$&(
$701HWZRUN7HUPLQDWLRQ8QLW0XOWLVHUYLFH
$FFHVV&RQFHQWUDWRU
)($785(6
&UHDWHVDGHPDUFDWLRQSRLQW
EHWZHHQSULYDWHQHWZRUNV
DQGSXEOLF$70QHWZRUNV
$OORZVVHUYLFHSURYLGHUVWR
RIIHU/$1FRQQHFWLYLW\GDWD
DQGYRLFH7'0VHUYLFHV
RYHU:$1$70QHWZRUNV
7UDIILFPDQDJHPHQWLQFOXGHV
IDXOWORFDOL]DWLRQWUDIILF
PRQLWRULQJDQGSROLFLQJ
2IIHUVPXOWLSOHFODVVWUDIILF
VKDSLQJIRUHQKDQFHG$70
XSOLQNXWLOL]DWLRQ
3URYLGHVPDQDJHPHQWDQG
FRQWUROXSWRWKHFXVWRPHU
SUHPLVHV
,PSOHPHQWV,787,
2$02SHUDWLRQ
$GPLQLVWUDWLRQDQG
0DLQWHQDQFHVWDQGDUG
SURYLGLQJHQGWRHQG$70
VHUYLFHFRQWURO
0HGLDDQGUDWHFRQYHUVLRQ
6XSSRUWV&%59%5UWDQG
QUWDQG8%5
6XSSRUWV93&9&&
FRQQHFWLRQV
81,XVHURUQHWZRUN
LQWHUIDFHVVXSSRUWHG
0ESV6LQJOH0RGH
/RQJ+DXODQG
6KRUW+DXO
0ESV6LQJOH0RGH
6KRUW+DXORYHUVLQJOH
ILEHU:'0
0ESV0XOWLPRGH
0ESVRYHU873DQG
FRD[
(7RYHUFRD[DQGILEHU
[(7,0$
(7RYHUFRD[873
,QWHUZRUNLQJLQWHUIDFHV
(WKHUQHW)DVW(WKHUQHW
(7&(6
[(7&(6
(7&(6
)UDPH)RUZDUGLQJ
6HUYLFH/HYHO$JUHHPHQWV
6/$VFDQEHJXDUDQWHHGE\
HYHQWVDQGVWDWLVWLFV
FROOHFWLRQ
,QEDQGDQGRXWRIEDQG
6103PDQDJHPHQWDQG
VRIWZDUHGRZQORDG
5$'YLHZ+3291HWZRUN
0DQDJHPHQW$SSOLFDWLRQ
81,;EDVHG
/RFDORUUHPRWHFRQWURO333
IRU6103YLDWKHFRQWURO
SRUWWHUPLQDORUGLDOXS
6\QFKURQL]DWLRQWRWKH
QHWZRUNRUXVHUFORFN
5HGXQGDQWQHWZRUN
LQWHUIDFHVDQGSRZHU
VXSSOLHVRSWLRQDOIRU
LPSURYHGUHVLOLHQFH
&RPSDFW8KLJKVXLWDEOH
IRUPRXQWLQJLQ··UDFNV
$701HWZRUN7HUPLQDWLRQ8QLW0XOWLVHUYLFH$FFHVV&RQFHQWUDWRU
$&(
'(6&5,37,21
$&(FDQEHXVHGDVDQ$70
1781HWZRUN7HUPLQDWLRQ8QLW
IRUQDWLYH$70RUDVD
PXOWLVHUYLFHDFFHVVFRQFHQWUDWRU
06$&/RFDWHGDWWKHFXVWRPHU
SUHPLVHVLWFDQEHFRQWUROOHGE\
DQ$70VHUYLFHSURYLGHURULWFDQ
EHXVHGDVSDUWRIDFRUSRUDWH
$70EDVHG:$1
$VDQ$178$&(HQDEOHVD
VPRRWKDQGIOH[LEOHFRQQHFWLYLW\
EHWZHHQXVHUQHWZRUNDQGSXEOLF
QHWZRUN,WDOORZVFDUULHUVWR
JXDUDQWHHWKH4XDOLW\RI6HUYLFH
4R6E\FROOHFWLQJDQG
PHDVXULQJORFDOL]HGDQGVHJPHQW
SDUDPHWHUV7KXVGHWDLOHG
SHUIRUPDQFHLQIRUPDWLRQDQG
HQGWRHQGQHWZRUNFRQWURODUH
SURYLGHG
$VDPXOWLVHUYLFHDFFHVV
FRQFHQWUDWRU$&(RIIHUV$70
4R6EDVHG:$1VHUYLFHV
7UDGLWLRQDOVHUYLFHVVXFKDV/$1
DQGYRLFHFDQEHFRQVROLGDWHG
RYHUVWDWLVWLFDOO\PXOWLSOH[HGOLQNV
DWKLJKUDWHV7KHEXLOWLQWUDIILF
PDQDJHPHQWIHDWXUHVFRQWULEXWH
WRWKHHIILFLHQF\DQGTXDOLW\RI
WKHVHVHUYLFHV
$&(KDVRQHXVHULQWHUIDFH
DQGWZRQHWZRUNLQWHUIDFHV7KH
XVHULQWHUIDFHLVXVHGHLWKHULQ
QDWLYH$70RUOHJDF\VHUYLFHVHJ
(WKHUQHW)DVW(WKHUQHWDQGYRLFH
7KHQHWZRUNLQWHUIDFHVDUH
FRQQHFWHGYLDRQHRUWZR$70
OLQNVWKXVSURYLGLQJSURWHFWHG
$70VHUYLFH
75$)),&0$1$*(0(17
$&(FRQWUROVWKHXVHULQJUHVV
WUDIILFWUDQVPLWWHGWRWKHSXEOLF
$70QHWZRUN,WPRQLWRUVRU
SROLFHVFHOOWDJJLQJRUFHOO
GLVFDUGLQJWUDQVPLWWHGWUDIILFLQ
RUGHUWRSURWHFWWKHSXEOLF$70
QHWZRUNIURPVHUYLFHDJUHHPHQW
YLRODWLRQ6LQJOHDQGGXDOOHDN\
EXFNHWLVXVHGIRU83&
8VDJH3DUDPHWHU&RQWURO
PHDVXUHPHQWV7KLVPHFKDQLVPLV
DSSOLHGSHUHDFKRSHQFRQQHFWLRQ
93&9&&7UDIILF0DQDJHPHQW
DOVRLQFOXGHVWKHVXSSRUWRI$$/
3DUWLDO3DFNHW'LVFDUG33'&/3
GURSSLQJDQG(DUO\)RUZDUG
&RQJHVWLRQ,GHQWLILFDWLRQ()&,
PDUNLQJ
75$)),&6+$3,1*
$QRSWLRQDOWUDIILFVKDSLQJIHDWXUH
ZLWKXSWRFHOOVEXIIHU
DGGVWR$&(XVHU·VWUDIILF
DVVXUDQFH$&(DVDQ$178
DQG06$&KHOSVXVHUVWREHWWHU
XWLOL]HWKHLU$70VHUYLFHV
)LJXUH$&(LQD3XEOLF3ULYDWH$SSOLFDWLRQ
$33/,&$7,21
$&(,QWHUZRUNLQJ0RGXOHV
0RGXOH1DPH 'HVFULSWLRQ 'DWD5DWHV
0ESV
&RQQHFWRU7\SH
$&(0(7+ (WKHUQHW)DVW(WKHUQHW  5-
$&(0(7+&(6( (WKHUQHWDQGRQHEDODQFHG(&(6  5-V
$&(0(7+&(6(&; (WKHUQHWDQGRQHXQEDODQFHG(&(6  5-DQG%1&
$&(0(7+&(67 (WKHUQHWDQGRQH7&(6  5-V
$&(0(7+&(6( (WKHUQHW)DVW(WKHUQHWDQGRQH(&(6  5-DQG%1&
$&(0(7+&(67 (WKHUQHW)DVW(WKHUQHWDQGRQH7&(6  5-DQG%1&
$&(0+'/&+6 +'/&+66, 8SWR +66,
$&(0+'/&; +'/&; 8SWR ;
$&(0+'/&9 +'/&9 8SWR 9
$&(0+'/& +'/&56 8SWR 56
$&(0&(6( EDODQFHG(&(6 5-
$&(0&(6(&; XQEDODQFHG(&(6 %1&
$&(0&(67 7&(6 5-
$701HWZRUN7HUPLQDWLRQ8QLW0XOWLVHUYLFH$FFHVV&RQFHQWUDWRU
$&(
$&($700RGXOHV
0RGXOH1DPH 'HVFULSWLRQ 'DWD5DWHV
0ESV
&RQQHFWRU
7\SH
7\SLFDO'LVWDQFH
NPPL
:DYHOHQJWK
QP
2SWLFDO
2XWSXWG%P
6HQVLWLYLW\
G%P
$&(0( (81,  5-SLQ
%1&²² ²
$&(07 781,HOHFWULFDO  5-SLQ ² ² ² ²
$&(0(,0$ ,QYHUVHPXOWLSOH[LQJ
[(IRU$70
8SWR[ 5-
$&(0(,0$&; ,QYHUVHPXOWLSOH[LQJ
[(IRU$70
8SWR[ %1&
$&(07,0$ ,QYHUVHPXOWLSOH[LQJ
[7IRU$70
8SWR[ 5-
$&(0( (81,HOHFWULFDO  %1& PIW ² ² ²
$&(0)&/( (81,RSWLFDO  )&3&    
$&(07 781,HOHFWULFDO  %1& PIW ² ² ²
$&(0&;%1& 670HOHFWULFDO  %1& PIW ² ² ²
$&(0873 670HOHFWULFDO  5- PIW ² ² ²
$&(0)&/7 7RSWLFDO  )&3&    
$&(06&0 6702&
PXOWLPRGH
 'XSOH[6&    
$&(067/ 6702&
VLQJOHPRGH
 676&    
$&(0)&/ 6702&
VLQJOHPRGH
 )&3&    
$&(06&/ 6702&
VLQJOHPRGH
 'XSOH[6&    
$&(0)&/+ 6702&
VLQJOHPRGHORQJKDXO
 )&3&    
$&(0)&/+ 6702&
VLQJOHPRGHORQJKDXO
 )&3&    
$&(0)&6) :'0VLQJOHILEHU
6702&
)&3&  7[
5[
 
$&(0)&6) :'0VLQJOHILEHU
6702&
)&3&  7[
5[
 
$&(0676) :'0VLQJOHILEHU
6702&
67  7[
5[
 
$&(0676) :'0VLQJOHILEHU
6702&
67  7[
5[
 
$&(
$701HWZRUN7HUPLQDWLRQ8QLW0XOWLVHUYLFH$FFHVV&RQFHQWUDWRU
%RWKFXVWRPHUVDQG$70VHUYLFH
SURYLGHUVHQMR\DQLPSURYHG
VHUYLFHVLQFHEXUVW\WUDIILFLV
VPRRWKHG6KDSLQJRI9%5WR&%5
LVDOVRSRVVLEOH7KLVLVDVLJQLILFDQW
EHQHILWHVSHFLDOO\DWORZVSHHG
$70OLQNV)RUWKHSULYDWH$70RU
OHJDF\VHUYLFHVXVHUWUDIILFVKDSLQJ
DOORZVIOH[LEOH\HWDFFXUDWHWUDIILF
DGDSWDWLRQWRWKHUHTXLUHGVHUYLFH
$70VHUYLFHSURYLGHUVEHQHILW
IURPWKHVKDSLQJDWWKHFXVWRPHU
SUHPLVHVDVLWVPRRWKHVLQJUHVV
WUDIILF7KXVSXEOLFQHWZRUN
FRQJHVWLRQLVSUHYHQWHGZKLOH
LQFUHDVHGQHWZRUNXWLOL]DWLRQLV
DFFRPSOLVKHG
$&(VXSSRUWVERWKVLQJOH
93&9&&VKDSLQJDQGJURXS
VKDSLQJIRUDJJUHJDWHVKDSLQJ
)$8/7/2&$/,=$7,21$1'
(1'72(1'$706(59,&(
021,725,1*
7KH$70OD\HU))VHJPHQWRU
HQGWRHQG2$0SURWRFROLV
SHUIRUPHGEHWZHHQDQ\WZR
$&(XQLWVORFDWHGDWWKH
QHWZRUNHGJHVLQFRPSOLDQFH
ZLWKWKHODWHVW,787,
VWDQGDUG7KLVFRQILJXUDWLRQ
HQDEOHVHQGWRHQGPHDVXUHPHQW
RI4R6SDUDPHWHUVVXFKDV
FRQQHFWLYLW\GHOD\HUURUUDWHDQG
FHOOORVVUDWLRDOORIZKLFK
GHVFULEHWKH4XDOLW\RI6HUYLFH
VXSSRUWHGE\WKHSXEOLFQHWZRUN
$&(DOVRHQDEOHVGLDJQRVWLFV
DQGORFDOL]DWLRQRIIDXOWV
WKURXJKRXWWKHSXEOLF$70
QHWZRUN
$70178VLPSURYHVHUYLFH
UHOLDELOLW\VLJQLILFDQWO\)DXOW
PDQDJHPHQWFDSDELOLWLHVRIWKHVH
XQLWVHQDEOHWKHYHULILFDWLRQRI
HQGWRHQG$70FRQQHFWLYLW\
2$0IDXOWPDQDJHPHQWLQFOXGHV
DODUPVXUYHLOODQFH$,65',DQG
FRQWLQXLW\FKHFNVVXSSRUWHGIRU
DOO93&V9&&V$&(DOVR
PRQLWRUV3HUIRUPDQFH
0DQDJHPHQW30E\FKHFNLQJ
ZKHWKHUDOOWKHFRQIRUPDQWGDWD
WUDQVPLWWHGWRWKHQHWZRUNKDV
UHDFKHGLWVGHVWLQDWLRQZLWKQR
HUURUVRQWKHZD\3HUIRUPDQFH
PDQDJHPHQWLVVXSSRUWHGIRUXS
WRELGLUHFWLRQDO93&V9&&VRU
XQLGLUHFWLRQDO93&V9&&V,Q
DGGLWLRQ$&(JHQHUDWHV
))ORRSEDFNFHOOV/%RQXSWR
93&V9&&V
7KLVHQDEOHVIDXOWORFDOL]DWLRQDQG
PHDVXUHPHQWVRIWKH$70
QHWZRUNGHOD\VLQFOXGLQJ
PLQLPXPPD[LPXPDYHUDJH
GHOD\DQGGHOD\YDULDWLRQ
$GGLWLRQDOO\ORRSEDFNFHOOVFDQ
EHVHQWZLWKVRXUFHDQG
GHVWLQDWLRQDGGUHVVHV7KHVH
ORRSEDFNFHOOVPD\EHORRSHGDW
DQ\QHWZRUNHOHPHQWWKDWZDV
SUHDVVLJQHGZLWKDORRSEDFN
SRLQWDGGUHVV
7KH3+<OD\HU))2$0
SURWRFROLVDOVRVXSSRUWHGE\
$&(HQDEOLQJSHUIRUPDQFH
PRQLWRULQJDQGIDXOWORFDOL]DWLRQ
RQWKHXVHUDQGQHWZRUNSK\VLFDO
OLQNV
5$7(&219(56,21
([WUDFWLQJ$70FHOOVIURPRQH
LQWHUIDFHDQGVHQGLQJWKHPRYHU
WRWKHRWKHULQWHUIDFHSHUIRUPV
UDWHFRQYHUVLRQEHWZHHQGLVVLPLODU
LQWHUIDFHV$FHOOEXIIHUZLWK
IRXUOHYHOVRISULRULW\TXHXHVLV
XVHGWRFRQYHUWEHWZHHQWKHWZR
LQWHUIDFHVZKLOHSUHVHUYLQJWKH
939&WUDIILFFKDUDFWHULVWLFV
&/2&.6<1&+521,=$7,21
,QPRVWDSSOLFDWLRQV$&(
HQDEOHVV\QFKURQL]DWLRQWRRQHRI
WKHIROORZLQJRSWLRQVQHWZRUN
XVHURULQWHUQDOFORFNLQJ$&(
V\QFKURQL]HVWKHXVHULQWHUIDFHWR
WKHUHFRYHUHGQHWZRUNFORFN,Q
FDVHRIVLJQDOORVVRQWKHQHWZRUN
LQWHUIDFHDORFDOFORFNLVXVHGWR
JHQHUDWHWKHGDWD
6(59,&(/(9(/$*5((0(176/$
6833257
6/$VXSSRUWUHTXLUHVHODERUDWH
FROOHFWLRQRIYDULRXVSDUDPHWHUV
$&(SURFHVVHVWKHVH
SDUDPHWHUVLQUHDOWLPHLQWR
VWDWLVWLFILJXUHV6WDWLVWLFVJDWKHUHG
E\$&(DUHFROOHFWHGDW
PLQXWHLQWHUYDOVDQGVWRUHGIRU
DSHULRGRIKRXUVLQWHUYDOV
7KLVLQFOXGHV3+<OD\HUIDXOWV
))2$0HYHQWVDQGWUDIILF
VWDWLVWLFV7KHVHVWDWLVWLFVFDQEH
XVHGWRDQDO\]HWKH$70QHWZRUN
EHKDYLRUDQGGHWHFWVHUYLFH
GHJUDGDWLRQRUJHQHUDWHELOOLQJ
LQIRUPDWLRQ
$&(PDLQWDLQVDQHYHQWORJ
ILOH$OOGHWHFWHGHYHQWVDUHORJJHG
DQGWLPHVWDPSHGLQD
QRQYRODWLOHPHPRU\WKDWDOVR
PDLQWDLQVDOLVWRIDFWLYHDODUPV
0$1$*(0(17
$&(VXSSRUWVXSWR9&&V
IRULQEDQGPDQDJHPHQWDQG
VRIWZDUHGRZQORDG7KLVHQDEOHV
FUHDWLRQRIUHGXQGDQWQHWZRUN
PDQDJHPHQWWRSRORJLHVE\WKH
SXEOLFQHWZRUNDGPLQLVWUDWRUDV
ZHOODVPDQDJHPHQWIURPWKHXVHU
VLGH,QEDQGFRPPXQLFDWLRQLV
LPSOHPHQWHGDFFRUGLQJWR
5)&URXWHG3'8
$&(DOORZVIXOOFRQILJXUDWLRQ
DQGPDQDJHPHQWWDVNVE\XVLQJ
7HOQHW
5$''DWD&RPPXQLFDWLRQV/WG 6SHFLILFDWLRQVDUHVXEMHFWWRFKDQJHZLWKRXWSULRUQRWLFH
$&(
$701HWZRUN7HUPLQDWLRQ8QLW0XOWLVHUYLFH$FFHVV&RQFHQWUDWRU
347-100-11/99
7KH5$'YLHZ+329QHWZRUN
PDQDJHPHQWDSSOLFDWLRQSURYLGHV
PDQDJHPHQWDWDOOOHYHOVSK\VLFDO
DQG$70OD\HUVDQGSHU939&
DQDO\VLV,WDOORZVWKHXVHUWR
DFWLYDWHDQGHIILFLHQWO\DGPLQLVWUDWH
DOOWKHIXQFWLRQVRIWKHGHYLFH7KH
XVHUFDQFRQILJXUHWKHSROOLQJWLPH
DQGWKHGDWHDQGWLPHGHIDXOWLV
ORFDORIDOOWKHPDQDJHG$&(
GHYLFHV,QDGGLWLRQDVORFDOWLPH
RIDOO$&(XQLWVLV
V\QFKURQL]HGWKHPLQXWH
LQWHUYDOVDUHV\QFKURQL]HGWRWKLV
ORFDOWLPH7KHVWDWXVLVUHSRUWHG
XVLQJDGHWDLOHGXVHUJUDSKLFDO
LQWHUIDFHDQGLVUHJLVWHUHGLQWKH
ORJILOH(DFKGHYLFHLVFRQFXUUHQWO\
PRQLWRUHGE\WKHPDQDJHPHQW
DSSOLFDWLRQZKLFKUHFHLYHVWUDSV
DOORZVFRQILJXUDWLRQWUDIILFDQG
IDXOWPDQDJHPHQWSHUIRUPDQFH
PRQLWRULQJDQGORRSEDFNWHVW
DFWLYDWLRQSHU939&RULQWHUIDFH
,QRUGHUWRHDVHILHOGLQVWDOODWLRQ
DQGPDQDJHPHQWRI$&(
WZRIHDWXUHVDUHRIIHUHG
3OXJSOD\HQDEOHVRSHUDWRUV
WRLQVWDOO$&(ZLWKRXW
FRQILJXUDWLRQDWWKHFXVWRPHU
SUHPLVHV/DWHUYLDD
SUHGHILQHG$70FRQQHFWLRQD
FRQILJXUDWLRQILOHFDQEH
GRZQORDGHG
3UHFRQILJXUHGHQDEOHV
GRZQORDGLQJRIWKH
FRQILJXUDWLRQILOHWRRWKHU
GHYLFHVLQWKHILHOG
63(&,),&$7,216
$70&RQQHFWLRQV
93&V9&&VGHSHQGLQJRQ
FRQILJXUDWLRQ
5DWH&RQYHUVLRQ%XIIHU
%XIIHUVL]HLVFHOOVZLWK
SULRULW\OHYHOV
67$1'$5'6
$70)RUXP
81,&LUFXLWHPXODWLRQVHUYLFH
DWYWRD,QYHUVH$70
PXOWLSOH[LQJ
,787
,,,,,
****
**
&RQWURO,QWHUIDFH
,QWHUIDFH 569'7(
%DXGUDWH 
ESV
&RQQHFWRU 5-
3RZHU
:9$&+]RU
9'&
6XSSRUWVSRZHUVXSSO\
UHGXQGDQF\
3K\VLFDO
+HLJKW  FP LQ8
:LGWK  FP LQ
'HSWK  FP LQ
:HLJKW  NJ OE
(QYLURQPHQW
7HPSHUDWXUH °&°)
+XPLGLW\ XSWR
QRQFRQGHQVLQJ
25'(5,1*
$&(#
$701HWZRUN7HUPLQDWLRQ8QLW
6SHFLI\SRZHUVXSSO\W\SH
$&IRU9$&
IRU9'&
#6SHFLI\5IRUUHGXQGDQWSRZHU
VXSSO\VDPHDVWKHILUVWSRZHU
VXSSO\XQLW
6SHFLI\635IRUWUDIILFVKDSLQJ
RSWLRQ
50
+DUGZDUHIRUPRXQWLQJXQLWVLQDµ
UDFN
)LJXUH$&(DVD0XOWL6HUYLFH$FFHVV&RQFHQWUDWRU