4%#(.)#!, $%04 ,ENSES 4EST 2EPORT 9LD0RQIDOFRQH &LQLVHOOR%DOVDPR 0LODQR ,WDO\ 7HO)D[ 02'(/12.(3/[[VHULHV 68%-(&7/(':/HQV&RXSOLQJ2XWSXW/XPLQRXV,QWHQVLW\0HDVXUHPHQW .(3/[[6HULHV s s s s +LJKHIFLHQF\ 1RYLEUDWLRQSUREOHPV 6WDQGDUG$5 &RORU7UDQVSDUHQW*UH\ 7\SLFDODSSOLFDWLRQVDUH s $UFKLWHFWXUDOOLJKWLQJ s /DPSV s 6WUHHWOLJKWV s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aORFDOSRZHUVRXUFH*266(1.2167$17(5PRG. 0HDVXUHPHQWVFDUULHGRXWZLWK/X[RPHWHUPRG/8;RI,627(&DQG0,12/7$PRG/6 ;LVWKHYDOXHRIWKHPHDVXUHPHQWRIWKH/('EULJKWQHVVDWPHWHUGLVWDQFHZLWKRXWRSWLFGHYLFHVDSSOLHGWRWKH/(' ZZZNKDWRGFRP WHFKQLFDO#NKDWRGFRP 3DJLQD 4%#(.)#!, $%04 ,ENSES 4EST 2EPORT :KLWH/(',OOXPLQDQFH&KDUW .(3/ .(3/ ;LVWKHYDOXHRIWKHPHDVXUHPHQWRIWKH/('EULJKWQHVVDWPHWHUGLVWDQFHZLWKRXWRSWLFGHYLFHVDSSOLHGWRWKH/(' 7HVWFRQGLWLRQV 7HVWFXUUHQWP$/(' 5RRP/XPLQRXV,QWHQVLW\/XPHQ 5RRP7HPSHUDWXUH& /('WHPSHUDWXUHDIWHUPLQa& 7KHGLDJUDPGHPRQVWUDWHVWKHSHUIRUPDQFHRI.KDWRGOHQVHV # "%#& $%#&%! # !" %' % $%( ZZZNKDWRGFRP WHFKQLFDO#NKDWRGFRP 3DJLQD 4%#(.)#!, $%04 ,ENSES 4EST 2EPORT 3KRWRV -ETER -ETER /(': -ETER .(3/ -ETER /(': 6SHFWUR0HWULF$QDO\VLV .(3/ 6SHFWUR0HWULF$QDO\VLV -ETER .(3/ -ETER .(3/3 6SHFWUR0HWULF$QDO\VLV 0HDVXUHPHQWVFDUULHGRXWZLWK/X[RPHWHUPRG/8;5RRP/XPLQRXV,QWHQVLW\/XPHQ&DPHUDPRG)XMLOP6 ZZZNKDWRGFRP WHFKQLFDO#NKDWRGFRP 3DJLQD 4%#(.)#!, $%04 ,ENSES 4EST 2EPORT 'UDZLQJ ZZZNKDWRGFRP WHFKQLFDO#NKDWRGFRP 3DJLQD 4%#(.)#!, $%04 ,ENSES 4EST 2EPORT /HQVFKDUDFWHULVWLFV 3DUDPHWHU 6\PERO 5DWLQJ 8QLW 300$2SWLFV 3& 2SHUDWLQJ7HPSHUDWXUH 7RSU WR & 6WRUDJH7HPSHUDWXUH 7VWJ WR & /HQV0DWHULDO +ROGHU0DWHULDO $YHUDJHWUDQVPLWWDQFHLQYLVLEOHVSHFWUXP QP !DVPHDVXUHGXVLQJPPWKLFN2SWLFDO*UDGH300$ /('FKDUDFWHULVWLFV ;9DOXHLVYDOLGIRUDQ\:ODPEHUWLDQ/(' 1RWHV 3OHDVHQRWHWKDWARZOLQHVDQGZHOGOLQHVRQWKHH[WHUQDOVXUIDFHVRIWKHOHQVHVDUHDFFHSWDEOHLIWKHRSWLFDOSHUIRUPDQFHRIWKH OHQVLVZLWKLQWKHVSHFLFDWLRQGHVFULEHGLQWKHVHFWLRQ237,&$/&+$5$&7(5,67,&6 6KRXOG\RXUHTXLUHIXUWKHULQIRUPDWLRQSOHDVHFRQWDFW.KDWRGIRUDGYLFH $OOOHQVWHVWLQJPXVWEHVXEMHFWWRLGHQWLFDOFRQGLWLRQVDV.KDWRGWHVWFRQGLWLRQ 3XEOLVKHGE\.KDWRGRSWRHOHFWURQLFVUO$OOWKHGDWDFRQWDLQHGLQWKLVGRFXPHQWDUHWKHSURSUHW\RI.KDWRGRSWRHOHFWURQLFVUO DQGPD\FKDQJHZLWKRXWQRWLFH .+$72'/(168VH$QG0DLQWHQDQFH '2 127 +$1'/( 25 ,167$// /(16(6 :,7+287 :($5,1* */29(6 6.,1 2,/6 0$< '$0$*( /(16 25 /,*+7 75$160,66,21 &/($1/(16(6:,7+0,/'62$3$1':$7(5$1'$62)7&/27+ '212786($1<&200(5&,$/&/($1,1*62/9(17621/(16(6 .KDWRG65/0LODQ,WDO\PDQXIDFWXUHVOHQVHVIRU/('V$Q\RWKHUXVHRIWKHOHQVVKDOOYRLGRXUOLDELOLW\DQGZDUUDQW\7KHOHQVHVDUHDQLQHUWFRPSRQHQWWREH XVHGLQWKHPDQXIDFWXUHRIYDULRXVSURGXFWV2XUZDUUDQW\DQGOLDELOLW\DUHOLPLWHGRQO\WRWKHPDQXIDFWXUHRIWKHOHQV<RXPD\QRWPRGLI\FRS\GLVWULEXWH UHSURGXFHOLFHQVHRUDOWHUWKHOHQVDQGUHODWHGPDWHULDOVRI.KDWRG65/.KDWRG65/GRHVQRWZDUUDQWDJDLQVWGDPDJHVRUGHIHFWVDULVLQJRXWRIWKHXVHRU PLVXVHRIWKHSURGXFWVDJDLQVWGHIHFWVRUGDPDJHDULVLQJIURPLPSURSHULQVWDOODWLRQRUDJDLQVWGHIHFWVLQWKHSURGXFWRULQLWVFRPSRQHQWV1RZDUUDQW\RI DQ\NLQGH[SUHVVHGRULPSOLHGLVPDGHUHJDUGLQJWKHVDIHW\RIWKHSURGXFWV7KHHQWLUHULVNDVWRWKHTXDOLW\RUSHUIRUPDQFHRIWKHSURGXFWLVZLWKWKHEX\HU ,QQRHYHQWVKDOO.KDWRG65/RU.KDWRG86$EHOLDEOHIRUDQ\GLUHFWLQGLUHFWSXQLWLYHLQFLGHQWDOVSHFLDOFRQVHTXHQWLDOGDPDJHVRUDQ\GDPDJHVZKDWVRHYHU DULVLQJRXWRIRUFRQQHFWHGZLWKWKHXVHRUPLVXVHRIWKHSURGXFW.KDWRG65/VKDOOQRWKDYHDQ\REOLJDWLRQZLWKUHVSHFWWRWKHSURGXFWRUDQ\SDUWWKHUHRIZKHWKHU EDVHGRQFRQWUDFWWRUWVWULFWOLDELOLW\RURWKHUZLVH%X\HUDVVXPHVDOOULVNVDQGOLDELOLW\IURPXVHRIWKHSURGXFW7KHODZVRI0LODQ,WDO\JRYHUQWKLVSURGXFWZDUUDQW\ DQGOLDELOLW\DQG\RXKHUHE\FRQVHQWWRWKHH[FOXVLYHMXULVGLFWLRQDQGYHQXHRIFRXUWVLQ0LODQ,WDO\LQDOOGLVSXWHVDULVLQJRXWRIRUUHODWLQJWRWKHXVHRIWKLVSURGXFW ZZZNKDWRGFRP WHFKQLFDO#NKDWRGFRP 3DJLQD