7D[&UHGLW*XLGHERRN

+RZWRHQVXUH\RXUEXVLQHVVLVWDNLQJ
DGYDQWDJH RI WKH ODWHVW LQFHQWLYHV
FUHGLWVDQGUHIXQGVDYDLODEOHWRGD\

Z Z Z W D [ F U H G L W V H U Y L F H V  F R P
$UH\RXDQG\RXUEXVLQHVV
SD\LQJPRUHLQWD[HVWKDQ\RXKDYHWR"

*XLGHERRN2YHUYLHZ
,QVLGHWKLVUHSRUWLVLQIRUPDWLRQRQWKHKLGGHQDQG
OLWWOHNQRZQWD[LQFHQWLYHVDQGFUHGLWVDYDLODEOHIRU\RXUEXVLQHVV
7KLVLVZKDW\RXFDQH[SHFWWROHDUQIURPWKLVJXLGHERRN
 X'RHVP\EXVLQHVVTXDOLI\IRUDQ\WD[FUHGLWV"
 X:KDWW\SHVRIWD[FUHGLWVDUHDYDLODEOH"
 X$UHWKHUHDQ\FUHGLWVDYDLODEOHLQP\VWDWH"
 X :KDWW\SHVRIDFWLYLWLHVTXDOLI\IRUWD[FUHGLWV"
 X:KDWGRHVLWWDNHWRLPSOHPHQWDWD[FUHGLWSURJUDP"
 X:KDWWLPHLVUHTXLUHGRIP\VWDII"
 X:KDWGRHVLWFRVW"
:HHQFRXUDJH\RXWRPDLQWDLQWKLVJXLGHIRU\RXUUHIHUHQFHLQWKH
IXWXUHUHPHPEHULQJWKDWWKHVHSURJUDPV
GRFKDQJHHYHU\\HDUDQGFRXOGFKDQJHDWDQ\WLPH
:KDW7\SHVRI7D[&UHGLWVDQG
,QFHQWLYHV:RXOG,4XDOLI\)RU"
7KH6WDWHDQG)HGHUDO SHULRGZLWKLQWKHODVWPRQWKV$OVRYHWHUDQV
ZKRDUHHQWLWOHGWRFRPSHQVDWLRQIRUDVHUYLFH
JRYHUQPHQWVERWKRIIHU FRQQHFWHGGLVDELOLW\DQGGXULQJWKHSDVW\HDU
WD[FUHGLWVDQGLQFHQWLYHV ZHUHGLVFKDUJHGRUUHOHDVHGIURPDFWLYHGXW\RU
6RPHRIWKHDYDLODEOH XQHPSOR\HGIRUDFXPXODWLYHPRQWKSHULRG

SURJUDPVDUH X9RFDWLRQDO5HKDELOLWDWLRQ5HIHUUDOVt
,QGLYLGXDOVUHIHUUHGE\DUHKDELOLWDWLRQDJHQF\
:RUN2SSRUWXQLW\7D[&UHGLW WKH7LFNHWWR:RUNSURJUDPRUWKH'HSDUWPHQWRI
9HWHUDQV$IIDLUV
:27&
7KH:RUN2SSRUWXQLW\7D[&UHGLWLVDIHGHUDOKLULQJ X'HVLJQDWHG&RPPXQLW\5HVLGHQWt$JHEXW
LQFHQWLYHWKDWLVDYDLODEOHQDWLRQDOO\DQGSURYLGHV QRW\HWDQGOLYHVLQDQ(PSRZHUPHQW=RQHRU
DIHGHUDOWD[FUHGLWRIXSWRDQG 5HQHZDO&RPPXQLW\
SHUTXDOLILHGHPSOR\HHLI\RXUFRPSDQ\LV
KLULQJIURPDQ\RQHRIWKHIROORZLQJJURXSV
X+XUULFDQH.DWULQD(PSOR\HHtHPSOR\HH
ZKRpVPDLQUHVLGHQF\ZDVLQWKHGLVDVWHUDUHDRQ
$XJXVW
X6XSSOHPHQWDO6HFXULW\,QFRPH66,
5HFLSLHQWVtUHFHLYHG66,EHQHILWVIRUDQ\PRQWK
HQGLQJZLWKLQWKHODVWGD\V
X&RQGLWLRQDO&HUWLILFDWLRQ5HFLSLHQW
UHFHLYHGDFHUWLILFDWLRQIURPWKHVWDWHZRUNIRUFH
X5XUDO5HQHZDO&RXQW\5HVLGHQW55&t
,QGLYLGXDOZKRLVDUHVLGHQWRIRQHRIWKH
55&V)RUFRPSOHWHOLVWLQJVHH
ZZZWD[FUHGLWVHUYLFHVFRP
X4XDOLILHG)RRG6WDPS5HFLSLHQWtLQGLYLGXDO
ZKRLVDWOHDVWEXWQRWDQGLVDPHPEHURID
IDPLO\WKDWKDVUHFHLYHGIRRGVWDPSVIRUWKHSDVW
PRQWKVRUUHFHLYHGIRRGVWDPSVIRUDWOHDVW
RIWKHODVWPRQWKVEXWLVQRORQJHUHOLJLEOHWR
UHFHLYHWKHP
X4XDOLILHG7HPSRUDU\$VVLVWDQFHIRU1HHG\
DJHQF\6:$RURWKHUSDUWLFLSDWLQJDJHQF\
X/RQJ7HUP)DPLO\$VVLVWDQFH5HFLSLHQW
,QGLYLGXDOZKRLVDPHPEHURIDIDPLO\WKDWKDV
EHHQUHFHLYLQJORQJWHUPZHOIDUHDVVLVWDQFHXQGHU
7$1)7KHDSSOLFDQWFDQTXDOLI\XQGHUVHYHUDO
GLIIHUHQW7$1)VFHQDULRV
X'LVFRQQHFWHG<RXWKt$JHEXWQRW\HW
WKDWKDVQRWKDGUHJXODUHPSOR\PHQWDQGGRHVQRW
UHJXODUO\DWWHQGDVHFRQGDU\WHFKQLFDORUSRVW
VHFRQGDU\VFKRROGXULQJWKHPRQWKVSULRUWR
HPSOR\PHQW
)DPLOLHV7$1)5HFLSLHQW$PHPEHURID
IDPLO\WKDWKDVUHFHLYHG7$1)IRUDQ\PRQWKV
GXULQJWKHPRQWKV
X4XDOLILHG([)HORQVt,QGLYLGXDOZKRKDVEHHQ
UHOHDVHGSDUGRQHGSDUROHGRUEHHQJLYHQZRUN
UHOHDVHZLWKLQWKHSDVW\HDU
X4XDOLILHG9HWHUDQVtPHPEHURIDIDPLO\
WKDWUHFHLYHGIRRGVWDPSVIRUDWOHDVWDPRQWK
X8QHPSOR\HG9HWHUDQVt$YHWHUDQZKRZDV
GLVFKDUJHGIURPDFWLYHGXW\LQRU
DQGKDVUHFHLYHGXQHPSOR\PHQWEHQHILWVIRUDW
OHDVWZHHNVGXULQJWKH\HDUSULRUWRHPSOR\PHQW
X6XPPHU<RXWK$JHEXWQRW\HWWKDW
OLYHVZLWKLQDQ(PSRZHUPHQW=RQH(QWHUSULVH
&RPPXQLW\RU5HQHZDO&RPPXQLW\
&UHGLW,PSOHPHQWDWLRQ
7KHVFUHHQLQJSURFHVVPXVWWDNHSODFHDWSRLQWRIKLUH,QPRVWFDVHVFRPSDQLHV
DUHQRWDOORZHGWRVFUHHQH[LVWLQJHPSOR\HHV7KHSURJUDPVSHFLILFDOO\H[FOXGHV
ZDJHVSDLGWRUHODWLYHVDQGHPSOR\HHVZKRKDYHZRUNHGIRU\RXEHIRUH(DFK
TXDOLILHGHPSOR\HHPXVWEHVXEPLWWHGWRWKHUHVSHFWLYHDJHQF\IRUYDOLGDWLRQDQG
GHWDLOHGUHFRUGVPXVWEHNHSW$OORIWKHVFUHHQLQJDQGVXEPLVVLRQVIRUDSSURYDO
PXVWWDNHSODFHZLWKLQGD\VIURPWKHKLUHGDWHRIHDFKQHZHPSOR\HH

&UHGLW&DOFXODWLRQV
:27&KDVDWZRWLHUFDOFXODWLRQ
/RQJ7HUP)DPLO\$VVLVWDQFH5HFLSLHQW
X $SSOLFDQWLVHPSOR\HGIRUKRXUVFUHGLWLVRIWKHILUVW
 LQTXDOLILHGILUVW\HDUZDJHV
X $SSOLFDQWLVHPSOR\HGIRUKRXUVFUHGLWLVRIWKHILUVWLQ
 TXDOLILHGILUVW\HDUZDJHV
X $SSOLFDQWLVHPSOR\HGIRUDVHFRQG\HDUFUHGLWLVRIWKHILUVW
 LQTXDOLILHGVHFRQG\HDUZDJHV
'LVDEOHG9HWHUDQ7DUJHW*URXS
X $SSOLFDQWLVHPSOR\HGIRUKRXUVFUHGLWLVRIWKHILUVW
 LQTXDOLILHGILUVW\HDUZDJHV
X $SSOLFDQWLVHPSOR\HGIRUKRXUVFUHGLWLVRIWKHILUVWLQ
 TXDOLILHGILUVW\HDUZDJHV
$OO2WKHU7DUJHWHG*URXSV
X $SSOLFDQWLVHPSOR\HGIRUKRXUVFUHGLWLVRIWKHILUVW
 LQTXDOLILHGILUVW\HDUZDJHV
X $SSOLFDQWLVHPSOR\HGIRUKRXUVFUHGLWLVRIWKHILUVWLQ
 TXDOLILHGILUVW\HDUZDJHV
$GGLWLRQDO,QIRUPDWLRQ
X 7KHVHFUHGLWVFDQEHXVHGZLWKSDVVWKURXJKHQWLWLHVVXFKDV6 
&RUSRUDWLRQVDQGRWKHUVXFKHQWLWLHV
X &UHGLWVFDQEHFDUULHGEDFN\HDUDQGWKHUHLVD\HDUFDUU\IRUZDUG 
SURYLVLRQIRUDQ\XQXVHG:27&FUHGLWV
X ,QJHQHUDODQHVWLPDWHGRIDZRUNIRUFHVKRXOGTXDOLI\IRUWKHVH
FUHGLWV
X $VRIWKH:RUN2SSRUWXQLW\7D[&UHGLWFDQEHXVHGWRRIIVHWWKH
$OWHUQDWLYH0LQLPXPWD[
X 7KHUHDUHRWKHUVWDWHLQFHQWLYHVWKDWPD\SLJJ\EDFNRUEHXVHGLQDGGLWLRQ
WRWKH:RUN2SSRUWXQLW\7D[&UHGLWWRPD[LPL]H\RXUFUHGLWVDYLQJV$PRQJ
RWKHUVWKHUHDUHSURJUDPVFXUUHQWO\LQSODFHLQ&DOLIRUQLD1HZ<RUN
:DVKLQJWRQ'&DQG1RUWK&DUROLQD
(PSRZHUPHQW=RQH7D[&UHGLW
7KH(PSRZHUPHQW=RQH7D[&UHGLWLVDWD[FUHGLWHTXDOWRRIWKHILUVWLQZDJHVLQDJLYHQ
\HDUZLWKDPD[LPXPFUHGLWRISHUHPSOR\HH7KHHPSOR\HHPXVWOLYHDQGSURYLGHVHUYLFHVLQDQ
(PSRZHUPHQW=RQHIRUDWOHDVWGD\V
(PSRZHUPHQW=RQHVDQG(QWHUSULVH&RPPXQLWLHVDOVRRIIHUPDQ\RWKHULQFUHDVHGGHGXFWLRQV
GHSUHFLDWLRQVDQGFDSLWDOJDLQVLQFHQWLYHV

(PSRZHUPHQW=RQHV
$UL]RQD 0DLQH &ROXPEXV
7XFVRQ $URRVWRRN&RXQW\SRUWLRQV +XQWLQJWRQ:9,URQWRQ

$UNDQVDV 0DVVDFKXVHWWV 2NODKRPD

3XODVNL&RXQW\ %RVWRQ 2NODKRPD&LW\

&DOLIRUQLD 0DU\ODQG 3HQQV\OYDQLD

)UHVQR %DOWLPRUH 3KLODGHOSKLD3$&DPGHQ1-
/RV$QJHOHVFLW\DQGFRXQW\ 0LFKLJDQ 6RXWK&DUROLQD
6DQWD$QD 'HWURLW &ROXPELD6XPWHU
'HVHUW&RPPXQLWLHVSDUWRI
5LYHUVLGH&RXQW\ 0LQQHVRWD 6RXWK'DNRWD
0LQQHDSROLV 2JODOD6LRX[7ULEH6'SDUWVRI
&RQQHFWLFXW -DFNVRQDQG%HQQHWW&RXQWLHVDQG
1HZ+DYHQ 0LVVLVVLSSL DOORI6KDQQRQ&RXQW\
0LG'HOWDSDUWVRI%ROLYDU
)ORULGD +ROPHV+XPSKUH\V/HIORUH
7HQQHVVHH
-DFNVRQYLOOH 6XQIORZHUDQG:DVKLQJWRQ .QR[YLOOH
0LDPL'DGH&RXQW\ &RXQWLHV
7H[DV
*HRUJLD 0LVVRXUL (O3DVR
6RXWKZHVW*$SDUWRI&ULVSDQG 6W/RXLV02(DVW6W/RXLV,/ 6DQ$QWRQLR
DOORI'RRO\&RXQW\ 1HZ-HUVH\ 0LGGOH5LR*UDQGH
,OOLQRLV &XPEHUODQG&RXQW\ )87852&RPPXQLWLHV
SDUWVRI'LPPLW0DYHULFN8YDOGH
&KLFDJR 3KLODGHOSKLD3$&DPGHQ
DQG=DYDOD&RXQWLHV
6W/RXLV02(DVW6W/RXLV 1HZ<RUN 5LR*UDQGH9DOOH\SDUWVRI
6RXWKHUQPRVW,OOLQRLV'HOWDSDUWV 1HZ<RUN&LW\ &DPHURQ+LGDOJR6WDUUDQG
RI$OH[DQGHUDQG-RKQVRQ&RXQWLHV :LOODF\&RXQWLHV
DQGDOORI3XODVNL&RXQW\ 6\UDFXVH
<RQNHUV 9LUJLQLD
,QGLDQD 1RUIRON3RUWVPRXWK
*DU\+DPPRQG(DVW&KLFDJR 1RUWK'DNRWD
*ULJJV6WHHOH1'SDUWVRI*ULJJV :HVW9LUJLQLD
.HQWXFN\ &RXQW\DQGDOORI6WHHOH +XQWLQJWRQ:9,URQWRQ2+
.HQWXFN\+LJKODQGVSDUWRI
:D\QH&RXQW\DQGDOORI&OLQWRQ 2KLR :DVKLQJWRQ'&
DQG-DFNVRQ&RXQWLHV &LQFLQQDWL (QWLUH'&DUHD
&OHYHODQG
6HH6DOHV$JHQW
5HQHZDO&RPPXQLW\7D[&UHGLW
7KH5HQHZDO&RPPXQLW\7D[&UHGLWLVDWD[FUHGLWHTXDOWRRIWKHILUVWLQZDJHVLQDJLYHQ
\HDUZLWKDPD[LPXPFUHGLWRISHUHPSOR\HH7KHHPSOR\HHPXVWOLYHDQGSURYLGHVHUYLFHVLQD
5HQHZDO&RPPXQLW\IRUDWOHDVWGD\V
7KH'HSDUWPHQWRI+RXVLQJDQG8UEDQ'HYHORSPHQWGHVLJQDWHG8UEDQDQG5XUDO5HQHZDO
&RPPXQLWLHVHIIHFWLYH-DQXDU\5HQHZDO&RPPXQLWLHVDOVRRIIHUPDQ\RWKHULQFUHDVHG
GHGXFWLRQVGHSUHFLDWLRQVDQGFDSLWDOJDLQVLQFHQWLYHV

5HQHZDO&RPPXQLWLHV
$ODEDPD /RXLVLDQD 1HZ-HUVH\ 7HQQHVVHH
*UHHQH6XPWHU&RXQW\ &HQWUDO/RXLVLDQD &DPGHQ &KDWWDQRRJD
0RELOH&RXQW\ 1HZ2UOHDQV 1HZDUN 0HPSKLV
6RXWKHUQ$ODEDPD 1RUWKHUQ/RXLVLDQD 1HZ<RUN 7H[DV
&DOLIRUQLD 2XDFKLWD3DULVK
%XIIDOR/DFNDZDQQD &RUSXV&KULVWL
/RV$QJHOHV 0DVVDFKXVHWWV -DPHVWRZQ (O3DVR&RXQW\
2UDQJH*URYH /DZUHQFH 1LDJDUD)DOOV 9HUPRQW
3DUOLHU /RZHOO 5RFKHVWHU
%XUOLQJWRQ
6DQ'LHJR 0LFKLJDQ 6FKHQHFWDG\
6DQ)UDQFLVFR 2KLR :DVKLQJWRQ
'HWURLW
*HRUJLD 7DFRPD
)OLQW +DPLOWRQ
<DNLPD
$WODQWD 0LVVLVVLSSL <RXQJVWRZQ
,OOLQRLV 3HQQV\OYDQLD :LVFRQVLQ
:HVW&HQWUDO0LVVLVVLSSL
0LOZDXNHH
&KLFDJR 1RUWK'DNRWD 3KLODGHOSKLD
.HQWXFN\ 7XUWOH0RXQWDLQ%DQGRI 6RXWK&DUROLQD
(DVWHUQ.HQWXFN\ &KLSSHZD &KDUOHVWRQ

,QGLDQ(PSOR\PHQW&UHGLW
7KH,QGLDQHPSOR\PHQWFUHGLWSURYLGHVEXVLQHVVHVZLWKDQLQFHQWLYHWRKLUHFHUWDLQLQGLYLGXDOVZKROLYH
RQRUQHDUDQ,QGLDQUHVHUYDWLRQ<RXUEXVLQHVVGRHVQRWKDYHWREHLQDQHPSRZHUPHQW]RQHHQWHUSULVH
FRPPXQLW\RUUHQHZDOFRPPXQLW\WRTXDOLI\IRUWKLVFUHGLW<RXFDQFODLPWKHFUHGLWLI\RXSD\RULQFXU
qTXDOLILHGZDJHVrWRDqTXDOLILHGHPSOR\HHr
$TXDOLILHGHPSOR\HHIRUDQ\WD[SHULRGLVDQ\HPSOR\HHZKRPHHWVDOOWKH
IROORZLQJWHVWV
7KHHPSOR\HHLVDQHQUROOHGPHPEHURIDQ,QGLDQWULEHRUWKHVSRXVHRIDQHQUROOHGPHPEHURIDQ
 ,QGLDQWULEH
7KHHPSOR\HHSHUIRUPVVXEVWDQWLDOO\DOORIKLVRUKHUVHUYLFHVIRU\RXZLWKLQDQ,QGLDQUHVHUYDWLRQ
:KLOHSHUIRUPLQJWKRVHVHUYLFHVWKHHPSOR\HHKDVKLVRUKHUPDLQKRPHRQRUQHDUWKDWUHVHUYDWLRQ
$OVRPRUHWKDQRIWKHZDJHV\RXSD\RULQFXUWRWKHHPSOR\HHGXULQJWKH\HDUPXVWEHIRUVHUYLFHV
SHUIRUPHGLQ\RXUWUDGHRUEXVLQHVV
7KHFUHGLWLVRIWKHH[FHVVRIWKHFXUUHQWTXDOLILHGZDJHVDQGTXDOLILHGHPSOR\HHKHDOWKLQVXUDQFH
FRVWVQRWWRH[FHHGRYHUWKHVXPRIWKHFRUUHVSRQGLQJDPRXQWVWKDWZHUHSDLGRULQFXUUHG
GXULQJWKHFDOHQGDU\HDURI7KHPD[LPXPFUHGLWDOORZHGSHUDSSOLFDQWLV
 *HRJUDSKLFDOO\7DUJHWHG(FRQRPLF'HYHORSPHQW$UHDV
$VDQH[DPSOH&DOLIRUQLDKDVEXVLQHVVLQFHQWLYHDUHDVORFDWHGWKURXJKRXWWKHVWDWHGHVLJQHGWRLPSURYH
FXUUHQWEXVLQHVVDQGDWWUDFWQHZEXVLQHVVRZQHUVWRWKHDUHDV8QGHUWKHVHSURJUDPVWKHUHDUHDYDULHW\RI
WD[FUHGLWSURJUDPVDYDLODEOH

7REHHOLJLEOHDWOHDVWRIWKHVHUYLFHVSHUIRUPHGPXVWEHGLUHFWO\UHODWHGWRWKHEXVLQHVVRZQHUpVWUDGH
DQGDWOHDVWRIWKHVHUYLFHVSHUIRUPHGPXVWEHFRPSOHWHGLQWKHDUHDWKDWWKHEXVLQHVVLVORFDWHGLQ
7KHDSSOLFDQWPXVWDOVRKDYHEHHQKLUHGDIWHUWKH]RQHZDVGHVLJQDWHG

$GGLWLRQDOO\WKHDSSOLFDQWPXVWEHRQHRIWKHIROORZLQJ
X (OLJLEOHIRUEHQHILWVXQGHUWKHIHGHUDO-RE7UDLQLQJ3DUWQHUVKLS$FW-73$RULWpVVXFFHVVRU
X (OLJLEOHWREHDUHJLVWUDQWXQGHUWKH*UHDWHU$YHQXHVIRU,QGHSHQGHQFH*$,1$FWRI
X (FRQRPLFDOO\'LVDGYDQWDJHG
X $'LVORFDWHG:RUNHULQFOXGHVWKRVHWHUPLQDWHGODLGRIIORQJWHUPXQHPSOR\HGIRUPHUO\VHOI
HPSOR\HGDFLYLOLDQHPSOR\HHHPSOR\HGDWDPLOLWDU\LQVWDOODWLRQWKDWKDVFORVHGDVDUHVXOWRI
WKH'HIHQVH%DVH&ORVXUHDQG5HDOLJQPHQW$FWRIDQDFWLYHPHPEHURIWKHDUPHGIRUFHVRU
1DWLRQDO*XDUGWKDWZDVLQYROXQWDULO\VHSDUDWHGDVHDVRQDORUPLJUDQWZRUNHURQHWHUPLQDWHGRUODLG
RIIGXHWR&OHDQ$LU$FWFRPSOLDQFH
X $Q([2IIHQGHU
X $'LVDEOHG,QGLYLGXDOZKRLVHOLJLEOHIRURUHQUROOHGLQDVWDWHUHKDELOLWDWLRQSODQ
X 6HUYLFH&RQQHFWHG'LVDEOHG9HWHUDQRUD9LHWQDP9HWHUDQ
X $Q,QGLYLGXDOHOLJLEOHIRUDQ\RIWKHIROORZLQJ66,%HQHILWV$LGWR)DPLOLHVZLWK'HSHQGHQW&KLOGUHQ
)RRG6WDPSVRUVWDWHDQGORFDOJHQHUDODVVLVWDQFH
X $5HVLGHQWRIWKH7DUJHWHG(PSOR\PHQW$UHD
X $Q,QGLYLGXDOZKRKDVSUHYLRXVO\TXDOLILHGWKHEXVLQHVVIRU(QWHUSULVH=RQHEHQHILWVXQGHUSUHYLRXV
JXLGHOLQHV
X $0HPEHURIRQHRIWKH:RUN2SSRUWXQLW\7D[&UHGLWWDUJHWHGJURXSV
 /HJLVODWLRQVWDWHVWKDWSULRULW\IRUHPSOR\PHQWPXVWEHJLYHQWRWKHVHJURXSVRILQGLYLGXDOV

(QWHUSULVH=RQHV
,QHFRQRPLFDOO\GHSUHVVHGDUHDVRIWKHVWDWHWKH'HSDUWPHQWRI
+RXVLQJDQG&RPPXQLW\'HYHORSPHQWDOORZVIRUWKHFUHDWLRQRI
XSWR(QWHUSULVH=RQHVWKURXJKRXWWKHVWDWH2QFHWKH\UHFHLYH
GHVLJQDWLRQDQ(QWHUSULVH=RQHZLOOUHPDLQDFWLYHIRUXSWR\HDUV
7DUJHWHG7D[$UHD
7KHUHLVRQH7DUJHWHG7D[$UHDLQWKHVWDWHGHVLJQDWHGDOVRE\WKH
'HSDUWPHQWRI+RXVLQJDQG&RPPXQLW\'HYHORSPHQW7XODUH
&RXQW\LVWKHFXUUHQW7DUJHWHG7D[$UHDRIIHULQJWKHIROORZLQJ
LQFHQWLYHV+LULQJ&UHGLWFRPSXWHGLQWKHVDPHPDQQHUDVWKH
)RUDFXUUHQWOLVWLQJRIWKHH[LVWLQJ&DOLIRUQLD(QWHUSULVH=RQHVYLVLW (QWHUSULVH=RQH+LULQJ&UHGLW6DOHVDQG8VH&UHGLW%XVLQHVV([SHQVH
RXUZHEVLWHDWZZZWD[FUHGLWVHUYLFHVFRP 'HGXFWLRQDQGWKH1HW2SHUDWLQJ/RVV'HGXFWLRQ

7KHLQFHQWLYHVDYDLODEOHZLWKLQ(QWHUSULVH=RQHVDUHWKH+LULQJ
/RFDO$JHQF\0LOLWDU\%DVH5HFRYHU\$UHDV
&UHGLW6DOHVDQG8VH&UHGLW%XVLQHVV([SHQVH'HGXFWLRQDQGWKH
1HW2SHUDWLQJ/RVV'HGXFWLRQ7KH+LULQJ&UHGLWLVFDOFXODWHGDVD /RFDO$JHQF\0LOLWDU\%DVH5HFRYHU\$UHDV/$0%5$pVDUHWKRVHWKDW
SHUFHQWDJHRIWKHZDJHVHDUQHGE\WKHHPSOR\HHXSWRSHUKRXU KDYHH[SHULHQFHGDPLOLWDU\EDVHFORVXUH$TXDOLILHGHPSOR\HHLQD
7KHPD[LPXPILQDQFLDOEHQHILWIRUWKH+LULQJ&UHGLWSHUHPSOR\HHLV /$0%5$LVDFLYLOLDQRUDPLOLWDU\HPSOR\HHWKDWZDVGLVSODFHGDV
GHOLYHUHGRYHUDILYH\HDUSHULRGDVIROORZV DUHVXOWRIWKHPLOLWDU\IDFLOLW\FORVXUHRULVDPHPEHURIRQHRIWKH
(QWHUSULVH=RQHWDUJHWHGJURXSV,QFHQWLYHVLQD/$0%5$LQFOXGH
 <HDU2QH  +LULQJ&UHGLW6DOHVDQG8VH&UHGLW%XVLQHVV([SHQVH'HGXFWLRQDQG
 <HDU7ZR  WKH1HW2SHUDWLQJ/RVV'HGXFWLRQ
 <HDU7KUHH 
 <HDU)RXU 
 <HDU)LYH  
 7RWDO0D[LPXP9DOXHRI+LULQJ&UHGLW 
+HUHLVDVDPSOHRIVRPHDGGLWLRQDOVWDWHWD[FUHGLWVDYDLODEOH
&RUSRUDWH
(QWHUSULVH=RQH ,QYHVWPHQW -REV +HDGTXDUWHUV
6WDWH &UHGLW &UHGLW &UHGLW &UHGLW
$. 12 <(6 12 12
$/ <(6 <(6 <(6 <(6
$5 <(6 <(6 <(6 12
$= <(6 12 <(6 12
&$ <(6 <(6 <(6 12
&2 <(6 <(6 <(6 12
&7 <(6 <(6 <(6 12
'& <(6 12 <(6 12
'( <(6 <(6 <(6 <(6
)/ <(6 <(6 <(6 12
*$ <(6 <(6 <(6 <(6
+, <(6 <(6 <(6 12
,$ <(6 <(6 <(6 12
,' 12 <(6 <(6 <(6
,/ <(6 <(6 <(6 <(6
,1 <(6 <(6 <(6 <(6
.6 <(6 <(6 <(6 12
.< <(6 <(6 <(6 <(6
/$ <(6 <(6 <(6 <(6
0$ <(6 <(6 <(6 12
0' <(6 12 <(6 <(6
0( <(6 <(6 <(6 12
0, <(6 <(6 <(6 12
01 <(6 <(6 <(6 12
02 <(6 <(6 <(6 <(6
06 12 <(6 <(6 <(6
07 12 <(6 <(6 12
1& <(6 <(6 <(6 12
1' <(6 <(6 <(6 12
1( <(6 <(6 <(6 12
1+ <(6 <(6 <(6 12
1- <(6 <(6 <(6 12
10 <(6 <(6 <(6 12
19 12 12 12 12
1< <(6 <(6 <(6 12
2+ <(6 <(6 <(6 12
2. <(6 <(6 <(6 12
25 <(6 <(6 <(6 12
3$ <(6 <(6 <(6 12
5, <(6 <(6 <(6 12
6& <(6 <(6 <(6 <(6
6' 12 12 12 12
71 <(6 <(6 <(6 <(6
7; 12 12 12 12
87 <(6 <(6 <(6 12
9$ <(6 <(6 <(6 <(6
97 <(6 <(6 12 12
:$ 12 12 12 12
:, <(6 <(6 <(6 <(6
:9 12 <(6 <(6 <(6
:< 12 12 12 12
5HVHDUFKƬ'HYHORSPHQW7D[,QFHQWLYHV
<RXGRQpWKDYHWREHLQDHURVSDFHWHFKQRORJ\GHYHORSPHQWRUQHZVRIWZDUHGHYHORSPHQWWRWDNHDGYDQWDJH
RIWKH5HVHDUFKDQG'HYHORSPHQW7D[&UHGLW5
'$FRPPRQPLVFRQFHSWLRQLVWKDWWKH5
'7D[&UHGLWRQO\
DSSOLHVWRWUDGLWLRQDOPDQXIDFWXUHUVLQYROYHGLQQHZSURGXFWGHYHORSPHQWRUKLJKWHFKEXVLQHVVHV
:KLOHWKHVHLQGXVWU\VHJPHQWVTXDOLI\VRGRRWKHULQGXVWULHVZKRHQJDJHLQ
X 3URFHVVLPSURYHPHQWVDQGGHYHORSPHQW
X ,PSURYHPHQWVLQIXQFWLRQUHOLDELOLW\DQGTXDOLW\WRH[LVWLQJSURGXFWV
X 5HVHDUFKDQGVSHFLILFDWLRQGHVLJQ
X 'HYHORSLQJDQGRULPSURYLQJQHZSURGXFWVSURFHVVHVIRUPXODVVRIWZDUHWHFKQLTXHV
X &UHDWLQJPRUHUHOLDEOHSURGXFWVSURFHVVHVIRUPXODVVRIWZDUHWHFKQLTXHV
X 'HYHORSLQJSURWRW\SHVRUPRGHOV
X 'HVLJQLQJGLHVPROGVWRROVDQGMLJV
X $SSO\LQJIRUSDWHQWV
X 7HVWLQJQHZFRQFHSWVQHZWHFKQRORJ\RUVRXUFLQJIRUQHZUDZPDWHULDOV
X ,PSURYLQJH[LVWLQJRUEXLOGLQJQHZIDFLOLWLHV
X (PSOR\LQJFRQVXOWDQWVFRQWUDFWRUVWRSHUIRUPWKHVHDFWLYLWLHV
&RPSDQLHVWKDWSHUIRUPDQ\RIWKHDERYHDFWLYLWLHVPD\VLJQLILFDQWO\LQFUHDVHWKHLUFDVKIORZE\WDNLQJIXOO
DGYDQWDJHRIWKH5
'7D[&UHGLW3HUIRUPLQJWKH5
'7D[&UHGLWDQGLQLWLDWLQJWKHUHFRYHU\FDQEHYHU\
FRPSOH[DQGUHTXLUHVVSHFLDOL]HGNQRZOHGJHDQGH[SHUWLVH2XUH[SHUWLVHLQWKHIHGHUDODQGVHOHFWHGVWDWHpV
5
'7D[&UHGLWVUXOHVFULWHULDFRGHDQGUHJXODWLRQVHQDEOHVXVWRPD[LPL]HWKHIXOOSRWHQWLDORIWKHFUHGLW

,QGXVWULHV7KDW&DQ%HQHILW
X )RRG6HUYLFH,QGXVWU\
X &RQVXPHU3URGXFWV
X &KHPLFDODQG3KDUPDFHXWLFDO,QGXVWULHV
X 6WHHO3URFHVVLQJ5ROOHG
X $OXPLQXP3URFHVVLQJ
X ,URQ$OXPLQXP=LQF'LH&DVWLQJ
X 3DFNDJLQJ&RUUXJDWHG3ODVWLF)LOP
X 3RZGHUHG0HWDOV
X 3ULPDU\0HWDO%HQGLQJ&XWWLQJ,QGXVWULHV
X $XWRPRWLYH5HODWHG
X 3ODVWLF,QMHFWLRQ0ROGLQJ
X 0HWDO6WDPSLQJ
X &XVWRP0DFKLQH%XLOGLQJ
X )XUQLWXUH
X 7RRODQG'LH
X 6RIWZDUHDQG6RIWZDUH'HYHORSHUV
X :LQHU\
X 6HUYLFH,QGXVWULHVu)LQDQFLDO,QVWLWXWLRQV
X 3URIHVVLRQDOVFLHQWLILFDQGWHFKQLFDOVHUYLFHVDUFKLWHFWXUDOHQJLQHHULQJFRPSXWHUV\VWHPVGHVLJQ
VFLHQWLILF5
'VHUYLFHV
([DPSOHVRI5Ƭ'%HQHILWV
,QGXVWU\7\SH   *URVV6DOHV &DVK%HQHILW
3ODVWLF%ORZ0ROGHU    
0HWDO)DEULFDWLRQ    
3ODVWLF&RQVXPHU3URGXFWV   
(TXLSPHQW0IJ    
,QVWUXPHQW0IJ    
&RQVXPHU3URGXFWV0IJ   

5
'WD[FUHGLWVSURYLGHSHUPDQHQW
EHQHILWVWRGULYHGRZQHIIHFWLYHWD[UDWHV
DQGJHQHUDWHFDVKIORZ

)HGHUDODQGVWDWHLQFHQWLYHVDUHDYDLODEOHWRFRPSDQLHVWKDWLQYHVWLQGHYHORSLQJQHZSURGXFWVRU
LPSURYLQJH[LVWLQJSURGXFWVGHYHORSLQJQHZPDWHULDOVEXLOGLQJDQGWHVWLQJSURWRW\SHVDQGPRGHOV
GHYHORSLQJQHZRULPSURYHGVRIWZDUHDSSOLFDWLRQVWHVWLQJQHZFRQFHSWVH[SHULPHQWDWLRQDQGPRUH
5
'FRVWVFDQEHOHYHUDJHG7KHH[WHQVLRQRIWKH5
'7D[&UHGLWDQGWKHQHZ([SDQGHG$OWHUQDWLYH
6LPSOLILHG7D[&UHGLW$6&RIIHUVXEVWDQWLDOEHQHILWV&RPSDQLHVHQJDJHGLQWKHVHDFWLYLWLHVPD\EH
HOLJLEOHWRUHWURDFWLYHO\FODLPWKH5
'7D[&UHGLWREWDLQVLJQLILFDQWFDVKUHIXQGVDQGHVWDEOLVKD
SURFHVVWRFRQWLQXHFODLPLQJWKHVHFUHGLWVLQIXWXUH\HDUV
7D[&UHGLW6HUYLFHVRIIHUVDFRPSOLPHQWDU\QRREOLJDWLRQDQDO\VLVWRFRPSDQLHVLQWHUHVWHG'XULQJWKLV
LQLWLDODVVHVVPHQWRXUJRDOLVWRGHWHUPLQHLIWKHUHDUHDQ\DFWLYLWLHVFRQGXFWHGE\WKHFRPSDQ\WKDW
TXDOLI\DVUHVHDUFKDQGGHYHORSPHQWDVGHILQHGE\WKH,QWHUQDO5HYHQXH&RGH
$IWHUZHKDYHGHWHUPLQHGWKDWFHUWDLQDFWLYLWLHVGRTXDOLI\ZHSURYLGHDUHDOLVWLFWD[FUHGLWHVWLPDWH
8VLQJWKH5
'7D[&UHGLWFDQUHVXOWLQqIRXQGPRQH\rIRUEXVLQHVVHVDOORZLQJLQYHVWPHQWLQIXUWKHU
UHVHDUFKDQGGHYHORSPHQWRURWKHUEXVLQHVVJURZWKDFWLYLWLHV

5Ƭ'&UHGLW%HQHILWV
X ,PPHGLDWHVRXUFHRIFDVK
X 5HGXFWLRQLQFXUUHQW\HDUWD[
X 6RXUFHRISHUPDQHQWWD[VDYLQJVDQGILQDQFLDOVWDWHPHQWEHQHILWV
X ,QFUHDVHLQPDUNHWYDOXHFDVKIORZDQGFRPSDQ\52,
X &DUU\EDFNDQGIRUZDUGRIXQXWLOL]HGFUHGLWVRIRQH\HDUDQG\HDUVUHVSHFWLYHO\
X )RUWD[SHULRGVDIWHU
$GYDQFHG
7HFKQRORJ\
2XUWHFKQRORJ\IRFXVLQFOXGHVEHVWLQFODVVLQIRUPDWLRQV\VWHPVWDLORUHGVSHFLILFDOO\WRPHHWWKHXQLTXH
QHHGVRIRXUFXVWRPHUVDQGRXUDJHQWV:HpYHGHVLJQHGDSURSULHWDU\V\VWHPWKDWLVDSRZHUIXOWRROWKDW
DOORZV7&6WRVWDQGRXWLQWKH7D[&UHGLWLQGXVWU\

7KH7&6WHFKQRORJ\V\VWHPVHQDEOHPD[LPXPFRQWURODQGYLVLELOLW\WKURXJKRXWWKHHQWLUHSURFHVV
SURYLGLQJDSUHTXDOLILHUHQJLQHZKLFKFDQDXWRPDWLFDOO\GHWHFWSRWHQWLDOFUHGLWVDVVRRQDVWKH
LQIRUPDWLRQLVUHFHLYHGIURPWKHHPSOR\HH

)URPWKHHPSOR\HHWRWKHHPSOR\HUWKH7&6WHFKQRORJ\V\VWHPVFDQSURYLGH
X :RUN2SSRUWXQLW\7D[&UHGLWpV:27&6FUHHQLQJ
X ,QVWDQWWD[FUHGLWHVWLPDWHVEDVHGRQ\RXUqUHDOWLPHrVFUHHQHGDSSOLFDQWV
X $ELOLW\WRPDQDJHPXOWLSOHORFDWLRQVDQGGLYLVLRQV
X (PSOR\HHGDWDH[SRUWIXQFWLRQDOLW\
X +5HPSOR\HHPDQDJHPHQWFDSDELOLWLHV
X (PDLOQRWLILFDWLRQVZKHQ\RXKDYHDTXDOLILHGDSSOLFDQW
X &XVWRPL]HG6FUHHQ2SWLRQV(PSOR\HHDQG(PSOR\HU
X ,QGLYLGXDO%UDQGLQJIRU\RXU&RPSDQ\WRSURYLGHFRQWLQXLW\IRU\RXUDSSOLFDQWVDQGUHDVVXUHWKHP
WKDWWKH\DUHVWLOOLQWHUDFWLQJZLWK\RXUFRPSDQ\

:LWKWKH7&67HFKQRORJ\6\VWHPV\RXJHWWRFXVWRPL]H\RXUOHYHORILQYROYHPHQWLQWKHSURFHVVRI
DGPLQLVWHULQJWKHFUHGLWV<RXFDQXWLOL]HWKHV\VWHPPHUHO\WRJHWHVWLPDWHVRI\RXUWD[FUHGLWVRU\RX
FDQEHIXOO\LQYROYHGZLWKWKHUXQQLQJRIWKHV\VWHPZKHWKHU\RXFKRVHWRLPSOHPHQWSDSHUVFUHHQLQJ
ZHEVFUHHQLQJRUSKRQHVFUHHQLQJRXUWHFKQRORJ\V\VWHPVZLOOEHXSGDWHGZLWKDOORI\RXUVFUHHQHG
DSSOLFDQWpVLQIRUPDWLRQVRWKDW\RXFDQDFFHVVLWDWDQ\WLPHDQ\ZKHUHVHFXUHO\

7RHQVXUHWKDWDOOGDWDLVUHFHLYHGLQDWLPHO\PDQQHUWKH7&6V\VWHPSURYLGHVDXWRPDWHGQRWLFHV
RQUHTXLUHGGDWDWRKHOSHQVXUHWKDWQRFUHGLWVDUHORVW5HSRUWLQJRQWKHVLWHDOVRKHOSVWRSURYLGHD
qELJJHUSLFWXUHrRIWKHRYHUDOOVWDWXVRIWKHWD[FUHGLWSURJUDPIRU\RXURUJDQL]DWLRQJLYLQJHYHU\WKLQJ
IURPKLJKOHYHORYHUYLHZVWRGHWDLOHGLQIRUPDWLRQRQHDFKHPSOR\HHpVFUHGLWV7KURXJKRXWWKHHQWLUH
SURFHVVRXUWHFKQRORJ\V\VWHPVH[SHUWO\GHOLYHURQWKHSURPLVHGRQOLQHVROXWLRQWKDWKDVHOXGHGVR
PDQ\LQRXULQGXVWU\
$GGLWLRQDO%HQHILWV
X ,QFUHDVHLQFRPSOLDQFH
X &DQEHLQWHJUDWHGLQWR\RXUFXUUHQW+5PDQDJHPHQWV\VWHP
X $YDLODEOHYLDZHEDOORZLQJIRUVFUHHQLQJRIUHPRWHKLUHV
DQ\ZKHUHDQ\WLPH
X 6WUHDPOLQHHPSOR\HHWD[FUHGLWVFUHHQLQJSURFHVV
$W7&6ZHVWULYHWRHQVXUHRXUFOLHQWVLPSOHPHQWDWLRQLVDVHDV\DV
SRVVLEOH:HZRUNGLUHFWO\ZLWK\RXULQKRXVH,7VWDIIRUGLUHFWO\ZLWK
\RXUV\VWHPVYHQGRUWRLQWHJUDWHRXUWHFKQRORJ\VHDPOHVVO\LQWR\RXU
FXUUHQWHQYLURQPHQW+LVWRU\KDVVKRZQWKDWXWLOL]LQJWKH7&67HFKQRORJ\
WRVFUHHQQHZKLUHVKDVLQFUHDVHGFRPSOLDQFHGUDPDWLFDOO\$GGLWLRQDOO\
XWLOL]LQJWKH7&67HFKQRORJ\DOORZVIRUDFFHVVWRUHDOWLPHGDWDWKURXJK
UHSRUWVDQGJUDSKVWRKHOS\RXXQGHUVWDQGZKHUH\RXUFUHGLWVDUHFRPLQJ
IURPZKLFKORFDWLRQVDUHHDUQLQJWKHPRVWFUHGLWVDQGZKLFKW\SHVRI
HPSOR\HHVDUHEULQJLQJ\RXWKHPRVWPRQH\LQFUHGLWV%HLQJDEOHWR
GULOOGRZQWRWKLVOHYHOZLOOHQDEOH\RXUFRPSDQ\WRIXUWKHULWVWD[FUHGLW
SURJUDPE\OHDUQLQJZKHUH\RXUVWUHQJWKVDQGZHDNQHVVHVDUHLQ\RXUWD[
FUHGLWSRUWIROLR

+RZGRZHGRWKLV"
:HXWLOL]HWKHODWHVWLQZHEEDVHGWHFKQRORJLHVWRSURYLGHRXUVRIWZDUH
DVDVHUYLFHSURYLGLQJ\RXDQG\RXUHPSOR\HHVZLWKDFFHVVIURP
DQ\ZKHUHDQGDWDQ\WLPH2XUZHEHQDEOHGWHFKQRORJ\LVPDGHXS
RISUHPLHUHQWHUSULVHV\VWHPVSURYLGLQJRXUFXVWRPHUVZLWKRQVLWH
PDQDJHPHQWRIWKHLULQIRUPDWLRQLQUHDOWLPHVFUHHQSULQWV7KLVVXLWHRI
VRSKLVWLFDWHGDQGSRZHUIXOLQIRUPDWLRQV\VWHPVLVDGYDQFHGDQGXVHU
IULHQGO\DQGLVKRXVHGLQDIXOO\UHGXQGDQW6$67\SH,,FRPSOLDQW7LHU
GLVDVWHUUHFRYHU\IDFLOLW\WRHQVXUH\RXUGDWDLVVHFXUHDQGSURWHFWHG

&XVWRPL]HGYLUWXDOGHPRQVWUDWLRQVDUHDYDLODEOH

%\LPSOHPHQWLQJRXUWHFKQRORJ\\RX
ZLOOGUDPDWLFDOO\LQFUHDVHVFUHHQLQJ
FRPSOLDQFHUHPRYHWKHEXUGHQIURP
\RXU+5VWDIIDQGXOWLPDWHO\LQFUHDVH
WKHWD[FUHGLWVWR\RXUFRPSDQ\
:K\'RQpW,-XVW+DYH0\5HJXODU7D[
DQG$FFRXQWLQJ3HUVRQQHO+DQGOH7KLV
)RU0H"
:KHWKHU\RXTXDOLI\IRUD6WDWHLQFHQWLYHD)HGHUDOLQFHQWLYHRUERWKXQGHUVWDQGLQJWKH
FRQWLQXDOO\FKDQJLQJODZVDQGFRGHVLVFULWLFDO$V\RXpYHOHDUQHGLQWKLVUHSRUWWKHSURJUDPVDUH
H[SDQVLYHWLPHFRQVXPLQJDQGQRRQHLQWKHJRYHUQPHQWLVZRUNLQJWRPDNHWKLVSURFHVVDQ\
HDVLHUIRU\RX$FWXDOO\PDQ\RIWKHODZVDUHVHWXSVRWKDW\RXWULSRYHUWKHUHGWDSHDQGPDNH
\RXUFRPSDQ\RU\RXUHPSOR\HHVLQHOLJLEOH

7KHODZVKDYHDOVREHHQVWUXFWXUHGLQVXFKDZD\WKDWVLJQLILFDQWFKDQJHVWR6WDWHWD[FUHGLWVWDNH
SODFHHYHU\\HDUDVWKHJHRJUDSKLFERXQGDULHVDUHUHSRVLWLRQHGEHFDXVHRIFKDQJLQJHFRQRPLF
GDWDDQGIRUHFDVWV'LIIHUHQWSURJUDPVKDYHWREHLPSOHPHQWHGEHIRUHPDNLQJKLUHVH[SHQGLWXUHV
DQGVRPHGRQpW

,IDWD[SURIHVVLRQDOGLGQRWXQGHUVWDQGWKHLQWULFDFLHVRIWKHVHFKDQJHVDQGIXOO\H[SORLWWKHLU
EHQHILWVEHIRUHWKH6WDWHVDQGWKH,56PDGHWKHVHFKDQJHVKLVFOLHQWVFRXOGHQGXSORVLQJDERXW
KDOIRIWKHFUHGLWVGXHWRWKHP

:LWKWKHGLYHUVHFULWHULDDQGHYHUFKDQJLQJ
UXOHVDQGUHJXODWLRQVLQYROYHGLWLVMXVW
WRRGLIILFXOWIRU\RXUWD[SURIHVVLRQDOWRWU\
WRNHHSXSZLWKWKHVHHYHUFKDQJLQJWD[
FUHGLWV
7KH)LUVW6WHSLQ&ROOHFWLQJ7D[&UHGLWV
DQG,QFHQWLYHVLV.QRZLQJ7KH\([LVWf
WKH6HFRQGLV+LULQJ7D[&UHGLW6HUYLFHV
WR+DQGOHWKH3URFHVV
:KDWLVP\SDUWLQDOORIWKLV"
2XUFOLHQWpVRQO\UHVSRQVLELOLW\LVWRSURYLGH7D[&UHGLW6HUYLFHVZLWKFRPSOHWHDQGDFFXUDWH
LQIRUPDWLRQZHZLOOUHTXLUHWRSHUIRUPRXUVHUYLFHV7KLVPD\LQFOXGH\RXUFRPSDQ\pVHPSOR\HH
KLVWRU\SD\UROODQGRWKHUSHUWLQHQWLQIRUPDWLRQ

+RZPXFKWLPHDQGPRQH\ZLOOWKLVFRVWPH"
7D[&UHGLW6HUYLFHVZLOOGRDOOWKHZRUNQHFHVVDU\WRWDNHDGYDQWDJHRIWKHYDULRXVSURJUDPV
\RXFRXOGTXDOLI\IRU:HPDNHWKHSURFHVVRITXDOLI\LQJIRUWKHYDULRXVSURJUDPVYHU\HDV\E\
OLPLWLQJ\RXUWLPHVSHQWRQO\WRSURYLGLQJXVZLWKWKHLQIRUPDWLRQQHHGHGWRSHUIRUPRXUVHUYLFH

:HXWLOL]HRXUSURSULHWDU\VRIWZDUHWRJDWKHUWKHGDWDQHHGHGIURP\RXUHPSOR\HHVGXULQJWKHKLULQJ
SURFHVVDQGVFUHHQ\RXUHPSOR\HHVIRUWD[FUHGLWVDWWKDWWLPH8WLOL]LQJWKLVPHWKRGZHDUHDEOH
WRGUDPDWLFDOO\LPSURYHLPSOHPHQWDWLRQUDWHVDQGFRQVHTXHQWO\VLJQLILFDQWO\LQFUHDVHWKHDPRXQW
RIWD[FUHGLWVWKDWFDQEHUHFRYHUHGIRURXUFOLHQWV<RXUFRPSDQ\ZLOOEHDEOHWRDFFHVVWD[FUHGLW
UHSRUWVDQGVWDWXVXSGDWHVZLWKLQWKHV\VWHP,I\RXUFRPSDQ\FDQQRWLPSOHPHQWDQHOHFWURQLF
V\VWHPZHDOVRRIIHUDSDSHUEDVHGVFUHHQLQJPHWKRG

:HZRUNRQDFRQWLQJHQWIHHEDVLVtZKLFKPHDQVZHRQO\JHWSDLGRQWKHWD[VDYLQJVRU
LQFHQWLYHVREWDLQHG,IZHGRQRWUHFRYHUDQ\PRQLHVWKURXJKRXUWD[FUHGLWDQGFRVWUHFRYHU\
VHUYLFHVZHGRQRWJHWSDLG\RXRZHXVQRWKLQJ7KHUHIRUHWKLVLVDZLQZLQVLWXDWLRQIRUDOORXU
FOLHQWV

:HKRSHWKDWWKLVUHSRUWKDVLQFUHDVHG\RXUDZDUHQHVVRIWKH
WD[FUHGLWVDQGLQFHQWLYHVWKDWDUHDW\RXUFRPSDQ\pVILQJHUWLSV
)RUDGGLWLRQDOLQIRUPDWLRQRQRXUFRPSDQ\DQGRXUSURFHVVHVDQGVRIWZDUHFRQWDFWXVDW
RUHPDLOXVDW,QIR#WD[FUHGLWVHUYLFHVFRPDQGEHVXUHWRYLVLWXVDW
ZZZWD[FUHGLWVHUYLFHVFRP
5LGJHZD\&HQWHU3DUNZD\
6XLWH
0HPSKLV71

6KDQH+DPP
VKDPP#WD[FUHGLWVHUYLFHVFRP
7

ZZZWD[FUHGLWVHUYLFHVFRP