More Related Content
Similar to Daily Deals White Paper (20)
Daily Deals White Paper
- 1. !
!
!
!
Daily Deals White Paper:
!
!
!
!"#$%&'("#)"*+',$+)"#-&'%.+#."(/)0&+12+#()3.+#$(3&+("#+)/43)0(')1"&+21%+
!
!
/$%0,("'&+("#+01"&-/$%&+
!
!
!
!
!
!
!
Harvard Business School
!
Edelman Field Study Fall 2010
!
!
Erik Eliason, Yohanes Frezgi, Fatima Khan
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
- 2. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
Table of Contents
!
!"# $%&'()*+&,-(../01,,
676 !"89:;!"<8:=!"<>9?<@!!!
675 !"89:;!"<8:=!A=7!B:8=C!18:<=!!
67D 1EFG<!F>!+8G<H!!
!
2"# 345(6)01,74/816*6,,
576 !4A<HA9<I!F>!$?@J=KH;!+:8;<H=!!
575 ! !!
57D !BJKJH<!*H<?@=!!!
!
9"# :&0';/4),74/816*6,!,
D76 !+HFE<==!>FH!L<HEC8?K=!
D75 !-8:J<!+HFGF=9K9F?!>FH!L<HEC8?K=!
D7D !'EF?FM9E=!F>!8!"<8:!!
D7N !'>><EK9A<?<==!F>!"89:;!"<8:!-FJEC<H=!
D7O ,-<?@FH!+H<><H<?E<!
D7P !L<HEC8?K!3FMG:89?K=!!
,
<"# =>46(.&0,74/816*6,,
N76 !3F?=JM<H!"<MFQH8GC9E=!!
N75 !"<E9=9F?!L8R9?Q!)<JH9=K9E=!#GG:9<@!KF!"89:;!"<8:=!!
N7D !3F?=JM<H!+JHEC8=9?Q!/<C8A9FH!!
N7N !,<E<GK9A<?<==!F>!3F?=JM<H=!!
!
?"# =/6&,-)(51@,A&&'/)*>4,
O76 !,<=J:K=!
O75 !L<HEC8?K=!
O7D !3F?=JM<H=!
O7N !(<S=9K<!!
!
!
!
!
!
!
!
!
!
!
!
!
5!
!
- 3. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
1.0 Executive Summary
!
!"! B/*81,B&/86,B&C*4&5,,
*C<!@89:;!@<8:!EH8T<!9=!F?<!F>!KC<!MF=K!GFGJ:8H!EF?=JM<HU9?K<H?<K!KH<?@=!9?!5V6V7!!$K!9=!
<==<?K98::;!8!=8:<=!K8EK9E!<MG:F;<@!S;!I<S=9K<=!9?!IC9EC!KC<;!F>><H!:9M9K<@UK9M<!@9=EFJ?K=!F?!
EFJGF?=!KF!:FE8:!M<HEC8?K=7!!*C<!EFJGF?W!8:=F!R?FI?!8=!AFJEC<HW!>J?EK9F?=!=9M9:8H!KF!8!=KFH<@U
A8:J<!E8H@!S<E8J=<!9K!C8=!MF?<K8H;!A8:J<!8K!8!=G<E9>9E!M<HEC8?KW!9=!Q<?<H8::;!8?F?;MFJ=W!8?@!
MJ=K!S<!H<@<<M<@!I9KC9?!8!GH<@<K<HM9?<@!K9M<U>H8M<W!>FH!<X8MG:<W!=9X!MF?KC=7!!"89:;!@<8:!
I<S=9K<=!F>><H!EF?=JM<H=!@<<G!@9=EFJ?K=Y!8!K;G9E8:!@<8:!9=!ZOV!IFHKC!F>!>FF@!>FH!Z5OW!SJK!
EF?=JM<H=!F?:;!C8A<!5N!CFJH=!KF!GJHEC8=<!KC<!AFJEC<H!FH!KC<;!M9==!FJK7!!!
!
!"2,B/*81,B&/86,+6",D8/6;,-/8&6,,
*F!<=K8S:9=C!KC<!G8H8M<K<H=!F>!KC9=!IC9K<!G8G<HW!9K!9=!9MGFHK8?K!KF!@<>9?<!KC<!@9>><H<?E<=!
S<KI<<?!@89:;!@<8:=!8?@!>:8=C!=8:<=7!!!
!
! D*E(0&,!"#@!"89:;!"<8:!A=7!B:8=C!18:<=!!
D/')>0, B/*81,B&/8, D8/6;,-/8&6,
$%/.F8&, [HFJGF?W!%9A9?Q!1FE98:! [9:K![HFJG<W!)8JK<%FFR!
GF&44&66, 4G<?!KF!8::! $?A9K<!4?:;!
H&>E0/F;1, %FE8:! 28K9F?8:!
I1F&,>C,J0>5('), -9HKJ8:!AFJEC<H! +C;=9E8:!GHF@JEK!
K>85,34+&4)>01, 2F! &<=!
,<E<9A<!E8=C!JG!>HF?KW! +8;!FJK!E8=C!>FH!GHF@JEK=W!KC<?!
=/6;,D8>L, KC<?!G8;!FJK!FA<H!V! <8H?!S8ER!IC<?!KC<!GHF@JEK=!
@8;=! 8H<!=F:@!!
, &<=! 2F!
-'/0'*)1, *9M<US8=<@! ]J8?K9K;US8=<@!
-(FF8*&06, 1M8::!M<HEC8?K=! %8HQ<!SH8?@=!
M/8(&,J0>F>6*)*>4,)>,
[<K!?<I!EJ=KFM<H=! 1<::!GF=KUG<8R!9?A<?KFH;!
-(FF8*&0,
N0/456, ,<:8K9A<:;!J?R?FI?! 'XE:J=9A<!?8M<!SH8?@=!
!
*CHFJQC!KC9=!>H8M<IFHR!9K!9=!H8KC<H!FSA9FJ=!KC8K!@89:;!@<8:!I<S=9K<=!8?@!>:8=C!=8:<!I<S=9K<=!
FG<H8K<!A<H;!@9>><H<?K:;7!!!
!
!"9,-'>F&,>C,J/F&0,
(C9:<!>:8=C!=8:<=!@F!<MG:F;!=9M9:8H!K8EK9E=!>FH!EF?=JM<H!GHFMFK9F?!8?@!F>><H!M<HEC8?K=!8!
EC8??<:!KF!FGK9M9T<!9?A<?KFH;W!KC<!I8;!9?!IC9EC!KC9=!9=!<X<EJK<@!9=!A<H;!@9>><H<?K7!!*C<!=EFG<!F>!
KC9=!H<=<8HEC!G8G<H!9=!KF!8?8:;T<!KC<!@;?8M9E=!F>!KC<!@89:;!@<8:!8=!8?!9?@J=KH;!8?@!9K=!9MG8EK!F?!
M<HEC8?K=!8?@!EF?=JM<H=!8?@!@F<=!?FK!8?8:;T<!>:8=C!=8:<=!I<S=9K<=7!!!
!
D!
!
- 4. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
2.0 Industry Analysis
!
*C<!SJ=9?<==!MF@<:!>FH!@89:;!@<8:!=9K<=!FG<H8K<=!GH9M8H9:;!8=!8?!9?K<HM<@98H;!IC<H<!KC<!@<8:!
I<S=9K<!^M<HEC8?K!9?K<HM<@98H;_!IFHR=!I9KC!:FE8:!M<HEC8?K=!^=<::<H=_!KF!?<QFK98K<!8!@<8:!
^GHF@JEK_!KC8K!9=!=F:@!KF!EF?=JM<H=!^SJ;<H=_7!!$?!KC9=!MF@<:!K;G9E8::;!KC<H<!9=!?F!@9H<EK!
9?K<H8EK9F?!I9KC!KC<!SJ;<H=!8?@!=<::<H=!S<>FH<!KC<!KH8?=8EK9F?7!!*C<!F?<!<XE<GK9F?!KF!KC9=!MF@<:!
9=![HFJGF?!1KFH<=!IC9EC!FG<H8K<=!8=!8!MJ:K9U=9@<@!G:8K>FHM!^L1+_!9?!IC9EC!SJ;<H=!^EF?=JM<H=_!
E8?!9?K<H8EK!@9H<EK:;!I9KC!=<::<H=!^:FE8:!M<HEC8?K=_!KCHFJQC!KC<![HFJGF?!I<S=9K<7!!'8EC!G8HK;!
C8=!8?!8>>9:98K9F?!I9KC!KC<!L1+7!!!
!
2"!,G+&0+*&L,>C,345(6)01,J8/1&06,
*C<!@89:;!@<8:=!M8HR<K!9=!M8@<!JG!F>!FA<H!OVV!G:8;<H=!I9KC!FA<H!5VV!9?!KC<!0?9K<@!1K8K<=7!!
!
D*E(0&,2"#@!"89:;!"<8:!3FMG8?;!#?8:;=9=!
,
,
,
,
O(.P&0,>C, 9 99
`DWVVV ! aPVV ! PV999!
$.F8>1&&,
,,,,,,,,,,,=*)*&6, `DVV9A! !!!!!!!!!!!!65NA! PA9!
7+&0/E&,B&/8,J0*'&, ZN6A99! ZDOA999! Z6DP9X!
D(45*4E, 6b6LX! Z5D5LX9! !!!!!!!!!!!!!!2c#!
Q,>C,6(P6'0*P&06, NVLX99! 6VLX999! 2c#!
R,B/*81,B&/8,A&P,
bdX9A! edXA! 2c#!
I0/CC*',,*4,);&,S-T,
!
H0>(F>4,
[HFJGF?W!IC9EC!I8=!FH9Q9?8::;!=K8HK<@!8=!*C<!+F9?K!9?!5VVbW!9=!:8HQ<:;!EH<@9K<@!I9KC!<=K8S:9=C9?Q!
KC<!:FE8:!@89:;!@<8:!=G8E<!8>K<H!FS=<HA9?Q!J=<H=!F>!*C<!+F9?K!EFMS9?<!KC<9H!<>>FHK=!KF!SJ;!QFF@=!
9?!SJ:R!8K!:8HQ<!@9=EFJ?K=7!$?!5VVe!KC<!EFMG8?;!G9AFK<@!8?@!H<?8M<@!9K=<:>![HFJGF?!
^Q<K;FJHQHFJGF?7EFM_W!>FEJ=9?Q!<XE:J=9A<:;!F?!@89:;!@<8:=7!19?E<!KC<?![HFJGF?!C8=!S<EFM<!KC<!
M8HR<K!:<8@<H!9?!KC<!@89:;!@<8:!=G8E<!I9KC!@<8:=!9?!FA<H!6WVVV!M8HR<K=!Q:FS8::;!8?@!<=K9M8K<@!
H<A<?J<!FA<H!O!K9M<=!:8HQ<H!KC8?!KC<!?<XK!S9QQ<=K!G:8;<HW!%9A9?Q1FE98:7!*F!9?E<?K9A9T<!J=<H=!KF!
SJ;!@<8:=![HFJGF?!J=<=! !KC8K!MJ=K!S<!H<8EC<@!S<>FH<!8?;F?<!ICF!C8=!
GJHEC8=<@!KC<!@<8:!9=!Q9A<?!8!@9=EFJ?K7!!$>!KC<!fJFK<!9=!?FK!H<8EC<@!<A<H;F?<!ICF!8QH<<@!KF!
GJHEC8=<!KC<!@<8:!9=!?FK!EC8HQ<@!8?@!?F!F?<!Q<K=!KC<!@9=EFJ?K7!*F!C<:G!@9=KH9SJK<!KC<9H!@<8:=!
[HFJGF?!H<:9<=!F?!8!=KHF?Q!<M89:=!S8=<!KC8K!EF?=9=K=!9?!FA<H!NV!M9::9F?!<M89:=!IFH:@I9@<!IC9EC!
8EEFJ?K!>FH!DOd!F>!KC<9H!@89:;!KH8>>9E7!0=<H=!8H<!8:=F!>JHKC<H!9?E<?K9A9T<@!KF!Q<K!FKC<H=!KF!SJ;!
N!
!
- 5. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
@<8:=!KCHFJQC!8!H<><HH8:!GHFQH8M!KC8K!H<I8H@=!J=<H=!>FH!Q<KK9?Q!>H9<?@=!KF!=9Q?!JG!FH!GJHEC8=<!8!
@<8:!KC8K!KC<;!C8A<!8:H<8@;!SFJQCK7!!
,
D*06),:>+&0,75+/4)/E&,,
19?E<![HFJGF?!I8=!KC<!>9H=K!MFA<H!9?!KC<!@89:;!@<8:!=G8E<!KC<;!C8A<!<?gF;<@!8!=9Q?9>9E8?K!>9H=K!
MFA<H!8@A8?K8Q<!KC8K!EFMS9?<@!I9KC!KC<9H!FG<H8K9?Q!<X<EJK9F?!C8=!:<@!KF!KC<9H!EJHH<?K!M8HR<K!
@FM9?8?E<7!*C<9H!@FM9?8?E<!E8?!:8HQ<:;!S<!=<<?!KCHFJQC!KC<!=9Q?9>9E8?K!@9>><H<?E<!9?!I<S=9K<!
KH8>>9E7!
,
I0/CC*',
!$?!8!H<E<?K!GF=K!S;!)9KI9=<W!8?!F?:9?<!@8K8!8?@!8?8:;K9E=!=<HA9E<!EFMG8?;Y!KC<;!H<GFHK<@!KC8K!
[HFJGF?!EFMM8?@=!bd!F>!QHFJGUS8=<@!EFJGF?!KH8>>9EW!IC9:<!%9A9?Q1FE98:!C8=!gJ=K!ed!8=!F>!
2FA<MS<H!5bW!5V6V7!
!
D*E(0&,9"#@!L8HR<K!1C8H<!F>!"89:;!"<8:!0?9fJ<!-9=9K=XA9!!
!
!
*C<!I9@<!KH8>>9E!M8HQ9?!KC8K![HFJGF?!<?gF;=!E8?!M89?:;!S<!8KKH9SJK<@!KF!KC<9H!:8HQ<H!J=<H!S8=<7!
(C9:<!%9A9?Q=FE98:!C8=!8EEHJ<@!8!S8=<!F>!FA<H!6V!M9::9F?!J=<H=!9?!KC<!0?9K<@!1K8K<=!=9?E<!9K=!
:8J?EC!9?!#JQJ=K!5VVW![HFJGF?!C8=!8M8==<@!?<8H:;!NV!M9::9F?!=9?E<!2FA<MS<H!5VVe7!L8?;!F>!
KC<=<!J=<H=!=9Q?<@!JG!IC<?![HFJGF?!>9H=K!9?KHF@JE<@!KC<!@89:;!@<8:!=G8E<!I9KC!@9=G:8;!8@=!
!
!
!
O!
!
- 6. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
!
D*E(0&,<"#@!18MG:<![HFJGF?!#@A<HK9=<M<?KXA99!!
!
!
0?K9:!M9@U J=<H!8EfJ9=9K9F?!EF=K=!F?!I<S=9K<=!:9R<!
B8E<SFFR!I<H<!A<H;!:FIW!SJK!S;!:8K<!5VV!M8?;!?<I!@<8:!=9K<=!<?K<H<@!KC<!M8HR<K!@H9A9?Q!
EJ=KFM<H!8EfJ9=9K9F?!EF=K=!JG!KCH<<>F:@7!!%9A9?Q=FE98:!>JHKC<H<@!=J>><H<@!>HFM!8!:8ER!F>!+,W!=9?E<!
[HFJGF?!ICF!I8=!>9H=K!9?!KC<!@89:;!@<8:!=G8E<!8?@!EFMM8?@<@!MJEC!F>!KC<!?<I=!8KK<?K9F?W!
IC9:<!%9A9?Q=FE98:!I8=!KC<!Nb!G:8;<H!KF!MFA<!9?!KC<!=G8E<7!BFH!<X8MG:<W![FFQ:<!*H<?@=XA999!!
=CFI=![HFJGF?!C8=!5V!K9M<=!MFH<!=<8HEC!KH8>>9E!KC8?!%9A9?Q=FE98:!9?!5V6V7!
!
D*E(0&,<"#@![FFQ:<!*H<?@=!#?8:;=9=h![HFJGF?!A=7!%9A9?Q=FE98:X9X!!
!
,
U*+*4E6>'*/8,
19M9:8H!KF![HFJGF?W!%9A9?Q=FE98:!=K8HK<@!I9KC!8!@9>><H<?K!SJ=9?<==!MF@<:!S<>FH<!MFA9?Q!9?KF!KC<!
@89:;!@<8:!=G8E<!9?!#JQJ=K!5VV7!0?:9R<![HFJGF?W!IC<?!%9A9?Q=FE98:!M8@<!9K=!G9AFK!9?KF!KC<!@<8:!
=G8E<!KC<H<!I<H<!8:H<8@;!NP!FKC<H!G:8;<H=!9?!KC<!M8HR<K7!*F!@9>><H<?K98K<!KC<M=<:A<=!>HFM!
FKC<H=!%9A9?Q=FE98:!J=<@!@8K8!8?@!8!>8?!S8=<!>HFM!9K=!FH9Q9?8:!SJ=9?<==!F>!EH<8K9?Q!=FE98:!
8GG:9E8K9F?=!F?!B8E<SFFR!KF!@H9A<!KH8>>9E!KF!9K=!?<I!@<8:!=9K<7!*C<;!8:=F!8@A<HK9=<@!C<8A9:;!8=!
=CFI?!S;!KC<!>9QJH<!S<:FI!9?!IC9EC!KC<;!H8?R<@!eKC!>FH![FQQ:<!#@IFH@=!=G<?@9?Q!@JH9?Q!KC<!
MF?KC!F>!iJ?<!5V6V!I9KC!=C<::9?Q!FJK!Z575!M9::9F?XX7!
!
P!
!
- 7. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
D*E(0&,?"#@!%9A9?Q=FE98:!M8HR<K9?Q!=G<?@!F?![FFQ:<!#@IFH@=!9?!iJ?<!5V6VXX9!
! !
,
K1F&0,$%F/46*>4,);0>(E;,34+&6).&4),,
*F!EFMG<K<!I9KC![HFJGF?W!%9A9?Q=FE98:!C8=!H89=<@!FA<H!Z5D5!M9::9F?!9?!>J?@9?QW!IC9EC!9=!ZP6!
M9::9F?!MFH<!KC8?![HFJGF?W!8?@!9?E:J@<=!8!Z6bO!M9::9F?!9?A<=KM<?K!>HFM!#M8TF?7!$?!8!GH<==!
;!=K8K<@!KC8K!KC<;!G:8?!KF!
M8HR<K=!KC<;!EJHH<?K:;!9?7!!!!
!
N0/45,$%)&46*>46,,
$?!8?!<>>FHK!KF!K8HQ<K!8!=G<E9>9E!@<MFQH8GC9E!IC9:<!M89?K89?9?Q!KC<9H!F?<!@<8:!G<H!@8;!MFKKFW!
%9A9?Q=FE98:!C8=!:8J?EC<@!SH8?@<@!<XK<?=9F?=!=JEC!8=!%9A9?Q=FE98:!'=E8G<=!8?@!%9A9?Q=FE98:!
B8M9:;!'@9K9F?7!*C9=!9=!8!@9H<EK!EF?KH8=K!KF![HFJGF?!=KH8K<Q;!F>!=9MG:;!8@@9?Q!8@@9K9F?8:!@<8:=!KF!
KC<9H!=9@<!S8H!IC9:<!8:<HK9?Q!KC<!M !
,
H*8),=*)1,
[9:K!39K;!9=!F?<!KC<!>9H=K!<X8MG:<=!F>!8!M8gFH!?F?U@<8:!=9K<!MFA9?Q!9?KF!KC<!@<8:!=G8E<7!*C<!9@<8!
S<C9?@!KC<!EF?E<GK!I8=!KF!<XK<?@!KC<![9:K![HFG<!=<HA9E<!KF!KC<9H!<?Q8Q<@!J=<H!S8=<7!!*C<;!
K<=K<@!KC<!M8HR<K!I9KC!8!@<8:!>FH!8!=G8!G8ER8Q<!9?!2<I!&FHRW!9K!I8=!8!=9Q?9>9E8?K!=JEE<==!8?@![9:K!
39K;!I8=!>FHM<@7!!$?!8?!9?K<HA9<I! [9:K!39K;W!C<!
M<?K9F?<@!KC8K!KC<!KIF!R<;!EF?=KH89?K=!KC8K!C9?@<H!M8?;!@<8:!I<S=9K<!>HFM!S<9?Q!8!=JEE<==!8H<!
?FK!C8A9?Q!8!@<@9E8K<@!S8=<!F>!J=<H=!8?@!8!:8ER!F>!E8G9K8:!?<<@<@!KF!GHFMFK<!8?@!<XG8?@7!!
L8?;!><<:!KC8K![9:K!39K;!9=!<=G<E98::;!GF9=<@!KF!@F!I<::!S<E8J=<!F>!KC<!:8ER!F>!EFMG:<K9F?!9?!KC<!
:JXJH;!M8HR<K7!![9:K![HFJG<!C8=!8?!9?=K8::!S8=<!F>!FA<H!5!M9::9F?!J=<H=!8?@!8!H<:8K9A<:;!C9QC!GH9E<!
GF9?K!>FH!8?!8A<H8Q<!@<8:7!!jFEC!8:=F!?FK<@!KC8K!KC<;!C8A<!C9QC<H!>J::!GH9E<!H<KJH?!H8K<=!>FH!
EF?=JM<H=!ICF!SJ;!KCHFJQC![9:K!39K;W!=9Q?9>;9?Q!KC<!C9QC<H!@<=9H8S9:9K;!>FH!M<HEC8?K=!KF!C8A<!
b!
!
- 8. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
KC<9H!=JS=EH9S<H=!A9=9K!KC<9H!SJ=9?<==<=7!19M9:8H!KF!%9A9?Q=FE98:W![9:K!39K;!@F<=!?FK!C8A<!8!K9GG9?Q!
GF9?K!>FH!9K=!@<8:=7!
!
!
*F!J?@<H=K8?@!KC<!FA<H8::!9?@J=KH;!8KKH8EK9A<?<==!F>!KC<!@89:;!@<8:!=G8E<!9K!9=!C<:G>J:!KF!<MG:F;!
!
!
D*E(0&,T"# !
D>0'&! -)0&4E);! B&)/*86!
!
I;0&/),>C,O&L,$4)0/4)6,, )9QC! 4A<H!5VV!@89:;!@<8:!E:F?<=!9?!KC<!01!8?@!FA<H!6WVVV!
9?!KC<!3C9?8!
3F=K!KF!EH<8K<!8!@89:;!@<8:!=9K<!9=!8=!:FI!8=!Ze!
V=>4W)9QC!J=<H=!8EfJ9=9K9F?!H8K<=!!!
V=>4W+FFH!fJ8:9K;!I9KC!=M8::<H!@<8:!=9K<=!
-(FF8*&0,J>L&0,, L<@9JM! %8ER!F>!J?9fJ<?<==!>FH!GFGJ:8H!@<8:!E8K<QFH9<=!=JEC!
8=!H<=K8JH8?K!8?@!=G8=!
%8HQ<!?JMS<H!F>!=JGG:9<H=!9?!M<KHFGF:9K8?!8H<8=!
)9QC!KJH?FA<H!9?!=M8::!SJ=9?<==!!
"<G<?@<?K!F?!KC<!H<8EC!F>!KC<!@89:;!@<8:!=9K<!!
$=!?FK!8!?<E<==9K;!>FH!8!SJ=9?<==!!
N(1&0,J>L&0, )9QC! %FI!=I9KEC9?Q!EF=K!>FH!EF?=JM<H=!!
$=!?FK!8!?<E<==9K;!!
:FI!K8HQ<K9?Q!>FH!9?@9A9@J8:!EF?=JM<H=!!!
I;0&/),>C,-(P6)*)()*>4, %FI! "89:;!@<8:!M8R<!JG!8!H<:8K9A<:;!=M8::!G<HE<?K8Q<!F>!
:FE8:!8@A<HK9=9?Q!
(89K!:9=K!>FH!MF=K!GFGJ:8H!@<8:!=9K<=!KJH?!1L/!KF!
FKC<H!>FHM=!F>!8@A<HK9=9?Q!^[HFJGF?!H<E<9A<=!6WVVV!
H<fJ<=K!<A<H;@8;!KC8K!KC<;!E8??FK!GHFE<==_!
=>.F&)*)*+&,X*+/801,, )9QC! %FI!=I9KEC9?Q!EF=K!
0?@9>><H<?K98K<@!F>><H9?Q=!
LJ:K9G:<!<?KH8?K=!9?!KC<!=8M<!M8HR<K!
+H9E<!=<?=9K9A<!J=<H=!!!
!
,
,
,
,
,
,
,
,
,
,
,
,
e!
!
- 9. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
,
,
2"2"!,I;0&/),>C,O&L,$4)0/4)6,
,
D*E(0&,Y"#,2<I!'?KH8?K=,
D>0'&,-)0&4E);, ,,,,,,,,,,,,J0>6, !!!!!!!!!!!!!!!!=>46,
%FI!@<8:!EF?A<H=9F?!H8K<=!H<fJ9H<!8!
:8HQ<!8MFJ?K!F>!@89:;!KH8>>9E! 3F=K!KF!EH<8K<!8!@89:;!@<8:!=9K<!!
L<HEC8?K=!@F!?FK!I8?K!KF!IFHR!I9KC! E8?!S<!8=!:FI!8=!Ze!8?@!
8!@<8:!=9K<!J?:<==!KC<;!8:H<8@;!C8A<! H<fJ9H<=!A<H;!:9KK:<!=<K!JG!K9M<!
8!:8HQ<H!J=<H=!S8=<! !
! "89:;!@<8:!SJ=9?<==!MF@<:!9=!
1KHF?Q!
)8H@!KF!@9>><H<?K98K<!F>><H9?Q=!>HFM! A<H;!8KKH8EK9A<!8?@!GHFA9@<=!
FKC<H!@89:;!@<8:!=9K<=! E8=C!<8H:;!9?!KC<!SJ=9?<==!E;E:<!
! !
1E8:9?Q!SJ=9?<==!H<fJ9H<=!:8HQ<! ,<fJ9H<=!:9KK:<!=G<E98:K;!
8MFJ?K=!F>!>J?@9?Q!>FH!=8:<=!G<FG:<! R?FI:<@Q<!!
8?@!J=<H!8EfJ9=9K9F?!
,
Z&1,I/[&/L/1,,
(C9:<!KC<!@89:;!@<8:!MF@<:!C8=!A<H;!:FI!S8HH9<H=!KF!<?KH;W!8=!@<MF?=KH8K<@!>HFM!>9QJH<!e7VW!KC<!
EF=K!KF!=E8:<!KC<!SJ=9?<==!8H<!=JS=K8?K98:7!*C9=!9=!<=G<E98::;!KHJ<!Q9A<?!KC<!:8HQ<!?JMS<H!F>!
G:8;<H=!8:H<8@;!9?!KC<!M8HR<K!8?@!C9QC!J=<H!8EfJ9=9K9F?!EF=K7!%9A9?Q=FE98:!=G<?K!FA<H!Z575!M9::9F?!
>FH!KC<!MF?KC!F>!iJ?<!5V6V!KCHFJQC![FFQ:<!#@IFH@=!8?@!<=K8S:9=C<@!G:8;<H=!=<<!M8HR<K9?Q!
=G<?@!8=!8!E:<8H!S8HH9<H!KF!<?KH;!>FH!?F?UA<?KJH<!S8ER<@!EFMG8?9<=7!!!!!
!
D*E(0&,"#@![HFIKC!F>!"89:;!"<8:!1<HA9E<=!9?!KC<!071XX997!
!
!
!
!
- 10. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
2"2"2,:&0';/4),J>L&0,
,
D*E(0&,]"#@,:&0';/4),J>L&0, ,
D>0'&,-)0&4E);, ,,,,,,,,,,,,J0>6, !!!!!!!!!!!!!!!!=>46,
!%8ER!F>!J?9fJ<?<==!>FH!GFGJ:8H!@<8:!
E8K<QFH9<=!=JEC!8=!H<=K8JH8?K!8?@!
"89:;!@<8:!8H<!=<<?!8=!8!
=G8=!
=JGG:<M<?K8:!8@A<HK9=9?Q!
%8HQ<!?JMS<H!F>!=JGG:9<H=!9?!
EC8??<:!>FH!M<HEC8?K=!H8KC<H!
M<KHFGF:9K8?!8H<8=!
KC8?!8!?<E<==9K;!!
L<HEC8?K!8H<!:FFR9?Q!>FH!?<I!I8;=!
L<@9JM! "<8:!=9K<=!8H<!<?K9H<:;!
KF!M8HR<K!KF!EF?=JM<H=!
@<G<?@<?K!M<HEC8?K=!!
%FI!>9?8?E98:!H9=R!>FH!M<HEC8?K=!
!
2JMS<H!F>!@<8:=!8H<!FJKG8E9?Q!KC<!
%FI!=I9KEC9?Q!EF=K!>FH!
?JMS<H!F>!@<8:!=9K<!
M<HEC8?K=!!
!
!
,
Z&1,I/[&/L/1,
@89:;!@<8:!=9K<=7!$?!:FE8K9F?=!I9KC!M8?;!M<HEC8?K!=JEC!8=!2<I!&FHRW!3C9E8QFW!8?@!/F=KF?!KC<!
I89K:9=K!KF!Q<K!F?!GFGJ:8H!@<8:!=9K<=!E8?!S<!=9X!MF?KC=!KF!8!;<8H7!$?!=M8::<H!M8HR<K=!M<HEC8?K=!
C8A<!=<<?!QH<8K<H!EF?KHF:!8?@!C9QC<H!S8HQ89?9?Q!GFI<H!F?!EFMM9==9F?=!KF!@<8:!=9K<=7!
L<HEC8?K=!8:=F!C8A<!8!=KHF?Q!GH<><H<?E<!KF!@F!@<8:=!KCHFJQC!=9K<=!I9KC!C9QC!8MFJ?K=!F>!KH8>>9E7!
$?!8!G8G<H!F?!KC<!<>><EK9A<?<==!F>![HFJGF?!M8?;!M<HEC8?K=!C8@!?<Q8K9A<!EFMM<?K=!KFI8H@=!
X&6F>45&4)6,8/0E&81,*45*'/)&5,/44>1/4'&,/),);&,P/00/E&,>C,'/886,);&1,
0&'&*+&,C0>.,);&6&,'>.F&)*)>06,>4,/,5/*81,P/6*6^,/45,.>6),0&F>0)&5,/,8/'[,>C,6(''&66,L;&4,
)FI<A<HW!>9QJH<!e7V!@<MF?=KH8K<=!KC8K!@<8:=!8H<!FJKG8E9?Q!
=9K<= !
!
2"2"9,N(1&0,J>L&0,
,
D*E(0&,!!"#@,/J;<H!+FI<H,
D>0'&,-)0&4E);, ,,,,,,,,,,,,J0>6, !!!!!!!!!!!!!!!!=>46,
!"<8:!=9K<=!C8A<!S<QJ?!KF!F>><H!
@<8:!9?!=G<E9>9E!J?M<<K!A<HK9E8:=! -<H;!=9M9:8H!GHF@JEK!F>><H9?Q!
=JEC!8=!>8M9:;W!KH8A<:W!8?@!:JXJH;! "<8:!8H<!?FK!A<H;!K8HQ<K<@!KF!
KF!SJ9:@!:F;8:K;!I9KC!EF?=JM<H=!! EF?=JM<H=!
1KHF?Q!
%8ER!F>!EFMG<K9K9F?!9?!=M8::! %FI!KF!?F!EF=K!>FH!=I9KEC9?Q!@<8:!
M8HR<K=!! =9K<=!
! !
!
,
,
,
6V!
!
- 11. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
Z&1,I/[&/L/1,
3F?=JM<H=!EJHH<?K:;!CF:@!8::!KC<!GFI<H!FA<H!@89:;!@<8:!I<S=9K<=7!*C<!J?@9>><H<?K98K<@!?8KJH<!F>!
@89:;!@<8:=!EFMS9?<@!I9KC!?F?EFMGJ:=FH;!EF?=JM<H=!EH<8K<=!J=<H=!ICF!F>K<?!=9Q?!JG!I9KC!
MJ:K9G:<!@<8:!=9K<=!FH! !
!
2"2"<,I;0&/),>C,-(P6)*)()&6,,
,
D*E(0&,!2"#@,*CH<8K!F>!1JS=K9KJK<=,,
D>0'&,-)0&4E);, ,,,,,,,,,,,,J0>6, !!!!!!!!!!!!!!!!=>46,
!1JS=K9KJK<=!>FH!@89:;!@<8:=!=JEC!
8=!GH9?K!?<I=G8G<HW!H8@9F!8?@! #!?<I!>H<<!F>><H9?Q!>HFM!
:FE8:!M8Q8T9?<=!8H<!S<9?Q! >8E<SFFR!E8::<@!>8E<SFFR!@<8:=!
@9=HJGK<@!8?@!:F=9?Q!=C8H<!KF! M8;!GF=<!8!EH<@9K8S:<!KCH<8K!KF!
A&/[, @89:;!@<8:!=9K<=!! @<8:!=9K<=!9?!KC<!?<8H!>JKJH<!
Dd!F>!M<HEC8?K=!ICF!C8A<!J=<@! !%F?Q!I89K!K9M<=!>FH!GFGJ:8H!@<8:!
@89:;!@<8:!=9K<=!IFJ:@!@F!=F!8Q89?! =9K<!M8;!@<K<H!M<HEC8?K=!>HFM!
! J=9?Q!@<8:!=9K<=!
!
!
Z&1,I/[&/L/1,
"89:;!@<8:=!C8A<!@9=HJGK<@!KC<!:FE8:!8@A<HK9=9?Q!=G8E<W!IC9EC!H<:9<@!F?!GH9?K!M<@98W!8?@!>8E<!
:9KK:<!KCH<8K!>HFM!KC<!=K8KJ=!fJF =!8EKJ8::;!GH9?K!M<@98!ICF!HJ?!KC<!H9=R!F>!S<9?Q!=JS=K9KJK<@!
S;!@89:;!@<8:=!8=!=<<?!9?!8!=JHA<;!F>!M<HEC8?K=!ICF!J=<@!@89:;!@<8:=!9?!B9QJH<!6D7V7!!
2<A<HKC<:<==W!?<I!<?KH8?K=!ICF!C8A<!=<<?!KC<!@<M8?@!>FH!:FE8:!8@A<HK9=9?Q!M8;!EH<8K<!
F>><H9?Q=!KC8K!EFMG<K<!I9KC!@89:;!@<8:=!9?!KC<!?<8H!>JKJH<7!!
!
D*E(0&,!9"#@,L<HEC8?K!=G<?@9?Q!8>K<H!HJ??9?Q!8!@89:;!@<8:!XX999!
!
,
,
,
,
66!
!
- 12. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
2"2"?,=>.F&)*)*+&,X*+/801,,,
,
D*E(0&,!<"#@,3FMG<K9K9A<!,9A8:H;!!
D>0'&,-)0&4E);, ,,,,,,,,,,,,J0>6, !!!!!!!!!!!!!!!!=>46,
4A<H!5VV!@<8:!=9K<!9?!KC<!01!8:F?<!
8?@!FA<H!6WVVV!IFH:@!I9@<!
%FI!EF=K!KF!:<8A9?Q!KC<! %9KK:<!KF!?F!@9>><H<?E<!9?!fJ8:9K;!FH!
1KHF?Q! 9?@J=KH;! F>><H9?Q!
! 2F!=I9KEC9?Q!EF=K!
'8H:;!E8=C!>:FI!>FH!@<8:!=9K<=!
2F!EJ=KFM<H!:F;8:K;!
!
Z&1,I/[&/L/16,,,
B9<HE<!EFMG<K9K9F?!8EHF==!?<8H:;!<A<H;!8=G<EK!F>!KC<!@89:;!@<8:!=G8E<!C8=!M8@<!9K!<XKH<M<:;!
EFMG<K9K9A<7!1M8::<H!G:8;<H=!C8A<!8KK<MGK<@!KF!H<:9<A<!KC<9H!EFMG<K9K9A<!GH<==JH<=!KCHFJQC!
>FEJ=9?Q!<XE:J=9A<:;!F?!8!=G<E9>9E!=JS=<EKFH!F>!EF?=JM<H=!FH!K;G<!F>!@<8:7!/9QQ<H!G:8;<H=W!=JEC!8=!
%9A9?Q=FE98:!8?@![HFJGF?!C8A<!>FEJ=<@!F?!=E8:9?Q!KC<9H!SJ=9?<==!KF!8=!M8?;!M8HR<K=!8=!GF==9S:<!
KCHFJQC!EFMG8?;!8EfJ9=9K9F?!FH!FHQ8?9E!<XG8?=9F?7!!)FI<A<HW!EFMG<K9K9F?!9=!J?:9R<:;!KF!
@9==9G8K<!9?!KC<!?<8H!>JKJH<7!L<@98!EFMG8?9<=!ICF!C8A<!8:H<8@;!<=K8S:9=C<@!8!J=<H!S8=<!8?@!
=8:<=!K<8M!C8A<!S<QJ?!KF!<?K<H!KC<!@<8:!M8HR<K!8?@!I9::!:9R<:;!>JHKC<H!EJ=KFM9T<!@<8:=!>FH!KC<9H!
J=<H!S8=<7!
!
2"9,D()(0&,I0&456,!
$%F/46*>4,
%FFR!KF!=<<!>JHKC<H!<XG8?=9F?!9?!KC<!@89:;!@<8:!=G8E<!
!L8HR<K!:<8@<H=!:9R<![HFJGF?!8H<!FG<?9?Q!8!?<I!E9K;!?<8H:;!<A<H;!@8;XX9A!
%9A9?Q=FE98:!G:8?=!KF!@FJS:<!9K=!M8HR<K=!9?!5V66!
[HFJGF?!1KFH<=W!8!=<:>!=<HA9E<!@<8:!G:8K>FHMW!I9::!8::FI!M<HEC8?K=!KF!EH<8K<!KC<9H!FI?!
@<8:=!I9KCFJK!QF9?Q!KCHFJQC!KC<!=8:<!GHFE<==!KC8K!EJHH<?K:;!:9M9K=!KC<!?JMS<H!F>!@<8:=!
@F?<!G<H!@8;!
,
=>46>8*5/)*>4,
$?!5V6V![HFJGF?!<XG8?@<@!>HFM!S<9?Q!F?:;!9?!KC<!0?9K<@!1K8K<=!KF!MFA9?Q!9?KF!DO!
EFJ?KH9<=!MF=K:;!KCHFJQC!8EfJ9=9K9F?!F>!39K;"<8:!9?!'JHFG<W!3:8?"<=EJ<?KF!9?!3C9:<W!8?@!
D!@<8:!=9K<=!9?!#=987!!!
KC8K!FKC<H!=JEE<==>J:!9?K<H?<K!=9K<=!M8;!>F::FI!=J9K!S;!8EfJ9H9?Q!@89:;!@<8:!=9K<=!KF!=K8;!
EFMG<K9K9A<7!!
!
O*';&,
2<I!?9EC<!@<8:!=9K<=!C8A<!8:H<8@;!S<QJ?!FG<?!JG!>FH!?9EC<!M8HR<K=!:9R<!@9?9?QW!:JXJH;W!
C<8:KC!8?@!S<8JK;!8?@!>8M9:;!KF!@<EH<8=<!EFMG:<K9F?!I9KC!M8gFH!G:8;<H=!
65!
!
- 13. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
%9A9?Q=FE98:!:8J?EC<@!KIF!?9EC<!=9QCK=!>FH!KH8A<:!8?@!>8M9:;!8?@!G:8?!KF!FG<?!8!KC9H@!>FH!
EF::<Q<!=KJ@<?K!9?!<8H:;!9?!5V66!!
!
=>.F&)*)*>4,C0>.,4>4,5&/8,6*)&6,
(9KC!KC<!=JEE<==!F>!?F?@<8:!=9K<=!:9R<![9:K39K;!FKC<H!M8gFH!9?K<H?<K!@<=K9?8K9F?=!C8A<!
8:H<8@;!S<QJ?!KF!MFA<!9?KF!KC<!@<8:!=G8E<!:9R<!*H8A<:kFFW!4G<?*8S:<W!8?@!#4%7!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
6D!
!
- 14. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
3.0 Merchant Analysis
!
"89:;!@<8:!I<S=9K<=!C8A<!H<AF:JK9F?9T<@!CFI!:FE8:!M<HEC8?K=!8KKH8EK!?<I!EJ=KFM<H=7!!
*H8@9K9F?8:!KFF:=!>FH!8KKH8EK9?Q!?<I!EJ=KFM<H=!9?E:J@<@!F?:9?<!8@A<HK9=9?QW!G89@!=<8HECW!
?<I=G8G<H!8@=!8?@!:FE8:!GJS:9E8K9F?=7!!!)FI<A<HW!KC<=<!G8KC=!I<H<!<XG<?=9A<!>FH!KC<!8A<H8Q<!
MFM!8?@!GFG!H<=K8JH8?K!8?@!?<I!EJ=KFM<H=!I<H<!?FK!QJ8H8?K<<@7!!!!!
,
9"!,J0>'&66,C>0,:&0';/4)6,
/<:FI!9=!8!@98QH8M!IC9EC!@<=EH9S<=!KC<!K;G9E8:!GHFE<==!>FH!8!M<HEC8?K!ICF!IFHR=!I9KC!8!@89:;!
@<8:!I<S=9K<!=JEC!8=![HFJGF?7!
,
D*E(0&,!?"#@,'?Q8Q<M<?K!3;E:<!>FH!L<HEC8?K=!
!!
!
! !",,=>4)/')! 2",I&0.6, 9",J0&_I*F,
! L<HEC8?K=!EF?K8EK! "<8:!K<HM=!8H<! "<8:!9=!8@A<HK9=<@!
! @89:;!@<8:!=9K<W!FH! >9?8:9T<@!S<KI<<?,, I9KC!8!M9?9MJM!
! A9E<!A<H=8! KC<,M<HEC8?K!8?@! =8:<=!8QH<<@!KF!
! I<S=9K<, !
!
! ! !
! -)/E&,G4&,
! !
!
!
",X&_$4E/E&, <",,B&/8,U*+&,
$4E/E&.&4),
-)/E&,IL>,
!
-)/E&,I;0&&,
! L<HEC8?K!H<U "89:;!@<8:!=9K<!
<?Q8Q<!I9KC!KC<!
=1'8&,C>0, R<<G=!8!G<HE<?K8Q<!
!
!
!
! @89:;!@<8:!=9K<!>FH! F>!KC<!H<A<?J<!
! >JKJH<!F>><H=!
:&0';/4)6! !
! !
! !
!
!
Y",X&5&.F)*>4, T",J/1.&4), ?",=;/0E&5,
!
! 3J=KFM<H=!H<@<<M! *CH<<UK9<H<@! !
! AFJEC<H!8K! G8;M<?K!GHFE<==!KF! E8H@!9=!EC8HQ<@!8?@!
! M<HEC8?K!GH<M9=<=! M<HEC8?K! H<A<?J<!EH<@9K<@!KF!
! 3HF==!=<::!8?@!FA<H! S<Q9?=! KC<!@89:;!@<8:!=9K<!
=<::!FEEJH=!
! ! !
! !
!
!
6N!
!
- 15. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
-)/E&,G4&@,=>4)/')^,I&0.6^,J0&_I*F,
L<HEC8?K=!EF?K8EK![HFJGF?!FH!8H<!EF?K8EK<@!S;![HFJGF?!!
[HFJGF?!IFHR=!E:F=<:;!I9KC!L<HEC8?K=!KF!=<<!9>!KC<!@<8:!E8?!S<!>J:>9::<@!Q9A<?!KC<!
M<HEC8?K=!FG<H8K9F?=W!8?@!>9?8:9T<!@<K89:=!
#!@<8:!S<KI<<?!NOd!KF!Vd!F>>!FH9Q9?8:!=8:<=!GH9E<!9=!8@A<HK9=<@W!8?@!SFKC!G8HK9<=!8QH<<!
F?!M9?9MJM!EJ=KFM<H=!H<fJ9H<@W!KF!=C8H<!KC<!H<A<?J<!Q<?<H8K<@!OVUOV!^=G:9K!A8H9<=_!!
!
-)/E&,IL>h!B&/8,U*+&^,=>46(.&0,=;/0E&5^,J/1.&4),=>..&4'&6!
(C<?!8!EF?=JM<H!GJHEC8=<=!8!@<8:W!C9=!@<S9K!FH!EH<@9K!E8H@!9=!EH<@9K<@!KF![HFJGF?!
IC9EC!KC<?!G8;=!KC<!MF?<;!KF!KC<!M<HEC8?K=!
*C<!G8;M<?K!GHFE<==!9=!9?!KCH<<!=K<G=h!*;G9E8::;!DDd!9MM<@98K<:;W!DDd!9?!DV!@8;=!8?@!
DDd!9?!PV!@8;=!
$>!8!M9?9MJM!?JMS<H!F>!EJ=KFM<H=!9=!H<8EC<@!KC<!@<8:!9=!8EK9A8K<@W![HFJGF?!R<<G=!OVd!
F>!EJ=KFM<H=!
?F!KH8?=8EK9F?=!FEEJH!!
!
-)/E&,I;0&&@,X&5&.F)*>4,/45,X&_$4E/E&.&4),,
3J=KFM<H=!8A89:!KC<!@9=EFJ?K=!8K!H<=G<EK9A<!M<HEC8?K!FJK:<K=W!8?@!M<HEC8?K=!R<<G!KC<!
EFG;!F>!KC<!EFJGF?=!KF!K8::;!8Q89?=K!FH9Q9?8:!=8:<!
!
9"2,M/8(&,J0>F>6*)*>4,C>0,:&0';/4)6,!
*C<!S<?<>9K=!F>!G8HK?<H9?Q!I9KC!8!@89:;!@<8:!I<S=9K<!E8?!S<!?JM<HFJ=!>FH!M<HEC8?K=!9>!KC<;!8H<!
GH<G8H<@!8?@!C8A<!KC<!E8G8E9K;!KF!C8?@:<!8!H8G9@!9?>:JX!F>!?<I!EJ=KFM<H=7!!/<:FI!8H<!KC<!KFG!
KCH<<!A8:J<!GHFGF=9K9F?=!>FH!M<HEC8?K=h!!
!
!" 34'0&/6&,I0/CC*',
FJK:<Kc=<HA9E<7!2FK!F?:;!9=!KC<!EFMMJ?9E8K9F?!K8HQ<K<@W!9K!8:=F!GHFA9@<=!8!E8::!KF!8EK9F?U!
I9KC!8!@9=EFJ?K!KC8K!H<=GF?@<?K=!8H<!:9R<:;!KF!A9=9KW!Q<?<H8K<!KH98:W!!8?@!EF?A<HK!8!
G<HE<?K8Q<!KF!H<G<8K! 9X<@!EF=K=!KC<?!KC<!
KH8>>9E!>HFM!?<I!EJ=KFM<H=!9=!8!G:J=7!*C9=!9=!KC<!MF=K!8KKH8EK9A<!A8:J<!GHFGF=9K9F?!KF!
SJ=9?<==<=!KC8K!8H<!?<I!8?@!KH;9?Q!KF!<=K8S:9=C!KC<9H!SH8?@!?8M<7!!
!
2" O&L,=(6)>.&06,,
"<8:=!8H<!SFJQCK!S;!<X9=K9?Q!J=<H=!8?@!?<I!J=<H=!8?@!IC9:<!=<::9?Q!KF!<X9=K9?Q!J=<H=!
Q<?<H8K<=!8@@9K9F?8:!H<A<?J<W!9K!9=!KC<!?<I!EJ=KFM<H=!KC8K!8H<!MFH<!<>><EK9A<!>FH!
SJ=9?<==<=cM<HEC8?K=7!2<I!EJ=KFM<H=!SH9?Q!8@@9K9F?8:!H<A<?J<!9?!KC<!=CFHK!8=!I<::!8=!
MF=K!9MGFHK8?K:;!Q<?<H8K<!KH98:!9=!8!@9=HJGK9A<!>J?EK9F?!KC8K!M8;!F?<!@8;!K8R<!FA<H!
8@A<HK9=<M<?K=!FH!GHFMFK<H=U!SJK!E8?!?FI!J=<!KC<!@89:;!@<8:!G:8K>FHM!KF!F>><H!GHF@JEK=!
8?@!=<HA9E<=!KF!M9::9F?=7!!
!
6O!
!
- 16. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
9" U>L,X*6[,,
"89:;!@<8:=!C8A<!8!:FI!EF=K!EFMG8H<@!KF!FKC<H!8@A<HK9=9?Q!8?@!=8:<=!M<@9JM=!8?@!
KC<H<>FH<!C8A<!:FI<H!H9=R!GHF>9:< SJ;!KC<!@<8:!KC<H<!9=!?F!C8HM!KF!
!
!
9"9,$'>4>.*'6,>C,/,B&/8,,
(C9:<!KC<!M8gFH9K;!F>!H<K89:<H=!8H<!I9::9?Q!KF!9?@J:Q<!9?!H<G<8K!@<8:=!I9KC!=9K<=W!8?@!M8?8Q<!KF!
M8R<!8!GHF>9K!9?!KC<!=CFHK!8?@!:F?Q!K<HM!>HFM!KC<!@<8:=!KC<;!F>><HW!KC<H<!8H<!=FM<!@<8:=!KC8K!
E8?!S<!J?GHF>9K8S:<!>FH!KC<!M<HEC8?K7!!
!
1FM<!F>!KC<!@H9A<H=!KC8K!M8;!9MG8EK!GHF>9K8S9:9K;!8H<h!
! 2JMS<H!F>!@<8:=!=F:@!
! #MFJ?K!F>!@9=EFJ?K!F?!KC<!@<8:=!H<:8K9A<!KF!8EKJ8:!GH9E<!
! #MFJ?K!F>!EFMM9==9F?!Q9A<?!KF!8!@<8:!=9K<!
! "JH8K9F?!F>!KC<!GHFMFK9F?!
! 2JMS<H!F>!G<FG:<!ICF!G89@!MFH<!KC8?!gJ=K!KC<!A8:J<!F>!KC<!@<8:W!97<7!9MM<@98K<!
9?EH<M<?K8:!=8:<=!
! "<8:!@<=9Q?Y!@F<=!KC<!@<8:!<?EFJH8Q<!H<G<8K!GJHEC8=<!S8=<@!F?!H<I8H@=!FH!=K8QQ<H<@!
@9=EFJ?K=!
! 2JMS<H!F>!?<I!EJ=KFM<H=!H<8EC<@!
!
$?!8@@9K9F?W!H<=<8HEC!EF?@JEK<@!I9KC![HFJGF?!M<HEC8?K=!=K8K<=!KC8K!KC<H<!9=!=KHF?Q!<A9@<?E<!
KC8K!GHF>9K8S9:9K;!F>!8!@<8:!E8?!S<!GH<@9EK<@!S;!KIF!R<;!>8EKFH=XXAh!!
! 'MG:F;<<!=8K9=>8EK9F?!I9KC![HFJGF?!=CFGG<H=!
! '>><EK9A<?<==!9?!H<8EC9?Q!?<I!EJ=KFM<H=!
!
*C9=!=CFI=!KC8K!?FK!F?:;!9=!9K!9MGFHK8?K!>FH!SJ=9?<==<=!KF!M8R<!9?EH<M<?K8:!H<A<?J<W!SJK!
<MG:F;<<=!MJ=K!S<!8S:<!KF!@<8:!I9KC!KC<!=G9R<!9?!=8:<=!8?@!F>><H!QH<8K!EJ=KFM<H!=<HA9E<!KF!KC<!
SJ:Q<!F>!?<I!EJ=KFM<H=7!!-<?@FH=!ICF!:F=<!MF?<;!F?!@<8:=!8H<!KCF=<!ICF!F>><H!<XE<==9A<:;!
@<<G!@9=EFJ?K=W!=C8H<!H<A<?J<=!I9KC!@89:;!@<8:!=9K<=!8?@!8H<!?FK!8S:<!KF!Q<?<H8K<!9?EH<M<?K8:!
A8:J<!>FH!KC<9H!SJ=9?<==<=!FH!>FH!KC<9H!<MG:F;<<=7!!
!
#!=KJ@;!EF?@JEK<@!8MF?Q!6OV!=M8::!SJ=9?<==<=!=CFI<@!CFI!M8?;!SJ=9?<==<=!E8M<!FJK!
GHF>9K8S:<!>FHM!KC<!@<8:!8?@!IC;7!*C<!>F::FI9?Q!QH8GC!K8R<?!>HFM!KC<!=KJ@;!=CFI=!KC8K!KC<!SJ:R!
F>!GHFMFK9F?=!KJH?<@!FJK!KF!S<!J?GHF>9K8S:<7!
!
!
!
!
!
6P!
!
- 17. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
D*E(0&,!T"#@!+HF>9K8S9:9K;!F>!8!@89:;!@<8:!F>><H!XXA9!
Vd 2R
eVd
TTR
bVd
PVd ?#R
OVd
NVd 92R 9!R +HF>9K8S:<!
DVd 2?R
0?+HF>9K8S:<
5Vd !9R
R
6Vd
Vd
d!F>!1KJ@;! d!/J;9?Q!MFH<! d!H<GJHEC8=9?Q! d!,J??9?Q!
18MG:< KC8?!QHFJGF?! 8!=<EF?@!K9M< 8?FKC<H!
A8:J< QHFJGF?!9?!KC<!
>JKJH<
,
9"<,$CC&')*+&4&66,>C,B/*81,B&/8,M>(';&06,,
*C<!>9?@9?Q=!>HFM!B9QJH<!6b7V!=CFI!KC8K!=M8::!SJ=9?<==<=!8H<!>9?@9?Q!9?EH<8=9?Q!A8:J<!9?!J=9?Q!
@89:;!@<8:!=9K<=!>FH!GHFMFK9F?=XXA997!*C9=!M8;!M<8?!KC8K!SJ=9?<==<=!IFHR!I9KC!=9K<=!IC9EC!E8?!
GHFA9@<!KC<M!9?EH<8=9?Q!M8HQ9?=7!"<G<?@9?Q!F?!KC<!=9T<!F>!KC<!SJ=9?<==!8?@!9K=!GFGJ:8H9K;!KC<!
SJ=9?<==!I9::!S<!8S:<!KF!?<QFK98K<!M8HQ9?=7!!
!
D*E(0&,!Y"#@!lL<HEC8?K=m!(FJ:@!;FJ!J=<!8!@89:;!@<8:!=9K<!>FH!8?FKC<H!GHFMFK9F?n!XXA999!
A>(85,1>(,(6&,/,5/*81,5&/8,6*)&,C>0,
/4>);&0,F0>.>)*>4`
2F
bd
&<=
Dd
!
!
6b!
!
- 18. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
9"?,M&45>0,J0&C&0&4'&@,74/816*6,>C,B/*81,B&/8,A&P6*)&6,,
-<?@FH=!>HFM!8::!E8K<QFH9<=!8H<!?FI!<?K<H9?Q!KC<!@89:;!@<8:!8H<?87!*C<H<!8H<!A8H9FJ=!EH9K<H98!F?!
IC9EC!M<HEC8?K=!ECFF=<!IC9EC!@89:;!@<8:!=9K<!KF!IFHR!I9KC7!#::!M<HEC8?K=!I8?K!KC<!=9K<!KF!S<!
EH<@9S:<W!I<::!R?FI?W!I9KC!C9QC!EF?=JM<H!KH8>>9E!8?@!8!QFF@!H<GJK8K9F?7!*C<!@<E9=9F?!KF!IFHR!
I9KC!8!@89:;!@<8:!=9K<!M8;!8:=F!@<G<?@!JGF?!KC<!M8HQ9?=!KC<!M<HEC8?K!9=!8::FI<@!KF!R<<G7!!!*C<!
M<HEC8?K!8==JM<@!9=!8!M9@@:<UK9<H!H<=K8JH8?K!9?!KC<!=JSJHS=!F>!8!:8HQ<H!M<KHFGF:9K8?!8H<87!!
!
D*E(0&,!"#@!"89:;!"<8:!(<S=9K<!#?8:;=9=!
,
,
, ,
,
Subscriber size, O! 6! V7O! V7O!
Commission
charged,
6! 5! 5! D!
Discount
Requested,
6! 6! N! 5!
Average Price, D! D! 6! D!
Rigidity of
Content Calendar,
6! D! 5! D!
User
Demographics,
N! N! O! D!
Payment Terms, D! D! D! D!
Cannibalization
Rate
5! 5! 5! 5!
Retention Rate 5! 5! N! 5!
Total Score 22, 2!, 29"?, 2!"?,
!
4SA9FJ=:;! KC<! H8K9?Q! >FH! KC<! @<8:! =9K<=! @<G<?@=! C<8A9:;! F?! ICFM! KC<! M<HEC8?K! 9=! 8?@! IC8K!
K<HM=! 8H<! ?<QFK98K<@7! ! *C<! K8S:<! 8SFA<! 9=! S;! ?F! M<8?=! 8! QJ9@<! KC8K! =CFJ:@! S<! J=<@! S;! 8::!
M<HEC8?K=!9?!KC<9H!8?8:;=9=W!=9MG:;!8!>H8M<IFHR!9?!IC9EC!KC<;!=CFJ:@!EFMG8H<!KC<!@<8:!=9K<=7!!
!
$MGFHK8?K!B8EKFH=!KF!,<M<MS<Hh!
2F7!F>!E9K9<=!KC<!@89:;!@<8:!=9K<!FG<H8K<=!9?!!^>FH!8!?8K9F?8:!EC89?c!SH8?@_!
,<><HH8:!$?E<?K9A<!>FH!J=<H=!^Z6V!9>!;FJ!G8==!8:F?Q!KF!8!>H9<?@W!FH!QHFJG!SJ;9?Q_!
,<I8H@! +F9?K=! ^J=<! KC9=! @<8:! 8?@! Q<K! H<I8H@! GF9?K=! I9KC! KC<! M<HEC8?K! >FH! 8! :8K<H!
GJHEC8=<_!
LFS9:<!#GG=!G:8K>FHM!^#EE<==9S9:9K;!KCHFJQC!=M8HK!GCF?<=c8?@HF9@=_!
6e!
!
- 19. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
1<HA9E<!KC8K!KC<!@89:;!@<8:!=9K<!GHFA9@<=!KC<!A<?@FH!9?!K<HM=!F>!>FHI8H@!G:8??9?Q!
,
9"T,:&0';/4),=>.F8/*4)6,7E/*46),B/*81,B&/8,A&P6*)&6,,
4?<!F>!KC<!MF=K!EFMMF?!EFMG:89?K=!8Q89?=K![HFJGF?!9=!KC<!<XG9H8K9F?!@8K<!IC9EC!9=!9MGF=<@!
F?!EF?=JM<H=7!/;!:8IW!8!Q9>K!E<HK9>9E8K<!=CFJ:@!C8A<!8?!<XG9H8K9F?!G<H9F@!F>!JG!KF!O!;<8H=7!!/JK!
KC<H<!8H<!=FM<!9?=K8?E<=!IC<H<!GF=K!EF?KH8EKJ8:!@8K<=!C8A<!S<<?!>FHE<@!JGF?!EF?=JM<H=!9?!
IC9EC!KC<!EFJGF?!9=!A8:9@!F?:;!@JH9?Q!8!GH<U=G<E9>9<@!K9M<!G<H9F@7!*C<H<!EJHH<?K:;!9=!8!E:8==!
8EK9F?!E8=<!8Q89?=K![HFJGF?!>FH!<?K9E9?Q!EF?=JM<H=!KF!GJHEC8=<!@9=EFJ?K<@!E<HK9>9E8K<=!8?@!
C8A9?Q!KC<M!JK9:9T<!KC<=<!I9KC9?!8!E<HK89?!K9M<!G<H9F@!KC8K!9=!?FK!9?!8:9Q?M<?K!I9KC!KC<!:8I7!!
!
$?!8@@9K9F?W!KC<H<!8H<!=FM<![HFJGF?!@<8:=!IC<H<!EF?=JM<H=!C8A<!M8@<!KC<!9?9K98:!9?A<=KM<?K!
SJK!C8A<!?FK!S<<?!8S:<!KF!8A89:!KC<=<!@9=EFJ?K=!I9KC!KC<!M<HEC8?K!@J<!KF!E8G8E9K;!EF?=KH89?K=!
8K!KC<!M<HEC8?K!:<A<:W!FH!IC<H<!KC<!M<HEC8?K!H<?<Q<=!@J<!KF!C9QC!AF:JM<!8?@!EF=K7!4?<!=JEC!
@<8:!I8=!KC<!+<G<HH<:!1R;@9A9?Qc!*8?@<M!iJMG9?Q!8@A<HK9=<@!FJK=9@<!F>!/F=KF?7!*C<!@<8:!
<8H?<@!KC<!@9A9?Q!M<HEC8?K!PVVU
=J@@<?!HJ=C!9?!@<M8?@!8K!F?<!GF9?K!9?!K9M<!KC<!M<HEC8?K!C8=!?FK!S<<?!8S:<!KF!=EC<@J:<!=R;!
@9A<H=!>FH!M8?;!EF?=JM<H=!@J<!KF!E8G8E9K;!8?@!KC<!@J<!@8K<!F?!KC<!EFJGF?!C8=!<XG9H<@7!1FM<!
G<FG:<!EFMG:89?!8SFJK![HFJGF?!@<:9S<H8K<:;!?FK!C8A9?Q!FA<H=9QCK!8K!KC<!M<HEC8?K!:<A<:!IC9EC!
M8R<=!KC<!GHFE<==!:<==!8EEFJ?K8S:<W!8?@!=FM<K9M<=!MFH<!KHFJS:<=FM<!>FH!KC<!EF?=JM<H7!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
6!
!
- 20. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
4.0 Consumer Analysis
!
<"! =>46(.&0,B&.>E0/F;*'6,,
[HFJGF?!8?@!%9A9?Q=FE98:!8H<!KC<!:<8@9?Q!@89:;!@<8:!I<S=9K<=!9?!KC<!0?9K<@!1K8K<=!I9KC!
8GGHFX9M8K<:;!675O!M9::9F?!8?@!6V!M9::9F?!<M89:!=JS=EH9S<H=!H<=G<EK9A<:;7!!*C9=!?<8H:;!DV!
M9::9F?!J=<H!S8=<!9=!KC<!=FJHE<!F>!@<MFQH8GC9E!@8K8!J=<@!9?!KC<!>F::FI9?Q!8?8:;=9=7!!4JH!
H<=<8HEC!>FJ?@!KC8K!KC<!8A<H8Q<!@89:;!@<8:!EF?=JM<H!9=!8!5e!;<8HUF:@!><M8:<!EF::<Q<!QH8@J8K<!
I9KC!8!CFJ=<CF:@!9?EFM<!F>!FA<H!Z6VVj7!!!
!
D*E(0&,!]"#@!"89:;!"<8:!3F?=JM<H!"<MFQH8GC9E=!^8EEFH@9?Q!KF!@<8:!I<S=9K<=_!!
, H0>(F>4%%*%,, U*+*4E->'*/8%%%, 7+&0/E&,,
VL&*E;)&5,/+&0/E&W!
7H$! ! ! !
18-34 68% 36% 57%
35-44 18% 28% 21%
45-54 11% 18% 14%
55+ 3% 18% 8%
, ! ! !
$BS=7I3GO! ! ! !
Some College 12% 9% 8%
College Grad 50% 35% 48%
Grad School 30% 15% 25%
associate degree 5% 0% 3%
vocational school 2% 0% 1%
No college 1% 41% 15%
, ! ! !
3O=G:$, ! ! !
$29K 7% 6% 7%
$30K-$39K 12% 10% 11%
$40K-$49K 12% 10% 11%
$50K-$69K 21% 14% 18%
$70K-$99K 19% 29% 22%
$100K+ 29% 32% 30%
! ! !
H$OB$X ! ! !
Male 23% 40% 29%
Female 77% 60% 71%
, ! ! !
!
<"2 B&'*6*>4,:/[*4E,K&(0*6)*'6,7FF8*&5,)>,B/*81,B&/86,,
*C<!@<=9Q?!F>!@89:;!@<8:!=9K<=!:<A<H8Q<!=FE98:!G=;ECF:FQ;!KF!9?>:J<?E<!@<E9=9F?!M8R9?Q!8?@!
9?EH<8=<!EF?A<H=9F?7!!*C<!@<=9Q?<H=!J?@<H=K8?@!IC8K!>8EKFH=!9?>:J<?E<!GJHEC8=9?Q!@<E9=9F?=!8?@!
CFI!KF!S<=K!:<A<H8Q<!=FE98:!9?K<::9Q<?E<!KF!GF=9K9F?!KC<9H!F>><H9?Q7!1FE98:!EFMM<HE<!JK9:9T<=!
=FE98:!9?K<::9Q<?E<W!!"#$%&'('!)$!*$+,-#./!%,-$%,-$0%,%1#$2#*2(#3$!*$%4!$5'/#()$',$"+0%,$
.#(%!'*,/3$KF!EH<8K<!GHF>9K8S:<!FGGFHKJ?9K9<=!>FH!SJ=9?<==<=6!!*C<!=9X!C<JH9=K9E=!F>!@<E9=9F?!
M8R9?QW!>9H=K!@<>9?<@!S;!,FS<HK!/7!398:@9?9!9?!C9=!8HK9E:<W!7"#$84'#,4#$*9$:#./+%/'*,!9?!1E9<?K9>9E!
5V!
!
- 21. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
#M<H9E8?!9?!1<GK<MS<H!5VV6!GHFA9@<=!8!A8:J8S:<!>H8M<IFHR!F?!IC9EC!G=;ECF:FQ9E8:!GH<==JH<=!
!! !!!!!!
!
D*E(0&,2#"#,19X!+JHEC8=9?Q!"<E9=9F?!*<EC?9fJ<=,
,
,
,
,
,
<"2"!,J>F(8/0*)1,
+FGJ:8H9K;!9=!8?!9?EH<@9S:;!GFI<H>J:!K8EK9E!KF!9?>:J<?E<!J=<H!S<C8A9FH7!!*C<!GFGJ:8H9K;!GH9?E9G:<!
<MG:F;=!KC<!A9<I=!F>!KC<!EHFI@!KF!EF?A<HK!J=<H=!KF!>F::FI!8!E<HK89?!S<C8A9FH7!!(C<H<8=!
KH8@9K9F?8:!<EFMM<HE<!I<S=9K<=!@F!?FK!@9=G:8;!GJHEC8=<!@8K8!FH!GFGJ:8H9K;!@8K8!F?!8!GHF@JEK!
G8Q<W!@89:;!@<8:!I<S=9K<=!8H<!KH8?=G8H<?K!I9KC!KC9=!9?>FHM8K9F?!8?@!:<A<H8Q<!9K!KF!9?EH<8=<!
EF?A<H=9F?7!!"89:;!@<8:!I<S=9K<=!9?E:J@<!8!@9=EJ==9F?!><8KJH<!>FH!<8EC!@<8:!IC9EC!8::FI=!J=<H=!KF!
EFMM<?K!F?!KC<!@<8:!8?@!M<HEC8?K7!!4A<HIC<:M9?QW!KC<!H<A9<I=!>HFM!EF?=JM<H=!8H<!GF=9K9A<7!!
#?FKC<H!M<KCF@!@89:;!@<8:!=9K<=!<MG:F;!KF!EFMMJ?9E8K<!KC<!GFGJ:8H9K;!F>!8!M<HEC8?K!9=!KF!
=C8H<!CFI!M8?;!B8E<SFFR!>8?=!FH!KI9KK<H!>F::FI<H=!KC<;!C8A<7!,
!
!
56!
!
- 22. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
<"2"2,7();>0*)1,
+<FG:<!?8KJH8::;!=<<R!<XG<HK=!KF!8==9=K!9?!@<E9=9F?!M8R9?Q7!!!'XG<HK=!8H<!C<:G>J:!=EH<<?9?Q!
M<EC8?9=M=!IC9EC!@<EH<8=<=!KC<!8MFJ?K!F>!IFHR!8!J=<H!?<<@=!KF!@F!8?@!KC<H<>FH<!=CFHK<?!KC<!
K9M<!H<fJ9H<@!KF!M8R<!8!@<E9=9F?7!2<I=!H<GFHK=W!=K8HKJG=W!GF:9K9E98?=W!8?@!<A<?!KI<<K=!
8ER?FI:<@Q<!8?@!=F:9E9K!=JSg<EK!M8KK<H!<XG<HK=!KF!A8:9@8K<!8!GF9?K!F>!A9<I7!!"89:;!@<8:!I<S=9K<=!
<MG:F;!KC<!8JKCFH9K;!GH9?E9G:<!S;!9?E:J@9?Q!H<A9<I=!>HFM!?8K9F?I9@<!M<@98!FJK:<K=!=JEC!8=!KC<!
2<I!&FHR!*9M<=!8?@!M<KHFGF:9K8?U=G<E9>9E!M<@98!=JEC!8=!KC<!/F=KF?![:FS<7!!LFH<!=G<E9>9E8::;W!
@89:;!@<8:!I<S=9K<=!I9::!@9=G:8;!J=<H!H<A9<I=!>HFM!I<S=9K<=!=JEC!8=!&<:G!8?@!4G<?*8S:<!KC8K!
"89:;!@<8:!I<S=9K<=!EH<8K<!8JKCFH9K;!KC<M=<:A<=!KCHFJQC!
E9K;7!!
!
<"2"9,X&'*F0>'*)1,,
*C<!H<E9GHFE9K;!GH9?E9G:<!9=!<MG:F;<@!S;!@89:;!@<8:!KCHFJQC!A8H9FJ=!M<KCF@=!=JEC!8=!<XE:J=9A<!
8EE<==!8?@!KC<!@<8:!9K=<:>7!!,<E9GHFE9K;!H<GH<=<?K=!8?!8EK9F?!K8R<?!S;!8!G<H=F?!FH!EFMG8?;!I9KC!
KC<!S<:9<>!KC8K!KC<!FKC<H!G8HK;!I9::!H<G8;!KC<!9?9K98:!8EK9F?7!!3J=KFM<H=!H<8:9T<!KC8K!KC<!M<HEC8?KW!
8MF?Q=K!EJ=KFM<H=!@H9A<=!KC<M!KF!=G<?@!MFH<!KC8?!KC<!A8:J<!F>!KC<!AFJEC<H!IC<?!KC<;!
H<@<<M!9K7!!
!
<"2"<,-'/0'*)1,,
"89:;!@<8:!=9K<=!<MG:F;!KC<!=E8HE9K;!GH9?E9G:<!KF!9?>:J<?E<!8?@!<?EFJH8Q<!=G<E9>9E!J=<H!S<C8A9FH7!!
'A9@<?E<!C8=!GHFA<?!KC8K!8=!FSg<EK=!8?@!FGGFHKJ?9K9<=!S<EFM<!:<==!8A89:8S:<!KF!G<FG:<W!KC<;!
S<EFM<!MFH<!8KKH8EK9A<7!!$?!GH8EK9E<W!=E8HE9K;!E8?!S<!EF?=KHJEK<@!KF!M8R<!EFMMF@9K9<=!=<<M!
<XE:J=9A<7!!$?!H<:8K9F?!KF!KC<!GFGJ:8H9K;!GH9?E9G:<W!KC<!=E8HE9K;!GH9?E9G:<!9=!?FK!=F!MJEC!8SFJK!
IC8K!KC<!EF?=JM<H!=K8?@=!KF!Q89?!>HFM!KC<!GJHEC8=<W!H8KC<H!IC8K!KC<;!=K8?@!KF!:F=<!>HFM!?FK!
GJHEC8=9?Q7!!"89:;!@<8:!I<S=9K<=!<MG:F;!KC<!=E8HE9K;!GH9?E9G:<!J=9?Q!=G<E9>9E!K8EK9E=!=JEC!8=!K9M<!
=<?=9K9A<!@<8:=W!:9M9K<@!fJ8?K9K;!@<8:=W!8?@!9?A9K8K9F?!F?:;!@<8:=7!!!!!!!!!!!!!
!
<"2"?,7CC*4*)1,
*C<!8>>9?9K;!GH9?E9G:<!@<=EH9S<=!KC<!S<C8A9FH!KC8K!J=<H=!>F::FI!J=<H=W!SH8?@=W!8?@!FSg<EK=!KC8K!
KC<;!:9R<7!!#>>9?9K;!H<GH<=<?K=!8!S<:9<>!KC8K!EF?=JM<H=!:9R<!G<FG:<W!SH8?@=W!8?@!GHF@JEK=!KC8K!8H<!
SFKC!=9M9:8H!8?@!>8M9:98H!KF!KC<M7!!"89:;!@<8:!I<S=9K<=!<MG:F;!KC<!8>>9?9K;!GH9?E9G:<!S;!
9?EH<8=9?Q!KC<9H!:9R<8S9:9K;!8?@!EFMMF?!9?K<H<=K!8MF?Q=K!KC<9H!EJ=KFM<H=!9?!KC<!E9K9<=!KC<;!
FG<H8K<7!!4?<!M<KCF@!KF!@F!KC9=!9=!KF!EFMGF=<!EJ=KFM!M<HEC8?K!EF?K<?K!IC9EC!><8KJH<!:FE8:!
H<><H<?E<=!8?@!H<Q9F?8:!9@9FM=7!!!#@@9K9F?8::;W!@89:;!@<8:!I<S=9K<=!:9R<![HFJGF?!><8KJH<!
M<HEC8?K=!IC9EC!C8A<!MJ:K9G:<!:FE8K9F?=!IC9EC!SFKC!9?EH<8=<!KC<!EF?A<?9<?E<!F>!KC<!@<8:!
^=CFHK<H!@9=K8?E<!KF!EFMMJK<!KF!H<@<<M!KC<!@<8:_!SJK!8:=F!9?EH<8=<!KC<!>8M9:98H9K;!F>!KC<!@<8:7!!
3F?=JM<H=!8H<!GH<@9=GF=<@!KF!M8R<!8!GJHEC8=<!S<E8J=<!F>!KC<9H!8>>9?9K;!KFI8H@=!SH8?@=!KC<;!
C8A<!8!H<:8K9F?=C9G!I9KC7!!
!
<"2"T,=>46*6)&4'1,
4?E<!G<FG:<!K8R<!8!GF=9K9F?W!KC<;!GH<><H!KF!=K9ER!I9KC!9K7!!*C<!@<8:!EF?K<?K!GJS:9=C<@!H<><H<?E<=!
K<HM=!8?@!GH8EK9E<=!KC8K!H<:8K<!=G<E9>9E8::;!KF!KC<!M<HEC8?KW!@<8:W!8?@!KC<!J=<H7!!LFH<!
55!
!
- 23. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
9MGFHK8?K:;W!EF?K<?K!8SFJK!KC<!M<HEC8?K!8?@!@<8:!@<=EH9S<!8EK9A9K9<=!KC<!J=<H!I8?K=!KF!S<!
R?FI?!>FH!8?@!IC8K!KC<!J=<H!IFJ:@!:9R<!KF!S<EFM<7!!BFH!<X8MG:<W!M8?;!F>!KC<!=G8!@<8:=!FH!
IFHRFJK!@<8:=!K8HQ<K!G<FG:<!ICF!=<<!KC<M=<:A<=!8=!>8=C9F?8S:<!8?@!:<8@!8!C<8:KC;!:9><=K;:<7!!
3J=KFM<H=!GH<><H!8!G8KC!KC8K!9=!EF?=9=K<?K!I9KC!KC<9H!S<C8A9FH=!8?@!G8=K!8EK9F?=7!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
5D!
!
- 24. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
D*E(0&,2!"#@,#GG:;9?Q!KC<!"<E9=9F?!L8R9?Q!)<JH9=K9E=!KF!8![HFJGF?!"<8:!(<SG8Q<,
,
, X&'*F0>'*)1,
18A<=!EJ=KFM<H=!Z!JG>HF?K!
,
J>F(8/0*)1,
, "9=G:8;=!?JMS<H!F>!@<8:=!
GJHEC8=<@!
,
,
+FGJ:8H9K;!! -'/0'*)1,,
,
%9M9K<@!K9M<!>H8M<!
%9M9K<@!?JMS<H!F>!
,
AFJEC<H=!G<H!J=<H!
, 7();>0*)1,,
,<><H<?E<!/F=KF?![:FS<!
, 8?@!:FE8:!H<=K8JH8?K!H<A9<I!
=FJHE<!
, $?E:J@<!H<A9<I=!>HFM!
39K;1<8HEC!8?@!&<:G!IC9EC!
, ><8KJH<!GFI<H!J=<H=!
,
, 7CC*4*)1,,
LJ:K9G:<!:FE8K9F?=!9?EH<8=<!
,
>8M9:98H9K;,
0=<!F>!:FE8:!9@9FM=,
,
,
,
,
=>46*6)&4'1,
, "<8:!EF?K<?K!9=!EF?=9=K<?K!
! A9<I!
!
<"9 =>46(.&0,J(0';/6*4E,N&;/+*>0,,
UIC8K!EF?=JM<H=!I8?K!KF!SJ;!
,
,
,
,
,
5N!
!
- 25. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
<"9,=>46(.&0,J(0';/6&,N&;/+*>0,,
(C<?!EF?=9@<H9?Q!IC9EC!@<8:=!8H<!MF=K!GFGJ:8H!KF!EF?=JM<H=!KC<H<!8H<!8!A8H9<K;!F>!>8EKFH=!KF!
EF?=9@<H7!!-8H98S:<=!=JEC!8=!KC<!AFJEC<H!GH9E<W!:FE8K9F?!F>!M<HEC8?KW!K9M<!F>!=<8=F?W!J?9fJ<?<==!
F>!F>><H9?QW!8?@!
MF=K!GFGJ:8H!@<8:=W!I<!8?8:;T<@!KC<!@8K8!SFKC!9?!K<HM=!F>!M<8?!QHF==!H<A<?J<!G<H!@89:;!@<8:!
E8K<QFH;!8?@!KC<!fJ8?K9K;!=F:@7!!!
! !
<"9"!,:&/4,X&+&4(&,J&0,=/)&E>01,!
#?8:;T9?Q!KC<!MF=K!GFGJ:8H!@<8:=!S8=<@!F?!M<8?!H<A<?J<!G<H!@<8:7!!$?!KC9=!E8=<W!KC<!MF=K!
GFGJ:8H!@<8:=!8H<!39K;!*FJH=!8=!@<K89:<@!S<:FI7!!!
!
D*E(0&,22"#@!L<8?!,<A<?J<!+<H!"89:;!"<8:!
XXA99
!
:&/4,X&+&4(&,J&0,B/*81,B&/8
bVWVVV
PVWVVV
OVWVVV
NVWVVV
DVWVVV
5VWVVV
6VWVVV
V
!
!
<"9"2,:&/4,a(/4)*)1,J&0,=/)&E>01%%%*,,!
*C<!>F::FI9?Q!@8K8!EFA<H!65V![HFJGF?!@<8:!F>><H=!>HFM!#GH9:!5eW!5V6V!KCHFJQC!iJ:;!DW!5V6V!9?!
IC9EC!DP5WDeN!AFJEC<H=!I<H<!GJHEC8=<@!9?!KC<!>F::FI9?Q!=9X!E9K9<=h!2<I!&FHRW!%F=!#?Q<:<=W!
3C9E8QFW!)FJ=KF?W!18?!BH8?E9=EFW!8?@!/F=KF?7!*F!8?8:;T<!KC<!@8K8!=<KW!KC<!@<8:!F>><H=!I<H<!
=<QM<?K<@!9?KF!=9X!E8K<QFH9<=h!!
'@JE8K9F?U! !
1G8U!C89H!H<MFA8:W!M8==8Q<W!@<?K8:!=<HA9E<=W!>8E98:W!<KE7!!
*H8A<:U!E9K;!EHJ9=<=W!E9K;!KFJH=W!=89:9?QW!<KE7!!
,<=K8JH8?KU!A<Q<K8H98?W!<KC?9EW!EJGE8R<=W!<KE7!!!
%<9=JH<U!SFI:9?QW!MFA9<=W!KC<8KH<W!M9?9UQF:>W!=R;!@9A9?QW!E8H!I8=CW!<KE7!!
5O!
!
- 26. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
B9K?<==U!IFHRFJK!E:8==<=W!Q;M!M<MS<H=C9G=W!;FQ8W!SFFK!E8MGW!<KE7!!
!
D*E(0&,29"#@!"8K8!F>!"89:;!"<8:=!>HFM![HFJGF?7EFM!
=/)&E>0*&6, I>)/8, 7+&0/E&, M>(';&06, 7+E", X&+&4(&, J(0';/6&6bB/1,
GCC&06, B(0/)*>4, ->85, J0*'&, V/5c(6)&5,C>0,
5(0/)*>4W,
Education 14 3.71 41273 $36.36 $910,834 794
Spa 20 3.60 35947 $71.15 $2,185,621 499
Travel 13 5.08 51351 $33.46 $1,230,595 778
Restaurant 37 5.30 124820 $15.57 $1,610,992 637
Leisure 27 4.93 89024 $30.37 $2,346,713 669
Fitness 9 6.11 20419 $38.78 $790,705 371
Total/Avg. 120 4.79 362,384 $37.61 $9,075,460 625
!
I/[&/L/16@,
*C<!MF=K!GJHEC8=<=!G<H!@8;!I<H<!9?!KC<!<@JE8K9F?!8?@!KH8A<:!E8K<QFH9<=!
*C<!MF=K!><8KJH<@!@<8:=!F?![HFJGF?!=JEC!8=!H<=K8JH8?K=!8?@!:<9=JH<!C8@!KC<!><I<=K!
GJHEC8=<=!G<H!@8;!
*C<!MF=K!<XG<?=9A<!AFJEC<H=!I<H<!9?!KC<!1G8!E8K<QFH;!8K!8?!8A<H8Q<!GH9E<!F>!Zb676O!
I<H<!:9A<!>FH!KC<!=CFHK<=K!8MFJ?K!F>!K9M<W!D7PV!@8;=!!
!
<"<,X&'&F)*+&4&66,>C,=>46(.&06,,
#EEFH@9?Q!KF!-8:G8R!PPd!F>!#M<H9E8?=!=8;!KC<;oH<!EJHH<?K:;!=<8HEC9?Q!MFH<!>FH!EFJGF?=!8?@!
@9=EFJ?K=!KC8?!9?!KC<!G8=KXXX997!!3F?=JM<H=!9?!KC<!01!C8A<!S<<?!EF?=9@<H8S:;!MFH<!>HJQ8:!=9?E<!
KC<!H<E<==9F?!8?@!I9::!EF?K9?J<!KF!=<8HEC!>FH!@9=EFJ?K=!F?!=K8G:<!8?@!?F?U<==<?K98::;!GJHEC8=<=7!
BFH!H<=K8JH8?K!=G<E9>9E!F>><H=W!<M89:!9=!KC<!GH<><HH<@!M<KCF@!F>!EFMMJ?9E8K9F?!8=!FJK:9?<@!
S<:FI7!
!
D*E(0&,2<"#@!4?:9?<!4>><H=!%9R<:;!KF!+HFMGK!8?!4H@<H!>HFM!8!,<=K8JH8?K!^d!F>!01!3F?=JM<H=XXX999_!
, !_2<! 2?_9<! 9?_<<! <?_?<! ??d!
74,$./*8, ODd! PDd! O6d! Nd! D5d!
7,J>F,(F,/5,>4,);&,*4)&04&), Dbd! Dd! 5Pd! 55d! 65d!
7,6>'*/8,4&)L>0[,.&66/E&, DNd! NVd! 5ed! 5Vd! d!
>0,(F5/)&,
7,)&%),.&66/E&, Dbd! N6d! 55d! 5Vd! 66d!
5P!
!
- 27. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
5.0 Case Study: Weecation
!
*F!K<=K!FJH!KC<FH9<=!8?@!8GG:;!R<;!:<8H?9?Q=!>HFM!KC9=!H<=<8HEC!G8G<H!I<!@<E9@<@!KF!:8J?EC!8!
?9EC<!@89:;!@<8:!=9K<!9?!KC<!:FE8:!KH8A<:!9?@J=KH;7!!(<!ECF=<!KC9=!9?@J=KH;!S<E8J=<!F>!KC<!8A<H8Q<!
GH9E<!GF9?K!>FH!AFJEC<H=W!KC<!9?C<H<?K:;!=FE98:!?8KJH<!F>!KH8A<:W!8?@!G<H=F?8:!9?K<H<=K=!9?!
@9=EFA<H9?Q!9?K<H<=K9?Q!G:8E<=!FJK=9@<!F>!FJH!CFM<KFI?7!!(<!:8J?EC<@!KC<!=9K<!9?!/F=KF?!9?!
4EKFS<H!5V6V!I9KC!FJH!>9H=K!@<8:!><8KJH9?Q!8!Q<K8I8;!KF!2<I!)8MG=C9H<7!!4JH!@<8:=!@9@!?FK!
9?E:J@<!KH8?=GFHK8K9F?!^<Q!KH89?W!G:8?<W!FH!E8H_!SJK!I<H<!>FEJ=<@!F?!KC<!8EKJ8:!A8E8K9F?!
G8ER8Q<=!=JEC!8=!:F@Q9?QW!<?K<HK89?M<?KW!8?@!@9?9?Q7!!
!
?"!,X&6(8)6,
$?!KFK8:W!(<<E8K9F?!=F:@!6N!@<8:=!@JH9?Q!8!b!@8;!G<H9F@7!!*FK8:!H<A<?J<!Q<?<H8K<@!>FH!KC<!
M<HEC8?K!I8=!Z5W5OV7!!!!!
! !
! D*E(0&,2?"#@!(<<E8K9F?!,<=J:K=!!
Vouchers Sold 14
Weekend ($149) 12
Weekday ($119) 2
Total Sales $ 2,026
Susidy per Voucher 16
Total Subsidies 224
Total Revenue for Merchant $ 2,250
!
!
?"2,:&0';/4)6,
4JH!>9H=K!8?@!MF=K!9MGFHK8?K!FSg<EK9A<!I8=!KF!8EfJ9H<!M<HEC8?K=7!!*F!@F!KC9=W!I<!<MG:F;<@!
A8H9FJ=!M<KCF@=!=JEC!8=h!
!
3F:@!38::U!I<!=<8HEC<@!>FH!?8M<=!8?@!GCF?<!?JMS<H=!F>!:FE8:!CFK<:!FI?<H=!8?@!!
3F:@!'M89:U!I<!<M89:<@!CFK<:!FI?<H=W!)/1!8:JM?9W!8?@!:FE8:!EC8MS<H=!F>!EFMM<HE<!!!
1'4U!SJ9:K!SJ=9?<==7I<<E8K9F?7EFM!8=!KC<!=FJHE<!F>!9?>FHM8K9F?!>FH!M<HEC8?K=!
9?K<H<=K<@!9?!KC<!=<HA9E<!^=<<!8GG<?@9X!>FH!=EH<<?=CFK=_7!!
!
?"9,=>46(.&06,
*C<!KFG!QF8:!>FH!EF?=JM<H=!I8=!KC<!?JMS<H!F>!J=<H=!F?!FJH!<M89:!:9=K7!!*F!8EfJ9H<!J=<H=!I<!
<MG:F;<@!A8H9FJ=!K8EK9E=!=JEC!8=h!!
B8E<SFFR!#@A<HK9=9?QU!I<!8@A<HK9=<@!KC<!(<<E8K9F?!>8?G8Q<!F?!B8E<SFFR!KF!G<FG:<!
:9A9?Q!9?!KC<!2<I!'?Q:8?@!8H<87!!!
'MG:F;<<!?<I=:<KK<H=UIFHR<@!I9KC!<MG:F;<<!?<I=:<KK<H=!>HFM!J?9A<H=9K9<=!9?!/F=KF?!
=JEC!8=!)8HA8H@!8?@!/F=KF?!0?9A<H=9K;!!
4?!E8MGJ=!>:9<H=!^=<<!8GG<?@9X!>FH!9M8Q<_UGF=K<@!>:9<H=!8HFJ?@!E8MGJ=!
5b!
!
- 28. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
1KJ@<?K!4HQ8?9T8K9F?=U!<M89:<@!H<:<A8?K!=KJ@<?K!FHQ8?9T8K9F?=!=JEC!8=!!
3:JS!!
!
=>6),F&0,7'e(*6*)*>4,>4,D/'&P>>[,
#=9@<!>HFM!E8MGJ=!GHFMFK9F?!KC<!MF=K!=9Q?9>9E8?K!8@A<HK9=9?Q!I<!GJH=J<@!I8=!B8E<SFFR!
8@A<HK9=9?Q7!!(<!SJ9:K!>FJH!@9>><H<?K!>8?!G8Q<=!K8HQ<K<@!J=<H=!GH9M8H9:;!9?!KC<!=<A<?!2<I!
U=<HA9E<!G:8K>FHM7!!#>K<H!8!><I!
HFJ?@=!F>!FGK9M9T9?Q!FJH!8@=!8?@!@<EH<8=9?Q!FJH!S9@W!I<!I<H<!8S:<!KF!8EfJ9H<!>8?=!H8KC<H!
9?<XG<?=9A<:;7!!$?!8@@9K9F?!KF!9?EH<8=9?Q!FJH!>8?!S8=<W!I<!8:=F!:<A<H8Q<@!B8E<SFFR!KF!8EfJ9H<!
<M89:=7!!4?!FJH!>8?G8Q<=W!KC<!:8?@9?Q!K8S!8!J=<H!IFJ:@!:8?@!F?!IC<?!KC<;!E:9ER<@!KC<!B8E<SFFR!
8@!IFJ:@!S<!FJH!(<:EFM<!*8S!IC9EC!><8KJH<@!8?!<MS<@@<@![FFQ:<!@FE!>FHM!8?@!8=R<@!>FH!
KC<9H!<M89:!8@@H<==7!!
B8E<SFFR!8@A<HK9=9?Q!Q<?<H8K<@!8:MF=K!b!>8?=W!V7O!<M89:=W!8?@!Z67eV!9?!H<A<?J<7!!!
!
! D*E(0&,2?"#@!B8?G8Q<!B8?G8Q<!,<=J:K=!!
D/4F/E&6, D/46, -F&4), =>6),J&0, $./*86, =J7, I>)/8,M>(';&0, DN,756,
D/4, 7'e(*0&5, X&+&4(&, X&)(04,
A&&'/)*>4, !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!N5!! !!!!!!!!!!!!V76P!! !!!!!!!!!!!!!!!5b!! !!!!!!67OP!!
N>6)>4, 5PV!! U!!!! !
A&&'/)*>4,, !!!!!!!!! !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!6b6!! !!!!!!!!!!!!V76D!! !!!!!!!!!!!!!!!b!!
6WDN!! 576P!! NNb!! !
=/F&,=>5, !!!!!!!!!!!!!!! !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!DD!! !!!!!!!!!!!!V7De!! !!!!!!!!!!!!!!!6N!!
eP!! 57DP!! U!!!! !
U/[&,
!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!
H&4&+/, !!!!!!!!!!!!D!! !!!!!!!!!!!!V75V!! !!!!!!!!!!!!!!!!U!!!! !?c8!!
6O!! U!!!! !
I0/+&8,B&/86,
I>)/8, !!!!!!!!! !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!
5Ne7P! ZV76O!! !!!!!!!!!!!!!65V!! !Z67eV!!
6Wb6V!! 57VO!! ZNNb!!
!
!
?"<,A&&'/)*>4,A&P6*)&,
#?8KFM;!F>!KC<!"<8:!+8Q<U!^=<<!8GG<?@9X!>FH!=EH<<?=CFK=_!!
0=<H!H<A9<I=U!C8HA<=K<@!J=<H!H<A9<I=!>HFM!I<S=9K<=!=JEC!8=!*H9G!#@A9=FH!!
+8;M<?K!$?K<QH8K9F?U!<MG:F;<@!+8;G8:!=K8?@8H@!@J<!KF!9K=!<8=<!F>!J=<!8?@!
JS9fJ9K;!!
+CFKF=U!SFKC!@<8:=!9?E:J@<@!FA<H!K<?!GCFKF=!S<E8J=<!I<!R?<I!KC8K!KC<!?JMS<H!
F?<!>8EKFH!9?>:J<?E9?Q!8!GJHEC8=<!@<E9=9F?!>FH!KH8A<:!9=!G9EKJH<=!
3FMG<::9?Q!4>><HU!KF!EFMMJ?9E8K<!KC<!A8:J<!F>!KC<!@<8:!KC<!G8Q<!@9=G:8;<@!
A8:J<W!GH9E<W!8?@!KC<!8MFJ?K!=8A<@!
1?8G=CFKU!I<!9?E:J@<@!8!SH9<>!=;?FG=9=!F>!KC<!@<8:!9?!J?@<H!6VV!IFH@=!
)9QC:9QCK=U!DUN!SJ::<K!GF9?K=!F>!><8KJH<=!9?E:J@<@!9?!KC<!G8ER8Q<!!
"<8:=!=F:@cH<M89?9?QU!@9=G:8;<@!KC<!?JMS<H!F>!@<8:=!=F:@!8?@!H<M89?9?Q!KF!9?=K9::!
=E8HE9K;!!
5e!
!
- 29. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
1FE98:!9?K<QH8K9F?U!9?K<QH8K<@!KC<!B8E<SFFR!:9R<!SJKKF?W!:9R<!SFXW!8?@!=C8H<!F?!
B8E<SFFR!8?@!*I9KK<H!KF!GHFMFK<!KC<!F>><H!!
L8GU!9?E:J@<@!8!M8G!8?@!8@@H<==!F>!KC<!:FE8K9F?!=F!EF?=JM<H=!EFJ:@!fJ9ER:;!
J?@<H=K8?@!KC<!KH8A<:!K9M<!H<fJ9H<@!^J?@<H!5!CFJH=_!!!!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
5!
!
- 30. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
Appendix for Weecation Case Study
!
3F?=JM<H!"<MFQH8GC9E=!F>!B8?G8Q<=!!
!
!
!
4?!38MGJ=!B:9<H!
!
!
'M89:!38GKJH<!F?!KFG!F>!<A<H;!G8Q<!F?!I<S=9K<!!
!
!
DV!
!
- 31. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
(<<E8K9F?!)FM<G8Q<!1EH<<?=CFK!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
D6!
!
- 34. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
-7:JU$,:$X=K7OI,7HX$$:$OI,,
,
9=!M8@<!8?@!<?K<H<@!9?KF!8=!F>!pppW!
S;!8?@!S<KI<<?!pppW!I9KC!F>>9E<=!8K!ppp!^C<H<9? W!8?@!(<<E8K9F?W!$?E7!^C<H<9?8>K<H!
(<<E8K9F? ! !!
!
X$=3I7U-,
()','#1W!(<<E8K9F?!C8=!@<A<:FG<@!8?@!FG<H8K<=!F?:9?<!GHFG<HK9<=!>FH!KC<!GHFMFK9F?!8?@!=8:<!F>!
A8E8K9F?!G8ER8Q<=Y!!
()','#1W!L<HEC8?K!FI?=!8?@!FG<H8K<=!8!H<=FHK!lpppmY!8?@!
()','#1W!L<HEC8?K!I9=C<=!KF!F>><H!(<<E8K9F?!KC<!H9QCK!KF!GHFMFK<!8?@!=<::!A8E8K9F?!G8ER8Q<=!KF!9K=!
H<=FHK!9?!KC<!>FHM!F>!-FJEC<H=!^@<>9?<@!S<:FI_!8?@!=C8::!G8;!(<<E8K9F?!pp!EFMM9==9F?!>FH!<8EC!AFJEC<H!
=F:@7!
24(!*)','B4,'W!9?!EF?=9@<H8K9F?!F>!KC<!>FH<QF9?QW!KC<!MJKJ8:!8QH<<M<?K=!=<K!>FHKC!C<H<9?!8?@!>FH!
FKC<H!QFF@!8?@!A8:J8S:<!EF?=9@<H8K9F?!KC<!H<E<9GK!8?@!=J>>9E9<?E;!F>!IC9EC!8H<!C<H<S;!8ER?FI:<@Q<@W!
(<<E8K9F?!8?@!L<HEC8?K!C<H<S;!8QH<<!8=!>F::FI=7!
!
!",X&6F>46*P*8*)*&6,,
M<8?!GHFF>!F>!GJHEC8=<!KC8K!<?K9K:<=!9K=!GJHEC8=<H!KF!:F@Q9?QW!M<8:=!8?@!FKC<H!QFF@=!8?@!=<HA9E<=!8K!
FI7!
M&4(&, !
7550&66, !
M/8*5,4*E;)6, ! !
J0*'&, ! !
U>5E*4E, ! !
H>>56b-&0+*'&6, ! !
34'8(5&5,
M/8*5! ! !
0&5&.F)*>4,
)*.&,F&0*>5!
N8/'[>(),5/)&6, ! !
!
DN!
!
- 35. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
/7!(<<E8K9F?!=C8::!J=<!EFMM<HE98::;!H<8=F?8S:<!<>>FHK=!KF!M8HR<K!8?@!=<::!KC<!-FJEC<H=!F>><H<@!S;!
L<HEC8?K!J?@<H!KC<! !
37!L<HEC8?K!=C8::!CF?FH!KC<!K<HM=!F>!KC<!-FJEC<H!J?K9:!9K=!<XG9H8K9F?!@8K<7!
"7!BFH!<8EC!-FJEC<H!=F:@W!(<<E8K9F?!=C8::!G8;!L<HEC8?K!8?!8MFJ?K!<fJ8:!KF!KC<!=8:<!GH9E<!F>!KC<!
AFJEC<H!8=!@<K89:<@!9?!KC<!K8S:<!9?!1JS=<EK9F?!#7!+8;M<?K!=C8::!S<!M8@<!9?!KC<!>F::FI9?Q!M8??<Hh!!
1<A<?K;!G<HE<?K!^bVd_!F>!KC<!H<A<?J<!>HFM!=8:<!F>!-FJEC<H!=C8::!S<!G89@!I9KC9?!KC<!<8H:9<H!F>!K<?!
^6V_!SJ=9?<==!@8;=!F>!=8:<!F>!-FJEC<H!FH!KC<!<XG9H8K9F?!F>!18:<!+<H9F@7!
B9>K<<?!G<HE<?K!^6Od_!F>!KC<!H<A<?J<!>HFM!=8:<!F>!-FJEC<H!=C8::!S<!G89@!I9KC9?!KC<!<8H:9<H!F>!K<?!^6V_!
@8;=!8>K<H!KC<!KC9H@!^DH@_!MF?KC!F>!KC<!=8:<!FH!KC<!<XG9H8K9F?!F>!18:<!+<H9F@7!
#::!8MFJ?K!FJK=K8?@9?Q!>HFM!KC<!H<A<?J<!>HFM!=8:<!F>!-FJEC<H!=C8::!S<!G89@!I9KC9?!K<?!^6V_!@8;=!F>!
KC<!<XG9H8K9F?!F>!KC<!18:<!+<H9F@7!
'7!BFH!<8EC!=8:<!EFMG:<K<@W!(<<E8K9F?!=C8::!GHFA9@<!L<HEC8?K!I9KC!?8M<!F>!KC<!GJHEC8=<H!8?@!KC<!
@<K89:=!F>!KC<!-FJEC<H!=F:@7!#::!FKC<H!9?>FHM8K9F?!8SFJK!KC<!GJHEC8=<H!FSK89?<@!>HFM!KC<!=8:<!
KH8?=8EK9F?!=C8::!S<:F?Q!<XE:J=9A<:;!KF!(<<E8K9F?W!IC9EC!(<<E8K9F?!M8;!@9=E:F=<!KF!L<HEC8?K!8K!9K=!=F:<!
@9=EH<K9F?!8?@!F?:;!KF!KC<!<XK<?K!H<fJ9H<@!KF!<>><EKJ8K<!KC<!K<HM=!F>!KC<!-FJEC<H!=F:@7!
2",I&0.,/45,I&0.*4/)*>47!!*C9=!#QH<<M<?K!=C8::!S<!<>><EK9A<!JGF?!=9Q?9?Q!S;!SFKC!+8HK9<=!8?@!=C8::!
EF?K9?J<!J?K9:!KC<!<8H:9<H!F>!ppp!FH!K<HM9?8K9F?!S;!MJKJ8:!8QH<<M<?K!F>!SFKC!+8HK9<=7!
9",U*.*)/)*>4,>C,U*/P*8*)17!!(<<E8K9F?!=C8::!?FK!S<!:98S:<!>FH!EF=K=!8?@!@8M8Q<=!9?EJHH<@!S;!M<HEC8?K!
8H9=9?Q!FJK!F>!KC9=!#QH<<M<?K!J?:<==!E8J=<@!@9H<EK:;!S;!KC<!QHF==!?<Q:9Q<?E<!F>!(<<E8K9F?!9?!>J:>9::9?Q!9K=!
FS:9Q8K9F?=!J?@<H!KC<!8QH<<M<?K7!(<<E8K9F?!=C8::!?FK!9?!8?;!E9HEJM=K8?E<=!S<!:98S:<!>FH!9?@9H<EK!FH!
EF?=<fJ<?K98:!@8M8Q<=!8?@!EF=K=!9?EJHH<@!S;!L<HEC8?K!>FH!8?;!H<8=F?!IC8K=F<A<H7!
<",34)&88&')(/8,J0>F&0)1",(<<E8K9F?!FI?=!8::!EFG;H9QCK=W!KH8@<M8HR=W!9?K<::<EKJ8:!GHFG<HK;!H9QCK=W!R?FIU
CFI!8?@!8?;!FKC<H!H9QCK=!EF??<EK<@!KF!KC<!F?:9?<!=<HA9E<=!J=<@!KF!GHFMFK<!8?@!=<::!-FJEC<H=7!!
L<HEC8?K!@F<=!?FK!8EfJ9H<!8?;!H9QCK=!FH!:9E<?=<=!IC8K=
K<HM=!F>!KC9=!#QH<<M<?K7!
?",,766*E4.&4)",,(<<E8K9F?!M8;!8==9Q?!KC9=!8QH<<M<?K!9?!ICF:<!FH!9?!G8HK!KF!9K=!=JEE<==FH=!FH!8==9Q?=7!!
2<9KC<H!G8HK;!M8;!8==9Q?!KC9=!#QH<<M<?K!KF!8!KC9H@!G8HK;!I9KCFJK!KC<!GH9FH!IH9KK<?!EF?=<?K!F>!KC<!FKC<H!
G8HK;W!IC9EC!EF?=<?K!=C8::!?FK!S<!J?H<8=F?8S:;!I9KCC<:@!FH!@<:8;<@7!*C<!H9QCK=!8?@!FS:9Q8K9F?=!F>!KC9=!
#QH<<M<?K!=C8::!S9?@!8?@!S<?<>9K!8?;!=JEE<==FH=!FH!8==9Q?=!F>!KC<!G8HK9<=7!,
T",,:>5*C*'/)*>4^,7.&45.&4)^,>0,A/*+&0"!!2F!GHFA9=9F?!F>!KC9=!#QH<<M<?K!M8;!S<!MF@9>9<@W!8M<?@<@W!
FH!I89A<@!<XE<GK!S;!8?!9?=KHJM<?K!9?!IH9K9?Q!=9Q?<@!S;!KC<!G8HK9<=!KF!KC9=!8QH<<M<?K7!!2F!@<:8;!FH!
I89A<HW!<XGH<==!FH!9MG:9<@W!S;!(<<E8K9F?!F>!8?;!H9QCK!FH!8?;!SH<8EC!S;!L<HEC8?K!I9::!EF?=K9KJK<!8!I89A<H!
F>!8?;!FKC<H!H9QCK!FH!SH<8EC!S;!L<HEC8?K7,
DO!
!
- 36. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
Y",,H>+&04*4E,U/L",,*C9=!#QH<<M<?K!=C8::!S<!QFA<H?<@!S;!8?@!EF?=KHJ<@!9?!8EEFH@8?E<!I9KC!KC<!:8I=!F>!
KC<!1K8K<!F>!"<:8I8H<77!
",,-&+&0/P*8*)1",,$?!KC<!<A<?K!8?;!GHFA9=9F?!F>!KC9=!#QH<<M<?K!9=!@<<M<@!KF!S<!J?<?>FHE<8S:<W!=JEC!
@<K<HM9?8K9F?!=C8::!?FK!8>><EK!KC<!A8:9@9K;!FH!<?>FHE<8S9:9K;!F>!KC<!H<M89?9?Q!GHFA9=9F?=!F>!KC<!
#QH<<M<?K7!!*F!KC<!<XK<?K!KC8K!8?;!GHFA9=9F?!F>!KC9=!#QH<<M<?K!9=!J?<?>FHE<8S:<!S<E8J=<!9K!9=!
@<K<HM9?<@!KF!S<!FA<HSHF8@!I9KC!H<=G<EK!KF!=EFG<W!@JH8K9F?!FH!Q<FQH8GC9E!8H<8W!KC8K!GHFA9=9F?!=C8::!?FK!
S<!AF9@!SJK!H8KC<H!=C8::!S<!:9M9K<@!KF!KC<!<XK<?K!H<fJ9H<@!S;!8GG:9E8S:<!:8I!8?@!<?>FHE<@!8=!=F!:9M9K<@7,
]",,$4)*0&,7E0&&.&4)",,*C9=!8QH<<M<?K!EF?=K9KJK<=!8?@!EF?K89?=!KC<!<?K9H<!8QH<<M<?K!8?@!
J?@<H=K8?@9?Q!EF?E<H?9?Q!KC<!=JSg<EK!M8KK<H!8@@H<==<@!C<H<9?!S<KI<<?!KC<!G8HK9<=W!8?@!=JG<H=<@<=!
8?@!H<G:8E<=!8::!GH9FH!?<QFK98K9F?=!8?@!8::!8QH<<M<?K=!GHFGF=<@!FH!FKC<HI9=<W!IC<KC<H!IH9KK<?!FH!FH8:W!
EF?E<H?9?Q!KC9=!=JSg<EK!M8KK<HW!8?@!KC<!8!G8HK9<=!C8A<!M8@<!?F!8QH<<M<?K=W!H<GH<=<?K8K9F?=!FH!
I8HH8?K9<=!H<:8K9?Q!KF!KC<!=JSg<EK!M8KK<H!F>!KC9=!8QH<<M<?K!KC8K!8H<!?FK!=<K!>FHKC!9?!KC9=!8QH<<M<?K7!
!
DP!
!
- 37. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
Endnotes
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
9
!!!#M9H!'>H8K9!8?@![<F>>H<;!#7!BFI:<HW,
1KH<<K!iFJH?8:W!!"<E<MS<H!6W!5V6VW!
CKKGhccF?:9?<7I=g7EFMc8HK9E:<c1/6VVV6N5NVO5bNebVNPb5VNObOPNbVDDVOONVO5e7CKM:W!
8EE<==<@!F?!"<E<MS<H!5V6V7!!
!
99
!
/:FFMS<HQW!"<E<MS<H!bW5V6VW!CKKGhccIII7S:FFMS<HQ7EFMc?<I=c5V6VU65UVbc:9A9?Q=FE98:U
EFJ?K=UF?U8M8TF?UEFMU=UC<:GU9?UQHFJGF?UQJ?>9QCKUE<FU=8;=7CKM:W!8EE<==<@!F?!"<E<MS<H!
5V6V7!
!
999
!#?@H<I!jFECW!9?K<HA9<I!S;!&FC8?<=!BH<TQ9W!/F=KF?W!L#!"<E<MS<H!6W5V6V7!!
!
9A
!!1K8E;!3FI:<;W! [HFJGF?!I8:R=!8I8;!>HFM![FFQ:<!K8R<FA<H!K8:R=! !
"<E<MS<H!NW5V6VW!CKKGhccMF?<;7E??7EFMc5V6Vc65cVDcK<EC?F:FQ;cQHFJGF?qQFFQ:<c9?@<X7CKMW!!
8EE<=<@!F?!"<E<MS<H!5V6V7!
!
A
!
/:FFMS<HQW!"<E<MS<H!bW5V6VW!CKKGhccIII7S:FFMS<HQ7EFMc?<I=c5V6VU65UVbc:9A9?Q=FE98:U
EFJ?K=UF?U8M8TF?UEFMU=UC<:GU9?UQHFJGF?UQJ?>9QCKUE<FU=8;=7CKM:W!8EE<==<@!F?!"<E<MS<H!
5V6V7!
!
A9
!#?@H<I!jFECW!9?K<HA9<I!S;!&FC8?<=!BH<TQ9W!/F=KF?W!L#!"<E<MS<H!6W5V6V7!
!
A99
!
CKKGhccK<ECEHJ?EC7EFMc5V6VcVOcV5cK<8H@FI?U
QHFJGF?cW!8EE<==<@!2FA<MS<H!5V6V7!
!
A999
!$S9@7W!G767!
!
9X
!1FJHE<h!"8K8!>HFM!III7[9:K39K;7EFM!@<8:!G8Q<=W!8?@!8A<H8Q<!GH9E<!F>!C9QC:9QCK!@<8:7!!!
!
X
!3HJ?ECS8=<
CKKGhccIII7EHJ?ECS8=<7EFMcEFMG8?;c:9A9?Q=FE98:W!8EE<==<@!F?!2FA<MS<H!5V6V!!
!
X9
!
CKKGhccIII7EHJ?ECS8=<7EFMcEFMG8?;cQHFJGF?W!8EE<==<@!F?!2FA<MS<H!5V6V!!
!
X99
!#?@H<I!L8=F?W!9?K<HA9<I!S;!3C8H:9<!,F=<W!*C<!3C8H:9<!,F=<!1CFIW!
CKKGhccIII7CJ:J7EFMcI8KECc6VNcEC8H:9<UHF=<U8?@H<IUM8=F?UE<FUQHFJGF?U=K8E;U=EC9>>U
gFC?UIFF@r=UG6U=FU9VW!"<E<MS<H!VW5V6V!
!
Db!
!
- 38. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X999
! !
5W5V6VW!CKKGhccS:FQ=7>FHS<=7EFMcM9R<9=88Ec5V6Vc65cV5c:9A9?Q=FE98:UH<E<9A<=U6bOUM9::9F?U
9?A<=KM<?KU>HFMU8M8TF?c!
!
X9A
U/J;9?Q!-9=9K=!-=7!ed!BFH!
CKKGhccK<ECEHJ?EC7EFMc5V6Vc65cV5cC9KI9=<UQHFJGF?U:9A9?Q=FE98:c7!
!!!
XA
!:S9@7W!G767!
!
XA9
!
CKKGhccI<S:FQ=7C9KI9=<7EFMcS9::U
K8?E<Hc5V6Vc65c:9A9?Qq=FE98:q8?@qKC<q8@FGK9F?7CKM:nJKMq=FJHE<s><<@SJH?<HtJKMqM<@9JM
s><<@tJKMqE8MG89Q?sB<<@huC9KI9=<u^)9KI9=<u$?K<::9Q<?E<_7!
!
XA99 =K
! W!5V6VW!F?!2F@8:!/9K=!/:FQW!
CKKGhccIII7?F@8:S9K=7EFMcS9K=cCFIUC8=UQHFJGF?UQHFI?U=FU>8=Kc!8EE<==<@!F?!2FA<MS<H!5V6V7!!
!
XA999
!![FQQ:<!*H<?@=W!CKKGhccIII7QFFQ:<7EFMcKH<?@=nfs%9A9?Q?W[HFJGF?!
utEK8SsVtQ<Fs8::t@8K<s5V6Vt=FHKs6W!8EE<==<@!F?!"<E<MS<H!5V6V7!
X9X
!![FQQ:<!*H<?@=W!CKKGhccIII7QFFQ:<7EFMcKH<?@=nfs%9A9?Q?W[HFJGF?!
utEK8SsVtQ<Fs8::t@8K<s5V6Vt=FHKs6W!8EE<==<@!F?!"<E<MS<H!5V6V7!
XX
!
/:FQW!CKKGhcc=<8HEC<?Q9?<:8?@7EFMcQFFQ:<=UKFGU8@IFH@=U8@A<HK9=<H=U:<8R<@U@FEJM<?KUH<A<8:=U
8@A<HK9=9?QU@F::8H=UN6eW!8EE<==<@!F?!2FA<MS<H!5V6V7!!
!
XX9
! (FH@=!#@A<HK9=<H=h!%<8R<@!"FEJM<?K!,<A<8:=!#@A<HK9=9?Q!
/:FQW!CKKGhcc=<8HEC<?Q9?<:8?@7EFMcQFFQ:<=UKFGU8@IFH@=U8@A<HK9=<H=U:<8R<@U@FEJM<?KUH<A<8:=U
8@A<HK9=9?QU@F::8H=UN6eW!8EE<==<@!F?!2FA<MS<H!5V6V7!!
!
XX99
!
+H<=<?K8K9F?!F?!=:9@<=C8H<W!#JQJ=K!6W5V6VW!CKKGhccIII7=:9@<=C8H<7?<Kc;9G9Kc;9G9KUI<S9?8HU
e66VUOV6NNeP7!!
!
XX999
!$S9@7W!G76V7!
!
XX9A
#?@H<I!L8=F?W!9?K<HA9<I!S;!3C8H:9<!,F=<W!*C<!3C8H:9<!,F=<!1CFIW!
CKKGhccIII7CJ:J7EFMcI8KECc6VNcEC8H:9<UHF=<U8?@H<IUM8=F?UE<FUQHFJGF?U=K8E;U=EC9>>U
gFC?UIFF@r=UG6U=FU9VW!8EE<==<@!F?!"<E<MS<H!VW!5V6V7!
De!
!
- 39. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!
!
XXA9
!0KG8:!L7!"CF:8R98W! !,9E<!
0?9A<H=9K;W!1<GK<MS<H!5eW5V6VW!CKKGhccIII7HJ>7H9E<7<@Jcv@CF:8R98c[HFJGF?d5V!
'>><EK9A<?<==d5V1KJ@;Wd5V1<Gd5V5ed5V5V6V7G@>W!8EE<==<@!F?!2FA<MS<H!5V6V7!!
,
XXA999
!
+H<=<?K8K9F?!F?!=:9@<=C8H<W!#JQJ=K!6W5V6VW!CKKGhccIII7=:9@<=C8H<7?<Kc;9G9Kc;9G9KUI<S9?8HU
e66VUOV6NNePW!8EE<==<@!F?!2FA<MS<H!5V6V7!!
!
XX9X
!
CKKGhccIII7QHFJGF?IFHR=7EFMcIC;UQHFJGF?c@<MFQH8GC9E=W!8EE<==<@!F?!2FA<MS<H!5V6V7!
!
XXX
! U
CKKGhcc:9A9?Q=FE98:7EFMcQ<K><8KJH<@W!8EE<==<@!2FA<MS<H!5V6V7!
!
XXX9
!'H9R!':98=F?W!S8=<@!F?!@8K8!>HFM!<A<H;![HFJGF?!@<8:!>HFM!#GH9:!5e!KF!iJ:;!DW5V6V7!
!
XXX99
! U
U3FMM<HE<!/:FQW!
CKKGhccIII7<M8HR<K<H7EFMcS:FQc9?@<X7GCGcH<=K8JH8?KU9?@J=KH;U<MJ:8K<=UQHFJGF?UQ9:K=U
H<E9G<UQHFJGSJ;9?QcW!8EE<==<@!F?!2FA<MS<H!5V6V7!
!
XXX999
!$S9@7!!
D!
!