)250 12 = 0DVWHU µ 5HF\FOHU Ç IRU 287 )5217 = 75$&7,21 81,7 0RGHO 1R 8S 2SHUDWRU·V 0DQXDO ,03257$17 5HDG WKLV PDQXDO FDUHIXOO\ ,W FRQWDLQV LQIRUPDWLRQ DERXW \RXU VDIHW\ DQG WKH VDIHW\ RI RWKHUV $OVR EHFRPH IDPLOLDU ZLWK WKH FRQWUROV DQG WKHLU SURSHU XVH EHIRUH \RX RSHUDWH WKH SURGXFW
,QWURGXFWLRQ :H ZDQW \RX WR EH FRPSOHWHO\ VDWLVILHG ZLWK \RXU QHZ SURGXFW VR IHHO IUHH WR FRQWDFW \RXU ORFDO $XWKRUL]HG 6HUYLFH 'HDOHU IRU KHOS ZLWK VHUYLFH JHQXLQH UHSODFHPHQW SDUWV RU RWKHU LQIRUPDWLRQ \RX PD\ UHTXLUH :KHQHYHU \RX FRQWDFW \RXU $XWKRUL]HG 6HUYLFH 'HDOHU RU WKH IDFWRU\ DOZD\V NQRZ WKH PRGHO DQG VHULDO QXPEHUV RI \RXU SURGXFW 7KHVH QXPEHUV ZLOO KHOS WKH 6HUYLFH 'HDOHU RU 6HUYLFH 5HSUHVHQWDWLYH SURYLGH H[DFW LQIRUPDWLRQ DERXW \RXU VSHFLILF SURGXFW
&RQWHQWV 6DIHW\ DQG ,QVWUXFWLRQ 'HFDOV ,QVWDOODWLRQ /RRVH 3DUWV 5HPRYH &DUULHU )UDPH ,QVWDOO &DVWRU :KHHOV ,QVWDOOLQJ 3XVK $UPV ,QVWDOOLQJ /LIW 6SULQJV ,QVWDOOLQJ 0RZHU 5HPRYLQJ WKH 0RZHU
6DIHW\ 6DIHW\ DQG ,QVWUXFWLRQ 'HFDOV 6DIHW\ GHFDOV DQG LQVWUXFWLRQV DUH HDVLO\ YLVLEOH WR WKH RSHUDWRU DQG DUH ORFDWHG QHDU DQ\ DUHD RI SRWHQWLDO GDQJHU 5HSODFH DQ\ GHFDO WKDW LV GDPDJHG RU ORVW 21 5,*+7 6,'( 3DUW 1R 21 ($&+ &251(5 3DUW 1R 1(;7 72 &(17(5 *($5%2; 3DUW 1R 21 /()7 6,'( 2) &$55,(5 )5$0( 3DUW 1R 1(;7 72 *($5%2; 81'(5 )2275(67 3DUW 1R 1(;7 72 372 &29(5 3DUW 1R
,QVWDOODWLRQ /RRVH 3DUWV 1RWH 8VH WKH FKDUW EHORZ WR LGHQWLI\ SDUWV XVHG IRU DVVHPEO\ '(6&5,37,21 47< 86( &DVWRU :KHHO 7KUXVW :DVKHU 6SDFHU 5HWDLQLQJ 5LQJ 3XVK $UPV )ODW :DVKHU µ 2 ' PP 5HWDLQLQJ 5LQJ 6SULQJ $VVHPEO\ 6KRXOGHU %ROW µ [ µ PP /RFNQXW µ 6KRXOGHU %ROW µ [ µ PP /RFNQXW µ %ROW µ [ µ PP /RFNQXW µ 6KRXOGHU EROW [ µ PP )ODQJH QXW µ 2SH
,QVWDOODWLRQ 5HPRYH &DUULHU )UDPH ,QVWDOO &DVWRU :KHHOV 3ODFH VSDFHU DQG WKUXVW ZDVKHUV RQ VKDIW DQG VOLGH WKH FDVWRU ZKHHO LQWR WKH PRXQWLQJ WXEH )LJ 3ODFH WKUXVW ZDVKHUV RQ WRS RI WKH IRUN DQG VHFXUH ZLWK UHWDLQLQJ ULQJ )LJ 5HPRYH KDLUSLQ FRWWHUV DQG FOHYLV SLQV IURP PRZHU KDQJHU EUDFNHWV DQG UHPRYH PRZHU IURP FDUULHU IUDPH )LJ 1RWH *UHDVH WKH ILWWLQJ RQ WKH FDUULHU IUDPH PRXQWLQJ WXEH XVLQJ 1R JHQHUDO SXUSRVH OLWKLXP EDVH RU PRO\EGHQXP EDVH JUHDVH UHI
,QVWDOODWLRQ ,QVWDOOLQJ 3XVK $UPV ,QVWDOOLQJ 0RZHU 3ODFH SXVK DUP RQWR FDUULHU IUDPH SLQ DV VKRZQ )LJ 3RVLWLRQ FDUULHU IUDPH LQ IURQW RI WUDFWLRQ XQLW DQG SODFH SXVK DUPV LQWR FOHYLVHV )LJ 6HFXUH ZLWK µ PP IODW ZDVKHU DQG UHWDLQLQJ ULQJ )LJ 5HWDLQ SXVK DUPV ZLWK SLYRW SLQ DVVHPEOLHV DOLJQHG ZLWK IODW DJDLQVW IUDPH DQG VHFXUH ZLWK KDLUSLQ FRWWHUV )LJ 1RWH 3LYRW SLQ DVVHPEOLHV DQG KDLUSLQ FRWWHUV DUH SDUW RI WUDFWLRQ XQLW P )LJX
,QVWDOODWLRQ /LIW FDUULHU IUDPH LQWR YHUWLFDO SRVLWLRQ UHIHU WR 7LOWLQJ WKH 0RZHU 6HFXUH VSULQJ HQG SODWH DVVHPEO\ WR FDUULHU IUDPH ZLWK µ [ µ PP VKRXOGHU EROW DQG µ ORFNQXW )LJ 5ROO PRZHU LQ IURQW RI WUDFWLRQ XQLW 5RWDWH 372 GULYH VKDIW VR KROHV LQ XQLYHUVDO MRLQW DOLJQ ZLWK KROH LQ JHDUER[ VKDIW DQG VOLGH WRJHWKHU )LJ 'ULYH UROO SLQ WKURXJK KROH LQ XQLYHUVDO MRLQW WR VHFXUH 372 GULYH VKDIW WR JHDUER[ VKDIW )LJ 1RWH 'ULYH VKDIW DQG UROO SLQ DUH
,QVWDOODWLRQ 5HOHDVH WKH ODWFK OHYHUV DQG SXVK FDUULHU IUDPH GRZQ /DWFK SLQV VKRXOG ORFN 6HOHFW KROH LQ PRZHU KDQJHU EUDFNHW FRUUHVSRQGLQJ WR WKH KHLJKW RI FXW GHVLUHG /LIW RQ VLGH DQG IURQW KDQGOHV WR DOLJQ KROHV DQG LQVHUW FOHYLV SLQ )LJ 5HPRYLQJ WKH 0RZHU 5HPRYH [ µ PP VKRXOGHU EROW DQG µ IODQJH QXW KROGLQJ 372 FRYHU GRZQ )LJ 'ULYH UROO SLQ WKURXJK KROH LQ XQLYHUVDO MRLQW WR UHPRYH 372 GULYH VKDIW IURP JHDUER[ VKDIW )LJ 6HFXUH FOHYLV SLQ ZLWK
,QVWDOODWLRQ 7LOW PRZHU LQWR UDLVHG SRVLWLRQ UHIHU WR 7LOWLQJ WKH 0RZHU 5DLVH WKH FDUULHU IUDPH DQG UROO WKH PRZHU DZD\ IURP WUDFWLRQ XQLW 5HPRYH µ [ µ PP VKRXOGHU EROW DQG µ ORFNQXW VHFXULQJ VSULQJ HQG SODWH DVVHPEO\ WR FDUULHU IUDPH )LJ /RZHU FDUULHU IUDPH DQG UHPRYH KDLUSLQ FRWWHUV DQG SLYRW SLQ DVVHPEOLHV VHFXULQJ SXVK DUPV WR WUDFWLRQ XQLW FOHYLVHV )LJ 1RWH 6DYH DOO KDUGZDUH IRU XVH ZKHQ LQVWDOOLQJ PRZHU ,WHPV DQG DUH SDUW RI WUDFWLRQ XQLW
,QVWDOODWLRQ 5HPRYH µ [ µ PP EROWV DQG µ ORFNQXWV IURP XQLYHUVDO MRLQW DQG VOLGH WKH GULYHVKDIW RII JHDUER[ VKDIW )LJ 1RWH 6DYH DOO KDUGZDUH IRU XVH ZKHQ LQVWDOOLQJ PRZHU P )LJXUH 372 'ULYHVKDIW 8QLYHUVDO -RLQW *HDUER[ VKDIW %ROW µ [ µ /RFNQXW µ 00
2SHUDWLRQ 2SHUDWLQJ WKH 3RZHU 7DNH 2II 372 7KH SRZHU WDNH RII 372 VZLWFK HQJDJHV DQG GLVHQJDJHV SRZHU WR WKH HOHFWULF FOXWFK 'LVHQJDJLQJ WKH 372 (QJDJLQJ WKH 372 5HOHDVH SUHVVXUH RQ WKH WUDFWLRQ FRQWURO OHYHUV DQG SODFH LQ QHXWUDO )LJ 5HOHDVH WKH SDUNLQJ EUDNH )LJ 7R HQJDJH OLIW FRYHU DQG PRYH WKH 372 VZLWFK WR WKH ´21µ SRVLWLRQ )LJ &ORVLQJ WKH FRYHU PRYHV WKH 372 VZLWFK WR WKH ´2))µSRVLWLRQ )LJ P )LJXUH P )LJXUH 7UDFW
2SHUDWLRQ $GMXVWLQJ +HLJKW RI &XW $GMXVWLQJ 5ROOHUV 7KH KHLJKW RI FXW LV DGMXVWHG IURP µ WR µ WR PP LQ µ PP LQFUHPHQWV E\ UHORFDWLQJ IRXU FOHYLV SLQV LQ GLIIHUHQW KROH ORFDWLRQV 7KH UROOHUV DUH SUHVHW IRU KHLJKWV RI FXW DERYH µ PP ,I WKH KHLJKW RI FXW LV VHW WR WKH µ RU µ RU PP WKH UROOHUV PXVW EH DGMXVWHG WR WKH XSSHU KROH ORFDWLRQ 7R DGMXVW UHPRYH KDLUSLQ FRWWHU DQG FOHYLV SLQ IURP PRZHU KDQJHU EUDFNHW )LJ 6HOHFW KROH LQ PRZHU KDQJHU EUDFNHW FRUUH
2SHUDWLRQ 7LOWLQJ WKH 0RZHU 7KH PRZHU FDQ EH WLOWHG XS IRU HDVH RI VHUYLFH RU WR VKRUWHQ XQLW OHQJWK IRU WUDQVSRUW DQG VWRUDJH 6WDQGLQJ LQ IURQW RI WKH PRZHU OLIW XS DQG SXVK UHDUZDUG RQ IURQW WR UDLVH PRZHU )LJ 5DLVH PRZHU XQWLO LW FRQWDFWV VWRSV DQG ODWFK SLQV VQDS LQWR ORFNHG SRVLWLRQ 7R 5DLVH 0RZHU 6HW WKH SDUNLQJ EUDNH DQG FKHFN WKDW 372 FRYHU LV GRZQ DJDLQVW IRRWUHVW )LJ 5HPRYH [ µ PP VKRXOGHU EROW DQG µ IODQJH QXW KROGLQJ 372 FRYHU GRZQ )LJ
0DLQWHQDQFH 6HUYLFH ,QWHUYDO &KDUW 6HUYLFH 2SHUDWLRQ (DFK 8VH +RXUV &XWWLQJ %ODGHV FKHFN ; 3XVK DUP EXVKLQJV JUHDVH ; 6WRUDJH +RXUV 6HUYLFH ; &DVWRU :KHHOV JUHDVH ; *HDU ER[ FKHFN ; 0RZHU +RXVLQJ FOHDQ ; &KLSSHG 6XUIDFHV SDLQW )RU HDVH RI PDLQWHQDQFH DQG VHUYLFH WKH PRZHU FDQ EH WLOWHG XS UHIHU WR 7LOWLQJ WKH 0RZHU LQ WKH 2SHUDWLRQ VHFWLRQ IRU LQVWUXFWLRQV &XWWLQJ %ODGHV 7R HQVXUH D VXSHULRU TXDOLW\ RI FXW NHHS WKH EODGHV VKDUS )RU FRQYHQLHQW VKDUSHQLQJ DQG UHSOD
0DLQWHQDQFH ,QVSHFWLQJ WKH %ODGHV &KHFNLQJ IRU %HQW %ODGHV ,QVSHFW WKH FXWWLQJ HGJHV )LJ ,I WKH HGJHV DUH QRW VKDUS RU KDYH QLFNV UHPRYH DQG VKDUSHQ WKH EODGHV 5HIHU WR 6KDUSHQLQJ WKH %ODGHV RQ SDJH 5RWDWH WKH EODGHV XQWLO WKH HQGV IDFH IRUZDUG DQG EDFNZDUG )LJ 0HDVXUH IURP D OHYHO VXUIDFH WR WKH FXWWLQJ HGJH RI WKH EODGHV )LJ 1RWH WKLV GLPHQVLRQ ,QVSHFW WKH EODGHV HVSHFLDOO\ WKH FXUYHG DUHD )LJ ,I \RX QRWLFH DQ\ GDPDJH ZHDU RU D VORW IRUPLQJ LQ WKLV DUHD LW
0DLQWHQDQFH )URQW 327(17,$/ +$=$5' $ EODGH WKDW LV EHQW RU GDPDJHG FRXOG EUHDN DSDUW DQG SLHFHV FRXOG EH WKURZQ DW E\VWDQGHUV RU DW \RX DV \RX XVH WKH PRZHU :+$7 &$1 +$33(1 3LHFHV RI EODGH WKDW PD\ EH WKURZQ FRXOG VHULRXVO\ LQMXUH RU NLOO \RX RU E\VWDQGHUV +2: 72 $92,' 7+( +$=$5' $OZD\V UHSODFH EHQW RU GDPDJHG EODGH ZLWK D QHZ EODGH 1HYHU ILOH RU FUHDWH VKDUS QRWFKHV LQ WKH HGJHV RU VXUIDFHV RI EODGH )LJXUH &XWWLQJ HGJH ,QVWDOO WKH EODGH RQWR WKH EODGH UHWDLQHU DQG VHFXUH Z
0DLQWHQDQFH 6KDUSHQLQJ WKH %ODGHV 8VH D ILOH WR VKDUSHQ WKH FXWWLQJ HGJH DW ERWK HQGV RI WKH EODGH )LJ 0DLQWDLQ WKH RULJLQDO DQJOH 7KH EODGH UHWDLQV LWV EDODQFH LI WKH VDPH DPRXQW RI PDWHULDO LV UHPRYHG IURP ERWK FXWWLQJ HGJHV &RUUHFWLQJ &XWWLQJ 8QLW 0LVPDWFK ,I RQH FXWWHU EODGH FXWV ORZHU WKDQ WKH RWKHU FRUUHFW DV IROORZV 6WRS WKH HQJLQH UHPRYH WKH NH\ DQG GLVFRQQHFW WKH VSDUN SOXJ ZLUH V IURP WKH VSDUN SOXJ V $GMXVW WKH WLUH SUHVVXUH LQ DOO WLUHV WR VSHFLILFDWLRQV DQG FKHFN WK
0DLQWHQDQFH 6HWWLQJ WKH )URQW WR 5HDU 3LWFK 6HWWLQJ WKH 6LGH WR 6LGH /HYHOLQJ &KHFN WKH WLUH SUHVVXUH &KHFN WKH WLUH SUHVVXUH 3RVLWLRQ WKH EODGHV IURQW WR UHDU )LJ 0HDVXUH DW ´&µ DQG ´'µ ORFDWLRQV )LJ IURP D OHYHO VXUIDFH WR WKH FXWWLQJ HGJH RI WKH EODGHV )LJ 3RVLWLRQ WKH EODGHV VLGH WR VLGH )LJ 0HDVXUH DW ´$µ DQG ´%µ ORFDWLRQV )LJ IURP D OHYHO VXUIDFH WR WKH FXWWLQJ HGJH RI EODGHV )LJ 7KH PRZHU VKRXOG EH µ µ PP ORZHU LQ IURQW ´&µ WKDQ
0DLQWHQDQFH *UHDVLQJ DQG /XEULFDWLRQ 7KH FXWWLQJ XQLW PXVW EH OXEULFDWHG UHJXODUO\ 5HIHU WR WKH 6HUYLFH ,QWHUYDO &KDUW RQ SDJH *UHDVH ZLWK 1R JHQHUDO SXUSRVH OLWKLXP EDVH RU PRO\EGHQXP EDVH JUHDVH 6WRS WKH HQJLQH UHPRYH WKH NH\ DQG GLVFRQQHFW WKH VSDUN SOXJ ZLUH V IURP WKH VSDUN SOXJ V *UHDVH WKH ILWWLQJV RQ SXVK DUPV )LJ 5HPRYH SOXJ RQ WKH VLGH RI WKH JHDUER[ DQG FKHFN WKH OHYHO RI OXEULFDWLRQ LQ WKH JHDUER[ ,I OHYHO LV ORZ DGG 6$( (3 ? ZW JHDU RLO XQWLO OHYHO LV XS
0DLQWHQDQFH 5HSODFLQJ WKH &DVWRU :KHHO )RUN %XVKLQJV ,QVHUW D SLQ SXQFK LQWR WKH PRXQWLQJ WXEH DQG FDUHIXOO\ GULYH RXW WKH EXVKLQJV )LJ &OHDQ WKH LQVLGH RI WKH PRXQWLQJ WXEH 7KH FDVWRU ZKHHO IRUNV DUH PRXQWHG LQ EXVKLQJV SUHVVHG LQWR WKH WRS DQG ERWWRP RI WKH FDUULHU IUDPH PRXQWLQJ WXEHV 7R FKHFN WKH EXVKLQJV PRYH WKH FDVWRU IRUNV EDFN DQG IRUWK DQG VLGH WR VLGH ,I D FDVWRU IRUN LV ORRVH WKH EXVKLQJV DUH ZRUQ DQG PXVW EH UHSODFHG *UHDVH WKH LQVLGH DQG RXWVLGH RI WKH QHZ EXVKLQJV 8VH
0DLQWHQDQFH 6HUYLFLQJ WKH &DVWRU :KHHOV DQG %HDULQJV 7KH FDVWRU ZKHHOV URWDWH RQ D UROOHU EHDULQJ VXSSRUWHG E\ D VSDQQHU EXVKLQJ ,I WKH EHDULQJ LV NHSW ZHOO OXEULFDWHG ZHDU ZLOO EH PLQLPDO )DLOXUH WR NHHS WKH EHDULQJ ZHOO OXEULFDWHG ZLOO FDXVH UDSLG ZHDU $ ZREEO\ FDVWRU ZKHHO XVXDOO\ LQGLFDWHV D ZRUQ EHDULQJ 5HPRYH WKH ORFNQXW DQG ZKHHO EROW KROGLQJ WKH FDVWRU ZKHHO WR WKH FDVWRU IRUN )LJ 5HPRYH WKH ZDVKHU DQG EXVKLQJ WKHQ SXOO WKH VSDQQHU EXVKLQJ DQG UROOHU EHDULQJ RXW RI WKH ZKHHO KX
0DLQWHQDQFH 5HSODFLQJ 3XVK $UP %XVKLQJV 7KH SXVK DUPV KDYH SUHVVHG LQ EXVKLQJV RQ WKH HQG PRXQWHG WR WKH WUDFWLRQ XQLW 7R FKHFN WKH EXVKLQJV PRYH WKH SXVK DUPV VLGH WR VLGH DQG H[DPLQH IRU ZHDU ,I D SXVK DUP LV ORRVH WKH EXVKLQJV DUH ZRUQ DQG PXVW EH UHSODFHG 5HPRYH WKH PRZHU UHIHU WR 5HPRYLQJ WKH 0RZHU LQ WKH ,QVWDOODWLRQ VHFWLRQ ,QVSHFW WKH SLYRW SLQ DVVHPEO\ IRU ZHDU DQG UHSODFH LI QHFHVVDU\ 5HPRYH WKH UHWDLQLQJ ULQJ DQG IODW ZDVKHU VHFXULQJ WKH SXVK DUP WR WKH PRZHU )LJ
0DLQWHQDQFH 6WRUDJH &OHDQ DQ\ GLUW DQG FKDII IURP WKH WRS RI WKH PRZHU 6FUDSH DQ\ KHDY\ EXLOGXS RI JUDVV DQG GLUW IURP WKH XQGHUVLGH RI WKH PRZHU WKHQ ZDVK WKH PRZHU ZLWK D JDUGHQ KRVH &KHFN WKH FRQGLWLRQ RI WKH EODGHV 5HIHU WR &XWWLQJ %ODGHV RQ SDJH &KHFN DQG WLJKWHQ DOO EROWV QXWV DQG VFUHZV 5HSDLU RU UHSODFH DQ\ GDPDJHG RU GHIHFWLYH SDUWV 3DLQW DOO VFUDWFKHG RU EDUH PHWDO VXUIDFHV 3DLQW LV DYDLODEOH IURP \RXU $XWKRUL]HG 6HUYLFH 'HDOHU 6WRUH WKH PDFKLQH LQ D FOHD
7URXEOHVKRRWLQJ 352%/(0 $EQRUPDO YLEUDWLRQ 8QHYHQ FXWWLQJ J KHLJKW J %ODGHV GR QRW URWDWH 3266,%/( &$86(6 &255(&7,9( $&7,21 &XWWLQJ EODGH V LV DUH EHQW RU XQEDODQFHG ,QVWDOO QHZ FXWWLQJ EODGH V %ODGH PRXQWLQJ EROW LV ORRVH 7LJKWHQ EODGH PRXQWLQJ EROW 'ULYH VKDIW EROWV DUH ORRVH 7LJKWHQ GULYH VKDIW EROWV /RRVH JHDUER[ DVVHPEO\ 7LJKWHQ WKH DSSURSULDWH KDUGZDUH :RUQ JHDUER[ EHDULQJV 5HSODFH EHDULQJV *HDUER[ JHDUV DUH GDPDJHG 5HSODFH
