e

6WUDWHJLF 7HFKQRORJ\ ,QIUDVWUXFWXUH IRU 5HJLRQDO &RPSHWLWLYHQHVV LQ WKH 1HWZRUN (FRQRP\

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

H&RUULGRUV 3URJUDP

 9LUJLQLD 3RO\WHFKQLF ,QVWLWXWH DQG 6WDWH 8QLYHUVLW\ %ODFNVEXUJ 9$ $OO ULJKWV UHVHUYHG

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

3UHIDFH
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

9ROXPHV
          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

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

$FNQRZOHGJHPHQWV
7KH IROORZLQJ LQGLYLGXDOV DQG RUJDQL]DWLRQV FRQWULEXWHG WR WKH GHYHORSPHQW DQG SUHSDUDWLRQ RI WKLV VHULHV RI UHSRUWV
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

LL

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

2UJDQL]DWLRQV DQG &RPSDQLHV

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

LLL

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

7DEOH RI &RQWHQWV
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   4XDOLW\ ,QVSHFWLRQ RI 2XWVLGH 3ODQW 'XFW ,QVWDOODWLRQ   4XDOLW\ ,QVSHFWLRQ RI 2XWVLGH 3ODQW 'LUHFW %XULHG ,QVWDOODWLRQ  4XDOLW\ ,QVSHFWLRQ RI ,QVLGH 3ODQW   )XQFWLRQDOLW\ 1HHGHG IRU &DEOH 0DQDJHPHQW 6\VWHP  :K\ <RX 1HHG D 6\VWHP IRU 0DQDJLQJ <RXU 1HWZRUN   :KDW 1HHGV WR %H 'RFXPHQWHG 

LL

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH +RZ 'DWD DUH *DWKHUHG DQG ,QSXW  6HOHFWLQJ D )LEHU 0DQDJHPHQW 6\VWHP  3DUWLDO /LVW RI 9HQGRUV IRU 2XWVLGH 3ODQW 3URGXFWV DQG 6HUYLFHV )LEHU 2SWLF &DEOH &RPSDULVRQ 7DEOHV $FNQRZOHGJHPHQWV 

LLL

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

7DEOH RI )LJXUHV
)LJXUH  /RVV IRU 6WDQGDUG 60) YHUVXV ([WHQGHG %DQG 60)   )LJXUH  'LVSHUVLRQ IRU 60) YHUVXV 1='6)   )LJXUH  *HQHULF 0HWUR DQG /RFDO $FFHVV 1HWZRUNV 

LY

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

,QWURGXFWLRQ
7KH SXUSRVH RI WKLV JXLGH LV WR SURYLGH LQIRUPDWLRQ DQG JXLGHOLQHV IRU SODQQLQJ HQJLQHHULQJ DQG EXLOGLQJ ILEHU RSWLF LQIUDVWUXFWXUH 7KH ORQJWHUP HFRQRPLF ZHOO EHLQJ DQG TXDOLW\ RI OLIH RI RXU FRPPXQLWLHV GHSHQG XSRQ WKH DYDLODELOLW\ RI DIIRUGDEOH QHWZRUN DFFHVV DQG VHUYLFHV RYHU ILEHU RSWLF LQIUDVWUXFWXUH

7KH 3UREOHP
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 VSHHGV QHHGHG $OVR PRVW H[LVWLQJ KLJKHU WLHU EDFNERQH QHWZRUNV DUH WRR VORZ DQGRU WRR H[SHQVLYH WR VXSSRUW WKHVH KLJKHU VSHHGV ,W LV SRVVLEOH DV GHPRQVWUDWHG E\ FRPPXQLW\ PXQLFLSDO DQG FXVWRPHU RZQHG ILEHU RSWLF QHWZRUNV DURXQG WKH ZRUOG WR GHOLYHU  0ESV DFFHVV WR WKH SUHPLVH IRU DV OLWWOH DV PR HJ VHH KWWSZZZJFSXGRUJ]LSSGHIDXOWKWP 7KLV JLYHV WKRVH FRPPXQLWLHV D VLJQLILFDQW FRPSHWLWLYH DGYDQWDJH )RU DQ LQGHSWK GLVFXVVLRQ RI WHFKQLFDO DQG HFRQRPLF LVVXHV UHODWHG WR ILEHU RSWLF QHWZRUNLQJ DQG DSSOLFDWLRQV DQ H[FHOOHQW ERRN RQ WKH VXEMHFW LV 2SWLFDO 1HWZRUNV E\ 'HEUD &DPHURQ ,W SURYLGHV D JRRG RYHUYLHZ RI WKH LVVXHV DQG LW FRQWDLQV D SOHWKRUD RI ZHOOUHVHDUFKHG IDFWV &RPSXWHU FRPPXQLFDWLRQ VSHHGV WR WKH GHVNWRS FRQWLQXH WR LQFUHDVH )RU H[DPSOH ORFDO DUHD QHWZRUN DFFHVV VSHHGV LQFUHDVHG IURP  PHJDELWV SHU VHFRQG 0ESV WR  0ESV *LJDELW (WKHUQHW *LJ( LV QRZ XVHG IRU VHUYHUV DQG EDFNERQH QHWZRUNV *LJ( LV SRLVHG IRU LQFUHDVHG XVH WR WKH GHVNWRS DV FRVWV FRQWLQXH WR GURS )RU H[DPSOH DQ ,QWHO *LJ( FDUG IRU D 3& LV FXUUHQWO\ DERXW  DQG ORZHQG *LJ( VZLWFKHV

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 DUH DQ HVVHQWLDO IRXQGDWLRQ IRU VXSSRUWLQJ EXVLQHVV JRYHUQPHQW HGXFDWLRQ KHDOWK DQG RWKHU VHUYLFHV 7KH WUDQVPLVVLRQ FDEOH LQIUDVWUXFWXUH VHUYLQJ SUHPLVHV DQG EDFNERQH QHWZRUNV QHHGV WR VXSSRUW WKH KLJKHU VSHHGV RI WRGD\ DQG WKRVH LQ WKH IXWXUH

7KH 6ROXWLRQ
7KH RQO\ SUDFWLFDO WUDQVPLVVLRQ PHGLD WKDW FDQ VXSSRUW WKH  0ESV VSHHGV QHHGHG WRGD\ DQG VSHHGV QHHGHG LQ WKH IXWXUH RYHU WKH RXWVLGH FDEOH SODQW LV VLQJOH PRGH ILEHU ,W KDV PXFK JUHDWHU EDQGZLGWK FDSDFLW\ WKDQ DQ\ RWKHU PHGLD VR LW LV WKH PRVW IXWXUHSURRI DYDLODEOH ,W VXSSRUWV WRGD\V WUDQVPLVVLRQ WHFKQRORJLHV VXFK DV 621(7 6\QFKURQRXV 2SWLFDO 1HWZRUNV :'0 :DYH 'LYLVLRQ 0XOWLSOH[LQJ 321V 3DVVLYH 2SWLFDO 1HWZRUNV (WKHUQHW SDFNHW GDWD $70 $V\QFKURQRXV 7UDQVIHU 0RGH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

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

6WHSV IRU 3ODQQLQJ DQG %XLOGLQJ )LEHU 2SWLF &DEOH 3ODQW

7KHUH DUH WKUHH PDMRU VWHSV WR SODQQLQJ DQG EXLOGLQJ ILEHU RSWLF FDEOH SODQW )LUVW SXW D SURMHFW SODQ WRJHWKHU DORQJ ZLWK DOO WKH SUHOLPLQDU\ GHWDLOV DQG HQJLQHHULQJ 6HFRQG FRQWUDFW WKH ZRUN 7KLUG RYHUVHH WKH EXLOGRXW

'HYHORS 3URMHFW 3ODQ

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

&RQWUDFW ZLWK DQ (QJLQHHULQJ DQGRU &RQVWUXFWLRQ )LUP

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

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 7KH $SSHQGL[ OLVWV UHIHUHQFH VRXUFHV IRU SUHSDULQJ ELG GRFXPHQWV DQG FRQWUDFWV EXW WKUHH DUH ZHOO ZRUWK SRLQWLQJ RXW KHUH )LUVW VHH WKH 86'$ 586 5XUDO 8WLOLW\ 6HUYLFH 7HOHFRPPXQLFDWLRQV 3URJUDP UHJXODWLRQV EXOOHWLQV DQG IRUPV DYDLODEOH IRU IUHH GRZQORDG DW KWWSZZZXVGDJRYUXVWHOHFRPSXEOLFDWLRQVSXEOLFDWLRQVKWP ,W PD\ EH XVHIXO WR VSHQG VHYHUDO GD\V VWXG\LQJ WKH PDWHULDOV 3D\ SDUWLFXODU DWWHQWLRQ WR 586 )RUP  7HOHFRPPXQLFDWLRQV 6\VWHP &RQVWUXFWLRQ &RQWUDFW /DERU DQG 0DWHULDOV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

%XLOG &DEOH ,QIUDVWUXFWXUH

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 DIWHU WKH EXLOG ,I TXDOLW\ FRQWURO LV PDLQWDLQHG WKURXJKRXW WKH EXLOG WKHQ DOO WKDW LV OHIW DW WKH HQG LV WR PDNH ILQDO FKHFNV DQG DFFHSW WKH ZRUN 5HIHUHQFHV LQ WKH SUHYLRXV VHFWLRQ DQG WKH $SSHQGL[ DGGUHVV TXDOLW\ DVVXUDQFH DQG WHVWLQJ ,Q DGGLWLRQ VHH WKH 4XDOLW\ $VVXUDQFH &KHFN /LVW LQ WKH $SSHQGL[

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

'HVLJQ &RQVLGHUDWLRQV
6WDQGDUGV IRU &RPSDWLELOLW\ DQG 5HOLDELOLW\
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

:KHUH FDQ RQH ILQG XVHIXO SUDFWLFDO LQIRUPDWLRQ IRU SODQQLQJ DQG GHVLJQ"
7KHUH DUH QXPHURXV ERRNV RQ ILEHU RSWLF WHFKQRORJ\ EXW UHODWLYHO\ IHZ FRYHU WKH GHWDLOV RQ KRZ WR SODQ GHVLJQ DQG EXLOG RXWVLGH SODQW ILEHU RSWLF LQIUDVWUXFWXUH 6RPH RI WKH EHWWHU VRXUFHV DUH IURP %,&6, %XLOGLQJ ,QGXVWU\ &RQVXOWLQJ 6HUYLFH ,QWHUQDWLRQDO 6&7( 6RFLHW\ RI &DEOH 7HOHFRPPXQLFDWLRQV (QJLQHHUV 586 5XUDO 8WLOLWLHV 6HUYLFHV VWDQGDUGV RUJDQL]DWLRQV DQG SURGXFW PDQXIDFWXUHUV 7KHVH DQG PDQ\ RWKHU VRXUFHV DUH OLVWHG LQ WKH $SSHQGL[

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

:KDW W\SH RI ILEHU VKRXOG EH XVHG"

*HQHUDO &RQVLGHUDWLRQV
6LQJOHPRGH ILEHU LV UHTXLUHG WR VXSSRUW KLJKHU VSHHGV RYHU RXWVLGH SODQW GLVWDQFHV 0XOWLPRGH ILEHU GRHV QRW VXSSRUW WKH QHFHVVDU\ VSHHGV DQG GLVWDQFHV 7KHUH DUH WZR PDMRU W\SHV RI VLQJOHPRGH ILEHU WR FRQVLGHU 2QH LV IRU ORFDO WRZQFLW\FRXQW\ DUHDV PHWUR DQG ORFDO DFFHVV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

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH ORQJHU GLVWDQFH ORQJHU ZDYHOHQJWK WUDQVFHLYHUV DUH PXFK PRUH H[SHQVLYH WKDQ WKRVH IRU  QP

,787 *& )LEHU IRU 0HWUR DQG /RFDO $FFHVV

7KH ILUVW W\SH RI ILEHU WR FRQVLGHU LV NQRZQ DV VWDQGDUG VLQJOHPRGH ILEHU 60) GHILQHG E\ * ,W LV RSWLPL]HG IRU XVH DW  QP ZLWK ]HUR GLVSHUVLRQ DW WKDW SRLQW ,W VXSSRUWV WKH XVH RI ORZHU FRVW RSWLFDO WUDQVFHLYHUV LQ WKDW EDQG DV FRPSDUHG WR PXFK KLJKHU FRVW WUDQVFHLYHUV IRU WKH QP EDQG :KLOH RSWLFDO ORVV LV OHVV DW  QP WKH SXOVH GLVSHUVLRQ LV JUHDWHU WKDQ DW  QP $V VKRZQ LQ )LJXUH  EHORZ 60) LV PDLQO\ XVDEOH LQ WKH 2%DQG DQG WKH &%DQG EXW QRW WKH (%DQG 7KH PRVW UHFHQW HQKDQFHPHQW LV H[WHQGHG EDQG ILEHU (60)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

)LJXUH  /RVV IRU 6WDQGDUG 60) YHUVXV ([WHQGHG %DQG 60)

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

,787 * )LEHU IRU /RQJ+DXO

7KH VHFRQG W\SH RI ILEHU WR FRQVLGHU LV IRU ORQJKDXO DSSOLFDWLRQV EH\RQG  NP ,787 * GHILQHV LW DQG LW LV FDOOHG 1='6) 1RQ=HUR 'LVSHUVLRQ 6KLIWHG )LEHU &RUQLQJ EUDQGV WKHLU YHUVLRQ RI WKLV W\SH RI ILEHU DV /($) /DUJH (IIHFWLYH $UHD )LEHU ,W LV RSWLPL]HG WR VXSSRUW KLJKHU VSHHGV DQG GHQVH ZDYH GLYLVLRQ PXOWLSOH[LQJ ':'0 LQ WKH  QP DQG  QP EDQGV ZKHUH WKH RSWLFDO ORVV LV ORZHVW ,W LV GHVLJQHG WR KDYH D VPDOO SRVLWLYH GLVSHUVLRQ DW  QP WR UHGXFH VLJQDO GLVWRUWLRQ FDXVHG E\ ILEHU QRQ OLQHDU HIIHFWV ,W KDV ORZ 30' 3RODUL]DWLRQ 0RGH 'LVSHUVLRQ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

)LJXUH  'LVSHUVLRQ IRU 60) YHUVXV 1='6)



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

:KDW LV WKH WUDQVPLVVLRQ FDSDFLW\ RI ILEHU"

&RPPXQLFDWLRQV HTXLSPHQW LV DYDLODEOH WRGD\ ZLWK ILEHU RSWLF WUDQVFHLYHUV WKDW VXSSRUW VHULDO FKDQQHO VSHHGV XS WR  *ESV (TXLSPHQW LV LQ GHYHORSPHQW WR VXSSRUW XS WR  *ESV EXW LW PD\ QRW EH HFRQRPLFDOO\ IHDVLEOH IRU D QXPEHU RI \HDUV 6R WKH LPPHGLDWH OLPLWDWLRQ LV WKH HOHFWURQLFV QRW WKH ILEHU $ ZRUNDURXQG LV WR XVH ZDYH GLYLVLRQ PXOWLSOH[LQJ :'0 ZKLFK HQDEOHV WKH WUDQVPLVVLRQ RI PXOWLSOH  *ESV  *ESV  *ESV RU  *ESV FKDQQHOV RYHU RQH ILEHU 5HSRUWHGO\ LW LV SRVVLEOH WR DFKLHYH FRPELQHG FKDQQHO VSHHGV RI XS WR  7ESV 7ULOOLRQ ELWV SHU VHFRQG RYHU D VLQJOH ILEHU 5HODWLYHO\ VORZ  *ESV FKDQQHOV DQG FLUFXLWV DUH FRPPRQ WRGD\ ZLWK  *ESV EHLQJ WKH QH[W MXPS

+RZ PDQ\ ILEHUV DUH QHHGHG"

2XW RI FRQWH[W WKHUH LV QR HDV\ DQVZHU WR WKLV TXHVWLRQ EXW OHW XV H[SORUH WKH RSWLRQV 7KH SXUSRVH RI WKLV JXLGH LV WR SURYLGH JXLGHOLQHV IRU GHYHORSPHQW RI FRPPXQLW\ WRZQFLW\ FRXQW\ DQG VWDWHZLGH ILEHU RSWLF LQIUDVWUXFWXUH 7ZR PDMRU FDWHJRULHV RI ILEHU QHWZRUNV DUH ORFDO DFFHVV QHWZRUNV DQG EDFNERQH WUXQN QHWZRUNV 5HIHU WR )LJXUH  IRU D FRQFHSWXDO GUDZLQJ RI D JHQHULF PHWURORFDO DFFHVV ILEHU QHWZRUN

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

Avirurrvr rvhrvh TipvirIrx DrshprUrvhy TIDU
!#svirrur

7vyqvt

7vyqvt!

7vyqvt"



%svirivyqvt

7vyqvt#

7vyqvt

7vyqvt!

7vyqvt"



Tipvir 9vvivUrvhy T9U

%svirivyqvt

7vyqvt#

Cr

Cr !

Cr

Tipvir 9vvivUrvhy T9U

Tipvir 9vvivUrvhy T9U x

Cr

 $

UDhDr8 7hpxir

DrrqvhrTyvpr QvDTQ 9vviv 8prp Qv98Q

+ ,7 $& + ,

Cr

Cr

!#svirrur

"x

DrrqvhrTyvpr QvDTQ

Cr

Cr !

Cr

Tipvir 9vvivUrvhy T9U $x

+ ,7 $ & +,

 $

Cr
"x

Cr

Cr

Hhv9vviv 8prpQv H98Q

9vviv 8prp Qv98Q

DrrqvhrTyvpr QvDTQ x Tipvir 9vvivUrvhy T9U

Cvhy !

Tipvir 9vvivUrvhy T9U

Hr7hpxir Arrqr8hiyr 9vviv8hiyr 98hiyr

T8CPPG

!

8 ' 0

H9V

0 ' 8

Tiih ur

Tiih ur

!#svirur
Tiih ur

%svirH9V

H9V

)LJXUH  *HQHULF 0HWUR DQG /RFDO $FFHVV 1HWZRUNV

)RU DQ\ SUHPLVH DW OHDVW ILEHUV DUH QHHGHG 7KLV LV EHFDXVH QHWZRUN HTXLSPHQW WRGD\ JHQHUDOO\ XVHV RQH ILEHU IRU WUDQVPLW DQG D VHFRQG IRU UHFHLYH 6R WKH ILEHUV QHHG WR UXQ IURP HDFK SUHPLVH DOO WKH ZD\ WR D VHUYLQJ 'LVWULEXWLRQ &URVVFRQQHFW 3RLQW '&3 ZKHUH WKH FLUFXLWV FDQ EH SDWFKHG WR FRPPXQLFDWLRQV HTXLSPHQW RU RYHU WUXQNV WR RWKHU ORFDWLRQV ,W LV GHVLUDEOH WR KDYH D VHFRQG SDLU RI ILEHUV WR WKH SUHPLVH IRU RWKHU SRWHQWLDO VHUYLFH EXW WKH DGGLWLRQDO FRVW IRU WZLFH DV PXFK LQIUDVWUXFWXUH ZRXOG EH QHHGHG 7KLV DUFKLWHFWXUH LV GHVLJQHG WR VXSSRUW PRVW WHFKQRORJLHV RYHU WKH OLIH RI WKH LQIUDVWUXFWXUH ,W LV LQGHSHQGHQW RI SDUWLFXODU HOHFWURQLF WHFKQRORJLHV HJ 3DVVLYH 2SWLFDO 1HWZRUNV 321V DQG RWKHU WHFKQRORJLHV VR WKDW LW GRHV QRW EHFRPH REVROHWH ZKHQ WKH QH[W JHQHUDWLRQ WUDQVSRUW WHFKQRORJ\ EHFRPHV DYDLODEOH 7ZRILEHUV WR VPDOOHU SUHPLVHV PD\ EH VXIILFLHQW DV RSSRVHG WR IRXU RU PRUH )LUVW ILEHU RSWLF WUDQVFHLYHUV DUH EHLQJ GHYHORSHG WR SURYLGH IXOOGXSOH[ RYHU RQH ILEHU :KHQ LQ FRPPRQ XVH WKH\ ZRXOG IUHH WKH VHFRQG ILEHU IRU DQRWKHU DSSOLFDWLRQ RU VHUYLFH ,Q DGGLWLRQ WKHUH LV D WUHQG WR FRQYHUJH YRLFH GDWD DQG YLGHR RYHU D VLQJOH ,3(WKHUQHWRSWLFDO FRQQHFWLRQ ZKLFK UHGXFHV WKH QHHG IRU H[WUD ILEHU $OVR IRU RSHQ 

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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH ,I SRVVLEOH SODQ IRU WKH DELOLW\ WR DGG PRUH ILEHUV ODWHU LI QHHGHG :KHUH FRQGXLW LV XVHG FRQVLGHU LQVWDOOLQJ VSDUHV )RU DHULDO DQG GLUHFW EXULHG H[SORUH REWDLQLQJ DSSURYDOV XSIURQW WR DGG D VHFRQG FDEOH DORQJ WKH VDPH URXWH LI QHHGHG *RLQJ EDFN WR LQVWDOO ILEHU DJDLQ PD\ EH PRUH H[SHQVLYH WKDQ SXWWLQJ LQ ZKDW LV QHHGHG WKH ILUVW WLPH EXW VLQFH RQH GRHV QRW DOZD\V NQRZ ZKDW WKH IXWXUH KROGV KDYH D FRQWLQJHQF\ SODQ UHDG\

:KDW FDEOH FRQVWUXFWLRQ LV QHHGHG"

$OO GLHOHFWULF QRQFRQGXFWLYH FDEOH LV GHVLUDEOH ZKHUH VXLWDEOH VLQFH LW GRHV QRW QHHG WR EH JURXQGHG DQG LW FDQ EH FORVH WR SRZHU OLQHV ,W FDQ EH XVHG IRU DHULDO GLUHFW EXU\ DQG LQ XQGHUJURXQG FRQGXLW $UPRUHG FDEOHV FRQGXFW HOHFWULFLW\ VR WKH\ PXVW EH JURXQGHG DW PXOWLSOH SRLQWV DORQJ WKH FDEOH URXWH 8QIRUWXQDWHO\ IRU DHULDO VHJPHQWV ZKHUH VTXLUUHOV PD\ FKHZ RQ WKH FDEOH LW PD\ EH EHVW WR XVH DUPRUHG FDEOH 6TXLUUHOV FDQ VWLOO SRWHQWLDOO\ ELWH WKURXJK WKH DUPRU EXW LW LV PRUH RI D GHWHUUHQW 6WDWH DQG ORFDO FRGHV PXVW EH FKHFNHG IRU JURXQGLQJ UHTXLUHPHQWV LQ DGGLWLRQ WR WKRVH VSHFLILHG E\ WKH 1(& 1DWLRQDO (OHFWULFDO &RGH DQG 1(6& 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH 6&7( 6RFLHW\ RI &DEOH 7HOHFRPPXQLFDWLRQV (QJLQHHUV UHFRPPHQGV JURXQGLQJ ILEHU RSWLF FDEOHV ZLWK PHWDOOLF FRPSRQHQWV HYHU\ PLOH IRU DHULDO DSSOLFDWLRQV DQG HYHU\  PLOHV IRU EXULHG DSSOLFDWLRQV SOXV DW HDFK EXLOGLQJ DQG FDEOH HQWU\ SRLQW

:KDW DUH WKH ILEHU RSWLF FDEOH RUGHULQJ VSHFLILFDWLRQV"

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 7KHLU FDEOHV DOVR KDYH D JRRG UHSXWDWLRQ $GGLWLRQDO PDQXIDFWXUHUV DUH OLVWHG LQ WKH $SSHQGL[ ,W LV LPSRUWDQW WR SD\ DWWHQWLRQ WR WKH FDEOH PDQXIDFWXUHUV SHUIRUPDQFH VSHFLILFDWLRQV RYHU WKH H[SHFWHG RSHUDWLQJ WHPSHUDWXUH UDQJH IRU WKH FDEOH 7KLV ZLOO EH GLIILFXOW WR YHULI\ H[FHSW DW WKH WHPSHUDWXUH WHVWHG VR PDNH VXUH WKH PDQXIDFWXUHU KDV GHVLJQHG DQG WHVWHG WKH FDEOHV IRU XVH RYHU WKH VSHFLILHG WHPSHUDWXUH UDQJH 7KLV FRXOG KDYH D VLJQLILFDQW LPSDFW RQ V\VWHP RSHUDWLRQ HVSHFLDOO\ LI WKH RSWLFDO ORVV EXGJHW LV WLJKW $Q LPSRUWDQW RUGHULQJ VSHFLILFDWLRQ LV WKH FRQVWUXFWLRQ W\SH GLVWDQFH PDUNLQJV RQ WKH FDEOH VKHDWK SHU IRRW RU PHWHU DQG WKH OHQJWK ,I WKH FDEOH \RX RUGHU LV WRR VKRUW WKHQ WKHUH ZLOO EH H[WUD ZRUN DQG H[SHQVH WR IL[ LW ,I LW LV WRR ORQJ WKHQ \RX FDQ FXW LW RII RU XVH PRUH VODFN OHQJWKV EXW \RX DUH VWXFN ZLWK LW 7KH )LEHU 2SWLF &DEOH &RPSDULVRQ 7DEOHV LQ WKH $SSHQGL[ VKRZ PDMRU RSWLFDO SDUDPHWHUV IRU VHYHUDO EUDQGV RI FDEOHV 7KLV LV WKH W\SH RI LQIRUPDWLRQ JHQHUDOO\ DYDLODEOH LQ PDQXIDFWXUHUV GDWD VKHHWV 2QH FRXOG VSHFLI\ WKHVH SDUDPHWHUV LQ D ELG



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH VSHFLILFDWLRQ EXW DV \RX FDQ VHH WKH YDOXHV EHWZHHQ PDQXIDFWXUHUV DUH VLPLODU DQG VRPH RI WKHP ZRXOG EH GLIILFXOW WR YHULI\

:KDW W\SH RI FDEOH SDWKZD\ FRQVWUXFWLRQ VKRXOG EH XVHG"

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 SHUPLWV FRVW DQG RWKHU IDFWRUV

:KDW FDEOH OHQJWKV VKRXOG EH XVHG"

)LUVW GHWHUPLQH FDEOH URXWH HQGSRLQWV DQG DQ\ LQWHUPHGLDWH DFFHVVGURS SRLQWV 7KHQ GHWHUPLQH FDEOH OHQJWKV WR JR EHWZHHQ HDFK SRLQW DQG OHDYH H[WUD OHQJWK IRU VODFN ORRSV DQG VDJ LI DHULDO )RU D IW UHHO FDEOH OHQJWKV DUH DYDLODEOH IRU URXJKO\  IW WR  IW IRU VLQJOHDUPRU FDEOH ZLWK ILEHU FRXQWV RI  DQG  ILEHUV UHVSHFWLYHO\ :KHUH DSSURSULDWH PDWFK DFFHVVGURS SRLQWV ZLWK VSOLFH SRLQWV &KHFN ZLWK \RXU FDEOH PDQXIDFWXUHU IRU H[DFW OHQJWKV DYDLODEOH IRU D JLYHQ FDEOH GLDPHWHU DQG UHHO VL]H

:KDW DUH H[DPSOHV RI PDWHULDOV DQG ZRUN IRU ILEHU RSWLF LQIUDVWUXFWXUH"
,I \RX XVH D *,6 FDEOH PDQDJHPHQW V\VWHP VXFK DV 263,Q6LJKW IURP $GYDQFH )LEHU 2SWLFV ZZZRVSLQVLJKWFRP \RX FDQ HQWHU SUHOLPLQDU\ FDEOH URXWHV DQG PDWHULDOV LQWR 

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH WKH V\VWHP DQG LW ZLOO SULQW RXW WKH ELOO RI PDWHULDOV IRU \RX DORQJ ZLWK DVVRFLDWHG GUDZLQJV DQG HQJLQHHULQJ GHWDLOV 7KLV LV DQ H[FHOOHQW PHWKRG IRU SODQQLQJ SUHOLPLQDU\ HQJLQHHULQJ GRFXPHQWLQJ ZRUN IRU ELGV WUDFNLQJ ZRUN DQG GRFXPHQWLQJ WKH LQIUDVWUXFWXUH IRU RSHUDWLRQV DQG PDLQWHQDQFH 7KH 586 5XUDO 8WLOLWLHV 6HUYLFH SURYLGHV OLVWV RI DFFHSWDEOH PDWHULDOV YHQGRUV DQG VDPSOH FRQWUDFWV 7KH %,&6, DQG 6&7( UHIHUHQFHV OLVWHG LQ WKH $SSHQGL[ DOVR SURYLGH OLVWV RI PDWHULDOV DQG ZRUN 7KH 6&7( UHIHUHQFH SURYLGHV VDPSOH ELG TXHVWLRQQDLUH IRUPV WKDW OLVW PDWHULDOV DQG ZRUN 7KHVH DUH D JRRG SODFH WR VWDUW $ ZKLWH SDSHU LQ WKH $SSHQGL[ *HQHULF &RVW ,QIRUPDWLRQ IRU %XLOGLQJ )LEHU 2SWLF ,QIUDVWUXFWXUH E\ 5DFR ,QF SURYLGHV FRVW GHWDLOV DQG FRQVLGHUDWLRQV 0LFURORJLF ,QF D FRQWUDFWRU LQ %XFNKDQQRQ :9  SURYLGHG WKH IROORZLQJ OLVW RI W\SLFDO PDWHULDOV DQG ZRUN 6WUDQG RQO\ PDWHULDOV SURYLGH E\ FXVWRPHU 6WUDQG RQO\ FRPSRVLWH LQFOXGHV VXSSO\LQJ VSOLFLQJ DQG LQVWDOODWLRQ RI VWUDQG VXSSO\LQJ KDUGZDUH PDWHULDO ODVKLQJ ZLUH FODPSV DQG EROWV /DVKLQJ VLQJOH ILEHU WR VWUDQG ODVKLQJ ZLUH DQG ILEHU VXSSOLHG E\ FXVWRPHU ,QVWDOO DQFKRU DQG JXLGH VXSSOLHG E\ FXVWRPHU %RQGLQJ RI VWUDQG WR H[LVWLQJ JURXQG &RPSOHWH ERQGLQJ RI VWUDQG WR JURXQG 'LUHFW EXU\ RI FDEOH  GHHS FDEOH SURYLGHG E\ FXVWRPHU %XU\LQJ RI FRQGXLW 3XOOLQJ ILEHU WKURXJK H[LVWLQJ FRQGXLW /DVKLQJ DGGLWLRQDO FDEOHV ,QVWDOO ILEHU HQFORVXUH ,QVWDOO EXWW SUHS LQFOXGHV SUHS DQG FOHDQLQJ RI ILEHU WDLOV LQVWDOO RI HQWUDQFH FRQQHFWRUV LQWR HQFORVXUH DQG RUJDQL]DWLRQ RI VSOLFH WUD\V )LEHU VSOLFLQJ



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH (QG WR HQG OLQN WHVW ZLWK GRFXPHQWDWLRQ $GGLWLRQDO ODERU SHU KRXU (TXLSPHQW LQVWDOODWLRQ SHU KRXU 3UH WHVW ILEHU UHHOV

:KDW DUH WKH PDMRU VRXUFHV IRU PDWHULDOV"

$ SDUWLDO OLVW RI YHQGRUV DUH OLVWHG LQ WKH $SSHQGL[ VHFWLRQ 9HQGRUV IRU 2XWVLGH 3ODQW 3URGXFWV DQG 6HUYLFHV 0RVW DUH YHQGRUV WKDW H[KLELWHG DW UHFHQW WUDGH VKRZV RU ZHUH WDNHQ IURP EX\HUV JXLGHV 7KH OLVW LV VRUWHG E\ SURGXFWVHUYLFH FDWHJRU\ 7KH 586 5XUDO 8WLOLWLHV 6HUYLFH OLVWV PDQ\ YHQGRUV DQG SURGXFWV LQ GRFXPHQWV DYDLODEOH IURP WKHLU ZHE VLWH VHH KWWSZZZXVGDJRYUXVWHOHFRPLQGH[KWP

:KDW SODQQLQJ GHVLJQ DQG PDQDJHPHQW WRROV VKRXOG EH XVHG"

0XFK RI WKH RXWVLGH FDEOH SODQW LQIRUPDWLRQ LV DVVRFLDWHG ZLWK ORFDWLRQV 7R SURSHUO\ GRFXPHQW DQG WUDFN WKH LQIRUPDWLRQ UHTXLUHV *,6 *HRJUDSKLFDO ,QIRUPDWLRQ 6\VWHP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

$GYDQFH )LEHU 2SWLFV 2630 (GLW 2XWVLGH 3ODQW 0DQDJHU IRU 0DS,QIR 0DS,QIR $QQXDO 0DLQWHQDQFH 



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 0DS,QIR 7HFKQLFDO 6XSSRUW  0DLQWHQDQFH 

2630 (GLW $QQXDO 7HFK 6XSSRUW

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 VKRZV ORFDWLRQV RI WHOHSKRQH ZLUH

0DS0DUNHU FRQYHUWV VWUHHW DGGUHVVHV WR SRLQWV RQ WKH 6WUHHW3UR PDS



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

:KDW DUH VRXUFHV RI FHQVXV DQG GHPRJUDSKLF LQIRUPDWLRQ"

0DMRU VRXUFHV RI LQIRUPDWLRQ IRU FHQVXV DQG GHPRJUDSKLF GDWD LQFOXGH 86 &HQVXV %XUHDX KWWSZZZFHQVXVJRYPDLQZZZFHQKWPO 65& KWWSZZZH[WHQGWKHUHDFKFRP *HR/\WLFV KWWSZZZXVFHQVXVLQIR

86 &HQVXV %XUHDX

7KH RULJLQDO VRXUFH IRU FHQVXV DQG GHPRJUDSKLF LQIRUPDWLRQ LV WKH 86 &HQVXV %XUHDX 7KH\ KDYH DQ H[FHOOHQW ZHE VLWH WKDW H[SODLQV ZKDW WKH LQIRUPDWLRQ FRQVLVWV RI DQG WXWRULDOV IRU KRZ WR XVH LW KWWSZZZFHQVXVJRYPDLQZZZFHQKWPO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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH GHVFULEHG LQ D SDJH GRFXPHQW DW KWWSZZZFHQVXVJRYSURGSXEVPVR LFGSSGI 7KH &HQVXV %XUHDX ZHE VLWH SURYLGHV D TXHU\ V\VWHP FDOOHG $PHULFDQ )DFW)LQGHU WKDW VXSSRUWV TXHULHV RI VHOHFWHG GDWDEDVHV IURP ZKLFK UHSRUWV FDQ EH JHQHUDWHG DQG GRZQORDGHG VHH KWWSIDFWILQGHUFHQVXVJRYVHUYOHW%DVLF)DFWV6HUYOHW 7KLV V\VWHP LV JUHDW LI \RX FDQ REWDLQ WKH LQIRUPDWLRQ \RX DUH VHHNLQJ 3D\ DWWHQWLRQ WR WKH $PHULFDQ )DFW)LQGHU GDWDEDVH TXHU\ V\VWHP EHFDXVH LW LV D JRRG H[DPSOH RI D WRRO WKDW VKRXOG QRW EH WDNHQ IRU JUDQWHG :K\ LV WKDW" 7KH &HQVXV %XUHDX PDNHV WKHLU UDZ FHQVXV GDWD DQG JHRJUDSKLF 7,*(5 ILOHV DYDLODEOH RQOLQH IRU GRZQORDG 7,*(5 VWDQGV IRU 7RSRORJLFDOO\ ,QWHJUDWHG *HRJUDSKLF (QFRGLQJ DQG 5HIHUHQFLQJ V\VWHP 8QIRUWXQDWHO\ WKHVH ILOHV DUH YHU\ ODUJH DQG WKH\ FRQWDLQ PDQ\ YDULDEOHV ,W WDNHV D ORW RI WLPH DQG UHVRXUFHV WR GRZQORDG WKH LQIRUPDWLRQ XQGHUVWDQG KRZ LW LV RUJDQL]HG VWRUH LW LQ D JHRGDWDEDVH DQG ILJXUH RXW KRZ WR DFFHVV LW WR JHQHUDWH UHSRUWV DQG SULQW PDSV $PHULFDQ )DFW)LQGHU PDNHV LW HDV\ WR SHUIRUP D OLPLWHG VXEVHW RI IXQFWLRQV RQOLQH ZKLFK FDQ VDYH \RX D ORW RI ZRUN $W OHDVW WZR FRPPHUFLDO FRPSDQLHV 65& DQG *HR/\WLFV WDNH LW IXUWKHU WKDQ $PHULFDQ )DFW)LQGHU WR HQDEOH GHVNWRS DFFHVV WR WKH LQIRUPDWLRQ 65& DOVR SURYLGHV D PRUH H[WHQVLYH RQOLQH VHUYLFH 7KH 8QLYHUVLW\ RI 0LFKLJDQV 'RFXPHQWV &HQWHU ZHE VLWH SURYLGHV D FRPSDUDWLYH DQDO\VLV RI VRXUFHV RI FHQVXVGHPRJUDSKLF LQIRUPDWLRQ WKDW LV XVHIXO VHH KWWSZZZOLEXPLFKHGXJRYGRFVFRPSFHQKWPO )RU DGGLWLRQDO GHWDLOV VHH KWWSZZZOLEXPLFKHGXJRYGRFVFHQKWPO

65&
65& RIIHUV ERWK RQOLQH DQG 3& EDVHG VRIWZDUH VROXWLRQV IRU DFFHVVLQJ WKH PDVVLYH &HQVXV %XUHDX GDWD 7KH\ FRPSUHVV DQG SUHSURFHVV GDWD SOXV SURYLGH D GDWDEDVH TXHU\ IURQWHQG WR PDNH LW HDVLHU WR DFFHVV 65& RIIHUV WZR RQOLQH VHUYLFHV 2QH LV IUHH DW KWWSZZZIUHHGHPRJUDSKLFVFRP 7KH RWKHU LV RIIHUHG IRU D PRQWKO\ RU DQQXDO IHH DQG LW FDQ EH DFFHVVHG DW



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

*HR/\WLFV
*HR/\WLFV RIIHUV 3& EDVHG VRIWZDUH SURGXFWV VLPLODU WR 65&V $OORFDWH SURGXFW $OO RI WKHLU FHQVXV SURGXFWV FRPH ZLWK PDSSLQJ FDSDELOLWLHV VR \RX FDQ VHH IXOO FRORU PDSV ZLWK WKH VXEDUHDV \RX VHOHFW GHOLQHDWHG RQ WKH PDS 7KH\ DOORZ H[SRUWLQJ RI ERWK WKH GDWD DQG WKH JHRJUDSKLF ERXQGDULHV LQWR GDWDEDVHV 6$6 6366 $UF9LHZ 0DS,QIR DQG VHYHUDO RWKHU FRPPRQ VRIWZDUH SDFNDJHV )RU GHWDLOV VHH KWWSZZZXVFHQVXVLQIR



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

4XLFN 5HIHUHQFH WR )UHTXHQWO\ $VNHG 4XHVWLRQV

   :K\ LV LW GLIILFXOW IRU DQ HVWDEOLVKHG WHOHFRPPXQLFDWLRQV FRPSDQ\ WR PDNH WKLV LQYHVWPHQW" 9ROXPH  9ROXPH  7KHUH LV DOUHDG\ WRR PXFK ILEHU LQ WKH JURXQG :K\ QRW XVH ZKDWV WKHUH" 9ROXPH  9ROXPH  9ROXPH  7KH SULQFLSDO GHVLJQ FULWHULRQ GULYLQJ WKH GHYHORSPHQW RI WKLV LQIUDVWUXFWXUH LV WKDW HYHU\ XVHU KDV WKH SRWHQWLDO WR EH D SURGXFHU LQ WKH QHWZRUN HFRQRP\ ,V WKLV WKH VDPH DV EURDGEDQG DV LW LV FXUUHQWO\ K\SHG LQ WKH LQGXVWU\" 9ROXPH  &DQ ZH TXDQWLI\ WKH SRWHQWLDO MREV WKDW ZLOO EH FUHDWHG LI D UHJLRQ LQYHVWV LQ EXLOGLQJ DGYDQFHG WHOHFRPPXQLFDWLRQV LQIUDVWUXFWXUH" 9ROXPH  :KDW VKRXOG EH WKH 7REDFFR &RPPLVVLRQV UROH LQ WKH GHSOR\PHQW RI ILUVW PLOH WHFKQRORJLHV" 9ROXPH  9ROXPH  9ROXPH  9ROXPH  9ROXPH  +RZ FDQ ORFDOLWLHV HQVXUH WKDW WKH\ JHW HDUO\ DFFHVV WR WKH QHWZRUN" 9ROXPH  9ROXPH  9ROXPH  :KDW NLQG RI VXFFHVV KDYH RWKHU UHJLRQV KDG ZLWK WKH GHYHORSPHQW RI QHWZRUN LQIUDVWUXFWXUH IRU HFRQRPLF GHYHORSPHQW" 9ROXPH  :KDW UHJXODWRU\ IDFWRUV VKRXOG EH FRQVLGHUHG ZKHQ LQYHVWLQJ LQ ZLUHOHVV WHFKQRORJLHV" 9ROXPH  9ROXPH  :K\ GR ZH QHHG WR FRQQHFW WR QHWZRUN SRLQWV RXWVLGH RI WKH WREDFFR UHJLRQV" 9ROXPH  2QFH WKH QHWZRUN LV LQ SODFH ZKDW GR ZH GR ZLWK LW" 9ROXPH  9ROXPH  6LQFH WKH EXVLQHVV PRGHO IRU LQWHUUHJLRQDO DQG LQWHUFRXQW\ LQIUDVWUXFWXUH GLG QRW LQFOXGH WKH XVH RI FRQGXLW IDFLOLWDWLQJ EORZQ ILEHU VWUDQGV ZKDW DUH WKH FLUFXPVWDQFHV LQ ZKLFK WKLV WHFKQRORJ\ LV DSSURSULDWH DQG ILQDQFLDOO\ IHDVLEOH" 9ROXPH  9ROXPH  +RZ GR H[LVWLQJ FRPPXQLW\ QHWZRUNV ILW LQWR WKH RYHUDOO GHVLJQ" 9ROXPH  9ROXPH  9ROXPH  :KDW DUH VRPH H[DPSOHV IRU GHSOR\PHQW LQ WKH ILUVWODVW PLOH" 9ROXPH  9ROXPH  :KDW W\SH RI ILEHU LV UHFRPPHQGHG" 9ROXPH  :KDW ZRXOG D QHWZRUN GHVLJQ IRU P\ FRXQW\ ORRN OLNH" 9ROXPH 

       

   



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH   +RZ PXFK ZRXOG DOO WKLV FRVW" 9ROXPH  9ROXPH  :KDW LV WKH DSSURSULDWH RUJDQL]DWLRQ PRGHO IRU PDQDJLQJ DQG VXVWDLQLQJ WKH 7REDFFR &RPPLVVLRQV LQYHVWPHQW LQ FULWLFDO WHFKQRORJ\ LQIUDVWUXFWXUH" 9ROXPH  7REDFFR UHJLRQ FRPPXQLWLHV DUH XQGHUVHUYHG EHFDXVH WKH SULYDWH VHFWRU GRHV QRW VHH D SURILWDEOH EXVLQHVV FDVH :KDW PDNHV WKLV IHDVLEOH IURP D EXVLQHVV SHUVSHFWLYH" 9ROXPH  ,I WKH WUDGLWLRQDO LQYHVWPHQW PRGHO IRU GHYHORSLQJ FULWLFDO WHFKQRORJ\ LQIUDVWUXFWXUH KDV IDLOHG ZKDW LV WKH DOWHUQDWLYH" 9ROXPH  +RZ PXFK ZRXOG LW FRVW IRU FRQVXPHUV LQ WKH UHJLRQ WR XVH WKH QHWZRUN" 9ROXPH  :KDW WHFKQRORJLHV HQDEOH XVH RI WKH ILEHU" 9ROXPH  +RZ GRHV WKH FKRLFH RI WHFKQRORJ\ WR OLJKW WKH ILEHU LPSDFW WKH FRVW" 9ROXPH  +RZ GR ZLUHOHVV WHFKQRORJLHV ILW LQWR WKLV IUDPHZRUN" 9ROXPH  :KDW LV PHDQW E\ WKH WHUP RSHQ DFFHVV" 9ROXPH  :KDW LV WKH GLIIHUHQFH EHWZHHQ WKH EURDGEDQG K\SH DQG WKH QH[W JHQHUDWLRQ QHWZRUNV" 9ROXPH  :KDW DUH VRPH QH[W JHQHUDWLRQ ,QWHUQHW 1*, DSSOLFDWLRQV" 9ROXPH 



       



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

$SSHQGL[
6RXUFHV RI ,QIRUPDWLRQ IRU 3ODQQLQJ DQG (QJLQHHULQJ
,I RQH QHHGV LQIRUPDWLRQ IRU KRZ WR SODQ DQG HQJLQHHU ILEHU RSWLF LQIUDVWUXFWXUH LW LV XVHIXO WR NQRZ ZKHUH WR ORRN LW XS 7KLV VHFWLRQ LGHQWLILHV VRPH RI WKH SUDFWLFDO VRXUFHV ZKLFK DUH PRUH GLUHFWO\ SHUWLQHQW WR WKH WDVNV 7KHUH DUH QXPHURXV ERRNV RQ ILEHU RSWLF WHFKQRORJ\ EXW UHODWLYHO\ IHZ FRYHU WKH GHWDLOV RQ KRZ WR SODQ GHVLJQ DQG EXLOG ILEHU RSWLF LQIUDVWUXFWXUH 6RPH RI WKH EHWWHU VRXUFHV DUH IURP %,&6, %XLOGLQJ ,QGXVWU\ &RQVXOWLQJ 6HUYLFH ,QWHUQDWLRQDO 6&7( 6RFLHW\ RI &DEOH 7HOHFRPPXQLFDWLRQV (QJLQHHUV 586 5XUDO 8WLOLWLHV 6HUYLFHV VWDQGDUGV RUJDQL]DWLRQV DQG SURGXFW PDQXIDFWXUHUV 7KHVH DUH FRYHUHG LQ PRUH GHWDLO EHORZ 0DQ\ RI WKH GRFXPHQWV OLVWHG LQ WKLV VHFWLRQ FDQ EH SXUFKDVHG IURP *OREDO (QJLQHHULQJ 'RFXPHQWV KWWSJOREDOLKVFRP %,&6, DQG 6&7( RIIHU GLVFRXQWV RQ SXEOLFDWLRQV WR PHPEHUV VR \RX PD\ ZLVK WR MRLQ 7KHVH RUJDQL]DWLRQV DOVR SURYLGH WUDLQLQJ DQG RWKHU VHUYLFHV ,Q DGGLWLRQ WR LQIRUPDWLRQ LQ WKH WHOHFRPPXQLFDWLRQV ILHOG RQH QHHGV LQIRUPDWLRQ IURP QRQWHOHFRPP ILHOGV WR KHOS DGGUHVV WKH IXOO VFRSH RI ZRUN 6RPH RI WKHVH LQFOXGH HOHFWULFDO SRZHU +9$& +HDW 9HQWLODWLRQ DQG $LU &RQGLWLRQLQJ &LYLO (QJLQHHULQJ *,6 *HRJUDSKLFDO ,QIRUPDWLRQ 6\VWHPV FRQVWUXFWLRQ SURMHFW PDQDJHPHQW EXVLQHVV DQG RSHUDWLRQV 0DQ\ RI WKH VRXUFHV IRU WKHVH DUH SURYLGHG LQ WKLV VHFWLRQ

&RGHV DQG 5HJXODWLRQV

,Q DGGLWLRQ WR WKH FRGHV DQG UHJXODWLRQV OLVWHG EHORZ RQH PXVW DOVR IROORZ WKH VWDWHORFDO FRGHV DQG UHJXODWLRQV LQ DUHDV ZKHUH ZRUN LV SODQQHG 1(6& 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH  KWWSVWDQGDUGVLHHHRUJQHVF 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH +DQGERRN E\ 'DYLG 0DUQH 0F*UDZ+LOO  LQFOXGHV 26+$ VWDQGDUGV UHODWHG WR WKH 1(6& ZRUN UXOHV 

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 1(&  1DWLRQDO (OHFWULFDO &RGH KWWSZZZQISDRUJ+RPHLQGH[DVS 26+$ 2FFXSDWLRQDO 6DIHW\ DQG +HDOWK $GPLQLVWUDWLRQ KWWSZZZRVKDJRY 586 86'$ 5XUDO 8WLOLWLHV 6HUYLFHV WHOHFRPPXQLFDWLRQV SXEOLFDWLRQV IURP  &)5 SDUWV   DQG  KWWSZZZXVGDJRYUXVWHOHFRPLQGH[KWP

6WDQGDUGV
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 $16,7,$(,$  :LULQJ 6WDQGDUGV KWWSJOREDOLKVFRP (,$ (OHFWURQLF ,QGXVWULHV $OOLDQFH KWWSZZZHLDRUJ ,((( ,QVWLWXWH RI (OHFWULFDO DQG (OHFWURQLFV (QJLQHHUV KWWSVWDQGDUGVLHHHRUJ ,787 ,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQV 8QLRQ 7HOHFRPPXQLFDWLRQV 6HFWRU KWWSZZZLWXLQW,787 7,$ 7HOHFRPPXQLFDWLRQV ,QGXVWU\ $VVRFLDWLRQ KWWSZZZWLDRQOLQHRUJ 7HOFRUGLD 7HFKQRORJLHV KWWSZZZWHOFRUGLDFRP

,QGXVWU\ 3XEOLFDWLRQV
$OO RI WKH UHIHUHQFHV LQ WKLV VHFWLRQ DUH KLJKO\ UHFRPPHQGHG 7KH EHVW SODFH WR REWDLQ WKH %,&6, DQG 6&7( SXEOLFDWLRQV DUH GLUHFW 7KHLU ZHE VLWHV DUH KWWSZZZELFVLRUJ DQG KWWSZZZVFWHRUJKRPHFIP UHVSHFWLYHO\ &RQVLGHU MRLQLQJ DV PHPEHUV WR WDNH DGYDQWDJH RI SXEOLFDWLRQ GLVFRXQWV WUDLQLQJ DQG RWKHU VHUYLFHV 7KH FXUUHQW %,&6, DQQXDO PHPEHUVKLS IHH LV  IRU DQ LQGLYLGXDO 7KH FXUUHQW 6&7( DQQXDO PHPEHUVKLS IHH LV  IRU DQ LQGLYLGXDO $V D FRPSDULVRQ WKH FXUUHQW EDVLF ,((( DQQXDO



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  7KH PXVW KDYH UHIHUHQFH WR EHJLQ ZLWK LV WKH %,&6, &XVWRPHU2ZQHG 2XWVLGH 3ODQW 'HVLJQ 0DQXDO ,W LV DYDLODEOH LQ KDUG FRS\ DQG RQ &'520

3URGXFW 0DQXIDFWXUHU 3XEOLFDWLRQV

7KH IROORZLQJ SXEOLFDWLRQV DUH XVHIXO DQG DYDLODEOH IRU IUHH GRZQORDG YLD WKH ZHE $FFHVV 6ROXWLRQV *XLGH &RUQLQJ &DEOH 6\VWHPV  KWWSZZZFRUQLQJFDEOHV\VWHPVFRPZHESXEQHWSXEQHWQVIHKWPODVJ /$1VFDSH 'HVLJQ *XLGH 5HOHDVH  &RUQLQJ &DEOH 6\VWHPV KWWSZZZFRUQLQJFDEOHV\VWHPVFRPZHEOLEUDU\OLEUDU\QVIHKWPOLQGH[ $ *XLGH WR 6HOHFW 6LQJOH0RGH )LEHUV IRU 2SWLFDO &RPPXQLFDWLRQV $SSOLFDWLRQV $OHVVDQGUR %DUELHUL &LVFR 6\VWHPV KWWSZZZZHEWRULDOVFRPPDLQUHVRXUFHSDSHUVFLVFRSDSHUKWP

3UDFWLFDO 5HIHUHQFHV
,I \RX ZDQW WR OHDUQ KRZ WR GHVLJQ LQVWDOO DQG PDLQWDLQ ILEHU RSWLF FDEOH SODQW WKHQ WKH ERRNV LQ WKLV VHFWLRQ VKRXOG KHOS 0RUH DUH OLVWHG DW WKH HQG RI WKLV SDSHU (ULF 3HDUVRQ 7KH &RPSOHWH *XLGH WR )LEHU 2SWLF &DEOH 6\VWHP ,QVWDOODWLRQ 'HOPDU  %DUU\ (OOLRWW DQG 0LNH *LOPRUH )LEHU 2SWLF &DEOLQJ QG (G 1HZQHV 



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 5RJHU / )UHHPDQ )LEHU 2SWLF 6\VWHPV IRU 7HOHFRPPXQLFDWLRQV -RKQ :LOH\ DQG 6RQV 1HZ <RUN  7KRPDV 0 6KRHPDNHU DQG -DPHV ( 0DFN 7KH /LQHPDQV DQG &DEOHPDQV +DQGERRN 0F*UDZ+LOO  $VKZLQ *XPDVWH DQG 7RQ\ $QWRQ\ ':'0 1HWZRUN 'HVLJQV DQG (QJLQHHULQJ 6ROXWLRQV &LVFR 3UHVV  'HQQLV 'HULFNVRQ )LEHU2SWLF 7HVW DQG 0HDVXUHPHQW 3UHQWLFH +DOO  %RE &KRP\F] )LEHU 2SWLF ,QVWDOOHUV )LHOG 0DQXDO 0F*UDZ+LOO  -LP +D\HV )LEHU 2SWLFV 7HFKQLFLDQV 0DQXDO QG (G '(/0$5  -HUU\ & :KLWDNHU $& 3RZHU 6\VWHPV +DQGERRN &5& 3UHVV 

$GGLWLRQDO 5HIHUHQFHV DQG 6RXUFHV RI ,QIRUPDWLRQ

.QRZLQJ ZKHUH WR ORRN XS LQIRUPDWLRQ QHHGHG IRU SODQQLQJ HQJLQHHULQJ DQG EXLOGLQJ ILEHU RSWLF FDEOH SODQW FDQ EH YDOXDEOH 6RPH RI WKH UHIHUHQFHV JLYHQ LQ WKLV VHFWLRQ SURYLGH SRLQWHUV WR DGGLWLRQDO OLVWV RI UHIHUHQFHV 7KLV OLVW LV XQLTXH LQ WKDW LW DWWHPSWV WR FRYHU WKH IXOO VFRSH RI LVVXHV UHOHYDQW WR EXLOGLQJ ILEHU RSWLF LQIUDVWUXFWXUH

2SWLFDO 1HWZRUN 7HFKQRORJ\ DQG $SSOLFDWLRQV

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

)LEHU 2SWLF 1HWZRUN 7HFKQRORJ\ DQG 7KHRU\

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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 6WDPDWLRV 9 .DUWDORSRXORV ,QWURGXFWLRQ WR ':'0 7HFKQRORJ\ ,((( 3UHVV  7KRPDV ( 6WHUQ DQG .ULVKQD %DOD 0XOWLZDYHOHQJWK 2SWLFDO 1HWZRUN $ /D\HUHG $SSURDFK $GGLVRQ :HVOH\ 

*,6 *HRJUDSKLF ,QIRUPDWLRQ 6\VWHPV

*RRG UHIHUHQFHV DUH KDUG WR ILQG LQ WKH DUHD RI *,6 EXW WKH RQHV OLVWHG EHORZ SURYLGH D EHJLQQLQJ *UDQW 7KUDOO RQH RI WKH DXWKRUV EHORZ LV DOVR 93 IRU %XVLQHVV 'HYHORSPHQW DW *HR7HO *HR7HO RIIHUV JHRJUDSKLF GDWD IRU WHOHFRPPXQLFDWLRQV VHH KWWSZZZJHR WHOFRPLQGH[KWPO 3DXO $ /RQJOH\ 0LFKDHO ) *RRGFKLOG 'DYLG - 0DJXLUH DQG 'DYLG : 5KLQG *HRJUDSKLF ,QIRUPDWLRQ 6\VWHPV DQG 6FLHQFH :LOH\  *UDQW ,DQ 7KUDOO %XVLQHVV *HRJUDSK\ DQG 1HZ 5HDO (VWDWH 0DUNHW $QDO\VLV 2[IRUG   *HRUJH % .RUWH 3( 7KH *,6 %RRN 2QZRUG 3UHVV  &KDUOHV $ +HDWZROH *HRJUDSK\ IRU 'XPPLHV +XQJU\ 0LQGV 

&LYLO (QJLQHHULQJ
7KH &LYLO (QJLQHHULQJ UHIHUHQFHV LQ WKLV VHFWLRQ FRYHU QXPHURXV DVSHFWV RI SODQQLQJ DQG HQJLQHHULQJ IRU ODQG GHYHORSPHQW LQFOXGLQJ WKH XVH RI *,6 0DQ\ RI WKH FRQFHSWV GLVFXVVHG DUH XVHIXO IRU WHOHFRPPXQLFDWLRQV LQIUDVWUXFWXUH SODQQLQJ 75 'LRQ /DQG 'HYHORSPHQW IRU &LYLO (QJLQHHUV QG (G :LOH\  6LGQH\ 'HZEHUU\  (GLWRU LQ &KLHI /DQG 'HYHORSPHQW +DQGERRN 3ODQQLQJ (QJLQHHULQJ DQG 6XUYH\LQJ QG (G 0F*UDZ+LOO 

&RQVWUXFWLRQ 3URMHFW 0DQDJHPHQW &RQWUDFWV DQG &RVW (VWLPDWLRQ

$IWHU DOO VDLG DQG GRQH LW FRPHV GRZQ WR SURMHFW PDQDJHPHQW FRQVWUXFWLRQ DQG FRVW 5HIHUHQFHV LQ WKLV VHFWLRQ VKRXOG EH KHOSIXO 7RP 0RFKDO 7HQ6WHS ,QF KWWSZZZWHQVWHSFRP



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH (GZDUG 5 )LVN &RQVWUXFWLRQ 3URMHFW $GPLQLVWUDWLRQ WK (G 3UHQWLFH +DOO  7DUHN +HJD]\ &RPSXWHU%DVHG &RQVWUXFWLRQ 3URMHFW 0DQDJHPHQW 3UHQWLFH +DOO  5LFKDUG + &ORXJK *OHQQ $ 6HDUV DQG 6 .HRNL 6HDUV &RQVWUXFWLRQ 3URMHFW 0DQDJHPHQW WK (G :LOH\  'DYH 2JHUVKRN  1DWLRQDO &RQVWUXFWLRQ (VWLPDWRU WK (G &UDIWVPDQ %RRN &RPSDQ\  &UDLJ 6DYDJH DQG .DUHQ -RQHV0LWFKHOO &RQVWUXFWLRQ )RUPV DQG &RQWUDFWV &UDIWVPDQ %RRN &RPSDQ\ 

:ULWLQJ 5)3V DQG *UDQW 5HTXHVWV

:ULWLQJ JUDQW UHTXHVWV DQG 5)3V DUH D FKRUH EXW WKHVH UHIHUHQFHV KHOS WR PDNH LW D OLWWOH HDVLHU %XG 3RUWHU5RWK 5HTXHVW IRU 3URSRVDO $ JXLGH WR (IIHFWLYH 5)3 'HYHORSPHQW $GGLVRQ:HVOH\  %HYHUO\ %URZQLQJ *UDQW :ULWLQJ IRU 'XPPLHV +XQJU\ 0LQGV  5HYD %DVFK DQG 0DU\ (OOHQ %DWHV 5HVHDUFKLQJ 2QOLQH IRU 'XPPLHV ,'* %RRNV 

3URYLGLQJ 6HUYLFHV
2QFH WKH ILEHU RSWLF LQIUDVWUXFWXUH LV EXLOW LI QRW ORQJ EHIRUH \RX QHHG D JRRG EXVLQHVV SODQ 7KHVH UHIHUHQFHV VKRXOG KHOS \RX XQGHUVWDQG VRPH RI WKH LVVXHV 3DXO 7LIIDQ\ DQG 6WHYHQ 3HWHUVRQ %XVLQHVV 3ODQV IRU 'XPPLHV ,'* %RRNV  3- /RXLV 7HOHFRP 0DQDJHPHQW &UDVK &RXUVH 0F*UDZ+LOO  +RZDUG %HUNRZLW] %XLOGLQJ 6HUYLFH 3URYLGHU 1HWZRUNV :LOH\  .DUHQ * 6WURXVH 6WUDWHJLHV IRU 6XFFHVV LQ WKH 1HZ 7HOHFRPPXQLFDWLRQV 0DUNHWSODFH $UWHFK +RXVH  3HWH 0RXOWRQ DQG -DVRQ 0RXOWRQ 7KH 7HOHFRPPXQLFDWLRQV 6XUYLYDO *XLGH 3UHQWLFH +DOO 375 



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH .RUQHO 7HUSODQ DQG 3DWULFLD 0RUUHDOH (GLWRUV LQ &KLHI 7KH 7HOHFRPPXQLFDWLRQV +DQGERRN &5& 3UHVV  .DUHQ * 6WURXVH 0DUNHWLQJ 7HOHFRPPXQLFDWLRQV 6HUYLFHV $UWHFK +RXVH  *HRII +XVWRQ ,63 6XUYLYDO *XLGH :LOH\ 

6WXGLHV DQG 5HSRUWV RQ +LJKVSHHG ,QIUDVWUXFWXUH 'HSOR\PHQW

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

3HULRGLFDOV DQG 0DJD]LQHV IRU )LEHU 2SWLF 1HWZRUNLQJ

&DEOLQJ %XVLQHVV 0DJD]LQH KWWSZZZFDEOLQJEXVLQHVVFRP &RPPV'HVLJQ KWWSZZZFRPPVGHVLJQFRPGFHQWHUVRSWLFDOQHWZRUNLQJ )LEHU 2SWLF 3URGXFW 1HZV KWWSZZZISQPDJFRPVFULSWVGHIDXOWDVS /DVHU )RFXV :RUOG KWWSOIZSHQQQHWFRPKRPHFIP /LJKW 5HDGLQJ KWWSZZZOLJKWUHDGLQJFRPGHIDXOWDVS /LJKW:DYH KWWSOZSHQQQHWFRPKRPHFIP



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 1HWZRUN :RUOG )XVLRQ KWWSZZZQZIXVLRQFRPHGJHWRSLFVRSWLFDOKWPO 2SWLFDO 1HWZRUNV 0DJD]LQH KWWSRSWLFDOQHWZRUNVFRP 63,( 7KH ,QWHUQDWLRQDO 6RFLHW\ RI 2SWLFDO (QJLQHHULQJ KWWSZZZVSLHRUJ 7HOHSKRQ\ 2QOLQH KWWSWHOHSKRQ\RQOLQHFRPRSWLFDOLQGH[KWP

0DUNHW 5HVHDUFK 2UJDQL]DWLRQV

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

*HQHULF &RVW ,QIRUPDWLRQ IRU %XLOGLQJ )LEHU 2SWLF ,QIUDVWUXFWXUH

,QIRUPDWLRQ LQ WKLV VHFWLRQ LV SURYLGHG FRXUWHV\ RI 5$&2 ,QF *UHWQD 9$ 7HO   5$&2 SURYLGHV FDEOH SODQW HQJLQHHULQJ DQG FRQVWUXFWLRQ VHUYLFHV

(QJLQHHULQJ
%DVLF (QJLQHHULQJ &DQ 5XQ )URP  WR  SHU PLOH 5LJKW RI :D\ 52: VHOHFWLRQ DQG DFTXLVLWLRQ 5RXWH GHVLJQ



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 3UHSDUDWLRQ RI SUHOLPLQDU\ HQJLQHHULQJ GUDZLQJV '27 SHUPLW DSSOLFDWLRQV 5DLOURDG FURVVLQJ SHUPLW DSSOLFDWLRQV 3ROH DWWDFKPHQW DJUHHPHQW DSSOLFDWLRQ 3UHSDUDWLRQ RI DVEXLOWV

1RWH ,I WKH HQJLQHHULQJ ILUP LV UHTXLUHG WR SUHSDUH WKH RYHUDOO ELG SDFNDJH DVVHPEOH DOO WKH QHFHVVDU\ IRUPV DQG ELG VKHHWV SUHSDUH VSHFLILF GHILQLWLRQV RI DOO XQLWV DVVHPEOH FRPSOHWHG ELG SDFNDJHV PDNH PXOWLSOH FRSLHV FRQGXFW SUHELG FRQIHUHQFH KDYH DQ LQVSHFWRU RQVLWH GXULQJ FRQVWUXFWLRQ DFFHSW WKH SURMHFW XSRQ FRPSOHWLRQ RI FRQVWUXFWLRQ

WKHQ DOO RI WKLV FDQ DGG VLJQLILFDQWO\ WR WKH RYHUDOO SHU PLOH IHH

$HULDO &RQVWUXFWLRQ
$HULDO FRQVWUXFWLRQ FRVWV DUH  WR  SHU PLOH 6RPH RI WKH YDULDEOHV LQYROYHG LQFOXGH SULFH RI VWUDQG FDEOH KDUGZDUH PDNH UHDG\ ULJKWVRIZD\

2QH RI WKH PDMRU FRVW YDULDEOHV ZLOO EH KRZ PXFK SROH PDNHUHDG\ ZRUN QHHGV WR EH GRQH LQ SUHSDUDWLRQ IRU WKH DGGLWLRQDO FDEOH LH UHSODFLQJ SROHV UHDUUDQJLQJ H[LVWLQJ



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH FDEOH RU SRZHU OLQHV 'HSHQGLQJ XSRQ WKH FRXQW\ FLW\ RU RWKHU HQWLW\ ZLWK ZKLFK \RX DUH GHDOLQJ WKLV LWHP FDQ SUHVHQW D PDMRU XQH[SHFWHG H[SHQVH ,W LV FULWLFDOO\ LPSRUWDQW WR NQRZ DV EXGJHWV DUH SUHSDUHG IRU ILEHU RSWLF LQIUDVWUXFWXUH GHYHORSPHQW ZKHWKHU SHUPLVVLRQ KDV EHHQ VHFXUHG WR DWWDFK WR H[LVWLQJ SROHV $1' H[DFWO\ ZKDW WKH FRVWV ZLOO EH

%XULHG &RQVWUXFWLRQ
&RVW IRU EXULHG FRQVWUXFWLRQ JHQHUDOO\ UXQV IURP  WR  SHU PLOH &RVWV LQYROYHG FDQ YDU\ JUHDWO\ GHSHQGLQJ XSRQ KRZ PXFK GLUHFWLRQDO ERULQJ ZLOO KDYH WR EH GRQH ZKHWKHU WKH FDEOH LV EXULHG E\ LWVHOI RU SODFHG LQ DQ LQQHUGXFW WKH H[WHQW RI URFN FRQGLWLRQV

([WHQVLYH URFN FDQ JUHDWO\ LQIODWH EXULHG FRQVWUXFWLRQ FRVWV

6SOLFLQJ
)RU D W\SLFDO PLOH SURMHFW ZLWK D FRPELQDWLRQ RI ERWK DHULDO DQG EXULHG FRQVWUXFWLRQ VSOLFLQJ FRVWV FDQ UXQ IURP  WR  7KLV RI FRXUVH GHSHQGV RQ WKH QXPEHU RI VSOLFHV DQG WKH QXPEHU RI ILEHUV FDOOHG IRU LQ WKH HQJLQHHULQJ GHVLJQ

&DEOH)LEHU
3ULFHV FDQ YDU\ VLJQLILFDQWO\ IURP VXSSOLHU WR VXSSOLHU GHSHQGLQJ JUHDWO\ XSRQ WKH ILEHU VSHFLILFDWLRQV ILEHU FRXQW DQG WKH WRWDO SURMHFW IRRWDJH

0DMRU ,VVXHV WR $GGUHVV

(DUO\ LGHQWLILFDWLRQ RI FROODERUDWRUV 3ROH DWWDFKPHQW DJUHHPHQWV



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

4XDOLW\ $VVXUDQFH &KHFN /LVW

7KLV TXDOLW\ DVVXUDQFH FKHFN OLVW LV SURYLGHG FRXUWHV\ RI &RUQLQJ &DEOH 6\VWHPV ZZZFRUQLQJFDEOHV\VWHPVFRP &RUQLQJ &DEOH 6\VWHPV RIIHUV D FRPSOHWH VHW RI ILEHU RSWLF FDEOHV FRPSRQHQWV DQG HQJLQHHULQJ VHUYLFHV LQFOXGLQJ TXDOLW\ DFFHSWDQFH VHUYLFHV GHVFULEHG LQ WKLV VHFWLRQ 7KLV VHFWLRQ GHVFULEHV FKHFN OLVWV IRU 3RVW ,QVWDOODWLRQ ,QVSHFWLRQ 2YHUYLHZ 2XWVLGH 3ODQW $HULDO 2XWVLGH 3ODQW 'XFW ,QVWDOODWLRQ 2XWVLGH 3ODQW 'LUHFW %XULHG ,QVWDOODWLRQ ,QVLGH 3ODQW

$W WKH EHJLQQLQJ RI HDFK RI WKH PDLQ VHFWLRQV WKDW GHVFULEH LQVSHFWLRQ JXLGHOLQHV IRU DHULDO GXFW GLUHFW EXULHG DQG LQVLGH SODQW WKHUH DUH UHIHUHQFHV OLVWHG WKDW LQFOXGH &RUQLQJ 653V 6WDQGDUG 5HFRPPHQGHG 3URFHGXUHV DSSOLFDEOH WR WKH W\SH RI FDEOH SODQW 7KH 653V DUH DYDLODEOH IURP &RUQLQJ &DEOH 6\VWHPV ZHE VLWH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

3RVW ,QVWDOODWLRQ ,QVSHFWLRQV

3HUIRUP D YLVXDO LQVSHFWLRQ RI WKH HQWLUH RXWVLGH SODQW URXWH FKHFNLQJ IRU DQ\ REYLRXV SUREOHPV EXW DGGLWLRQDOO\ SHUIRUP GHWDLOHG LQVSHFWLRQV RQ UDQGRPO\ FKRVHQ VHFWLRQV DQG RQ DOO FULWLFDO DUHDV 7KH LWHPV WR EH FKHFNHG ZLOO LQFOXGH &DEOH %HQG 5DGLXV &DEOH /RFDWLRQ DQG 3URSHU &OHDUDQFH 0HVVHQJHU $WWDFKPHQW %RQGLQJ *URXQGLQJ &URVVRYHUV 'ULS /RRSV 'HDGHQGV 'XFWV DQG ,QQHUGXFW &DEOH ([SRVXUH :DUQLQJ 6LJQV 'RFXPHQWDWLRQ

/DVKLQJ 6SOLFH &ORVXUHV DQG 6ODFN 6WRUDJH

7KH LQVSHFWLRQ ZLOO EH FRPSOHWHO\ QRQLQWUXVLYH PHDQLQJ QR VHDOHG FRPSRQHQWV ZLOO EH RSHQHG IRU LQVSHFWLRQ 3HUIRUP D WKRURXJK LQVSHFWLRQ RI WKH ,QVLGH 3ODQW RSWLFDO QHWZRUN FKHFNLQJ IRU &DEOH 5RXWLQJ 5DFN *URXQGLQJ 6SOLFLQJ DQG &RQQHFWRUL]DWLRQ 'RFXPHQWDWLRQ 7HVWLQJ )LUH 6DIHW\

+DUGZDUH ,QVWDOODWLRQ

)LQDOO\ SHUIRUP WHVWLQJ VSRW FKHFNV WR YDOLGDWH WKH LQVWDOOHUV WHVWLQJ DQG WR ORRN IRU V\VWHP FRQQHFWLRQ HUURUV VXFK DV FURVVVSOLFLQJ



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH $W WKH FRPSOHWLRQ RI WKH LQVSHFWLRQ SURYLGH D GHWDLOHG 3RVW ,QVSHFWLRQ 5HSRUW GHVFULEHG EHORZ 6SHFLILF LQVSHFWLRQ GHVFULSWLRQV DUH EHORZ

4XDOLW\ ,QVSHFWLRQ RI 2XWVLGH 3ODQW $HULDO

5HIHUHQFHV
&RUQLQJ &DEOH 6\VWHPV 6WDQGDUG 5HFRPPHQGHG 3URFHGXUH 653 )LEHU 2SWLF &DEOH 3ODFLQJ /DVKHG $HULDO 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH 1(6& %,&6, 7HOHFRPPXQLFDWLRQV 'LVWULEXWLRQ 0HWKRGV 0DQXDO 7'00 /RFDO (OHFWULFDO 6DIHW\ &RGHV EDVHG RQ VSHFLILF FRXQW\ RU PXQLFLSDOLW\

&DEOH %HQG 5DGLXV

,QVSHFW &DEOH %HQG 5DGLXV WR HQVXUH WKDW PDQXIDFWXUHUV PLQLPXP FDEOH EHQG UDGLXV LV QRW YLRODWHG DW SRLQWV ZKHUH WKH FDEOH WXUQV VSOLFH ORFDWLRQV SROH WUDQVLWLRQV VODFN VWRUDJH URXWH GLUHFWLRQ FKDQJHV WKDW H[FHHG  GHJUHHV DQG WUDQVLWLRQV DURXQG LQVWDOOHG HTXLSPHQW ,QVSHFWLRQ )UHTXHQF\  RI VODFN ORRSV SROH WUDQVLWLRQV DQG GLUHFWLRQ FKDQJHV H[FHHGLQJ  GHJUHHV VKDOO EH LQVSHFWHG 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

&DEOH /RFDWLRQ DQG 3URSHU &OHDUDQFH

,I WKH ILEHU RSWLF FDEOH LV OLJKW LQ ZHLJKW DQG LWV VDJ LQ DHULDO VSDQ LV VPDOO LW VKRXOG QRUPDOO\ RFFXS\ WKH XSSHUPRVW DYDLODEOH FRPPXQLFDWLRQ VSDFH RQ WKH SROH VHH 653 ,QVSHFW &DEOH 6WUDQG IRU SURSHU PLQLPXP FOHDUDQFH IURP HOHFWULF SRZHU OLQHV DQG RWKHU FDEOHV WKDW PD\ VDJ QHDU WKH ILEHU RSWLF FDEOH 'HWHUPLQH WKH FOHDUDQFH EHWZHHQ WKH ILEHU RSWLF FDEOH DQG H[LVWLQJ IDFLOLWLHV XVLQJ DQ DSSURSULDWH PHDVXULQJ URG RU RWKHU PHDQV DQG QRWH ZKHWKHU FOHDUDQFH FRPSOLHV ZLWK WKH 1DWLRQDO (OHFWULF VDIHW\ &RGH 1(6& DQG DSSURSULDWH ORFDO VDIHW\ FRGHV



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 7KLV UHTXLUHPHQW DSSOLHV WR FDEOH WKDW LV DOOGLHOHFWULF DV ZHOO DV WKDW ZLWK PHWDOOLF FRPSRQHQWV DV WKHUH LV DOZD\V D ULVN RI IODVKRYHU VSDUNLQJ IURP D SRZHU OLQH WR WKH PHWDOOLF PHVVHQJHU ,QVSHFWLRQ )UHTXHQF\  RI SROH VSDQV VKDOO EH PHDVXUHG IRU FOHDUDQFH 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

0HVVHQJHU $WWDFKPHQW
:KHQ WKH LQVWDOODWLRQ LV D QHZ EXLOG RQ D GHGLFDWLRQ PHVVHQJHU LH QRW RYHUODVKHG YHULI\ WKH PHVVHQJHU 2XWHU 'LDPHWHU 2' ,QVSHFW WKH PHVVHQJHU IRU SURSHU DWWDFKPHQW WR WKH SROH HQVXULQJ WKDW VWDQGDUG KDUGZDUH H\HEROWV FODPSV HWF DUH XVHG ,QVSHFWLRQ )UHTXHQF\  PHVVHQJHU FRPSRQHQWV 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH RI SROH VSDQV VKDOO EH LQVSHFWHG IRU FRUUHFW

%RQGLQJ

*URXQGLQJ

,QVSHFW WKH LQVWDOODWLRQ IRU SURSHU H[WHUQDO JURXQGLQJ RI DOO VSOLFH FORVXUHV WR HQVXUH WKH FORVXUH LV JURXQGHG WR WKH PHVVHQJHU ,QVSHFW LQVWDOODWLRQ RI WKH PHVVHQJHU WR HQVXUH WKH PHVVHQJHU LV FRQQHFWHG WR WKH SROH JURXQG 1R FORVXUHV ZLOO EH RSHQHG WR GHWHUPLQH ZKHWKHU WKH FDEOH LV SURSHUO\ DWWDFKHG WR LQWHUQDO FORVXUH JURXQGLQJ FRPSRQHQWV DQG ZKHWKHU WKH LQWHUQDO FRPSRQHQWV DUH FRQQHFWHG WR H[WHUQDO JURXQGLQJ FRPSRQHQWV

,QVSHFWLRQ )UHTXHQF\  PHVVHQJHU

RI FORVXUHV VKDOO EH LQVSHFWHG IRU JURXQGLQJ WR WKH

5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

'ULS /RRSV 'HDGHQGV DQG &URVVRYHUV

(QVXUH WKDW GULS ORRSV DUH QRW XVHG ZKHUH RSWLFDO FDEOH LV RYHUODVKHG WR H[LVWLQJ FRD[LDO FDEOH WR SUHYHQW WKH SRVVLELOLW\ RI WKH ILEHU RSWLF GULS ORRS PLJUDWLQJ DORQJ WKH VWUDQG :KLOH WKLV GRHV QRW DIIHFW HLWKHU FDEOH SODQW UHOLDELOLW\ RU WUDQVPLVVLRQ TXDOLW\ GULS ORRS PRYHPHQW FDQ GHWUDFW IURP WKH RYHUDOO DSSHDUDQFH RI WKH FDEOH SODQW VHH 653



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 :KHQ GULS ORRSV DUH XVHG LQVSHFW IRU VWUDSV DQG VSDFHUV LQ WKH DEVHQFH RI ODVKLQJ ZLUH VXSSRUW WR VXSSRUW WKH FDEOH HQVXULQJ WKDW WKH\ DUH LQVWDOOHG DW OHDVW  LQFKHV IURP WKH GULS ORRS DQG DUH WLJKW HQRXJK WR SUHYHQW WKHLU PRYHPHQW DORQJ WKH VWUDQG ZKLOH SHUPLWWLQJ ORQJLWXGLQDO WUDYHO E\ WKH FDEOH ,QVSHFW PHVVHQJHU LQWHUVHFWLRQV DW GHDGHQGV DQG DHULDO FURVVRYHUV WR HQVXUH WKH RSWLFDO FDEOH LV URXWHG RQ WKH LQVLGH RI WKH LQWHUVHFWLRQ ,QVSHFWLRQ )UHTXHQF\  RI SROHV VKDOO EH LQVSHFWHG IRU GULS ORRS FRPSOLDQFH DQG SURSHU GHDGHQGFURVVRYHU URXWLQJ 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

/DVKLQJ
,QVSHFW ODVKLQJ WR HQVXUH LW LV GRXEOHODVKHG ZKHQ RSWLFDO FDEOH LV LQVWDOOHG RYHU H[LVWLQJ DHULDO FDEOHV RU ZKHQ FDEOH LV LQVWDOOHG RYHU UDLOURDGV DQG URDGZD\V ,QVSHFW ODVKLQJ WR HQVXUH WKDW LW LV QRW ORRVH WZLVWHG ZHDYLQJ RU XQUDYHOLQJ DORQJ WKH VWUDQG ,QVSHFW ODVKLQJ WR HQVXUH LW KDV DW OHDVW RQH ZUDS SHU OLQHDU IRRW DQG LV WKH FRUUHFW VL]H VWDQGDUG ODVKLQJ ZLUH IRU WKH FDEOH DQG VWUDQG $FWXDO VSHF GHSHQGV XSRQ VWDQG DQG FDEOH EXQGOH 2' ,QVSHFW ODVKLQJ IRU SURSHU WHUPLQDWLRQ DW HDFK SROH ZLWK D ODVKLQJ ZLUH FODPS FDEOH VSDFHUV DQG D WULSOH ZUDS DURXQG WKH PHVVHQJHU DV LW HQWHUV WKH FODPS ,QVSHFWLRQ )UHTXHQF\  DQG ODVKLQJ WHUPLQDWLRQ RI SROH VSDQV VKDOO EH LQVSHFWHG IRU SURSHU ODVKLQJ

6SOLFH &ORVXUHV DQG 6ODFN 6WRUDJH

,QVSHFW VSOLFH FORVXUH ORFDWLRQV WR HQVXUH WKDW VODFN FDEOH ORRSV DUH VWRUHG DW OHDVW  IHHW IURP WKH SROHV XQOHVV WKH\ DUH SURWHFWHG E\ D FDEOH HQFORVXUH



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

'RFXPHQWDWLRQ
&KHFN LQVWDOOHUV GRFXPHQWDWLRQ WR HQVXUH LW DQQRWDWHV WKH IROORZLQJ ([DFW ORFDWLRQ RI DOO VSOLFH SRLQWV 6KHDWK PDUN DW WKH EHJLQQLQJ DQG HQGLQJ RI HYHU\ VSDQ VODFN ORRSV DQG KLJK ULVN LQWHUVHFWLRQV $PRXQW RI VODFN VWRUHG LQ VODFN ORRSV RI VSOLFH ORFDWLRQV VODFN VWRUDJH ORFDWLRQV DQG KLJK

,QVSHFWLRQ )UHTXHQF\ 

ULVN LQWHUVHFWLRQV VKDOO EH LQVSHFWHG IRU SURSHU GRFXPHQWDWLRQ 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

4XDOLW\ ,QVSHFWLRQ RI 2XWVLGH 3ODQW 'XFW ,QVWDOODWLRQ

127( $OO PDQKROHV DQG KDQGKROHV DUH DVVXPHG WR EH UHDGLO\ DFFHVVLEOH ZLWKRXW SXPSLQJ WR VHH WKH FRPSRQHQWV ZLWKLQ

5HIHUHQFHV
&RUQLQJ &DEOH 6\VWHPV 6WDQGDUG 5HFRPPHQGHG 3URFHGXUH 653 )LEHU 2SWLF &DEOH 3ODFLQJ 'XFW 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH 1(6& %,&6, 7HOHFRPPXQLFDWLRQV 'LVWULEXWLRQ 0HWKRGV 0DQXDO 7'00 /RFDO (OHFWULFDO 6DIHW\ &RGHV EDVHG RQ VSHFLILF FRXQW\ RU PXQLFLSDOLW\



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

&DEOH %HQG 5DGLXV

,QVSHFW &DEOH %HQG 5DGLXV WR HQVXUH WKDW PDQXIDFWXUHUV PLQLPXP FDEOH EHQG UDGLXV LV QRW YLRODWHG DW SRLQWV ZKHUH WKH FDEOH WXUQV PDQKROHV KDQGKROHV SXOO SRLQWV GXFW URXWH FORVXUH HQWULHV WUDQVLWLRQV WR DHULDO ,QVSHFWLRQ )UHTXHQF\  RI PDQKROHV KDQGKROHV SXOO SRLQWV SHGHVWDOV DQG VWRUDJH ORFDWLRQV IRU SURSHU EHQG UDGLXV 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

'XFWV DQG ,QQHUGXFWV

,QVSHFW WKH GXFW RU LQQHUGXFW WR HQVXUH WKDW WKH ILOO UDWLR GRHV QRW H[FHHG   ,QVSHFW FRQWLQXRXV LQQHUGXFW LQ PDQKROHV WR HQVXUH LW LV DWWDFKHG WR UDFNV ZLWKRXW YLRODWLRQ RI FDEOH EHQG UDGLXV DQG LQ DFFRUGDQFH ZLWK ORFDOO\ SUHVFULEHG VWDQGDUGV ,QVSHFW WKDW FDEOH LV FRYHUHG E\ LQQHUGXFW RU VSOLW GXFW ZKHUH LQQHUGXFW LV QRW FRQWLQXRXV WKURXJK D PDQKROH WKLV LQFOXGHV SODFHV ZKHUH LQQHUGXFW LV VSOLFHG WRJHWKHU ,QVSHFWLRQ )UHTXHQF\  RI PDQKROHVKDQGKROHV VKRXOG EH LQVSHFWHG IRU GXFWLQQHUGXFW UHTXLUHPHQWV 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

%RQGLQJ

*URXQGLQJ

,QVSHFW WKH LQVWDOODWLRQ IRU SURSHU H[WHUQDO JURXQGLQJ RI DOO VSOLFH FORVXUHV WR HQVXUH WKH FORVXUH LV JURXQGHG WR WKH PDQKROH RU KDQGKROH JURXQG DQG ZKHWKHU WKDW JURXQG LV SURSHUO\ JURXQGHG

1R FORVXUHV ZLOO EH RSHQHG WR GHWHUPLQH ZKHWKHU WKH FDEOH LV SURSHUO\ DWWDFKHG WR LQWHUQDO FORVXUH JURXQGLQJ FRPSRQHQWV DQG ZKHWKHU WKH LQWHUQDO FRPSRQHQWV DUH FRQQHFWHG WR H[WHUQDO JURXQGLQJ FRPSRQHQWV

,QVSHFWLRQ )UHTXHQF\  JURXQGLQJ

RI FORVXUHV VKDOO EH LQVSHFWHG IRU H[WHUQDO

5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

6SOLFH &ORVXUHV DQG 6ODFN 6WRUDJH

,QVSHFW VSOLFH SRLQW VODFN WR HQVXUH HQRXJK VODFN UHPDLQV WR EULQJ WKH FORVXUH RXW RI WKH PDQKROH KDQGKROH RU SHGHVWDO DQG LQWR D FRQYHQLHQW ZRUN DUHD VXFK DV D WHQW RU VSOLFH YHKLFOH ,QVSHFW VODFN ORRSV WR HQVXUH WKH FDEOHV GR QRW H[FHHG WKH UHFRPPHQGHG PLQLPXP EHQG UDGLL ,QVSHFWLRQ )UHTXHQF\  RI VSOLFH ORFDWLRQV DQG  RI VODFN VWRUDJH ORFDWLRQV VKDOO EH LQVSHFWHG IRU VODFN VWRUDJH WHFKQLTXHV 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

'RFXPHQWDWLRQ
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

4XDOLW\ ,QVSHFWLRQ RI 2XWVLGH 3ODQW 'LUHFW %XULHG ,QVWDOODWLRQ

5HIHUHQFHV
&RUQLQJ &DEOH 6\VWHPV 6WDQGDUG 5HFRPPHQGHG 3URFHGXUH 653 )LEHU 2SWLF &DEOH 3ODFLQJ 'LUHFW %XULHG 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH 1(6& %,&6, 7HOHFRPPXQLFDWLRQV 'LVWULEXWLRQ 0HWKRGV 0DQXDO 7'00 /RFDO (OHFWULFDO 6DIHW\ &RGHV EDVHG RQ VSHFLILF FRXQW\ RU PXQLFLSDOLW\



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

&DEOH %HQG 5DGLXV

,QVSHFW &DEOH %HQG 5DGLXV WR HQVXUH WKDW PDQXIDFWXUHUV PLQLPXP FDEOH EHQG UDGLXV LV QRW YLRODWHG DW SRLQWV ZKHUH WKH FDEOH WXUQV PDQKROHV KDQGKROHV SXOO SRLQWV GXFW URXWH FORVXUH HQWULHV ,QVSHFWLRQ )UHTXHQF\  RI PDQKROHV KDQGKROHV SXOO SRLQWV SHGHVWDOV DQG VWRUDJH ORFDWLRQV IRU SURSHU EHQG UDGLXV 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

&DEOH ([SRVXUH
,QVSHFW WKDW QR FDEOH LV H[SRVHG DORQJ URXWH ,QVSHFW WKDW QR FDEOH LV H[SRVHG DW WUDQVLWLRQ SRLQWV VXFK DV DSSURDFKHV WR KDQGKROHV PDQKROHV DQG SROHV

:DUQLQJ 6LJQV
&URVVFKHFN LQVWDOOHUV GRFXPHQWDWLRQ WR YHULI\ WKH DFWXDO ORFDWLRQ RI EXULHG RSWLFDO FDEOH ZDUQLQJ VLJQV DUH FRQVLVWHQW ZLWK WKH GRFXPHQWHG ORFDWLRQV ,QVSHFWLRQ )UHTXHQF\  SK\VLFDOO\ YHULILHG 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH RI GRFXPHQWHG ZDUQLQJ VLJQ ORFDWLRQV VKDOO EH

'RFXPHQWDWLRQ
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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

4XDOLW\ ,QVSHFWLRQ RI ,QVLGH 3ODQW

5HIHUHQFHV
&RUQLQJ &DEOH 6\VWHPV 6WDQGDUG 5HFRPPHQGHG 3URFHGXUH 653 ,QWUDEXLOGLQJ ,QVWDOODWLRQ RI &RUQLQJ &DEOH 6\VWHPV )LEHU 2SWLF &DEOH 1DWLRQDO (OHFWULFDO 6DIHW\ &RGH 1(6& %,&6, 7HOHFRPPXQLFDWLRQV 'LVWULEXWLRQ 0HWKRGV 0DQXDO 7'00 /RFDO (OHFWULFDO 6DIHW\ &RGHV EDVHG RQ VSHFLILF FRXQW\ RU PXQLFLSDOLW\

&DEOH 5RXWLQJ

)LUH 6DIHW\

,QVSHFW &DEOH %HQG 5DGLXV WR HQVXUH WKDW PDQXIDFWXUHUV PLQLPXP FDEOH EHQG UDGLXV LV QRW YLRODWHG DW SRLQWV ZKHUH WKH FDEOH WXUQV ILEHU HQWUDQFH FDELQHWV GXFW HQWUDQFHV KDUGZDUH HQWUDQFHV ODGGHU UDFNV HWF

,QVSHFW FDEOH URXWLQJ WR HQVXUH WKH FDEOH LV QRW GHIRUPHG SLQFKHG RU RWKHUZLVH FRPSUHVVHG E\ RWKHU FDEOHV VHFXULQJ VWUDSV RU VKDUS HGJHV ,QVSHFW FDEOH HQWUDQFH WR HQVXUH WKDW QR PRUH WKDQ  RI QRQILUH UDWHG RXWVLGH SODQW FDEOH LV URXWHG ZLWKLQ D EXLOGLQJ XQOHVV HQFORVHG ZLWKLQ D ULJLG PHWDO FRQGXLW RU (07 2WKHUZLVH WKH 263 FDEOH PXVW EH WUDQVLWLRQHG WR D IODPHUDWHG FDEOH ZLWKLQ  RI LWV HQWUDQFH WR WKH EXLOGLQJ 6HH 1(6& $UWLFOH 

,QVSHFW DOO LQGRRU FDEOH WR HQVXUH WKDW IODPHUDWHG FDEOH LV XVHG VROHO\ ZLWKLQ WKH FRQILQHV RI LWV UDWHG DSSOLFDWLRQ RU D OHVV UHVWULFWLYH DSSOLFDWLRQ IRU LQVWDQFH ULVHU UDWHG FDEOH XVHG LQ ULVHU RU JHQHUDO DSSOLFDWLRQ RQO\ QRW LQ D SOHQXP HQYLURQPHQW

,QVSHFW WKH GHSOR\PHQW RI FDEOHV WR HQVXUH WKDW WKH\ FRPSO\ ZLWK DOO ORFDO FRGHV DQG VWDQGDUGV LQ DGGLWLRQ WR WKH DGYLVRULHV RI WKH 1DWLRQDO (OHFWULF 6DIHW\ &RGH 1(6&

,QVSHFWLRQ )UHTXHQF\  FRPSOLDQFH ZLWK ILUH

RI LQVLGH SODQW FDEOLQJ VKDOO EH LQVSHFWHG IRU

VDIHW\ FRGHV

5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

+DUGZDUH ,QVWDOODWLRQ
,QVSHFW WKDW DOO KDUGZDUH LV SURSHUO\ PRXQWHG LQWR IUDPHV SHU PDQXIDFWXUHUV UHFRPPHQGDWLRQV



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH ,QVSHFW HDFK FDEOH HQG WR HQVXUH WKH FDEOH LV SURSHUO\ VWUDLQUHOLHYHG WR PLQLPL]H ULVN WR WKH ILEHUV IURP DFFLGHQWDO SXOOLQJ RQ WKH FDEOH RU QDWXUDO H[SDQVLRQFRQWUDFWLRQ HIIHFWV ,QVSHFW HDFK FDEOH ZLWK ULJLG FRPSRQHQWV FHQWUDO PHPEHUV URGV DUPRU HWF WR HQVXUH WKH ULJLG FRPSRQHQWV FDQQRW GDPDJH WKH ILEHUV LQ FDVH RI PHFKDQLFDO DJLWDWLRQ RU H[SDQVLRQFRQWUDFWLRQ HIIHFWV ,QVSHFW HDFK FDEOH HQG WR HQVXUH LW LV SURSHUO\ WHUPLQDWHG SHU PDQXIDFWXUHUV UHFRPPHQGHG SURFHGXUHV IRU ERWK WKH FDEOH DQG WKH KDUGZDUH WR ZKLFK LW LV DWWDFKHG ,QVSHFWLRQ )UHTXHQF\  RI FDEOH HQGV VKDOO EH LQVSHFWHG IRU FRPSOLDQFH 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

5DFN *URXQGLQJ
,QVSHFW WKDW DOO ILEHUUHODWHG UDFNV DUH SURSHUO\ JURXQGHG WR WKH EXLOGLQJ JURXQG ,QVSHFW WKDW DOO KDUGZDUH WR ZKLFK FDEOH FRQWDLQLQJ PHWDOOLF FRPSRQHQWV LV PRXQWHG LV SURSHUO\ JURXQGHG WR WKH UDFN ,QVSHFWLRQ )UHTXHQF\  RI FDEOH HQGV VKDOO EH LQVSHFWHG IRU FRPSOLDQFH 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH

6SOLFLQJ DQG &RQQHFWRUL]DWLRQ

6SRW FKHFN ILEHU VSOLFH WUD\V WR HQVXUH WKDW PDQXIDFWXUHUV UHFRPPHQGHG SURFHGXUHV KDYH EHHQ IROORZHG VHFXULQJ RI VSOLFHV VSOLFH SURWHFWLRQ URXWLQJ RI ILEHUV VHFXULQJ RI WXEHV HWF 6SRW FKHFN RSWLFDO FRQQHFWRUV WR HQVXUH WKDW FRQQHFWRUV KDYH EHHQ LQVWDOOHG SHU PDQXIDFWXUHUV UHFRPPHQGHG SURFHGXUHV FKHFNLQJ IRU SURSHU DVVHPEO\ H[FHVV HSR[\ VHFXULW\ RI ERRW DWWDFKPHQW WR DUDPLG \DUQV LI DSSOLFDEOH HWF ,QVSHFW HDFK FRQQHFWRU LQVWDOOHG LQWR DQ DGDSWHU WR HQVXUH WKH FRQQHFWRU LV SURSHUO\ VHDWHG DQG WKDW WKH ILEHU LV QRW XQGHU WHQVLRQ RU LQ YLRODWLRQ RI EHQG UDGLXV OLPLWDWLRQV ,QVSHFWLRQ )UHTXHQF\  RI VSOLFH WUD\V DQG FRQQHFWRUV VKDOO EH LQVSHFWHG IRU RI FRQQHFWRUV VKDOO FRPSOLDQFH ZLWK PDQXIDFWXUHUV LQVWDOODWLRQ JXLGDQFH  EH FKHFNHG IRU ILEHU WHQVLRQ 5HFRUG5HSRUW ILQGLQJV RI FRPSOLDQFH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

'RFXPHQWDWLRQ
,QVSHFW KDUGZDUH ODEHOV WR HQVXUH WKH\ KDYH EHHQ PDUNHG ZLWK WKH SURSHU XVDJH ODEHOLQJ 6SRW FKHFN WR GHWHUPLQH DFFXUDF\ RI ODEHOV ,QVSHFWLRQ )UHTXHQF\  RI ODEHOV VKDOO EH VSRW FKHFNHG IRU DFFXUDF\

7HVWLQJ
3HUIRUP VSRW FKHFNV WR YHULI\ LQVWDOOHUV V\VWHP WHVWLQJ LQFOXGLQJ 27'5 WHVWV DQG (QGWR(QG $WWHQXDWLRQ WHVWLQJ 3HUIRUP 27'5 7HVWV RQ  RI DYDLODEOH ILEHUV WR FRPSDUH WR LQVWDOOHUV WHVW UHVXOWV $OWKRXJK ILEHUV VKRXOG EH FKRVHQ UDQGRPO\ LQ JHQHUDO WKH VHOHFWHG VHW VKRXOG LQFOXGH FRPPRQO\ FURVVVSOLFHG ILEHU DQG WXEH FRORUV %URZQ 2UDQJH 5HG %OXH DQG $TXD 3HUIRUP 27'5 WHVWV RQ DOO XQWHUPLQDWHG ILEHUV LI WKH LQVWDOOHU GLG QRW UHFRUG 27'5 WUDFHV RQ WKHVH ILEHUV DIWHU LQVWDOODWLRQ 3HUIRUP (QGWR(QG $WWHQXDWLRQ WHVWLQJ RQ  RI WHUPLQDWHG DQG XQWHUPLQDWHG ILEHUV WR FRPSDUH WR LQVWDOOHUV WHVW UHVXOWV DQG HQVXUH V\VWHP RSHUDELOLW\ 5HSRUW DOO ILQGLQJV RXWOLQLQJ FRQWUDFWRU WHVW UHVXOWV DQG YHULILFDWLRQ UHVXOWV +LJKOLJKW QRQFRPSOLDQW WHVW UHVXOWV

3RVW ,QVSHFWLRQ 5HSRUW

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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &RUUHFWHG GHILFLHQFLHV VKRXOG EH UHLQVSHFWHG DQG D ILQDO LQVSHFWLRQ UHSRUW LVVXHG DIWHU DOO GLVFUHSDQFLHV KDYH EHHQ FRUUHFWHG DQG UHLQVSHFWHG

)XQFWLRQDOLW\ 1HHGHG IRU &DEOH 0DQDJHPHQW 6\VWHP

$GYDQFH )LEHU 2SWLFV ,QF SURYLGHG WKH IROORZLQJ ZKLWH SDSHU WKDW GHVFULEHV WKH QHHG IRU D ILEHU RSWLF FDEOH PDQDJHPHQW V\VWHP 7KH\ GHYHORSHG ILEHU RSWLF PDQDJHPHQW VRIWZDUH WR VXSSRUW WKHLU HQJLQHHULQJ DQG FRQVWUXFWLRQ EXVLQHVV VR WKH\ KDYH ILUVWKDQG NQRZOHGJH RI WKH UHTXLUHPHQWV VHH KWWSZZZRVSLQVLJKWFRP 6RPH YHQGRUV UHIHU WR WKLV W\SH RI VRIWZDUH DV $VVHW 0DQDJHPHQW DQGRU )DFLOLWLHV 0DQDJHPHQW VRIWZDUH

:K\ <RX 1HHG D 6\VWHP IRU 0DQDJLQJ <RXU 1HWZRUN &RPPRQ 7DVNV
)RU D WHOHFRPPXQLFDWLRQV SURYLGHU WR UHPDLQ FRPSHWLWLYH LW LV LPSHUDWLYH WKH\ SHUIRUP D QXPEHU RI GD\WRGD\ DFWLYLWLHV WR QRW RQO\ PDLQWDLQ WKH H[LVWLQJ V\VWHP EXW DOVR SODQ WR H[SDQG WKH QHWZRUN DQG LQWURGXFH QHZ WHFKQRORJLHV 7KHVH WDVNV KDSSHQ WR EH WKRVH WKDW D )LEHU 0DQDJHPHQW 6\VWHP QRW RQO\ DLGV LQ H[HFXWLQJ EXW LQ PDQ\ FDVHV FRPSOHWHV WKH WDVNV LQ VHFRQGV ZKHUH LW QRZ ZRXOG WDNH WHQV RI PLQXWHV RU HYHQ KRXUV 7KXV IRU WKH WDVNV OLVWHG EHORZ DQ )06 FDQ VDYH KXQGUHGV RI PDQKRXUV SHU \HDU

6RPH VSHFLILF H[DPSOHV RI FRPPRQ WDVNV

0DQDJHPHQW RI 263 )DFLOLWLHV 6\VWHP &DSDFLW\ $FFRXQWLQJ 6\VWHP %XLOG $FFRXQWLQJ /HDVH  2ZQ $FFRXQWLQJ %DQGZLGWK $FFRXQWLQJ

0DLQWHQDQFH RI 263 )DFLOLWLHV

&DEOH &XW 5HVWRUDWLRQ 7UDIILF 5RXWLQJ &DOO %HIRUH <RX 'LJ $ELOLW\ WR /RFDWH )DFLOLWLHV 

9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH (TXLSPHQW  +DUGZDUH 0RUWDOLW\ 3ODQQLQJ 7HVW (TXLSPHQW ,QWHUIDFHV 7HFKQLFLDQV *HQHUDO 8QGHUVWDQGLQJ RI WKH 1HWZRUN

'HVLJQLQJ 263 )DFLOLWLHV

3URWRW\SLQJ DQG $QDO\VLV 3ODQQLQJ DQG %XGJHWLQJ /RVV (VWLPDWLRQ $QDO\VLV 6SOLFH &XW 6KHHWV

3ODQQLQJ 263 )DFLOLWLHV

0DUNHWLQJ $QDO\VLV 6DOHV $QDO\VLV

&XVWRPHU 6XSSRUW
7URXEOH 7LFNHW 0DQDJHPHQW 3URYLVLRQLQJ 6XSSRUW

)XWXUH 7HFKQRORJ\ $QDO\VLV

:'0 6WXGLHV 3RODUL]DWLRQ 0DLQWDLQLQJ )LEHU 6WXGLHV )LEHUWRWKHFXUE 6WXGLHV (UELXP'RSHG )LEHU $PSOLILHU (')$ 6WXGLHV

$ FHQWUDO UHSRVLWRU\
$ SULPDU\ UHDVRQ IRU LPSOHPHQWLQJ D V\VWHP LV WR RUJDQL]H DOO RI \RXU QHWZRUN GRFXPHQWDWLRQ PDSV HQJLQHHULQJ GUDZLQJV SKRWRV GRFXPHQWV 27'5 WUDFHV HWF LQWR RQH DUFKLYH VR WKDW \RX FDQ DFWXDOO\ ILQG LQIRUPDWLRQ DERXW \RXU QHWZRUN RQ GHPDQG 7KH PRUH IRUZDUGWKLQNLQJ FRPSDQLHV PD\ DFWXDOO\ KDYH DOO RI WKHLU &$' HQJLQHHULQJ GUDZLQJV VWRUHG HOHFWURQLFDOO\ DQG LI WKH\UH UHDOO\ ORRNLQJ DKHDG WKHLU QHWZRUN PDSSHG LQ D *,6 V\VWHP VXFK DV 0DS,QIR $UF,QIR ,QWHUJUDSK DQG RWKHUV



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 RQ GHPDQG DQG IURP GLIIHUHQW YDQWDJH SRLQWV ZLWKLQ WKH GDWDEDVH UHPHPEHU LWV UHODWLRQDO

'D\WRGD\ PDLQWHQDQFH RSHUDWLRQV DQG UHSRUWLQJ

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 ILEHU LQ VHUYLFH ILEHU DYDLODEOH FXVWRPHU W\SHV LQVWDOOHG ILEHU DQG HTXLSPHQW LQ VSHFLILF DUHDV IRU WD[ SXUSRVHV DQG D KRVW RI RWKHU QHHGV FDQ EH HDVLO\ DQG TXLFNO\ SHUIRUPHG

/RFDWLQJ IDXOWV WR PLQLPL]H GLVDVWHUV

2QH RI WKH PRVW IUXVWUDWLQJ DQG DJRQL]LQJ WDVNV RI PDQDJLQJ D QHWZRUN LV ORFDWLQJ IDXOWV :KLOH PRVW QHWZRUNV KDYH UHGXQGDQF\ EXLOW LQ WR SUHYHQW ORVV RI VHUYLFH WKH EUHDN LQ WKH ILEHU RU FRSSHU FDEOH PXVW VWLOO EH ORFDWHG DQG UHSDLUHG DV TXLFNO\ DV SRVVLEOH 7KH WUDGLWLRQDO PHWKRG RI ILQGLQJ D IDXOW LQYROYHV VKRRWLQJ WKH 27'5 WUDFH WR REWDLQ D GLVWDQFH WR WKH EUHDN WKHQ SXOOLQJ RXW PDSV RI WKH QHWZRUN DQG FDOFXODWLQJ E\ WKH VFDOH RQ HDFK PDS WKH GLVWDQFH WR WKH IDXOW



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

3URWRW\SLQJ QHZ URXWHV

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

:KDW 1HHGV WR %H 'RFXPHQWHG

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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH FRPSDQ\V LQIOXHQFH DQG PDUNHW VKDUH $FFRXQWLQJ ZLOO ZDQW LQIRUPDWLRQ IRU ELOOLQJ DQG WD[ SXUSRVHV &RQYHUVHO\ D FRPSDQ\ PLJKW RQO\ UHTXLUH PLQLPDO GDWD WR UXQ WKH V\VWHP 7KRVH LWHPV EHORZ WKDW DUH PDUNHG ZLWK DQ DVWHULVN   SURYLGH WKH PLQLPXP LQIRUPDWLRQ UHTXLUHG WR HVWDEOLVK D ILEHU PDQDJHPHQW V\VWHP 7KH UHVW DUH GDWD FDWHJRULHV QHFHVVDU\ WR FUHDWH D FRPSOHWH RXWVLGH SODQW ILEHU PDQDJHPHQW GDWDEDVH

&DEOH ,QIRUPDWLRQ
7KH QXPEHU RI ILEHUV LQ WKH FDEOH 7KH FDEOH W\SH PDQXIDFWXUHU DQG PRGHO ,QVWDOO \HDU FRPSDQ\ DQG ZRUN RUGHU LI DYDLODEOH 5HHO LQIR UHHO QXPEHU WHVW FRPSDQ\ WHVW \HDU RSWLFDO OHQJWK SK\VLFDO OHQJWK DWWHQXDWLRQ LI DYDLODEOH

$FFHVV 3RLQW ,QIRUPDWLRQ PDQKROHV KDQGKROHV DHULDO VSOLFHV RU VODFN FRLO

/RFDWLRQ DGGUHVV FURVV VWUHHWV SODFHPHQW HWF 7\SHVL]H 3ODWH RU FRYHU PDUNLQJV

6SOLFH (QFORVXUH ,QIRUPDWLRQ

7KH DFFHVV SRLQW ZKHUH WKH HQFORVXUH LV ORFDWHG &ORVXUH W\SH PDQXIDFWXUHU PRGHOSDUW QXPEHUV VL]H FDSDFLW\ SRUWV ,QVWDOO \HDU FRPSDQ\ DQG ZRUN RUGHU LI DYDLODEOH 6SOLFH NH\ GHWDLO ZKDW FDEOHV HQWHU WKH HQFORVXUHV DQG KRZ DUH WKH ILEHUV VSOLFHG 6HTXHQWLDO QXPEHUVPDUNLQJV LI DYDLODEOH

%XLOGLQJ ,QIRUPDWLRQ
/RFDWLRQ VWUHHW DGGUHVV FLW\ VWDWH ]LS FRGH ODWLWXGHORQJ FRRUGLQDWHV 1DPH &//, FRGHV LI DYDLODEOH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

)LEHU 'LVWULEXWLRQ 3DQHOV

7KH EXLOGLQJ ZKHUH WKH SDQHO LV ORFDWHG 7KH ORFDWLRQ RI SDQHO ZLWKLQ WKH EXLOGLQJ URRP ED\ VKHOI 7KH SDQHO W\SH PDQXIDFWXUHU PRGHO QXPEHU SDQHO OD\RXW DQG FRQQHFWRU W\SH ,QVWDOO \HDU FRPSDQ\ DQG ZRUN RUGHU LI DYDLODEOH 7HUPLQDWLRQ NH\ ZKDW FDEOHV HQWHU WKH SDQHO DQG ZKDW MDFNV DUH WKH ILEHUV WHUPLQDWHG RU VSOLFHG LQWR 6HTXHQWLDO QXPEHUVPDUNLQJV LI DYDLODEOH

(TXLSPHQW
7KH EXLOGLQJ ZKHUH WKH HTXLSPHQW LV ORFDWHG 7KH ORFDWLRQ RI HTXLSPHQW ZLWKLQ WKH EXLOGLQJ URRP ED\ VKHOI VORW ,QVWDOO \HDU FRPSDQ\ DQG ZRUN RUGHU LI DYDLODEOH 7\SH 2& 2& HWF 0DQXIDFWXUHU PRGHO QXPEHU DQG FRQQHFWRU W\SH 263 ILEHUV FRQQHFWHG WR HTXLSPHQW

'XFW ,QIRUPDWLRQ
&RQGXLW DQG W\SH ,QQHUGXFW 7KH URXWH RI WKH GXFWFRQGXLW 7KH URXWH RI WKH LQQHUGXFW

3ROH ,QIRUPDWLRQ
7KH ORFDWLRQ RI WKH SROH 7KH LGHQWLILFDWLRQ QXPEHU 7KH FDEOHV DWWDFKHG WR WKH SROH &DEOHV RI RWKHU SURYLGHUV DQG FRPSDQLHV DOVR DWWDFKHG WR WKH SROH

&XVWRPHU ,QIRUPDWLRQ
&XVWRPHU QDPH &RQWDFW QDPH DQG WHOHSKRQH QXPEHU



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

'RFXPHQWV
&$' GUDZLQJV RI URXWHV &$' GUDZLQJV RI EXLOGLQJV IORRU SODQV &RQWUDFWV ZRUN RUGHUV GLVDVWHU UHFRYHU\ SODQV HWF 3KRWRV 0DQXIDFWXUHUV GUDZLQJV %XWWHUIO\ GUDZLQJV RI DFFHVV SRLQW

$ ZHOOHQJLQHHUHG VRIWZDUH SDFNDJH ZLOO DOORZ \RX WR XVH LW DV D WRRO WR FDWDORJXH \RXU RXWVLGH GRFXPHQWV &$' SKRWRV HWF E\ ORFDWLRQ RU HTXLSPHQW PDNLQJ UHWULHYDO PXFK HDVLHU DQG TXLFNHU

+RZ 'DWD DUH *DWKHUHG DQG ,QSXW

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



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH 7KH HQJLQHHU UHVSRQVLEOH VKRXOG FRPSDUH WKH KDUG FRS\ GDWD ZLWK WKDW LQSXW LQWR \RXU V\VWHP WR YHULI\ DFFXUDF\ 5HPHPEHU ZKDWHYHU JRHV LQ LV ZKDW ZLOO FRPH RXW ZKHQ \RX QHHG LW PRVW $QG \RX GRQW ZDQW JDUEDJH JRLQJ LQ 2QFH WKH HOHFWURQLF GDWD DUH YHULILHG VWRUH WKH KDUG FRSLHV DSSURSULDWHO\ 1(9(5 GHVWUR\ WKHP

6HOHFWLQJ D )LEHU 0DQDJHPHQW 6\VWHP

/LNH DQ\ PLVVLRQFULWLFDO DSSOLFDWLRQ D ILEHU PDQDJHPHQW VRIWZDUH V\VWHP VKRXOG EH FKRVHQ ZLWK JUHDW FDUH $IWHU DOO LW ZLOO EH WKH UHSRVLWRU\ RI $// RI \RXU QHWZRUN GDWD DQG LW ZLOO EH UHOLHG XSRQ IRU PDQ\ IXQFWLRQV WKURXJKRXW \RXU FRPSDQ\ WR VXSSO\ VSHFLDOL]HG GDWD DERXW WKH QHWZRUN %HFDXVH RI WKLV FULWLFDO QDWXUH \RX VKRXOG FRQVLGHU WKH IROORZLQJ OLVW DQG LW LV D ORQJ RQH RI TXHVWLRQV DV \RX HYDOXDWH VRIWZDUH IURP GLIIHUHQW YHQGRUV 7KH PRUH \HV DQVZHUV \RX REWDLQ WKH FORVHU \RX ZLOO EH WR WKH LGHDO V\VWHP IRU \RXU QHWZRUN

5HODWLQJ 6SDWLDO DQG 1RQVSDWLDO 'DWD

&DQ \RX SODFH WKH IROORZLQJ LWHPV RQ D PDS DQG OLQN WKH PDS REMHFW WR QRQVSDWLDO DWWULEXWHV VWRUHG LQ D UHODWLRQDO GDWDEDVH" %XLOGLQJV $FFHVV SRLQWV KDQGKROHV PDQKROHV SHGHVWDOV HWF )LEHU GLVWULEXWLRQ SDQHOV &DEOH VSDQV ILEHU FRSSHU 6SOLFH HQFORVXUHV &RQGXLW ,QQHUGXFW 3ROHV

6SOLFLQJ &DSDELOLWLHV
'RHV WKH VRIWZDUH KDYH WKH DELOLW\ WR VSOLFH LQGLYLGXDO ILEHUV IURP YDULRXV FDEOHV DW D VSOLFH HQFORVXUH"



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DQ LW VKRZ D VSOLFH VFKHPDWLF IRU DQ\ VSOLFH ORFDWLRQ" 'RHV WKH VSOLFH VFKHPDWLF OLVW WKH FDEOH EXQGOHV DQG ILEHU FRORUV" ,I D VSOLFH LV FKDQJHG ZLOO WKH FKDQJH EH UHIOHFWHG ZKHQ D URXWH LV WUDFHG WKURXJK WKDW ORFDWLRQ" 'RHV WKH FKDQJH ULSSOH WKURXJK WKH GDWDEDVH" &DQ WKH VSOLFLQJ KDQGOH FRSSHU VSOLFLQJ ZLWK EULGJH WDSV"

&DEOH ,QIRUPDWLRQ &DSDELOLWLHV

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

$FFHVV 3RLQW ,QIRUPDWLRQ

'RHV LW KDYH WKH DELOLW\ WR 7UDFN VL]H DQG W\SH RI PDQKROH KDQG KROH SHGHVWDO HWF" 6KRZ WKH DWWULEXWHV RI WKH DFFHVV SRLQW" $VVRFLDWH DOO FDEOHV ZLWK WKH DFFHVV SRLQW WKH\ JR WKURXJK"



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH $VVRFLDWH DOO FRQGXLW ZLWK WKH DFFHVV SRLQW WKH\ JR WR" 6KRZ DQ\ OLG PDUNLQJV RQ WKH PDQKROH" /LQN WR RXWVLGH GDWD VRXUFHV VXFK DV GUDZLQJV SKRWRV HWF WKDW UHODWH WR WKH DFFHVV SRLQW" &OLFN RQ DQ DFFHVV SRLQW DQG HDVLO\ YLHZ DOO VHTXHQWLDO PDUNLQJV DQG SDUW QXPEHU PDUNLQJV IURP HDFK FDEOH LQ WKDW DFFHVV SRLQW" 5HODWH VSOLFH HQFORVXUHV WR WKH DFFHVV SRLQW WKH\ DUH FRQWDLQHG LQ"

6SOLFH (QFORVXUH ,QIRUPDWLRQ

'RHV LW UHODWH WR FDEOHV HQWHULQJ WKH HQFORVXUH" &DQ LW WUDFN ZKR HQWHUHG ZKDW HQFORVXUH ZKHQ DQG ZLWK ZKDW ZRUN RUGHU QXPEHU" 'RHV LW ODEHO HQFORVXUH LQIRUPDWLRQ RQ D PDS QH[W WR WKH HQFORVXUH"

)LEHU 'LVWULEXWLRQ )UDPH ,QIRUPDWLRQ

'RHV LW VKRZ WKH )') RQ D PDS DQG UHODWH LW WR WKH EXLOGLQJ LW EHORQJV LQ" &DQ LW JUDSKLFDOO\ VKRZ WKH IURQW RI WKH )')" 'RHV LW UHODWH WKH )') WR WKH FDEOHV HQWHULQJ LW"

7HUPLQDWLRQ ,QIRUPDWLRQ
'RHV LW KDYH WKH DELOLW\ WR 6KRZ KRZ HDFK ILEHUSDLU RI HDFK RXWVLGH SODQW FDEOH HQWHULQJ D EXLOGLQJ LV WHUPLQDWHG WR HDFK SDQHO MDFN LQ D )LEHU 'LVWULEXWLRQ )UDPH )')" 6KRZ WKH VWDWXV IRU HDFK SDQHO MDFN" 6KRZ WKH ULQJ QXPEHU IRU HDFK SDQHO MDFN" 6KRZ WKH W\SH RI FRQQHFWRU IRU HDFK SDQHO MDFN" *LYH D SULRULW\ IRU HDFK SDQHO MDFN" 6KRZ WKH XVHU IRU HDFK SDQHO MDFN" &OLFN RQ D SDQHO MDFN DQG VKRZ WKH DVVRFLDWHG URXWH WKDW WKH VLJQDO ZRXOG WDNH DV LW JRHV WKURXJKRXW WKH QHWZRUN"



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
VHWF WKDW WKH VLJQDO ZHQW WKURXJK WR DUULYH DW WKH ILQDO GHVWLQDWLRQ ZKHQ WKH URXWH IURP D SDUWLFXODU SDQHO MDFN LV KLJKOLJKWHG" &RQQHFW SDWFK FRUGV EHWZHHQ MDFNV RI WKH )') DQG RWKHU )')
V DV ZHOO DV HOHFWURQLF HTXLSPHQW" 5HODWH 27'5 WUDFHV WR SDQHO MDFNV DQG GLVSOD\ WKRVH WUDFHV LQ WKH QDWLYH IRUPDW WKDW WKH WUDFHV ZHUH WDNHQ LQ" 5HODWH ORVV LQIRUPDWLRQ WR HDFK SDQHO MDFN DQG VKRZ D KLVWRU\ RI ZKHQ SDVW PHDVXUHPHQWV KDG EHHQ WDNHQ" 6KRZ KRZ D URXWH VSOLWV WKH VLJQDO DQG WKH YDULRXV GLUHFWLRQV D VLJQDO PD\ JR LI DQ RSWLFDO VSOLWWHU RU EULGJH WDS LV HQFRXQWHUHG" 6KRZ D KLVWRU\ RI 27'5 WUDFHV WDNHQ DW WKH MDFN"

'RFXPHQWV
'RHV LW WR UHODWH WR HQJLQHHULQJ DQG RWKHU GHVLJQ GRFXPHQWV DQG OHW \RX YLHZ WKHP LQ WKHLU QDWLYH IRUPDW" &DQ \RX HDVLO\ YLHZ WKH UHODWLRQ EHWZHHQ DQ REMHFW RQ WKH PDS DQG D GRFXPHQW WKDW ZLOO SURYLGH PRUH GHWDLOHG LQIRUPDWLRQ"

&RQGXLW'XFW %DQN
'RHV LW 6KRZ WKH GXFW EDQN URXWH" 5HODWH WKH GXFW EDQN WR WKH DFFHVV SRLQWV DW HLWKHU HQG" 7UDFN WKH OHQJWK RI WKH GXFW EDQN" 6KRZ ZKLFK FDEOHV JR LQ ZKLFK LQQHU GXFW" ,QGLFDWH LI LW LV OHDVHG RU QRW DQG LI VR WR ZKRP"



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH /HW \RX FRQQHFW DQG WUDFN LQQHUGXFW UHVHUYH LW IRU IXWXUH XVH" 6KRZ WKH GHSWK RI WKH GXFW EDQN DW HDFK DFFHVV SRLQW LW JRHV WKURXJK"

3ROHV
'RHV LW KDYH WKH DELOLW\ WR VKRZ SROHV RQ D PDS" )RU HDFK SROH OLQN GRHV LW DVVRFLDWH DWWULEXWHV VXFK DV SROH W\SH RZQHU KHLJKW HWF" &DQ LW VKRZ WKH SROH DWWDFKPHQW OLVW IRU DOO FRPSDQLHV RQ D JLYHQ SROH"

6RIWZDUH $UFKLWHFWXUH
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

'RFXPHQWDWLRQ  6XSSRUW
$UH HOHFWURQLF KHOS ILOHV DYDLODEOH" ,V IXOO WUDLQLQJ GRFXPHQWDWLRQ RIIHUHG" $UH WUDLQLQJ FRXUVHV DYDLODEOH DW ERWK D WUDLQLQJ IDFLOLW\ DQG WKH FXVWRPHU
V VLWH" ,V WHFKQLFDO VXSSRUW PXVW EH DYDLODEOH DQG IRU KRZ ORQJ HDFK GD\"

5HSRUWV
'RHV WKH V\VWHP RIIHU



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

'HVLJQ:RUN 2UGHUV
&DQ \RX GR PLGOHYHO GHVLJQ IRU URXWHV PLGOHYHO ZLOO VKRZ WKH URXWH EXW QRW WKH HQJLQHHULQJ GHWDLO WKDW ZRXOG LQFOXGH XWLOLWLHV HWF" 'RHV LW OHW \RX NH\ LQ VSOLFLQJ LQIRUPDWLRQ WHVW WKH VSOLFH DV IDU DV FRQQHFWLYLW\ DQG SULQW RXW D VSOLFLQJ ZRUN RUGHU ZLWK DVVRFLDWHG ORFDWLRQ GHWDLO" 'RHV LW KDYH WKH DELOLW\ WR WUDFN ZRUN RUGHU QXPEHUV IRU HQFORVXUHV GLVWULEXWLRQ IUDPHV FDEOH VSDQV HWF"

7UDQVPLVVLRQ (TXLSPHQW  &XVWRPHUV

&DQ \RX DGG WUDQVPLVVLRQ HTXLSPHQW DQG LGHQWLI\ WKH HTXLSPHQW ULQJV" :LOO LW UHODWH WKH HTXLSPHQW ZLWK WKH ILEHU GLVWULEXWLRQ IUDPH MDFN LW LV FRQQHFWHG WR" 'RHV LW UHODWH FXVWRPHUV WR WKH HTXLSPHQW"

(GLWLQJ
'RHV LW DOORZ \RX WR GUDZ D FDEOH DQG DV \RX FOLFN RQ WKH HQFORVXUH RU IUDPH LW VWRSV DW DXWRPDWLFDOO\ UHODWH WKH FDEOH WR WKDW REMHFW LQ WKH GDWDEDVH" :LOO LW OHW \RX GR D VKHDWK RSHQLQJ DQG SODFH DQ HQFORVXUH DW WKH PLGGOH RI D FDEOH VSDQ DQG KDYH WKH ILEHUVSDLUV LQ WKDW FDEOH DXWRPDWLFDOO\ VSOLFHG WRJHWKHU" &DQ \RX FOLFN DQG DGG HQFORVXUHV DFFHVV SRLQWV GLVWULEXWLRQ IUDPHV EXLOGLQJV DQG VODFN ORRSV ZLWK WKHLU DVVRFLDWHG QRQVSDWLDO LQIRUPDWLRQ"



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

%DFNJURXQG %DVH 'DWD

,V D OLEUDU\ RI UHODWLYHO\ DFFXUDWH VWUHHW PDSV DYDLODEOH" &DQ LW LPSRUW YDULRXV YHFWRU DQG QRQYHFWRU ILOHV IURP RXWVLGH YHQGRUV DQG KDYH WKH ILOHV RUWKRUHFWLILHG" 'R WKH EDVH PDSV VXSSRUW D YDULHW\ RI SURMHFWLRQ V\VWHPV"

*HQHUDO
,V LW UHDOO\ D V\VWHP RU PHUHO\ DSSOLFDWLRQV VWUXQJ WRJHWKHU WKDW PDNH LW GLIILFXOW WR RSHUDWH" ,V WKH V\VWHP UHODWLYHO\ IDVW" ,V LW HDV\ WR XVH" ,V WKHUH DGHTXDWH WUDLQLQJ SURYLGHG E\ WKH YHQGRU" $ GD\ RU WZR LQ FODVV LV MXVW QRW HQRXJK WLPH WR JHW XS WR VSHHG RQ FUHDWLQJ PDSV DQG HGLWLQJLQSXWWLQJ GDWD ,V WKHUH D PDLQWHQDQFH DJUHHPHQW DYDLODEOH WKDW OHWV \RX EXGJHW IRU VRIWZDUH XSJUDGHV" 'RHV WKH YHQGRU RIIHU GDWD FRQYHUVLRQ VHUYLFHV WR KHOS \RX JHW \RXU V\VWHP XS DQG UXQQLQJ IDVW"

(VWDEOLVKLQJ GRFXPHQWLQJ DQG WHDFKLQJ VWDQGDUGV

'HWHUPLQLQJ OLQH VW\OHV DQG FRORUV IRU PDS REMHFWV $JUHHLQJ RQ QDPLQJQXPEHULQJ QRPHQFODWXUH IRU V\VWHP DWWULEXWHV (VWDEOLVKLQJ UXOHV IRU LQIRUPDWLRQ HQWHUHG LQWR YDULRXV GDWD ILHOGV +ROG WUDLQLQJ FODVVHV IRU QHZ SHUVRQQHO UHYLHZ FRXUVHV IRU DOO

(VWDEOLVK ILOH ORFDWLRQV

:LOO \RX EH ZRUNLQJ LQ D ZRUNJURXS HQYLURQPHQW ZLWK WKH QHHG WR DUFKLYH GDWD RQ D VHUYHU D *ROGHQ GDWDEDVH" :LOO \RX EH ZRUNLQJ ZLWK VWDQGDORQH FRPSXWHUV DQG GDWDEDVHV"

(VWDEOLVK EDFNXS SURFHGXUHV

0DQXDO EDFNXSV WR D EDFNXS GLUHFWRU\ 6HUYHU EDFNXSV URXWLQH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH %DFNXS VFKHGXOHV HQGRIGD\ HYHU\ GD\ ,GHQWLI\ SHUVRQV UHVSRQVLEOH IRU VHUYHU EDFNXSV

&UHDWLQJ D SURFHGXUH IRU XSGDWLQJDGGLQJ QHZ EXLOGV WR \RXU GDWDEDVH

'HWHUPLQH DW ZKLFK SRLQW WKH GRFXPHQWDWLRQ DQG PDSSLQJ RI D QHZ EXLOG LV LQWHJUDWHG ZLWK WKH H[LVWLQJ V\VWHP ,GHQWLI\ WKH WHFKQLFLDQV DQG HQJLQHHUV UHVSRQVLEOH IRU LQWHJUDWLQJ WKLV GDWD 'HYHORS LQSXW DQG YHULILFDWLRQ SURFHGXUHV WR HQVXUH DFFXUDWH DQG WLPHO\ XSGDWHV WR QHWZRUN GDWDEDVH

&UHDWH ZRUNVKHHWV IRU FRQWUDFWRUV WR XVH ZKHQ GRFXPHQWLQJ EXLOGV

'HWHUPLQH ZKDW \RXU VRIWZDUH V\VWHP UHTXLUHV \RXU V\VWHP YHQGRU VKRXOG UHDOO\ SURYLGH WKLV 'LVWULEXWH FRSLHV WR DOO RI \RXU HQJLQHHUV WHFKQLFLDQV DQG FRQWUDFWRUV ,QFOXGH ZRUNVKHHWV LQ WKH LPSOHPHQWDWLRQ RI WKH GDWDEDVH XSGDWLQJ SURFHVV

'HYHORS D SODQ IRU LPSOHPHQWLQJ V\VWHP XSJUDGHV ZKHQ WKH\ DUULYH IURP \RXU YHQGRU
'HWHUPLQH KDUGZDUH UHTXLUHPHQWV 0DLQWDLQ D FXUUHQW OLVW RI DOO DFWLYH V\VWHP XVHUV &UHDWH D VFKHGXOH DQG D OLVW RI RSHUDWLRQV WR FRPSOHWH V\VWHP XSJUDGHV ,GHQWLI\ DQG WUDLQ WKH SHUVRQQHO WKDW ZLOO FDUU\ WKLV RXW

3DUWLDO /LVW RI 9HQGRUV IRU 2XWVLGH 3ODQW 3URGXFWV DQG 6HUYLFHV

%HORZ LV D SDUWLDO OLVW RI YHQGRUV WKDW H[KLELWHG DW UHFHQW WUDGH VKRZV 6RPH RI WKH FDWHJRULHV PD\ QRW EH FRUUHFW DQG D JLYHQ FRPSDQ\ PD\ RIIHU SURGXFWV DQG VHUYLFHV LQ PXOWLSOH FDWHJRULHV WKDW DUH QRW LQGLFDWHG 1RQHWKHOHVV WKH OLQNV SURYLGH D TXLFN PHWKRG IRU DFFHVVLQJ WKH FRPSDQ\ VLWHV DQG VKRXOG EH XVHIXO



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DWHJRU\ &RPSDQ\ :HE 3DJH

&DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &DEOH &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV

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

KWWSZZZDOFRDFRPDIOBWHOH KWWSZZZDOFDWHOFRP KWWSZZZFDEOHFRQQHFWLRQVXSSO\FRP KWWSZZZFRPPVFRSHFRP KWWSZZZFRQGXPH[FRPLQJ KWWSZZZFRUQLQJFDEOHV\VWHPVFRP KWWSZZZJHQHUDOFDEOHFRP KWWSZZZKHVILEHOFRP KWWSZZZNURQHDPHULFDVFRP KWWSZZZORRVFRFRP KWWSZZZWGVWRROFRP KWWSZZZRIVRSWLFVFRP KWWSZZZRFFILEHUFRP KWWSZZZSLUHOOLFRP KWWSZZZUHPHHFRP KWWSZZZVWHUOLWHRSWLFDOFRP KWWSZZZVXPLWRPRHOHFWULFFRP KWWSZZZVXSHULRUHVVH[FRP KWWSZZZWHOWHNVDOHVFRP KWWSZZZWYFLQFFRP KWWSZZZPFRPPDUNHWWHOHFRP KWWSZZZDFSLQWHUQDWLRQDOFRP KWWSZZZEUDVEDQGFRP KWWSZZZFDUVRQLQGFRP KWWSZZZFKDQQHOOFRPPFRP KWWSZZZFKDUOHVLQGXVWULHVFRP KWWSZZZFHVOLYHFRP KWWSZZZHOHFWULFPRWLRQFRPSDQ\FRP KWWSZZZHPDULQFFRP KWWSZZZHWFRVSHFLDOW\SURGXFWVFRP KWWSZZZILEHUVLQFFRP KWWSZZZILWHOFRQQFRP KWWSZZZJDOYDQL]HUVRQOLQHFRP KWWSZZZKLJKOLQHSURGXFWVFRP KWWSZZZLFPFRQWUROVFRPEDVHKWPO KWWSZZZPDFOHDQSRZHUFRP KWWSZZZPXOWLFHQWULFVHDOFRP KWWSZZZPHWURWHFKFRP KWWSZZZPRRUHGSFRP KWWSZZZQDSFRLQFFRP KWWSZZZQHSWFRFRP KWWSZZZSHQFHOOFRP KWWSZZZSUHIRUPHGFRP KWWSZZZSULPH[FD KWWSZZZVHQLRULQGXVWULHVFRP KWWSZZZVSFQHW KWWSZZZV\QHUWHFKSURGXFWVFRP KWWSZZZWHOHFWFRP KWWSZZZWHOVWUDWFRP



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DWHJRU\ &RPSDQ\ :HE 3DJH

&RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RPSRQHQWV &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQGXLW &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV

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

KWWSZZZWQEFRP KWWSZZZW\FRHOHFWURQLFVFRP KWWSZZZXQLVHDOFRP KWWSZZZXUDVHDOFRP KWWSZZZ]\OHFFRP KWWSZZZDPSLSHFRP KWWSZZZDUQFRFRUSFRP KWWSZZZFRQGXLWUHSDLUFRP KWWSZZZGKVXSSO\FRP KWWSZZZGXUDOLQHFRP KWWSZZZHDVWHUQZLUHFRP KWWSZZZFRQGXJULSFRP KWWSZZZMPSLSHFRP KWWSZZZPDORQH\WHFKFRP KWWSZZZRVEXUQDVVRFLDWHVFRP KWWSZZZRVLSODVWLFVFRP KWWSZZZFSFKHPFRP KWWSZZZSODVWLFSLSHRUJ KWWSZZZSZSLSHFRP KWWSZZZDFPHVWDSOHFRP KWWSZZZDOOLHGEROWFRP KWWSZZZDOWHFFRP KWWSZZZDOXPDIRUPFRP KWWSZZZEDNHUHTXLSPHQWFRP KWWSZZZEDQGLWLGH[FRP KWWSZZZODGGHUPDWWHUVFRP KWWSZZZEHQQHUQDZPDQFRP KWWSZZZEXFNLQJKDPPIJFRP KWWSZZZFHPHQWH[XVDFRP KWWSZZZFODXVVFRFRPILEHURSWKWP KWWSZZZFRPSDVVHTXLSPHQWFRP KWWSZZZFRQGX[FRP KWWSZZZFRRSHUWRROVFRP KWWSZZZGFGGHVLJQFRP KWWSZZZHPSLUHOHYHOFRP KWWSZZZILEHUWUDLOHUVFRP KWWSZZZJGVFDUVRQFLW\FRP KWWSZZZJPSWRROVFRP KWWSZZZJHRUJLDXQGHUJURXQGFRP KWWSZZZJRVVRQOLQHFRP KWWSZZZJUHHQOHHWH[WURQFRP KWWSZZZKDUJHUFRP KWWSZZZSDFVWUDSFRP KWWSZZZMDPHVRQFRUSFRP KWWSZZZMRQDUGFRP KWWSZZZOLQHZDUGFRP KWWSZZZO\QQODGGHUFRP KWWSZZZPDVWHUDFNFRP



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DWHJRU\ &RPSDQ\ :HE 3DJH

&RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQVW 7RROV &RQWUDFWRU &RQWUDFWRU &RQWUDFWRU &RQWUDFWRU &RQWUDFWRU &RQWUDFWRU &RQWUDFWRU &RQWUDFWRU (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS (QHUJ\ (TXLS )LEHU 6WUDQGV )LEHU 6WUDQGV *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: *,60JPW 6: 1HWZRUN (TXLS 1HWZRUN (TXLS

0F,QWLUH &RPSDQ\ 0F/DXJKOLQ 0IJ &RPSDQ\ 1HVFR ,QF 2. ,QGXVWULHV ,QF 3HOVXH 3ULPXV6LHYHUW ,QF 6FKRQVWHGW ,QVWUXPHQWV 6KHUPDQ 5HLOO\ ,QF 7HDP )HQH[ /WG 7HUH[ 7HOHOHFW ,QF 7LPH 0DQXIDFWXULQJ &RPSDQ\ %DUWRQ 6RXWKHUQ &DEOHUXQQHU 1RUWK $PHULFD *DEH
V &RQVWUXFWLRQ (QJLQHHULQJ - )OHWFKHU &UHDPHU 6RQ ,QF 0LFKHOV &RUSRUDWLRQ 02817$,1 /7' 1HZ &RQFHSW 7RRO 3DUDPRXQW 'HVLJQV ,QF $PHULFDQ 3RZHU &RQYHUVLRQ %7(&+ ,QF &LUFD 7HOHFRP 86$ ,QF 'LPHQVLRQV 8QOLPLWHG ,QF ([HOWHFK /(& 6HUYLFHV ,QF 0HWDOOLF 3RZHU 0LGWURQLFV ,QF 1RUWKHUQ 7HFKQRORJLHV ,QF 3URWRQ (QHUJ\ 6\VWHPV 5HG 6LPSVRQ ,QF 6DIW 7UDQVWHFWRU 6\VWHPV ,QF 9DOHUH 3RZHU ,QF %HNDHUW &RUSRUDWLRQ %HOGHQ &RPPXQLFDWLRQV $FWHUQD $'& $GYDQFH )LEHU 2SWLFV $HWKHU 6\VWHPV &,6 ,QF &$'7(/ 6\VWHPV ,QF 0$3&20 6\VWHPV ,QF 0(6$ 6ROXWLRQV7HOFRUGLD 7HFKQRORJLHV 5DLQERZ 7HFKQRORJ\ &RUSRUDWLRQ 5L7 7HFKQRORJLHV /WG 6DQWURQLFV $GGHG &RPPXQLFDWLRQV $GWUDQ

KWWSZZZPFLQWLUHFRFRP KWWSZZZPLJKW\PROHFRP KWWSZZZQHVFRVDOHVFRP KWWSZZZRNLQGXVWULHVFRPGHIDXOWKWP KWWSZZZSHOVXHFRP KWWSZZZSULPXVVLHYHUWFRP KWWSZZZVFKRQVWHGWFRP KWWSZZZVKHUPDQUHLOO\FRP KWWSZZZWHDPIHQH[FRP KWWSZZZWHOHOHFWFRP KWWSZZZYHUVDOLIWFRP KWWSZZZEDUWRQVRXWKHUQFRP KWWSZZZFDEOHUXQQHUXVDFRP KWWSZZZJDEHVFRP KWWSZZZMIFVRQFRP KWWSZZZPLFKHOVXVDFRP KWWSZZZPRXQWDLQOWGFRP KWWSZZZQHZFRPWHFKFRP KWWSZZZSDUDPRXQWGHVLJQVFRP KWWSZZZDSFFFRP KWWSZZZEWHFKLQFFRP KWWSZZZFLUFDHQWFRP KWWSZZZGLPHQVLRQVXQOLPLWHGFRP KWWSZZZH[HOWHFKFRP KWWSZZZPHWDOOLFSRZHUFRP KWWSZZZPLGWURQLFVFRP KWWSZZZQRUWKHUQWHFKFRP KWWSZZZSURWRQHQHUJ\FRP KWWSZZZUHGVLPSVRQFRPPDLQKWP KWWSZZZVDIWEDWWHULHVFRP KWWSZZZWUDQVWHFWRUFRP KWWSZZZYDOHUHSRZHUFRP KWWSZZZEHNDHUWFRP KWWSZZZEHOGHQFGFRP KWWSZZZDFWHUQDFRP KWWSZZZDGFFRP KWWSZZZRVSLQVLJKWFRP KWWSZZZDHWKHUV\VWHPVFRP KWWSZZZFLVIRFXVFRP KWWSZZZFDGWHOFRP KWWSZZZPDSFRPFRP KWWSZZZPHVDVROXWLRQVFRP KWWSZZZUDLQERZFRP KWWSZZZULWFRLO KWWSZZZVDQWURQLFVFRP KWWSZZZDGGHGFRPPXQLFDWLRQVFRP KWWSZZZDGWUDQFRP



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DWHJRU\ &RPSDQ\ :HE 3DJH

1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 1HWZRUN (TXLS 2UJDQL]DWLRQ 2UJDQL]DWLRQ 2UJDQL]DWLRQ 2UJDQL]DWLRQ 2UJDQL]DWLRQ 2UJDQL]DWLRQ 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU

$GYDQFHG )LEUH &RPPXQLFDWLRQV $OPDWHF $OSKD 7HFKQRORJLHV ,QF $UJXV 7HFKQRORJLHV $55,6.HSWHO 3URGXFWV $YD\D ,QF *R'LJLWDO 1HWZRUNV +DUULV &RUSRUDWLRQ 0DUFRQL &RPPXQLFDWLRQV 1RUVFDQ ,QF 2FFDP 1HWZRUNV ,QF 2SWLFDO 6ROXWLRQV 2= 2SWLFV /7' 4XHVW &RQWUROV ,QF 5%1 ,QF 6DPVXQJ 7HOHFRPPXQLFDWLRQV 6LHUUD 0RQLWRU &RUSRUDWLRQ :LOFRP ,QF %,&6, &RPPRQ *URXQG $OOLDQFH '6/ )RUXP .DVWHQ :DJQHU 3HQQLQJWRQ 17'3&1DW 7HOH 'DPDJ 3UHY &RXQFLO 7,$ $OPHWHN ,QGXVWULHV ,QF $PHULFDQ ,QQRWHN $PHULFDQ 3RO\ZDWHU &RUSRUDWLRQ %: 7HFKQRORJLHV &DEOH 6SLQQLQJ (TXLSPHQW &R ,QF &DV&KHP ,QF &KHPTXH ,QF 'DQWKHUP +06 ,QF 'LHOHFWULF5DGLRGHWHFWLRQ5LVHUERQG (OHFWURPDUN &RPSDQ\ (ULQ 5RSH &RUS )LEHUWHN ,QF )2) ,QF )ULFN :LOOLDP &RPSDQ\ /LJKW %ULJDGH 0DQKROH %DUULHU 6\VWHPV 2OGFDVWOH 3UHFDVW ,QF 3DQDVRQLF 3HUVRQDO &RPSXWHU &R 3KRWRQL[ 3RO\PHU 7HFKQRORJ\ 6HUYLFHV 3RUWHU *UDSKLFV 3UHVFR 3URVVHU 3XPSV 37 7HFKQRORJLHV

KWWSZZZDIFFRP KWWSZZZDOPDWHFFRPLQGH[BHKWPO KWWSZZZDOSKDFRP KWWSZZZDUJXVFRUSFRP KWWSZZZDUULVLFRPLQGH[BDVS KWWSZZZDYD\DFRP KWWSZZZJRGLJLWDOFRP KWWSZZZKDUULVFRP KWWSZZZPDUFRQLFRP KWWSZZZQRUVFDQFRP KWWSZZZRFFDPQHWZRUNVFRP KWWSZZZRSWLFDOVROXWLRQVFRP KWWSZZZR]RSWLFVFRP KWWSZZZTXHVWFRQWUROVFRP KWWSZZZUEQLFRP KWWSZZZVDPVXQJWHOHFRPFRP KWWSZZZVLHUUDPRQLWRUFRP KWWSZZZZLOFRPLQFFRP KWWSZZZELFVLRUJ KWWSZZZFRPPRQJURXQGDOOLDQFHFRP KWWSZZZGVOIRUXPRUJ KWWSZZZNZSRQOLQHFRP KWWSZZZQWGSFFRP KWWSZZZWLDRQOLQHRUJ KWWSZZZDOPHWHNFRP KWWSZZZSRO\ZDWHUFRP KWWSZZZEZWQHWFRP KWWSZZZFDPEUH[FRP KWWSZZZFKHPTXHFRP KWWSZZZGDQWKHUPKPVFRP KWWSZZZGLHOHFWULFFRP KWWSZZZHOHFWURPDUNFRP KWWSZZZILEHUWHNFRP KWWSZZZSRSQZRUNFRP KWWSZZZIULFNQHWFRP KWWSZZZOLJKWEULJDGHFRP KWWSZZZPDQKROHEDUULHUV\VWHPVFRP KWWSZZZROGFDVWOHSUHFDVWFRP KWWSZZZSDQDVRQLFFRP KWWSZZZSKRWRQL[FRP KWWSZZZSWVLQFQHW KWWSZZZSRUWHUJUDSKLFVFRP KWWSZZZSUHVFRFRP KWWSZZZSURVVHUSXPSVFRP KWWSZZZSWWHFKQHW



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DWHJRU\

2WKHU 2WKHU

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

&RPSDQ\

2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 2WKHU 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6HUYLFH 3URY 6XSSOLHU 6XSSOLHU 6XSSOLHU 6XSSOLHU 6XSSOLHU 6XSSOLHU 6XSSOLHU 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS

KWWSZZZSXUHJDVFRP KWWSZZZPDFPDJLFLDQVFRPFOLHQWVUHS QHW KWWSZZZVWURQJZHOOFRP KWWSZZZVVORFDWRUVFRP KWWSZZZWHFKSURGXFWVFRP KWWSZZZUHHILQGXVWULHVFRP KWWSZZZWKHUPRERQGFRP KWWSZZZWULSOHWWFRP KWWSZZZYDFVWDUFRP KWWSZZZVDIHW\OLQHFRP KWWSZZZZHFRSURGXFWVFRP KWWSZZZZHOOLQJWRQLQFFRP KWWSZZZZHOOVFDUJRFRP KWWSZZZZRUNDUHDSURWHFWLRQFRP KWWSZZZDGWFRUSQHW KWWSZZZFDOL[FRP KWWSZZZH[SHUWHFKQHW KWWSZZZLSHJFRUSFRP KWWSZZZNJSWHOFRP KWWSZZZPDJQHWHNFRP KWWSZZZPDUWLQJURXSFRP KWWSZZZPVFRQFRP KWWSZZZPXOWLOLQNFRP KWWSZZZQH[WJHQQHW KWWSZZZRVPRVHFRP KWWSZZZVLWHPDVWHUFRP KWWSZZZVSDUWRQFRP KWWSZZZVSHGLDQWFRP KWWSZZZWHOSOH[XVFRP KWWSZZZWUHQGFRPPVFRP KWWSZZZXWVOHDNFRP KWWSZZZY]ORJLVWLFVFRP KWWSZZZZLUHG\QDPL[FRPLQGH[KWPO KWWSZZZEXWOHUVXSSO\FRP KWWSZZZJUD\EDUFRP KWWSZZZMRQHVEURDGEDQGFRP KWWSZZZPRKDZNOWGFRP KWWSZZZSWVXSSO\FRP KWWSZZZVSULQWQRUWKVXSSO\FRP KWWSZZZZHVWHNHOHFWURQLFVFRP KWWSZZZDPUHOFRPKRPHKWPO KWWSZZZDXURUDLQVWUFRP KWWSZZZFRQVXOWURQLFVFRP KWWSZZZHOHFWURUHQWFRP KWWSZZZHOHFWURGDWDFRP KWWSZZZH[IRFRP KWWSZZZIOXNHQHWZRUNVFRP KWWSZZZKGWHOHFRPFRP

:HE 3DJH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH &DWHJRU\

7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS 7HVW (TXLS

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

&RPSDQ\

KWWSZZZLQGHSHQGHQWWHFKFRP KWWSZZZORRSH[SHUWFRP KWWSZZZPD[UHOFRP KWWSZZZPHJJHUFRP KWWSZZZPHWURWHOFRUSFRP KWWSZZZWGVWRROFRP KWWSZZZQXWPHJXWLOLW\FRP KWWSZZZSXSFRLQFFRP KWWSZZZUHQWHOFRFRP KWWSZZZVXQULVHWHOHFRPFRP KWWSZZZWHOHIRQL[FRP KWWSZZZWVLFRP KWWSZZZLQWUXFNFRPSXWLQJFRP KWWSZZZZ\OHODEVFRP

:HE 3DJH



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

)LEHU 2SWLF &DEOH &RPSDULVRQ 7DEOHV

ThqhqTvtyrHqrAvir Qhhrr 8vtTHA!' 6yphry%( PATTTHA GprHhpurq 8yhqqvtH8THA "$# 12" 1!q7x  q7xhqvss $q7xhqvss ("$ $  '" "12 12 "!! 'x 12''xe! I6

6r5 " q7x 12"$ 12"# 12# 6r5 $$q7x 12!! 12!# 12!$ 6r5hrrhx "'"" 1! q7x 1! q7x 1 $q7x 6rXhryrtu) !'$ "" $q7xhqvss "$q7xhqvss I6 6rXhryrtu) $!$ $&$ $q7xhqvss "q7xhqvss $q7xhqvss HqrAvryq9vhrr5 "  (!# ($ ("$ HqrAvryq9vhrr5 $$ #' !  $  Uvphy8r9vhrr '! '' '' ar9vrvXhryrtu "!12 12 "!! "12 12 "! "12 12 "!! 9vrv8rssvpvr5 $$ I6 I6 'x ar9vrvTyr 12(!xe! 12(!xe! 12(!xe! QH9yvxWhyr 12 x 12 x 12$x DUVUB%$!8yvh

@rqrq7hqTvtyrHqrsvir Qhhrr 6rhv5 " q7x 6rhv5 "'$q7x 6rhv5 $$q7x 6rhv5hrrhx "'"" 6rXhryrtu) !'$ "" 6rXhryrtu) $!$ $&$ HqrAvryq9vhrr5 "  HqrAvryq9vhrr5 $$ @ssrpvr6rh arqvrvXhryrtu 9vrvTyr5 $$x QH9yvxWhyr QH9Dqvvqhysvir DUVUB%$!8yvh
Iar9vrvTuvsrqAvir8hv Qhhrr G@6AGhr Brrhv 6yphry%( !Urhyvtu Vyh QvryyvXvqryvtu I6 12!" I6 I6 ' $ $e!  12912#$ %$12912 I6 12!x PATUrhrST SrqprqTyr 12# 12!# 1 q7x $q7xhqvss '#% 1&e! !%12912% #12912'( 12$xe! 12 x

Gpr6yyhr 12"( 12" 12!" 1" q7x $q7xhqvss $q7xhqvss (!# $  'e! "12 12 "!! 12(! 12 x 12$x

8vtTHA!'r 12"$ 12"! 12!! 1" q7x "q7xhqvss !q7xhqvss (!# $' I6 "!12 12 "!! 12(! 12'x 12!x

6yphry%( @uhprq THA 12"# 12"! 12! 1""q7x "$q7xhqvss "q7xhqvss (# !  I6 "   12( 12'x I6

6r5 " q7x 12!$ 12!$ 6r5 $$q7x 12!$ 12!! 6r5hrrhx "'"" 1 q7x 1&q7x 6rXhryrtu) $!$ $&$ $q7xhqvss $q7xhqvss HqrAvryq9vhrr5 $$ (!  (!$ @ssrpvr6rh5 $$ &!e! %"e! 9vrvv87hqx !12912% $$12912  9vrvvG7hqx #$12912 ! &$12912 "# 9vrvTyrx I6 12$! QH9yvxWhyr 12 x 12#x DUVUB%$$8yvh



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

'LVSHUVLRQ 6KLIWHG 6LQJOH 0RGH )LEHUV 3DUDPHWHU &RUQLQJ 60) &3& 3LUHOOL )26 60'6 &DW$

$WWHQXDWLRQ #  QP G%NP   W\SLFDO   W\SLFDO $WWHQXDWLRQ #  QP G%NP     $WWHQ YV :DYHOHQJWK    QP  GENP PD[ GLII  GENP PD[ GLII 0RGH )LHOG 'LDPHWHU #  QP    XP    XP 7\SLFDO &RUH 'LDPHWHU  XP 1$ =HUR 'LVSHUVLRQ :DYHOHQJWK QP  QP QP  QP =HUR 'LVSHUVLRQ 6ORSH   SVNP QPA   SVNP QPA 7RWDO 'LVSHUVLRQ SVQP NP   QPQP   QPQP 30' OLQN 9DOXH   SVYNP 1$ ,787 * &RPSOLDQW
Iar9vrvTuvsrqsvirPATAhvy UrhrPATUX UrhrpyhvpUX UrhrQyUX 6UU 8 #vphy 12!$ 1!$q7x $q7xhqvss '#% % $! e! $ $! !# $ 12%(xe! 12$x I6 I6 12!$ 12!$ I6 I6 I6 I6 '#% '#% I6 I6 $!e! $!e! $  & $(& $ !& ! "&  12%'xe! 12%'xe! 12$x 12$x GprUrhrST SrqprqTyr 12# 12!# 1 q7x $q7xhqvss '#% I6 I6 $ $! ##$ 12$xe! 12 x

Qhhrr 6r5 " q7x 6r5 $$q7x 6r5hrrhx "'"" 6rXhryrtu) $!$ $&$ HqrAvryq9vhrr5 $$ Uvphy8r9vhrr @ssrpvr6rh5 $$ ar9vrvXhryrtu 9vrv5 $$x 9vrvTyr5 $$ QH9yvxWhyr DUVUB%$$8yvh

Qhhrr 6r5 " q7x 6r5 $$q7x 6r5hrrhx "'"" 6rXhryrtu) $!$ $&$ HqrAvryq9vhrr5 $$ Uvphy8r9vhrr @ssrpvr6rh5 $$ ar9vrvXhryrtu 9vrv5 $$x 9vrvTyr5 $$ QH9yvxWhyr DUVUB%$$8yvh

Iar9vrvTuvsrqsvirPATAhvy UrhrPATUX UrhrpyhvpUX UrhrQyUX 8 6UU #vphy 12!$ 1!$q7x $q7xhqvss '#% % $! e! $ $! !# $ 12%(xe! 12$x I6 I6 12!$ 12!$ I6 I6 I6 I6 '#% '#% I6 I6 $!e! $!e! $  & $(& $ !& ! "&  12%'xe! 12%'xe! 12$x 12$x

PATUrhrST SrqprqTyr 12# 12!# 1 q7x $q7xhqvss '#% I6 I6 $ $! ##$ 12$xe! 12 x



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

Iar9vrvTuvsrqAvirQvryyvAhvy Qhhrr 6rhv5 " q7x 6rhv5 $$q7x 6rhv5hrrhx "'"" 6rXhryrtu) $!$ $&$ HqrAvryq9vhrr5 $$ @ssrpvr6rh5 $$ 9vrvv87hqx 9vrvvG7hqx ar9vrvyr QH9yvxWhyr DUVUB%$$8yvh
Iar9vrvTuvsrqAvir8vtshvy Qhhrr 6rhv5 " q7x 6rhv5 $$q7x 6rhv5hrrhx "'"" 6rXhryrtu) $!$ $&$ HqrAvryq9vhrr5 $$ @ssrpvr6rh5 $$ 9vrvv87hqx 9vrvvG7hqx QH9yvxWhyr 8vtTHAGT8Q8% G@6AGhrBrrhv 1$ 12!$ 1!q7x $q7xhqvss '#$ I6 "$12912 I6 12!x 12!$ 12!$ 1 q7x $q7xhqvss (!  &!e! !12912% #$12912 ! 12 x 8vtHrpr 12$ 12!$ 1#q7x $q7xhqvss &%'% I6  12912 I6 12!x

Arryvtu I6 12!" I6 I6 (%# &!e! !12912% #$12912 ! I6 12 x

Xvqryvtu I6 12!" I6 I6 ' $ $e!  12912#$ %$12912 I6 12!x

Qhhrr

Iar9vrvTuvsrqsvir6yphryAhvy !Urhyvtu 6yphry%( Urhyvtu 6yphry%( Urhyvtu 6yphry%( Vyh Hr 12!' 12!$ 12!' 12!$ 12!! 12!$ 1 $q7x 1&q7x 1 q7x "q7xhqvss $q7xhqvss $q7xhqvss (!$ (!$ (!$ %"e! %"e! %"e! $$12912  $$12912  $$12912  &$12912 "' &$12912 "# &$12912 "# 12$' 12$! 12$! 12'x 12#x 12'x

6rhv5 %!$q7x 6rhv5 $$q7x 6rhv5hrrhx "'"" 6rXhryrtu) $!$ $&$ HqrAvryq9vhrr5 $$ @ssrpvr6rh5 $$ 9vrvv87hqx 9vrvvG7hqx 9vrvTyr5 $$x QH9yvxWhyr DUVUB%$$8yvh



9ROXPH  )LEHU 2SWLF ,QIUDVWUXFWXUH 'HVLJQ *XLGH

$FNQRZOHGJHPHQWV
7KH IROORZLQJ RUJDQL]DWLRQV DQG LQGLYLGXDOV ZHUH PDMRU FRQWULEXWRUV WR WKH ILEHU JXLGH $GYDQFH )LEHU 2SWLFV 5DQG\ $QGHUVRQ 7UR\ %DWH &LVFR 6\VWHPV 5LFKDUG 6KXPDNHU 6FRWW 6KHSKHUG *O\QQ +DUHV $OHVVDQGUR %DUELHUL &RUQLQJ &DEOH 6\VWHPV %LOO 6DZ\HU 0DUN %HOFKHU -HII +RNH 6KDQH 6KDQHPDQ 'DYLG .R]LVFKHN 0DS,QIR /RQQLH )OR\G -XVWLQ &ROOLQV *HQH &RRN 5DFR ,QF 2VFDU 5REHUWVRQ 'DOODV 5LGGOH 9LUJLQLD 7HFK H&RUULGRUV )LEHU 7HDP 6WHYH /HH +DUVK 6DQJKYL 6KDQQRQ +DOO 'DYLG 0DUWLQ -RKQ 1LFKROV $GGLWLRQDO FRQWULEXWRUV IRU WKH ILEHU RSWLFV OD\HU LQFOXGH $)/ 7HOHFRPPXQLFDWLRQV 6WHYH )HUJXVRQ $OFDWHO -LP 5\DQ -LP 0DF&XPEHH $QGHUVRQ DQG $VVRFLDWHV .HQ $QGHUVRQ &HOLRQ 1HWZRUNV %RE 7NDFK -HII &R[ (QJ+RXVH 6\VWHPV %HWK 0DUWLQ *HRUJH .RXURXSLV $[HO +RW]ZLN *UDQW &RXQW\ 3XEOLF 8WLOLW\ 'LVWULFW -RQDWKDQ 0RRUH 0LFURORJLF ,QF 0LNH 6KHUUHOO 1H[DQV 5RE 0HUW] 5LFK &XEDOD -LP +ROW 3LUHOOL &DO 0DGGR[ :RUOGZLGH 3DFNHWV 5LFN $UVHQDXOW