35

What type of fence do I need? - Viceroy Distributors

Embed Size (px)

Citation preview

:KDW�W\SH�RI�IHQFH�GR�,�QHHG"

.((3,1*�,7�$//�81'(5�&21752/

=$5(%$�$1'�5('�61$3¶5�6<67(06�0$.(�6(16($Q�HOHFWULF�IHQFH�V\VWHP�FDQ�EH�PDWFKHG�WR�DQ\�DQLPDO�FRQWURO�VLWXDWLRQ��RIIHULQJ�ERWK�EXGJHW�DQG�GHVLJQ�IOH[LELOLW\6DIHW\(OHFWULF�IHQFLQJ�SURYLGHV�D�VDIH�DOWHUQDWLYH�WR�EDUEHG�DQGZRYHQ�ZLUH�IHQFHV�� �)OH[LELOLW\

�

(DVH�RI�LQVWDOODWLRQ(OHFWULF�IHQFH�V\VWHPV�LQVWDOO�TXLFNO\�ZLWK�PLQLPDO�WRROV��VDYLQJRQ�ODERU�ZKHWKHU�\RX�KLUH�RXW�WKH�MRE�RU�GR�LW�\RXUVHOI��/RQJ�/LIH$�=DUHED�KLJK�WHQVLOH�V\VWHP�LV�WKH�EHVW�FKRLFH�IRU�ORQJHYLW\�GHOLYHULQJ�HIIHFWLYH�DQLPDO�FRQWURO�IRU�PRUH�WKDQ����\HDUV��/RZHU�&RVW7KH�VDYLQJV�FDQ�EH�VLJQLILFDQW�ZKHQ�FRPSDUHG�WR�RWKHU�IHQFLQJ�RSWLRQV�OLNH�EDUEHG�ZLUH��ZRYHQ�ZLUH��ZRRG�UDLO�RU�YLQ\O�IHQFLQJ�

:H�2IIHU� �:KDW�1R�2QH�(OVH�&DQ

/RRN�IRU�WKHVH�EUDQGV�RI�IHQFH�FRQWUROOHUV�LQ�\RXU�ORFDO�IDUP�VXSSO\�RU�KRPH�LPSURYHPHQW�VWRUH�

%()25(�<28�67$57&KHFN�/RFDO�&RGHV%HIRUH�\RX�VWDUW�\RXU�IHQFH�LQVWDOODWLRQ��FKHFN�ORFDO�]RQLQJ�ODZV�IRU�JXLGHOLQHV�ZLWKLQ�\RXU�DUHD��$OVR�FKHFN�ZLWK�ORFDO�XWLOLWLHV�EHIRUH�GLJJLQJ�WR�LGHQWLI\�DQ\�EXULHG�FDEOHV�RU�QDWXUDO�JDV�OLQHV�'HVLJQLQJ�<RXU�)HQFH7KH�RSWLPDO�IHQFH�V\VWHP�ZLOO�EH�XQLTXH�WR�\RXU�RZQ�VSHFLDO�QHHGV��7KLV�SODQQLQJ�JXLGH�WDNHV�\RX�WKURXJK�D�VWHS�E\�VWHS�SURFHVV�IRU�VHOHFWLQJ�DOO�WKH�FRPSRQHQWV�\RX¶OO�QHHG�IRU�\RXU�IHQFH�,I�\RX�QHHG�DGGLWLRQDO�DVVLVWDQFH�±�SOHDVH�VHH�WKH�)HQFH�3ODQQHU�GHVLJQ�WRRO�RQ�RXUZHEVLWH��ZZZ�]DUHEDV\VWHPV�FRP��

&217(176�&UHDWLQJ�<RXU�)HQFH�� 6HOHFWLQJ�&RPSRQHQWV� � )HQFH�&RQWUROOHU����������� ���� � )HQFH�6\VWHP�.LWV���������� ��� �� � *DUGHQ��3HW��(TXLQH� � *URXQGLQJ�6\VWHP�������� ��� � )HQFH�7HVWHUV��� � /LJKWQLQJ�3URWHFWLRQ������� ��� � 3RVWV����������������������������� ��� � ,QVXODWRUV����������������������� � 2WKHU�)HQFH�$FFHVVRULHV��� � (OHFWULF�1HWWLQJ������������� ��� � *DWH�2SHQLQJV��� � +DQGOHV�DQG�.LWV����������� ��� � )HQFH�:LUH�������������������� ��� � 3RO\�$FFHVVRULHV������������ ��� � 3RO\�7DSH�:LUH�5RSH����� ��� 6SHFLHV�&RQVLGHUDWLRQV��

&DWWOH��+RUVHV��3UHGDWRUV��3HWV��*DUGHQ�3HVWV����������������

� � +LJK�7HQVLOH�6\VWHP��������

)HQFH�,QVWDOODWLRQ�7LSV���������� ��)HQFH�&RQWUROOHU�7HUPV��������� ���

:KDW�7\SH�RI�)HQFH�'R�,�1HHG"� %DVLF�)HQFH�7\SHV������������� ���¶���¶�32*V�����������������������+LJK�7HQVLOH��3RO\�32*V����� ��

0DGH�LQ�8�6�$�

)HQFH�3ODQQHU�±�&DOFXODWH�ZKDW�\RX�QHHG�IRU�\RXU�RZQ�XQLTXH��HOHFWULF�IHQFH�V\VWHP�DW�ZZZ�]DUHEDV\VWHPV�FRP�

'(6,*1�<285�)(1&(

=DUHED�DQG�5HG�6QDS¶U�PDNH�FRPSOHWH�HOHFWULF�IHQFH�V\VWHPV�WR�FRQWURO�D�ZLGH�YDULHW\�RI�DQLPDOV��7KLV�JXLGH�FDQ�KHOS�\RX�GHWHUPLQH�ZKLFK�IHQFH�V\VWHP�LV�EHVW�IRU�\RX�DQG�ZLOO�KHOS�\RX�VHOHFW�WKH�FRPSRQHQWV�WR�FRPSOHWH�\RXU�IHQFH��.HHS�LQ�PLQG�WKDW�FKRRVLQJ�DQG�LQVWDOOLQJ�TXDOLW\�FRPSRQHQWV�ZLOO�SD\�GLYLGHQGV�ODWHU�ZLWK�IHZHU�PDLQWHQDQFH�SUREOHPV�DQG�D�JUHDWHU�IHQFH�OLIH�H[SHFWDQF\��

9DULRXV�V\VWHPV�JLYH�\RX�IOH[LELOLW\�WR�GHVLJQ�WKH�HQFORVXUH�\RX�QHHG��ZKHWKHU�D�SHUPDQHQW��VHPL�SHUPDQHQW�RU�SRUWDEOH�DSSOLFDWLRQ��,W�LV�DOVR�HDV\�WR�FRQYHUW�DQ�H[LVWLQJ�QRQ�HOHFWULF�IHQFH�WR�HOHFWULF�

����²�FRPSDWLEOH�FRPSRQHQWV�����GHVLJQHG�DQG�PDQXIDFWXUHG�����LQ�WKH�8�6��

����FRQWUROOHUV�ZLWK�RSWLRQV�����IRU�$&��EDWWHU\��DQG�VRODU������RSHUDWHG�XQLWV�FRYHULQJ�����GLVWDQFHV�XS�WR�����PLOHV

����VWDQGDUGV�EDFNHG�E\�����H[WHQVLYH�SURGXFW�WHVWLQJ�

����ZDUUDQW\�

����LQ�HOHFWULF�IHQFH�GHVLJQ�����DQG�HQJLQHHULQJ

]DUHEDV\VWHPV�FRP

$&�2SHUDWHG�)HQFH�&RQWUROOHUV��(QHUJL]HUV

$&�RSHUDWHG�IHQFHFRQWUROOHUV�DUH�WKH�EHVWRSWLRQ�ZKHUH�\RX�KDYH�DUHOLDEOH�VRXUFH�RI�����YROWHOHFWULFDO�SRZHU��:H�RIIHUD�UDQJH�RI�FRQWUROOHUV�IRUGLVWDQFHV�XS�WR�����PLOHV��

$&�)(1&(�&21752//(56

5XJJHG��ZHDWKHU�UHVLVWDQWFDELQHWV�

��'LJLWDO�WLPLQJ���8/�OLVWHG�IRU�DOO�$&�PRGHOV�,QGLFDWRU�OLJKW�VKRZLQJIHQFH�FRQWUROOHU�LV�ZRUNLQJ�(DV\�DFFHVV�WHUPLQDOV�DQGPRXQWLQJ�EUDFNHWV�WKDWDOORZ�IRU�TXLFN�FRQQHFWLRQVDQG�LQVWDOODWLRQ�$���WR���\HDU�ZDUUDQW\WKDW�LQFOXGHV�GDPDJHFDXVHG�E\�OLJKWQLQJ�

7KHVH�PRGHOV�DUH�HIIHFWLYHLQ�PRGHUDWH�WR�KHDY\�ZHHGFRQGLWLRQV�DQG�DUH�LGHDO�IRUORQJHU��PXOWL�VWUDQG�SRO\ZLUH��WDSH��URSH�RU�KLJKWHQVLOH�IHQFH�V\VWHPV��8VHIRU�DOO�DQLPDOV�LQFOXGLQJSUHGDWRUV��

:H�DUH�LQWURGXFLQJ�RXUUDQJH�LQ�FRYHUDJH�IURP���WR�����PLOHV�DQG�KDYHD���\HDU�ZDUUDQW\�ZKHQUHJLVWHUHG�RQ�OLQH��

1(:����<($5�:$55$17<

�

62/,'�67$7(�$&�)(1&(�&21752//(56

0RGHO�� 0LOHDJH�5DWLQJ 2XWSXW $QLPDOV�&RQWUROOHG

($&���0�= ����PLOHV ���MRXOHV

($&���0�= ����PLOHV

($&��0�= ���PLOHV ��MRXOHV

($&��0�= ���PLOHV ��MRXOHV($&��0&�=

($&��0�= ���PLOHV ��MRXOH $//($&��0&�=

($&��0�= ���PLOHV ���MRXOHV

($&��0&�=

($�0�= ��PLOHV ���MRXOHV

($�0�= ��PLOHV ����MRXOHV

0RGHO�� 0LOHDJH�5DWLQJ 1RWH $QLPDOV�&RQWUROOHG

$��&3 ���PLOHV,QFOXGHV�H[WHUQDO&LUFXLW�3DN�IRU�HDV\UHSDLU�

$��0 ���PLOHV 6PDOO�PHWDOFDELQHW

��$&5( ���DFUHV 6KRUW�KDLU�DQLPDOV

��$&5( ���DFUHV 6KRUW�KDLU�DQLPDOV

���� 7UDLQHU��GDLU\�EDUQV

/2:�,03('$1&(�)(1&(�&21752//(56

�

$OO�FRQWUROOHUV��HQHUJL]HUVDUH�PDGH�LQ�WKH�86$�

�F�8/�DSSURYHG

(QJOLVK�DQG�)UHQFK

UHGVQDSU�FRP

$&�2SHUDWHG�)HQFH�&RQWUROOHUV��(QHUJL]HUV

$&�RSHUDWHG�IHQFHFRQWUROOHUV�DUH�WKH�EHVWRSWLRQ�ZKHUH�\RX�KDYH�DUHOLDEOH�VRXUFH�RI�����YROWHOHFWULFDO�SRZHU��:H�RIIHUD�UDQJH�RI�FRQWUROOHUV�IRUGLVWDQFHV�XS�WR�����PLOHV�

$&�)(1&(�&21752//(56

5XJJHG��ZHDWKHU�UHVLVWDQWFDELQHWV�

��'LJLWDO�WLPLQJ���8/�OLVWHG�IRU�DOO�$&�PRGHOV�,QGLFDWRU�OLJKW�VKRZLQJIHQFH�FRQWUROOHU�LV�ZRUNLQJ�(DV\�DFFHVV�WHUPLQDOV�DQGPRXQWLQJ�EUDFNHWV�WKDWDOORZ�IRU�TXLFN�FRQQHFWLRQVDQG�LQVWDOODWLRQ$���WR���\HDU�ZDUUDQW\WKDW�LQFOXGHV�GDPDJHFDXVHG�E\�OLJKWQLQJ�

7KHVH�PRGHOV�DUH�HIIHFWLYHLQ�PRGHUDWH�WR�KHDY\�ZHHGFRQGLWLRQV�DQG�DUH�LGHDO�IRUORQJHU��PXOWL�VWUDQG�SRO\ZLUH��WDSH��URSH�RU�KLJKWHQVLOH�IHQFH�V\VWHPV��8VHIRU�DOO�DQLPDOV�LQFOXGLQJSUHGDWRUV��

:H�DUH�LQWURGXFLQJ�RXUUDQJH�LQ�FRYHUDJH�IURP���WR�����PLOHV�DQG�KDYHD���\HDU�ZDUUDQW\�ZKHQUHJLVWHUHG�RQ�OLQH��

1(:����<($5�:$55$17<�

0RGHO�� 0LOHDJH�5DWLQJ 2XWSXW $QLPDOV�&RQWUROOHG

($&���0�56 ����PLOHV ���MRXOHV

($&���0�56 ����PLOHV

($&��0�56 ���PLOHV ��MRXOHV

($&��0�56 ���PLOHV ��MRXOH $//

($&��0�56 ���PLOHV ���MRXOHV

($�0�56��� ��PLOHV ���MRXOHV

($�0�56 ��PLOHV ����MRXOHV

/2:�,03('$1&(�)(1&(�&21752//(56

�

62/,'�67$7(�$&�)(1&(�&21752//(56

0RGHO�� 0LOHDJH�5DWLQJ 1RWH $QLPDOV�&RQWUROOHG

���PLOHV 6KRUW�KDLU�DQLPDOV

($&��$�56 ���DFUH &RQWLQXRXV�FXUUHQW

]DUHEDV\VWHPV�FRP

'&�2SHUDWHG�)HQFH�&RQWUROOHUV��(QHUJL]HUV

%DWWHU\�RSHUDWHG�IHQFHFRQWUROOHUV�DUH�LGHDO�IRUUHPRWH�ORFDWLRQV�RU�DUHDVZLWKRXW�DFFHVV�WR�$&SRZHU�'&�FRQWUROOHUV�IHDWXUH�

'&�)(1&(�&21752//(56

5XJJHG��ZHDWKHU�UHVLVWDQWFDELQHWV�

��'LJLWDO�WLPLQJ�,QGLFDWRU�OLJKW�VKRZLQJIHQFH�FRQWUROOHU�LV�ZRUNLQJ�(DV\�DFFHVV�WHUPLQDOV�DQGPRXQWLQJ�EUDFNHWV�WKDWDOORZ�IRU�TXLFN�FRQQHFWLRQVDQG�LQVWDOODWLRQ�:DUUDQWLHV�WKDW�LQFOXGHGDPDJH�FDXVHG�E\OLJKWQLQJ�:H�UHFRPPHQG���RU����YROWUHFKDUJHDEOH�GHHS�F\FOHEDWWHULHV��QRW�LQFOXGHG�ZLWKIHQFH�FRQWUROOHU��²EDWWHULHVPXVW�EH�FKHFNHG�DQGFKDUJHG�RQ�D�UHJXODU�EDVLVWR�PDLQWDLQ�VHFXUH�IHQFHRSHUDWLRQ

7KHVH�PRGHOV�DUH�HIIHFWLYHLQ�PRGHUDWH�WR�KHDY\�ZHHGFRQGLWLRQV�DQG�DUH�LGHDO�IRUORQJHU��PXOWL�VWUDQG�SRO\ZLUH��WDSH��URSH�RU�KLJKWHQVLOH�IHQFH�V\VWHPV��8VHIRU�DOO�DQLPDOV�LQFOXGLQJSUHGDWRUV��

:H�DUH�LQWURGXFLQJ�RXUUDQJH�LQ�FRYHUDJH�IURP���WR�����PLOHV�DQG�KDYHD���\HDU�ZDUUDQW\�ZKHQUHJLVWHUHG�RQ�OLQH��

1(:����<($5�:$55$17<�

0RGHO�� 0LOHDJH�5DWLQJ 2XWSXW�%DWWHU\ $QLPDOV�&RQWUROOHG

('&��0�= ���PLOHV ��MRXOHV���YROW

('&��0�= ���PLOHV ����MRXOHV���YROW $//

('&��0�= ���PLOHV ���MRXOHV���YROW

('&�0�= ��PLOHV ����MRXOHVYROW

%��/, ���PLOHV����MRXOHV����³'´�FHOO��RU��YROW�RU����YROW

/2:�,03('$1&(�)(1&(�&21752//(56

�

UHGVQDSU�FRP

'&�2SHUDWHG�)HQFH�&RQWUROOHUV��(QHUJL]HUV

%DWWHU\�RSHUDWHG�IHQFHFRQWUROOHUV�DUH�LGHDO�IRUUHPRWH�ORFDWLRQV�RU�DUHDVZLWKRXW�DFFHVV�WR�$&SRZHU�'&�FRQWUROOHUV�IHDWXUH�

'&�)(1&(�&21752//(56

5XJJHG��ZHDWKHU�UHVLVWDQWFDELQHWV�

��'LJLWDO�WLPLQJ�,QGLFDWRU�OLJKW�VKRZLQJIHQFH�FRQWUROOHU�LV�ZRUNLQJ�(DV\�DFFHVV�WHUPLQDOV�DQGPRXQWLQJ�EUDFNHWV�WKDWDOORZ�IRU�TXLFN�FRQQHFWLRQVDQG�LQVWDOODWLRQ:DUUDQWLHV�WKDW�LQFOXGHGDPDJH�FDXVHG�E\OLJKWQLQJ:H�UHFRPPHQG���RU����YROWUHFKDUJHDEOH�GHHS�F\FOHEDWWHULHV��QRW�LQFOXGHG�ZLWKIHQFH�FRQWUROOHU��²EDWWHULHVPXVW�EH�FKHFNHG�DQGFKDUJHG�RQ�D�UHJXODU�EDVLVWR�PDLQWDLQ�VHFXUH�IHQFHRSHUDWLRQ

7KHVH�PRGHOV�DUH�HIIHFWLYHLQ�PRGHUDWH�WR�KHDY\�ZHHGFRQGLWLRQV�DQG�DUH�LGHDO�IRUORQJHU��PXOWL�VWUDQG�SRO\ZLUH��WDSH��URSH�RU�KLJKWHQVLOH�IHQFH�V\VWHPV��8VHIRU�DOO�DQLPDOV�LQFOXGLQJSUHGDWRUV�

:H�DUH�LQWURGXFLQJ�RXUUDQJH�LQ�FRYHUDJH�IURP���WR�����PLOHV�DQG�KDYHD���\HDU�ZDUUDQW\�ZKHQUHJLVWHUHG�RQ�OLQH�

1(:����<($5�:$55$17<�

0RGHO�� 0LOHDJH�5DWLQJ 2XWSXW�%DWWHU\ $QLPDOV�&RQWUROOHG

('&��0�56 ���PLOHV ��MRXOHV���YROW

('&��0�56 ���PLOHV ����MRXOHV���YROW $//

('&��0�56 ���PLOHV ���MRXOHV���YROW

62/,'�67$7(�'&�)(1&(�&21752//(56

0RGHO�� 0LOHDJH�5DWLQJ 1RWHV $QLPDOV�&RQWUROOHG

��& ���PLOHV ���YROW6KRUW�KDLU�DQLPDOV

/2:�,03('$1&(�)(1&(�&21752//(56

�

]DUHEDV\VWHPV�FRP

6RODU�)HQFH�&RQWUROOHUV

2XU�VRODU�IHQFH�FRQWUROOHUVLQFOXGH�D���YROW�JHO�FHOOEDWWHU\�PDWFKHG�WR�WKHIHQFHU¶V�FLUFXLWU\�DQG�VRODUSDQHO��2QFH�IXOO\�FKDUJHG�WKH�EDWWHU\�FDQ�PDLQWDLQD�FKDUJH�IRU�XS�WR�WKUHHZHHNV��HYHQ�LQ�FORXG\�RUUDLQ\�ZHDWKHU��PDNLQJWKHP�LGHDO�IRU�UHPRWHORFDWLRQV�$OO�=DUHED�DQG�5HG�6QDS¶UVRODU�IHQFH�FRQWUROOHUV�XVHORZ�LPSHGDQFH�WHFKQRORJ\WR�PDLQWDLQ�PD[LPXPHQHUJ\�OHYHOV��7KH\�FDQFRPSHQVDWH�IRU�HQHUJ\�ORVVFDXVHG�E\�YHJHWDWLRQ�RUIHQFH�ORDG��HQDEOLQJ�WKHPWR�SRZHU�ORQJ�IHQFHV�ZLWKPRGHUDWH�ZHHGV�

'&�)(1&(�&21752//(56

7KHVH�PRGHOV�DUH�HIIHFWLYHLQ�PRGHUDWH�WR�KHDY\�ZHHGFRQGLWLRQV�DQG�DUH�LGHDO�IRUORQJHU��PXOWL�VWUDQG�SRO\ZLUH��WDSH��URSH�RU�KLJKWHQVLOH�IHQFH�V\VWHPV��8VHIRU�DOO�DQLPDOV�LQFOXGLQJSUHGDWRUV�

&RQYHQLHQW�FDUU\�KDQGOH�DQGYHUVDWLOH�PRXQWLQJ�EUDFNHWDOORZ�IRU�HDV\�PRYHPHQWEHWZHHQ�ORFDWLRQV�DQG�IDVWLQVWDOODWLRQ�RQ�ZRRG�SRVWV�7�SRVWV��8�SRVWV��RU�RQ�WKHVLGHV�RI�EXLOGLQJV�

0RGHO�� 0LOHDJH�5DWLQJ 2XWSXW�%DWWHU\ $QLPDOV�&RQWUROOHG

(63��0�= ���PLOHV���MRXOHV���YROW��

YROW�LQ�OLQH

(63��0�= ���PLOHV ����MRXOHVYROW�����DPS� $//

(63�0�= ��PLOHV ����MRXOHVYROW�������DPS

(63�0�= ��PLOHV ����MRXOHV��YROW

/2:�,03('$1&(�)(1&(�&21752//(56

�

(63�0�= ��PLOHV ���MRXOHVYROW

UHGVQDSU�FRP

6RODU�)HQFH�&RQWUROOHUV

2XU�VRODU�IHQFH�FRQWUROOHUVLQFOXGH�D���YROW�JHO�FHOOEDWWHU\�PDWFKHG�WR�WKHIHQFHU¶V�FLUFXLWU\�DQG�VRODUSDQHO��2QFH�IXOO\�FKDUJHG�WKH�EDWWHU\�FDQ�PDLQWDLQD�FKDUJH�IRU�XS�WR�WKUHHZHHNV��HYHQ�LQ�FORXG\�RUUDLQ\�ZHDWKHU��PDNLQJWKHP�LGHDO�IRU�UHPRWHORFDWLRQV�$OO�=DUHED�DQG�5HG�6QDS¶UVRODU�IHQFH�FRQWUROOHUV�XVHORZ�LPSHGDQFH�WHFKQRORJ\WR�PDLQWDLQ�PD[LPXPHQHUJ\�OHYHOV��7KH\�FDQFRPSHQVDWH�IRU�HQHUJ\�ORVVFDXVHG�E\�YHJHWDWLRQ�RUIHQFH�ORDG��HQDEOLQJ�WKHPWR�SRZHU�ORQJ�IHQFHV�ZLWKPRGHUDWH�ZHHGV�

'&�)(1&(�&21752//(56

7KHVH�PRGHOV�DUH�HIIHFWLYHLQ�PRGHUDWH�WR�KHDY\�ZHHGFRQGLWLRQV�DQG�DUH�LGHDO�IRUORQJHU��PXOWL�VWUDQG�SRO\ZLUH��WDSH��URSH�RU�KLJKWHQVLOH�IHQFH�V\VWHPV��8VHIRU�DOO�DQLPDOV�LQFOXGLQJSUHGDWRUV�

&RQYHQLHQW�FDUU\�KDQGOH�DQGYHUVDWLOH�PRXQWLQJ�EUDFNHWDOORZ�IRU�HDV\�PRYHPHQWEHWZHHQ�ORFDWLRQV�DQG�IDVWLQVWDOODWLRQ�RQ�ZRRG�SRVWV�7�SRVWV��8�SRVWV��RU�RQ�WKHVLGHV�RI�EXLOGLQJV�

0RGHO�� 0LOHDJH�5DWLQJ 2XWSXW�%DWWHU\ $QLPDOV�&RQWUROOHG

(63��0�56 ���PLOHV���MRXOHV���YROW��

YROW�LQ�OLQH

(63��0�56 ���PLOHV ����MRXOHVYROW�����DPS� $//

(63�0�56 ��PLOHV ����MRXOHVYROW�������DPS

(63�0�56 ��PLOHV ����MRXOHV��YROW

/2:�,03('$1&(�)(1&(�&21752//(56

�

(63�0�56 ��PLOHV ���MRXOHVYROW

]DUHEDV\VWHPV�FRP��

)HQFH�6\VWHP�.LWV

(=((�&RUUDO���(=((�8QLTXH�GHVLJQ�XVHV��ò´�EL�SRODU�SRO\�WDSHLQ�VHOI�FRQWDLQHG�UHHOV��D�JURXQG�URG�LV�QRWQHHGHG�WR�GHOLYHU�D�VDIH��HIIHFWLYH�VKRFN�(YHU\WKLQJ�\RX�QHHG�IRU�D�����VTXDUH�IRRWFRUUDO�ILWV�QHDWO\�LQ�D�VLQJOH�FDQYDV�EDJ�ZLWKVKRXOGHU�DQG�VDGGOH�VWUDSV��:HLJKV�OHVVWKDQ����SRXQGV��(OHFWULF�IHQFH�FRQWUROOHU�LVLQWHJUDWHG�LQWR�D�FRUQHU�SRVW�DQG�RSHUDWHVRQ�IRXU�³'´�FHOO�EDWWHULHV�

�

.ZLN�.RUUDO��..��&RPSOHWH�DQG�HDV\�WR�XVH�SRUWDEOH�FRUUDOV\VWHP��*UHDW�IRU�WUDLO�ULGHV�DQG�KRUVHVKRZV��,QFOXGHV�EDWWHU\�RSHUDWHG��IRXU�³'´FHOO��PRGHO�%��/,�IHQFH�FRQWUROOHU��HLJKWSRO\�VWHS�LQ�SRVWV������IHHW�RI�ò´�SRO\WDSH��JURXQG�URG��LQVWUXFWLRQV�DQGFDUU\LQJ�EDJ�

�

*$5'(1�$1'�3(7�)(1&(�6<67(0�.,76���8QOHVV�RWKHUZLVH�QRWHG��DOO�NLWV�LQFOXGH�����IHHW�RI�ZLUH�RQ�D�VSRRO

$&�*DUGHQ�3URWHFWRU�(OHFWULF�)HQFH�.LW��.*3$&�=���$&�*DUGHQ�3URWHFWRU�(OHFWULF�)HQFH�.LW�ZLOO�NHHS�SHWV�LQ�DQG�XQZDQWHG�FULWWHUV�RXW��%DG�SHW�KDELWV�DUH�GHWHUUHG�ZLWK�WKH�PLOG

HOHFWULF�VKRFN�IURP�WKLV�HOHFWULF�IHQFH�IRU�GRJV�DQG�VPDOO�DQLPDOV��%\�DGGLQJ�DGGLWLRQDO�SRVWV��WKLV�V\VWHP�ZLOO�SURWHFW�XS�WR���PLOH��

'&�*DUGHQ�3URWHFWRU�(OHFWULF�)HQFH�.LW��.*3'&�=���'&�*DUGHQ�3URWHFWRU�(OHFWULF�)HQFH�.LW�ZLOO�NHHS�SHWV�LQ�DQG�XQZDQWHG�FULWWHUV�RXW��%DG�SHW�KDELWV�DUH�GHWHUUHG�ZLWK�WKH�PLOG

HOHFWULF�VKRFN�IURP�WKLV�HOHFWULF�IHQFH�IRU�GRJV�DQG�VPDOO�DQLPDOV��

.*3$&�= .*3'&�=

3257$%/(�(48,1(�)(1&(�.,76

]DUHEDV\VWHPV�FRP ��

:K\�LV�JURXQGLQJ�VR�LPSRUWDQW",I�WKH�JURXQG�V\VWHP�LV�LQVXIILFLHQW��HOHFWULFLW\�FDQQRW�ILQG�DSDWK�WR�WKH�IHQFHU�DQG�OLWWOH�RU�QR�VKRFN�LV�JLYHQ��$Q�DQLPDOSURYLGHV�WKLV�SDWK�ZKHQ�LW�WRXFKHV�WKH�IHQFH�ZLUH�DQG�WKH�HDUWKVLPXOWDQHRXVO\�2QO\� WKHQ� LV� WKH� FLUFXLW� FRPSOHWHG� DQG� WKH� DQLPDO� UHFHLYHV� DQHOHFWULFDO�VKRFN��6DQG\�� URFN\� DQG� GU\� VRLOV� PD\� UHTXLUH� D� JURXQG�ZLUH� UHWXUQV\VWHP���

+RZ�WR�*URXQG�<RXU�6\VWHP$ ,QVWDOO�WKH�$&�DQG�'&�FRQWUROOHU�LQ�D�EXLOGLQJ�RU

ZHDWKHUSURRI�DUHD��6RODU�IHQFH�FRQWUROOHUV�VKRXOG�EHPRXQWHG�RXWVLGH��IDFLQJ�WKH�HTXDWRU�IRU�PD[LPXP�VXQH[SRVXUH�

%PHWDO��LQWR�SHUPDQHQWO\�PRLVW�VRLO�DERXW���¶�DSDUW�DQGDW�OHDVW���¶�IURP�RWKHU�HOHFWULFDO�JURXQGV��,I�WKH�VRLOLV�GU\�RU�VXEMHFW�WR�IUHH]LQJ��DGGLWLRQDO�JURXQG�URGVVSDFHG���¶�DSDUW�PD\�EH�QHHGHG�

& &RQQHFW�WKH�³JURXQG´�WHUPLQDO�RQ�WKH�IHQFH�FRQWUROOHUWR�WKH�JURXQG�URGV�ZLWK�LQVXODWHG�ZLUH�DQG�JURXQG�URGFODPSV�

'

'HWDLOHG�LQVWDOODWLRQ�DQG�JURXQGLQJ�LQVWUXFWLRQV�DUH�LQFOXGHGZLWK�HYHU\�=DUHED�6\VWHPV�HOHFWULF�IHQFH�FRQWUROOHU��

,QVXODWHG�ZLUH���8*&�����ò�JD����¶�8*&������ò�JD�����¶�������������JD����¶�������������JD�����¶

�¶�[���´�JDOYDQL]HG�JURXQG�URG��$�����¶�[���´�JDOYDQL]HG�JURXQG�URG��$���

�¶�[�ò³�FRSSHU�JURXQG�URG��*5����¶�[���´�FRSSHU�JURXQG�URG��$���

,QVXOWXEH���,7��±��¶�UROO�,7���±���¶�UROO

*URXQG�URG�FODPS��ILWV�URGV�ò´�GLD��RU�ODUJHU���*5&�=

*DOYDQL]HG�OLQH�FODPSV�����������

6SOLW�EROW�OLQH�FODPS��6%��%8/.

*URXQGLQJ�6\VWHP

�¶�[�ò³�FRSSHU�VHFWLRQDO�JURXQG�URG��*56&��=

,W�LV�LPSRUWDQW�WR�WHVW�IHQFH�DQG�HQHUJL]HU�DIWHU�LQVWDOODWLRQ�ZLWK�DQ�DSSURYHG�IHQFH�WHVWHU�

*URXQG�6\VWHP

��¶ ��¶

0RLVW�6RLO�¶

)HQFH�&RQWUROOHU

���.9�LQVXODWHG�KRRN�XS�ZLUH

,QVXODWHGJURXQG�ZLUH�

+RZ�(OHFWULF�)HQFLQJ�:RUNV

&RQQHFW�WKH�³IHQFH´�WHUPLQDO�RQ�WKH�FRQWUROOHUWR�WKH�IHQFH�ZLUH�XVLQJ�OLQH�FODPSV�DQG�=DUHED����.9�LQVXODWHG�KRRN�XS�ZLUH�

]DUHEDV\VWHPV�FRP��

92/7$*(�7(67(56$�IHQFH�WHVWHU�LV�LQGLVSHQVDEOH�IRU�WHVWLQJ�YROWDJH�OHYHOV�RQ�\RXU�IHQFH�OLQH�DQG�IHQFH�FRQWUROOHU��,W�LV�DOVRKHOSIXO�IRU�ILQGLQJ�IHQFH�OLQH�IDXOWV��.HHS�RQH�RQ�KDQG�IRU�UHJXODU�IHQFH�OLQH�PDLQWHQDQFH�

)HQFH�'RFWRU��)'���

'LJLWDO�(OHFWULF�)HQFH�7HVWHU��'()7�=��3URYLGHV�GLJLWDO�DFFXUDF\�DQG�HDV\�UHDG�RXW��0HDVXUHV�XS�WR��������YROWV�������NY���'XUDEOH�SODVWLFFDVH�KDV�VHOI�FRQWDLQHG�JURXQG�SUREH��3URYLGHV�DFFXUDWH�UHDGLQJV�RQ�SRO\�WDSH�DV�ZHOO�DV�SRO\�ZLUHDQG�VWHHO�ZLUH�IHQFHV��/RQJ�OLIH�IURP���YROW�EDWWHU\��LQFOXGHG��

0XOWL�/LJKW�(OHFWULF�)HQFH�7HVWHU��$�/97�=�DORQJ�WKH�IHQFH��%OLVWHU�SDFNHU�RQ�SHJDEOH�FDUGV��(OHFWULF�)HQFH�7HVWHU��$�/97�=�/LJKW�LQGLFDWHV�FXUUHQW�IORZ�WKURXJK�IHQFH�ZLUH��%OLVWHU�SDFNHG�RQ�SHJDEOH�FDUG��

$/$�=

7HVWLQJ��/LJKWQLQJ�3URWHFWLRQ

7R�SURORQJ�WKH�OLIH�RI�\RXU�IHQFH�HQHUJL]HU��FRQVLGHU�GLVFRQQHFWLQJRU�LQVWDOOLQJ�RQ�RII�VZLWFKHV�ZKHQ�VWRUPV�DUH�QHDU��,QVWDOO�D�OLJKWQLQJ�GLYHUWHU�DUUHVWRU�WR�GLYHUW�OLJKWQLQJ�WR�WKH�HDUWKEHIRUH�LW�FDQ�GDPDJH�WKH�FRQWUROOHU��)RU�JUHDWHVW�SURWHFWLRQ��LQVWDOORQH�OLJKWQLQJ�GLYHUWHU�DUUHVWRU�DW�HDFK�FRUQHU�RI�WKH�IHQFH��EXW�QRFORVHU�WKDQ����IHHW�WR�WKH�IHQFH�FRQWUROOHU�8VH�WKH�6SULQJ�*DWH�$VVHPEO\���IRU�\RXU�JDWH�RSHQLQJ��,W�FDQ�KHOS�WR�GLVVLSDWH�OLJKWQLQJ�VXUJHV�

=DUHED�6\VWHPV�IHQFH�FRQWUROOHUV�DUH�ZDUUDQWHG�IRU�OLJKWQLQJ�GDPDJH�IRU�RQH�\HDU�RU�PRUH�IURP�WKH�GDWH�RI�SXUFKDVH�

/,*+71,1*��32:(5�685*(�3527(&7,21/LJKWQLQJ�LV�RIWHQ�WKH�FDXVH�RI�IHQFH�HQHUJL]HU�IDLOXUH��:KHQ�OLJKWQLQJVWULNHV�WKH�IHQFH��WKH�VXGGHQ�SRZHU�VXUJH�FDQ�WUDYHO�GRZQ�WKH�IHQFHZLUH�DQG�GDPDJH�WKH�IHQFH�FRQWUROOHU �

��������

/&�

��������

�������

(OHFWULF�IHQFH�GLDJQRVWLF�WRRO�DQG�VKRUW�ORFDWRU�VLPSOLILHV�UHJXODU�IHQFH�OLQH�PDLQWHQDQFH��VDYHV�WLPHDQG�IUXVWUDWLRQ��0HDVXUHV�ERWK�FXUUHQW�DQG�YROWDJH��SRLQWLQJ�\RX�LQ�GLUHFWLRQ�RI�VKRUW��/DUJH��HDV\WR�UHDG�GLJLWDO�GLVSOD\��/RQJ�OLIH�IURP���YROW�EDWWHU\��LQFOXGHG��

6WRUP�*XDUG������������)RU�XVH�ZLWK�ORZ�LPSHGDQFH�IHQFH�FRQWUROOHUV�RI���MRXOH�RXWSXW�RU�PRUH��$WWDFKHV�TXLFNO\DQG�HDVLO\�WR�WKH�IHQFH�DQG�JURXQG�WHUPLQDOV�RQ�WKH�IHQFH�FRQWUROOHU�WR�UHGXFH�GDPDJH�IURP�OLJKWQLQJ�VWULNHV�/LJKWQLQJ�&RQVWULFWRU��/&���&RPELQDWLRQ�OLJKWQLQJ�GLYHUWHU�DQG�OLJKWQLQJ�FKRNH�DVVHPEO\�DOO�LQ�RQH��,QVWDOOEHWZHHQ�IHQFH�OLQH�DQG�IHQFH�FRQWUROOHU�/LJKWQLQJ�'LYHUWHU������������+HOSV�WR�SURWHFW�\RXU�IHQFH�FRQWUROOHU�E\�FUHDWLQJ�D�³SDWK�RI�OHDVW�UHVLVWDQFH�´ORQJ�JURXQG�URGV�VSDFHG���¶�DSDUW�/LJKWQLQJ�$UUHVWRU��$/$�=��+HOSV�WR�SURWHFW�\RXU�IHQFH�FRQWUROOHU�E\�FUHDWLQJ�D�³SDWK�RI�OHDVW�UHVLVWDQFH�´�GLYHUWLQJJURXQG�URGV�VSDFHG���¶�DSDUW�$&�6XUJH�6XSSUHVVRU����������YROWV��8/�OLVWHG�ZLWK�DQ�RSHUDWLRQ�LQGLFDWRU�OLJKW�

UHGVQDSU�FRP ��

6WHS�LQ�3RVWV�IRU�3RUWDELOLW\6WHS�LQ�SRO\�IHQFH�SRVWV�DUH�LGHDO�IRU�WHPSRUDU\�RU�SRUWDEOH�IHQFLQJ��LQFOXGLQJ�URWDWLRQDO�JUD]LQJDQG�WHPSRUDU\�FRUUDOV��,W�DFFRPPRGDWHV�DOXPLQXP��VWHHO�DQG�SRO\�ZLUH��SRO\�WDSH�XS�WR��´�ZLGHDQG�SRO\�URSH�XS�WR�ó´�GLDPHWHU��7KH�SLJ�WDLO�VWHS�LQ�SRVW�LV�LGHDO�IRU�PDQDJLQJ�LQWHQVLYH�JUD]LQJDSSOLFDWLRQV�

3267�63$&,1*�*8,'(/,1(6)HQFLQJ�� 3RVW��3DUDPHWHUV� 6SDFLQJ+LJK�WHQVLOH�V\VWHP���OHYHO�WHUUDLQ� �����¶

UROOLQJ�WHUUDLQ� �����¶3RO\�WDSH�DQG��SRO\�ZLUH� ��¶

/HIW�WR�ULJKW��$����3���*��373����)53����$()3��

$�IHQFH�V\VWHP�QRUPDOO\�UHTXLUHV�WZR�GLIIHUHQW�W\SHV�RI�SRVWV��FRUQHU�SRVWV��XVHG�ZKHUH�JUHDWHUWHQVLRQ�RFFXUV�LQ�WKH�IHQFH�OLQH��VXFK�DV�FRUQHUV�DQG�JDWHV��DQG�OLQH�SRVWV��XVHG�WR�VXSSRUW�WKH�IHQFHZLUH�EHWZHHQ�FRUQHUV�(OHFWULF�IHQFLQJ�W\SLFDOO\�XVHV�IHZHU�SRVWV�WKDQ�FRQYHQWLRQDO�EDUEHG�RU�ZRYHQ�ZLUH�IHQFLQJ��PDNLQJLW�OHVV�H[SHQVLYH�DQG�HDVLHU�WR�LQVWDOO���3267�6(/(&7,21�*8,'(

3RVW�7\SH3ODVWLF��6WHS�LQ�3RVWV :RRG�3RVWV

6WHHO�7�SRVWV ��8�SRVWV ��<�SRVWV

)LEHUJODVV�7�SRVW���5RG�SRVWV

0HWDO�5RG�3RVW

&RUQHU�3RVWV ;/LQH�3RVWV ; ; ; ; ;6SDFHUV ; ;8VHG�IRU3RUWDEOH�)HQFLQJ ; ; ;6HPL�3HUPDQHQW��3HUPDQHQW�+LJK�7HQVLOH ; ;(TXLQH ; ; ; ; ;

=$5(%$�6<67(06�32676'HVFULSWLRQ 0RGHO�1XPEHU�'LPHQVLRQV��´�SRO\SURS\OHQH�VWHS�LQ�SRVW�ZLWK�UHLQIRUFHG�ULEV�IRUVWUHQJWK�DQG�KHDY\�GXW\�VWHHO�VWDNH�

$���%�±�EODFN��$��±�ZKLWH

6WHHO�UHEDU�SRVW $()3���±�� �´�[���´��()3���±�� � ´�[���´

3LJ�WDLO�VWHS�LQ�SRVW 373���±�ó´�[���´)LEHUJODVV�URG�SRVW��� �´�GLDPHWHU �±� �)53���±���´��)53���±���´5RG�SRVW�FOLS 53&��7�SRVW�FOLS 73&��

)HQFH�3RVWV

�1RW�DYDLODEOH�E\�=DUHED�5HG�6QDSU

53&�� 73&��

3���*��´�SRO\SURS\OHQH�VWHS�LQ�SRVW�ZLWK�UHLQIRUFHG�ULEV�DQGWLS�

/HIW WR ULJKW� $�� 3 ��* 373��

]DUHEDV\VWHPV�FRP��

'HVLJQHG�ZLWK�WKH�VHULRXV�UDQFKHU�LQ�PLQG��0ROGHG�IURP�WKH�KLJKHVW�JUDGH��KHDY\�GXW\�SRO\HWK\OHQH�ZLWK�89�LQKLELWRUV�([FHOOHQW�DW�SUHYHQWLQJ�DUFLQJ�DQG�SURYLGLQJ�ORQJ�OLIH�IRU�DOO�ZHDWKHU�SHUIRUPDQFH�3URYLGHV�H[FHOOHQW�LQVXODWLQJ�SURSHUWLHV�7KLFN�ZDOOHG�LQVXODWLRQ�IRU�D�ULJLG�ORQJ�OLIH�+HDY\�GXW\�QDLOV�LQFOXGHG

=DUHED�:RRG�3RVW�,QVXODWRUV

:22'�3267�,168/$7256���3/$67,&3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW

<�= <HOORZ%ODFN

6ODQW�QDLO�ZRRG�SRVW�LQVXODWRU��VHFXUH�LQVXODWRU�WR�WKH�SRVW�QDLOV��([WHQGV�WKH�ZLUH��´IURP�WKH�SRVW�

� ���EDJ���EDJV�FDVH

<�= <HOORZ%ODFN

�ò´�IURP�ZRRG�SRVWV�� ���EDJ

���EDJV�FDVH

,:73/%�=,:73/:�=

%ODFN:KLWH

3LQ�ORFN�ZRRG��7�SRVW�LQVXODWRU��

SLQ�WR�UHOHDVH�WKH�ZLUH��&DQ�EH�XVHG�ZLWK�KLJK�WHQVLOHIHQFH�

� ���EDJ���EDJV�FDVH

+'&/��� %ODFN +HDY\�GXW\�ZRRG�SRVW�FODZ�LQVXODWRU ����ER[

+'3/��� %ODFN +HDY\�GXW\�SLQ�ORFN�ZRRG��7�SRVW�LQVXODWRU ����ER[

<�= <HOORZ%ODFN

(FRQRP\�ZRRG�SRVW�LQVXODWRU����

���EDJ���EDJV�FDVH

,:6'�= :KLWH ³3RUFHODLQ´�ORRN��KDUG�DV�VWHHO�V\QWKHWLF�VHOI�GULOOLQJLQVXODWRU�

���ER[

,:6,5%�= %ODFN 5LQJ�ZRRG�SRVW�LQVXODWRU��8QLTXH�LQVXODWHG��DQJOHG�VORW�HQVXUHV�ZLUH�UHWHQWLRQE\�VFUHZLQJ�LQWR�ZRRG�SRVW�ZKLOH�ZRUNLQJ�ZLWK�ZLUH�SRO\�ZLUH�RU�SRO\�URSH�

� ���EDJ���EDJV�FDVH

,:,: :�=,: <�=

%ODFN:KLWH<HOORZ

����EDJ���EDJV�FDVH

UHGVQDSU�FRP ��

3URYLGH�H[FHOOHQW�LQVXODWLQJ�FKDUDFWHULVWLFV�7KLQ�ZDOOHG�IRU�HDV\��IOH[LEOH�DWWDFKPHQW�WR�IHQFH�SRVW�DQG�ZLUH�89�SURWHFWHG�WR�UHVLVW�ZHDWKHULQJ��HYHQ�XQGHU�WKH�KDUVKHVW�FRQGLWLRQV�'HVLJQHG�ZLWK�WKH�KREE\�IDUPHUV¶�QHHGV�LQ�PLQG�1DLOV�LQFOXGHG

5HG�6QDS¶U�:RRG�3RVW�,QVXODWRUV

:22'�3267�,168/$7256���3/$67,&3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW

<�566

:�56<HOORZ%ODFN:KLWH

:RRG�SRVW�LQVXODWRU ���EDJ���EDJV�FDVH

<�566

:�56<HOORZ%ODFN:KLWH

�´�ZRRG�SRVW�H[WHQGHU�LQVXODWRU ���EDJ���EDJV�FDVH

,:6,5%�56 %ODFN �´�ZRRG�SRVW�VFUHZ�LQ�LQVXODWRU ���EDJ���EDJV�FDVH

,: <�56,: 6,: :�56

<HOORZ%ODFN:KLWH

3RO\�WDSH�LQVXODWRU�IRU�SRO\�WDSH�XS�WR��´�ZLGH ���EDJ���EDJV�FDVH

<�566

:�56<HOORZ%ODFN:KLWH

:RRG�SRVW�SLQ�ORFN�LQVXODWRU ���EDJ���EDJV�FDVH

<37��:3;37��:3;:37��:3;

<HOORZ%ODFN:KLWH

�´�3RO\�WDSH�H[WHQGHU�LQVXODWRU�IRU�SRO\�WDSH�XS�WR��ò´�ZLGH

���EDJ���EDJV�FDVH

,7&3<�56,7&3%�56,7&3:�56

<HOORZ%ODFN:KLWH

6QDS�U�&DS�U�LQVXODWRU�IRU�WRS�RI�ZRRG�SRVW�IRU�SRO\WDSH�XS�WR��´�ZLGH�

���EDJ���EDJV�FDVH

,:.%�56 %ODFN (FRQRP\�ZRRG�SRVW�LQVXODWRU ���EDJ���EDJV�FDVH

%ODFN (FRQRP\�ZRRG�SRVW�LQVXODWRU�,QFOXGHV�QDLOV ���EDJ���EDJV�FDVH

]DUHEDV\VWHPV�FRP��

=DUHED�7�3RVW�,QVXODWRUV

7�3267�,168/$7256

3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,7<�=,7%�=

<HOORZ%ODFN

� ���EDJ���EDJV�FDVH

,7�;<�= <HOORZ 6QDS�RQ��´�H[WHQGHU�7�SRVW�LQVXODWRU��DQG�H[WHQGV�WKH�ZLUH��´�IURP�WKH�SRVW�

� ���EDJ���EDJV�FDVH

,7�;<�=,7�;%�=

<HOORZ%ODFN

6QDS�RQ��´�H[WHQGHU�7�SRVW�LQVXODWRU��DQG�H[WHQGV�WKH�ZLUH��´�IURP�SRVW�

� ���EDJ���EDJV�FDVH

,73/<�=,73/%�=

<HOORZ%ODFN

3LQ�ORFN��VQDS�RQ�7�SRVW�LQVXODWRU��0ROGHG�SLQ�KROGV�ZLUH�WLJKWO\��3XOO�SLQ�WR�UHOHDVH�WKH�ZLUH�7KH�KHDY\�GXW\�IODQJH�KROGV�LQVXODWRU�VHFXUHO\�WR�7�SRVW�

� ���EDJ���EDJV�FDVH

,76 <�= <HOORZ 6FUHZ�RQ�7�SRVW�LQVXODWRU��7ZR�PROGHG�SDUWV�HQVXUHV�D�WLJKW��VHFXUH�ILW�RQ�DOO�VWDQGDUGVWXGGHG�7�SRVWV��HOLPLQDWHV�GLVORGJLQJ�LQ�KLJKZLQGV�RU�XQGHU�KHDY\�ORDGV�

����EDJ���EDJV�FDVH

,75;<�=,75;%�=

<HOORZ%ODFN

6QDS�RQ��´�UHYHUVHG�H[WHQGHU�7�SRVW�LQVXODWRU��VWDQGDUG�VWXEEHG�7�SRVWV��H[WHQGLQJ�WKH�ZLUH��´�IURP�WKHSRVW�

� ���EDJ���EDJV�FDVH

,77<�=,77%�=,77:�=

<HOORZ%ODFN:KLWH

3RO\�WDSH�7�SRVW�LQVXODWRU�IRU�SRO\�WDSH�XS�WR��´�ZLGH��VWXEEHG�7�SRVWV�DQG�FDQ�PDQDJH�ZLUH��SRO\�WDSH�XS�WR�´�ZLGH�DQG�SRO\�ZLUH��+ROGV�WDSH�WLJKWO\�WR�OLPLW�PRYHPHQW�7DSH�KROGHU�ORFNV�XQORFNV�IRU�HDV\�LQVWDOODWLRQ�RI�ZLUHDQG�SRO\�WDSH�

� ���EDJ���EDJV�FDVH

,7&3<�=,7&3%�=

7�SRVW�VDIHW\�FDS��LQVXODWRU�IRU�SRO\�WDSH�XS�WR��´�ZLGH��ZKLOH�SURWHFWLQJ�SHRSOH�DQG�DQLPDOV�IURP�VKDUS�HGJHG7�SRVW�WRSV��$FFRPPRGDWHV�DQ\�JDXJH�SRO\�ZLUH�DQG�SRO\WDSH�XS�WR��´��+ROGV�WDSH�WLJKWO\�WR�OLPLW�PRYHPHQW�

� ���EDJ���EDJV�FDVH

'HVLJQHG�ZLWK�WKH�VHULRXV�UDQFKHU�LQ�PLQG��0ROGHG�IURP�WKH�KLJKHVW�JUDGH��KHDY\�GXW\�SRO\HWK\OHQH�ZLWK�89�LQKLELWRUV�([FHOOHQW�DW�SUHYHQWLQJ�DUFLQJ�DQG�SURYLGLQJ�ORQJ�OLIH�IRU�DOO�ZHDWKHU�SHUIRUPDQFH�3URYLGHV�H[FHOOHQW�LQVXODWLQJ�SURSHUWLHV�7KLFN�ZDOOHG�LQVXODWLRQ�IRU�D�ULJLG�ORQJ�OLIH�

$OO�=DUHED�7�SRVW�LQVXODWRUV�DUH�GHVLJQHG�WR�ILW�7�SRVWV�UDQJLQJ�IURP������WR�������7KH\�IHDWXUH�XQLTXH�VQDS�RQ�DWWDFKPHQWV�IRU�IDVW�DQG�VHFXUH�LQVWDOODWLRQ�

6WDQGDUG�VQXJ�ILWWLQJ�7�SRVW�LQVXODWRU��VWXEEHG�7�SRVWV�

,7&3:�=<HOORZ%ODFN:KLWH

UHGVQDSU�FRP ��

5HG�6QDS¶U�7�3RVW�,QVXODWRUV

7�3267�,168/$7256

3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,7<�56,7%�56,7:�56

<HOORZ%ODFN:KLWH

$OO�IHQFH�ZLUH���EDJ���EDJV�FDVH

,7�;<�56,7�;%�56,7�;:�56

<HOORZ%ODFN:KLWH

6QDS�RQ��´�H[WHQGHU�7�SRVW�LQVXODWRU��$OO�IHQFH�ZLUH

���EDJ���EDJV�FDVH

,7�;<�56,7�;%�56,7�;:�56

<HOORZ%ODFN:KLWH

6QDS�RQ��´�H[WHQGHU�7�SRVW�LQVXODWRU��$OO�IHQFH�ZLUH

���EDJ���EDJV�FDVH

,73/<�56,73/%�56,73/:�56

<HOORZ%ODFN:KLWH

3LQ�ORFN��VQDS�RQ�7�SRVW�LQVXODWRU��$OO�IHQFH�ZLUH

���EDJ���EDJV�FDVH

,76 <�56 <HOORZ 6FUHZ�RQ�7�SRVW�LQVXODWRU ���EDJ���EDJV�FDVH

,75;<�56,75;%�56,75;:�56

<HOORZ%ODFN:KLWH

6QDS�RQ��´�UHYHUVHG�H[WHQGHU�7�SRVW�LQVXODWRU��$OO�IHQFH�ZLUH

���EDJ���EDJV�FDVH

,77<�56,77%�56,77:�56

<HOORZ%ODFN:KLWH

3RO\�WDSH�7�SRVW�LQVXODWRU��3RO\�WDSH�XS�WR��´�ZLGH

���EDJ���EDJV�FDVH

,7&3<�56,7&3%�56,7&3:�56

<HOORZ%ODFN:KLWH

6QDS¶U�&DS¶U�LQVXODWRU�IRU�WRS�RU�7�SRVWV��3RO\�WDSH�XS�WR��´�ZLGH�RU�SRO\�URSH

���EDJ���EDJV�FDVH

6)��73 <HOORZ (FRQRP\�7�SRVW�LQVXODWRU ���EDJ���EDJV�FDVH

<37��:3;37��:3;:37��:3;

<HOORZ%ODFN:KLWH

�´�SRO\�WDSH�H[WHQGHU�LQVXODWRU��3RO\�WDSH�XS�WR��ò´�ZLGH�DQG�SRO\�URSH

���EDJ���EDJV�FDVH

3URYLGH�H[FHOOHQW�LQVXODWLQJ�FKDUDFWHULVWLFV�7KLQ�ZDOOHG�IRU�HDV\��IOH[LEOH�DWWDFKPHQW�WR�IHQFH�SRVW�DQG�ZLUH�89�SURWHFWHG�WR�UHVLVW�ZHDWKHULQJ��HYHQ�XQGHU�WKH�KDUVKHVW�FRQGLWLRQV�'HVLJQHG�ZLWK�WKH�KREE\�IDUPHUV¶�QHHGV�LQ�PLQG�1DLOV�LQFOXGHG

$OO�5HG�6QDS¶U�7�SRVW�LQVXODWRUV�DUH�GHVLJQHG�WR�ILW�7�SRVWV�UDQJLQJ�IURP������WR�������7KH\�IHDWXUH�XQLTXH�VQDS�RQ�DWWDFKPHQWV�IRU�IDVW�DQG�VHFXUH�LQVWDOODWLRQ�

]DUHEDV\VWHPV�FRP��

=DUHED�6SHFLDOW\�,QVXODWRUV52'�3267�,168/$7256+HDY\�GXW\��WKLFN�ZDOO� �/RQJ�ODVWLQJ3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,57<�=,57%�=,57:�=

<HOORZ%ODFN:KLWH3RO\�WDSH�LQVXODWRU7ZR�PROGHG�SLHFHV�ZLWK�WDSH�KROGHU�WKDW�ORFNV�XQORFNV�IRU�HDV\�LQVWDOODWLRQ�RI�ZLUH��SRO\�WDSH�XS�WR�´�ZLGH�DQG�SRO\�ZLUH��7DSH�KROGHU�KROGV�WDSH�WLJKWO\WR�OLPLW�PRYHPHQW��&DQ�EH�XVHG�RQ�SRVWV�EHWZHHQó´�DQG�� ´�LQ�GLDPHWHU�

� ���EDJ���EDJV�FDVH

,5&3<�= <HOORZ 6DIHW\�FDS�6LQJOH�PROGHG�SLHFH�IRU�XVH�ZLWK�� �´�DQG�� ´�VWHHOSRVWV�DQG�ZLOO�SURWHFW�SHRSOH�DQG�DQLPDOV�IURP�VKDUSHGJHV�RQ�WKH�SRVWV��0D\�EH�LQVWDOOHG�ZLWK�ZLUH�KROGHUVIDFLQJ�LQ�DQ\�GLUHFWLRQ��:LGH�JURRYHV�DOORZ�IRU�XVHZLWK�DOO�JDXJHV�RI�HOHFWULF�IHQFH�ZLUH�

���EDJ���EDJV�FDVH

,5<�=,5%�= <HOORZ%ODFN 6FUHZ�RQ�URG�SRVW�LQVXODWRU7ZR�PROGHG�SLHFHV�WKDW�ZLOO�ILW�DOO�SRVWV�ò´�LQ�GLDPHWHU�DQG�VPDOOHU�FDQ�EH�XVHG�IRU�ZLUH��SRO\�URSH�DQGSRO\�ZLUH�

� ���EDJ���EDJV�FDVH

(1'�&251(5�3267�,168/$7256²3/$67,&+HDY\�GXW\� �/RQJ�ODVWLQJ3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,&<�=,&%�= <HOORZ%ODFN +HDY\�GXW\�FRUQHU�LQVXODWRU��SODVWLF

)RUPHG�RI�WKLFN��WRXJK�SODVWLF�WR�ZLWKVWDQG�VWUDLQ�RIZLUH�DQG�LV�EHVW�IRU�VPDOOHU��������JDXJH�ZLUH�

� ���EDJ���EDJV�FDVH

,&'<�=,&'%�=,&':�=<HOORZ%ODFN:KLWH

'RQXW�FRUQHU�LQVXODWRU��SODVWLF�XQEUHDNDEOHSRO\FDUERQDWH��'HVLJQHG�IRU�KLJK�VWUDLQ��SHUPDQHQWRU�WHPSRUDU\�HOHFWULF�IHQFH�DQG�LV�EHVW�IRU����JDXJHZLUH�RU�ODUJHU�LQ�KLJK�VWUDLQ�DSSOLFDWLRQV�

���EDJ���EDJV�FDVH

,&-%�=,&-:�= %ODFN:KLWH +LJK�VWUDLQ�FRUQHU�SRVW�LQVXODWRU+LJK�VWUHQJWK�FRUQHU�LQVXODWRU�PROGHG�RI�KHDY\�GXW\ILEHUJODVV�UHLQIRUFHG�Q\ORQ�

� ���EDJ���EDJV�FDVH

,:&;%�= %ODFN +LJK�VWUDLQ�FRUQHU�SRVW�LQVXODWRU ��EOLVWHU���EOLVWHUV�FDVH

63(&,$/7<�,168/$7256+HDY\�GXW\� �/RQJ�ODVWLQJ3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,8&/;<�= <HOORZ 8�SRVW�DQG�FKDLQ�OLQN�LQVXODWRU

)RU�XVH�RQ�URXQG�RU�VTXDUH�SRVWV��IODW�VXUIDFHV�VXFK�DVIURP�IHQFH�SRVW�

� ��ER[��ER[HV�FDVH

,&/;<�= <HOORZ &KDLQ�/LQN�,QVXODWRU+HDY\�GXW\�EUDFNHW�FODPSV�VHFXUHO\�WR�FKDLQ�OLQNIHQFH�ZKLOH�H[WHQGLQJ�ZLUH��ó´�IURP�IHQFH�

� ���EDJ���EDJV�FDVH

UHGVQDSU�FRP ��

5HG�6QDS¶U�6SHFLDOW\�,QVXODWRUV52'�3267�,168/$7256

3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,5<�56,5%�56,5:�56

<HOORZ%ODFN:KLWH5RG�SRVW�LQVXODWRU$OO�IHQFH�ZLUH�DQG�SRO\�URSH��WDSH ���EDJ���EDJV�FDVH

,57<�56,57%�56,57:�56<HOORZ%ODFN:KLWH

3RO\�WDSH�LQVXODWRU�3RO\�WDSH�XS�WR��´�ZLGH ���EDJ���EDJV�FDVH

6)��53� <HOORZ (FRQRP\�URXQG�SRVW�LQVXODWRU6WHHO�IHQFH�ZLUH ���EDJ���EDJV�FDVH

,5&3<�56 <HOORZ 6DIHW\�FDS6WHHO�IHQFH�ZLUH ���EDJ���EDJV�FDVH

(1'�&251(5�3267�,168/$7256²3/$67,&&RUQHU�SRVW�LQVXODWRUV�DUH�GHVLJQHG�WR�ZLWKVWDQG�WKH�DGGLWLRQDO�WHQVLRQ�JHQHUDWHG�E\�WKH�IHQFH�OLQH�SXOOLQJ�IURP�WKH�DQFKRU�SRLQW��3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,&'<�56,&'%�56,&':�56

<HOORZ%ODFN:KLWH'RQXW�FRUQHU�LQVXODWRU��SODVWLF�XQEUHDNDEOHSRO\FDUERQDWH�$OO�IHQFH�ZLUH�DQG�SRO\�URSH��ò´�SRO\�WDSH

���EDJ���EDJV�FDVH

,&<�56,&%�56 <HOORZ%ODFN +HDY\�GXW\�FRUQHU�LQVXODWRU��SODVWLF$OO�IHQFH�ZLUH�DQG�SRO\�URSH��QRW�SRO\�WDSH ���EDJ���EDJV�FDVH

,&5%�56,&5<�56 <HOORZ%ODFN 6WDQGDUG�FRUQHU�SRVW�LQVXODWRU3RO\�ZLUH�RU�OLJKW�JDXJH�VWHHO�ZLUH ���EDJ���EDJV�FDVH

,&-%�56,&-:�56 %ODFN:KLWH +LJK�VWUDLQ�FRUQHU�SRVW�LQVXODWRU$OO�IHQFH�ZLUH�DQG�SRO\�URSH ���EDJ���EDJV�FDVH

63(&,$/7<�,168/$72566RPH�HOHFWULF�IHQFLQJ�VLWXDWLRQV�DUH�XQLTXH��UHTXLULQJ�WKHLU�RZQ�VSHFLDO�W\SH�RI�LQVXODWRU�3URGXFW�� &RORUV 'HVFULSWLRQ %DJ��&DVH�&RXQW,&/;<�56,&/;%�56,&/;:�56

<HOORZ%ODFN:KLWH&KDLQ�OLQN�IHQFH�LQVXODWRU�$OO�IHQFH�ZLUH�DQG�SRO\�URSH ���EDJ���EDJV�FDVH

7&�� %ODFN ���EDJ���EDJV�FDVH

,57<,57%,57:

3,,,

5HG�6QDS¶U�URG�SRVW�LQVXODWRUV�KDYH�D�VHOI�FHQWHULQJ�SRVW�FDYLW\�ZLWK�D�VSLQ�RQ�QXW�WKDW�ILWV�SRVWVUDQJLQJ�IURP�ó´�WR�� �LQ�GLDPHWHU��XQOHVV�RWKHUZLVH�QRWHG�LQ�WKH�FKDUW�EHORZ��

7XEH�FODPS�LQVXODWRU$GMXVWDEOH�WR�ILW�DOO��� ���WR��ô�GLDPHWHU�KRUL]RQWDO�WXEH��8QLTXH�UDWFKHW�ORFN�SUHYHQWVVOLSSDJH�$OO�IHQFH�ZLUH�DQG�SRO\�URSH

]DUHEDV\VWHPV�FRP��

=DUHED�LQVXODWRUV�DOORZ�\RX�WR�IDVWHQ�HOHFWULILHG�ZLUH�WR�SRVWV�ZLWKRXW�ORVLQJ�HQHUJ\�WKURXJK�WKH�SRVW��7KH�LQVXODWRU�PXVW�PDWFKERWK�WKH�W\SH�RI�ZLUH�DQG�WKH�W\SH�RI�SRVW�EHLQJ�XVHG��/RZ�LPSHGDQFH�IHQFH�FRQWUROOHUV�UHTXLUH�LQVXODWRUV�ZLWK�JUHDWHU�DUFLQJ�SURWHFWLRQ�EHFDXVH�RI�WKHLU�KLJK�HQHUJ\�RXWSXW��,QVXODWRUVDUH�PDGH�IURP�PDWHULDOV�WKDW�GR�QRW�FRQGXFW�HOHFWULFLW\��PRVW�FRPPRQO\�SODVWLF�RU�SRUFHODLQ��

:22'�3267�,168/$7256²325&(/$,1

,WHP�1XPEHU 'HVFULSWLRQ )HQFH�:LUH 8VH�ZLWK��+LJK�7HQVLOH":3� 6LQJOH�JURRYH�ZRRG�SRVW�LQVXODWRU�ZLWK�ZDVKHU $OO�IHQFH�ZLUH�QRW�SRO\�URSH�

$OO�IHQFH�ZLUH�QRW�SRO\�URSH�

$OO�IHQFH�ZLUH�QRW�SRO\�URSH�$OO�IHQFH�ZLUH�QRW�SRO\�URSH�

$OO�IHQFH�ZLUH�QRW�SRO\�URSH�

$OO�IHQFH�ZLUH�QRW�SRO\�URSH�

:3��

:3��(� 0XOWL�JURRYH�FHUDPLF�ZRRG�SRVW�LQVXODWRU�ZLWKZDVKH

:3���� 6PDOO�ODJ�VFUHZ�LQVXODWRU7KHVH�LQVXODWRUV�FDQ�EH�XVHG�ZLWK�DOO�ZLUH��SRO\�ZLUHDQG�SRO\�URSH���ô´�WRWDO�OHQJWK��&DQ�EH�XVHG�ZLWKKLJK�WHQVLOH�IHQFLQJ�V\VWHPV�

� <HV

:3���� /DUJH�ODJ�VFUHZ�LQVXODWRU7KHVH�KHDY\�GXW\�LQVXODWRUV�FDQ�EH�XVHG�ZLWK�DOO�ZLUH�SRO\�ZLUH�DQG�SRO\�WDSH���ò´�VFUHZ�DQG��ó´�WRWDOOHQJWK��&DQ�EH�XVHG�ZLWK�KLJK�WHQVLOH�IHQFLQJ�V\VWHPV�

� <HV

,:6'�=���1(: 6HOI�GULOOLQJ�LQVXODWRU���SRZHU�WRRO�LQVWDOO�RSWLRQ3RUFHODLQ�ORRN��KDUG�DV�VWHHO

<HV

&251(5�3267�,168/$7256²325&(/$,1,WHP�1XPEHU 'HVFULSWLRQ )HQFH�:LUH &RORUV:3 $OO�IHQFH�ZLUH�

DQG�SRO\�URSH�ò´�SRO\�WDSH

$OO�IHQFH�ZLUH�DQG�SRO\�URSH�ò´�SRO\�WDSH

$OO�IHQFH�ZLUH�DQG�SRO\�URSH�QRW�SRO\�WDSH

&HUDPLF�:KLWH

:3� &HUDPLF�:KLWH

:3��� +HDY\�GXW\�8�VKDSHG�LQVXODWRU+HDY\�GXW\�LQVXODWRU�IRU�XVH�ZLWK�DOO�IHQFH�ZLUH��SRO\ZLUH�DQG�SRO\�URSH��&DQ�EH�XVHG�RQ�KLJK�WHQVLOH�IHQFLQJ�6SHFLDOO\�GHVLJQHG�IRU�WKH�H[WUD�WHQVLRQ�DW�FRUQHUV�DQGHQG�SRVWV�

� &HUDPLF�:KLWH

&(5$0,&�,168/$725�$&&(6625,(6,WHP�1XPEHU �'HVFULSWLRQ:LQJ� XW�DQG�-�EROW��:-��� 8VH�WR�DWWDFK�FHUDPLF�OLQH�LQVXODWRUV�RU�SODVWLF�VTXDUH�DQG�NQRE

LQVXODWRUV�WR�URG�SRVWV�'RXEOH�+HDG� DLOV�Z�ZDVKHUV��� � 8VH�WR�DWWDFK�LQVXODWRUV�WR�ZRRG�SRVWV

.ZLN�.OLSV������ � 8VH�WR�DWWDFK�IHQFH�ZLUH�WR�FHUDPLF�LQVXODWRUV

3RUFHODLQ�,QVXODWRUV

�� �´�GLDPHWHU�LQVXODWRU7KHVH�LQVXODWRUV�FDQ�EH�XVHG�ZLWK�DOO�ZLUH��SRO\�ZLUH�DQGSRO\�URSH���ó´�GLDPHWHU��&DQ�EH�XVHG�ZLWK�KLJK�WHQVLOHIHQFLQJ�V\VWHPV��ô´�GLDPHWHU�LQVXODWRU7KHVH�LQVXODWRUV�FDQ�EH�XVHG�ZLWK�DOO�ZLUH��SRO\�ZLUH�DQGSRO\�URSH���ô´�GLDPHWHU��&DQ�EH�XVHG�ZLWK�KLJK�WHQVLOHIHQFLQJ�V\VWHPV�

0XOWL�JURRYH�FHUDPLF�ZRRG�SRVW�LQVXODWRU�ZLWKZDVKHU�

]DUHEDV\VWHPV�FRP ��

27+(5�)(1&(�$&&(6625,(6&XW�2II�6ZLWFK��$&26�=��8VH�WR�WXUQ�HOHFWULF�IHQFH�RQ�DQG�RII�DW�FRQYHQLHQW�ORFDWLRQV�VXFK�DV�IHQFH�FRUQHUV�DQG�JDWHV���+HOSV�WR�ORFDWH�VKRUW�FLUFXLWV��(DV\�WR�LQVWDOO�&XW�2II�6ZLWFK��&26���8VH�WR�WXUQ�HOHFWULF�IHQFH�RQ�DQG�RII�DW�FRQYHQLHQW�ORFDWLRQV�VXFK�DV�IHQFH�FRUQHUV�DQG�JDWHV���+HOSV�WR�ORFDWH�VKRUW�FLUFXLWV��(DV\�WR�LQVWDOO�:DUQLQJ�)ODJV��):)���±�<HOORZ���:):)���±�:KLWH�*LYH�\RXU�HOHFWULF�IHQFH�KLJK�YLVLELOLW\�ZLWK�ORZ�FRVW��HDV\�WR�LQVWDOO�ZDUQLQJ�VLJQV��5HFRPPHQGRQH�HYHU\����¶����¶��)HQFH�ZDUQLQJ�IODJV�ZDYH�LQ�WKH�EUHH]H�WR�PDNH�WKH�IHQFH�OLQH�PRUH�YLVLEOH�WR�DQLPDOV�:DUQLQJ�6LJQV��:6��±���SDFN���:6����±����SDFN�*LYH�\RXU�HOHFWULF�IHQFH�KLJK�YLVLELOLW\�ZLWK�ORZ�FRVW��HDV\�WR�LQVWDOO�ZDUQLQJ�VLJQV��5HFRPPHQGRQH�HYHU\����¶����¶��5RG�3RVW�&OLSV��53&����8VH���� �GLDPHWHU�VWDLQOHVV�VWHHO�FOLSV�WR�HDVLO\�DWWDFK�IHQFH�ZLUH�WR�� �

)LEHUJODVV�7�3RVW�&OLSV��73&���

7�3RVW�&OLSV��73:&���±����SDFN���73:&����±�����SDFN��

%DWWHU\�&OLSV����SHU�SDFN������������3RVLWLYH�����DQG�QHJDWLYH�����FOLSV�WR�FRQQHFW�EDWWHU\�SRVWV��:LUH�6WUHWFKHU��$�����*ULSV�DQ\�W\SH�ZLUH��VPRRWK��EDUEHG�DQG�KLJK�WHQVLOH��WR�DLG�LQ�VSOLFLQJ�DQG�VWUHWFKLQJ�ZLUH�IHQFLQJ��6HFXUHO\KROGV�ERWK�ZLUH�HQGV�LQ�SODFH�DV�\RX�VSOLFH��PDNLQJ�IHQFLQJ�UHSDLUV�HDVLHU��5XJJHGO\�EXLOW�ZLWK�VWURQJ�KRRNVDQG�SRZHUIXO��HDV\�WR�XVH�UDWFKHW�DFWLRQ���%UDQGHG�)L�6KRFN�:RYHQ�:LUH�)HQFH�6WUHWFKHU��$�����

&KDLQ�*UDE��&*��6WUHWFKHV�DQG�VSOLFHV�IHQFH�ZLUH��+HDY\�GXW\�GHVLJQ��([WUD�ORQJ�FKDLQ�ZLWK�KRRN�IRU�WHQVLRQLQJ�ZLUH�JXLGHV�6PRRWK�MDZV�ZRQ¶W�VFUDWFK�ZLUH�FRDWLQJ��3ODWHG�WR�SUHYHQW�UXVW��

(/(&75,&�1(77,1*(OHFWULF�1HWWLQJ��������85��6DIH��HIIHFWLYH�WHPSRUDU\�FRQWDLQPHQW�IRU�VKHHS��JRDWV�DQG�VLPLODU�VL]HG�DQLPDOV��

FN�DQG�VLPSOH�WDQJOH�IUHH�LQVWDOODWLRQ� ��IW������P��ORQJ�[����LQ�������FP��WDOO$WWUDFWLYH��KLJK�YLVLELOLW\�RUDQJH�QHWWLQJURWHFWV�DJDLQVW�PRVW�SUHGDWRUV

���UHSODFHDEOH�SODVWLF�SRVWVWR�XVH�OHDG�RXW�ZLUHV

1RWH��)HQFH�FRQWUROOHU�DQG�DOOLJDWRU�FOLSV�QRW�LQFOXGHG

2WKHU�)HQFH�$FFHVVRULHV�(OHFWULF�1HWWLQJ

8VH�FOLSV�WR�HDVLO\�DWWDFK�IHQFH�ZLUH�WR�� �´�ILEHUJODVV�7�SRVWV��0DQXIDFWXUHG�IURP����JDXJH�ZLUH�WKDW�LV�KHDYLO\JDOYDQL]HG�

)LWV�VWDQGDUG�VL]H������DQG������OE��7�SRVWV��8VH�WR�DWWDFK�QRQ�HOHFWULILHG�ZLUH�WR�7�SRVWV��$WWDFKHV�HDVLO\�ZLWKSOLHUV�RU�VFUHZGULYHU��+HDYLO\�JDOYDQL]HG����JDXJH�ZLUH�

IHQFH�ILUPO\�DQG�DOORZV�IHQFH�WR�EH�SXOOHG�HYHQO\�DQG�WLJKWO\�

]DUHEDV\VWHPV�FRP��

*DWH�+DQGOHV��.LWV

*$7(�+$1'/(6�$1'�.,763URGXFW�� &RORUV 'HVFULSWLRQ )HQFH�:LUH %DJ��&DVH�&RXQW*++'<�=*++'%�= <HOORZ%ODFN +HDY\�GXW\�JDWH�KDQGOH�

VWURQJHVW�JDWH�KDQGOHDYDLODEOH

$OO�IHQFH�ZLUH�DQG�SRO\URSH��QRW�SRO\�WDSH�

R[

*+5<�=*+5:�= <HOORZ:KLWH 5XEEHU�JDWH�KDQGOH�ZLWKVWDQGV�FROG�DQG�ZHDWKHU�

$OO�IHQFH�ZLUH��QRW�SRO\URSH��QRW�SRO\�WDSH�

� R[

*+3<�=*+3%�=*+3:�=<HOORZ%ODFN:KLWH

3ODVWLF�JDWH�KDQGOH $OO�IHQFH�ZLUH��QRW�SRO\URSH��QRW�SRO\�WDSH�

� R[

*+.6� = %ODFN � ULQJ�JDWH�NLW�+LJKO\�YLVLEOH��ZRQ¶W�VDJ )RU�JDWHV�XVLQJ�ZRRGSRVWV�

<:3*.��:3*.��::3*.��<HOORZ%ODFN:KLWH

:RRG�SRVW�JDWH�NLW $OO�IHQFH�ZLUH��QRW�SRO\URSH��QRW�SRO\�WDSH�

���FDVH

*+.37:�= :KLWH 3RO\�WDSH�JDWH�NLW�IRU�ZRRGSRVWV�

3RO\�WDSH ��FDVH

:3*.� %OXH (OHFWUR�JDWH�NLW�PDGH�IURPHODVWLFL]HG�URSH�

(ODVWLFL]HG�URSHH[WHQGV�XS�WR���¶�LQFOXGHG�

<73*.���73*.���:73*.��<HOORZ%ODFN:KLWH

7�SRVW�JDWH�NLW $OO�IHQFH�ZLUH��QRW�SRO\URSH�RU�SRO\�WDSH�

���FDVH

$:3$�= %ODFN 6FUHZ�LQ�JDWH�DQFKRU�IRUZRRG�SRVWV�

$OO�IHQFH�ZLUH ��EOLVWHU��FDVH

$73$�= %ODFN 7�SRVW�JDWH�KDQGOH�DQFKRU $OO�IHQFH�ZLUH ��EOLVWHU��FDVH

UHGVQDSU�FRP ��

:LUH$/80,180�:,5(���/2:�675$,1��+,*+�&21'8&7,9,7<3URGXFW�� 'HVFULSWLRQ )HDWXUHV %UHDNLQJ�/RDG 7HQVLOH�6WUHQJWK 3DFNDJLQJ):������' ���JDXJH������IW��VSRRO %DVLF�ZLUH�ZLWK�KLJK

FRQGXFWLYLW\����OEV� �������SVL ��VSRROV�FWQ�

):������7 ���JDXJH��ó�PLOH�VSRRO %DVLF�ZLUH�ZLWK�KLJKFRQGXFWLYLW\�

���OEV� �������SVL ��VSRROV�FWQ�

):������ ���JDXJH��ò�PLOH�VSRRO %DVLF�ZLUH�ZLWK�KLJKFRQGXFWLYLW\�

���OEV� �������SVL ��VSRROV�FWQ�

):������ ���JDXJH��ó�PLOH�VSRRO %DVLF�ZLUH�ZLWK�KLJKFRQGXFWLYLW\�

����OEV� �������SVL ��VSRROV�FWQ�

):������7 ���JDXJH��ó�PLOH�VSRRO

+LJK�VWUDLQ��EDVLF�ZLUHZLWK�KLJK�HOHFWULF�FRQGXF�WLYLW\��QRW�KLJK�WHQVLOH�

+LJK�VWUDLQ��EDVLF�ZLUHZLWK�KLJK�HOHFWULF�FRQGXF�WLYLW\��QRW�KLJK�WHQVLOH�

����OEV� �������SVL ��VSRROV�FWQ�

):������ ���JDXJH��ò�PLOH�VSRRO ����OEV� �������SVL ��VSRROV�FWQ�

*$/9$1,=('�67((/�:,5(���67521*(53URGXFW�� 'HVFULSWLRQ )HDWXUHV %UHDNLQJ�/RDG 7HQVLOH�6WUHQJWK 3DFNDJLQJ:&���� ���JDXJH������IW� /RZ�VWUDLQ��EDVLF�ZLUH �������OEV� ��������������SVL ���FRLOV�FWQ�

:&���� ���JDXJH������IW� /RZ�VWUDLQ��EDVLF�ZLUH �������OEV� ��������������SVL ���FRLOV�FWQ�

:&���� ���JDXJH������IW� /RZ�VWUDLQ��EDVLF�ZLUH �������OEV� ��������������SVL ��VSRROV�FWQ�

:&����� ���JDXJH��ó�PLOH�VSRRO /RZ�VWUDLQ��EDVLF�ZLUH �������OEV� ��������������SVL ��VSRROV�FWQ�

:&�� �� ���JDXJH��ò�PLOH�VSRRO /RZ�VWUDLQ��EDVLF�ZLUH �������OEV� ��������������SVL ��VSRROV�FWQ�

:&������ ���JDXJH������IW��VSRRO +LJK�VWUDLQ��EDVLF�ZLUH�QRW�KLJK�WHQVLOH��

����OEV� ��������SVL ��VSRROV�FWQ�

:&������� ���JDXJH��ó�PLOH�VSRRO +LJK�VWUDLQ��EDVLF�ZLUH�� ����OEV� ��������SVL ��VSRROV�FWQ�

63(&,$/,=('�:,5(3URGXFW�� 'HVFULSWLRQ )HDWXUHV %UHDNLQJ�/RDG 7HQVLOH�6WUHQJWK 3DFNDJLQJ)*������ �����JDXJH�������IW���DOXPLQL]HG�VWHHO�ZLUH ������ ��������SVL ��VSRROV�FWQ�

81'(5*5281'�+22.�83�:,5(3URGXFW�� 'HVFULSWLRQ )HDWXUHV 3DFNDJLQJ8*&�� �����JDXJH����¶�ZLUH

)RU�XQGHUJURXQG�RU�RYHUKHDG�HOHFWULFDO�FRQQHFWLRQ�EHWZHHQ�IHQFHFRQWUROOHU�DQG�IHQFH�OLQH��IRU�SHUPDQHQW�JDWHV�DQG�IRU�MXPSHU�ZLUHV�

��FDVH

������� �����JDXJH�����¶�ZLUH ��FDVH

�������� ���JDXJH����¶�ZLUH

�������� ���JDXJH�����¶�ZLUH ��FDVH

0D[LPXP�HOHFWULFDO�FXU�UHQW�IORZ��FDQ�EH�XVHG�LQKLJK�WHQVLOH�LQVWDOODWLRQV

]DUHEDV\VWHPV�FRP��

=DUHED�6\VWHPV�RIIHUV�D�ZLGH�VHOHFWLRQ�RI�IHQFH�ZLUH�PDGH�IURP�KLJK�GHQVLW\�SRO\HWK\OHQH�VWUDQGV�ZRYHQ�ZLWK�VWDLQOHVV�VWHHO�ZLUH�LQFOXGLQJ�SRO\�ZLUH��SRO\�WDSH�DQG�SRO\�URSH��127(��2QO\�XVH�8/�OLVWHG�IHQFH�FRQWUROOHUV�ZLWK�WKHVH�SURGXFWV�

0RGHO 'HVFULSWLRQ )HDWXUHV 3DFNDJLQJ3$56�= 3RO\�URSH�&RQQHFWRU 8VHG�WR�VSOLFH�WKH�HQGV�RI�SRO\�URSH�WRJHWKHU� ��EOLVWHU�FDUG

��EOLVWHUV�FDUWRQ

3$+7(�= ò´�3RO\�WDSH�(QG 8VHG�DW�WKH�HQGV�RI�ò´�SRO\�WDSH�IRU�GHDG�HQGLQJ�RU�JDWHKDQGOH�W\SH�FRQQHFWLRQ��

��EOLVWHU�FDUG��EOLVWHUV�FDUWRQ

3$+76�= 6SOLFHU 8VHG�WR�VSOLFH�WKH�HQGV�RI�ò´�SRO\�WDSH�WRJHWKHU�� ��EOLVWHU�FDUG��EOLVWHUV�FDVH

3$�76�= �´�3RO\�WDSH�6SOLFHU 8VHG�WR�VSOLFH�WKH�HQGV�RI��´�WDSH�WRJHWKHU� ��EOLVWHU�FDUG��EOLVWHUV�FDUWRQ

3$�76�= �´�3RO\�WDSH�6SOLFHU 8VHG�WR�VSOLFH�WKH�HQGV�RI��´�SRO\�WDSH�WRJHWKHU� ��EOLVWHU�FDUG��EOLVWHUV�FDUWRQ

3$7(�= 3RO\�WDSH�WR(QHUJL]HU&RQQHFWRU

8VHG�WR�FRQQHFW�SRO\�WDSH�RU�SRO\�ZLUH�WR�DQ�HQHUJL]HU� ��FDUWRQ

3$77�= 3RO\�WDSH�WR�3RO\WDSH�&RQQHFWRU�

8VHG� WR� FRQQHFW� KRW� SRO\� WDSH� WR� KRW� SRO\� WDSH� IRUSXUSRVHV�RI�E\SDVVLQJ�D�JURXQGHG�ZLUH��

��FDUWRQ

3$:3&�= :RRG�3RVW�3RO\�WDSH&RUQHU�,QVXODWRU

8VHG�DV�DQ�LQVXODWRU�WR�HQG�WKH�WDSH�RU�WXUQ�D�FRUQHU�ZLWKZRRG�SRVW��

��FDUWRQ

3$73&�= 7�SRVW�3RO\�WDSH&RUQHU�,QVXODWRU

8VHG�DV�DQ�LQVXODWRU�WR�HQG�WKH�WDSH�RU�WXUQ�D�FRUQHU�ZLWKD�7�SRVW��

��FDUWRQ

3:7 3RO\�:LUH�7LJKWHQHU 8VH�WR�PDLQWDLQ�ZLUH�WHQVLRQ�DV�QHHGHG ���FDVH

5((/6:LUH�:LQGHU�����=��8VH�WR�ZLQG�XS�DQG�SD\�RXW�IHQFH�ZLUH��6SRRO�KROGV�DSSUR[LPDWHO\�ò�PLOH�RI����JDXJHHOHFWULF�IHQFH�ZLUH��([WUD�VSRROV�������DYDLODEOH�

3RO\�$FFHVVRULHV

9LQ\O�7�SRVW�6OHHYH�ZLWK�&DS�9736�����´�VTXDUH�[��¶ILWV�DOO�7�SRVWV&DS�RQO\������=�

UHGVQDSU�FRP ��

(/(&75,&�)(1&(�32/<�523(3RO\�URSH�LV�DQRWKHU�H[FHOOHQW�KLJK�YLVLELOLW\�FKRLFH�IRU�\RXU�IHQFH�OLQH��,W�LV�VWURQJHU�WKDQ�RWKHU�SRO\�ZLUHV��ZLWK�VWDLQOHVV�VWHHO�VWUDQGV�ZRYHQ�WKURXJKWKH�URSH��7KH�VWHHO�VWUDQGV�HQVXUH�PD[LPXP�HOHFWULFDO�HQHUJ\�LV�FDUULHG�WKURXJK�WKH�IHQFH�OLQH�DW�DOO�WLPHV��8VH�D�VSOLFHU�WR�PDLQWDLQ�D�JRRG�FRQQHFWLRQ��

(/(&75,&�)(1&(�32/<�:,5(

3RO\�ZLUH�LV�D�JRRG�IHQFLQJ�FKRLFH�VLQFH�LW�WHQGV�WR�EH�PRUH�YLVLEOH�WKDQ�WUDGLWLRQDO�ZLUH��,W�ZHLJKV�RQO\�WKUHH�SRXQGV�SHU�������IHHW��PDNLQJ�LW�YHU\HDV\�WR�KDQGOH��LQVWDOO�DQG�UHZLQG��,W�FDQ�EH�XVHG�RYHU�DQG�RYHU�LQ�WHPSRUDU\�SDVWXUHV�DQG�LV�HDVLO\�WLJKWHQHG�DQG�UHSDLUHG��8VH�D�SRO\�ZLUH�WLJKWHQHUWR�PDLQWDLQ�ZLUH�WHQVLRQ�DV�QHHGHG�

:$51,1*��3RO\�ZLUH��SRO\�WDSH�DQG�SRO\�URSH�DUH�GHVLJQHG�IRU�WHPSRUDU\��URWDWLRQDO�JUD]LQJ�RU�LQ�FRQMXQFWLRQ�ZLWKSHUPDQHQW�SHULPHWHU�IHQFLQJ��,W�LV�QRW�LQWHQGHG�DV�WKH�VROH�PHDQV�RI�DQLPDO�UHVWUDLQW��

(/(&75,&�)(1&(�32/<�7$3((OHFWULF�IHQFH�SRO\�WDSH�SURYLGHV�HYHQ�JUHDWHU�YLVLELOLW\�WKDQ�SRO\�ZLUH��7KH�RSHQ�ZHDYH�GHVLJQ�RI�WKH��´�SRO\�WDSH�DOORZV�ZLQG�WR�SDVV�WKURXJK�UHGXFLQJ�ZHDU�DQG�LQFUHDVLQJ�WKH�ORQJHYLW\�RI�WKH�IHQFH�OLQH�6SOLFLQJ�SRO\�WDSH�LV�HDV\�XVLQJ�VSHFLDOO\�GHVLJQHG�VSOLFHU�EXFNOHV�IRU�WDSH�

0RGHO&RQGXFWLYH��

:LUHV /HQJWK :LGWK &RORU7HQVLOH�6WUHQJWK�OE�IRUFH &DVH�&RXQW

37:��±��+HDY\�GXW\ � ò´ <HOORZ�DQG�%ODFN ��� �

+HDY\�GXW\ � ò´ :KLWH ���

� �´ :KLWH ��� �

37���:��= �� ���¶ �´ :KLWH ��� �

0RGHO&RQGXFWLYH��

:LUHV /HQJWK &RORU7HQVLOH�6WUHQJWK�OE�IRUFH &DVH�&RXQW

56:��� � ���¶ <HOORZ ��� ��

56:���� � ����¶ <HOORZ ��� ��

<HOORZ�DQG�%ODFN ���

+HDY\�GXW\ � <HOORZ�DQG�%ODFN ���

3:� �����¶ <HOORZ�DQG�%ODFN ���

3:����<��=��+HDY\�GXW\ � �����¶ <HOORZ�DQG�%ODFN ���

0RGHO&RQGXFWLYH��

:LUHV /HQJWK 'LDPHWHU &RORU7HQVLOH�6WUHQJWK�OE�IRUFH &DVH�&RXQW

� ó´ :KLWH ��� �

� ó´ :KLWH ��� �

3RO\�7DSH��:LUH��5RSH

]DUHEDV\VWHPV�FRP��

%DUEHG�:LUH�1RW�5HFRPPHQGHG%DUEHG�ZLUH�DQG�ZRYHQ�ZLUH�IHQFHV�DUH�PRUH�OLNHO\�WR�EH�GDPDJHG�E\�DQLPDOV��DQG�DQLPDOV�DUH�PRUHOLNHO\�WR�EH�LQMXUHG�E\�WKHP��%HFDXVH�DQLPDOV�VHOGRP�FRPH�LQWR�FRQWDFW�ZLWK�DQ�HOHFWULF�IHQFH�PRUHWKDQ�RQFH��LW�FDQ�DOVR�ODVW�ORQJHU�WKDQ�D�FRQYHQWLRQDO�IHQFH�

� �7KHVH�GLVWDQFHV�DUH�EDVHG�RQ�VTXDUHVKDSHGSHULPHWHUV��6KDSH�RI�DUHD�ZLOOYDU\�WKH�SHULPHWHU�RI�WKH�IHQFH�

ó�DFUH� �����IHHWò�DFUH� �����IHHWô�DFUH� �����IHHW��DFUH� �����IHHW��DFUHV� �������IHHW��DFUHV� ���� �IHHW��DFUHV� ��� ���IHHW��DFUHV� ���� ��IHHW���DFUHV� ��� ���IHHW���DFUHV� �������IHHW���DFUHV� �������IHHW���DFUHV� �������IHHW

'HWHUPLQH�\RXUSHULPHWHU�OHQJWK

)HQFH�:LUH

)(1&(�:,5((OHFWULF�IHQFH�ZLUH�FRQGXFWV�WKH�HOHFWULF�FKDUJH�IURP�WKH�IHQFH�FRQWUROOHU�DURXQG�WKH�OHQJWK�RI�WKHIHQFH��5HYLHZ�WKH�ZLUH�RSWLRQV�DSSURSULDWH�WR�WKH�W\SH�RI�IHQFH�\RX�DUH�LQVWDOOLQJ�7KH�KHLJKW�DQG�VSDFLQJ�RI�WKH�ZLUHV�ZLOO�YDU\�ZLWK�WKH�DQLPDO�\RX�DUH�FRQWDLQLQJ��6RPH�W\SLFDO�ZLUHVSDFLQJ�RSWLRQV�DUH�VKRZQ�EHORZ��3RVLWLRQ�RQH�HOHFWULILHG�ZLUH�DW�DQLPDO¶V�VKRXOGHU�KHLJKW��WKLV�ZLOOFDXVH�LW�WR�KLW�WKH�IHQFH�ZLWK�LWV�QRVH��PDNLQJ�LW�EDFN�XS�

]DUHEDV\VWHPV�FRP ��

)(1&(�:,5(

,167$//$7,21�,7(066SLQQLQJ�-HQQ\�)HQFH�:LUH�'H�UHHOHU��+76-��8VH�IRU�HDV\�SD\RXW�RI�FRLOHG�KLJK�WHQVLOH�IHQFH�ZLUH��)DLOXUH�WR�XVH�D�VSLQQLQJ�MHQQ\�PD\�UHVXOW�LQWDQJOHG��XQPDQDJHDEOH�ZLUH��+ROGV�XS�WR�������IHHW�RI�ZLUH��+DQGOH�FRLOHG�ZLUH�ZLWK�FDXWLRQ�DQGZHDU�DSSURSULDWH�VDIHW\�JHDU��LQFOXGLQJ�JORYHV�DQG�VDIHW\�JODVVHV��7KUHH�+ROH�7ZLVWLQJ�7RRO��+777��(VVHQWLDO�WRRO�IRU�EHQGLQJ�RU�WZLVWLQJ�KLJK�WHQVLOH�ZLUH��SRO\�VSDFHU�FOLSV�RU�IRU�WZLVWLQJ�7�SRVW�RUVSDFHU�FOLSV�WR�IDVWHQ�ZLUH�RQWR�SRVWV��8VH�ZLWK�XS�WR���JDXJH�ZLUH��3ODQ�RQ�RQH�SHU�SHUVRQ�ZRUNLQJWKH�LQVWDOODWLRQ�)HQFH�:LUH�&XWWHU��+7:&�=��+DUGHQHG�MDZV�FXW�KLJK�WHQVLOH�ZLUH�XS�WR���ò�JDXJH��6SULQJ�ORDGHG�KDQGOHV�ORFN�ZKHQ�FORVHG�IRUHDV\�FDUU\LQJ��3ODQ�RQ�RQH�SHU�SHUVRQ�ZRUNLQJ�WKH�LQVWDOODWLRQ��6ORW�&ULPSLQJ�7RRO��+7�6&7�=�8VH�ZKHQ�VSOLFLQJ�IHQFH�ZLUH�ZLWK�FULPSLQJ�VOHHYHV��:RUNV�ZLWK��±��ò�JDXJH�ZLUH�� �SHU�IHQFHLQVWDOODWLRQ��6WUDLQHU�+DQGOH�����������8VH�WR�LQFUHDVH�OLQH�WHQVLRQ�DW�HDFK�LQ�OLQH�VWUDLQHU��8VH�FDXWLRQ�ZKHQ�WHQVLRQLQJ�KLJK�WHQVLOH�ZLUH�

:LUH�7ZLVWLQJ�7RRO��:77��8VH�WR�PDNH�QHDW�VSLUDO�ZUDSV�RQ�VSDFHU�FOLSV�RU�ZLUH��)ODW�GHVLJQ�IRU�ZRUNLQJ�LQ�OLPLWHG�VSDFH��OHIWRU�ULJKW�VLGH�WZLVWLQJ��3ODWHG�WR�SUHYHQW�UXVWLQJ��

+LJK�7HQVLOH�6\VWHP

3267�6(/(&7,21�$1'�63$&,1*%HFDXVH�WKH�GLVWDQFH�EHWZHHQ�SRVWV�LQ�D�KLJK�WHQVLOH�V\VWHPFDQ�EH���¶±��¶��DQG�WKH�ZLUH�LV�XQGHU�WHQVLRQ��ZRRG�SRVWV�DUHUHFRPPHQGHG��/LQH�SRVWV�VKRXOG�EH�D�PLQLPXP��´�LQ�GLDPHWHU�,Q�VRPH�FDVHV�7�SRVWV�PD\�EH�XVHG�IRU�OLQH�SRVWV�3RVW�/HQJWK:KHQ�SXUFKDVLQJ�SRVWV��EH�VXUH�WR�DOORZ�DGGLWLRQDO�OHQJWK�IRUVLQNLQJ�SRVWV�LQWR�WKH�JURXQG��$V�D�JHQHUDO�JXLGH��WKH�RYHUDOOSRVW�OHQJWK�VKRXOG�EH�WKH�GHSWK�GULYHQ�LQWR�WKH�JURXQG��SOXV�WKHKHLJKW�RI�WKH�WRS�ZLUH��SOXV��´�3RVW�6SDFLQJ3RVW�VSDFLQJ�GHSHQGV�RQ�PDQ\�IDFWRUV��LQFOXGLQJ�WKH�DQLPDOEHLQJ�FRQWUROOHG��WKH�QXPEHU�RI�ZLUHV�XVHG��WKH�QXPEHU�RIVSDFHUV�EHWZHHQ�SRVWV��WKH�DPRXQW�RI�DQLPDO�SUHVVXUH��WKHPRUH�DQLPDOV�SHU�DFUH��WKH�OHVV�GLVWDQFH�EHWZHHQ�SRVWV��DQG�WKHWHUUDLQ��7KH�QXPEHU�RI�ZLUHV�DOVR�GHWHUPLQHV�WKH�W\SH�RI�EUDFLQJXVHG�DW�FRUQHUV�DQG�JDWH�RSHQLQJV�

+,*+�7(16,/(�%5$&,1*�237,216

+,*+�7(16,/(�)(1&(�6<67(0(OHFWULILHG�KLJK�WHQVLOH�IHQFLQJ�LV�DQ�H[FHOOHQW�FKRLFH�IRU�D�SHUPDQHQWSHULPHWHU�IHQFH��,W¶V�DQ�DIIRUGDEOH��ORZ�PDLQWHQDQFH��HIIHFWLYH�EDUULHUIRU�DQLPDO�FRQWDLQPHQW�RU�H[FOXVLRQ��ODVWLQJ�XS�WR����\HDUV�

<RXU�KLJK�WHQVLOH�IHQFH�V\VWHP�LV�PRVW�HIIHFWLYH�ZKHQ�HOHFWULILHG��8VH���ò�JDXJH�KLJK�WHQVLOH�ZLUH��:KHQ�SURSHUO\�WHQVLRQHG�WR����OEV���WKH�ZLUH�ZLOO�IOH[�XQGHU�SUHVVXUH��:LUH�VSDFLQJ�ZLOO�YDU\�GHSHQGLQJ�RQ�WKH�DQLPDO�6RPH�VSHFLDO�WRROV�DUH�UHTXLUHG�IRU�LQVWDOODWLRQ�RI�\RXU�KLJK�WHQVLOH�IHQFH�V\VWHP�

]DUHEDV\VWHPV�FRP��

)(1&(�+$5':$5(,Q�/LQH�6WUDLQHU��,/6��DQG���������8VH���������VWUDLQHU�KDQGOH�WR�WLJKWHQ�,/6��$SSOLHV�KLJK�WHQVLOH�FRPSUHVVLRQ�RQ�KLJK�WHQVLOH�IHQFH�OLQH��8VH�WR�WLJKWHQ�KLJK�WHQVLOH�ZLUH�8QGHU�FRPSUHVVLRQ��LW�DXWRPDWLFDOO\�IHHGV�LQWR�FRJ�UHHO��*DOYDQL]HG�WR�GHWHU�UXVW��,QVWDOO�VWUDLQHUVHYHU\�������WR������¶�DQG�VKRXOG�EH�ORFDWHG�LQ�WKH�PLGGOH�RI�ORQJ�UXQV�RI�ZLUH�RU�EHWZHHQ�WZRFRUQHU�SRVWV��6WUDLQHUV�ZLOO�QHHG�WR�EH�SODFHG�PRUH�RIWHQ�ZKHQ�WKHUH�DUH�FRUQHUV��EHQGV��GLSV�DQGULVHV�LQ�WKH�IHQFH�8VH�VWDQGDUG�ZUHQFK�WR�WLJKWHQ���������

/DUJH�7HQVLRQ�6SULQJ��+776�0HDVXUHV�ZLUH�WHQVLRQ���´�FRPSUHVVLRQ�HTXDOV�����OEV��WHQVLRQ��+HOSV�DEVRUE�H[SDQVLRQ�DQGFRQWUDFWLRQ�RI�WKH�IHQFH�ZLUH��

&ULPSLQJ�6OHHYHV�8VH� IRU� KLJK� WHQVLOH�ZLUH� VSOLFHV�DQG� FRQQHFWLQJ�ZLUH� WR� LQ�OLQH� VWUDLQHUV��8VH� WKUHH�VOHHYHV�SHUVSOLFH�IRU�ZLUH��DQG�IRU�HQG�SRVW�ORRSV�DQG�LQ�OLQH�VWUDLQHU�DWWDFKPHQWV��&ULPSLQJ�WRRO�UHTXLUHG���

,168/$7256/LQH�3RVWV6RPH�RSWLRQV�LQFOXGH���,QFK�7XEH�,QVXODWRU�±�5HFRPPHQGHG��0DGH�RI�GXUDEOHQRQ�FRQGXFWLQJ�SRO\HWK\OHQH��$WWDFKHV�ZLWK��´�EDUEHGVWDSOH�3LQ�ORFN�,QVXODWRU�IRU�:RRG�3RVW�RU�7�SRVW+HDY\�GXW\�3LQ�ORFN�,QVXODWRU�IRU�:RRG�3RVW6FUHZ�LQ�3RUFHODLQ

&RUQHU�DQG�(QG�3RVWV:UDS�$URXQG�,QVXODWRU±�5HFRPPHQGHG��6OLGH�ZLUH�WKURXJK�WXEH�DQGZUDS�LQVXODWRU�DURXQG�FRUQHU�RU�HQG�SRVW��6HFXUH�ZLWK��´�EDUEHGVWDSOH��'XUDEOH�SRO\HWK\OHQH�ZLWK�SRO\�LQVHUW�IRU�DGGHG�VWUHQJWK��)XOO'RQXW�&RUQHU�,QVXODWRU�±�PDGH�RI�XQEUHDNDEOH�SRO\FDUERQDWH��H[WUHPHO\VWURQJ�ZLWK�������OE��WHQVLOH�VWUHQJWK�+LJK�VWUDLQ�&RUQHU�,QVXODWRU�±�PDGH�RI�ILEHUJODVV�UHLQIRUFHG�Q\ORQ�HQJLQHHUHG�IRU�IXOO�WHQVLRQ�RI���������SVL�ZLUH�

6OHHYH�6L]H�3DUW�� 'HVFULSWLRQ�UHFRPPHQGHG�XVH *DXJH�:LUH 3DFN�6L]H�����+7*&6����� ����FULPSLQJ�VOHHYH ��������� ���EDJ�����EDJV�FDVH�����+7*&6����� ����FULPSLQJ�VOHHYH

6WDQGDUG�JULWWHG�VOHHYH��8VH���SHU�ZLUHVSOLFH�DQG���SHU�HQG�SRVW�ORRS��LQ�OLQHVWUDLQHU�DWWDFKPHQW�

���� ���EDJ�����EDJV�FDVH�����+7*&6������ ���� ����EDJ���

���EDJV�FDVH�����+7*&6����� ����JULWWHG�VOHHYH ������VPRRWK�

������EDUEHG ���EDJ

�����+7*&6����� ����JULWWHG�VOHHYH ��VPRRWK�����������EDUEHG ���EDJ

+LJK�7HQVLOH�6\VWHP

+,*+�7(16,/(�,168/$72560RGHO�� 'HVFULSWLRQ )HDWXUHV 0DVWHU�&WQ+7�)7,�� �´�5LEEHG�7XEH

,QVXODWRU�7KH�SDWHQWHG�ULGJH�GHVLJQ�HQDEOHV�WKH�VWDSOHWR�ORFN�ZLWKRXW�SHQHWUDWLQJ�LQVXODWRU�SURILOHZLWK�QRQ�FRQGXFWLYH�SRO\HWK\OHQH�

���LQVXODWRUV�EDJ��EDJV�FDUWRQ+7�)7,��� ����ER[R[HV�FDVH+7��:$,�� :UDSDURXQG�,QVXOD�WRU

8VH�IRU�W\LQJ�RII�HOHFWULF�ZLUHV�DW�HQG��JDWHSRVWV��0DGH�RI�QRQ�FRQGXFWLYH�SRO\HWK\OHQHZLWK�DQ�DOXPLQXP�LQVHUW�IRU�VWUHQJWK����´�ORQJWR�ZUDS�DURXQG�PRVW�FRUQHU�DQG�HQG�SRVWV�

���LQVXODWRUV�EDJ���EDJV�FDUWRQ

,/6���XVH�ZLWK���������SVL�ZLUH

���������XVH�ZLWK���������SVL�ZLUH

]DUHEDV\VWHPV�FRP ��

)(1&(�+$5':$5(��&217,18(')HQFH�:LUH�7DSV��+7:7��(OHFWULFDOO\�FRQQHFWV�MXPSHU�ZLUH�WR�IHQFH�ZLUH��RU�KRRNXS�ZLUH�WR�IHQFH�ZLUH��:H�UHFRPPHQG���EOLVWHU����EOLVWHUV�FDVH�����*DXJH�:LUH�/LQN��+7:/����8VH�WR�VSOLFH�ZLUH��RQH�ZLUH�OLQN�UHSODFHV���FULPSLQJ�VOHHYHV��RU�UHSDLU�EURNHQ������ò�JDXJH�ZLUH�

3RO\�6SDFHU����������8VH�EHWZHHQ�OLQH�SRVWV�WR�PDLQWDLQ�ZLUH�VSDFLQJ��6HOI�LQVXODWLQJ��EODFN��89�VWDELOL]HG�SRO\HWK\OHQHDWWDFKPHQW����´�WDOO�����EXQGOH3RO\�6SDFHU�:LUH�&OLS��+736&/,3�)RU�XVH�ZLWK�3RO\�6SDFHU� �&ODVV�,,,�JDOYDQL]HG�IRU�UXVW�UHVLVWDQFH�����EOLVWHU����FDVH

��,QFK��+7%3���RU����,QFK�%UDFH�3LQ��+7%3�������SHU�SDFN8VH�WR�DWWDFK�KRUL]RQWDO�EUDFH�SRVW�WR�XSULJKW�EUDFH�SRVWV�LQ�FRUQHU�DQG�EUDFH�SRVW�DVVHPEOLHV��&ODVV,,,�JDOYDQL]HG�IRU�UXVW�UHVLVWDQFH�DQG�ORQJ�OLIH���´�SLQV�XVHG�LQ�DQFKRU�SRVWV����´�SLQ�XVHG�LQ�YHUWLFDOEUDFH�SRVWV����SDFN����SDFNV�ER[/DUJH�)HQFH�3RVW�%UDFNHW��+7)3%�+HDY\�� �JDXJH�JDOYDQL]HG�VWHHO�IRU�ZRRG�IHQFH��8VH�WR�FRQQHFW� �GLDPHWHU�UDLO�WR��´��´GLDPHWHU�SRVWV�� UWRQ����FODPVKHOO�

%DUEHG�6WDSOHV��+7%6���´�EDUEHG�VWDSOHV�HQVXUH�VROLG�JULS�LQ�SRVWV��&ODVV�,,,�JDOYDQL]HG�VWHHO�IRU�ORQJ�OLIH���$SSUR[LPDWHO\

�VWDSOHV�SHU�SRXQG���OE��EXFNHW����EXFNHWV�FDVH�

��ò�*DXJH�:LUH�9LVH��:9�����8VH�ZLWK���ò�JDXJH�ZLUH�DV�DQ�HQG�SRVW�IDVWHQHU��9LVH�DXWRPDWLFDOO\�ORFNV�ZLUH�ZKHQ�SXOOHG�

'XFN�%LOO�$QFKRU��'%$���$QFKRULQJ�IRU�FRUQHU�SRVWV�RU�PLQRU�GLSV�LQ�IHQFH�OLQH��(DV\�WR�LQVWDOO��8VH�WR�DQFKRU�SRVWV�LQ�ORRVH�RUPRLVW�VRLO�����FDVH�

5RXQG�0HWDO�6WUDLQHU��56���8VHG�IRU�LQFUHDVLQJ�WKH�WHQVLRQ�RQ�WKH�IHQFH�ZLUH�WR�DERXW�����OEV��7KHVH�DUH�WR�EH�XVHG�ZLWK�VWUDLQHUKDQGOH��56+����&DQ�EH�XVHG�ZLWK�DOO�ZLUH�LQFOXGLQJ�KLJK�WHQVLOH����EDJ�

5RXQG�1\ORQ�6WUDLQHU��561���8VHG�IRU�UHPRYLQJ�VODFN�LQ�IHQFH�OLQH�RI�SRO\�ZLUH��SRO\�URSH�RU�KLJK�WHQVLOH�ZLUH��7KHVH�VWUDLQHUV�FDQLQFUHDVH�WKH�WHQVLRQ�RQ�WKH�IHQFH�ZLUH�WR�DERXW�����OEV����EDJ�

5RXQG�6WUDLQHU�+DQGOH��56+���8VHG�IRU�LQFUHDVLQJ�OLQH�WHQVLRQ�DW�HDFK�URXQG�VWUDLQHU��7KLV�FDQ�EH�XVHG�ZLWK�RXU�URXQG�PHWDOVWUDLQHUV��56���DQG�RXU�URXQG�Q\ORQ�VWUDLQHUV� ��

+LJK�7HQVLOH�6\VWHP

]DUHEDV\VWHPV�FRP��

,WHPV�<RX¶OO�1HHG,W¶V�D�JRRG�LGHD�WR�JDWKHU�D�IHZ�FRPPRQ�WRROVEHIRUH�\RX�EHJLQ�LQVWDOOLQJ�\RXU�HOHFWULF�IHQFH�:H�DOVR�UHFRPPHQG�WKDW�\RX�ZHDU�SURWHFWLYHJORYHV�DQG�FORWKLQJ�GXULQJ�WKH�LQVWDOODWLRQ��3RVW�KROH�GLJJHU�DQG�RU�7�SRVW�GULYHU� �6KRYHO�3KLOOLSV�DQG�VWDQGDUG�VFUHZGULYHUV� �+DPPHU�6WULQJ�OLQH� �7DSH�PHDVXUH�&RUGOHVV�GULOO� �/HYHO�6FLVVRUV+LJK�WHQVLOH�IHQFLQJ�UHTXLUHV�VRPH�DGGLWLRQDO��XQLTXH�WRROV��6HH�KLJK�WHQVLOH�IHQFLQJ�SURGXFWV��

,QVLGH�,QVWDOODWLRQ 2XWGRRU�6KHOWHUHG�,QVWDOODWLRQ

6RODU�8QLW�,QVWDOODWLRQ

,QVWDOODWLRQ�%DVLFV

(/(&75,&�)(1&(�,167$//$7,21(YHU\�=DUHED�6\VWHPV�IHQFH�FRQWUROOHU�FRPHV�ZLWK�D�GHWDLOHGLQVWDOODWLRQ�PDQXDO��,Q�DGGLWLRQ��LQGLYLGXDO�FRPSRQHQWV�LQFOXGH³KRZ�WR´�LQVWUXFWLRQV�WR�DVVLVW�LQ�\RXU�IHQFH�V\VWHP�DVVHPEO\�/RFDWLRQ�RI�\RXU�)HQFH�&RQWUROOHU<RXU�IHQFH�FRQWUROOHU�VKRXOG�EH��� 6KHOWHUHG�IURP�WKH�ZHDWKHU��H[FHSW�VRODU�FRQWUROOHUV���,QGRRUVSURWHFWHG�IURP�PRLVWXUH�RU�RXWGRRUV�LQ�D�SURWHFWLYH�HQFORVXUH��

� &ORVH�WR�����YROW�$&�SRZHU�VRXUFH��XQOHVV�EDWWHU\�RUVRODU�SRZHUHG���

� $FFHVVLEOH�WR�D�VHSDUDWH�JURXQG�URG�V\VWHP�0RXQW�WKH�IHQFH�FRQWUROOHU�RII�WKH�JURXQG�XVLQJ�D�VFUHZ�RUQDLO�WKURXJK�WKH�KDQJHU�KROH�LQ�WKH�IHQFHU�FDVH��&RQQHFW�WKHJURXQG�ZLUH�WR�WKH�JURXQG�WHUPLQDO�DQG�JURXQG�URGV�XVLQJLQVXODWHG�JURXQG�ZLUH��&RQQHFW�WKH�IHQFH�WHUPLQDO�WR�WKH�IHQFHZLUH�XVLQJ�=DUHED��������YROW�KRRN�XS�ZLUH���6HH�SDJH����IRUJURXQGLQJ�LQIRUPDWLRQ��

$'',7,21$/�7,36&RQQHFWLRQV�DUH�&ULWLFDO8VH�SURSHUO\�LQVXODWHG�ZLUH�IRU�DOO�FRQQHFWLRQV��3URSHU�ZLUHFRQQHFWRUV��FODPSV�DQG�VSOLFHV�WKURXJKRXW�WKH�IHQFH�ZLOO�KHOSHQVXUH�SRVLWLYH�HOHFWULFDO�FRQQHFWLRQV��8VH�RQO\�KLJK�TXDOLW\LQVXODWRUV�DQG�JDWH�KDQGOHV��OLNH�WKRVH�IURP�5HG�6QDS¶U�DQG=DUHED�6\VWHPV��,I�XVLQJ�ZRRG�RU�VWHHO�IHQFH�SRVWV��PDNH�VXUHWKH�IHQFH�ZLUHV�FDQQRW�WRXFK�WKH�SRVWV�3RVW�6SDFLQJ�DQG�3RVLWLRQLQJFDQ�EH�IXUWKHU�DSDUW��RQ�XQHYHQ�WHUUDLQ��SRVWV�QHHG�WR�EH�VSDFHGLQVWDOOHG�SHUSHQGLFXODU�WR�WKH�VORSH��7KLV�NHHSV�WKH�ZLUH�DWWKH�SURSHU�KHLJKW�DQG�VSDFLQJ�DQG�SUHYHQWV�LW�IURP�ELQGLQJRQ�LQVXODWRUV�RU�FOLSV�

5HJXODU�)HQFH�0DLQWHQDQFH�LV�,PSRUWDQWSDUW�RI�\RXU�URXWLQH��.HHS�LQVXODWRUV�IUHH�IURP�GLUW��GXVW�DQGFREZHEV��,I�SRVVLEOH��NHHS�WKH�IHQFH�OLQH�IUHH�IURP�ZHHGV��:HHGVFDQ�GUDZ�SRZHU�IURP�WKH�IHQFH��FDXVLQJ�LW�WR�ORVH�HIILFLHQF\�&KHFN�IRU�WUHH�OLPEV�DQG�RWKHU�GHEULV�WKDW�PD\�EH�WRXFKLQJ�WKHIHQFH��$�YROWDJH�WHVWHU�FDQ�KHOS�\RX�GHWHUPLQH�WKDW�DGHTXDWHYROWDJH�LV�RQ�WKH�IHQFH�OLQH�.HHSLQJ�,W�$OO�8QGHU�&RQWURO:H�KRSH�WKLV�SODQQLQJ�JXLGH�SURYLGHG�WKH�EDVLF�LQIRUPDWLRQ�\RXQHHGHG�WR�SODQ�DQG�VHOHFW�FRPSRQHQWV�IRU�\RXU�IHQFLQJ�V\VWHP�$�ZHOO�SODQQHG�DQG�SURSHUO\�LQVWDOOHG�V\VWHP��FRPELQHG�ZLWKKLJK�TXDOLW\�SURGXFWV��ZLOO�HQVXUH�WKDW�\RXU�IHQFH�SHUIRUPV�IRU\HDUV�WR�FRPH�)RU�PRUH�LQIRUPDWLRQ��SOHDVH�YLVLW�RXU�ZHEVLWH�DW��

5HG6QDSU�FRP=DUHED6\VWHPV�FRP:RRGVWUHDP�&RUS���/LWLW]��3$������������=$5(%$

]DUHEDV\VWHPV�FRP ��

%$6,&�)(1&(�7<3(6 3RUWDEOH�7HPSRUDU\

6HPL�3HUPDQHQW�3HUPDQHQW

3HUPDQHQW�+LJK�7HQVLOH

([SHFWHG�IHQFH�OLIH 6KRUW�WHUP��IUHTXHQW�PRYHV �����\HDUV ������\HDUV(DVH�RI�LQVWDOODWLRQ 6LPSOH��IDVW (DV\�WR�PRGHUDWH 0RGHUDWH��VSHFLDO

WRROV�UHTXLUHG�$QLPDOV�FRQWUROOHG &RZV��KRUVHV��SHWV��ODZQ

DQG�JDUGHQ�SHVWV�&RZV��KRUVHV��KRJV�VKHHS��JRDWV��H[RWLFV�GHHU��SUHGDWRUV

&RZV��KRJV��VKHHS�JRDWV��H[RWLFV��GHHU�SUHGDWRUV

%HVW�VXLWHG�IRU 7HPSRUDU\�IHQFLQJ��PDQDJHGLQWHQVLYH�JUD]LQJ

3DVWXUHV��FURVV�IHQFHV�SHULPHWHU�

3HUPDQHQWSHULPHWHULQVWDOODWLRQV

3RVW�W\SH 6WHS�LQ�SRVWV��VWHHO�DQG�URGSRVWV��ILEHUJODVV�SRVWV�

7�SRVWV��URG�SRVWV�8�SRVWV�

:RRG�SRVWV�7�SRVWV��8�SRVWV�

:LUH�W\SH 3RO\�ZLUH��SRO\�WDSH��SRO\URSH��DOXPLQXP��VWHHO�ZLUH�

3RO\�ZLUH��SRO\�WDSH�SRO\�URSH��DOXPLQXP�VWHHO�ZLUH

��ò�JDXJH�KLJKWHQVLOH�ZLUH�

'LVWDQFH 6KRUW 8QOLPLWHG 8QOLPLWHG)HDWXUHV /LJKWZHLJKW��UHXVDEOH��HDV\

WR�PRYH�:RUNDEOH�ZLWK�DQ\FRQILJXUDWLRQ�RI�SRVWVDQG�FRQGXFWLYH�ZLUH

/RQJHVW�OLIHIHQFH�V\VWHPDYDLODEOH��PLQLPDOPDLQWHQDQFH

��127(��3RUWDEOH��WHPSRUDU\�DQG�VHPL�SHUPDQHQW�IHQFLQJ�VKRXOG�QRW�EH�WKH�VROH�PHDQV�RI�DQLPDO�FRQWDLQPHQW�8VH�SRUWDEOH�DQG�WHPSRUDU\�HOHFWULF�IHQFLQJ�ZLWKLQ�SHUPDQHQW�IHQFLQJ�WR�ORZHU�WKH�ULVN�RI�LQMXU\�WR�DQLPDOVDQG�SHRSOH�VKRXOG�DQ�DQLPDO�HVFDSH�WKH�HOHFWULF�IHQFH�

)HQFH�3ODQQHU�,QIRUPDWLRQ

)(1&(�&21752//(5�7(506$PSHUDJH���WKH�PHDVXUHPHQW�RI�HOHFWULF�FXUUHQW��ZKDW�\RX�IHHO�ZKHQ�\RX�JHW�VKRFNHG��7KH�KLJKHU�WKH�DPSHUDJH�WKH�PRUH�LQWHQFH�VKRFN�WKH�DQLPDO�ZLOO�IHHO��'LVWDQFH�UDWLQJV���XVH�WR�FRPSDUH�IHQFH�FRQWUROOHUV��5DWLQJV�DUH�EDVHG�RQ�D�VLQJOH�VWUDQG�RI����JDXJH�VWHHO�ZLUH�VWUXQJ���´�DERYH�JURXQGXQGHU�LGHDO��ZHHG�IUHH�ODERUDWRU\�FRQGLWLRQV�-RXOHV���PHDVXUH�RI�HOHFWULFDO�HQHUJ\�XVHG�WR�UDWH�ORZ�LPSHGDQFH�IHQFH�FRQWUROOHUV��7KH�HIIHFWLYH�SRZHU�WKH�FRQWUROOHU�GHOLYHUV�WR�WKH�IHQFH�LQGHSHQGHQW�RI�RWKHU�IDFWRUV�WKDW�FDQ�GUDLQ�YROWDJH��7KH�KLJKHU�WKH�MRXOHV��WKH�PRUH�LQWHQVH�VKRFN�WKH�DQLPDO�ZLOO�IHHO����MRXOH� ���ZDWW�RI�SRZHU�IRU���VHFRQG��/RZ�LPSHGHQFH���ORZ�LPSHGDQFH�FRQWUROOHUV�LQFUHDVH�WKH�MRXOHV��HQHUJ\�RU�VKRFN��RQ�WKH�IHQFH�OLQH�LI�ZHHGV�RU�RWKHU�YHJHWDWLRQ�WRXFK�WKH�OLQH�6ROLG�VWDWH���GHOLYHUV�PHGLXP�DPSHUDJH�VKRFN�LQ�PHGLXP�GXUDWLRQ�SXOVHV�9ROWV���PHDXUHPHQW�RI�HOHFWULFDO�SUHVVXUH��9ROWDJH�³SXVKHV´�DPSHUDJH�GRZQ�WKH�IHQFH�ZLUH��

]DUHEDV\VWHPV�FRP��

�¶���¶�32*V

,WHP�1XPEHU ,WHP�1DPH ��RUGHU ,WHP�1XPEHU ,WHP�1DPH ��RUGHU$��� :KLWH�6WHS�LQ�3RVW �� ,73/<�= 7�3RVW�3LQ�/RFN�<HOORZ�,QVXODWRU ��$703�= 0XOWL�SXUSRVH�)HQFH�7RRO �� ,75;<�= 7�3RVW�5HYHUVH��´�([WHQGHG�<HOORZ�,QVXODWRU ��$& &XW�RII�6ZLWFK ,76 <�= 7�3RVW�6FUHZ�RQ�<HOORZ�,QVXODWRU ��$/$�= /LJKWQLQJ�$UUHVWRU � ,7<�= 7�3RVW�<HOORZ�,QVXODWRU ��$73$�= 7�3RVW�)HQFH�*DWH�$QFKRU � <�= :RRG�3RVW��´�([WHQGHG�<HOORZ�,QVXODWRU�Z� DLOV ��$:3$�= *DWH�+DQGOH�$QFKRU � ,:&;%�= &RUQHU�+LJK�6WUDLQ�%ODFN�,QVXODWRU ��'()7�= 'LJLWDO�(OHFWULF�)HQFH�7HVWHU � <�= :RRG�3RVW�.QRE�<HOORZ�,QVXODWRU�Z� DLOV ��($&��0�= ���0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � <�= :RRG�3RVW�<HOORZ�,QVXODWRU�Z� DLOV ��($&��0�= ���0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � ,:6'�= 'ULYHDEOH�:RRG�3RVW�:KLWH�,QVXODWRU ��($&��0�= ���0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � ,:6,5%�= :RRG�3RVW�5LQJ�%ODFN�,QVXODWRU ��($�0�= ��0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � ,:73/%�= :RRG�3RVW�3LQ�/RFN�%ODFN�,QVXODWRU ��('&��0�= ���0LOH�'&�/RZ�,PSHGDQFH�(QHUJL]HU � .*3$&�= *DUGHQ��3HW�$&�)HQFH�.LW �('&�0�= ��0LOH�'&�(QHUJL]HU � 3$+7(�= 3RO\�WDSH�ò´�(QG�&RQQHFWRU �(63��0�= ���0LOH�6RODU�(QHUJL]HU � 3$+76�= 3RO\�WDSH�ò´�6SOLFHU �(63�0�= ��0LOH���9ROW�6RODU�(QHUJL]HU � 3$56�= 3RO\�URSH�6SOLFHU �):������7 ó�0LOH����*DXJH�$OXPLQXP�:LUH � 3$73&�= 3RO\�WDSH�7�3RVW�&RUQHU�,QVXODWRU �):������' ���¶�����*DXJH�$OXPLQXP�:LUH � 3$:3&�= 3RO\�WDSH�:RRG�3RVW�&RUQHU�,QVXODWRU �*++'%�= +HDY\�'XW\�5XEEHU�*DWH�+DQGOH 3RO\�URSH�:KLW WRUV �*+.6� = ([SDQGDEOH�(OHFWULF�)HQFH�*DWH � 3RO\�WDSH�:KLWH�Z���&RQGXFWRUV*+3<�= 3ODVWLF�<HOORZ�*DWH�+DQGOH � 3RO\�ZLUH�<HOOR WRUV*+5<�= 5XEEHU�<HOORZ�*DWH�+DQGOH � $�/97�= ��� ��/LJKW�9ROWDJH�7HVWHU �*5&�= *URXQG�5RG�&ODPS �� 8*&�� ��¶�������*DXJH�8QGHUJURXQG�,QVXODWHG�:LUH �,&'<�= &RUQHU�'RQXW�<HOORZ�,QVXODWRU �� :&���� ���¶�����*DXJH�*DOYDQL]HG�:LUH ��,&/;<�= &KDLQ�/LQN�<HOORZ�,QVXODWRU �� :&����� ó�0LOH����*DXJH�*DOYDQL]HG�:LUH �,5<�= 5RG�3RVW�<HOORZ�,QVXODWRU �� :6� (OHFWULF�)HQFH�:DUQLQJ�6LJQ ��,7�;<�= 7�3RVW��´�([WHQGHG�<HOORZ�,QVXODWRU �� (&'9'�= ,QVWUXFWLRQDO�'9'��,QFOXGHV�6WDQGDUG��+LJK�7HQVLOH ��,7�;<�= 7�3RVW��´�([WHQGHG�<HOORZ�,QVXODWRU �� ����¶�,QIRUPDWLRQDO�+HDGHU�&DUGV��QRW�VKRZQ� �

�LQGLFDWHV�SURGXFWV�LQFOXGHG�RQ�WKH��¶

UHGVQDSU�FRP ��

�¶���¶�32*V

,WHP�1XPEHU ,WHP�1DPH ��RUGHU ,WHP�1XPEHU ,WHP�1DPH ��RUGHU$��� :KLWH�6WHS�LQ�3RVW �� ,7&3<�56 7�3RVW�&DS�<HOORZ�,QVXODWRU ��$703�= 0XOWL�SXUSRVH�)HQFH�7RRO �� ,73/<�56 7�3RVW�3LQ�/RFN�<HOORZ�,QVXODWRU ��$& &XW�RII�6ZLWFK ,75;<�56 7�3RVW�5HYHUVH��´�([WHQGHG�<HOORZ�,QVXODWRU ��$/$�= /LJKWQLQJ�$UUHVWRU � ,7<�56 7�3RVW�<HOORZ�,QVXODWRU ��$73$�= 7�3RVW�)HQFH�*DWH�$QFKRU � <�56 :RRG�3RVW��´�([WHQGHG�<HOORZ�,QVXODWRU�Z� DLOV ��$:3$�= *DWH�+DQGOH�$QFKRU � ,:&;%�= &RUQHU�+LJK�6WUDLQ�%ODFN�,QVXODWRU ��'()7�= 'LJLWDO�(OHFWULF�)HQFH�7HVWHU � %�56 :RRG�3RVW�.QRE�%ODFN�,QVXODWRU�Z� DLOV ��($&��0�56 ���0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � <�56 :RRG�3RVW�<HOORZ�,QVXODWRU�Z� DLOV ��($&��0�56 ���0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � :RRG�3RVW�3LQ�ORFN�%ODFN�,QVXODWRU�Z� DLOV ��($&��0�56 ���0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � ,:6'�= 'ULYHDEOH�:RRG�3RVW�:KLWH�,QVXODWRU ��($�0�56 ��0LOH�$&�/RZ�,PSHGDQFH�(QHUJL]HU � ,:6,5%�56 :RRG�3RVW�5LQJ�%ODFN�,QVXODWRU ��('&��0�56 ���0LOH�'&�/RZ�,PSHGDQFH�(QHUJL]HU � .*3$&�= *DUGHQ��3HW�$&�)HQFH�.LW �(63��0�56 ���0LOH�6RODU�(QHUJL]HU � 3$+7(�= 3RO\�WDSH�ò´�(QG�&RQQHFWRU �(63�0�56 ��0LOH���9ROW�6RODU�(QHUJL]HU � 3$+76�= 3RO\�WDSH�ò´�6SOLFHU �(63�0�56 9ROW�6RODU�(QHUJL]HU � 3$56�= 3RO\�URSH�6SOLFHU �):������7 ó�0LOH����*DXJH�$OXPLQXP�:LUH � 3$73&�= 3RO\�WDSH�7�3RVW�&RUQHU�,QVXODWRU �):������7 ó�0LOH����*DXJH�$OXPLQXP�:LUH � 3$:3&�= 3RO\�WDSH�:RRG�3RVW�&RUQHU�,QVXODWRU �):������' ���¶�����*DXJH�$OXPLQXP�:LUH � 3RO\�URSH�:KLW WRUV �*++'%�= +HDY\�'XW\�5XEEHU�*DWH�+DQGOH 3RO\�WDSH�:KLWH�Z���&RQGXFWRUV*+.6� = ([SDQGDEOH�(OHFWULF�)HQFH�*DWH 3RO\�ZLUH�<HOOR WRUV*+3<�= 3ODVWLF�<HOORZ�*DWH�+DQGOH � $�/97�= ��/LJKW�9ROWDJH�7HVWHU �*+5<�= 5XEEHU�<HOORZ�*DWH�+DQGOH � 8*&�� ��¶�������*DXJH�8QGHUJURXQG�,QVXODWHG�:LUH �*5&�= *URXQG�5RG�&ODPS �� :&���� ���¶�����*DXJH�*DOYDQL]HG�:LUH ��,&'<�56 &RUQHU�'RQXW�<HOORZ�,QVXODWRU �� :&����� ó�0LOH����*DXJH�*DOYDQL]HG�:LUH �,&/;<�56 &KDLQ�/LQN�<HOORZ�,QVXODWRU �� :6� (OHFWULF�)HQFH�:DUQLQJ�6LJQ ��,5<�56 5RG�3RVW�<HOORZ�,QVXODWRU �� '9'(&�= ,QVWUXFWLRQDO�'9'��,QFOXGHV�6WDQGDUG��+LJK�

7HQVLOH��

,7�;<�56 7�3RVW��´�([WHQGHG�<HOORZ�,QVXODWRU �� ����¶�,QIRUPDWLRQDO�+HDGHU�&DUGV��QRW�VKRZQ� �

�LQGLFDWHV�SURGXFWV�LQFOXGHG�RQ�WKH��¶

]DUHEDV\VWHPV�FRP��

+LJK�7HQVLOH��3RO\�32*V

,WHP�1XPEHU ,WHP�1DPH ��RUGHU$:3$�= *$ & �$73$�= 7�367�) &(�*7�$ &+5 �

/< 6 /<�+'5�&$5' �*+.37:�= :3�3/<73�:+7�*$7(�.,7����&6 ��*+5:�= :+7�58%%(5�*$ � �,57:�= 67�7$3(�=�:+7����%* ��,77:�= 67�7$3(�=�:+7����%* ��,7&3:�= 67�&$3�=�:+7����%* ��,: :�= 67�7 ��3$77�= /<�7$3(�7 7$3(���&6 �3$:3&�= /<�7$3(�:'36 �3$73&�= /<�7$3(�7�36 �3$7(�= /<�7$3(�7 5*=5���&6 �3$56�= 3�5 /&5���&'���&6 �3$�76�= 3�7 /&5���&'���&6 �3$�76�= 3�7 /&5���&'���&6 �3$+7(�= 3�7 �3$+76�= 3�7$3(�+$/)�63/&5���&'���&6 �

/<7$3(���&6 �����075�� /<7

37���:��= � /<7$3(���&6 �6 /

3:� 6 /����075���6 /

3:����<��= ����075���6 //<5 6 �

56:���� ����)7���6 /<:,5(����&6 ��56:��� ���)7���6 /<:,5(����&6 ��

,WHP�1XPEHU ,WHP�1DPH ��RUGHU08/7,�*5 /<�63&5����&6 ��

������� 6 ���&6 ��������� +9<�'87 6 ��

��� &, �'&�+&+7 6 &$5' �'9'(&�= =$5(% 67�'9'����&6 �)*������ �����*$�$/ 67((/�����¶ ��+7:&�= )( &(�:,5(�&877(5 �,/6� 6 ��,7�� /78%(��5/6�&6 ��,:6'�= '5,9 /$7 ��+7��:$,�� :5$3�$5 /$7 ��+7�)7,��� ��+7�)7,�� /$7 �+7�6&7�= +7���6/ 7�&5,03, *�7 �+7%3� ��, &+�%5$ ��+7%3�� ���, &+�%5$ ��+7)3% /$5*(�)( 67�%5$& ��+7%6 673/��/%�%.7���&6 �+7*&6���� ����&5,03, *�6/9����%*����&6 ��+7*&6����� *5,7�&503�6/9(��������3.����&6 ��+7*&6���� ����&5,03, *�6/9����%*����&6 ��+7*&6���� +7�����*5,7'�&5,03*�6/9���%* ��+7*&6���� +7�����*5,7'�&5,03*�6/9���%* ��+736&/,3 +7�63$&(5�:,5(�&/,3����%* �+76- ��($ �+777 7:,67, *�7 ��+776 *����&6 ��+7:7 +7�����:,5(�7$3 �+7:/�� ����*$ �