7DEOHRI&RQWHQWV6SHFLILFDWLRQ 3DFNDJH&RQWHQWV +DUGZDUH&RQQHFWLQJ /(',QGLFDWRUV *HQHUDO6HWWLQJ 6WDWXV 5RXWHU$'6/33386%'ULYHU3URFHGXUHV,QVWDOODWLRQ86%'ULYHU3URFHGXUHV 0LFURVRIW:LQGRZV6( 0LFURVRIW:LQGRZV 0LFURVRIW:LQGRZV0( 0LFURVRIW:LQGRZV;38QLQVWDOODWLRQ86%'ULYHU3URFHGXUHV0LFURVRIW:LQGRZV6( 0LFURVRIW:LQGRZV 0LFURVRIW:LQGRZV0( 0LFURVRIW:LQGRZV;3$GYDQFHG6HWWLQJ $'0,1,675$7,21 :$1/$1'+&3'16 1$7 3RUW)RUZDUGLQJ :LUHOHVV $'6/&RQILJXUDWLRQ 5,3&RQILJXUDWLRQ 'LDJQRVWLF7HVW 5RXWHU7DEOH0$&)LOWHULQJ6(&85,7

$GPLQ3DVVZRUG 8VHU3DVVZRUG 0LVF&RQILJXUDWLRQ 6\VWHP/RJ&RGH8SGDWH 6WDWXV 5RXWHU$'6//$1:$1$707&3FRQQHFWLRQV /HDUQHG0$&7DEOH 3336WDWXV

6SHFLILFDWLRQ6SHFLILFDWLRQ 0RGHO1DPH 3RUW$'6/:LUHOHVV5RXWHU$QQH[$$QQH[%85&KLSVHW $'6/:LUHOHVV5RXWHU&KLS&;$5073URFHVVRU/LQH&RQQHFWLRQ 5-ZLUHV/LQH3KRQH86%5-SRUW56&&RQQHFWLRQ)HDWXUHV

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

,3URXWLQJ5,3YEDFNZDUGFRPSDWLEOHZLWK5,3Y6WDWLFURXWLQJ'+&3'\QDPLF+RVW&RQILJXUDWLRQ3URWRFRO6HUYHUDQG&OLHQW1$371HWZRUN$GGUHVVDQG3RUW7UDQVODWLRQ1$71HWZRUN$GGUHVV7UDQVODWLRQ,&03,QWHUQHW&RQWURO0HVVDJH3URWRFRO6LPXOWDQHRXV86%DQG(WKHUQHWRSHUDWLRQ,*03,QWHUQHW*URXS0DQDJHPHQW3URWRFRO(WKHUQHW,QWHUIDFH &RPSDWLEOHZLWK,(((VWDQGDUG0ESVDXWRVHOHFWLRQEELQWHUIDFH2SWLRQ

6XSSRUWIRU,QWHUVLO35,60EDVHGGHVLJQV0ESV&RQQHFWVWRDQE3&0&,$FDUGELWDQGELW:(3VXSSRUW6XSSRUWIRU7,'6667HFKQRORJ\GHVLJQV0ESV&RQQHFWVWRDQE3&0&,$FDUGELWDQGELWDQGELW:(3VXSSRUW86%KRVW,QHUIDFH &RPSOLDQWZLWK86%6SHFLILFDWLRQ5HYLVLRQ377DQG6DIHW\ )&&3DUW3DUW&(26 :,16(:,1 :,10(:,1;36\VWHP5HTXLUHPHQW 3,,05$03RZHU ([WHUQDO$&DGDSWHU,QSXW9RU9+]2XWSXW9$&P$/(',QGLFDWLRQ 3RZHU5HDG\6KRZWLPH7;'5;'6SHHG00/LQN$FWLYLW\$QWHQQD $QWHQQD2SWLRQDO6,=( PPPP6RIWZDUH8SJUDGH 8SJUDGHE\86%SRUW

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

3DFNDJH&RQWHQWV $'6/:LUHOHVV5RXWHU &'520FRQWDLQLQJ0DQXDO (WKHUQHW&DEOH&$78736WUDLJKW7KURXJK $'6/&DEOH6WDQGDUGWHOHSKRQHFDEOH 86%&DEOH2SWLRQDO 3RZHU$GDSWHU 4XLFN,QVWDOODWLRQ*XLGHKDUGFRS\ 6SOLWWHU2SWLRQDO

+DUGZDUH&RQQHFWLQJ3RUW$'6/:LUHOHVV5RXWHU

)DFWRU\5HVHWEXWWRQ3RZHU6ZLWFK

5- $'6/SRUWFRQQHFW$'6/FDEOHKHUH

5-(WKHUQHWSRUWFRQQHFW(WKHUQHWFDEOHKHUH

86%&DEOH 2SWLRQDO

6SOLWWHURSWLRQDODQGFKDQJHVGHSHQGLQJRQFRXQWU\VSHFLILFDWLRQ

3RZHU$GDSWHU 9$&P$3RZHUFRUGFRQQHFWKHUH

)DFWRU\5HVHWEXWWRQ

5-(WKHUQHWSRUWFRQQHFW(WKHUQHWFDEOHKHUH5- $'6/SRUWFRQQHFW$'6/FDEOHKHUH

6SOLWWHURSWLRQDODQGFKDQJHVGHSHQGLQJRQFRXQWU\VSHFLILFDWLRQ

3RZHU$GDSWHU 9$&P$3RZHUFRUGFRQQHFWKHUH

3RUW$'6/:LUHOHVV5RXWHU

/(',QGLFDWRUV7KH/(',QGLFDWRUVDUHORFDWHGRQWKHIURQWRIWKHXQLWWKH\DUHJUHHQLQFRORU7KHPHDQLQJVDUHDVIROORZV

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

3RUW$'6/:LUHOHVV5RXWHU

/DEHO 0HDQLQJ 6WDWXV ,QGLFDWHV3RZHU 3RZHU 2Q 3RZHULVRQ2II 3RZHULVRII:/$1 :LUHOHVV/$1 )ODVKLQJ &KHFNZLUHOHVVGHYLFH 7UDQVIHUVSHHG 2II 2Q/LQN$FW /LQN 2Q ,QGLFDWHVDOLQNWR\RXU/$1RU1HWZRUNFDUGLVDFWLYH$FWLYH )ODVKLQJ )ODVKHVZKHQGDWDLVEHLQJVHQWRUUHFHLYHGRQWKH/$1FRQQHFWLRQ

3RUW$'6/:LUHOHVV5RXWHU

*HQHUDO6HWWLQJ

,QWKH*HQHUDO 7DERIWKH/RFDO$UHD&RQQHFWLRQ3URSHUWLHV PHQX+LJKOLJKW,QWHUQHW3URWRFRO7&3,3 XQGHU7KLVFRQQHFWLRQXVHVWKHIROORZLQJLWHPVE\FOLFNRQLWRQFH&OLFNRQWKH3URSHUWLHV EXWWRQ

6HOHFW2EWDLQDQ,3$GGUHVVDXWRPDWLFDOO\ E\FOLFNLQJRQFHLQWKHFLUFOH&OLFN2. EXWWRQWRFRQILUPDQGVDYH\RXUFKDQJHVDQGWKHFORVHWKH&RQWURO3DQHO

5HOHDVH,35HQHZ,3WKHQ&KHFN'HIDXOW*DWHZD\

/DXQFK\RXU3&ZHEEURZVHUDQGHQWHUWKH85/KWWS

,QWKH8VHUQDPH3DVVZRUG SURPSWSOHDVHW\SHLQDGPLQHSLFURXWHUDVGHIDXOW

3OHDVHZDLWIRUWKH6(783 SDJHWRDSSHDU6HOHFWLRQ:$17\SHIROORZDV7DEOHFRQILJXUDWLRQGHIDXOWLV333R$9&0X[7KHQFOLFNWKH6XEPLWDQG 6DYH6HWWLQJDQG5HERRW EXWWRQ

7DEOH &RQILJXUDWLRQ:$1&RQILJXUDWLRQ %ULGJH0RGH 5RXWHU0RGH333R$333R( 5RXWHU0RGH'\QDPLF,3 5RXWHU0RGH6WDWLF,3,3DGGUHVV 1$ $XWRPDWLFDOO\DVVLJQHGE\,63 $XWRPDWLFDOO\DVVLJQHGE\,63 3URYLGHGE\,636XEQHW0DVN 1$ $XWRPDWLFDOO\DVVLJQHGE\,63 $XWRPDWLFDOO\DVVLJQHGE\,63 3URYLGHGE\,63:$17\SH %ULGJHG,3//&%ULGJHG,39&0X[333R$//&9&0X[333R(//&9&0X[

%ULGJHG5RXWHG,3//&%ULGJHG5RXWHG9&0X[&ODVVLFDO,3RYHU$70

%ULGJHG5RXWHG,3//&%ULGJHG5RXWHG9&0X[&ODVVLFDO,3RYHU$70%ULGJH (QDEOHG 'LVDEOHG 'LVDEOHG 'LVDEOHG3336HUYLFH 1$ 3URYLGHGE\,63 1$ 1$3338VHUQDPH 1$ 3URYLGHGE\,63 1$ 1$3333DVVZRUG 1$ 3URYLGHGE\,63 1$ 1$'+&3&OLHQWHQDEOH 8QFKHFNHG 8QFKHFNHG &KHFNHG 8QFKHFNHG

6WDWXV5RXWHU7KH%ULGJHSDJHVKRZVWKH)LUPZDUH9HUVLRQDQG:$1DQG/$1LQWHUIDFHVWDWXV

)LUPZDUH9HUVLRQ 7KLVILHOGGLVSOD\VWKH)LUPZDUH9HUVLRQQXPEHU:$1 7KHVHILHOGVGLVSOD\WKH,3$GGUHVV6XEQHW0DVN0$&$GGUHVVIRU:$1LQWHUIDFH/$1 7KHVHILHOGVGLVSOD\WKH,3$GGUHVV6XEQHW0DVN0$&$GGUHVVIRU/$1LQWHUIDFH1XPEHURI(WKHUQHWGHYLFHVFRQQHFWHGWRWKH'+&3VHUYHU 7KLVILHOGGLVSOD\VWKHQXPEHURI'+&3FOLHQWVFRQQHFWHGWRWKH$'6/:LUHOHVV5RXWHU,WDOVRVKRZVWKH,3DGGUHVVDQG0$&DGGUHVVRIWKHDWWDFKHG'+&3FOLHQWV

$'6/7KH$'6/6WDWXVSDJHVKRZVWKH$'6/SK\VLFDOOD\HUVWDWXV

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

3337KH3336WDWXVSDJHVKRZVWKHVWDWXVRI333IRUHDFK333LWHUIDFH6HH333

7KHVHILHOGVGLVSOD\WKHIROORZLQJLQIRUPDWLRQRQHDFK333LQWHUIDFH &RQQHFWLRQ1DPHXVHUGHILQHG ,QWHUIDFH39& 0RGH333R(RU333R$ 6WDWXV&RQQHFWHGRU1RW&RQQHFWHG 3DFNHWV6HQW 3DFNHWV5HFHLYHG %\WHV6HQW %\WH5HFHLYHG&RQQHFWDQG'LVFRQQHFW (DFK333VHVVLRQFDQEHLQGLYLGXDOO\FRQWUROOHGVLPSO\HQWHUWKHGHVLUHGFRQQHFWLRQQXPEHULQWRWKH&RQQHFWLRQILHOGDQGVHOHFWHLWKHUFRQQHFWRUGLVFRQQHFWIURPWKHGURSGRZQPHQXDQGFOLFNRQWKH([HFXWHEXWWRQ

86%'ULYHU3URFHGXUHV,QVWDOODWLRQ86%'ULYHU3URFHGXUHV

6HOHFW6SHFLI\DORFDWLRQ DQGW\SHLQWKHSDWKRI&'520GULYHIRUH[DPSOH)?86%GULYHUFOLFN1H[W

:LQGRZVKDVIRXQGWKHGULYHUIRUWKH&RQH[DQW86%1HWZRUN,QWHUIDFH DQGFOLFN1H[W

7KHLQVWDOODWLRQKDVEHHQGRQHFOLFN)LQLVK

:LQGRZVKDVIRXQGWKHGULYHUIRUWKH&RQH[DQW86% 1HWZRUN'HYLFHDQGFOLFN1H[W

6HOHFW6HDUFKIRUWKHEHVWGULYHUIRU\RXUGHYLFH>5HFRPPHQGHG@ DQGFOLFN1H[W

6HOHFW6SHFLI\DORFDWLRQ DQGXVH%URZVHWRRSHQWKHILOHRI)?86%GULYHUFOLFN1H[W

:LQGRZVKDVIRXQGWKHGULYHUIRUWKH&RQH[DQW86%1HWZRUN$GDSWHU DQGFOLFN1H[W

3OHDVHLQVHUWWKHGLVNODEHOHG:LQGRZV6HFRQG(GLWLRQ&'520WKHQFOLFN2.

:LQGRZVKDVILQLVKHGLQVWDOOLQJWKHVRIWZDUHWKDW\RXUQHZKDUGZDUHGHYLFHUHTXLUHVDQGFOLFN)LQLVK

&OLFN

0LFURVRIW:LQGRZV3OHDVHLQVHUWWKHGULYHU&'LQWR&'520GULYHDQGFOLFN1H[W

6HOHFW6HDUFKIRUDVXLWDEOHGULYHUIRUP\GHYLFH>UHFRPPHQGHG@DQGFOLFN1H[W

6HOHFW6SHFLI\DORFDWLRQ DQGFOLFN1H[W

8VH%URZVHWRRSHQWKHILOHRI)?86%GULYHUFOLFN2.

&OLFN1H[W

&OLFN

7KHLQVWDOODWLRQKDVEHHQGRQHFOLFN)LQLVK

&OLFN

0LFURVRIW:LQGRZV0(3OHDVHLQVHUWWKHGULYHU&'VXSSOLHGZKHQ\RXVHHWKHPHVVDJHRI86%1(7&$5' DSSHDULQJRQWKHVFUHHQVHOHFW6SHFLI\WKHORFDWLRQRIWKHGULYHU$GYDQFHGWKHQFOLFN1H[W

6HOHFW6HDUFKIRUWKHEHVWGULYHUIRU\RXUGHYLFH>5HFRPPHQGHG@ DQGFKHFN6SHFLI\DORFDWLRQWKHQW\SHLQWKHSDWKRI&'520GULYHIRUH[DPSOH)?86%GULYHUDQGFOLFN1H[W

:LQGRZVKDVIRXQGWKHGULYHUIRUWKH&RQH[DQW86% 1HWZRUN,QWHUIDFH DQGFOLFN1H[W

7KHLQVWDOODWLRQKDVEHHQGRQHFOLFN)LQLVK

:LQGRZVKDVIRXQGWKHGULYHUIRUWKH&RQH[DQW86% 1HWZRUN'HYLFH6HOHFW6SHFLI\WKHORFDWLRQRIWKHGULYHU$GYDQFHG DQGFOLFN1H[W

6HOHFW6HDUFKIRUWKHEHVWGULYHUIRU\RXUGHYLFH>5HFRPPHQGHG@ DQGFKHFN6SHFLI\DORFDWLRQWKHQW\SHLQWKHSDWKRI&'520GULYHIRUH[DPSOH)?86%GULYHUDQGFOLFN1H[W

:LQGRZVKDVIRXQGWKHGULYHUIRUWKH&RQH[DQW86% 1HWZRUN$GDSWHU DQGFOLFN1H[W

:LQGRZVKDVILQLVKHGLQVWDOOLQJWKHQHZKDUGZDUHGHYLFHDQGFOLFN)LQLVK

&OLFN

0LFURVRIW:LQGRZV;33OHDVHLQVHUWWKHGULYHU&'LQWR &'520GULYHDQGVHOHFW,QVWDOOIURPDOLVWRUVSHFLILFORFDWLRQ$GYDQFHG WKHQFOLFN1H[W

6HOHFW ,QFOXGHWKLVORFDWLRQLQWKHVHDUFK DQGW\SHLQWKHSDWKRI&'520GULYHIRUH[DPSOH)?86%GULYHUWKHQFOLFN1H[W

&OLFN&RQWLQXH$Q\ZD\

&OLFN&RQWLQXH$Q\ZD\

7KHLQVWDOODWLRQKDVEHHQGRQHFOLFN)LQLVK

7KH VHOHFW,QVWDOOIURPDOLVWRUVSHFLILFORFDWLRQ$GYDQFHG WKHQFOLFN1H[W

6HOHFW,QFOXGHWKLVORFDWLRQLQWKHVHDUFK DQGW\SHLQWKHSDWKRI&'520GULYHIRUH[DPSOH)?86%GULYHUWKHQFOLFN1H[W

&OLFN&RQWLQXH$Q\ZD\

7KHLQVWDOODWLRQKDVEHHQGRQHFOLFN)LQLVK

8QLQVWDOODWLRQ86%'ULYHU3URFHGXUHV0LFURVRIW:LQGRZV6(0RYH\RXUFXUVRUDVIROORZLQJVHTXHQFH6WDUW? 6HWWLQJV? &RQWURO3DQHO DQGFOLFN&RQWURO3DQHO 7KHQGRXEOHFOLFNRQWKH$GG5HPRYH3URJUDPV LFRQ

6HOHFW&RQH[DQW86%1HWZRUN$GDSWHU IURPWKHOLVWDQGWKHQFOLFNWKH$GG5HPRYH EXWWRQ

&OLFN

0LFURVRIW:LQGRZV0RYH\RXUFXUVRUDVIROORZLQJVHTXHQFH6WDUW? 6HWWLQJV? &RQWURO3DQHO DQGFOLFN&RQWURO3DQHO7KHQGRXEOHFOLFNRQWKH$GG5HPRYH3URJUDPV LFRQ

6HOHFW&RQH[DQW86%1HWZRUN$GDSWHU IURPWKHOLVWDQGWKHQFOLFNWKH&KDQJH5HPRYH EXWWRQ

&OLFN

&OLFN

0LFURVRIW:LQGRZV0(0RYH\RXUFXUVRUDVIROORZLQJVHTXHQFH6WDUW? 6HWWLQJV? &RQWURO3DQHO DQGFOLFN &RQWURO3DQHO7KHQGRXEOHFOLFNRQWKH $GG5HPRYH3URJUDPV LFRQ

6HOHFW&RQH[DQW86%1HWZRUN$GDSWHU IURPWKHOLVWDQGWKHQFOLFNWKH$GG5HPRYH EXWWRQ

&OLFN

&OLFN

0LFURVRIW:LQGRZV;30RYH\RXUFXUVRUDVIROORZLQJVHTXHQFH 6WDUW? 6HWWLQJV? &RQWURO3DQHO DQGFOLFN&RQWURO3DQHO7KHQGRXEOHFOLFNRQWKH$GGRU5HPRYH3URJUDPV LFRQ

6HOHFW&RQH[DQW86%1HWZRUN$GDSWHU IURPWKHOLVWDQGWKHQFOLFNWKH&KDQJH5HPRYHEXWWRQ

&OLFN

&OLFN

$GYDQFHG6HWWLQJ$'0,1,675$7,217KHOLQNVXQGHUWKH$GPLQLVWUDWLRQFROXPQDUHDVVRFLDWHGWRWKHSDJHVWKDWUHSUHVHQWWKHFRQILJXUDWLRQVRIV\VWHPDQGLQWHUIDFHV1RWH:KHQWKHFRQILJXUDWLRQVDUHFKDQJHGSOHDVHFOLFNWKH6DYH6HWWLQJDQG5HERRWEXWWRQ:$17KH:$1FRQILJXUDWLRQSDJHDOORZVWKHXVHUWRVHWWKHFRQILJXUDWLRQIRU:$1$'6/SRUWV

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

8VHUQDPH

/$1'+&37KH/$1FRQILJXUDWLRQSDJHDOORZV\RXWRVHWWKHFRQILJXUDWLRQIRUWKH/$1SRUW

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

'167KH'16&RQILJXUDWLRQSDJHDOORZV\RXWRVHWWKHFRQILJXUDWLRQRI'16SUR[\

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

1$77KH 1$7&RQILJXUDWLRQ SDJHDOORZVXVHUVWRVHWWKHFRQILJXUDWLRQIRUWKH1HWZRUN$GGUHVV7UDQVODWLRQ7KHGHIDXOWVHWWLQJLV'\QDPLF1$37,WSURYLGHVG\QDPLF1HWZRUN$GGUHVV7UDQVODWLRQFDSDELOLW\EHWZHHQ/$1DQGPXOWLSOH:$1FRQQHFWLRQVDQGWKH/$1WUDIILFLVURXWHGWRDSSURSULDWH:$1FRQQHFWLRQVEDVHGRQWKHGHVWLQDWLRQ,3DGGUHVVDQG5RXWH7DEOH7KLVHOLPLQDWHVWKHQHHGIRUWKHVWDWLF1$7VHVVLRQFRQILJXUDWLRQEHWZHHQPXOWLSOH/$1FOLHQWVDQGPXOWLSOH:$1FRQQHFWLRQV:KHQWKH'\QDPLF1$37LVFKRVHQWKHUHLVQRQHHGWRFRQILJXUHWKH1$76HVVLRQDQG1$76HVVLRQ1DPH&RQILJXUDWLRQ

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

FRUUHVSRQGLQJ6HVVLRQ1DPHZLWKLWV,3DGGUHVV1XPEHU RI 1$7 &RQILJXUDWLRQV7KLVILHOGGLVSOD\VWKHWRWDOQXPEHURI1$76HVVLRQVLVHQWHUHG$YDLODEOH 6HVVLRQV 6WDWXV ZLOOEHGLVSOD\HGDWWKHHQGRIWKLVSDJHWRVKRZDOOWKH6HVVLRQ1DPHZLWKLWV:$1,QWHUIDFH,QWHUIDFH7KLVILHOGDOORZVWKHXVHUWRFKRRVHVSHFLILF:$1,QWHUIDFH39&RU3336HVVLRQIRU1$76HVVLRQ1XPEHU RI6HVVLRQ7KLVILHOGGLVSOD\VWKHWRWDOQXPEHURI1$76HVVLRQV1DPHLVHQWHUHG

3RUW)RUZDUGLQJ7KH3RUW)RUZDUGLQJ&RQILJXUDWLRQSDJHDOORZVWKHXVHUWRVHWWKHFRQILJXUDWLRQIRU3RUW)RUZDUGLQJ%\GHIDXOWDOO8'37&3SRUWVDUHSURWHFWHGIURPLQWUXVLRQ,IDQ\VSHFLILFORFDO3&VQHHGWREHPDSSHGWRWKH8'37&3SRUWRQ:$1VLGHSOHDVHLQSXWWKHPDSSLQJVKHUH

3XEOLF3RUW7KLVILHOGDOORZVWKHXVHUWRHQWHUWKHSRUWQXPEHURIWKH3XEOLF1HWZRUN3ULYDWH3RUW7KLVILHOGDOORZVWKHXVHUWRHQWHUWKHSRUWQXPEHURIWKH3ULYDWH1HWZRUN+RVW,3$GGUHVV7KLVILHOGDOORZVWKHXVHUWRHQWHUWKHSULYDWHQHWZRUN,3DGGUHVVIRUWKHSDUWLFXODUVHUYHU

:LUHOHVV:LUHOHVV$FFHVV3RLQWEXLOGVDZLUHOHVV/$1DQGFDQOHWDOO3&VHTXLSSHGZLWK,(((EZLUHOHVVQHWZRUNDGDSWRUFRQQHFWWR\RXU,QWUDQHW

66,'7KLVLVWKHQDPHRIWKHZLUHOHVV/$1$OOWKHGHYLFHVLQWKHVDPHZLUHOHVV/$1VKRXOGKDYHWKHVDPH66,'&KDQQHO7KHFKDQQHOXVHGE\WKHZLUHOHVV/$1$OOGHYLFHVLQWKHVDPHZLUHOHVV/$1VKRXOGXVHWKHVDPHFKDQQHO6HFXULW\ (QDEOHRUGLVDEOH:LUHOHVVHQFU\SWLRQ'LVDEOH(QFU\SWLRQ (QDEOH(QFU\SWLRQ.H\/HQJWK

$'6/&RQILJXUDWLRQ7KH$'6/&RQILJXUDWLRQSDJHDOORZVWKHXVHUWRVHWWKHFRQILJXUDWLRQIRU$'6/SURWRFROV

7UHOOLV 7KLVILHOGDOORZVWKHXVHUWRHQDEOHRUGLVDEOHWKH7UHOOLV&RGH%\GHIDXOWLWLVDOZD\VHQDEOHG+DQGVKDNH3URWRFRO 7KLVILHOGDOORZVWKHXVHUWRVHOHFWWKH$'6/KDQGVKDNHSURWRFRO:LULQJ6HOHFWLRQ 7KLVILHOGDOORZVWKHXVHUWRHQWHUWKHZLULQJVHOHFWLRQIRUWKH5-7LS5LSLVWKHGHIDXOWIRUWKHERDUGZLWKRXWWKHLQQHURXWHUSDLUUHOD\%LW6ZDSSLQJ 7KLVILHOG DOORZVWKHXVHUWRHQDEOHRUGLVDEOHWKHXSVWUHDPELWVZDSSLQJ1RWH &OLFNWKH6XEPLW EXWWRQWRVDYHWKHVHWWLQJVLQWHPSRUDU\PHPRU\,I\RXFKDQJHVWKHFRQILJXUDWLRQV

5,3&RQILJXUDWLRQ7KH5,33HU,QWHUIDFH&RQILJXUDWLRQSDJHDOORZVWKHXVHUWRVHWWKHFRQILJXUDWLRQIRUHDFK,QWHUIDFH39&V3336HVVLRQV86%DQG/$1

,QWHUIDFH7KLVILHOGDOORZVWKHXVHUWRFKRRVHWKH,QWHUIDFH39&V3336HVVLRQV86%DQG/$1IRUWKH5,3WREHFRQILJXUHG(QDEOH 7KLVILHOGDOORZVWKHXVHUWR(QDEOH

'LDJQRVWLF7HVW7KH'LDJQRVWLF7HVWSDJHVKRZVWKHWHVWUHVXOWVIRUWKHSK\VLFDOOD\HUDQGSURWRFROOD\HUIRUERWK/$1DQG:$1VLGHV

7HVWLQJ(WKHUQHW/$1&RQQHFWLRQ7KLVWHVWFKHFNVWKH(WKHUQHW/$1LQWHUIDFHFRQQHFWLRQ7HVWLQJ$'6/6\QFKURQL]DWLRQ 7KLVWHVWFKHFNVWKH$'6/VKRZWLPH,IWKLVWHVWUHWXUQV)$,/DOORWKHUWHVWVZLOOEHVNLSSHG7HVW$702$0VHJPHQW/RRS%DFN 7KLVWHVWVHQGV$702$0)6HJPHQWORRSEDFNUHTXHVWFHOOVWRWKH&27KLVWHVWZLOOSDVVLIUHVSRQVHFHOOLVUHFHLYHG6RPHVHUYLFHSURYLGHUVPLJKWQRWVXSSRUWWKLVWHVW,IWKLVWHVWIDLOVFRQVLVWHQWO\DQGWKH$'6/PRGHPGRHVQRWVHHPWREHZRUNLQJPDNHVXUHWKH93,DQG9&,DUHFRQILJXUHGFRUUHFWO\7HVW$702$0(QGWR(QG/RRS%DFN 7KLVWHVWVHQGV$702$0)(QGWR(QGORRSEDFNUHTXHVWFHOOVWRWKH&27KLVWHVWZLOOSDVVLIUHVSRQVHFHOOLVUHFHLYHG6RPHVHUYLFHSURYLGHUVPLJKWQRWVXSSRUWWKLVWHVW,IWKLVWHVWUHWXUQ)$,/FRQVLVWHQWO\DQGWKH$'6/PRGHPGRHVQRWVHHPWREHZRUNLQJPDNHVXUHWKH93,DQG9&,DUHFRQILJXUHGFRUUHFWO\7HVW(WKHUQHW&RQQHFWWR$707KLVWHVWFKHFNVWKH$70$$/PRGXOHLVORDGHGFRUUHFWO\7HVW333/D\HU&RQQHFWLRQ7KLVWHVWFKHFNVWKH333DXWKHQWLFDWLRQ7HVW,3&RQQHFWWR3337KLVWHVWFKHFNVDYDOLG,3DGGUHVVDVVLJQHGIURPWKHVHUYLFHSURYLGHU3OHDVHQRWHWKDWRQVRPH$'6/VHUYLFHVWKLVWHVWPD\IDLO

GHVSLWHWKHIDFWWKDW\RXKDYHFRQQHFWHGFRUUHFWO\3LQJ3ULPDU\'167KLVWHVWFKHFNVWKHSULPDU\'16FDQEHUHDFKHGWKURXJKSLQUHTXHVW4XHU\'16IRUZZZFRQH[DQWFRP 7KLVWHVWFKHFNVWKHKRVWQDPHFDQEHUHVROYHGWR,3DGGUHVVWKRXJKGRPDLQQDPHVHUYHUV3LQJZZZFRQH[DQWFRP 7KLVWHVWFKHFNVWKHVSHFLILHGKRVWFDQEHUHDFKHGWKURXJKSLQUHTXHVW

5RXWHU7DEOH7KH5RXWHU7DEOHSDJHGLVSOD\VURXWLQJWDEOHDQGDOORZVWKHXVHUWRPDQXDOO\HQWHUWKHURXWLQJHQWU\7KHURXWLQJWDEOHZLOOGLVSOD\WKHURXWLQJVWDWXVRI'HVWLQDWLRQ1HWPDVN*DWHZD\DQG,QWHUIDFH7KHLQWHUIDFHEUPHDQVWKH86%LQWHUIDFH,RPHDQVWKHORRSEDFNLQWHUIDFHDQGSSSPHDQVWKH333LQWHUIDFH7KH*DWHZD\LVWKHOHDUQHG*DWHZD\

0$&)LOWHULQJ7KH0$&)LOWHULQJFRQILJXUDWLRQSDJHDOORZVWKHXVHUWRVHWWKHFRQILJXUDWLRQRI,3ILOWHULQJ(QDEOHDQG'LVDEOH0$&)LOWHULQJE\VHOHFWLQJWKH

6(&85,7