be32_net

12
%(1(786(50$18$/9HUVLRQ$& *(1(5$/’(6&5,37,21 %(LVDFRQWUROV\VWHPIRU67$1’%<*(16(7IHDWXUHVSRZHUIXOSURJUDPPDEOH SDUDPHWHUVVHFWLRQDQG,QSXWIURPWKH*(16(7SURYLGHVYLVXDOLQGLFDWLRQIRU WKHIROORZLQJ /2:)8(//(9(/29(5/2$’$/$50DQG/2:2,/35(6685(+,*+ 7(03(5$785(WZRFKDQQHOV)8(/$/$50(;7(51$/(0(5*(1&<6723(1*,1( 5811,1*DQG5(027(7(67 7KHIROORZLQJSDUDPHWHUVDUHPHDVXUHGDQGVDPSOHGDVDQDORJXHLQSXWV 0$,1692/7$*(3+$6(*(1(5$72592/7$*(3+$6(%$77(5<92/7$*( *(1(5$725&855(173+$6(*(1(5$725DQG0$,16)5(48(1&< 7KHVHRXWSXWVDUHUHOD\FRQWUROOHG67$57672362/(12,’$/$50287387)8(/ 62/(12,’0$,16&217$&725DQG*(1(5$725&217$&725*/2:35(+($7DQG ,’/(63((’ )RUWKHUHPRWHWUDQVPLVVLRQRIDODUPVDQGIRUVSHFLDOIXQFWLRQVHLJKWVWDWLFRXWSXWVDUH DYDLODEOH2,/¶7(03¶)8(/¶67$57,1*)$,/85(¶29(5/2$’),567/(9(/¶ (1*,1(5811,1*¶¶%$77(5<)$,/85(¶DQG*(1(5$72592/7$*(¶ 7KH%(1(7YHUVLRQLQFOXGHV56&LQWHUIDFHDQG6(1’(56LQWHUIDFHIRURLOSUHVVXUH DQGHQJLQHWHPSHUDWXUH )52173$1(/6(/(&7,216 7KHFRQWURONH\VZLWFKRQWKHIURQWSDQHOKDVSRVLWLRQV$8725(6(70$17KHNH\ SRVLWLRQ5(6(7RU0$1RIWKHNH\VZLWFKLVUHSHDWHGRQWKH-%RXWSXWFRQQHFWRU $872¶23(5$7,1*02’( 7KHWLPHUVUHIHUULQJWR*(16(7DXWRPDWLRQDUHH[SUHVVHGRQWKHFKDQGVHHSDJH 7KHVHWLPHUVDUHDFWLYDWHGZKHQWKHYROWDJHSDUDPHWHUVRQFK’DQG(UHDFKWKH SURJUDPPHGWKUHVKROGV7KH*(16(7VWDUWVLQ$872IRUWKHIROORZLQJ0$,16YROWDJHRU IUHTXHQF\IDLOXUHSHULRGLF67$57FK$DQG%5(027(7(67LQSXW-0DQGRU 5(027(67$57¶LQSXW-)$OOVWDUWLQJFKDUDFWHULVWLFVDUHVSHFLILHGRQFK’(* DQG) &LVWKHWKUHVKROGRIRYHUORDGSURWHFWLRQIRUWKH*(16(77KHILUVWOHYHOFZDUQVWR GLVFRQQHFWWKH1219,7$/ORDGVE\XVLQJ-%RXWSXW7KH*(16(7ZLOOVWRSDIWHUIXOO 0$,16UHVWRUDWLRQRUUHPRWHFRQWUROUHVWRUDWLRQRUZKHQDQDODUPLVGHWHFWHG7KH0$,16DQG *(1(5$725FRQWDFWRUDUHFRQWUROOHGDXWRPDWLFDOO\E\PHDQVRIWKHWLPHUVDQGWKUHVKROGV 7KHFRQWDFWRUZLOOEHHQDEOHGRQO\LIWKHHOHFWULFDOSDUDPHWHUV92/7$*()5(48(1&<DUH ZLWKLQWKHSURJUDPPHGYDOXHFK’(+K/,IWKHVHTXHQFHVRIWKHSKDVHDUHQRWWKH VDPHIRUWKHPDLQVDQGIRUWKHJHQHUDWRUDQDODUPU ZLOODSSHDURQWKHGLVSOD\,QWKLV FRQGLWLRQWKHFRQWDFWRUUHPDLQVGLVDEOHG 0$18$/¶23(5$7,1*02’( 7KLVDOORZVWKHRIIORDGVWDUWLQJRIWKH*(16(7E\PHDQVRIWKH67$57DQG6723SXVK EXWWRQV7KHORDGLVQRWWUDQIHUUHGWRWKHJHQHUDWRU7RHQDEOHWKH*(1(5$725FRQWDFWRULQ 0$1¶WKHXVHUPXVWSURYLGHH[WHUQDOZLULQJE\XVLQJ-%WHUPLQDO*(1(5$72592/7$*(¶ RXWSXW 127(FK PHDQVFKDQQHORIWKHDXWRPDWLRQSDUDPHWHU([DPSOHFK&LVWKH&SDUDPHWHU RQWKHDXWRPDWLRQWDEOHVHHSDJH

Upload: bruno-mariano

Post on 13-Feb-2016

223 views

Category:

Documents


0 download

DESCRIPTION

BE32_net

TRANSCRIPT

Page 1: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �����*(1(5$/�'(6&5,37,21%(����LV�D�FRQWURO�V\VWHP�IRU�67$1'%<�*(1�6(7�IHDWXUHV����SRZHUIXO��SURJUDPPDEOH�SDUDPHWHUV��VHFWLRQ�������DQG����������,QSXW�IURP�WKH�*(1�6(7�SURYLGHV�YLVXDO�LQGLFDWLRQ�IRU�WKH�IROORZLQJ�/2:�)8(/�/(9(/���29(5/2$'��$/$50���DQG����/2:�2,/�35(6685(��+,*+�7(03(5$785(��WZR�FKDQQHOV����)8(/�$/$50��(;7(51$/�(0(5*(1&<�6723��(1*,1(�5811,1*��DQG�5(027(�7(67�7KH�IROORZLQJ�SDUDPHWHUV�DUH�PHDVXUHG�DQG�VDPSOHG�DV�DQDORJXH�LQSXWV�0$,16�92/7$*(����3+$6(���*(1(5$725�92/7$*(����3+$6(���%$77(5<�92/7$*(��*(1(5$725�&855(17����3+$6(���*(1(5$725�DQG�0$,16��)5(48(1&<�7KHVH�RXWSXWV�DUH�UHOD\�FRQWUROOHG���67$57��6723�62/(12,'��$/$50�287387��)8(/�62/(12,'��0$,16�&217$&725�DQG�*(1(5$725�&217$&725���*/2:��35(+($7�DQG�,'/(�63(('��)RU�WKH�UHPRWH�WUDQVPLVVLRQ��RI�DODUPV��DQG�IRU�VSHFLDO�IXQFWLRQV���HLJKW�VWDWLF�RXWSXWV��DUH�DYDLODEOH��µ2,/¶���µ7(03¶���µ)8(/¶���µ67$57,1*�)$,/85(¶��µ29(5/2$'�),567�/(9(/¶��µ(1*,1(�5811,1*¶�¶�%$77(5<�)$,/85(¶�DQG�µ*(1(5$725�92/7$*(¶�7KH�%(���1(7�YHUVLRQ�LQFOXGHV��56���&�LQWHUIDFH��DQG�6(1'(56�LQWHUIDFH�IRU�RLO�SUHVVXUH�DQG�HQJLQH�WHPSHUDWXUH������)5217�3$1(/�6(/(&7,2167KH�FRQWURO�NH\�VZLWFK��RQ�WKH�IURQW�SDQHO��KDV���SRVLWLRQV�$872�5(6(7�0$1��7KH�NH\��SRVLWLRQ�5(6(7�RU�0$1�RI�WKH�NH\�VZLWFK�LV�UHSHDWHG�RQ�WKH�-%���RXWSXW�FRQQHFWRU�������µ$872¶�23(5$7,1*�02'(7KH�WLPHUV�UHIHUULQJ�WR�*(1�6(7�DXWRPDWLRQ�DUH�H[SUHVVHG�RQ�WKH�FK����DQG����VHH�SDJH�����7KHVH�WLPHUV�DUH�DFWLYDWHG�ZKHQ�WKH�YROWDJH�SDUDPHWHUV�RQ�FK��'�DQG�(�UHDFK��WKH�SURJUDPPHG�WKUHVKROGV��7KH�*(1�6(7��VWDUWV�LQ�$872�IRU�WKH�IROORZLQJ����0$,16�YROWDJH��RU�IUHTXHQF\��IDLOXUH��SHULRGLF�67$57��FK�$�DQG�%���5(027(�7(67��LQSXW�-0�����DQG�RU�µ5(027(�67$57¶�LQSXW�-)����$OO��VWDUWLQJ�FKDUDFWHULVWLFV�DUH�VSHFLILHG�RQ�FK�������'�(�*�DQG�)��&�LV�WKH�WKUHVKROG�RI�RYHUORDG�SURWHFWLRQ�IRU�WKH�*(1�6(7��7KH�ILUVW�OHYHO�F�ZDUQV��WR�GLVFRQQHFW�WKH�121�9,7$/�ORDGV�E\�XVLQJ�-%���RXWSXW��7KH�*(1�6(7�ZLOO�VWRS�DIWHU�IXOO�0$,16�UHVWRUDWLRQ��RU�UHPRWH�FRQWURO�UHVWRUDWLRQ��RU�ZKHQ�DQ�DODUP�LV�GHWHFWHG��7KH�0$,16�DQG�*(1(5$725�FRQWDFWRU�DUH�FRQWUROOHG�DXWRPDWLFDOO\�E\�PHDQV�RI�WKH�WLPHUV�DQG�WKUHVKROGV����7KH�FRQWDFWRU�ZLOO�EH�HQDEOHG�RQO\�LI�WKH�HOHFWULFDO�SDUDPHWHUV�92/7$*(�)5(48(1&<�DUH�ZLWKLQ�WKH�SURJUDPPHG�YDOXH��FK�'�(�+�K�/����,I�WKH�VHTXHQFHV�RI�WKH�SKDVH�DUH�QRW�WKH�VDPH�IRU�WKH�PDLQV�DQG�IRU�WKH�JHQHUDWRU�DQ�DODUP��U� ZLOO�DSSHDU�RQ�WKH�GLVSOD\��,Q�WKLV�FRQGLWLRQ�WKH�FRQWDFWRU�UHPDLQV�GLVDEOHG������µ0$18$/¶�23(5$7,1*�02'(7KLV�DOORZV�WKH�RII�ORDG�VWDUWLQJ�RI�WKH�*(1�6(7�E\�PHDQV�RI�WKH�67$57�DQG�6723�SXVK�EXWWRQV��7KH�ORDG�LV�QRW�WUDQIHUUHG�WR�WKH�JHQHUDWRU��7R�HQDEOH�WKH�*(1(5$725�FRQWDFWRU�LQ�µ0$1¶�WKH�XVHU�PXVW�SURYLGH�H[WHUQDO�ZLULQJ�E\�XVLQJ�-%��WHUPLQDO��µ*(1(5$725�92/7$*(¶�RXWSXW��127(��FK� PHDQV�FKDQQHO�RI�WKH�DXWRPDWLRQ�SDUDPHWHU��([DPSOH��FK��&�LV�WKH�&�SDUDPHWHU�RQ�WKH�DXWRPDWLRQ�WDEOH��VHH�SDJH����

Page 2: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� ������µ5(6(7¶�23(5$7,1*�02'(�:LWK�WKH�NH\�VZLWFK�LQ�WKLV�SRVLWLRQ�LW�LV�SRVVLEOH�WR�FOHDU�IDXOW�DODUPV�DQG�WR�SURJUDP�WKH�SDUDPHWHUV���VHFWLRQ�����������67$57�� 67237KHVH�DUH�WKH�SXVK�EXWWRQV�IRU�WKH�PDQXDO�FRQWURO�RI�WKH�HQJLQH��HQDEOHG�RQO\�LQ�0$1���,Q�$872�WKH�DFWLYDWLRQ�RI�WKH�6723�SXVK�EXWWRQ�ZLOO�SHUIRUP��LI�WKH�HQJLQH�LV�UXQQLQJ��DQ�HPHUJHQF\�VWRS�F\FOH��7KH�PHVVDJH�(���ZLOO�DSSHDU�RQ�WKH�GLVSOD\��DQG�WKH�XVHU�PXVW�FOHDU�WKLV�DODUP�LQ�RUGHU�WR�VWDUW�WKH�HQJLQH�����%(���',63/$<�)($785(67KH�%(���IHDWXUHV�D�KLJK�SHUIRUPDQFH���GLJLW�GLVSOD\��:LWK�WKH�µ83¶�¶'2:1¶�SXVK�EXWWRQV�LW�LV�SRVVLEOH�WR�VHOHFW�WKH�IROORZLQJ�PHDVXUHPHQWV������3URJUDP��WKH�DXWRPDWLRQ�SDUDPHWHUV�DUH�GLVSOD\HG�LQ�WKH�SURJUDP�PRGH��VHFWLRQ��������2Q�WKH OHIW�RQH�GLJLW�LV�GLVSOD\HG�IRU�WKH�DSSURSULDWH�FKDQQHO�DQG�RQ�WKH�ULJKW��WZR�GLJLWV�IRU�WKH�VLJQLILFDQW�YDOXH�������&XUUHQW� JHQHUDWRU�FXUUHQW�PHDVXUHPHQWV�LQ�WKH�UDQJH�����XS�WR����$��7KH�FXUUHQW�WUDQVIRUPHU�VL]H�LV�GHILQHG�LQ�FKDQQHO�Q��VHFWLRQ���������7KH�UHDGLQJ�LV�VHOHFWHG�VLQJOH�WKUHH�SKDVH��7KH�%(���1(7��UHDGLQJ�UDQJH�LV�XS�WR�����$DF������9ROWDJH� YROWDJH�RI�WKH�0$,16�RU�RI�WKH�*(1�6(7��7KH�PHDVXUHPHQW��UDQJH�LV���9DF�XS�WR�����9DF��,I�WKH�)8(/�62/(12,'�LV�RSHQHG�WKH�GLVSOD\�ZLOO�VKRZ�WKH�*(1�6(7�YROWDJH��,I�WKH�)8(/�62/(12,'�LV�FORVHG�WKH�GLVSOD\�ZLOO�VKRZ�WKH�0$,16�YROWDJH������)UHTXHQF\� IUHTXHQF\�RI�WKH��PDLQV�JHQHUDWRU��7KH UHVROXWLRQ�LV�����+=��7KH�UDQJH�LV������WR������+]���7KH�GLVSOD\�VKRZV�DXWRPDWLFDOO\�PDLQV��LI�µ)8(/�62/(12,'¶�LV�GLVDEOHG��RU�JHQHUDWRU��LI�µ)8(/�62/(12,'¶�LV�HQHUJLVHG��+RXU�&RXQW��9GF�%DWWHU\��7HPSHUDWXUH��2LO�SUHVVXUH��WKHVH�PHDVXUHPHQWV�DUH�VHOHFWHG E\�PHDQV�RI�WKH�83�SXVK�EXWWRQ��(DFK�WLPH�WKH�8S�SXVK�EXWWRQ�LV�DFWLYDWHG��D�PHVVDJH�ZLOO�PRPHQWDU\�DSSHDU�WR�KHOS�WKH�XVHU�DV�IROORZV�+ �+RXU�FRXQW��WKH�UHVROXWLRQ�LV���KRXU��:KHQ�WKH�FRXQW�LV�RYHU�����D�ULJKW�GHFLPDO�SRLQW�ZLOO�DSSHDU�DV�LQGLFDWLRQ�PXOWLSOLHG�E\�����UHVROXWLRQ����KRXUV��7R�FOHDU�WKH�FRXQWHU�SUHVV�WRJHWKHU�6723�DQG�$&.�IRU����³�ZKHQ�WKH�NH\�VZLWFK�LV�LQ�µ0$1¶�SRVLWLRQ�GF��%DWWHU\�9ROWDJH�PHDVXUHPHQWW��WHPSHUDWXUH�PHDVXUHPHQW��IXUWKHU�GHWDLOV�LQ�WKH�VHFWLRQ�������3��2LO�SUHVVXUH�PHDVXUHPHQW��IXUWKHU�GHWDLOV�LQ�WKH�VHFWLRQ�����������/('��,1',&$7,2167KH�IURQW�IDFLD�KDV�DODUPV�LQGLFDWLRQ�E\�PHDQV�RI�UHG�/('V�

2,/�35(6685(�$/$50��7KLV�DODUP�PRQLWRUV�WKH�SUHVVXUH�LQSXWV�ZLUHG�RQ�WHUPLQDO�-)���HQJLQH VKXWGRZQ��-0���ZDUQLQJ���7KH�GHOD\�IURP�WKH�HQJLQH�VWDUWLQJ�SRLQW�LV�SURJUDPPHG�RQ�

SDUDPHWHU�µ�¶��QRUPDOO\�FORVHG�FRQWDFW��

7(03(5$785(�$/$50���7KLV�DODUP�PRQLWRUV�WKH�LQSXWV�-)���VKXWGRZQ��-0���ZDUQLQJ����7KH�HQJLQH�ZLOO�VWRS�DIWHU�WKH�FRROLQJ�GRZQ�WLPH��7KH�VHOHFWLRQ��QRUPDOO\�FORVHG�RU�RSHQ��LV�PDGH�E\�SURJUDPPLQJ�D�FRGH�LQ�SDUDPHWHU�µ,¶��VHH�SDJH�����

Page 3: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �

7KLV�DODUP�HQHUJL]H�LI��DIWHU�D�FRPSOHWH�HQJLQUHDFK�WKH�WKUHVKROG�GHILQHG�RQ�FK��µ(¶������VH/('V�ZLOO�OLJKW�LQ�IODVKLQJ�PRGH�

7KLV�DODUP�KDV���VRXUFHV���RQH�LV�H[WHUQDO�DQGWHUPLQDO�-)����HQHUJL]HG�WR�JURXQG���7KH�ILUVW�&855(17�PHDVXUHPHQW��VHH�SDJH�����RQH�RWKDQ�WKH�WKUHVKROG�µ&¶�IRU���VHFRQGV�DW�OHDVW��7IDOOV�EHORZ�WKH�YROWDJH�WKUHVKROG�µ(¶�IRU���VHFR7KH�HQJLQH�ZLOO�VWRS�DIWHU�WKH�FRROLQJ�GRZQ�WLP

7KH�VLJQDO�VRXUFH�IRU�29(5�63(('�PRQLWRUL

7KHVH�DUH�DX[LOLDU\��QRUPDOO\�RSHQ��6723�LQSXWV��7KHUH�LV�D����VHFRQGV¶�GHOD\�IURP�HQJLQH�FUDQN�GLVFRQQHFWLRQ��$/$50���-)���WHUPLQDO��$/$50����-)���WHUPLQDO��)DLO�WR�VWDUW�DODUP��WKH�DXWRPDWLF�VWDUWLQJ�F\OH�KDV��IDLOHG��VHH�SDUDPHWHUV�µ�¶�µ�¶�µ�¶�RQ�SDJH����

<HOORZ�/('V�LQGLFDWLQJ��WKH�VWDWXV�RI�WKH�VWRS�VROHQRLG�JORZ�IXHO�UHOD\�RXWSXWV�µ)8(/�7+$1.¶�KDV�\HOORZ�/('�RQO\�IRU�RSWLFDO�ZDUQLQJ��-)�����µ12�)8(/�,1�

7+(�7$1.¶�DODUP�VWRSV�WKH�HQJLQH��-)�����µ%$77(5<�92/7$*(�$/$50¶�ZDUQV��

H�VWDUW�F\FOH��WKH�YROWDJH�RI�WKH�JHQHUDWRU�GRHV�QRW�FRQGV¶�GHOD\���7KH�HQJLQH�VWRSV�DQG�WKLV�WZR�

�WZR�DUH�LQWHUQDO��7KH�H[WHUQDO�VRXUFH�LV�WKH�LQWHUQDO�VRXUFH�LV�WKH�WKUHVKROG�µ&¶�RI�WKH�I�WKH�WKUHH�FXUUHQW�PHDVXUHPHQWV�PXVW�EH�JUHDWHU�KH�VHFRQG�VRXUFH�LV�WKH�JHQHUDWRU�YROWDJH��WKDW�QGV���H��FKDQQHO�µ�¶��

QJ�LV�WKH�IUHTXHQF\�PHDVXUHPHQW�RI�WKH�JHQHUDWRU�

IRU�D�/RZ�9ROWDJH�FRQGLWLRQ�

Page 4: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �YROWDJH��µ9/�¶�WR�µ9/�¶���7KH�WKUHVKROG�LV�GHILQHG�RQ�FK��µ+¶�DQG�WKH�WULS�KDV�D����VHFRQGV¶�GHOD\�7KH�FRROLQJ�GRZQ�WLPH�LV�QRUW�SURYLGHG�%(/7�%5($.�$/$507KLV�SURWHFWLRQ�IHDWXUHV�HQJLQH�VWRS�LI�D�EHOW�EUHDN�RFFXUV��7R�HQDEOH�WKLV�SURWHFWLRQ��VHOHFW��WKH�FRGH�RQ�SDUDPHWHU�µ,¶��SDJH������7KH�SURWHFWLRQ�KDV�D���´�GHOD\�DQG�WKH�FRQGLWLRQ�RI�DODUP�LV�WKH�ORVV�RI�YROWDJH�RQ�WHUPLQDO�:�/��'���LQSXWV�-0������7KH�DODUP�ZLOO�VKRZ�D�µU�F�¶�PHVVDJH�RQ�GLVSOD\�

7KHVH�DUH�WKH�SXVK�EXWWRQV�WR�VWDUW��DQG�VWRS�WKH�VHW��7KH�JUHHQ�/('V�µ581¶�LQGLFDWH�WKH�VWDWXV�RI�WKH�HQJLQH� µ5811,1*¶�/('V�RQ��RU�µ127�5811,1*¶��/('V�RII��7KHVH�/('V�ZLOO�OLJKW�LI�D�YROWDJH�JUHDWHU�WKDQ����9DF�LV�GHWHFWHG�RQ�JHQHUDWRU��RU�D�YROWDJH�LV�GHWHFWHG�RQ�:�/���-0������7KH�67$57�SXVK�EXWWRQ�LV�HQDEOHG�RQO\�E\�WKH�.(<�6:,7&+�LQ�0$1�SRVLWLRQ��7KH�6723�SXVK�EXWWRQ�LV�DOZD\V�HQDEOHG��7KH�DFWLRQ�RQ�WKH�6723�SXVK�EXWWRQ�LQ�$872�PRGH�ZLOO�HQHUJLVH�D�5(027(�6723�F\FOH��VHH�EHORZ��

5(027(�6723��DODUP�PRQLWRUV�WKH�-)����LQSXW��,I�JURXQGHG���D�6723�F\FOH�ZLOO�EH�LQLWLDWHG�7KLV�DODUP�DOVR�UHIHUV�WR�WKH�6723�SXVK�EXWWRQ�DFWLRQ��LQ�µ$872¶�PRGH�5(027(�&20387(5�KDV�\HOORZ�/('�LQGLFDWLQJ�WKH�FRPPXQLFDWLRQ�WR�H[WHUQDO�FRPSXWHU�E\�PHDQV�RI�56���&�VHULDO�LQWHUIDFH�6/$9(��UHG�/('��DQG�0$67(5��JUHHQ�/('��DUH�QRW�XVHG�

$/$50���5(6(7��$&.���SXVK�EXWWRQ�KDV�VRPH�IXQFWLRQV��DFNQRZOHGJHV�WKH��DODUPV�DQG��XVHG�WRJHWKHU�ZLWK�WKH�6723�SXVK�EXWWRQ��HQDEOHV��WKH�352*5$00,1*�PRGH��VHH�352*5$00,1*�RQ�SDJH����

Page 5: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �

µ*(1(5$725�92/7$*(¶�LV�D�JUHHQ�/('�LQLFDWLQJ�WKH�SUHVHQFH�RI�*(1(5$725�YROWDJH�7KLV�/HG�ZLOO�OLJKW�LI�WKH�YROWDJH�RI�WKH�JHQHUDWRU�LV�JUHDWHU�WKDQ�WKH�WKUHVKROG�RQ�FK��µ(¶�µ*(1(5$725�&217$&725¶��7KH�JUHHQ�/('�µ21¶�ZLOO�OLJKW�LI�WKH�JHQHUDWRU�FRQWDFWRU�RXWSXW�UHOD\�LV�HQHUJLVHG��-(������WHUPLQDOV��µ0$,16�&217$&725¶��7KH�JUHHQ�/('�µ21¶�ZLOO�OLJKW�LI�WKH�PDLQV�FRQWDFWRU�RXWSXW�UHOD\�LV�127�HQHUJLVHG��-'��������7R�GULYH�DQ�H[WHUQDO�FRQWDFWRU�WKH�XVHU�PXVW�ZLUH�WKH�QRUPDOO\�FORVHG�FRQWDFWV�-'������,Q�WKLV�ZD\��D�IDLOXUH�WR�WKH�%(���V\VWHP�ZLOO�NHHS�WKH�PDLQV�FRQWDFWRU�FORVHG�µ0$,16¶�LV�D�JUHHQ�/('�LQGLFDWLQJ�WKH�SUHVHQFH�RI�PDLQV�YROWDJH��7KLV�OHG�ZLOO�OLJKW�LI�WKH�YROWDJH�DQG�IUHTXHQF\�SDUDPHWHUV�PHHW�WKH�SURJUDPPHG�WKUHVKROGV��VHH�SDJH���������*(1(5$/�&+$5$&7(5,67,&66833/<������������9�G�F���WR���9�G�F������WR�����P$���WUDQVLHQW�YROWDJH�SURWHFWLRQ�DQGUHYHUVH�SRODULW\�SURWHFWLRQ�DUH�LQFOXGHG�&855(17�75$16)250(5��������������$DF��FRQWLQXRXVO\�����$DF�IRU���´�WZR�ZLUH�FRQQHFWLRQ��RQH�VLGH�JURXQGHGUDWLR�XS�����$DF��%(���1(7���9$&�,13876�5$7,1*6��������FRQWLQXRXVO\����9DF�PD[��OLQH�WR�OLQH��JHQHUDWRU�DQG�PDLQV��9$&�0$;,080���0,187(6��������������������������9�DF�OLQH�WR�OLQH��9$&�0$;,080�29(5�92/7$*(�����������������9�������PLFURVHFRQGV��67$7,&�2873876�������������9���9�����P$��VKRUW�FLUFXLW�SURWHFWHG��(1*,1(�5(/$<�&21752/6�������������$����9GF WR���9�GF��H[WHUQDO�IXVH�LV�UHFRPPHQGHG��&217$&725�5(/$<�&21752/6����$����9�UHVLVWLYH��$����9DF�LQGXFWLYHH[WHUQDO�SURWHFWLRQ�IXVHV�DUH�UHFRPPHQGHG�',*,7$/�,13876������������FRQWDFW�JURXQGHG�SRODULW\����P$��FORVHG�FLUFXLW�FXUUHQW�������������������9�EDWWHU\�YROWDJH���RSHQ�FLUFXLW��RYHUYROWDJH�SURWHFWLRQ����9���0V�+DUGZDUH�DQG�6RIWZDUH��ILOWHULQJ�IRU�VDIH�RSHUDWLRQ�$1$/2*�,1387��6(1'(56�����UHVLVWDQFH�UDQJH����2+0�WR������2+0��RYHUYROWDJH�SURWHFWLRQ�VKLHOGLQJ�LV�UHFRPPHQGHG�RYHU��0�OHQJWK'<1$02�&+$5*(�$/7(51$725��:�/�����������������:���9GF�RU���9GF�:�/��'��6(16,7,9,7<���������������9DF�GF�WR���9DF�GF���UHDU�FRYHU�WULPPHU�FDOLEUDWLRQ�',0(16,21�DQG�:(,*+7������������VHH�SDJH����23(5$7,1*�7(03(5$785(������������±���&�WR����&��5�+�������',63/$<�$&&85$&<��������������� ������� ��/6'�OHDVW�VLJQLILFDQW�GLJLW��0($685(0(176�5(62/87,21����������ELW������SRLQW�RI�PHDVXUH�35(&,6,21������������XVHU��DGMXVWDEOH�E\�FDOLEUDWLRQ�SURJUDP�GRZQ�WR����237,21�±1(7�7,0,1*�35(&,6,21���������������������� �����RYHU�DOO�RSHUDWLQJ�FRQGLWLRQV)5(48(1&<�0($685(0(17�7+5(6+2/'�����������9DF��OLQH�WR�OLQH���UHVROXWLRQ����+]%(����86(5�0$18$/��9(56,21�$��&�6(5,$/�,17(5)$&(��237,21�3/86�����������VWDQGDUG�56���&'$7$�5(7(17,21������������������HHSURP�����\HDU�JXDUDQWHHG�RQ�±���&�WR�����&&21752/�6<67(0����������������������ELW��0+]�PLFURSURFHVVRU�ZLWK�IXOO�KDUGZDUH�ZDWFK�GRJ

Page 6: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �'(6,*1�������������PHHW��(1��������������������������������������������(;7(51$/�29(5�92/7$*(�3527(&7,21��'(9,&(6���21�0$,16�,13876���$5(�5(&200(1'('���.9�DF��72�$92,'�)$,/85(�'85,1*�+,*+�(1(5*<�/,*+7(1,1*�����352*5$00,1*�,16758&7,2167KH�WDEOH�RQ�SDJH���OLVWV�WKH�DGMXVWDEOH��SDUDPHWHUV��2I�WKH�WKUHH�GLJLWV�GLVSOD\HG�WKH�OHIW�LV�WKH�DGGUHVV�SDUDPHWHU�DQG�WKH�ULJKW�GLJLWV�DUH�WKH�VLJQLILFDQW�YDOXH�7KH�352*5$0�02'(�LV�HQDEOHG�E\�SUHVVLQJ�IRU���VHFRQGV�DW�OHDVW�WKH�µ6723¶�DQG�µ$&.¶�SXVK�EXWWRQV�VLPXOWDQHRXVO\��ZLWK�WKH�NH\�VZLWFK�LQ�WKH�5(6(7�SRVLWLRQ���,Q�WKH�SURJUDP�PRGH�WKH�OHG�'$7$�ZLOO�OLJKW��%\�SUHVVLQJ�83�RU�'2:1�LW�LV�SRVVLEOH�WR�VHOHFW�WKH�DGGUHVV�RI�DXWRPDWLRQ�SDUDPHWHUV��%\�SUHVVLQJ�WKH�83���RU�'2:1��DQG�6723�SXVK�EXWWRQV�WRJHWKHU�LW�LV�SRVVLEOH�WR�LQFUHDVH��RU�GHFUHDVH��WKH�VHOHFWHG�SDUDPHWHU�7KH�%(���XQLW�LV�IDFWRU\�SUH�SURJUDPPHG�ZLWK�'()$8/7�SDUDPHWHUV�7KH�GHIDXOWV�DUH�DOZD\V�DYDLODEOH�E\�SUHVVLQJ�VLPXOWDQHRXVO\�WKH�FXUVRUV�83�DQG�'2:1�IRU�WZR�VHFRQGV�DW�OHDVW��RQO\�LQ�352*5$0�02'(���7KH�GDWD�DUH�SXVKHG�LQ�D QRQ�YRODWLOH�PHPRU\�DW�WKH�ILUVW�WUDQVLWLRQ�RI�WKH�.(<�LQ�µ0$1¶�RU�µ$872¶��,W��LV�UHFRPPHQGHG�WR�FKHFN�WKH�GDWD��FKDQJLQJ�E\�WKH�IROORZLQJ����D��� SXW�WKH�VHW�LQ�µ0$1¶��E��� GLVFRQQHFW�9�EDWWHU\�IRU����VHFRQGV��F��� VXSSO\�WKH�%(����G��± VHOHFW�µ352*5$0�02'(¶�DQG�FKHFN�WKH�PRGLILHG�GDWD��,I�DQ�HUURU�RFFXUV��WU\�D�QHZ�SURJUDPPLQJ�F\FOH�����0$,16�6,08/$7(':KHQ�WKH�-&����LQSXW�LV�JURXQGHG�%(���VLPXODWHV�WKH�SUHVHQFH�RI�WKH�PDLQV�7KH�LQWHUQDO�PLFURFRPSXWHU�ZLOO�GLVSOD\�DQ��RQ�PHVVDJH�WR�LQGLFDWH��WKH 0$,16�35(6(1&(�7KLV�FRQQHFWLRQ�LV�XVHG�LQ�DSSOLFDWLRQV�ZKHUH�0$,16�LV�QRW�DYDLODEOH�DQG�WKH�XVHU�QHHGV�D�UHPRWH�VWDUWLQJ��E\�PHDQV�RI�DQ�H[WHUQDO�VZLWFK��D�OHYHO�VZLWFK��D�WLPHU�RU�RWKHUV�����0$,16�+,*+�92/7$*(,Q�DGGLWLRQ�WR�WKH�0$,16�IDLOXUH�GXH�WR 8QGHU�9ROWDJH��SDUDPHWHU�'��RU�)UHTXHQF\��SDUDPHWHUV�K�¶+¶��WKHUH�LV�D�0$,16�IDLOXUH�IRU�+,*+�YROWDJH��7KH�WKUHVKROG�LV�IL[HG�WR�����9DF��7KH�GLVSOD\�ZLOO�VKRZ�D�PHVVDJH�(����7KH�IDLOXUH�ZLOO�GLVDSSHDU�DV�WKH�YROWDJH�ZLOO�FRPH�LQ�WKH�ZLQGRZ�EHWZHHQ�'�DQG����9�����81'(5�)5(48(1&<�3527(&7,217KH�XQGHU�VSHHG�SURWHFWLRQ�LV�SURJUDPPDEOH�DW�DGGUHVV�K��7KH�VRXUFH�RI�WKH�VLJQDO�LV�WKH�IUHTXHQF\�PHDVXUHPHQW�RI�WKH�$/7(51$725�YROWDJH��,I�WKH�IUHTXHQF\�GRHV�QRW�UHDFK�WKH�SURJUDPPHG�WKUHVKROG�WKH�%(���ZLOO�QRW�HQDEOH�WKH�FRQWDFWRU�RI�WKH�JHQHUDWRU��,I�%(���GHWHFWV�D�IUHTXHQF\�IDLOXUH��ZLWK�WKH�FRQWDFWRU�DOUHDG\�HQDEOHG�DQG�WKH�ORDG�WUDQVIHUUHG�WR�WKH�*(1�6(7��DQ�DODUP�VLWXDWLRQ�LV�JHQHUDWHG��WKH�DOWHUQDWRU�FRQWDFWRU�LV�RSHQHG�DQG�WKH�HQJLQH�LV�VWRSSHG�DIWHU�D�FRROLQJ�GRZQ�WLPLQJ��7KH�GLVSOD\�ZLOO�VKRZ(2��WKDW�PHDQV�81'(5�)5(48(1&<������0$,16�$1'�*(1(5$725�&217$&725�$8720$7,21�7KH�FRLO�RI�0$,16�FRQWDFWRU�LV�HQDEOHG�LI�DOO�WKUHH�9ROWDJH�SKDVHV�DUH�EHWZHHQ��'�DQG����9DF��7KH�IUHTXHQF\�PXVW�EH�ZLWKLQ K�DQG�+�YDOXHV��7KLV�VWDELOLW\�PXVW�SHUVLVW�IRU�WLPH���WLPHU��PDLQV�UHVWRUH���7KH�0$,16�FRQWDFWRU�LV�RSHQHG�LI�D�IDLOXUH��9�RU�+]��LV�GHWHFWHG�IRU���VHFRQGV�DW�OHDVW��7KH�*(1�6(7�ZLOO�VWDUW�DIWHU�0$,16�)$,/85(�7,0(��FKDQQHO����DQG�ZLOO�VWRS�DIWHU�WLPH���DQG���WLPHUV��7KH�*(1(5$725�FRQWDFWRU�LV�HQDEOHG�LQ�WKH�VDPH�ZD\�EXW�RQO\�LQ�$872��,W�ZLOO�DOVR�EH�RSHQHG�LI�DQ\�LQWHUQDO�RU�H[WHUQDO�DODUP�LV�GHWHFWHG��7KH�FRQWDFWRU�DUH�HQDEOHG�RQO\�LI�WKH�PDLQV�DQG�JHQHUDWRU�KDYH�WKH�VDPH�SKDVH�VHTXHQFH��FFZ��,I�WKH�SKDVH�URWDWLRQ�LV�GLIIHUHQW�D�PHVVDJH��U� ZLOO�DSSHDU�RQ�WKH�GLVSOD\��$�VDIH�WLPH�GHOD\�RI���VHFRQGV�LV�LQVHUWHG�EHWZHHQ�*(1(5$725�DQG�0$,16�FRQWDFWRU�DFWLRQV�

������3$5$0(7(56�/,67

Page 7: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �$''5(66 '(6&5,37,21 5$1*( )$&725<�'()$8/7� 0DLQV�IDXOW�GHOD\ �������WR���� ��VHFRQGV� 0DLQV�UHVWRUH �������WR��� ��VHFRQGV� 2LO�SUHVVXUH�IDXOW�GHOD\ ������ ���VHFRQGV� (QHUJLVHG�WR�VWRS�VROHQRLG�WLPH� ������� ���VHFRQGV� +RUQ�HQDEOH� ������� ���VHFRQGV� &UDQNLQJ�XS�WLPH ������� ��VHFRQGV� $WWHPSWV�QXPEHU ���� ��DWWHPSWV� 7LPH�EHWZHHQ�$WWHPSWV�SXOVHV ������ ��VHFRQGV� &RROLQJ��GRZQ�WLPH ���������� ���VHFRQGV� 9�DOWHUQDWRU�WLPH ���������� ��VHFRQGV$ 3HULRGLF�VWDUW �����GD\V ���GD\V% 3HULRGLF�UXQ�WLPH ���� ���PLQXWHV& *HQ�VHW�2YHUORDG�75,3� ���$����$� ���$�LQKLELWHG�F *HQ�VHW�2YHUORDG�:$51,1*� ���$����$ ���$�LQKLELWHG�' 0DLQV�IDLOXUH ���9����9 ���9( *HQHUDWRU�IDLOXUH ���9����9 ���9) *ORZ�WLPH ������ ��VHFRQGV* ,GOH�6SHHG ������ ����QRPLQDO�VSHHG�+ 2YHU�)UHTXHQF\ ��������VHFRQGV�GHOD\� ��+]K 8QGHU�)UHTXHQF\ ��������VHFRQGV�GHOD\� ��+], %HOW�EUHDN�FRGH &2'(��SDJH��� ��/ 92/7�$03��5DQJH &2'(��SDJH��� ��

127(��WKH�YDOXHV�RI�WKH�µ'()$8/7¶� DUH�VXEMHFWHG�WR�FKDQJHV�ZLWKRXW�QRWLFH��:H��UHFRPPHQG�WR�FKHFN�WKHVH�YDOXHV�EHIRUH�SXWWLQJ�WKH�%(���FRQWURO�V\VWHP�LQ�XVH�

������%(���±1(7�237,21

Page 8: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �7KLV�RSWLRQ�IHDWXUHV�LQWHUIDFH�WR�DQDORJXH�VHQGHUV��PXOWLOLQN�FRPPXQLFDWLRQ�WR�XS����%(���XQLWV�DQG�DQ�H[WHQGHG�&�7�V�UDWLR�XS�����$DF�������6(1'(5�,17(5)$&(�DQG�',63/$<7KH�V\VWHP�IHDWXUHV�9'2�VHQGHU�LQWHUIDFH�DV�IROORZV�2LO�SUHVVXUH�VHQVRU�-0�� 7HPSHUDWXUH�VHQVRU��-0�����µ�¶�FRGH���NJ�FP� ���2+0 ���& ������2+0�.J�FP� ���2+0 ���& �����2+0�.J�FP� ���2+0 ����& �����2+0�.J�FP� ����2+0 ����& �����2+0�.J�FP� ����2+0 ���� ������.J�FP� ����2+0 ���� �������� ���� ���� ����7KH�SUHVVXUH�KDV��RQ�GLVSOD\��D�UDQJH������.*�FP��WR������.*�FP���7R�GLVSOD\�WKH�YDOXH�SUHVV�WKH�µ83¶�FXUVRU�XQWLO�WKH�µ'$7$¶�/('�OLJKWV��D�PHVVDJH�µ+¶�ZLOO�DSSHDU��KRXUV�FRXQW���1H[W�DFWLRQ�RQ�µ83¶�ZLOO�GLVSOD\�D�PHVVDJH�µGF¶��EDWWHU\�YROWDJH���)XUWKHU�SUHVVXUH�RQ�µ83¶ ZLOO�VKRZ�D�PHVVDJH�µW¶��WHPSHUDWXUH�LQ�D�UDQJH�����&�WR�����&���)LQDOO\��D�ODVW�DFWLRQ�RQ�µ83¶�ZLOO�VKRZ�WKH�PHVVDJH�µ3¶��SUHVVXUH�PHDVXUH����%\�SUHVVLQJ�DJDLQ�WKH�µ83¶�SXVK�EXWWRQ�WKH�VHOHFWLRQ�µ)5(48(1&<¶�LV�PDGH�RQ�GLVSOD\��7KH�%(���RYHU�WKH�VHULDO�QXPEHU������KDYH��RQ�WKH�EDFN�FRYHU��WKH�KROHV�IRU�FORVH�FDOLEUDWLRQ�E\�PHDQV�WULPPHU��VHH�SDJH����DQG�������7KH�5HOHDVH�$��&�IHDWXUHV�WKH�VHOHFWLRQ�RI�GLIIHUHQW�WHPSHUDWXUH�VHQGHUV��7KH�SURJUDPPLQJ�LV�PDGH�RQ�SDUDPHWHU�µ/¶��7KH�µ�¶�FRGH�RQ�OHIW�VLGH��ZLOO�HQDEOH�WKH�DERYH�WHPSHUDWXUH�VHQGHU��GHIDXOW���$�µ�¶�FRGH�ZLOO�VHOHFW�WKH�IROORZLQJ�UHDOWLRQVKLS����� ����RKP����� ��RKP����� ��RKP����� ����RKP�7KH�FRGH�µ�¶�ZLOO�HQDEOH�WKH�IROORZLQJ�UHODWLRQVKLS����� ���RKP����� ��RKP����� ��RKP����� ����RKP��������$/$50���3$5$0(7(5�352*5$00,1*2SWLRQ�±1(7�IHDWXUHV�DGGLWLRQDO�SURJUDPPLQJ�SDUDPHWHUV��7R�DFFHVV�WKHVH�ORFDWLRQV�HQWHU�WKH�SURJUDPPLQJ�PRGH��SDJH�����7KH�DGGHG�SDUDPHWHUV�DUH���µQ¶��FXUUHQW�WUDQVIRUPHU�UDWLR���µ3¶��SUHVVXUH�WKUHVKROG���µ7¶��WHPSHUDWXUH�WKUHVKROG���DQG�µ6/¶��VODYH�QXPEHU��������&855(17�75$16)250(5�5$7,2µQ¶����H[WHQGV�WKH�UDWLR�WR�RI�&7V��3HUPLWWHG�YDOXH�DUH�����WR�����PHDQV�XS����$DF��DQG�����WR�����PHDQV������$DF�WR�����$DF���$�GHFLPDO�SRLQW�PHDQV�PXOWLSOLHG�E\�����(;$03/(6�����LV����$DF�����LV����$DF������LV�����$DF�����LV�����$DF�%H�FDUHIXO�LQ�SURJUDPPLQJ�µF¶�DQG�µ&¶��D�GHFLPDO�SRLQW�ZLOO�PHDQ�PXOWLSOLHG�E\�RQH�KXQGUHG�������35(6685(�$/$50µ3¶���KDV�D�UDQJH�����WR�����.J�FP���7KH�DODUP�ZDUQV�WKH�XVHU�E\�PHDQV�RI�WKH�2,/�35(6685(�/('�RQ�IURQW�SDQHO�DQG�E\�H[FLWLQJ�WKH�RXWSXW�DODUP�UHOD\�-&���DQG�RXWSXW�DODUP�-%���7KH�DODUP�GRHV�QRW�VWRS�WKH�HQJLQH��RQO\�ZDUQLQJ�DFWLRQ���7R�GLVDEOH�WKH�DODUP�SXW�����RQ�SDUDPHWHU�µ3¶�

������7(03(5$785(�$/$50

Page 9: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� �µW¶���KDV�D�UDQJH�XS�WR�����&��7R�SURJUDP�WKH�WHPSHUDWXUH�DODUP���D��HQWHU�LQ�WKH�SURJUDPPLQJ�PRGH��E��E\�PHDQV�RI�WKH�µ83¶�FXUVRUV�VHOHFW�WKH�PHVVDJH�µW¶��F��SUHVV�WRJHWKHU�µ6723¶�DQG�µ83¶�RU�µ'2:1¶�SXVK�EXWWRQV�LQ�RUGHU�WR�SURJUDP�WKH�WKUHVKROG��7KH�DODUP�GULYHV�WKH�µ$/$50��¶�OHG��RQ�IURQW IDFLD��DQG�-&���-%���$/$50�RXWSXWV��1RW�DQ\�VWRS�DFWLRQ�RQ�WKH�HQJLQH�LV�PDGH��RQO\�ZDUQLQJ�DFWLRQ���7R�GLVDEOH�WKH�SURWHFWLRQ�SXW�D�IXOO�VFDOH�YDOXH�����RQ�SDUDPHWHU�¶W¶�������6/$9(�352*5$00,1*,Q�D�PXOWLGURS�DSSOLFDWLRQ�ZKHUH�D�FHUWDLQ�QXPEHU�RI�%(���DUH�FRQQHFWHG�LQ�D�VDPH�OLQN�WKH�XVHU�PXVW�SXW�D�6/$9(�QXPEHU�RQ�HDFK�%(����,Q�WKLV�ZD\�WKH�H[WHUQDO�FRPSXWHU�LV�DEOH�WR�DFFHVV�WR�WKH��%(���GDWD��ZLWKRXW��FRPPXQLFDWLRQ�HUURUV��%H���1(7�LQFOXGHV�D�FRPPXQLFDWLRQ�SURJUDP�UXQQLQJ�RQ�3�&��7KLV�VRIWZDUH�RSHUDWHV�LQ�D�SRLQW�WR�SRLQW�FRPPXQLFDWLRQ�V\VWHP��7KH�XVHU�PXVW�SURJUDP�WKH�VDPH�VODYH�QXPEHU�RQ�WKH�%(���VLGH�DQG�RQ�3�&��VLGH��)RU�PXOWLGURS�VRIWZDUH�FRQWDFW�WKH�)DFWRU\���7R�SURJUDP�WKH�VODYH���D��HQWHU�SURJUDPPLQJ�PRGH��E��E\�PHDQV�RI�WKH�µ83¶�¶'2:1¶�FXUVRUV�VHOHFW�µ6/¶��F��± SXW�D�QXPEHU�LQ�WKH�ILHOG�������G��387�7+(�6$0(180%(5�21�7+(��&20387(5�6,'(� �VHH�LQVWUXFWLRQ�LQFOXGHG�LQ�WKH�'(02�7;7�ILOH��������$'',7,21$/�$/$50�28738767KH�RSWLRQ�±1(7�KDV�DGGLWLRQDO�RXWSXW�DODUP�LQIRUPDWLRQ�-&���29(5�)5(48(1&<-&���29(5�81'(5�92/7$*(%H�FDUHIXO�LQ�XVLQJ�WKHVH�ORZ�SRZHU�VWDWLF�RXWSXWV��PD[���P$�DW�9�EDWWHU\�YROWDJH���WKHVH�RXWSXWV�DUH�LQWHQGHG�WR�GULYH�ORZ�SRZHU�ORDG��3/&�LQSXW��������1(:�)($785(6�2)�7+(�5(/$6(�µ$��&¶$��$ODUP���-)���LV�WKH�UHPRWH�WHVW�LQSXW��7KH�%(���ZLOO�WUDQVIHU�WKH�ORDG�WR�WKH�JHQHUDWRU��-0���LV�D�UHPRWH�WHVW�ZLWKRXW�ORDG�WUDQVIHU��%��-%����LV�WKH�DODUP�UHSHWLWLRQ�RI�%DWWHU\�IDLOXUH&��-%����LV�WKH�DODUP�UHSHWLWLRQ�IRU�µORZ�OHYHO�IXHO¶�DQG�µIXHO�HQG¶'��&KDQQHO�/��DGGLWLRQDO�VHQGHU�PRGHOV��VHH��������������0($685(0(176�&$/,%5$7,21�7KLV�VHFWLRQ�DUH�UHVHUYHG�WR�D�SURGXFW�ZLWK�VHULDO�QXPEHU�RYHU������7R�DGMXVW�WKH�HOHFWULFDO�PHDVXUHPHQWV�LW�LV�DYDLODEOH��WR�WKH�XVHU��WKH�GLJLWDO�FRUUHFWLRQ�,16758&7,21�$��'LVFRQQHFW�WKH�9GF�VXSSO\�DQG�SXW�WKH�NH\�VZLWFK��LQ�5(6(7�%��$SSO\�WKH�9GF�VXSSO\�DQG��DW�WKH�VDPH�WLPH��SUHVV�WKH�µ6723¶�SXVK�EXWWRQ�IRU���VHFRQGV�DW�OHDVW�&��&RQQHFW�WKH�HOHFWULFDO�SDUDPHWHU�WR�EH�FDOLEUDWH��0DLQV�9ROWDJH���*HQHUDWRU�9ROWDJH�&XUUHQW�'��%\�PHDQV�RI�µ83¶�RU�µ'2:1¶�SXVK EXWWRQV�VHOHFW�RQH�RI�WKH�IROORZLQJ�SDUDPHWHUV��D��FRGH�QXPEHU�µ�¶�WR�µ�µZLOO�DSSHDU�RQ�WKH�GLVSOD\������0$,16�92/7$*(���FRPPRQ�IRU�DOO���SKDVH�������*(1(5$725�92/7$*(���FRPPRQ�IRU�DOO���SKDVH�������*(1(5$725�&855(17�/�������*(1(5$725�&855(17�/������ *(1(5$725�&855(17�/�������%$77(5<�92/7$*(�%\�SXVKLQJ�WKH�µ6723¶�SXVK�EXWWRQ�WKH�DFWXDO�PHDVXUH�ZLOO�DSSHDU��7R�DGMXVW�WKH�UHDGLQJ��SXVK�WRJHWKHU�µ6723¶�DQG�µ83¶���RU�µ'2:1¶��XQWLO�WKH�GHVLUHG�UHDGLQJ�LV�UHDFKHG�7R�VDYH�LQ�WKH�PHPRU\�WKLV�QHZ�UDWLR�RI�UHDGLQJ�SXVK�WRJHWKHU�µ6723¶�DQG�µ$&.¶��WKH�GLVSOD\�ZLOO�µIODVK¶��RQFH�WR�FRQILUP�WKH�µPHPRU\�ZULWH�F\FOH¶�RSHUDWLRQ�72�&203/(7(�7+(�&$/,%5$7,21��813/8*�7+(�6833/<�$1'�387�7+(�6<67(0�,1�µ0$18$/¶��25��µ$872¶�23(5$7,1*�02'(��$1'�&+(&.�7+(�$&&85$&<�2)7+(�1(:�0($685(0(176��

Page 10: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� ��

Page 11: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� ��

Page 12: BE32_net

%(���1(7�86(5�0$18$/�9HUVLRQ�$��&����������������������� ��**UUDDSSKKLLFFVV33DDJJHH ���� 33DDJJHH ����33DDJJHH ���� 33DDJJHH ����33DDJJHH ���� 33DDJJHH ����