3/$176  PLPRVD

)ROORZ#(URZLGRQ7ZLWWHU

'07IRUWKH0DVVHV
$0LPRVDWHQXLIORUD 0KRVWLOLV5RRW%DUN([WUDFWLRQ7HN
%<120$1
Y-XQ
5HYLVHGYHUVLRQRIDQDUWLFOHRULJLQDOO\SXEOLVKHGLQ7KH(QWKHRJHQ5HYLHZ

&LWDWLRQ1RPDQ'07IRUWKH0DVVHVY(URZLGRUJ-XQ2QOLQHHGLWLRQ(URZLGRUJSODQWVQXWPHJQXWPHJBDUWLFOHVKWPO2ULJLQDOSXEOLVKHGLQ7KH

(QWKHRJHQ5HYLHZ$XWXPQ

127(%HIRUHSHUIRUPLQJDQ\H[WUDFWLRQSURFHGXUHLWLVDOZD\VDJRRGLGHDWRUHDGWKHHQWLUHGHVFULSWLRQRIWKHSURFHVVIURPVWDUWWR
ILQLVK3OHDVHVHHWKH$GGHQGXPDWWKHHQGRIWKLVWHNIRUDGGLWLRQDOWLSVUHILQHPHQWVDQGFODULILFDWLRQVUHJDUGLQJWRWKHSURFHVVHV
GHVFULEHG$OVRVHHWKHUHODWHGDUWLFOH.HHSWKDW0LPRVD0XG"E\-&RFNWRDVWHQ

'LVFODLPHU
3HUIRUPLQJWKLVSURFHGXUHLVLOOHJDOLQPRVWFRXQWULHV,GRQRWDGYRFDWHSHUIRUPLQJLWZKHUHLOOHJDODQG,GRQRWSHUIRUPLWP\VHOIZKHUH
LOOHJDO
7KHLQWHQWRIWKLVWHNLVWRVLPSOLI\WKHH[WUDFWLRQSURFHGXUHDVPXFKDVSRVVLEOHVRWKDWWKHDYHUDJHSHUVRQFDQFRPSOHWHLWLQD
NLWFKHQLQRQHHYHQLQJ:KLOH,WKLQNWKDW,KDYHDFFRPSOLVKHGWKLVJRDOH[SHULPHQWDOLVWVPXVWVWLOOGRWKHLUKRPHZRUN,WLVDJRRG
LGHDWRUHDGDIHZGLIIHUHQWWHNVEHIRUHGHFLGLQJZKLFKRQHWRXVHDQGWRUHVHDUFKVDIHKDQGOLQJSURFHGXUHVIRUWKHFKHPLFDOVDQG
HTXLSPHQWUHTXLUHG,GRQ
WSURYLGHLQVWUXFWLRQVIRUGHFDQWLQJVLSKRQLQJDQGILOWHULQJIRUH[DPSOHEHFDXVH,DVVXPHWKDWWKRVH
LQWHUHVWHGLQSHUIRUPLQJNLWFKHQFKHPLVWU\ZLOOHGXFDWHWKHPVHOYHVRQVXFKEDVLFSURFHGXUHV

0DWHULDOV
0LPRVDWHQXLIORUD 0KRVWLOLVURRWEDUN
$FRIIHHJULQGHURUKHDY\GXW\EOHQGHURQHWKDWZLOOFUXVKLFH
$ZLGHPRXWKHGJODVVPL[LQJMDUZLWKDWLJKWILWWLQJOLGDTXDUWMDUFDQGRJUDPVRIURRWEDUNDJDOORQSLFNOHMDUFDQGR
JUDPV
:DWHU
/\HJUDQXODWHGVRGLXPK\GUR[LGH
$ERWWOHRIYLQHJDUIRUQHXWUDOL]LQJDQ\O\HVSLOOV
$GXVWPDVNVDIHW\JRJJOHVDQGUXEEHUJORYHV
1DSWKD90 3QRWOLJKWHUIOXLG
)RXUZLGHPRXWKHGRXQFHJODVVFROOHFWLRQMDUVZLWKOLGVFDQQLQJRUMHOO\MDUVZRUNZHOO
$VHSDUDWRU\IXQQHORUJHDUWRVLSKRQRUGHFDQW
&RIIHHILOWHUV
$UXEEHUVSDWXOD
$IUHH]HUVHWWRDYHU\FROGWHPSHUDWXUHLWVKRXOGIUHH]HLFHFUHDPURFNKDUG
1RQVXGV\DPPRQLDVROXWLRQHJMDQLWRUVWUHQJWKLVRSWLPDOEXWKRXVHKROGVWUHQJWKZLOOGRDVZHOO
$QH\HGURSSHU

3URFHVV
6QDSWKH0LPRVDWHQXLIORUDURRWEDUNLQWRVPDOOSLHFHVDQGUXQLWWKURXJKWKHFRIIHHJULQGHURUEOHQGHUDWKLJKVSHHG<RXPD\
QHHGSUXQLQJVKHDUVWRFXWWKHURRWEDUNVPDOOHQRXJKWRJULQGSURSHUO\3XOYHUL]HLWXQWLOLWLVMXVWILEHUDQGSLQNSXUSOHGXVWLWQHHGV
WREHFRPSOHWHO\EURNHQGRZQ7KHGXVWSURGXFHGLVYHU\ILQHDQGDVWULQJHQWWRRQH
VUHVSLUDWRU\WUDFW8QOHVV\RXGLJELJFDNH\
SXUSOHERRJHUVZHDUDGXVWPDVN$IWHUJULQGLQJZDLWIRUDELWEHIRUHRSHQLQJWKHWRSRIWKHFRIIHHJULQGHURUEOHQGHUVRWKDWWKHGXVW
KDVVRPHWLPHWRVHWWOH
&RPELQHWKHO\HDQGWKHZDWHULQWKHPL[LQJMDU8VHPOZDWHUDQGJUDPRIO\HIRUHYHU\JUDPRISRZGHUHGURRWEDUNWKDWZLOO
ODWHUEHDGGHGLQWRWKHPL[LQJMDU>127(6HH$GGHQGXPSRLQWEHORZ@)RUH[DPSOHJUDPVRIURRWEDUNSRZGHUZRXOGUHTXLUH
POZDWHUDQGJUDPVRIO\H2QHOHYHOWDEOHVSRRQRIO\HZHLJKVDERXWJUDPV>127(/\HLVGDQJHURXV%OLQG\RXIRUHYHU
GDQJHURXV+DYHDERWWOHRIYLQHJDUKDQG\DVDQDFLGWRQHXWUDOL]HWKHFDXVWLFDOO\EDVLFO\HZKHQFOHDQLQJXSDQ\VSLOOVWKDWRFFXU
DQGZHDUH\HSURWHFWLRQDQGUXEEHUJORYHVZKHQZRUNLQJZLWKO\H$GGWKHO\HWRWKHZDWHUZKLOHVORZO\DQGFRQVWDQWO\VWLUULQJXQWLOLW
KDVFRPSOHWHO\GLVVROYHG$OZD\VDGGWKHO\HWRWKHZDWHUDQGQRWWKHRWKHUZD\DURXQG$GGLQJZDWHUWRO\HPD\FDXVHDYROFDQR
OLNHUHDFWLRQ(URZLG1RWH'LVVROYLQJO\HLQZDWHUPXVWEHGRQHVORZO\EHFDXVHLWFDXVHVDQH[RWKHUPLFKHDWUHOHDVLQJUHDFWLRQ
DQGWKLVKHDWFDQFDXVHGDQJHURXVVSODVKLQJWKHFRQWDLQHUWREHWRRKRWWRWRXFKDQGFDQHYHQFUDFNQRQERURVLOLFDWHJODVVZDUH
DOORIZKLFKFRXOGOHDGWRGDQJHURXVVLWXDWLRQV@
$GGWKHSRZGHUHGURRWEDUNLQWRWKHO\HZDWHUVROXWLRQLQ\RXUPL[LQJMDU&DSDQGVKDNHWKHMDUWKHQOHWLWVLWIRUDERXWDQKRXU
1RZDGGWRWKHPL[LQJMDUPORIQDSKWKDIRUHDFKPORIZDWHUXVHGWRFUHDWHWKHO\HVROXWLRQ>127(6HH$GGHQGXPSRLQW
EHORZ@7XUQWKHMDUHQGRYHUHQG'RQRWVKDNHRUVSODVKRUWKHUHZLOOEHDWHQGHQF\IRUWKHVROXWLRQWRIRUPDQXQZDQWHGHPXOVLRQ

VLPSO\UROOWKHQDSKWKDDURXQGLQWKHURRWEDUNSRZGHUVROXWLRQWRPL[LW*HQWO\GRWKLVIRURQHPLQXWHDQGWKHQOHWWKHMDUVWDQGXQWLO
WKHQDSKWKDKDVPRVWO\VHSDUDWHGDQGLVIORDWLQJRQWRS7KHQUHSHDWWKLVDJLWDWLRQSURFHVVWKUHHPRUHWLPHV
$IWHUWKHILQDODJLWDWLRQDOORZHQRXJKWLPHWRSDVVIRUWKHQDSKWKDWRDJDLQIORDWRQWRSDQGWKHQVHSDUDWHWKHWZROD\HUV7KH
QDSKWKDWRSOD\HUJRHVLQRQHRIWKHFROOHFWLRQMDUVHYHU\WKLQJHOVHVWD\VLQWKHPL[LQJMDU$VHSDUDWRU\IXQQHOLVWKHHDVLHVWPHDQV
WRDFFRPSOLVKVHSDUDWLRQRIWKHWZROD\HUVEXWYDULRXVWHFKQLTXHVRIVLSKRQLQJRUGHFDQWLQJFRXOGDOVREHHPSOR\HG1RQHRIWKH
GDUNORZHUVROXWLRQVKRXOGEHDOORZHGLQWRWKHFROOHFWLRQMDUMXVWWKHQDSKWKD>127(,I\RXVDYHWKHGDUNORZHUEDVLILHGVROXWLRQ
WKLVFDQEHXVHGWRH[WUDFWMXQJOHVSLFHIURPVHH(QWURS\PDQFHU
-XQJOH6SLFH
0\VWHU\$ONDORLGVRI0LPRVD5RRWEDUN
7KH(QWKHRJHQ5HYLHZ@
5HSHDWVWHSVDERYHWKUHHPRUHWLPHVEXWGRQRWDGGDQ\QHZSRZGHUHGURRWEDUN<RXZLOOEHUHSURFHVVLQJWKHVDPHRULJLQDO
URRWEDUNPDWHULDOLQRUGHUWRWKRURXJKO\H[WUDFWWKH'07IURPLW:LWKWKHILQDOIRXUWKMDUH[WUDFWLRQOHDYHWKHSRZGHUHGURRWEDUN
VRDNLQJLQWKHQDSKWKDIRUDGD\RUWZRDJLWDWLQJLWRFFDVLRQDOO\WREHWWHUH[WUDFWDQ\UHPDLQLQJ'07EHIRUHVHSDUDWLQJRIIWKH
QDSKWKD>127(6HH$GGHQGXPSRLQWEHORZ@:KHQ\RXKDYHILQLVKHGSODFHDOOIRXUFROOHFWLRQMDUVLQWR\RXUIUHH]HUDQGJRWR
EHG<RXZLOOKDYHIRXUVQRZJOREHVZDLWLQJIRU\RXLQWKHPRUQLQJ
3RXUWKHQDSKWKDIURPHDFKMDUWKURXJKDFRIIHHILOWHUVDYLQJWKHQDSKWKD7KHQDSKWKDFDQEHUHXVHGIRU\RXUQH[WEDWFKRI
H[WUDFWLRQVRULWFDQEHHYDSRUDWHGRIIWRSURGXFHDUHVLGXHWKDWFDQEHIXUWKHUUHILQHGVHH5HFU\VWDOOL]DWLRQEHORZ>127(,WKDV
EHHQSRLQWHGRXWWKDWXVLQJIUHVKQDSKWKDIRUHDFKH[WUDFWLRQUHVXOWVLQVLJQLILFDQWO\EHWWHUTXDOLW\PDWHULDOZLWKOHVV'07R[LGHDQG
RLOVLQWKHILQDOSURGXFWDQGDEHWWHUIUHH]HSUHFLSLWDWLRQ@$ORWRISDVWHZLOOVWLFNWRWKHMDUVRXVHDVPDOOUXEEHUVSDWXODWRVFUDSHWKLV
SDVWHIURPWKHMDU
VVLGHVGRZQLQWRWKHILOWHUDVZHOO6SUHDGRXWHDFKILOWHUWRGU\7KHUHZLOOVWLOOEHVRPHUHVLGXHLQWKHMDUVDELWRI
6DOYLDGLYLQRUXPRU&DQQDELVFDQEHXVHGWRVFUXEWKHPRXWSURYLGLQJDQHQKDQFHGDVSHFWWRWKRVHKHUEV
7KHSDVWHPXVWEHDOORZHGWRGU\WKRURXJKO\FKRSDQGVWLULWDFRXSOHRIWLPHVWRPDNHVXUHWKDWWKLVLVWKHFDVH2QFHLWVHHPVWR
EHGU\FUXVKXSDQ\OXPSV>127(0LQLPL]HWKHDLUIORZDERYH\RXUSURGXFWZKLOHHYDSRUDWLQJRIIWKHVROYHQWDQGGU\LQJWKH'07
+DYLQJDIDQEORZLQJDERYHWKHSURGXFWQRWUHFRPPHQGHGKDVEHHQUHSRUWHGWRWUDQVIRUPZKLWHFU\VWDOVLQWR\HOORZJRRVXFK
DLUIORZPD\FRQYHUWVRPHRIWKH'07LQWR'07R[LGHZKLFKLVD\HOORZVWLFN\JRRDQGDSSDUHQWO\QRWDVVWURQJDV'07RUGLIIHUHQW
LQHIIHFWGHSHQGLQJRQZKR\RXWDONWR@
>127(,I\RXLQWHQGWRUHFU\VWDOOL]H\RXUPDWHULDOLQRUGHUWRIXUWKHUSXULI\LW\RXFDQVNLSWKLVVWHS$OVRVHH$GGHQGXPSRLQW
EHORZ@&RPELQHDOORIWKHGULHGPDWHULDOLQWRRQHFRIIHHILOWHU:DVKWKLVPDWHULDOE\SRXULQJIUHH]HUWHPSHUDWXUHQRQVXGV\DPPRQLD
RYHULWDQGWKURXJKWKHFRIIHHILOWHU,WLVLPSHUDWLYHWKDWWKHDPPRQLD\RXXVHLVRIWKHQRQVXGV\YDULHW\<RXFDQVKDNHWKHERWWOHWR
WHOOLILWFUHDWHVVXGVJHWDGLIIHUHQWNLQG5LQVLQJZRQ
WWDNHPXFKDPPRQLDDERXWRXQFHVIRUDJUDPEDWFK6WLUWKHSRZGHU
DURXQGZKLOHULQVLQJWRPDNHVXUHWKDWDOORILWLVWKRURXJKO\ZHWWHG$JRRGELWRIWKHPDVVZLOOZDVKDZD\SHUKDSVEXWLW
V
QRWKLQJ\RXZDQWWREHVPRNLQJDQ\ZD\<RXVKRXOGEHOHIWZLWKDERXWRIWKHZHLJKWRIWKHURRWEDUNLQ'07SRZGHU:KHQ
GULHGLWLVSHUIHFWO\VPRNDEOHDWWKLVSRLQWEXWLWFDQEHUHILQHGIXUWKHUE\UHFU\VWDOOL]DWLRQ$OWKRXJKUHFU\VWDOOL]DWLRQLQHYLWDEO\UHVXOWV
LQVRPHSURGXFWORVVRQFH\RX
YHKDGDKLWRI'07WKDWOHIWDEVROXWHO\QRWKLQJEHKLQGLQWKHSLSH\RXZRQ
WZDQWWRXVHDQ\WKLQJ
HOVH

5HFU\VWDOOL]DWLRQ
)RURXUFXUUHQWSXUSRVHVWKHLGHDEHKLQGUHFU\VWDOOL]DWLRQLVWKDWWKHFKRVHQVROYHQWKROGVPRUH'07ZKHQKRWWKDQZKHQFROGDQG
WKDWVRPHLPSXULWLHVUHPDLQPRUHHDVLO\ZLWKLQFROGVROYHQW:KLOHQDSKWKDZLOOZRUNIRUUHFU\VWDOOL]DWLRQDEHWWHUVROYHQWWRXVHDWWKLV
SRLQWLVKHSWDQH+HSWDQHLVDYDLODEOHLQ%HVWLQHDUXEEHUFHPHQWUHPRYHUDYDLODEOHDWDUWVXSSO\VWRUHV>127(:HKDYHEHHQ
LQIRUPHGWKDWQRWDOOW\SHVRI%HVWLQHXVHKHSWDQHVRFKHFNWRPDNHVXUHWKDWWKLVLVWKHVROHLQJUHGLHQW@
3ODFHDJODVVFRQWDLQHUKROGLQJWKH'07DQGDJODVVFRQWDLQHUILOOHGZLWKWKHUHFU\VWDOOL]DWLRQVROYHQWWRJHWKHULQDSDQRIKRWZDWHU
6KRWJODVVHVLQDVDXFHSDQZRUNZHOOIRUDJUDPRUWZR7KHIXPHVIURP\RXUVROYHQWDUHH[WUHPHO\IODPPDEOHVRRQO\XVHD
FRQWDLQHGHOHFWULFKHDWLQJVRXUFH(OHFWULFUDQJHVZLWKFRLOVW\OHHOHPHQWVFDQLJQLWHIXPHVDVFDQWKHKHDWFRLOVLQHOHFWULFRYHQV
*DVUDQJHVRUDQ\VRUWRIRSHQIODPHREYLRXVO\PXVWEHDYRLGHG7KH'07ZLOODOUHDG\EHPHOWLQJLIWKHZDWHULVKRWHQRXJK8VLQJ
DQH\HGURSSHUDGGWKHKRWVROYHQWOLWWOHE\OLWWOHZKLOHDJLWDWLQJWKH'07XQWLODOORIWKHPDWHULDOKDVGLVVROYHG8VHPORIVROYHQW
RUOHVVSHUJUDPRISRZGHU\RXZDQWWRXVHDVOLWWOHVROYHQWDVSRVVLEOH:KHQDOORIWKHPDWHULDOKDVJRQHLQWRVROXWLRQWKHVROYHQW
ZLOOEHDFOHDU\HOORZ
/HDYHWKHSDQRIZDWHUZLWKWKH'07FRQWDLQHUWRFRROGRZQWRURRPWHPSHUDWXUH7KHQUHPRYHWKH'07FRQWDLQHUDQGSODFHLWLQWR
\RXUUHIULJHUDWRU/DWHUPRYHLWLQWR\RXUIUHH]HU7KLVVWHSZLVHSURFHVVDOORZVIRUJUDGXDOFRROLQJDQGWKHSUHFLSLWDWLRQRIFU\VWDOV
<RXZLOOHQGXSZLWK'07FU\VWDOVRIYDU\LQJSXULW\RQWRSRIDSHOOHWRIVODJZKLFKVWLOOFRQWDLQVTXLWHDELWRI'07EXWDOVRVRPHO\HLI
\RXVNLSSHGWKHDPPRQLDZDVK'RWKHFRIIHHILOWHUELWDJDLQWRGU\WKHPDWHULDODQGWKHQVHSDUDWHWKHFU\VWDOVIURPWKHVODJ7KH
FU\VWDOVFDQEHIXUWKHUUHILQHGWKURXJKRQHRUWZRPRUHUHFU\VWDOOL]DWLRQVLQWRSXUHFOHDU'077KHVODJFDQDOVREHIXUWKHUUHILQHGRU
VLPSO\UHGLVVROYHGLQWRWKHQH[WEDWFK7KHVROYHQWFDQEHUHXVHGRUHYDSRUDWHGGRZQZLWKWKHUHVLGXHVFUDSHGDQGFOHDQHG$QG
GRQ
WIRUJHWWRVFUXEWKRVHMDUVDQGXWHQVLOVZLWKVRPHRI\RXUIDYRULWHVPRNLQJKHUE

$GGHQGXP
E\1RPDQDQG(QWURS\PDQFHU
,ISUHSRZGHUHGEDUNLVEHLQJXVHGWRWLPHVRIWKHZDWHUFDOOHGIRUZLOOEHUHTXLUHG3UHSRZGHUHGEDUNUHTXLUHVPRUHZDWHU
EHFDXVHFRPPHUFLDOVXSSOLHUVSXOYHUL]HWKHILEURXVELWVWKDWDKRPHEOHQGHURUDFRIIHHEHDQJULQGHUOHDYHVLQWDFWWKLVPDWHULDO
WXUQVWRDVOXGJHLQWKHO\HVROXWLRQWKDWZRQ
WUHOHDVHWKHQDSKWKDLILW
VDGGHGZKLOHWKHVROXWLRQLVVWLOOVOXGJ\
5HJDUGLQJWKHIUHH]HSUHFLSLWDWLRQSURFHVV:KHQWKHWHNZDVZULWWHQFRPPRQO\DYDLODEOH0LPRVDWHQXLIORUD 0KRVWLOLVURRW
EDUNZDVRIPXFKKLJKHUTXDOLW\WKDQZKDWKDVEHHQDYDLODEOHPRUHUHFHQWO\'XHWRWKHORZHUTXDOLW\PDWHULDOWKHVHGD\VDSDUWLDO
HYDSRUDWLRQLVVRPHWLPHVQHFHVVDU\WRJHWWKHVROXWLRQFRQFHQWUDWHGHQRXJKWRSUHFLSLWDWH8VLQJDELWOHVVQDSKWKDDOORZVWKH
H[WUDFWLRQVWREHFRQFHQWUDWHGHQRXJKWRIUHH]HSUHFLSLWDWHPRUHUHOLDEO\,WPD\HQGXSWDNLQJRQHRUWZRPRUHSXOOVWRJHWDOOWKH
'07EXWHDV\IUHH]HSUHFLSLWDWLRQLVDJRRGWUDGHRIIIRURQHRUWZRH[WUDSXOOV%\XVLQJDURXQGPORIKHDWHGQDSKWKDSHUJUDP
RIEDUNHYHU\SXOOH[FHSWWKHODVWRQHIUHH]HSUHFLSLWDWHGHDVLO\7KLVZDVZLWKDQDFLGEDVHH[WUDFWLRQLQDVHSIXQQHOEXWLWVKRXOG
OLNHO\ZRUNMXVWDVZHOOZLWKDVWUDLJKWWREDVHH[WUDFWLRQ
8VLQJKHDWIRUWKHODVWSXOOZLOOLQFUHDVHWKH\LHOG7KLVZDVOHIWRXWRIWKHRULJLQDOWHNIRUWKHVDNHRIVLPSOLFLW\EXWLWLVSUREDEO\ZRUWK

PHQWLRQLQJ>127($JDLQQDSKWKDLVIODPPDEOH1DSKWKDEDVHGH[WUDFWLRQVFDQEHZDUPHGE\SDUWLDOO\VXEPHUJLQJWKHFORVHG
H[WUDFWLRQMDULQWRDKRWZDWHUEDWK@
*HWULGRIWKHDPPRQLDZDVK)RUZKDWHYHUUHDVRQLWVHHPVWRFDXVHSUREOHPVIRUDWOHDVWKDOIWKHSHRSOHWKDWXVHLW&KDQJHLWWR
DZDVKRIWKHQDSKWKDZLWKDZHDNEDVLFVROXWLRQ>$FFRUGLQJWR9RYLQ
V7HN'LVVROYHDSLQFKRIVRGLXPFDUERQDWHLQDERXWPORU
GLVWLOOHGZDWHUWKHQDGGDVPDOODPRXQWRIWKLVVROXWLRQDSSUR[LPDWHO\RQHWZHOIWKE\YROXPHWRWKHQDSKWKDVKDNHZHOOWKHQDOORZ
WKHZDWHUWRVHSDUDWHIURPWKHQDSKWKDDQGGLVFDUGWKHZDWHU)ROORZLQJWKLVZDVKWKHQDSKWKDWZRPRUHWLPHVXVLQJSXUHQRQ
EDVLILHGGLVWLOOHGZDWHUDJDLQXVLQJDQDPRXQWRIDSSUR[LPDWHO\RQHWZHOIWKE\YROXPH9RYLQFDXWLRQVWRDYRLGOHDYLQJWKHZDWHULQ
WKHQDSKWKDIRUWRRORQJVD\LQJQRVLWWLQJIRUKRXUVOHWWLQJLW
VRDN
\RXQHHGWRJHWLWLQDQGRXW@

1RWHV

$ERXWWKLV'RFXPHQW

7KLVLVDUHYLVHGYHUVLRQRIDWHNSXEOLVKHGXQGHUWKHVDPHQDPHLQ7KH(QWKHRJHQ5HYLHZVHHFLWDWLRQDERYH$QHUURULQWKH

SULQWHG(5YHUVLRQRIWKLVDUWLFOHPDGHLWDSSHDUDVWKRXJKWKHURRWEDUNVKRXOGEHWKULFHUXQWKURXJKDQHZO\HZDWHUPL[DQGWKHQ
H[WUDFWHGZLWKQDSKWKD7KLVLVQRWWKHFDVH7KH VDPH O\HZDWHUURRWEDUNVKRXOGEHXVHGLQHDFKRIWKHWKUHHUHSURFHVVHVLQJV
RQO\QHZQDSKWKDLVDGGHGHDFKWLPH'DYLG$DUGYDUN7KH(QWKHRJHQ5HYLHZ
)RUVRPHDGGLWLRQDOWLSVUHODWHGWRWKLVH[WUDFWLRQSURFHVVVHH.HHSWKDW0LPRVD0XG"E\-&RFNWRDVWHQ
)RUJHQHUDOLQIRUPDWLRQDERXWYDULRXVWHNVXVHGVHHWKH'07([WUDFWLRQ2YHUYLHZE\(QWURS\PDQFHU
$QDGDSWHGVSLQRIIYHUVLRQRIWKLVDUWLFOHFRQWDLQLQJFRORUSKRWRJUDSKVLVDYDLODEOHKHUH

5HYLVLRQ+LVWRU\

Y1RY,QLWLDOYHUVLRQ
Y'HF3XEOLVKHGLQ7KH(QWKHRJHQ5HYLHZ
Y-XO(URZLG5HYLVHGYHUVLRQSXEOLVKHGHGLWHGE\]KDKDQG(URZLG
Y0DU(URZLG$GGHG(URZLG1RWHDERXWH[RWKHUPLFO\HZDWHUUHDFWLRQ
Y-DQ(URZLG$GGHG$GGHQGXPE\1RPDQDQG(QWURS\PDQFHUDGGHGOLQNVWRUHODWHGDUWLFOHVPLQRUHGLWVE\(URZLG
Y-XQ(URZLG'LUHFWO\UHIHUHQFHG$GGHQGXPSRLQWVZLWKLQWH[WUHPRYHGOLQNWRRXWGDWHGSULQWDEOH3')DGGHGOLQNWR'07([WUDFWLRQ2YHUYLHZIL[HGVSHOOLQJRIQDSKWKD
DQG(QWURS\PDQFHUDGGLWLRQDOPLQRUHGLWVWRDGGFODULILFDWLRQ

>EDFNWRSODQWV@>EDFNWRPLPRVD@

$UFKLYHGE\(URZLGZLWKSHUPLVVLRQRI$XWKRU

'HVLJQ(URZLGRUJ&RQWHQWUHVSHFWLYHFRS\ULJKWKROGHUV

0RGLILHG)HE