manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Arcam
  6. •
  7. Stereo Receiver
  8. •
  9. Arcam DiVA AVR300 User manual

Arcam DiVA AVR300 User manual

Other manuals for DiVA AVR300

2

Other Arcam Stereo Receiver manuals

Arcam DiVA AVR100 User manual

Arcam

Arcam DiVA AVR100 User manual

Arcam AVR550 Quick start guide

Arcam

Arcam AVR550 Quick start guide

Arcam AVR280 User manual

Arcam

Arcam AVR280 User manual

Arcam DiVA AVR250 User manual

Arcam

Arcam DiVA AVR250 User manual

Popular Stereo Receiver manuals by other brands

Teac AG-680 Service manual

Teac

Teac AG-680 Service manual

Kenwood KR-V888D instruction manual

Kenwood

Kenwood KR-V888D instruction manual

Teac AGV1050 owner's manual

Teac

Teac AGV1050 owner's manual

Sony STR-435 operating instructions

Sony

Sony STR-435 operating instructions

Pioneer Elite SC-68 Service manual

Pioneer

Pioneer Elite SC-68 Service manual

Pioneer SX-1250 operating instructions

Pioneer

Pioneer SX-1250 operating instructions

Marantz CINEMA 70S owner's manual

Marantz

Marantz CINEMA 70S owner's manual

Kenwood KMDX92 instruction manual

Kenwood

Kenwood KMDX92 instruction manual

Yamaha RX-830 owner's manual

Yamaha

Yamaha RX-830 owner's manual

Pioneer AVH-Z7250BT owner's manual

Pioneer

Pioneer AVH-Z7250BT owner's manual

Denon AVR-1311 owner's manual

Denon

Denon AVR-1311 owner's manual

Denon AVR-S760H owner's manual

Denon

Denon AVR-S760H owner's manual

Denon AVR-X7200W Service manual

Denon

Denon AVR-X7200W Service manual

Sony XAV-1500 operating instructions

Sony

Sony XAV-1500 operating instructions

Radio Shack DX-399 owner's manual

Radio Shack

Radio Shack DX-399 owner's manual

Sony STR-DE535 - Fm Stereo/fm-am Receiver operating instructions

Sony

Sony STR-DE535 - Fm Stereo/fm-am Receiver operating instructions

Pioneer SX-1000TA operating instructions

Pioneer

Pioneer SX-1000TA operating instructions

Yamaha MusicCast TSR-5B3D owner's manual

Yamaha

Yamaha MusicCast TSR-5B3D owner's manual

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.

$95+$1'%22.0$18(/+$1'%8&++$1'/(,',1*$UFDP$95VXUURXQGVRXQGUHFHLYHU$PSOLWXQHUDXGLRYLGpR$UFDP$95$UFDP$956XUURXQG6RXQG(PSIlQJHU$UFDP$95VXUURXQGVRXQGRQWYDQJHU(QJOLVK)UDQoDLV'HXWVFK1HGHUODQG
V
$95(
2)315%$%#(/#%,%#42)15%.%0!3/562)2!44%.4)/.#!54)/.2)3+/&%,%#42)#3(/#+$/./4/0%.
&$87,217RUHGXFHWKHULVNRIHOHFWULFVKRFNGRQRWUHPRYHFRYHURUEDFN1RXVHUVHUYLFHDEOHSDUWVLQVLGH5HIHUVHUYLFLQJWRTXDOL¿HGVHUYLFHSHUVRQQHO:$51,1*7RUHGXFHWKHULVNRI¿UHRUHOHFWULFVKRFNGRQRWH[SRVHWKLVDSSDUDWXVWRUDLQRUPRLVWXUH7KHOLJKWQLQJÀDVKZLWKDQDUURZKHDGV\PEROZLWKLQDQHTXLODWHUDOWULDQJOHLVLQWHQGHGWRDOHUWWKHXVHUWRWKHSUHVHQFHRIXQLQVXODWHGµGDQJHURXVYROWDJH¶ZLWKLQWKHSURGXFW¶VHQFORVXUHWKDWPD\EHRIVXI¿FLHQWPDJQLWXGHWRFRQVWLWXWHDULVNRIHOHFWULFVKRFNWRSHUVRQV7KHH[FODPDWLRQSRLQWZLWKLQDQHTXLODWHUDOWULDQJOHLVLQWHQGHGWRDOHUWWKHXVHUWRWKHSUHVHQFHRILPSRUWDQWRSHUDWLQJDQGPDLQWHQDQFHVHUYLFLQJLQVWUXFWLRQVLQWKHOLWHUDWXUHDFFRPSDQ\LQJWKHSURGXFW&$87,21,Q&DQDGDDQGWKH86$WRSUHYHQWHOHFWULFVKRFNPDWFKWKHZLGHEODGHRIWKHSOXJWRWKHZLGHVORWLQWKHVRFNHWDQGLQVHUWWKHSOXJIXOO\LQWRWKHVRFNHW6DIHW\JXLGHOLQHV,PSRUWDQWVDIHW\LQVWUXFWLRQV7KLVSURGXFWLVGHVLJQHGDQGPDQXIDFWXUHGWRPHHWVWULFWTXDOLW\DQGVDIHW\VWDQGDUGV+RZHYHU\RXVKRXOGEHDZDUHRIWKHIROORZLQJLQVWDOODWLRQDQGRSHUDWLRQSUHFDXWLRQV7DNHKHHGRIZDUQLQJVDQGLQVWUXFWLRQV<RXVKRXOGUHDGDOOWKHVDIHW\DQGRSHUDWLQJLQVWUXFWLRQVEHIRUHRSHUDWLQJWKLVDSSOLDQFH5HWDLQWKLVKDQGERRNIRUIXWXUHUHIHUHQFHDQGDGKHUHWRDOOZDUQLQJVLQWKHKDQGERRNRURQWKHDSSOLDQFH:DWHUDQGPRLVWXUH7KHSUHVHQFHRIHOHFWULFLW\QHDUZDWHUFDQEHGDQJHURXV'RQRWXVHWKHDSSOLDQFHQHDUZDWHU±IRUH[DPSOHQH[WWRDEDWKWXEZDVKERZONLWFKHQVLQNLQDZHWEDVHPHQWRUQHDUDVZLPPLQJSRROHWF2EMHFWRUOLTXLGHQWU\7DNHFDUHWKDWREMHFWVGRQRWIDOODQGOLTXLGVDUHQRWVSLOOHGLQWRWKHHQFORVXUHWKURXJKDQ\RSHQLQJV/LTXLG¿OOHGREMHFWVVXFKDVYDVHVVKRXOGQRWEHSODFHGRQWKHHTXLSPHQW9HQWLODWLRQ'RQRWSODFHWKHHTXLSPHQWRQDEHGVRIDUXJRUVLPLODUVRIWVXUIDFHRULQDQHQFORVHGERRNFDVHRUFDELQHWVLQFHYHQWLODWLRQPD\EHLPSHGHG:HUHFRPPHQGDPLQLPXPGLVWDQFHRIPPLQFKHVDURXQGWKHVLGHVDQGWRSRIWKHDSSOLDQFHWRSURYLGHDGHTXDWHYHQWLODWLRQ+HDW/RFDWHWKHDSSOLDQFHDZD\IURPQDNHGÀDPHVRUKHDWSURGXFLQJHTXLSPHQWVXFKDVUDGLDWRUVVWRYHVRURWKHUDSSOLDQFHVLQFOXGLQJRWKHUDPSOL¿HUVWKDWSURGXFHKHDW&OLPDWH7KHDSSOLDQFHKDVEHHQGHVLJQHGIRUXVHLQPRGHUDWHFOLPDWHV5DFNVDQGVWDQGV2QO\XVHDUDFNRUVWDQGWKDWLVUHFRPPHQGHGIRUXVHZLWKDXGLRHTXLSPHQW,IWKHHTXLSPHQWLVRQDSRUWDEOHUDFNLWVKRXOGEHPRYHGZLWKJUHDWFDUHWRDYRLGRYHUWXUQLQJWKHFRPELQDWLRQ&OHDQLQJ8QSOXJWKHXQLWIURPWKHPDLQVVXSSO\EHIRUHFOHDQLQJ7KHFDVHVKRXOGQRUPDOO\RQO\UHTXLUHDZLSHZLWKDVRIWGDPSOLQWIUHHFORWK'RQRWXVHSDLQWWKLQQHUVRURWKHUFKHPLFDOVROYHQWVIRUFOHDQLQJ:HGRQRWDGYLVHWKHXVHRIIXUQLWXUHFOHDQLQJVSUD\VRUSROLVKHVDVWKH\FDQFDXVHLQGHOLEOHZKLWHPDUNVLIWKHXQLWLVVXEVHTXHQWO\ZLSHGZLWKDGDPSFORWK3RZHUVRXUFHV2QO\FRQQHFWWKHDSSOLDQFHWRDSRZHUVXSSO\RIWKHW\SHGHVFULEHGLQWKHRSHUDWLQJLQVWUXFWLRQVRUDVPDUNHGRQWKHDSSOLDQFH3RZHUFRUGSURWHFWLRQ3RZHUVXSSO\FRUGVVKRXOGEHURXWHGVRWKDWWKH\DUHQRWOLNHO\WREHZDONHGRQRUSLQFKHGE\LWHPVSODFHGXSRQRUDJDLQVWWKHPSD\LQJSDUWLFXODUDWWHQWLRQWRFRUGVDQGSOXJVDQGWKHSRLQWZKHUHWKH\H[LWIURPWKHDSSOLDQFH*URXQGLQJ(QVXUHWKDWWKHJURXQGLQJPHDQVRIWKHDSSOLDQFHLVQRWGHIHDWHG3RZHUOLQHV/RFDWHDQ\RXWGRRUDQWHQQDDHULDODZD\IURPSRZHUOLQHV1RQXVHSHULRGV,IWKHXQLWKDVDVWDQGE\IXQFWLRQDVPDOODPRXQWRIFXUUHQWZLOOFRQWLQXHWRÀRZLQWRWKHHTXLSPHQWLQWKLVPRGH8QSOXJWKHSRZHUFRUGRIWKHDSSOLDQFHIURPWKHRXWOHWLIOHIWXQXVHGIRUDORQJSHULRGRIWLPH$EQRUPDOVPHOO,IDQDEQRUPDOVPHOORUVPRNHLVGHWHFWHGIURPWKHDSSOLDQFHWXUQWKHSRZHURIILPPHGLDWHO\DQGXQSOXJWKHXQLWIURPWKHZDOORXWOHW&RQWDFW\RXUGHDOHULPPHGLDWHO\6HUYLFLQJ<RXVKRXOGQRWDWWHPSWWRVHUYLFHWKHDSSOLDQFHEH\RQGWKDWGHVFULEHGLQWKLVKDQGERRN$OORWKHUVHUYLFLQJVKRXOGEHUHIHUUHGWRTXDOL¿HGVHUYLFHSHUVRQQHO'DPDJHUHTXLULQJVHUYLFH7KHDSSOLDQFHVKRXOGEHVHUYLFHGE\TXDOL¿HGVHUYLFHSHUVRQQHOZKHQ$WKHSRZHUVXSSO\FRUGRUWKHSOXJKDVEHHQGDPDJHGRU%REMHFWVKDYHIDOOHQRUOLTXLGKDVVSLOOHGLQWRWKHDSSOLDQFHRU&WKHDSSOLDQFHKDVEHHQH[SRVHGWRUDLQRU'WKHDSSOLDQFHGRHVQRWDSSHDUWRRSHUDWHQRUPDOO\RUH[KLELWVDPDUNHGFKDQJHLQSHUIRUPDQFHRU(WKHDSSOLDQFHKDVEHHQGURSSHGRUWKHHQFORVXUHGDPDJHG6DIHW\FRPSOLDQFH7KLVSURGXFWKDVEHHQGHVLJQHGWRPHHWWKH,(&LQWHUQDWLRQDOHOHFWULFDOVDIHW\VWDQGDUG
$95(
(QJOLVK
&RQWHQWV6DIHW\JXLGHOLQHV(,PSRUWDQWVDIHW\LQVWUXFWLRQV(6DIHW\FRPSOLDQFH(%HIRUH\RXVWDUW(,QVWDOODWLRQ(3RVLWLRQLQJWKHXQLW(1RWHVRQLQVWDOOLQJWKH$95($XGLRFRQQHFWLRQV(9LGHRFRQQHFWLRQV(&RQQHFWLQJORXGVSHDNHUV(=RQHFRQQHFWLRQV(&RQQHFWLQJWKH$0DQG)0DQWHQQDV(&RQWUROFRQQHFWLRQV(&RQQHFWLQJWRDSRZHUVXSSO\(&RQ¿JXULQJWKH$95(6HWXSPRGH(7KHµ%DVLF¶6HWXS0HQXV(7KHµ$GYDQFHG¶6HWXS0HQXV(6DYLQJ6HWWLQJVDQG([LW6HWXS(5HPRWHFRQWURO(2SHUDWLQJ\RXU$95(6ZLWFKLQJRQRII(9ROXPHFRQWURO()URQWSDQHOGLVSOD\(,QSXWVHOHFWLRQ(6WHUHR'LUHFW(=RQH(+HDGSKRQHV((IIHFWV);(0RGH(7UHEOH%DVV(5HPRWHFRQWUROEXWWRQV(8VLQJWKHWXQHU(8VLQJWKH0DLQ0HQX(8VLQJ=RQH(6XUURXQGPRGHV(,QWURGXFWLRQ('LJLWDOPXOWLFKDQQHOVRXUFHV(7ZRFKDQQHOVRXUFHPRGHV(0XOWLFKDQQHOVRXUFHPRGHV('63(IIHFWV0RGHV(6SHDNHUSRVLWLRQLQJ(%LZLULQJDQGELDPSLQJORXGVSHDNHUV(%HIRUH\RXVWDUW±LPSRUWDQWLQIRUPDWLRQ(%LZLULQJ\RXUORXGVSHDNHUV(%LDPSLQJ\RXUV\VWHP(7URXEOHVKRRWLQJ(,55HPRWH&RGHV(6&$57FRQQHFWLRQV(7HFKQLFDOVSHFL¿FDWLRQV(*XDUDQWHH(:RUOGZLGH*XDUDQWHH(2QOLQHUHJLVWUDWLRQ($SSHQGL[6HULDOSURJUDPPLQJLQWHUIDFH(,QWURGXFWLRQ(&RPPDQG6SHFL¿FDWLRQV(7KHVPDOOSULQW0DQXIDFWXUHGXQGHUOLFHQFHIURP'ROE\/DERUDWRULHV,QFµ'ROE\¶µ3UR/RJLF¶µ6XUURXQG(;¶DQGWKHGRXEOH'V\PERODUHWUDGHPDUNVRI'ROE\/DERUDWRULHV&RQILGHQWLDOXQSXEOLVKHGZRUNV&RS\ULJKW±'ROE\/DERUDWRULHV,QF$OOULJKWVUHVHUYHG0DQXIDFWXUHGXQGHUOLFHQVHIURP'LJLWDO7KHDWHU6\VWHPV,QF863DW1R¶VDQGRWKHU86DQGZRUOGZLGHSDWHQWVLVVXHGDQGSHQGLQJ³'76´³'76(6´³1HR´DQG³'76´DUHWUDGHPDUNVRI'LJLWDO7KHDWHU6\VWHPV,QF&RS\ULJKW'LJLWDO7KHDWHU6\VWHPV,QF$OO5LJKWV5HVHUYHG
$95(%HIRUH\RXVWDUW,QWURGXFWLRQ7KH$95LVDKLJKTXDOLW\DQGKLJKSHUIRUPDQFHKRPHFLQHPDSURFHVVRUDQGPXOWLFKDQQHODXGLRDPSOL¿HUEXLOWWR$UFDP¶VWUDGLWLRQDOKLJKTXDOLW\GHVLJQDQGPDQXIDFWXULQJVWDQGDUGV,WFRPELQHVKLJKUHVROXWLRQGLJLWDOSURFHVVLQJZLWKKLJKSHUIRUPDQFHDXGLRDQGYLGHRFRPSRQHQWVWREULQJ\RXDQXQULYDOOHGKRPHHQWHUWDLQPHQWFHQWUH,QDGGLWLRQWRWKHEXLOWLQWXQHUWKH$95DOORZVVZLWFKLQJDQGYROXPHFRQWURORIVHYHQDQDORJXHDQGVL[GLJLWDOVRXUFHVPDNLQJLWDQLGHDOFRPSDQLRQIRUERWKKRPHFLQHPDDQGWZRFKDQQHOVWHUHRV\VWHPV6LQFHPDQ\RIWKHVHVRXUFHFRPSRQHQWVDUHDOVRFDSDEOHRIRXWSXWWLQJKLJKTXDOLW\YLGHRVLJQDOVWKH$95LQFOXGHVEURDGFDVWTXDOLW\YLGHRVZLWFKLQJIRUFRPSRVLWH6YLGHRFRPSRQHQWDQGPRVW5*%YLGHRVLJQDOV7KHUHDUHLQSXWVDQGRXWSXWVIRUERWKWDSHDQG9&5DVZHOODVDGLJLWDORXWSXW'9'$XGLRRU6$&'FDQEHFRQQHFWHGYLDWKHPXOWLFKDQQHOLQSXW&RQWURORIWKH$95LVHLWKHUE\IURQWSDQHOFRQWUROEXWWRQV,5UHPRWHFRQWURORUDQ56SRUWZKLFKDOVRFDQEHXVHGWRXSORDGIXWXUHVRIWZDUHHQKDQFHPHQWV$VZHOODVSURYLGLQJWKHDXGLRDQGYLGHREHLQJXVHGLQWKHPDLQOLVWHQLQJDUHDWKH$95DOORZVWKHVDPHRUDGLIIHUHQWVRXUFHWREHURXWHGWRDVHFRQGDUHDFDOOHGµ=RQH¶VXFKDVWKHNLWFKHQEHGURRPORXQJHHWF=RQHFDQKDYHIXOOUHPRWHFRQWURORYHUWKHVRXUFHVHOHFWLRQDQGYROXPHLQWKDWDUHD7KHFXVWRPLVHGLQVWDOODWLRQRIWKH$95LQDOLVWHQLQJURRPLVDQLPSRUWDQWSURFHVVZKLFKUHTXLUHVFDUHDWHYHU\VWDJH)RUWKLVUHDVRQWKHLQVWDOODWLRQLQIRUPDWLRQLVYHU\FRPSUHKHQVLYHDQGVKRXOGEHIROORZHGFDUHIXOO\8VLQJWKLVKDQGERRN7KDQN\RXIRUSXUFKDVLQJWKH$UFDP$956XUURXQG6RXQG5HFHLYHU7KLVKDQGERRNKDVEHHQGHVLJQHGWRJLYH\RXDOOWKHLQIRUPDWLRQ\RXQHHGWRLQVWDOOFRQQHFWVHWXSDQGXVHWKH$UFDP$956XUURXQG6RXQG5HFHLYHU7KHUHPRWHFRQWUROKDQGVHWVXSSOLHGZLWKWKHHTXLSPHQWLVDOVRGHVFULEHG,WPD\EHWKDWWKH$95KDVEHHQLQVWDOOHGDQGVHWXSDVSDUWRI\RXU+L)LLQVWDOODWLRQE\DTXDOL¿HG$UFDPGHDOHU,QWKLVFDVH\RXPD\ZLVKWRVNLSWKHVHFWLRQVRIWKLVKDQGERRNGHDOLQJZLWKLQVWDOODWLRQDQGVHWWLQJXSWKHXQLWDQGPRYHGLUHFWO\WRWKHVHFWLRQGHWDLOLQJWKHRSHUDWLRQRI\RXUXQLW6DIHW\6DIHW\JXLGHOLQHVDUHVHWRXWRQSDJHRIWKLVKDQGERRN0DQ\RIWKHVHLWHPVDUHFRPPRQVHQVHSUHFDXWLRQVEXWIRU\RXURZQVDIHW\DQGWRHQVXUHWKDW\RXGRQRWGDPDJHWKHXQLWZHUHFRPPHQGWKDW\RXUHDGWKHP7KLVLVDFODVVSURGXFWDQGUHTXLUHVDQHDUWKFRQQHFWLRQ:KDW¶VLQWKHER["3OHDVHFRQ¿UPWKDWWKHIROORZLQJLWHPVDUHLQWKHER[ZKHQ\RXUHFHLYHLW$UFDP$95VXUURXQGVRXQGUHFHLYHU²WKHPRGHOQXPEHULVVKRZQRQWKHULJKWRIWKHIURQWSDQHORIWKHSOD\HU$UFDP&5UHPRWHFRQWUROZLWKµ$$$¶EDWWHULHV²WKHUHPRWHFRQWUROPRGHOQXPEHULVVKRZQRQWKHIURQWDWWKHERWWRPRIWKHUHPRWHFRQWURO)0ULEERQDQG$0ORRSDQWHQQDH0DLQVSRZHUOHDGDSSURSULDWHIRUWKHPDLQVVXSSO\LQ\RXUDUHD3URGXFWUHJLVWUDWLRQFDUGDQGHQYHORSH,IDQ\RIWKHVHLWHPVDUHPLVVLQJRULQFRUUHFWSOHDVHFRQWDFW\RXU$UFDPGHDOHULPPHGLDWHO\
$95(
(QJOLVK
%HIRUHPDNLQJFRQQHFWLRQV%HIRUHFRQQHFWLQJ\RXUHTXLSPHQWLWLVLPSRUWDQWWRWKLQNDERXWWKHIROORZLQJSRLQWVDVWKHVHZLOODIIHFW\RXUFKRLFHRIFRQQHFWLRQVDQGVXEVHTXHQWXVHRIWKHV\VWHP$XGLR:KHUHYHUSRVVLEOHFRQQHFWERWKDQDORJXHDQGGLJLWDORXWSXWVRIGLJLWDOVRXUFHV7KLVHQDEOHVXVHRIDGLJLWDOLQSXWIRUWKHPDLQ]RQHZLWKWKHFRUUHVSRQGLQJDQDORJXHLQSXWXVHGIRUUHFRUGLQJRQWRDQDQDORJXHWDSHGHFNRU9&5RUIRUWKH=RQHRXWSXW9LGHR7KH$95DOORZVIRUFRQYHUVLRQEHWZHHQGLIIHUHQWYLGHRIRUPDWV7KLVPHDQVWKDWWKH$95FDQFRQYHUWEHWZHHQFRPSRVLWH6YLGHRDQGFRPSRQHQWLIUHTXLUHG)RUH[DPSOHLI\RXDUHZDWFKLQJDFRPSRVLWHLQSXWIURPD9&5\RXPD\YLHZLWIURPWKH6YLGHRRU&RPSRQHQW5*%YLGHRRXWSXWVRIWKH$957KLVDOORZV\RXWRXVHDVLQJOHW\SLFDOO\KLJKTXDOLW\&RPSRQHQW5*%FRQQHFWLRQEHWZHHQWKH$95DQG\RXUGLVSOD\GHYLFH+RZHYHUQHLWKHUWKHUHFRUGORRSVQRU=RQHZRUNIURPWKHYLGHRFRQYHUWHU7KLVPHDQVWKDWWRUHFRUGD6YLGHRRUFRPSRVLWHVLJQDOD6YLGHRRUFRPSRVLWHVLJQDOUHVSHFWLYHO\PXVWEHVXSSOLHGWRYLHZYLGHRLQ=RQHDFRPSRVLWHVLJQDOLVUHTXLUHG7KHYLGHRTXDOLW\KLHUDUFK\LVDVIROORZV&RPSRQHQW5*%±KLJKHVW6YLGHR±PLGGOH&RPSRVLWH±ORZHVW,IDOOWKHYLGHRLQSXWVDUHFRQQHFWHGVLPXOWDQHRXVO\IURPRQHGHYLFHHJD'9'SOD\HUWKH$95ZLOOVHOHFWDXWRPDWLFDOO\WKHEHVWIRUPDWDYDLODEOH=RQH$OLQHOHYHOVLJQDOIURPWKHVWHUHRDQDORJXHDXGLRWRJHWKHUZLWKWKHFRPSRVLWHYLGHRLQSXWVDUHDYDLODEOHIRU=RQH7KHDQDORJXHLQSXWVIURPVRXUFHFRPSRQHQWVDUHUHTXLUHGEHFDXVHWKH$95SURYLGHVQRDQDORJXHWRGLJLWDO'63SURFHVVLQJRUGLJLWDOWRDQDORJXHFRQYHUVLRQWKHFRPSRVLWHYLGHRFRQQHFWLRQVDUHUHTXLUHGVLQFHWKH$95GRHVQRWSHUIRUPYLGHRIRUPDWFRQYHUVLRQIRU=RQH)RUWKHVHUHDVRQVZHUHFRPPHQGWKDWVRXUFHGHYLFHVWKDWKDYHDGLJLWDOFRQQHFWLRQDUHDOVRFRQQHFWHGWRWKHDQDORJXHLQSXWV+LJKTXDOLW\<895*%DQG6YLGHRVRXUFHVVKRXOGDOVRKDYHWKHLUFRPSRVLWHRXWSXWVFRQQHFWHGWRWKH$95IRUXVHLQ=RQH,QVHUWLQJWKHEDWWHULHVLQWRWKHUHPRWHFRQWURO7KHUHPRWHFRQWUROUHTXLUHVµ$$$¶EDWWHULHVWRRSHUDWH7RLQVHUWWKHEDWWHULHVLQWRWKHUHPRWHFRQWUROSOHDVHIROORZWKHVHLQVWUXFWLRQV2SHQWKHEDWWHU\FRPSDUWPHQWFRYHURQWKHEDFNRIWKHUHPRWHFRQWURO,QVHUWWZR$$$EDWWHULHVLQWRWKHEDWWHU\FRPSDUWPHQWIROORZLQJWKHSRODULW\LQGLFDWLRQVJLYHQLQVLGHWKHFRPSDUWPHQWLWVHOI&ORVHWKHFRYHU1RWHVRQLQVHUWLQJWKHUHPRWHFRQWUROEDWWHULHV,QFRUUHFWXVHRIEDWWHULHVFDQUHVXOWLQKD]DUGVVXFKDVOHDNDJHDQGEXUVWLQJ'RQRWPL[ROGDQGQHZEDWWHULHVWRJHWKHU'RQRWXVHGLIIHUHQWNLQGVRIEDWWHU\WRJHWKHU²DOWKRXJKWKH\PD\ORRNVLPLODUGLIIHUHQWEDWWHULHVPD\KDYHGLIIHUHQWYROWDJHV(QVXUHWKDWWKHSOXVDQGPLQXV²HQGVRIHDFKEDWWHU\PDWFKWKHLQGLFDWLRQVLQWKHEDWWHU\FRPSDUWPHQW5HPRYHEDWWHULHVIURPHTXLSPHQWWKDWLVQRWJRLQJWREHXVHGIRUDPRQWKRUPRUH:KHQGLVSRVLQJRIXVHGEDWWHULHVSOHDVHFRPSO\ZLWKJRYHUQPHQWDORURWKHUUHJXODWLRQVWKDWDSSO\LQ\RXUFRXQWU\RUDUHD8VLQJWKHUHPRWHFRQWURO3OHDVHNHHSLQPLQGWKHIROORZLQJZKHQXVLQJWKHUHPRWHFRQWURO(QVXUHWKDWWKHUHDUHQRREVWDFOHVEHWZHHQWKHUHPRWHFRQWURODQGWKHUHPRWHVHQVRURQWKH$957KHUHPRWHKDVDUDQJHRIDERXWPHWUHV,IWKHUHPRWHVHQVRULVREVFXUHGWKHUHPRWHFRQWUROLQSXWMDFNRQWKHUHDUSDQHOLVDYDLODEOH3OHDVHFRQWDFW\RXUGHDOHUIRUIXUWKHULQIRUPDWLRQ5HPRWHRSHUDWLRQPD\EHFRPHXQUHOLDEOHLIVWURQJVXQOLJKWRUÀXRUHVFHQWOLJKWLVVKLQLQJRQWKHUHPRWHVHQVRURIWKH$955HSODFHWKHEDWWHULHVZKHQ\RXQRWLFHDUHGXFWLRQLQWKHRSHUDWLQJUDQJHRIWKHUHPRWHFRQWURO
23
$2SHQWKHFRYHURIWKHUHPRWHFRQWUROEDWWHU\FRPSDUWPHQW%,QVHUWWKHEDWWHULHVLQWRWKHUHPRWHFRQWURO
23
&&ORVHWKHFRYHURIWKHUHPRWHFRQWUROEDWWHU\FRPSDUWPHQW
$95(,QVWDOODWLRQ3RVLWLRQLQJWKHXQLW3ODFHWKHUHFHLYHURQDOHYHO¿UPVXUIDFH$YRLGSODFLQJWKHXQLWLQGLUHFWVXQOLJKWRUQHDUVRXUFHVRIKHDWRUGDPS'RQRWSODFHWKHXQLWRQWRSRIDSRZHUDPSOL¿HURURWKHUVRXUFHRIKHDW(QVXUHDGHTXDWHYHQWLODWLRQ'RQRWSODFHWKHXQLWLQDQHQFORVHGVSDFHVXFKDVDERRNFDVHRUFORVHGFDELQHWXQOHVVWKHUHLVJRRGSURYLVLRQIRUYHQWLODWLRQ7KHUHFHLYHULVGHVLJQHGWRUXQZDUPGXULQJQRUPDORSHUDWLRQ0DNHVXUHWKH,5UHFHLYHULQWKHFHQWUHRIWKHIURQWSDQHOGLVSOD\LVXQREVWUXFWHGRWKHUZLVHWKLVZLOOLPSDLUWKHXVHRIWKHUHPRWHFRQWURO,IOLQHRIVLJKWLVLPSUDFWLFDODQLQIUDUHGUHPRWHUHSHDWHUFDQEHXVHGZLWKWKHUHDUSDQHO,5FRQQHFWRU'RQRWSODFH\RXUUHFRUGGHFNRQWRSRIWKLVXQLWRUDQ\RWKHUXQLWZKLFKLVPDLQVVXSSOLHG5HFRUGGHFNVDUHYHU\VHQVLWLYHWRWKHQRLVHJHQHUDWHGE\PDLQVSRZHUVXSSOLHVZKLFKZLOOEHKHDUGDVµKXP¶LIWKHUHFRUGGHFNLVWRRFORVH'RQRWSODFHDQ\RWKHUFRPSRQHQWRULWHPRQWRSRIWKH$95DVWKLVPD\REVWUXFWWKHYHQWLODWLRQKROHVFDXVLQJWKH$95WRUXQKRW7KHXQLWSODFHGRQWRSRIWKH$95ZRXOGEHFRPHKRWWRR1RWHVRQLQVWDOOLQJWKH$957KHLQSXWVDUHQDPHGWRPDNHLWHDVLHUWRUHIHUHQFHZKHQFRQQHFWLQJVRXUFHFRPSRQHQWVWRWKH$95HJD'9'RU9&5EXWDOOLQSXWVKDYHWKHVDPHFLUFXLWU\7KLVPHDQVWKDWWKHUHLVQRUHDVRQZK\\RXVKRXOGQRWFRQQHFWDGLIIHUHQWGHYLFHIURPWKDWODEHOOHGWRDQ\RIWKHLQSXWV)RUH[DPSOHLI\RXKDGWZR'9'SOD\HUVDQGWKH$9LQSXWZDVQRWEHLQJXVHGWKHQWKHVHFRQG'9'SOD\HUFRXOGEHFRQQHFWHGWRWKH$9LQSXW&DEOHV:HUHFRPPHQGWKHXVHRIKLJKTXDOLW\VFUHHQHGDQDORJXHGLJLWDODQGYLGHRFDEOHVVLQFHLQIHULRUTXDOLW\FDEOHVZLOOGHJUDGHWKHRYHUDOOTXDOLW\RI\RXUV\VWHP8VHRQO\FDEOHVWKDWDUHGHVLJQHGIRUWKHSDUWLFXODUDSSOLFDWLRQDVRWKHUFDEOHVZLOOKDYHGLIIHUHQWLPSHGDQFHFKDUDFWHULVWLFVWKDWZLOOGHJUDGHWKHSHUIRUPDQFHRI\RXUV\VWHPIRUH[DPSOHGRQRWXVHFDEOLQJLQWHQGHGIRUDXGLRXVHWRFDUU\YLGHRVLJQDOV$OOFDEOHVVKRXOGEHNHSWDVVKRUWDVLVSUDFWLFDOO\SRVVLEOH9LGHRDQGGLJLWDOFRQQHFWLRQVPXVWEHPDGHZLWKFDEOHVWKDWDUHGHVLJQHGIRUWKLVSXUSRVHLHFRD[LDOFDEOHZLWKDLPSHGDQFH,IVXEVWDQGDUGFDEOHVDUHXVHG\RXPD\VXIIHUIURPSRRUSLFWXUHTXDOLW\VXFKDVJKRVWLPDJHVDQGRUJUDLQ\SLFWXUHTXDOLW\VQRZ6SHDNHUFDEOHVVKRXOGEHNHSWVKRUWWRHQVXUHHI¿FLHQWSRZHUWUDQVPLVVLRQDQGDYRLGDXGLEOHGLVWRUWLRQ,WLVJRRGSUDFWLFHZKHQFRQQHFWLQJ\RXUHTXLSPHQWWRHQVXUHWKDWWKHPDLQVSRZHUVXSSO\FDEOLQJLVNHSWDVIDUDZD\DVSRVVLEOHIURP\RXUDXGLRDQGYLGHRFDEOHVDVWKLVZLOOSURYLGHWKHEHVWVRXQGDQGSLFWXUHTXDOLW\)DLOXUHWRGRVRPD\UHVXOWLQXQZDQWHGQRLVHLQWKHDXGLRDQGYLGHRVLJQDOV
/*6Ê
"1/*1/-
1"6"/Ê ,"/,-ÓÎÓÊ" /,"
, ,-
-,--"1/ 6,"1/ *6,6-/6-" "1/<" Ó6""1//"1/66-/*6,/*,,  "1/,,-,- ---1,,-,- ---1 <" Ó ""1/£É,ÓÉ-6£Ó6/,,<£ÊEÊ<Ó®6"Ê/,, /66"1/-/ 
Ê+1/9Ê6"Ê 1-®Ê£ä1®ÊÊÊ-/*,"1 /,"1 
ÓÎä-*,* 
7KH$95UHDUSDQHO
$95(
(QJOLVK
$XGLRFRQQHFWLRQV:KHUHYHUSRVVLEOHFRQQHFWERWKWKHDQDORJXHDQGGLJLWDORXWSXWVRIGLJLWDOVRXUFHV7KLVHQDEOHVXVHRIDGLJLWDOLQSXWIRUWKHPDLQ]RQHDQGWKHFRUUHVSRQGLQJDQDORJXHLQSXWIRUUHFRUGLQJRQWRDQDQDORJXHWDSHGHFNRU9&5DQGIRUWKH=RQHRXWSXWLIXVHG7DNHFDUHWRSODFHWKHDXGLRFDEOHVDVIDUIURPDQ\SRZHUVXSSO\FDEOLQJDVLVSUDFWLFDOO\SRVVLEOHWRUHGXFHKXPDQGRWKHUQRLVHSUREOHPV$QDORJXHDXGLRFRQQHFWLRQV67(5(2,138769&5395$96$7'9'(87$3(,1(9&'&RQQHFWWKHOHIWDQGULJKWRXWSXWVRI\RXUVRXUFHHTXLSPHQWWRWKHOHIWDQGULJKWLQSXWV&RQQHFWLRQRIUHFRUGGHFNV7KH$95LVQRW¿WWHGZLWKDSKRQRSUHDPSOL¿HU,I\RXZLVKWRFRQQHFWDUHFRUGGHFNWRWKH$95WKHQ\RXZLOOQHHGDQH[WHUQDOSUHDPSOL¿HU3OHDVHFRQWDFW\RXUGHDOHUIRUIXUWKHULQIRUPDWLRQDQGUHFRPPHQGDWLRQVRQWKHEHVWRSWLRQIRU\RXUV\VWHP08/7,&+$11(/'9'$6$&',138765,*+7/()7(15,*+76855281'(2/()76855281'(5&(175((668%&RQQHFWWKHDXGLRRXWSXWVRI\RXU'9'$XGLRRU6$&'SOD\HUWRWKHVHLQSXWVRFNHWV(356%$&.DQG(4/6%$&.7KHVHDUHDYDLODEOHIRUIRUPDWVUHTXLULQJHLJKWFKDQQHOV&XUUHQWO\QRIRUPDWVDUHDYDLODEOHUHTXLULQJWKHVHFRQQHFWLRQVZKLFKDUHSURYLGHGIRUIXWXUHFRPSDWLELOLW\7KHPXOWLFKDQQHOLQSXWLVLQWHQGHGIRUXVHZLWKVRXUFHVWKDWGHFRGHWKHVXUURXQGFKDQQHOVLQWHUQDOO\VXFKDV'9'$RU6$&'SOD\HUV7KH$95VZLWFKHVWKHVHDQDORJXHLQSXWVGLUHFWO\WRWKHDQDORJXHRXWSXWVYLDLWVRZQYROXPHFRQWUROFLUFXLW7KLVGLUHFWSDWKPDLQWDLQVWKHEHVWSRVVLEOHVRXQGTXDOLW\IRU'9'$DQG6$&'VRXUFHVLWKDVWKHVLGHHIIHFWWKDWWKHUHLVQREDVVPDQDJHPHQWIRU'9'$RU6$&'SOD\HUV,QWKLVFDVHWKHEDVVPDQDJHPHQWIXQFWLRQDOLW\RIWKHSOD\HULWVHOIVKRXOGEHXVHG67(5(228738769&5287395287(77$3(287&RQQHFWWKHOHIWDQGULJKWDXGLRRXWSXWVVRFNHWVWRWKHOHIWDQGULJKWLQSXWVRFNHWVRI\RXUFDVVHWWHGHFN9&5RU395XVXDOO\ODEHOOHGµ5(&25',1¶7KH9&5395FRQQHFWLRQVPD\DOVREHXVHGIRUDVHFRQGRUWKLUGFDVVHWWHGHFN'LJLWDODXGLRFRQQHFWLRQV,13876)2&')3'9')4$9)56$7)6395)77$3(&RQQHFWWKHGLJLWDORXSXWVRI\RXUDYDLODEOHVRXUFHHTXLSPHQWWRWKHVHLQSXWV,IUHTXLUHGHDFKRIWKHVHVL[GLJLWDOLQSXWVFDQEHDOORFDWHGWRDGLIIHUHQWDXGLRLQSXWIURPWKDWLQGLFDWHGE\WKHLQSXWODEHOWKURXJKWKHµ'LJLWDO6HWWLQJV¶SDJHRIWKH6HWXSPHQX7KLVPHDQVWKDWIRUH[DPSOHLI\RXZLVKWRXVHDQRSWLFDOFRQQHFWLRQIRU\RXU'9'SOD\HUWKHRSWLFDOFRQQHFWLRQIRUWKH6$7395RU7$3(FDQEHXVHGDQGWKHDXGLRIURPWKDWGLJLWDOLQSXWDVVLJQHGWRWKH'9'EXWWRQ2873876(:)1',*,7$/2877ZRGLJLWDORXWSXWFRQQHFWLRQVDUHDYDLODEOHRSWLFDODQGFRD[LDO7KHWZRFRQQHFWLRQVFDUU\WKHVDPHLQIRUPDWLRQDWDOOWLPHVDQGERWKPD\EHXVHGVLPXOWDQHRXVO\&RQQHFWWKHGLJLWDORXWSXWVWR\RXUGLJLWDOUHFRUGLQJGHYLFHVVXFKDVD&'5GLJLWDO9&5RU0LQL'LVFSOD\HU:KHQDGLJLWDOVRXUFHLVVHOHFWHGWKHGLJLWDORXWSXWZLOOVHQGDQH[DFWFRS\RIWKHLQFRPLQJGLJLWDOVLJQDO)RUH[DPSOHIRUDGLJLWDOVRXUFHWKHGLJLWDORXWSXWZLOODOVREHLQIRUPDW:KHQDQDQDORJXHVRXUFHLVVHOHFWHGWKHGLJLWDORXWSXWZLOOEHPXWHG$QDORJXHSUHDPSOL¿HURXWSXWV7KHSUHDPSOL¿HURXWSXWVDUHXVHGWRVHQGVLJQDOVWRH[WHUQDOSRZHUDPSOL¿HUV7KLVPD\EHHLWKHUIRUµELDPSLQJ¶VSHDNHUVRUIRUXVHZLWKDPRUHSRZHUIXOH[WHUQDODPSOL¿HUVXFKDVWKH$UFDP3VHYHQFKDQQHODPSOL¿HU1RWHWKDWLI\RXZLVKWRELDPSOLI\VSHDNHUV\RXPXVWXVHDQDPSOL¿HUZLWKWKHVDPHJDLQDVWKH$95G%RWKHUZLVHWKHEDVVDQGWKHWUHEOHZLOOEHFRPHXQEDODQFHG3OHDVHFRQWDFW\RXUGHDOHULI\RXUHTXLUHPRUHLQIRUPDWLRQRQELDPSLQJ\RXUVSHDNHUV$OOWKHVHDQDORJXHRXWSXWVDUHEXIIHUHGDQGDUHDWOLQHOHYHO)55,*+7)6/()7*1&(175(&RQQHFWWKHVHWRWKHHTXLYDOHQWIURQWFKDQQHOLQSXWVRI\RXUSRZHUDPSOL¿HU*268%6XEZRRIHURXWSXW&RQQHFWWKLVWRWKHLQSXWRI\RXUDFWLYHVXEZRRIHULI\RXKDYHRQH)7/68556XUURXQGOHIWRXWSXW&RQQHFWWKLVRXWSXWWRWKHVXUURXQGOHIWSRZHUDPSOL¿HULQSXW)8568556XUURXQGULJKWRXWSXW&RQQHFWWKLVRXWSXWWRWKHVXUURXQGULJKWSRZHUDPSOL¿HULQSXW)9/6%$&.):56%$&.6XUURXQGEDFNOHIWDQGULJKWRXWSXWVRQO\XVHGLQFKDQQHOV\VWHPV&RQQHFWWKHVHRXWSXWVWRWKHLQSXWVRI\RXU/6EDFNDQG56EDFNDPSOL¿HUV
1""1/ 6,"1/ *6,6-/6,
cocqcm:cncpcl96Ê ,,-,- ---1
/Ê /"1/66-/*6,/*dndpdlcudqdrdmdo
"1/*1/-
,,-,- ---1duemdsdqdteldrdp
/*,  "1/ctcscr
$95(9LGHRFRQQHFWLRQV7KH$95DOORZVIRUFRQYHUVLRQEHWZHHQGLIIHUHQWYLGHRIRUPDWV7KLVPHDQVWKDWWKH$95FDQFRQYHUWEHWZHHQFRPSRVLWH6YLGHRDQGFRPSRQHQWLIUHTXLUHG)RUH[DPSOHLI\RXDUHZDWFKLQJDFRPSRVLWHLQSXWIURPD9&5\RXPD\YLHZLWIURPWKH6YLGHRRU&RPSRQHQW5*%YLGHRRXWSXWVRIWKH$957KLVDOORZV\RXWRXVHDVLQJOHW\SLFDOO\KLJKTXDOLW\&RPSRQHQW5*%FRQQHFWLRQEHWZHHQWKH$95DQG\RXUGLVSOD\GHYLFH7KHUHFRUGORRSVGRQRWZRUNIURPWKHYLGHRFRQYHUWHU7KLVPHDQVWKDWWRUHFRUGD6YLGHRRUFRPSRVLWHVLJQDOD6YLGHRRUFRPSRVLWHVLJQDOUHVSHFWLYHO\PXVWEHVXSSOLHG&RPSRVLWH6YLGHRYLGHRFRQQHFWLRQV*3*4021,7252877ZRYLGHRRXWSXWFRQQHFWRUVDUHSURYLGHGRQHIRU69LGHRDQGRQHIRUFRPSRVLWHYLGHR7KHRXWSXWVFDUU\WKHVDPHLQIRUPDWLRQDWDOOWLPHVDQGERWKPD\EHXVHGVLPXOWDQHRXVO\LIUHTXLUHG&RQQHFWRQHRIWKHVHRXWSXWVWRWKHYLGHRLQSXWRI\RXUGLVSOD\GHYLFH*79&5,1*9395,1*:$9+16$7+2'9'&RQQHFWWKHFRPSRVLWHYLGHRRXWSXWVRI\RXUVRXUFHHTXLSPHQWWRWKHVHLQSXWV7KHFKRLFHRIFRQQHFWLRQWRXVH6YLGHRRUFRPSRVLWHGHSHQGVRQZKHUHWKHVLJQDOLVWREHURXWHGWRLIWKHVLJQDOLVWREHXVHGLQ=RQHWKHQDFRPSRVLWHFRQQHFWLRQLVUHTXLUHGLIWKHVLJQDOLVWREHXVHGIRUUHFRUGLQJURXWHGWRD9&5IRUH[DPSOHWKHQWKHFRQQHFWLRQW\SHPXVWPDWFKWKHFRQQHFWLRQWRWKHUHFRUGLQJGHYLFHLHLIWKHUHFRUGLQJGHYLFHUHTXLUHVD6YLGHRVLJQDOWKHQD6YLGHRFRQQHFWLRQIURPWKHVRXUFHHTXLSPHQWPXVWEHXVHG,IERWKFRQQHFWLRQVDUHPDGHWKHVLJQDOIURPWKH6YLGHRLQSXWZLOOEHXVHGIRUWKHPDLQ]RQHLIQR&RPSRQHQW5*%VLJQDOLVVXSSOLHG*69&5287*8395287&RQQHFWRQHRIWKH6YLGHRRUFRPSRVLWHYLGHRRXWSXWVWRWKHYLGHRLQSXWRI\RXU9&5RU3957KHFRQQHFWLRQXVHGPXVWPDWFKWKHYLGHRW\SHRIWKHVRXUFH\RXZLVKWRUHFRUGDVGHVFULEHGDERYH)RUH[DPSOHLI\RXZLVKWRUHFRUGD6YLGHRVLJQDOIURP\RXUVDWHOOLWHUHFHLYHURQ\RXU9&5WKHFRQQHFWLRQWRWKH9&5PXVWDOVRXVH6YLGHR+LJKTXDOLW\&RPSRQHQWYLGHRFRQQHFWLRQV7KHVHLQSXWVDUHVXLWDEOHIRUFRQQHFWLRQWRFRPSRQHQW<89<&U&ERU5*%RXWSXWV7KHVHVLJQDOVDUHXVXDOO\DYDLODEOHIURPD'9'SOD\HUVHWWRSER[RUJDPHVFRQVROHDQGRIIHUWKHEHVWSRVVLEOHSLFWXUHTXDOLW\1RWHWKDWWKHKLJKTXDOLW\FRPSRQHQWYLGHRFRQQHFWLRQVRSHUDWHLQGHSHQGHQWO\RIWKHFRPSRVLWH6YLGHRFRQQHFWLRQV*HQHUDOO\WKHFRPSRQHQWYLGHRVWDQGDUGLVXVHGLQ1RUWK$PHULFD176&UHJLRQVZKLOH5*%LVXVHGLQ(XURSH+3$9+5'9'+66$7,13876&RQQHFWWKHYLGHRRXWSXWVRI\RXUKLJKTXDOLW\YLGHRVRXUFHVWRWKHVHLQSXWV+4+,*+48$/,7<9,'(2287&RQQHFWWKHVHVRFNHWVWRWKHFRPSRQHQWYLGHRLQSXWVRI\RXUGLVSOD\GHYLFH,PSRUWDQWQRWHVDERXW+4YLGHRLQSXWVDQGRXWSXWV,QWKHµ9LGHR6HWWLQJV¶VHWXSPHQXHDFKRIWKHVHWKUHHKLJKTXDOLW\FRPSRQHQWYLGHRLQSXWVFDQEHDOORFDWHGLQGLYLGXDOO\WRDQ\RIWKHRWKHULQSXWVHJWKHLQSXWODEHOOHG³'9'´GRHVQRWKDYHWREHXVHGIRU'9'EXWFDQEHXVHGIRUVRPHWKLQJHOVH6HHSDJHIRUIXUWKHUGHWDLOV<RXFDQQRWPL[FRPSRQHQWDQG5*%VRXUFHV6HOHFWLRQRIFRPSRQHQWRU5*%FDQEHPDGHLQWKH6HWXSPHQXµ*HQHUDO6HWWLQJV¶SDJHVHHSDJH7KHKLJKTXDOLW\FRPSRQHQWYLGHRLQSXWVKDYHVXI¿FLHQWEDQGZLGWKIRUOLQHGRXEOHG176&RU3$/YLGHR³SURJUHVVLYHVFDQ´DQGDOVR86+'79YLGHRVLJQDOV+RZHYHUZKHQXVHGZLWKVXFKVLJQDOVWKH26'LVQRWRYHUODLGRQWKHSLFWXUHEXWLVRXWSXWDWVWDQGDUGLQWHUODFHG176&RU3$/RUOLQHUDWHRQDVROLGEDFNJURXQG:KHQXVLQJWKH+4YLGHRLQSXWVWKHFRPSRVLWHDQG6YLGHRRXWSXWVZLOOEHPXWHG7KLVLVEHFDXVHWKHSURFHVVLQJIRUWKHRQVFUHHQGLVSOD\ZRXOGFUHDWHLQYDOLGYLGHRVLJQDOVRQWKHVHRXWSXWV6&$575*%:,5(&211(&7,216&$57UHIHUVWRWKHPXOWLSROH$9FRQQHFWRUXVHGFRPPRQO\RQ(XURSHDQ$9HTXLSPHQW6RPHYLGHRSURMHFWRUVDQGPRVW(XURSHDQ79VHWVUHTXLUHWKHXVHRIDZLUH5*%FRQQHFWLRQZKHUHWKHµV\QF¶VLJQDOLVVHSDUDWHIURP5*%,QWKLVFDVH\RXQHHGWRXVHWKHFRPSRVLWHYLGHR021,725287*4IRUWKHV\QFLQIRUPDWLRQ$FDEOHLVDYDLODEOHIURP\RXUGHDOHUWRPDNHWKLVZLUH5*%FRQQHFWLRQUHIHUWRWKHWDEOHRI6&$57FRQQHFWLRQVDWWKHEDFNRIWKHPDQXDO1RWHWKDWXVHRIWKLVIHDWXUHUHTXLUHVLQDGGLWLRQWRWKH5*%FRQQHFWLRQVDFRPSRVLWHYLGHRFRQQHFWLRQEHWZHHQWKHVRXUFHDQGWKH$95LQRUGHUWRVXSSO\WKHDGGLWLRQDOV\QFKURQLVDWLRQVLJQDO1RWHWKDWPRVW6&$5779LQSXWVZLOOUHTXLUHWKH6&$575*%VWDWXVOLQHWREHFRQWUROOHGEHIRUHWKH5*%VLJQDOZLOOEHGLVSOD\HG7KH5*%WULJJHURXWSXWZLOOFRQWUROWKLVVLJQDOZKHQFRQQHFWHGWRWKH6&$57VRFNHWXVLQJDFDEOHRIWKHW\SHJLYHQRQSDJH7KHVHFDEOHVDUHDYDLODEOHIURP\RXUGHDOHU7KH$95GRHVQRWVXSSRUWHLWKHUZLUH5*%+9RUZLUH5*%V\QFRQJUHHQFRQQHFWLRQV
6""1/ 6,"1/ *6,6-/6-" "1/<" Ó6""1/eqereseteuflfmeneoep
66"1/-/Ê+1/9Ê6"Ê fofnfpfq
7KHIROORZLQJYLGHRFRQYHUVLRQVDUHSRVVLEOH7R)URP&RPSRVLWH6YLGHR&RPSRQHQW5*%&RPSRVLWH<HV<HV<HV6YLGHR<HV<HV<HV&RPSRQHQW5*%1R1R<HV1RWHWKDWFRQYHUVLRQEHWZHHQ5*%DQG&RPSRQHQWYLGHRRUYLFHYHUVDLVQRWVXSSRUWHGE\WKH$95:KHQ\RXFRQQHFW\RXUGHYLFHVWRWKHVHFRQQHFWRUVWDNHFDUHWRIROORZWKHOHWWHUFRORXUFRGLQJIRUHDFKLQSXW1RGDPDJHZLOORFFXULIFRQQHFWHGLQFRUUHFWO\EXWXQXVXDOO\FRORXUHGRUXQVWDEOHSLFWXUHVZLOOUHVXOW
$95(
(QJOLVK
&RQQHFWLQJORXGVSHDNHUV7KHUHGDQGEODFNWHUPLQDOVRQWKHEDFNRIWKH$95DUHXVHGWRPDNHWKHFRQQHFWLRQVWRWKHORXGVSHDNHUV7KHVSHDNHUVVKRXOGEHFRQQHFWHGWRWKHORXGVSHDNHUWHUPLQDOVUHIHULQJWRWKHODEHOVRQWKHUHDUSDQHO:KHQFRQQHFWLQJWKHVSHDNHUWHUPLQDOVRIWKHDPSOL¿HUZLWKWKHWHUPLQDOVRQWKHVSHDNHUVPDNHVXUHWKDWOLNHSRODULWLHVDUHPDWFKHGLHPDWFK³´ZLWK³´XVXDOO\UHGDQG³±´ZLWK³±´XVXDOO\EODFN0LVPDWFKLQJRISRODULWLHVZLOOUHVXOWLQDZHDNFHQWUDOVRXQGXQFOHDURULHQWDWLRQRIWKHLQVWUXPHQWVDQGWKHVHQVHRIGLUHFWLRQRIWKHVWHUHREHLQJLPSDLUHG7KHUHDUHWZRRSWLRQVIRUFRQQHFWLQJWKHVSHDNHUFDEOHWRWKHDPSOL¿HU8VLQJEDUHZLUHHQGHGOHDGV6WULSEDFNWKHLQVXODWLRQRQWKHZLUHWRUHYHDODERXWFPRIFRQGXFWRUWKHPHWDOLQVLGHWKHFDEOH,IWKHFRQGXFWRULVVWUDQGHGWZLVWWKHVWUDQGVWRJHWKHUWLJKWO\WRDYRLGORRVHVWUDQGVPDNLQJFRQWDFWZLWKWKHDGMDFHQWWHUPLQDOVRUWKHEDFNSDQHO/RRVHQWKHWHUPLQDOE\WXUQLQJLWDQWLFORFNZLVH,QVHUWWKHWZLVWHGZLUHWKURXJKWKHKROHLQWKHWHUPLQDO7LJKWHQE\WXUQLQJFORFNZLVH:KHQPDNLQJFRQQHFWLRQVZLWKVWUDQGHGEDUHHQGHGZLUHVWDNHJUHDWFDUHWKDWQRLQGLYLGXDOVWUDQGVRIZLUHFRPHLQWRFRQWDFWZLWKWKHDGMDFHQWWHUPLQDOVRUZLWKWKHEDFNSDQHO,IWKLVVKRXOGKDSSHQLWZLOOFDXVHDVKRUWFLUFXLWRQWKHRXWSXWRIWKHDPSOL¿HUDQGFRXOGGDPDJHWKHDPSOL¿HU8VLQJVSDGHWHUPLQDOV/RRVHQWKHWHUPLQDOE\WXUQLQJLWDQWLFORFNZLVH,QVHUWWKHVSDGHFRQQHFWRUXQGHUWKHWHUPLQDO7LJKWHQE\WXUQLQJFORFNZLVH6SHDNHULPSHGDQFH%HIRUHFRQQHFWLQJORXGVSHDNHUVWR\RXU$95\RXPXVWVHWWKHLPSHGDQFHVZLWFKRQWKHUHDUWRWKHFRUUHFWSRVLWLRQQHYHUDGMXVWWKLVVZLWFKZLWKWKHSRZHURQRU\RXPD\GDPDJH\RXUVSHDNHUV,I\RXUORXGVSHDNHUVDUHUDWHGDWRUORZHUVHWWKHVZLWFKWRWKHSRVLWLRQLI\RXUORXGVSHDNHUVDUHUDWHGKLJKHUWKDQVHWWKHVZLWFKWRWKHSRVLWLRQ7KLVXQLWVKRXOGRQO\EHXVHGZLWKORXGVSHDNHUVZLWKDQLPSHGDQFHUDWLQJDERYH1RWHWKDWIDLOXUHWRVHWWKLVVZLWFKFRUUHFWO\IRU\RXUVSHDNHUVPD\FDXVHWKHDPSOL¿HUWRVKXWGRZQGXHWRRYHUKHDWLQJ=RQHFRQQHFWLRQV7KH$95DOORZVLQGHSHQGHQWURXWLQJDQGFRQWURORIDQDORJXHDXGLRDQGFRPSRVLWHYLGHRWRDVHFRQGURRPVXFKDVDNLWFKHQEHGURRPRUORXQJH7KLVVHFRQGURRPLVNQRZQDVµ=RQH¶)RU=RQHWKH$95RXWSXWVDOLQHOHYHODXGLRVLJQDOWDNHQIURPWKHVWHUHRDQDORJXHDXGLRDQGDFRPSRVLWHYLGHRVLJQDOWDNHQIURPWKHFRPSRVLWHYLGHRLQSXWIRUDJLYHQVRXUFH7KHDQDORJXHLQSXWVDUHUHTXLUHGEHFDXVHWKHUHLVQRDQDORJXHWRGLJLWDO'63SURFHVVLQJRUGLJLWDOWRDQDORJXHFRQYHUVLRQDYDLODEOHIRU=RQHVLJQDOV$VWKH$95GRHVQRWFRQYHUWYLGHRIRUPDWVIRU=RQHDFRPSRVLWHYLGHRVLJQDOPXVWDOVREHFRQQHFWHGIURPWKHVRXUFH)RUWKHVHUHDVRQVZHUHFRPPHQGWKDWVRXUFHGHYLFHVWKDWKDYHDGLJLWDOFRQQHFWLRQDUHDOVRFRQQHFWHGYLDWKHDQDORJXHLQSXWV+LJKTXDOLW\<895*%DQG6YLGHRVRXUFHVVKRXOGDOVRKDYHWKHLUFRPSRVLWHYLGHRRXWSXWVFRQQHFWHGWRWKH$95IRUXVHLQ=RQH127($VDFRPSRVLWHLQSXWLVUHTXLUHGIRU=RQHLWPD\QRWEHSRVVLEOHWRUXQ\RXU'9'SOD\HULQSURJUHVVLYHVFDQPRGHDQGWRXVH=RQHDWWKHVDPHWLPHXQOHVV\RXU'9'SOD\HUFDQRXWSXWERWKSURJUHVVLYHVFDQDQGFRPSRVLWHVLJQDOVVLPXWDQHRXVO\+7=21(2877KLVLVWKHDXGLRRXWSXWIRU=RQH&RQQHFWWKHVHWRDOLQHOHYHOLQSXWRQ\RXU=RQHDPSOL¿HU*5=21(9,'(2287&RPSRVLWHYLGHRFRQQHFWLRQ7KLVLVWKHYLGHRRXWSXWIRU=RQH&RQQHFWWR\RXU=RQHYLGHRGLVSOD\XVLQJORZORVVFRD[LDOFDEOH,1,1=21(7KLVDOORZVWKH$95WREHFRQWUROOHGUHPRWHO\IURP=RQHYLDLQIUDUHGUHPRWHFRQWURO6HHWKHSDQHOIRUFRQQHFWLRQLQIRUPDWLRQ
" "1/<" Ó6""1/<" Óepfr,"/ <" Ó ""1/£Ó6/,,<£ÊEÊ<Ó®glfsftfu
=RQHUHPRWHFRQWUROOHUFRQQHFWLRQ$UHFHLYHUFRPSDWLEOHZLWKWKLVFRQQHFWRU,1LVDYDLODEOHIURP;DQWHFKSDUWQR3OHDVHFRQWDFWD;DQWHFKUHJLVWHUHGGHDOHUIRUWKLVSDUWDV$5&$0GRHVQRWVWRFNWKHP6HHZZZ[DQWHFKFRPIRUPRUHLQIRUPDWLRQ7KHPPMDFNSOXJIRUWKLVFRQQHFWRULVZLUHGDVIROORZVPPVWHUHRMDFN)XQFWLRQ7LS6LJQDO5LQJ96OHHYH9P$FXUUHQWOLPLWHG7KLVIROORZVWKH;DQWHFKVWDQGDUGIRU,5WUDQVPLVVLRQRYHUZLUH
-*,* 
7KHVSHDNHUFRQQHFWRUVRQWKHUHDUSDQHODUHODEHOOHGDVIROORZV)/)URQW/HIW)5)URQW5LJKW&(1&HQWUH565LJKW6XUURXQG/6/HIW6XUURXQG56%5LJKW6XUU%DFN/6%/HIW6XUU%DFN
$95(&RQQHFWLQJWKH$0DQG)0DQWHQQDV)0DQWHQQD$Q)0DQWHQQDLVUHTXLUHGWRUHFHLYH9+)UDGLRVLJQDOV$OWKRXJKD)0ULEERQDQWHQQDLVVXSSOLHGDVDQDFFHVVRU\WRWKH$95IRURSWLPDO)0UDGLRUHFHSWLRQDURRIRUORIWPRXQWHGDHULDOLVDGYLVHGDVWKLVZLOOJLYHVXSHULRUUHFHSWLRQ,WLVUHFRPPHQGHGWKDWDQ\URRIWRSDQWHQQDLV¿WWHGE\DQH[SHULHQFHGFRQWUDFWRUDVDFRQWUDFWRUZLOOEHDEOHWRDOLJQ\RXUDQWHQQDWRWKHQHDUHVW)0WUDQVPLWWHU,QVRPHDUHDVFDEOHUDGLRPD\EHDYDLODEOHRULQDQDSDUWPHQWEXLOGLQJDGLVWULEXWHGDQWHQQDV\VWHPPD\EHLQVWDOOHG,QHLWKHURIWKHVHFDVHV\RXVKRXOGKDYHVRFNHWVLQ\RXUKRPHPDUNHG)0RU9+)GRQRWXVHWKRVHPDUNHG79ZKLFKVKRXOGEHFRQQHFWHGWRWKH)0LQVRFNHW,8RIWKH$95,I\RXZLVKWRXVHWKHVXSSOLHG)0ULEERQFDEOHPRXQWWKLVDVKLJKXSDVSRVVLEOHRQDZDOOZLWKWKHµ7¶HOHPHQWVSRVLWLRQHGKRUL]RQWDOO\7U\HDFKXVDEOHZDOORIWKHURRPWRVHHZKLFKJLYHVEHVWUHFHSWLRQDQGXVHWDFNVRUDGKHVLYHWDSHWRVHFXUHWKHDHULDOLQD7VKDSHQRWHWKDWQRWDFNVVKRXOGFRPHLQWRFRQWDFWZLWKWKHLQWHUQDOZLUHRIWKHDHULDO:KHQDVVHPEOHGVHHER[ULJKWWKHSOXJRQWKHULEERQFDEOHVKRXOGEHFRQQHFWHGWRWKH)0LQVRFNHW,8RIWKH$95$0DQWHQQD$Q$0DQWHQQDLVUHTXLUHGWRUHFHLYH$0PHGLXPZDYHUDGLRVLJQDOV$Q$0ORRSDQWHQQDLVVXSSOLHGDVDQDFFHVVRU\ZLWKWKH$957KLVVKRXOGEHDWWDFKHGWRWKH$0DQWHQQDLQSXWV,7ZLWKRQHHQGFRQQHFWHGWR$0DQGWKHRWKHUWR*URXQGLWGRHVQRWPDWWHUZKLFKZD\URXQGWKLVDQWHQQDLV¿WWHG5RWDWHWKHDQWHQQDWRGLVFRYHUZKLFKSRVLWLRQJLYHVWKHEHVWUHFHSWLRQ,QDUHDVRIZHDNUHFHSWLRQRUZKHQWKH$95LVLQXVHLQVLGHDVWHHOIUDPHGEXLOGLQJVXFKDVDQDSDUWPHQWEXLOGLQJ\RXFDQXVHDZLUHEHWZHHQDQGPHWUHVORQJWRVWUHQJWKHQUHFHSWLRQ0RXQWWKLVKLJKXSRXWVLGHWKHEXLOGLQJLISRVVLEOHDQGFRQQHFWRQHHQGRIWKLVZLUHWRWKH$0DQWHQQDLQSXWLQDGGLWLRQWRWKHORRSDHULDOVXSSOLHGGRQRWGLVFRQQHFWWKH$0ORRSDQWHQQD$067(36,=(7KH$0WXQLQJµVWHSVL]H¶QHHGVWREHVHWDFFRUGLQJWR\RXUORFDWLRQ7KLVLVGRQHXVLQJWKHVZLWFKRQWKHUHDUSDQHO,9VHWLWWRN+]LI\RXDUHLQ1RUWK$PHULFDRUN+]DQ\ZKHUHHOVH1RWHWKDWWKLVVKRXOGEHVHWFRUUHFWO\HYHQLI\RXGRQRWLQWHQGWRXVH$0UHFHSWLRQDVLWDOVRDOWHUVVRPH)0WXQHUVHWWLQJVIRUXVHLQ1RUWK$PHULFD&RQWUROFRQQHFWLRQV+95(027(2877KLVRXWSXWVDQ\UHPRWHFRQWUROVLJQDOWKDWLVUHFHLYHGE\HLWKHUWKHIURQWSDQHORUIURPRQHRIWKHUHPRWHFRQWUROFRQQHFWLRQV,WDOORZVUHPRWHFRQWURORIVRXUFHFRPSRQHQWVFRQWUROLVSRVVLEOHE\HLWKHUFRQQHFWLQJWKLVRXWSXWWRWKHGHYLFHVWREHFRQWUROOHGYLDWKHPP,5MDFNVRFNHW$UFDPXQLWVRQO\RUE\XVLQJDQ,5HPLWWHUVWXFNWRWKHFHQWUHRIWKH,5VHQVRUZLQGRZRQWKHVRXUFHFRPSRQHQWVXFKDVD;DQWHFK0:PLQLHPLWWHU+:,1/2&$/8VHZLWKDORFDO,5UHFHLYHUZKHQWKH$95IURQWSDQHO,5UHFHLYHULVREVWUXFWHG,1,1=21(7KLVDOORZVWKH$95WREHFRQWUROOHGUHPRWHO\IURP=RQHYLDLQIUDUHGUHPRWHFRQWUROVHHVHFWLRQµ=RQHFRQQHFWLRQV¶DERYHIRUIXUWKHUGHWDLOV,456&21752/8VHZLWKFRQWUROGHYLFHVKDYLQJDQ56VHULDOSRUWIRUH[DPSOH&UHVWURQDQG$0;WRXFKVFUHHQFRQWUROOHUV7KLVFRQQHFWLRQLVDOVRXVHGIRUXSJUDGLQJFRQWUROVRIWZDUH6HHWKHVHFWLRQVDWWKHHQGRIWKLVPDQXDOIRUFRQWURODQGSURJUDPPLQJLQIRUPDWLRQ7ULJJHURXWSXWV7KHUHDUHWKUHHWULJJHURXWSXWVRFNHWVRQWKH$95HDFKRIZKLFKLVDPPVWHUHRMDFNZLWKWZRFRQWDFWVµWLS¶DQGµULQJ¶6HHWKHWDEOHVIRUWHFKQLFDOLQIRUPDWLRQRQWKHWULJJHURXWSXWV+8975,**(57KLVFDQEHXVHGIRUWXUQLQJRQDQGRIIDXWRPDWLFDOO\SRZHUDPSVRUVRXUFHHTXLSPHQWIRUWKHPDLQ]RQHDQG=RQH7KHWULJJHUOHDGLVZLUHGDVVKRZQLQWKHSDQHO,39,'(275,**(5,29,'(275,**(57KHVHWULJJHURXWSXWVKDYHGLIIHUHQWIXQFWLRQVGHSHQGLQJRQKRZWKHµ9LGHR6WDWXV¶KDVEHHQVHWLQWKHµ*HQHUDO6HWWLQJV¶PHQX6HHSDJHIRUIXOOGHWDLOV&RQQHFWLQJWRDSRZHUVXSSO\,532:(5,1/(77KH$95KDVDGXDOYROWDJHSRZHUVXSSO\WKDWFDQEHVZLWFKHGEHWZHHQ9DQG9$&$VVXSSOLHGWKLVVZLWFKVKRXOGEHVHWFRUUHFWO\IRU\RXUORFDOVXSSO\,6*5281'/,)7VZLWFK,QFRPSOH[VHWXSVWKDWLQFOXGHVDWHOOLWHLQSXWVRUUDGLRDQWHQQDVJURXQGLQJWKHXQLWPD\LQFUHDVHWKHOHYHORIEDFNJURXQGKXPRUEX]]LQWKHORXGVSHDNHUV,IWKLVRFFXUVVHWWKH*5281'/,)7VZLWFKWROLIWWKHVLJQDOJURXQGIURPWKHFKDVVLVJURXQG'21275(029(WKHVDIHW\HDUWKIURPWKHPDLQVFDEOHXQGHUDQ\FLUFXPVWDQFHV0DLQVOHDG7KHDSSOLDQFHLVQRUPDOO\VXSSOLHGZLWKDPRXOGHGPDLQVSOXJDOUHDG\¿WWHGWRWKHOHDG&KHFNWKDWWKHSOXJVXSSOLHGZLWKWKHXQLW¿WV\RXUVXSSO\,I\RXUPDLQVSOXJLVGLIIHUHQWFRQVXOW\RXU$UFDPGHDOHU,IIRUDQ\UHDVRQWKHSOXJQHHGVWREHUHPRYHGLWPXVWEHGLVSRVHGRILPPHGLDWHO\DQGVHFXUHO\DVLWLVDSRWHQWLDOVKRFNKD]DUGZKHQLQVHUWHGLQWRWKHPDLQVVRFNHW6KRXOG\RXUHTXLUHDQHZPDLQVOHDGFRQWDFW\RXU$UFDPGHDOHU3OXJJLQJLQ3XVKWKHSOXJ,(&OLQHVRFNHWRIWKHSRZHUFDEOHVXSSOLHGZLWKWKHXQLWLQWRWKHSRZHULQSXWVRFNHW,5LQWKHEDFNRIWKHXQLW0DNHVXUHLWLVSXVKHGLQ¿UPO\3XWWKHSOXJRQWKHRWKHUHQGRIWKHFDEOHLQWR\RXUSRZHUVXSSO\VRFNHWDQGVZLWFKWKHVRFNHWRQ
,"/,-ÓÎÓÊ" /," <" Ó ""1/£É,ÓÉ-6£Ó6/,,<£ÊEÊ<Ó®gngmglfsftfugo
&RQQHFWLRQ)XQFWLRQ9ROWDJH7LS0DLQ]RQHRQ2Q 9P$2II 95LQJ=RQHRQ2Q 9P$2II 96OHHYH*URXQG9
 /,"1 /,"1 ÓÎä,5,6
 1-®Ê£ä1®ÊÊÊ-/*,7,8,9
&RQQHFWLQJWKHSOXJWRWKH)0ULEERQFDEOHORRVHQWKHWZRVFUHZVRQWKHSOXJLQVHUWWKHVSDGHFRQQHFWRUVRIWKHULEERQFDEOHXQGHUWKHVFUHZVUHWLJKWHQWKHVFUHZVRQWRWKHFRQQHFWRUV