NFPLO 

<*++&&

)RUJURXQGURGWRZLUHDSSOLFDWLRQVJURXQGURGPXVWEH SUHFULPSHGVHHWDEOHIRUDSSURSULDWHSUHFULPSGLHV  :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH< +<35(66ŒD37DGDSWHUPXVWEHXVHG  :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH< +<35(66ŒD38$'3DGDSWHUPXVWEHXVHG



86





+

/

=

,QVWDOODWLRQ'DWD 'LH ,QGH[ << < 1R 3$7<

<





1R RI &ULPSV

 >@

 >@

 >@

2

82

82

82



 >@

 >@

 >@



8

8

8



 >@

 >@

 >@



8

8

8



 >@

 >@

 >@



8

6

3



 >@

 >@

 >@



8

6

3



 >@

 >@

 >@



8

6

3



7KHVHFRQQHFWRUVFDQQRWEHLQVWDOOHGZLWKWKH<RU< +<35(66Œ

ZZZEXUQG\FRP  

*URXQG5RG 'LD

35(&5,03'LHV



835(&5,03



835(&5,03



835(&5,03

8&$%7

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*& &233(5&5,03,7Œ 8//LVWHGIRUGLUHFWEXULDOLQHDUWKRUFRQFUHWH 3UH¿OOHGZLWK3(1(752;Œ(R[LGHLQKLELWRU

&DWDORJ 1XPEHU

&RSSHU&RQGXFWRU 6RO 6WU

+

/

'LH,QGH[

285

0'0'

1XPEHU RI&ULPSV

5XQ

7DS

<*&&

$:*

$:*







:

:



<*&&

$:*

$:*





%*

;%*

:%*



<*&&

$:*

$:*





%*

;%*

:%*



&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<6+* +,*+675(1*7+&233(5 ,55(9(56,%/(&2035(66,21 'RXEOH+7DS&RQQHFWRU 7\SH <6+* 'RXEOH +7DS JURXQGLQJ VHULHV LV FRPSULVHG RI ¿YH FRQQHFWRUV GHVLJQHG WR DFFRPPRGDWH ZLUH UDQJH VL]HV  WKURXJK  NFPLO LQFOXGLQJ JURXQG URG VL]HV   DQGUHEDUVL]HVDQG3UH¿OOHGZLWK 3(1(752;Œ(DQGVWULSVHDOHG

)HDWXUHV %HQHÀWV ‡8//LVWHG ¸6XLWDEOHIRUGLUHFWEXULDOLQHDUWKRUFRQFUHWH ‡0DWHULDOLVKLJKFRQGXFWLYLW\FRSSHU H[WUXVLRQ ¸0LQLPL]HVUHVLVWDQFHHOLPLQDWHV FRUURVLRQGXHWRGLVVLPLODUPHWDOV ‡*URRYHVDUHSUH¿OOHGZLWK3(1(752;Œ (R[LGHLQKLELWRUDQGLQGLYLGXDOO\VHDOHG ¸,QKLELWVPRLVWXUHDQGFRQWDPLQDQWV HQVXULQJHOHFWULFDOLQWHJULW\

)LJ &DWDORJ 1XPEHU

)LJ 

<6+*



<6+*





)LJ &RQGXFWRU6L]HV

)LJ 7RROLQJ RIFULPSV

0DLQ

7DS

7DS

7DS

3$7<

<

,QGH[ (PERVVPHQW

: “

7 “

/ “

 5HEDU >@*URXQG5RG



²

²

²

3<)5 

.5











²

3<)5 

.5







 5HEDU >@&X&ODG*URXQG5RG  ´*URXQG5RG NFPLO&RSSHU

<6+*



5HEDU >@*URXQG5RG NFPLO&RSSHU



²

²

8 

3  8  









<6+*



5HEDU >@*URXQG5RG NFPLO&RSSHU







8 

3   8 









 1RWIRUXVHRQƎVWHHOJURXQGURG  8VH38$'3DGDSWHU

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*+5& +<7$,/Œ +LJK6WUHQJWK,UUHYHUVLEOH &RPSUHVVLRQ*URXQG5RG7DS &RQQHFWRUV +LJK WRUTXH VWUHQJWK JURXQG URG FRQQHFWRUV $FFRPPRGDWHVDZLGHUDQJHRIFRSSHUFRQGXFWRUV WR JURXQG URG 8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH 3UH¿OOHG ZLWK 3(1(752;ŒFRPSRXQGDQGVWULSVHDOHG

&DWDORJ 1XPEHU

+

/

&RPPHUFLDO&RSSHU &DEOH5DQJH

1RPLQDO *URXQG5RG 'LD

<*+5&



>@

<*+5&



>@

<*+5&



<*+5&



6WU 'LD  6WU 'LD

,QVWDOODWLRQ7RROV'LH6HW&DWDORJ1XPEHU RI&ULPSV 3$7<  << ²



<*+5&



<*+5&



<*+5&







<*+5&







6  6  38 



6  38 



6  6  38 



6  38 

>@ >@





<*+5&

6  38 

>@

6WU 'LD  NFPLO 'LD

>@

8  38 

>@



<*+5&



>@



<*+5&

<  +<35(66Œ

NFPLO 'LD  NFPLO 'LD

*URXQGURGPXVWEHSUHFULPSHGZLWKGLH8&$%7 LQGH[    ZKHQWKH38GLHVDUHXVHGLQWKH<3$7< <<<DQG3$7WRROVSUHFULPSLQJLVQRW UHTXLUHGZKHQWKH366RU8GLHVDUH XVHG835(&5,03GLHVPD\EHXVHGIRUDGGLWLRQDO PHFKDQLFDOUHVLVWDQFHRQJURXQGURGV :KHUHD38GLHLVUHFRPPHQGHGZLWKWKH<  +<35(66ŒD37DGDSWHUPXVWEHXVHG :KHUHD38GLHLVUHFRPPHQGHGZLWKWKH<  +<35(66ŒD38$'3DGDSWHUPXVWEHXVHG 7KHVHFRQQHFWRUVFDQQRWEHLQVWDOOHGZLWKWKH<RU<  +<35(66Œ

&DQDGD 



>@ >@ >@

6 

<  +<35(66Œ



3  38 

3 

127(6 7KHFDWDORJQXPEHUVVKRZQDUHIRUXQSODWHGFRSSHUFRQQHFWRUVIRU XVHRQFRSSHUFODGRUVWDLQOHVVVWHHOJURXQGURG7RRUGHUHOHFWUR WLQSODWHGFRQQHFWRUVIRUXVHRQJDOYDQL]HGVWHHOJURXQGURGDGG VXI¿[³71´WRWKHFDWDORJQXPEHU7KHJURXQGURGKROHGLDPHWHULV ODUJHUIRUJDOYDQL]HGVWHHOJURXQGURGLQWKHWLQSODWHGFRQQHFWRU &RPSOHWHGLHFDWDORJQXPEHUVGRQRWDOZD\VDSSHDURQWKH FRQQHFWRUVRPHWLPHVLWLVWKHGLHLQGH[

3OHDVHFRQWDFW&XVWRPHU6HUYLFHIRUDSSOLFDWLRQVUHTXLULQJ,((( 

ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*+5& +<7$,/Œ +LJK6WUHQJWK,UUHYHUVLEOH &RPSUHVVLRQ*URXQG5RG7DS &RQQHFWRUV 7\SH <*+5& LUUHYHUVLEOH FRPSUHVVLRQ JURXQGLQJ FRQQHFWRU LV HQJLQHHUHG VSHFL¿FDOO\ IRU WKH 7HOHFRPPXQLFDWLRQV ,QGXVWU\ IRU   RU  VROLGWLQQHGRUEDUHFRQGXFWRUWDSV8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH%851'<ŠKDVGHVLJQHGWKLVFRQQHFWRU WR PHHW WKH VWULQJHQW UHTXLUHPHQWV RI 26+$ WKH 1DWLRQDO (OHFWULF &RGH 1(&  8/ DQG WKH 7HOHFRPPXQLFDWLRQV ,QGXVWU\ 3HUIRUPDQFH DQG ORQJ OLIH DUH WKLV FRQQHFWRU¶V EDVLF GHVLJQ JXLGHOLQHV

)HDWXUHV %HQHÀWV

¸)DFLOLWDWHVVSHHG\LQVSHFWLRQRI LQVWDOOHGFRQQHFWRUVWRHQVXUH FRQVLVWHQWO\UHOLDEOHDQGGHSHQGDEOH FRQQHFWLRQV ‡3UH¿OOHGZLWK3(1(752;ŒDQG LQGLYLGXDOO\VHDOHGLQFOHDUSRO\HWK\OHQH VKHHW ¸(QVXUHVWKHHOHFWULFDOLQWHJULW\RIWKH ¿QLVKHGFRQQHFWLRQE\LQKLELWLQJ PRLVWXUHDQGFRQWDPLQDWHVIURP HQWHULQJWKHFRQWDFWDUHD0DLQWDLQV ORQJWHUPKLJKFRQGXFWLYLW\ ‡8//LVWHG$FFHSWDEOHIRUGLUHFW EXULDO ¸0D\EHXVHGLQGLUHFWEXULDORU FRQFUHWHHPEHGGHGJURXQGLQJ DSSOLFDWLRQV3URYLGHVTXDOLW\ DVVXUDQFHWRUHFRJQL]HGLQGXVWU\1(& VWDQGDUGVIURPDQLQGHSHQGHQWSDUW\

‡7DSVLGHRUFRQGXFWRUV ¸2QHFRQQHFWRUVW\OHFDQEHXVHGIRU PDQ\DSSOLFDWLRQV ‡0DWHULDOLVKLJKFRQGXFWLYLW\ZURXJKW FRSSHUH[WUXVLRQLGHQWLFDOPDWHULDOWRWKH FRQGXFWRU ¸+LJKFRQGXFWLYLW\FRSSHUPLQLPL]HV UHVLVWDQFHDQGYROWDJHGURS(OLPLQDWHV WKHSRVVLELOLW\RIFRUURVLRQGXHWR GLVVLPLODUPHWDOV ‡6\VWHPHQJLQHHUHGWRROLQJ ¸(DFKWRROLQJUHFRPPHQGDWLRQKDV EHHQGHVLJQHGWRSURYLGHDUHOLDEOH GHSHQGDEOHFRQQHFWLRQ ‡7KHGLHLQGH[QXPEHULVHPERVVHGRQ FRQQHFWRUDIWHUFRPSOHWLRQRIFULPS

7$3

7$3

581

581 $1'

,QVWDOODWLRQ7RROV'LH6HW&DWDORJ1XPEHU RI&ULPSV

&DWDORJ1XPEHU

*URXQG5RG 'LDPHWHU







3$7<  <<



6RO&RSSHURU PD\EHFRQQHFWHG

38  8 

<*+5&:

7DS&RQGXFWRU

Š &RQWDFW%851'< IRURWKHUJURXQGURGGLDPHWHUV  38DQG8GLHVHWVUHTXLUH38$'3DGDSWHUIRUXVH  LQWKH<+<35(66Œ 7KH3$7DQG<XWLOL]H38GLHVDQGWKH8GLH  7KH<RQO\XVHV38GLH  7RRUGHUHOHFWURWLQSODWHGFRQQHFWRUIRUXVHRQJDOYDQL]HG  VWHHOJURXQGURGDGGVXI¿[³71´WRWKHFDWDORJQXPEHU7KH JURXQGURGKROHGLDPHWHULVODUJHUIRUJDOYDQL]HGVWHHOJURXQG URGLQWKHWLQSODWHGFRQQHFWRU

86







<

'LH,QGH[



38  8  3  3 





*URXQGURGPXVWEHSUHFULPSHGZLWKGLH8&$%7 ,QGH[   ZKHQ38GLHVHWLVXVHGLQWKH<<RU< +<35(66ŒWRROVIRUHYHQJUHDWHUPHFKDQLFDOUHVLVWDQFH XVH835(&5,03GLHV  7DSSRVLWLRQVPD\EHOHIWYRLGZKHQIHZHUWKDQ   FRQGXFWRUVDUHXVHG

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*+$ +
+HDY\ GXW\ +
&DWDORJ 1XPEHU

&RSSHU &RQGXFWRU 6L]H

,QVWDOODWLRQ7RROV'LH6HW&DWDORJ1XPEHUDQG RI&ULPSV   +<35(66Œ<<<<<3$7

%

&

/

7

<*+$&1

$:*

8&57 









<*+$1

$:*

857 









<*+$1

$:*

857 









<*+$1

$:*

857 









<*+$1

$:*

857 









<*+$1

NFPLO

857 









<*+$1

NFPLO

857 









<*+$1

NFPLO

857 









:KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<  +<35(66ŒD37DGDSWHUPXVWEHXVHG  :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH< +<35(66ŒD38$'3DGDSWHUPXVWEHXVHG

,(((4XDOL¿HG

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*$ +
&DWDORJ1XPEHU

)LJ 

)LJ )L 

,QVWDOODWLRQ7RROV'LH6HW&DW1RDQG RI&ULPSV

&RSSHU &RQGXFWRU 6L]H 6RO 6WU

<05

0HFKDQLFDO 0'5RU 285

<*$&7&



6RO6WU

5HG 

<*$&7&



6RO6WU

5HG 

<*$&7&



6RO6WU

5HG 

<*$&1



6RO6WU

5HG 

<*$&7&



6RO6WU

%OXH 

<*$&7&



6RO6WU

%OXH 

<*$&7&



6RO6WU

%OXH 

<*$&7&(*



6RO6WU

%OXH 

<*$&1



6RO6WU

%OXH 

<*$&7&



6RO6WU

%URZQ 

<*$&1



6WU

%URZQ 

<*$1



6WU

²

<*$1



6WU

²

<*$1



6WU

²

<*$1 <*$1

 

NFPLO NFPLO

² ²

:&97  ;&57  :&97  ;&57  :&97  ;&57  :&97  ;&57  :&97  ;&57  :&97  ;&57  :&97  ;&57  :&97  ;&57  :&97  ;&57  :&57  ;&57  :&57  ;&57  :97  ;57  :97  ;57  :97  ;57  :97  :97 

6WXG 6L]H

%

&

/

7

(

8&57 











²

8&57 











²

8&57 











²

8&57 













8&57 











²

8&57 











²

8&57 











²

8&57 













8&57 













8&57 













8&57 













857 













857 













857 













857  857 

 

 

 

 

 

 

+\GUDXOLF  <<<  <<3$7

:KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<+<35(66ŒD37DGDSWHUPXVWEHXVHG   :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<+<35(66ŒD38$'3DGDSWHUPXVWEHXVHG

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(*5281'7$% )RUDQ\PHWDOVWUXFWXUHUHTXLULQJ JURXQGLQJ 7KH%851'<Š*5281'7$%RIIHUVDFRQYHQLHQW DWWDFKPHQWSRLQWIRUWHUPLQDWLRQVRIJURXQGZLUHV WRVWHHOVWUXFWXUHVRUVWHHOVXSSRUWV7KHWDEVDUH HDVLO\ZHOGHGWRVWHHOZLWKWZRPRXQWLQJSDWWHUQ RSWLRQVDYDLODEOH7KHWDEVDUHPDGHRIVWHHO´ WKLFNDQGFDQEHXVHGWRDWWDFKKROHRUKROH WHUPLQDOV &RPSUHVVLRQ WHUPLQDOV PHFKDQLFDO WHUPLQDOVRU6(59,7Š3RVWVFDQEHXVHGWRDWWDFK JURXQGZLUHVWRVWHHOWDEV$OOFRQQHFWLRQRSWLRQV DQG QHFHVVDU\ KDUGZDUH DUH VROG VHSDUDWHO\ 2IWHQXVHGZKHQWUDGLWLRQDOFRQQHFWLRQPHWKRGV DUH QRW SUDFWLFDO RU ZKHQ WHPSRUDU\ JURXQGV DUHUHTXLUHG&RPPRQDSSOLFDWLRQVLQFOXGHODUJH JHQHUDWRUV PRELOH FRQVWUXFWLRQ VLWH PRGXOHV KRXVLQJVWUXFWXUHVEXLOWLQSHUPDIURVWDUHDVDQG LQ DQ\ PHWDO VWUXFWXUH UHTXLULQJ D SHUPDQHQW RU WHPSRUDU\JURXQGRSWLRQ

)HDWXUHV %HQHÀWV ‡ ‡

&RQYHQLHQW &DQEHXVHGWRDWWDFKKROHRUKROH WHUPLQDOV ´WKLFNVWHHO (DVLO\ZHOGVWRVWHHO 0DQ\FRQQHFWLRQRSWLRQV 8VHGZKHQWUDGLWLRQDORSWLRQVDUHQRW SUDFWLFDO

‡ ‡ ‡ ‡

$ERYH*5281'7$%ZLWK7\SH<*$ +<*5281'ŠFRPSUHVVLRQWHUPLQDODQG KDUGZDUH

&DWDORJ 1XPEHU

/ ,QFKHV

& ,QFKHV

7 ,QFKHV

1 ,QFKHV

1RRI +ROHV

+ROH6L]H .

+ROH6SDFLQJ ( ,QFKHV

*5281'7$%





´





´



*5281'7$%





´





´



5LJKW$SSOLFDWLRQLPDJHRI*5281'7$% XVHGZLWKWHUPLQDOV

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*+6 +
.185/(' 5,1*6 ,163(&7,21352%(+2/(6 )25&$%/(6723

+HDY\GXW\+
1RZ ,(((  4XDOLÀHG

&DWDORJ 1XPEHU

&RSSHU &RQGXFWRU 6L]H

,QVWDOODWLRQ7RROV'LH6HW&DWDORJ1XPEHUDQG RI&ULPSV   +<35(66Œ<<<<<3$7

%

/

<*+6&

$:*

8&57 





<*+6

$:*

857 





<*+6

$:*

857 





<*+6

$:*

857 





<*+6

$:*

857 





<*+6

NFPLO

857 





<*+6

NFPLO

857 





<*+6

NFPLO

857 





:KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<  +<35(66ŒD37DGDSWHUPXVWEHXVHG :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<  +<35(66ŒD38$'3DGDSWHUPXVWEHXVHG

,(((4XDOL¿HG

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*6 +
,QVWDOODWLRQ7RROV'LH6HW&DWDORJ1XPEHUDQG RI&ULPSV &DWDORJ 1XPEHU

0HFKDQLFDO

+\GUDXOLF

<057&

0'5

285

  <<< <3$7

&RSSHU &RQGXFWRU6L]H

%

/

<*6&

6RO6WU

5HG 

:&57:&97

;&57

8&57 





<*6&

6RO6WU

%OXH 

:&57:&97

;&57

8&57 





<*6&

6RO6WU

%URZQ 

:&97 

;&97 

8&57 





<*6

6RO6WU

²

:97 

;57 

857 





<*6

6WU

²

:97 

;57 

857 





<*6

6WU

²

:97 

;57 

857 





<*6

NFPLO

²

:97 

²

857 





<*6

NFPLO

²

:97 

²

857 





:KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<+<35(66ŒD37DGDSWHUPXVWEHXVHG   :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<+<35(66ŒD38$'3DGDSWHUPXVWEHXVHG

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*) *5281',1*3/$7( 7KH LUUHYHUVLEOH FRPSUHVVLRQ JURXQG SODWH LV GHVLJQHG WR ZLWKVWDQG WKH ULJRUV RI FRQFUHWH FRQVWUXFWLRQ7KHJURXQGSODWHVDUHPDGHRIKLJK VWUHQJWKKLJKFRQGXFWLYLW\FDVWFRSSHUDOOR\ERG\ ZLWKDSXUHZURXJKWFRSSHUFRPSUHVVLRQHOHPHQW ,Q DGGLWLRQ WR WKH WDSSHG 1(0$ VL]H KROHV DQG VSDFLQJRQWKHIDFHWKHSODWHFRPHVZLWKDWDSSHG KROHRQWKHXQGHUVLGHIRUHDVHRISRVLWLRQLQJSULRU WRSRXULQJWKHFRQFUHWH8//LVWHG$FFHSWDEOH IRUGLUHFWEXULDOLQHDUWKRUFRQFUHWH3UH¿OOHGZLWK 3(1(752;ŒFRPSRXQGDQGVWULSVHDOHG

)LJ

)LJ 127(6

 7KLVWDSSHGKROHPD\EHXVHGWRSRVLWLRQWKHJURXQGLQJSODWHRQDWKUHDGHGURGSULRUWRSODFHPHQWRI WKHFRQFUHWHWKUHDGZLWK())7KUHDGLVVWDQGDUG,IRWKHUWKUHDGLVUHTXLUHGDGGDSSURSULDWH VXI¿[FRGHWRFDWDORJQXPEHU ())7KUHDG  ())7KUHDG DQG  ())7KUHDG ([DPSOH<*)1LV<*)1ZLWK7KUHDG  3ODVWLFSOXJVDUHSURYLGHGWRNHHSGLUWRXWRIWKHWKUHDGHGKROHVXQWLOWKHDWWDFKPHQWRIJURXQGLQJ WHUPLQDOV

7DSSHG+ROHV &DWDORJ 1XPEHU

)LJ 

&

'

+

/

7

<

&RSSHU &RQGXFWRU 5DQJH

,QVWDOODWLRQ7RROV'LH6HW&DW 1RDQG RI&ULPSV +<35(66Œ

6L]H

+ROH &HQWHUV

3$7 << <

<

<





<*)1















$:*  NFPLO



8 

8 

8 

<*)1















$:*  NFPLO



8 

8 

8 

<*)1















 NFPLO NFPLO





8 

6  3 















 NFPLO NFPLO





8 

6  3 



<*)1 

 :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<+<35(66ŒD37DGDSWHUPXVWEHXVHG  :KHUHD³8´RU³38´GLHLVUHFRPPHQGHGZLWKWKH<+<35(66ŒD38$'3DGDSWHUPXVWEHXVHG  7KHVHFRQQHFWRUVFDQRQO\EHLQVWDOOHGXVLQJWKH<<RU<+<35(66ŒZLWKUHFRPPHQGHGGLHVWKH\FDQQRWEHLQVWDOOHGZLWKWKH<RU<+<35(66Œ

3OHDVHFRQWDFW&XVWRPHU6HUYLFHIRUDSSOLFDWLRQVUHTXLULQJ,(((

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*,% *5281'/,1.Œ  $Q LUUHYHUVLEOH FRPSUHVVLRQ JURXQG FRQQHFWLRQ ZKLFK DOORZV DWWDFKPHQW WR D VWUXFWXUDO VWHHO VWDQGDUG DQJOHG RUZLGHÀDQJH SDUDOOHO EHDP ,QVWDOOHGZLWKDUHTXLUHGSLHFHGLHVHW&DWDORJ 3,%($0.,7 RU 8,%($0.,7 'LH LQGH[  *5281'/,1.Œ FRQQHFWRUV DUH PDGH RI KLJK FRQGXFWLYLW\ ZURXJKW FRSSHU DQG FRPH SUH¿OOHG ZLWK3(1(752;Œ(FRPSRXQGDQGVWULSVHDOHG 2UGHUWHUPLQDOPRXQWLQJKDUGZDUHVHSDUDWHO\

127(6 7HUPLQDO FRQQHFWRU WR EH RUGHUHG VHSDUDWHO\ :KHQ,EHDPFRQQHFWRULVXVHGZLWKW\SH<*+$ WHUPLQDO WKH FRQQHFWLRQ PHHWV ,(((  <*$ 1 <$1 DQG RWKHU %851'<Š KROH 1(0$ FRSSHUWHUPLQDOVDUHVXLWDEOH

&RQQHFWRUVKLSSHGZLWKWKUHDGSURWHFWLRQVWXGVRQO\ 2UGHU70+*NLWVVHSDUDWHO\

,Q0LQLPXPÀDQJHGHSWK ,Q0LQLPXPÀDQJHZLGWK

<6HULHV XVH3,%($0.,7

<6HULHV XVH8,%($0.,7

)LJ

)LJ

6WDQGDUG%HDPV )ODQJH$QJOHG XVH<*,%6

+ROH1(0$ 6SDFLQJ

2UGHU 70+* 7HUPLQDO 0RXQWLQJ +DUGZDUH .LW VHSDUDWHO\.LWFRQVLVWVRIVWXGVÀDWZDVKHUV ORFNZDVKHUVDQGKH[QXWV 8VLQJWKHKH[NH\ZUHQFKVFUHZWKHVWXGLQWR WKHFRQQHFWRUXQWLOVWXGERWWRPVRXWLQFRQQHFWRU ,QVWDOO D <*+$ WHUPLQDO ÀDW ZDVKHU ORFNZDVKHU DQGKH[QXWRQWRVWXG7LJKWHQDQGWRUTXHWR SRXQGLQFKHV

³7´5HI0D[LPXP 7HUPLQDO3DG 7KLFNQHVV

'LPHQVLRQV VKRZQ LQ L%HDP )ODQJH 7KLFNQHVV FROXPQUHÀHFWWKHPLQLPXPGLPHQVLRQVUHTXLUHG RQDEHDPWRSURSHUW\LQVWDOOWKHL%HDPFRQQHFWRU 7R FRUUHFWO\ GHWHUPLQH WKH DSSURSULDWH <*,% FRQQHFWRUWRXVHEDVHGRQÀDQJHWKLFNQHVVRUGHU HLWKHU<*,%*$8*(RU<*,%.,7 .,7FRQWDLQV ZLUHPLNH 

&DQDGD 

:LGH)ODQJH%HDPV )ODQJH3DUDOOHO XVH<*,%:

7(50,1$/02817,1*+$5':$5( &DWDORJ1XPEHU

³7´

70+*



70+*



127(8VH70+*WRGRXEOHVWDFNOXJV

3OHDVH FRQWDFW &XVWRPHU 6HUYLFH IRU DSSOLFDWLRQV UHTXLULQJ,(((



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(<*,% *5281'/,1.Œ&211(&725 &RQWLQXHG &DWDORJ1XPEHU

&RSSHU&RQGXFWRU 6L]H

)LJ 

/

-

<*,%61

$:*$:*







<*,%:1

$:*$:*







<*,%61

NFPLONFPLO





<*,%:1

NFPLONFPLO



<*,%61

$:*$:*

<*,%:1

6XJJHVWHG7HUPLQDOV

,%HDP)ODQJH 7KLFNQHVV

&RSSHU&RQGXFWRU

7HUPLQDO



6WU$:* 6WU$:* 6WU$:* 6WU$:*

<*+$&1 <*+$1 <*+$1 <*+$1



NFPLO

<*+$1





NFPLO

<*+$1







$:*$:*







6WU$:* 6WU$:* 6WU$:* 6WU$:*

<*+$&1 <*+$1 <*+$1 <*+$1

<*,%61

NFPLONFPLO







NFPLO

<*+$1

<*,%:1

NFPLONFPLO







NFPLO

<*+$1

<*,%61

$:*$:*







<*,%:1

$:*$:*







6WU$:* 6WU$:* 6WU$:* 6WU$:*

<*+$&1 <*+$1 <*+$1 <*+$1

<*,%61

NFPLONFPLO







NFPLO

<*+$1

 

<*,%:1

NFPLONFPLO







NFPLO

<*+$1

<*,%61

$:*$:*







<*,%:1

$:*$:*







6WU$:* 6WU$:* 6WU$:* 6WU$:*

<*+$&1 <*+$1 <*+$1 <*+$1

<*,%61

NFPLONFPLO







NFPLO

<*+$1

       

<*,%:1

NFPLONFPLO







NFPLO

<*+$1

<*,%61

$:*$:*







<*,%:1

$:*$:*







6WU$:* 6WU$:* 6WU$:* 6WU$:*

<*+$&1 <*+$1 <*+$1 <*+$1

<*,%:1

NFPLONFPLO







NFPLO

<*+$1

<*,%61

$:*$:*







<*,%:1

$:*$:*







<*+$&1 <*+$1 <*+$1 <*+$1

<*,%61

NFPLONFPLO







6WU$:* 6WU$:* 6WU$:* 6WU$:* NFPLO NFPLO

<*,%:1

NFPLONFPLO







NFPLO

<*+$1

<*,%:1

$:*$:*









<*,%:1

$:*$:*









6WU$:* 6WU$:* 6WU$:*

<*+$1 <*+$&1 <*+$1











86



ZZZEXUQG\FRP  

<*+$1

7                    

                  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(*678'+< 9(56,7$,/Œ 6WUXFWXUDO6WHHO*URXQGLQJ&RQQHFWRU ,167$//$7,21 :HOGWKH9(56,7$,/ŒWRWKHVWHHOPHPEHU

)HDWXUHV %HQHÀWV

 6HOHFW WKH SURSHU FRQQHFWRU IRU \RXU VSHFL¿F DSSOLFDWLRQ

‡7KH9(56,7$,/ŒPD\EHZHOGHGWR VWHHOVXUIDFHVTXLFNO\DQGHDVLO\ZLWK QRUPDOFRQVWUXFWLRQHTXLSPHQW ‡7KH9(56,7$,/ŒHOLPLQDWHVFRVWO\GLVN JULQGLQJDQGWKHQHHGWRH[SRVHYLUJLQ PHWDOWKHZHOGLQJSURFHVVEXUQVWKURXJK WKHR[LGDWLRQDQG³VFDOH´WRHVWDEOLVK H[FHOOHQWHOHFWULFDOJURXQGLQJFRQWLQXLW\ ‡7KH9(56,7$,/ŒPD\EHLQVWDOOHGE\ WKHZHOGHULQWKH¿HOGRUDWWKHVWHHO IDEULFDWRUEDVHGRQFXVWRPHUSUHIHUHQFH ‡7KH9(56,7$,/ŒSXUHFRSSHUFRDWLQJ RYHUORZFDUERQKRWUROOHGVWHHOLV FRPSDWLEOHZLWKVWDQGDUGZHOGLQJ SURFHVVHVQRWR[LFJDVVHVDUH JHQHUDWHG ‡7KH9(56,7$,/ŒNQXUOHGVXUIDFHLV FRSSHUSODWHGDQGVSHFL¿FDOO\GHVLJQHG WRHQVXUHH[FHOOHQWPHFKDQLFDOJULSSLQJ DQGHOHFWULFDOLQWHJULW\IRU%851'<Š FRPSUHVVLRQDQGPHFKDQLFDOFRQQHFWRUV LQDOOJURXQGLQJDSSOLFDWLRQV ‡7KH9(56,7$,/ŒPD\EHLQVWDOOHG GXULQJDGYHUVHZHDWKHUFRQGLWLRQVWKXV HOLPLQDWLQJFRVWO\FRQVWUXFWLRQGHOD\V ‡/RZLQVWDOODWLRQFRVW ‡1RGULOOLQJ ‡1RFOHDQLQJ ‡1RVSHFLDOSUHSDUDWLRQ ‡/RZ&DUERQKRWUROOHGVWHHO

)25&2035(66,21&211(&7256 6HOHFWWKHSURSHU%851'<Š³<*+3´FRQQHFWRU &OHDQ WKH FRQGXFWRU MRLQ WKH 9(56,7$,/Œ DQG WKH JURXQGLQJ FRQGXFWRU WRJHWKHU ZLWK WKH UHFRPPHQGHG WRRO DQG GLH VHW WKHQ FULPS WKH FRQQHFWRU RYHU WKH NQXUOHG DUHD RI WKH 9(56,7$,/Œ )250(&+$1,&$/&211(&7256 6HOHFWWKHSURSHUO\VL]HG%851'<ŠFRQQHFWRU &OHDQWKHFRQGXFWRUWKHQDSSO\3(1(752;Œ ( R[LGH LQKLELWLQJ FRPSRXQG RQ WKH FRQWDFW DUHD IRU LQFUHDVHG HIIHFWLYHQHVV DQG VHUYLFH OLIH3XWWKHFRQQHFWRURYHUWKHNQXUOHGDUHDRI WKH9(56,7$,/ŒDQGDSSO\WKHUHFRPPHQGHG WRUTXHYDOXHIRUFRUUHFWLQVWDOODWLRQ

)/$77(1,1* 5(68/7$17 7 ƒ

 >@

7<3,&$/ /(77(5,1*

/

$ 672&. 'LD

.185/(' (1'

 >@

% 'LD29(5.185/

&DWDORJ1XPEHU

1RP5RG6L]H

$

%

/

7

(OHFWULFDO(TXLYDOHQW&RSSHU&RQGXFWRU 6L]H $:*

*678'+<













*678'+<













*678'+<

´











*678'+<













7KLVLVWKHHTXLYDOHQWUDWLQJIRUFRQWLQXRXVVHUYLFH /DUJHFRQGXFWRUVPD\EHFRQQHFWHGXVLQJERWKFRPSUHVVLRQ DQGEROWHGFRQQHFWRUVLQSRWHQWLDOJURXQGIDXOWDSSOLFDWLRQV

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

%851'<Š

7<3(6<*7 <77$* 6WDWLF*URXQGLQJ5HFHSWDFOH 7\SH <*7 VWDWLF JURXQGLQJ UHFHSWDFOHV DUH GHVLJQHG IRU VWDWLF JURXQGLQJ RI HTXLSPHQW 7KH UHFHSWDFOH LV FRQQHFWHG WR WKH JURXQG JULG ZLWK +<*5281'Š FRPSUHVVLRQ FRQQHFWRUV DQG ¿QLVKHGÀXVKZLWKVXUIDFHWRSURYLGHDSHUPDQHQW FRUURVLRQSURRIJURXQGLQJSRLQW

7\SH<*7 6WDWLF*URXQGLQJ5HFHSWDFOH ZLWK&RYHU

7\SH<77$*&RPELQDWLRQ 6WDWLF*URXQGLQJ5HFHSWDFOH DQG$LUFUDIW7LH'RZQ%DU

)LJ &DWDORJ 1XPEHU

)LJ

<*7



<77$*



+<*5281'Š &RQQHFWRU 6HOHFWVXLWDEOH<*+5<*+3RU<*/5 IRUJURXQGURGDQGVL]HGWRJURXQG FRQGXFWRU

)LJ

+

'

<'LD

='LD

7'





















127(6 ,QVWDOO<*+5<*+3RU<*/5RQ+XE<+XE=LVLQVHUWHG LQWRULJLGFRQGXLW7KHFRQGXLWLVGULYHQLQWRWKHHDUWK WRSURYLGHVXSSRUWDQGSURYLGHFRUUHFWOHYHORIUHFHSWDFOH SULRUWRFHPHQWSRXU

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ +<*5281'Š&RPSUHVVLRQ

7<3(<*% &RQQHFWRUIRU6WUXFWXUDO6WHHO RU%XV%DU 7KH%851'<Š<*%VHULHVRIFRPSUHVVLRQ FRQQHFWRUV DUH LGHDOO\ VXLWHG IRU EXV EDU FHOO WRZHU VWUXFWXUHV VWUXFWXUDO VWHHO DQG VWHHO LQIUDVWUXFWXUH VXFK DV HTXLSPHQW VXSSRUWVVWHHOUDLOLQJVDQGODGGHUV

)LJ

)LJ

7KHVHKLJKFRQGXFWLYLW\FRSSHUFRQQHFWRUV DOORZ DWWDFKPHQW RI D JURXQG FRQGXFWRU WRVWUXFWXUDOVWHHOUDLORUEXVEDUZLWKMXVW RQH FULPS XVLQJ D %851'<Š VW\OH +<35(66Œ KHDG 7KH H[FOXVLYH GHVLJQ DOORZVWKHXVHUWRDWWDFKWDSFRQGXFWRU V  WR ´ WR ´ WKLFN UDLO EXV EDU RU ÀDW VWHHO

)LJ

0RVW FRQQHFWRUV DUH VXLWDEOH IRU  RU  FRQGXFWRUV IRU SRZHU RU JURXQGLQJ DQG ERQGLQJ DSSOLFDWLRQV 3UH¿OOHG ZLWK 3(1(752;ŒFRPSRXQGZLWKWKHDGGLWLRQ RIDJULWPDWHULDODQGVWULSVHDOHG

&DWDORJ 1XPEHU

)LJXUH

6WHHO%DU 7KLFNQHVV

7DS&RQGXFWRU V $FFRPPRGDWHG

7RROLQJ

,QVWDOODWLRQ 'LH

RI&ULPSV

<*%7&&&c



´

6RODQGRU6WU&RSSHU 6RODQGRU6WU&RSSHU

3$7<

8



<*%7&&&d



´

$:*$:*&RSSHU

3$7<

8



<*%7&e



´´

$:*6WUWR$:*6WU&RSSHU

3$7<

8



<*%7&f



´´

$:*6WUWR$:*6WU&RSSHU

3$7.

.



)RU7LQ3ODWLQJDGGWKH73VXIIL[ c8//LVWHG&6$&HUWLILHG5DWHGIRU'LUHFW%XULDOFDQDFFHSWRUFRQGXFWRUV d8VKDSHGWDSJURRYHFDQRQO\EHXVHGZLWK6ROLGZLUHFDQDFFHSWRUFRQGXFWRUVVXLWDEOHIRUFRQWLQXRXVXQFXWFRQGXFWRUDSSOLFDWLRQV eF8/XVOLVWHG5DWHGIRU'LUHFW%XULDOFDQDFFHSWRQO\FRQGXFWRU fF8/XVOLVWHG5DWHGIRU'LUHFW%XULDOFDQDFFHSWRQO\FRQGXFWRU3$7.VW\OHWRRORQO\PD\EHXVHGIRULQVWDOODWLRQ

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

0(&+$1,&$/*5281',1* &211(&7256 0RUH WKDQ  \HDUV RI WHFKQRORJLFDO LQQRYDWLRQ KDV PDGH %851'<Š PHFKDQLFDO JURXQGLQJ FRQQHFWRUV RQH RI WKH PRVW ZLGHO\ XVHG KLJKO\ UHVSHFWHGOLQHVLQWKHLQGXVWU\7KHUHLVYLUWXDOO\QR JURXQGLQJDSSOLFDWLRQSUREOHPWKDWWKLVGLYHUVL¿HG OLQHFDQQRWKHOSVROYH

$OO %851'< PHFKDQLFDO JURXQGLQJ FRQQHFWRUV KDYH EHHQ GHVLJQHG IRU HDV\ LQVWDOODWLRQ DQG IRU RXWVWDQGLQJ GXUDELOLW\ 2QO\ WKH ¿QHVW KLJK FRSSHU DOOR\V DUH XVHG LQ WKHLU PDQXIDFWXUH HQVXULQJWRSSHUIRUPDQFHXQGHUWKHPRVWH[WUHPH HQYLURQPHQWDOFRQGLWLRQV

8//LVWHGIRUGLUHFWEXULDODSSOLFDWLRQVLQHDUWK RUFRQFUHWH

7<3(6.&.& 6(59,73267Œ )RU&RSSHU&DEOHWR)ODW 6(59,73267ŒXVHGWRJURXQGRQHRUWZRFDEOHV WRVWHHOVWUXFWXUHVIHQFHSRVWVWUDQVIRUPHUV$OVR XVHGWRWDSRQHRUWZRFDEOHVIURPEXVEDU2QH ZUHQFKLQVWDOODWLRQ

7<3(.& 2QH:LUH .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% ³ .& .&% .& .&%

7<3(.& 2QHRU7ZR:LUHV .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .&* .& .&% .& .&%

.&

6WUDQGHG

6ROLG

$:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*NFPLO $:*NFPLO $:*NFPLO $:*NFPLO

$:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* $:*$:* 1$ 1$ 1$ 1$

6WXG 'LDPHWHU                     

.&

%

&)[

&)\

'

+

++

                    

                    

                    

                    

                    

                    

127(

1RW8/UDWHG $GG³163´VXI¿[WRFDWDORJQXPEHUVWRKDYHFRQQHFWRUVXSSOLHGZLWKVSOLWORFNZDVKHUDQGQXW

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(6% +DQG\%XJŒ&RQQHFWRU )RU3RZHURU*URXQGLQJ 7UDGLWLRQDO6SOLW%ROW 5XQ 7DS 6SOLFH :LUHWRSLSHVWHHOEXVEDU RUZLUHV 7DS6SOLFH7HUPLQDWH

7DS6SOLFHRU7HUPLQDWH 7KH +DQG\%XJŒ FRQQHFWRU LV DQ ³DOOLQRQH´ HOHFWULFDOFRQQHFWRUWKDWFDQEHXVHGIRUGR]HQV RI GLIIHUHQW SRZHU RU JURXQGLQJ FRQQHFWLRQ DSSOLFDWLRQV 7KLV QHZ FRQQHFWRU LV WKH ³VXUYLYDO WRRO´ RI HOHFWULFDO FRQQHFWLRQV DQG FDQ EH XVHG DV D VSOLFH WDS WHUPLQDO ZLUH WR SLSH ZLUH WR EXVEDUDQGPDQ\RWKHURSWLRQV7KH+DQG\%XJŒ LQFRUSRUDWHVWKHIHDWXUHVDQGEHQH¿WVRIGR]HQV RIGLIIHUHQWSURGXFWV$YDLODEOHLQWZRVL]HVWKHVH FRQQHFWRUVDFFRPPRGDWHIURP$:*6ROLGWR $:*6WUDQGHG

7UDGLWLRQDO 6SOLW%ROW 2SWLRQ ,GHDO IRU HPHUJHQF\ UHSDLUV PDLQWHQDQFH

6SOLFH &RQQHFWLRQ

FUHZV DQG WHFKQLFLDQV DQG DQ HVVHQWLDO SDUW RI HYHU\ HOHFWULFLDQ¶V EDVLF VXSSOLHV F8/XV /LVWHG $FFHSWDEOHIRUGLUHFWEXULDOLQHDUWKDQGFRQFUHWH

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡

7HUPLQDWH RU :LUHV

3RZHURU*URXQGLQJDQG%RQGLQJ $SSOLFDWLRQV &DQEHXVHGWRWHUPLQDWHZLUHVWREXV EDUVRUVWHHO &DQEHXVHGIRUVSOLFLQJDQGWDS FRQQHFWLRQV 1RVSHFLDOWRROLQJUHTXLUHG 8//LVWHGIRUWKH86DQG&DQDGLDQ PDUNHWV F8/XV8/ 8/$% 5DWHGIRU'LUHFW%XULDO 7LQSODWHG ,QGXVWU\VWDQGDUGPRXQWLQJKROH FRQ¿JXUDWLRQV

:LUHWR 3LSHRU 6WHHO

(

+

' &

) &DWDORJ 1XPEHU

6WUDQGHG

6ROLG

6WXG'LDPHWHU

&

+

'

(

)

6%7&

$:*$:*

$:*$:*



>@

>@

>@





6%7&

$:*$:*

$:*$:*



>@

>@

>@





6%8

$:*$:*

$:*$:*



>@

>@

>@

1$



6%7&

$:*$:*

$:*$:*



>@

>@

>@





6%7&

$:*$:*

$:*$:*



>@

>@

>@





6%8

$:*$:*

$:*$:*



>@

>@

>@

1$



6XI¿[8GHQRWHVXQGULOOHGYHUVLRQQRWF8/XV/LVWHG

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(.&.) %XONKHDG*URXQG&RQQHFWRU 7KH ³%XONKHDG´ FRQQHFWRU LV GHVLJQHG WR DOORZ D JURXQG ZLUH WR EH FRQQHFWHG IURP WKH LQVLGH RI D ER[ RU HQFORVXUH WR WKH RXWVLGH RI D ER[ RU HQFORVXUH 7KLV QHZ FRQQHFWRU LV VXSSOLHG LQ NLW IRUP ZLWK D PDOH 6(59,7 3267Œ IHPDOH 6(59,7Š   VWDLQOHVV VWHHO ZDVKHUV VSOLW ORFN ZDVKHU DQG VHDOLQJZDVKHU 7KH DYDLODEOH ³$SSOLFDWLRQ *XLGHOLQH´ GRFXPHQW KHOSV GHVFULEH WKH DSSOLFDWLRQ ZLWK YLVXDOV DQG LQVWDOODWLRQH[DPSOHV

)HDWXUHV %HQHÀWV ‡ 3URYLGHVDQHDV\ZD\WRFRQQHFWJURXQGZLUHV ³WKURXJK´DQHQFORVXUHZDOO ‡ ,QFOXGHV0DOH6(59,73267Œ)HPDOH 6(59,7Š  6WDLQOHVV6WHHO:DVKHUV6SOLW /RFN:DVKHU6HDOLQJ:DVKHU ‡ 6SOLW/RFN:DVKHUDOORZVDGMXVWPHQWRI FRQGXFWRURULHQWDWLRQ

‡ 0DGHRI6LOLFRQ%URQ]HPDWHULDO FRQQHFWRUV  DQG6WDLQOHVV6WHHO+DUGZDUH6HDOLQJ:DVKHU ‡ 0HHWV1(0$;UHTXLUHPHQWVZKHQLQVWDOOHG FRUUHFWO\ ‡ $SSOLFDWLRQ*XLGHOLQHGRFXPHQWDYDLODEOH ‡ ,QGXVWU\SURYHQVSOLWEROW6(59,73267Œ WHFKQRORJ\ 4W\ 'HVFULSWLRQ 



0DOH6HUYLW3RVW





6WDLQOHVV6WHHO6SOLW/RFN :DVKHU





6WDLQOHVV6WHHO)ODW:DVKHU





6HDOLQJ:DVKHU





)HPDOH6(59,7Š

2QHIODWZDVKHUDQGVHDOLQJZDVKHUWREH LQVWDOOHGRQRXWVLGHRIER[RUZKHUHDSSOLFDEOH WRVLGHRIZDOOH[SRVHGWRDWPRVSKHULFRU FRQWDPLQDWHGFRQGLWLRQV5HPDLQLQJKDUGZDUHWR EHPRXQWHGWRRSSRVLWHVLGHRIWKHZDOODVVKRZQ

$&&2002'$7(6 $:*

0(75,&

&DWDORJ 1XPEHU

675$1'('

62/,'

675$1'('

.&.)

   

   

PP   PP  

>@



.&.)

   

   

PP  PP 

>@



.&.)

   

   

PP  PP 

>@





18772548( ,1/%6>10@ 

0$;7+58+2/(

1RWHV 'LPHQVLRQVLQ DUHFDEOHGLDPHWHUV 'LDPHWHUVRI$:*ZLUHVDUHLQLQFKHV 'LDPHWHUVIRUPHWULFZLUHVDUHJLYHQLQPP

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(6.&-(4&& 7UDQVIRUPHU*URXQG&RQQHFWRUV )RU&RSSHU )LWV DOO VWDQGDUG ((,1(0$ GLVWULEXWLRQ WUDQVIRUPHUVDVWDQNJURXQGLQJWHUPLQDO &DWDORJ1XPEHU

5DQJHV

.&-7

6RO6RO

.&

6RO6WU

.&-7

6WU

(4&&

6RO6WU

7<3(.6 6(59,7Š )RU&RSSHU 8//LVWHGIRUGLUHFWEXULDODSSOLFDWLRQVLQHDUWK RUFRQFUHWH&RPSDFWKLJKVWUHQJWKKLJKFRSSHU DOOR\6(59,7ŠVSOLWEROWKDVIUHHUXQQLQJWKUHDGV DQGHDV\WRJULSZUHQFKÀDWV+LJKO\UHVLVWDQWWR FUDFNLQJDQGFRUURVLRQ

&DWDORJ 1XPEHU

&URVV)ODWV

/

:

&RSSHU&RQGXFWRU 5DQJH

5HEDUZLWK  6RO&X

5HFRPPHQGHG 7LJKWHQLQJ 7RUTXH LQOE

.6







6WU

6WU



.6







6WU6RO

6WU



.6







6WU6RO

6WU



.6







6WU6RO

6WU



.6







6WU6WU

6WU



.6







6WU6WU

6WU



.6







6WU6WU

6WU



.6







6WU6WU

6RO



.6







6WU

6WU



.6







6WU

6WU



.6







6WU

6WU



&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3())*

)HDWXUHV %HQHÀWV

)HQFH)DEULF*URXQG&ODPSV

‡ ‡

)HQFHJURXQGLQJV\VWHPVDUHGHVLJQHGWRSURYLGH SURWHFWLRQ DJDLQVW GDQJHURXV ³WRXFK´ SRWHQWLDOV 7KH )HQFH )DEULF *URXQG &ODPS LV DQ LQWHJUDO FRPSRQHQWRIWKLVSHUVRQQHOVDIHW\V\VWHP

‡ ‡

:LWK LWV XQLTXH GHVLJQ WKH FODPS FDQ IRUP D FRQQHFWLRQ DW YLUWXDOO\ DQ\ DQJOH 6SHFL¿F XVHV LQFOXGHFRQQHFWLRQWRERWKIHQFHIDEULFDQGEDUEHG ZLUH 7KH FRQGXFWRU PDLQWDLQV D SDWK WR JURXQG ZKLOH FRQQHFWHG WR DQ REMHFW WKDW LV SDUDOOHO SHUSHQGLFXODURUDQ\GHJUHHLQEHWZHHQ

‡

&DWDORJ1XPEHU (OHFWURSODWHGWLQQHGEUDVVFODPSLQFOXGHVVWDLQOHVV VWHHOKDUGZDUHDQGDOORZVIRUXVHRQPRVWPHWDOOLF VXUIDFHV LQFOXGLQJ JDOYDQL]HG VWHHO 2WKHU VL]HV DYDLODEOHSOHDVHFRQWDFWIDFWRU\IRULQIRUPDWLRQ /LVWHGWR8/DQG8/

&RQGXFWRU6L]H

&ODPSFDQIRUPFRQQHFWLRQVDWYLUWXDOO\DQ\ DQJOH (OHFWURSODWHGWLQQHGEUDVVFODPSLQFOXGHV VWDLQOHVVVWHHOKDUGZDUH )RUXVHZLWKPRVWPHWDOOLFVXUIDFHV LQFOXGLQJJDOYDQL]HG &RQGXFWRUPDLQWDLQVSDWKWRJURXQG ZKLOHFRQQHFWHGWRREMHFWWKDWLVSDUDOOHO SHUSHQGLFXODURUDQ\GHJUHHLQEHWZHHQ 2WKHUVL]HVDYDLODEOHFRQWDFWWKHIDFWRU\IRU PRUHLQIRUPDWLRQ

5HFRPPHQGHG 7RUTXH LQOE

))*&





))*&





))*&





))*&





))*&





8/RQO\

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*.$ )RU&RSSHU 8/ /LVWHG IRU GLUHFW EXULDO DSSOLFDWLRQV LQ HDUWK RU FRQFUHWH 2QHSLHFH ERG\ FRQVWUXFWLRQ LQVXUHV PHFKDQLFDO LQWHJULW\ LQ DQ XQGHUJURXQG HQYLURQPHQW 6XSSOLHG ZLWK VWDLQOHVV VWHHO KHDGOHVV VFUHZ WKH *.$6% DQG *.$6% KDYHVLOLFRQEURQ]HKDUGZDUH

&DWDORJ1XPEHU

&DEOH5DQJH

%

&

+

-'LD

.

/

*.$&

$:*$:*







 6ORW





*.$&

$:*$:*







 6ORW





*.$

$:*$:*







 +H[





*.$

$:*$:*







 +H[





*.$6%

$:*$:*







 +H[





*.$6%

$:*$:*







 +H[





*.$&*.$&DUHF8/XV/LVWHG

7<3(.3% )RU&RSSHU 8//LVWHGIRUGLUHFWEXULDOLQHDUWKRUFRQFUHWH 8/ OLVWHG 7KLV H[FOXVLYH %851'<Š GHVLJQ DFFRPPRGDWHVFRSSHUZKHUHFRQWLQXRXV FRQGXFWRUUXQVDUHSUHIHUDEOH

&DWDORJ 1XPEHU

&RSSHU&DEOH 5DQJH

6WXG +ROH

.3%&* 

$:*$:*



 &DQEHDVVHPEOHGZLWKRSWLRQDO70+66VWDLQ OHVVVWHHOKDUGZDUHNLWRUGHUHGVHSDUDWHO\

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š &/71 &/71%8/. /LVWHGWR8/ IRU6RODU$SSOLFDWLRQV

7<3(6&/ &/71 1 &233(5/$<,14,./8*Œ )RU&RSSHU 7KH /D\,Q 4,./8*Œ LV PDQXIDFWXUHG IURP KLJK VWUHQJWK SXUH HOHFWURO\WLF FRSSHU WR HQVXUH PD[LPXP VWUHQJWK DQG FRQGXFWLYLW\ 8/ /LVWHG IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH 7KH RSHQIDFHG GHVLJQ DOORZV IRU IDVW OD\LQ RI WKH FRQGXFWRUZLWKRXWWKHQHHGIRUFXWWLQJRUEUHDNLQJ 6WDLQOHVVVWHHOVFUHZVXVHGIRUH[FHOOHQWFRUURVLRQ UHVLVWDQFH



&DWDORJ1XPEHU &/ &/71 &/71%8/.



&RQGXFWRU5DQJH $:*$:* $:*$:* $:*$:*

6WXG+ROH   

5HFRPPHQGHG7RUTXHE\:LUH6L]H  LQOE  $:*  $:*  LQOE  $:*  LQOE

&/71 &/71%8/./LVWHGWRERWK8/IRU6RODU$SSOLFDWLRQVDQG8/IRUGLUHFWEXULDO

3KRWRDERYHVKRZVDW\SLFDOVRODUSDQHOLQVWDOODWLRQXVLQJ&/71FRQQHFWRUV

7<3(&/ &233(5/$<,14,./8*Œ )25&233(5 0DQXIDFWXUHG IRU PD[LPXP VWUHQJWK DQG FRQGXFWLYLW\WKHVHOD\LQOXJVDOORZIRUFRQWLQXRXV UXQV RI FRQGXFWRU DQG DUH ZHOO VXLWHG DV WHUPLQDWLRQV DV ZHOO 7LQSODWHG VHW VFUHZ VW\OH FRQQHFWRUV WKUHH VL]HV FRYHU D UDQJH IURP  $:*WRNFPLO &/71DQG&/71DUH8/$% :LUH&RQQHFWRUVDQG&6$&HUWL¿HG&/71 8//LVWHGIRUJURXQGLQJDQG&6$&HUWL¿HGƒ& UDWHG6XLWDEOHIRUFRSSHUFRQGXFWRUVRQO\

86



+

&DWDORJ1XPEHU

:LUH5DQJH&RSSHU

+

:

/

7

.'LD

+H[6L]H

&/71

$:*











 6ORWWHG

&/71

$:*











 +H[

&/71

$:*NFPLO











 +H[

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(%*%6 $OXPLQXP/D\LQOXJIRUVRODUDQG RWKHUJURXQGLQJDSSOLFDWLRQV 7KH QHZ DOXPLQXP OD\LQ OXJV %*%6 VHULHV DUH VXLWDEOH IRU VRODU SDQHO DQG RWKHU JURXQGLQJ DSSOLFDWLRQV7KHFRQQHFWRUVDUHXVHGZLWKIUDPHV RUVRODUSDQHOVZLWKDPD[LPXPWKLFNQHVVRI LQFK 7KH\ DUH DOVR VXLWDEOH IRU FDEOH WR EXV RU FDEOHWRVWHHOFRQQHFWLRQVZKHUHWKHOD\LQIHDWXUH LVQHFHVVDU\

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡

*URXQGLQJDQG%RQGLQJ (TXLSPHQW

0DGHRIKLJKVWUHQJWKDOXPLQXPDOOR\ (OHFWUR7LQSODWHG 6WDLQOHVV6WHHOKDUGZDUH /D\LQIHDWXUH &RQGXFWRUVL]H&RSSHU ‡ $:*$:*67562/ &RQGXFWRUVL]H$OXPLQXP ‡ $:*$:*67562/ &XSSRLQWVFUHZWKDWSHQHWUDWHVWKH DQRGL]DWLRQRQUDLOV 6HUUDWLRQVLQFRQGXFWRUZLUHZD\FXWV WKURXJKR[LGDWLRQ 6XLWDEOHIRUDSSOLFDWLRQVXSWRLQFKWKLFN VRODUSDQHOV /LVWHGIRU*URXQGLQJDQG%RQGLQJSHU 8/DQG&6$&1R /LVWHGIRUXVHZLWK3KRWRYROWDLF0RGXOHV  3DQHOVSHU8/

)LJ

&DWDORJ 1XPEHU

&RQGXFWRU6L]H &RSSHU

&RQGXFWRU6L]H $OXPLQXP

%*%6

$:* 67562/

$:* 67562/

%*%6

%*%6

%*%6

%*%6 %851'< *URXQGLQJ DQG %RQGLQJ OXJV IRU 6RODU DQG RWKHU DSSOLFDWLRQV  /D\LQ OXJV DUH /LVWHGIRUJURXQGLQJDQGERQGLQJSHU8/DQG &6$&1RDOVRIRUXVHZLWK3KRWRYROWDLF 0RGXOHV SHU 8/  7KH\ FDQ EH XVHG ZLWK FRSSHUDQGDOXPLQXPFDEOHV7KHFRQQHFWRUVDUH DOVRDYDLODEOHLQEXON

&DQDGD 



3KRWRYROWDLF *URXQG/XJV

)LJ

)LJ

/

:

+

%XON &DWDORJ1R

5HFRPPHQGHG 7RUTXH LQOEV









%*%6%8/.









%*%6%8/.

LQOEV LQOEV

ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*$5 )RU3DUDOOHORUƒ&RSSHU&DEOH &RQQHFWLRQWR5RGRU3LSHZLWKWKH 6DPH&RQQHFWRU +LJKFRSSHUDOOR\JURXQGFRQQHFWRUIRUMRLQLQJD UDQJHRIFDEOHSDUDOOHORUDWULJKWDQJOHVWRURGRU WXEH(VSHFLDOO\JRRGIRUIHQFHSRVWV+LJKFRSSHU DOOR\FDVWERG\ZLWK'85,80Œ8EROWVQXWVDQG ORFNZDVKHUVSHUPLWHQWLUHFRQQHFWLRQWREHEXULHG LQJURXQGRUFRQFUHWHZLWKRXWGDQJHURIFRUURVLRQ

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡

:LUHWR5HEDU )HQFH3RVW*URXQGLQJ&RQQHFWRU :LUHWR3LSH 2QHZUHQFKLQVWDOODWLRQ 8//LVWHG $FFHSWDEOHIRUGLUHFWEXULDO

:LUHDW5LJKW$QJOHWR3LSH

:LUH3DUDOOHOWR3LSH

&RQGXFWRU &DWDORJ1XPEHU

7XEH,36

5RG6L]HRU 2'5DQJH

5HEDU6L]H

&DEOH5DQJH

*$5&





²

6RO6WU

+

-

:







*$5





²

6RO6WU







*$5





²

6RO







*$5&







6RO6WU







*$5







6RO6WU







*$5







6RO







*$5















*$5&







6RO6WU







*$5







6RO6WU







*$5







6RO







*$5















*$5&







6RO6WU







*$5







6RO6WU







*$5







6RO







*$5















*$5&







6RO6WU







*$5







6RO6WU







*$5







6RO







*$5















7KLVLVWKH³7UDGH´3LSH6L]HUHIHUHQFH

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*$5 &RQWLQXHG &RQGXFWRU &DWDORJ1XPEHU

7XEH,36

5HEDU6L]H

5RG6L]HRU 2'5DQJH

&DEOH5DQJH

*$5&



²



6RO6WU

+

-

:







*$5



²



6RO6WU







*$5



²



6RO







*$5



²











*$5&



²



6RO6WU







*$5



²



6RO6WU







*$5



²



6RO







*$5



²











*$5&



²



6RO6WU







*$5



²



6RO6WU







*$5



²



6RO







*$5



²











*$5&



²



6RO6WU







*$5



²



6RO6WU







*$5



²



6RO







*$5



²











*$5&



²



6RO6WU







*$5



²



6RO6WU







*$5



²



6RO







*$5



²











*$5&



²



6RO6WU







*$5



²



6RO6WU







*$5



²



6RO







*$5



²











*$5&



²

²

6RO6WU







*$5



²

²

6RO6WU







*$5



²

²

6RO







*$5



²

²









*$5



²

²

6RO







*$5



²

²









7KLVLVWKH³7UDGH´3LSH6L]HUHIHUHQFH 127( &RQWDFW%851'<ŠIRUDGGLWLRQDOSLSHDQGZLUHVL]HFRPELQDWLRQVQRWVKRZQ

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(6*$5%8$1' *$56(5,(6 *URXQG&RQQHFWRUV 7\SH*$5%8LVDKLJKFRQGXFWLYLW\FRSSHUJURXQG FRQQHFWRUIRUFRQQHFWLQJDVPDOOWRPHGLXPUDQJH FRSSHUJURXQGFRQGXFWRUWRZDWHUSLSHDVZHOODV VWUXFWXUDO DQG UHLQIRUFLQJ URG VKDSHV 8QLYHUVDO DFFHSWDQFHRIVHYHUDOVL]HVRIF\OLQGULFDOVKDSHV PDNHVWKLVVXLWDEOHIRULQGXVWULDOFRQVWUXFWLRQDQG PDLQWHQDQFHZRUNDVZHOODVFDWKRGLFSURWHFWLRQ &DEOHFODPSVZLYHOVWRSHUPLWSDUDOOHOJURXQGLQJ RIRQHSLSHRUƒGHJUHHFDEOHUXQIRUJURXQGLQJ VHYHUDO SDUDOOHO SLSHV 6LQJOH ZUHQFK LQVWDOODWLRQ 8//LVWHGDQG&6$&HUWL¿HG

)HDWXUHV %HQHÀWV ‡&DEOHFODPSVZLYHOVDWƒ ¸3HUPLWVSDUDOOHOJURXQGLQJRIRQHSLSHRUD ƒFDEOHUXQIRUJURXQGLQJVHYHUDOSDUDOOHO SLSHV ‡2QHZUHQFKLQVWDOODWLRQ ¸6LPSOL¿HGLQVWDOODWLRQ

‡'85,80ŒVLOLFRQEURQ]HKDUGZDUH %86HULHV ¸/RQJODVWLQJFRUURVLRQUHVLVWDQFHDQG DFFHSWDEOHIRUGLUHFWEXULDOLQHDUWKRU FRQFUHWH ‡8//LVWHG ¸3URYLGHVTXDOLW\DVVXUDQFHWR UHFRJQL]HGLQGXVWU\1(&VWDQGDUGV IURPDQLQGHSHQGHQWSDUW\



&DWDORJ 1XPEHU *$5%8



&DEOH5DQJH

,366L]H

2'5DQJH

+

-

:

5HFRPPHQGHG 7LJKWHQLQJ 7RUTXH

$:*











LQOEV

*$5%8



$:*











LQOEV

*$5%8



$:*











LQOEV

*$5%8



$:*











LQOEV

*$5%8



$:*











LQOEV

*$5%8



$:*











LQOEV

*$5%8



$:*











LQOEV

*$5%8



$:*











LQOEV

$:*











LQOEV

*$5 *$5

$:*











LQOEV

*$5

$:*











LQOEV

*$5

$:*











LQOEV

*$5

$:*











LQOEV

*$5

$:*











LQOEV

*$5

$:*











LQOEV

*$5

$:*











LQOEV

127( 7\SH*$5%8LVVXSSOLHGZLWK'85,80ŒVLOLFRQEURQ]HKDUGZDUHDQGLV/LVWHGIRUGLUHFWEXULDO 

5HIHUWR6HFWLRQ2IRUWXEHGLPHQVLRQV

7<3(*$55% )RU5HLQIRUFHPHQW%DU 127( 8//LVWHGIRUGLUHFWEXULDOLQHDUWKRUFRQFUHWH

&DWDORJ 1XPEHU

5HEDU

,36

2'5DQJH

5RG6L]H

*$5&5%

 







86



ZZZEXUQG\FRP  

&RSSHU&RQGXFWRU 0LQ

0D[

6RO

6WU

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*$57& :DWHU3LSH *URXQG&RQQHFWRU 7\SH *$57& LV D KLJKFRQGXFWLYLW\ FRSSHU JURXQG FRQQHFWRU WKDW IHDWXUHV D SUHGULOOHG SDG DOORZLQJ D KROH FRPSUHVVLRQ WHUPLQDO WR EH GLUHFWO\ FRQQHFWHG WR ZDWHU SLSH DV ZHOO DV VWUXFWXUDO DQG UHLQIRUFLQJ URG VKDSHV 8QLYHUVDO DFFHSWDQFHRIVHYHUDOVL]HVRIF\OLQGULFDOVKDSHV PDNHVWKLVVXLWDEOHIRULQGXVWULDOFRQVWUXFWLRQDQG PDLQWHQDQFHZRUNDVZHOODVWHOHFRPPXQLFDWLRQV JURXQGLQJ7HUPLQDOPD\EHPRXQWHGSDUDOOHOƒ RUƒGHJUHHVWRWKHSLSH$FFHSWDEOHIRUGLUHFW EXULDO

)LJ

3$7(17('

)HDWXUHV %HQHÀWV ‡/DUJHVPRRWKFRQQHFWRUFRQWDFWDUHD EHWZHHQSLSHDQGJURXQGFODPS ¸3URYLGHVODUJHVXUIDFHFRQWDFWDUHDWR PD[LPL]HFRQWDFWDUHDEHWZHHQ FRQQHFWRUDQGSLSH ‡7KH*$57&PRXQWLQJSDGSHUPLWV SDUDOOHOƒRUƒDQJOHFRQQHFWLRQVWR WKHSLSH ¸3URYLGHVPD[LPXPÀH[LELOLW\IRU¿HOGLQVWDOODWLRQ ‡3UHGULOOHGSDGIRU  EROWVRQ FHQWHUV ¸$OORZVGLUHFWPRXQWLQJRI  KROH FRPSUHVVLRQWHUPLQDOVXSWRNFPLO WRSLSH

02817,1*3$' )25   %2/76FHQWHUV

‡'85,80ŒVLOLFRQEURQ]HKDUGZDUH ¸3URYLGHORQJODVWLQJFRUURVLRQ UHVLVWDQFHDFFHSWDEOHIRUGLUHFWEXULDO LQHDUWKRUFRQFUHWH ‡2QHZUHQFKLQVWDOODWLRQ ¸6LPSOL¿HGLQVWDOODWLRQ ‡8//LVWHG ¸3URYLGHVTXDOLW\DVVXUDQFHWR UHFRJQL]HGLQGXVWU\1(&VWDQGDUGV IURPDQLQGHSHQGHQWSDUW\7\SH *$57&LVDFFHSWDEOHIRUGLUHFWEXULDO

&2035(66,21/8*:,7+3$' )25  Ǝ'LD%2/76 21&(17(56.&0,/0$;

&$67+,*+&233(5$//2< 6$''/(

02817,1*3$' '85,80Ǝ 6,/,&21%521=( +$5':$5( 3,3('LD

)LJ

&DWDORJ 1XPEHU

)LJXUH

*$57& *$57& *$57& *$57& *$57& *$57& *$57& *$57&

       

$FFRPPRGDWHV ,36

2'6L]H                

127(6

5HIHUWR6HFWLRQ2IRUWXEHGLPHQVLRQV $GGVXI¿[³71(7´IRUHOHFWURWLQSODWHGFRQQHFWRUDQG  HOHFWURWLQSODWHG  '85,80ŒVLOLFRQEURQ]HKDUGZDUH7LQSODWHGFDWDORJ QXPEHULQFOXGHVPRXQWLQJKDUGZDUHIRUVHFRQGEROWKROH

&DQDGD 

+

-

:

5HFRPPHQGHG 7RUTXH

       

       

       

       

 237,21$/02817,1*+$5':$5( 70+LQFOXGHV  ;+(%EROW  &+(1QXW  6:VSOLWZDVKHUDQG  ):ÀDWZDVKHUVRUGHUHG VHSDUDWHO\ &OHDQSLSHVXUIDFHEHQHDWKVDGGOHXQWLOYLUJLQPHWDOLVH[SRVHG LQVWDOO*$57&JURXQGFRQQHFWRUDQGIRUPD[LPXPFRQGXFWLYLW\ DSSO\3(1(752;Œ(R[LGHLQKLELWLQJFRPSRXQGDURXQG SHULPHWHURIVDGGOH



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*' &DEOHWR5RG7XEH*URXQG &RQQHFWRU )RU7ZR&RSSHU&DEOHV WR5RGRU7XEH +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU MRLQLQJ D UDQJH RI WZR SDUDOOHO FDEOHV WR URG RU  SLSH (VSHFLDOO\ JRRG IRU JURXQGLQJ IHQFH SRVWV +LJK FRSSHU DOOR\FDVWERG\ZLWK'85,80Œ8EROWV

QXWV DQG ORFNZDVKHUV PDNH WKH *' VXLWDEOHIRUEXULDOLQJURXQGRUFRQFUHWH 2QHZUHQFK LQVWDOODWLRQ 8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH &RQGXFWRU

&DWDORJ 1XPEHU

7XEH,36

5RG6L]HRU2'5DQJH

&DEOH

*'





+

-

:

6RO6WU







*'





6RO







*'





6RO6WU







*'





6RO







*'&





6RO6WU







*'





6RO6WU







*'





6RO







*'













*'&





6RO6WU







*'





6RO6WU







*'





6RO







*'













*'&





6RO6WU







*'





6RO6WU







*'





6RO







*'













*'&





6RO6WU







*'





6RO6WU







*'





6RO







*'













*'&





6RO6WU







*'





6RO6WU







*'





6RO







*'













*'&





6RO6WU







*'





6RO6WU







*'





6RO







*'













127(

5HIHUWR6HFWLRQ2IRUWXEHGLPHQVLRQV &RPSOLHVZLWK1)3$+($9<'87<VWDFNVXVHVXI¿[³/'´ IRUOHDGSODWLQJIRU+($9<'87<VWDFNDSSOLFDWLRQV

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*3 *URXQG&RQQHFWRU )RU7ZR&RSSHU&DEOHVWR5RG RU3LSH +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU MRLQLQJ D UDQJH RI SDUDOOHO FDEOHV SHUSHQGLFXODU WR URG SLSH RU FROXPQ $OVR XVHG ZLWK RQH JURRYH IRU UXQWKHRWKHUIRUWDSWRHTXLSPHQW+LJKFRSSHU DOOR\FDVWERG\DQG'85,80Œ8EROWVQXWVDQG ORFNZDVKHUVPDNHWKH*3VXLWDEOHIRUGLUHFWEXULDO LQWKHJURXQGRUFRQFUHWH2QHZUHQFKLQVWDOODWLRQ 8//LVWHG$FFHSWDEOHIRUGLUHFWEXULDOLQHDUWK RUFRQFUHWH

&RQGXFWRU

&DWDORJ 1XPEHU

7XEH,36

2'6L]H

&DEOH

*3&





*3



*3

+

-

:

6RO6WU









6RO6WU











6RO







*3&





6RO6WU







*3





6RO6WU







*3





6RO







*3













*3&





6RO6WU







*3





6RO6WU







*3





6RO







*3













*3&





6RO6WU







*3





6RO







*3





6RO6WU







*3&





6RO6WU







*3





6RO6WU







*3





6RO6WU







*3





6RO6WU







127(

5HIHUWR6HFWLRQ2IRUWXEHGLPHQVLRQV

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*$+ *URXQG&RQQHFWRU )RU&RSSHU&DEOHWR³+´%HDPRU 6TXDUH)HQFH3RVW +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU MRLQLQJ D ZLGH UDQJH RI FDEOH SDUDOOHO WR ³+´ EHDPV RU VTXDUHWXEH+DUGZDUHLVPDGHIURP'85,80Œ IRUVXSHULRUFRUURVLRQSURWHFWLRQ

)LJXUH &DWDORJ 1XPEHU

)LJXUH

*$+



&DWDORJ 1XPEHU *$+&71

)LJXUH

$FFRPPRGDWHV ´+µ%HDP

&RSSHU&RQGXFWRU

;

6RO6WU

+

-

:







$FFRPPRGDWHV )LJXUH

6TXDUH)HQFH3RVW



86





&RSSHU&RQGXFWRU 6PDOO&ODPS

/DUJH&ODPS

6RO   6WU 

6RO   6WU 

ZZZEXUQG\FRP  

+

-

:

5HFRPPHQGHG 7RUTXH LQOE

 



 



&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*. *URXQG&RQQHFWRU )RU7KUHH&RSSHU&DEOHV WR5RGRU3LSH +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU MRLQLQJ WKUHHHTXDOFDEOHVWRURGRUWXEH&DEOHJURRYHV WDNH D ZLGH UDQJH RI FDEOH +LJK FRSSHU DOOR\ FDVW ERG\ DQG '85,80Œ 8EROWV QXWV DQG ORFNZDVKHUV PDNH WKH *. VXLWDEOH IRU GLUHFW EXULDOLQVRLORUFRQFUHWH2QHZUHQFKLQVWDOODWLRQ 8//LVWHG$FFHSWDEOHIRUGLUHFWEXULDOLQHDUWK RUFRQFUHWH

&RQGXFWRU

&DWDORJ 1XPEHU

7XEH,36

2'6L]H

&DEOH

*.&





*.



*.

+

-

:

6RO6WU









6RO6WU











6RO







*.&





6RO6WU







*.





6RO6WU







*.





6RO







*.













*.





6RO6WU







*.





6RO







*.













*.





6RO6WU







*.





6RO







*.





6RO6WU







*.





6RO







*.





6RO6WU







*.





6RO







*.





6RO6WU







*.





6RO







*.





6RO6WU







*.





6RO







127(

5HIHUSDJHVWR6HFWLRQ2IRUWXEHGLPHQVLRQV

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(%'7 %21',7Š,17(56<67(0 %21',1*&211(&725 +RXVH0RXQWHGRU 0HWHU6RFNHW0RXQWHG 'HVLJQHGWRPHHWWKHUHTXLUHPHQWVRI1(&$UWLFOH  ³%RQGLQJ IRU 2WKHU 6\VWHPV´ &RUURVLRQ UHVLVWDQWVWDLQOHVVVWHHOVHWVFUHZV$FFHSWVPDLQ JURXQGZLUH  DQGXSWRLQWHUV\VWHPZLUHV   6DPH GHVLJQ FDQ EH PRXQWHG GLUHFWO\ WR WKH PHWHU VRFNHW RU PRXQWHG WR WKH KRXVH ,QQRYDWLYHGHVLJQGRHVQRWGDPDJHPHWHUVRFNHW DQGZLOOQRWYRLGZDUUDQW\ &DWDORJ1XPEHU%'7

)HDWXUHV %HQHÀWV ‡ 0DGHLQWKH86$ ‡ 0HHWV,QWHUV\VWHP%RQGLQJ5HTXLUHPHQWV 1(& ‡ 2QHFRQQHFWRUGRHVLWDOO ‡ +RXVHPRXQWRUPHWHUVRFNHWPRXQW ‡ ,QFRUSRUDWHVSURYHQ%851'<Š6(59,7 3267ŒGHVLJQ ‡ 6WDLQOHVVVWHHOVHWVFUHZV ‡ $FFHSWVPDLQJURXQGZLUH  XSWR LQWHUV\VWHPZLUHV 

‡ (DVLO\PRXQWVWRPHWHUER[GXULQJQHZ LQVWDOODWLRQRUFDQEHZDOOPRXQWHG ‡ (DV\WRIROORZLQVWUXFWLRQVLQFOXGHG ‡ 'RHVQRWGDPDJHPHWHUVRFNHWQRZRUULHV DERXWGDPDJLQJWKHSDLQWRUYRLGLQJZDUUDQWLHV ‡ (DVLO\LQVWDOOHGZLWKDZUHQFKDQGVFUHZGULYHU ‡ 2SHQGHVLJQSUHYHQWVEXLOGXSRIKRUQHWV EHHVVSLGHUV

&21),*85$7,2102817('72(1&/2685(

&21),*85$7,2102817('72(;7(5,25:$//

 





 

3XQFKRXWDRUNQRFNRXWRQWKHHOHFWULFDOHQFORVXUH %HJLQDVVHPEO\E\LQVWDOOLQJWKHJURXQGHOHFWURGHFRQGXFWRULQ WKH6(59,73267ŒLQVLGHWKHHOHFWULFDOHQFORVXUH7RUTXHRQ 6(59,7Š187LQOEPD[ ,QVWDOOWKHUHVWRIWKHFRQQHFWRUVKRZQEHORZLWLVQRWQHFHVVDU\ IRUWKHEXVEDUWREHDOLJQHGSDUDOOHOZLWKWKHHQFORVXUH 1RWH WKHVSOLWZDVKHULVQRWXVHGLQWKLVFRQ¿JXUDWLRQ 7LJKWHQWKHLQWHUV\VWHPJURXQGZLUHVZLWKVHWVFUHZVLQWKHEXV EDUWRDPD[LPXPWRUTXHRILQOE $GKHUHWKH%21',7ŠORFDWLRQVWLFNHUWRWKHIURQWRIWKHHOHFWULFDO HQFORVXUH





 

86



%HJLQE\DVVHPEOLQJWKHFRQQHFWRUDVVKRZQLQ¿JXUHEHORZ %HVXUH6(59,73267ŒLVDVWLJKWDVLWFDQEHZKLOHLWVJURRYH LVDOLJQHGZLWKWKHJURXQGHOHFWURGHFRQGXFWRU 1RWHWKHÀDW ZDVKHULVQRWXVHGLQWKLVFRQ¿JXUDWLRQ  8VHWZRPRXQWLQJVFUHZV QRWLQFOXGHG WRVHFXUHWKHFRQQHFWRU WRWKHH[WHULRUZDOOVRWKDWWKHVHWVFUHZVLQWKHEXVEDUIDFH GRZQZDUG ,QVWDOOWKHJURXQGHOHFWURGHFRQGXFWRULQWRWKH6(59,73267Œ ZKLOHWXUQLQJWKHQXWSUHVVXUHEDUDVVHPEO\WRDPD[LPXPWRUTXH RILQOE XVHZUHQFKHVLIQHFHVVDU\  7LJKWHQWKHLQWHUV\VWHPJURXQGZLUHVZLWKWKHVHWVFUHZVLQWKH EXVEDUWRDPD[LPXPWRUTXHRILQOE ,IKLGGHQIURPYLHZXVHWKH%21',7ŠORFDWLRQVWLFNHUWRLQGLFDWH WKHORFDWLRQ

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

%21',7Š:DOO0RXQWHG

,QWHUV\VWHP *URXQG:LUH ([7HOHSKRQH

,QWHUV\VWHP%RQGLQJ&RQQHFWRU 1(&UHIHUVWRDUHTXLUHPHQWLQWKH 1DWLRQDO (OHFWULFDO &RGH ,Q WKH SDVW JRUXQG ZLUHV IURP WHOHSKRQH V\VWHPV RU FDEOH V\VWHPV ZHUHDOORZHGWREHJURXQGHGVHSDUDWHO\IURPWKH *(& *URXQG(OHFWURGH&RQGXFWRUIURPWKHPDLQ HOHFWULFDOVHUYLFH :LWKWKHQHZFRGHDOOJURXQG ZLUHV IURP VHSDUDWH V\VWHPV VXFK DV WHOHSKRQH V\VWHPV &$79 DQG UDGLR V\VWHPV PXVW EH WLHG WRJHWKHU DW RQH ORFDWLRQ WR WKH *(& +HQF WKH WHUPLQWHUV\VWHPUHIHUVWRW\LQJDOORIWKH³V\VWHP´ JURXQGVWRJHWKHULQRQHORFDWLRQ7KH%21',7Š :DOO0RXQWLVDJUHDWVROXWLRQZKHQWKH*(&LV H[SRVHG QRWLQFRQGXLW  :LWKWKHQHZ%21',7Š:DOO0RXQWFRQQHFWRU %851'< SURYLGHV DQ HFRQRPLFDO VROXWLRQ WKDW PHHWVWKHQHHGVRI1(& &DWDORJ1XPEHU%'7,%%

VK 'L H OOLW WH D 6

*URXQG&RQGXFWRU *(&

)HDWXUHV %HQHÀWV ‡ 0HHWVWKH,QWHUV\VWHP%RQGLQJUHTXLUHPHQWV RI1(& ‡ 3URYLGHVDQHDV\WRDFFHVVJURXQGLQJSRLQWIRU XWLOLWLHVVXFKDVWHOHFRPDQGFDEOH ‡ (DV\WRLQVWDOO ‡ 8//LVWHGDQG&6$&HUWL¿HG ‡ 7LQSODWHGFRQQHFWRUERG\SURYLGHVORQJ ODVWLQJFRUURVLRQUHVLVWDQFH ‡ 6WDLQOHVVVWHHOVHWVFUHZV ‡ $FFHSWVPDLQJURXQGZLUH WR XSWR   LQWHUV\VWHPZLUHV WR 

&RQGXFWRU5DQJH

‡ 6XSSOLHGZLWKGXUDEOHFRYHUHDVLO\VHFXUHG RYHUFRQQHFWRUERG\ ‡ $SSURYHGIRUXVHZLWKVROLGRUVWUDQGHG FRQGXFWRUV

5HIHUHQFH'LPHQVLRQV

&DWDORJ 1XPEHU

/D\,Q6HFWLRQ

&RQGXFWRU3RUWV

/

:

+

0

%'7,%%

$:*

$:*

 >@

 >@

 >@

 >@

67$,1/(6667((/6&5(: 67$,1/(6667((/6&5(: 3/$&(6

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

&$67%521=(&/$036)25 &21'8,7 3UHVVXUHEDUW\SHFRQGXLWKXEDGMXVWVIRU (07 RU  ULJLG FRQGXLW +XE VZLQJV ƒ IRU HDV\DOLJQPHQW=LQFSODWHGKDUGZDUH

&DWDORJ1XPEHU

$FFRPPRGDWHV&RQGXFWRU5DQJH

5HFRPPHQGHG6FUHZ7RUTXH ,QFK3RXQGV

5HIHUHQFH'LPHQVLRQV

:DWHU3LSH

*URXQG

+XE6L]H

+

/

:

3LSH&ODPS

:LUH&ODPS

&-37

 >@

 6RO

 >@

LQ >@

 >@

LQ >@

LQOE

LQOE

&-37

 >@

 6RO

 >@

LQ >@

 >@

LQ >@

LQOE

LQOE

&-37

 >@

 6RO

 >@

LQ >@

 >@

LQ >@

LQOE

LQOE

&$67%521=(*5281' &/$036 )RUFRQQHFWLQJJURXQGLQJFRQGXFWRUWRZDWHUSLSH RU FRSSHU WXEH ³'´ LQGLFDWHV 8/ /LVWHG IRU GLUHFWEXULDOLQHDUWKDQGFRQFUHWHDQGDUHVXSSOLHG ZLWK VLOLFRQ EURQ]H KDUGZDUH ³%´ LQGLFDWHV EUDVV KDUGZDUH

&DWDORJ1XPEHU

$FFRPPRGDWHV&RQGXFWRU5DQJH

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV

5HIHUHQFH'LPHQVLRQV

:DWHU3LSH

5HEDU

*URXQG

+

/

:

&

3LSH&ODPS

:LUH&ODPS

&1

 >@

²

6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

&'

 >@



6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

&%

 >@

²

6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

&

 >@

²

6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

&'

 >@

²

6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

&

 >@

²

6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

&

 >@

²

6WU

LQ >@

 >@

LQ >@

LQ >@

LQOE

LQOE

6XSSOLHGZLWK]LQFSODWHGVWHHOKDUGZDUH

%8'*(735,&(&$67 %521=(*5281'&/$03 &VLPLODUWR&EXWOLJKWHUGXW\

&DWDORJ 1XPEHU &

86



$FFRPPRGDWHV &RQGXFWRU5DQJH :DWHU3LSH  >@

5HIHUHQFH'LPHQVLRQV

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV

*URXQG

+

/

:

3LSH&ODPS

:LUH&ODPS

6WU

LQ >@

 >@

LQ >@

LQOE

LQOE

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

&$67%521=(*5281' &/$036/$<,1 :LWK/D\LQ)HDWXUH )RUFRQQHFWLQJJURXQGLQJFRQGXFWRUWRZDWHUSLSH FRSSHUWXEHJURXQGURGRUUHEDU7KHRSHQIDFH GHVLJQDOORZVIRUIDVWOD\LQRIWKHWDSFRQGXFWRU ZLWKRXWWKHQHHGIRUFXWWLQJ6LPSO\UHYHUVHERWWRP FODPSIRUVPDOOHUVL]HUHEDURUURG&RQQHFWRUVDUH SURYLGHGZLWK6LOLFRQ%URQ]HKDUGZDUH

&DWDORJ 1XPEHU

)LJ 

&.' &.'

)LJ

)LJ

$FFRPPRGDWHV&RQGXFWRU5DQJH 0DLQ

5HIHUHQFH'LPHQVLRQV

7DS

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV

:DWHU3LSH

5HEDU

*URXQG5RG

*URXQG

+

/

:



 >@





6WU







LQOEV



 >@





6WU







LQOEV

',(&$67&/$036 'LHFDVW]LQFZLWK]LQFSODWHGVFUHZV

&DWDORJ1XPEHU

$FFRPPRGDWHV&RQGXFWRU 5DQJH :DWHU3LSH

&=

 >@

&DQDGD 

5HFRPPHQGHG6FUHZ7RUTXH ,QFK3RXQGV

5HIHUHQFH'LPHQVLRQV

*URXQG

+

/

:

&

3LSH&ODPS

:LUH&ODPS

6WU

 >@

 >@

 >@

 >@

LQOE

LQOE



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

&$67%521=(&/$036 7R FRQQHFW DUPRUHG FDEOH WR ZDWHU SLSH =LQF SODWHG VFUHZV 3UHVVXUH EDU JULSV DUPRU RU RXWHU FDEOH LQVXODWLRQ ƒ VZLQJ KXE IRU HDV\ DOLJQPHQW

&DWDORJ1XPEHU

$FFRPPRGDWHV&RQGXFWRU5DQJH :DWHU3LSH

5HIHUHQFH'LPHQVLRQV

5HFRPPHQGHG7RUTXH

$UPRUHG&RQGXFWRU

+

/

:

3LSH&ODPS

:LUH&ODPS

&-$

 >@

6RO

 >@

 >@

 >@

LQOE

LQOE

&-$

 >@

6RO

 >@

 >@

 >@

LQOE

LQOE

&-$

 >@

6RO

 >@

 >@

 >@

LQOE

LQOE

&$67%521=(*5281' &/$036 )RU FRQQHFWLQJ JURXQGLQJ FRQGXFWRU (07 RU ULJLG FRQGXLW WR ZDWHU SLSH FRSSHU WXEH JURXQG URG RU UHEDU +XE VZLQJV ƒ IRU HDV\ DOLJQPHQW 6LPSO\ UHYHUVH ERWWRP FODPS IRU VPDOOHU VL]H UHEDU RU URG &RQQHFWRUV DUH SURYLGHGZLWK6LOLFRQ%URQ]HKDUGZDUH

$FFRPPRGDWHV&RQGXFWRU5DQJH 0DLQ

&DWDORJ1XPEHU

7DS

5HIHUHQFH'LPHQVLRQV

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV

:DWHU3LSH

5HEDU

*URXQG5RG

*URXQG

+

/

:

&+''%

 >@





$:*







LQOEV

&+''%

 >@

²

²

$:*







LQOEV

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

&$67%521=(&/$036 *5281'&/$03 )RUFRQQHFWLQJDUPRUHGFDEOHWRZDWHUSLSH=LQF SODWHGVFUHZV³'´LQGLFDWHV8/IRUGLUHFWEXULDO LQHDUWKDQGFRQFUHWHVXSSOLHGZLWKVLOLFRQEURQ]H KDUGZDUH

&DWDORJ 1XPEHU

$FFRPPRGDWHV &RQGXFWRU5DQJH :DWHU 3LSH

*URXQG

&

 >@

6WU

&'

 >@

6WU

&

 >@

6WU

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV

5HIHUHQFH'LPHQVLRQV *URXQG &ODPS

%DUH$UPRUHG 8QDUPRUHG :LUH&DEOHVRU &RUGV

+

/

:

&

3LSH &ODPS

:LUH &ODPS

 >@

 >@

 >@

 >@

LQOE

LQOE

 >@

 >@

 >@

 >@

LQOE

LQOE

 >@

 >@

 >@

 >@

LQOE

LQOE

&$67%521=( &/$03)25 5,*,'&21'8,7 )RUJURXQGLQJULJLGFRQGXLWV\VWHPV=LQFSODWHG VFUHZV

$FFRPPRGDWHV&RQGXFWRU5DQJH

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV

5HIHUHQFH'LPHQVLRQV

&DWDORJ 1XPEHU :DWHU3LSH

*URXQG

+XE6L]H

+

/

:

&

3LSH &ODPS

:LUH &ODPS

&

 >@

6RO0D[

 >@

 >@

 >@

 >@

 >@

LQOE

LQOE

&

 >@

6RO0D[

 >@

 >@

 >@

 >@

 >@

LQOE

LQOE

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

&$67%521=(&/$036)25 &21'8,7 )RU JURXQGLQJ ULJLG FRQGXLW V\VWHPV &RQWLQXLW\ IURP ULJLG FRQGXLW V\VWHPV WR JURXQG SURYLGHG E\FDVWEURQ]HWKUHDGHGFRQGXLWKXE=LQFSODWHG VFUHZV 9HUVLRQV

&DWDORJ 1XPEHU &/+ &/+ &/+ &/+ &/+ &/+ &/+ &/+ &/+

$FFRPPRGDWHV&RQGXFWRU5DQJH :DWHU3LSH

*URXQG

 >@  >@  >@  >@  >@  >@  >@  >@  >@

6WU6RO 6WU6RO 6WU6RO 6WU 6WU 6WU 6WU 6WU 6WU

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV 3LSH&ODPS :LUH&ODPS

5HIHUHQFH'LPHQVLRQV

+XE6L]H

+  >@  >@  >@  >@  >@  >@  >@  >@  >@

 >@  >@  >@  >@  >@  >@  >@  >@  >@

/  >@  >@  >@  >@  >@  >@  >@  >@  >@

:  >@  >@  >@  >@  >@  >@  >@  >@  >@

&  >@  >@  >@  >@  >@  >@  >@  >@  >@

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

&/+ZLWKKDVRQHVFUHZDQG9HUVLRQVKDYHVFUHZVDVVKRZQ

&$67%521=(&/$03:,7+ &233(5675$3 )RU JURXQGLQJ ULJLG FRQGXLW V\VWHPV 6WUDS KHOSV SURWHFW FRQGXLW V\VWHP IURP ZDWHU V\VWHP YLEUDWLRQV=LQFSODWHGVFUHZV6WUDS(73FRSSHU

)LJ

)LJ

$FFRPPRGDWHV&RQGXFWRU5DQJH

&DWDORJ 1XPEHU

)LJ

&&6+



&&6+



&&6+



&&6/+



5HIHUHQFH'LPHQVLRQV

:DWHU3LSH

*URXQG

+XE6L]H

+

/

:

&

'

 >@  >@  >@  >@

6RO 0D[ 6WU 0D[ 6WU 0D[ 6WU 0D[

 >@  >@  >@  >@

 >@  >@  >@  >@

 >@  >@  >@  >@

 >@  >@  >@  >@

 >@  >@  >@  >@

 >@  >@  >@  >@

86



ZZZEXUQG\FRP  

5HFRPPHQGHG6FUHZ 7RUTXH ,QFK3RXQGV 3LSH :LUH &ODPS &ODPS LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

LQOE

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*&$ 'XDO5DWHG *URXQG&ODPS )RU&RSSHUDQG $OXPLQXP&DEOH *&$JURXQGFODPSVDUH8//LVWHGIRUXVHZLWK HLWKHUFRSSHURUDOXPLQXPFRQGXFWRUVWRFRSSHU ZDWHU SLSH JDOYDQL]HG SLSH RU VWHHO FRQGXLW $OO FODPSV DUH FRQVWUXFWHG IURP WLQ SODWHG KLJK VWUHQJWKH[WUXGHGDOXPLQXPDOOR\3(1(752;Œ R[LGHLQKLELWLQJMRLQWFRPSRXQGVDUHUHFRPPHQGHG IRUDOODOXPLQXPDSSOLFDWLRQV

)HDWXUHV %HQHÀWV ‡&ODPSVDUHGXDOUDWHGIRUERWKFRSSHUDQG DOXPLQXPFRQGXFWRUV ¸0D[LPXPÀH[LELOLW\RIDSSOLFDWLRQ ‡$OOFRQQHFWRUVDUHWLQSODWHG ¸3URYLGHORZFRQWDFWUHVLVWDQFHDQG SUHYHQWVJDOYDQLFFRUURVLRQ ‡$OOFODPSVDUHUDQJHWDNLQJ ¸2QO\FDWDORJQXPEHUVFRYHUV FRPSOHWHUDQJHRIDSSOLFDWLRQVIURP LQFKHV

&DWDORJ 1XPEHU

&RQGXLW3LSHRU:DWHU 7XEH6L]H

:LUH5DQJH

6FUHZ7\SH

:

/

+H[6L]H

*&$





6ORWWHG





6ORW

*&$



NFPLO

+H[6RFNHW







*&$



NFPLO

+H[6RFNHW







127(

5HIHUWR6HFWLRQ2IRUWXEHGLPHQVLRQV

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*5& +LJK6WUHQJWK*URXQG5RG&ODPS )RU&RSSHU&DEOHWR5RG +LJKFRSSHUDOOR\JURXQGFRQQHFWRUIRUMRLQLQJD UDQJH RI FDEOH WR FRSSHU FODG JDOYDQL]HG VWHHO DQG VWDLQOHVV VWHHO JURXQG URGV 6OLSV RYHU HQG RI URG RQHZUHQFK LQVWDOODWLRQ 8/ /LVWHG IRU GLUHFWEXULDOLQHDUWKDQGFRQFUHWH

&DWDORJ1XPEHU

'ULYH5RG

*5&

&RQGXFWRU5DQJH

+

:

/

-

6WU









6RO

6WU









6RO

6WU









0LQ

0D[



6RO

*5&



*5&



7<3(*&57*5281' &211(&7256

)HDWXUHV %HQHÀWV ‡ 5DQJHWDNLQJGHVLJQKHOSVUHGXFHLQYHQWRU\ ‡ 8//LVWHGDQG&6$&HUWL¿HG ‡ 8//LVWHGIRUGLUHFWEXULDOLQHDUWKDQG FRQFUHWH

*URXQG&ODPS5DQJH7DNLQJ XSWR 7KH*&57LVDUDQJHWDNLQJJURXQGURGFODPS RIIHULQJDQRWKHUFKRLFHIURPWKH%851'<ŠIDPLO\RI FRQQHFWRUV7KH*&57ZRUNVRQDQG JURXQGURGVZLWKDZLUHUDQJHRIWKURXJK 7KHFODPSLV8//LVWHGIRUGLUHFWEXULDOLQHDUWK DQGFRQFUHWH&DWDORJQXPEHU*&57

7<3(*5/ /LJKW'XW\(FRQRPLFDO *URXQG5RG&ODPS 8//LVWHG$FFHSWDEOHIRUGLUHFWEXULDO LQHDUWKDQGFRQFUHWH &DWDORJ1XPEHU

5RG6L]H

*5/

&RQGXFWRU5DQJH 0LQLPXP

0D[LPXP

LQ

$:*

$:*

*5/

LQ

$:*

$:*

*5/

LQ

$:*

$:*

*5/

LQ

$:*

$:*

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*4 *URXQG&RQQHFWRU )RU&RSSHU&DEOHWR7XEH +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU FURVV FRQQHFWLQJ D ZLGH UDQJH RI FDEOH +LJK FRSSHU DOOR\ FDVW ERG\ '85,80Œ 8EROWV QXWV  DQG ORFNZDVKHUV PDNH WKH *4 VXLWDEOH IRU EXULDO LQ VRLO RU FRQFUHWH 2QHZUHQFK LQVWDOODWLRQ 8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH

&DWDORJ 1XPEHU

&RQGXFWRU

+

-

/

:

6WU6WU









6WU6WU









0D[

6WU









$ERYH

6WU









,36

&DEOH

*4

0D[

*4

$ERYH

*4 *4

7<3(*; *URXQG&RQQHFWRU )RU&RSSHU&DEOHV +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU FURVV FRQQHFWLQJDZLGHUDQJHRIFDEOH7KHKLJKFRSSHU DOOR\ FDVW ERG\ '85,80Œ 8EROWV QXWV DQG ORFNZDVKHUV PDNH WKH *; VXLWDEOH IRU EXULDO LQ VRLO RU FRQFUHWH 2QHZUHQFK LQVWDOODWLRQ 8/ /LVWHG $FFHSWDEOH IRU GLUHFW EXULDO LQ HDUWK RU FRQFUHWH &RQGXFWRU

&DWDORJ 1XPEHU

*URRYH$

*URRYH%

*;&&

6RO6WU

6RO6WU

+

-

/

:









*;&

6RO6WU

6RO6WU









*;

6RO6WU

6RO6WU









*;&

6RO

6RO6WU









*;

6RO

6RO6WU









*;

6RO

6RO









*;&



6RO6WU









*;



6RO6WU









*;



6RO









*;













&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(** *5281'&211(&725 )RU&RSSHU%DU6WUDS%UDLGRU&DEOH WR5RGRU7XEH +LJKFRSSHUDOOR\JURXQGFRQQHFWRUIRUMRLQLQJEDU VWUDSEUDLGRUFDEOHWRURGRUWXEH+LJKFRSSHU DOOR\ FDVW ERG\ '85,80Œ 8EROWV QXWV DQG ORFNZDVKHUV PDNH WKH ** SDUWLFXODUO\ HIIHFWLYH IRUXVHZLWKEUDLGIRUJURXQGURGVVZLWFKKDQGOHV IHQFHSRVWVDQGJDWHV2QHZUHQFKLQVWDOODWLRQ

&RQGXFWRU

&DWDORJ 1XPEHU

7XEH,36

5RG

**





**









** ** ** **





**



** **

 





 

**



**





 

**



**



** **





** **





 















 

:

 

** **

-



 

+ 



** **

$

 

















 

²



127(

5HIHUWR6HFWLRQ2IRUWXEHGLPHQVLRQV

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

)/(;,%/(&233(5%5$,' -803(5 &RSSHUEUDLGLVPDGHRIWLQQHGSXUHFRSSHUZLUH ZRYHQDQGÀDWWHQHGLQWRDUHFWDQJXODUVKDSHIRU JUHDWHUÀH[LELOLW\6HDPOHVVSXUHFRSSHUIHUUXOHV DUHIRUPHGDQGDVVHPEOHGRQHDFKHQGWRSURYLGH DSSURSULDWHFRQWDFWVXUIDFHV %UDLG LV XVHG H[WHQVLYHO\ WR FRPSHQVDWH IRU H[SDQVLRQ DQG FRQWUDFWLRQ RI PRYLQJ SDUWV DQG IRUWKHUPDOPRYHPHQWRIULJLGGHYLFHVWRSUHYHQW EUHDNDJHRILQVXODWRUVRUEXVKLQJVRUHTXLSPHQW EHFDXVH RI PLVDOLJQPHQW GXULQJ VHWWOLQJ RI VXEVWDWLRQ IRXQGDWLRQV WR DEVRUE VKRFN DQG YLEUDWLRQ RI RSHUDWLQJ HTXLSPHQW DQG WR SURYLGH ÀH[LEOH FXUUHQW FDUU\LQJ OHDGV EHWZHHQ PRYLQJ SDUWVRIKHDY\PDFKLQHU\RUHTXLSPHQW

&855(17&$55<,1* &$3$&,7< )OH[LEOH FRSSHU EUDLG KDV JHQHUDOO\ EHWWHU KHDW GLVVLSDWLRQSURSHUWLHVWKDQÀDWEDUFDEOHRURWKHU FRQGXFWRUVDQGWKHUHIRUHFDQEHH[SHFWHGWRKDYH DJUHDWHUFXUUHQWFDUU\LQJFDSDFLW\IRUJLYHQFURVV VHFWLRQDO DUHD 7KLV LV GXH WR LWV JUHDWHU VXUIDFH DUHDUHVXOWLQJIURPWKHZRYHQFRQVWUXFWLRQRI¿QH VWUDQGV +RZHYHU YHQWLODWLRQ GXH WR WKH YHUWLFDO FRQYHFWLRQ FXUUHQW RI DLU LV DSSUHFLDEO\ EHWWHU ZKHQWKHORQJD[LVRIWKHEUDLGLVYHUWLFDOUDWKHU WKDQKRUL]RQWDOVRWKDWWKHORQJVLGHVRIWKHEUDLG UDWKHUWKDQWKHHGJHVDUHH[SRVHGWRWKHPRYLQJ DLU 7KLV LV SDUWLFXODUO\ WUXH ZKHQ VSDFHG EUDLGV DUHXVHGLQPXOWLSOHDVFDQEHVHHQE\FRPSDULQJ )LJXUHDQG

)LJ

%8/.%5$,' %XONEUDLGFDQEHRUGHUHGZLWKDPLQLPXPRUGHU TXDQWLW\ RI  IHHW 6SHFLI\ IHHW LQ QXPEHU RI LQFKHV ([DPSOHIHHWRIDPSHUHEUDLGLV&DWDORJ 1R%%/

,1'225 5$7,1* $036

(48,9 &,5&8/$5 $5($

&$7 12

$3352; :(,*+7 3(5)7

      

      

%%/ %%/ %%/ %%/ %%/ %%/ %%/

      

)LJ

&/26(/<%81&+(' $55$1*(0(17

23(1$55$1*(0(17 &RROLQJGXHWRFRQYHFWLRQFXUUHQWPXFK PRUHHIIHFWLYHZLWKVSDFHG%UDLG

)LJ

7R WDNH IXOO DGYDQWDJH RI YHQWLODWLRQ WKH FRROLQJ FRQYHFWLRQ FXUUHQW RI DLU VKRXOG EH SHUPLWWHG WR ÀRZ IUHHO\ EHWZHHQ WKH EUDLGV 7KHUHIRUH LI SRVVLEOHWKHEUDLGVVKRXOGEHVSDFHGDSDUWUDWKHU WKDQEXQFKHGWRJHWKHUDVLOOXVWUDWHGLQ)LJXUH 7KHHIIHFWLYHQHVVRIVSDFLQJLVRIFRXUVHJUHDWHU ZKHQWKHEUDLGVDUHLQDYHUWLFDOSRVLWLRQ

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

)/(;,%/( &233(5%5$,' &86720'(6,*16 )OH[LEOH FRSSHU EUDLG RIIHUV DQ HFRQRPLFDO DQG HI¿FLHQWPHDQVRISURWHFWLQJHOHFWULFDOHTXLSPHQW IURP WKH SRWHQWLDOO\ KDUPIXO HIIHFWV RI VKRFN DQG YLEUDWLRQ WHUPLQDO H[SDQVLRQ PRYHPHQW RI FRPSRQHQWV DQG PLVDOLJQPHQW WKDW PD\ RFFXU GXULQJWKHVHUYLFHOLIHRIWKHHTXLSPHQW 0DQ\YDULHWLHVRIEUDLGDUHUHTXLUHGWRPHHW WKRVH  QHHGV  ZKLFK  ZH  FDQ  EXLOG  WR \RXU VSHFL¿FDWLRQV :HDOVRRIIHUHQJLQHHULQJDVVLVWDQFHLQWKH VHOHFWLRQRIWKHPRVWDSSURSULDWHVWDQGDUGRU FXVWRPEUDLGFRQ¿JXUDWLRQIRU\RXUDSSOLFDWLRQ

&867209$5,$7,216 'ULOOLQJ

8QGULOOHG

(ORQJDWHG VORWWHG KROHV

6SHFLDOKROHSDWWHUQVDQGORFDWLRQ

0HWULF

1(0$ 3ODWLQJ

7LQ

6LOYHU

1LFNHO

8QSODWHG /HQJWK

-XPSHU RYHUDOO 

)HUUXOH V FRQWDFW ,QVXODWHG FRYHUHG

7XEXODU

+HDWVKULQN 6SOLW%UDLG$VVHPEOLHV

6WDFNHG

6LGHE\VLGH 0XOWLSOH)HUUXOHV 3UHIRUPHG&RQ¿JXUDWLRQV

2IIVHWFRQWDFWVXUIDFHV

$QJXODU HJƒƒ EHQGV

)HUUXOHFRQWDFWVXUIDFHVURWDWHG ƒRQEUDLGD[LV &RPELQHG%UDLG$VVHPEOLHV &RPELQHGFRQQHFWRU%UDLG$VVHPEOLHV )HUUXOH9DULDWLRQV

%HOOHGXQEHOOHG

:LGWKWKLFNQHVV

&RQWDFWOHQJWK

6SHFLDOVKDSLQJ

%HQWDWDQJOHƒ +LJK$PSDFLW\5HTXLUHPHQWV

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(% +ROH)HUUXOH(QG)OH[LEOH&RSSHU %UDLG%RQGLQJ-XPSHUV %RQGLQJ6WUDSV )OH[LEOH FRSSHU EUDLG MXPSHUV GHVLJQHG WR WDNH XSOLQHDUH[SDQVLRQDQGFRQWUDFWLRQFRPSHQVDWH IRUPLVDOLJQPHQWDQGDEVRUEYLEUDWRU\PRYHPHQW RIHOHFWULFDOHTXLSPHQWDQGGHYLFHV0DGHRIÀDW H[WUD ÀH[LEOH WLQQHG SXUH FRSSHU EUDLG ZLWK KLJK TXDOLW\ %851'< IHUUXOHV RQ HDFK HQG 2WKHU OHQJWKVSODWLQJDQGFRQQHFWRUVL]HVDUHDYDLODELOH FRQWDFW%851'<IRUPRUHLQIRUPDWLRQ

$SSUR[LPDWH$PSHUH5DWLQJ

&DWDORJ1XPEHU

$:* (TXLYDOHQW

/HQJWK LQFKHV

(QG7\SH

6WXG +ROH

,QGRRU

2XWGRRU

%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%%/7

$:*



)HUUXOH







%'7

$:*



)HUUXOH







%'7

$:*



)HUUXOH







%(7

$:*



)HUUXOH







%(7

$:*



)HUUXOH







%(7

$:*



)HUUXOH







%(7

$:*



)HUUXOH







%(7

$:*



)HUUXOH







%(7

$:*



)HUUXOH







%)7

$:*



)HUUXOH







%)7

$:*



)HUUXOH







%)7

$:*



)HUUXOH







%*7

NFPLO



)HUUXOH







%*7

NFPLO



)HUUXOH







%*7

NFPLO



)HUUXOH







%*7

NFPLO



)HUUXOH







1RW&6$&HUWL¿HG

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(% )OH[LEOH&RSSHU%UDLG )OH[LEOHFRSSHUEUDLGMXPSHUVGHVLJQHGWRWDNHXS OLQHDUH[SDQVLRQDQGFRQWUDFWLRQFRPSHQVDWHIRU PLVDOLJQPHQWDQGDEVRUEYLEUDWRU\PRYHPHQWRI HOHFWULFDOHTXLSPHQWDQGGHYLFHV

&DWDORJ 3UH¿[

(TXLY $:*6L]H

%'



%(



%)



%*

NFPLO

0DGH RI ÀDW H[WUD ÀH[LEOH WLQQHG SXUH FRSSHU EUDLG ZLWK XQSODWHG VHDPOHVV SXUH FRSSHU IHUUXOHVIRUPHGLQWRDUHFWDQJXODUVKDSHRQHDFK HQG /DVWWZRQXPEHUVLQFDWDORJQXPEHULQGLFDWHWRWDO OHQJWKRIEUDLGLQLQFKHV HJ%'1RU%'LV ORQJEUDLGMXPSHU  2WKHU OHQJWKV SODWLQJ DQG GULOOLQJ DUH DYDLODEOH&RQWDFWWKHIDFWRU\

&DWDORJ 1XPEHU %' %'1 %' %'1 %' %'1 %( %(1 %( %(1 %( %(1 %) %)1 %) %)1 %) %)1 %* %*1 %* %*1 %* %*1

                  





1XPEHURI%UDLGV LQ)HUUXOHV

&

'

(

.

/

1

7

                       

                       

                       

                       

                       

                       

                       

                       

 7RQJXHGULOOHGSHU  KROH1(0$6WDQGDUG  &HUWL¿HGWR&6$&1R*URXQGLQJDQG%RQGLQJ(TXLSPHQW6WDQGDUGVLQ

DGGLWLRQWRWKH8//LVWLQJZKLFKDOOLWHPVDERYHDUH/LVWHGWR

86



$SSUR[LPDWH$PSHUH 5DWLQJ ,QGRRU                        

2XWGRRU                        

127( (TXLYDOHQWVL]HVPD\EHGHVLJQDWHGE\VXI¿[OHWWHUVUHSUHVHQWLQJYDULDWLRQVLQ OHQJWKPRXQWLQJFRQ¿JXUDWLRQVSDGVL]HDQG¿QLVK&RQWDFWIDFWRU\IRUGHWDLOV )RU7LQSODWHGIHUUXOHVDGGVXI¿[71WRWKHFDWDORJQXPEHU

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(% )OH[LEOH&RSSHU%UDLG &RQWLQXHG

&DWDORJ 1XPEHU %' %'1 %( %(1 %) %)1 %*1 %' %'1 %( %(1 %) %)1 %* %*1 %' %'1 %( %(1 %) %)1 %*1

  

  











 

1XPEHURI%UDLGV LQ)HUUXOHV

&

'

(

.

/

1

7

                     

                     

                     

                     

                     

                     

                     

                     

7RQJXHGULOOHGSHU  KROH1(0$6WDQGDUG   &HUWL¿HGWR&6$&1R*URXQGLQJDQG%RQG LQJ(TXLSPHQW6WDQGDUGVLQDGGLWLRQWRWKH8/ /LVWLQJZKLFKDOOLWHPVDERYHDUH/LVWHGWR

&DQDGD 

$SSUR[LPDWH$PSHUH 5DWLQJ ,QGRRU 2XWGRRU                                            

127( (TXLYDOHQWVL]HVPD\EHGHVLJQDWHGE\VXI¿[OHWWHUV UHSUHVHQWLQJYDULDWLRQVLQOHQJWKPRXQWLQJFRQ¿JXUD WLRQVSDGVL]HDQG¿QLVK&RQWDFWIDFWRU\IRUGHWDLOV )RU7LQSODWHGIHUUXOHVDGGVXI¿[71WRWKHFDWDORJ QXPEHU



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(%%/7 +ROH&RQQHFWRU(QG)OH[LEOH &RSSHU%UDLG%RQGLQJ-XPSHUV %RQGLQJ6WUDSV )OH[LEOH FRSSHU EUDLG MXPSHUV GHVLJQHG WR WDNH XSOLQHDUH[SDQVLRQDQGFRQWUDFWLRQFRPSHQVDWH IRUPLVDOLJQPHQWDQGDEVRUEYLEUDWRU\PRYHPHQW RIHOHFWULFDOHTXLSPHQWDQGGHYLFHV0DGHRIÀDW H[WUD ÀH[LEOH WLQQHG SXUH FRSSHU EUDLG ZLWK KLJK TXDOLW\ %851'< WLQ SODWHG FRQQHFWRUV RQ HDFK HQG2WKHUOHQJWKVSODWLQJDQGFRQQHFWRUVL]HVDUH DYDLODELOHFRQWDFW%851'<IRUPRUHLQIRUPDWLRQ

&DWDORJ1XPEHU

$:* (TXLYDOHQW

/HQJWK LQFKHV

(QG7\SH

6WXG +ROH

%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



%%//7

$:*



&RQQHFWRU



86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(6&&<%% &RYHUHG-XPSHUV ,QVXODWHGÀH[LEOHFRSSHUEUDLGMXPSHUVGHVLJQHG WR WDNH XS OLQHDU H[SDQVLRQ DQG FRQWUDFWLRQ FRPSHQVDWHIRUPLVDOLJQPHQWDQGDEVRUEYLEUDWRU\ PRYHPHQW RI HOHFWULFDO HTXLSPHQW DQG GHYLFHV 0DGH RI H[WUD ÀH[LEOH WLQQHG SXUH FRSSHU EUDLG ZLWK KLJK TXDOLW\ %851'< WLQ SODWHG FRQQHFWRUV RU IHUUXOHV RQ HDFK HQG 2WKHU OHQJWKV SODWLQJ LQVXODWLRQFRORUVDQGFRQQHFWRUVL]HVDUHDYDLODEOH FRQWDFW%851'<IRUPRUHLQIRUPDWLRQ

$:* (TXLYDOHQW

6WXG +ROH 

&&</7*

/HQJWK LQFKHV 

&&</7*





&&</7* &&</7* &&</7* &&<//7* &&<//7* &&<//7* &&<//7* &&<//7* &&<//7* &&<//7* &&<//7* &&</7*< &&</7*< &&<//7*< &&<//7*< &&<//7*< %%//7% %%//7% %%//7% %'1% %'1% %'1%

                     

                   KROH1(0$ KROH1(0$ KROH1(0$

&DWDORJ1XPEHU

$:*

$:*

$:*

$:*

&DQDGD 



(QG7\SH

&RQQHFWRU

&RQQHFWRU

&RQQHFWRU

)HUUXOH

+HDW6KULQN &RORU

*UHHQ

*UHHQ 
%ODFN

ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(%%66 6WDLQOHVV6WHHO%UDLG )OH[LEOH VWDLQOHVV VWHHO EUDLG MXPSHUV GHVLJQHG WR WDNH XS OLQHDU H[SDQVLRQ DQG FRQWUDFWLRQ FRPSHQVDWHIRUPLVDOLJQPHQWDQGDEVRUEYLEUDWRU\ PRYHPHQW RI HOHFWULFDO HTXLSPHQW DQG GHYLFHV 0DGHRIÀDWH[WUDÀH[LEOHVWDLQOHVVVWHHOEUDLGZLWK KLJK TXDOLW\ %851'< WLQ SODWHG FRQQHFWRUV RU IHUUXOHV RQ HDFK HQG 2WKHU OHQJWKV SODWLQJ DQG FRQQHFWRU VL]HV DUH DYDLODEOH FRQWDFW %851'< IRUPRUHLQIRUPDWLRQ

&DWDORJ1XPEHU

$:* (TXLYDOHQW

/HQJWK LQFKHV

(QG7\SH

6WXG +ROH

%%66//7





%%66//7





%%66//7





%%66//7





%%66//7 %%66//7

$:*



&RQQHFWRU







%%66//7





%%66//7





%%66//7





%%66/7



86



)HUUXOH

ZZZEXUQG\FRP  



&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(6*%*%0 7\SH *%

*URXQG&RQQHFWRU )RU&RSSHU&DEOHWR%DU +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU MRLQLQJ D UDQJH RI FDEOH WR  WKLFN EDU  7\SH *% VHSDUDWHV FDEOH IURP EDU *%0 FODPSV FDEOH GLUHFWO\ RQ EDU VXUIDFH 2QHZUHQFK LQVWDOODWLRQ 8//LVWHG7KHKLJKFRSSHUDOOR\FDVWERG\DQG '85,80ŒEROWVQXWVDQGORFNZDVKHUVPDNHWKH *%DQG*%0VXLWDEOHIRUGLUHFWEXULDOLQFRQFUHWH RUJURXQG 127(  7KH*%*%0*&*&0*/DQG*=DUHDOO XVHG IRU MRLQLQJ D UDQJH RI FDEOH WR EDU 7KH FDWDORJ QXPEHUV LQ HDFK WDEOH DFFRPPRGDWH WKH LQGLFDWHG FDEOH UDQJH DQG XS WR Ǝ WKLFN EDU 2SWLRQDO EROW OHQJWKV DUH DYDLODEOH WR DFFRPPRGDWH XS WR  WKLFN EDU )RU EDU WKLFNQHVVHV IURP Ǝ WR Ǝ DGG WKH VXI¿[ ³7´WRWKHFDWDORJQXPEHULQWKHWDEOH)RUEDU WKLFNQHVVHVIURPƎWRƎDGGWKHVXI¿[³7´WR WKHFDWDORJQXPEHULQWKHWDEOH

7\SH *%0

7\SH *%0

7\SH *%

&DWDORJ1XPEHU &DEOH

+ 7\SH *%*%/

+ 7\SH *%0

-

: 7\SH*% *%/

: 7\SH *%0

5HF 7RUTXH

$:*$:*

























7\SH*%

7\SH *%0

*%&

*%0&

*%

*%0 $:*$:*

*%/1

³

$:*NFPLO



²





²



*%

*%0

$:* NFPLO













*%

*%0

NFPLO NFPLO













 *%/LVQRW8//LVWHG

7<3(6*&*&0

7\SH *&

*URXQG&RQQHFWRU )RU7ZR&RSSHU&DEOHVWR%DU

7\SH *&0

+LJKFRSSHUDOOR\JURXQGFRQQHFWRUIRUMRLQLQJD ZLGHUDQJHRIWZRSDUDOOHOFDEOHVWRWKLFNEDU  7\SH*&VHSDUDWHVFDEOHIURPEDU*&0FODPSV FDEOH WR EDU VXUIDFH 2QHZUHQFK LQVWDOODWLRQ 8//LVWHG7KHKLJKFRSSHUDOOR\FDVWERG\DQG '85,80ŒEROWVQXWVDQGORFNZDVKHUVPDNHWKH *&DQG*&0VXLWDEOHIRUGLUHFWEXULDOLQFRQFUHWH RUJURXQG 127(  7KH*%*%0*&*&0*/DQG*=DUHDOO XVHG IRU MRLQLQJ D UDQJH RI FDEOH WR EDU 7KH FDWDORJ QXPEHUV LQ HDFK WDEOH DFFRPPRGDWH WKH LQGLFDWHG FDEOH UDQJH DQG XS WR Ǝ WKLFN EDU 2SWLRQDO EROW OHQJWKV DUH DYDLODEOH WR DFFRPPRGDWH XS WR  WKLFN EDU )RU EDU WKLFNQHVVHV IURP Ǝ WR Ǝ DGG WKH VXI¿[ ³7´WRWKHFDWDORJQXPEHULQWKHWDEOH)RUEDU WKLFNQHVVHVIURPƎWRƎDGGWKHVXI¿[³7´WR WKHFDWDORJQXPEHULQWKHWDEOH

&DQDGD 

7\SH *&

7\SH *&0

&DWDORJ1XPEHU

+ 7\SH *&

+ 7\SH *&0

-

: 7\SH *&*&/

: 7\SH *&0

5HF 7RUTXH

7\SH*&

7\SH *&0

&DEOH

*&&&

*&0&

$:*$:*













*&

*&0

$:*$:*













*&/

³

$:*NFPLO



²





²



*&

*&0

$:*NFPLO













*&

*&0

NFPLONFPLO















ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*/ *URXQG&RQQHFWRU )RU7ZR&RSSHU&DEOHVWR%DU +LJKFRSSHUDOOR\JURXQGFRQQHFWRUIRUMRLQLQJD ZLGHUDQJHRIWZRSDUDOOHOFDEOHVWRWKLFNEDU  7ZREROWGHVLJQVHSDUDWHVFDEOHIURPEDU2QH ZUHQFKLQVWDOODWLRQ8//LVWHG7KHKLJKFRSSHU DOOR\ FDVW ERG\ DQG '85,80Œ EROWV QXWV DQG ORFNZDVKHUVPDNHWKHPVXLWDEOHIRUGLUHFWEXULDO LQFRQFUHWHRUJURXQG

&DWDORJ 1XPEHU

&RQGXFWRU

+

-

:

*/&&

$:*$:*

*/

$:*$:*













*/

$:*NFPLO







*/

NFPLONFPLO







127(  7KH*%*%0*&*&0*/DQG*=DUHDOOXVHGIRUMRLQLQJDUDQJHRIFDEOHWREDU7KHFDWDORJ QXPEHUVLQHDFKWDEOHDFFRPPRGDWHWKHLQGLFDWHGFDEOHUDQJHDQGXSWRƎWKLFNEDU2SWLRQDOEROW OHQJWKVDUHDYDLODEOHWRDFFRPPRGDWHXSWRWKLFNEDU)RUEDUWKLFNQHVVHVIURPƎWRƎDGGWKH VXI¿[³7´WRWKHFDWDORJQXPEHULQWKHWDEOH)RUEDUWKLFNQHVVHVIURPƎWRƎDGGWKHVXI¿[³7´WR WKHFDWDORJQXPEHULQWKHWDEOH

7<3(*= *URXQG&RQQHFWRU )RU&RSSHU&DEOHWR%DU +LJK FRSSHU DOOR\ JURXQG FRQQHFWRU IRU MRLQLQJ DZLGHUDQJHRIFDEOHWRWKLFNEDU &DEOHLV JULSSHGE\FXUYLQJLWDURXQGWKHFODPSLQJEROWLQ FRQQHFWRUJURRYH8//LVWHG7KHKLJKFRSSHU DOOR\ FDVW ERG\ DQG '85,80Œ EROWV QXWV DQG ORFNZDVKHUVPDNHWKHPVXLWDEOHIRUGLUHFWEXULDO LQFRQFUHWHRUJURXQG 127(  7KH*%*%0*&*&0*/DQG*=DUHDOO XVHG IRU MRLQLQJ D UDQJH RI FDEOH WR EDU 7KH FDWDORJ QXPEHUV LQ HDFK WDEOH DFFRPPRGDWH WKH LQGLFDWHG FDEOH UDQJH DQG XS WR Ǝ WKLFN EDU 2SWLRQDO EROW OHQJWKV DUH DYDLODEOH WR DFFRPPRGDWH XS WR  WKLFN EDU )RU EDU WKLFNQHVVHV IURP Ǝ WR Ǝ DGG WKH VXI¿[ ³7´WRWKHFDWDORJQXPEHULQWKHWDEOH)RUEDU WKLFNQHVVHVIURPƎWRƎDGGWKHVXI¿[³7´ WRWKHFDWDORJQXPEHULQWKHWDEOH

86



&DWDORJ 1XPEHU

&RQGXFWRU

+

-

:

*=&









*=&









*=&









*=









*=









*=









*=









*=









*=









ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*&&7 &DEOHWUD\*URXQG&ODPS 7KLV XQLTXH FRQQHFWRU LQFRUSRUDWHV IHDWXUHV ZKLFK DUH XQPDWFKHG 0DGH RI WLQSODWHG FDVW FRSSHUDOOR\LWDFFRPPRGDWHVHLWKHURQHRUWZR FRQGXFWRUVFRSSHURUDOXPLQXPFDEOH,QDGGLWLRQ WRDORZSUR¿OHKHDGZLWKDGHHS3KLOOLSVUHFHVV WKHJDOYDQL]HGVWHHOEROWKDVDULEEHGQHFNZKLFK SUHYHQWVURWDWLRQGXULQJLQVWDOODWLRQZKHQLQVWDOOHG LQDGLDPHWHUKROH:KHQXVHGRQDOXPLQXP FRQGXFWRU WKH FDEOH PXVW EH VFUDWFK EUXVKHG DQG 3(1(752;Œ $ MRLQW FRPSRXQG PXVW EH XVHG RQ FDEOH DQG FRQQHFWRU 8/ /LVWHG IRU FRSSHUFRQGXFWRURQO\6XLWDEOHIRUGLUHFWEXULDOLQ FRQFUHWHRUHDUWK

&DWDORJ 1XPEHU

$FFRPPRGDWHV&RSSHURU $OXPLQXP&RQGXFWRU LQHLWKHUJURRYH

%

&)

+

-

:

*&&7

6RO 'LD  6WU 'LD











*&&7

6RO 'LD  6WU 'LD











*&&7

6WU 'LD  NFPLO 'LD











127( 7KHEROWKHDGLVPRXQWHGRQWKHLQVLGHZDOORIFDEOHWUD\ WRDYRLGGDPDJHWRWKHFDEOHLQVXODWLRQ0D\EHXVHG ZLWKDOXPLQXPRUJDOYDQL]HGVWHHOFDEOHWUD\

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*,(* *URXQG&RQQHFWRU )RU9HKLFOH*URXQGLQJ+HDY\'XW\ &RQVWUXFWLRQ +LJKVWUHQJWK FRSSHU DOOR\ JURXQG FODPSV IRU JURXQGLQJJDVROLQHWUXFNVWDQNFDUVDLUFUDIWDQG RWKHUYHKLFOHVZKHUHGDQJHURIH[SORVLRQGXHWR VWDWLF HOHFWULFLW\ H[LVWV &RUURVLRQ UHVLVWDQW DQG VXSSOLHGZLWKQRQVSDUNLQJDGMXVWDEOHUHSODFHDEOH FRQWDFW JULS VFUHZV $XWRPDWLF VDIHW\ UHOHDVH GLVFRQQHFWVVKRXOGDYHKLFOHXQH[SHFWHGO\PRYH IURP WKH JURXQGHG DUHD $FFRPPRGDWHV  6WU ÀH[LEOHFRSSHUFDEOH

&DWDORJ1XPEHU

'HVFULSWLRQ

0DWHULDO

3RLQW&RQÀJXUDWLRQ

*,(&*

$VVHPEO\%HU\OOLXP&RSSHU

%HU\OOLXP&RSSHU

$VVHPEO\

*,(&*

$VVHPEO\6WDLQOHVV6WHHO

6WDLQOHVV6WHHO

$VVHPEO\

5HSODFHPHQW7LSV2QO\ &DWDORJ1XPEHU

'HVFULSWLRQ

0DWHULDO

3RLQW&RQÀJXUDWLRQ

*,(&*3

%HU\OOLXP&RSSHU&21(3RLQW2QO\

%HU\OOLXP&RSSHU

&RQH3RLQW

*,(&*3

%HU\OOLXP&RSSHU&833RLQW2QO\

%HU\OOLXP&RSSHU

&XS3RLQW

*,(&*3

6WDLQOHVV6WHHO&21(3RLQW2QO\

6WDLQOHVV6WHHO

&RQH3RLQW

*,(&*3

6WDLQOHVV6WHHO&833RLQW2QO\

6WDLQOHVV6WHHO

&XS3RLQW

7<3(*,(* *URXQG&RQQHFWRU )RU9HKLFOH*URXQGLQJ+HDY\'XW\ &RQVWUXFWLRQ $FFRPPRGDWHV ÀH[LEOH UXEEHU VKHDWK FDEOH UDQJLQJIURPWRFRQGXFWRU &DWDORJ1XPEHU*,(&*

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*&%7* 678'%8*ŒIRU6WDWLF*URXQGLQJ $SSOLFDWLRQV *&%7* LV D WHPSRUDU\ JURXQGLQJ VWXG IRU XVH RQ UDLO FDUV FKHPLFDO WUXFNV KD]DUGRXV ZDVWHWDQNHUVRUDSHWUROHXPYHKLFOHWRDOORZIRU VWDWLFJURXQGLQJSURWHFWLRQZKLOHLQRSHUDWLRQ,W SURYLGHVDFRQWDFWSRLQWDOORZLQJWKHUDLOFDUWUXFN RUWDQNHUWREHJURXQGHGWRDQHTXLSRWHQWLDOJULGRU JURXQGURGE\XVLQJVWDWLFUHHORUDJURXQGFDEOH

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡

0DGHRIEURQ]HDQGVXSSOLHGZLWKVLOLFRQ EURQ]HKDUGZDUH 6HFXUHGE\ò´KH[DJRQDOQXWDQGVSOLWORFN ZDVKHU &DQEHXVHGZLWKXQLYHUVDOFODPSVDQGEDOO VWXGFODPSV &DQEHXVHGDWYDULRXVDQJOHVWRUHDFK LQDFFHVVLEOHDUHDV $GGVXI¿[³66´IRUJURXQGLQJVWXGZLWK VWDLQOHVVVWHHOKDUGZDUH

c

1RWH M&DQEHXVHGZLWKSODWHEXVEDURUVWUXFWXUDOVWHHO XSWR´WKLFN

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

%851'<Š67$7,& ',6&+$5*(5((/6 6WDWLF 'LVFKDUJH 5HHOV DUH DQ H[FHOOHQW DGGLWLRQ WRWKH%851'<ŠVWDWLFGLVFKDUJHOLQHRISURGXFWV 7KHVH UHHOV DUH RIWHQ XVHG WR GLVVLSDWH VWDWLF FKDUJHEXLOGXSGHYHORSHGZKLOH¿OOLQJRUGLVSHQVLQJ IXHORURWKHUFRPEXVWLEOHOLTXLGVIURPIXHOWUXFNV RUUDLOFDUV2IWHQXVHGLQWKHSHWUROHXPLQGXVWU\ EXWDSSOLFDEOHLQDQ\DUHDZKHUHVWDWLFGLVFKDUJH FUHDWHVSRWHQWLDOKD]DUG 7KHVHUHHOVDUHKHDY\GXW\RIUXJJHGFRQVWUXFWLRQ DQG DUH VXSSOLHG ZLWK D  DPS XQLYHUVDO MDZ W\SHJURXQGLQJFODPS7KHUHHOVDUHDYDLODEOHZLWK IWDQGIWOHQJWKV$OOUHHOVFRPHZLWKVSULQJ UHZLQGDQGFHQWULIXJDOEUDNH7KHWHQVLRQFDQEH DGMXVWHGRQWKHVHUHHOVDQGLQVWDOODWLRQLQVWUXFWLRQV DUHLQFOXGHGWRHQVXUHWKHPRVWHI¿FLHQWPRXQWLQJ PHWKRG (YHU\UHHOLV3URXGO\0DGHLQWKH86$DQGPHHWV WKHVWULQJHQWTXDOLW\H[SHFWDWLRQVRIWKH%851'<Š SRUWIROLRRIJURXQGLQJSURGXFWV

%6'1

%6' )HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡

IWDQGIWFDEOHOHQJWKV $XWRPDWLF(=38//705HZLQGLQJ 5XJJHG6WHHO&RQVWUXFWLRQ &RPSDFW(QFORVHG'HVLJQ H[FOXGLQJ %6' 3RVLWLYH5DWFKHW/RFNZLWK5DWFKHW2Q2II 6ZLWFK H[FOXGLQJ%6' 3HUPDQHQW5DWFKHW/RFN %6'RQO\ 6WHHO&DEOH,QVWDOOHG $PS8QLYHUVDO-DZ7\SH*URXQGLQJ &ODPS 5HG%DNHGRQ)LQLVK 0DGHLQWKH86$

%6'<

%6' &DWDORJ1XPEHU

&DEOH/HQJWK

RI-DZ7\SH *URXQGLQJ&ODPSV

:HLJKW OE

%6'

IHHW 2SHQ5HHO'HVLJQ





%6'

IHHW





%6'1

IHHW 1\ORQ&RYHUHG





%6'<

IHHWSOXVIHHWRI³<´





86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

5$,/&211(&725 0HFKDQLFDO FODPS FRQQHFWRUV GHVLJQHG IRU XVH LQ SRZHU FRQWDFW RU UXQQLQJ UDLO DSSOLFDWLRQV &RQQHFWRUVDUHFDVWRIDKLJKFRQGXFWLYLW\FRSSHU DOOR\WLQSODWHGDQGDVVHPEOHGZLWKKLJKVWUHQJWK '85,80Œ KDUGZDUH &RQQHFWRUV GHVLJQHG IRU H[WHQGHGVHUYLFHOLIH

&DWDORJ 1XPEHU

)LJ1R

$FFRPPRGDWHV

%

+

++

/

:

-



/EV$5($5XQQLQJ5DLO











-



RU/EV5XQQLQJ5DLO











-



/EV&RQWDFW5DLO











-



/EV7KLUG5DLO











5*&*





/EV10&&RQWDFW5DLODQG  NFPLO&8&DEOH











5*&*





/EV&RQWDFWRU5XQQLQJ5DLODQG  NFPLO&8&DEOH











 7LQSODWHG

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(4*)/ %$57$3Œ )RU&RSSHU&DEOHWR )ODW%DURU3DG +LJKFRSSHUDOOR\%$57$3ŒIRUMRLQLQJDUDQJH RI FDEOH WR EDU RU SDG 2QHZUHQFK LQVWDOODWLRQ '85,80ŒQXWDQGORFNZDVKHU&DQEHLQVWDOOHG VLGHE\VLGHRULQOLQHRQ1(0$GULOOHGEDU &DWDORJ 1XPEHU

&RSSHU &RQGXFWRU

%

+

-

7 0D[

:

4*)/&%

6RO6WU











4*)/&%7

6RO6WU











4*)/%

6RO6WU











4*)/%7

6RO6WU











4*)/%

6RO6WU











4*)/%7

6RO6WU











4*)/%

6WUNFPLO











4*)/%7

6WUNFPLO











4*)/%

$:*NFPLO











4*)/%7

$:*NFPLO











4*)/%

NFPLO











4*)/%7

NFPLO











4*)/%

NFPLONFPLO











4*)/%7

NFPLONFPLO











4*)/%

NFPLONFPLO











4*)/%7

NFPLONFPLO











4*)/%

NFPLONFPLO











4*)/%7

NFPLONFPLO











4*)/%

NFPLONFPLO











&DQEHLQVWDOOHGVLGHE\VLGHRULQOLQHRQ1(0$GULOOHGEDU

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(*;35)

1(: F8/XV/LVWHG WR5HEDU

683(5&/$03Œ 5$,6(')/2255(%$5 *5281'&211(&725 5DLVHG )ORRU 3HGHVWDO *URXQG &RQQHFWRU 7KH*;35)LVDYHUVDWLOHHDV\WRLQVWDOO UDQJHWDNLQJJURXQGFRQQHFWRU7KLVJURXQGLQJ FODPS DFFHSWV D ZLGH UDQJH RI SHGHVWDOV DQG FRQGXFWRUV $FFHSWHG SHGHVWDO UDQJH LV ´ WKURXJK´ ´URXQG´´VTXDUH  7KH ZLUH UDQJH LV  VROLG WR  VWUDQGHG 7KH ZLUHV FDQ EH DUUDQJHG LQ D SDUDOOHO RU FURVVJULGFRQ¿JXUDWLRQDFFHSWVRUZLUHV 8/ /LVWHG IRU WKH 86 DQG &DQDGLDQ PDUNHWV F8/XV  7KH KLJK FRSSHU DOOR\ ERG\ HQVXUHV H[FHOOHQWFRQGXFWLYLW\DQGWKHKDUGZDUHLVPDGH RI VWDLQOHVV VWHHO 7KH FRQQHFWRU LV DOVR UDWHG IRU'LUHFW%XULDO7KHYHUVDWLOLW\RIWKHFRQQHFWRU PDNHV LW DQ H[FHOOHQW FKRLFH IRU DSSOLFDWLRQV UHTXLULQJ PXOWLSOH FRQGXFWRU VL]HV DQGRU FRQ¿JXUDWLRQV

)HDWXUHV %HQHÀWV ‡

)LWVDZLGHUDQJHRIUDLVHGÀRRU SHGHVWDOVIURP´WR´ ´URXQG ´´VTXDUH $FFHSWVDZLGHUDQJHRIZLUHVL]HVIURP VROLGWRVWUDQGHG &DQEHXVHGIRUUHEDUVL]HVUDQJLQJIURP VL]H ´´'LD $FFRPPRGDWHVSDUDOOHOZLUHVRUFURVV JULGDUUDQJHPHQWVZLUHVFDQEHLQVWDOOHG LQFURVVJULGFRQ¿JXUDWLRQ $FFHSWVRQHRUWZRZLUHVLQDQ\ FRQ¿JXUDWLRQ (DV\WRLQVWDOORSHQGHVLJQHOLPLQDWHV QHHGWRGLVDVVHPEOHEHIRUHLQVWDOOLQJ 2QHVRFNHWVL]H¿WVDOOKDUGZDUH ´ VRFNHWVL]H 0DGHRIKLJKFRSSHUDOOR\ 6WDLQOHVVVWHHOKDUGZDUH 8//LVWHGIRUWKH86DQG&DQDGLDQ PDUNHWV F8/XV 5DWHGIRU'LUHFW%XULDO

‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡

5HEDU&RQQHFWLRQ

&URVV*ULG&RQÀJXUDWLRQ

´&URVV)ODW

3DUDOOHO&RQÀJXUDWLRQ

5HFRPPHQGHG 7LJKWHQLQJ7RUTXH LQOE

5HIHUHQFH'LPHQVLRQV &DWDORJ 1XPEHU

&RSSHU&RQGXFWRU 5DQJH &RQFHQWULF &RPSDFW 6WUDQGHG6WU0D[

3HGHVWDO5DQJH

*;35)

$:*$:*

5RXQG´´ 6TXDUH´´

&DQDGD 



5HEDU

5HEDU6L]H ´´ 

/

:

+

-









ZZZEXUQG\FRP  

&RQGXFWRU 3HGHVWDO 6DGGOH &ODPSRU 1XW 5HEDU %ROW





86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(*5) 81,*5281'Œ 81,*5281'Œ5DLVHG)ORRU *URXQGLQJ&RQQHFWRU 7KH %851'<Š 81,*5281'Œ LV D XQLYHUVDO JURXQGLQJ FODPS VSHFL¿FDOO\ GHVLJQHG IRU DOO UDLVHG ÀRRULQJ V\VWHPV ,W FDQ EH LQVWDOOHG RQ URXQGRUVTXDUHSHGHVWDOVDQGFDQDFFRPPRGDWH RQHRUWZRJURXQGLQJZLUHVWRPDNHDQHI¿FLHQW JULG7KHXQGHUÀRRUVLJQDOUHIHUHQFHJULGSURYLGHV WKH ORZ LPSHGDQFH JURXQG SDWK WKDW DWWHQXDWHV KLJKIUHTXHQF\VWDWLFDQG+]WUDQVLHQWQRLVHIRU FOHDQHUGDWDRXWSXW8//LVWHG

)HDWXUHV %HQHÀWV ‡2QHFRQQHFWRU¿WVDOODSSOLFDWLRQV ‡(DVHRIVSHFL¿FDWLRQDQGLQVWDOODWLRQ ‡6LQJOHEROWGHVLJQ  (DVHRILQVWDOODWLRQ  ²1RQHHGWRGLVDVVHPEOH  ²6LQJOHZUHQFKLQVWDOODWLRQ ‡$FFHSWVRUJURXQGFRQGXFWRUV ‡5HTXLUHVOHVVFRQQHFWRUVWRLQVWDOO VLJQDOUHIHUHQFHJULG ‡7LQSODWHGFDVWEURQ]HFRQVWUXFWLRQ ‡5HVLVWVFRUURVLRQDQGSURYLGHV H[WHQGHGOLIHJURXQGFRQQHFWLRQ

3HGHVWDO7\SH

&DWDORJ 1XPEHU

1XPEHURI &RQGXFWRUV

&RQGXFWRU6L]H 6RO 6WU

5RXQG

6TXDUH

*5)&

RU



8SWR

*5)&

RU



8SWR

86



‡*URXQGVDOOSHGHVWDOV URXQGRUVTXDUH  :LOOKDQGOHXSWRVTXDUHDQG URXQG ‡(DVHRILQVWDOODWLRQ2QHFRQQHFWRUGRHV LWDOO ‡6HUYHVQHHGV  6LJQDO5HIHUHQFH*ULG  6WDWLF*URXQG  )DXOW&XUUHQW*URXQG ‡81,*5281'ŒVROYHVDOOSRVVLEOH JURXQGLQJSUREOHPVIRXQGLQFRPSXWHU DSSOLFDWLRQVWRGD\

%

+

-

:

8SWR









8SWR









ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(6*3**357 5DLVHG)ORRU*URXQGLQJ &ODPSV +LJKFRSSHUDOOR\JURXQGFRQQHFWRUIRU UDLVHGÀRRUFRPSXWHUJURXQGLQJDSSOLFDWLRQV 7KHVHFRQQHFWRUVFDQEHLQVWDOOHGRQURXQG DQGVTXDUHSHGHVWDODSSOLFDWLRQVDQGZLOO DFFRPPRGDWHRQHRUWZRJURXQGLQJZLUHVWR PDNHDQHI¿FLHQWJULG7KHXQGHUÀRRUVLJQDO UHIHUHQFHJULGSURYLGHVWKHORZLPSHGDQFH JURXQGSDWKWKDWDWWHQXDWHVKLJKIUHTXHQF\ VWDWLFDQG+]WUDQVLHQWQRLVHIRUFOHDQHU GDWDRXWSXW8//LVWHG

)HDWXUHV %HQHÀWV

,QDGGLWLRQZHRIIHUWKH*357ZKLFKLV VSHFL¿FDOO\GHVLJQHGIRUSHQHWUDWLQJHSR[\ SDLQWRQSHGHVWDOV7KLVSDWHQWHGFRQQHFWRU RIIHUVDORZLPSHGDQFHWLPHVDYLQJFRQQHFWLRQ EHWZHHQFRQGXFWRUVDQGWKHSHGHVWDO

‡

*357

‡ ‡

$FFHSWVRU*URXQG&RQGXFWRUV 5HTXLUHVOHVVFRQQHFWRUVWRLQVWDOOVLJQDO UHIHUHQFHJULG 0DGHRIFRSSHUDOOR\ '85,80Œ8%ROWVQXWVDQG ORFNZDVKHUV 3URYLGHVDORZLPSHGDQFHJURXQGSDWK IRUPD[LPXPSHUIRUPDQFH *URXQGVDOOSHGHVWDOV URXQGRUVTXDUH :LOOKDQGOHIURP»´WR´URXQGRU VTXDUH (DVHRILQVWDOODWLRQ 6HUYHVQHHGV 6LJQDO5HIHUHQFH*ULG 6WDWLF*URXQG )DXOW&XUUHQW*URXQG &RQQHFWRUVVROYHDOOSRVVLEOHJURXQGLQJ SUREOHPVIRXQGLQFRPSXWHUDSSOLFDWLRQV WRGD\

‡ ‡

‡ ‡ ‡ ‡

‡

&DWDORJ 1XPEHU

1XPEHURI &RQGXFWRUV

&RQGXFWRU6L]H 6RO 6WU

*3&*

RU

6RO6WU

*3*

RU

6RO6WU

*3*

RU

6RO6WU

*3*

RU

6RO6WU

*357

RU

*3*

RU

&DQDGD 

3HGHVWDO6L]H 7\SH ´´5RXQG ´´6TXDUH

%

-

/

:

























´5RXQG









6RO6WU

´5RXQG









6RO6WU

´5RXQG











ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

7<3(%%% %851'<Š%XV%DU &RSSHU%XV%DU %DUH FRSSHU %XV%DU 8/ /LVWHG IRU JURXQGLQJ $YDLODEOH LQ PDQ\ VL]HV DQG KROH SDWWHUQV %UDFNHWV DQG LQVXODWRUV LQFOXGHG ZLWK PRVW VW\OHV $OVR DYDLODEOH LQ XQGULOOHG KRUL]RQWDO DQG YHUWLFDO YHUVLRQV %XV%DU LV XVHG LQ D YDULHW\ RI DSSOLFDWLRQV&DQEHXVHGDVDFRPPRQJURXQG SRLQWDQG³SRZHU´DSSOLFDWLRQVDVZHOO

&DWDORJ 1XPEHU

)LJ 1R

,QVXODWRU %UDFNHW

7%DU 7KLFNQHVV

:%DU :LGWK

/%DU /HQJWK

(

(

(

)

)

1RRI +ROHV

.

%%%$







LQ

´



²

²



²





%%%%







LQ

´





²









%%%&







LQ

´





²



²





%%%'







LQ

´





²









%%%(







LQ

´





²









%%%)







LQ

´





²









%%%*







LQ

´





²



²





%%%+







LQ

´









²





%%%-







LQ

´









²





%%%8'

²

1$



LQ

´

1$

1$

1$

1$

1$



²

%%%8'

²

1$



LQ

´

1$

1$

1$

1$

1$



²

%%%+5

²





LQ

´



²

²

²

²



²

%%%95

²





LQ

´



²

²

²

²



²

&RQWDFWIDFWRU\IRUFXVWRPVL]HV 127( )RUVHSDUDWHO\RUGHULQJ,QVXODWRU %UDFNHWVXVH FDWDORJQXPEHU%

 

)LJXUH

86

)LJXUH



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ 0HFKDQLFDO

7<3(%%% %851'<Š%XV%DU &RSSHU%XV%DU &RQWLQXHG

)LJXUH

)LJXUH

:

)LJXUH

)LJXUH

)LJXUH

)LJXUH

)LJXUH

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ 0HFKDQLFDO

%851'<Š

%:%6HULHV %851'<Š3RRO:DWHU%RQGLQJ.LW 1(&  &  VWDWHV ³$Q LQWHQWLRQDO ERQG RI PLQLPXP FRQGXFWLYH VXUIDFH DUHD RI Ǝ VKDOO EH LQVWDOOHGLQFRQWDFWZLWKWKHSRROZDWHU7KLVERQG VKDOO EH SHUPLWWHG WR FRQVLVW RI SDUWV WKDW DUH UTXLUHGWREHERQGHGLQ % ´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ÀDWZDVKHUVWZR  ORFNZDVKHUV WZR  QXWVDQGRQH  %851'<&/71

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡

(DV\LQVWDOODWLRQ 0RXQWLQJKDUGZDUHLQFOXGHG 8//LVWHG 3ODFHGRXWRIWKHZD\RQWKHVLGHZDOORIWKH VNLPPHUEHORZWKHEDVNHW

&DWDORJ1XPEHU

3RRO7\SH

%:%$*

$ERYH*URXQG

%:%,*

,Q*URXQG

%RQGLQJZLUH JRHVKHUH

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<:HOGŠ 4,./,7(Š %851'<:HOGŠ:HOG0HWDO %DWWHU\,JQLWLRQ6\VWHP 7KHVHOIFRQWDLQHGXQLWRIIHUVDEXLOWLQEDWWHU\OLIH LQGLFDWRU¶LJQLWRUFRUGDQGVHSDUDWHEXWWRQVIRU SRZHUDQGLJQLWLRQ$OVRQRVWDUWLQJSRZGHULVXVHG ZLWKWKLVV\VWHPVRHPLVVLRQVDUHJUHDWO\UHGXFHG 4,./,7(Š ZRUNV ZLWK ³RIIWKHVKHOI´ PROGV DQG ZHOG PHWDO VR FRQWUDFWRUV DQG LQVWDOOHUV FDQ FRQWLQXHWRXVHWKHVDPHTXDOLW\%851'<:HOGŠ SURGXFWV 6LQFHWKHXQLWRSHUDWHVZLWKVWDQGDUGZHOGPHWDO DQGPROGVLQVWDOOHUVDOVRKDYHWKHRSWLRQRIXVLQJ D WUDGLWLRQDO ÀLQW LJQLWRU RU WKH QHZ 4,./,7(Š V\VWHP $QRWKHU IHDWXUH LV WKH VSHHG RI LJQLWLRQ ZLWK YLUWXDOO\ QR GHOD\ EHWZHHQ GHSUHVVLQJ WKH ³SXVKWRRSHUDWH´EXWWRQDQGLJQLWLRQRIWKHZHOG PHWDO 7KLV LQVWDQW LJQLWLRQ IHDWXUH RIIHUV TXLFN UHDVVXUDQFHWRWKHLQVWDOOHUZLWKRXWWKHGHOD\

&DWDORJ1XPEHU 6WDQGDUG&DUWULGJH 6L]HZLWK,JQLWRU

&DUWULGJHV ,JQLWRUV 3HU%R[

4



4



4



4



4



4



4



4



4



4



4



4,.67,.



)HDWXUHV %HQHÀWV

‡ 7KHUH¶VYLUWXDOO\QRGHOD\LQLJQLWLRQDIWHU GHSUHVVLQJWKH³SXVKWRRSHUDWH´EXWWRQ ‡ 6HSDUDWH212))DQG2SHUDWHEXWWRQV ‡ &RPHVFRPSOHWHZLWKGXUDEOH¶KHDWUHVLVWDQW FRUG ‡ 'XUDEOHORQJODVWLQJGHVLJQ ‡ 4,.67,.LJQLWRUVWLFNVDUHFRQYHQLHQWO\ SDFNDJHGDQGDYDLODEOHVHSDUDWHO\RUDYDLODEOH SDFNDJHGFRPSOHWHZLWKVWDQGDUGZHOGPHWDO

‡ 7KH4,./,7(ŠV\VWHPDOORZVLQVWDOOHUVWRPDNH H[RWKHUPLFFRQQHFWLRQVUHPRWHO\ ‡ 8VHVVWDQGDUGH[RWKHUPLFPROGVDQGZHOG PHWDO ‡ 8VHWKHQHZ%851'<:HOGŠ4,./,7(ŠV\VWHP RUXVHDÀLQWLJQLWRUWKLVYHUVDWLOLW\PDNHVWKLV V\VWHPEHWWHUWKDQDQ\WKLQJDYDLODEOHLQWKH LQGXVWU\ ‡ ,QVWDOOHUVKDYHYLUWXDOO\FRQ¿GHQFHWKDW WKHFRQQHFWLRQFDQEHFRPSOHWHGZLWKQR ZDVWHGPDWHULDORUZHOGPHWDOVKRWV ‡ 1RVWDUWLQJPDWHULDOUHTXLUHGZKLFKJUHDWO\ UHGXFHVWKHDPRXQWRIHPLVVLRQVJHQHUDWHG ‡ 3RZHULVVXSSOLHGE\VWDQGDUG³'´6L]H EDWWHULHV ‡ %XLOWLQEDWWHU\OLIHLQGLFDWRU &DWDORJ1XPEHU

'HVFULSWLRQ

4,./,7(

%DWWHU\,JQLWLRQ6\VWHP

4,./,7(.,7

4,./,7(Š%DWWHU\,JQLWLRQ6\VWHPDQG4,.67,.,JQLWRU6WLFNV

,JQLWRUVWLFNRQO\

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

%851'<:HOGŠ 7KH %851'<:HOGŠ FRQQHFWLRQ SURFHVV LV D VLPSOH HI¿FLHQW PHWKRG RI ZHOGLQJ FRSSHU WR FRSSHU RU FRSSHU WR VWHHO 2QH DGYDQWDJH LV WKDW 12 RXWVLGH SRZHU LV UHTXLUHG ZKHQ XVLQJ WKH %851'<:HOGŠ H[RWKHUPLF SURFHVV 7KH %851'<:HOGŠ SURFHVV XVHV KLJK WHPSHUDWXUH UHDFWLRQRISRZGHUHGFRSSHUR[LGHDQGDOXPLQXP 7KH UHDFWLRQ WDNHV SODFH LQ D VHPLSHUPDQHQW JUDSKLWH PROG 7KHVH PROGV ZLOO ODVW IRU ¿IW\ RU PRUH ZHOGV LI SURSHU FDU LV JLYHQ 7KH UHDFWLRQ WDNHVSODFHYHU\UDSLGO\WKHUHIRUHWKHWRWDODPRXQW RI KHDW DSSOLHG WR WKH FRQGXFWRUV RU VXUIDFHV LV FRQVLGHUDEO\OHVVWKDQWKDWRIEUD]LQJRUVROGHULQJ ,WLVLPSRUWDQWWRUHPHPEHUWKLVZKHQZHOGLQJWR LQVXODWHGFDEOHRUWKLQZDOOSLSH 7KLVV\VWHPLVYHU\¿HOGIULHQGO\VLQFHLWLVOLJKWDQG SRUWDEOHDQGUHTXLUHVQRRXWVLGHSRZHUVRXUFH,W UHTXLUHVYHU\OLWWOHWLPHRUVNLOOWRREWDLQDQHI¿FLHQW PDLQWHQDQFH IUHH FRQQHFWLRQ ZKHQ XVLQJ WKH %851'<:HOGŠSURFHVV )RUPRUHLQIRUPDWLRQYLVLWRXUZHEVLWHDW ZZZEXUQG\FRP

7KH %851'<:HOGŠ FRQQHFWLRQ LV D PROHFXODU ZHOG7KHZHOGPHWDOKDVWKHVDPHPHOWLQJSRLQW DVFRSSHU7KHVHIDFWRUVDORQJZLWKWKHLQFUHDVHG FURVV VHFWLRQ RI WKH FRQQHFWLRQ %851'<:HOGŠ FRQQHFWLRQV 

7KH %851'<:HOGŠ SURFHVV KDV EHHQ XVHG WR ZHOG PDWHULDOV RWKHU WKDQ FRSSHU IRU HOHFWULFDO SXUSRVHV0DWHULDOVZHOGHGLQFOXGH 6WDLQOHVV6WHHO &RSSHUZHOGŠ 1LFKURPH9 *DOYDQL]HG6WHHO 6LOLFRQ%URQ]H &RSSHU&ODG6WHHO &ROXPELXP 3ODLQ6WHHO (YHUGXUŠ .DPD 6WHOO5DLO &RU7HQŠ %UDVV %URQ]H 1LRELXP &KURPD[ &DVW,URQ 0RQHO

:LOO QRW EH DIIHFWHG E\ D KLJK FXUUHQW VXUJH 7HVWV KDYH VKRZQ WKDW WKH HOHFWULFDO FRQGXFWRU ZLOO PHOW EHIRUH WKH %851'<:HOGŠFRQQHFWLRQZKHQVXEMHFWHG WR KLJK VKRUW FLUFXLW FXUUHQW &RQVXOW ,((( 6WDQGDUG



:LOOQRWORRVHQRUFRUURGHDWWKHSRLQWRIZHOG 7KHUHDUHQRFRQWDFWVXUIDFHVRUPHFKDQLFDO SUHVVXUHV LQYROYHG $ %851'<:HOGŠ FRQQHFWLRQEHFRPHVDQLQWHJUDOSDUWRIWKH FRQGXFWRU



+DYHDFXUUHQWFDUU\LQJFDSDFLW\HTXDOWRRU JUHDWHUWKDQWKDWRIWKHFRQGXFWRUV

/LG 6WDUWLQJ 3RZGHU :HOG 0HWDO *UDSKLWH 0ROG

:KHQZHOGLQJWRJDOYDQL]HGVWHHOLWLV UHFRPPHQGHGWRUHVXUIDFHH[SRVHGEDUHVWHHO

:HOG &DYLW\

7DS+ROH

&DEOH

*URXQG 5RG

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

0DNLQJD%851'<:HOGŠ&RQQHFWLRQ

6WHS

6WHS

3RVLWLRQFOHDQHGFRQGXFWRUVLQPROGDIWHU 3ODFHPHWDOGLVFLQERWWRPRIPROG PDNHVXUHPROGLVGU\E\SUHKHDWLQJRU FUXFLEOH PDNLQJDWHVWMRLQW

6WHS

&ORVHOLGDQGSODFHDVPDOODPRXQWRI VWDUWLQJSRZGHULQWKHLJQLWLRQSRFNHW

&DQDGD 

6WHS

,JQLWHWKHVWDUWLQJSRZGHUZLWKWKH)OLQW ,JQLWRU



ZZZEXUQG\FRP  

6WHS

'XPSSRZGHULQWRFUXFLEOHEHLQJFDUHIXO QRWWRORRVHQDOOWKHVWDUWLQJSRZGHU

6WHS

:DLWVHFRQGVWKHQUHPRYHZHOG DQGFOHDQPROGEHIRUHPDNLQJQH[W FRQQHFWLRQ

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

%851'<:HOGŠ :(/'0(7$/ %851'<:HOGŠ:HOG0HWDOLVSDFNHGLQPRLVWXUH UHVLVWDQW SODVWLF FDUWULGJHV WKDW KDYH WLJKW ¿WWLQJ FDSV7KHVHFDUWULGJHVDORQJZLWKWKHQHFHVVDU\ VWHHO GLVFV DUH WKHQ SDFNHG LQ ER[HV WKDW DUH KHUPHWLFDOO\ VHDOHG 7KLV HQVXUHV WKH SRZGHU DUULYLQJLQJRRGFRQGLWLRQDOZD\VGU\DQGUHDG\IRU IDVWSRVLWLYHLJQLWLRQ%851'<:HOGŠ:HOG0HWDO FRPHVLQVHYHUDOW\SHVRQHIRUZHOGLQJFRSSHUWR FRSSHUFRSSHUWRVWHHOFRSSHUWRFDVWLURQDQGRQH IRUZHOGLQJFRSSHUWRVWHHOIRUFDWKRGLFSURWHFWLRQ 7KHVL]HDQGZHLJKW LQJUDPV RIWKHFDUWULGJHDUH PDUNHGRQHDFKLQGLYLGXDOFDUWULGJH :HOG PHWDO DQG VWHHO GLVFV DUH VROG RQO\ LQ VWDQGDUGER[TXDQWLWLHV

)HDWXUHV %HQHÀWV ‡ 3DFNHGLQPRLVWXUHUHVLVWDQWSODVWLFFDUWULGJHV WKDWKDYHWLJKW¿WWLQJFDSV7KHVHFDUWULGJHV DORQJZLWKWKHQHFHVVDU\VWHHOGLVFVDUHWKHQ SDFNHG LQ ER[HV WKDW DUH KHUPHWLFDOO\ VHDOHG 7KLV HQVXUHV WKH SRZGHU DUULYLQJ LQ JRRG FRQGLWLRQDOZD\VGU\DQGUHDG\IRUIDVWSRVLWLYH LJQLWLRQ

&DWDORJ 1XPEHU

'HVFULSWLRQ

&DUWULGJHV 3HU%R[

&DWDORJ 1XPEHU

'HVFULSWLRQ

&DUWULGJHV 3HU%R[



6WDQGDUG&DUWULGJH



&3

&DWKRGLF3URWHFWLRQ&DUWULGJH





6WDQGDUG&DUWULGJH



&3

&DWKRGLF3URWHFWLRQ&DUWULGJH





6WDQGDUG&DUWULGJH



&3

&DWKRGLF3URWHFWLRQ&DUWULGJH





6WDQGDUG&DUWULGJH



&3

&DWKRGLF3URWHFWLRQ&DUWULGJH





6WDQGDUG&DUWULGJH



&3

&DWKRGLF3URWHFWLRQ&DUWULGJH





6WDQGDUG&DUWULGJH





6WDQGDUG&DUWULGJH





6WDQGDUG&DUWULGJH





6WDQGDUG&DUWULGJH





6WDQGDUG&DUWULGJH



:HOG0HWDO 6L]H

&DWDORJ1XPEHU 6WHHO'LVFV2QO\

3DFNDJH 4XDQWLW\



6WDQGDUG&DUWULGJH



WR

%



WR

%



WR

%



$GG4WRVXI¿[WRLQFOXGH4LNVWLN

&DWDORJ 1XPEHU

'HVFULSWLRQ

&DUWULGJHV 3HU%R[

&,

&DVW,URQ&DUWULGJH



&,

&DVW,URQ&DUWULGJH



&,

&DVW,URQ&DUWULGJH



&,

&DVW,URQ&DUWULGJH



&,

&DVW,URQ&DUWULGJH



&,

&DVW,URQ&DUWULGJH



&,

&DVW,URQ&DUWULGJH



86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&&02/'6 +RUL]RQWDO(QGWR(QG %&&7\SH0ROGVDUHXVHGIRUKRUL]RQWDOHQGWR HQGFDEOHFRQQHFWLRQV 6L]HUDQJHLVWKURXJKNFPLOVROLGRU FRQFHQWULFVWUDQGHGFRSSHUFRQGXFWRUV &RQWDFW%851'<ŠIRULQIRUPDWLRQRQPROGVIRU FRQGXFWRUVQRWOLVWHGEHORZ

&DEOH

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH&ODPSV



%







,QFO



%







,QFO



%







,QFO



5XQ

7DS

   



%





,QFO





%





%





%





%





%





%





%





%

NFPLO

NFPLO

%





%

NFPLO

NFPLO

%





%

NFPLO

NFPLO

%





%

NFPLO

NFPLO

%





%

NFPLO

NFPLO

%





%

NFPLO

NFPLO

%





%

 %)OLQWLJQLWRULQFOXGHG

127(6 ‡)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š ‡0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHGFDEOHDGGVXI¿[³6´WRPROGQXPEHUIRUVROLGFRQGXFWRUV ‡)RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRUPROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡)RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJQXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&&02/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO&DEOH7DSWR +RUL]RQWDO&DEOH5XQ 7\SH %&& 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO FDEOHWDSWRDKRUL]RQWDOUXQFDEOH6L]HUDQJHLV WKURXJKNFPLOVROLGRUFRQFHQWULFVWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGV IRU FRQGXFWRUV QRW OLVWHG EHORZ

&DEOH 5XQ  











NFPLO

7DS                             NFPLO      

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                  

                                  

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

86



&DEOH 5XQ

NFPLO

NFPLO

NFPLO

NFPLO

ZZZEXUQG\FRP  

7DS NFPLO NFPLO       NFPLO NFPLO NFPLO       NFPLO NFPLO NFPLO NFPLO      NFPLO NFPLO NFPLO NFPLO NFPLO   

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                 

                                 

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&&02/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDOWR+RUL]RQWDO &DEOH&URVV 7\SH%&&0ROGVDUHXVHGWRMRLQWZRKRUL]RQWDO FDEOHV DW ULJKW DQJOHV 2QH FDEOH LV FXW DQG WKH RWKHULVDWKURXJKUXQ6L]HUDQJHLVWKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV&RQWDFW%851'<ŠIRULQIRUPDWLRQRQ PROGVIRUFRQGXFWRUVQRWOLVWHGEHORZ

&DEOH

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

%

NFPLO

%





%

%

NFPLO

%





%



%



%





%



%



%





%

5XQ

7DS





%









%







%





%















NFPLO

NFPLO

&DEOH 5XQ

NFPLO



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO



%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&&02/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDOWR+RUL]RQWDO &DEOH&URVV 7\SH %&& 0ROGV DUH XVHG WR MRLQ XQFXW KRUL]RQWDOFDEOHVDWULJKWDQJOHVWRHDFKRWKHU6L]H UDQJHLVWKURXJKNFPLOVROLGRUFRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ

&DEOH

&DEOH

5XQ

7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV





%





,QFO





%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%













7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

NFPLO

%





%

5XQ

NFPLO



%





%



%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%

NFPLO



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&&02/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO3DUDOOHO7DS %&& 7\SH 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO SDUDOOHO WDS WR UXQ FRQQHFWLRQV 7KH WDS FDEOH LV RYHUWKHUXQFDEOH6L]HUDQJHLVWKURXJK VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGV IRU FRQGXFWRUVQRWOLVWHGEHORZ

&DEOH 5XQ 6RO 









7DS 6RO    6RO 6RO    6RO 6RO     6RO 6RO      6RO 6RO

0ROG1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

% % % % % % % % % % % % % % % % % % % % % % % %

                       

                       

% % % % % % % % % % % % % % % % % % % % % % % %

&DEOH 5XQ





7DS       6RO 6RO        6RO 6RO

7<3(%&&02/'6

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

% % % % % % % % % % % % % % % % %

                

                

% % % % % % % % % % % % % % % % %

&DEOH

+RUL]RQWDO3DUDOOHOWKURXJK&DEOHV %&& 7\SH 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO SDUDOOHO WKURXJK UXQ FDEOHV &DEOHV UXQ VLGH E\ VLGH LQ WKH PROG 6L]H UDQJH LV  WKURXJK  VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGV IRU FRQGXFWRUVQRWOLVWHG

5XQ

7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO





%









%





127(6 ‡ ‡ ‡ ‡ ‡

&DQDGD 

0ROG1XPEHU



ZZZEXUQG\FRP  

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 6ROGFRPSOHWHZLWKKDQGOHV

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&&02/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO3DUDOOHO WKURXJK&DEOHV %&& 7\SH 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO SDUDOOHOWKURXJKUXQFDEOHV2QHFDEOHUXQVDERYH WKH RWKHU FDEOH LQ WKH PROG 6L]H UDQJH LV  WKURXJK  VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV&RQWDFW%851'<ŠIRULQIRUPDWLRQRQ PROGVIRUFRQGXFWRUVQRWOLVWHGEHORZ

&DEOH 5XQ









0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%







%





6RO

%





7DS

&DEOH 7DS

0ROG 1XPEHU

%



%





%

%



%





%

%



%





%



%





%

6RO

%





%

5XQ



3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%





%



%





%



%





%



%





%



%





%

6RO

%





%



%





%



%





%

6RO

%





%

6RO

%





%



%





%



%





%

6RO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

6RO

%





%



%





%



%





%

6RO

%





%

6RO

%





%



%





%



%





%

6RO

%





%



%





%



%





%



%





%



%





%





%





%



%





%



%





%



%





%

6RO

%





%



%





%

6RO

%





%

86





ZZZEXUQG\FRP  



%





%



%





%



%





%



%





%

6RO

%





%



%





%

6RO

%





%

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&502/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO&DEOH7HUPLQDO WR*URXQG5RG 7\SH%&50ROGVDUHXVHGWRWHUPLQDWHKRUL]RQWDO FRSSHUFDEOHDWWKHWRSRIDYHUWLFDOJURXQGURG6L]H UDQJHLVWKURXJKNFPLOVROLGRUFRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV  WKURXJK  IRU WKHJURXQGURG&RQWDFW%851'<ŠIRULQIRUPDWLRQ RQPROGVIRUFRQGXFWRUVQRWOLVWHGEHORZ

&DEOH *UG5RG





7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%

 





%

 



%



%



&DEOH 7DS

0ROG 1XPEHU

3ULFH .H\

,QFO



%



,QFO







%





%

%





%



%





%



%





%



%





%

*UG5RG



:HOG 0HWDO

+DQGOH &ODPSV

 



,QFO

%

 



,QFO



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%



%

 



,QFO

NFPLO

%





%



%

 



,QFO

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

%

NFPLO

%





%



%

NFPLO

%





%



%

NFPLO

%





%

NFPLO

%





%



%





%

NFPLO

%





%

NFPLO

%





NFPLO

%



NFPLO

%



 %)OLQWLJQLWRULQFOXGHG

&DQDGD 





ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&502/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO&DEOHWR *URXQG5RG 7\SH %&5 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO WKURXJKFRSSHUFDEOHWRWKHWRSRIDYHUWLFDOJURXQG URG6L]HUDQJHLVWKURXJKNFPLOVROLGRU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV  WKURXJKIRUWKHJURXQGURG&RQWDFW%851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ

&DEOH *UG5RG





7DS

0ROG 1XPEHU



%

 



,QFO



%

 



,QFO



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%



%

 



,QFO



%

 



,QFO



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

3ULFH.H\

:HOG 0HWDO

+DQGOH &ODPSV

&DEOH *UG5RG

7DS





0ROG 1XPEHU

3ULFH.H\

:HOG 0HWDO

+DQGOH &ODPSV



%

 



,QFO



%

 



,QFO



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

 NFPLO

%





%

 %)OLQWLJQLWRULQFOXGHG

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&502/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO7KURXJK&DEOH WR*URXQG5RG 7\SH %&5 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO WKURXJKUXQFDEOHWRWKHVLGHRIDYHUWLFDOJURXQG URG 6L]H UDQJH LV  WKURXJK  NFPLO  VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV  WKURXJKIRUWKHJURXQGURG&RQWDFW%851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ

&DEOH *UG5RG





7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%







%





%



&DEOH 7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

%



%





%



%



%





%





%



%





%

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

&DQDGD 



*UG5RG





ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&502/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO5XQDQG7DS &DEOHVWR*URXQG5RG 7\SH %&5 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO UXQDQGWDSFDEOHVWRWKHWRSRIDYHUWLFDOJURXQG URG 6L]H UDQJH LV  WKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV  WKURXJK´IRUWKHJURXQGURG&RQWDFW%851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ

&DEOH *UG5RG







7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%







%





%





%





%



%



&DEOH 7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

%



%





%



%



%





%



%



%





%



%



%





%





%



%





%





%



%





%

%





%



%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%

*UG5RG





%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&502/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO3DUDOOHO5XQ&DEOHVWR *URXQG5RG 7\SH %&5 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO SDUDOOHO FDEOHV WR WKH WRS RI D YHUWLFDO JURXQG URG 6L]H UDQJH LV  WKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV  WKURXJKIRUWKHJURXQGURG&RQWDFW%851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ

&DEOH *UG5RG 6L]H

´

´

´

7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%







%





%



&DEOH 7DS

0ROG 1XPEHU

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV

%



%





%



%



%





%



%



%





%

*UG5RG 6L]H



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%





%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%

NFPLO

%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%



%





%



%





%



%





%



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

6,1*/(6+2702/'6 586$FFHSWHG %851'<:HOGŠ 6LQJOH 6KRW 0ROGV DUH DQ HFRQRPLFDO ZD\ WR PDNH FDEOH FRQQHFWLRQV RQWRWKHWRSRIDJURXQGURG7KH6LQJOH6KRWLV DGLVSRVDEOHVLQJOHXVHFHUDPLFPROGWKDWFRPHV FRPSOHWHZLWKHYHU\WKLQJUHTXLUHGH[FHSWWKH)OLQW ,JQLWRU *URXQG5RG 6L]H







&DEOH6L]H 6ROLG

6WUDQGHG

8//LVWHG

0ROG1XPEHU

7\SH





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡ %&5‡





%6





%6

%&5‡





%6

%&5‡





%6

%&5‡

²



%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5





%6

%&5





%6

%&5





%6

%&5





%6

%&5





%6

%&5





%6

%&5





%6

%&5‡





%6

%&5‡





%6

%&5‡

²



%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5‡





%6

%&5





%6

%&5





%6

%&5





%6

%&5‡





%6

%&5‡





%6

%&5‡

86



ZZZEXUQG\FRP  

%&5

%&5

%&5

%&5

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&602/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO&DEOHWR +RUL]RQWDO6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR WHUPLQDWH D KRUL]RQWDO FRSSHU FDEOH WR DQ\ KRUL]RQWDO VWHHO VXUIDFH1RWHWKDWWKHFDEOHLV2))WKHVXUIDFH 6L]H UDQJH LV  WKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<ŠIRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUV QRWOLVWHGEHORZ &DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH&ODPSV

    NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO

% % % % % % % % % %

         

         

% % % % % % % % % %

7<3(%&602/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO&DEOHWR +RUL]RQWDO6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR WHUPLQDWH D KRUL]RQWDO FRSSHU FDEOH WR DQ\ KRUL]RQWDO VWHHO VXUIDFH 1RWH WKDW WKH FDEOH LV 21 WKH VXUIDFH 6L]H UDQJH LV  WKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<ŠIRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUV QRWOLVWHGEHORZ &DEOH6L]H         NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO

&DQDGD 

 %)OLQWLJQLWRULQFOXGHG

0ROG1XPEHU % % % % % % % % % % % % % %



3ULFH.H\                  

:HOG0HWDO              

ZZZEXUQG\FRP  

+DQGOH&ODPSV ,QFO ,QFO ,QFO ,QFO % % % % % % % % % %

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&602/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO7KURXJK&DEOHWR +RUL]RQWDO6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO WKURXJK FRSSHU FDEOH WR DQ\ KRUL]RQWDO VWHHO VXUIDFH1RWHWKHFDEOHLV2))WKHVXUIDFH6L]H UDQJHLVWKURXJKNFPLOVROLGRUFRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ &DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH&ODPSV



%





%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%+





%

NFPLO

%+





%

7<3(%&602/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO7KURXJK&DEOHWR +RUL]RQWDO6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO WKURXJK FRSSHU FDEOH WR DQ\ KRUL]RQWDO VWHHO VXUIDFH 1RWH WKH FDEOH LV 21 WKH VXUIDFH 6L]H UDQJHLVWKURXJKNFPLOVROLGRUFRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š 3URGXFWVIRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUV QRWOLVWHGEHORZ

 %)OLQWLJQLWRULQFOXGHG

&DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO



%







+DQGOH&ODPSV ,QFO



%







,QFO



%







,QFO



%







%





,QFO



%



%





%



%





%



%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

NFPLO

%





%

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&602/'6 $QJXODU&DEOH'URSWR9HUWLFDO 6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR MRLQ WKH HQG RI DFRSSHUFDEOHDWDƒDQJOHWRDYHUWLFDOVWHHO VXUIDFH 6L]H UDQJH LV  WKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGV IRU FRQGXFWRUVQRWOLVWHGEHORZ

&DEOHWR3LSH

&DEOHWR)ODW6WHHO

&DEOH6L]H

3LSH6L]H

0ROG 1XPEHU

3ULFH :HOG .H\ 0HWDO

+DQGOH &ODPSV

&DEOH6L]H

3LSH6L]H

0ROG 1XPEHU



)ODW6WHHO2QO\

%





 XS

% 





)ODW6WHHO2QO\

%





 XS

% 





 XS

% 





3ULFH :HOG .H\ 0HWDO

+DQGOH &ODPSV



%



WR

%





%



%



WR

%





%



%



WR

%





%



%



WR

%





%

%



WR

%





%



 XS

% 





%



WR

%





%



 XS

% 





%



WR

%





%



 XS

% 





%



WR

%





%



 XS

% 





%



WR

%





%

NFPLO

)ODW6WHHO2QO\

%





%

NFPLO

)ODW6WHHO2QO\

%





%

NFPLO

)ODW6WHHO2QO\

%





%

NFPLO

)ODW6WHHO2QO\

%





%

NFPLO

)ODW6WHHO2QO\

%





%

NFPLO

)ODW6WHHO2QO\

%





%

‡



WR

%





%

‡



WR

%





%



WR

%





%

6RO

WR

%6





%

6RO

WR

%6





%

6RO

WR

%6





%

6RO

 XS

%6 





%



WR

%





%



WR

%





%



WR

%





%



WR

%





%



WR

%





%



WR

%





%



WR

%





%



WR

%





%



WR

%





%

&DQDGD 



 )ODW6XUIDFH0ROG7KHVHLWHPVFDQEHXVHGWR)ODW6WHHORUWR3LSH

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHGFDEOHDGGVXIIL[³6´WRPROG QXPEHUIRUVROLGFRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRUPROGVIRU&RSSHUZHOGŠ FDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJQXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&602/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

9HUWLFDO&DEOH'URSWR 9HUWLFDO6WHHO6XUIDFH 7\SH%&60ROGVDUHXVHGWRMRLQYHUWLFDOFDEOH GRZQ WR D YHUWLFDO VWHHO VXUIDFH 1RWH WKDW WKH FDEOHLV2))WKHVXUIDFH6L]HUDQJHLVWKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV&RQWDFW%851'<ŠIRULQIRUPDWLRQRQ PROGVIRUFRQGXFWRUVQRWOLVWHGEHORZ

&DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH &ODPSV

        NFPLO NFPLO NFPLO NFPLO

% % % % % % % % % % % %

           

           

% % % % % % % % % % % %

7<3(%&602/'6 9HUWLFDO7KURXJK&DEOHWR9HUWLFDO 6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR MRLQ D YHUWLFDO WKURXJK FRSSHU FDEOH WR D YHUWLFDO VWHHO VXUIDFH 1RWHWKDWWKHFDEOHLV2))WKHVXUIDFH)RUPROGV ZLWKWKHFDEOHRQWKHVXUIDFHFRQWDFW%851'<Š 6L]H UDQJH LV  WKURXJK  NFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<ŠIRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUV QRWOLVWHG 127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

86



&DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH &ODPSV

        NFPLO NFPLO NFPLO NFPLO

% % % % % % % % % %+ %+ %+

           

           

% % % % % % % % % % % %

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&602/'6 +RUL]RQWDO7KURXJK&DEOHWR 9HUWLFDO6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO WKURXJK FRSSHU FDEOH WR D YHUWLFDO VWHHO VXUIDFH 1RWH WKDW WKH FDEOH LV 2)) WKH VXUIDFH 6L]H UDQJHLVWKURXJKNFPLOVROLGRUFRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ &DEOH6L]H

0ROG1XPEHU

        NFPLO

% % % % % % % % %

127(6

3ULFH.H\ :HOG0HWDO         

        

+DQGOH &ODPSV

‡ ‡

% % % % % % % % %

‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHGFDEOHDGGVXIIL[³6´WRPROG QXPEHUIRUVROLGFRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRUPROGVIRU &RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJQXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

7<3(%&602/'6 2YHUKHDG9HUWLFDO7DS&DEOHWR 9HUWLFDO6WHHO6XUIDFH 7\SH%&60ROGVDUHXVHGWRMRLQDQRYHUKHDG YHUWLFDO FRSSHU FRQGXFWRU GURS WDS WR D YHUWLFDO VWHHOVXUIDFH6L]HUDQJHLVWKURXJKNFPLO VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGV IRU FRQGXFWRUVQRWOLVWHG 127(6 ‡ ‡ ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

&DQDGD 



&DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH &ODPSV

         NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO

% % % % % % % % % % % % % % %

              

              

% % % % % % % % % % % % % % %

ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&602/'6

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV ‡ )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š ‡ )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š 5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU%0ROG&OHDQLQJ %UXVK%&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

+RUL]RQWDO7DS&DEOHWR9HUWLFDO 6WHHO6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR FRQQHFW D KRUL]RQWDO FRQGXFWRU WR D YHUWLFDO VWHHO VXUIDFH 1RWH WKDW WKH FDEOH LV 21 WKH VXUIDFH 6L]H UDQJHLVWKURXJKNFPLOVROLGRUFRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV &RQWDFW %851'<Š IRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUVQRWOLVWHG EHORZ &DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

+DQGOH &ODPSV

       NFPLO NFPLO NFPLO NFPLO

% % % % % % % % % % %

          

          

% % % % % % % % % % %

7<3(%&602/'6 +RUL]RQWDO&DEOH7DSWR+RUL]RQWDO &DVW,URQ6XUIDFH 7\SH %&6 0ROGV DUH XVHG WR MRLQ KRUL]RQWDO FDEOH WDSV WR KRUL]RQWDO FDVW LURQ VXUIDFHV 1RWH WKDWWKHFDEOHLV21WKHVXUIDFH6L]HUDQJHLV WKURXJK  VROLG RU FRQFHQWULF VWUDQGHG FRSSHU FRQGXFWRUV&RQWDFW%851'<ŠIRULQIRUPDWLRQRQ PROGVIRUFRQGXFWRUVQRWOLVWHGEHORZ

'2127XVH7\SH%&6PROGV RQ6RLO3LSH $670$ $WHVW ZHOGVKRXOGEHPDGHRQDVHFWLRQ RISLSHEHLQJXVHGWRGHWHUPLQH WKHSRVVLELOLW\RIGHWULPHQWDO PHWDOOXUJLFDOHIIHFWV

127(6 ‡ ‡ ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

86

&DEOH6L]H

0ROG1XPEHU

3ULFH.H\

:HOG0HWDO

6RO  6RO  6RO  6RO 

% % % % % % % %

       

6&, &, &, &, &, &, &, &,

       

+DQGOH &ODPSV ,QFO ,QFO ,QFO ,QFO ,QFO ,QFO ,QFO ,QFO

 %)OLQWLJQLWRULQFOXGHG



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&5(02/'6 3$&.,1*0$7(5,$/127(

+RUL]RQWDO3DUDOOHO7DSWR5HEDU

$SDFNLQJSDGLVQHFHVVDU\ZKHQPDNLQJ %851'<:HOGŠFRQQHFWLRQVWRUHEDU 3DFNLQJPDWHULDO%LVFRSSHUVKLP VWRFN3DFNLQJPDWHULDOQXPEHUV% %DQG%DUHDFHUDPLF ¿EHUPDWHULDODQGFDQEHXVHGIRURQH FRQQHFWLRQRQO\%HVXUHWRVSHFLI\SDFNLQJ PDWHULDOFDWDORJQXPEHUZKHQRUGHULQJPROG DQGZHOGPHWDO

7\SH%&5(0ROGVDUHUHFRPPHQGHGIRUSDUDOOHO KRUL]RQWDO FRQQHFWLRQV IRU VROLG RU FRQFHQWULF VWUDQGHG FRQGXFWRUV  WKURXJK  MRLQHG WR UHLQIRUFLQJEDUVWKURXJKDQGODUJHU7KHKLJK FRSSHUFRQWHQWMRLQWKDVDKLJKHUFXUUHQWFDUU\LQJ FDSDFLW\ WKDQ WKH FRQGXFWRUV EHLQJ MRLQHG DQG LV LPSHUYLRXV WR YLEUDWLRQ DQG PRLVWXUH &RQWDFW %851'<ŠIRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUV QRWOLVWHGEHORZ

5HEDU 6L]H



 /DUJHU





 /DUJHU

&DEOH 6L]H

0ROG 1XPEHU

3DFNLQJ 0DWHULDO

3ULFH.H\



%

%



%



:HOG 0HWDO

+DQGOH &ODPSV





%

%





%

%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%







,QFO



%

%







,QFO



%

%







,QFO



%

%







,QFO



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





,QFO



%

%





,QFO



%

%





,QFO



%

%





,QFO

127(6 ‡ ‡ ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

 %)OLQWLJQLWRULQFOXGHG

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&5(02/'6 3$&.,1*0$7(5,$/127(

+RUL]RQWDO&DEOH7DSWR+RUL]RQWDO 5HEDU5XQ

$SDFNLQJSDGLVQHFHVVDU\ZKHQPDNLQJ %851'<:HOGŠFRQQHFWLRQVWRUHEDU 3DFNLQJPDWHULDO%LVFRSSHUVKLP VWRFN3DFNLQJPDWHULDOQXPEHUV% %DQG%DUHDFHUDPLF ¿EHUPDWHULDODQGFDQEHXVHGIRURQH FRQQHFWLRQRQO\%HVXUHWRVSHFLI\SDFNLQJ PDWHULDOFDWDORJQXPEHUZKHQRUGHULQJPROG DQGZHOGPHWDO

7\SH %&5( 0ROGV DUH UHFRPPHQGHG IRU ULJKW DQJOH KRUL]RQWDO FRQQHFWLRQV IRU VROLG RU FRQFHQWULF VWUDQGHG FRQGXFWRUV  WKURXJK  MRLQHGWRUHLQIRUFLQJEDUVWKURXJK7KHKLJK FRSSHUFRQWHQWMRLQWKDVDKLJKHUFXUUHQWFDUU\LQJ FDSDFLW\WKDQWKHFRQGXFWRUVEHLQJMRLQHGDQGLV LPSHUYLRXVWRYLEUDWLRQDQGPRLVWXUH 5HEDU 6L]H









&DEOH 6L]H

0ROG 1XPEHU

3DFNLQJ 0DWHULDO

3ULFH .H\

:HOG 0HWDO

+DQGOH &ODPSV



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%

86



ZZZEXUQG\FRP  

127(6 ‡ ‡ ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&5(02/'6 3$&.,1*0$7(5,$/127(

+RUL]RQWDOWKURXJK&DEOHWR 9HUWLFDO5HEDU

$SDFNLQJSDGLVQHFHVVDU\ZKHQPDNLQJ %851'<:HOGŠFRQQHFWLRQVWRUHEDU 3DFNLQJPDWHULDO%LVFRSSHUVKLP VWRFN3DFNLQJPDWHULDOQXPEHUV% %DQG%DUHDFHUDPLF ¿EHUPDWHULDODQGFDQEHXVHGIRURQH FRQQHFWLRQRQO\%HVXUHWRVSHFLI\SDFNLQJ PDWHULDOFDWDORJQXPEHUZKHQRUGHULQJPROG DQGZHOGPHWDO

7\SH %&5( 0ROGV DUH UHFRPPHQGHG IRU KRUL]RQWDOFRQGXFWRUVWRYHUWLFDOUHEDUFRQQHFWLRQV IRU VROLG RU FRQFHQWULF VWUDQGHG FRQGXFWRUV  WKURXJKMRLQHGWRUHLQIRUFLQJEDUVWKURXJK ODUJHU7KHKLJKFRSSHUFRQWHQWMRLQWKDVDKLJKHU FXUUHQW FDUU\LQJ FDSDFLW\ WKDQ WKH FRQGXFWRUV EHLQJ MRLQHG DQG LV LPSHUYLRXV WR YLEUDWLRQ DQG PRLVWXUH &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGVIRUFRQGXFWRUVQRWOLVWHGEHORZ 5HEDU &DEOH 0ROG 6L]H 6L]H 1XPEHU







3DFNLQJ 0DWHULDO

3ULFH :HOG +DQGOH .H\ 0HWDO &ODPSV

5HEDU &DEOH 0ROG 6L]H 6L]H 1XPEHU

3DFNLQJ 0DWHULDO

3ULFH :HOG +DQGOH .H\ 0HWDO &ODPSV



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%

%





%



%

%





%



%



%

%





%



%

%





%



%

%





%



%



%

%





%



%

%





%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



  /DUJHU



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%

‡



%

%





%

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJQXPEHU

127(6 ‡ ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHGFDEOHDGG VXIIL[³6´WRPROGQXPEHUIRUVROLGFRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

7<3(%&5(02/'6 3$&.,1*0$7(5,$/127(

+RUL]RQWDOWKURXJK&DEOHWR +RUL]RQWDO5HEDU

$SDFNLQJSDGLVQHFHVVDU\ZKHQPDNLQJ %851'<:HOGŠFRQQHFWLRQVWRUHEDU 3DFNLQJPDWHULDO%LVFRSSHUVKLP VWRFN3DFNLQJPDWHULDOQXPEHUV% %DQG%DUHDFHUDPLF ¿EHUPDWHULDODQGFDQEHXVHGIRURQH FRQQHFWLRQRQO\%HVXUHWRVSHFLI\SDFNLQJ PDWHULDOFDWDORJQXPEHUZKHQRUGHULQJPROG DQGZHOGPHWDO

7\SH %&5( 0ROGV DUH UHFRPPHQGHG IRU KRUL]RQWDOWKURXJKFRQGXFWRUVWRKRUL]RQWDOUHEDU DWULJKWDQJOHFRQQHFWLRQVIRUVROLGRUFRQFHQWULF VWUDQGHG FRQGXFWRUV  WKURXJK  MRLQHG WR UHLQIRUFLQJEDUVWKURXJK ODUJHU7KHKLJK FRSSHUFRQWHQWMRLQWKDVDKLJKHUFXUUHQWFDUU\LQJ FDSDFLW\ WKDQ WKH FRQGXFWRUV EHLQJ MRLQHG DQG LV LPSHUYLRXV WR YLEUDWLRQ DQG PRLVWXUH &RQWDFW %851'<ŠIRULQIRUPDWLRQRQPROGVIRUFRQGXFWRUV QRWOLVWHGEHORZ 5HEDU 6L]H







 /DUJHU

&DEOH6L]H                                

0ROG 1XPEHU % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

86

3DFNLQJ 0DWHULDO % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %



3ULFH.H\

:HOG0HWDO

                               

                               

       

+DQGOH &ODPSV % % % % % % % % % % % % % % % % % % % % % % % % ,QFO ,QFO ,QFO ,QFO ,QFO ,QFO ,QFO ,QFO

ZZZEXUQG\FRP  

127(6 ‡ ‡ ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHG FDEOHDGGVXIIL[³6´WRPROGQXPEHUIRUVROLG FRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRU PROGVIRU&RSSHUZHOGŠFDEOHFRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJ QXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS  %)OLQWLJQLWRULQFOXGHG

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

7<3(%&5(02/'6 3$&.,1*0$7(5,$/127(

+RUL]RQWDO&DEOH7DSWR 9HUWLFDO5HEDU

$SDFNLQJSDGLVQHFHVVDU\ZKHQPDNLQJ %851'<:HOGŠFRQQHFWLRQVWRUHEDU 3DFNLQJPDWHULDO%LVFRSSHUVKLP VWRFN3DFNLQJPDWHULDOQXPEHUV% %DQG%DUHDFHUDPLF ¿EHUPDWHULDODQGFDQEHXVHGIRURQH FRQQHFWLRQRQO\%HVXUHWRVSHFLI\SDFNLQJ PDWHULDOFDWDORJQXPEHUZKHQRUGHULQJPROG DQGZHOGPHWDO

7\SH %&5( 0ROGV DUH UHFRPPHQGHG IRU KRUL]RQWDO FRQGXFWRUV WHUPLQDWLQJ DW ULJKW DQJOHV WRYHUWLFDOUHEDUFRQQHFWLRQVIRUVROLGRUFRQFHQWULF VWUDQGHG FRQGXFWRUV  WKURXJK  MRLQHG WR UHLQIRUFLQJEDUVWKURXJKDQGODUJHU7KHKLJK FRSSHUFRQWHQWMRLQWKDVDKLJKHUFXUUHQWFDUU\LQJ FDSDFLW\WKDQWKHFRQGXFWRUVEHLQJMRLQHGDQGLV LPSHUYLRXVWRYLEUDWLRQDQGPRLVWXUH &RQWDFW %851'<Š IRU LQIRUPDWLRQ RQ PROGV IRU FRQGXFWRUVQRWOLVWHGEHORZ 5HEDU &DEOH 0ROG 6L]H 6L]H 1XPEHU







3DFNLQJ 0DWHULDO

3ULFH :HOG .H\ 0HWDO

+DQGOH &ODPSV

5HEDU &DEOH 0ROG 6L]H 6L]H 1XPEHU

3DFNLQJ 0DWHULDO

3ULFH :HOG .H\ 0HWDO

+DQGOH &ODPSV



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%





%

%





%



%

%





%





%

%





%



%

%





%





%

%





%



%

%





%





%

%





%



%

%





%



%

%





  /DUJHU



%

%





%





%

%





%



%



%

%





%





%

%





%



%

%





%





%

%





%



%

%





%





%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%



%

%





%

‡



%

%





%

‡

 7KH%FRPHVFRPSOHWHZLWKD%KDQGOHFODPSDQG%

YHUWLFDOFKDLQFODPS$OWKRXJKJRRGIRUXVHRQDOOVL]HVRIUHEDUYHUWLFDOFKDLQ FODPSVDUHVWURQJO\UHFRPPHQGHGRQODUJHVL]HUHEDUDVWKH\KROGWKHPROG WR WKH UHEDU VHFXUHO\ ,I \RX DOUHDG\ KDYH D % KDQGOH FODPS \RX FDQ SXUFKDVHWKHYHUWLFDOFKDLQFODPSVVHSDUDWHO\

127(6 ‡ ‡

)RUVL]HVQRWOLVWHGFRQWDFW%851'<Š 0ROGVOLVWHGDUHIRUFRQFHQWULFVWUDQGHGFDEOHDGGVXIIL[³6´WRPROGQXPEHU IRUVROLGFRQGXFWRUV )RUKHDY\GXW\PROGVPROGVZLWKZHDUSODWHVRUPROGVIRU&RSSHUZHOGŠFDEOH FRQWDFW%851'<Š )RUH[SHGLWHGVHUYLFHFRQWDFW%851'<Š

5HTXLUHG7RROV +DQGOH&ODPSVVHHFKDUWIRUFRUUHFWKDQGOHFDWDORJQXPEHU 5HFRPPHQGHG$FFHVVRULHV %)OLQW,JQLWRU %0ROG&OHDQLQJ%UXVK %&DEOH&OHDQLQJ%UXVK %&DEOH&ODPS

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

%851'<Š*5281'0$;Œ

%851'<Š*5281'0$;Œ

%851'<Š *5281'0$;Œ LV DQ HFRQRPLFDO VROXWLRQ IRU DUHDV ZLWK YHU\ GLI¿FXOW JURXQGLQJ LVVXHV  %851'<Š *5281'0$;Œ LV KLJKO\ FRQGXFWLYH LQ D ZHW RU GU\ DSSOLFDWLRQ DQG GRHV QRWUHTXLUHPRLVWXUHWRORZHUWKHUHVLVWDQFHRI\RXU JURXQGLQJ V\VWHP  %851'<Š *5281'0$;Œ FRQWDLQV D FRUURVLRQ LQKLELWRU ZKLFK IRUPV D ¿OP RQ FRSSHU FUHDWLQJ D EDUULHU DJDLQVW FRUURVLRQ %851'<Š*5281'0$;ŒFDQEHSRXUHGLQGU\ RUSXPSHGLQVOXUU\IRUP1RWDPSLQJUHTXLUHG,WLV YHU\FRQWUDFWRUIULHQGO\1RVSHFLDOWRROVUHTXLUHG

$GYDQWDJHV  ‡(DV\WRLQVWDOO ‡(OHFWULFDOO\FRQGXFWLYH ‡(QYLURQPHQWDOO\IULHQGO\ ‡:LOOQRWOHDFKLQWRWKHJURXQG ‡3RVLWLYHORZUHVLVWDQFHHOHFWULFDO FRQQHFWLRQWRHDUWK ‡'RHVQRWFRQWDLQDQ\KD]DUGRXV FKHPLFDOV ‡&RPSDWLEOHZLWKDOOFRSSHUJURXQGLQJ V\VWHPV ‡&RQWDLQVDFRUURVLRQLQKLELWRUWRSURWHFW FRSSHU ‡:LOOQRWH[SDQGRUVKULQN ‡1RWDIIHFWHGE\IUHH]LQJ ‡([FHOOHQWVKHOIOLIH ‡7\SLFDOUHVLVWLYLW\2KPFP

0DWHULDO5HTXLUHGSHU/LQHDU)RRWRI7UHQFK :LGWKRI7UHQFK LQFKHV

7KLFNQHVVRI %851'<Š *5281'0$;Œ ,QFKHV















































































































































































































































7RFDOFXODWHWKHSRXQGVRIPDWHULDOUHTXLUHGWRÀOODWUHQFK ‡'HWHUPLQHGHVLUHGWKLFNQHVV ‡0RYHWRWKHULJKWRQWKHFKDUWDERYHXQWLO\RXDUHXQGHUWKHNQRZQ ZLGWKRIWKHWUHQFKWKLVQXPEHUZLOOEHWKHZHLJKWRIWKHPDWHULDOLQOEVOLQHDUIW ‡7DNHWKLVQXPEHUDQGPXOWLSO\E\WKHOHQJWKRIWKHWUHQFKLQIHHW\RXUDQVZHU ZLOOEHWKHDPRXQWRI%851'<Š*5281'0$;ŒPDWHULDOUHTXLUHGWR¿OOWKH WUHQFKWRWKHGHVLUHGOHYHOLQSRXQGV ([DPSOH 7KLFNQHVV LQFKHV :LGWKRIWUHQFK LQFKHV OEVSHUOLQHDUIW VHHWDEOHDERYH $QVZHU OEVSHUOLQHDUIW[IWWUHQFK OEVRI%851'<Š*5281'0$;Œ  4XDQWLW\RIOEEDJVRI%851'<Š*5281'0$;Œ

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š*5281'0$;Œ

'U\9ROXPHRI%851'<Š *5281'0$;ŒY]+ROH6L]H

$SSOLFDWLRQ,QIRUPDWLRQ

+ROH6L]H

/EVRI%851'<Š *5281'0$;Œ3HU)W

+ROH6L]HZLWK [ 5RG LQ&HQWHURI +ROH

3HUFHQW5HVLVWDQFH &RPSDUHGWR5RG 2QO\ 

    

    

    

    

9HUWLFDO,QVWDOODWLRQ 'ULOORUERUHDKROHWKHGHVLUHGGLDPHWHUDQGGHSWK 6XVSHQG JURXQG HOHFWURGH LQ FHQWHU RI KROH WR EH ¿OOHG 3RXU %851'<Š *5281'0$;Œ XQWLO GHVLUHGOHYHOLVREWDLQHG1RWDPSLQJLVUHTXLUHG

+RUL]RQWDORU*ULG &RQVWUXFWLRQ 

*URXQG5HVLVWDQFH &RPSDULVRQRI%DUH5RGYV

6WHDG\6WDWH/HDNDJH5HVLVWDQFH  8VLQJ&RSSHU:LUHYV%851'<Š*5281'0$;Œ

3RXU LQWR KRUL]RQWDO WUHQFK XQWLO OHYHO RI JURXQG ZLUHLVUHDFKHG3ODFHJURXQGZLUH3RXUDGGLWLRQDO %851'<Š *5281'0$;ŒXQWLOZLUHLVFRYHUHG WR GHVLUHG KHLJKW &RYHU ZLWK ¿OO 1R WDPSLQJ UHTXLUHG )RU JULG FRQVWUXFWLRQ SRXU %851'<Š *5281'0$;Œ DQG VSUHDG RYHU JURXQG JULG XQWLOGHVLUHGWKLFNQHVVLVDFKLHYHG&RYHUZLWK¿OO  (QWLUHJURXQGLQJV\VWHPVKRXOGEHVXUURXQGHG E\ %851'<Š  *5281'0$;Œ &RQGXFWRUV VKRXOG EH LQVXODWHG DV WKH\ H[LW %851'<Š *5281'0$;ŒFROXPQ

/HQJWK

 'LDPHWHU :LUH2QO\

















       

3HUFHQWDJHRI5HVLVWDQFHZLWK:LUH3OXV%851'<Š *5281'0$;ŒLQ9DULRXV'LDPHWHUV&RPSDUHGWR:LUH2QO\  







       

       

       

       

 7KHXVHRI%851'<Š*5281'0$;ŒDURXQGWKHJURXQGLQJV\VWHPZLOODOVRUHGXFHVXUJHLPSHGDQFHE\

LQFUHDVLQJWKHHIIHFWLYHFRQWDFWDUHDRIWKHHOHFWURGHWRVRLO

+RUL]RQWDO&RQVWUXFWLRQ

%851'<Š*5281'0$;Œ &RSSHU:LUH (DUWKRU)LOO

*ULG&RQVWUXFWLRQ

(DUWKRU)LOO

&DQDGD 

&RSSHU:LUH



ZZZEXUQG\FRP  

%851'<Š *5281'0$;Œ

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

%851'<Š*5,'0$;Š *URXQGLQJ3HUVRQQHO6DIHW\0DWV (TXLSRWHQWLDO%RQGLQJ3RRODQG 6SD*URXQGLQJ

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡

0DQXIDFWXUHGIURPEDUHVROLGFRSSHU 6SDFHGRQRUFHQWHUV &RSSHUWRFRSSHUZHOGZLWKVLOYHU )XUQLVKHGLQVHFWLRQVZLWKOHQJWKVIURPƍWR ƍ ‡ (DVLO\DQGHFRQRPLFDOO\LQVWDOOHGXVLQJ %851'<:HOGŠ+<*5281'ŠRURXU 0HFKDQLFDOFRQQHFWRUV ‡ 6L]HVPDGHVSHFL¿FDOO\IRUWKH3RRODQG6SD PDUNHWƍ[ƍDQGƍ[ƍ%XWFDQEHXVHG ZKHUHDQ\ODUJHDUHDJURXQGVDUHUHTXLUHG

&DWDORJ1XPEHU

&RQGXFWRU

%*0

'LPHQVLRQV * VSDFLQJ

/ OHQJWK

: ZLGWK

$:*



¶



%*0

$:*



¶



%*0

$:*







%*0

$:*







%*0

$:*







%*0

$:*







&DOOIRUFXVWRPPDWV

([DPSOH *5,'0$;Š ¶ZLGHLQSRRODUHD

([DPSOH *5,'0$;Š 3HUVRQQHO6DIHW\0DW

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

% % +$1'/(&/$036 %851'<:HOGŠ+DQGOH&ODPSVPDNHSRVVLEOHWKH XVHRIPDQ\GLIIHUHQWVL]HVDQGW\SHVRIPROGVZLWK RQO\WZRGLIIHUHQWFODPSV7KHWZRKDQGOHFODPSV DUHFDWDORJQXPEHUV% %7KHVHZLOO¿W RIDOOVWDQGDUG%851'<:HOGŠPROGV 





8VH % FODPSV IRU DOO PROGV KDYLQJ D SULFHNH\RU7KHVHPROGVDUH DQRPLQDO[VTXDUH 8VH % FODPSV IRU DOO PROGV KDYLQJ D SULFHNH\RU7KHVHPROGVDUHD QRPLQDO[VTXDUH $OOPROGVKDYLQJDSULFHNH\    RU  KDYH DQ DWWDFKHG IUDPH VHSDUDWHKDQGOHVDUHQRWUHTXLUHG

%+$1'/( $77$&+0(17 7KLV+DQGOH$WWDFKPHQWLVXVHGWRKROG3ULFH.H\ PROGVLQSRVLWLRQ,WHDVLO\DWWDFKHVWRWKH% +DQGOH &ODPS 7KLV +DQGOH $WWDFKPHQW FDQ EH XVHGZLWKZHOGW\SHV%&5(DQG%&5( &DWDORJ1XPEHU%

02/'6833257&/$03 7KH0ROG6XSSRUW&ODPSLVXVHGWRKROGDPROG LQSRVLWLRQRQDYHUWLFDOVWHHOFROXPQRUDQJOH ,WLVHDVLO\DWWDFKHGWRWKH+DQGOH&ODPSV7KH 0ROG6XSSRUW&ODPSFDQEHXVHGZLWKZHOGW\SHV %&6%&6%&6DQG%&6 &DWDORJ1XPEHU%

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

9(57,&$/0$*1(7,& &/$036 0DJQHWLF &ODPSV DUH XVHG WR KROG D PROG LQ SRVLWLRQRQDYHUWLFDOVWHHOVXUIDFH7KHPDJQHWLF FODPS FDQ EH SXUFKDVHG FRPSOHWH ZLWK % +DQGOH &ODPSV RU LI \RX DOUHDG\ KDYH D VHW RI KDQGOH FODPSV \RX FDQ RUGHU MXVW WKH PDJQHWLF PRXQWLQJ DVVHPEO\ 7KH PRXQWLQJ DVVHPEO\ FDQ HDVLO\ EH PRXQWHG RQ WKH SURQJV RI \RXU H[LVWLQJ%KDQGOHFODPSV$PLQLPXPRI LVUHTXLUHG

0DJQHWLF&ODPSVZLWK%+DQGOH

0DJQHWLF&ODPS2QO\

&DWDORJ 1XPEHU

)LWV0ROGVZ 3ULFH.H\

)RU8VHZLWK :HOG7\SHV

&DWDORJ 1XPEHU

)LWV+DQGOH &ODPSV

)RU8VHZLWK :HOG7\SHV

%

 

%&6 

%

%  %

%&6 

+25,=217$/ 9(57,&$/ &+$,1&/$036 %851'<:HOGŠ &KDLQ&ODPSVDUHXVHGWRKROGDPROGLQSRVLWLRQ RQKRUL]RQWDORUYHUWLFDOSLSHXSWRLQGLDPHWHU )RUODUJHUSLSHDFKDLQH[WHQVLRQLVDYDLODEOHWR DOORZWKHFKDLQFODPSVWREHXVHGRQSLSHXSWR LQGLDPHWHU7KHFKDLQFODPSFDQEHSXUFKDVHG FRPSOHWHZLWK%RU%+DQGOH&ODPSVRULI \RXDOUHDG\KDYHDVHWRIKDQGOHFODPSV\RXFDQ RUGHUMXVWWKHFKDLQFODPSDQGPRXQWLQJDVVHPEO\ 7KH PRXQWLQJ DVVHPEO\ FDQ HDVLO\ DWWDFKHG WR \RXUH[LVWLQJKDQGOHFODPSV&KDLQ([WHQVLRQ FDWDORJQXPEHU%

&KDLQ&ODPSV &DWDORJ1XPEHU

)LWV0ROGV:3ULFH.H\

)RU8VH:LWK:HOG7\SHV

3LSH3RVLWLRQ

%

 

%&6 %&5(

9HUWLFDO

%

 

%&6 

9HUWLFDO

%

 

%&6 

+RUL]RQWDO

%



%&6 %&5(

9HUWLFDO

&KDLQ&ODPS2QO\ +DQGOH&ODPSV1RW,QFOXGHG &DWDORJ1XPEHU

)LWV+DQGOH&ODPS

)RU8VH:LWK:HOG7\SHV

3LSH3RVLWLRQ

%

% %

%&6 %&5(

9HUWLFDO

%

% %

%&6 

+RUL]RQWDO

%

% %

%&6 %&5(

9HUWLFDO

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<:HOGŠ $&&(6625,(6 %&$%/(&/$03 7KH %851'<:HOGŠ &DEOH &ODPS LV UHFRPPHQGHGIRUKROGLQJDZLGHUDQJHRIFDEOHV SURSHUO\ LQ SODFH LQ PROGV ZKHQ ZHOGLQJ FDEOHV WKDWDUHXQGHUWHQVLRQ7KLVSUHYHQWVWKHFDEOHV IURPSXOOLQJRXWRIWKHPROGZKHQWKHZHOGLVPDGH

&$%/(&/($1,1* &$5' &/27+%586+ 7KH &DEOH &OHDQLQJ %UXVK LV UHFRPPHQGHG IRU FOHDQLQJ KHDYLO\ R[LGL]HG FDEOHV 7KH 9VKDSH EUXVKHV SHUPLW WKHLU XVH RYHU D ZLGH UDQJH RI FDEOHVL]HV%UXVKDVVHPEO\FRQVLVWVRIDKDQGOH ZLWKWZRVWLIIZLUHEULVWOHEUXVKHVWKDWDUHURWDWDEOH IRUORQJHUOLIHDQGDUHUHSODFHDEOH 7KH&DUG&ORWK%UXVKLVXVHGIRUFOHDQLQJODUJH FRQGXFWRUVDQGEXVEDU,WKDVVKRUWVWLIIEULVWOHV 7KHVH EUXVKHV DUH IRU FOHDQLQJ FDEOH RQO\ QRW PROGV 7KH 0ROG &OHDQLQJ %UXVK % LV XVHG WRFOHDQWKHJUDSKLWHPROGZLWKRXWVFUDWFKLQJWKH PROG

'HVFULSWLRQ

&DWDORJ1XPEHU

&DEOH&OHDQLQJ%UXVK

%

5HSODFHPHQW%UXVK

%

&DUG&ORWK%UXVK

%

0ROG&OHDQLQJ%UXVK

%

'HVFULSWLRQ

&DWDORJ1XPEHU

OESDFNDJH

%

OESDFNDJH

%

02/'&/($1(56 0ROG &OHDQHUV DUH XVHG WR FOHDQ WKH VODJ IURP PROGVWKDWDUHQRWVSOLWWKURXJKWKHFUXFLEOH %

IRUFDUWULGJHVL]HV WKURXJK

%

IRUFDUWULGJHVL]HV WKURXJK

3$&.,1*0$7(5,$/ 3DFNLQJ PDWHULDO LV XVHG WR SUHYHQW WKH PROWHQ ZHOG PHWDO IURP OHDNLQJ RXW RI WKH PROG :KHQ WKH FDEOH RSHQLQJ EHFRPHV ZRUQ IURP KHDY\ XVHWKHSDFNLQJPDWHULDOPD\EHXVHGWRSURORQJ PROGXVH,WLVDOVRXVHGDURXQGVWUDQGFDEOHWR SUHYHQWOHDNLQJ3DFNLQJPDWHULDOFRPHVLQDOE RUOESDFNDJH

&DQDGD 



ZZZEXUQG\FRP  

86

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

%851'<Š

%851'<:HOGŠ $&&(6625,(6

%851'<:HOGŠ722/.,7 % 

7RRO.LWZLWK7RROV 6KRZQH[FHSW5DVS

% 

7RRO.LWZLWK7RROV 6KRZQDQG5DVS

%

7RRO%R[RQO\

%851'<:HOGŠ722/6 7KH%)OLQW,JQLWRULVXVHGWRLJQLWH WKHVWDUWLQJSRZGHU(DFKPROGWKDWLVVROGZLWK DIUDPHKDVD)OLQW,JQLWRULQFOXGHG)RUDGGHG VDIHW\D)OLQW,JQLWRUH[WHQVLRQLVDYDLODEOHFDWDORJ QXPEHU%WKDWDWWDFKHVWRWKH %)OLQW,JQLWRU7KLVDOORZVLQVWDOOHUV WRVWD\DSSUR[LPDWHO\DZD\IURPWKHPROG 7RRUGHUUHSODFHPHQWÀLQWVVSHFLI\SDUWQXPEHU %

%)OLQW,JQLWRU %Ǝ)LOH %&ULPSLQJ7RRO %0ROG&OHDQLQJ%UXVK %Ǝ6FUHZGULYHU %:LUH%UXVK %5DVS %&DUG&ORWK%UXVK

%5$63 7KLVWHPSHUHGVWHHOFXUYHGUDVSLVUHFRPPHQGHG IRUUHPRYLQJUXVWDQGPLOOVFDOHIURPVWHHODQGFDVW LURQVXUIDFHV7KHEODGHLVUHSODFHDEOH7RRUGHU UHSODFHPHQW UDVS EODGH VSHFLI\ FDWDORJ QXPEHU %

%)/,17,*1,725 7KH%)OLQW,JQLWHULVXVHGWRLJQLWH WKHVWDUWLQJSRZGHU(DFKPROGWKDWLVVROGZLWK DIUDPHKDVD)OLQW,JQLWHULQFOXGHG)RUDGGHG VDIHW\D)OLQW,JQLWHUH[WHQVLRQLVDYDLODEOHFDWDORJ QXPEHU%WKDWDWWDFKHVWRWKH %)OLQW,JQLWHU7KLVDOORZVLQVWDOOHUVWR VWD\DSSUR[LPDWHO\DZD\IURPWKHPROG

1RWUHFRPPHQGHGIRUXVHRQJDOYDQL]HGVXUIDFHV

7RRUGHUUHSODFHPHQWÀLQWVVSHFLI\SDUWQXPEHU %

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

*URXQGLQJ %851'<:HOGŠ([RWKHUPLF

*5281'52''5,9,1* 6/((9(6 *URXQG5RG'ULYLQJ6OHHYHVDUHSODFHGRYHUWKH WRSRIDJURXQGURGZKLOHGULYLQJLWLQWRWKHJURXQG 7KLVSUHYHQWVWKHWRSIURPPXVKURRPLQJRUÀDULQJ RXW *URXQG URG GULYLQJ VOHHYHV DUH DYDLODEOH LQ VL]HVWR¿WDOOVWDQGDUGXQWKUHDGHGJURXQGURGV &DWDORJ 1XPEHU

)RU8VH2Q

% % % % % %

&RSSHU&ODGRU6WHHO*URXQG5RG &RSSHU&ODG*URXQG5RG 6WHHO*URXQG5RG &RSSHU&ODG*URXQG5RG 6WHHO*URXQG5RG &RSSHU&ODG*URXQG5RG

6+,0672&.$1'$'$37(5 6/((9(6 %851'<:HOGŠ PROGV GHVLJQHG IRU ODUJHU FDEOH VL]HVFDQEHXVHGRQVPDOOHUGLDPHWHUFDEOHVLI FRSSHUDGDSWHUVOHHYHVRUVKLPVWRFNDUHXWLOL]HG 7KH FRSSHU VKLP VWRFN  [  [  LV QRUPDOO\ZUDSSHGDURXQGFDEOHXQWLOWKHGLDPHWHU LVDERXWHTXDOWRWKHFDEOHRSHQLQJ$WLJKW¿WLVQRW QHFHVVDU\DVWKHVKLPVWRFNZLOOXQZUDSVOLJKWO\ DQGSUHYHQWOHDNDJHRIZHOGPHWDO7RRUGHUVKLP VWRFNXVHSDUWQXPEHU%6KLPVWRFN FRPHVSLHFHVSHUER[ )RU8VHRQ&DEOH6L]H 6WUDQGHG 6ROLG                      ² NFPLO ² NFPLO ² NFPLO ² NFPLO ²

&DQDGD 

3DUW1XPEHU

8VHLQ0ROG6L]H

%$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$

6WU 6RO 6RO        6RO  NFPLO NFPLO NFPLO NFPLO NFPLO



2'6L]H               

ZZZEXUQG\FRP  

6OHHYH'LPHQVLRQV ,'               

/HQJWK               

86

:LOH\6ROXWLRQV

%851'<Š

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ŠZDVKHU8/DQG8//LVWHG &ODPSLQJ6ROXWLRQVRIIHUUHOLDELOLW\IRUXVHWKURXJKRXWWKHOLIHWLPHRIWKH39V\VWHP0LG&ODPSDQG(QG&ODPSGHVLJQVIRUDOOW\SHVRIVRODUPRGXOHERQGLQJ LQFOXGLQJ)UDPHOHVV*ODVV0RGXOHGHVLJQV *URXQGLQJ/XJVDYDLODEOHZLWKRUZLWKRXWWKH:((%ŠZDVKHUDQGUHTXLUHVQRVXUIDFHSUHSDUDWLRQRIWKHUDLORUPRGXOH :((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG HOLPLQDWHWKHQHHGIRUROGHUPRUHH[SHQVLYHJURXQGLQJPHWKRGV&RUURVLRQUHVLVWDQWVWDLQOHVV VWHHOFRQVWUXFWLRQDYDLODEOHLQDP\ULDGRIVW\OHVDOOSURYLGLQJH[FHOOHQWFRQGXFWLYLW\ZLWKRXWR[LGDWLRQULVNWRERQGWKH39PRGXOHIUDPHZLWKWKHPHWDOUDFNLQJ VWUXFWXUH :LOH\&DEOH&OLSVVLPSOLI\ZLUHPDQDJHPHQWDQGSURYLGHDFOHDQHUDHVWKHWLFWRVRODU39DUUD\V8//LVWHGDQGIRUXVHZLWKDEURDGUDQJHRIFDEOH FRPELQDWLRQVDQGVL]HV1RWRROVUHTXLUHGIRULQVWDOODWLRQDQGFRPSDWLEOHRQPRGXOHVZLWKDÀDQJHWKLFNQHVVUDQJHRIWRPPDQGDYDULHW\RIUDLOV :LOH\%XQGOH6WUDSV8//LVWHGZLWKYLQ\OMDFNHWGHVLJQHGWRKHOSSURWHFWFDEOHLQVXODWLRQIURPGDPDJHDQGODVWVWKHOLIHWLPHRIWKH39V\VWHP ,QVXODWHG%XQGOH6WUDSVDQG,QVXODWHG3&OLSVDUHDOVRDYDLODEOHPDGHRIYLQ\OFRDWHGVWHHOSURWHFWLQJFDEOHVIURPYLEUDWLRQDQGLQVXODWLRQGDPDJH

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

$&(&21'8,7(175<%2; 7KH$&(&RQGXLW(QWU\%R[PDNHVTXLFNDQGVLPSOHWUDQVLWLRQVIURP 86(RU39DUUD\ZLUHWRFRQGXLWSURWHFWHG7+:1ZLUH 7KHER[IHDWXUHVDFRPSDFWWZRSLHFH89UHVLVWDQW1(0$5UDWHG HQFORVXUHWKDWDOORZVDPSOHZLULQJVSDFHDQGLVFRPSDWLEOHZLWKDQ\ FRQGXLWW\SH

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡ ‡

8//LVWHG 5DWHGIRU9 &RQYHQLHQWVLGHDQGERWWRPFRQGXLWGULOORXWIRUHDV\FRQGXLWURXWLQJ &KRLFHRISDVVWKURXJKRUFRPELQHUER[ZLWKEUDFNHW &RPSDWLEOHZLWKDQ\FRQGXLWW\SH 3UHDVVHPEOHGIRUTXLFNDQGHDV\LQVWDOODWLRQ &XVWRPFRQ¿JXUDWLRQVDYDLODEOHXSRQUHTXHVW

(TXLSPHQW ,QSXW:LUH (TXLSPHQW *URXQG $FFHSWDEOH /HQJWK :LGWK +HLJKW 'ULOO 'LDPHWHU *URXQG &RQGXFWRU &RQGXLW LQFK LQFK LQFK 2XW 5DQJH &RQGXFWRU 'LDPHWHU 6L]HV >PP@ >PP@ >PP@ LQFK>PP@ 7\SH 5DQJH  >@ %DUH6ROLG    6LGH   $:* RUMDFNHWHG >@ >@ >@ %RWWRP >@ >@ 86( RQO\ 399

&DWDORJ 1XPEHU $&(37 $&(37' $&(3 $&(3 $&(3 $&(3 $&(& $&(& $&(& $&(&*1' $&(&')

$&( &RQÀJXUDWLRQ 3DVVWKURXJKXVLQJ %XWW6SOLFHV:LUH 1XWV QR',1UDLO 3DVVWKURXJKXVLQJ %XWW6SOLFHV:LUH 1XWV ZLWK',1UDLO 6WULQJ 3DVVWKURXJK 6WULQJ 3DVVWKURXJK 6WULQJ 3DVVWKURXJK 6WULQJ 3DVVWKURXJK 6WULQJ &RPELQHU 6WULQJ &RPELQHU 6WULQJ &RPELQHU 6WULQJ &RPELQHUZLWK *URXQG7HUPLQDO 6WULQJ'XDO)XVH &RPELQHU

)XVH *URXQGLQJ &RPELQHU 7HUPLQDO %XV

7HUPLQDO %ORFN

7HUPLQDO %ORFN ,QWHUQDO%XV

)XVH +ROGHU

1$

1$

1$

1$

1$



1$

1$

1$





1$

1$

1$





1$

1$

1$





1$

1$

1$





1$

1RW 5HTXLUHG IRU6WULQJ &RPELQHU

1$





;3ROH



;3ROH





;3ROH



;3ROH





;3ROH



;3ROH



1$

1$



;3ROH



&DQDGD 



ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

%21',1*-803(5 &RQVWUXFWHGRIFRUURVLRQUHVLVWDQWWLQSODWHGEUDLGHGFRSSHUWKH:LOH\ OLQHRIERQGLQJMXPSHUVDUHKLJKTXDOLW\VROXWLRQVIRU\RXUVRODU39V\VWHP 7KH:((%Š%RQGLQJ-XPSHULVXVHGWRFUHDWHDQHOHFWULFDOFRQQHFWLRQ EHWZHHQWZRSLHFHVRIDQRGL]HGDOXPLQXPRUDQ\HOHFWULFDOO\FRQGXFWLYH PDWHULDO7KLVPDLQWDLQVHOHFWULFDOFRQWLQXLW\RYHUORQJVSDQVRUDLUJDSV EHWZHHQPHWDOVWUXFWXUHV 7KH:LOH\%RQGLQJ-XPSHULVXVHGWRFUHDWHDQHOHFWULFDOFRQQHFWLRQ EHWZHHQWZRSLHFHVRIJDOYDQL]HGVWHHO&RPSDWLEOHZLWK´KDUGZDUH WKH:LOH\%RQGLQJ-XPSHUVFRPHLQFXVWRPOHQJWKVXSRQUHTXHVW

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡

8//LVWHG 8//LVWHG &RUURVLRQUHVLVWDQW (TXLYDOHQWWR$:*FRSSHUZLUH $YDLODEOH ‡ :LWKRUZLWKRXW:((%ŠZDVKHUWHFKQRORJ\ ‡ $VVHPEOHGDQGXQDVVHPEOHG ‡ :LWKRUZLWKRXWLQVWDOODWLRQKDUGZDUH ‡ ,QVWRFNVWDQGDUGOHQJWKVIURP´WR´ FXVWRPOHQJWKVDYDLODEOH XSRQUHTXHVW ‡ 5HOLDELOLW\IRUXVHWKURXJKRXWWKHOLIHWLPHRIWKH39V\VWHP

:((%Š %RQGLQJ -XPSHU

:((%Š%RQGLQJ-XPSHUV 8WLOL]HVSURYHQ:((%ŠZDVKHUWHFKQRORJ\WRELWHWKURXJKDQ\QRQFRQGXFWLYHFRDWLQJV &DWDORJ1XPEHU

/HQJWK :LGWK +HLJKW +ROH6L]H LQFK>PP@ LQFK>PP@ LQFK>PP@ LQFK>PP@

:((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-0306 :((%%1'-03 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6

86

*DXJH

+DUGZDUH :((% ZDVKHULQFOXGHG Š

 >@

 >@

 >@

 >@

´PRXQWLQJKDUGZDUH127LQFOXGHG

:((% ZDVKHULQFOXGHG Š

´PRXQWLQJKDUGZDUHLQFOXGHG

 >@

 >@

 >@

:((%ŠZDVKHULQFOXGHG

 >@

0RU´PRXQWLQJKDUGZDUH127LQFOXGHG

:((%ŠZDVKHULQFOXGHG

0RU´PRXQWLQJKDUGZDUHLQFOXGHG

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@

 >@



:((%ŠZDVKHULQFOXGHG0RU´ PRXQWLQJKDUGZDUH127LQFOXGHG :((%ŠZDVKHULQFOXGHG 0ÀDWZDVKHULQFOXGHG :((% ZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUH127LQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUH127LQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUHLQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUH127LQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUHLQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUH127LQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUHLQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUH127LQFOXGHG :((%ŠZDVKHULQFOXGHG ´PRXQWLQJKDUGZDUHLQFOXGHG Š

$:*

ZZZEXUQG\FRP  

$VVHPEOHG 1 < 1 < 1 1 1 1 < 1 < 1 < 1 <

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

%RQGLQJ-XPSHU &RQWLQXHG

:LOH\ %RQGLQJ -XPSHU

:LOH\%RQGLQJ-XPSHUV &DWDORJ1XPEHU :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,'

3HUIHFWIRUWUDFNHUDSSOLFDWLRQVJDOYDQL]HGVWHHORUDQ\ZKHUHD:((%ŠZDVKHULVQRWUHTXLUHG /HQJWK  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@

&DQDGD 

:LGWK

+HLJKW

+ROH6L]H

*DXJH

+DUGZDUH6L]H

 >@

 >@

 >@

$:*

0RU´ 1R:((%ŠZDVKHU RUPRXQWLQJKDUGZDUHLQFOXGHG

 >@

 >@

 >@

$:*

0RU´ 1R:((%ŠZDVKHU RUPRXQWLQJKDUGZDUHLQFOXGHG

 >@

 >@

 >@

$:*

0RU´ 1R:((%ŠZDVKHU RUPRXQWLQJKDUGZDUHLQFOXGHG



ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

%RQGLQJ-XPSHU &RQWLQXHG

:LOH\%RQGLQJ-XPSHUV

3HUIHFWIRUWUDFNHUDSSOLFDWLRQVJDOYDQL]HGVWHHORUDQ\ZKHUHD:((%ŠZDVKHULVQRWUHTXLUHG

&DWDORJ1XPEHU :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,'

86

/HQJWK  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@  >@



:LGWK

+HLJKW

+ROH6L]H

*DXJH

+DUGZDUH6L]H

 >@

 >@

 >@

$:*

0RU´ 1R:((%ŠZDVKHU RUPRXQWLQJKDUGZDUHLQFOXGHG

 >@

 >@

 >@

$:*

0RU´ 1R:((%ŠZDVKHU RUPRXQWLQJKDUGZDUHLQFOXGHG

 >@

 >@

 >@

$:*

0RU´ 1R:((%ŠZDVKHU RUPRXQWLQJKDUGZDUHLQFOXGHG

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

&/$03,1*62/87,216 2XUXQLYHUVDOPLGFODPSDQGDGMXVWDEOHHQGFODPSGHVLJQV DFFRPPRGDWHYDULRXVPRGXOHWKLFNQHVVHV3OXVWKH:LOH\0LG&ODPS XVHVSURYHQ:((%ŠWHFKQRORJ\IRULQWHJUDWHGERQGLQJDVZHOODVD TXLFNDQGHDV\LQVWDOODWLRQ

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡ ‡

8//LVWHG 8/5HFRJQL]HG /RZSUR¿OHGHVLJQ ,QFUHDVHGLQVSHFWDELOLW\ $YDLODEOHLQPLOO¿QLVK &XVWRPGHVLJQVDQG¿QLVKHVDYDLODEOHXSRQUHTXHVW 5HOLDELOLW\IRUXVHWKURXJKRXWWKHOLIHWLPHRIWKH39V\VWHP

6WDLQOHVV6WHHO ,QWHJUDWHG%RQGLQJ 0LG&ODPS

6WDLQOHVV6WHHO,QWHJUDWHG%RQGLQJ0LG&ODPS 6WDLQOHVV6WHHOLQWHJUDWHGERQGLQJPLGFODPSIRUPRGXOHWRPRGXOHERQGLQJ &DWDORJ1XPEHU %0&66: %0&66:

/HQJWK :LGWK LQFK LQFK >PP@ >PP@   >@ >@   >@ >@

+HLJKW LQFK>PP@

+ROH6L]H LQFK>PP@

0RGXOH6SDFLQJ

 >@  >@

 >@  >@

 >@  >@

:((%Š ,QWHJUDWHG%RQGLQJ 0LG&ODPS :((%Š,QWHJUDWHG%RQGLQJ0LG&ODPS ,QWHJUDWHGERQGLQJPLGFODPSIRUPRGXOHWRPRGXOHERQGLQJ /HQJWK :LGWK +HLJKW &DWDORJ1XPEHU LQFK>PP@ LQFK>PP@ LQFK>PP@ :((%%0&    :((%%0&%. >@ >@ >@ :((%%0&&/ :((%%0&    :((%%0&%. >@ >@ >@ :((%%0&&/

&DQDGD 



+ROH6L]H LQFK>PP@  >@  >@

)LQLVK PLOO EODFNDQRGL]HG FOHDUDQRGL]HG PLOO EODFNDQRGL]HG FOHDUDQRGL]HG

ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

&ODPSLQJ6ROXWLRQV &RQWLQXHG 0LG&ODPS $OXPLQXPPLGFODPSIRUVHFXULQJPRGXOHVWRWKHPRXQWLQJVWUXFWXUH /HQJWK :LGWK +HLJKW +ROH6L]H &DWDORJ1XPEHU LQFK LQFK LQFK>PP@ LQFK>PP@ >PP@ >PP@ %0&     %0&%. >@ >@ >@ >@ %0&&/ %0&     %0&%. >@ >@ >@ >@ %0&&/

)LQLVK PLOO EODFNDQRGL]HG FOHDUDQRGL]HG PLOO EODFNDQRGL]HG FOHDUDQRGL]HG

$OXPLQXP 0LG&ODPS

(QG&ODPS $OXPLQXPHQGFODPSIRUVHFXULQJPRGXOHVWRWKHPRXQWLQJVWUXFWXUH /HQJWK :LGWK +HLJKW +ROH6L]H &DWDORJ1XPEHU LQFK LQFK LQFK>PP@ LQFK>PP@ >PP@ >PP@ %(&    %(&%. $GMXVWDEOH >@ >@ >@ %(&&/ IURP %(&    >@  %(&%. >@ >@ >@ %(&&/

PLOO EODFNDQRGL]HG FOHDUDQRGL]HG PLOO EODFNDQRGL]HG FOHDUDQRGL]HG

)UDPHOHVV*ODVV0RGXOH0LG&ODPS $OXPLQXPPLGFODPSZLWK6DQWRSUHQHUXEEHUJULSIRUVHFXULQJPRGXOHVWRWKHPRXQWLQJVWUXFWXUHH /HQJWK :LGWK +HLJKW +ROH6L]H )LQLVKK &DWDORJ1XPEHU LQFK LQFK LQFK>PP@ LQFK>PP@ >PP@ >PP@  :0)+3 >@    PLOO >@ >@ >@  :0)+3 >@

)UDPHOHVV*ODVV0RGXOH(QG&ODPS $OXPLQXPHQGFODPSZLWK6DQWRSUHQHUXEEHUJULSIRUVHFXULQJPRGXOHVWRWKHPRXQWLQJVWUXFWXUH XUH /HQJWK :LGWK +HLJKW +ROH6L]H )LQLVK QLVK &DWDORJ1XPEHU LQFK LQFK LQFK>PP@ LQFK>PP@ >PP@ >PP@  :()/3 >@    PLOO >@ >@ >@  :()/3 >@

86



$OXPLQXP (QG&ODPS

)LQLVK

ZZZEXUQG\FRP  

)UDPHOHVV *ODVV0RGXOH 0LG&ODPS

)UDPHOHVV *ODVV0RGXOH (QG&ODPS

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

*5281',1*/8* &RQVWUXFWHGRIFRUURVLRQUHVLVWDQWWLQSODWHGFRSSHUWKH:LOH\OLQHRI JURXQGLQJOXJVDUHKLJKTXDOLW\VROXWLRQVIRU\RXUVRODU39V\VWHP7KH WLQSODWHGOXJDVVXUHVPLQLPXPFRQWDFWUHVLVWDQFHDQGSURWHFWLRQDJDLQVW FRUURVLRQ7KHORZSUR¿OHRIWKHJURXQGLQJOXJDOORZVLWWREHLQVWDOOHGLQD YDULHW\RISRVLWLRQVZLWKRQHVROLGRUVWUDQGHGFRSSHUZLUH $:*WR $:* RUWZRFRSSHUZLUHV $:*WR$:* &RSSHUZLUHLVVHFXUHGE\ DVWDLQOHVVVWHHOVFUHZZKLFKLVKRUL]RQWDOWRWKHWDQJ7KLVDOORZVIRU HDV\DFFHVVZKHQPRXQWHGXQGHUD39PRGXOH7KHUHVXOWLVDFRQWLQXRXV JURXQGRQDOOVRODUDSSOLFDWLRQV 7KH:((%Š*URXQGLQJ/XJLVLQVWDOOHGXVLQJVWDLQOHVVVWHHOPRXQWLQJ KDUGZDUH:KHQWKHKDUGZDUHLVWLJKWHQHGWKH:((%ŠZDVKHU¶VVSHFLDOL]HG WHHWKHPEHGLQWRDQRGL]HGDOXPLQXPRUDQ\HOHFWULFDOO\FRQGXFWLYHPHWDOWR HVWDEOLVKDJDVWLJKWHOHFWULFDOFRQQHFWLRQ

:((%Š/XJ

7KH:LOH\*URXQGLQJ/XJLVDYDLODEOHXQDVVHPEOHGZLWKRXWLQVWDOODWLRQ KDUGZDUHDQGZLWKVWDQGDUGKROGVL]HVRI´DQG´ 0 3HUIHFWIRU JDOYDQL]HGVWHHODSSOLFDWLRQVRUDQ\ZKHUHD:((%ŠZDVKHULVQRWUHTXLUHG

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡

8//LVWHG 8//LVWHG0DGHRIFRUURVLRQUHVLVWDQWWLQSODWHGFRSSHU 'HVLJQHQVXUHVDTXLFNDQGHDV\LQVWDOODWLRQ $YDLODEOH ‡ :LWKRUZLWKRXW:((%ŠZDVKHUWHFKQRORJ\ ‡ $VVHPEOHGDQGXQDVVHPEOHG ‡ :LWKRUZLWKRXWLQVWDOODWLRQKDUGZDUH ‡ 1RVXUIDFHSUHSDUDWLRQUHTXLUHGRQWKHUDLORUPRGXOH ‡ &XVWRPGHVLJQVDYDLODEOHXSRQUHTXHVW ‡ 5HOLDELOLW\IRUXVHWKURXJKRXWWKHOLIHWLPHRIWKH39V\VWHP

:LOH\ /XJ

:((%Š*URXQGLQJ/XJ 8WLOL]HVSURYHQ:((%ŠZDVKHUWHFKQRORJ\WRELWHWKURXJKDQ\QRQFRQGXFWLYHFRDWLQJV /HQJWK :LGWK +HLJKW +ROH6L]H 0RXQWLQJ &DWDORJ1XPEHU LQFK LQFK LQFK>PP@ LQFK>PP@ +DUGZDUH >PP@ >PP@ :((%/8*   ´KDUGZDUH >@ >@ LQFOXGHG :((%/8*$6 0RU´KDUGZDUH :((%/8* QRWLQFOXGHG  :((%/8*$6 ´KDUGZDUH  >@   LQFOXGHG >@ >@ :((%/8*81 >@ :((%/8*  >@ :((%/8* 0RU´KDUGZDUH QRWLQFOXGHG   :((%/8* >@ >@

$VVHPEOHG 1 < 1 < 1 1 1 1

:LOH\*URXQGLQJ/XJ 3HUIHFWIRUJDOYDQL]HGVWHHODSSOLFDWLRQVRUDQ\ZKHUHD:((%ŠZDVKHULVQRWUHTXLUHG  ´KDUGZDUHQRW  :,/(@ LQFOXGHG >@    :,/(@ >@ >@  0RU´KDUGZDUH :,/(@ QRWLQFOXGHG  >@ :,/(
&DQDGD 



1

ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

*URXQGLQJ/XJ &RQWLQXHG

:((%Š*URXQGLQJ/XJ+6

:LOH\*URXQGLQJ/XJ+6

:((%Š*URXQGLQJ/XJ+6 8WLOL]HVSURYHQ:((%ŠZDVKHUWHFKQRORJ\WRELWHWKURXJKDQ\QRQFRQGXFWLYHFRDWLQJVDQGIHDWXUHVDKH[KHDGVRFNHWFDSWHUPLQDOVFUHZ /HQJWK :LGWK +HLJKW +ROH6L]H 0RXQWLQJ $VVHPEOHG &DWDORJ1XPEHU LQFK>PP@ LQFK>PP@ LQFK>PP@ LQFK>PP@ +DUGZDUH 1 :((%/8*+6   ´KDUGZDUHLQFOXGHG >@ >@ :((%/8*$6+6 < 0RU´KDUGZDUHQRW 1 :((%/8*+6 LQFOXGHG    >@ :((%/8*81+6 ´KDUGZDUHLQFOXGHG 1 >@ >@  < >@ :((%/8*$6+6 0RU´KDUGZDUHQRW 1 :((%/8*+6  LQFOXGHG >@ :((%/8*+6 1

:LOH\*URXQGLQJ/XJ+6 3HUIHFWIRUJDOYDQL]HGVWHHODSSOLFDWLRQVRUDQ\ZKHUHD:((%ŠZDVKHULVQRWUHTXLUHGIHDWXUHVDKH[KHDGVRFNHWFDSWHUPLQDOVFUHZ /HQJWK :LGWK +HLJKW +ROH6L]H 0RXQWLQJ $VVHPEOHG &DWDORJ1XPEHU LQFK>PP@ LQFK>PP@ LQFK>PP@ LQFK>PP@ +DUGZDUH   ´KDUGZDUHQRWLQFOXGHG 1 :,/(@ >@    1 :,/(@ >@ >@  0RU´KDUGZDUHQRW 1 :,/(@ LQFOXGHG  >@ :,/(
86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

:((%Š:$6+(5 :DVKHU(OHFWULFDO(TXLSPHQW%RQG $UHYROXWLRQLQWKHVRODULQGXVWU\:((%ŠZDVKHUVHOLPLQDWHWKHQHHGIRU ROGHUPRUHH[SHQVLYHJURXQGLQJPHWKRGVZKLOHDOVRVLJQL¿FDQWO\UHGXFLQJ WKHDPRXQWRIODERUDQGPDWHULDOVXVHGLQLQVWDOODWLRQV +HUH¶VKRZLWZRUNV:KHQWKH:((%ŠLVLQVHUWHGEHWZHHQWKHPRGXOHIUDPH DQGPRXQWLQJVWUXFWXUHWKHWHHWKRIWKH:((%ŠSLHUFHWKHDQRGL]HGFRDWLQJ 7KHUHVXOWLVH[FHOOHQWFRQGXFWLYLW\ZLWKRXWR[LGDWLRQ²ERQGLQJWKH39 PRGXOHIUDPHZLWKWKHPHWDOUDFNLQJVWUXFWXUH(VVHQWLDOO\WKHPRGXOHDQG UDLOEHFRPHRQHVLQJXODUSLHFHRIPHWDOFUHDWLQJDQHOHFWULFDOSDWKWRJURXQG

)HDWXUHV %HQHÀWV ‡ ‡ ‡ ‡ ‡ ‡ ‡

8//LVWHG 8/5HFRJQL]HG8//LVWHGZLWKFHUWDLQV\VWHPV &RUURVLRQUHVLVWDQWVWDLQOHVVVWHHOFRQVWUXFWLRQ 5HOLDELOLW\IRUXVHWKURXJKRXWWKHOLIHWLPHRIWKH39V\VWHP 5DWHGIRURXWGRRUXVH 0XOWLXVH &XVWRPGHVLJQVDYDLODEOHXSRQUHTXHVW

:((%%0&VKRZQ ,QWHJUDWHG%RQGLQJ&ODPS:((%Š:DVKHUV :((%ŠFODPSZDVKHUVHDVLO\VQDSRUVOLGHRQWRDPLGFODPSDQGRUHQGFODPSIRUTXLFNLQVWDOODWLRQ /LQH,PDJH

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

&DWDORJ1XPEHU

+HLJKW LQFK>PP@

+ROH6L]H LQFK>PP@

7\SH

:((%%0&

 >@

 >@

 >@

1$

&OLS2Q

:((%0.5

 >@

 >@

 >@

 >@

6OLGH2Q

:((%0615

 >@

 >@

 >@

 >@

6OLGH2Q

&DQDGD 



ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

:((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG &RQWLQXHG 8QLYHUVDO:((%Š'LVN:DVKHUV7RS&ODPS$SSOLFDWLRQV 8QLYHUVDO:((%Š'LVN:DVKHUVDOORZIRUDZLGHUDQJHRIFRPSDWLELOLW\DFURVVYDULRXV UDFNLQJV\VWHPV /LQH,PDJH

&DWDORJ1XPEHU

/HQJWK :LGWK +HLJKW +ROH6L]H LQFK LQFK LQFK>PP@ LQFK>PP@ >PP@ >PP@

7\SH

:((%'6.%'

 >@

 >@

 >@

 >@

'LVN

:((%'6.

 >@

 >@

 >@

 >@

'LVN

:((%'6.

 >@

 >@

 >@

 >@

'LVN

:((%'6.%' VKRZQ

&XVWRPSDUWDYDLODEOHXSRQUHTXHVW

8QLYHUVDO:((%Š'LVN:DVKHUV%RWWRP0RXQW$SSOLFDWLRQV 8QLYHUVDO:((%Š'LVN:DVKHUVDOORZIRUDZLGHUDQJHRIFRPSDWLELOLW\DFURVVYDULRXV UDFNLQJV\VWHPV /LQH,PDJH

/HQJWK :LGWK +HLJKW +ROH6L]H LQFK LQFK LQFK>PP@ LQFK>PP@ >PP@ >PP@

7\SH

:((%'6.

 >@

 >@

 >@

 >@

'LVN

:((%'6.

 >@

 >@

 >@

 >@

'LVN

:((%'6.

 >@

 >@

 >@

 >@

'LVN

:((%'6.

 >@

 >@

 >@

 >@

'LVN

&DWDORJ1XPEHU

86



ZZZEXUQG\FRP  

:((%'6. VKRZQ

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

:((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG &RQWLQXHG

8QLYHUVDO)UDPH%RWWRP0RXQW:((%Š:DVKHUV 8QLYHUVDO:((%Š)%0ZDVKHUVDUHXVHGLQERWWRPPRXQWDSSOLFDWLRQV /LQH,PDJH

&DWDORJ1XPEHU

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW LQFK>PP@

+ROH6L]H LQFK>PP@

7\SH

:((%)%0

 >@

 >@

 >@

 >@

&OLS2Q

:((%)%0

 >@

 >@

 >@

 >@

&OLS2Q

:((%)%0VKRZQ

%RWWRP0RXQW:((%Š:DVKHUV %RWWRPPRXQWLQJ:((%ŠZDVKHUVERQG39PRGXOHVWRWKHPRXQWLQJVWUXFWXUHDWWKHPRGXOH PRXQWLQJKROHV0D\KDYHIHDWXUHVWKDWVHFXUHWKH:((%ŠDWKROHVVORWVRUGLUHFWO\WRWKH PRGXOHIUDPHSULRUWRLQVWDOODWLRQ /LQH,PDJH

&DWDORJ1XPEHU

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW +ROH6L]H LQFK>PP@ LQFK>PP@

7\SH

:((%8,5

 >@

 >@

 >@

 >@

5LJLG

:((%

 >@

 >@

 >@

 >@

5LJLG

:((%

 >@

 >@

 >@

 >@

5LJLG

:((%1/

 >@

 >@

 >@

 >@

5LJLG

&DQDGD 



ZZZEXUQG\FRP  

:((%8,5VKRZQ

86

:LOH\6ROXWLRQV

%851'<Š

:((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG &RQWLQXHG 7RS&ODPS:((%Š:DVKHUV 7RSFODPSPRXQWLQJ:((%VERQG39PRGXOHVWRWKHPRXQWLQJVWUXFWXUHDWPLGFODPSORFD WLRQV0D\EHSUHLQVWDOOHGRUVOLGRQWRPLGFODPSKDUGZDUHSULRUWRWKHVHFXUHPHQWRIPRGXOHV /LQH,PDJH

&DWDORJ1XPEHU

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW +ROH6L]H LQFK>PP@ LQFK>PP@

7\SH

:((%$'&

 >@

 >@

 >@

1$

&OLS2Q

:((%$'5

 >@

 >@

 >@

 >@

5LJLG

:((%$65

 >@

 >@

 >@

 >@

5LJLG

:((%$7)

 >@

 >@

 >@

 >@

)OH[LEOH

:((%%0&

 >@

 >@

 >@

1$

&OLS2Q

:((%&&5

 >@

 >@

 >@

 >@

5LJLG

:((%&&5

 >@

 >@

 >@

 >@

5LJLG

:((%&0&

 >@

 >@

 >@

 >@

6ORWWHG

:((%'+)

 >@

 >@

 >@

 >@

)OH[LEOH

86



ZZZEXUQG\FRP  

:((%30&VKRZQ

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

:((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG &RQWLQXHG 7RS&ODPS:((%Š:DVKHUV 7RSFODPSPRXQWLQJ:((%VERQG39PRGXOHVWRWKHPRXQWLQJVWUXFWXUHDWPLGFODPSORFDWLRQV 0D\EHSUHLQVWDOOHGRUVOLGRQWRPLGFODPSKDUGZDUHSULRUWRWKHVHFXUHPHQWRIPRGXOHV /LQH,PDJH

&DWDORJ1XPEHU

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW +ROH6L]H LQFK>PP@ LQFK>PP@

7\SH

:((%'0&

 >@

 >@

 >@

 >@

5LJLG

:((%'3)

 >@

 >@

 >@

 >@

)OH[LEOH

:((%'35

 >@

 >@

 >@

 >@

5LJLG

:((%(&5

 >@

 >@

 >@

 >@

5LJLG

:((%--5

 >@

 >@

 >@

 >@

)OH[LEOH

:((%.0&

 >@

 >@

 >@

 >@

5LJLG

:((%.65

 >@

 >@

 >@

 >@

6ORWWHG

:((%2&5

 >@

 >@

 >@

 >@

6ORWWHG

:((%26)

 >@

 >@

 >@

 >@

)OH[LEOH

&DQDGD 



ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

:((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG &RQWLQXHG 7RS&ODPS:((%Š:DVKHUV 7RSFODPSPRXQWLQJ:((%VERQG39PRGXOHVWRWKHPRXQWLQJVWUXFWXUHDWPLGFODPSORFDWLRQV 0D\EHSUHLQVWDOOHGRUVOLGRQWRPLGFODPSKDUGZDUHSULRUWRWKHVHFXUHPHQWRIPRGXOHV /LQH,PDJH

&DWDORJ1XPEHU

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW +ROH6L]H LQFK>PP@ LQFK>PP@

7\SH

:((%30&

 >@

 >@

 >@

 >@

5LJLG

:((%535

 >@

 >@

 >@

 >@

5LJLG

:((%6&5

 >@

 >@

 >@

 >@

5LJLG

:((%60&

 >@

 >@

 >@

 >@

6ORWWHG

:((%66)

 >@

 >@

 >@

 >@

)OH[LEOH

:((%665

 >@

 >@

 >@

 >@

5LGLJ

:((%67&

 >@

 >@

 >@

1$

5LJLG

:((%80&

 >@

 >@

 >@

 >@

5LJLG

:((%:0&

 >@

 >@

 >@

 >@

5LJLG

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

:((%Š:DVKHU :DVKHU(OHFWULFDO(TXLSPHQW%RQG &RQWLQXHG 5HSODFHPHQW:((%Š:DVKHUV 5HSODFHPHQW:((%Š:DVKHUVIRU:((%/8*DQG:((%%1'-03SURGXFWOLQHV /LQH,PDJH

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

&DWDORJ1XPEHU

+HLJKW LQFK>PP@

+ROH6L]H LQFK>PP@

7\SH

:((%

 >@

 >@

 >@

 >@

5LJLG

:((%

 >@

 >@

 >@

 >@

5LJLG

:((%

 >@

 >@

 >@

 >@

5LJLG

:((%

 >@

 >@

 >@

 >@

5LJLG

&DQDGD 



ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

:,/(<&$%/(&/,36 (QJLQHHUHGIRUKLJKTXDOLW\ZLUHPDQDJHPHQW VROXWLRQV:LOH\&DEOH&OLSVVLPSOLI\ZLUH PDQDJHPHQWDQGFUHDWHDFOHDQHUDHVWKHWLFWRVRODU 39DUUD\V7KHFOLSVDUHPDGHRIFRUURVLRQUHVLVWDQW VWDLQOHVVVWHHOZKLFKPDNHVIRUDGXUDEOHORQJ ODVWLQJDQGUHOLDEOHVROXWLRQLQDOOHQYLURQPHQWVDQG DUHGHVLJQHGZLWKFRLQHGHGJHVWRSUHYHQWGDPDJH WRFDEOHLQVXODWLRQ7KHGHVLJQVDUHHDV\WRLQVWDOO DQGUHPRYHZLWKDÀDWKHDGVFUHZGULYHUDQGFDQEH UHXVHG7KHFOLSVFDQEHXVHGLQDZLGHYDULHW\RI PRXQWLQJFRQ¿JXUDWLRQV LQFOXGLQJGHJUHH IRU PRGXOHDQGUDLODSSOLFDWLRQV&XVWRPGHVLJQVDUH DYDLODEOHXSRQUHTXHVW

)HDWXUHV %HQHÀWV ‡ 8//LVWHG ‡ $FFRPPRGDWHVDEURDGUDQJHRIFDEOHFRPELQDWLRQV DQGVL]HV HJ86(39$&PRGXOHDQGPLFUR LQYHUWHUFDEOHV ‡ &RPSDWLEOHRQPRGXOHVZLWKDÀDQJHWKLFNQHVV UDQJHRIWRPP ‡ 1RWRROVUHTXLUHGIRULQVWDOODWLRQ ‡ 0XOWLXVHFDSDELOLWLHV ‡ &RLQHGHGJHVWRSUHYHQWGDPDJHWRFDEOHLQVXODWLRQ ‡ 5HOLDELOLW\IRUXVHWKURXJKRXWWKHOLIHWLPHRIWKH39 V\VWHP

$&&)/'VKRZQ

0RGXOH&OLSV 6WDLQOHVV6WHHOFDEOHFOLSVWKDWLQVWDOORQWKHPRGXOHIUDPH /LQH,PDJH

86

&DWDORJ1XPEHU

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW LQFK>PP@

4W\RI :LUHV+HOG

:LUH'LDPHWHULQFK >PP@

$&&

 >@

 >@

 >@

WR86(ZLUHV RU 39ZLUH

0D[ >@

$&&39

 >@

 >@

 >@

WR39ZLUHV

0D[ >@

$&&)/'

 >@

 >@

 >@

WR39ZLUHV

0D[ >@

$&&)39

 >@

 >@

 >@

WR39ZLUHV

0D[ >@



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

:LOH\&DEOH&OLSV &RQWLQXHG 'HJUHH0RGXOH&OLSV 6WDLQOHVV6WHHOFDEOHFOLSVWKDWLQVWDOOSDUDOOHORUSHUSHQGLFXODURQWKHPRGXOHIUDPH /LQH,PDJH

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW LQFK >PP@

4W\RI :LUHV+HOG

:LUH'LDPHWHULQFK >PP@

$&&)

 >@

 >@

 >@

WR86(ZLUHV RU WR39ZLUH

0D[>@

$&&)

 >@

 >@

 >@

WR0LFUR,QYHUWHU ZLUH0D[>@ 7UXQN ZLUHV0D[>@ RU$&FDEOHV

$&&)

 >@

 >@

 >@

WR39ZLUHV

0D[>@

$&&)

 >@

 >@

 >@

39ZLUH RU0LFUR,QYHUWHU 7UXQN

0D[>@

&DWDORJ1XPEHU

$&&)VKRZQLQERWK RULHQWDWLRQV

$&&)

5DLO&OLSV 6WDLQOHVV6WHHOFDEOHFOLSVWKDWLQVWDOORQWKHUDLORULQWKHFKDQQHO /LQH,PDJH

/HQJWK :LGWK LQFK LQFK >PP@ >PP@

+HLJKW LQFK >PP@

$&&5

 >@

 >@

 >@

WR0LFUR,QYHUWHU ZLUH0D[>@ 7UXQN ZLUHV0D[>@ RU$&FDEOHV

$&&5(

 >@

 >@

 >@

WR0LFUR,QYHUWHU ZLUH0D[>@ 7UXQN ZLUHV0D[>@ RU$&FDEOHV

$&&5

 >@

 >@

 >@

&DWDORJ1XPEHU

4W\RI :LUHV+HOG

WR39ZLUHV

:LUH'LDPHWHULQFK >PP@

$&&5(VKRZQ

0D[>@

$&&5%&VKRZQ $&&5%&

 >@

&DQDGD 

 >@

 >@



0LFUR,QYHUWHU 7UXQNRU XSWR39ZLUHV

0D[>@

ZZZEXUQG\FRP  

86

:LOH\6ROXWLRQV

%851'<Š

:,/(<%81'/(675$3 7KH:LOH\%XQGOH6WUDSLVPDGHRIFRUURVLRQUHVLVWDQW VWDLQOHVVVWHHOZKLFKPDNHVIRUDGXUDEOHORQJ ODVWLQJDQGUHOLDEOHVROXWLRQIRUDOOHQYLURQPHQWV7KH YLQ\OMDFNHWFRYHULQJWKHVWDLQOHVVVWHHOZLUHLV GHVLJQHGWRSURWHFWFDEOHLQVXODWLRQIURPGDPDJH7KH :LOH\%XQGOH6WUDSLVHDV\WRLQVWDOODQGFDQEHFULPSHG LQWKH¿HOGZLWKHOHFWULFLDQOLQHVPDQSOLHUVRUVWDQGDUG ZLUHFXWWHUV7KHFULPSVOHHYH¶VUHWHQWLRQIHDWXUHDOORZV IRUDTXLFNHIIRUWOHVVVHFXUHLQVWDOODWLRQ&XVWRP OHQJWKVDYDLODEOHXSRQUHTXHVW

)HDWXUHV %HQHÀWV ‡ 8//LVWHG ‡ +LJKTXDOLW\ORQJODVWLQJODERUVDYLQJZLUH PDQDJHPHQWVROXWLRQ ‡ 89JXDUGHGYLQ\OMDFNHWHGVWDLQOHVVVWHHOZLUH ZLWKVWDLQOHVVVWHHOFULPS ‡ 9LQ\OMDFNHWGHVLJQHGWRSURWHFWFDEOHLQVXODWLRQIURP GDPDJH ‡ VWDLQOHVVVWHHOFULPSVOHHYHDOORZVIRUTXLFNDQG HDV\LQVWDOODWLRQ ‡ &DQEHFULPSHGLQWKH¿HOGZLWKHOHFWULFLDQOLQHVPDQ SOLHUVRUVWDQGDUGZLUHFXWWHUV ‡ 5HWHQWLRQIHDWXUHDOORZVIRUDTXLFNHIIRUWOHVV VHFXUHLQVWDOODWLRQ ‡ /DVWVIRUWKHOLIHWLPHRIWKH39V\VWHP ‡ 5R+6FRPSOLDQW ‡ &XVWRPOHQJWKVDYDLODEOHXSRQUHTXHVW ,QVWDOOLQJWKH$&&)%&ZLWK:%6RU81,5$3ŒFDEOHWLH

:LOH\%XQGOH6WUDSV 6WDLQOHVV6WHHOZLUHFRYHUHGZLWKYLQ\OMDFNHWKHOSVSURWHFWFDEOHLQVXODWLRQIURP GDPDJH &DWDORJ1XPEHU :%69 :%69 :%69 :%69 :%69 :%69 :%69

7KH$&&)%&PRXQWLQJEDVHVOLGHVRQWRWKHPRGXOHÀDQJH

:%69

/HQJWK 'LDPHWHU LQFK>PP@ LQFK>PP@  >@  >@  >@  >@  >@  >@  >@  >@

 >@  >@  >@  >@  >@  >@  >@  >@

0D[7HQVLOH 6WUHQJWK OEV OEV OEV OEV OEV OEV OEV OEV

0D[%XQGOH 'LDPHWHULQFK 0DWHULDO >PP@  >@  >@  >@  9LQ\O,QVXODWHG >@ 6WDLQOHVV  6WHHO:LUH >@  >@  >@  >@

5RXWHD:%6RU81,5$3ŒWKURXJKWKH$&&)%&PRXQWLQJEDVH

$&&)%&VKRZQZLWK:%69

6HFXUHGHVLUHGFDEOHVE\WLJKWHQLQJWKH:%6RU81,5$3Œ

0RXQWLQJ3ODWIRUPIRU:%6%XQGOH6WUDSVRU81,5$3Œ&DEOH7LHV 6WDLQOHVV6WHHOZLUHFRYHUHGZLWKYLQ\OMDFNHWKHOSVSURWHFWFDEOHLQVXODWLRQIURPGDPDJH &DWDORJ1XPEHU $&&)%&

/HQJWK :LGWK LQFK>PP@ LQFK>PP@   >@ >@

86



+HLJKW LQFK>PP@  >@

0D[&DEOH7LH :LGWKLQFK>PP@  >@

ZZZEXUQG\FRP  

)UDPH7KLFNQHVV PPWRPP

&DQDGD

%851'<Š

:LOH\6ROXWLRQV

:LOH\,QVXODWHG:LUH0DQDJHPHQW

:,6VKRZQ :LOH\,QVXODWHG6WUDSV 9LQ\OLQVXODWHGVWHHOVWUDSVSURWHFWFDEOHVIURPYLEUDWLRQDQGLQVXODWLRQGDPDJH &DWDORJ1XPEHU

/HQJWK LQFK>PP@

'LDPHWHU LQFK>PP@

:,6 :,6

>@ >@

>@ >@

0D[%XQGOH 'LDPHWHULQFK >PP@ >@ >@

0DWHULDO 9LQ\OFRDWHGVWHHO

:,3&VKRZQ

:LOH\,QVXODWHG3&OLSV 9LQ\OLQVXODWHGVWHHOSFOLSVSURWHFWFDEOHVIURPYLEUDWLRQDQGLQVXODWLRQGDPDJH &DWDORJ1XPEHU

/HQJWK LQFK>PP@

:LGWK LQFK>PP@

:,3& :,3& :,3& :,3& :,3&

>@ >@ >@ >@ >@

>@ >@ >@ >@ >@

&DQDGD 

0D[%XQGOH 'LDPHWHULQFK >PP@ >@ >@ >@ >@ >@



0DWHULDO

9LQ\OFRDWHGVWHHO

ZZZEXUQG\FRP  

86

7RROLQJ ,QWURGXFWLRQ

,QWURGXFWLRQ ,QVWDOODWLRQ7RROV 7KH%851'<Š(QJLQHHUHG6\VWHPIHDWXUHVWKHPRVWFRPSOHWH OLQHRILQVWDOODWLRQWRROVLQWKHHOHFWULFDOLQGXVWU\$YDLODEOHLQ YDULRXVVW\OHVEDWWHU\DFWXDWHGPHFKDQLFDOIXOOF\FOHUDWFKHW VHOIFRQWDLQHGK\GUDXOLFUHPRWHFRQWUROOHGK\GUDXOLFDORQJZLWK SRZHUDFWXDWHGSXPSVKRVHVDQGDFFHVVRULHV%851'<KDV WKHRSWLRQVWRVXLW\RXUQHHGV%851'<WRROVDUHGHVLJQHG WRLQWHJUDWHZLWKWKHFRPSOHWHOLQHRI%851'<FRQQHFWRUV :KHWKHU\RX¶UHDVPDOOFRQWUDFWRUZRUNLQJZLWKZLUHRU DODUJHXWLOLW\ZRUNLQJZLWKNFPLOFRQGXFWRUWKHUHLVD %851'<WRRODYDLODEOHWRGRWKHMRE

7KLV:DUUDQW\GRHVQRWDSSO\ZKHUH ‡ 5HSDLUVRUDOWHUDWLRQVKDYHEHHQPDGHRUDWWHPSWHGE\ RWKHUV ‡ 5HSDLUVDUHUHTXLUHGEHFDXVHRIQRUPDOZHDUDQGWHDU ‡ 7KHWRROKDVEHHQDEXVHGPLVXVHGRULPSURSHUO\ PDLQWDLQHG ‡ 7KHXVHRIDQ\QRQ%851'<SURGXFWKDVUHVXOWHGLQ GDPDJHWRWKHWRRO

5HSDLU3ROLF\

$OOQRQZDUUDQW\UHSDLUHGWRROVDUHFRPSOHWHO\UHFRQGLWLRQHG DQGUHFHLYHDOLPLWHG\HDUZDUUDQW\1RQZDUUDQW\UHSDLU 7KHEHQH¿WVRIWKH%851'<Š(QJLQHHUHG6\VWHPDUHPDQ\ UHWXUQVWRROVWROLNHQHZFRQGLWLRQDWDPD[LPXPFRVWRI KRZHYHUSUREDEO\WKHPRVWVLJQL¿FDQWEHQH¿WLVUHOLDELOLW\7KHUH RIDQHZWRRO$QRPLQDOVHUYLFHFKDUJHRILVDSSOLHG LVQRWKLQJPRUHLPSRUWDQWWRWKHHOHFWULFDOLQGXVWU\WRGD\WKDQ WRDOOUHSDLUVWRFRYHUVKRSVXSSOLHVRLOGLVSRVDODQGRWKHU UHOLDELOLW\,WUHSUHVHQWVWKHRQHDUHDWKDWOHDGVWRHFRQRPLFDO PLVFHOODQHRXVVHUYLFHVQRWFRYHUHGDVSDUWRIWKHVWDQGDUG LQVWDOODWLRQVWKDWZLOOHQGXUHIRUWKHOLIHRIWKHLQVWDOODWLRQ UHSDLU

7RRO&HQWHU

,IWKHGHFLVLRQLVPDGHQRWWRUHSDLUDKDQGOLQJFKDUJHRI ZLOOEHDSSOLHGSOXVUHWXUQIUHLJKWFRVWV

$QLPSRUWDQWHOHPHQWRIWKH%851'<Š(QJLQHHUHG6\VWHPLV WKH%851'<7RRO&HQWHUORFDWHGDW%XUQG\5RDG/LWWOHWRQ 1+ RU 7KLVFHQWHU SURYLGHVDGYLFHDQGLQIRUPDWLRQRQWKHRSHUDWLRQPDLQWHQDQFH DQGUHSDLURI%851'<WRROV7KHUHSDLUFHQWHULVVWDIIHGZLWK VSHFLDOL]HGWHFKQLFLDQVZKRSURYLGHWKHEHVWSRVVLEOHVHUYLFH IRUDOO%851'<WRROVSXPSVDQGDFFHVVRULHV

5HWXUQ3URFHGXUH

%851'<GHVLJQHGDQGSURGXFHGWKH¿UVWVHOIFRQWDLQHG K\GUDXOLFFRPSUHVVLRQHOHFWULFDOFRQQHFWRULQVWDOODWLRQWRROLQ ,QRXUFRQWLQXLQJHIIRUWVWRSURYLGHWKHKLJKHVWTXDOLW\ DQGKLJKHVWYDOXHFRQQHFWLRQV\VWHPVZHRIIHUWKHFXUUHQW %851'<WRROSROLF\

/LPLWHG:DUUDQW\ 7KHPDMRULW\RI%851'<WRROVDUHZDUUDQWHGWREHIUHHRI GHIHFWVLQPDWHULDOVDQGZRUNPDQVKLSIRUDSHULRGRI¿YH   \HDUVIURPWKHGDWHRIVKLSPHQW6HHVSHFL¿FWRROSDJHIRU OHQJWKRIZDUUDQW\,ILQVSHFWLRQE\DFHUWL¿HGWHFKQLFLDQVKRZV WKHWURXEOHLVFDXVHGE\GHIHFWLYHZRUNPDQVKLSRUPDWHULDO %851'<ZLOOUHSDLURU DWRXURSWLRQ UHSODFHWKHWRRO

86



$OOWRROVVHQWWRWKH%851'<7RRO&HQWHURUDQDXWKRUL]HG UHSDLUFHQWHUPXVWEHDFFRPSDQLHGE\DSXUFKDVHRUGHUZLWK GHWDLOHGELOOWRDQGVKLSWRDGGUHVVDXWKRUL]LQJUHSDLU5HTXHVWV IRUUHSDLUFKDUJHVEHIRUHZRUNLVGRQHPXVWEHVWDWHGRQWKH SXUFKDVHRUGHU$OOWRROVVHQWWRWKH%851'<7RRO&HQWHU RUDQDXWKRUL]HGUHSDLUFHQWHUDVDZDUUDQW\FODLPPXVWEH DFFRPSDQLHGE\DSURRIRISXUFKDVHVXFKDVD%851'< LQYRLFHRULQYRLFHIURPDQ\%851'<GLVWULEXWRU $OOWRROVPXVWEHVKLSSHGDWWKHRZQHU¶VH[SHQVHSUHSDLG %851'<SD\VIRUWKHUHWXUQIUHLJKWVDPHVXUIDFHIUHLJKWDV UHFHLYHG$LUIUHLJKWUHWXUQVZLOOEHUHWXUQHGVDPHZD\FROOHFWIRU QRQZDUUDQW\UHSDLUDQGSUHSDLGIRUZDUUDQW\UHSDLUV 7KLVZDUUDQW\DQGUHSDLUSROLF\VXSHUFHGHVDOOSUHYLRXVSROLFLHV DQGLVLQHIIHFWDVRI-DQXDU\

ZZZEXUQG\FRP  

&DQDGD

7RROLQJ &ULPSHUV²%DWWHU\$FWXDWHG

3$7/:6/, 7RQ/LJKW:HLJKW&+HDG

+\GUDXOLF6HOI&RQWDLQHG9/LWKLXP,RQ ‡ ‡ ‡ ‡ ‡ ‡

´MDZRSHQLQJ 8VHGZLWK3GLHV8GLHVZLWK38$'3DGDSWHU VROG VHSDUDWHO\ /LJKWZHLJKWVFRRSVW\OH&KHDGZLWKžKHDGURWDWLRQ 2YHUPROGHGHUJRQRPLFKDQGOH ,PSURYHGHUJRQRPLFEDODQFH ,QFOXGHVEDWWHULHVFKDUJHUDQGSRO\PHUFDUU\LQJFDVH

6SHFLÀFDWLRQV

)RU8VH2Q

2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH -DZ2SHQLQJ 2SHUDWLQJ9ROWDJH 5HFKDUJH7LPH :DUUDQW\   

&RSSHU$:*6WUNFPLO &RGH&DEOH1DY\&DEOH)OH[LEOH([WUD)OH[LEOH  ´´*URXQG5RGV 7HUPLQDOVJURXQGLQJ  WRNFPLO<*$<*+$<*) 7HUPLQDOVXQLQVXODWHG  NFPLO<$<$1<$/<$/%<$7&  <$/1<$%1<$9/<$956<$7&); 7HUPLQDOVLQVXODWHG  <$(9/<$(9+<$(956<$(95+ 6SOLFHV  NFPLO<6<67<6/<6/%<67  <637<*6<*+6 7DSV  NFPLO<+<&+&  WR$:*<&& 7DSVJURXQGLQJ  WRNFPLO<*+&&<*+3&<*+5&

$FFHVVRULHV 3.  38$'3 %$79/, 3$7&+*5/, 3$7&+*5/,'& 37

$OXPLQXP$:*NFPLO  &RGH&DEOHV 7HUPLQDOV<$$$<3$<32 6SOLFHV<6$<6$7<5% 7DSV<)'<)1<)2<)5

     

&XWWHU'LHPD[GLDPHWHU´ 8'LH$GDSWHU +LFDSDFLW\/L,RQ $+ 9$&&KDUJHU 9'&&KDUJHU /DQ\DUG

9DULDWLRQV

$&65VHH2YHUKHDG7UDQVPLVVLRQ 'LVWULEXWLRQ  6HFWLRQV+ ,RIWKHFXUUHQW%851'<Š0DVWHU&DWDORJ

&DQDGD 

7RQV OEV ´[´[´ 3DQG8VW\OH ZLWK38$'3  ´ 9'&/LWKLXP,RQ PLQXWHV \HDUOLPLWHGZDUUDQW\ /LIHWLPHZDUUDQW\RQ,1),1,7< '5,9(Š\HDURQEDWWHULHVDQG FKDUJHU



3$7&/:6/, 3$7/:6/,ZLWKUXEEHUFRYHUHGKHDG 3$7/:6/,/&% 7RROQRFKDUJHUQREDWWHULHV

ZZZEXUQG\FRP  

86

7RROLQJ &ULPSHUV²%DWWHU\$FWXDWHG

3$7/:/, 7RQ/LJKW:HLJKW/DWFK+HDG +\GUDXOLF6HOI&RQWDLQHG9/LWKLXP,RQ ‡ ‡ ‡ ‡ ‡ ‡

´MDZRSHQLQJ 8VHGZLWK3GLHV8GLHVZLWK38$'3DGDSWHU VROG VHSDUDWHO\ /LJKWZHLJKW/DWFKKHDG ƒKHDGURWDWLRQ (UJRQRPLFDOO\EDODQFHG ,QFOXGHVEDWWHULHVFKDUJHUDQGSRO\PHUFDUU\LQJFDVH

)RU8VH2Q &RSSHU$:*6WUNFPLO  &RGH&DEOH1DY\&DEOH)OH[LEOH([WUD)OH[LEOH  ´´*URXQG5RGV 7HUPLQDOVJURXQGLQJ  WRNFPLO<*$<*+$<*) 7HUPLQDOVXQLQVXODWHG  NFPLO<$<$1<$/<$/%<$7&  <$/1<$%1<$9/<$956<$7&); 7HUPLQDOVLQVXODWHG  <$(9/<$(9+<$(956<$(95+ 6SOLFHV  NFPLO<6<67<6/<6/%<67  <637<*6<*+6 7DSV  NFPLO<+<&+&  WR$:*<&& 7DSVJURXQGLQJ  WRNFPLO<*+&&<*+3&<*+5& $OXPLQXP$:*NFPLO  &RGH&DEOHV 7HUPLQDOV<$$$<3$<32 6SOLFHV<6$<6$7<5% 7DSV<)'<)1<)2<)5 $&65VHH2YHUKHDG7UDQVPLVVLRQ 'LVWULEXWLRQ  6HFWLRQV+ ,RIWKHFXUUHQW%851'<Š0DVWHU&DWDORJ

6SHFLÀFDWLRQV 2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH -DZ2SHQLQJ 2SHUDWLQJ9ROWDJH 5HFKDUJH7LPH :DUUDQW\   

7RQV OEV ´[´[´ 3DQG8VW\OH ZLWK38$'3  ´ 9'&/LWKLXP,RQ PLQXWHV \HDUOLPLWHGZDUUDQW\ /LIHWLPHZDUUDQW\RQ,1),1,7< '5,9(Š\HDURQEDWWHULHVDQG FKDUJHU

$FFHVVRULHV 3.  38$'3 %$79/, 3$7&+*5/, 3$7&+*5/,'& 37

     

&XWWHU'LHPD[GLDPHWHU´ 8'LH$GDSWHU +LFDSDFLW\/L,RQ $+ 9$&&KDUJHU 9'&&KDUJHU /DQ\DUG

9DULDWLRQV 3$7/:/,/&% 7RROQRFKDUJHUQREDWWHULHV

86



ZZZEXUQG\FRP  

&DQDGD

7RROLQJ &ULPSHUV²%DWWHU\$FWXDWHG

3$7/, 7RQ&+HDG

+\GUDXOLF6HOI&RQWDLQHG9/LWKLXP,RQ ‡ ‡ ‡ ‡ ‡

´MDZRSHQLQJ 8VHGZLWK8GLHV &KHDGZLWKƒKHDGURWDWLRQ %HDULQJDOLJQPHQWJXLGHIRU+<*5281'ŠDVZHOODVRWKHU DV\PPHWULFDOFRQQHFWRUV ,QFOXGHVEDWWHULHVFKDUJHUDQGSRO\PHUFDUU\LQJFDVH

6SHFLÀFDWLRQV )RU8VH2Q 7HQVLRQ6OHHYHV &RSSHU  $OXPLQXP  $&65 

VRONFPLO VRONFPLO NFPLO

7DSV &RSSHU $OXPLQXP

 

VRONFPLO NFPLO

2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH -DZ2SHQLQJ 2SHUDWLQJ9ROWDJH 5HFKDUJH7LPH :DUUDQW\   

$HULDO&DEOH &RSSHU



NFPLO

$FFHVVRULHV

NFPLO NFPLO NFPLO

%$79/, 3$7&+*5/, 3$7&+*5/,'& 37

7HUPLQDOV 6SOLFHV &RSSHU  $OXPLQXP  $&65 

+<*5281'Š &RPSUHVVLRQ*URXQGLQJ  &RSSHU  NFPLO  *URXQG5RGV  ´´GLDPHWHU

+LFDSDFLW\/,EDWWHU\ $+ 9$&&KDUJHU 9'&&KDUJHU /DQ\DUG

9DULDWLRQV

:LGH8GLHV VROGVHSDUDWHO\ FDQEHXVHGZLWKORQJEDUUHO WHUPLQDOVDQGVSOLFHVVDYLQJ WLPHDQGODERU

&DQDGD 

7RQV OEV ´[´[´ 8VW\OH ´ 9'&/LWKLXP,RQ PLQXWHV \HDUOLPLWHGZDUUDQW\ /LIHWLPHZDUUDQW\RQ,1),1,7< '5,9(Š\HDURQEDWWHULHVDQG FKDUJHU



3$7&/, 3$7./,       3$7/,/&%

3$7/,ZLWKUXEEHUFRYHUHGKHDG 3$7/,ZLWK.($51(<ŒVW\OHKHDG XVHGZLWK.($51(<Œ:+DQG:+ DQG%851'<8GLHVZLWK.8$'3 DGDSWHU VROGVHSDUDWHO\ 7RROQRFKDUJHUQREDWWHULHV

1L0+SODWIRUPLVDOVRDYDLODEOH 3$7;79 1L0+EDWWHU\YHUVLRQ 3$7&;79 3$7;79 1L0+ ZLWKUXEEHU   FRYHUHGKHDG

ZZZEXUQG\FRP  

86

7RROLQJ &ULPSHUV²6HOI&RQWDLQHG+\GUDXOLF

<+6;7 7RQ&+HDG+<35(66Œ

+\GUDXOLF6HOI&RQWDLQHG+DQG2SHUDWHG7RRO ‡ ‡ ‡ ‡

ƒKHDGURWDWLRQ ´MDZRSHQLQJ 5DSLGDGYDQFHSXPS 8VHVVWDQGDUG%851'<8GLHV VROGVHSDUDWHO\

)RU8VH2Q 7HQVLRQ6OHHYHV  &RSSHU   $OXPLQXP   $&65 

VRONFPLO VRONFPLO NFPLO

7DSV  &RSSHU  $OXPLQXP

 

VRONFPLO NFPLO

$HULDO&DEOH  &RSSHU



NFPLO

7HUPLQDOV 6SOLFHV  &RSSHU   $OXPLQXP   $&65 

2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH -DZ2SHQLQJ :DUUDQW\

7RQV OEV ´[´[´ 8VW\OH ´ \HDUOLPLWHGZDUUDQW\

NFPLO NFPLO NFPLO

$FFHVVRULHV

+<*5281'Š &RPSUHVVLRQ*URXQGLQJ  &RSSHU  NFPLO  *URXQG5RGV  ´´GLDPHWHU

<+6&$6(     )25&(*$8*(    37 

9DULDWLRQV <&+6;7

6SHFLÀFDWLRQV

3ODVWLFFDUU\LQJFDVHIRU <+6;7<&+6;7 )RUFHWHVWJDXJHIRUDFFXUDWH UHDGLQJRIRXWSXWIRUFH 6WHHOGLHFDVHIRU8GLHV

5XEEHUFRYHUHGKHDGYHUVLRQ

86



ZZZEXUQG\FRP  

&DQDGD

7RROLQJ &ULPSHUV²5HPRWH+\GUDXOLF

</:6%+ 7RQ5HPRWH/LJKW:HLJKW&+HDG 5HPRWH2SHUDWHG+\GUDXOLF7RRO ‡ ‡ ‡ ‡

´MDZRSHQLQJ 8VHGZLWK3GLHV8GLHVZLWK38$'3DGDSWHU VROG VHSDUDWHO\ 3RVLWLYHSXVKEXWWRQGLHORFNV /LJKWZHLJKWVFRRSVW\OHRSHQKHDGGHVLJQ

)RU8VH2Q 6SHFLÀFDWLRQV

&RSSHU$:*6WUNFPLO &RGH&DEOH1DY\&DEOH)OH[LEOH([WUD)OH[LEOH  ´´*URXQG5RGV 7HUPLQDOVJURXQGLQJ  WRNFPLO<*$<*+$<*) 7HUPLQDOVXQLQVXODWHG  NFPLO<$<$1<$/<$/%<$7&  <$/1<$%1<$9/<$956<$7&); 7HUPLQDOVLQVXODWHG  <$(9/<$(9+<$(956<$(95+ 6SOLFHV  NFPLO<6<67<6/<6/%<67  <637<*6<*+6 7DSV  NFPLO<+<&+&  WR$:*<&& 7DSVJURXQGLQJ  WRNFPLO<*+&&<*+3&<*+5&

2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH  2SHUDWLQJ3UHVVXUH &\FOHV :DUUDQW\

$FFHVVRULHV 38$'3 3.  37

8GLHDGDSWHU &XWWHU'LHPD[GLDPHWHU´ &DUU\%DJ LQFOXGHGZLWKWRRO

6HH+\GUDXOLF3XPSVDQG+\GUDXOLF+RVHV 3XPS$FFHVVRULHV IRURWKHUQHFHVVDU\HTXLSPHQW

$OXPLQXP$:*NFPLO  &RGH&DEOHV 7HUPLQDOV<$$$<3$<32 6SOLFHV<6$<6$7<5% 7DSV<)'<)1<)2<)5

9DULDWLRQV

$&656HH2YHUKHDG7UDQVPLVVLRQ 'LVWULEXWLRQ  6HFWLRQV+ ,RIWKHFXUUHQW%851'<Š0DVWHU&DWDORJ

&DQDGD 

7RQV OEV ´[´[´ 3VW\OHDQG8VW\OHZLWK38$'3 DGDSWHU 36,  \HDUOLPLWHGZDUUDQW\



<&/:6%+     <&/:6%+)   </:6%+)  

3HUPDQHQWO\PROGHGKHDGRI´UXEEHU LQFOXGHGVHSDUDWHPROGHGUXEEHUERRWIRU ORZHUERG\DQGK\GUDXOLFFRXSOHU <&/:6%+ FRYHUHG WRROZLWKIHPDOH FRXSOHU </:6%+WRROZLWK)HPDOHFRXSOHU QRWUXEEHUFRYHUHG

ZZZEXUQG\FRP  

86

7RROLQJ &ULPSHUV²5HPRWH+\GUDXOLF

</:%+ 7RQ5HPRWH/W:W/DWFK+HDG 5HPRWH2SHUDWHG+\GUDXOLF7RRO ‡ ‡ ‡ ‡

´UDPWUDYHO 8VHGZLWK3GLHV8GLHVZLWK38$'3DGDSWHU VROG VHSDUDWHO\ 3RVLWLYHSXVKEXWWRQGLHORFNV /LJKWZHLJKWODWFKKHDGGHVLJQ

)RU8VH2Q &RSSHU$:*6WUNFPLO  &RGH&DEOH1DY\&DEOH)OH[LEOH([WUD)OH[LEOH  ´´*URXQG5RGV 7HUPLQDOVJURXQGLQJ  WRNFPLO<*$<*+$<*) 7HUPLQDOVXQLQVXODWHG  NFPLO<$<$1<$/<$/%<$7&  <$/1<$%1<$9/<$956<$7&); 7HUPLQDOVLQVXODWHG  <$(9/<$(9+<$(956<$(95+ 6SOLFHV  NFPLO<6<67<6/<6/%<67  <637<*6<*+6 7DSV  NFPLO<+<&+&  WR$:*<&& 7DSVJURXQGLQJ  WRNFPLO<*+&&<*+3&<*+5&

7RQV OEV ´[´[´ 3VW\OHDQG8VW\OHZLWK38$'3 36,  \HDUOLPLWHGZDUUDQW\

$FFHVVRULHV 38$'3 3.  37

8GLHDGDSWHU &XWWHU'LHPD[GLDPHWHU´ &DUU\%DJ LQFOXGHGZLWKWRRO

9DULDWLRQV

$&656HH2YHUKHDG7UDQVPLVVLRQ 'LVWULEXWLRQ  6HFWLRQV+ ,RIWKHFXUUHQW%851'<Š0DVWHU&DWDORJ



2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH DGDSWHU 2SHUDWLQJ3UHVVXUH &\FOHV :DUUDQW\

6HH+\GUDXOLF3XPSVDQG+\GUDXOLF+RVHV 3XPS$FFHVVRULHV IRURWKHUQHFHVVDU\HTXLSPHQW

$OXPLQXP$:*NFPLO  &RGH&DEOHV 7HUPLQDOV<$$$<3$<32 6SOLFHV<6$<6$7<5% 7DSV<)'<)1<)2<)5

86

6SHFLÀFDWLRQV

</:%+)  

ZZZEXUQG\FRP  

</:%+WRROZLWK)HPDOHFRXSOHU QRWUXEEHUFRYHUHG

&DQDGD

7RROLQJ &ULPSHUV²5HPRWH+\GUDXOLF

<%+;7 7RQ5HPRWH&+HDG 5HPRWH2SHUDWHG+\GUDXOLF7RRO ‡ ‡ ‡ ‡

´MDZRSHQLQJ žKHDGURWDWLRQ 8VHGZLWK8VW\OHGLHV ([SRVHGSRVLWLYHGLHORFNEXWWRQV

)RU8VH2Q 7HQVLRQ6OHHYHV &RSSHU  $OXPLQXP  $&65 

VRONFPLO VRONFPLO NFPLO

7DSV &RSSHU $OXPLQXP

VRONFPLO NFPLO

$HULDO&DEOH &RSSHU

 

6SHFLÀFDWLRQV 

7HUPLQDOV 6SOLFHV &RSSHU  $OXPLQXP  $&65 

NFPLO

2XWSXW)RUFH 7RRO:HLJKW 6L]H 'LH6W\OH -DZ2SHQLQJ 2SHUDWLQJ3UHVVXUH :DUUDQW\

NFPLO NFPLO NFPLO

+<*5281'Š &RPSUHVVLRQ*URXQGLQJ  &RSSHU  NFPLO  *URXQG5RGV  ´´GLDPHWHU

$FFHVVRULHV

9DULDWLRQV <&%+;7  

7RQV OEV ´[´[´ 8VW\OH ´ 36, \HDUOLPLWHGZDUUDQW\

<%+;7ZLWKPROGHGUXEEHUFRYHULQJRQ KHDGERG\DQGKRVH¿WWLQJV

37   37   37

$GMXVWDEOHKHDGJULSIRUMRLQLQJKHDGWR XQLYHUVDOKRWVWLFNV 6WHHOGLHFDVHIRUVWRUDJHDQGSURWHFWLRQ RI8GLHV &DQYDVFDUU\EDJ LQFOXGHGZLWKWRRO

6HH+\GUDXOLF3XPSVDQG+\GUDXOLF+RVHV 3XPS$FFHVVRULHV IRURWKHUQHFHVVDU\HTXLSPHQW

&DQDGD 



ZZZEXUQG\FRP  

86

7RROLQJ 'LHV'LH.LWV

7RQ8'LHV )RU<<<3$76HULHV 3$76HULHV ZLWK38$'3$GDSWHU

1RQWHQVLRQ8W\SHWRQGLHVIRU<$<6<$$<6$VW\OH FRQQHFWRUV

:LGHGLHVDUHLQWHQGHGIRUXVHRQORQJEDUUHOWHUPLQDOVDQGVSOLFHV <$<6 RQO\

857'LH6HW

'LH6HWVVROGVHSDUDWHO\8'LH.LWVDOVRDYDLODEOHVHHIROORZLQJSDJH :LUH6L]H $:* $:* $:* $:* $:* $:* $:* $:* $:* $:* NFPLO NFPLO NFPLO NFPLO NFPLO )OH[ NFPLO NFPLO )OH[

1RWH1$ QRWDSSOLFDEOH

&RSSHU 8&57 8&57 8&57 8&57 8&57 8&57 857 857 857 857 857 857 857 857 857 8;57 857 857 8;57

8&57::LGH'LH6HW

86



ZZZEXUQG\FRP  

&RSSHU:LGH'LH

8&57: 8&57: 8&57: 8&57: 8&57: 8&57: 857: 857: 857: 857:

1$

$OXPLQXP 8&$%7 8&$%7 8&$%7 1$ 8&$%7 8&$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 1$ 8$57 8$57 1$

37GLHER[LVDYDLODEOH 37 VROGVHSDUDWHO\ KROGLQJXSWR VROG ³8´VW\OH VWDQGDUGRUZLGH  ³8 GLHVHWVGLHVQRWLQFOXGHG GL

&DQDGD

7RROLQJ 'LHV'LH.LWV

8'LH.LWV )RU<<<3$76HULHV 3$76HULHV ZLWK38$'3$GDSWHU 8',(.,7&8DQG8',(.,7$/LQFOXGHVHWVRI³8´GLHVDQG GLHFDVH7KHVHVWDLQOHVVVWHHOFRORUFRGHGGLHVDUHIRUFULPSLQJ <$<6<$$DQG<6$W\SHVRIFRQQHFWRUVUDQJLQJIURP $:*WKURXJKNFPLO 8',(.,7&8:LQFOXGHVVHWVRIZLGHVWDLQOHVVVWHHOFRORU FRGHGGLHVIRUFULPSLQJORQJEDUUHO<$DQG<6W\SHVRI FRQQHFWRUVXSWR$:*7KHZLGHGLHVUHTXLUHRQO\RQH FULPSFRPSDUHGWRIRUWKHVWDQGDUGZLGWKGLHV 1RWH1$ QRWDSSOLFDEOH

:LUH6L]H $:* $:* $:* $:* $:* $:* $:* $:* $:* NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO 'LH&DVH

8',(.,7&8 LQFOXGHV 1$ 8&57 8&57 8&57 8&57 857 857 857 857 857 857 857 857 857 857 857 37

8',(.,7+<*5'LQFOXGHVGLHVVHWV6HYHQGLHVHWVDUHXVHG WRLQVWDOOWKH%851'<Š+<*5281'ŠLUUHYHUVLEOHFRPSUHVVLRQ JURXQGLQJFRQQHFWRUVWKH8&$%7GLHVHWLVIRUSUHFULPSLQJ ´´DQG´JURXQGURGVIRULQFUHDVHGURWDWLRQDO UHVLVWDQFH7KH8',(.,7+<*5'DOVRLQFOXGHVWKH37 GLHFDVH

&DQDGD 



8',(.,7&8

8',(.,7&8: LQFOXGHV 8&57: 8&57: 8&57: 8&57: 8&57: 857: 857: 857: 857:

1$

37

8',(.,7$/ LQFOXGHV 1$ 8&$%7 8&$%7 8&$%7 8&$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 8$57 37

8',(.,7+<*5'LQFOXGHV 8&82838888 8&$%7 *URXQGURGSUHFULPSGLH DQG 37GLHFDVH

ZZZEXUQG\FRP  

86

7RROLQJ 'LHV'LH.LWV

:'LHV )RU0'0'<&7+63$76- 3$73$70'DQG&60'6HULHV

7KHVHVL]HV  IRU<&7+60'DQG0'5 RQO\

)RU3$7DQG3$76-VHULHVDQG<&7+6RQO\ 1RWH1$ QRWDSSOLFDEOH

:57'LH6HW

6XLWDEOHIRUXVHRQ<$<6<$$<6$W\SHQRQWHQVLRQ FRQQHFWRUV 'LH6HWVVROGVHSDUDWHO\:'LH.LWVDOVRDYDLODEOHVHH IROORZLQJSDJH

97 ³9´SUR¿OHGLHIRUUHGXFHGKDQGOHIRUFHZKHQXVLQJ 0'0'VHULHVWRROV7ZLQGLH LQFOXGHVERWKKDOYHV 57 5RXQGGLH FLUFXPIHUHQWLDO 7ZLQGLH LQFOXGHVERWK KDOYHV

:LUH6L]H $:* $:* $:* $:* $:* $:* $:* $:* $:* $:* NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO NFPLO

&RSSHU 97 :&97 :&97 :&97 :&57 :&97 :&97 :97 :97 :97 :97 :97 :97 :97 :97 :97 :97 1$

:',(75((DYDLODEOH VROGVHSDUDWHO\  KROGVXSWR³:´VW\OHGLHVHWV GLHVQRW LQFOXGHG VKRZQZLWK:%*GLHVHW QRW LQFOXGHG

86



ZZZEXUQG\FRP  

&RSSHU 57 :&57 :&57 :&57 :&57 :&57 :&57 :57 :57 :57 :57 :57 :57 :57 :57 :57 :57 :57

$OXPLQXP ;&$57 : : 1$ : : : : : : : 1$ :$57 1$ 1$ 1$ 1$

&$6(:',(6GLHER[ DYDLODEOH VROGVHSDUDWHO\  KROGVXSWR³:´RU³;´ VW\OHGLHVHWV GLHVQRW LQFOXGHG

&DQDGD

7RROLQJ 'LHV'LH.LWV

:'LH.LWV )RU0'0'<&7+63$76- 3$73$70'DQG&60'6HULHV

7KHVHVL]HV  IRU3$7DQG3$76-6HULHV <&7+60'DQG0'5RQO\ 1RWH1$ QRWDSSOLFDEOH 6XLWDEOHIRUXVHRQ<$<6<$$<6$W\SHQRQWHQVLRQFRQQHFWRUV &$6(:',(6 LQFOXGHGZLWKGLHNLWV DOVRVROGVHSDUDWHO\ GLHVQRWLQFOXGHG

:LUH6L]H $:* $:* $:* $:* $:* $:* $:* $:* $:* NFPLO NFPLO NFPLO 'LH&DVH

&DQDGD 

:',(.,7&8IRU&RSSHU LQFOXGHV :&57 :&57 :&57 :&57 :&57 :57 :57 :57 :57 :57 :57 :57 &$6(:',(6



:',(.,7$/IRU$OXPLQXP LQFOXGHV ;&$57 : : : : : : : : : :$57 1$ &$6(:',(6

ZZZEXUQG\FRP  

86

7RROLQJ &XWWHUV²%DWWHU\$FWXDWHG

3$7&87/, /DWFK+HDG&X$OWRµGLDPHWHU +\GUDXOLF6HOI&RQWDLQHG&XWWHU9/LWKLXP,RQ ‡ ‡ ‡ ‡ ‡

ƒKHDGURWDWLRQ 2YHUPROGHGKDQGOHDQGHUJRQRPLFGHVLJQ 2QHKDQGHGRSHUDWLRQIRUDGYDQFHUHWUDFWDQGKROG /DWFKKHDGGHVLJQIRULQWHUIHUHQFHIUHHFORVXUHIRUPLG VSDQFXWV ,QFOXGHVEDWWHULHVFKDUJHUDQGSRO\PHUFDUU\LQJFDVH

)RU8VH2Q &RSSHU$OXPLQXP&DEOH XSWR´

6SHFLÀFDWLRQV

$&65

XSWRNFPLO

*URXQG5RG

XSWR´

5HEDU

XSWR´

6RIW6WHHO%ROWV

XSWR´

6WDQGDUG*X\

XSWR´

2XWSXW)RUFH 7RRO:HLJKW 6L]H 2SHUDWLQJ9ROWDJH 5HFKDUJH7LPH :DUUDQW\   

(+6*X\6WUDQG

XSWR´

$FFHVVRULHV

9DULDWLRQV 3$7&87/,'&   3$7&87/,/&% 

7RROZLWK9'& FKDUJHULQSODFHRI$& FKDUJHU 7RROQRFKDUJHUQR EDWWHULHV

1L0+SODWIRUPLVDOVRDYDLODEOH 3$7&87$&659 3$7&87$&659'&   3$7&87$&6599 

1L0+EDWWHU\YHUVLRQ 1L0+EDWWHU\YHUVLRQZLWK 9'&FKDUJHULQSODFH RI$&FKDUJHU 1L0+EDWWHU\YHUVLRQZLWK 9$&&KDUJHU

86

7RQV OEV ´[´[´ 9'&/LWKLXP,RQ PLQXWHV \HDUOLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV /LIHWLPHZDUUDQW\RQ ,1),1,7<'5,9(Š\HDURQ EDWWHULHVDQGFKDUJHU



%$79/, 3$7&+*5/, 3$7&+*5/,'& 37 37 37

ZZZEXUQG\FRP  

+LFDSDFLW\/,EDWWHU\ $+ 9$&&KDUJHU 9'&&KDUJHU /DQ\DUG 5HSODFHPHQW0RYLQJ%ODGH 5HSODFHPHQW)L[HG%ODGH

&DQDGD

7RROLQJ &XWWHUV²%DWWHU\$FWXDWHG

3$7&87/, /DWFK+HDG&X$OXSWRµ2' +\GUDXOLF6HOI&RQWDLQHG&XWWHU9/LWKLXP,RQ ‡ ‡ ‡ ‡ ‡

ƒKHDGURWDWLRQ &XWVXSWR´GLDPHWHUFRSSHUDOXPLQXPFDEOH 6SHFLDOL]HGODWFKVW\OHFXWWLQJKHDGIRULQWHUIHUHQFHIUHH FORVXUHIRUPLGVSDQZRUN (UJRQRPLFGHVLJQRYHUPROGHGKDQGOH ,QFOXGHVEDWWHULHVFKDUJHUDQGSRO\PHUFDUU\LQJFDVH

)RU8VH2Q &RSSHU$OXPLQXP&DEOH 8SWR´2'

6SHFLÀFDWLRQV

)RU&RSSHUDQG$OXPLQXPFDEOHRQO\'RQRWFXW VWHHOJURXQGURGUHEDURUJX\ZLUH

9DULDWLRQV 3$7&87/,'&  3$7&87/,/&%

7RROZLWK9'&FKDUJHULQ SODFHRI$&FKDUJHU 7RROQRFKDUJHUQREDWWHULHV

1L0+SODWIRUPLVDOVRDYDLODEOH 3$7&87&8$/9 1L0+EDWWHU\YHUVLRQ 3$7&87&8$/9'& 1L0+EDWWHU\YHUVLRQZLWK  9'&FKDUJHULQSODFHRI  $&FKDUJHU 3$7&87&8$/99 1L0+EDWWHU\YHUVLRQZLWK  9$&&KDUJHU 

&DQDGD 



2XWSXW)RUFH 7RRO:HLJKW 6L]H 2SHUDWLQJ9ROWDJH 5HFKDUJH7LPH :DUUDQW\   

7RQV OEV ´[´[´ 9'&/LWKLXP,RQ PLQXWHV \HDUOLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV /LIHWLPHZDUUDQW\RQ ,1),1,7<'5,9(Š\HDURQ EDWWHULHVDQGFKDUJHU

$FFHVVRULHV %$79/, 3$7&+*5/, 3$7&+*5/,'& 37 37 37

+LFDSDFLW\/,EDWWHU\ $+ 9$&&KDUJHU 9'&&KDUJHU /DQ\DUG 5HSODFHPHQW0RYLQJ%ODGH 5HSODFHPHQW)L[HG%ODGH

ZZZEXUQG\FRP  

86

7RROLQJ &XWWHUV²%DWWHU\$FWXDWHG

%&&&8$/ 6HDOHG1LFNHO&DGPLXP&XWWHU

&XWVXSWRNFPLOKDUGGUDZQFRSSHU NFPLOVRIWGUDZQFRSSHU´2'DOXPLQXP ‡ ‡ ‡ ‡ ‡

+RRNKHDGGHVLJQ 7KUHHZD\VZLWFK +DUGHQHGVWHHOEODGHV :LWKVWDQGVUXJJHGXVHUHVLVWVRLODQGVROYHQWV ,QFOXGHVEDWWHU\FKDUJHUDQGFDVH

)RU8VH2Q +DUG'UDZQ&RSSHU  NFPLO 6RIW'UDZQ&RSSHU  NFPLO

6SHFLÀFDWLRQV

$OXPLQXP  XSWR´2'

7RRO:HLJKW 6L]H 2SHUDWLQJ9ROWDJH 5HFKDUJH7LPH :DUUDQW\ 

'R1RW&XW6WHHORU$&65

OEV ´[´[´ 9'&1LFNHO&DGPLXP KRXU IDVW WRKRXUV VWDQGDUG GD\OLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV

$FFHVVRULHV %&&%$79 %&&&+*5 %&&&$6(  5353 5353

86



ZZZEXUQG\FRP  

6HDOHGQLFNHOFDGPLXPEDWWHU\ 9$&&KDUJHU 5HSODFHPHQW&DVHIRU %&&&8$/WRRO 5HSODFHDEOH0RYLQJ%ODGH 5HSODFHDEOH)L[HG%ODGH

&DQDGD

7RROLQJ &XWWHUV²6HOI&RQWDLQHG+\GUDXOLF

<&87$&65 /DWFK+HDG6W\OH

+\GUDXOLF+DQG2SHUDWHG&XWWHU ‡ ‡ ‡ ‡

5DSLGDGYDQFHSXPS +DQGOHWULJJHUGUDLQ ,QWHUIHUHQFHIUHHFORVXUHRQPLGVSDQFXWV ƒKHDGURWDWLRQ

)RU8VH2Q &RSSHU$OXPLQXP&DEOH XSWR´ $&65

XSWRNFPLO

*URXQG5RG

XSWR´

5HEDU

XSWR´

6SHFLÀFDWLRQV

6RIW6WHHO%ROWV

XSWR´

6WDQGDUG*X\

XSWR´

(+6*X\6WUDQG

XSWR´

2XWSXW)RUFH :HLJKW 6L]H :DUUDQW\ 

7RQV OEV ´[´[´ \HDUOLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV

$FFHVVRULHV 37 37 37

&DUU\LQJ&DVH LQFOXGHGZLWKWRRO 0RYLQJ%ODGH )L[HG%ODGH

37+DUG3RO\PHU&DVHIRU<&87$&65

&DQDGD 



ZZZEXUQG\FRP  

86

7RROLQJ &XWWHUV²5HPRWH+\GUDXOLF

5+&&$&65 /DWFK+HDG5HPRWH2SHUDWHG&XWWHU &XWVXSWR´&RSSHU$OXPLQXP&DEOH ‡ ‡ ‡ ‡ ‡

,QWHUIHUHQFHIUHHFORVXUHIRUPLGVSDQFXWV 3UHFLVLRQFXWWLQJEODGHVIRUFOHDQFXWV +LJKVWUHQJWKVWHHOF\OLQGHU /LJKWZHLJKWHUJRQRPLFGHVLJQ 'XUDEOHFDQYDVFDUU\LQJEDJVWRUHVWRRODQGDFFHVVRULHV

)RU8VH2Q &RSSHU$OXPLQXP&DEOH XSWR´ $&65

XSWRNFPLO

*URXQG5RG

XSWR´

5HEDU

XSWR´

6RIW6WHHO%ROWV

XSWR´

6WDQGDUG*X\

XSWR´

(+6*X\6WUDQG

XSWR´

6SHFLÀFDWLRQV 2SHUDWLQJ3UHVVXUH :HLJKW 6L]H :DUUDQW\ 

36, OEV ´[´[´ \HDUOLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV

$FFHVVRULHV 37 37 37 5+&&+6$

&DQYDV%DJ LQFOXGHGZLWKWRRO 0RYLQJ%ODGH )L[HG%ODGH +RW6WLFN$GDSWHU

6HH+\GUDXOLF3XPSVDQG+\GUDXOLF+RVHV 3XPS$FFHVVRULHV IRURWKHUQHFHVVDU\HTXLSPHQW

37&DQYDV%DJDYDLODEOHVHSDUDWHO\ LQFOXGHGZLWKWRRO

86



ZZZEXUQG\FRP  

&DQDGD

7RROLQJ &XWWHUV²5HPRWH+\GUDXOLF

5+&&&8$/ /DWFK+HDG5HPRWH2SHUDWHG&XWWHU &XWVXSWR´&RSSHU$OXPLQXP&DEOH ‡ ‡ ‡ ‡

,QWHUIHUHQFHIUHHFORVXUHIRUPLGVSDQFXWV 3UHFLVLRQFXWWLQJEODGHVIRUFOHDQFXWV /LJKWZHLJKWHUJRQRPLFGHVLJQ 'XUDEOHFDQYDVFDUU\LQJEDJVWRUHVWRRODQGDFFHVVRULHV

)RU8VH2Q &RSSHU$OXPLQXP&DEOH XSWR´

6SHFLÀFDWLRQV 2SHUDWLQJ3UHVVXUH :HLJKW 6L]H :DUUDQW\ 

36, OEV ´[´[´ \HDUOLPLWHGZDUUDQW\ H[FOXGLQJEODGHV

$FFHVVRULHV

37&DQYDV%DJDYDLODEOHVHSDUDWHO\ LQFOXGHGZLWKWRRO

37 37 37 5+&&+6$

   

&DQYDV%DJ LQFOXGHGZLWKWRRO 0RYLQJ%ODGH )L[HG%ODGH +RW6WLFN$GDSWHU

6HH+\GUDXOLF3XPSVDQG+\GUDXOLF+RVHV 3XPS$FFHVVRULHV IRURWKHUQHFHVVDU\HTXLSPHQW

&DQDGD 



ZZZEXUQG\FRP  

86

7RROLQJ &XWWHUV²0HFKDQLFDO 5DWFKHW

0&&6HULHV 0DQXDO&DEOH&XWWHUV

0&&FXWVWRNFPLO&X$O 0&&FXWVWRNFPLO&X$O ‡ ‡ ‡ ‡

5XJJHGKLJKTXDOLW\VWHHOFXWWLQJEODGHV )LEHUJODVVKDQGOHVZLWKVRIWJULSV ([FHOOHQWFXWWLQJHGJHSHUIRUPDQFH 0LQLPXPRIFDEOHGLVWRUWLRQ

)RU8VH2Q &RSSHU$OXPLQXP&DEOH XSWRNFPLO 0&&  XSWRNFPLO 0&&

6SHFLÀFDWLRQV 0&&  9DULDWLRQV 0&&  

  

0&&     

OEV´RYHUDOOOHQJWKFXWVFRSSHUDQG DOXPLQXPFDEOHWRNFPLOPD[LQVXODWLRQ GLDPHWHU´

:HLJKW 6L]H 0D[,QVXODWLRQ'LD :DUUDQW\ 

OEV [´[´ ´ \HDUOLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV

OEV´RYHUDOOOHQJWKFXWVFRSSHUDQG DOXPLQXPFDEOHWRNFPLOPD[ LQVXODWLRQGLDPHWHU´

$FFHVVRULHV 0&&%/$'(6(7 5HSODFHPHQWEODGHVIRU0&& 0&&%/$'(6(7 5HSODFHPHQWEODGHVIRU0&&

86



ZZZEXUQG\FRP  

&DQDGD

7RROLQJ &XWWHUV²0HFKDQLFDO 5DWFKHW

5&&&X$O 5&&6HULHV5DWFKHW&XWWHUVIRU&X$O 7KUHHYDULDWLRQVFRYHULQJDUDQJHRI&X$O ‡ ‡ ‡

5XJJHGKLJKTXDOLW\VWHHOFXWWLQJEODGHV ([FHOOHQWFXWWLQJHGJHSHUIRUPDQFH 0LQLPXPRIFDEOHGLVWRUWLRQ

)RU8VH2Q 5&&(

&RSSHU $OXPLQXPNFPLO

5&&+'

&RSSHU $OXPLQXPNFPLO

5&&

&RSSHU $OXPLQXPNFPLO

6SHFLÀFDWLRQV 5&&(  9DULDWLRQV 5&&(     

´RYHUDOOOHQJWKFXWVFRSSHUDQG DOXPLQXPFDEOHWRNFPLOPD[LQVXODWLRQ GLDPHWHU´OEV

5&&+'    

´RYHUDOOOHQJWKFXWVFRSSHUDQG DOXPLQXPFDEOHWRNFPLOPD[LQVXODWLRQ GLDPHWHU´OEV

5&&     

´RYHUDOOOHQJWKFXWVFRSSHUDQG DOXPLQXPFDEOHWRNFPLOPD[ LQVXODWLRQGLDPHWHU´OEV

&DQDGD 



:HLJKW /HQJWK 0D[,QVXODWLRQ'LD :DUUDQW\ 

OEV ´[´[´ ´ \HDUOLPLWHGZDUUDQW\ H[FOXGLQJ EODGHV

$FFHVVRULHV 53&  53& 

ZZZEXUQG\FRP  

)L[HG5HSODFHPHQW%ODGHIRU 5&& 0RYHDEOH5HSODFHPHQW%ODGHIRU 5&&

86

7RROLQJ &XWWHUV²0HFKDQLFDO 5DWFKHW

5&&&X$O $&65 5&&6HULHV&XWWHUVIRU&X$O $&65 7KUHHYDULDWLRQVFRYHULQJDUDQJHRI&X$O $&65 ‡ ‡ ‡

4XLFNUHOHDVHELGLUHFWLRQDOUDWFKHWPHFKDQLVP 5DSLGEODGHDGYDQFH (DV\FXWWLQJZLWKPLQLPDOFDEOHGLVWRUWLRQ

)RU8VH2Q 5&&$&65.  

&RSSHUNFPLO $OXPLQXPNFPLO $&65NFPLO

5&&  

&RSSHUNFPLO $OXPLQXPNFPLO $&65NFPLO

5&&  

&RSSHUNFPLO $OXPLQXPNFPLO $&65NFPLO

9DULDWLRQV 5&&$&65.    

´RYHUDOOOHQJWK´PD[ LQVXODWLRQGLDPHWHUOEV

5&&  

 

´RYHUDOOOHQJWK´PD[ LQVXODWLRQGLDPHWHUOEV

5&&  

 

´RYHUDOOOHQJWK´PD[ LQVXODWLRQGLDPHWHUOEV

86



5&&$&65.

6SHFLÀFDWLRQV 5&&$&65.  :HLJKW 6L]H 0D[,QVXODWLRQ'LD :DUUDQW\ 

OEV ´[´[´ ´ \HDUOLPLWHGZDUUDQW\ H[FOXGLQJEODGHV

$FFHVVRULHV 53& 53&

)L[HG5HSODFHPHQW%ODGHIRU5&& 0RYHDEOH5HSODFHPHQW%ODGHIRU5&&

53& 53&

)L[HG5HSODFHPHQW%ODGHIRU5&& 0RYHDEOH5HSODFHPHQW%ODGHIRU5&&

ZZZEXUQG\FRP  

&DQDGD

7RROLQJ +\GUDXOLF3XPSV

<$& (OHFWULF+\GUDXOLF3XPS36, /LJKWZHLJKWVSDFHVDYLQJGHVLJQ ‡ ‡ ‡ ‡

(DV\WRFDUU\DQGWUDQVSRUW )DFWRU\VHWUHOLHIYDOYH OLIHF\FOHV 6HDOHGHOHFWULFSHQGDQWVZLWFKZLWKIRRWFRUG

)RU8VH:LWK <$& 36,HOHFWULFSXPS 8VHGZLWK <%+<%+<%+<%+< <<&<%+;7<&%+;7 <0%+<3&0%+<.)70%+ <%+8</:5+&&6HULHV&XWWHUV

9DULDWLRQV <$&2(0  

(OHFWULFK\GUDXOLFSXPSZLWKIRRWVZLWFK SXPSIHDWXUHV³-RJ +ROG´

([DPSOHVRIVRPHRIWKH UHPRWHFULPSLQJDQGFXWWLQJ KHDGVIRUXVHZLWK <$&SXPS

6SHFLÀFDWLRQV :HLJKW 0RWRU  +HLJKW %DVH 0D[&XUUHQW'UDZ 5HVHUYRLU9ROXPH :DUUDQW\

OEV LQFOXGLQJRLO 9$&+]+3 530 ´ ´[´[´ DPS TXDUWV \HDUOLPLWHGZDUUDQW\

$FFHVVRULHV 5+&&$&65 <$&&$6(  <$&)&

6WHHOFDUU\LQJFDVHZLWKKDQGOHDQG ORFNLQJODWFK )RRWFRQWUROVZLWFK

6HH+\GUDXOLF+RVHV3XPS$FFHVVRULHV IRU+RVHRSWLRQV

</: <3&0%+

&DQDGD 



ZZZEXUQG\FRP  

86

7RROLQJ +\GUDXOLF3XPSV

(33 (OHFWULF+\GUDXOLF3XPS36, $OVRDYDLODEOHLQ36, ‡ ‡ ‡

/LJKWZHLJKWVPDOOVL]H OLIHF\FOHV 'XUDEOHUHPRWHSHQGDQWVZLWFK

9DULDWLRQV)RU8VH:LWK (33 8VHGZLWK    

36,HOHFWULFSXPS <%+<%+<%+<%+;7 <&%+;7<%+<<&< <%+8</:<0%+ <3&0%+<.)70%+ 5+&&6HULHV&XWWHUV

(33 36,HOHFWULFSXPS 8VHGZLWK <%+</

6SHFLÀFDWLRQV 0RWRU 530 0D[&XUUHQW'UDZ :HLJKW %DVH +HLJKW 5HVHUYRLU9ROXPH :DUUDQW\

([DPSOHVRIVRPHRI WKHUHPRWHFULPSLQJDQG FXWWLQJKHDGVIRUXVH ZLWK(33SXPS

9$&+]+3# DPSHUHV OEV ´[´[´ ´ TXDUWV \HDUOLPLWHGZDUUDQW\

<%+;7

$FFHVVRULHV 5+&&&8$/

( (33&$6(   3 37 

6WHHOFDUU\LQJFDVHZLWKKDQGOHORFNLQJ ODWFK 3HQGDQWVZLWFK

6HH+\GUDXOLF+RVHV3XPS$FFHVVRULHV IRU+RVHRSWLRQV <.)70%+ <0%+

86



ZZZEXUQG\FRP  

&DQDGD

7RROLQJ +\GUDXOLF+RVHV3XPS$FFHVVRULHV

+\GUDXOLF+RVHV 36,1RQ&RQGXFWLYH+RVHV ‡ ‡ ‡

OHQJWKVDYDLODEOHLQGLDPHWHUV 2UDQJH 6WDFNDEOHFRXSOHUV PDOHIHPDOH

9DULDWLRQV 37 

¶OHQJWK´GLDPHWHU

37 

¶OHQJWK´GLDPHWHU

37

¶OHQJWK´GLDPHWHU

37 

¶OHQJWK´GLDPHWHU

37 

¶OHQJWK´GLDPHWHU

37 

¶OHQJWK´GLDPHWHU

36,1RQ&RQGXFWLYH+RVHV ‡ ‡ ‡

OHQJWKVDYDLODEOH 2UDQJH 6WDFNDEOHFRXSOHUV PDOHIHPDOH

9DULDWLRQV 1RWHV )RUSURSHUFDUHDQGPDLQWHQDQFHRIK\GUDXOLFKRVHVFRQVXOW WKH+\GUDXOLF+RVH&DUH0DQXDO)RUP ´GLDPHWHU DYDLODEOHIRU36,RQO\ KRVHSURYLGHVD KLJKHUÀRZUDWHIRUIDVWHUUDPPRYHPHQW

&DQDGD 



37 

¶OHQJWK´GLDPHWHU

37 

¶OHQJWK´GLDPHWHU

37

¶OHQJWK´GLDPHWHU

ZZZEXUQG\FRP  

86

7RROLQJ $GMXVWDEOH5DWFKHW7RUTXH7RROV

%7:6HULHV 0LFUR$GMXVWDEOH3URIHVVLRQDO*UDGH +DQGRSHUDWHG³&OLFN7\SH´7RUTXH:UHQFKHV ‡ ‡ ‡ ‡

5DWFKHWLQJFDOLEUDWHGGXDOGLUHFWLRQ 3RVLWLYHORFNZLWKVSULQJORDGHGSXOOGRZQORFNULQJ ,QGLYLGXDOO\VHULDOL]HGZLWKPDWFKLQJFHUWL¿FDWHRI FDOLEUDWLRQWUDFHDEOHWR1,67 $60(%0DQG,62

)RU8VH2Q $Q\PHFKDQLFDOFRQQHFWLRQZLWKWRUTXHYDOXHV ZLWKLQUDQJHRIVSHFLÀFWRUTXHZUHQFK,QFOXGLQJ EXWQRWOLPLWHGWR 7\SHV     

6(59,7Š2./,3Œ9(56,7$3Œ6&58/8*Œ /D\,Q4,./8*Œ9$5,7$3Œ9$5,/8*Œ .$88QLYHUVDO7HUPLQDOV81,7$3Œ 32/<7$3Œ%$57$3Œ7\SH%,3&7HUPLQDO %ORFNV8%/2.Œ63(&%/2.Œ 9(56,32/(Œ

9DULDWLRQV %7:   

7RUTXHUDQJHLQOEV´ORQJ ´GULYH

%7:  

7RUTXHUDQJHLQOEV´ORQJ ´GULYH

%7:)  

7RUTXHUDQJHIWOEV´ORQJ ´GULYH

86



6SHFLÀFDWLRQV $FFXUDF\   $SSOLFDEOH 6WDQGDUGV &DOLEUDWLRQ :DUUDQW\

ZZZEXUQG\FRP  

“FORFNZLVH“FRXQWHUFORFNZLVH RILQGLFDWHGYDOXHFORFNZLVHIURP WRRIIXOOVFDOH $60(%0,62 7UDFHDEOHWR1,67 \HDUOLPLWHGZDUUDQW\

&DQDGD

%851'<Š

$FFHVVRULHV

,1752'8&7,21 %851'<  ZLULQJ  DFFHVVRULHV KDYH EHHQ GHVLJQHGWRVXSSOHPHQWDQGHQKDQFH%851'< FRQQHFWRU VHOHFWLRQ DQG XVH  $OO KDYH  EHHQ GHVLJQHGDQGHQJLQHHUHGIRUHDV\LQVWDOODWLRQ

DQG ORQJ OLIH UHÀHFWLQJ RYHU  \HDUV RI H[SHULHQFH DQG UHVXOWLQJ FRQWULEXWLRQV WR DOO DVSHFWVRIWKHHOHFWULFDOLQGXVWU\

3(1(752;Œ +2:72,167$//&211(&7256 6HOHFWWKHULJKWFRQQHFWRU $OZD\VXVHDQDOXPLQXPFRQQHFWRUIRUDOXPLQXP RU FRSSHU FRQGXFWRU &KRRVH D FRQQHFWRU WKDW¶V PDUNHGIRUWKHZLUHVL]H\RX¶UHXVLQJ1HYHUXVHD FRSSHUFRQQHFWRURQDOXPLQXPFRQGXFWRU 6WULSFDUHIXOO\ 5HPRYHWKHLQVXODWLRQZLWKRXWQLFNLQJWKHZLUH %UXVKWKRURXJKO\ $OZD\VZLUHEUXVKWKHVWULSSHGSRUWLRQRIWKHZLUH $QXQSODWHGWHUPLQDOSDGDQGWKHVXUIDFHWRZKLFK WKHWHUPLQDOZLOOEHDWWDFKHGVKRXOGDOVREHZLUH EUXVKHG

$SSO\3(1(752;Œ )RUPHFKDQLFDOFRQQHFWRUVDSSO\3(1(752;Œ MRLQWFRPSRXQGOLEHUDOO\WRWKHFRQGXFWRUWRSUHYHQW WKHIRUPDWLRQRIVXUIDFHR[LGHVRQFHWKHFRQQHF WLRQ LV PDGH $OVR DSSO\ 3(1(752;Œ WR DQ\ WHUPLQDOSDG

7LJKWHQFRPSOHWHO\ )RUPHFKDQLFDOFRQQHFWRUVXVHZUHQFKRUVFUHZ GULYHU WR VHFXUHO\ WLJKWHQ WKH DOXPLQXP FRQQHF WRUVDVUHFRPPHQGHGE\%851'<

&ULPS )RU FRPSUHVVLRQ FRQQHFWRUV FKRRVH WKH ULJKW GLHDQGWKHULJKWWRRO,QVHUWWKHZLUHFRPSOHWHO\ DQGPDNHWKHUHFRPPHQGHGQXPEHURIFULPSV

&DQDGD 



ZZZEXUQG\FRP  

86

$FFHVVRULHV

%851'<Š

7<3(63(1(752;Œ $$($1'+7 2;,'(,1+,%,7,1* -2,17&203281'6 3(1(752;ŒR[LGHLQKLELWLQJFRPSRXQGV SURGXFHORZLQLWLDOFRQWDFWUHVLVWDQFHVHDO RXW DLU DQG PRLVWXUH SUHYHQW R[LGDWLRQ RU FRUURVLRQ H[KLELW VXSHULRU ZHDWKHULQJ FKDUDFWHULVWLFVDUHXVDEOHRYHUZLGHWHPSHUDWXUH UDQJHV DQG SURYLGH D KLJK FRQGXFWLYLW\ ³JDV WLJKW´MRLQW$OO3(1(752;ŒFRPSRXQGVFRQWDLQ KRPRJHQHRXVO\ VXVSHQGHG PHWDO SDUWLFOHV 7KH VXVSHQGHG PHWDO SDUWLFOHV DVVLVW LQ SHQHWUDWLQJ WKLQR[LGH¿OPVDFWDVHOHFWULFDO³EULGJHV´EHWZHHQ FRQGXFWRUVWUDQGVDLGLQJULSSLQJWKHFRQGXFWRU LPSURYH HOHFWULFDO FRQGXFWLYLW\ DQG HQKDQFH WKH LQWHJULW\RIWKHFRQQHFWLRQ

3(1$&$575,'*(

3(1(752;Œ$

3(1$&$575,'*(LVDOEFDUWULGJH¿OOHG ZLWK 3(1(752;$ ,W¶V GHVLJQHG WR ¿W VWDQGDUG FDXONLQJ JXQV IRU HDV\ LQVHUWLRQ LQWR WUDQVPLV VLRQDQGGLVWULEXWLRQFRQQHFWRUV$GGLWLRQDOO\WKLV SDFNDJLQJGHVLJQSURYLGHVDFRQYHQLHQWPHWKRG IRUDSSO\LQJ3(1(752;ŒWRPDQ\GLIIHUHQWDS SOLFDWLRQV

3(1(752;Œ$LVDV\QWKHWLFEDVHFRPSRXQG ZLWKHYHQO\VXVSHQGHG]LQFSDUWLFOHV,WLVUHFRP PHQGHG IRU DOXPLQXP WR DOXPLQXP DOXPLQXP WR FRSSHU FRQQHFWLRQV SOXV DOXPLQXP FRQGXLW WKUHDGV,WLVFRPSDWLEOHZLWKUXEEHUSRO\HWK\OHQH DQGRWKHULQVXODWLQJPDWHULDOV8//LVWHGIRUDOOYROW DJHV

3(1(752;Œ$

3(1(752;Œ(

3(1(752;$LVDQDWXUDO SHWUROHXP EDVH FRPSRXQGZLWKHYHQO\VXVSHQGHG]LQFSDUWLFOHV,W LVUHFRPPHQGHGIRUDOXPLQXPWRDOXPLQXPDOXPL QXPWRFRSSHUFRQQHFWLRQVDQGDOXPLQXPFRQGXLW WKUHDGV,WLVQRWUHFRPPHQGHGIRUXVHZLWKUXEEHU RUSRO\HWK\OHQHLQVXODWHGFRQGXFWRUV8/OLVWHGWR 9

3(1(752;Œ ( LV D V\QWKHWLF EDVH FRPSRXQG ZLWKHYHQO\VXVSHQGHGFRSSHUSDUWLFOHV,WLVUHF RPPHQGHGIRUFRSSHUWRFRSSHUFRSSHUWKUHDGV DQGDOOJURXQGLQJDSSOLFDWLRQV8//LVWHG

7KH VSHFLDOO\ IRUPXODWHG 3(1(752;Œ FRPSRXQGV DUH IRU XVH ZLWK FRPSUHVVLRQ DQG EROWHGFRQQHFWRUVSURYLGLQJDQLPSURYHGVHUYLFH OLIH IRU ERWK FRSSHU DQG DOXPLQXP FRQQHFWLRQV $GGLWLRQDOO\ WKH QRQWR[LF FRPSRXQGV DUH DQ H[FHOOHQW OXEULFDQW IRU WKUHDGHG DSSOLFDWLRQV UHGXFLQJJDOOLQJDQGVHL]LQJ

3(1(752;Œ+7 3(1(752;Œ +7 LV D V\QWKHWLF VLOLFRQH EDVHG FRPSRXQG ZLWK HYHQO\ VXVSHQGHG ]LQF SDUWLFOHV DQG QLFNHODOXPLQXP DOOR\ SDUWLFOHV ,W LV UHFRP PHQGHGIRUDOXPLQXPWRDOXPLQXPFRQQHFWLRQV,W LVFRPSDWLEOHZLWKUXEEHU'HVLJQHGIRUXVHZLWK +LJK7HPSHUDWXUH$&66DQG$&&&FRQQHFWRUV 1RW8//LVWHG

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

$FFHVVRULHV

3(1(752;Œ$ $($1'+7

3(1(752;( 3(1(752; ( FRQVLVWV RI D QRQSHWUROHXP EDVH YHKLFOH LQ ZKLFK FRSSHU JUDQXOHV DUH VXVSHQGHG 5HFRPPHQGHG IRU FRSSHU WR FRSSHU DSSOLFDWLRQV JURXQGLQJ DQG IRU XVH RQ FRSSHUFRQGXLWWKUHDGV8//LVWHGWRYROWV

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

3(1(752;+7 3(1(752; +7 FRQVLVWV RI D QRQSHWUROHXP EDVHYHKLFOHLQZKLFK]LQFDQGQLFNHODOXPLQXP SDUWLFOHVDUHVXVSHQGHG5HFRPPHQGHGIRUXVH ZLWK DOXPLQXP WR DOXPLQXP +LJK 7HPSHUDWXUH UDWHG $&66 DQG $&&& FRQGXFWRUV 1RW 8/ /LVWHG (DV\WRDSSO\ 6FUDWFKEUXVKWKHFRQGXFWRUVXUIDFHV XQWLOEULJKWDQGFOHDQ ,PPHGLDWHO\DSSO\3(1(752;ŒWRWKH FRQGXFWLYHVXUIDFHV )RU(+9DSSOLFDWLRQVUHPRYHDOOH[FHVV 3(1(752;ŒDIWHULQVWDOODWLRQLV FRPSOHWH

6+(/)/,)( :KHQ VWRUHG LQ LWV RULJLQDO FRQWDLQHU LQ FRRO XQGHUƒ) GU\HQYLURQPHQW3(1(752;Œ R[LGHLQKLELWLQJFRPSRXQGZLOOUHPDLQZRUNDEOH DQG IXQFWLRQDO IRU  \HDUV IURP WKH 'DWH RI 0DQXIDFWXUH 02 PDUNHGRQWKHFRQWDLQHU

3523(57,(62)3(1(752;Œ 9DOXH 3(1(752;Œ 'HÀQLWLRQ

3URSHUW\

3(1(752;Œ +7

3(1(752;Œ ( $

3(1(752;Œ $

3HQHWUDWLRQ 8QZRUNHG

7KHYDOXHLQDFFRUGDQFHWR$670'LQGLFDWHV WKHFRQVLVWHQF\RIDJUHDVH7KHKLJKHUWKHQXPEHU WKHVRIWHUWKHJUHDVH







'URSSLQJ 3RLQW 0LQLPXP

7KHWHPSHUDWXUHDWZKLFKWKHJUHDVHSDVVHVIURP WKHVHPLVROLGWRDOLTXLGVWDWHXQGHUWHVWFRQGLWLRQV

!ƒ)

ƒ)

ƒ)

3RXU3RLQW 0D[LPXP

7KHORZHVWWHUPSHUDWXUHDWZKLFKWKHFRPSRXQGZLOO ÀRZ3RXUSRLQWLVWKHOXEULFDQW¶VDELOLW\WRSHUIRUPLQ FROGFRQGLWLRQV

±ƒ)

±ƒ)

±ƒ)

06'6VKHHWVDYDLODEOHWKURXJKFXVWRPHUVHUYLFH

25'(5,1*,1)250$7,21 &DWDORJ1XPEHU 3(1(752;Œ$

3(1(752;Œ$

3(1(752;Œ(

3(1(752;Œ+7‚

&RQWDLQHU 7\SH

&RQWDLQHU 6L]H

3(1$

³

³

³

7XEH

R]

3(1$

3(1$

3(1(

3(1+7

6TXHH]H%RWWOH

R]

3$

3(1$

3(1(

3(1+7

6TXHH]H%RWWOH

R]

3(1$&$575,'*(

3(1$&$575,'*(

³

3(1+7/%

&DUWULGJH

OE

3(1$47

3(1$47

3(1(47

³

3ODVWLF7XE

4XDUW

3(1$*$/

3(1$*$/

3(1(*$/

3(1+7*$/

&DQ

*DOORQ

3(1$*$/

3(1$*$/

3(1(*$/

³

3DLO

*DOORQV

3(1$*$/

3(1$*$/

3(1(*$/

³

'UXP

*DOORQV

OEFDUWULGJHZLOO¿WVWDQGDUGFDXONLQJJXQV ‚1RW8//LVWHG

&DQDGD 

%:LUH%UXVK



ZZZEXUQG\FRP  

86

$FFHVVRULHV

%851'<Š

+$5':$5('$7$ 5(&200(1'(' 7,*+7(1,1*72548( 7KH KDUGZDUH XVHG LQ FRQQHFWRUV PXVW EH FRPSDWLEOHZLWKWKHFRQQHFWRUPDWHULDOKDYHKLJK PHFKDQLFDO VWUHQJWK DQG EH FRUURVLRQ UHVLVWDQW DQGFRUUHVSRQGWR1(0$UHFRPPHQGDWLRQV &RSSHU DOOR\ FRQQHFWRUV KDYH KDUGZDUH PDGH RI '85,80Œ ZKLFK LV %851'<¶V WUDGH QDPH IRU VLOLFRQ EURQ]H DOOR\ $670% W\SH % 7KLV PDWHULDOZDV¿UVWLQWURGXFHGE\%851'<ŠLQ IRUXVHLQRXWGRRUFRQVWUXFWLRQDQGWRGD\LVWKH VWDQGDUGWKURXJKRXWWKHLQGXVWU\

'85,80ŒDQG6WHHO+DUGZDUH %ROW6L]H 5HF7RUTXH ,QFK3RXQGV            

$OXPLQXP+DUGZDUH %ROW6L]H 5HF7RUTXH ,QFK3RXQGV      

$OXPLQXP FRQQHFWRUV JHQHUDOO\ KDYH DOXPLQXP DOOR\ KDUGZDUH 7KH EROWV DUH 7 DQG DQRGL]HGWRUHVLVWFRUURVLRQ7KHQXWVDUH7 ZKLFKLVUHVLVWDQWWRFRUURVLRQDQGGRHVQRWUHTXLUH DQRGL]LQJ %RWK QXWV DQG EROWV DUH OXEULFDWHG WR HOLPLQDWH JDOOLQJ DQG WR SURYLGH FRQVLVWHQW

FODPSLQJIRUFHV

GLPHQVLRQ DQG WKH WKUHDGV DUH SHU $PHULFDQ 1DWLRQDO&RDUVH6HULHV&ODVV¿W7KHVLOLFRQ

EURQ]HLVSHU$670%

7R UHGXFH RU JUHDWO\ H[FHHG WKH UHFRPPHQGHG WRUTXHFDQDGYHUVHO\DIIHFWWKHSHUIRUPDQFHRIWKH FRQQHFWRU

'85,80Œ%2/7 6,/,&21%521=( %851'<Š LQWURGXFHG VLOLFRQEURQ]H EROWV QXWV DQG RWKHU KDUGZDUH LWHPV RQ RXWGRRU FRQQHFWRU DSSOLFDWLRQV LQ   7RGD\ WKH '85,80Œ WUDGHPDUNLVDVWDQGDUGIRUWKLVXVH'85,80Œ EROWV FRPELQH KLJK VWUHQJWK ZLWK FRUURVLRQ UHVLVWDQFH +HDGV KDYH $PHULFDQ 6WDQGDUG &DWDORJ1XPEHU [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2;

7KUHDG 6L]H                        

86

%/HQJWK ,QFKHV                        



&DWDORJ1XPEHU [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2;

7KUHDG 6L]H                        

%/HQJWK ,QFKHV                        

ZZZEXUQG\FRP  

&DWDORJ1XPEHU [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2;

7KUHDG 6L]H                        

%/HQJWK ,QFKHV                        

&DQDGD

%851'<Š

$FFHVVRULHV

'85,80Œ1876 6,/,&21%521=( '85,80Œ KH[DJRQ UHJXODU QXWV DUH QRQ PDJQHWLF DQG DUH PDGH WR $PHULFDQ 6WDQGDUG GLPHQVLRQV  $PHULFDQ 1DWLRQDO &RDUVH 6HULHV WKUHDGV¿W

&DWDORJ1XPEHU

7KUHDG6L]H

&+(1%2;



&+(1%2;



&+(1%2;



&+(1%2;



&+(1%2;



&+(1%2;



'85,80Œ)/$7:$6+(56 6,/,&21%521=( +LJKVWUHQJWK'85,80Œ)ODW:DVKHUVDUHQRQ PDJQHWLF DQG IUHH IURP JDOYDQLF DFWLRQ ZKHQ LQ FRQWDFWZLWKFRSSHU&RQIRUPVWR6$(VWDQGDUGV

&DWDORJ1XPEHU

)RU%ROW6L]H

):%2; ):%2; ):%2; ):%2; ):%2; ):%2;

     

'85,80Œ63/,7 /2&.:$6+(56

&DWDORJ1XPEHU

6,/,&21%521=( '85,80Œ VSULQJ W\SH ORFNZDVKHU KDV KLJK UHVLOLHQF\ DQG H[HUWV FRQVWDQW SUHVVXUH RQ WKH IDFHRIWKHQXWSUHYHQWLQJYLEUDWLRQIURPORRVHQLQJ WKHQXW

'85,80Œ,17(51$/7227+ /2&.:$6+(56 6,/,&21%521=( '85,80Œ ,QWHUQDO 7RRWK /RFNZDVKHUV DUH DYDLODEOH DV LOOXVWUDWHG  7KH WHHWK DUH WZLVWHG VOLJKWO\ DQG SUHVHQW ELWLQJ HGJHV ZKLFK JULS WKH QXWDQGWKHSDUWEHLQJFODPSHGSUHYHQWLQJWKHQXW IURPEDFNLQJRII

&DQDGD 

1RPLQDO'LPHQVLRQVLQ,QFKHV $ %            



ZZZEXUQG\FRP  

)RU%ROW6L]H

6:%2;



6:%2;



6:%2;



6:%2;



6:%2;



6:%2;



&DWDORJ1XPEHU

)RU%ROW6L]H

1:%2;



1:%2;



1:%2;



1:%2;



1:%2;



1:%2;



86

$FFHVVRULHV

%851'<Š

$/80,180+$5':$5( %2/76 %851'<Š DOXPLQXP KH[DJRQ KHDG EROWV DUH PDQXIDFWXUHG RI DOOR\ 7 DQG DUH ¿QLVKHG ZLWK DQRGLF FRDWLQJ DQG OXEULFDWHG 7KUHDGV DUH FRDUVHVHULHVFODVV$¿W

&DWDORJ 1XPEHU

7KUHDG 6L]H

[+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2;

            

% /HQJWK ,QFKHV             

&DWDORJ 1XPEHU

7KUHDG 6L]H

[+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2; [+$%%2;

            

% /HQJWK ,QFKHV             

1876 %851'<Š DOXPLQXP QXWV DUH PDQXIDFWXUHG RI DOOR\ 7 DUH ¿QLVKHG W\SH FRDUVH WKUHDG FODVV%¿W

&DWDORJ 1XPEHU

7KUHDG 6L]H

+$1%2;



+$1%2;



)/$7:$6+(56 %851'<Š DOXPLQXP ÀDW ZDVKHUV DUH PDQXIDFWXUHG RI DOOR\ 7 DQG DUH PHGLXP GHVLJQ

&DWDORJ 1XPEHU ):$%2; ):$%2;

63/,7/2&.:$6+(56 %851'<Š DOXPLQXP VSOLW ORFNZDVKHUV DUH PDQXIDFWXUHG RI DOOR\ 7 DQG DUH UHJXODU GHVLJQ

86



ZZZEXUQG\FRP  

)RU%ROW 6L]H  

'HVFULSWLRQ )ODW:DVKHU )ODW:DVKHU

&DWDORJ 1XPEHU

'HVFULSWLRQ

)RU%ROW 6L]H

6:$/%2;

6SOLW:DVKHU



6:$/%2;

6SOLW:DVKHU



&DQDGD

%851'<Š

$FFHVVRULHV

*$/9$1,=(' 67((/+$5':$5( *DOYDQL]HG EROWV QXWV ÀDWZDVKHUV DQG LQWHUQDO WRRWK ORFNZDVKHUV DUH PDQXIDFWXUHG SHU $670*UDGH$1XWVXUIDFHVDQGEROWKHDGV KDYH $PHULFDQ 6WDQGDUG GLPHQVLRQV DQG WKH

WKUHDGVDUHSHU$PHULFDQ1DWLRQDO&RDUVH6HULHV &ODVV¿W*DOYDQL]LQJLVSHU$670$

%2/76

1876

&DWDORJ 1XPEHU

7KUHDG 6L]H

/HQJWK %

[+*6%





[+*6%





[+*6%





[+*6%





[+*6%





[+*6%





;+*6%





[+*6%





;+*6%





&DWDORJ 1XPEHU

7KUHDG 6L]H

&+*61



+*61



+*61



+*61



+*61



)/$7:$6+(56

&DWDORJ 1XPEHU

)RU%ROW 6L]H

[):*6 [):*6

,'$

2'%













,17(51$/7227+ /2&.:$6+(56

&DQDGD 



1RPLQDO'LPHQVLRQV ,QFKHV

ZZZEXUQG\FRP  

&DWDORJ 1XPEHU

%ROW 6L]H

1:*6



1:*6



1:*6



1:*6



86

$FFHVVRULHV

%851'<Š

67$,1/(6667((/ +$5':$5( 6WDLQOHVV VWHHO EROWV QXWV ÀDWZDVKHUV DQG VSOLW ORFNZDVKHUV DUH PDQXIDFWXUHG IURP  QRQ PDJQHWLF PDWHULDO 1XW VXUIDFHV DQG EROW KHDGV KDYH$PHULFDQ1DWLRQDO&RDUVH6HULHV&ODVV ¿W

%2/76

&DWDORJ 1XPEHU ;+66% [+66% [+66% [+66% [+66% [+66% [+66% [+66%

1876

63/,7/2&.:$6+(56

7KUHDG 6L]H        

/HQJWK %        

&DWDORJ 1XPEHU

7KUHDG 6L]H

+661



+661



+661



+661



&DWDORJ 1XPEHU

)RU%ROW 6L]H

6:66/7



6:660'



6:660'



6:660'



)/$7:$6+(56

86



&DWDORJ 1XPEHU

)RU%ROW 6L]H

):66 ):66 ):66 ):66

   

ZZZEXUQG\FRP  

1RPLQDO'LPHQVLRQV ,QFKHV ,'$ 2'%        

&DQDGD

%851'<Š

$FFHVVRULHV

67$,1/(6667((/ +$5':$5( %(//(9,//(:$6+(56 $Q\EROWHG³SDGWRÀDW´HOHFWULFDOFRQQHFWLRQVKRXOG LQFOXGH D EROW WZR ÀDWZDVKHUV DQG WKH QXW  ,Q DGGLWLRQLIDQ\RIWKHÀDWFRPSRQHQWVLVDOXPLQXP D SURSHUO\ GHVLJQHG %HOOHYLOOH ZDVKHU VKRXOG EH LQWHUSRVHG EHWZHHQ RQH RI WKH ÀDWZDVKHUV DQG HLWKHUWKHEROWKHDGRUWKHQXWZLWKWKHKROORZRIWKH %HOOHYLOOH ZDVKHU SODFHG DJDLQVW WKH ÀDW ZDVKHU %851'<Š %HOOHYLOOH ZDVKHUV DUH GHVLJQHG WR PDLQWDLQ VXEVWDQWLDO IRUFH ZKHQ WLJKWHQHG WR 1(0$UHFRPPHQGHG YDOXHV DQG ¿QHO\ ¿QLVKHG WRDYRLGJDOOLQJ

&DWDORJ 1XPEHU

0DWHULDO

[%:66

6WHHO6WDLQOHVV

[%:66

6WHHO6WDLQOHVV

&DQDGD 

%ROW 6L]H



1RPLQDO'LPHQVLRQV 7KLFNQHVV

,'

2'

















ZZZEXUQG\FRP  

86

$FFHVVRULHV

%851'<Š

7<3(70+ '85,80Œ6,/,&21%521=( +$5':$5(.,76 7\SH 70+ DUH '85,80Œ VLOLFRQ EURQ]H KDUGZDUHNLWV7KHNLWVFDQEHRUGHUHGIRUVSHFL¿F DSSOLFDWLRQVHQVXULQJWKHSURSHUW\SHDQGDPRXQW RI KDUGZDUH IRU HDFK LQVWDOODWLRQ  3DFNDJHG LQ VHSDUDWHVHDOHGEDJVWKH\DUHFRQYHQLHQWWRXVH HOLPLQDWLQJ PLVPDWFKHG TXDQWLWLHV  '85,80Œ VLOLFRQ EURQ]H PDWHULDO SURYLGHV ORQJ ODVWLQJ FRUURVLRQUHVLVWDQFH*UDGH

(DFK70+.LW,QFOXGHV &DWDORJ 1XPEHU 70+ 70+ 70+ 70+ 70+ 70+ 70+ 70+ 70+ 70+ 70+  70+‚ 70+‚‚ 70+ 70+ 70+ 70+

6L]H 





%ROW /HQJWK                 

4W\                 

)ODW 6SOLW :DVKHU :DVKHU                                  

‚)RUXVHZLWK&86$7&FRSSHUVSDFHUDGDSWRU   WHUPLQDOVDQGƒ´WKLFNHTXLSPHQWEXVEDU)RURWKHU FRPELQDWLRQVFRQWDFW%851'<Š ‚‚)RUXVHZLWKDOO*$57&FRQQHFWRUV³5´GLPHQVLRQLV DOORZDEOHSDGWKLFNQHVVRIWHUPLQDO

7<3(70+66

&DWDORJ 1XPEHU

67$,1/(6667((/ +$5':$5(.,76 7\SH 70+66 DUH VWDLQOHVV VWHHO KDUGZDUH NLWV -XVW OLNH WKH VWDQGDUG 70+ NLWV WKHVH NLWV FDQ EH RUGHUHG IRU VSHFL¿F DSSOLFDWLRQV HQVXULQJ WKH SURSHU W\SH DQG DPRXQW RI KDUGZDUH IRU HDFK LQVWDOODWLRQ7KH\DUHSDFNDJHGLQVHSDUDWHVHDOHG EDJVDQGFRQYHQLHQWIRUXVHDQGRUGHULQJ

86



70+66 70+66 70+66 70+66 70+66 70+66 70+66 70+66 70+66 70+66 70+66‚ 70+66 70+66 70+66 70+66

6L]H  





:RUNLQJ 5DQJH 5                 

,QVWDOODWLRQ 7RUTXH ,QOEV 





)RURWKHUFRPELQDWLRQVFRQWDFW%851'<Š  ³/´GLPHQVLRQQHYHUH[FHHGV  )RUXVHZLWK&86$7&RQEXVEDUDQG +
(DFK70+.LW,QFOXGHV %ROW )ODW 6SOLW /HQJWK 4W\ :DVKHU :DVKHU                                                            

ZZZEXUQG\FRP  

+H[ 1XW                 

+H[ 1XW               

:RUNLQJ 5DQJH 5               

,QVWDOODWLRQ 7RUTXH ,QOEV   ²





&DQDGD

%851'<Š

$FFHVVRULHV

7<3(8% '85,80Œ 6,/,&21%521=(8%2/76 '85,80Œ 8%2/76 DUH VSHFL¿FDOO\ GHVLJQHG IRU HOHFWULFDO FRQQHFWLRQV WR SLSH DQG URG 7KH 8%2/76DUHWKUHDGHGRQWKHVWUDLJKWSRUWLRQRI WKHOHJVRQO\DOORZLQJIRUPRUHFRQWDFWVXUIDFHRQ WKHSLSHRUURG$PHULFDQ1DWLRQDO&RDUVH7KUHDGV &ODVV¿W7KHVLOLFRQEURQ]HLVSHU$670% &DWDORJ 1XPEHU 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8%

7KUHDG 6L]H                                    

+

&

'

%

                                   

                                   

                                   

                                   

&DQDGD 



&DWDORJ 1XPEHU 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8%

7KUHDG 6L]H                                    

ZZZEXUQG\FRP  

+

&

'

%

                                   

                                   

                                   

                                   

86

5HIHUHQFH

%851'<Š

6SHFLÀFDWLRQVIRU%851'<Š+<*5281'Š&RQQHFWRU6\VWHP *URXQG&RQQHFWRUV 6FRSH    

   

7KLVVSHFL¿FDWLRQHVWDEOLVKHVWKHPDWHULDOGHVLJQPDUNLQJDQG SHUIRUPDQFHUHTLUHPHQWVRIFRPSUHVVLRQJURXQGLQJFRQQHFWRUV XVHGWRPDNHSHUPDQHQWJURXQGFRQQHFWLRQVIRUGLUHFWEXLUDO HPEHGPHQWLQFRQFUHWHRUIRUDERYHJUDGHDSSOLFDWLRQV

  

 7KHVSHFL¿FDWLRQDOVRSURYLGHVWKHUHTXLUHPHQWVIRUPHFKDQLFDO  FRQQHFWRUVLQWHQGHGIRUERQGLQJDSSOLFDWLRQVZLWKLQWKHJURXQGLQJ  QHWZRUN

0DWHULDOV  

 $OOJURXQGFRQQHFWLRQVVKDOOEHPDGHXVLQJ%851'<Š  +<*5281'ŠFRPSUHVVLRQJURXQGFRQQHFWRUV

 

 &RPSUHVVLRQJURXQGFRQQHFWRUVVKDOOEHPDQXIDFWXUHGIURP  SXUHZURXJKWFRSSHULQFRPSOLDQFHZLWK$670%

  

 0HFKDQLFDOFDVWFRQQHFWRUVDUHDOORZHGIRUERQGLQJDSSOLFDWLRQV  DQGVKDOOEHPDQXIDFWXUHGIURPDFRSSHUDOOR\RIPLQLPXP  FRSSHUDFFRUGLQJWR$670%

'HVLJQ   

 $OOJURXQGFRQQHFWRUVPXVWEHGHVLJQHGIRUIDXOWGXW\ORDGLQJ  DQGPXVWKDYHWKHIDXOWFDSDFLW\RIWKHPD[LPXPVL]HGFRQGXFWRU  IRUZKLFKLWLVGHVLJQHG

  

 3DGWHUPLQDOVDQGLQOLQHVSOLFHVPD\DFFRPPRGDWHRQO\RQH  FRQGXFWRUVL]H$OORWKHUJURXQGFRQQHFWRUVPXVWEHUDQJH  WDNLQJ

 

 6WUXFWXUDOVWHHODQGEXVEDUJURXQGFRQQHFWRUVPD\  DFFRPPRGDWHRQO\RQHULJLGPHPEHUFRQGXFWRU

   

   

 

 $OOJURXQGFRQQHFWRUVPXVWEHFDSDEOHRIEHLQJSURYLGHGZLWKWLQ  SODWLQJLIUHTXLUHGE\DJHQF\MXULVGLFWLRQRUE\WKHDSSOLFDWLRQ

 

 $OOPHFKDQLFDOERQGLQJFRQQHFWRUVPXVWEHGHVLJQHGWR  ZLWKVWDQGRIWKHUHFRPPHQGHGLQVWDOODWLRQWRUTXH

$OOJURXQGFRQQHFWRUVPXVWEHSURYLGHGZLWKDFRUURVLRQ LQKLELWLQJFRPSRXQGSUHDSSOLHGWRWKHFRQWDFWVXUIDFHV7KH FRPSRXQGPXVWEHFRPSDWLEOHZLWKWKHFRQGXFWRUV DFFRPPRGDWHGE\WKHFRQQHFWRU

0DUNLQJ  

 $OOFRQQHFWRUVPXVWEHFOHDUO\DQGSHUPDQHQWO\PDUNHGZLWKWKH  IROORZLQJLQIRUPDWLRQ





 0DQXIDFWXUHU¶VLQVSHFWLRQV\PERO





 &DWDORJQXPEHU





 &RQGXFWRUDFFRPRGDWLRQ V





 ,QVWDOODWLRQGLHLQGH[RUGLHFDWDORJQXPEHU FRPSUHVVLRQ

 

 

 8QGHUZULWHUV/DERUDWRULHV/LVWLQJ0DUN&6$&HUWL¿FDWLRQ  0DUN

86







 7KHZRUGV³6XLWDEOHIRU'LUHFW%XULDO´RU³'LUHFW%XULDO´RU







 

 7KHVPDOOHVWXQLWSDFNDJHVKDOOFRQWDLQWKHLQIRUPDLWRQOLVWHG  XQGHUDQGVKDOODOVRLQFOXGHGLQVWDOODWLRQWRROLQJ

³%XULDO´DVVSHFL¿HGSHU$16,8/

*URXQGLQJ&RQQHFWRU,QVWDOODWLRQ     

    

,QVWDOODWLRQRIFRQQHFWRUVVKDOOEHPDGHLQDFFRUGDQFHZLWKWKH PDQXIDFWXUHU¶VUHFRPPHQGDWLRQV7KHLQVWUXFWLRQVW\SLFDOO\ LQFOXGHFRQGXFWRUSUHSDUDWLRQ FOHDQLQJSUHFULPS LQVWDOODWLRQ WRRODQGGLHVHOHFWULRQDQGDSSOLFDWLRQRIWKHSURSHUQXPEHURI FULPSV

 

 &RQQHFWRUVPXVWEHLQVWDOODEOHXQGHUDOOW\SHVRIZHDWKHU¿HOG  FRQGLWLRQVZLWKRXWVSHFLDOVDIHW\SUHFDXWLRQVRUSURFHGXUHV

 

 &RQQHFWRUVPXVWEHLQVWDOODEOHZLWKRXWXVLQJRUSURGXFLQJ  KD]DUGRXVPDWHULDOVRUE\SURGXFWV

*URXQG&RQQHFWRU,QVSHFWLRQ   

 &RPSUHVVLRQGLHVPXVWSURYLGHHPERVVPHQWRIWKHFRQQHFWRU  XSRQVXFFHVVIXOLQVWDOODWLRQ7KHHPERVVHGLQGH[PXVWPDWFK  WKHPDUNLQJRQWKHLQVWDOOHGFRQQHFWRU

 

 &RQQHFWRUPDUNLQJLQIRUPDWLRQVSHFL¿HGLQPXVWEHOHJLEOH  DIWHULQVWDOODWLRQIRULQVSHFWRUFURVVUHIHUHQFH

 

 &ORVHGEDUUHOFRQQHFWRUVPD\KDYHLQVSHFWLRQKROHVDWWKH  DSSURSULDWHORFDWLRQWRYHULI\SURSHUFDEOHLQVHUWLRQ

3HUIRUPDQFH     

    

$OOV\VWHPFRQQHFWRUVPXVWEH/LVWHGE\8QGHUZULWHUV /DERUDWRULHV&DQDGLDQ6WDQGDUGV$VVRFLDWLRQIRUERWKGLUHFW EXULDOLQHDUWKRUHPEHGPHQWLQFRQFUHWHSHU$16,8/ 6WDQGDUGIRU*URXQGLQJDQG%RQGLQJ(TXLSPHQW&6$& 1R

  

 $OOJURXQGFRQQHFWRUVPXVWPHHWWKHUHTXLUHPHQWVRI,(((  6WDQGDUG6WDQGDUGIRU4XDOLI\LQJ3HUPDQHQW&RQQHFWLRQV  8VHGLQ6XEVWDWLRQ*URXQGLQJ

  

 &RQQHFWRUVPXVWEHVXLWDEOHIRUOLJKWQLQJSURWHFWLRQDSSOLFDWLRQV  /LVWLQJWR8//LJKWQLQJ3URWHFWLRQ&RPSRQHQWVLVSUHIHUUHGRQ  DSSOLFDEOHLWHPV

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH +$5':$5('$7$

5HFRPPHQGHG7LJKWHQLQJ7RUTXH 6WHHO+DUGZDUH

7KHKDUGZDUHXVHGLQFRQQHFWRUVPXVWEHFRPSDWLEOH ZLWKWKHFRQQHFWRUPDWHULDOKDYHKLJKPHFKDQLFDO VWUHQJWKDQGEHFRUURVLRQUHVLVWDQW &RSSHUDOOR\FRQQHFWRUVKDYHKDUGZDUHPDGHRI '85,80ŒZKLFKLVWKH%851'<WUDGHQDPHIRU VLOLFRQEURQ]HDOOR\$670%7KLVPDWHULDOZDV¿UVW LQWURGXFHGE\%851'<LQIRUXVHLQRXWGRRU FRQVWUXFWLRQDQGWRGD\LVWKHVWDQGDUGWKURXJKRXWWKH LQGXVWU\ $OXPLQXPFRQQHFWRUVJHQHUDOO\KDYHDOXPLQXPDOOR\ KDUGZDUH7KHEROWVDUH7DQGDQRGL]HGWRUHVLVW FRUURVLRQ7KHQXWVDUH7ZKLFKLVUHVLVWDQWWR FRUURVLRQDQGGRHVQRWUHTXLUHDQRGL]LQJ%ROWVDUH OXEULFDWHGWRHOLPLQDWHJDOOLQJDQGWRSURYLGHFRQVLVWHQW FODPSLQJIRUFHV

%ROW6L]H

5HFRPPHQGHG7RUTXH ,QFK3RXQGV

     

     

$OXPLQXP+DUGZDUH

7KHVL]HPDWHULDOIRUFODPSLQJKDUGZDUHDUHVHOHFWHG WRSURYLGHWKHUHTXLUHGIRUFHZKHQWLJKWHQHGWRWKH UHFRPPHQGHGWRUTXH7RUHGXFHRUJUHDWO\H[FHHG WKHUHFRPPHQGHGWRUTXHFDQDGYHUVHO\DIIHFWWKH SHUIRUPDQFHRIWKHFRQQHFWRU

%ROW6L]H

5HFRPPHQGHG7RUTXH ,QFK3RXQGV

  

  

'85,80Œ 6LOLFRQ%URQ]H +H[DJRQDO%ROW'DWD

'85,80Œ 6LOLFRQ%URQ]H +DUGZDUH &DWDORJ1XPEHU 6HULHV

´$µ%ROW 6L]H

´%µ

´&µ

´'µ

5HFRPPHQGHG 7RUTXH LQOE

;BBB+(% ;BBB+(% ;BBB+(% ;BBB+(% ;BBB+(% ;BBB+(%

     

     

     

     

     

0LQ%UHDNLQJ 0LQ6KHDULQJ)RUFH )RUFH OE OE      

     

BBBLVVXEVWLWXWHGIRUEROWOHQJWK&RQVXOWVDOHVUHSUHVHQWDWLYHIRUDYDLODEOHOHQJWKV

7KHVHWRUTXHYDOXHVGHYHORSPD[LPXPEROWSUHORDG 7KLVGUDZLQJLVEDVHGRQ%851'<HQJLQHHULQJVSHFL¿FDWLRQ

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š +$5':$5('$7$ FRQWLQXHG

5HFRPPHQGHG7HUPLQDWLRQ+DUGZDUH

5HFRPPHQGHG7LJKWHQLQJ7RUTXHSHU8/$DQG8/% 7DEOH7LJKWHQLQJWRUTXHIRUVFUHZV 7LJKWHQLQJ7RUTXH1ƕP OEILQ 6ORWWHG+HDG1RDQG/DUJHU

&RQGXFWRU6L]H ,QVWDOOHGLQ&RQQHFWRU

$:*RU NFPLO

PP

+H[DJRQDO+HDG([WHUQDO'ULYH6RFNHW:UHQFK

6ORW:LGWKPP LQ RU/HVVDQG 6ORW/HQJWKPP LQ RUOHVV

6ORW:LGWK2YHUPP LQ RU6ORW/HQJWK 2YHUPP LQ

6SOLW%ROW&RQQHFWRUV

2WKHU&RQQHFWRUV

                  

                          

                           

                           

                           

)RUYDOXHVRIVORWZLGWKRUOHQJWKQRWFRUUHVSRQGLQJWRWKRVHVSHFL¿HGVHOHFWWKHODUJHVWWRUTXHYDOXHDVVRFLDWHGZLWKWKHFRQGXFWRUVL]H 6ORWZLGWKLVWKHQRPLQDOGHVLJQYDOXH6ORWOHQJWKVKDOOEHPHDVXUHGDWWKHERWWRPRIWKHVORW

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH +$5':$5('$7$ FRQWLQXHG

5HFRPPHQGHG7LJKWHQLQJ7RUTXHSHU8/$ 8/% 7DEOH7LJKWHQLQJWRUTXHIRUVORWWHGKHDGVFUHZVVPDOOHUWKDQ1RLQWHQGHGIRUXVH ZLWK$:* PP RUVPDOOHUFRQGXFWRUV 7LJKWHQLQJ7RUTXH1ƕP OEILQ

6ORW/HQJWKRI6FUHZ PP

LQFK

/HVVWKDQ      $ERYH

/HVVWKDQ      $ERYH

6ORW:LGWKRI6FUHZ6PDOOHUWKDQ PP LQ E

6ORW:LGWKRI6FUHZPP LQ DQGODUJHU

           

             

)RUVORWOHQJWKVRILQWHUPHGLDWHYDOXHVVHOHFWWRUTXHVSHUWDLQLQJWRQH[WVKRUWHUVORWOHQJWK $OVRVHH7DEOHIRUVFUHZVZLWKPXOWLSOHWLJKWHQLQJPHDQV 6ORWOHQJWKVKDOOEHPHDVXUHGDWWKHERWWRPRIWKHVORW

6ORWZLGWKLVWKHQRPLQDOGHVLJQYDOXH

5HFRPPHQGHG7LJKWHQLQJ7RUTXHSHU8/$ 8/% 7DEOH7LJKWHQLQJWRUTXHIRUVFUHZVZLWKUHFHVVHGDOOHQRUVTXDUHGULYHV 6RFNHW:LGWK $FURVV)ODWV PP

LQFK

        

        

7LJKWHQLQJ7RUTXH1ƕP OEILQ                  

6HH7DEOHIRUVFUHZVZLWKPXOWLSOHWLJKWHQLQJPHDQV

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š +$5':$5('$7$ FRQWLQXHG

5HFRPPHQGHG&ODPSLQJRQ%ROWHG&RQQHFWRUV :KHQLQVWDOOLQJDEROWHGFRQQHFWRUDQDSSURSULDWHVHTXHQFHQHHGVWREHIROORZHG

,167$//$7,21,16758&7,216  1XWVQHHGWREHWLJKWHQHGXSWRRIH[SHFWHGWRUTXH  $FKHFNQHHGVWREHGRQHWRHQVXUHWKHFODPSLQJHOHPHQWVDUHHYHQ

7LJKWHQHGXSWR

(YHQFODPSLQJHOHPHQWV

FKHFN

 7LJKWHQLQJKDVWRIROORZDVHTXHQFH  DVVKRZQEHORZ$VDJHQHUDOUXOHWKHWRUTXHKDVWREHDSSOLHGWRWKHQXW)RUHDVHRILQVWDOODWLRQ PRVWFRQQHFWRUVDUHGHVLJQHGIRURQHZUHQFKLQVWDOODWLRQ$WRUTXHZUHQFKLVUHFRPPHQGHGZKHQWLJKWHQLQJWKHQXWWRHQVXUHWKHSURSHU WRUTXHLVDSSOLHG

%851'<RIIHUVWKUHHVL]HVRISURIHVVLRQDOJUDGHWRUTXHZUHQFKHVFDWDORJ QXPEHU%7:WREHXVHGRQFRQQHFWRUVUHTXLULQJLQOEVWKH %7:GHVLJQHGIRULQOEVDQGWKH%7:)GHVLJQHGIRU IWOEV7KHVHPLFURDGMXVWDEOH³FOLFNW\SH´WRUTXHZUHQFKHVIHDWXUHDQ HDV\WRUHDGVFDOHWKDWFDQEHHDVLO\PDWFKHGWRWKHUHFRPPHQGHGWRUTXHRI HDFKRIRXUPHFKDQLFDOFRQQHFWRUSURGXFWV&DOLEUDWLRQWUDFHDEOHWR1,67

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH &$%/('$7$

&233(578%( %86 6L]HRI7XEH ,36

'LDPHWHURI7XEH ,QFKHV 2XWVLGH

,QVLGH

:DOO 7KLFNQHVV ,QFKHV

6L]HRI7XEH ,36

67$1'$5'3,3(6,=(6 µ

'LDPHWHURI7XEH ,QFKHV 2XWVLGH ,QVLGH

:DOO 7KLFNQHVV ,QFKHV

'28%/((;75$+($9<3,3(6,=(6







µ







µ







µ







µ















µ







µ















µ







µ















µ







µ























µ







µ























µ







µ























µ































(;75$+($9<3,3(6,=(6 µ







µ







µ







µ















µ







µ















µ















µ















µ























&DQDGD 



7XEHGLPHQVLRQV H[FHSWLQJZDOOWKLFNQHVVRIGRXEOHH[WUDKHDY\ WDNHQ IURP$6706SHFL¿FDWLRQ% 7XEXODUYDOXHVEDVHGRQDGHQVLW\RISRXQGSHUFXELFLQFK

&RQGXFWLYLW\RI,$&6DWÛ&RUÛ)

ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š &$%/('$7$ FRQWLQXHG

62/,'&233(5:,5( $670%% %

+DUG 'UDZQ

0HGLXP 6RIW'UDZQ 'UDZQ 0LQLPXP %UHDNLQJ /RDG 3RXQGV 

6L]H $:* 6ROLG

:LUH'LD ,QFK





1RUPDO %UHDNLQJ /RDG 3RXQGV 

































































































































































(ORQJDWLRQ LQLQ 0LQ 



















































86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH &$%/('$7$ FRQWLQXHG

675$1'('&233(5:,5( $670%(;&/8',1*%5($.,1*/2$'6 6L]H

$6706WUDQGLQJV

6WUDQGHG

&ODVV

1RRI :LUHV

&DEOH 'LDPHWHU ,QFKHV

+DUG 'UDZQ

0HGLXP 'UDZQ

6RIW 'UDZQ

0LQLPXP%UHDNLQJ/RDG 3RXQGV

&LUFXODU0LOV

$:*





%















%















%















%















%















%















%















%















%















%















%















$$















% $















$$















% $















$$















% $















$$















$















%















$ $































%















$ $































%















$ $































%















$ $































%











&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š &$%/('$7$ FRQWLQXHG

675$1'('&233(5:,5( $670%(;&/8',1*%5($.,1*/2$'6FRQWLQXHG 6L]H

$6706WUDQGLQJV

+DUG 'UDZQ

0HGLXP 'UDZQ

6RIW 'UDZQ

&LUFXODU0LOV

&ODVV

1RRI :LUHV

&DEOH 'LDPHWHU ,QFKHV

NFPLO

$$











NFPLO

$











0LQLPXP%UHDNLQJ/RDG 3RXQGV

NFPLO

%











NFPLO

$$











NFPLO

$











NFPLO

%











NFPLO

$$











NFPLO

$











NFPLO

%











NFPLO

$ $$











NFPLO

%











NFPLO

$$











NFPLO

% $











NFPLO

$$











NFPLO

% $











NFPLO

$ $$











NFPLO

%











NFPLO

$$











NFPLO

% $











NFPLO

$$











NFPLO

% $











NFPLO

$$











NFPLO

% $











NFPLO

$$











NFPLO

% $











NFPLO

$$











NFPLO

% $











NFPLO

$











NFPLO

%











NFPLO

$











NFPLO

%











NFPLO

$











NFPLO

%











NFPLO

$











NPFLO

%











86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH &$%/('$7$ FRQWLQXHG

62/,'&233(5:(/'&$%/( $670% 1RPLQDO 'LDPHWHU LQFKHV

&RQGXFWRU6L]H $:*

0LQLPXP%UHDNLQJ/RDG SRXQGV

&LUFXODU 0LOV

 

   

 

*UDGH +6  

 

*UDGH +6  

*UDGH (+6  



 













 













 













 











*UDGH(+6



 











  

     

  

  

  

  

  



 













 













 













 













 













 











7KHVHGLDPHWHUVDUHRIWHQHPSOR\HGE\SXUFKDVHUVIRUFRPPXQLFDWLRQOLQHV%87DUHQRWLQWKH$PHULFDQ:LUH*DXJH % 6:LUH*DXJH VHULHVDVDUHWKHRWKHUGLDPHWHUVOLVWHG

675$1'('&233(5:(/'&$%/( $670%

  1R





%UHDNLQJ/RDG SRXQGV

([WUD+LJK +LJK6WUHQJWK 6WUHQJWK   &RQG &RQG &RQG   

  1R











  1R











1RPLQDO'LDPHWHU‚ LQFK 6L]H$:*Â

&LUFXODU 0LOV

'LDPHWHU  LQFK

  1R











  1R











  1R











  1R











  1R   1R   1R

  

  

  

  

  

  1R











  1R











 1R











 1R











 1R











 1R











 1R











 1R











 1R











&DQDGD 



ZZZEXUQG\FRP  

‚ 7KHGHVLJQDWLRQ³LQFK´LVWKH DSSUR[LPDWHGLDPHWHULQSURSHUIUDFWLRQ RIDQLQFK Á 7KHGHVLJQDWLRQ$:*LVDFRPELQDWLRQ RIWKHQXPEHURIZLUHVHDFKRIWKH $PHULFDQ:LUH*DXJHVL]HLQGLFDWHGE\ ³1R´

 'LDPHWHURIFLUFXPVFULELQJ

 %UHDNLQJORDGVRIZLUHDQGZLUH FRQGXFWRUVDUHWDNHQDVRIWKHVXP RIWKHEUHDNLQJORDGVRILQGLYLGXDOZLUHV EUHDNLQJORDGRIZLUHFRQGXFWRUVLV WDNHQDVRIWKHVXPRIWKHEUHDNLQJ ORDGVRIWKHLQGLYLGXDOZLUHV

86

5HIHUHQFH

%851'<Š &$%/('$7$ FRQWLQXHG

&233(5:(/'&233(5&$%/( $670% &RQGXFWRUVL]H+DUG'UDZQ &RSSHU(TXLYDOHQW FPLO $:* 7\SH

1RP'LDRI 0LQ%UHDNLQJ &RQGXFWRU /RDG SRXQGV LQFKHV

&RQGXFWRUVL]H+DUG 'UDZQ&RSSHU(TXLYDOHQW FPLO $:* 7\SH

1RP'LDRI 0LQ%UHDNLQJ &RQGXFWRU /RDG SRXQGV LQFKHV





(









1









(.









.









9









-









(









$









(.









3









9









1









(









'









(.









$









9









3







 

( *

 

 





'









(.









$









9









'









)









$









(









-









$









*









'









(.









$









9









&









)









'









.









-









*









9









)









.









-









*









)









1









.









-









*









)









3









1









.









-









$









*









)









3





86







&









'





ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH &$%/('$7$ FRQWLQXHG

*$/9$1,=('67((/&$%/( $670$ 0LQLPXP%UHDNLQJ/RDG SRXQGV

LQFKHV

1RP'LDRI 6WUDQG PP

1XPEHURI :LUHVLQ 6WUDQG

8WLOLWLHV*UDGH

























 

&RPPRQ *UDGH 

6LHPHQV 0DUWLQ*UDGH 













































































































































































































































































































































































































































&DQDGD 



ZZZEXUQG\FRP  

+LJK6WUHQJWK ([WUD+LJK6WUHQJWK *UDGH *UDGH  

86

5HIHUHQFH

%851'<Š $:*960(75,&:,5(6,=(6











:LUH'LDSHU6WUDQG LQFKHV PP  





































&LUF 0LOV

(TXLYDOHQW &LUF0LOV

$:*6L]H

0HWULF:LUH 6L]H PP

1XPEHURI 6WUDQGV

$SSUR[2YHUDOO'LDPHWHU LQFKHV PP  













































































































































































































































































































































































































  

  

  

  

  

  

  

  

  





























































































































































































































































86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $:*960(75,&:,5(6,=(6 FRQWLQXHG

&LUF 0LOV

(TXLYDOHQW&LUF $:*6L]H 0LOV

0HWULF:LUH 6L]H PP

1XPEHURI 6WUDQGV

:LUH'LDSHU6WUDQG LQFKHV PP  

$SSUR[2YHUDOO'LDPHWHU LQFKHV PP  















































































































































































NFPLO















NFPLO

















NFPLO

















NFPLO



















NFPLO















NFPLO



















NFPLO

















NFPLO















NFPLO

















NFPLO



















NFPLO















NFPLO

















NFPLO

















NFPLO

















NFPLO



















NFPLO















NFPLO

















NFPLO

















NFPLO

NFPLO















NFPLO



















NFPLO















NFPLO NFPLO NFPLO

  

  

  

  

  

  

  

  

NFPLO



















NFPLO

















NFPLO















NFPLO

















NFPLO

















&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š ,1&+(6 0,//,0(7(56&219(56,21&+$57

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(;

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

           &, 4 4 &, &3 4 4 4 &+(1%2; &, &3 ):%2; ):66 +661 1:%2; 4 6:%2; 6:66/7 [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; &+(1%2; &+*61 ):%2; 1:%2;

                                         

6:%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; &, &3 4 &+(1%2; ):%2; ):66 +*61 +*61 +661 1:%2; 1:*6 6:%2; 6:660' [+(%%2; [+(%%2; [+*6% ;+66% [+(%%2; [+(%%2; [+(%%2; [+(%%2; [+*6% [+66% [+(%%2; [+66% [+(%%2; [+*6% [+66% [+(%%2; [+(%%2; [+(%%2;

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

[+(%%2; [+(%%2; [+(%%2; [+(%%2; [+(%%2; [%:66 [+(%%2; [):*6 [+(%%2; &+(1%2; ):%2; 1:%2; 6:%2; [+(%%2; [+(%%2; &, &3 4 4 &+(1%2; ):$%2; ):%2; ):66 +$1%2; +*61 +661 1:%2; 1:*6 6:$/%2; 6:%2; 6:660' [+(%%2; [+*6% [%:66 [):*6 [+(%%2; [+$%%2; [+(%%2; [+*6% [+$%%2; [+(%%2; [+$%%2;

                                         

[+(%%2; [+*6% [+66% [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+66% [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+66% [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+(%%2; [+(%%2; &+(1%2; ):$%2; ):%2; ):66 +$1%2; +*61 +661 1:%2; 1:*6 6:$/%2; 6:%2; 6:660'

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

[+(%%2; ;+*6% [+(%%2; [+(%%2; [+$%%2; [+(%%2; [+*6% [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+(%%2; [+$%%2; [+(%%2; [+66% [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+(%%2; [+$%%2; [+$%%2; [+(%%2; &, &3 4 1:*6 ;+*6% &, 4 $&& $&&) $&&) $&&) $&&) $&&)%&

                                         

$&&)/' $&&)39 $&&39 $&&5 $&&5( $&&5 $&&5%& $&(3 $&(& $&(3 $&(& $&(&*1' $&(&') $&(3 $&(& $&(3 $&(37 $&(37' % % % % % % % % % % % % % % % % % %+ %+ %+ % % % %

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % %6 % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

%6 % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %' %'1 %( %(1 %) %)1 %*1 % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % %' %'1 %( %(1 %) %)1 %* %*1 % % % % % % % % % %

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % %' %'1 %( %(1 %) %)1 %*1 % % % % % % % % % % % % % %

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %6 % % % % % % % % % %

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %+ %+ % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

% % % % % % % % % %6 % %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$ %$79/,

                                         

%%66//7 %%66/7 %%66//7 %%66//7 %%66//7 %%/7 %%/7 %%/7 %%//7 %%//7 %%//7 %%//7 %%//7 %%//7 %%//7 %%//7 %%//7 %%/7 %%/7 %%/7 %%/7 %%%$ %%%% %%%& %%%' %%%( %%%) %%%* %%%+ %%%- %%%8' %%%8' %%%+5 %%%95 %&&&8$/ %&&%$79 %&&&$6( %&&&+*5 %' %'1 %'1% %'

                                         

%%//7 %%//7% %%//7 %%//7% %%//7 %%//7% %%/7 %%//7 %%/7 %%66//7 %%66//7 %%66//7 %%66//7 %%66//7 86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

%'1 %'1% %' %'1 %'1% %'7 %'7 %'7 %'7,%% %( %(1 %(7 %(7 %( %(1 %(7 %(7 %( %(1 %(7 %(7 %(& %(&%. %(&&/ %(& %(&%. %(&&/ %) %)1 %)7 %) %)1 %)7 %) %)1 %)7 %* %*1 %*7 %*7 %* %*1

                                         

%* %*1 %*7 %*7 %*%6 %*%6%8/. %*%6 %*%6%8/. %*0 %*0 %*0 %*0 %*0 %*0 %0& %0&%. %0&&/ %0& %0&%. %0&&/ %0&66: %0&66: %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

%6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6 %6' %6' %6'1 %6'< %7: %7:) %7: %:%$* %:%,* &% &&6+ &&6+ &&6+ &&6/+ &' &+''% &-$ &-37 &.' &.' &/+ &/+ &/+ &1 & &'

                                         

&+''% &-$ &-37 &/+ &/+ &/+ & &-$ &-37 &/+ &/+ &/+ & & & & &' & & &$6(:',(6 &&</7* &&<//7* &&<//7*< &&<//7* &&</7* &&<//7*< &&<//7* &&<//7*< &&<//7* &&</7* &&<//7* &&<//7* &&</7* &&<//7* &&</7*< &&<//7* &&</7* &&</7*< &/71 &/71 &/71 &/

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

&/71 &/71%8/. &= (33 (33 (33&$6( (4&& ))*& ))*& ))*& ))*& ))*& )25&(*$8*( *$+ *$+&71 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5&

                                         

*$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5 *$5 *$5& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5%8 *$57& *$5 *$5

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

*$5 *$5& *$5&5% *$5 *$5 *% *% *% *%& *%/1 *%0 *%0 *%0 *%0& *&$ *&$ *&$ *&&7 *& *&&7 *& *&&7 *& *&&& *&%7* *&/ *&0 *&0 *&0 *&0& *&57 *' *' *' *' *' *' *' *'& *' *' *'

                                         

*'& *' *' *' *'& *' *' *' *'& *' *' *' *'& *' *' *' *'& ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** *,(&* *,(&* *,(&*3 *,(&*3

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

*,(&* *,(&*3 *,(&*3 *. *. *.& *. *. *. *. *. *. *. *. *. *. *. *. *. *. *. *. *.& *.$ *.$6% *.$ *.$6% *.$& *.$& */ */ */ */&& *3 *3 *3& *3 *3 *3 *3& *3* *3

                                         

*3& *3 *3* *357 *3 *3& *3 *3 *3 *3 *3 *3& *3* *3* *3&* *4 *4 *4 *4 *5& *5& *5& *5)& *5)& *5/ *5/ *5/ *5/ *5281'0$; *5281'7$% *5281'7$% *678'+< *678'+< *678'+< *678'+< *; *;& *; *; *;& *; *;

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

*; *;& *;&& *;35) *= *= *= *= *= *= *=& *=& *=& - - - - .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .&* .& .&% .& .&% .& .&% .& .&%

                                         

.& .&% .& .&% .&-7 .& .&% .& .&% .& .&% .& .&% .& .&% .& .&% .&-7 .&.) .&.) .&.) .3%&* .6 .6 .6 .6 .6 .6 .6 .6 .6 .6 .6 0&& 0&&%/$'(6(7 0&& 0&&%/$'(6(7 3.

                                         

86



3$ 3$7&/:6/, 3$7/:/,

ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

3$7/:/,/&% 3$7/:6/, 3$7/:6/,/&% 3$7&/, 3$7&;79 3$7./, 3$7/, 3$7/,/&% 3$7;79 3$7&+*5/,

                                         

3(1( 3(1(*$/ 3(1(47 3(1+7/% 3(1+7 3(1+7 3(1+7*$/ 3,%($0.,7 37 37 37 37 37 37 37

                                         

3$7&+*5/,'& 3$7&87$&659 3$7&87$&6599 3$7&87$&659'& 3$7&87/, 3$7&87/,'& 3$7&87/,/&% 3$7&87&8$/9 3$7&87&8$/99 3$7&87&8$/9'& 3$7&87/, 3$7&87/,'& 3$7&87/,/&% 3(1$ 3(1$ 3(1$*$/ 3(1$*$/ 3(1$ 3(1$&$575,'*( 3(1$*$/ 3(1$47 3(1$ 3(1$*$/ 3(1$*$/ 3(1$&$575,'*( 3(1$*$/ 3(1$47 3(1( 3(1(*$/ 3(1(*$/ &DQDGD 



37 37 37 37 37 37 37 37 37 37 37 37 37 38 38$'3 4*)/&% 4*)/&%7 4*)/% 4*)/%7 4*)/% 4*)/%7 4*)/% 4*)/%7

ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

4*)/% 4*)/%7 4*)/% 4*)/%7 4*)/% 4*)/%7 4*)/% 4*)/%7 4*)/% 4*)/%7 4*)/% 4,./,7( 4,./,7(.,7 4,.67,. 5&& 5&& 5&& 5&&( 5&&+' 5&&$&65. 5*&* 5*&* 5+&&$&65 5+&&&8$/ 5+&&+6$ 5353 5353 53& 53& 53& 53& 53& 53& 6%7& 6%7& 6%8 6%7& 6%7& 6%8 70+ 70+66 70+

                                         

70+66 70+ 70+66 70+ 70+66 70+ 70+66 70+ 70+ 70+66 70+ 70+66 70+ 70+66 70+ 70+66 70+ 70+66 70+ 70+66 70+ 70+ 70+66 70+ 70+66 70+66 70+ 70+ 70+66 70+* 70+* 8 8 8 8&$57 8&57 8&57: 8$57 857 857: 8$57 857

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

857: 8$57 857 857: 8$57 857 857: 8$57 857 8&$%7

                                         

8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8%

                                         

8&57 8&57: 8$57 857 8$57 857 8$57 857 8$57 857 8$57 857 8;57 8$57 857 8&57 8&57: 8;57 8&$%7 8&57 8&57: 8&57 8&57: 8&$%7 8&$%7 8&57 8&57: 8 8% 8% 8% &DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8& 8',(.,7$/ 8',(.,7&8 8',(.,7&8: 8,%($0.,7 82 835(&5,03 835(&5,03 835(&5,03 : : : : :&57 :&97

                                         

: : : : :57 :97 :57 :97 :57 :97 :57 :97 :57 :97 :&57 :&97 :57 :97 :$57 :57 :97 :57 :97 :57 :97 :57 :97 :57 :&57 :&57 :&97 :&57 :&97 : :&57 :&97 :%69 :%69 :%69 :%69 :%69 :%69

                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

:%69 :%69 :',(.,7$/ :',(.,7&8 :',(75(( :((% :((% :((% :((% :((% :((% :((%1/ :((%$'& :((%$'5 :((%$65 :((%$7) :((%%0& :((%%0& :((%%0& :((%%0&%. :((%%0&&/ :((%%0& :((%%0&%. :((%%0&&/ :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-03 :((%%1'-03$6 :((%%1'-03 :((%%1'-0306 :((%%1'-03 :((%&&5 :((%&&5 :((%&0&

                                         

:((%'+) :((%'0& :((%'3) :((%'35 :((%'6. :((%'6. :((%'6. :((%'6. :((%'6. :((%'6. :((%'6.%' :((%(&5 :((%)%0 :((%)%0 :((%--5 :((%.0& :((%.65 :((%/8* :((%/8* :((%/8*+6 :((%/8* :((%/8*$6 :((%/8*$6+6 :((%/8*+6 :((%/8* :((%/8*$6 :((%/8*$6+6 :((%/8*+6 :((%/8*81 :((%/8*81+6 :((%/8* :((%/8*+6 :((%0.5 :((%0615 :((%2&5 :((%26) :((%30& :((%535 :((%6&5 :((%60& :((%66) :((%665

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

:((%67& :((%8,5 :((%80& :((%:0& :()/3 :()/3 :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,'

                                         

:,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(<%5$,' :,/(
                                         

86



ZZZEXUQG\FRP  

&DQDGD

%851'<Š

5HIHUHQFH $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

<&87$&65 <*%7&&& <*%7&&& <*%7& <*%7& <*$1 <*$1 <*$1 <*$1 <*$&1 <*$&7& <*$1 <*$&1 <*$&7&(* <*$&7& <*$&7& <*$&7& <*$&1 <*$&7& <*$&7& <*$&7& <*&& <*&& <*&& <*)1 <*)1 <*)1 <*)1 <*+$1 <*+$1 <*+$1 <*+$1 <*+$1 <*+$&1 <*+$1 <*+$1 <*+&& <*+&& <*+&& <*+&& <*+&& <*+&&

                                         

<*+&& <*+&& <*++&& <*++&& <*++&& <*++&& <*++&& <*++&& <*+3& <*+3& <*+3& <*+3&:: <*+3& <*+3&:: <*+3& <*+3& <*+3& <*+3& <*+3&: <*+3&:71 <*+5& <*+5& <*+5& <*+5& <*+5& <*+5& <*+5& <*+5& <*+5& <*+5& <*+5& <*+5&: <*+6 <*+6 <*+6 <*+6 <*+6 <*+6& <*+6 <*+6 <*,%*$8*( <*,%.,7

                                         

&DQDGD 



ZZZEXUQG\FRP  

86

5HIHUHQFH

%851'<Š $/3+$180(5,&,1'(; &RQWLQXHG

&DWDORJ1XPEHU

3DJH

&DWDORJ1XPEHU

3DJH

<*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%61 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*,%:1 <*/& <*/& <*/& <*/& <*/& <*/& <*/5& <*/5& <*/5& <*/5& <*/5& <*/5& <*/5& <*/5& <*6 <*6 <*6

                                         

<*6 <*6& <*6 <*6& <*6& <*7 <6+* <6+* <6+* <6+* <77$*

          

86



ZZZEXUQG\FRP  

&DQDGD

®

The

BURNDY is GroundingSuperstore

TM

TM

The Grounding Superstore is home to three versatile grounding systems: Mechanical Grounding, BURNDYWeld Exothermic Grounding and HYGROUND Irreversible Compression Grounding. ®

®

www.burndy.com | 1-800-346-4175

Customer Service Department 7 Aviation Park Drive Londonderry, NH 03053 1-800-346-4175 1-603-647-5299 (International) Canada 1-800-361-6975 (Quebec) 1-800-387-6487 (All other provinces) Mexico 011-52-722-265-4400 Brazil 011-55-11-5515-7225 Tool Service Center Littleton Industrial Park Littleton, NH 03561 1-800-426-8720

© BURNDY LLC, 2016