TARIFF TABLES
2015/2016
Table of Contents
Item
1
Description
FINANCE
Revenue
1.1
Revenue Clearance Certificate
1.2
Determination of Rates
2
2.1
3
3.1
4
4.1
4
4.1
Page No.
1
2-5
Real Estate
Valuation Roll
6
GOVERNANCE & INTERNATIONAL RELATIONS
City Hall Administration & Secretariat
City Hall Hire Charges
7-12
Regional Centres: Sizakala Customer Services
Venue Hire Charges
13-14
CITY MANAGERS’ OPERATIONS OFFICE
Legal & Compliance
Business Licensing
15-16
Metro Police
4.2
5
Metro Police
17-18
ECONOMIC DEVELOPMENT & PLANNING
Development Management and Planning
5.1
Zoning / Rezoning of Land
19-20
5.2
Subdivision of Land
21-22
5.3
Consent Applications & Relaxations
23-24
5.4
Other Applications
25-26
5.5
Building Applications
27-28
5.6
Permits and Encroachments
29
5.7
Building Inspectorates
30
5.8
Plan Viewing and Copies
31
5.9
General Advertising/Classification
6
32-36
Business Support
6.1
Itinerant & Street Traders & Hives Sites
37-38
6.2
Retail Markets
39-42
6.3
Fresh Produce Markets: Cold Storage
43
COMMUNITY & EMERGENCY SERVICES
7
7.1
8
Health
Health Services
44-45
Parks, Recreation and Culture
8.1
Beach and Foreshore
46-48
8.2
Municipal Bowling Greens
49
8.3
Community Halls/Grading
50-53
8.4
Cemeteries and Crematoria/Grading
54-57
8.5
Golf Courses
58-60
Table of Contents
Item
Description
Page No.
8.6
Gugu Dlamini Park
8.7
Mitchel Park Zoo
63
8.8
Nature Reserves
64-66
8.9
Umgeni River Bird Park
67-68
8.10
Sale or Hire of Plant and Material
69-70
8.11
Sea and Seashore
8.12
Sports field/Grading
72-81
8.13
Swimming Pools/Grading
82-85
8.14
Stadiums
86-119
8.15
Libraries
120-123
9
71
FIRE & EMERGENCY SERVICES
9.1
Fire
9.2
Disaster
10
61-62
124-129
130
HUMAN SETTLEMENTS, ENGINEERING SERVICES & TRANSPORT AUTHORITY
Engineering
10.1
Hardening and Reinstatement of Footways
10.2
Storm water Disposal
134
10.3
Channel Crossings
135
10.4
Bus Ranks, Parking Meters and Municipal Parking Ground Bylaws
136-137
10.5
Copy fees for Prints, Plans and Photographs
138-143
11
131-133
Human Settlements
11.1
Administration
144
11.2
Strollers
145
TRADING SERVICES
12
Electricity
12.1
Electricity Residential & Business
146-154
12.2
Reconnection Fees
155-165
13
Cleansing And Solid Waste
13.1
Refuse Collection and Disposal
13.2
Domestic Refuse Removal User Charge
14
166-173
174
Water & Sanitation
14.1
Sewerage Disposal Sundry Tariff
175-181
14.2
Water
182-183
14.3
Sundry Water
184-198
14.4
Sewerage Disposal User Charge
199-202
204.80
307.28
170.67
256.07
Manual Applications : Properties below and equal to R185 000 in value
Manual Applications : Properties above R185 000 in value
IRCAM
IRCAM
1
163.88
IRCAM
136.57
Electronic Applications : Properties below and equal to R185 000 in value
IRCAM
350.30
233.48
186.83
116.77
420.36
280.17
224.19
140.13
504.44
336.21
269.03
168.15
Present Tariff Tariff Excluding Tariff Including Tariff Including Tariff Including
Excluding Vat
(2014/2015) Vat (2015/2016) Vat (2015/2016) Vat (2016/2017) Vat (2017/2018)
R
R
R
R
R
Electronic Applications : Properties above R185 000 in value
Description
102.43
:Finance
:Revenue
:Revenue Clearance Certificate
85.36
Charge
Codes
CLUSTER
UNIT
TARIFF
CLUSTER
UNIT
TARIFF
: Finance
: Revenue
: Determination of Rates
1.2.5 DETERMINATION OF RATES
In terms of the amended Rates Policy adopted in principle by Council on 29 January 2015 and to be adopted
with the budget, the Municipality may levy different Rates for different categories of Property.
That the rate randage for the said financial year for the eThekwini Municipality, be and is hereby assessed and
levied for the following categories at:
Categories
2015/2016
Cents in the rand
2016/2017
Cents in the rand
2017/2018
Cents in the rand
1.115
0.279
3.262
2.528
0.279
4.998
5.574
1.115
1.649
1.187
0.297
3.474
2.692
0.297
5.323
5.936
1.187
1.757
1.270
0.318
3.717
2.880
0.318
5.696
6.352
1.270
1.880
Residential at
Agricultural at
Industrial at
Business and commercial at
Public service infrastructure at
Vacant land at
Unauthorised or illegal development at
Rural Residential at
Development Phasing Line at
Multiple-Use Property will be dealt with in accordance with the Rates Policy.
1.2.6 EXEMPTIONS, REBATES AND REDUCTIONS
That the following reductions on the market value of the property and rebates on the rates payable, be and
are hereby granted in accordance with the Rates Policy.
1.2.6.1 RESIDENTIAL PROPERTY
That in addition to the statutory reduction of R 15 000, a further reduction of R 105 000 be and is hereby
approved for property values exceeding R 185 000. The conversion of the aforementioned residential reduction
into an application driven rebate is hereby extended by one year to the 2016/2017 financial year.
1.2.6.2 PUBLIC BENEFIT ORGANISATIONS
That on application and approval, only Public Benefit Organisations listed in clause 7.5 of the Municipality’s
Rates Policy 2015/2016 shall receive an exemption from rates
1.2.6.3 SENIOR CITIZENS, DISABILITY GRANTEES / MEDICALLY BOARDED PERSONS AND CHILD
HEADED HOUSEHOLDS
(i) That in addition to the reduction in 1.2.6.1 above, a rebate not exceeding R 3 623 or such lesser amount
as may otherwise be payable, be and is hereby approved for qualifying pensioners, disability grantees /
medically boarded persons and child headed households as defined in the indigent policy.
(ii) That it be and is hereby resolved to place a maximum limit of R3 million on the value of the property, in
order to qualify for the senior citizens rebate in (i) above.
1.2.6.4 LIFE RIGHTS SCHEMES AND RETIREMENT VILLAGES
That on application and approval, a 25% rebate be granted to Life Rights Schemes and Retirement Villages
registered in terms of the Housing Development Scheme for Retired Persons Act 65 of 1988.
1.2.6.5 SCHOOLS NOT FOR GAIN
2
That a rebate of 50% be and is hereby granted to qualifying schools not for gain.
1.2.6.6
BED AND BREAKFAST UNDERTAKINGS
That on application and approval a rebate of 50% be granted to all Bed and Breakfast establishments, that
have a valid Registration Certificate issued by eThekwini Municipality.
1.2.6.7
GUEST HOUSE UNDERTAKINGS
That on application and approval a rebate of 25% be granted to all Guest House undertakings, that have a valid
Registration Certificate issued by eThekwini Municipality.
1.2.6.8
BACK–PACKER LODGES, HOLIDAY ACCOMODATION AND STUDENT ACCOMMODATION
(i) That on application and approval, the following rebates shall apply to Back-packer establishments that
have a valid Registration Certificate issued by eThekwini Municipality:
a)
Where up to 9 beds are available to guests, a rebate not exceeding 50% will apply;
b)
Where up to 20 beds are available to guests, a rebate not exceeding 25% will apply;
(ii) That on application and approval, property let out for the purposes of Holiday Accommodation for reward,
be granted a rebate of 25%
(iii) That on application, property let out for the purposes of Student Accommodation, be granted a rebate of
25%.
1.2.6.9 NATURAL AND OTHER DISASTERS
(i)
That on application and approval a temporary rebate of 75% be granted in respect of property
damaged by disaster for a period of six months or a portion thereof.
(ii)
That on application and approval, that a further temporary rebate of 75% be granted thereafter for a
period not exceeding six months.
(iii)
That the rebate is granted on the category of property prior to damage.
1.2.6.10
VACANT LAND
That the reduction of R 30 000 on the market value of Vacant Land outside the Development Phasing Line be
re-introduced effective from 1 July 2015.
1.2.6.11
MUNICIPAL PROPERTIES
Except for Trading Services, Municipal leases and Housing suspensive sale agreements, property owned by the
Municipality or occupied by the Municipality for development housing, is exempt from rates.
1.2.6.12
NATURE RESERVES AND CONVERSATION AREAS
That on application and approval, nature reserves and conservation areas shall be excluded from rates.
1.2.6.13
ECONOMIC DEVELOPMENT
Developments as indicated in the Incentive Policy of Council and as defined in the rates policy and which fall
within the Development nodes approved by Council shall receive a rebate as approved by Council on
application and will be limited to :
3
(i)
(ii)
Green field development as defined in policy .; and
Brown Field development will receive a rebate as per the table below:
VALUE OF DEVELOPMENT
REBATE ON TAX PAYABLE IN
R (MILLIONS)
0
- 50
51 - 150
151 - 300
301 1.2.6.14
PERCENTAGE
15%
25%
50%
65%
SPECIAL RATING AREAS
(i) That the Special Rating Areas as indicated in Annexure A be and are hereby established.
(ii) That in respect of the Special Rating Areas additional rates, as indicated in Annexure A hereto, be
approved and levied in respect of each category of property within the boundaries of the Special Rating
Area.
1.2.7
PHASING IN OF RATES
That the following phasing in of rates be and are hereby approved subject to Section 21 of The Local
Government: Municipal Property Rates Act 6 of 2004:
(i) A rate levied on newly rateable property must be phased in over a period of three financial years.
(ii) A rate levied on property belonging to a Land Reform Beneficiary or his or her heirs must, after ten years
from the date on which such beneficiary’s title was registered in the office of the Registrar of Deeds, be
phased in over a period of three financial years.
The phasing in discount on properties referred to in (i) and (ii) above will apply as follows:
a)
b)
c)
75% in the first year
50% in the second year
25% in the third year
(iii) A rate levied on newly rateable property owned and used by organizations conducting specified
public benefit activities and registered in terms of the Income Tax Act for those activities must be phased
in over a period of four financial years, with the following phasing in discounts:
a)
b)
c)
d)
100% in the first year
75% in the second year
50% in the third year
25% in the fourth year
1.2.8 DATE OF OPERATION OF DETERMINATION OF RATES
That this determination comes into operation on 1 July 2015.
1.2.9
FINAL DATE FOR PAYMENT OF RATES
(i) Where rates are payable in monthly instalments, such payments shall be in twelve (12) equal or near
equal instalments payable 21 days from the date of account.
(ii) Where rates are payable annually the final date for payment shall be 31 October 2015, provided that
where this date falls on a Sunday or public holiday payment shall occur on the last working day prior to
such Sunday or public holiday.
1.2.10 ADMINISTRATION CHARGE ON ARREAR RATES
That the administration charge on arrear rates as referred to in Section 11.6 of the Credit Control and Debt
Collection Policy is determined at 10%. Collection of arrear rates is in accordance with the Credit Control and
Debt Collection Policy.
Interest on Arrears
That Council shall determine the interest rate on arrear accounts, it being noted that the current interest rate
is currently at prime plus 1%.
4
ANNEXURE A – 2015/16
ADDITIONAL RATES LEVIED ON SPECIAL RATING AREAS (1.2.6.14 REFERS)
Special Rating Areas
a) Precincts bordered by Monty Naicker, Dorothy
Nyembe, Anton Lembede and Dr Yusuf Dadoo
Streets. (CBD Precinct)
b) Precinct bordered by Soldiers Way, Dr AB
Xuma Road, Florence Nzama Street and Bram
Fischer Road. (North East Business Precinct)
c) Precinct bordered by Dorothy Nyembe Street,
Margaret Mncadi Avenue, Beach
Walk and Anton Lembede Street. (North East
Business Precinct)
d) Precinct bordered by Soldiers Way, Bram
Fischer Road, Sylvester Ntuli, KE Masinga and
Archie Gumede (Place) Roads. (North East Business
Precinct)
e) Precinct bordered by OR Tambo Parade, Dr
Pixley KaSeme Street Mall, Rutherford and
Gillespie Streets
(South Beach Precinct).
f) Umhlanga Promenade Precinct bordered by
Ocean Way (South), Lot 430 (North), Lagoon Drive
(West) and the Indian Ocean (East).
g) Precinct bordered by Burlington Road,
Burlington Drive, Nagel Road, Windsor Road,
Midmar Road and Henley Road.
h) Umhlanga Village Precinct bordered by
Flamingo Lane, Ocean Way, Lagoon Drive,
McCauland Crescent, Weaver Crescent and the
Ruth First Highway.
i) Giba Gorge bordered by N3 Highway (South),
Reservoir Road, Jan Smuts Avenue, Galloway
Lane, Mountbatten Place, Alexander Drive, King
Cetshwayo Highway (East), Portion 157 of Clifton
(North) to Saint Helier Road (West)
j) Maytime Community bordered by M13 Highway,
Woodside Avenue, Haygarth Road, Abrey Road,
Msonti, Quilhall Lane, Alexander Avenue, Mtonbi
and Victory Road.
K) Area consisting of the length of Florida Road,
from Lillian Road to Mitchell’s Park, including
properties on both sides of Florida Road.
Business
and
Commercial
Residential
Vacant
Land
Industrial
Agriculture
0,001095
0,003286
0
0
0
0
0,000525
0,000613
0,000876
0
0
0,000525
0,000613
0,000876
0
0
0,000525
0,000613
0,000876
0
0,001677
0,005032
0
0,008386
0
0,000786
0,002358
0
0,003931
0
0,003100
0,009300
0
0,015500
0
0
0,002022
0
0
0
0,000489
0
0
0,000489
0,000489
0,003909
0,003909
0,003909
0,003909
0
0
0,006522
0,006522
0
0
5
6
341.69
976.30
REAL0007CC Section 78 Query Non Residential
55.09
REAL0006CC Section 78 Query Residential
REAL0003CC Valuation certificate
118.13
1025.12
358.77
57.84
124.04
481.08
1170.00
410.00
66.00
142.00
550.00
1227.00
429.00
69.00
150.00
577.50
1288.00
451.00
73.00
157.00
606.00
Present Tariff Tariff Excluding Tariff Including Tariff Including Tariff Including
Excluding Vat
Vat
Vat
Vat
Vat
(2014/2015)
(2015/2016)
(2015/2016)
(2016/2017)
(2017/2018)
R
R
R
R
R
REAL0008CC Supplementary Valuation Roll
Description
458.86
:Finance
:Real Estate
:Valuation Rolls
REAL0002CC Valuation Roll in digital format
Charge
Codes
CLUSTER
UNIT
TARIFF
'HVFULSWLRQ
0DLQ$XGLWRULXPDQG6HUYHUVEXWH[FOXGLQJVXSSHUURRPVDQ\IRXUKRXUVRUSDUW
WKHUHRI
)XQFWLRQVRWKHUWKDQWKRVHUHIHUUHGWRLQLWHPV&()ZKHUHQRIRRGVWXIIVDUH
FRQVXPHGLQWKH$XGLWRULXP
$VXUFKDUJHRIRQWKHEDVLFKLUHFKDUJHVDVUHIOHFWHGLQWKHVHFWLRQ$
7
)XQFWLRQVRWKHUWKDQWKRVHUHIHUHGWRLQLWHPV&(DQG)ZKHUHIRRGVWXIIVDUH
FRQVXPHGLQWKH$XGLWRULXP
6KRXOGWKHH7KHNZLQL0XQLFLSDOLW\ZLVKWRPDNHWKH0DLQ$XGLWRULXPDYDLODEOH
WRPRUHWKDQRQHKLUHURQDQ\RQHGDWHWKH+HDG&LW\+DOO$GPLQLVWUDWLRQ
6HFUHWDULDWPD\DWKLVGLVFUHWLRQJUDQWDUHGXFWLRQUHGXFWLRQRILQWKH
FKDUJH7KLVFRQFHVVLRQVKDOOQRWDSSO\LQFDVHVZKHUHWKHXVHRIWKH0DLQ
$XGLWRULXPLVEHLQJVXEVLGLVHGE\WKH0XQLFLSDOLW\HLWKHULQWKHIRUPRID
UHGXFHGFKDUJHRUJUDQWLQDLG
7KHVHWDULIIVDUHH[FOXVLYHRIDWWHQGDQFHRIVHFXULW\VWDIIPHPEHUVXQGHULWHP
*EXWDUHLQFOXVLYHRIHOHFWULFLDQ
VWLPHIRUWKHEDVLFSUHSDUDWLRQDQG
&,7<&& VWULSSLQJRIHOHFWULFDOHTXLSPHQWZKLFKFRPSULVHVRIIRXUGLIIHUHQWFRORXU
ZDVKHVIRUWKHZKROHVWDJHYL]5HG%OXH$PEHUDQG:KLWHDQGIRUW\VSRW
OLJKWV$Q\WLPHVSHQWE\WKHHOHFWULFLDQVLQH[FHVVRIWKHEDVLFWLPHZLOOEH
FKDUJHGRXWDW5SHUKRXURUSDUWWKHUHRI
LLL)HVWLYH3HULRG7DULIIWKLVFRYHUVWKHSHULRGIURP'HFHPEHUWR-DQXDU\
&,7<&& LL)ULGD\V6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
&,7<&& L0RQGD\WR7KXUVGD\V
&KDUJH
&RGHV
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 &LW\+DOO$GPLQLVWUDWLRQ&LW\6HFUHWDULDW
7$5,))
&LW\+DOO+LUH&KDUJHV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
([FOXGLQJ9DW
9DW
9DW
9DW
5
5
5
5
5
'HVFULSWLRQ
&,7<&& LL)ULGD\V6DWXUGD\V6XQGD\VDQGSXEOLF+ROLGD\V
&,7<&& L0RQGD\WR7KXUVGD\
$GGLWLRQDOFKDUJHSHUKRXUWKHUHRILQH[FHVVRIWKUHHKRXUV
$Q\WKUHHKRXUVRUSDUWWKHURI
&,7<&& L0RQGD\WR7KXUVGD\
&,7<&& LL)ULGD\V6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
&,7<&& LL:KHUHHOHFWULFLDQV
DWWHQGHQFHLVUHTXLUHGRQRWKHUGD\V
&,7<&& L:KHUHHOHFWULFLDQV
DWWHQGDQFHLVQRWUHTXLUHG
0DLQ$XGLWRULXP
5HKHDUVDOV
7DULIIDVSHU$RU%DERYHZKLFKHYHULVDSSOLFDEOH
6XQGD\WR7KXUVGD\RIWKHWDULIIDVSHU$RU%ZKLFKHYHULVDSSOLFDEOH
)ULGD\V6DWXUGD\V6XQGD\VDQGSXEOLF+ROLGD\V
0DLQ$XGLWRULXPDQGVHUYHUEXWH[FOXGLQJVXSSHUURRPV
8
6FKRROHQWHUWDLQPHQWVFKRROVEDOOVGDQFHV&KULVWPDVWUHHVUHOLJLRXVVHUYLFHV
ILOPVRUDGGUHVVHVOXQFKKRXUIXQFWLRQVPHHWLQJVRUSHUIRUPDQFHVQRWIRUSURILW
$OORWKHUUHODWHGFKDUJHVDVSHU6HFWLRQ$DERYH
&,7<&& LL)ULGD\V6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
&,7<&& L0RQGD\WR7KXUVGD\V
&KDUJH
&RGHV
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 &LW\+DOO$GPLQLVWUDWLRQ&LW\6HFUHWDULDW
7$5,))
&LW\+DOO+LUH&KDUJHV
)5((
)5((
)5((
)5((
)5((
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
([FOXGLQJ9DW
9DW
9DW
9DW
5
5
5
5
5
,QGXVWULDODQGFRPPHUFLDOH[KLELWLRQVGHPRQVWUDWLRQVED]DDUVIHWHVDQGRWKHU
DOOGD\IXQFWLRQVQRWLQFOXGHGLQDQ\RWKHUFDWHJRU\
([KLELWLRQV
(QJDJHPHQWVIRUUHKHDUVDOVDUHVXEMHFWWRFDQFHOODWLRQDWWKHGLVFUHWLRQRI
+HDG&LW\+DOO$GPLQLVWUDWLRQDQG6HFUHWDULDWRUKLVGXO\DXWKRUL]HG
UHSUHVHQWDWLYHVKRXOGWKH$XGLWRULXPEHVXEVHTXHQWO\UHTXLUHGIRUOHWWLQJ
'HVFULSWLRQ
&,7<&& )LUVWGD\RIKLUHRUSDUWWKHUHRI
9
&,7<&& 6XEVHTXHQWGD\VRUSDUWWKHURI
LL&KDULW\ED]DDUVIHWHVRURWKHUDOOGD\IXQFWLRQE\SHUVRQVRURUJDQL]DWLRQ
SHUPLWWHGWRUHFHLYHFRQWULEXWLRQVRUUDLVHIXQGVLQWHUPVRI)XQG5DLVLQJ$FW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
([FOXGLQJ9DW
9DW
9DW
9DW
5
5
5
5
5
&,7<&& )LUVWGD\RIKLUHRUSDUWWKHUHRI
L,QGXVWULDODQGFRPPHUFLDOH[KLELWLRQVGHPRQVWUDWLRQVED]DDUVIHWHVRURWKHU
DOOGD\IXQFWLRQVQRWLQFOXGHGLQDQ\RWKHUFDWHJRU\
7KHVHWDULIIVDUHH[FOXVLYHRIVHFXULW\VWDIIPHPEHUVXQGHULWHP*EXWDUH
LQFOXVLYHRIHOHFWULFLDQV
WLPHIRUWKHEDVLFSUHSDUDWLRQDQGVWULSSLQJRI
HOHFWULFDOHTXLSPHQWZKLFKFRPSULVHVRIIRXUGLIIHUHQWFRORXUZDVKHVIRUWKH
&,7<&& ZKROHVWDJHHJUHGEOXHDPEHUDQGZKLWHDQGIRUW\VSRWOLJKWV$Q\WLPH
VSHQWE\WKHHOHFWULFLDQVLQH[FHVVRIWKHEDVLFWLPHZLOOEHFKDUJHGRXWDW
5SHUKRXURUSDUWWKHURI$VXUFKDUJHZLOOEHDSSOLFDEOHLIIRRGVWXIIV
DUHWREHFRQVXPHG
&KDUJH
&RGHV
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 &LW\+DOO$GPLQLVWUDWLRQ&LW\6HFUHWDULDW
7$5,))
&LW\+DOO+LUH&KDUJHV
'HVFULSWLRQ
&,7<&& 3HUKRXURUSDUWWKHUHRIWKHUHDIWHU
10
3URYLGHGWKDWWKHKLUHUPD\KHDUUDQJHDWKLVH[SHQVHIRUWKHDWWHQGDQFHRI
VXLWDEOHTXDOLILHGDGGLWLRQDOVHFXULW\VWDIIPHPEHUVWRWKHVDWLVIDFWLRQRIWKH
+HDG&LW\+DOO$GPLQLVWUDWLRQDQG6HFUHWDULDW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
([FOXGLQJ9DW
9DW
9DW
9DW
5
5
5
5
5
&,7<&& )RUDQ\FRQWLQXRXVSHULRGRIIRXUKRXUVRUOHVV
)RUHDFKVHFXULW\VWDIIPHPEHULQH[FHVVRIRQHZKHQDWWHQGDQFHLVUHTXLUHGE\
WKH+HDG&LW\+DOO$GPLQLVWUDWLRQDQG6HFUHWDULDW
$WWHQGDQFHRIVHFXULW\VWDIIPHPEHUV
&,7<&& 3HUGD\RUSDUWWKHUHRI
6HUYHUVLQ:HVW6WUHHWYHVWLEXOH
&,7<&& 3HUGD\RUSDUWWKHUHRI
6XSSHUURRPDQGNLWFKHQ
6KRXOGWKH0DLQ$XGLWRULXPRUDQ\RWKHUKDOORUFRPPLWWHHURRPLQWKH&LW\+DOO
FRPSOH[EHUHTXLUHGFRVWVDVGHWHUPLQHGE\WKH+HDG&LW\+DOO$GPLQLVWUDWLRQ
DQG6HFUHWDULDWDIWHUFRQVXOWDWLRQZLWKWKH&LW\7UHDVXUHU7KHGHFLVLRQVKDOOEH
ILQDO,IWKHSXUSRVHIRUZKLFKWKH0DLQ$XGLWRULXPLVUHTXLUHGIDOOVZLWKLQPRUH
WKDQRQHRIWKHSXUSRVHVVSHFLILHGDERYHWKHFKDUJHVKDOOEHWKHKLJKHVWRIWKH
YDULRXVUDWHVDSSOLFDEOH
3XUSRVHQRWRWKHUZLVHVSHFLILHG
&,7<&& 6XEVHTXHQWGD\VRUSDUWWKHURI
&KDUJH
&RGHV
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 &LW\+DOO$GPLQLVWUDWLRQ&LW\6HFUHWDULDW
7$5,))
&LW\+DOO+LUH&KDUJHV
/HFWXUH+DOO
L0RUQLQJRUDIWHUQRRQ
&,7<&&
&,7<&&
&,7<&&
0DQGHOD5RRP
LL(YHQLQJVQRWODWHUWKDQ
&KLHI$OEHUW/XWKXOL0DLQ+DOO
0DQGHOD5RRP
LLL8VHRIVHUYLQJIDFLOLWLHV
0RUQLQJRUDIWHUQRRQ
(YHQLQJ
&,7<&& &KLHI$OEHUW/XWKXOL0DLQ+DOO
&,7<&&
'HVFULSWLRQ
6XEMHFWWRDVXUFKDUJHLQUHVSHFWRILDQG
LLLIIRRGVWXIIVDUHWREHFRQVXPHG
&RQIHUHQFH5RRPV
&,7<&& 1R&RPPLWWHH5RRP
&,7<&& 1R&RPPLWWHH5RRP
&,7<&& 1R&RPPLWWHH5RRP
&,7<&& 1R&RPPLWWHH5RRP
LL(YHQLQJVQRWODWHUWKDQ
&,7<&& L0RUQLQJRUDIWHUQRRQ
&RPPLWWHH5RRPV
&,7<&& LL(YHQLQJVQRWODWHUWKDQ
&,7<&& L0RUQLQJRUDIWHUQRRQ
&KDUJH
&RGHV
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 &LW\+DOO$GPLQLVWUDWLRQ&LW\6HFUHWDULDW
7$5,))
&LW\+DOO+LUH&KDUJHV
11
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
([FOXGLQJ9DW
9DW
9DW
9DW
5
5
5
5
5
+LUHHTXLSPHQW
'HVFULSWLRQ
&,7<&&
12
8VHRIDQ\PLFURSKRQHORXGVSHDNHURUSXEOLFDGGUHVVHTXLSPHQWRWKHUWKDQ
WKDWRI0XQLFLSDOLW\VSRWOLJKW
&,7<&& ([WUDPLFURSKRQHVSHUKRXURUSDUWWKHURIHDFK
&,7<&& ,QVWDOOLQJDQGGLVPDQWOLQJ
,QVLGHDQ\EXLOGLQJRWKHUWKDQWKH&LW\+DOO0DLQ$XGLWRULXPIRUWKHILUVWKRXURU
SDUWWKHURI
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
([FOXGLQJ9DW
9DW
9DW
9DW
5
5
5
5
5
&,7<&& 7KHUHDIWHUSHUKRXURUSDUWWKHURI
&,7<&&
6HFWLRQ7DULIIIRUWKH,QVWDOODWLRQDQG:RUNLQJRIWKH3XEOLF$GGUHVV
6\VWHP
&,7<&& Y6RXQG(TXLSPHQWLQFOXVLYHRIRSHUDWRU
&,7<&& LY)ROORZVSRWLQFOXVLYHRIRSHUDWRU
&,7<&& LLL.:%ORQGHVHDFK
&,7<&& LL.:3URILOHVHDFK
&,7<&& L.:)UHVQHOVHDFK
&KDUJH
&RGHV
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 &LW\+DOO$GPLQLVWUDWLRQ&LW\6HFUHWDULDW
7$5,))
&LW\+DOO+LUH&KDUJHV
!"
#
1HZ
1HZ
1HZ
1HZ
%%4952+:!;#749
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
&951+<"#7&9
&RPPLWWHH5RRP1RVHDWHUSHUGD\RUSDUWWKHUHRI
&RPPLWWHH5RRP1RVHDWHUSHUGD\RUSDUWWKHUHRI
&RXQFLO&KDPEHUVHDWHUSHUGD\RUSDUWWKHUHRI
13
1HZ
!53/+ 4-8+7
"#
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
<">"!5,,4?497<">"!
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
">5,7">
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
1HZ
1HZ
1HZ
1HZ
1HZ
5**$#7 %RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
5,,+1=#7
1HZ
&'' ''(#" ''#" ''#" ''#"
(#"
)*+,/.*+,10
)*+,-.*+,/0
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
4%"5,62!#74%"
$%
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 !"
!"
#
14
1HZ
1HZ
5, #7@#9!%4"@''7
)RUPHU&RXQFLO&KDPEHUVHDWHUSHUGD\RUSDUWWKHUHRI
6LGH&KDPEHUVHDWHUSHUGD\RUSDUWWKHUHRI
1HZ
1HZ
1HZ
1HZ
1HZ
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
5,/,A7
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
!"58*2!"$7!"#"
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
"58*/4#7"
1HZ
1HZ
&'' ''(#" ''#" ''#" ''#"
(#"
)*+,/.*+,10
)*+,-.*+,/0
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
4"?5/+4"! "!9?7
!"5,+*7@#4#7">>
%RDUGURRPVHDWHUSHUGD\RUSDUWWKHUHRI
$%
&/867(5 *RYHUQDQFH,QWHUQDWLRQDO5HODWLRQV
81,7 !"
&KDUJH
&RGHV
'HVFULSWLRQ
$PHQWPHQWRIDFRQGLWLRQRQWKHHQGRUVHPHQWVWRDQLVVXHG/LFHQVH
$PHQGPHQWRID/LFHQVHLVVXHG
7KH3URYLVLRQVRIUHDVRQVE\WKH/LFHQVLQJ$XWKRULW\
,VVXLQJRIDGXSOLFDWHOLFHQVH
)RRGOLFHQVH(QWHUWDLQPHQWOLFHQVH
+DZNHUOLFHQVH
$FFRPPRGDWLRQHVWDEOLVKPHQW%\ODZV
%('$1'%5($.)$67
/2'*(6
*8(67+286(6
6DOHRUVXSSO\RIPHDOVRUSHULVKDEOHIRRGVWXIIV
,WHPRIVFKHGXOHRIWKH%XVLQHVVHV$FWRI
9HQGLQJ)RRG
3URYLVLRQRIKHDOWKIDFLOLW\RUHQWHUWDLQPHQW1LJKWFOXEVPDVVDJHSDUORXUV
,WHPRI6FKHGXOHRI$FWRI
(VFRXUWDJHQFLHVDGXOWSUHPLVHV
2WKHUOLFHQVHVLQWHUPVRI,WHPRIVFKHGXOHRIWKH$FW
,WHPRI6FKHGXOHRI$FWRI
)RRGVWXIIVLQWHUPVRIVHFWLRQRI$FWRI
6DOHRUVXSSO\RIPHDOVRUSHULVKDEOHIRRGVWXIIV
5HVWXDUDQWVWDNHDZD\VWXFNVKRSV$Q\IRRGRXWOHW
&/867(5
2IILFHRIWKH&LW\0DQDJHU
81,7
/HJDO
7$5,))
%XVLQHVV/LFHQVLQJ
15
3UHVHQW7DULII 7DULII([FOXGLQJ 7DUULI,QFOXGLQJ 7DUULI,QFOXGLQJ 7DUULI,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
&KDUJH
&RGHV
)LQJHU3ULQWFOHDUDQFH
16
7UDQVIHURID)RRGOLFHQVH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DUULI,QFOXGLQJ 7DUULI,QFOXGLQJ 7DUULI,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
'HVFULSWLRQ
5H,QVSHFWLRQRIDIRRGSUHPLVHVIRUWKHUHPRYDORIDSURKLELWLRQ
&/867(5
2IILFHRIWKH&LW\0DQDJHU
81,7
/HJDO
7$5,))
%XVLQHVV/LFHQVLQJ
7UDIILF3ROLFH6HUYLFHV
'036&& $PHQGPHQWWRDEXVRUWD[LSHUPLW
17
'036&& )HHIRULVVXHRIDSDUNLQJEDGJHWRDUHJLVWHUHGJHQHUDOPHGLFDOSUDFWLWLRQHU
5HPRYDODQG6WRUDJHRI9HKLFOHV
'036&& 6XSSO\RI&ROOLVLRQ5HSRUWV
'036&& $EQRUPDOORDGHVFRUWVSHURIILFHUSHUKRXURUSDUWWKHUHRI
'036&& 7DULIIRIFKDUJHV6HDOLQJDQGUHVHDOLQJRI,WHP7D[L0HWHUVSHUPHWHU
5RDG7UDIILF%\ODZV
'036&& 6HFWLRQIRU7D[L'ULYHUV/LFHQFHUHQHZDEOHDQQXDOO\
%\ODZVUH/LFHQVLQJRISHUVRQVSO\LQJIRUKLUHDVWD[LGULYHUV
'036&& 3HUPRQWKRUSDUWWKHUHRI
7UDIILFFRQWURODQGRWKHUVHUYLFHVRI3ROLFH7UDIILFRIILFHUVKRXURUSDUWWKHUHRI
'036&& LQFOXGLQJWUDQVSRUWSHUKRXURUSDUWWKHUHRI
'036&& 0LQL%XV7D[LVSHUDQQXP
5
5
5
5
5
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
([FOXGLQJ9DW
9DW
9DW
'HVFULSWLRQ
'036&& 3HUPRQWKRUSDUWWKHUHRI
'036&& 0HWHUHG7D[L3HUPLWVSHUDQQXP
&KDUJH
&RGHV
2IILFHRIWKH&LW\0DQDJHU
81,7 0HWURSROLWDQ3ROLFH6HUYLFHV
7$5,))
0HWURSROLWDQ3ROLFH
'HVFULSWLRQ
'036&& 3HUGD\SHUVWXGHQW
2WKHU6KRUW&RXUVHV
'036&& PRQWKVSHUVWXGHQW
0HWUR3ROLFH2IILFHUV&RXUVH
'036&& 6DOHRI3ROLFH'RJV
'036&& 3HU'RFXPHQW
,VVXHRI'XSOLFDWH'RFXPHQWV
18
3HUVHUYLFHRIVXPPRQVRUH[HFXWLRQRIZDUUDQWRIDUUHVWH[FHSWZKHUHD
'036&& UHFLSURFDODJUHHPHQWH[LVWV
6XPPRQVDQG:DUUDQWVRI$UUHVWRQEHKDOIRIRWKHU/RFDO$XWKRULWLHV
6HUYLFHRI/HJDO3URFHVVHV
&RVW
DGPLQ9DW
'036&& 5HPRYDORILOOHJDOO\SODFHGFRQWDLQHUVDWSODFHRIVWRUDJH
'036&& 6WRUDJHRIFRQWDLQHUVSHUGD\
&RVW
DGPLQ9DW
'036&& 6WRUDJHRIYHKLFOHVRYHU7RQVSHUGD\
'036&& ([WUDKHDY\YHKLFOHVRYHU7RQVDWSULYDWHFRQWUDFWRU
&RVW
DGPLQ9DW
5
5
5
5
5
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
([FOXGLQJ9DW
9DW
9DW
'036&& 6WRUDJHRIYHKLFOHVXQGHUWRQVSHUGD\
'036&& 5HPRYDORIDQ\YHKLFOHVE\DFRQWUDFWLQJWRZVHUYLFH
&KDUJH
&RGHV
2IILFHRIWKH&LW\0DQDJHU
81,7 0HWURSROLWDQ3ROLFH6HUYLFHV
7$5,))
0HWURSROLWDQ3ROLFH
'305&&
'305&&
72&&
'305&&
WR&&
'305&&
'305&&
'305&&
'305&&
'305&&
&KDUJH
FRGHV
&/867(5
81,7
7$5,))
$SSOLFDQW$SSHDOV0XQLFLSDO6\VWHPV$FW6HFWLRQ
$GYHUWLVHPHQWFRVWLVWKHUHSRQVLELOLW\RIWKHDSSOLFDQW
0XOWLSOH$SSOLFDWLRQV6HH1RWHV
0DWHULDOFKDQJHWRDQDSSOLFDWLRQVHHQRWHV
!KD
!KDKD
PKD
/HVVWKDQPLQFOXGLQJPLQRUDQGLQFRQVHTXHQWLDO
$PHQGPHQWVWR/806FKHPH&ODXVHVQRQ&RXQFLODSSOLFDQWV
7KH=RQLQJ5H]RQLQJRIODQG$OODUHDV
'HVFULSWLRQ
%DVLF5
SOXV5IRU
HYHU\
KHFWDUHSDUW
WKHUHRILQ
H[FHVVRIKD
%DVLF5
SOXV5IRU
HYHU\
KHFWDUHSDUW
WKHUHRILQ
H[FHVVRIKD
%DVLF5
SOXV5IRU
HYHU\
KHFWDUHSDUW
WKHUHRILQ
H[FHVVRIKD
%DVLF5
SOXV5
IRUHYHU\
KHFWDUHSDUW
WKHUHRILQ
H[FHVVRIKD
%DVLF5
SOXV5
IRUHYHU\
KHFWDUHSDUW
WKHUHRILQ
H[FHVVRIKD
19
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIWKH
RIWKH
RIWKH
RIWKH
RIWKH
DSSOLFDEOH
DSSOLFDEOH
DSSOLFDEOH
DSSOLFDEOH
DSSOLFDEOH
UH]RQLQJIHHDV UH]RQLQJIHHDV UH]RQLQJIHHDV UH]RQLQJIHHDV UH]RQLQJIHHDV
LQGLFDWHG
LQGLFDWHG
LQGLFDWHG
LQGLFDWHG
LQGLFDWHG
DERYH
DERYH
DERYH
DERYH
DERYH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
(FRQRPLF'HYHORSPHQW3ODQQLQJ
'HYHORSPHQW3ODQQLQJ(QYLURQPHQW0DQDJHPHQW
=RQLQJ5H]RQLQJRI/DQG6FKHPH,QFRUSRUDWLRQV$PHQGPHQWVLWR&KDSRI3'$$FWRI
&/867(5
81,7
7$5,))
20
E127$5,))$33/,&$%/(21$33/,&$7,2160$'(%<7+(67$7(6WDWHLVGHILQHGDVDQ\VSKHUHRIJRYHUQPHQWRU'SWWKHUHRILQFOXGLQJ
6WDWHRZQHG(QWLWLHV
D7$5,))60$<%(5('8&(')25$33/,&$7,216)5205(*,67(5('121352),725*$1,6$7,21672$0$;,0802)$77+(',6&5(7,21
OF THE HEAD: DPE&CP&M ON RECEIPT OF DETAILED MOTIVATION AND PROOF OF REGISTRATION
(;(037,216
JUHDWHULPSDFWRQLQIUDVWUXFWXUH,QDGGLWLRQWKHVHDSSOLFDWLRQVDUHPRUHRQHURXVDQGKHQFHWKHSURSRVHGLQFUHDVH
H=RQLQJ5H]RQLQJRIODQGODUJHO\UHVXOWVLQIXQGDPHQWDOFKDQJHRIODQGXVHULJKWVDQGEHQHILWVDUHRIDSHUPDQHQWQDWXUHZLWK
G1RUHIXQGLVDSSOLFDEOHLIWKHDSSOLFDWLRQKDVEHHQLVVXHGDGHFLVLRQRIDSSURYDORUUHIXVDO$SSOLFDWLRQIRUUHIXQGWREHPDGHZLWKLQ
PRQWKVRIGDWHRISD\PHQWDQGDPRXQWUHIXQGHGZLOOQRWH[FHHGRIWKHDSSOLFDWLRQIHHSDLG
F$GYHUWLVHPHQWVZRUGLQJIRUDOODGYHUWVVKDOOEHSUHSDUHGE\WKH/RFDO$XWKRULW\DQGDGYHUWVUXQRQSULQWPHGLDWREHVWLSXODWHGE\WKH
/RFDO$XWKRULW\
E2QO\ZKHUHPXOWLSOH3ODQQLQJDSSOLFDWLRQVDUHORGJHGDVDVLQJOHDSSOLFDWLRQIRUFRQVLGHUDWLRQRIHDFKLQGLYLGXDODSSOLFDWLRQ
VKDOOEHOHYLHG
127(6
D´0DWHULDOFKDQJHµVKDOOEHGHILQHGDVIROORZV´ZKHUHWKHFKDQJHWULJJHUVDGGLWLRQDOGHYHORSPHQWULJKWVGHQVLW\IDFWRUVODQG
XVHFRQWUROVDQGZKHUHWKHFKDQJHLVLQLWLDWHGE\WKHDSSOLFDQWµ
(FRQRPLF'HYHORSPHQW3ODQQLQJ
'HYHORSPHQW3ODQQLQJ(QYLURQPHQW0DQDJHPHQW
=RQLQJ5H]RQLQJRI/DQG6FKHPH,QFRUSRUDWLRQV$PHQGPHQWVLWR&KDSRI3'$$FWRI
'306&&
0DWHULDOFKDQJHWRWKHDSSOLFDWLRQ6HH1RWHV
$OOLQVWDQFHVZKHUHWKHFRQGLWLRQVDUHUHPRYHGYLDD3'$SURFHVV
$OOLQVWDQFHVZKHUHWKHFRQGLWLRQVDUHUHPRYHGDXWRPDWLFDOO\E\ODZ
5HPRYDORI5HVWULFWLYH&RQGLWLRQVRI7LWOH$OO$UHDVLWR&KDSRIWKH3'$
/RQJ7HUP/HDVHVSUHYLRXVO\FRYHUHGXQGHU1RWHV
&RQVROLGDWLRQ1RWDULDO7LH
&RQVROLGDWLRQ1RWDULDO7LH/RQJ7HUP/HDVHV
1RWHWKLV7DULIILQFOXGHV6XEGLYLVLRQIRU/HDVH3XUSRVHV
QRIHH
6HHXQGHU
6XEGLYLVLRQ
DERYH
QRIHH
6HHXQGHU
6XEGLYLVLRQ
DERYH
SHU6XE
SHU6XE
SHU6XE
SHU6XE
SOXV
5
9DW
QRIHH
6HHXQGHU
6XEGLYLVLRQ
DERYH
SHU6XE
SHU6XE
SHU6XE
SHU6XE
SOXV
5
9DW
QRIHH
6HHXQGHU
6XEGLYLVLRQ
DERYH
SHU6XE
SHU6XE
SHU6XE
SHU6XE
SOXV
5
9DW
21
RIWKH
RIWKH
RIWKH
RIWKH
RIWKH
DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH
DSSOLFDEOHIHH DSSOLFDEOHIHH
DVLQGLFDWHG
DVLQGLFDWHG
DVLQGLFDWHG
DVLQGLFDWHG
DVLQGLFDWHG
DERYH
DERYH
DERYH
DERYH
DERYH
LQFOXGLQJ9$7 LQFOXGLQJ9$7 LQFOXGLQJ9$7
QRIHH
6HHXQGHU
6XEGLYLVLRQ
DERYH
$SSOLFDQW$SSHDOV0XQLFLSDO6\VWHPV$FW6HFWLRQ
'305&&
,VVXLQJRIQHZ&HUWLILFDWHV
'305&&
SHU6XE
SHU6XE
0RUHWKDQVXEVSHU3RUWLRQ
'305&&
SHU6XE
SHU6XE
WRVXEVSHU3RUWLRQ
SHU6XE
SHU6XE
WRVXEVSHU3RUWLRQ
'305&&
'305&&
SHU6XE
SHU6XE
/HVVWKDQVXEVSHU3RUWLRQ
'305&&
5
5
SOXV
9DW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
SOXV
6XEGLYLVLRQRI/DQG
%DVLFDSSOLFDWLRQIHH
3OXVZKHUHWKHQXPEHURI3RUWLRQVWREHFUHDWHGLV
'HVFULSWLRQ
'305&&
&KDUJHFRGHV
&/867(5
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7
'HYHORSPHQW3ODQQLQJ(QYLURQPHQW0DQDJHPHQW
7$5,))
6XEGLYLVLRQRI/DQG&RQVROLGDWLRQV5HPRYDORI5HVWULFWLYH&RQGLWLRQVLWR3'$$FWRI
&KDUJHFRGHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
5
5
1HZ7DULII
9DW
5
9DW
5
9DW
22
F:+(5($3,(&(2)/$1',675$16)(55('72&281&,/7+()((3(568%6+$//%(:$,9('
E127$5,))$33/,&$%/(21$33/,&$7,2160$'(%<7+(67$7(6WDWHLVGHILQHGDVDQ\VSKHUHRIJRYHUQPHQWRU'HSDUWPHQWWKHUHRILQFOXGLQJ
6WDWHRZQHG(QWLWLHV
(;(037,216
D7$5,))60$<%(5('8&(')25$33/,&$7,216)5205(*,67(5('121352),725*$1,6$7,21672$0$;,0802)$77+(',6&5(7,212)
7+(+($''3(&30215(&(,372)'(7$,/('027,9$7,21$1'3522)2)5(*,675$7,21
H1RUHIXQGLVDSSOLFDEOHLIWKHDSSOLFDWLRQKDVEHHQLVVXHGDGHFLVLRQRIDSSURYDORUUHIXVDO$SSOLFDWLRQIRUUHIXQGWREHPDGHZLWKLQPRQWKV
RIGDWHRISD\PHQWDQGDPRXQWUHIXQGHGZLOOQRWH[FHHGRIWKHDSSOLFDWLRQIHHSDLG
I0XQLFLSDOGHFLVLRQVRQ5HPRYDORI5HVWULFWLYH&RQGLWLRQVRI7LWOHFDQDOVREHDSSHDOHGKHQFHWKHLQWURGXFWLRQRIWKHDSSHDOIHHZKLFK
ZDVDQRPPLVLRQLQWKHSUHYLRXVWDULIIV
DQGZKHUHWKHFKDQJHLVLQLWLDWHGE\WKHDSSOLFDQWµ
E/RQJWHUPOHDVHZLOODWWUDFWWKHVDPHIHHDVSHUVXEGLYLVLRQ
F$GYHUWLVHPHQWVZRUGLQJIRUDOODGYHUWVVKDOOEHSUHSDUHGE\WKH/RFDO$XWKRULW\DQGDGYHUWVUXQRQSULQWPHGLDWREHVWLSXODWHGE\WKH
/RFDO$XWKRULW\
G2QO\ZKHUHPXOWLSOHDSSOLFDWLRQVDUHORGJHGDVDVLQJOHDSSOLFDWLRQIRUFRQVLGHUDWLRQRIHDFKLQGLYLGXDODSSOLFDWLRQ
VKDOOEHOHYLHG
RIHDFK
RIHDFK
RIHDFK
LQGLYLGXDO
LQGLYLGXDO
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLFDWLRQ
DSSOLFDWLRQ
LQFOXGLQJ9$7 LQFOXGLQJ9$7 LQFOXGLQJ9$7
DSSOLHV
DSSOLHV
DSSOLHV
5
9DW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
127(6
D´0DWHULDOFKDQJHµVKDOOEHGHILQHGDVIROORZV´ZKHUHWKHFKDQJHWULJJHUVDGGLWLRQDOGHYHORSPHQWULJKWVGHQVLW\IDFWRUVODQGXVHFRQWUROV
$GYHUWLVHPHQWFRVWLVWKHUHVSRQVLELOLW\RIWKHDSSOLFDQW
$SSOLFDQW$SSHDOV
0XOWLSOH$SSOLFDWLRQV6HH1RWHV
'HVFULSWLRQ
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7
'HYHORSPHQW3ODQQLQJ(QYLURQPHQW0DQDJHPHQW
7$5,))
6XEGLYLVLRQRI/DQG&RQVROLGDWLRQV5HPRYDORI5HVWULFWLYH&RQGLWLRQVLWR3'$$FWRI
0DWHULDOFKDQJHWRWKHDSSOLFDWLRQ6HH1RWHV
D)RU5HVLGHQWLDOVLWHV
E1RQUHVLGHQWLDOVLWHV
F5HOD[DWLRQRIKHLJKWRIERXQGDU\ZDOOVLQH[FHVVRIP5HVLGHQWLDO1RQ
UHVLGHQWLDO6LWHV
+RPH%XVLQHVV
2QDSURSHUW\PLQH[WHQW
2QDSURSHUW\EHWZHHQDQGPLQH[WHQW
2QDSURSHUW\!PLQH[WHQW
7XFNVKRS
5HOD[DWLRQRI6SDFHDERXWEXLOGLQJVEXLOGLQJOLQHVKHLJKWVDOODUHDV
5HOD[DWLRQRIDOOEXLOGLQJOLQHVVSDFHDERXWEXLOGLQJVKHLJKWRQO\ZKHUH
DSSOLFDEOHLQWHUPVRIWKH6FKHPH
$SSOLFDQW$SSHDOV0XQLFLSDO6\VWHPV$FW6HFWLRQ
$SSOLFDQW$SSHDOV0XQLFLSDO6\VWHPV$FW6HFWLRQ
)250$/$87+25,7<
3UHFLQFW3ODQVUHJDUGOHVVRIWKHVL]HRIWKHVLWH
%HG%UHDNIDVW*XHVW+RXVHDSSOLFDWLRQV
6DQG0LQLQJDQ\RWKHU0LQLQJDSSOLFDWLRQ
&216(17,QFOXGLQJ6LWH'HYHORSPHQW3ODQ3UHFLQFW3ODQ
$OO$UHDV
&RQVHQW&KDQJHRI8VHRI/DQGRU%XLOGLQJV,QFOXGLQJ6LWH'HYHORSPHQW3ODQ
'HVFULSWLRQ
23
RIWKH
RIWKH
RIWKH
RIWKH
RIWKH
DSSOLFDEOH
DSSOLFDEOH
DSSOLFDEOH
DSSOLFDEOH
DSSOLFDEOH
UH]RQLQJIHHDV UH]RQLQJIHHDV UH]RQLQJIHHDV UH]RQLQJIHHDV UH]RQLQJIHHDV
LQGLFDWHG
LQGLFDWHG
LQGLFDWHG
LQGLFDWHG
LQGLFDWHG
DERYH
DERYH
DERYHLQFO9$7 DERYHLQFO9$7 DERYHLQFO9$7
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQW&OLPDWH3URWHFWLRQ0DQDJHPHQW
7$5,))&RQVHQW$SSOLFDWLRQV5HOD[DWLRQVRIVSDFHDERXWEXLOGLQJVLWR732DQG3'$
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
LQFO9$7
DSSOLHV
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
LQFO9$7
DSSOLHV
24
(;(037,216
D7$5,))60$<%(5('8&(')25$33/,&$7,216)5205(*,67(5('121352),725*$1,6$7,21672$0$;,0802)$77+(',6&5(7,21
2)7+(+($''3(&30215(&(,372)'(7$,/('027,9$7,21$1'3522)2)5(*,675$7,21
E127$5,))$33/,&$%/(21$33/,&$7,2160$'(%<7+(67$7(6WDWHLVGHILQHGDVDQ\VSKHUHRIJRYHUQPHQWRU'SWWKHUHRILQFOXGLQJ6WDWH
RZQHG(QWLWLHV
F,QWKHHYHQWWKDWREMHFWLRQVDUHUHFHLYHGDIXOO&RQVHQWDSSOLFDWLRQLVUHTXLUHG
G$OODGYHUWLVHPHQWFRVWVZKHUHDSSOLFDEOHVKDOOEHERUQHE\WKHDSSOLFDQW
H2QO\ZKHUHPXOWLSOHDSSOLFDWLRQVDUHORGJHGDVDVLQJOHDSSOLFDWLRQIRUFRQVLGHUDWLRQRIHDFKLQGLYLGXDODSSOLFDWLRQVKDOOEHOHYLHG
I$VLQJOHDSSOLFDWLRQLVUHTXLUHGIRUPXOWLSOHUHOD[DWLRQDSSOLFDWLRQVZLWKLQWKHVDPHVLWH
J1RUHIXQGLVDSSOLFDEOHLIWKHDSSOLFDWLRQKDVEHHQLVVXHGDGHFLVLRQRIDSSURYDORUUHIXVDO$SSOLFDWLRQIRUUHIXQGWREHPDGHZLWKLQPRQWKVRI
GDWHRISD\PHQWDQGDPRXQWUHIXQGHGZLOOQRWH[FHHGRIWKHDSSOLFDWLRQIHHSDLG
K&RQVHQWULJKWVDUHODUJHO\RIDWHPSRUDOQDWXUHDQGLPSDFWRQLQIUDVWUXFWXUHLVPLQLPDO,QDGGLWLRQWKHVHW\SHVRIDSSOLFDWLRQVDUHLQWKHPDMRULW\DQG
UHGXFWLRQLVZDUUDQWHGWRHQFRXUDJHSHRSOHWRPDNHDSSOLFDWLRQVWRWKH/RFDO$XWKRULW\
RIHDFK
LQGLYLGXDO
DSSOLFDWLRQ
LQFO9$7
DSSOLHV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
127(6
D,QWKHHYHQWWKDWRZQHUVKLSFKDQJHVKDQGVDIXOO6SHFLDO&RQVHQWIHHLVSD\DEOHDQG6SHFLDO&RQVHQWSURFHVVIROORZHG
E´0DWHULDOFKDQJHµVKDOOEHGHILQHGDVIROORZV´ZKHUHWKHFKDQJHWULJJHUVDGGLWLRQDOGHYHORSPHQWULJKWVGHQVLW\IDFWRUVODQGXVHFRQWUROVDQG
ZKHUHWKHFKDQJHLVLQLWLDWHGE\WKHDSSOLFDQW
$SSOLFDQW$SSHDOV0XQLFLSDO6\VWHPV$FW6HFWLRQ
0XOWLSOH$SSOLFDWLRQV6HH1RWHV
'HVFULSWLRQ
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQW&OLPDWH3URWHFWLRQ0DQDJHPHQW
7$5,))&RQVHQW$SSOLFDWLRQV5HOD[DWLRQVRIVSDFHDERXWEXLOGLQJVLWR732DQG3'$
&RQWLQXHGRSHUDWLRQSHUGD\XQWLOPDWWHULVLQFRXUW
&RQILUPDWLRQRI&RQWUDYHQWLRQ
'HSDUWPHQWJHQHUDWHGSHUSULQW
5 6("/
$SSURYDOLQSULQFLSOH'DSSOLFDWLRQ
3 -
-44
"("/
"
25
3URSHUW\5DWH 3URSHUW\5DWH 3URSHUW\5DWH 3URSHUW\5DWH 3URSHUW\5DWH
DGMXVWPHQWLQ DGMXVWPHQWLQ DGMXVWPHQWLQ DGMXVWPHQWLQ DGMXVWPHQWLQ
WHUPVRIWKH
WHUPVRIWKH
WHUPVRIWKH
WHUPVRIWKH
WHUPVRIWKH
UDWHV3ROLF\
UDWHV3ROLF\
UDWHV3ROLF\
UDWHV3ROLF\
UDWHV3ROLF\
3URSHUW\5DWH 3URSHUW\5DWH 3URSHUW\5DWH 3URSHUW\5DWH 3URSHUW\5DWH
DGMXVWPHQWLQ DGMXVWPHQWLQ DGMXVWPHQWLQ DGMXVWPHQWLQ DGMXVWPHQWLQ
WHUPVRIWKH
WHUPVRIWKH
WHUPVRIWKH
WHUPVRIWKH
WHUPVRIWKH
UDWHV3ROLF\
UDWHV3ROLF\
UDWHV3ROLF\
UDWHV3ROLF\
UDWHV3ROLF\
"## ##$
%& ##
%& ##
%& ##
%&
$
%&'
'
'
'
'
()*+,-)*+./
()*+.-)*+0/
()*+.-)*+0/
()*+0-)*+1/
()*+1-)*+2/
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQW&OLPDWH3URWHFWLRQ0DQDJHPHQW
!
"
OHVVWKDQ
OHVVWKDQ
WKDQRI
WKHYDOXHRI
WKHEXLOGLQJ
FRQVWUXFWLRQ
HQJLQHHULQJ
PLQLQJRU
RWKHU
RSHUDWLRQ
SHUIRUPHG
WKDQRI
WKHYDOXHRI
WKHEXLOGLQJ
FRQVWUXFWLRQ
HQJLQHHULQJ
PLQLQJRU
RWKHU
RSHUDWLRQ
SHUIRUPHG
&KDUJH)HH
PD\QRWEH
OHVVWKDQ
DQGQRWPRUH
WKDQRI
WKHYDOXHRI
WKHEXLOGLQJ
9$7WREH
FRQVWUXFWLRQ
UDLVHGRQWKH
HQJLQHHULQJ
H[DFWDPRXQW
PLQLQJRU
WREH
RWKHU
GHWHUPLQHGE\
RSHUDWLRQ
WKH&RXUW
SHUIRUPHG
9$7WREH
UDLVHGRQWKH
H[DFWDPRXQW
WREH
GHWHUPLQHGE\
WKH&RXUW
26
7+(+($''3(&30215(&(,372)'(7$,/('027,9$7,21$1'3522)2)5(*,675$7,21
E127$5,))$33/,&$%/(21$33/,&$7,2160$'(%<7+(67$7(6WDWHLVGHILQHGDVDQ\VSKHUHRIJRYHUQPHQWRU'HSDUWPHQWWKHUHRILQFOXGLQJ
6WDWHRZQHG(QWLWLHV
D7$5,))60$<%(5('8&(')25$33/,&$7,216)5205(*,67(5('121352),725*$1,6$7,21672$0$;,0802)$77+(',6&5(7,212)
7 - D3ULQWLQJRI]RQLQJFHUWLILFDWHVRIIWKHLQWUDQHWDWWKH,QIR&HQWUHGLVFRQWLQXHGGXHWRSRWHQWLDOULVNWR&RXQFLODVWKHLQIRLVQRWDOZD\VXSGDWHG
E1RUHIXQGLVDSSOLFDEOHLIWKHDSSOLFDWLRQKDVEHHQLVVXHGDGHFLVLRQRIDSSURYDORUUHIXVDO$SSOLFDWLRQIRUUHIXQGWREHPDGHZLWKLQPRQWKVRI
GDWHRISD\PHQWDQGDPRXQWUHIXQGHGZLOOQRWH[FHHGRIWKHDSSOLFDWLRQIHHSDLG
&KDUJHWREHLPSRVHGE\WKH0XQLFLSDO&RXUW
PD\QRWEH
PD\QRWEH
DQGQRWPRUH DQGQRWPRUH
&KDUJH)HH
&KDUJH)HH
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQW&OLPDWH3URWHFWLRQ0DQDJHPHQW
!
"
&KDUJH)HH
PD\QRWEH
OHVVWKDQ
DQGQRWPRUH
WKDQRI
WKHYDOXHRI
WKHEXLOGLQJ
FRQVWUXFWLRQ
HQJLQHHULQJ
PLQLQJRU
RWKHU
RSHUDWLRQ
SHUIRUPHG
9$7WREH
UDLVHGRQWKH
H[DFWDPRXQW
WREH
GHWHUPLQHGE\
WKH&RXUW
0LQRU%XLOGLQJ:RUNV
'HVFULSWLRQ
5SHUPò
5SHUPò
5SHUPò
5SHUPò
5SHUPò
ZLWKD
ZLWKD
ZLWKD
ZLWKD
ZLWKD
PLQLPXPIHHRI PLQLPXPIHHRI PLQLPXPIHHRI PLQLPXPIHHRI PLQLPXPIHHRI
5
5
5
5
5
0LQLPXP
0LQLPXP
0LQLPXP
0LQLPXP
EXLOGLQJ
EXLOGLQJ
EXLOGLQJ
EXLOGLQJ
DSSOLFDWLRQIHH DSSOLFDWLRQIHH DSSOLFDWLRQIHH DSSOLFDWLRQIHH
DSSOLHV
DSSOLHV
DSSOLHV
DSSOLHV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
&RXQFLO3DUWQHUHG3URMHFWV
$SSHDO
'30$&&
27
6XEMHFWWR&RXQFLOUHVROXWLRQ
6RFLDO+RXVLQJ
'30$&&
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
$SSOLFDWLRQ)RURURQ%HKDOIRIWKH6WDWHRU&RXQFLO
'30$&&
1RWHV
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
&RXQFLOSDUWQHUHGSURMHFWV
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
1RIHH
*XLGHOLQH
DSSOLHV
RIWKH
RIWKH
RIWKH
RIWKH
RIWKH
DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH
'30$&&
'30$&&
'30$&&
)ORRUDUHDPòWRPò
)ORRUDUHD!PòWRPò
5SHUPò
5SHUPò
5SHUPò
5SHUPò
5SHUPò
'30$&& )ORRUDUHDLQH[FHVVRIPò
5SHUPò
5SHUPò
5SHUPò
5SHUPò
5SHUPò
'30$&& 7HPSEXLOGLQJ
DVDERYH
DVDERYH
DVDERYH
DVDERYH
DVDERYH
127(7KHDERYHIHHVDUHDSSOLHGOLQHDUO\DQGLQFUHPHQWHGDWWKHUDWHVVHWRXWDERYHLHWKHWDULIIDSSOLHGZKHUHLQH[FHVVRIPòIROORZVRQ
IURPWKHWDULIIZLWKDIORRUDUHD!PòWRPò
%XLOGLQJ$SSOLFDWLRQV$OODUHDV
3UHOLPLQDU\VNHWFKSODQRURSLQLRQRQPDWHULDOPHWKRGRIIRUP
RIWKH
RIWKH
RIWKH
RIWKH
RIWKH
'30$&& RIFRQVWUXFWLRQ
DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH DSSOLFDEOHIHH
%XLOGLQJ$SSOLFDWLRQV$OO$UHDV
'30$&&
Charge
Codes
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQWDQG0DQDJHPHQW
7$5,))%XLOGLQJ$SSOLFDWLRQV
:KHUHIRUH[DPSOHDPLQRUEXLOGLQJZRUNGHYHORSPHQWDQGDGGLWLRQDODUHD
DSSHDUVRQRQHDSSOLFDWLRQWKHPLQRUEXLOGLQJZRUNVDUHQRWFKDUJHGIRU7KH
DSSOLFDEOHIHVVDUHQRWDFFXPXODWLYH
6KRXOGWKHSURSRVDOH[FHHGWKHUHTXLUHPHQWVRIWKH0LQRUEXLOGLQJZRUN
VFKHGXOHDIXOODSSOLFDWLRQZLOOEHUHTXLUHG
$Q\DSSHDOZKHUHWKH/RFDO$XWKRULW\LVWKH$SSHDO$XWKRULW\
'$$GRHVQRWUDLVHFROOHFWIHHVRUYHULI\SD\PHQWRIIHHVIRURQEHKDOIRIDQ\
RWKHU8QLWRU'HSDUWPHQWRIWKH&RXQFLO
*XLGHOLQH6WULFWO\DSSOLHV
0XOWLSOHGHYHORSPHQWVRQDVLQJOHVXEPLVVLRQ
'HYHORSPHQWVQRWPHHWLQJWKH0%:FDWHJRU\
$SSHDOV
)((65$,6('21%(+$/)2)27+(581,76'(3$570(176
28
(;(037,216$1'2563(&,$/&,5&8067$1&(6
L1R7DULIIDSSOLFDEOHRQDSSOLFDWLRQVPDGHE\WKH6WDWH6WDWHLVGHILQHGDVDQ\VSKHUHRIJRYHUQPHQWRU'HSWWKHUHRILQFOXGLQJ6WDWHRZQHG(QWLWLHV
LL7DULIIVPD\EHUHGXFHGIRUDSSOLFDWLRQVIURPUHJLVWHUHGQRQSURILWRUJDQLVDWLRQRUZKHUHWKHSUHVFULEHGIHHLVGHHPHGXQUHDVRQDEOH
WRDPD[LPXPRIDWWKHGLVFUHWLRQRIWKH+HDG'3(&30RQUHFHLSWRIGHWDLOHGPRWLYDWLRQDQGSURRIRIUHJLVWUDWLRQ
*(1(5$/127(
L7KHGDWHRIVXEPLVVLRQRIDQDSSOLFDWLRQVKDOOEHWKHGDWHRIUHFHLSWRUWKHFRQILUPDWLRQRISD\PHQWZKLFKHYHULVWKHODWWHU
LL0LQRU%XLOGLQJ:RUNDSSOLFDWLRQIHHLVHTXDOWRPLQLPXPEXLOGLQJSODQDSSOLFDWLRQIHH
3/$1668%0,77(')255(&25'385326(6
%DVHGRQWKHVL]HRIWKHEDVHVWDWLRQDQGRURWKHUDVVRFLDWHGEXLOGLQJV
1RUHIXQGLVDSSOLFDEOHLIWKHDSSOLFDWLRQKDVEHHQLVVXHGDGHFLVLRQRIDSSURYDO
RIUHIXVDO$SSOLFDWLRQIRUUHIXQGWREHPDGHZLWKLQPRQWKVRIGDWHRISD\PHQW
DQGDPRXQWUHIXQGHGZLOOQRWH[FHHGRIWKHEXLOGLQJIHHSDLG
&HOOPDVWVDQGVLPLODUW\SHVWUXFWXUHV
5HIXQGV
$SSURYDOYDOLGIRU\HDURQO\
7HPSRUDU\%XLOGLQJ
3UHOLPLQDU\3ODQVDQG(QTXLULHV
:KHUHDFRPPHQWRURSLQLRQLVVRXJKWLQUHVSHFWRIWKH1DWLRQDO%XLOGLQJ
5HJXODWLRQVRQDQDSSOLFDWLRQZKLFKZRXOGODWHUIROORZWKHDSSURYDO
SURFHVV'RHVQRWDSSO\ZKHUHFRPPHQWRURSLQLRQLVVRXJKWLQWHUPVRIRWKHU
DSSOLFDEOHODZV7RZQ3ODQQLQJ6FKHPHFRQWUROV3ROLFLHV*XLGHOLQHV%\ODZV
HWF
$Q\SULPDU\GZHOOLQJXQLWLQFO+RIDUHDPD[VTPHUHFWHGRQDQ
LQGLYLGXDOVLWHLQDUHDLGHQWLILHGE\WKH&RXQFLOIRU6RFLDO+RXVLQJ
6WDWHDSSSOLFDWLRQV6XEPLVVLRQRIDSODQLVUHTXLUHGWRJHWKHUZLWKOHWWHUIURP
UHOHYDQWJRYHUQPHQWGHSDUWPHQW
VFRQVHQW
&RXQFLODSSOLFDWLRQVVXEPLVVLRQRIDSODQUHTXLUHGWRJHWKHUZLWKOHWWHUIURP
UHOHYDQWGHSDUWPHQW('+HDGRUGXO\DXWKRULVHGRIILFHU
VDXWKRULVDWLRQ
6RFLDO+RXVLQJ
$SSOLFDWLRQ)RURURQ%HKDOIRIWKH6WDWHRU&RXQFLO
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQWDQG0DQDJHPHQW
7$5,))%XLOGLQJ$SSOLFDWLRQV
5SHUPò
SHUZHHN
5SHUPò
SHUZHHN
,QGXVWULDO$UHDV&RPPHUFLDO%XLOGLQJV%XLOGLQJVFORVHWR
(QYLURQPHQWDOO\6HQVLWLYH=RQHV
6NLS3HUPLW)HH
$6 0LQLPXP)HHDQG'ZHOOLQJ+RXVHV
6NLS3HUPLW)HH
'ZHOOLQJVSHUPLWIRUPRQWKVDQGRWKHUEXLOGLQJVQRWVSHFLILHGDERYH
123& $ !
!6LQJOH'ZHOOLQJVDQG2WKHU%XLOGLQJV
29
E1R7DULIIDSSOLFDEOHRQDSSOLFDWLRQVPDGHE\WKH6WDWH6WDWHLVGHILQHGDVDQ\DSKHUHRIJRYHUQPHQWRU'HSWWKHUHRILQFOXGLQJ6WDWH
RZQHG(QWLWLHV
72+2
D7DULIIVPD\EHUHGXFHGIRUDSSOLFDWLRQVIURPUHJLVWHUHGQRQSURILWRUJDQLVDWLRQVRUZKHUHWKHSUHVFULEHGIHHLVGHHPHGXQUHDVRQDEOH
WRDPD[LPXPRIDWWKHGLVFUHWLRQRIWKH+HDG'3(&30RQUHFHLSWRIGHWDLOHGPRWLYDWLRQDQGSURRIRIUHJLVWUDWLRQ
5SHUPò
SHUZHHN
&%'
VDQG0XOWL6WRUH\5HVLGHQWLDO%XLOGLQJV
3HUPHWHUHGED\
#$6 5SHUPò
SHUZHHN
5SHUPò
SHUZHHN
5SHU
ZHHN
5SHUPò
SHUZHHN
"" ""#
$ ""
$ ""
$ ""
$
#
$%
%
%
%
%
&'()*+'(),&'(),+'().&'(),+'().&'().+'()/&'()/+'()0
5SHU
ZHHN
4!5
3DUNLQJPHWHUUHPRYDOGLVFRQQHFWLRQ$SSOLFDWLRQIHH
(QFORVLQJSRUWLRQRIVWUHHWUHZRUNRUGHPROLWLRQ
123&
! -
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7'HYHORSPHQW3ODQQLQJ(QYLURQPHQWDQG0DQDJHPHQW
!
'HPROLWLRQ$SSOLFDWLRQ)HH$OOEXLOGLQJV
000%",
'HVFULSWLRQ
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
7$5,))%XLOGLQJ,QVSHFWRUDWH'HPROLWLRQV
30
3UHVHQW7DULII ##$
! ##
! ##
! ##
!
([FOXGLQJYDW
%&'()*&'(+,
%&'(+*&'(-,
%&'(+*&'(-,
%&'(-*&'(.,
%&'(.*&'(/,
31
$SSURYHGEXLOGLQJSODQVDQGUHODWLYHGRFXPHQWVDUHPLFURILOPHGZKHUHWKHUHVRXUFHVDUHDYDLODEOHIRUVWRUDJHDFFHVVE\SXEOLFDQGVWDIIDOLNHDVZHOODV
UHFRUGSXUSRVHV:KHUHHTXLSPHQWLVQRWDYDLODEOHWKHKDUGFRSLHVRISODQVDUHYLHZHG
NOTES
3OHDVHUHIHUWRFRSLHVRIGRFXPHQWDWLRQ
3333
,QRUGHUWRHQVXUHWKHVWDQGDUGLVDWLRQ6XUYH\'HSDUWPHQW
VWDULIIUHFRSLHVRIGRFXPHQWDWLRQZLOODSSO\
0LFURILOPHGSODQVSHUSULQW
0LFURILOPHGSODQVSHUDGGUHVVSHUGD\
"
+DUGFRS\SODQVSHUSULQW
"## ##$
% ##
% ##
% ##
%
$
% &'().+'()/&'()/+'()0&'()*+'(),&'(),+'().&'(),+'().
!
+DUGFRS\SODQVSHUDGGUHVVSHUGD\
123
"
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
!"
,&262342'52.' !.
/HVVWKDQPòRQSULYDWHSURSHUW\
'306&&
32
(QFURDFKLQJ
'306&&
3UH$VVHVVPHQW
0LQL%LOOERDUGVRQ&RXQFLO3URSHUW\$SSOLFDWLRQIHH
0LQL%LOOERDUGVRQ&RXQFLO3URSHUW\0RQWKO\UHQWDOIHH
1RWHQFURDFKLQJ
'306&&
'306&&
$Q\VL]H
%7!
*UHDWHUWKDQPò
##
%
&
'()*/,()*0.
##
%
&
'()*0,()*1.
5SHUP
5SHUP
5SHUP
5SHUP
5SHUP
5SHUP
5SHUP
5SHUP
5SHUP
5EDVLFIHH 5EDVLFIHH 5EDVLFIHH 5EDVLFIHH 5EDVLFIHH
SOXV5SHUP SOXV5SHUP SOXV5SHUP SOXV5SHUP SOXV5SHUP
5EDVLFIHH 5EDVLFIHH 5EDVLFIHH 5EDVLFIHH 5EDVLFIHH
SOXV5SHUP SOXV5SHUP SOXV5SHUP SOXV5SHUP SOXV5SHUP
5SHUP
5SHUPRU
5SHUPRU
5SHUPRU
5SHUPRU
5SHUPRU
5ZKLFKHYHU 5ZKLFKHYHU 5ZKLFKHYHU 5ZKLFKHYHU 5ZKLFKHYHU
LVJUHDWHU
LVJUHDWHU
LVJUHDWHU
LVJUHDWHU
LVJUHDWHU
5SHUPZLWK 5SHUPZLWK 5SHUPZLWK 5SHUPZLWK 5SHUPZLWK
DPLQLPXPRI DPLQLPXPRI DPLQLPXPRI DPLQLPXPRI DPLQLPXPRI
5
5
5
5
5
'306&&
'036&&
##$
% ##
%
&
&
'()*-,()*/.
'()*-,()*/.
5SHUPZLWK 5SHUPZLWK 5SHUPZLWK 5SHUPZLWK 5SHUPZLWK
DPLQLPXPRI DPLQLPXPRI DPLQLPXPRI DPLQLPXPRI DPLQLPXPRI
5
5
5
5
5
! ##
$
%&
'()*+,()*-.
*UHDWHUWKDQPò
%'
.
,&2342'52.' !.
6%'
.
/HVVWKDQPò
!
'306&&
" !
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7 !
'306&&
'306&&
'306&&
33
5SHUP
5SHUP
5SHUP
5SHUP
5SHUP
5GD\V
5
GD\V
5GD\V
5
GD\V
5GD\V
5
GD\V
5GD\V
5
GD\V
5HPRYDORI3RVWHUV
5SHUSRVWHU
WKDWKDVEHHQ
DSSURYHGEXW
QRWUHPRYHG
WKUHHGD\VDIWHU
WKHHYHQW
5SHUSRVWHU
WKDWKDVEHHQ
DSSURYHGEXW
QRWUHPRYHG
WKUHHGD\VDIWHU
WKHHYHQW
5SHUSRVWHU
WKDWKDVEHHQ
DSSURYHGEXW
QRWUHPRYHG
WKUHHGD\VDIWHU
WKHHYHQW
5SHU
PRQWKSHULRG
5SHUSRVWHU
WKDWKDVEHHQ
DSSURYHGEXW
QRWUHPRYHG
WKUHHGD\VDIWHU
WKHHYHQW
5SHU
PRQWKSHULRG
5SHUSRVWHU
WKDWKDVEHHQ
DSSURYHGEXW
QRWUHPRYHG
WKUHHGD\VDIWHU
WKHHYHQW
5SHU
PRQWKSHULRG
5SHU
PRQWKSHULRG
5SHU
PRQWKSHULRG
$GYHUWLVLQJWUDLOHUV
5GD\V 5GD\V 5GD\V 5GD\V 5GD\V
5GD\V
5
GD\V
5
5
5
5
5
DSSOLFDWLRQIHH DSSOLFDWLRQIHH DSSOLFDWLRQIHH DSSOLFDWLRQIHH DSSOLFDWLRQIHH
SOXV5SHUP SOXV5SHUP SOXV5SHUP SOXV5SHUP SOXV5SHUP
3HGHVWULDQ%ULGJHV
'306&&
5SHUP
5SHUP
##
%
&
'()*0,()*1.
5GD\V 5GD\V 5GD\V 5GD\V 5GD\V
5SHUP
5SHUP
5SHUP
##
%
&
'()*/,()*0.
)ODJV%DQQHUVIRUVSHFLDOHYHQWV
%DQQHURQ7ROOJDWHEULGJH)L[HGVL]HRIPòGD\V
3HGHVWULDQ%ULGJHV
'306&&
'306&&
%DQQHURQ7ROOJDWHEULGJH)L[HGVL]HRIPòGD\V
'306&&
7 !!
5SHUP
'306&&
5SHUP
5SHUP
3DUWLDOFRQWURODUHD
0D[LPXPFRQWURODUHD
5SHUP
'306&&
##$
% ##
%
&
&
'()*-,()*/.
'()*-,()*/.
5SHUP
! ##
$
%&
'()*+,()*-.
0LQLPXPFRQWURODUHD
%7!
!
'306&&
" !
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7 !
*UHDWHUWKDQSRVWHUV
'306&&
8SWRSRVWHUV
! !8"
,!97 !!
*UHDWHUWKDQSRVWHUV
*UHDWHUWKDQSRVWHUV
*UHDWHUWKDQSRVWHUV
8SWRSRVWHUV
'306&&
'306&&
5SHUVLJQ
&RVWSOXV
ZLWKDPLQLPXP
UHFRYHU\IHHRI
5SHU
DGYHUWLVHPHQW
VLJQ
! ##
$
%&
'()*+,()*-.
5SHUVLJQ
&RVWSOXV
ZLWKDPLQLPXP
UHFRYHU\IHHRI
5SHU
DGYHUWLVHPHQW
VLJQ
5SHUVLJQ
&RVWSOXV
ZLWKDPLQLPXP
UHFRYHU\IHHRI
5SHU
DGYHUWLVHPHQW
VLJQ
##$
% ##
%
&
&
'()*-,()*/.
'()*-,()*/.
5SHUVLJQ
&RVWSOXV
ZLWKDPLQLPXP
UHFRYHU\IHHRI
5SHU
DGYHUWLVHPHQW
VLJQ
##
%
&
'()*/,()*0.
5SHUVLJQ
&RVWSOXV
ZLWKDPLQLPXP
UHFRYHU\IHHRI
5SHU
DGYHUWLVHPHQW
VLJQ
##
%
&
'()*0,()*1.
34
5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU
5PLQLPXP 5PLQLPXP
IHH
IHH
5SHUSRVWHU
5SHU
SRVWHU5
PLQLPXPIHH
5SHUSRVWHU
5SHU
SRVWHU5
PLQLPXPIHH
5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5SHU
5PLQLPXP 5PLQLPXP 5PLQLPXP SRVWHU5
IHH
IHH
IHH
PLQLPXPIHH
5SHU
SRVWHU5
PLQLPXPIHH
5SHUSRVWHU
5SHU
SRVWHU5
PLQLPXPIHH
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5
5
5
5
5
PLQLPXPIHH
PLQLPXPIHH
PLQLPXPIHH
PLQLPXPIHH
PLQLPXPIHH
1RQ3URILW%RGLHV$ZDUHQHVV&DPSDLJQVE\JRYHUQPHQWGHSDUWPHQWVDQG*UDQW,Q$LGHYHQWVZLWKQRFRPPHUFLDOFRQWHQWORJRVVXEMHFWWRVXEPLVVLRQRIDQ
132&HUWLILFDWH
6HFWLRQ$,RI&KDSWHURI%XLOGLQJ%\ODZV
2' !.
5HJLVWUDWLRQIRU(VWDWHDJHQWVSRLQWHUERDUGVVDQGZLFKERDUGV
5HPRYDORIXQDXWKRULVHGVLJQVIRUUHJLVWHUHGHVWDWH$JHQWV
*UHDWHUWKDQSRVWHUV
'306&&
'306&&
!
5HPRYDORIXQDXWKRULVHGDGYHUWLVHPHQWVVLJQV
'306&&
'306&&
'306&&
'306&&
" !
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7 !
5SHUSRVWHU
5SHUSRVWHU
5SHUSRVWHU
5SHUSRVWHU
35
52
D7DULIIVPD\EHUHGXFHGIRUDSSOLFDWLRQVIURPUHJLVWHUHGQRQSURILWRUJDQLVDWLRQVRUZKHUHWKHSUHVFULEHGIHHLVGHHPHGXQUHDVRQDEOHWRDPD[LPXP
RIDWWKHGLVFUHWLRQRIWKH+HDG'3(&30RQUHFHLSWRIGHWDLOHGPRWLYDWLRQDQGSURRIRIUHJLVWUDWLRQ
E6WDWHRIRUJDQRIVWDWH&RXQFLO*RYHUQPHQWZLOOEHH[HPSWIURPRIWKHDSSOLFDEOHIHH
RI
DSSOLFDEOHIHH
5PLQLPXP
5PLQLPXP
5PLQLPXP
5PLQLPXP
5PLQLPXP
IHHSOXV5SHU IHHSOXV5SHU IHHSOXV5SHU IHHSOXV5SHU IHHSOXV5SHU
SRVWHU
SRVWHU
SRVWHU
SRVWHU
SRVWHU
RI
DSSOLFDEOHIHH
5RXWHPDUNHUVIRULQIRUPDWLRQSXUSRVHVDVDSSURYHGE\WKHH7KHNZLQL
7UDQVSRUW$XWKRULW\
RI
DSSOLFDEOHIHH
&RXQFLO*RYHUQPHQWFDPSDLJQVHYHQWVSURYLGHGWKDWWKHVWDWXWRU\
ERG\LVWKHDSSOLFDQW
RI
DSSOLFDEOHIHH
RI
DSSOLFDEOHIHH
(OHFWLRQSRVWHUV
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5PLQLPXP 5PLQLPXP 5PLQLPXP 5PLQLPXP 5PLQLPXP
IHH
IHH
IHH
IHH
IHH
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5PLQLPXP 5PLQLPXP 5PLQLPXP 5PLQLPXP 5PLQLPXP
IHH
IHH
IHH
IHH
IHH
! ## ##$
% ##
% ##
% ##
%
$
%&
&
&
&
&
'()*+,()*-.
'()*-,()*/.
'()*-,()*/.
'()*/,()*0.
'()*0,()*1.
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU 5SHUSRVWHU
5HIXQGDEOH
5HIXQGDEOH
5HIXQGDEOH
5HIXQGDEOH
5HIXQGDEOH
GHSRVLWRI5 GHSRVLWRI5 GHSRVLWRI5 GHSRVLWRI5 GHSRVLWRI5
SHU
SHU
SHU
SHU
SHU
SDUW\FDQGLGDW SDUW\FDQGLGDW SDUW\FDQGLGDW SDUW\FDQGLGDW SDUW\FDQGLGDW
HSHUZDUG
HSHUZDUG
HSHUZDUG
HSHUZDUG
HSHUZDUG
*UHDWHUWKDQSRVWHUV
8SWRSRVWHUV
*UHDWHUWKDQSRVWHUV
! !#
% ,!"
%!
':4.
8SWRSRVWHUV
! !8"
,!97 !!
*UHDWHUWKDQSRVWHUV
*UHDWHUWKDQSRVWHUV
!
'HILQLWLRQIRU0D[LPXP3DUWLDO0LQLPXPFRQWURODUHDVVHHDWWDFKHGH[SODQDWRU\WDEOH
1RWHV
'306&&
'306&&
'306&&
'306&&
'306&&
'306&&
'306&&
" !
(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7 !
6FHQLFURXWHV
6FHQLFIHDWXUHV
3HULXUEDQDQG
7UDGLWLRQDO
DUHDV
6FHQLFFRUULGRUV
6FHQLFODQGVFDSH
5LYHUFRUULGRUV
:HWODQGV
2SHQ6SDFHV
6FHQLFGULYHV
DUHDV
+LVWRULFRUJUDGHG
XUEDQURDGV
XUEDQIUHHZD\V
36
9LVXDO]RQHVDORQJ
9LVXDO]RQHVDORQJ
EXLOGLQJVDQGDUHDV
0L[HGXVHLQWHUIDFH
%DWWOHILHOGVLWHV
LQVWLWXWLRQV
6SRUWVILHOGVVWDGLDV
+HULWDJHDQG
&RQVHUYDWLRQ$UHDV
RUFRPSOH[HV
:HWODQGV
(GXFDWLRQDO
(QWHUWDLQPHQWGLVWULFWV
JRYHUQPHQW
0XQLFLSDO
ULEERQGHYHORSPHQW
&RPPHUFLDOQRGHV
LQUHVLGHQWLDODUHDV
&RPPHUFLDOHQFODYHV
DPHQLWLHV
RIUHVLGHQWLDO
FRPSRQHQWV
RIILFH
&RPPHUFLDO
'LVWULFWV
&HQWUDO%XVLQHVV
3$57,$/
8UEDQODQGVFDSH
5LYHUFRUULGRUV
*DWHZD\V
6FHQLFGULYHV
6FHQLFIHDWXUHV
,QWHQVLYH
DJULFXOWXUH
$OO5HVLGHQWLDO]RQHV
KROGLQJV
2FHDQV
([WHQVLYHDJULFXOWXUH
8UEDQVPDOOKROGLQJV
5XUDOVPDOO
&RPPXQLW\IDFLOLWLHV
3HGHVWULDQVTXDUHV
3ULYDWH2SHQ6SDFHV
6HDVKRUHV
%HDFKHVDQG
6SDFHV
6SDFHV
3XEOLF2SHQ
1DWXUDOHQYLURQPHQWV
0DULQH5HVHUYHV
3XEOLF2SHQ6SDFHV
3HGHVWULDQPDOOV
3ULYDWH2SHQ
)RUHVWU\DUHDV
2SHQ6SDFH6\VWHPV
+RUWLFXOWXUDODUHDV
0HWURSROLWDQ
0XQLFLSDO3DUNV
1DWXUHUHVHUYHV
8UEDQODQGVFDSH
(;3/$1$725<7$%/(
1DWXUDO3DUNV
1DWXUDOODQGVFDSH
0$;,080
5XUDOODQGVFDSH
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
7$5,))*HQHUDO$GYHUWLVLQJ&ODVVLILFDWLRQRI$UHDV
WHUPLQDOV
7UDQVSRUWDWLRQ
7UDIILFFRUULGRUV
7UDQVSRUWQRGHV
,QGXVWULDO]RQHV
,QGXVWULDODUHDV
]RQHV
UDLOZD\LQGXVWULDO
GLVWULFWVOLQNHGWR
FRPPHUFLDO
&HQWUDO
0,1,080
8UEDQODQGVFDSH
'
%
8PNKXPEDQH(QWHUSULVH8QLWSHUPRQWK
8QLWP
37
&RQWDLQHUVSHUPRQWK
7HPSRUDU\+LUHRI&RXFLOODQGSHUGD\
+LYHVLWHZLWKIXOOIDFLOLWLHVVHUYLFHVSHUPRQWK
+LYHVZLWKFOHDQLQJFRQWUDFWZDVWHUHPRYDOVWRUDJHDQGDEOXWLRQ
IDFLOLWLHV
6WUHHW7UDGHUVZLWKIDFLOLWLHVSHUPRQWK
6WUHHW7UDGHUVZLWKVKHOWHUV
,WLQHUDQW7UDGHUVSHUPRQWK
+LYHVLWHZLWKHOHPHQWDU\IDFLOLWLHVSHUPRQWK
+LYHVZLWK&RQWDLQHU3DUNRU&KHPLFDOWRLOHWV
(( (()
% ((
% ((
% ((
%
)
%*
*
*
*
*
+,-./0,-.12
+,-.10,-.32
+,-.10,-.32
+,-.30,-.42
+,-.40,-.52
6WUHHW7UDGHUVZLWKRXWIDFLOLWLHVVHUYLFHVSHUPRQWK
6WUHHW7UDGHUVZLWKRXWVKHOWHUV
&/867(5 (FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7 !"
#$$%%&
'
%
&HQWUDO
,QQHU2XWHU:HVW
)OHD0DUNHWSHUGD\
)ORULGD5RDG
/RVW3HUPLWSHUSHUPLW
3HUPLWIRU$VVLVWDQW
6ROGLHUV:D\6XQGD\)OHD0DUNHWSHUPRQWK
38
%DFXV5G6WRUDJHIDFLOLW\
(( (()
% ((
% ((
% ((
%
)
%*
*
*
*
*
+,-./0,-.12
+,-.10,-.32
+,-.10,-.32
+,-.30,-.42
+,-.40,-.52
,VLSLQJR6WRUDJHIDFLOLW\
6WRUDJH)DFLOLWLHVSHUPRQWK
8QLWP
8QLWP
&/867(5 (FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7 !"
#$$%%&
6WDQGV7UDGHUVSHUPRQWK
3RXOWU\
)RU'XFNVIRZODQGJHHVHHDFK
)RUSLJHRQVSHUSDLU
)RUWXUNH\VDQGSHDFRFNVHDFK
)RUUDEELWVJXLQHDSLJVDQGDQ\ELUGQRWHQXPHUDWHGDERYH
)RUWKHXVHRISRXOWU\SHQVSHUFXELFOHSHUGD\RUSDUWWKHUHRI
*HQHUDO)HHVSHUGD\
1HZEDVNHWHDFK
*UDVVKDQGEURRPVSHUPLQLPXP
$Q\RWKHUDUWLFOHDSSURYHGIRUVDOHLQWKH0DUNHWSHUDUWLFOH
0.75&& 8SWRVTXDUHPHWUHSHUVWDQGSHUPRQWK
0.75&& %HWZHHQDQGVTXDUHPHWUHSHUVWDQGSHUPRQWK
0.75&& %HWZHHQDQGVTXDUHPHWUHSHUVWDQGSHUPRQWK
0.75&& %HWZHHQDQGVTXDUHPHWUHSHUVWDQGSHUPRQWK
0.75&& %HWZHHQDQGVTXDUHPHWUHSHUVWDQGSHUPRQWK
0.75&& %HWZHHQDQGVTXDUHPHWUHSHUVWDQGSHUPRQWK
39
)HHVSD\DEOHE\PDQXIDFWXUHUVLQUHVSHFWRIDUWLFOHVEURXJKWLQWRWKHPDUNHW
SHUGD\
)HHVSD\DEOHE\IDUPHUVIRUKLUHRIWDEOHVSHUGD\
LVPDOOWDEOHVLQ5RZV)DQG*RUSDUWWKHUHRI
LLODUJHWDEOHVLQ5RZV)DQG*RUSDUWWKHUHRI
(DUO\0RUQLQJ0DUNHW
'HVFULSWLRQ
(FRQRPLF'HYHORSPHQW3ODQQLQJ
%XVLQHVV6XSSRUW0DUNHWV'XUEDQ7RXULVP
5HWDLO0DUNHWV
0.75&& ,QH[FHVVRIVTXDUHPHWUHSHUVWDQGSHUPRQWK
&KDUJH
&RGHV
&OXVWHU
8QLW
7DULII
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
&KDUJH
&RGHV
&OXVWHU
8QLW
7DULII
3DUNLQJ7UDGLQJ$UHDSHUGD\KWRK
40
3RXOWU\&DJHV
7XHVGD\7KXUVGD\
6DWXUGD\DQG3XEOLF+ROLGD\
%DNNLH
7XHVGD\7KXUVGD\
6DWXUGD\DQG3XEOLF+ROLGD\V
%DNNLHDQG7UDLOHU
7XHVGD\7KXUVGD\
6DWXUGD\DQG3XEOLF+ROLGD\V
7UXFNVWRQV
7XHVGD\7KXUVGD\
6DWXUGD\DQG3XEOLF+ROLGD\V
+RUVHDQG7UDLOHU
7XHVGD\7KXUVGD\
6DWXUGD\DQG3XEOLF+ROLGD\V
)HHVSD\DEOHIRUWUDGLQJIURPPRWRUYHKLFOHVSHUGD\
KWRKRQPRUQLQJPDUNHW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
7XHVGD\DQG7KXUVGD\
6DWXUGD\DQG3XEOLF+ROLGD\
7DEOHV
0RUQLQJ0DUNHW9HUXODP7RQJDDWSHUGD\
'HVFULSWLRQ
(FRQRPLF'HYHORSPHQW3ODQQLQJ
%XVLQHVV6XSSRUW0DUNHWV'XUEDQ7RXULVP
5HWDLO0DUNHWV
6WDQGV7UDGHUVSHUPRQWK
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
9(58/$0'$,/<
0.75&& 6ROGLHUV:D\6WDOOV
0.75&& &KXUFK:DONDQG/RFDO3OD]D6WDOOV
0.75&& &KXUFK:DON)RRG6WDOOV
0.75&& 3LQDIRUH3RWV6WDQGV
0.75&& +RXVLQJ8QLWV
0.75&& &DUERRW
0.75&& )RRG.LRVN
0.75&& 6KRZHU)DFLOLW\
0$16(/52$'
0.75&& %URRNGDOH0DUNHW6WDOOV
0.75&& 3KRHQL[0LOOHQQLXP0DUNHW6WDOOV
0.75&& 7RQJDDW0RUQLQJ0DUNHW6WDOOV
0.75&& +DPPHUVGDOH0DUNHW6WDOOV
0.75&& +XWVXSSHU/HYHO
0.75&& )UDJUDQFH6WUHHW6WDOOV
0.75&& )LVK
0.75&& 3RXOWU\
0.75&& %DQJODGHVK6WDOOV
0.75&& .LRVNV
0.75&& :DUZLFN+HUE0DUNHW
0.75&& (]LPEX]LQL+HUE0DUNHW
'HVFULSWLRQ
(FRQRPLF'HYHORSPHQW3ODQQLQJ
%XVLQHVV6XSSRUW0DUNHWV'XUEDQ7RXULVP
5HWDLO0DUNHWV
0.75&& %URRNVWUHHW
&KDUJH
&RGHV
&OXVWHU
8QLW
7DULII
41
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
42
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
0.75&& 6WDOOV%ORFN
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
0.75&& 6WDOOV%ORFN
721*$$7'$,/<
0.75&& 6WDOOV%ORFN
'HVFULSWLRQ
(FRQRPLF'HYHORSPHQW3ODQQLQJ
%XVLQHVV6XSSRUW0DUNHWV'XUEDQ7RXULVP
5HWDLO0DUNHWV
0.75&& 6WDOOV%ORFN
&KDUJH
&RGHV
&OXVWHU
8QLW
7DULII
LQWHUQDOV\VWHPKDQGOHVWKHVHFKDUJHVDQGZLOOQRWEHSDUWRI506
43
,QWKHFDVHRIIUHVKSURGXFHSODFHGLQWKHPXOWLSXUSRVHURRPVIRUWKH
SXUSRVHVRIULSHQLQJSHU.JFRQWDLQHUSHUULSHQLQJ
!7
!7
''%&
%
7KHWDULIIIRUWKHVWRUDJHRIIUHVKSURGXFHRURWKHUDUWLFOHVLQFROGVWRUDJHURRPV
RUPXOWLSXUSRVHURRPVSHUSDOOHWSHUGD\
!7
"15' !>##>8&7%'
<,,-,
<,,,2
<,,,0
'
1''
L6HUYLFHGSHUVTXDUHPHWUH
LL8QVHUYLFHGSHUVTXDUHPHWUH
1
$
<,,,=
<,,,3
L5HVHUYHGXQFRYHUHGSDUNLQJVSDFHSHUPRQWK
LL5HVHUYHGFRYHUHGSDUNLQJVSDFHSHUPRQWK
<,,,4
:''
1&
'9"%!;!
!7
"1!
#&''8
'"79
&
!7
'' ''(
& ''
& ''
& ''
&
(
&)
)
)
)
)
*+,-./+,-01
*+,-0/+,-21
*+,-0/+,-21
*+,-2/+,-31
*+,-3/+,-41
'5&6
15'%7&7
"15'%77&7
!7
%
&
&/867(5(FRQRPLF'HYHORSPHQW3ODQQLQJ
81,7
!"
#$$
$%&
!
+($/&& +HDOWK1XLVDQFHFRQWUROSHUKRXU
+($/&& &HUWLILFDWHRI8QVRXQG)RRGVWXIIVSHUKRXUIRUDWWHQGDQFHRIILFHU
+($/&& YHQXHRXWVLGHWKHDERYHKRXUV
3URYLGHGWKDWWKHWDULIIVKDOOEHOHYLHGDWLQUHVSHFWRIWKHKLUHRIWKLV
+($/&& SHUKRXUWKHUHRI
+($/&& SHUWKUHHKRXUVRUSDUWWKHUHRI
0RQGD\WR)ULGD\WR
1RQ3URILW0DNLQJ2UJDQLVDWLRQ
+($/&& YHQXHRXWVLGHWKHDERYHKRXUV
44
+($/&& SHUKRXUWKHUHRI
3URYLGHGWKDWWKHWDULIIVKDOOEHOHYLHGDWLQUHVSHFWRIWKHKLUHRIWKLV
+($/&& SHUWKUHHKRXUVRUSDUWWKHUHRI
0RQGD\WR)ULGD\WR
352),70$.,1*25*$1,6$7,21
$8',725,80)$&,/,7,(6
+($/&& 9HFWRUFRQWUROSHURFFXUUHQFH
02648,72&21752/$1'27+(5
+($/&& 3HUFDOORXWVLGHQRUPDOZRUNLQJKRXUVLQFOXGLQJWUDYHOOLQJSHUKRXU
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
12,6(&21752/
(19,5210(17$/+($/7+
'HVFULSWLRQ
3HUFDOORXWGXULQJQRUPDOZRUNLQJKRXUVLQFOXGLQJWUDYHOOLQJWLPHSHUKRXUD
FDOORXWVKDOOEHGHHPHGWRLQFOXGHDQDWWHQGDQFHDWFRXUWE\DQ\1RLVH
+($/&& &RQWURO2IILFHURIWKH&RXQFLO
&KDUJH
&RGHV
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 +HDOWK
7$5,)) +HDOWK6HUYLFHV
3ULRULW\3ROOXWDQW'DWD
1(:7$5,))6
(19,5210(17$/+($/7+
'HVFULSWLRQ
+($/&& +RXUO\DYHUDJHV
+($/&& PLQXWHDYHUDJHV
+($/&& 0HWHRURORJLFDOGDWDEDVHDGPLQLVWUDWLRQFRVW
45
+($/&& 'DLO\DYHUDJHV
+($/&& $QQXDODYHUDJHV
+($/&& 0RQWKO\DYHUDJHV
+($/&& 'DLO\DYHUDJHV
+($/&& +RXUO\DYHUDJHV
+($/&& PLQXWHDYHUDJHV
7LPHUHVROXWLRQFRVWVSHUSDUDPHWHU
0HWHRURORJLFDO'DWD
+($/&& 0RQWKO\DYHUDJHV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
+($/&& $QQXDODYHUDJHV
7LPHUHVROXWLRQFRVWVSHUSDUDPHWHU
+($/&& %DVH$GPLQLVWUDWLRQFRVWSHUDSSOLFDWLRQ
&KDUJH
&RGHV
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 +HDOWK
7$5,)) +HDOWK6HUYLFHV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
&KDUJH
&RGH
DSHUGD\EHORZ!KRXUV
ESHUKRXURUSDUWWKHUHRIEHORZKRXUV
$PSKLWKHDWUHLQFOXGHV6$052IHHVWR
%RWWRPDUHDH[FOXGHV6XQNHQ*DUGHQV
%OXH/DJRRQ/DZQVLQFOXGHV6$052IHHV
DFRPPHUFLDODFWLYLWLHVEHORZSHUVTPGD\
EQRQFRPPHUFLDODFWLYLWLHVEHORZLIDSSOLFDEOHSHUGD\
F6SHFLDOJURXSVHJVFKRROVSHQVLRQHUVEHORZSHUVTPGD\
GHOHFWULFLW\SHUGD\RUSDUWWKHUHRI
HYHVVHOVRQWKHSRQGSHUYHVVHOSHUGD\
DUHD
46
IFRPPHUFLDOSURPRWLRQVHJJLYHDZD\VVDPSOLQJEHORZDUHDSG
KRXUVSGSHRSOHSHUERRNHGSHUKRXU
FOLIHVDYLQJFOXEHYHQWVQRQFRPPHUFLDO,IEUDQGLQJDGYHUWLVLQJGRQHUHIHUWR
EHORZSHUGD\
GFRPPHUFLDOSKRWRDQGILOPVKRRWVEHORZSHUGD\
HQRQFRPPHUFLDOILOPVKRRWVSHUGD\
%HDFK$UHDVLQFOXGHV6$052)HHV
DFRPPHUFLDODFWLYLWLHVEHORZSHUVTPGD\
EQRQFRPPHUFLDODFWLYLWLHVEHORZSHUVTPGD\
HFRPPHUFLDOSURPRWLRQVHJJLYHDZD\VVDPSOLQJEHORZDUHDSG
KRXUVSGSHRSOHSHUERRNHGDUHDSHUKRXU
/RZHUPDULQH3DUDGH3URPHQDGHVLWHXQVSHFLILHGODZQV
,QFOXGHV6$052IHHV
DFRPPHUFLDODFWLYLWLHVEHORZSHUVTPGD\
EQRQFRPPHUFLDODFWLYLWLHVEHORZSHUVTPGD\
FFRPPHUFLDOSKRWRDQGILOPVKRRWVEHORZSHUGD\
GIRUQRQFRPPHUFLDOILOPVKRRWVSHUGD\
'HVFULSWLRQ
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
%HDFK)RUHVKRUH
)UHH
)UHH
)UHH
)UHH
)UHH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
&KDUJH
&RGH
+LUHRIEHDFK9ROOH\DQGQHWSHUKRXU
0LOOHQLXP6WDJHLQFOXGLQJHOHFWULFLW\DQG6$052IHHV
DIURPWR
EIURPWR
FIURPWR
GDGGEHORZLIDSSOLFDEOH
47
DLQIRUPDOXVH
EIRUPDOXVHIRUQRQFRPPHUFLDOHYHQWVSURPRWLRQVEHORZSHUKRXUV
FIRUPDOXVHIRUFRPPHUFLDOHYHQWVSURPRWLRQVEHORZSHUKRXUV
6NDWHERDUG3DUN
F6SHFLDOJURXSVHJVFKRROVSHQVLRQHUJURXSVUHJ1RQSURILWRUJ
LI
DSSOLFDEOHSHUKRXU
DSHUGD\RUSDUWWKHUHRIEHORZ!KRXUV
ESHUKRXURUSDUWWKHUHRIEHORZKRXUV
)XOOODZQ
F6SHFLDOJURXSVHJVFKRROVSHQVLRQHUJURXSVUHJ1RQSURILWRUJ
LI
DSSOLFDEOHSHUKRXU
DSHUGD\RUSDUWWKHUHRIEHORZ!KRXUV
ESHUKRXURUSDUWWKHUHRIEHORZKRXUV
+DOIODZQ
%D\/DZQVLQFOXGHV6$052IHHVWRRQO\
F6SHFLDOJURXSVHJVFKRROVSHQVLRQHUJURXSVUHJ1RQSURILWRUJSHUKRXU
GH[LVWLQJ0DUNHWRIHDFKWDEOHUHQWDO
'HVFULSWLRQ
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
%HDFK)RUHVKRUH
)UHH
)UHH
)UHH
)UHH
)UHH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
3/&'&&
3/&'&&
48
$Q\DSSOLFDWLRQIRUXVHRIIDFLOLWLHVE\WKH(WKHNZLQL6SRUW5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWZLOOEHDWQRFRVW
$Q\DSSOLFDWLRQIRUXVHRIIDFLOLWLHVE\6SRUWV)HGHUDWLRQ&OXEV6SRUWV&RXQFLOHWFZKLFKLVHQGRUVHGE\WKH'HSXW\+HDGRIWKH(WKHNZLQL6SRUWDQG
5HFUHDWLRQ'HSDUWPHQWVKDOOEHDWQRFRVW
7KHFRXQFLOUHVHUYHVWKHULJKWWRUHMHFWDSSOLFDWLRQVZKLFKDUHGHHPHGWREHLQDSSURSULDWHIRUWKHIRUHVKRUHRUZKLFKDUHQRWLQNHHSLQJZLWKWKHYLVLRQ
IRUWKHFLW\LQFRQWUDYHQWLRQRIH[LVWLQJODZVE\ODZVDQGVHDVKRUHUHJXODWLRQVRUQRWLQNHHSLQJZLWKSROLFLHVDQGFULWHULD
6KRXOGDQ\LQWHQGHGXVHRIWKHZKROHRUSDUWRIWKHIDFLOLWLHVEHRIVXFKDQDWXUHWKDWWKHKLUHUVKDOOGHULYHDVXEVWDQWLDOSURILWWKHUHIURWKHWDULIIVKDOOEHUHSODFHG
E\DIL[HGDPRXQWLQWKHIRUPRIDUHQWDOWREHQHJRWLDWHGEHWZHHQWKH'+3/&DQGWKHXVHU
1HJRWLDEOH5HQWDO
2WKHUWKDQWKHH[LVWLQJPDUNHWDWWKH3DYDOOLRQUHTXHVWVIRUPDUNHWVZLOOQRWEHDSSURYHGRQWKHIRUHVKRUH
0DUNHWV)OHD0DUNHWV
6WDQGE\HOHFWULFLDQVZLOOEHSURYLGHGRQUHTXHVWDWWKHFRVWRIWKHKLUHUZKRVKDOOPDNHVXFKDUUDQJHPHQWVZLWKWKH+HDG(OHFWULFLW\
$Q\OLJKWQLQJUHTXLUHGLQDGGLWLRQWRWKDWSURYLGHGE\WKH&RXQFLOVKDOOEHDUUDQJHGE\DQGDWWKHFRVWRIWKHKLUHUZLWKWKH+HDG(OHFWULFLW\
/LJKWLQJDQG(OHFWULFLDQ
V6HUYLFH
DFRPPHUFLDODFWLYLWLHVEHORZSHUVTPGD\
'XUEDQ'ULYH,QQ
3UHSDUDWLRQ6HWWLQJXS%UHDNGRZQXSRIWKHDSSOLFDEOHWDULII
3/&'&&
3/&'&&
EZKHUHSKDVHSRZHULVDYDLODEOHSHUKRXU
3/&'&&
3UHSDUDWLRQ6HWWLQJXS%UHDNGRZQXSRIWKHDSSOLFDEOHWDULII
(OHFWULFLW\
DZKHUHDPSHOHFWULFLW\LVDYDLODEOHSHUKRXU
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
3/&'&&
$GYHUWLVLQJEUDQGLQJ
'HVFULSWLRQ
7RWDOFRVWRIKLULQJSOXVRU5ZKLFKHYHULVWKHJUHDWHUIRUDGYHUWLVLQJ
ULJKWVSHUHYHQW
&KDUJH
&RGH
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
%HDFK)RUHVKRUH
&KDUJH
&RGH
49
3HUVHWRIERZOVKLUHIRURQHJDPH
1RFKDUJH
E3HUVHWRIERZOVKLUHIRURQHJDPH
6HDVRQDOXVHIRUFDOHQGDU\HDU
1RFKDUJH
D3HUSOD\HUSHUJDPH
3HQVLRQHUV6HQLRUFLWL]HQVGLVDEOHGSHUVRQRUGLDELOLW\JUDQWHH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
3HUSOD\HUSHUJDPH
081,&,3$/%2:/,1**5((16
'HVFULSWLRQ
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
%RZOLQJ*UHHQV
'(326,7
%DOOV'DQFHV'LVFRWKHTXHV%DQTXHWV([KLELWLRQV
&RQFHUWV6KRZV&RPSHWLWLRQV&RQIHUHQFHV
3URPRWLRQV3DJHDQWV
'HVFULSWLRQ
1&
IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
3XEOLFDVVHPEOLHV/HFWXUHV0HHWLQJV6HPLQDUVDQG
:RUNVKRSV
IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
3/&'&&
3/&'&&
3/&'&&
'(326,7
6SRUW5HFUHDWLRQDQG&XOWXUDOSUDFWLFHV
FRPSHWLWLRQVDQGWRXUQDPHQWVLQFOPXVLFGUDPD
DQGGDQFH
IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
E:KHUHQRIHHLVFKDUJHGSHUKRXURUSDUW
WKHUHRI
'(326,7
IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
3/&'&& D:KHUHDIHHLVFKDUJHGSHUKRXURUSDUWWKHUHRI
3/&'&&
3/&'&& E:KHUHQRIHHLVFKDUJHGSHUKRXURUSDUWWKHUHRI
3/&'&&
3/&'&& D:KHUHDIHHLVFKDUJHGSHUKRXURUSDUWWKHUHRI
'(326,7
6FKRROHQWHUWDLQPHQWDQGIXQFWLRQVHJSDJHDQWV
SOD\VILOPVKRZVDZDUGHYHQLQJVSUL]HJLYLQJ
DVVHPEOLHV37$PHHWLQJV
3/&'&& IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
&RPPXQLW\2XWUHDFKXQGHUWDNHQE\5HOLJLRXV
2UJDQLVDWLRQVZKHUHD+DOOLVDYDLODEOHDQG127
ERRNHGGXULQJGD\OLJKWZHHNGD\VUHTXLUHVD
SUHDUUDQJHGDJUHHPHQW7KHQDWXUHRIWKLV
&RPPXQLW\2XWUHDFKSURMHFWLWK/RFDO&RXQFLOORU
FRQVXOWDWLRQ7KLV2XWUHDFK3URMHFWPXVWQRW
H[FHHGKRXUV2QO\DSSOLFDEOHWR*UDGH%(+DOOV
5HOLJLRXV6HUYLFHVFRQWLQXLQJDIWHULQWKH
PRUQLQJUHTXLUHVDSUHDUUDQJHGDJUHHPHQW
DGGLWLRQDOSD\PHQWRI5
3/&'&& 3HUKRXURUSDUWWKHUHRI
'(326,7
5HOLJLRXV6HUYLFHV,QNRQ]R\H3KDVLND
1&
3/&'&& IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
5
1&
*5$'($
5
1&
5
3/&'&&
3/&'&&
&KDUJH
FRGHV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1&
3/&'&&
3/&'&&
3/&'&&
1&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
5
7DULII
7DULII
7DULII
7DULII
([FOXGLQJ ,QFOXGLQJ ,QFOXGLQJ ,QFOXGLQJ
9DW
9DW
9DW
9DW
'(326,7
5
3UHVHQW
7DULII
([FOXGLQJ
9DW
3/&'&& 3HUKRXURUSDUWWKHUHRI
)XQHUDOV0HPRULDO6HUYLFHV,VLNKXPEX]R
3/&'&& IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
3/&'&& 3HUKRXURUSDUWWKHUHRI
'(326,7
:HGGLQJV7KDQNVJLYLQJ%LUWKGD\V*UDGXDWLRQ
&HUHPRQLHV(QJDJHPHQWV8PHPXOR
3/&'&& IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
3/&'&& E:KHUHQRIHHLVFKDUJHGSHUKRXURUWKHUHRI
3/&'&& IRUVHWWLQJXSEUHDNLQJGRZQSHUKRXU
3/&'&& D:KHUHDIHHLVFKDUJHGSHUKRXURUSDUWWKHUHRI
&KDUJH
FRGHV
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))6 &RPPXQLW\+DOOV
1&
5
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
*5$'(%
1&
5
1&
5
1&
5
3/&'&&
3/&'&&
&KDUJH
&RGHV
1&
PLCD0052CC
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
5
7DULII
([FOXGLQJ
9DW
1&
5
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
*5$'(&
50
1&
5
1&
5
1&
5
3/&'&&
3/&'&&
&KDUJH
&RGHV
3/&'&&
3/&'&&
1&
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
*5$'('
1&
5
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1&
3/&'&&
PLCD0025CC
3/&'&&
3/&'&&
3/&'&&
3/&'&&
5
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
PLCD0106CC
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
PLCD0108CC
3/&'&&
3/&'&&
3/&'&&
1&
5
&KDUJH
&RGHV
3/&'&&
1&
5
7DULII
([FOXGLQJ
9DW
3/&'&&
1&
5
3UHVHQW
7DULII
([FOXGLQJ
9DW
3/&'&&
3/&'&&
PLCD0024CC
3/&'&&
3/&'&&
3/&'&&
3/&'&&
5
7DULII
([FOXGLQJ
9DW
)5((
)5((
1&
5
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
*5$'((
)5((
)5((
1&
5
)5((
)5((
1&
5
)5((
)5((
1&
5
1&
5
'HVFULSWLRQ
E&OXE$VVRFLDWLRQ)HGHUDWLRQWUDLQLQJDQG
FRDFKLQJ
2WKHU
'(326,7
'ULYLQJVFKRROV'ULYHUWUDLQLQJLQWKHSDUNLQJDUHD
SHUPRQWK
1&
)5((
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1&
)5((
3/&'&&
1&
)5((
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
1&
)5((
*5$'(%
1&
)5((
1&
)5((
PLCD0552CC
&KDUJH
&RGHV
PLCD7171CC
PLCD0554CC
PLCD0065CC
1&
)5((
PLCD0553CC
PLCD0053CC
7DULII
([FOXGLQJ
9DW
1&
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
1RFKDUJH
1RFKDUJH
1&
)5((
*5$'(&
1&
)5((
1&
)5((
3/&'&&
3/&'&&
3/&'&&
&KDUJH
&RGHV
1&
PLCD0078CC
PLCD0077CC
3/&'&&
3/&'&&
)5(( 3/&'&&
7DULII
([FOXGLQJ
9DW
1&
)5((
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
)RUWKHDWWHQGDQFHRID)LUHPDQRQGXW\DWWKHIDFLOLW\DVUHTXLUHGE\7KH+HDG6XFKFKDUJHVDUHSD\DEOHLQWHUPVRI6HFWLRQHRIWKH*HQHUDO%\/DZV
3/&'&& E)LUHPDQDWWHQGDQFH
51
:KHQVHFXULW\LVUHTXLUHGLQWKHFDVHRIKLJKULVNHYHQWVVXFKDVODUJHFURZGVVFKRROIXQFWLRQVSDUWLHVDQGGLVFRWHFKVDPRQJVWRWKHUVWKHGHSDUWPHQWZLOODUUDQJHVHFXULW\IRUWKHSURWHFWLRQRIWKHFRXQFLODVVHWDWWKHH[SHQVHRIWKHKLUHUJLYLQJGXHQRWLILFDWLRQ
3/&'&& D6HFXULW\
$'',7,21$/&+$5*(6
H(YHQWVVKDOOQRWVWDUWODWHUWKDQDQGDOOHYHQWVZLOOVWRSE\XQOHVVVSHFLDOSHUPLVVLRQKDVEHHQUHFHLYHGIURPWKH'+3/&DQGGHSHQGLQJRQWKHDYDLODELOLW\RIVWDII
G$OOERRNLQJVDUHPDGHRQDILUVWFRPHILUVWVHUYHEDVLV
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
1&
)5((
*5$'('
1&
)5((
1&
)5((
3/&'&&
3/&'&&
&KDUJH
&RGHV
3/&'&&
PLCD0069CC
3/&'&&
PLCD0080CC
PLCD0079CC
1&
)5((
3/&'&&
7DULII
([FOXGLQJ
9DW
F%RRNLQJVZLOOQRWEHSURFHVVHGXQOHVVWKH\DUHUHFHLYHGDWOHDVWZRUNLQJGD\VLQDGYDQFHRIWKHSURSRVHGHYHQWDQGSD\PHQWPXVWEHPDGHZLWKLQKRXUVWRFRQILUPWKLVERRNLQJ%RRNLQJVQRWFRQILUPHGZLWKSD\PHQWZLWKLQKRXUVZLOOEHGHHPHGDVWHPSRUDU\ERRNLQJVDQGDUHVXEMHFWWRUHDOORFDWLRQ
E$VHWUHIXQGDEOH'HSRVLWLVUHTXLUHGGHWHUPLQHGE\WKHJUDGHRIWKHKDOOLVODLGGRZQZKLFKZLOOEHKHOGDJDLQVWGDPDJHVDQGUHSDLUV,IWKHUHSDLUVRUGDPDJHVH[FHHGVWKLVDPRXQWWKHKLUHUZLOOEHLQYRLFHGIRUWKHEDODQFH
D)RUXVHRIWKHIDFLOLWLHVIRUDQ\WKLQJRWKHUWKDQDOUHDG\VSHFLILHGWKHWDULIIVKDOOEHGHWHUPLQHGE\WKH+HDGRI'HSDUWPHQW,IWKHSXUSRVHIRUZKLFKWKHIDFLOLW\LVUHTXLUHGIDOOVZLWKLQPRUHWKDQRQHRIWKHSXUSRVHVVSHFLILHGDERYHWKHFKDUJHVKDOOEHWKHKLJKHVWRIWKHYDULRXVUDWHVDSSOLFDEOH
+LUHRI&RPPXQLW\+DOOVRQGD\VWKDWDUHGHFODUHGD3XEOLF+ROLGD\VWKHQRUPDOWDULIIVKDOODSSO\XSWR)RUKLUHWKHUHDIWHUWKH3XEOLF+ROLGD\WDULIIZLOODSSO\
)RUWKHKLUHDQGUHVSHFWLYHXVHRIWKHDFWLYLW\URRPVDQGERDUGURRPVRIWKHWDULIIVLQWHUPVRIDERYH
+LUHRI&RPPXQLW\+DOOVRQGD\VWKDWDUHGHFODUHGD
3XEOLF+ROLGD\
8VHRIIDFLOLWLHVRQ3XEOLF+ROLGD\V
PLCD0076CC
1&
)5((
3/&'&&
&KDUJH
FRGHV
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKH
H7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSW
ZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRI
IDFLOLWLHVE\VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOV
HWFZKLFKLVHQGRUVHGE\WKH'HSXW\+HDGRIWKH
H7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW
'HSDUWPHQWVKDOOEHDWQRFRVW
1&
)5((
*5$'($
7DULII
7DULII
7DULII
7DULII
([FOXGLQJ ,QFOXGLQJ ,QFOXGLQJ ,QFOXGLQJ
9DW
9DW
9DW
9DW
PLCD0075CC
1&
3UHVHQW
7DULII
([FOXGLQJ
9DW
1R)5((6XQGD\XDVJHZLOOEHDYDLODEOHXQOHVVDW
WKHGLVFUHWLRQRIWKH'HSXW\+HDG3/&
%6DWXUGD\XDVDJHEHWZHHQKDQGKIRU
3/&'&& DPD[LPXPRIKRXUVZLOOEHIUHHWKHUHDIWHUD
GHSRVLWDQGKRXUO\WDUULIIZLOOEHDSSOLFDEOH
$%HWZHHQKDQGKIRUXSWRKRXUV
)5((WKHUHDIWHUWKHWDULIIWREH
'(326,7
3/&'&& 3HUKRXURUSDUWWKHUHRI
$Q\PHHWLQJRUIXQFWLRQDUUDQJHGE\UHJLVWHUHG
1*2
V:HOIDUHRUJDQLVDWLRQV1RQSURILW
RUJDQLVDWLRQVDQG&RPPXQLW\EDVHGRUJDQLVDWLRQV
IRUWKHSXUSRVHRIIXQGUDLVLQJLQIRUPLQJDQG
HGXFDWLQJSHRSOHRQPDWWHUVGLUHFWO\DIIHFWLQJ
WKHPHJ+,9$LGVSHQVLRQHGXFDWLRQSRYHUW\
UHOLHIMREFUHDWLRQDQGVRFLDOLVVXHVVKDOODWWKH
GLVFUHDWLRQRIWKH'HSXW\+HDG3DUNV/HLVXUH
&HPHWULHV
0HHWLQJVDUUDQJHGE\&RXQFLOORUVIRUWKHSXUSRVHRI
LQIRUPLQJDQGHGXFDWLQJSHRSOHRQPXQLFLSDO
PDWWHUVGLUHFWO\DIIHFWLQJWKHPLHFULPHZDWHU
HOHFWULFLW\+,9$,'6KRXVLQJUDWHVKHDOWKQRW
3/&'&& HQGLQJODWHUWKDQRQZHHNGD\VRQO\DQG
EHWZHHQRQZHHNHQGVVXEMHFWWR&LW\
0DQDJHU
VDSSURYDOIRUH[WHQGHGKRXUVLWEHLQJ
QRWHGWKDWWKHSULQFLSOHRIILUVWFRPHILUVWVHUYHEDVLV
ZLOODSSO\
3/&'&&
ZHHNO\ZHHNGD\VRQO\EHIRUHK
3/&'&& IHHLVFKDUJHGPD[LPXPRIKRXUVSHUGD\WZLFH
F)RUGHYHORSPHQWSXUSRVHRQO\DQGZKHUHQR
HJ2QJRLQJZHHNO\VHVVLRQV
3/&'&& LL:HHNHQGVRQO\SHUKRXURUSDUWWKHUHRI
3/&'&& L:HHNGD\VRQO\SHUKRXURUSDUWWKHUHRI
3/&'&&
'(326,7
D)RURQFHRIIHYHQWVDQGWRXUQDPHQWVDQGRU
ZKHUHDQHQWUDQFHIHHLVFKDUJHGRUIRUXVHRQ
3/&'&&
ZHHNHQGVKROLGD\VSHUKRXURUSDUWWKHUHRIIRU
VHWWLQJXSEUHDNLQJGRZQSHUKRXU
&KDUJH
FRGHV
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))6 &RPPXQLW\+DOOV
1&
)5((
3UHVHQW
7DULII
([FOXGLQJ
9DW
7DULII
([FOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
7DULII
,QFOXGLQJ
9DW
1&
)5((
*5$'((
1&
)5((
1&
)5((
1&
)5((
$PD]LPWRWL&LYLF&HQWUH
$XVWHUYLOOH
&RZLHV+LOO
+DYHQVLGH
1HZODQGV(DVW
3LQHWRZQ&LYLF+DOO
6DVWUL3DUN
7UXUR+DOO
8PNKXPEDDQ
8POD]L0
:HVWYLOOH&LYLF+DOO
<HOORZZRRG3DUN
"
$PDRWL
%D\YLHZ
%HOYHGHUH
%HVWHUV
&KHVWHUYLOOH
&UDLJHEXUQ
'DVVHQKRHN
*UHHQEXU\
.ORRI&LYLF+DOO
.ZD0DNKXWKD6LSKXPHOHOH
.ZD0DVKX&
.ZD0DVKX)
.ZD0DVKX,QGRRU&HQWUH
/DPRQWYLOOH
0DUULDQQULGJH
0RQWIRUG
0RRUWRQ
0RXQW9LHZ
1HZ*HUPDQ\&LYLF&HQWUH
1JRFRND]L
1WX]XPD$
1WX]XPD%
1WX]XPD)
4XHHQVEXUJK
5HGIHUQ
6KDOOFURVV
6WRQHEULGJH
7RQJDDW,QGRRU6SRUWV&HQWUH
7RQJDDW7RZQ
8POD]L*
8POD]L,QGRRU6SRUWV&HQWUH
8POD]L.
8POD]L0
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!
52
$#$% %&&'!
&DWR&UHVW
&KHVWHUYLOOH([WHQWLRQ
&OHUPRQW
'XIIV5RDG
+DPEDQDWKL
+DPEDQDWKL5HVRXUFH&HQWUH
L/RYX%
L/RYX&
,QDQGD1HZWRZQ$
,QDQGD1HZWRZQ&
,VLSLQJR%HDFK
.ODDUZDWHU
.UDQWVNORRI+RVWHO+DOO
.ZD'DEHND6XE0DLQ
.ZD0DVKX.
.ZDQGHQJH]L
/RWXV3DUN
/XVDND
0DJDEKHQL
0LFKDHO*ZDOD,QFKDQJD
0SXPDODQJD0DLQ
0SXPDODQJD8QLW
1WX]XPD+
2WWZD&LYLF+DOO
6RORPRQ0DKODQJX
7HUUDFH3ODFH
7RQJDDW0RRQVDP\+DOO
7RQJDDW1HZ+DOO
7RQJDDW0XOWLB3XUSRVH+DOO
8PEXPEXOX
8PNRPDDV
8POD]L$$
8POD]L'
8POD]L4
8POD]L8
#
$GDPV0LVVLRQ
%DSKHOD
%HNXOZDQGOH
%KREKRQRQR
%XUOLQJWRQ
&DQHODQG&OXE
&OHUPRQW
&OHUPRQW0XOWL3XUSRVH+DOO
&RIIHH)DUP
'HPDW
(PDQVHQVHQL
(PPDXVH
(PSXVKHQL
*HRUJHGDOH
+D]HOPHUH,QGRRU+DOO
+HFWRU3HWHUVRQ
,QJTDODEXWKR
,VLNKDOR
,WVKHOLPQ\DPD
.ZD'DEHND0FEULGH
.ZD'DEHND0KODEXQ]LPD
.ZD'DEHND'
.ZD'DEHND+
.ZD'DEHND.
.ZD0DVKX<RXWK&HQWUH
.ZDQGHQJH]L.ZDOLQGD
.ZDQGHQJH]L6LQHWKHPED
/D0HUF\
/LQN$UHD
/RZHU0ROZHQL
/RZHU7KRUQZRRG
/XJDQGD
0DGXQGXEH
0SROD
0SXPDODQJD8QLW
%RWWOHEUXVK
&URZGHUV
'LQDEDNXER
(VLNKHOHNHKOHQL
(VLZHQL
.HQQHG\5RDG
0DSKHSKHWKHQL
8PED\L
=ZHOLWVKD
"
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!
53
$#$% %&&'!
8POD]L<
:DWHUORR
:LJJLQV
:\HEDQN
;LPED0DLQ
3DQHNHQL
6DJR
6DOHP
6DQNRWVKH
6DYDQQD3DUN
6DYDQQDK3DUN6SRUW*URXQG
6SRUWV*URXQG
6UHOLW]LD
8PEKHGXOD
9HUXOHP-DEXODQL
#
0SXPDODQJD8QLW
1D]HUDWK
1D]HUDWK,VODQG
1WVKRQJZHQL
2DNODQG
&RIILQVPXVWEHZLWKRXWSDLQWYDUQLVKHV
3ODVWLFRUPHWDOKDQGOHVPXVWEHUHPRYDEOHRUZRRGHQKDQGOHVPXVWEH
XVHG
&RIILQVPXVWEHFRQVWUXFWHGRI%LRGHJUDGDEOHPDWHULDO1R0HWDO
&DVNHWVDUHDOORZHG
58/(6)25&2)),1&216758&7,21
)DLOXUH%\8QGHUWDNHUWRDGKHUHWRERRNHGWLPHV
3(1$/7<)((
3/&'&& LQDGGLWLRQWRDQGDERYH
:KHUHERRNLQJVDUHPDGHIRUEXULDOVDIWHURIILFHKRXUVDQGSD\DEOH
63(&,$//$7(%85,$/)((
3HUKRXURUSDUWKHUHRISD\DEOHLQDERYHZKHUHEXULDODOWKRXJK
FRPPHQFHGEHIRUHFORVLQJWLPHLVQRWFRPSOHWHGGXULQJWKHRIILFLDO
3/&'&& RSHQLQJKRXUVDQGSD\DEOHLQDGGLWLRQWRWRDERYH
/$7(%85,$/)((
3/&'&& 6DWXUGD\V6XQGD\VDQG3XEOLFKROLGD\V
3/&'&& )RUHDFKDGGLWLRQDOEXULDOLQWKHVDPHJUDYHRQWKHVDPHRFFDVLRQ
3/&'&& 0RQGD\WR)ULGD\
$GXOW
3/&'&& 6DWXUGD\V6XQGD\VDQG3XEOLFKROLGD\V
5
5
5
*5$'($
5
54
5
5
5
5
*5$'(%
5
5
5
5
5
*5$'(&
5
5
3UHVHQW
3UHVHQW
3UHVHQW
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
&KLOGLQFOXGLQJVWLOOERUQXQGHU\HDUVRIDJH
%85,$/)((6
'HVFULSWLRQ
3/&'&& 0RQGD\WR)ULGD\
&KDUJH
FRGHV
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
7$5,))&HPHWHULHV&UHPDWRULD
'HVFULSWLRQ
$6+(6
1RSODVWLFOLQLQJZLOOEHSHUPLWWHG%LRGHJUDGDEOHDEVRUEHQWPDWHULDO
PXVWEHXVHGLQVWHDG
1R6833$ZRRGFRIILQV
DSSURYHGIRULQVWDOODWLRQRQJUDYHV
2QO\KHDGVWRQHVDVSHUWKH'HSDUWPHQW
VVSHFLILFDWLRQVZLOOEH
HDFKDSSOLFDWLRQ
3/&'&& 3HUPLVVLRQWRDGGWRHUHFWRUDOWHUDQ\PHPRULDOZRUNRUSORWIRU
3/&'&& &RQILUPDWLRQIHHIRUWKHLVVXHRIDQDGGLWLRQDOFHUWLILFDWHRIWLWOH
0(025,$/:25.
5
5
5
*5$'($
5
55
5
5
5
5
*5$'(%
5
5
5
5
5
*5$'(&
5
5
3UHVHQW
3UHVHQW
3UHVHQW
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
3/&'&& 5HJLVWUDWLRQIHHRQWUDQVIHURIDVLQJOHVLWH
3/&'&& ([FOXVLYHXVHRIDSULYDWHJUDYHIRU\HDUV
/($6(2)*5$9(6,7(6
3/&'&& ([KXPDWLRQDQGUHLQWHUPHQWIHHIRU$GXOWRU&KLOG
3/&'&& JUDYHDWWKHVDPHWLPH
:KHUHWKHUHPDLQVRIPRUHWKDQRQHSHUVRQLVH[KXPHGIURPD
3/&'&& $GXOWRUFKLOGIURPDQ\RQHJUDYH
(;+80$7,21)((
3/&'&& %XULDORIDVKHV
&KDUJH
FRGHV
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
7$5,))&HPHWHULHV&UHPDWRULD
56
+.051*
#)*)1 15)!:;"$%!
!5
070526
070526
070526
#)*6) 25+%%%
#)*6+ 25)%%
5
#)*6* 256%%"5
<4 .,05.+
#)*)0 15+!9%
:5
8
)1157,
#)*). 05)"+)%
0715+2
0715+2
0715+2
+005+*
.1756*
)2*51)
..0521
17.5**
17.5**
17.5**
+275**
00*5**
6)*5**
06.5**
17.5**
17.5**
17.5**
+725**
0765**
6)*5**
06.5**
17.5**
17.5**
17.5**
)*25**
1)25**
6)*5**
06.5**
%% %%&" %%" %%" %%"
'
'
'
'
&"'
()*+.-)*+0/
()*+0-)*+1/
()*+1-)*+2/
()*+.-)*+0/
()*+,-)*+./
..0521
34 #$
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
&HPHWHULHV&UHPDWRULD
#)*), 05++)%5
!
"
&/867(5
81,7
7$5,))
$VKOH\
&DYHQGLVK
&UDLJLHEXUQ
'XGOH\6WUHHW
+LOODU\
.HQLOZRUWK
/RRQ5RDG
0D\YLOOH
0HUHZHQW
0REHQL+HLJKWV
1HZODQGV
3KRHQL[
4XHHQVEXUJK
5HGKOLOO
6KDOOFURVV
6W-RKQ
6WHOODZRRG
7RQJDDW&HQWUDO
7RQJDDW5HJLRQDO
8PJHQL
8PNRPD]L'ULIW
:HVW6WUHHW
:HVWYLOOH
!"
57
!"%
&OLIIGDOH
(WDIXOHQL
(YHUHVW+HLJKWV
*LMLPD
,QDQGD5HJLRQDO
,QDQGD6HPLQDU\
.ZD0DVKX
/DPRQWYLOOH/7$
/RWXV,VLSLQJR
1WX]XPD
3LQHWRZQ6RXWK
8PKODQJD/RFDO
8PNRPDDV
8POD]L´6µ
8POD]L´7µ
:LFN6WUHHW/RFDO
!"!# $
&/867(5&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
7$5,))&HPHWHULHV&UHPDWRULD
&KULVWLDQEXUJ
&OHUPRQW([W
&OHUPRQW3XEOLF
)ROZHQL
,OORYX&
,OORYX6%
,QNDQ\H]L
.ODDUZDWHU
.ZD'DEHND
.ZD0DNKXWKD
.ZD1GHQJH]L
/RZHU/DQJ
0ROZHQL
0RSKHOD
0SXPDODQJD
6W:HQGROLQV
6W:HQGROLQV
6W:HQGROLQV
7KRUQZRRG
7KRUQZRRG
8PEKHGXOD
!"
#
$
58
E6SHFLDOJUHHQIHHVIRUSHUVRQVSOD\LQJLQMXQLRUJROIWRXUQDPHQWV
RUJDQLVHGE\WKH6RXWK$IULFDQ*ROI)RXQGDWLRQDQGDSSURYHGE\WKH'HSXW\
+HDG3/&RQGD\VRWKHUWKDQ6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
*9)0&""
$$#
RI&KDUJHXQGHU$DE%H[FOXGLQJ6DWXUGD\V6XQGD\VDQG3XEOLF
+ROLGD\VDQG&
,37
&88
L2Q0RQGD\VWR)ULGD\VH[FOXGLQJ3XEOLF+ROLGD\V
LL2Q6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
LLL7ZLOLJKW*ROI
$SULOWR6HSWHPEHUDIWHUK
2FWREHUWR0DUFKDIWHUK
L0RQGD\VWR)ULGD\VH[FOXGLQJ3XEOLF+ROLGD\V
LL6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
E7ZLOLJKW*ROI
$SULOWR6HSWHPEHUDIWHUK
2FWREHUWR0DUFKDIWHUK
L0RQGD\VWR)ULGD\VH[FOXGLQJ3XEOLF+ROLGD\V
LL6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
5#
4$
6#
"" ""'$ ""$ ""$ ""$
(
'$(
(
(
(
)*+,/.*+,10
)*+,-.*+,/0
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
,0)0,3#
4$
L2Q0RQGD\WR)ULGD\H[FOXGLQJ3XEOLF+ROLGD\V
LL2Q6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
! %&
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!
"
#
$
FKROH0DVKLH&RXUVHDW:LQGVRU3DUNH[FOXGLQJ6DWXUGD\V6XQGD\V
DQG3XEOLF+ROLGD\V
D0RQGD\VWR)ULGD\VH[FOXGLQJ3XEOLF+ROLGD\V
E6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
59
/9+ROH&RXUVHDW3DSZD6HZJROXP*ROI&RXUVH6SHFLDOJUHHQIHHVSHU
SOD\HUIRUJURXSVRISOD\HUVRUPRUHWHHLQJRIILQJURXSVRIDWPLQXWHV
LQWHUYDOVZLWKRXWLQWHUUXSWLRQ
EKROHVDW:LQGVRU3DUNRU3DSZD6HZJROXPXSWRKH[FOXGLQJ
6DWXUGD\V6XQGD\VDQG3XEOLF+ROLGD\V
-9,IDQ\SRUWLRQRIDQKROHFRXUVHLVXQSOD\DEOHIRUDQ\UHDVRQWKHJUHHQ
IHHVSD\DEOHLQUHVSHFWRIWKHUHPDLQGHURIWKHFRXUVHVKDOOEHGHWHUPLQHGE\
WKH'HSXW\3DUNV/HLVXUHDQG&HPHWHULHVLQFRQVXOWDWLRQZLWKWKH&LW\7UHDVXUHU
"" ""'$ ""$ ""$ ""$
(
'$(
(
(
(
)*+,/.*+,10
)*+,-.*+,/0
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
DKROHVDW:LQGVRU3DUNRU3DSZD6HZJROXPH[FOXGLQJ6DWXUGD\V
6XQGD\VDQG3XEOLF+ROLGD\V
LLDQ\SHUVRQZKRLVLQSRVVHVVLRQRIDYDOLGVHQLRUFLWL]HQVLGHQWLW\FDUG
LVVXHGWRKLPE\WKH&RXQFLO
:9&"&;;<
L$6RXWK$IULFDQFLWL]HQZKRLVHLWKHUDQROGDJHSHQVLRQHUDZDUYHWHUDQ
SHQVLRQHURUGLVDELOLW\JUDQWHH
FKROH0DVKLH&RXUVHDW:LQGVRU3DUN6SHFLDOJUHHQIHHIRUSHUVRQVSOD\LQJ
LQDFFUHGLWHGJROIGHYHORSPHQWSURJUDPPHV
%&
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!
"
#
$
1RFKDUJH
1RFKDUJH
(WKHNZLQL0XQLFLSDOLW\(PSOR\HHVIRU&RXQFLO7RXUQDPHQWDWWKH
GLVFUHWLRQRIWKH'HSXW\+HDG3DUNV/HLVXUHDQG&HPHWHULHV
8VHRI0XQLFLSDO*ROI&RXUVHVE\ERQDILGHRUJDQLVDWLRQV
SURPRWLQJGHYHORSLQJJROIDPRQJVWWKHSUHYLRXVO\GLVDGYDQWDJHG
FRPPXQLWLHVGXULQJZHHNGD\VRQO\DWWKHGLVFUHWLRQRIWKH'HSXW\+HDG
3DUNV/HLVXUHDQG&HPHWHULHV
60
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
"" ""'$ ""$ ""$ ""$
(
'$(
(
(
(
)*+,/.*+,10
)*+,-.*+,/0
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
+LUHRIJROIFRXUVHGXULQJQRQSHDNKRXUVGD\VE\RUJDQLVDWLRQVDQGRU
VFKRROVIRUWKHGHYHORSPHQWRIWKHVSRUWRIJROISURYLGHGWKDWQR
UHPXQHUDWLRQLVGHULYHGWKHUHIURPWKDWKLUHUVSD\LQJWKHIXOOSULFHZLOOKDYH
SUHIHUHQFHRIXVDJHRIWKHFRXUVH
294%=>%44!=5
7UDLO)HHIRUSULYDWHO\RZQHGJROIFDUWVSHUGD\
/RFNHUIHHVSHUDQQXP
/RFNHUNH\GHSRVLW
195
%&
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!
"
(YHQLQJIURPKWRK
(YHQLQJIURPKWRK6FKRROV5HOLJLRXVDQGQRQSURILW
RUJDQLVDWLRQV
(YHQLQJIURPKWRK3HQVLRQHUVDQG6SHFLDOLQWHUHVWJURXSV
$OOGD\EXWQRWODWHUWKDQK
$OOGD\EXWQRWODWHUWKDQK6FKRROV5HOLJLRXVDQGQRQSURILW
RUJDQLVDWLRQV
OOGD\EXWQRWODWHUWKDQKSHQVLRQHUVDQG6SHFLDOLQWHUHVWJURXSV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3HUVHVVLRQPRUQLQJRUDIWHUQRRQ3HQVLRQHUVDQG6SHFLDOLQWHUHVWJURXSV
3/&'&&
3HUVHVVLRQPRUQLQJRUDIWHUQRRQ
61
#
%##.5$%##
46
)$0
3HUVHVVLRQPRUQLQJRUDIWHUQRRQ6FKRROV5HOLJLRXVDQGQRQSURILW
RUJDQLVDWLRQV
3/&'&&
&& &&'$ &&$ &&$ &&$
(
(
(
(
'$(
)*+,/.*+,10
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
)*+,-.*+,/0
3HUVHVVLRQPRUQLQJRUDIWHUQRRQ
)#$$40
!"
"%
3/&'&&
#
$
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!"
(YHQLQJIURPKWRK6FKRROV5HOLJLRXVDQGQRQSURILW
RUJDQLVDWLRQV
(YHQLQJIURPKWRK3HQVLRQHUVDQG6SHFLDOLQWHUHVWJURXSV
$OOGD\EXWQRWODWHUWKDQK
$OOGD\EXWQRWODWHUWKDQK6FKRROV5HOLJLRXVDQGQRQSURILW
RUJDQLVDWLRQV
$OOGD\EXWQRWODWHUWKDQKSHQVLRQHUVDQG6SHFLDOLQWHUHVWJURXSV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
62
(YHQLQJIURPKWRK
3/&'&&
3HUVHVVLRQPRUQLQJRUDIWHUQRRQ3HQVLRQHUVDQG6SHFLDOLQWHUHVWJURXSV
3/&'&&
&& &&'$ &&$ &&$ &&$
(
(
(
(
'$(
)*+,/.*+,10
)*+,/.*+,10
)*+,1.*+,20
)*+,2.*+,30
)*+,-.*+,/0
3HUVHVVLRQPRUQLQJRUDIWHUQRRQ6FKRROV5HOLJLRXVDQGQRQSURILW
RUJDQLVDWLRQV
"%
3/&'&&
#
$
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!"
"
$
(DFKDGGLWLRQDOPHPEHUSHU\HDURISDUWWKHUHRI
)DPLO\RIPHPEHUVSHU\HDURISDUWWKHUHRI
63
1RFKDUJH
0HPEHUVRI3DQ$IULFDQ$VVRFLDWLRQRI=RRORJLFDO*DUGHQV$TXDULDDQG
%RWDQLFDO*DUGHQVXSRQSURGXFWLRQRIPHPEHUVKLSFDUGLGHQWLILFDWLRQ
GRFXPHQW
*URXS%RRNLQJVDQG6FKRODUVLQDGYDQFHSHUSHUVRQ
1RFKDUJH
,QIDQWV
3HQVLRQHUV
6HDVRQWLFNHWVSHU\HDURUSDUWWKHUHRI
&KLOGUHQ6FKRODUV
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
'' ''($ ''$ ''$ ''$
)
($)
)
)
)
*+,-0/+,-21
*+,-./+,-01
*+,-0/+,-21
*+,-2/+,-31
*+,-3/+,-41
%&
$GXOWV
7$5,))
!"#
81,7
3DUNV5HFUHDWLRQ&XOWXUH
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
1DWXUH5HVHUYHV
7$5,))
,17(535(7$7,9(&(175(6$7$//1$785(5(6(59(6
64
1(:*(50$1<1$785(5(6(59(
3LWEUDDL
%% %%&" %%" %%" %%"
'
'
'
'
&"'
()*+.-)*+0/
()*+.-)*+0/
()*+0-)*+1/
()*+1-)*+2/
()*+,-)*+./
%RPD
)HHVSD\DEOHIRUWKHXVHRIERPDIDFLOLW\SHUGD\RUSDUWWKHUHRI
2UJDQLVHGVHOIJXLGHGHGXFDWLRQJURXSVE\SULRUDUUDQJHPHQWZLWKWKH
0DQDJHU1DWXUDO5HVRXUFHVRUKLVUHSUHVHQWDWLYHDSSOLHVWRDOOUHVHUYHV
6HQLRUFLWL]HQVRYHUWKHDJHRIRQSURGXFWLRQRI,'
&KLOGUHQXQGHU\HDUVSHUSHUVRQ
$GXOWVSHUSHUVRQ
$FFUHGLWHG&KDULW\2UJDQLVDWLRQV²RQDSSOLFDWLRQHJ2USKDQDJHV/LRQV
FOXE+RVSLFHHWFZKRDUHEULQJLQJGLVDGYDQWDJHGFKLOGUHQWRWKHUHVHUYH
1RFKDUJH
&KLOGUHQXQGHUWKUHH\HDUV
(QWUDQFH&KDUJHV
3$5$',6(9$//(<1$785(5(6(59(
#$
3DUNV5HFUHDWLRQ&XOWXUH
81,7
!
"
&RPPXQLW\(PHUJHQF\6HUYLFHV
&/867(5
1DWXUH5HVHUYHV
7$5,))
65
6DWXUGD\VSHUKRXUPLQLPXPFKDUJH KUVPD[LPXPFKDUJH KRXUVSHU
GD\
*8,'('75$,/6$//1$785(5(6(59(6
1RFKDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
:HHNGD\VSHUKRXUPLQLPXPFKDUJH KUVPD[LPXPFKDUJH KRXUVSHU
GD\
1RQ3URILW2UJDQLVDWLRQV
6DWXUGD\VSHUKRXUPLQLPXPFKDUJH KUVPD[LPXPFKDUJH KRXUVSHU
GD\
:HHNGD\VSHUKRXUPLQLPXPFKDUJH KUVPD[LPXPFKDUJH KRXUVSHU
GD\
3URILWRUJDQLVDWLRQV
H7KHNZLQLPXQLFLSDOLW\GHSDUWPHQWVH[FOXGLQJ3DUNVDQG(;&2
:HHNGD\V FKDUJHGSHUKRXUPLQLPXPFKDUJH KUVPD[LPXPFKDUJH KRXUVSHUGD\DQGH[HPSWIURPYDW
&RQVHUYDWLRQRUJDQLVDWLRQVRUHQYLURQPHQWDOIRUXPVVHPLQDUVDQGFKDULW\
IXQGUDLVLQJ1RFKDUJHVXEMHFWWRDSSURYDOE\GHSXW\KHDGRUKLVKHU
UHSUHVHQWDWLYH
7KHVHIDFLOLWLHVDUHSULPDULO\IRUWKHXVHRI&RQVHUYDWLRQ(GXFDWLRQ,WPD\
KRZHYHUEHKLUHGRXWIRUVHPLQDUVRUZRUNVKRSVRIDTXLWHQDWXUHGXULQJWKH
KRXUVRIKWRKH[FOXGLQJ6XQGD\VDQGSXEOLFKROLGD\V
'HVFULSWLRQ
3DUNV5HFUHDWLRQ&XOWXUH
81,7
&KDUJH
&RGHV
&RPPXQLW\(PHUJHQF\6HUYLFHV
&/867(5
66
&RPPHUFLDOSKRWRJUDSK\DQGFLQHPDSKRWRJUDSK\
3KRWRVKRRWVVWLOOV
6PDOOVKRRWOHVVWKDQSHRSOH
0HGLXPVKRRW²SHRSOH
/DUJHVKRRWPRUHWKDQSHRSOH
)LOP3URGXFWLRQVSHUGD\RUSDUWWKHUHRI
0LFUR6KRRWYHKLFOHVDQGRURUOHVVSHRSOH
6PDOO6KRRWYHKLFOHVDQGRURUOHVVSHRSOH
0HGLXPYHKLFOHVDQGRUWRSHRSOH
/DUJHYHKLFOHVDQGRUWRSHRSOH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
8VHRI1DWXUH5HVHUYHVIRUFRPPHUFLDODQGRURWKHUXVHVXEMHFWWRDSSURYDO
DQGH[FOXGLQJSROLWLFDOUHOLJLRXVUDOOLHVHJHUHFWLQJRIVWDOOVPDUTXHHVIRU
WKHSURPRWLRQPDUNHWLQJRISURGXFWVHWFEXWH[FOXGLQJWUDGHVXFKDVIOHD
PDUNHWVHWF
$OORWKHUJXLGHGWUDLOVQHHGVWRDSSO\WRDOODUHDV
3HUSHUVRQRYHU\HDUV
3HUSHUVRQXQGHU\HDUV
6HQLRUFLWL]HQV
6FKRROJURXSV
1DWXUH5HVHUYHV
7$5,))
'HVFULSWLRQ
3DUNV5HFUHDWLRQ&XOWXUH
81,7
&KDUJH
&RGHV
&RPPXQLW\(PHUJHQF\6HUYLFHV
&/867(5
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
)DPLO\RI
$GXOWVDQGFKLOGUHQYLVLWV
)DPLO\RI
$GXOWVDQGFKLOGUHQYLVLWV
)DPLO\RI
$GXOWVYLVLWV
67
)DPLO\RI
$GXOWVDQGFKLOGUHQYLVLWV
0HPEHUVKLSIHHV
1RFKDUJH
&KLOGUHQXQGHU\HDUVSHUSHUVRQ
2UJDQLVHGVHOIJXLGHGHGXFDWLRQJURXSVE\SULRUDUUDQJHPHQWZLWKWKH
0DQDJHU
6HQLRUFLWL]HQVRYHUWKHDJHRIRQSURGXFWLRQRI,'
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
$GXOWVSHUSHUVRQ
1RFKDUJH&KLOGUHQXQGHUWKUHH\HDUV
(QWUDQFH&KDUJHV
8PJHQL5LYHU%LUG3DUN
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
8PJHQL5LYHU%LUG3DUN
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
68
6HQLRUFLWL]HQVRYHUWKHDJHRIRQSURGXFWLRQRI,'YLVLWV
$OOURRPVRFFXSLHGVLPXOWDQHRXVO\SHUPRQWK
URRPVRFFXSLHGVLPXOWDQHRXVO\
URRPVRFFXSLHGVLPXOWDQHRXVO\
URRPVRFFXSLHGVLPXOWDQHRXVO\
URRPVRFFXSLHGVLPXOWDQHRXVO\
URRPVRFFXSLHGVLPXOWDQHRXVO\
URRPVRFFXSLHG
.LRVN5HQWDOSHUPRQWK
1XUVHU\5HQWDOSHUPRQWK
4XDUDQWLQHIHHV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
&KLOGUHQXQGHU\HDUVYLVLWV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
8PJHQL5LYHU%LUG3DUN
&
(
+,-.30,-.42
*
+,-.40,-.52
*
)URP5WR )URP5WR )URP5WR )URP5WR )URP5WR
5
5
5
5
5
3DOPVGHSHQGHQWXSRQVL]HDQGVSHFLHVHDFK
69
7UDQVSRUWDWLRQRIKLUHGSODQWPDWHULDOVVKDOOEHWKHUHVSRQVLELOLW\RIWKHKLUHU,Q
DGGLWLRQWRWKHSUHVFULEHGWDULIIFKDUJHWKHKLUHUVKDOOPDNHDGHSRVLWZKLFK
VKDOOEHUHIXQGDEOHRQFRQGLWLRQWKDWWKHPDWHULDOLVUHWXUQHGLQDVDWLVIDFWRU\
FRQGLWLRQ
,6/2$
'(
%
%
)LQHIRUDQ\SDOPUHWXUQHGLQDXQVDWLIDFWRU\FRQGLWLRQ1R9DW
,6.!
"07%%%(+
(&2
+%
'
%
(
%'&2
:HHNHQGVFROOHFWRQ)ULGD\DQGUHWXUQ0RQGD\
:HHNGD\V
+LUHRISDOPVPD[XPLPSDOPVSHUSHUVRQPD[LPXPKLUHSHULRG
GD\V
3HUHQQLDOVGHSHQGHQWXSRQVL]HDQGVSHFLHVHDFK
)URPWR
)URPWR
)URPWR
)URPWR
)URPWR
)URP5WR )URP5WR )URP5WR )URP5WR )URP5WR
5
5
5
5
5
)URP5WR )URP5WR )URP5WR )URP5WR )URP5WR
5
5
5
5
5
6KUXEVGHSHQGHQWXSRQVL]HDQGVSHFLHVHDFK
6HHGOLQJVGHSHQGHQWXSRQVL]HDQGVSHFLHVHDFK
$11(;85(0
)URP5WR
5
)URP5WR )URP5WR )URP5WR
5
5
5
+,-.10,-.32
+,-.10,-.32
+,-./0,-.12
)URP55
*
*
"" "")( ""( ""( ""(
)(*
7UHHVGHSHQGHQWXSRQVL]HDQGVSHFLHVHDFK
$%
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!
"#$%
"
&!
"'
&
(
70
$SHUVRQUHTXLULQJWKHXVHRIDSXEOLFVLWHIRUDIXQFWLRQVKDOOLQDGGLWLRQWRWKH
SUHVFULEHGWDULIIFKDUJHPDNHDGHSRVLWDWWKHGLVFUHWLRQRIWKH'HSXW\+HDG
3DUNV/HLVXUH&HPHWHULHVRUKLVUHSUHVHQWDWLYHQRWH[FHHGLQJ7KUHH+XQGUHG
UDQG5ZKLFKVKDOOEHUHIXQGHG2QWKHFRQGLWLRQWKDWWKHVLWHLV
PDLQWDLQHGLQDQHDWDQGWLG\FRQGLWLRQDQGXSRQWHUPLQDWLRQRIVXFKIXQFWLRQ
WKHVLWHLVUHVWRUHGWRLWVRULJLQDOFRQGLWLRQ
7
($$%
$%
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!
"#$%
"
&!
"'
*
+,-.10,-.32
*
+,-.10,-.32
+,-./0,-.12
+,-.30,-.42
*
+,-.40,-.52
*
"" "")( ""( ""( ""(
)(*
3/&'&&
71
)RUVSHFLDOHYHQWVQRQSHUPDQHQWXSWRDPD[LPXPRIGD\VSHUHYHQW
WDULIISHUGD\
$IHHRI5IRUHDFKUHIUHVKPHQWFDUWSXVKWUROOH\XVHGE\DZDLWHUVKDOOEH
SDLGE\WKHOLFHQVHHLQWHUPVRIUHJXODWLRQVXSRQWKHJUDQWRIDSHUPLWLQ
3/&'&& DGGLWLRQWRWKHWDULIIDSSOLFDEOHLQDQG
$
4-
4%!
1RWZLWKVWDQGLQJWKHSURYLVLRQVRISDUDJUDSKLWKHIHHVKDOOLQUHVSHFWRIDQ\
ZDLWHUZKRVHDFWLYLWLHVDUHFRQILQHGLQWHUPVRIWKHSHUPLWLVVXHGWRWKH
OLFHQVHHWR/DJXQD%HDFKEH5SHUZDLWHUXSRQWKHJUDQWRIWKHSHUPLWDQG
WKHUHDIWHUBBBBBBBBRQRUEHIRUHWKHVHYHQWKGD\RIHDFKPRQWKGXULQJZKLFK
UHIUHVKPHQWVDUHWREHVROGRUVXSSOLHGE\WKHOLFHQVHHXSRQWKHVDLGEHDFKRU
3/&'&& EHDFKHV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
%$
%3
'HVFULSWLRQ
$IHHRI5IRUHDFKZDLWHUVSHFLILHGLQWKHSHUPLWIRUWKHVDOHDQGVXSSO\RI
UHIUHVKPHQWVZKLFKKDVEHHQJUDQWHGLQWHUPVRIWKHUHJXODWLRQVVKDOOEHSDLGE\
WKHOLFHQVHHXSRQWKHJUDQWRIWKHSHUPLWDQGWKHUHDIWHURQRUEHIRUHWKH
3/&'&& -DQXDU\HDFK\HDUGXULQJWKHFXUUHQF\RIWKHSHUPLWDQGDQ\UHQHZDOWKHUHRI
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
6HD6HDVKRUH
6HDVRQDO&KDUJHVIRU3URIHVVLRQDODQG6HPL3URIHVVLRQDO
&OXEV
3/&'&&
1RQVSRUWLQJHYHQWV
+LUHRIVSRUWVILHOGVE\VFKRROVIRUVSRUWLQJHYHQWV
3/&'&&
3/&'&&
1RFKDUJH
+LUHRIVSRUWVILHOGVE\RUJDQLVDWLRQV*RYHUQPHQW'HSW
&RXQFLO'HSDUWPHQWVDQGRUVFKRROVIRUFXOWXUDODFWLYLWLHVRU
1RFKDUJH
VSHFLDOHYHQWVSURYLGHGWKDWQRUHPXQHUDWLRQLVGHULYHG
WKHUHIURPDQGWKDWKLUHUVSD\LQJWKHIXOOWDULIIRIFKDUJHZLOO
KDYHSUHIHUHQFH6XEMHFWWRWKHDSSURYDORIWKHHYHQWE\WKH
'HSXW\+HDG3DUNV/HLVXUH&HPHWHULHVRUKLVQRPLQHH
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\VSRUW
IHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\
WKH'HSXW\+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSDUWPHQWVKDOOEHDWQRFRVW
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL
6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSWZLOOEHDWQRFRVW
'ULYLQJVFKRROV'ULYHUWUDLQLQJLQWKHSDUNLQJDUHDSHU
PRQWK
3/&'&&
3ROHV[/DPSVZ
3ROHVZLWKPRUHWKDQ/DPSVZ
3/&'&&
3/&'&&
2WKHU
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3/&'&&
3/&'&&
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3/&'&&
3/&'&&
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3/&'&&
5
5
5
5
1RFKDUJH 1RFKDUJH 1RFKDUJH
1RFKDUJH 1RFKDUJH 1RFKDUJH
5
*5$'($
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1RFKDUJH
1RFKDUJH
5
5
5
5
72
1RFKDUJH 1RFKDUJH 1RFKDUJH
1RFKDUJH 1RFKDUJH 1RFKDUJH
*5$'(%
5
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1RFKDUJH
1RFKDUJH
5
5
5
5
1RFKDUJH 1RFKDUJH 1RFKDUJH
1RFKDUJH 1RFKDUJH 1RFKDUJH
*5$'(&
5
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1RFKDUJH
1RFKDUJH
5
5
5
5
1RFKDUJH 1RFKDUJH 1RFKDUJH
1RFKDUJH 1RFKDUJH 1RFKDUJH
*5$'('
5
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
3UHVHQW
7DULII
7DULII
7DULII
3UHVHQW
3UHVHQW
3UHVHQW
7DULII
7DULII
7DULII
7DULII
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
([FOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
&KDUJH
&KDUJH
&KDUJH
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
&RGH
&RGH
&RGH
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
3/&'&&
RUSDUWWKHUHRI
8VHRI)ORRG/LJKWV3HUKRXU
6SRUWLQJHYHQWV$PDWHXUDQG3URIHVVLRQDO
3/&'&&
$G+RF'DLO\&KDUJHV
6HDVRQDO&KDUJHV
'HVFULSWLRQ
3/&'&&
&KDUJH
&RGH
&OXVWHU &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 3DUNV5HFUHDWLRQ&XOWXUH
7$5,)) 6SRUWVILHOGV
&KDUJH
&RGH
5
27+(58VDJHIRU3K\VLFDOHGXFDWLRQSXUSRVHVE\
VFKRROKRXUVVXEMHFWWRDSSURYDOE\'HSXW\+HDG3/&
*5$'('$6SRUWILHOGRQO\PDLQWDLQHGE\WKH
0XQLFLSDOLW\
*UDGH$DERYH
*5$'(&+DVDWOHDVWWZRRIWKHIDFLOLWLHVDVSHU
*5$'(%+DVDWOHDVWIRXURIWKHIDFLOLWLHVDVSHU
*UDGH$DERYH
ILHOGOLJKWLQJPDQLQWDLQHGE\WKH0XQLFLSDOLW\
.LRVN&KDQJHURRPEORFN)HQFLQJ3DUNLQJDQG
*5$'($6WDQGDUGVL]H6SRUWILHOGWKDWKDVWKHIIJ
*5$'(62)63257)(,/'6$5('(7(50,1('$6)2//2:6
.(<63257),(/'6
5
5
5
1RFKDUJH 1RFKDUJH 1RFKDUJH
5
*5$'($
1RFKDUJH
5
5
5
5
5
73
1RFKDUJH 1RFKDUJH 1RFKDUJH
*5$'(%
1RFKDUJH
5
5
5
5
5
1RFKDUJH 1RFKDUJH 1RFKDUJH
*5$'(&
1RFKDUJH
5
5
5
5
5
1RFKDUJH 1RFKDUJH 1RFKDUJH
*5$'('
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
7DULII
3UHVHQW
7DULII
7DULII
7DULII
3UHVHQW
3UHVHQW
3UHVHQW
7DULII
7DULII
7DULII
7DULII
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
([FOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
,QFOXGLQJ
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
&KDUJH
&KDUJH
&KDUJH
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
([FOXGLQJ
&RGH
&RGH
&RGH
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
9DW
0HHWLQJVDUUDQJHGE\&RXQFLOORUVIRUWKHSXUSRVHRI
LQIRUPLQJDQGHGXFDWLQJWKHFRPPXQLWLHVRQPDWWHUV
GLUHFWO\HIIHFWLQJWKHPDQGRUIRU6SRUWDQG5HFUHDWLRQ
1RFKDUJH
DFWLYLWLHVDUUDQJHGE\&RXQFLOORUVVXEMHFWWRWKHDSSURYDORI
WKHHYHQWE\WKH'HSXW\+HDG3DUNV/HLVXUH&HPHWHULHVRU
KLVQRPLQHHLWEHLQJQRWHGWKDWWKHSULQFLSOHRIILUVWFRPHILUVW
VHUYHGEDVLVZLOODSSO\
'HVFULSWLRQ
&OXVWHU &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 3DUNV5HFUHDWLRQ&XOWXUH
7$5,)) 6SRUWVILHOGV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI&RPELQDWLRQ&RXUWV
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI1HWEDOO
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI9ROOH\EDOO
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI7HQQLV
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI%DVNHWEDOO
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI.RUIEDOO
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI&RPELQDWLRQ&RXUWV
SHUVHVVLRQWRDPD[LPXPRIKRXUV&RPELQDWLRQ&RXUWV
SHUVHVVLRQWRDPD[LPXPRIKRXUV1HWEDOO
SHUVHVVLRQWRDPD[LPXPRIKRXUV9ROOH\EDOO
SHUVHVVLRQWRDPD[LPXPRIKRXUV7HQLVV
SHUVHVVLRQWRDPD[LPXPRIKRXUV%DVNHWEDOO
SHUVHVVLRQWRDPD[LPXPRIKRXUV.RUIEDOO
SHUVHVVLRQWRDPD[LPXPRIKRXUV6TXDVK
SHUVHVVLRQWRDPD[LPXPRIKRXUV2WKHU
SHUVHVVLRQWRDPD[LPXPRIKRXUV
'$,/<&+$5*(6
74
D27+(58VDJHIRU3K\VLFDOHGXFDWLRQSXUSRVHVE\VFKRROKRXUVVXEMHFWWR
DSSURYDOE\'HSXW\+HDG3/&
&2857&+$5*(6
&RPELQDWLRQ&RXUWV
1HWEDOO
9ROOH\EDOO
7HQQLV
%DVNHWEDOO
.RUIEDOO
6TXDVK
2WKHU
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6SRUWVILHOG
)UHH
)UHH
)UHH
)UHH
)UHH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
3/&'&&
75
([FOXGLQJV\QWKHWLFVXUIDFH
2UJDQLVDWLRQVDIILOLDWHGWRDVSRUWLQJFRGHIRUWKHSXUSRVHRIVSRUW
GHYHORSPHQWSURYLGHGWKDWQRUHPXQHUDWLRQLVGHULYHGWKHUHIURPWKDWKLUHUV
SD\LQJWKHIXOOWDULIIFKDUJHZLOOKDYHSUHIHUHQFH
E6HDVRQDOXVHE\%DVHEDOO$VVRFLDWLRQVSHUILHOGRUGLDPRQGRUSDUWWKHUHRI
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQG5HOLJLRXV
2UJDQLVDWLRQVSHUILHOGRUGLDPRQGRUSDUWWKHUHRI([FOXGHVV\QWKHWLFVXUIDFH,I
DJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RU
3/&'&& WKHWDULIIZKLFKHYHULVWKHJUHDWHU3(5'$<
6SRUWLQJ(YHQWV
6($621$/&+$5*(
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
%$6(%$//+2<3$5.
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV1HWEDOO
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV9ROOH\EDOO
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV7HQQLV
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV%DVNHWEDOO
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV.RUNEDO
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV6TXDVK
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV2WKHU
3/&'&&
3HUFRXUWDSSOLFDEOHWRFOXEVVFKRROVDVVRFLDWLRQV&RPELQDWLRQ&RXUWV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
3/&'&&
0217+/<&+$5*(6
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI6TXDVK
WKHUHDIWHUSHUKRXURUSDUWWKHUHRI2WKHU
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6SRUWVILHOG
3/&'&&
3/&'&&
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
6XEMHFWWRWKHDSSURYDORIWKH6SRUWDQG5HFUHDWLRQ'HSDUWPHQW
)RUH[FOXVLYHXVHIRU6SRUWSXUSRVHVRQO\
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6SRUWVILHOG
6HWWLQJXS
SHUVTXDUHPHWHU
3ULYDWH)XQFWLRQV8VHRIWHQWVRUVWUXFWXUHSHUVTXDUHPHWHU6XEMHFWWRWKH
DSSURYDORIWKH'HSXW\+HDG3/&
),/06+2276
8VHRIDQ\0XQLFLSDO3DUN2SHQ6SDFHVIRUDILOPVKRRWSHUKRXU
3/&'&&
3/&'&&
3/&'&&
76
&RUSRUDWH)XQFWLRQV
SHUVTXDUHPHWHU
3/&'&&
0XVLFDO&RQFHUWV
SHUVTXDUHPHWHU
)5((
)5((
)5((
)5((
)5((
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
3/&'&&
63(&,$/(9(176'$,/<&+$5*(638%/,&23(163$&(6
3ROLWLFDO5HOLJLRXVJDWKHULQJV
3/&'&& DP
3/&'&& EP
3/&'&& FP
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
1RUWKFURIW
'DQYLOOH6SRUWVILHOG
+XWFKLQVRQ
6LULSDW6SRUWV*URXQGV
6SLQH5G6SRUWV)LHOG
-LPP\%HOORZV6SRUWV)LHOG
&KLOWHUQ6SRUWV)LHOG
..6SRUWV)LHOG
7HUURU/HNRWD6SRUWV)LHOG
&KULVWLDQHQEHUJ6SRUWV)LHOG
1HZ*HUPDQ\6SRUWV)LHOGV
$QGHUVRQVSRUWVILHOG
7VKHOLPQ\DPDVSRUWVILHOG
$VKOH\VSRUWVILHOG
$
9HUXODP5HFUHDWLRQ*URXQG
+DPEDQDWKL6SRUWVILHOG
:DWVRQ3DUN6WDGLXP
2XWVSDQ*URXQGV
%XIIHOVGDOH6WDGLXP
&DUGLQDO
(DVUEXU\
8QLYDOH
5\GDOYDOH
&KDUWIRUG
%URDGJURYH
)RUHVWZRRG
%ODFNEXUQ6SRUWVILHOG
+DYHORFN6SRUWVILHOG
-RKQ'RU\6SRUWVILHOG
1HZFHQWUH6SRUWVILHOG
6WURPLD6SRUWVILHOG
1WVKRQJZHQL
0ROZHQL
7REL
)6HFWLRQVSRUWILHOG
%HUHD3DUN(VVHQZRRG*URXQGV
)\IH5RDG0RUQLQJVLGH
$VKHUYLOOH*URXQGV
9DQ5HHELFN3DUN%OXII
/7.LQJ%OXII
:HVWFOLIIVSRUWV6WDGLXP
3OXWR5RDGVSRUWVILHOG
3HQJXLQ6WUHHW
6KDOOFURVV6SRUWV6WDGLXP
,PSHULDO5RDG
$PEDVVDGRU5RDG
$UHQD3DUN'ULYH
7ZLQNOH7HUUDFH
&OXVWHU&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!"#"
77
#%#&&'%
7UHQDQFH3DUN6SRUWVILHOG
5HGFOLIIH&RPP+RXVLQJ*URXQG
2VLQGLVZHQL6SRUWVILHOG
4XDUU\+HLJKWV*URXQG
%XIIHOVGUDL6SRUWILHOG
:DWHUORR6SRUWILHOG
:KLWH&LW\+DPEDQDWKL*URXQGV
&DQHODQGV6SRUWVILHOG
7UXURODQGV6SRUWVILHOG
*DQGKL
V+LOO6SRUWVILHOG
*DQGKLQDJDU6SRUWVILHOG
0JZDYHQL6SRUWILHOG
*UHHQEXU\
5DLQKDP
7\QHEULGJH
&DOVKRW
&OD\ILHOG
1RUWKVLGH
6WHUQJURYH
%KHNLVLVD6SRUWVILHOG
1WX]XPD*6SRUWVILHOG
700VKHQJX6SRUWV)LHOG
(VSRUWFRPSOH[(QJRPHQL
%VHFWLRQ
(VHFWLRQQXPEHUDQG
)VHFWLRQQXPEHUHPDNKHKOHQL
*VHFWLRQQXPEHU
-VHFWLRQQXPEHUDQG
.VHFWLRQ
1WX]XPD)WHQQLVFRXUW
6RPDQGOD.DPNKL]ZDQH
.ZD;LPED0DQ]ROZDQGOH
6DQNRQWVKH
6DOHP
8PKODQJDQH6SRUWV)LHOG
8PWDSR6SRUWV)LHOG
9LMD\7HUUDFH6SRUWV)LHOG
:HVWULFK6SRUWVILHOG
)HUQGDOH6SRUWVILHOG
:DGILHOG6SRUWVILHOG
)VHFWLRQ7KDQGXNZD]L
1\DOD6SRUWV)LHOG
3DUORFN6SRUWVILHOG
3KRODQL6SRUWVILHOG
3XIDUR6SRUWVILHOG
4XDU\+HLJKWV6RFFHU)LHOG
5RWDU\6WDGLXP
&RUQILHOG&UHFHQW6SRUWV)LHOG
*REKRJREKR6SRUWVILHOG
*XJXODEDVKD6SRUWVILHOG
,VXODEDVKD6SRUWVILHOG
1&3*URXQGV6SRUWV)LHOG
1WX]XPD(7HQQLV&RXUW
1WX]XPD+6SRUWVILHOG
%
&UDQEURRN
(DVWEXU\
:KHWIHUQ
)HUQKDP
)HUQKDP
6WRQHKDP
'ULQKDP
/HQKDP
5XHIRUG
%URRNGDOH
6LGPRUH
%ODFNKDYHQ
5R\DOPDQRU
7ROHGRSDUN
#%#&&'%
78
(TXDOLW\6WUHHW
.ZD1JFRORVL
$YLVZRRG5RDG
:\HEDQN
:RRGKXUVW'ULYH
8PERJHQWZLQL
0RRUWRQ'ULYH
&UDLJLHEXUQ
0RRUFURVV5RDG
0DJDEHQL
3DOP5RDG
)ROZHQL6SRUWV&HQWUH
*URXQG
8PQLQL
)DLUILHOG
%LVVLW3DUN
/HLJKFRFN6SRUWV)LHOG
0HQ]L
$WOHQWLF6SRUWV)LHOG
%'6HFWLRQVSRUWVILHOG
&OHUPRQW6SRUWV)LHOG
(6HFWLRQVSRUWVILHOG
1HZ*HUPDQ\&RPELQDWLRQ&RXUWV
,VLSLQJREHDFKVKRZJURXQGV
(PPDXVHVSRUWVILHOG
.HQILHOG2YHUSRUW
6ZDQILHOGVSRUWVILHOG
5D\PRQG3DUN%RQHOOD
6DYDQQD3DUN6SRUW&RPSOH[&RPEL&RXUW
&KHVWHUYLOOH([W
6W:HQGROLQV6SRUWV&RPSOH[&RPEL&RXUW3RZHUOLQH6WUHHW
.ODDUZDWHU6SRUWV&RPSOH[
)OHHW6WUHHW
1DJLQD6SRUWV&RPSOH[&RPEL&RXUW
+DYHQVLGH'ULYH
1JH]L6SRUWV6WDGLXP
/LEHUW\5RDG
+R\3DUN
6\PSKRQ\6WUHHW
6DJHJURYH3ODFH
6XPPHUILHOG
3HDFH3DUN*URXQGV
0RQWFODLU*URXQGV
:RRGODQGV*URXQGV
5HGIRUG*URXQGV
.HQ\RQ+RZGHQ
/DPRQWYLOOH*LJLPD*URXQGV
/LQN3KXPSKHOH6SRUWV)LHOG
7KRUQZRRG6SRUWV)LHOG
%KHNLVLZH6SRUWV)LHOG
0DULDQQULGJH6SRUWV)LHOG
$OEHUW3DUN
$
&OXVWHU&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!"#"
+VHFWLRQ3KXWKXPDQL
$VHFWLRQKRVWHO
&VHFWLRQDQGJURXQG
'VHFWLRQQXPEHUJURXQG
+VHFWLRQ
/VHFWLRQ
0VHFWLRQ
6RQGHODQLVSRUWVILHOG
3XPSKRXVHVSRUWVILHOG
0TDQMHOZDVSRUWVILHOG
.ORRI0HPPRULDO3DUN
:LQVWRQ3DUN
'RRQVLGH
'ROIHQH
$GDPV3DYLOOLRQ
'U1OXPELOD
$GDPV2Q+LOO
$GDPV0FKHHWD
$GDPV,QWKH9DOOH\
%KHNXOZDQGOH=HEUDV
'DQJDQ\D
,OIURFRPEH
'OXPEXOD
(]LPERJHQGZHQL
)ROZHQL+LJK6FKRRO
PSHVKHQL
6DZSLWV
,QWLQZDQL
0YX]DQ
8PEXPEXOX
0DGXQGXEH
6L\DERQJD
6ROLPSLOR3LQN+RXVH
%
$
&OXVWHU&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!"#"
79
#%#&&'%
/RYX/RZHU
,ORYR9LOODJH
,ORYR7HPSOH
,QNDQ\HQ]L
6HVILNOH
8PNXPEL
0DOXQGL
.ZD0DNKXWKD
$$6HFWLRQVSRUWILHOG
*OHEH2XWHUILHOG
/6HFWLRQVSRUWVILHOG
0DOLND]LVSRUWVILHOG
-6HFWLRQVSRUWVILHOG
6W3HWHUVVSRUWVILHOG
3KDNHODVSRUWVILHOG
6NKZDPDVSRUWVILHOG
&&6HFWLRQVSRUWILHOG
2ULHQW3DUN
0LPRVDVSRUWVILHOG
/RWXVSDUNVSRUWVILHOG
)ODPER\DQW'ULYH6SRUWVILHOG
4VHFWLRQVSRUWVILHOG
2NXPKORSKHVSRUWVILHOG
=6HFWLRQVSRUWVILHOG
86HFWLRQVSRUWVILHOG
$6HFWLRQVSRUWVILHOG
%%6HFWLRQVSRUWILHOG
'6HFWLRQVSRUWVILHOG
7ULPERUQH&DWR&UHVW
:LJJLQV&DWR0DQRU
%RURXJK5RDG&DWR0DQRU
+LPDOD\D5RDG0HUHEDQN
/RYX8SSHU
%
$
&OXVWHU&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!"#"
80
#%#&&'%
%DGXOOD0HUHEDQN
%D\YLHZ%OXII
7DUD5RDG*URXQGV%OXII
'D\DO5RDG*URXQGV&ODLZRRG
:LOORZ*URYH
&DPSHU'ULYH
0DUEOH$UFK5RDG
9DOLHQW5RDG
*URXQGV
JURXQGV
*URXQGV
*URXQGV
(TXDOLW\6WUHHW
$UHQD3DUN'ULYH7RS
&RGHPRUH*URXQGV
3UHPDU\5LGJH6SRUWV)LHOG
8QGHU6SRUWV)LHOG
&OHUPRQW5G6SRUWV)LHOG
/RW)UHH]H5G6SRUWV)LHOG
0SROD6SRUWV)LHOG
1D]DUHWK6SRUWV)LHOG
1D]DUHWK&RPELQDWLRQ&RXUW
6DYDQQD3DUN&RPELQDWLRQ&RXUW
.ODDUZDWHU&RPELQDWLRQ&RXUW
0DUJXVIRHQWLHQ6SRUWV)LHOG
8PEKHGXOD6SRUWV)LHOG
/XJDQGD6SRUWV)LHOG
,QWDNH6SRUWV)LHOG
7KRUQZRRG%KHNLVLZH&RPEL&RXUW
(PDQVHQVHQL$6SRUWV)LHOG.LFN$ERXW
1GORYX6W&RPEL&RXUW
+LJKEHUU\:HQWZRUWK
'DWXEUL%OXII
%
$
&OXVWHU&RPPXQLW\(PHUJHQF\6HUYLFHV
81,73DUNV5HFUHDWLRQ&XOWXUH
!"#"
81
#%#&&'%
(SLWROL&RPELQDWLRQ&RXUW
0DSKXPHSKHWKH&RPELQDWLRQ&RXUW2OG'HSRW
6LSKXPHOHOH&RPELQDWLRQ&RXUW7RP7RP/RZHU
.ZDOLQGD6SRUWV)LHOG
%
'HVFULSWLRQ
6WXGHQWVVFKRODUVDQGFKLOGUHQ\HDUVDQGXQGHUPXVWEHDFFRPSDQLHGE\DQG
3HU/DQH3HU+RXUPHPEHUVWRSD\HQWUDQFHIHHVDVSHUWDULII
8QGHUZDWHU+RFNH\
3/&'&& 3HUODQHSHUPRQWK/HDUQHUVWRSD\HQWUDQFHIHH
,QVWUXFWRUV
3/&'&& ([FOXVLYH8VH3HU+RXU
3/&'&& 3HU/DQHRUSDUWWKHUHRISHUKRXUPHPEHUVWRSD\HQWUDQFHIHHVDVSHUWDULII
,QVWUXFWRUVIHHSHUKRXU
6\QFKURQLVHG6ZLPPLQJ'LYLQJ
3/&'&& 3HU/DQH3HU+RXUPHPEHUVWRSD\HQWUDQFHIHHVDVSHUWDULII
,QVWUXFWRUVIHHSHUKRXU
6FXED
3/&'&& ([FOXVLYHXVHSHUKRXU0LQKRXUV
E$TXDWLF&OXE(YHQWV
3/&'&& VSHFWDWRUVWRSD\HQWUDQFHIHHDVSHUWDULII
3HU/DQH3HU+RXUPHPEHUVWRSURGXFH&OXEFDUGVIRUIUHHHQWU\3DUHQWVDQG
D$TXDWLF&OXEV7UDLQLQJ3XUSRVHRQO\
3/&'&& LQFOXGHWKHXVHRIWKHSRRODIWHUQRUPDORSHUDWLQJKRXUVSHUKRXUXSWR
7KHDERYHLVVXEMHFWWRWKHSD\PHQWRIDQDGGLWLRQDOUDWHWR
3/&'&& LLL1*2·V
LL&XOWXUDO
L5HOLJLRXVGHSHQGVRQDYDLODELOLW\ILUVWSUHIHUHQFHWR$TXDWLF(YHQWV
1$
1$
1$
1$
3/&'&& LY([FOXVLYHXVHRXWVLGHVFKRROKRXUV
5
5
1RQ3URILW2UJDQLVDWLRQV([FOXVLYH8VH3HU+RXUPLQLPXPKRXUV
7DULII
7DULII
7DULII
7DULII
1$
1$
5
*5$'($
1$
1$
5
3/&'&&
&KDUJH
&RGHV
1(:
3/&'&&
1(:
3/&'&&
3/&'&&
1(:
1(:
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1$
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1$
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
3/&'&& LLL([FOXVLYHXVHGXULQJVFKRROKRXUV77K
E6FKRROV$TXDWLF(YHQWVH[FOXVLYHXVHSHUKRXUPLQLPXPKRXUV
3/&'&& LL([FOXVLYHXVHSHUODQHSHUKRXUOHDUQHUVWRSD\HQWUDQFHIHHV
VXSHUYLVLRQIRUWUDLQLQJGHYHORSPHQWSXUSRVHVSHUOHDUQHU
L'XULQJVFKRROKRXUVIURPWRXQGHUWHDFKHU
D6FKRROV)RUWUDLQLQJSXUSRVHVRQO\
7KHWDULIILVDSSOLFDEOHLQJUDGHV%&ZLWKWKHH[FHSWLRQRI5DFKHDO)LQDO\VRQ
:HVWYLOOHDQG/DKHH3DUNSRROVIRUWKHSHULRG'HFWR)HEIURPKWRK
3/&'&& $GXOW&RXSRQ%RRNRIFRXSRQV
3/&'&& $GXOW
3/&'&& &KLOG&RXSRQ%RRNRIFRXSRQV
3/&'&& DGXOW
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFH
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,)) 6ZLPPLQJ3RRO
7DULII
7DULII
7DULII
7DULII
1RFKDUJH
5
1RFKDUJH
5
82
1RFKDUJH
5
*5$'(%
1RFKDUJH
5
3/&'&&
&KDUJH
&RGHV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1RFKDUJH
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
7DULII
7DULII
7DULII
7DULII
1RFKDUJH
5
1RFKDUJH
5
1RFKDUJH
5
*5$'(&
1RFKDUJH
5
1RFKDUJH
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
&KDUJH
&RGHV
7DULII
7DULII
7DULII
7DULII
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
*5$'('
1RFKDUJH
5
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
3URIHVVLRQDO&RDFKHV
([FOXVLYH8VH3HU+RXUQHZ
'HVFULSWLRQ
7DULII
9HQGRUVDW.LQJV3DUN3RRO
3/&'&& 3HUKRXU'XULQJQRUPDORSHUDWLRQKRXUV
8VHRI.LQJV3DUN3RRO%RDUG5RRP
3/&'&& )LOP6KRRWSHUKRXU
7KHXVHRIDQ\0XQLFLSDO6ZLPPLQJSRROH[FOXVLYHO\IRUD
)LOP6KRRW
3/&'&& )RU&RPPHUFLDO8VHSHUKRXURUSDUWWKHUHRI
1$
3/&'&& KRXURUSDUWWKHUHRI
7KHXVHRIDQ\0XQLFLSDO6ZLPPLQJSRROH[FOXVLYHO\IRUDSKRWRVKRRWPD[LPXPRI
SHRSOH$OHY\SHUSHUVRQLQH[FHVVRISHRSOHRQWKHRULJLQDOFKDUJHSHU
3KRWR6KRRWV
1RWHWKLVVHUYLFHLVOLPLWHGWRRIILFHWLPHVRQO\EHLQJ
'ULYLQJVFKRROV'ULYHUWUDLQLQJLQWKHSDUNLQJDUHDSHUPRQWK
2WKHU
E5HIXQGDEOH'HSRVLW:LWKUHJDUGWRLLLD
3/&'&& LLLD([FOXVLYHXVHIRUIXQFWLRQVQRQVZLPPLQJSHUKRXU
1$
3/&'&& LL:HHNHQGVSHUKRXU
5
5
LLLD([FOXVLYHXVHIRUIXQFWLRQVQRQVZLPPLQJSHUKRXU&OXEVRQO\
7DULII
7DULII
7DULII
1$
5
*5$'($
1$
5
&KDUJH
&RGHV
3/&'&&
3/&'&&
3/&'&&
1$
1(:
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
3/&'&& L:HHNGD\VSHUKRXU
2WKHU3HUVRQV2UJDQLVDWLRQV
3/&'&& 9DOXDEOHV
3/&'&& ([FOXVLYHXVHSHUKRXU
:DWHU3ROR
3/&'&& LL&DQGLGDWHWRSD\HQWUDQFHIHHDVSHUWDULII
L3HUODQHSHUKRXU
/HDUQWR6ZLP,QVWUXFWRU
V&RXUVH
3/&'&& L3HUODQHSHUPRQWKPHPEHUVWRSURGXFHFOXEFDUG
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFH
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,)) 6ZLPPLQJ3RRO
7DULII
7DULII
7DULII
7DULII
1$
1$
1$
5
1$
1$
83
1$
1$
5
*5$'(%
1$
5
1$
1$
1$
5
&KDUJH
&RGHV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1$
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
1$
1$
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
7DULII
7DULII
7DULII
7DULII
1$
1$
1$
5
1$
1$
5
1$
1$
1$
5
*5$'(&
1$
1$
5
&KDUJH
&RGHV
3/&'&&
3/&'&&
3/&'&&
1(:
1(:
1(:
1(:
1$
1$
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
7DULII
7DULII
7DULII
7DULII
1RFKDUJH
1RFKDUJH
1$
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
1$
1RFKDUJH
1RFKDUJH
1RFKDUJH
1$
1$
1RFKDUJH
5
*5$'('
1$
1$
1RFKDUJH
5
1$
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
1$
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
1RFKDUJH
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
'HVFULSWLRQ
L[6WDIIRIWKHH7KHNZLQL0XQLFLSDOLW\RQZHHNGD\VIURP7WR7DQGIURP
7WR7H[FOXGLQJSXEOLFKROLGD\VXSRQSUHVHQWDWLRQRIKLVKHUPXQLFLSDO
LGHQWLW\FDUG
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWF
ZKLFKLVHQGRUVHGE\WKH'HSXW\+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSDUWPHQWRUKLVQRPLQHHVKDOOEHDWQRFRVW
YLLL$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW
YLL8QLIRUPVWDIIRIWKH6RXWK$IULFDQ3ROLFH6HUYLFHVDQG6$1')XSRQDXWKRULVDWLRQ
E\WKH'HSXW\+HDGRUKLVQRPLQHHIRUWUDLQLQJSXUSRVHVRQO\
YL8QLIRUPVWDIIRI0HWUR3ROLFH)LUHDQG3URWHFWLRQ6HUYLFH'HSDUWPHQWVXSRQ
DXWKRULVDWLRQE\WKH'HSXW\+HDGRUKLVQRPLQHHIRUWUDLQLQJSXUSRVHVRQO\
Y0HPEHUVRI6XUI/LIHVDYLQJ&OXEVZKLFKRSHUDWHZLWKLQKHPXQLFLSDOLW\RQ
SURGXFWLRQRIDPHPEHUVKLSFDUGRURWKHUVXLWDEOHSURRIWRWKH'HSXW\+HDGRUKLV
QRPLQHH
LY$SHUVRQZKRLV\HDUVRIDJHRUROGHUDQGZKRLVLQSRVVHVVLRQRIDVHQLRU
FLWL]HQ·VFDUGLVVXHGWRKLPE\WKHH7KHNZLQL&RXQFLORUHTXLYDOHQWSURRIRIDJHDQG
LGHQWLILFDWLRQ
LLL$GLVDELOLW\JUDQWHHDQGRUGLVDEOHGSHUVRQ
LL$ZDUYHWHUDQSHQVLRQHUWRSURGXFHFDUG
L3HQVLRQHUWRSURGXFHFDUG
'XULQJQRUPDORSHUDWLQJKRXUVRUXQOHVVDXWKRULVHGE\WKH'HSXW\+HDGRUKLV
QRPLQHH
$GPLVVLRQVWRDQ\SRRORIWKHIROORZLQJVKDOOEHIUHH
3/&'&& 3HUYHQGRUSHUGD\0D[LPXPYHQGRUV
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFH
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,)) 6ZLPPLQJ3RRO
7DULII
7DULII
7DULII
7DULII
5
5
5
*5$'($
5
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
&KDUJH
&RGHV
7DULII
7DULII
7DULII
7DULII
1$
5
5
1$
5
*5$'(%
84
1$
5
1$
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
&KDUJH
&RGHV
7DULII
7DULII
7DULII
7DULII
1$
5
5
1$
5
*5$'(&
5
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
&KDUJH
&RGHV
7DULII
7DULII
7DULII
7DULII
1$
5
5
1$
5
*5$'('
1$
5
1$
5
([FOXGLQJ9DW ([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))
!
GRADE A :Olympic Standard, Electronoc Systems, Heated and Indoor Competition
GRADE B :Olympic Size 50metre pool Competitive/Recreational
GRADE C :Non-Olympic size, standard recreational pool
GRADE D :Paddling Pools, Tidal Pools & Non Fence-Free Access
NAME OF POOL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
KINGS PARK POOL
RACHEL FINLAYSON
ARENA PARK POOL
AUSTERVILLE POOL
FIRWOOD ROAD POOL
LIEUTENANT KING POOL
NEWLANDS POOL
NTUZUMA E POOL
STANMORE POOL
UMLAZI BB POOL
WESTVILLE POOL
LAHEE PARK POOL
VERULAM POOL
ALEX BULLEY POOL
BALKUMAR SINGH
BAYVIEW POOL
BELLAIR POOL
CROFTDENE POOL
KWAMASHU D POOL
MEREWENT POOL
NORTH DURBAN
OONAGH WHITSITT
RAINHAM POOL
TESORIERE POOL
TILLS CRESCENT
UMLAZI G POOL
MARIANRIDGE POOL
NAGINA POOL
ANSTEYS POOL
BRIGHTON BEACH POOL
CENTRAL AMUSEMENT CENTRE
CHESTERVILLE POOL
KWAMASHU G POOL
LAGUNA POOL
LAMONTVILLE POOL
ROCHDALE ROAD POOL
SOUTH BEACH PADDLING
UMLAZI D POOL
PIPELINE POOL
TIGER ROCKS POOL
ISIPINGO HILLS POOLS
ILLOVO POOL
INYONI POOL
DAKOTA POOL
REUNION PARK POOL
WINKELSPRUIT POOL
BELVEDERE POOL
BUFFELSDALE POOL
HAMBANATHI POOL
CLERMONT
SHALLCROSS
WARNER TIDAL POOL
UMKOMAAS TIDAL POOL
OPENING/CLOSING
SUMMER
05h30 to 20h30
05h30 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h00
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 20h30
06h00 to 18h00
06h00 to 20h00
06h00 to 20h00
06h00 to 18h00
06h00 to 18h00
06h00 to 20h00
06h00 to 18h00
06h00 to 18h00
06h00 to 18h00
06h00 to 18h00
06h00 to 18h00
06h00 to 20h00
06h00 to 20h00
06h00 to 20h00
06H00 TO 20H30
06H00 TO 20H30
06H00 TO 18H00
06H00 TO 18H00
DISTRICT
10
10
8
7
3
7
3
3
2
6
9
9
1
8
7
8
8
8
3
7
3
10
2
7
7
6
9
9
7
7
10
9
3
10
7
3
10
6
5
6
6
5
5
6
6
5
1
1
1
9
8
5
5
85
OPENING/CLOSING
WINTER
06h00 to 19h30
06h00 to 17h00
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
08h00 to 17h00
08h00 to 17h00
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
10h00 to 17h10
GRADE
A
B
B
B
B
B
B
B
B
B
B
B
B
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
C
C
D
D
86
LLLSHUFRXUWSHUVHDVRQ
3/&'&&
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHVZLWKPRUHWKDQ/DPSVZ
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
E+LUHIRUFRPPHUFLDOSXUSRVHVSHUILHOGSHUGD\RUSDUWWKHUHRI,IDJDWH
OHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKH
WDULIIZKLFKHYHULVWKHJUHDWHU
3/&'&&
3/&'&&
D+LUHE\VFKRROVFOXEVDVVRFLDWLRQVZHOIDUHUHOLJLRXVRUJDQLVDWLRQVSHU
ILHOGSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOO
EHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV
%632576),(/'6
3ROHV[/DPSVZ
3/&'&&
3ROHV[/DPSVZ
3/&'&&
8VHRI)ORRG/LJKWV3HUKRXURUSDUWWKHUHRI
LL$GKRFKLUHRIWHQQLVFRXUWVSHUGD\RUSDUWWKHUHRISHUFRXUW
3/&'&&
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
L3HUFRXUWSHUPRQWKRUSDUWWKHUHRI
$7(11,6&28576
7,//6&5(6&(17
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG
5HFUHDWLRQ'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRI
IDFLOLWLHVE\VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\
WKH'HSXW\+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW
'HSDUWPHQWVKDOOEHDWQRFRVW
3/&'&&
3/&'&&
3/&'&&
3/&'&&
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
I&RXQFLO(YHQWV
LL1RQSURILWRUJDQLVDWLRQV
L&RPPHUFLDOXVHUV
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LVQRW
FKDUJHG
E+LUHE\RWKHUSHUVRQVSHUILHOGSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LV
FKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULII
ZKLFKHYHULVWKHJUHDWHUFRPPHUFLDO
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
F6HDVRQDOXVHE\FOXEDVVRFLDWLRQVSHUILHOGSHUVHDVRQRUSDUWWKHUHRI
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVZHOIDUHUHOLJLRXVRUJDQLVDWLRQVSHUILHOGSHU
GD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHU
RIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHUQRQFRPPHUFLDO
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
87
1R&KDUJH
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
LLL6HDVRQDOXVHE\FOXEVDVVRFLDWLRQVSHUVHDVRQRUSDUWWKHUHRI
3/&'&&
88
LL+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI
3/&'&&
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
D+LUHE\FOXEVDVVRFLDWLRQVZHOIDUHRUJDQLVDWLRQVDQGUHOLJLRXV
RUJDQLVDWLRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUH
IHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV
$$7+/(7,&67$',80
.,1*63$5.67$',806
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
L+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHVSHU
GD\RUSDUWWKHUHRI
D6SRUWLQJ(YHQWV
L&ULFNHW)LHOG7XUI:LFNHW
&&5,&.(7
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
H6HWWLQJXSDQGGLVPDQWOLQJEHIRUHDQGDIWHUWKHHYHQWSHUGD\
I&RXQFLO(YHQWV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
L3UDFWLFHSHUKRXURUSDUWWKHUHRI
E)ORRGOLJKWV
D+LUHRIIXQFWLRQURRPSHUKRXURUSDUWWKHUHRI
LLL2WKHU
E+LUHIRUFRPPHUFLDOSXUSRVHVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LV
FKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULII
ZKLFKHYHULVWKHJUHDWHUFRPPHUFLDO
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHVSHUGD\
RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURI
JURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHUQRQFRPPHUFLDO
HYHQWV
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
89
1R&KDUJH
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
LL3HUFKLOGXQGHUWKHDJHRI\HDUV
3/&'&&
LLL$Q\SHUVRQZKRLV\HDUVDQGRYHUDQGLVLQSRVVHVVLRQRIDYDOLG
6HQLRU&HUWLILFDWHLGHQWLW\FDUGLVVXHGWRKLPKHUE\WKH&RXQFLO
3/&'&&
90
LL3HUFKLOGXQGHUWKHDJHRI\HDUV
3/&'&&
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGUHOLJLRXV
RUJDQLVDWLRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUH
IHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
3/&'&&
3/&'&&
L6SRUWLQJ(YHQWV
'.,1*63$5.&<&/,1*67$',80
L3HU$GXOW
3/&'&&
G7HPSRUDU\SHUPLWVIRU6WDGLD9DOLGIRUZHHNV
L3HUDGXOW
3/&'&&
F$WKOHWLFWUDLQLQJSHUPLWSHUFDOHQGDU\HDU
LY$Q\SHUVRQLQWKHFRXUVHRIDWKOHWLFWUDLQLQJ
3/&'&&
Y7HOHYLVLRQSHUKRXU
LLL6FKRROVDQGDPDWHXUFOXEVSHUKRXURUSDUWWKHUHRI
3/&'&&
3/&'&&
1R&KDUJH
1RFKDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
LL(YHQWSHUKRXURUSDUWWKHUHRI
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G6HWWLQJXSDQGGLVPDQWOLQJEHIRUHDQGDIWHUWKHHYHQWSHUGD\
3/&'&&
3/&'&&
91
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
3/&'&&
LL3HUFKLOGXQGHUWKHDJHRI\HDUV
3/&'&&
L3HU$GXOW
E7HPSRUDU\SHUPLWVIRU6WDGLD9DOLGIRUZHHNV
L3HUDGXOW
3/&'&&
D&\FOLQJWUDLQLQJSHUPLWSHUFDOHQGDU\HDU
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
RUDFRPPHUFLDOYHQWXUHVXFKDVPDUNHWLQJVKRZVFRQFHUWVHWF
FRPPHUFLDO
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHUQRQ
FRPPHUFLDO
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
LLL$Q\SHUVRQZKRLV\HDUVRIDJHDQGRYHUDQGLVLQSRVVHVVLRQRID
YDOLG6HQLRU&HUWLILFDWHLGHQWLW\FDUGLVVXHGWRKLPKHUE\WKH&RXQFLO
3/&'&&
G:DUPXSDUHDXSRQUHTXHVW
3/&'&&
3/&'&&
92
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
F&RXQFLO(YHQWV
3/&'&&
3/&'&&
&+$76:257+67$',$
E0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
LL1RQ6SRUWLQJ(YHQWV
D5HIHU.LQJV3DUN&\FOLQJ6WDGLXPLLDE
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
3/&'&&
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHUHOLJLRXVRUJDQLVDWLRQVSHU
GD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHU
RIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV
((48(675,$1
LL3HUFKLOGXQGHUWKHDJHRI\HDUV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3/&'&&
3/&'&&
93
1R&KDUJH
H$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
LL1RQ6SRUWLQJ(YHQWV
1R&KDUJH
G1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
3/&'&&
LLL+LUHE\3URIHVVLRQDO&OXEVIRUWUDLQLQJVHVVLRQVSULRUWRWKHGD\RIWKH
PDWFK2QO\IRURQHWUDLQLQJVHVVLRQSHUIL[WXUHSHUGD\RUSDUWWKHUHRI
3/&'&&
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
3/&'&&
1R&KDUJH
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKHVWDGLXP
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
F+LUHE\3URIHVVLRQDOFOXEV
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
3/&'&&
L6SRUWLQJ(YHQWV
$6RFFHU
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G+LUHRIDQRQVSRUWLQJHYHQWZKHUHVHWWLQJXSLVUHTXLUHGSULRUWRWKH
GD\RIWKHHYHQW3HUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
LL1RQSURILWRUJDQLVDWLRQV
I&RXQFLO(YHQWV
D8VHRIDEOXWLRQWRLOHWFKDQJHURRPIDFLOLWLHVIRUHYHQWVWDNLQJSODFH
RXWVLGHWKHVWDGLXPLWVHOISHUGD\RUSDUWWKHUHRIRUIURPKXQWLOPLGQLJKW
RUSDUWWKHUHRI
D'ULYLQJVFKRROV'ULYHUWUDLQLQJLQWKH&KDWVZRUWK6SRUWV&RPSOH[
SDUNLQJDUHDSHUPRQWK
3/&'&&
3/&'&&
3/&'&&
3/&'&&
LLL2WKHU
L&RPPHUFLDOXVHUV
3/&'&&
94
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LVQRW
FKDUJHG
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI+LUHE\FRPPHUFLDOXVHUV
SHUGD\RUSDUWWKHUHRIZKHUHJDWHOHY\LVFKDUJHGRUIRUFRPPHUFLDO
SXUSRVHVVXFKDVDGYHUWLVLQJFRQFHUWVFRQYHQWLRQVHWF&RPPHUFLDO
1R&KDUJH
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHUHOLJLRXVRUJDQLVDWLRQVSHU
GD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHU
RIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVJUHDWHUIRUQRQFRPPHUFLDO
SXUSRVHV
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUW5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIH7KHNZLQL6SRUW5HFUHDWLRQ'HSWVKDOOEHDWQRFRVW
3/&'&&
3/&'&&
LY6FKRROVDQGDPDWHXUFOXEVSHUKRXURUSDUWWKHUHRI
Y$Q\SHUVRQLQWKHFRXUVHRIDWKOHWLFWUDLQLQJ
3/&'&&
3/&'&&
95
LLL7HOHYLVHG(YHQWSHUKRXURUSDUWWKHUHRI
3/&'&&
L3HUDGXOW
LL3HUFKLOGXQGHUWKHDJHRI\HDUV
3/&'&&
3/&'&&
LL(YHQWSHUKRXURUSDUWWKHUHRI
3/&'&&
F$WKOHWLFWUDLQLQJSHUPLWSHUFDOHQGDU\HDU
L3UDFWLFHSHUKRXURUSDUWWKHUHRI
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
E+LUHRI)ORRGOLJKWV
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHURI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
JUHDWHU
3/&'&&
%$7+/(7,&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHURI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVJUHDWHU
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G9,3/RXQJH3HUKRXUSHUURRP
3/&'&&
96
LLL$Q\SHUVRQZKRLV\HDUVRIDJHDQGRYHUDQGLVLQSRVVHVVLRQRIDYDOLG
6HQLRU&HUWLILFDWHLGHQWLW\FDUGLVVXHGWRKLPKHUE\WKH&RXQFLO
3/&'&&
LL6HDVRQDOXVHE\FOXEVDVVRFLDWLRQVSHUVHDVRQRUSDUWWKHUHRI
LLL$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
LY&RXQFLO(YHQWV
3/&'&&
3/&'&&
3/&'&&
3/&'&&
E1RQ6SRUWLQJ(YHQWV
L+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHUHOLJLRXVRUJDQLVDWLRQVSHU
GD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHU
RIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
D6SRUWLQJ(YHQWV
L&5,&.(7*5281'
&&+$76:257+&5,&.(729$/
E3HUFKLOGXQGHUWKHDJHRI\HDUV
3/&'&&
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
D3HU$GXOW
LLL7HPSRUDU\SHUPLWVIRU6WDGLD9DOLGIRUZHHNV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
LLL0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
3/&'&&
LLL6HDVRQDOXVHE\FOXEVDVVRFLDWLRQVSHUQHWVHDVRQRUSDUWWKHUHRI
LY$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG
5HFUHDWLRQ'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRI
IDFLOLWLHVE\VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\
WKH'HSXW\+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW
'HSDUWPHQWVKDOOEHDWQRFRVW
LLL2WKHU
D8VHRIDEOXWLRQWRLOHWFKDQJHURRPIDFLOLWLHVIRUVSRUWLQJDQGRWKHUHYHQWV
WDNLQJSODFHRXWVLGHWKHVWDGLXPLWVHOISHUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
3/&'&&
97
LL+LUHE\RWKHUSHUVRQVSHUQHWSHUGD\RUSDUWWKHUHRI
3/&'&&
L+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUQHWSHUGD\RUSDUWWKHUHRI
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
D6SRUWLQJ(YHQWV
LL&5,&.(71(76
LL+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHURI)RUFRPPHUFLDOSXUSRVHV
SHUGD\RUSDUWWKHUHRIZKHUHJDWHOHY\LVFKDUJHGRUIRUFRPPHUFLDO
SXUSRVHVVXFKDVDGYHUWLVLQJFRQFHUWVFRQYHQWLRQVHWFFRPPHUFLDO
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
L+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHUHOLJRXVRUJDQLVDWLRQVSHU
GD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHU
RIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHUQRQFRPPHUFLDO
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG
5HFUHDWLRQ'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRI
IDFLOLWLHVE\VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\
WKH'HSXW\+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW
'HSDUWPHQWVKDOOEHDWQRFRVW
3/&'&&
98
F$GKRFXVHSHUFRXUWSHUGD\RUSDUWWKHUHRIZLWKRUZLWKRXWQHWEDOOULQJV
DQGSROHLQFOXGHVVWDGLXPFKDQJHURRPIDFLOLWLHVLIDYDLODEOH
3/&'&&
3HUFRXUWSHUPRQWKRUSDUWWKHUHRI
$GKRFKLUHRIWHQQLVFRXUWVSHU6(66,218372$0$;,0802)+2856
3/&'&&
3/&'&&
)7(11,6&28576
&DUSDUNDUHDLIDYDLODEOHVDPHDVLQ(DDQGE
E2WKHU2UJDQLVDWLRQVSHUGD\RUSDUWWKHUHRI
3/&'&&
6HWWLQJXSDQGUHPRYDORQGD\VRWKHUWKDQWKHDFWXDOHYHQWRIWKH
FKDUJHLQDDQGEDERYH$6$33/,&$%/(
+LUHRIWKH&LUFXV6LWHE\
D&RPPHUFLDO8VHUVSHUGD\RUSDUWWKHUHRI
3/&'&&
(&,5&866,7(
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
E3DLURIQHWEDOOSROHVDQGULQJVSHUFRXUWSHUVHDVRQ
'1(7%$//&28576
D3HUFRXUWSHUVHDVRQLQFOXGHVVWDGLXPFKDQJHURRPIDFLOLWLHVLIDYDLODEOH
E&KDWVZRUWK&ULFNHW2YDO,QGRRU$FDGHP\3UHPLVHVIRU&ULFNHW
GHYHORSPHQWSXUSRVHV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
3/&'&&
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
$GKRFXVHSHU6HVVLRQXSWRDPD[LPXPRIKRXUVDYDLODEOH
$GKRFSHUKRXU
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
3/&'&&
99
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3/&'&&
3/&'&&
3/&'&&
3/&'&&
,)/22'/,*+767(11,6&285763(5+285253$577+(5(2)
3HUFRXUWSHUVHDVRQLQFOXGHVVWDGLXPFKDQJHURRPIDFLOLWLHVLIDYDLODEOH
3/&'&&
E$GGLWLRQDOFKDUJHSHUKRXURUSDUWWKHUHRILQH[FHVVRIIRXUKRXUV
3/&'&&
+%$6.(7%$//&2857
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
DSHUIRXUKRXUVRUSDUWWKHUHRI
*&/8%+286(
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
$'+2&3(5+285
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUILHOGRUGLDPRQGRUSDUWWKHUHRISHUGD\([FOXGHVV\QWKHWLFVXUIDFH,ID
JDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RU
WKHWDULIIZKLFKHYHULVWKHJUHDWHU
E+LUHE\RWKHUSHUVRQVSHUILHOGSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LV
FKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULII
ZKLFKHYHULVWKHJUHDWHU
F6HDVRQDOXVHE\VRIWEDOODQGKRFNH\DVVRFLDWLRQVSHUILHOGRUGLDPRQG
SHUVHDVRQRUSDUWWKHUHRI([FOXGLQJV\QWKHWLFVXUIDFH
G$GKRFXVHRIV\QWKHWLFVXUIDFHSHUGD\RUSDUWWKHUHRIZLOOEHHLWKHU
RIWKHJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
H6HDVRQDOXVHRIV\QWKHWLFVXUIDFHSHUVHDVRQRUSDUWWKHUHRI
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
L6SRUWLQJ(YHQWV
$*5281'6
48((160($'
100
3ROHVZLWKPRUHWKDQ/DPSVZ
3/&'&&
3ROHV[/DPSVZ
3/&'&&
M)/22'/,*+7',6&
3ROHV[/DPSVZ
3/&'&&
3ROHV[/DPSVZ
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
G+LUHRI)ORRGOLJKWVPDLQWHQDQFHFKDUJHSHUPRQWK
3/&'&&
3/&'&&
3/&'&&
101
LL1RQSURILWRUJDQLVDWLRQV
3/&'&&
$62&&(567$',80
.,1*=:(/,7+,1,67$',80
L&RPPHUFLDOXVHUV
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LVQRW
FKDUJHG
E+LUHE\RWKHUSHUVRQVSHUILHOGRUGLDPRQGSHUGD\RUSDUWWKHUHRI
LQFOXGLQJV\QWKHWLFVXUIDFH,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOO
EHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKH
JUHDWHU&200(5&,$/
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
I$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUILHOGRUGLDPRQGRUSDUWWKHUHRI([FOXGHVV\QWKHWLFVXUIDFH,IDJDWHOHY\
LVFKDUJHGWKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULII
ZKLFKHYHULVWKHJUHDWHU121&200(5&,$/
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
102
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
H1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
3/&'&&
3/&'&&
D+LUHE\FOXEVDVVRFLDWLRQVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHVSHUILHOG
SHUGD\RUSDUWWKHUHRI121&200(5&,$/
LLL+LUHE\3URIHVVLRQDO&OXEVIRUWUDLQLQJVHVVLRQVRQO\RQHGD\SULRUWRWKHGD\
RIWKHPDWFK3HUGD\RUSDUWWKHUHRI
3/&'&&
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKHVWDGLXP
3/&'&&
G+LUHE\3URIHVVLRQDOFOXEV
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
L6SRUWLQJ(YHQWV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHVSHUILHOG
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
G+LUHIRUQRQVSRUWLQJHYHQWZKHUHVHWWLQJXSLVUHTXLUHGSULRUWRWKH
HYHQW3HUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
103
LL(YHQWSHUKRXURUSDUWWKHURI
LLL7HOHYLVHG(YHQWSHUKRXURUSDUWWKHUHRI
LY6FKRROVDQGDPDWHXU&OXEV
3/&'&&
3/&'&&
3/&'&&
L6SRUWLQJ(YHQWV($&+3(5),(/'
%2876,'(*5281'6L62&&(5),(/'$1'LL+2&.(<),(/'
,3UDFWLFHSHUKRXURUSDUWWKHUHRI
3/&'&&
LL1RQSURILWRUJDQLVDWLRQV
3/&'&&
'+LUHRI)ORRGOLJKWV
L&RPPHUFLDOXVHUV
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LVQRW
FKDUJHG
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU&200(5&,$/
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3/&'&&
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI3(5640(75(
&200(5&,$/
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
3/&'&&
D6SRUWLQJ(YHQWV
&&5,&.(71(76
D+LUHE\FOXEVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHVSHUILHOGSHU
GD\RUSDUWWKHUHRI121&200(5&,$/
3/&'&&
LL1RQ6SRUWLQJ(YHQWV($&+3(5),(/'
104
H$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
1R&KDUJH
G1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
3/&'&&
I&RXQFLO(YHQWV
1R&KDUJH
F6HDVRQDOXVHE\FOXEVDVVRFLDWLRQVSHUILHOGSHUVHDVRQRUSDUWWKHUHRI
1R&KDUJH
1R&KDUJH
3/&'&&
E+LUHE\RWKHUSHUVRQVSHUILHOGSHUGD\RUSDUWWKHUHRI
3/&'&&
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
D+LUHE\FOXEVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHVSHUILHOGSHU
GD\RUSDUWWKHUHRI
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3/&'&&
$GKRFXVHSHU6(66,218372$0$;,0802)+2856DYDLODEOH
$GKRFSHUKRXU
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
3/&'&&
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3/&'&&
3/&'&&
3/&'&&
()/22'/,*+767(11,6&285763(5+285253$577+(5(2)
3HUFRXUWSHUVHDVRQLQFOXGHVVWDGLXPFKDQJHURRPIDFLOLWLHVLIDYDLODEOH
3/&'&&
105
LY$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG
5HFUHDWLRQ'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRI
IDFLOLWLHVE\VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\
WKH'HSXW\+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW
'HSDUWPHQWVKDOOEHDWQRFRVW
LLL6HDVRQDOXVHE\FOXEVDVVRFLDWLRQVSHUQHWVHDVRQRUSDUWWKHUHRI
3/&'&&
'&20%,1$7,21&2857
LL+LUHE\RWKHUSHUVRQVSHUQHWSHUGD\RUSDUWWKHUHRI
3/&'&&
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
L+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUQHWSHUGD\RUSDUWWKHUHRI
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHVZLWKPRUHWKDQ/DPSVZ
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
9,36XLWH5SHUVTP
3/&'&&
+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQG5HOLJLRXV
RUJDQLVDWLRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUH
IHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV3,7&+
35,1&(660$*2*267$',80
8VHRIJURXQGVIRUVSRUWDQGUHFUHDWLRQGHYHORSPHQWSURJUDPPHVDV
DXWKRULVHGE\WKH'HSXW\+HDG3/&RUKLVQRPLQHH
6SRUWVDQG5HFUHDWLRQ'HYHORSPHQW
6WDQGDUG6XLWHVSHUGD\RUSDUWWKHUHRI#5SHUVTP
3/&'&&
LL+LUHRIIORRGOLJKWVSHUKRXURUSDUWWKHUHRI
3/&'&&
++,5(2)68,7(6
L8VHRIDEOXWLRQFKDQJHURRPIDFLOLWLHVIRUVSRUWLQJDQGRWKHUHYHQWVWDNLQJ
SODFHRXWVLGHWKHVWDGLXPLWVHOISHUGD\RUSDUWWKHUHRI
3/&'&&
106
3ROHV[/DPSVZ
)27+(5
3ROHV[/DPSVZ
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3/&'&&
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU121
&200(5&,$/
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI&200(5&,$/
3/&'&&
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
LY1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
107
LLL+LUHE\3URIHVVLRQDO&OXEVIRUWUDLQLQJVHVVLRQVSULRUWRWKHGD\RIWKH
PDWFK3HUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
3/&'&&
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKH
VWDGLXP
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
+LUHE\3URIHVVLRQDOFOXEV
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
+LUHE\RWKHUSHUVRQVRHUGD\RUSDUWWKHURI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3/&'&&
L+LUHRIIORRGOLJKWVSHUKRXURUSDUWWKHUHRI
3/&'&&
108
I&RXQFLO(YHQWV
3/&'&&
E(YHQWSHUKRXURUSDUWWKHURI
F7HOHYLVHG(YHQWSHUKRXURUSDUWWKHUHRI
3/&'&&
3/&'&&
6WDQGDUG6XLWHVSHUGD\RUSDUWWKHUHRI#5SHUVTP
9,36XLWH5SHUVTP
3/&'&&
3/&'&&
LLL+,5(2)68,7(6)81&7,21652206
D3UDFWLFHSHUKRXURUSDUWWKHUHRI
3/&'&&
LL+LUHRI)ORRGOLJKWV
LL1RQSURILWRUJDQLVDWLRQV
3/&'&&
L&RPPHUFLDOXVHUV
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LVQRW
FKDUJHG
G+LUHIRUQRQVSRUWLQJHYHQWZKHUH
VHWWLQJXS
LVUHTXLUHGSULRUWRWKH
HYHQW3HUGD\RUSDUWWKHUHRI
3/&'&&
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
$GKRFXVHSHU6(66,218372$0$;,0802)+2856DYDLODEOH
$GKRFSHUKRXU
$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
3/&'&&
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3ROHV[/DPSVZ
3/&'&&
3/&'&&
3/&'&&
3/&'&&
3/&'&&
109
3ROHV[/DPSVZ
3/&'&&
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
YL)/22'/,*+767(11,6&285763(5+285253$577+(5(2)
3HUFRXUWSHUVHDVRQLQFOXGHVVWDGLXPFKDQJHURRPIDFLOLWLHVLIDYDLODEOH
Y&20%,1$7,21&2857
D+LUHE\VFKRROVFOXEVDVVRFLDWLRQVZHOIDUHUHOLJLRXVRUJDQLVDWLRQVSHU
ILHOGSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV
LY2))3,7&+*5$66$7+/(7,&75$&.
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
3/&'&&
110
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKHVWDGLXP
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
G+LUHE\3URIHVVLRQDOFOXEV
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQ
WKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKH
JUHDWHU
3/&'&&
L6SRUWLQJ(YHQWV
$62&&(567$',80
0380$/$1*$67$',80
3ROHVZLWKPRUHWKDQ/DPSVZ
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
111
3/&'&&
LL1RQSURILWRUJDQLVDWLRQV
LLL&RXQFLO(YHQWV
3/&'&&
3/&'&&
L6SRUWLQJ(YHQWV
%2876,'(*5281'6
L&RPPHUFLDOXVHUV
3/&'&&
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LV
QRWFKDUJHG
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
G+LUHIRUQRQVSRUWLQJHYHQWZKHUH
VHWXS
LVUHTXLUHGSULRUWRWKH
HYHQW3HUGD\RUSDUWWKHUHRI
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI&200(5&,$/
3/&'&&
3/&'&&
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
H1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
LLL+LUHE\36/DQGLW
VDIILOLDWHGFOXEVIRUWUDLQLQJVHVVLRQVSULRUWRWKHGD\RI
WKHPDWFK3HUGD\RUSDUWWKHUHRI
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU121
&200(5&,$/
3/&'&&
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
F6HDVRQDOXVHE\FOXEVDVVRFLDWLRQVSHUILHOGSHUVHDVRQRUSDUWWKHUHRI
3/&'&&
3/&'&&
3/&'&&
8VHRIDEOXWLRQFKDQJHURRPIDFLOLWLHVIRUVSRUWLQJDQGRWKHUHYHQWV
WDNLQJSODFHRXWVLGHWKHVWDGLXPLWVHOISHUGD\RUSDUWWKHUHRI
&27+(5
8VHRIJURXQGVIRUVSRUWDQGUHFUHDWLRQGHYHORSPHQWSURJUDPPHVDV
DXWKRULVHGE\WKH'HSXW\+HDG3/&RUKLVQRPLQHH
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRISHUP&200(5&,$/
3/&'&&
LLL6SRUWVDQG5HFUHDWLRQ'HYHORSPHQW
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQG5HOLJLRXV
RUJDQLVDWLRQVSHUILHOGGD\RUSDUWWKHUHRI121&200(5&,$/
3/&'&&
112
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUILHOGGD\RUSDUWWKHUHRI
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
9,36XLWH5SHUVTP
3/&'&&
113
3/&'&&
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKHVWDGLXP
F$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\WKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ
'HYHORSPHQW'HSWZLOOEHDWQRFRVW$Q\DSSOLFDWLRQVIRUXVHRIIDFLOLWLHVE\
VSRUWIHGHUDWLRQVFOXEVVSRUWVFRXQFLOVHWFZKLFKLVHQGRUVHGE\WKH'HSXW\
+HDGRIWKHH7KHNZLQL6SRUWDQG5HFUHDWLRQ'HYHORSPHQW'HSDUWPHQWVKDOO
EHDWQRFRVW
3/&'&&
3/&'&&
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
G+LUHE\3URIHVVLRQDOFOXEV
3/&'&&
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV
6-60,7+67$',80
6WDQGDUG6XLWHVSHUGD\RUSDUWWKHUHRI#5SHUVTP
'+,5(2)68,7(6)81&7,21652206
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
LLL+LUHE\3URIHVVLRQDO&OXEVIRUWUDLQLQJVHVVLRQVSULRUWRWKHGD\RIWKH
PDWFK3HUGD\RUSDUWWKHUHRI
H1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
3/&'&&
3/&'&&
3/&'&&
114
G+LUHIRUQRQVSRUWLQJHYHQWZKHUH
VHWWLQJXS
LVUHTXLUHGSULRUWRWKH
HYHQW3HUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
D8VHRIDEOXWLRQFKDQJHURRPIDFLOLWLHVIRUVSRUWLQJDQGRWKHUHYHQWV
WDNLQJSODFHRXWVLGHWKHVWDGLXPLWVHOISHUGD\RUSDUWWKHUHRI
&27+(5
H&RXQFLO(YHQWV
E+LUHIRUFRPPHUFLDOSXUSRVHVSHUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
1R&KDUJH
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU121
&200(5&,$/
LL1RQ6SRUWLQJ(YHQWV
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
9,36XLWH5SHUVTP
3/&'&&
LLL7HOHYLVHG(YHQWSHUKRXURUSDUWWKHUHRI
LY6FKRROVDQGDPDWHXU&OXEVSHUKRXURUSDUWWKHUHRI
3/&'&&
3/&'&&
115
LL(YHQWSHUKRXURUSDUWWKHURI
3/&'&&
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKHVWDGLXP
3/&'&&
3/&'&&
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
3/&'&&
F+LUHE\3URIHVVLRQDOFOXEV
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
L6SRUWLQJ(YHQWV
*/(%(67$',80
L3UDFWLFHSHUKRXURUSDUWWKHUHRI
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
'+LUHRI)ORRGOLJKWV
6WDQGDUG6XLWHVSHUGD\RUSDUWWKHUHRI#5SHUVTP
E+LUHRI)XQFWLRQV5RRPV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
E+LUHIRUFRPPHUFLDOSXUSRVHVSHUGD\RUSDUWWKHUHRI
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQGWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJ
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
3/&'&&
3/&'&&
3/&'&&
6WDQGDUG6XLWHVSHUGD\RUSDUWWKHUHRI#5SHUVTP
9,36XLWH5SHUVTP
3/&'&&
3/&'&&
H+LUHRI)XQFWLRQV5RRPV
LL&OHDQLQJIHHSHU6WDQG
G&RXQFLO(YHQWV
L&OHDQLQJIHHSHU)LHOG
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGFKXUFKHV
SHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUHIHHZLOOEH
HLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU121
&200(5&,$/
116
G6HDVRQDOXVHE\FOXEDVVRFLDWLRQVSHUILHOGSHUVHDVRQRUSDUWWKHUHRI
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
LLL+LUHE\3URIHVVLRQDO&OXEVIRUWUDLQLQJVHVVLRQVSULRUWRWKHGD\RIWKH
PDWFK3HUGD\RUSDUWWKHUHRI
3/&'&&
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
3/&'&&
117
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHG
WKHQWKHKLUHIHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULV
WKHJUHDWHU
LL6RFFHUJDPHVZKHUHDQDGPLVVLRQFKDUJHLVOHYLHGDWWKHJDWHVIRUHQWU\
LQWRWKHVWDGLXPRIWKHJURVVWDNLQJVRUWKHWDULIIZKLFKHYHULVJUHDWHU
LLL+LUHE\3URIHVVLRQDO&OXEVIRUWUDLQLQJVHVVLRQVSULRUWRWKHGD\RIWKH
PDWFK3HUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
6WDQGDUG6XLWHVSHUGD\RUSDUWWKHUHRI#5SHUVTP
9,36XLWH5SHUVTP
3/&'&&
3/&'&&
H+LUHRI6XLWHV)XQFWLRQV5RRPV
G1DWLRQDOLQWHUQDWLRQDOWHDPWUDLQLQJFDPS
L6RFFHUZKHUHQRPRQH\LVFKDUJHGDWWKHJDWHVIRUHQWU\LQWRWKHVWDGLXP
3/&'&&
F+LUHE\3URIHVVLRQDOFOXEV
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
L6SRUWLQJ(YHQWV
68*$55$<;8/867$',80
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQG5HOLJLRXV
RUJDQLVDWLRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUH
IHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
F0HHWLQJVDUUDQJHGE\WKH&RXQFLOORUVIRUWKHSXUSRVHRILQIRUPLQJDQG
HGXFDWLQJWKHFRPPXQLW\RQPDWWHUVGLUHFWO\DIIHFWLQJWKHPVXEMHFWWRWKH
DSSURYDOE\WKH'HSXW\+HDG3/&RUKLVQRPLQHHDQGWKDWKLUHVSD\LQJWKH
IXOOWDULIIVZLOOKDYHSUHIHUHQFH
G+LUHIRUQRQVSRUWLQJHYHQWZKHUH
VHWWLQJXS
LVUHTXLUHGSULRUWRWKH
HYHQW3HUGD\RUSDUWWKHUHRI
3/&'&&
3/&'&&
3/&'&&
D8VHRIDEOXWLRQFKDQJHURRPIDFLOLWLHVIRUVSRUWLQJDQGRWKHUHYHQWVWDNLQJ
SODFHRXWVLGHWKHVWDGLXPLWVHOISHUGD\RUSDUWWKHUHRI
3/&'&&
118
I&RXQFLO(YHQWV
3/&'&&
LL1RQSURILWRUJDQLVDWLRQV
3/&'&&
LLL27+(5
L&RPPHUFLDOXVHUV
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
3/&'&&
H+LUHE\XVHUVWRSURPRWHDPHUFKDQGLVHSURGXFWZKHUHDJDWHOHY\LVQRW
FKDUJHG
E+LUHE\RWKHUSHUVRQVSHUGD\RUSDUWWKHUHRI&200(5&,$/
3/&'&&
LL1RQ6SRUWLQJ(YHQWV
H6SRUWLQJ(YHQWV*UDVV$WKOHWLFWUDFN
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
D+LUHE\FOXEVDVVRFLDWLRQVVFKRROVZHOIDUHRUJDQLVDWLRQVDQGUHOLJLRXV
RUJDQLVDWLRQVSHUGD\RUSDUWWKHUHRI,IDJDWHOHY\LVFKDUJHGWKHQWKHKLUH
IHHZLOOEHHLWKHURIJURVVJDWHOHY\RUWKHWDULIIZKLFKHYHULVWKHJUHDWHU
121&200(5&,$/
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
LL(YHQWSHUKRXURUSDUWWKHURI
LLL7HOHYLVHG(YHQWSHUKRXURUSDUWWKHUHRI
LY6FKRROVDQGDPDWHXU&OXEV
3/&'&&
3/&'&&
3/&'&&
119
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
9DW
9DW
9DW
9DW
([FOXGLQJ9DW
5
5
5
5
5
L3UDFWLFHSHUKRXURUSDUWWKHUHRI
'+LUHRI)ORRGOLJKWV
'HVFULSWLRQ
&RPPXQLW\(PHUJHQF\6HUYLFHV
3DUNV5HFUHDWLRQ&XOWXUH
6WDGLD
3/&'&&
&KDUJH
&RGHV
&/867(5
81,7
7$5,))6
"
#
2YHUGXHLWHPVDGXOWPHPEHUV
5HFRUGVSHUGD\
0D[LPXP
1%,QWHUPVRIWKH9$7$FW)LQHVDUHH[HPSWIURP9$7
&'VSHUGD\
0D[LPXP
'9'VSHUGD\
0D[LPXP
&'5RPVSHUGD\
0D[LPXP
%RRNVDQGPDJD]LQHVSHUGD\
0D[LPXP
9LGHRVSHUGD\
0D[LPXP
&DVVHWWHVDQGSOD\DZD\VSHUGD\
0D[LPXP
$UWSULQWVSHUGD\
0D[LPXP
*DPHVSX]]OHVDGXOWSHUGD\
0D[LPXP
2YHUGXHLWHPVMXQLRUDQG\RXQJDGXOWPHPEHUV
'LVWULFWPHPEHUVKLSDURXQGWKHERUGHUVRI&RXQFLO
$GXOW
-XQLRU
5(6(59('$1'120,1$7('%22.6
&KDUJHSHUERRN
445667
$%
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))!
120
&& &&'# &&# &&# &&#
'#(
)*+,-.*+,/0 ()*+,/.*+,10 ()*+,/.*+,10 ()*+,1.*+,20 ()*+,2.*+,30
"
#
$XGLRYLVXDOFRYHULQVHUW&KDUJHSHULWHP
9LGHRSODVWLFER[&KDUJHSHULWHP
$XGLRFDVVHWWHER[VLQJOHRUGRXEOH&KDUJHSHULWHP
7DONLQJERRNPRXOGHGER[FDVVHWWHV&KDUJHSHULWHP
/RVVGDPDJHWRDXGLRYLVXDOPDWHULDO
3ODVWLFFRYHU&KDUJHSHULWHP
'XVWMDFNHW&KDUJHSHULWHP
/RVVGDPDJHWRERRNFRYHUV
5HPRYDORIEDUFRGHODEHO
3HUVRQVLQUHFHLSWRIDVRFLDOSHQVLRQVHQLRUFLWL]HQV,'FDUG3HUFDUG
5HSODFHPHQWRIPHPEHUVKLSFDUG3HUFDUG
4867
2YHUGXHLWHPVH5HVRXUFHVSHUGD\
0D[LPXP
-XQLRU&'VSHUGD\
0D[LPXP
-XQLRUJDPHVSX]]OHVSHUGD\
0D[LPXP
-XQLRUERRNVDQGPDJD]LQHVSHUZHHN
0D[LPXP
-XQLRUFDVVHWWHVSHUGD\
0D[LPXP
$%
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))!
121
&& &&'# &&# &&# &&#
'#(
)*+,-.*+,/0 ()*+,/.*+,10 ()*+,/.*+,10 ()*+,1.*+,20 ()*+,2.*+,30
$%
0LFURILOP
8VHRIPLFURILOPUHDGHU
DSHUVHVVLRQXSWRDPD[LPXPRIKRXUVRUSDUWWKHUHRI
ESHUVHVVLRQLQH[FHVVRIKRXUVRUSDUWKHUHRI
0LFURJUDSKLFSULQWVSHUSULQW
)D[WUDQVPLVVLRQV
/RFDO$$SHUSDJH
&RPSXWHULQWHUQHWSULQWRXWV
%ODFNDQGZKLWHSHUSDJH
&RORXUSHUSDJH
/RVVRIEDJJDJHODEHO
3KRWRFRSLHV
$SHUSDJH
$SHUSDJH
68 7884
3URILWRUJDQLVDWLRQV
122
/RVVRULUUHSDUDEOHGDPDJHWR/LEUDU\PDWHULDO)XOOUHSODFHPHQWFRVWRQWKH
V\VWHP
5HSDLUDEOHGDPDJHWR/LEUDU\PDWHULDOVRIUHSODFHPHQWFRVWRQWKH
V\VWHP
&RPSDFWGLVF'9'ER[VLQJOHRUGRXEOH&KDUJHSHULWHP
8VHRIORFNHU
5+++/ 5HSODFHPHQWRIORFNHUNH\
"
#
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))!
&& &&'# &&# &&# &&#
'#(
)*+,-.*+,/0 ()*+,/.*+,10 ()*+,/.*+,10 ()*+,1.*+,20 ()*+,2.*+,30
123
)5((
5++,, 3ROLWLFDOSDUWLHV
5HSODFHPHQWRIORFNVNH\VRI&RPPXQLW\5RRP6HPLQDU5RRPSOXV
ZRUNPDQVIHH&RVWLQFXUUHGDWWLPHRIUHSODFHPHQW
3HQDOW\IRUODWHUHWXUQRINH\VRI&RPPXQLW\
5++,9 5RRP6HPLQDU5RRPDIWHUDP3HUKRXURUSDUWWKHUHRI
)5((
5++,+ 1RQSURILWRUJDQLVDWLRQ
5+++; 3URILWRUJDQLVDWLRQ&KDUJHSHUKRXURUSDUWWKHUHRI
68 844:884.4884
5+++9 /RFNHUVIRU*$5RRPXVHUV3HUDQQXPRUSDUWWKHUHRI
5HSODFHPHQWRI*$5RRPORFNVNH\VSOXVZRUNPDQVIHH
&RVWLQFXUUHGDWWLPHRIUHSODFHPHQW
)5((
5++,2 ,QWHUGHSDUWPHQWDOPHHWLQJVIRUPDO
5++,3 3HQDOW\IRUODWHUHWXUQRI*$5RRPNH\V3HUKRXURUSDUWWKHUHRI
DIWHUDP
)5((
5++,1 3ROLWLFDOSDUWLHV
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
)5((
&& &&'# &&# &&# &&#
'#(
)*+,-.*+,/0 ()*+,/.*+,10 ()*+,/.*+,10 ()*+,1.*+,20 ()*+,2.*+,30
)5((
$%
5++,/ 1RQSURILWRUJDQLVDWLRQ
5++,- &KDUJHSHUKRXURUSDUWWKHUHRI
"
#
&/867(5
&RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
3DUNV5HFUHDWLRQ&XOWXUH
7$5,))!
'HVFULSWLRQ
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPWXUQLQJRXWFKDUJH:LWKLQ0HWUR
$UHD
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPWXUQLQJRXWFKDUJH:LWKLQ0HWUR
),5(&&
$UHD
3URYLGHGWKDW2WKHUWKDQLQWKHFDVHRIUHVLGHQWLDORFFXSDQFLHVWKHDERYH
FKDUJHVVKDOOEHLQFUHDVHGE\ZKHQHYHUDQRXWRIDUHD6HUYLFHLV
UHQGHUHG
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVWXUQLQJRXW
FKDUJH2XW2I0HWUR$UHD
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPVWDQGE\FKDUJH:LWKLQ0HWUR$UHD
6HUYLFH9HKLFOHVVWDQGE\FKDUJHSHUKRXU:LWKLQ0HWUR$UHD
),5(&&
),5(&&
6HUYLFH9HKLFOHVZRUNLQJFKDUJHSHUKRXU:LWKLQ0HWUR$UHD
),5(&&
124
6HUYLFH9HKLFOHVWXUQLQJRXWFKDUJH:LWKLQ0HWUR$UHD
6HUYLFH9HKLFOHVWXUQLQJRXWFKDUJH:LWKLQ0HWUR$UHD
),5(&&
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPZRUNLQJFKDUJH:LWKLQ0HWUR$UHD
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVVWDQGE\
FKDUJHSHUKRXU:LWKLQ0HWUR$UHD
),5(&&
),5(&&
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVZRUNLQJ
FKDUJHSHUKRXU:LWKLQ0HWUR$UHD
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
),5(&&
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVWXUQLQJRXW
FKDUJH:LWKLQ0HWUR$UHD
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVWXUQLQJRXW
),5(&&
FKDUJH:LWKLQ0HWUR$UHD
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7 7$5,)) )LUH
6HUYLFH9HKLFOHVVWDQGE\FKDUJHSHUKRXU2XW2I0HWUR$UHD
),5(&&
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPWXUQLQJRXWFKDUJH2XW2I0HWUR
$UHD
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPWXUQLQJRXWFKDUJH2XW2I0HWUR
),5(&&
$UHD
)RUWKHDWWHQGDQFHRIILUHILJKWHU
VSURWHFWLRQGXW\DWDEXLOGLQJXVHGIRUDQ\
SXEOLFVHUYLFHZLWKLQWKHPXQLFLSDODUHD
3HULQVSHFWLRQRISUHPLVHVLQFOXGLQJVDIHW\H[LWVDQGHTXLSPHQWDQG
DSSOLDQFHVZKHQDWWHQGDQFHGXULQJDQHYHQWRUSHUIRUPDQFHLVQRWQHFHVVDU\
3HU9LVLW
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPVWDQGE\FKDUJH2XW2I0HWUR$UHD
6HUYLFH9HKLFOHVZRUNLQJFKDUJHSHUKRXU2XW2I0HWUR$UHD
),5(&&
),5(&&
6HUYLFH9HKLFOHVWXUQLQJRXWFKDUJH2XW2I0HWUR$UHD
6HUYLFH9HKLFOHVWXUQLQJRXWFKDUJH2XW2I0HWUR$UHD
),5(&&
125
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVVWDQGE\
FKDUJHSHUKRXU2XW2I0HWUR$UHD
),5(&&
7UDLOHURUSRUWDEOHSXPS:DWHURU)RDPZRUNLQJFKDUJH2XW2I0HWUR$UHD
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVZRUNLQJ
FKDUJHSHUKRXU2XW2I0HWUR$UHD
),5(&&
),5(&&
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
3XPSLQJ$SSOLDQFH$HULDODSSOLDQFHDQG6SHFLDOLVWDSSOLDQFHVWXUQLQJRXW
FKDUJH2XW2I0HWUR$UHD
'HVFULSWLRQ
),5(&&
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7)LUH(PHUJHQF\6HUYLFHV
7$5,)) )LUH
,VVXLQJRI&HUWLILFDWHVRI5HJLVWUDWLRQWRYHKLFOHVRUSUHPLVHV3HU&HUWLILFDWH
:LWQHVV3UHVVXUH7HVWPLQXWHVRUSDUWWKHUHRI3UHVVXUHWHVWDWDQNLQVWDOODWLRQ
IRUUHJLVWUDWLRQ7KHDFFRXQWLVWREHUHQGHUHGWRWKHSUHPLVHVRZQHUZLWKD
FOHDULQGLFDWLRQRIWKHVHUYLFHUHFHLYHU
3RSXODWLRQ&HUWLILFDWLRQPLQXWHVRUSDUWWKHUHRI:KHUHSUHPLVHVDUH
UHTXLUHGWRKDYHDSRSXODWLRQFHUWLILFDWLRQWKHDFFRXQWLVWREHUHQGHUHGWR
),5(&& WKHSUHPLVHVRZQHUZLWKDFOHDULQGLFDWLRQRIWKHVHUYLFHUHFHLYHU
1%,WLVFRPSXOVRU\IRUDOOQLJKWFOXEVWREHLQSRVVHVVLRQRIDSRSXODWLRQ
FHUWLILFDWH
),5(&&
5HLQVSHFWLRQIHHPLQXWHVRUSDUWWKHUHRI$SUHPLVHVQRWFRPSO\LQJZLWK
DQRUGHURUVXPPRQVZLWKLQWKHVSHFLILFWLPHIUDPHDIIRUGHGWRFRPSO\ZLWK
VXFKRUGHURUVXPPRQV7KHIHHZLOODOVREHFKDUGIRULQVSHFWLRQRID
),5(&&
UHJLVWHUHGSUHPLVHVQRWVFKHGXOHGSHUDQQXDOILUHVDIHW\VFKHGXOHGEXW
UHTXHVWHGE\WKHSHUVRQLQFKDUJH7KHDFFRXQWLVWREHUHQGHUHGWRWKH
SUHPLVHVRZQHUZLWKDFOHDULQGLFDWLRQRIWKHVHUYLFHUHFHLYHU
,VVXLQJRI&HUWLILFDWHVRI&RPSHWHQFH3HU&HUWLILFDWH
),5(&& ,VVXLQJRI&HUWLILFDWHVRI&RPSHWHQFH3HU&HUWLILFDWH
),5(&&
126
E3HUKRXURUSDUWWKHUHRILQH[FHVVRIKRXUVIRUHDFKILUHPDQ
)RUWKHIIJ)LUH6DIHW\PLVFHOODQHRXV6HUYLFHVFKDUJHVSD\DEOHVKDOOEH
LVVXLQJRI&HUWLILFDWHVRI5HJLVWUDWLRQWRYHKLFOHVRUSUHPLVHV3HU&HUWLILFDWH
3HUHYHQWRUSHUIRUPDQFHD8SWRKRXUVIRUHDFKILUHILJKWHU
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
),5(&&
3HUHYHQWRUSHUIRUPDQFHD8SWRKRXUVIRUHDFKILUHILJKWHU
3HULQVSHFWLRQRISUHPLVHVLQFOXGLQJVDIHW\H[LWVDQGHTXLSPHQWDQG
DSSOLDQFHVZKHQDWWHQGDQFHGXULQJDQHYHQWRUSHUIRUPDQFHLVQRW
QHFHVVDU\3HU9LVLW
'HVFULSWLRQ
),5(&&
),5(&&
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7)LUH(PHUJHQF\6HUYLFHV
7$5,)) )LUH
'HVFULSWLRQ
3URYLGLQJDFHUWLILHGFRS\RIDQLQFLGHQWUHSRUW3HUFRS\
),5(&& 3URYLGLQJDFHUWLILHGFRS\RIDQLQFLGHQWUHSRUW3HUFRS\
7HVWLQJILUHKRVH3HU/HQJWK
),5(&& 7HVWLQJILUHKRVH3HU/HQJWK
5HSODFLQJKRVHZDVKHUV3HU:DVKHU
5HSODFLQJKRVHZDVKHUV3HU:DVKHU
127
3DWFKLQJKRVH3HU3DWFK
3DWFKLQJKRVH3HU3DWFK
6HL]LQJRUELQGLQJFRXSOLQJVWRKRVH3HU&RXSOLQJ
3RUWDEOHH[WLQJXLVKHUVHUYLFLQJ3HU([WLQJXLVKHU
),5(&& 3RUWDEOHH[WLQJXLVKHUVHUYLFLQJ3HU([WLQJXLVKHU
)LUHRIILFHUVIRUUHQGHULQJRIVSHFLDOLVWVHUYLFHVDVGHWHUPLQHGE\WKH&KLHI)LUH
2IILFHU3HUKRXURUSDUWWKHUHRI
)LUHRIILFHUVIRUUHQGHULQJRIVSHFLDOLVWVHUYLFHVDVGHWHUPLQHGE\WKH&KLHI)LUH
),5(&&
2IILFHU3HUKRXURUSDUWWKHUHRI
),5(&&
),5(&&
),5(&&
9HQXHDSSURYDO)LUHZRUNVVDOHSHUDSSOLFDWLRQ,QVSHFWLRQRISUHPLVHVVHOOLQJ
),5(&&
RUVWRULQJILUHZRUNV
6HL]LQJRUELQGLQJFRXSOLQJVWRKRVH3HU&RXSOLQJ
%XUQLQJSHUPLWVSHUDSSOLFDWLRQ3HUPLVVLRQLVWREHVRXJKWIRUWKHEXUQLQJRI
),5(&&
PDWHULDOLQFRQMXQFWLRQZLWK(0$&&
,QVSHFWLRQHYHQWYHQXHVPLQXWHVRUSDUWWKHUHRI$YHQXHLVWREHXVHGIRU
WKHVWDJLQJRIDQHYHQWDQGLVWREHOHYLHGDJDLQVWRUJDQL]HUV
1%FRQVXOWDWLRQUHTXLUHGZLWK6WUDWHJLF3URMHFWV'LYLVLRQ/RUDP+RXVH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
3ODQVFUXWLQ\SHUDSSOLFDWLRQ$SSURYDORISODQVIRUIODPPDEOHFHUWLILFDWHRID
),5(&&
SUHPLVHV
),5(&&
9HQXHDSSURYDOS\URWHFKQLFGLVSOD\PLQXWHVRUSDUWWKHUHRI:KHUH
SUHPLVHVDUHWRKRVWWKHSURSRVHGS\URWHFKQLFGLVSOD\LWLVWREHLQVSHFWHG
),5(&& SULRUWRDQDSSURYLQJOHWWHUEHLQJLVVXHG7KHIHHFKDUJHLVWREHOHYLHG
DJDLQVWHYHQWRUJDQL]HUVDQGWKHFRVWVKDOOLQFOXGHWKHOHWWHURIFRPSOLDQFHIRU
WKHYHQXH
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7)LUH(PHUJHQF\6HUYLFHV
7$5,)) )LUH
7KHFKDUJHSD\DEOHE\WKHRZQHURURFFXSLHURISUHPLVHVIRUFRQQHFWLRQRI
ILUHDODUPV\VWHPWRWKH0XQLFLSDOLW\
V)LUH'HSDUWPHQW3HU0RQWK
7KHFKDUJHSD\DEOHE\WKHRZQHURURFFXSLHURISUHPLVHVIRUFRQQHFWLRQRIILUH
DODUPV\VWHPWRWKH0XQLFLSDOLW\
V)LUH'HSDUWPHQW3HU0RQWK
'HVFULSWLRQ
)LUHILJKWHU7ZR&RXUVHSHUSHUVRQ
)LUHILJKWHU2QHDQG7ZR&RXUVHSHUSHUVRQ
)LUH)LJKWHU&KDOOHQJH
7KUHHGD\FRXUVH
),5(&&
),5(&&
),5(&&
),5(&&
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQSHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\DQGGD\V
)XOOGD\FRXUVHSHUSHUVRQSHUGD\GD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\GD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\GD\V
)XOOGD\FRXUVHSHUSHUVRQ[SHUGD\GD\V
7ZRZHHNFRXUVHSHUSHUVRQ
7ZRZHHNFRXUVHSHUSHUVRQ[
7ZRZHHNFRXUVHSHUSHUVRQ[
7ZRZHHNFRXUVHSHUSHUVRQ[
7KUHHZHHNFRXUVHSHUSHUVRQ
7KUHHZHHNFRXUVHSHUSHUVRQ[
7KUHHZHHNFRXUVHSHUSHUVRQ[
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
128
)XOOGD\FRXUVHSHUSHUVRQSHUGD\DQGGD\V1RWHEHORZ
),5(&&
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
),5(&&
)XOOGD\FRXUVHSHUSHUVRQSHUGD\DQGGD\V1RWHEHORZ
)LUHILJKWHU2QH&RXUVHSHUSHUVRQ
),5(&&
7KHFKDUJHVSD\DEOHIRUILUHILJKWLQJDQGILUHSUHYHQWLRQFRXUVHV
),5(&& ,QGXVWULDO)LUH)LJKWLQJ&RXUVH
),5(&&
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7)LUH(PHUJHQF\6HUYLFHV
7$5,)) )LUH
)RXUKRXUFRXUVHVSHUSHUVRQSHUGD\1RWHEHORZ
)RXUKRXUFRXUVHVSHUSHUVRQ[SHUGD\
)RXUKRXUFRXUVHVSHUSHUVRQ[SHUGD\
)RXUKRXUFRXUVHVSHUSHUVRQ[SHUGD\
),5(&&
),5(&&
),5(&&
),5(&&
7ZRKRXUFRXUVHVSHUSHUVRQ[SHUFRXUVH
7ZRKRXUFRXUVHVSHUSHUVRQ[SHUFRXUVH
)LUH([WLQJXLVKHU&RXUVH
(YDFXDWLRQ'ULOOV
2IIVLWH)LUHDZDUHQHVVSUHVHQWDWLRQ
5HZULWHFRVWVSHUSDSHU
7KH8VHWRWKH+RW7UDLQLQJDUHDDQGVPRNHURRPIDFLOLWLHV
+LUH/HFWXUH5RRPSHUGD\RUSDUWWKHUHRI
+LUHRI$XGLWRULXPSHUGD\RUSDUWWKHUHRI
7UDLQLQJ2IILFHUIRUWKHUHQGHULQJRIVSHFLDOLVWVHUYLFHVSHUKRXURUSDUWWKHUHRI
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
),5(&&
5HLVVXHRIFHUWLILFDWHV1RWHEHORZ
5HLVVXHRIFHUWLILFDWHV1RWHEHORZ
&RXUVHPDWHULDO
&XUUHQWFRVW
&XUUHQWFRVW
&XUUHQWFRVW
&XUUHQWFRVW
129
&XUUHQWFRVW
*URXSVUHJLVWHUHGIRUDQGUHFRJQLVHGDVIXUWKHULQJWKHPHDQVRIWKHPHQGLFDQWDQGLPSHFXQLRXVRIWKHH7KHNZLQL0HWUR$UHDVKDOOEHHQWLWOHGWRDGLVFRXQWRQ
DSSOLFDEOHWDULIIV
),5(&&
),5(&&
&RXUVHPDWHULDO
7UDLQLQJ,QVWUXFWRUIRUWKHUHQGHULQJRIVSHFLDOLVWVHUYLFHVSHUKRXURUSDUW
),5(&&
WKHUHRI
7ZRKRXUFRXUVHVSHUSHUVRQ[SHUFRXUVH
),5(&&
7ZRKRXUFRXUVHVSHUSHUVRQSHUFRXUVH1RWHEHORZ
),5(&&
7ZRKRXUFRXUVHVSHUSHUVRQSHUFRXUVH1RWHEHORZ
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
7KUHHZHHNFRXUVHSHUSHUVRQ[
)RXUKRXUFRXUVHVSHUSHUVRQSHUGD\1RWHEHORZ
'HVFULSWLRQ
),5(&&
&KDUJH
&RGHV
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7)LUH(PHUJHQF\6HUYLFHV
7$5,)) )LUH
6XEMHFWWRDSSOLFDWLRQSURFHVVDQGDSSURYDOE\WKH+HDG'LVDVWHU
(PHUJHQF\&RQWURO8QLWRUGXO\DXWKRULVHGUHSUHVHQWDWLYH
7KHFKDUJHLVSD\DEOHE\WKHUHTXHVWHURI&&79IRRWDJH
%
130
7KHFKDUJHSD\DEOHE\WKHRZQHURURFFXSLHURISUHPLVHVIRUFRQQHFWLRQRIILUH
DODUPV\VWHPWRWKH0XQLFLSDOLW\
V(PHUJHQF\&RQWURO&HQWUH3HU0RQWK
1
!
&/867(5 &RPPXQLW\(PHUJHQF\6HUYLFHV
81,7
"## ##$ ## ## ## $ %
&'()*+'(),%&'(),+'().- %&'(),+'().- %&'().+'()/- %&'()/+'()0
5'60&& FPP
5'60&& GPP
131
5'60&& EPP
$VSKDOWSHUPHWUHVTXDUHRUSDUWWKHUHRIIRUURDGVKDYLQJIRXQGDWLRQVWKLFNQHVV
RI
&RQFUHWHSHUPHWUHVTXDUHRUSDUWWKHUHRI3URYLGHGWKDWVXFKFKDUJHVKDOOEH
LQFUHDVHGE\SHUFHQWXPLIWKHZRUNLVH[HFXWHGRYHUDZHHNHQGLIGHHPHG
QHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVWRIWKHDSSOLFDQW
H[LVWLQJ5RDG6XUIDFHVDQG(QWUDQFH'ULYHZD\V
+DUGHQLQJRI5RDG6XUIDFHVLQFOXGLQJ5HLQVWDWHPHQWRI
$VSKDOWRU%LWXPHQSHUPHWUHVTXDUHRUSDUWWKHUHRISURYLGHGWKDWVXFKFKDUJH
VKDOOEHLQFUHDVHGE\SHUFHQWXPLIWKHZRUNLVH[HFXWHGRYHUDZHHNHQGLI
GHHPHGQHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVWRIWKHDSSOLFDQW
5
5
&RQFUHWHSHUPHWUHVTXDUHRUSDUWWKHUHRISURYLGHGWKDWVXFKFKDUJHVKDOOEH
LQFUHDVHGE\SHUFHQWXPLIWKHZRUNLVH[HFXWHGRYHUWKHZHHNHQGLI
GHHPHGQHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVWRIWKHDSSOLFDQW
KDUGHQLQJDQG5HLQVWDWHPHQWRI)RRWZD\V
7DULII
7DULII
7DULII
7DULII
5
5
5
([FOXGLQJ9DW([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
5'60&& DPP
5'60&&
5'60&&
5'60&&
'HVFULSWLRQ
&KDUJH
&RGHV
6HUYLFHVUHQGHUHGE\&RUSRUDWLRQ'HSDUWPHQWV
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
+DUGHQLQJDQG5HLQVWDWHPHQWRI)RRWZD\V
&/867(5
81,7
7$5,))
'HVFULSWLRQ
&KDUJH
&RGHV
5'60&& E,QGXVWULDODFFHVVHV
5'60&& F&RPPHUFLDODFFHVVHV
132
5'60&& E,QGXVWULDODFFHVVHV
&UXVKHGVWRQHJUDYHOSHUPHWUHVTXDUHRUSDUWWKHUHRI
5'60&& D5HVLGHQWLDODFFHVVHV
$VSKDOWSHUPHWUHVTXDUHRUSDUWWKHUHRIIRU
5
5
3URYLGHGWKDWWKHWDULIIVVHWRXWLQDDQGEDERYHVKDOOEHLQFUHDVHGE\SHU
FHQWXPLIWKHZRUNLVH[HFXWHGRYHUDZHHNHQGLIGHHPHGQHFHVVDU\E\WKH
+HDGRUDWWKHUHTXHVWRIWKHDSSOLFDQW
7DULII
7DULII
7DULII
7DULII
5
5
5
([FOXGLQJ9DW([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
5'60&& D5HVLGHQWLDODQG&RPPHUFLDODFFHVVHV
&RQFUHWHSHUPHWUHVTXDUHRUSDUWWKHUHRIIRU
+DUGHQLQJRI(QWUDQFH'ULYHZD\V
&UXVKHGVWRQHJUDYHOSHUPHWUHVTXDUHRUSDUWWKHUHRI3URYLGHGWKDWWKHWDULII
VHWRXWLQVXELWHPLVKDOOEHLQFUHDVHGE\SHUFHQWXPDQGWKHFKDUJHVLQ
5'60&& VXELWHPVLLDQGLLLVKDOOEHLQFUHDVHGE\SHUFHQWXPLIWKHZRUNLV
H[HFXWHGRYHUDZHHNHQGLIGHHPHGQHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVW
RIWKHDSSOLFDQW
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
+DUGHQLQJDQG5HLQVWDWHPHQWRI)RRWZD\V
&/867(5
81,7
7$5,))
'HVFULSWLRQ
&KDUJH
&RGHV
5'60&& &KDQQHORQO\SHUOLQHDUPHWUHRUSDUWWKHUHRI
5'60&& .HUELQJDQGFKDQQHOOLQJSHUOLQHDUPHWUHRUSDUWWKHUHRI
133
3URYLGHGWKDWVXFKFKDUJHEHLQFUHDVHGE\SHUFHQWXPLIWKHZRUNLV
5'60&& H[HFXWHGRYHUDZHHNHQGLIGHHPHGQHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVW
RIWKHDSSOLFDQW
5HVLWLQJRIVWRUPZDWHULQOHWVHDFK
5
5
3URYLGHGWKDWWKHWDULIIFKDUJHVVHWRXWLQVXELWHPVLLLDQGLLLVKDOOEH
LQFUHDVHGE\SHUFHQWXPLIWKHZRUNLVH[HFXWHGRYHUDZHHNHQGLIGHHPHG
QHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVWRIWKHDSSOLFDQW
7DULII
7DULII
7DULII
7DULII
5
5
5
([FOXGLQJ9DW([FOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW ,QFOXGLQJ9DW
3UHVHQW7DULII
5'60&& .HUERQO\SHUOLQHDUPHWUHRUSDUWWKHUHRI
5HFRQVWUXFWLRQRI.HUELQJDQG&KDQQHOOLQJ
WKH+HDGRUDWWKHUHTXHVWRIWKHDSSOLFDQW
5'60&& SHUFHQWXPLIWKHZRUNLVH[HFXWHGRYHUDZHHNHQGLIGHHPHGQHFHVVDU\E\
3URYLGHGWKDWWKHWDULIIVHWRXWLQVXELWHPVLLDQGLLLVKDOOEHLQFUHDVHGE\
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
+DUGHQLQJDQG5HLQVWDWHPHQWRI)RRWZD\V
&/867(5
81,7
7$5,))
134
5'60&& LLPPGLDPHWHUSLSHFRQQHFWLRQWRDVWRUPZDWHUVHZHU
5'60&& LLLPPGLDPHWHUSLSHFRQQHFWLRQWRDVWRUPZDWHUVHZHU
5'60&& LYPPGLDPHWHUSLSHFRQQHFWLRQWRVVWRUPZDWHUVHZHU
5'60&& YPPGLDPHWHUSLSHFRQQHFWLRQWRVVWRUPZDWHUVHZHU
5'60&& YLPPGLDPHWHUSLSHFRQQHFWLRQWRVVWRUPZDWHUVHZHU
5'60&& YLLPPGLDPHWHUSLSHFRQQHFWLRQWRVVWRUPZDWHUVHZHU
5'60&& EIRUHDFKDGGLWLRQDOSLSHOLQHLQWKHVDPHWUHQFK
# $" " " "
$"%
%
%
%
%
&'()*+'(),&'(),+'().&'(),+'().&'().+'()/&'()/+'()0
LXSWRLQFOXGLQJPPFRQQHFWLRQ
&)-121"!34
3HUPHWUHRUSDUWWKHUHRIXSWRPLQOHQJWK
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
5'60&& DIRURQHSLSHOLQHLQRQHWUHQFK
!
"
&/867(5
81,7
7$5,))
5'60&& E7HPSRUDU\SHUPHWUH
135
3URYLGHGWKDWWKHFKDUJHVVKDOOEHLQFUHDVHGE\SHUFHQWXPLIWKHZRUNLV
H[HFXWHGRYHUDZHHNHQGLIGHHPHGQHFHVVDU\E\WKH+HDGRUDWWKHUHTXHVW
RIWKHDSSOLFDQW
5'60&& ,QGXVWULDOSHUPHWUHRUSDUWWKHUHRI
5
5
5
5
5
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
&KDQQHO&URVVLQJV
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
&KDQQHO&URVVLQJV
5'60&& 6WDQGDUGSHUPHWUHRUSDUWWKHUHRI
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
&KDUJH
&RGHV
)HHSHUKRXUIRUSD\DQGGLVSOD\PDFKLQHVRQVWUHHWV
0(7(5('
6&+('8/(
0RQWKO\3DUNLQJSHU0RQWK
$OOGD\3DUNLQJSHUGD\
+RXUO\5DWH
3$5.,1*&283219(1',1*0$&+,1(6
7$5,))3$5.,1*)((0(7(5('$5($6$1'21$5($6&21752//('%<
SDUNLQJPHWHULQVWDOOHGWKHUHDW
136
IHH VKDOO EH SDLG E\ GHSRVLWLQJ SUHVFULEHG FRLQV RI WKH VSHFLILHG NLQG LQ WKH
IRU WKH SHULRG VSHFLILHG KHUHXQGHU ,Q WKH FDVH RI PHWHUHG SDUNLQJ ED\V WKH
IRU WKH SDUNLQJ RI PRWRU YHKLFOHV RQ SD\PHQW RI WKH IHHV VSHFLILHG KHUHXQGHU
&RXQFLO PD\ EH XVHG LQ WHUPV RI VHFWLRQ $ RI WKH PXQLFLSDO V\VWHPV DFW WKH
´ 3DUNLQJ DFFRPPRGDWLRQ LQ DQ\ PXQLFLSDO SDUNLQJ JURXQG HVWDEOLVKHG E\ WKH
)LUVW6FKHGXOH
0XQLFLSDO3DUNLQJ*URXQG
'HVFULSWLRQ
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7
H7KHNZLQL7UDQVSRUW$XWKRULW\
7$5,)) %XV5DQNV3DUNLQJ0HWHUVDQG0XQLFLSDO3DUNLQJ*URXQG
5
5
5
5
5
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
%XV5DQNV5RXWHV
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
H7KHNZLQL7UDQVSRUW$XWKRULW\
%XV5DQNV3DUNLQJ0HWHUVDQG0XQLFLSDO3DUNLQJ*URXQG
137
:KHQDQ\YHKLFOHVKDOOEHSDUNHGLQDPHWHUHGSDUNLQJED\WKHGULYHURU
SHUVRQLQFKDUJHRIVXFKYHKLFOHVKDOOIRUWKZLWKGHSRVLWRUFDXVHWREH
GHSRVLWHGLQWKHSDUNLQJPHWHULQVWDOOHGDWVXFKED\WKHSUHVFULEHGFRLQRU
FRLQVDVLQGLFDWHGRQVXFKPHWHUIRUWKHSHULRGRIWLPHGXULQJZKLFKKHGHVLUHV
WRSDUNKLVYHKLFOHLQVXFKED\DQGVKDOOVHWWKHPHWHULQRSHUDWLRQHLWKHUE\WKH
LQVHUWLRQRIWKHSUHVFULEHGFRLQLQZKHUHDSSOLFDEOHZLWKWKHLQVWUXFWLRQV
DSSHDULQJWKHUHRQ7KHUHXSRQWKHPHWHUHGSDUNLQJED\PD\EHODZIXOO\
RFFXSLHGE\WKHYHKLFOHGXULQJWKHSHULRGLQGLFDWHGRQWKHSDUNLQJPHWHUEXW
QRORQJHUSURYLGHGWKDWWKHGULYHURUSHUVRQLQFKDUJHRIVXFKYHKLFOHPD\
ZLWKRXWSD\PHQWSDUNWKHVDPHGXULQJVXFKWLPHLIDQ\DVPD\EHLQGLFDWHG
(7$6&& RQWKHSDUNLQJPHWHUDVEHLQJXQH[SLUHGIURPLWVSUHYLRXVXVH´)HH5KU
3DUNLQJ0HWHU
$SSOLFDWLRQIRU%XV5DQN3HUPLW8SRQWKHJUDQWRIDQDSSOLFDWLRQPDGHWKH
DSSOLFDQWVKDOOEHIRUHWKHSHUPLWLVLVVXHGWRKLPSD\WRWKH'HSXW\&LW\
0DQDJHU
(7$6&& 7UHDVXU\DVXPRI5LQUHVSHFWRIHDFKSXEOLFEXVSURYLGHGWKDW
ZKHQWKHSHULRGIRUZKLFKD%XV5DQN3HUPLWLVLVVXHGLVOHVVWKDQ
WZHOYHPRQWKVWKHDPRXQWSD\DEOHVKDOOEHFDOFXODWHGDWWKHUDWHRI
(7$6&& 5SHUPRQWKRUSDUWRIDPRQWK
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW 9DW 9DW 9DW
5
5
5
5
5
&"
$
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
! " ##
345
138
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
FF,QVSHFWLRQUHVHDUFKIHHIRUWLPHVSHQWRQH[WUDFWLQJDQGUHVHDUFKLQJDOO
6859&& SKRWRJUDSKLFUHFRUGVIRUKURUSDUWWKHUHRI
##
L$SHUFRS\
LL$SHUFRS\
LLL$SHUFRS\
LY$SHUFRS\
Y$SHUFRS\
%" " " "
%"&
/
/
/
/
'()*+,()*-.
'()*-,()*0.
'()*-,()*0.
'()*0,()*1.
'()*1,()*2.
DD6FDQQHG'LJLWDO&RSLHV
L%ODQN'LVNHWWH
LL%ODQN&RPSDFWGLVF
LLL%ODQN'9'
LY3ULQWLQJRIVFDQQHGLPDJHSHU$RQFRDWHGSDSHU
Y3ULQWLQJRIVFDQQHGLPDJHSHU$RQSKRWRVDWLQPHGLD
L[3ULQWLQJRIVFDQQHGLPDJHSHU$RQWUDQVSDUHQF\
6859&&
6859&&
6859&&
6859&&
6859&&
EE3DSHUFRSLHVRIGLDJUDPVJHQHUDOSODQVDQGH[WUDFWVRIVLWHJHQHUDODQG
RUWKRWRSKRWRSODQVLQFOXVLYHRILQVSHFWLRQIHHRIDDDERYH
DD,QVSHFWLRQIHHIRUWLPHVSHQWLQH[WUDFWLQJDQGUHVHDUFKLQJUHFRUGVIRUõ
6859&& KRXURUSDUWWKHUHRI
#
"
&/867(5
81,7
7$5,))
$
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
! " ##
139
'.3,78
L$SHUFRS\
LL$SHUFRS\
LLL$SHUFRS\
LY$SHUFRS\
Y$SHUFRS\
6859&&
6859&&
6859&&
6859&&
6859&&
'66. L$SHUFRS\
LL$SHUFRS\
LLL$SHUFRS\
LY$SHUFRS\
Y$SHUFRS\
6859&&
6859&&
6859&&
6859&&
6859&&
'. '.
6859&& L$3HU&RS\
6859&& LL$3HU&RS\
6859&& LLL$3HU&RS\
'. L$SHUFRS\
LL$SHUFRS\
LLL$SHUFRS\
LY$SHUFRS\
Y$SHUFRS\
%" " " "
%"&
/
/
/
/
'()*+,()*-.
'()*-,()*0.
'()*-,()*0.
'()*0,()*1.
'()*1,()*2.
6859&&
6859&&
6859&&
6859&&
6859&&
6859&& DD'XUEDQ6WUHHW0DS%RRN
6859&& EE(WKHNZLQL6WUHHW0DS%RRN
#
"
&/867(5
81,7
7$5,))
140
LLL'LJLWDO*,60DSH[WUDFWVZLWKSKRWRJUDSKLFEDFNGURSLQFOXVLYHRI
LQVSHFWLRQIHHDVSHULDERYHIRUWKHILUVWPDSVWKHUHDIWHUDUHGXFWLRQ
ZLOODSSO\
DD$
EE$
FF$
GG$
HH$
6859&& DD$
6859&& EE$
6859&& FF$
6859&&
6859&&
6859&&
6859&&
6859&&
LL'LJLWDO*,6PDSH[WUDFWVOLQHGUDZLQJVLQFOXVLYHRILQVSHFWLRQIHHDVSHUL
DERYHIRUWKHILUVWPDSVWKHUHDIWHUDUHGXFWLRQZLOODSSO\
6859&& L,QVSHFWLRQ5HVHDUFKIHHSHUõKRXURUSDUWWKHUHRI
$
6859&& L6HDUFKIHH
LL6XUYH\RU*HQHUDODQGRU'HHGV2IILFH&KDUJHVDVSUHVFULEHGE\6XUYH\RU
6859&& *HQHUDO
&9$"7:
6859&& L$PHQGPHQWRUDGGLWLRQWRH[LVWLQJVLWH
8"#""
$
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
! " ##
6859&& LY$3HU&RS\
6859&& Y$3HU&RS\
#
"
&/867(5
81,7
7$5,))
)XOOFRVW
)XOOFRVW
)XOOFRVW
)XOOFRVW
)XOOFRVW
%" " " "
%"&
/
/
/
/
'()*+,()*-.
'()*-,()*0.
'()*-,()*0.
'()*0,()*1.
'()*1,()*2.
!!##:
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
LSHU$
SHU$
SHU$
SHU$
SHU$
LL+DQGODPLQDWLRQSHUPHWUHVTXDUHRUSDUWWKHUHRI
6859&& 3;5"##
'3::-<,<-!+,<1!3(0,)0,())).
6859&&
""$;
6859&& 6XSSO\VHWRI6WDQGDUG'UDZLQJVRQ(OHFWURQLF0HGLD
6859&& EE7LIISHULPDJHSHUWLII
6859&& FFSHUWLII
6859&& GGPRUHWKDQSHUWLII
6859&&
6859&&
6859&&
6859&&
Y'LJLWDOH[WUDFWLRQRIFDGVKDSHILOHFDGDVWUDOLQIRUPDWLRQSHUPE
DD.%RUSDUWWKHUHRI
PLQLPXPFKDUJH
EEPHJVSHUPHJ
FFPRUHWKDQPHJVSHUPHJ
YL'LJLWDOLPDJHVH[WUDFWLRQRIFDGDVWUDODHULDOLQIRUPDWLRQ
6859&& DD-SHJSHULPDJH
6859&& LY([WUDFWLRQDQGFRQYHUVLRQRIGLJLWDOGDWDSHUKRXURUSDUWWKHUHRI
$
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
! " ##
6859&& GG$
6859&& HH$
#
"
&/867(5
81,7
7$5,))
141
%" " " "
%"&
/
/
/
/
'()*+,()*-.
'()*-,()*0.
'()*-,()*0.
'()*0,()*1.
'()*1,()*2.
6WXGHQWVWRKDYHGLVFRXQWRQDOOWDULIIVRQSURGXFLQJVWXGHQWFDUG
$
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
! " ##
FF6FDQQLQJDQG:ULWLQJWR&'86%&'LQFOXGHG%:
LSHU$
LLSHU$
LLLSHU$
LYSHU$
YSHU$
6859&&
6859&&
6859&&
6859&&
6859&&
142
LSHU$
LLSHU$
LLLSHU$
LYSHU$
YSHU$
6859&&
6859&&
6859&&
6859&&
6859&&
DD6FDQQLQJIHHV2QO\%:
LSHU$
LLSHU$
LLLSHU$
LYSHU$
%" " " "
%"&
/
/
/
/
'()*+,()*-.
'()*-,()*0.
'()*-,()*0.
'()*0,()*1.
'()*1,()*2.
6859&& YSHU$
EE6FDQQLQJDQG3ULQWLQJ%:IRUILUVWFRS\WKHUHDIWHUQRUPDOFRS\WDULIIV
DSSO\
6859&&
6859&&
6859&&
6859&&
'LJLWDOVFDQQLQJSULQWLQJDQGZULWLQJWR&'%ODFNDQG:KLWH
6859&& L/RQJVHUYLFHDQGUHWLUHPHQWFHUWLILFDWHV
6859&& LL/RQJVHUYLFHDQGUHWLUHPHQWFHUWLILFDWHVZLWK)UDPH
%
6859&& L/RFDO
6859&& LL1DWLRQDO
#
"
&/867(5
81,7
7$5,))
143
6859&& LLLSHU$
6859&& LYSHU$
6859&& YSHU$
%" " " "
%"&
/
/
/
/
'()*+,()*-.
'()*-,()*0.
'()*-,()*0.
'()*0,()*1.
'()*1,()*2.
LSHU$
LLSHU$
LLLSHU$
LYSHU$
YSHU$
EE6FDQQLQJDQG3ULQWLQJ&RORXUIRUILUVWFRS\WKHUHDIWHUQRUPDOFRS\WDULIIV
DSSO\
DD6FDQQLQJIHHVRQO\FRORXU
LSHU$
LLSHU$
LLLSHU$
LYSHU$
YSHU$
'LJLWDO6FDQQLQJ3ULQWLQJDQG:ULWLQJWR&'&RORXU
$
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(QJLQHHULQJ
! " ##
FF6FDQQLQJDQG:ULWLQJWR86%&'&'LQFOXGHGFRORXU
6859&& LSHU$
6859&& LLSHU$
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
6859&&
#
"
&/867(5
81,7
7$5,))
+RXVLQJ$GPLQLVWUDWLRQ)HH
144
&DQFHOODWLRQRI6DOH
$GPLQLVWUDWLRQ)HH'HEWRUV$GPLQLVWUDWLRQ
" # #$
$
$
$
$
%&'()*&'(+,
%&'(+*&'(-,
%&'(+*&'(-,
%&'(-*&'(.,
%&'(.*&'(/,
6XE/HWWLQJ)HHV
!
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 &/867(5
!
LL6WRUDJH8QLWV
5HQWDOVSHUGD\SHU8QLW
3
L5HQWDORINLRVNVRQDPRQWKO\EDVLV
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
6KRS1XPEHU
1221 1
L'DLO\UHQWDOSHUSHUVRQSHUQLJKW
LL'DLO\UHQWDOSHUVFKRODUSHUQLJKWLIPRUHWKDQWKLUW\
LL6KRZHUIDFLOLW\SHUSHUVRQSHUXVDJH
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
145
" # #$
-
-
-
-
%&'()*&'(+,
%&'(+*&'(.,
%&'(+*&'(.,
%&'(.*&'(/,
%&'(/*&'(0,
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
(1(5*<352326('
&(176.:+
&XUUHQW,QGXVWULDO7LPH2I8VHH[FOYDW
+6SHDNFN:K
+6VWGFN:K
+6RIISHDNFN:K
/6SHDNFN:K
/6VWGFN:K
/6RIISHDNFN:K
146
3URSRVHG,QGXVWULDO7LPH2I8VHH[FOYDW
+6SHDNFN:K
+6VWGFN:K
+6RIISHDNFN:K
/6SHDNFN:K
/6VWGFN:K
/6RIISHDNFN:K
(1(5*<FN:K
7287$5,))6
6(59,&(352326('
5$1'6
5HVWULFWHG'HPDQG'LVFRXQW
0D['HPDQG
6(59,&(
6(59,&(35(6(17
5$1'6
352326('
352326(',1&/9$7
6&$/(
35(6(17
6&$/(
%8/.7$5,))6
/93DUW2%62/(7(7$5,))
6&$/(%$6,&
6&$/(6&+$5*(
6&$/(3($.
6&$/(2))3($.
6&$/(5(6,'(17,$/%86,1(667$5,))6
(1(5*<35(6(17
&(176.:+
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
(1(5*<,1&/9$7
&(176.:+
6(59,&(,1&/9$7
5$1'6
1HWZRUN'HPDQG&KDUJH5N9$
1HWZRUN$FFHVV&KDUJH5N9$
6HUYLFH&KDUJH
9ROWDJH6XUFKDUJH
/HYLHGRQWKHVXPRIHQHUJ\DQG
GHPDQGFKDUJH
Peak c/kwh
/RZ6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
N9 N9 N9 N9 N9 9 Peak c/kwh
$OOUDWHVH[FOXGH9$7
/RZ6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
6WDQGDUGFNZK
6WDQGDUGFNZK
147
2II3HDNFNZK
2II3HDNFNZK
$OOUDWHVH[FOXGH9$7
$SSOLFDEOHRQO\LIFRQVXPHUVH[FHHGVN9$$SSOLFDEOHWRHQHUJ\DQGGHPDQGXVDJH
+LJK6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
$SSOLFDEOHRQO\LIFRQVXPHUVH[FHHGVN9$$SSOLFDEOHWRHQHUJ\DQGGHPDQGXVDJH
+LJK6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
3HDNFNZK
3HDNFNZK
Peak c/kwh
Peak c/kwh
N9 N9 N9 N9 N9 9 5(6,'(17,$/(0%(''('*(1(5$7,216&$/(
&XUUHQWUHVLGHQWLDOHPEHGGHGJHQHUDWLRQ
6HUYLFH&KDUJH
3URSRVHG5HVLGHQWLDO728
6HUYLFH&KDUJH
&XUUHQW5HVLGHQWLDO728
5(6,'(17,$/7287$5,))6
6HUYLFH&KDUJH
0D[LPXP'HPDQG&KDUJH5N9$
1HWZRUN6XUFKDUJH
3URSRVHG&RPPHUFLDO728
6HUYLFH&KDUJH
0D[LPXP'HPDQG&KDUJH5N9$
1HWZRUN6XUFKDUJH
&XUUHQW&RPPHUFLDO728
&200(5&,$/7287$5,))6
1HWZRUN'HPDQG&KDUJH5N9$
1HWZRUN$FFHVV&KDUJH5N9$
6HUYLFH&KDUJH
9ROWDJH6XUFKDUJH
/HYLHGRQWKHVXPRIHQHUJ\DQG
GHPDQGFKDUJH
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
(1(5*<,03257('(QHUJ\WKDWWKHFXVWRPHUJHQHUDWHVRQWRWKHJULG
FN:K
9DW,QFO
(;3257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
H[FO9$7
LQFO9$7
148
(1(5*<,03257('(QHUJ\WKDWWKHFXVWRPHUJHQHUDWHVRQWRWKHJULG
FN:K
9DW,QFO
(;3257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
1HWZRUN&KDUJH
(1(5*<(;3257('(QHUJ\WKDWWKHFXVWRPHUFRQVXPHVIURPWKHJULG
FN:K
9DW,QFO
,03257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
3URSRVHGUHVLGHQWLDOHPEHGGHG
JHQHUDWLRQ
(1(5*<(;3257('(QHUJ\WKDWWKHFXVWRPHUFRQVXPHVIURPWKHJULG
FN:K
9DW,QFO
,03257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
35(6(17
&XUUHQW,QGXVWULDO7LPH2I8VHH[FOYDW
+6SHDNFN:K
+6VWGFN:K
+6RIISHDNFN:K
/6SHDNFN:K
/6VWGFN:K
/6RIISHDNFN:K
7287$5,))6
(1(5*<FN:K
5HVWULFWHG'HPDQG'LVFRXQW
0D['HPDQG
6(59,&(
%8/.7$5,))6
/93DUW2%62/(7(7$5,))
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(%$6,&
6&$/(6&+$5*(
6&$/(3($.
6&$/(2))3($.
6&$/(5(6,'(17,$/%86,1(667$5,))6
(1(5*<35(6(17
&(176.:+
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
(1(5*<352326('
&(176.:+
149
3URSRVHG,QGXVWULDO7LPH2I8VHH[FOYDW
+6SHDNFN:K
+6VWGFN:K
+6RIISHDNFN:K
/6SHDNFN:K
/6VWGFN:K
/6RIISHDNFN:K
6(59,&(352326('
5$1'6
352326('
352326(',1&/9$7
6(59,&(35(6(17
5$1'6
(1(5*<,1&/9$7
&(176.:+
6(59,&(,1&/9$7
5$1'6
Peak c/kwh
/RZ6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
N9 N9 N9 N9 N9 9 Peak c/kwh
$OOUDWHVH[FOXGH9$7
/RZ6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
6WDQGDUGFNZK
2II3HDNFNZK
150
$OOUDWHVH[FOXGH9$7
$SSOLFDEOHRQO\LIFRQVXPHUVH[FHHGVN9$$SSOLFDEOHWRHQHUJ\DQGGHPDQGXVDJH
+LJK6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
$SSOLFDEOHRQO\LIFRQVXPHUVH[FHHGVN9$$SSOLFDEOHWRHQHUJ\DQGGHPDQGXVDJH
+LJK6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
3HDNFNZK
6WDQGDUGFNZK
2II3HDNFNZK
3HDNFNZK
Peak c/kwh
Peak c/kwh
N9 N9 N9 N9 N9 9 1HWZRUN'HPDQG&KDUJH5N9$
1HWZRUN$FFHVV&KDUJH5N9$
6HUYLFH&KDUJH
9ROWDJH6XUFKDUJH
/HYLHGRQWKHVXPRIHQHUJ\DQG
GHPDQGFKDUJH
5(6,'(17,$/(0%(''('*(1(5$7,216&$/(
&XUUHQWUHVLGHQWLDOHPEHGGHGJHQHUDWLRQ
6HUYLFH&KDUJH
3URSRVHG5HVLGHQWLDO728
6HUYLFH&KDUJH
&XUUHQW5HVLGHQWLDO728
5(6,'(17,$/7287$5,))6
6HUYLFH&KDUJH
0D[LPXP'HPDQG&KDUJH5N9$
1HWZRUN6XUFKDUJH
3URSRVHG&RPPHUFLDO728
6HUYLFH&KDUJH
0D[LPXP'HPDQG&KDUJH5N9$
1HWZRUN6XUFKDUJH
&XUUHQW&RPPHUFLDO728
&200(5&,$/7287$5,))6
1HWZRUN'HPDQG&KDUJH5N9$
1HWZRUN$FFHVV&KDUJH5N9$
6HUYLFH&KDUJH
9ROWDJH6XUFKDUJH
/HYLHGRQWKHVXPRIHQHUJ\DQG
GHPDQGFKDUJH
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
H[FO9$7
LQFO9$7
151
(1(5*<,03257('(QHUJ\WKDWWKHFXVWRPHUJHQHUDWHVRQWRWKHJULG
FN:K
9DW,QFO
(;3257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
1HWZRUN&KDUJH
(1(5*<(;3257('(QHUJ\WKDWWKHFXVWRPHUFRQVXPHVIURPWKHJULG
FN:K
9DW,QFO
,03257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
3URSRVHGUHVLGHQWLDOHPEHGGHG
JHQHUDWLRQ
H[FO9$7
LQFO9$7
(1(5*<,03257('(QHUJ\WKDWWKHFXVWRPHUJHQHUDWHVRQWRWKHJULG
FN:K
9DW,QFO
(;3257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
1HWZRUN&KDUJH
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
(1(5*<(;3257('(QHUJ\WKDWWKHFXVWRPHUFRQVXPHVIURPWKHJULG
FN:K
9DW,QFO
,03257
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
35(6(17
&XUUHQW,QGXVWULDO7LPH2I8VHH[FOYDW
+6SHDNFN:K
+6VWGFN:K
+6RIISHDNFN:K
/6SHDNFN:K
/6VWGFN:K
/6RIISHDNFN:K
7287$5,))6
(1(5*<FN:K
5HVWULFWHG'HPDQG'LVFRXQW
0D['HPDQG
6(59,&(
%8/.7$5,))6
/93DUW2%62/(7(7$5,))
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(
6&$/(%$6,&
6&$/(6&+$5*(
6&$/(3($.
6&$/(2))3($.
6&$/(5(6,'(17,$/%86,1(667$5,))6
(1(5*<35(6(17
&(176.:+
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
(1(5*<352326('
&(176.:+
152
6(59,&(352326('
5$1'6
3URSRVHG,QGXVWULDO7LPH2I8VHH[FOYDW
+6SHDNFN:K
+6VWGFN:K
+6RIISHDNFN:K
/6SHDNFN:K
/6VWGFN:K
/6RIISHDNFN:K
352326('
352326(',1&/9$7
6(59,&(35(6(17
5$1'6
(1(5*<,1&/9$7
&(176.:+
6(59,&(,1&/9$7
5$1'6
Peak c/kwh
/RZ6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
N9 N9 N9 N9 N9 9 Peak c/kwh
$OOUDWHVH[FOXGH9$7
/RZ6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
6WDQGDUGFNZK
2II3HDNFNZK
$OOUDWHVH[FOXGH9$7
$SSOLFDEOHRQO\LIFRQVXPHUVH[FHHGVN9$$SSOLFDEOHWRHQHUJ\DQGGHPDQGXVDJH
+LJK6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
$SSOLFDEOHRQO\LIFRQVXPHUVH[FHHGVN9$$SSOLFDEOHWRHQHUJ\DQGGHPDQGXVDJH
+LJK6HDVRQFN:K
Standard c/kwh
Off-Peak c/kwh
153
3HDNFNZK
6WDQGDUGFNZK
2II3HDNFNZK
3HDNFNZK
Peak c/kwh
Peak c/kwh
N9 N9 N9 N9 N9 9 1HWZRUN'HPDQG&KDUJH5N9$
1HWZRUN$FFHVV&KDUJH5N9$
6HUYLFH&KDUJH
9ROWDJH6XUFKDUJH
/HYLHGRQWKHVXPRIHQHUJ\DQG
GHPDQGFKDUJH
5(6,'(17,$/(0%(''('*(1(5$7,216&$/(
&XUUHQWUHVLGHQWLDOHPEHGGHGJHQHUDWLRQ
6HUYLFH&KDUJH
3URSRVHG5HVLGHQWLDO728
6HUYLFH&KDUJH
&XUUHQW5HVLGHQWLDO728
5(6,'(17,$/7287$5,))6
6HUYLFH&KDUJH
0D[LPXP'HPDQG&KDUJH5N9$
1HWZRUN6XUFKDUJH
3URSRVHG&RPPHUFLDO728
6HUYLFH&KDUJH
0D[LPXP'HPDQG&KDUJH5N9$
1HWZRUN6XUFKDUJH
&XUUHQW&RPPHUFLDO728
&200(5&,$/7287$5,))6
1HWZRUN'HPDQG&KDUJH5N9$
1HWZRUN$FFHVV&KDUJH5N9$
6HUYLFH&KDUJH
9ROWDJH6XUFKDUJH
/HYLHGRQWKHVXPRIHQHUJ\DQG
GHPDQGFKDUJH
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
H[FO9$7
LQFO9$7
154
(1(5*<,03257('(QHUJ\WKDWWKHFXVWRPHUJHQHUDWHVRQWRWKHJULG
FN:K
9DW,QFO
(;3257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
1HWZRUN&KDUJH
(1(5*<(;3257('(QHUJ\WKDWWKHFXVWRPHUFRQVXPHVIURPWKHJULG
FN:K
9DW,QFO
,03257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
3URSRVHGUHVLGHQWLDOHPEHGGHG
JHQHUDWLRQ
H[FO9$7
LQFO9$7
(1(5*<,03257('(QHUJ\WKDWWKHFXVWRPHUJHQHUDWHVRQWRWKHJULG
FN:K
9DW,QFO
(;3257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
1HWZRUN&KDUJH
(1(5*<(;3257('(QHUJ\WKDWWKHFXVWRPHUFRQVXPHVIURPWKHJULG
FN:K
9DW,QFO
,03257
'HVFULSWLRQRIFKDUJH
(QHUJ\UDWH
&/867(5+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7(OHFWULFLW\
7$5,))(OHFWULFLW\
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
&KDUJH&RGHV
)RUVLQJOHSKDVH9FRQQHFWLRQVXSWR$
)RUWKUHHSKDVH9FRQQHFWLRQVEL%LY
8SWR$
5
5
9DW
3URSRVHG7DULII
([FOXGLQJ9DW
155
$%DVLF&RPSRQHQWDVIROORZVEL
'XH WR WKH VKRUWDJH RI HOHFWULFLW\ DQG FRQVWUDLQHG HOHFWULFDO QHWZRUN
FXVWRPHUV PXVW HQVXUH WKDW WKH FRQQHFWLRQ FDSDFLW\ UHTXHVWHG KDV EHHQ
FDOFXODWHGZKLOVWLPSOHPHQWLQJWKHODWHVWHQHUJ\HIILFLHQF\VWDQGDUGV
)RU FRQQHFWLRQV RWKHU WKDQ WR WKRVH UHIHUUHG WR LQ ,WHP D FKDUJH
FRQVLVWLQJ RI D %DVLF &RPSRQHQW D 6XSSO\ 0DLQV &RPSRQHQW D 6HUYLFH
0DLQV&RPSRQHQWDQGD0HWHULQJ&RPSRQHQWE
PPDLUGDFEXWH[FOXGLQJDQ\SROHVDQGVSDQVXVHGIRUURDGFURVVLQJV
7KHUH PD\ EH DGGLWLRQDO FKDUJHV DW WKH UDWHV SUHVFULEHG LQ ,WHP KHUHRI
IRU DQ\ VXSSO\ PDLQV H[WHQVLRQV PDGH LQ H[FHVV RI RQH SROH DQG RQH VSDQ
7KH(QJLQHHUPD\IRUWHFKQLFDOUHDVRQVGHFLGHWRXVHXQGHUJURXQGFDEOH
)RUDVLQJOHSKDVH9$VXEVLGLVHGFRQQHFWLRQVXSSOLHGWRDQLQIRUPDO
GZHOOLQJZKHUHHOHFWULFLW\LVWREHSXUFKDVHGRQDSUHSD\PHQWHQHUJ\
WDULIIRIWKH6HFRQG6FKHGXOH
$5 GHSRVLWZLOOEHSD\DEOHRQUHJLVWUDWLRQRIWKHPHWHU
&RQQHFWLRQVZLOORQO\EHDSSURYHGLQDFFRUGDQFHZLWKWKHSROLF\
JXLGHOLQHVDVLVVXHGE\WKH'HSDUWPHQWRI(QHUJ\
:LWKDVPDOOSRZHUGLVWULEXWLRQXQLW
:LWKRXWDVPDOOSRZHUGLVWULEXWLRQXQLW
(OHFWULILFDWLRQSURJUDPIRU,QIRUPDO6HWWOHPHQWV
)RUDVLQJOHSKDVH9$VXEVLGLVHGFRQQHFWLRQZKHUHWKHHOHFWULFLW\LV
WREHSXUFKDVHGRQD6FDOHRU6FDOHHQHUJ\WDULIIRIWKH6HFRQG
6FKHGXOHD
$&RQQHFWLRQ)HHVXEMHFWWR6HFWLRQRIWKH
(OHFWULFLW\6XSSO\%\ODZV
3DUW
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
5
3URSRVHG7DULII
,QFOXGLQJ9DW
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
156
7KH FXVWRPHU VKDOO HQVXUH WKDW DOO VXEVWDWLRQV VKDOO EH SRVLWLRQHG ZLWK GLUHFW
SXEOLF URDG DFFHVV 2QO\ LQ H[FHSWLRQDO FLUFXPVWDQFHV VKDOO WKH HQJLQHHU
DSSURYHRWKHUZLVH
:KHUH UHTXHVWHG E\ WKH (QJLQHHU FXVWRPHUV DUH UHTXLUHG WR SURYLGH EULFN
VXEVWDWLRQV WR WKH (QJLQHHU·V VSHFLILFDWLRQ 0LQLVXEVWDWLRQV XS WR UHTXHVWHG
FDSDFLW\ RI N9$ PD\ EH VXSSOLHG DW WKH (QJLQHHUV GLVFUHWLRQ LQ
UHVLGHQWLDODUHDVRQO\
)RU9FRQQHFWLRQVZKHUHFDSDFLW\H[FHHGVN9$
7KH SURSRUWLRQDWH FRVWV DV GHWHUPLQHG E\ WKH (QJLQHHU DW SUHYDLOLQJ UDWHV
IRU 9 VZLWFKSDQHOV DW WKH N9N9 VXEVWDWLRQ 9
VZLWFKJHDU LQVWDOOHG DW WKH FXVWRPHU·V SUHPLVHV DQG DQ\ RWKHU FRVWV DV
GHHPHGDSSURSULDWHE\WKH(QJLQHHULVFKDUJHG
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
$WR$
)RU9FRQQHFWLRQVZLWKUHTXHVWHGFDSDFLW\XSWRN9$
$FRVWSHUFRQQHFWLRQRI
3OXV
$FRVWSHUN9$RIUHTXHVWHGFDSDFLW\RI
)RU 9 DQG 9 FRQQHFWLRQV ZKHUH WKH UHTXHVWHG FDSDFLW\
H[FHHGVN9$DQGN9$UHVSHFWLYHO\
7KH SURSRUWLRQDWH FRVWV DV GHWHUPLQHG E\ WKH (QJLQHHU DW SUHYDLOLQJ UDWHV
IRU WKH VXSSO\ PDLQ H[WHQVLRQ WKH UHTXLUHG VZLWFKSDQHOV DW WKH PDMRU
VXEVWDWLRQ VZLWFKJHDU DW WKH FXVWRPHU·V SUHPLVHV DQG DQ\ RWKHU FRVWV DV
GHHPHGDSSURSULDWHE\WKH(QJLQHHULVFKDUJHG
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
$FKDQJHLQWDULIIPD\UHTXLUHDFKDQJHLQPHWHU
7KHW\SHRIPHWHULQVWDOOHGVKDOOEHDWWKHGLVFUHWLRQRIWKH(QJLQHHU
157
)RU HDFK WKUHH SKDVH $ HOHFWURQLF PHWHU 6XLWDEOH IRU 6FDOH WDULII
JUHDWHUWKDQ$
)RU/RZ9ROWDJHFXUUHQWWUDQVIRUPHU8SWR$(DFK
)RU /RZ 9ROWDJH FXUUHQW WUDQVIRUPHU JUHDWHU WKDQ $ EXW QRW H[FHHGLQJ
$(DFK
)RU /RZ 9ROWDJH FXUUHQW WUDQVIRUPHU JUHDWHU WKDQ $ EXW QRW H[FHHGLQJ
$(DFK
)RUUHSURJUDPPLQJRIH[LVWLQJHOHFWURQLFPHWHU
SUHSD\PHQWPHWHULQJV\VWHPVWKHFXVWRPHUVKDOOSURYLGHDQGLQVWDOOWKH
QHFHVVDU\FRPPXQLFDWLRQSLORWZLUHV
&XUUHQW7UDQVIRUPHUVDUHUHTXLUHGIRUVXSSOLHVJUHDWHUWKDQ$
:KHUH D PHWHU LV UHFRYHUHG D UHEDWH DV GHWHUPLQHG E\ WKH (QJLQHHU LV WR
EH DSSOLHG WR WKH UHSODFHPHQW PHWHU 7KH UHEDWH KRZHYHU VKDOO QRW
H[FHHGWKHFRVWRIWKHUHSODFHPHQWPHWHU
5HEDWHIRUDEULFNVXEVWDWLRQ
5HEDWHIRUDGLVWULEXWRUVXEVWDWLRQ
)RU &RQQHFWLRQV ZLWKLQ D 7RZQVKLS ZKHUH D 'HYHORSHU KDV SDLG IRU WKH
6XSSO\0DLQV
$FKDUJHSHUVLQJOHSKDVH9FRQQHFWLRQ
$FKDUJHSHUWKUHHSKDVH$9FRQQHFWLRQ
$0HWHULQJ&RPSRQHQWDVIROORZVELLELL
)RU HDFK VSOLW VLQJOH SKDVH HOHFWULFLW\ GLVSHQVHU FRQQHFWHG YLD SLORW ZLUH
XSWR$
)RUUHSODFHPHQWRI&XVWRPHU8VHU,QWHUIDFH&,8
)RUHDFKVSOLWVLQJOHSKDVHHOHFWULFLW\GLVSHQVHUZLUHOHVVXSWR$
)RUUHSODFHPHQWRI&XVWRPHU8VHU,QWHUIDFH&,8:LUHOHVV
)RUDVPDOOSRZHUGLVWULEXWLRQXQLWVXSSO\RQO\
)RUHDFKVLQJOHSKDVHHOHFWURPHFKDQLFDOPHWHUXSWR$
)RUHDFKWKUHHSKDVHHOHFWURQLFPHWHUXSWR$
)RUHDFKVHWRIHQHUJ\DQGGHPDQGPHWHUVVXLWDEOHSHUIHHGEXONWDULIIV
:KHUH WKH (QJLQHHU UHTXLUHV WKH DSSOLFDQW WR SURYLGH D EULFN VXEVWDWLRQ WR
IHHG RU IURP ZKLFK LW LV LQWHQGHG WR IHHG RWKHU FXVWRPHUV D UHGXFWLRQ VKDOO
EHDSSOLHGWRWKH%DVLFFRPSRQHQWRIWKHFRQQHFWLRQFKDUJHDVIROORZV
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
158
$5N9$NPFRVWIRU09VXSSO\PDLQVEDVHGRQWKHUHTXHVWHGFDSDFLW\
DQGWKHOHQJWKRIWKH09FDEOHIURPWKHVRXUFHN9N9VXEVWDWLRQRI
)RU9DQG9FRQQHFWLRQVZKHUHUHTXHVWHGFDSDFLW\H[FHHGV
N9$DQGN9$UHVSHFWLYHO\
)RU9FRQQHFWLRQVZLWKUHTXHVWHGFDSDFLW\XSWRN9$
$ SURSRUWLRQDWH VKDUH RI WKH FRVW RI 09 VXSSO\ PDLQV H[WHQVLRQV H[FOXGLQJ
WKH ILUVW PHWUHV RI FDEOH SHU VXEVWDWLRQ ODLG LQ WKH URDG UHVHUYH RU SXEOLF
SURSHUW\DFFRUGLQJWRWKHUDWLRRIUHTXHVWHGFDSDFLW\WRWKHWRWDOFDSDFLW\
WKDWWKH(QJLQHHUHQYLVDJHVVXSSO\LQJIURPWKDWH[WHQVLRQ
)RUDOO9FRQQHFWLRQVDERYH$
/9 VXSSO\ PDLQV H[WHQVLRQV H[FOXGLQJ FURVVRYHUV FRVWHG DFFRUGLQJ WR WKH
LQVWDOODWLRQWKDWZRXOGKDYHEHHQVXIILFLHQWIRUWKHUHTXHVWHGFDSDFLW\
$ SURSRUWLRQDWH VKDUH RI WKH FRVW RI 09 VXSSO\ PDLQV H[WHQVLRQV LQ H[FHVV RI
PHWUHV SHU VXEVWDWLRQ IRU D UHTXHVWHG FDSDFLW\ RI XS WR $
DFFRUGLQJ WR WKH UDWLR RI UHTXHVWHG FDSDFLW\ WR WKH WRWDO FDSDFLW\ WKDW WKH
(QJLQHHUHQYLVDJHVVXSSO\LQJIURPWKDWH[WHQVLRQ
$SURSRUWLRQDWHVKDUHRIWKHFRVWRI/9VXSSO\PDLQVH[WHQVLRQVH[FOXGLQJ
FURVVRYHUVLQH[FHVVRIPHWUHVSHUFXVWRPHULIIHGE\FDEOHRUVSDQ
SHUFXVWRPHULIIHGE\RYHUKHDGOLQH
)RUDOO9RU9FRQQHFWLRQVXSWR$N9$
)RU DOO FRQQHFWLRQV RWKHU WKDQ 9 FRQQHFWLRQV DQ\ GHGLFDWHG FDEOHV RU
OLQHVFKDUJHGDFFRUGLQJWRUDWHVLQ,WHPRIWKLVVFKHGXOH
$ 6XSSO\ 0DLQV &RPSRQHQW IRU DQ\ PDLQV H[WHQVLRQ FKDUJHG DFFRUGLQJ
WRUDWHVLQ,WHPRIWKLVVFKHGXOHXQOHVVD5N9$NPLVVSHFLILHG
$6HUYLFH0DLQV&RPSRQHQWDVIROORZVELLL
$Q\GHGLFDWHGFDEOHVIHHGLQJLQWRDFXVWRPHU·VSUHPLVHV
)RUQHZ9FRQQHFWLRQVXSWR$
$ FKDUJH IRU DQ\ GHGLFDWHG FDEOHV RU OLQHV IURP PHWHU SRLQW WR SRLQW RQ WKH
ODWHUDO ERXQGDU\ FORVHVW WR WKH SROH RU FRQVXPHU GLVWULEXWLRQ XQLW FKDUJHG
DFFRUGLQJWRUDWHVLQ,WHPRIWKLVVFKHGXOH
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
&URVV6HFWLRQDO$UHD
RI&RQGXFWRUV
1XPEHURI&RUHV
&DEOHVKDOOEHFKDUJHGIRULQDFFRUGDQFHZLWKWKHIROORZLQJVFDOH
&DEOHVZLWKDVWDQGDUGRSHUDWLQJYROWDJHQRWH[FHHGLQJ9
3DUW
6XSSO\0DLQVH[WHQVLRQDQG6HUYLFH0DLQVLQVWDOODWLRQV
159
:KHUHDFRQQHFWLRQFDQEHVXSSOLHGIURPDQH[LVWLQJPHWHUURRPWKDWKDV
DGHTXDWHFDSDFLW\RQO\WKH0HWHULQJ&RPSRQHQWZLOOEHFKDUJHG
IRU2QO\DSSOLFDEOHZHUHXSVWUHDPQHWZRUNFRVWVKDYHDOUHDG\EHHQ
UHFRYHUHG
:KHUHWKH(QJLQHHUKDVDJUHHGWRDVHFRQGFRQQHFWLRQDQGZKHUHWKH
SUHPLVHVKDYHQRWEHHQDOORFDWHGDVDQLQIRUPDOVHWWOHPHQWDIXOO
FRQQHFWLRQIHHDOOIRXUFRPSRQHQWVZLOOEHFKDUJHGIRU
7KH N9 QHWZRUN LV EHLQJ SKDVHG RXW DQG VXSSO\ DW N9 LV QR ORQJHU
DYDLODEOHWRQHZFRQVXPHUVFRQQHFWLQJWRWKHJULG
&RQQHFWLRQV ZLOO RQO\ EH FRQVLGHUHG LQ H[FHSWLRQDO FLUFXPVWDQFHV DW WKH
GLVFUHWLRQRIWKHHQJLQHHU
)RU9FRQQHFWLRQVZKHUHFDSDFLW\H[FHHGVN9$
$FKDUJHHTXDOWRWKHSURGXFWRI
D 5DQGN9$NP UDWH DV GHWHUPLQHG E\ WKH (QJLQHHU XVLQJ DFWXDO FRVWV WKH
OHQJWK RI 9 VXSSO\ PDLQV IURP WKH VRXUFH N9N9 VXEVWDWLRQ RU
N9VZLWFK\DUGDQGWKHUHTXHVWHGFDSDFLW\
$FKDUJHHTXDOWRWKHSURGXFWRI
D 5DQGN9$NP UDWH GHWHUPLQHG E\ WKH (QJLQHHU XVLQJ DFWXDO FRVWV WKH
OHQJWK RI WKH 9 RU 9 VXSSO\ PDLQV IURP WKH VRXUFH N9N9
RUN9N9VXEVWDWLRQDQGWKHUHTXHVWHGFDSDFLW\
$JXDUDQWHHGFRQWULEXWLRQWRZDUGVWKHSURSRUWLRQDWHFRVWRIDQ\9
VXSSO\PDLQVH[WHQVLRQVXFKJXDUDQWHHGFRQWULEXWLRQWREHUHGXFHGWR
]HURLQWHQHTXDODPRXQWVIRUHDFK\HDULQZKLFKWKHFDSDFLW\LVXWLOLVHG
DERYHWKHPLQLPXPDJUHHGOHYHO7KHFRQWULEXWLRQLVWREHUHFRYHUHGIURP
WKHFRQVXPHULILQWKH(QJLQHHU·VRSLQLRQWKHUHTXHVWHGFDSDFLW\LVXWLOLVHG
EHORZWKHDJUHHGOHYHO
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
5$7(3(50(75(
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
$UHDRI&RQGXFWRUV
6T0P
&RQGXFWRU
3LORW7HOHSKRQHFDEOHVSHUPHWUH
$OXPLQLXP
$OXPLQLXP
;/3(
$OXPLQLXP
$OXPLQLXP
;/3(
$OXPLQLXP
$OXPLQLXP
;/3(
$OXPLQLXP
;/3(
&RSSHU
&RQGXFWRU
160
5$7(3(50(75(
9$75
%DVLF5DWH5
7RWDO5DWH5
7RWDO
7UHQFKLQJ5
%DVLF5DWH5 9$75 5DWH5
1$
%DVLF5DWH5 9$75
7RWDO5DWH5
1XPEHURI
&RUHV
64PP
&DEOH5
&RSSHU
&RSSHU
&RSSHU
&RSSHU
$OXPLQLXP
$OXPLQLXP
$OXPLQLXP
$OXPLQLXP
$OXPLQLXP
$OXPLQLXP
&RSSHU
$OXPLQLXP
&RSSHU
$OXPLQLXP
7KHVHFRVWVDUHDOVRDSSOLHGZKHQGHULYLQJFRVWVRI/RZ9ROWDJH%XVEDUDQGLQVXODWHGFRQGXFWRU
&DEOHVZLWKDVWDQGDUGYROWDJHH[FHHGLQJ9EXWQRWH[FHHGLQJ9
&URVV6HFWLRQDO
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
0HGLXP9ROWDJH
0HGLXP9ROWDJH
/RZ9ROWDJH
/RZ9ROWDJH
9ROWDJH/HYHO
7HVWLQJRIPHWHUV
N:KPHWHUVSHUWHVW
6LQJOHSKDVH
3RO\SKDVH
(QHUJ\SOXVGHPDQGEXONPHWHUVSHUWHVW
'LVFRQQHFWLRQV
3DUW
5$7(3(532/(0(75(2)29(5+($'&21'8&725
%DVLF5DWH5 9$75
7RWDO5DWH5
161
2WKHU W\SHV DQG VL]HV RI RYHUKHDG VXSSO\ VSHFLILHG E\ WKH (QJLQHHU DV
EHLQJ VXLWDEOH IRU WKH VHUYLFH ZKLFK LV QRW LQFOXGHG LQ D DERYH VKDOO EH
SDLGIRUDWDUDWHHTXDOWRWKHDFWXDOFRVWRIVXSSO\DQGLQVWDOODWLRQ
PP$%&P
P3ROH09$%&
$$$&2DNP
$$$&3LQHP
P3ROH09$$$&
PP&&P
PP&&P
P3ROH/9&&
PP$%&P
PP$%&P
PP$%&P
P3ROH/9$%&
7\SH6L]HRI&RQGXFWRU
3HUSROHDQGPHWUHRIRYHUKHDGOLQH
2YHUKHDGOLQHVVKDOOEHFKDUJHGLQDFFRUGDQFHZLWKWKHIROORZLQJVFDOH
2WKHU W\SHV DQG VL]HV RI FDEOHV RU FRQGXFWRU VSHFLILHG E\ WKH (QJLQHHU DV
EHLQJ VXLWDEOH IRU WKH VHUYLFH ZKLFK DUH QRW LQFOXGHG LQ D E DQG F
DERYH VKDOO EH SDLG IRU DFFRUGLQJ WR WKH DFWXDO FRVW RI VXSSO\ DQG
LQVWDOODWLRQ
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
162
LUHVLGHQWLDOFRQQHFWLRQ
LL EXVLQHVV RU FRPPHUFLDO FRQQHFWLRQ ZKHUH WKH PLQLPXP FKDUJH VKDOO
EH WKH JUHDWHU RI 5 RU DQ DPRXQW HTXLYDOHQW WR RI WKH DYHUDJH
PRQWKO\HOHFWULFLW\FRQVXPSWLRQ
:KHUH GLVFRQQHFWHG DV D UHVXOW RI WKH LOOHJDO E\SDVVLQJ RI WKH PHWHU PHWHU
WDPSHULQJ RU IRU WDPSHULQJ ZLWK WKH PHWHULQJ LQVWDOODWLRQ SHU
GLVFRQQHFWLRQIRU
:KHUH GLVFRQQHFWHG DV D UHVXOW RI XQDXWKRULVHG UHFRQQHFWLRQ RI LWHP LDERYHSHUGLVFRQQHFWLRQ
%86,1(66&200(5&,$/
:KHUH GLVFRQQHFWHG IRU QRQSD\PHQW RI DFFRXQW RU LQ FRQVHTXHQFH RI D
EUHDFK RI WKH %\ODZV RWKHU WKDQ IRU XQDXWKRULVHG UHFRQQHFWLRQ LOOHJDO
E\SDVVLQJRIPHWHURUIRUWDPSHULQJSHUGLVFRQQHFWLRQ
:KHUH GLVFRQQHFWHG DV D UHVXOW RI XQDXWKRULVHG UHFRQQHFWLRQ RI LWHP D
DERYHSHUGLVFRQQHFWLRQ
5(6,'(17,$/
:KHUH GLVFRQQHFWHG IRU QRQSD\PHQW RI DFFRXQW RU LQ FRQVHTXHQFH RI D
EUHDFK RI WKH %\ODZV RWKHU WKDQ IRU XQDXWKRULVHG UHFRQQHFWLRQ LOOHJDO
E\SDVVLQJRIPHWHURUIRUWDPSHULQJSHUGLVFRQQHFWLRQ
EDFNRQUHTXHVWIRUWKHFDUU\LQJRXWRIIXPLJDWLRQRUVLPLODUVHUYLFHV
)RUGLVFRQQHFWLRQVFDUULHGRXWLQFRQVHTXHQFHRIDEUHDFKRIWKH%\ODZV
)RU GLVFRQQHFWLRQV DQG UHFRQQHFWLRQV PDGH DW WKH UHTXHVW RI WKH
FRQVXPHU
:KHUH GLVFRQQHFWHG DW WKH UHTXHVW RI WKH FRQVXPHU IRU D VXVSHQVLRQ RI WKH
VHUYLFH
:KHUH GLVFRQQHFWHG DW WKH UHTXHVW RI WKH FRQVXPHU WR HQDEOH KLP WR
HIIHFW H[WHQVLRQV UHSDLUV RU PDLQWHQDQFH WR KLV KRXVH RU WR DOORZ DQ
HOHFWULFDO FRQWUDFWRU WR UHSRVLWLRQ PHWHU ER[ ZLWKRXW H[WHQVLRQ WR RU FXWWLQJ
RIWKHVHUYLFHPDLQ
:KHUH RYHUKHDG VHUYLFH PDLQV DUH WHPSRUDULO\ GLVFRQQHFWHG DQG FRLOHG
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
1LO
1LO
1LO
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
)RUWKUHHSKDVHVXSSOLHVDWSRLQWRIVXSSO\
163
$VSHULWHPRIWKLVVFKHGXOH
,QVWDOODWLRQFRQVXPSWLRQSHU$SHUGD\
,QVWDOODWLRQFRQVXPSWLRQSHUDPSSHUGD\
,QVWDOODWLRQFRQVXPSWLRQSHUDPSSHUGD\
)RUVLQJOHSKDVHVXSSOLHVXSWR$DWSRLQWRIVXSSO\
3HU PHWUH RI FDEOH ODLG FKDUJHG DFFRUGLQJ WR UDWHV LQ ,WHP RI WKLV
VFKHGXOH
SURYLGHG IURP H[LVWLQJ VXSSO\ PDLQV IRU IHWHV UHOLJLRXV JDWKHULQJV
HOHFWLRQVHWF
,Q DGGLWLRQ WR WKH DSSURSULDWH DPRXQWV FRQWDLQHG LQ LWHPV UHFRQQHFWLRQ VKDOO RQO\ RFFXU RQFH DQ\ DUUHDU FRQVXPSWLRQ FKDUJHV
HVWLPDWHG FKDUJHV IRU XQPHWHUHG FRQVXPSWLRQ DQGRU DGGLWLRQDO GHSRVLWV
RZHGE\WKHFRQVXPHUKDYHEHHQSDLG
7HPSRUDU\
6XSSOLHV IRU SHULRGV QRW H[FHHGLQJ GD\V ZKHUH VXSSO\ FDQ EH
,Q DGGLWLRQ WR WKH DERYH EXVLQHVV RU FRPPHUFLDO FRQQHFWLRQVVKDOO SD\ WKH
JUHDWHU RI 5 RU DQ DPRXQW HTXLYDOHQW WR RI WKH DYHUDJH
PRQWKO\HOHFWULFLW\FRQVXPSWLRQ
)RUDVLQJOHSKDVHFUHGLWFRQQHFWLRQ&UHGLW0HWHU
)RUDVLQJOHSKDVHFRQQHFWLRQ3UHSD\PHQW
)RUDVLQJOHSKDVHFRQQHFWLRQ3UHSD\PHQW:LUHOHVV
)RUDWKUHHSKDVHFRQQHFWLRQXSWR$
$FWXDOFRVWVRIUHLQVWDWHPHQWRIVHUYLFHVVKDOODSSO\IRUDOORWKHUVLWXDWLRQV
:KHUH WKH VHUYLFH KDV EHHQ UHPRYHG HLWKHU DV D UHVXOW RI LOOHJDO E\SDVVLQJ
RI WKH PHWHU LQ D PHWHU URRP RU DV D UHVXOW RI WDPSHULQJ LQ D PHWHU URRP
SHUGLVFRQQHFWLRQ
7KLVFKDUJHH[FOXGHVWKHFRVWRIWKHPHWHU,IWKH(QJLQHHUUHTXLUHVWKDWWKH
PHWHUEHUHSODFHGWKHQWKHDGGLWLRQDOPHWHUFRVWDVOLVWHGLQLWHPZLOO
EHFKDUJHGDQGWKHUHZLOOEHQRUHEDWHIRUWKHWDPSHUHGRUYDQGDOLVHG
PHWHU
:KHUH WKH VHUYLFH KDV EHHQ UHPRYHG HLWKHU DV D UHVXOW RI LOOHJDO E\SDVVLQJ
RIWKHPHWHURUDVDUHVXOWRIWDPSHULQJSHUGLVFRQQHFWLRQ
)RUDVLQJOHSKDVHFRQQHFWLRQ&UHGLW0HWHU
)RUDVLQJOHSKDVHFRQQHFWLRQ3UHSD\PHQW
)RUDVLQJOHSKDVHFRQQHFWLRQ3UHSD\PHQW:LUHOHVV
)RUDWKUHHSKDVHFRQQHFWLRQ(OHFWURQLF0HWHU$
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
164
5HORFDWLRQ RI D VLQJOH SKDVH PHWHU RI DQ XQGHUJURXQG VXSSO\ WR D SRVLWLRQ
RQWKHERXQGDU\GHWHUPLQHGE\WKH(QJLQHHUE
5HORFDWLRQ RI D WKUHH SKDVH $ 9 PHWHU RI DQ XQGHUJURXQG VXSSO\ WR D
SRVLWLRQRQWKHERXQGDU\GHWHUPLQHGE\WKH(QJLQHHU
7UDQVIHUVIURPH[LVWLQJ$VXEVLGLVHGFRQQHFWLRQVWRQRQVXEVLGLVHG$
FRQQHFWLRQVZLOOEHVXEMHFWWRDQDGGLWLRQDOFKDUJHRI
5HORFDWLRQRIPHWHU
5HORFDWLRQRIDSUHSDLGPHWHUH[FOXGHVVPDOOSRZHUGLVWULEXWLRQXQLW
$VSHULWHPRIWKLVVFKHGXOH
7UDQVIHUIURPVXEVLGL]HGFRQQHFWLRQVWRQRQVXEVLGL]HGFRQQHFWRQV
7UDQVIHUVIURPH[LVWLQJ$VXE]LGL]HGFRQQHFWLRQVWRQRQVXE]LGL]HG
FRQQHFWLRQVZLOOEHVXEMHFWWRDQDGGLWLRQDOFKDUJHRI
7UDQVIHUVIURPH[LVWLQJ$VXE]LGL]HGFRQQFWLRQVWRQRQVXE]LGL]HG
FRQQHFWLRQVZLOOEHVXEMHFWWRDQDGGLWLRQDOFKDUJHRI
6LQJOH DQG WKUHH SKDVH 5HJXODWLRQ ,QWHUUXSWLRQV 'LSV 8QEDODQFHV DQG
+DUPRQLFV
7UDQVIHUEHWZHHQUHVLGHQWLDOFRQQHFWLRQW\SHV
7UDQVIHUIURPFUHGLWPHWHULQJWRSUHSDLG
&UHGLWPHWHULQJWRSUHSDLG
&UHGLWPHWHULQJWR3UHSDLG0HWHU7\SH:LUHOHVV
7UDQVIHUIURP3UHSDLGPHWHULQJWRFUHGLW
3UHSDLGWR&UHGLWPHWHULQJ
3UHSDLGWR&UHGLWPHWHULQJ0HWHU7\SH:LUHOHVV
7KH DERYH WUDQVIHUV DUH VXEMHFW WR WKH (QJLQHHU
V DSSURYDO DQG WR WKH
SD\PHQW RI GHSRVLWV ZKHUH QHFHVVDU\ 5HIHU WR 6HFWLRQV DQG
$RIWKH(OHFWULFLW\%\ODZV
3HU PHWUH RI FDEOH ODLG FKDUJHG DFFRUGLQJ WR UDWHV LQ ,WHP RI WKLV
VFKHGXOH
,QVWDOODWLRQFRQVXPSWLRQSHUDPSSHUGD\
3URYLVLRQRI/RDG3URILOH5HFRUGLQJ'DWD
:KHUHWKHSHULRGRIUHFRUGLQJLVQRWLQH[FHVVRIVHYHQGD\V
)RUHDFKVXEVHTXHQWZHHNRUSRUWLRQWKHUHRI
:KHUHDVXLWDEOHSURILOHPHWHULVLQVWDOOHG
4XDOLW\RI6XSSO\5HFRUGLQJ
6LQJOHDQGWKUHHSKDVH5HJXODWLRQ,QWHUUXSWLRQV'LSVDQG8QEDODQFHV
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
(OHFWULFLW\
3URSRVHG&RQQHFWLRQ)HHV&KDUJHV
165
,QGLFDWHVWKHQXPEHULQJDVUHIHUHQFHGWRWKH)LUVW6FKHGXOHLQWKHH7KHNZLQL0XQLFLSDOLW\(OHFWULFLW\6XSSO\%\ODZV7KH)LUVW6FKHGXOHLVQRZUHSODFHGE\WKLVGRFXPHQW6FKHGXOHRI
&RQQHFWLRQ)HHVDQG&KDUJHV
'DPDJH WR HOHFWULFDO LQIUDVWUXFWXUH $Q\ SHUVRQ ZKR GDPDJHV HOHFWULFLW\
LQIUDVWUXFWXUH HVSHFLDOO\ ZKHUH VXFK GDPDJH LV D UHVXOW RI IDLOXUH WR FRPSO\
ZLWK NQRZQ SURFHGXUHV RU ZKHUH VXFK GDPDJH LV D UHVXOW RI IDLOXUH WR WDNH
UHDVRQDEOH SUHFDXWLRQV VXFK DV REWDLQLQJ FDEOH UHFRUGV RU GLJJLQJ
SURYLQJ WUHQFKHV SULRU WR H[FDYDWLQJ PD\ EH OLDEOH IRU WKUHH WLPHV WKH
WRWDOUHSDLUFRVW
5HYLVLW)HHZKHUHDFFRPPRGDWLRQRULQVWDOODWLRQLVQRWUHDG\IRUWKH
LQVWDOODWLRQRIFRXQFLOHTXLSPHQW
:KHUH WKH PHWHU SRVLWLRQ LV PRYHG WR D SRVLWLRQ RWKHU WKDQ WR WKDW
GHWHUPLQHG E\ WKH (QJLQHHU WKH FRVW RI WKH DGGLWLRQDO FDEOH UHTXLUHG VKDOO
EHFKDUJHGIRUDFFRUGLQJWRUDWHVLQ,WHPRIWKHVFKHGXOH
%DVLF&KDUJH
$GGLWLRQDO&KDUJHSHUPHWHUUHORFDWHG
5HORFDWLRQRIDPHWHUZLWKLQRUWRDPHWHUURRP
127(&RQQHFWLRQ)HHVWRLQFUHDVHE\LQIODWLRQIRUWKHQH[WWZR\HDUV
&/867(5
81,7
7$5,))
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
'+LUHRIOLWUH:+((/('&217$,1(56SURYLGHGLQWHUPVRI6HFWLRQ²SHU
FRQWDLQHUSHUPRQWKRUSDUWWKHUHRI
$5HSODFHPHQWRIOLWUH:+((/('&217$,1(5LQFOXVLYHRIWUDQVSRUWZKHQ
ORVWPLVSODFHGRUGDPDJHGE\FXVWRPHU
166
%/$&.3/$67,&%$*621$52//3$&.HDFKRIEDJVIRUGRPHVWLFUHIXVH
RQO\²ZKHQSXUFKDVHGIRUFDVKIURPD0XQLFLSDO2IILFH²SHUUROOSDFN
6XSSO\RI3/$67,&%,1/,1(56IRUOLWUH:KHHOHG&RQWDLQHU²SHUELQOLQHUV
&6DOHRIOLWUH:+((/('&217$,1(5IRUEXVLQHVVSXUSRVHRQO\H[FOXVLYHRI
WUDQVSRUW
)XOO&RVW
$GGLWLRQDOFKDUJHIRU5HPRYDORI'20(67,&5()86(RQUHTXHVW:HHNHQGDQG
3XEOLF+ROLGD\VZKHQQRWLQDFFRUGDQFHZLWK6HFWLRQ²SHUFXELFPHWUHRU
SDUWWKHUHRISHUPRQWK
%5HSODFHPHQWRI:+((/('&217$,1(5RWKHUWKDQOLWUHLQFOXVLYHRI
WUDQVSRUWZKHQORVWPLVSODFHGRUGDPDJHGE\FXVWRPHU
$GGLWLRQDOFKDUJHIRU5HPRYDORI'20(67,&5()86(RQUHTXHVW0RQGD\)ULGD\
ZKHQQRWLQDFFRUGDQFHZLWK6HFWLRQ²SHUFXELFPHWUHRUSDUWWKHUHRISHU
PRQWK
5HPRYDORI'20(67,&5()86(IURPUDWHDEOHSUHPLVHVLQDFFRUGDQFHZLWK
6HFWLRQ
)XOO&RVW
&+LUHRIOLWUH:+((/('&217$,1(56SURYLGHGLQWHUPVRI6HFWLRQ²SHU
FRQWDLQHUSHUPRQWKRUSDUWWKHUHRI
(+LUHRIRWKHUVL]HG:+((/('&217$,1(56SURYLGHGLQWHUPVRI6HFWLRQ²SHU
FRQWDLQHUSHUPRQWKRUSDUWWKHUHRI
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
5HIHUVHSDUDWH8VHU&KDUJH5HSRUW
)XOO&RVW
)XOO&RVW
)XOO&RVW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
$+LUHRIOLWUH:+((/('&217$,1(56SURYLGHGLQWHUPVRI6HFWLRQ
²SHUFRQWDLQHUSHUPRQWKRUSDUWWKHUHRI
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
167
$5HPRYDORI&203$&7$%/(75$'(,1'8675,$/5()86(RQGD\VGHWHUPLQHGE\
WKH+HDGRI'HSDUWPHQW&OHDQVLQJDQG6ROLG:DVWHRUQRPLQHHLQWHUPVRI
6HFWLRQ²SHUFXELFPHWUHRUSDUWWKHUHRISHUPRQWK
YLP &RQWDLQHU
YP &RQWDLQHU
LYP &RQWDLQHU
LLP &RQWDLQHU
LP&RQWDLQHU
%+LUHRI67((/&217$,1(566NLSV²SHUVWHHOFRQWDLQHUSHUZHHNRUSDUW
WKHUHRI
YL¬¬¬¬P &RQWDLQHU
YP &RQWDLQHU
LP&RQWDLQHU
LLP&RQWDLQHU$QGP/LGGHG6NLSV
LYP&RQWDLQHU
'HOLYHU\&KDUJHRQ([WUD*DUGHQ5HIXVH%ODFN3ODVWLFEDJSDFNVRQUHTXHVW²
SHUGHOLYHU\
$+LUHRI67((/&217$,1(566NLSV²SHUVWHHOFRQWDLQHUSHUPRQWKRUSDUW
WKHUHRI
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
%5HPRYDORI*$5'(15()86(RQGD\VGHWHUPLQHGLQDFFRUGDQFHZLWK6HFWLRQ
E\PHDQVRISODVWLFEDJVSXUFKDVHGIURPGHVLJQDWHGUHWDLORXWOHWV²SHUSDFN
RIEDJV
$5HPRYDORI*$5'(15()86(RQGD\VGHWHUPLQHGLQDFFRUGDQFHZLWK6HFWLRQ
E\PHDQVRISODVWLFEDJVSURYLGHGE\WKH&RXQFLO²SHUSDFNRIEDJV
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
$5HPRYDORI&203$&7$%/(75$'(,1'8675,$/5()86(RQUHTXHVWRQGD\V
ZKHQQRWLQDFFRUGDQFHZLWK6HFWLRQ²SHUFXELFPHWUHRUSDUWWKHUHRISHU
PRQWK
168
'LVSRVDORI&203$&7('62/,':$67(SHUFXELFPHWUHRUSDUWWKHUHRIZKHQ
UHPRYHGLQWHUPVRI,WHPQR
%'LVSRVDORI81&203$&7('*$5'(15()86(SHUFXELFPHWUHRUSDUWWKHUHRI
ZKHQUHPRYHGLQWHUPVRI,WHPQR
&6HUYLFH)HHIRUVWRUDJHRIVWHHOFRQWDLQHURUFRPSDFWLRQXQLWDW'6:'HSRW²
SHUFRQWDLQHUSHUPRQWKRUSDUWWKHUHRI
%6HUYLFH)HHZKHQFXVWRPHUFDQFHOVDQGWUXFNLVUHWXUQHGHPSW\SHUNP
]RQHRUSDUWWKHUHRIIURPDGLVSRVDOIDFLOLW\
$'LVSRVDORI81&203$&7('62/,':$67(SHUFXELFPHWUHRUSDUWWKHUHRI
ZKHQUHPRYHGLQWHUPVRI,WHPQR
)XOO&RVW
$7UDQVSRUWRIVWHHOFRQWDLQHURUFRPSDFWLRQXQLWE\PHDQVRIDWHOHKRLVWW\SH
YHKLFOH²SHUVWHHOFRQWDLQHUFRPSDFWLRQXQLWSHUWULSSHUNP]RQHRUSDUW
WKHUHRIIURPDGLVSRVDOIDFLOLW\
5HPRYDODQGRU'LVSRVDORI5HIXVHZKHUHQRWFRYHUHGIRUXQGHUDQ\RWKHUWDULII
LWHPFRGH
&([WUDRYHU$1RQVHUYLFHFKDUJHLQZKHUHZKHHOHGFRQWDLQHUVDUHSURYLGHG
WRUHF\FOLQJFRPSDQLHVDQGQRFROOHFWLRQVHUYLFHUHTXLUHGLQWHUPVRI6HFWLRQ
²SHUFXELFPHWUHRUSDUWWKHUHRISHUPRQWK
%([WUDRYHU$DERYHZKHUHZKHHOHGFRQWDLQHUVQRWSURYLGHGLQWHUPVRI
6HFWLRQ²SHUFXELFPHWUHRUSDUWWKHUHRISHUPRQWK
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
%([WUDRYHU$DERYHZKHUHZKHHOHGFRQWDLQHUVVQRWSURYLGHGLQWHUPVRI
6HFWLRQ²SHUFXELFPHWUHSDUWWKHUHRISHUPRQWK
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
%5HPRYDODQGGLVSRVDORIGHUHOLFWODUJHYHKLFOHV²SHUYHKLFOH
$5HPRYDODQGGLVSRVDORIGHUHOLFWVPDOOYHKLFOHV²SHUYHKLFOH
%5HPRYDORI/$5*('($'$1,0$/6²SHUFDUFDVV
$5HPRYDORI'($''2*6&$76DQGRWKHU60$//$1,0$/6²SHUFDUFDVV
,WHPQRVWDULIIVDUHVXEMHFWWRDVXUFKDUJHIRUZRUNFDUULHGRXW
GXULQJZHHNHQGVDQGSXEOLFKROLGD\VZKHUHUHTXHVWHGE\WKHFXVWRPHU
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
169
%$FFHSWDQFHRI81&203$&7('62/,':$67(RWKHUWKDQJDUGHQUHIXVHRU
EXLOGHU·VUXEEOHEXWLQFOXGLQJVKUHGGHGW\UHVDQGH[FOXGLQJPDWHULDOVIRU
GLVSRVDOZKLFKDUHGHHPHGWREH´OLJKWRU¶YHU\OLJKWDWDGLVSRVDOIDFLOLW\ZKHUH
WKHUHLVQRZHLJKEULGJHRUZKHUHPHDVXUHPHQWE\YROXPHLVPRUHDSSURSULDWH
DVGHWHUPLQHGE\WKH+HDG&OHDQVLQJDQG6ROLG:DVWHRUQRPLQHH²SHUFXELF
PHWUHRISDUWWKHUHRI
$$FFHSWDQFHRI62/,':$67(RWKHUWKDQJDUGHQUHIXVHRUEXLOGHU·VUXEEOHEXW
LQFOXGLQJVKUHGGHGW\UHVDQGH[FOXGLQJPDWHULDOVIRUGLVSRVDOZKLFKDUH
GHHPHGWREH¶OLJKW·RU¶YHU\OLJKW·DWDGLVSRVDOIDFLOLW\ZKHUHDZHLJKEULGJHLV
ORFDWHGORDGVRINJRUOHVVIUHHRIFKDUJH²SHUNJRUSDUWWKHUHRI
3URGXFWVDQGRUVHUYLFHVZLOOEHVXEMHFWWRDYDLODELOLW\DWWLPHRIUHTXHVW
:KHUHDFRQWDLQHULVRYHUORDGHGDVXUFKDUJHRIFHQWVH[FO9$7SHUNLORJUDPZLOOEHDSSOLHG
:KHUHDVHUYLFHLVWREHUHQGHUHGIRUZKLFKQRWDULIILVIXOO\DSSURSULDWHLHZKHUHWKHFRQWDLQHUVL]HRUWKHZDVWHGHQVLW\GLIIHUVPDWHULDOO\IURPWKHVWDQGDUGVWKHFKDUJHZLOOEH
EDVHGRQWKHGHWHUPLQHGGLVSRVDOIHHSOXV5H[FO9$7SHUNP]RQHIURPWKHGLVSRVDOVLWHXWLOLVHGRU)XOO&RVWZKLFKHYHULVWKHJUHDWHU
$GGLWLRQ
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
'$FFHSWDQFHRI¶/,*+7·62/,':$67(EHLQJZDVWHZLWKDPDVVRI
DSSUR[LPDWHO\NJSHUFXELFPHWUHDWDGLVSRVDOIDFLOLW\ZKHUHDZHLJKEULGJH
LVORFDWHG²SHUNJRUSDUWWKHUHRI
($FFHSWDQFHRI¶9(5</,*+7·62/,':$67(EHLQJZDVWHZLWKDPDVVRI
DSSUR[LPDWHO\NJSHUFXELFPHWUHDWDGLVSRVDOIDFLOLW\ZKHUHDZHLJKEULGJH
LVORFDWHG²SHUNJRUSDUWWKHUHRI
&$FFHSWDQFHRI*$5'(15()86(DWVLWHVZKLFKKDYHEHHQVSHFLDOO\
GHVLJQDWHGDVJDUGHQVLWHVDQGZKHUHWKHUHLVQRZHLJKEULGJH
170
%$FFHSWDQFHRI*$5'(15()86(DWDGLVSRVDOIDFLOLW\RWKHUWKDQWKRVHVLWHV
ZKLFKKDYHEHHQVSHFLDOO\GHVLJQDWHGDVJDUGHQUHIXVHVLWHVDQGZKHUHWKHUHLV
QRZHLJKEULGJH²SHUFXELFPHWUHRUSDUWWKHUHRI
$$GGLWLRQDOFKDUJHZLOOEHOHYLHGLIZDVWHLVPL[HGZLWKVROLGZDVWHRUEXLOGHU
V
UXEEOH
1R&KDUJH
1R&KDUJH
1R&KDUJH
$$FFHSWDQFHRI*$5'(15()86(DWDGLVSRVDOIDFLOLW\RWKHUWKDQWKRVHVLWHV
ZKLFKKDYHEHHQVSHFLDOO\GHVLJQDWHGDVJDUGHQUHIXVHVLWHVDQGZKHUHD
ZHLJKEULGJHLVORFDWHGORDGVRINJRUOHVVIUHHRIFKDUJH²SHUNJRUSDUW
WKHUHRI
)6KRXOGDVLQJOHODQGILOOVHUYLFHFOLHQWGHOLYHUDZDVWHPDVVLQH[FHVVRI
WKUHHWKRXVDQGPHWULFWRQVLQDQ\RQHFDOHQGDUPRQWKWKHQWKHFOLHQWVKDOOEH
HOLJLEOHIRUDVHWWOHPHQWGLVFRXQWRIILYHSHUFHQWSD\DEOHRQHPRQWKLQ
DUUHDUV²SURYLGHGWKDWWKHRULJLQDODFFRXQWLVIXOO\SDLGZLWKLQWZHQW\RQH
GD\VRIGDWHRILQYRLFH
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
&$FFHSWDQFHRI&203$&7('62/,':$67(DWDGLVSRVDOIDFLOLW\ZKHUHWKHUHLV
QRZHLJKEULGJHRUZKHUHPHDVXUHPHQWE\YROXPHLVPRUHDSSURSULDWHDV
GHWHUPLQHGE\WKH+HDG&OHDQVLQJDQG6ROLG:DVWHRUQRPLQHH²SHUFXELF
PHWUHRUSDUWWKHUHRI
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
171
%$FFHSWDQFHRID0,;785(RILQGXVWULDOEXLOGHU·VDQGRUJDUGHQUHIXVHDWD
GLVSRVDOIDFLOLW\ZKHUHWKHUHLVQRZHLJKEULGJH²SHUFXELFPHWUHRUSDUWWKHUHRI
$$FFHSWDQFHRID0,;785(RILQGXVWULDOEXLOGHU·VDQGRUJDUGHQUHIXVHDWD
GLVSRVDOIDFLOLW\ZKHUHDZHLJKEULGJHLVORFDWHGORDGVRINJRUOHVVIUHHRI
FKDUJH²SHUNJRUSDUWWKHUHRI
&$FFHSWDQFHRIZDVWHWKDWFDQEHGHVFULEHGDV6$1'RU&29(50$7(5,$/DW
DGLVSRVDOIDFLOLW\ZKHQWKHVLWHQHHGVVXFKPDWHULDOIRULWVRZQSUHVHQWRUIXWXUH
SXUSRVHVDVGHWHUPLQHGE\WKH+HDG&OHDQVLQJDQG6ROLG:DVWHRUQRPLQHH
%$FFHSWDQFHRI%8,/'(5·658%%/(DQG&29(50$7(5,$/DWDGLVSRVDOIDFLOLW\
ZKHUHWKHUHLVQRZHLJKEULGJH²SHUFXELFPHWUHRUSDUWWKHUHRI
$$GGLWLRQDOFKDUJHZLOOEHOHYLHGLIZDVWHLVPL[HGZLWKVROLGZDVWHRUJDUGHQ
ZDVWH
1R&KDUJH
($FFHSWDQFHRI*$5'(1:$67(IURPEXVLQHVVHVDWVLWHVZKLFKKDYHEHHQ
VSHFLDOO\GHVLJQDWHGDVJDUGHQUHIXVHVLWHVDQGZKHUHDODQGILOOVLWHLVLQFORVH
SUR[LPLW\SHUFXELFPHWUHRUSDUWWKHUHRI
$$FFHSWDQFHRI%8,/'(5·658%%/(DQG&29(50$7(5,$/DWDGLVSRVDOIDFLOLW\
ZKHUHDZHLJKEULGJHLVORFDWHGORDGVRINJRUOHVVIUHHRIFKDUJH²SHU
NJRUSDUWWKHUHRI
1R&KDUJH
1R&KDUJH
1R&KDUJH
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
'$FFHSWDQFHRI*$5'(1:$67(IURPEXVLQHVVHVDWVLWHVZKLFKKDYHEHHQ
VSHFLDOO\GHVLJQDWHGDVJDUGHQUHIXVHVLWHVDQGZKHUHWKHUHLVQRZHLJKEULGJH²
SHUFXELFPHWUHRUSDUWWKHUHRI
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
+LJK3UHVVXUHFOHDQLQWHULRURI&RPSDFWLRQXQLWV&RQWDLQHUV6NLSVRU+RSSHUVRQ
UHTXHVW²SHUXQLW
$FFHSWDQFHRIZDVWHIRU63(&,$/',6326$/LHWKDWUHTXLUHVVSHFLDODWWHQWLRQ
DQGLPPHGLDWHEXULDO²SHUNJRUSDUWWKHUHRI
172
$$GGLWLRQDOFKDUJHZLOOEHOHYLHGLIWKHDERYHH[FOXVLRQVDUHPL[HGZLWKVROG
ZDVWH
$$FFHSWDQFHRI62/,':$67(DW6SULQJILHOG7UDQVIHU6WDWLRQRWKHUWKDQJDUGHQ
UHIXVHEXLOGHU·VUXEEOHRUVKUHGGHGW\UHVDQGH[FOXGLQJPDWHULDOVIRUGLVSRVDO
ZKLFKDUHGHHPHGWREH¶OLJKW·RU¶YHU\OLJKW·ORDGVRINJRUOHVVIUHHRI
FKDUJH²SHUNJRUSDUWWKHUHRI
$FFHSWDQFHRI,QHUW'U\:DVWH²SHUNJRUSDUWWKHUHRI
$FFHSWDQFHRI6DZ'XVWRWKHU3RZGHUW\SHZDVWHUHTXLULQJZDWHULQJGRZQ
VSHFLDODWWHQWLRQ²SHUNJRUSDUWWKHUHRI
)XOO&RVW
$FFHSWDQFHRI75($7('6(16,7,9(:$67(DWDGLVSRVDOIDFLOLW\ZKHUHDXWKRULW\WR
GHOLYHUKDVEHHQJLYHQLQZULWLQJE\WKH'HSDUWPHQWRI:DWHU$IIDLUVDQG)RUHVWU\
RULWVQRPLQHHVXFFHVVRU²SHUNJRUSDUWWKHUHRI
$FFHSWDQFHRIDQ\ZDVWHIRUGLVSRVDOWKDWEHFDXVHRILWVQDWXUHRUGHQVLW\RU
EHFDXVHRIDUHTXHVWIRUQRQVWDQGDUGVHUYLFHGRHVQRWFOHDUO\IDOOXQGHUDQ\RI
WKHRWKHUFDWHJRULHV
1R&KDUJH
)XOO&RVW
1R&KDUJH
)XOO&RVW
1R&KDUJH
)XOO&RVW
1R&KDUJH
)XOO&RVW
1R&KDUJH
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
9(+,&/(:(,*+,1*6(59,&(²SHUYHKLFOH
$FFHSWDQFHRI)22'678))6DWDGLVSRVDOIDFLOLW\LIFRQGHPQHGE\WKH&LW\
0HGLFDO2IILFHURI+HDOWKRUKLVGHVLJQDWHDQGLIDFFRPSDQLHGE\DQRIILFHURI
WKH&02+
%$FFHSWDQFHRI:+2/(7<5(6DWDGLVSRVDOIDFLOLW\ZKHUHWKHUHLVQR
ZHLJKEULGJH²SHUFXELFPHWUHRUSDUWWKHUHRI
$$FFHSWDQFHRI:+2/(7<5(6DWDGLVSRVDOIDFLOLW\ZKHUHDZHLJKEULGJHLV
ORFDWHG²SHUNJRUSDUWWKHUHRI
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
&KDUJH
&RGHV
&/867(5
81,7
7$5,))
&$FFHSWDQFHRI¶9(5</,*+7·62/,':$67(DW6SULQJILHOG7UDQVIHU6WDWLRQ
EHLQJZDVWHZLWKDPDVVRIDSSUR[LPDWHO\NJSHUFXELFPHWUH²SHUNJRU
SDUWWKHUHRI
173
3UHVHQW7DULII 7DULII([FOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ 7DULII,QFOXGLQJ
([FOXGLQJ9DW
9DW
9DW
9DW
9DW
5
5
5
5
5
%$FFHSWDQFHRI¶/,*+7·62/,':$67(DW6SULQJILHOG7UDQVIHU6WDWLRQEHLQJ
ZDVWHZLWKDPDVVRIDSSUR[LPDWHO\NJSHUFXELFPHWUH²SHUNJRUSDUW
WKHUHRI
'HVFULSWLRQ
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQVLQJDQG6ROLG:DVWH
5HIXVH&ROOHFWLRQDQG'LVSRVDO
"
&/867(5
81,7
7$5,))
H3URSHUW\YDOXHJUHDWHUWKDQ5DQGOHVVWKDQRUHTXDOWR
I3URSHUW\YDOXHJUHDWHUWKDQ5DQGOHVVWKDQRUHTXDOWR
J3URSHUW\YDOXHJUHDWHUWKDQ
174
G3URSHUW\YDOXHJUHDWHUWKDQ5DQGOHVVWKDQRUHTXDOWR
%\FRQWUDFW
F3URSHUW\YDOXHJUHDWHUWKDQ5DQGOHVVWKDQRUHTXDOWR
5HPRYDORIUHIXVHIURPQRQGRPHVWLFSURSHUWLHV
1R&KDUJH
%\FRQWUDFW
1R&KDUJH
%\FRQWUDFW
1R&KDUJH
%\FRQWUDFW
1R&KDUJH
%\FRQWUDFW
1R&KDUJH
$ %
&
%
&
&
&
&
'()*-,()*/.
'()*+,()*-.
'()*-,()*/.
'()*/,()*0.
'()*0,()*1.
E3URSHUW\YDOXHJUHDWHUWKDQ5DQGOHVVWKDQRUHTXDOWR
D3URSHUW\YDOXHOHVVWKDQRUHTXDOWR5
5HPRYDORI'RPHVWLF5HIXVHIURPDOOSUHPLVHVZKHWKHUUDWHDEOHRUQRQUDWHDEOH
XVHGIRUGRPHVWLFUHVLGHQWLDOSXUSRVHVLQFOXGLQJXQRFFXSLHGSURSHUWLHVZLWKD
FROOHFWLRQRIEDJVRQDRQFHDZHHNEDVLVLQDFFRUGDQFHZLWK6HFWLRQSHU
PRQWKRUSDUWWKHUHRI
#
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
&OHDQLQJDQG6ROLG:DVWH
!"
3
"
!
175
D¬'LVSRVDORIWUDGHHIIOXHQWIURPZLWKLQWKH&RXQFLO·VDUHDRIMXULVGLFWLRQGHOLYHUHGE\
SULYDWHURDGWDQNHUWR&RXQFLOIDFLOLWLHVXVLQJWKHDSSOLFDEOHIRUPXODEHORZ
7KHFKDUJHVIRUDQ\VHZDJHGHOLYHUHGIRUGLVSRVDOWRDQ\&RXQFLOIDFLOLWLHVVKDOOEHDVVHVVHG
E\DQDXWKRULVHGRIILFHULQDFFRUGDQFHZLWKWKHSUHVFULEHGWDULIIRIFKDUJHV
$%' & ()% '
6XFKFKDUJHLQWHUPVRIDEDQGFVKDOOEHLQFUHDVHGE\LIWKHZRUNLVH[HFXWHG
RYHUDZHHNHQGLIGHHPHGQHFHVVDU\E\WKH'HSXW\+HDG2SHUDWLRQVRUDWWKHUHTXHVWRI
WKHDSSOLFDQW
F,QVSHFWLRQRI&RQQHFWLQJ6HZHU/DLGE\2WKHUV3HU,QVSHFWLRQ
G$GGLWLRQDO&KDUJHV
)RUWKHUHPRYDORIHDFKFRQQHFWLRQWRJHWKHUZLWKDOOUHLQVWDWHPHQWRIURDGVIRRWSDWKVNHUEV
DQGFKDQQHOVUHQGHUHGQHFHVVDU\WKHUHE\
E5HPRYDORI&RQQHFWLRQ
)8//&267
LY¬¬)RUDVHFRQGRUVXEVHTXHQWFRQQHFWLQJIRXOZDWHUVHZHUKDYLQJDOHQJWK
JUHDWHUWKDQPHWUHV
)8//&267
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
LLL¬)RUFRQQHFWLQJIRXOZDWHUVHZHUVKDYLQJGLDPHWHUJUHDWHUWKDQPP
QRPLQDOGLDPHWHU
DPPQRPLQDOGLDPHWHU&RQQHFWLRQ
EPPQRPLQDOGLDPHWHUFRQQHFWLRQ
LL)RUDVHFRQGRUVXEVHTXHQWFRQQHFWLQJIRXOZDWHUVHZHUXSWRDQGLQFOXGLQJ
PHWUHVLQOHQJWK
$%&%%%'
D¬&RQQHFWLRQ&KDUJH
L¬¬¬¬¬)RUILUVWFRQQHFWLQJIRXOZDWHUVHZHU
DPPQRPLQDOGLDPHWHUFRQQHFWLRQ
EPPQRPLQDOGLDPHWHUFRQQHFWLRQ
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
3
"
!
176
LL¬H[FHHGVNLOROLWUHPRQWKEXWGRHVQRWH[FHHG¬NLOROLWUHPRQWKPRQWKO\WDULII
D&RQWURODQG5HJXODWRU\0RQLWRULQJZKHUHWKHYROXPHRIWUDGHHIIOXHQW
LGRHVQRWH[FHHGNLOROLWUHPRQWKPRQWKO\WDULII
$FKDUJHIRUWKHUHFRYHU\RIFRVWVLQFXUUHGE\WKH&RXQFLOIRUWUDGHHIIOXHQWFRQWURODQG
PRQLWRULQJRISHUPLWKROGHUVZKRGLVSRVHRIWUDGHHIIOXHQWLQWRWKH&RXQFLOVHZHU
$&KDUJHSD\DEOHE\DQ\SHUVRQLQWKHIRUPRIDJHQHUDOVXUFKDUJHRQWKHSUHVFULEHG
WDULIIUDWHVIRUXVHRIWKHVHZDJHGLVSRVDOV\VWHPVKRXOGWKHUHEHDQ\SURKLELWLRQRUUHVWULFWLRQLQ
WKHFRQVXPSWLRQRUXVHRIZDWHU
%
'
¬$FKDUJHSD\DEOHE\DQ\SHUVRQLQUHVSHFWRIDPLQLPXPYROXPHRIVHZDJH
LL¬GHOLYHUHGE\SULYDWHURDGKDXODJHLQGUXPVSHUGUXPRIFDSDFLW\QRW
H[FHHGLQJOLWUHV
12&+$5*(
12&+$5*(
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
L¬¬GHOLYHUHGE\SULYDWHURDGWDQNHUSHUNLOROLWUHPHDVXUHGDVWKHQRPLQDOFDUU\LQJ
FDSDFLW\RIWKHWDQNHU
E¬'LVSRVDORIGRPHVWLFHIIOXHQWIURPZLWKLQRUZLWKRXWWKH&RXQFLO
VDUHDRIMXULVGLFWLRQWR
&RXQFLOIDFLOLWLHV
DEFG SRUWLRQRIFRVWVGLUHFWO\UHODWHGWRWKHUHPRYDORIWKHVHVSDUDPHWHUVGXULQJWUHDWPHQW
SURFHVV
& SURSRVHGUDWHSHUNO
9 WDQNHUYROXPH
62/ 6HDRXWIDOOOLPLW
&2' &KHPLFDO2[\JHQ'HPDQG66 6HWWOHDEOH6ROLGV6 6XOSKLGH7R[ 7R[LFLW\
7L PRQWKO\WUDGHHIIOXHQWWDULII
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
3
"
!
E$FKDUJHSD\DEOHLQUHVSHFWRIDSLSHOLQHLQVSHFWLRQ
&KDUJHVSD\DEOHLQUHVSHFWRI
D/DERUDWRU\VDPSOLQJDQDO\VLVDQGLQWHUSUHWDLRQ
$VK
2UJDQLFV
$&3LSHV)XOO
$'0,&RORXU
$ONDOLQLW\
$ONDOLQLW\'LJHVWHU
$PPRQLD
%LRORJLFDO2[\JHQ'HPDQG%2'
%7(;*&06TXDQWLWDWLYH
177
D$FKDUJHSD\DEOHE\DSHUVRQZKRGLVSRVHVRIDQREMHFWLRQDEOHGLVFKDUJHV
UHIHUUHGWRLQ
LL¬H[FHHGVNOPRQWKEXWGRHVQRWH[FHHG¬NOPRQWK7DULIISHU
DVVHVVPHQW
LLLH[FHHGV¬NOPRQWK7DULIISHUDVVHVVPHQW
H,VVXHRID\HDUWUDGHHIIOXHQWSHUPLWZKHUHWKHYROXPHRIWKHWUDGHHIIOXHQW
L'RHVQRWH[FHHGDQGLQFOXGHVNOSHUPRQWK
LL([FHHGVNOSHUPRQWK
LH[FHHGVNOPRQWKEXWGRHVQRWH[FHHGNOPRQWK7DULIISHU
DVVHVVPHQW
G$VVHVVPHQWRIYROXPHRIWUDGHHIIOXHQWDVDSHUFHQWDJHRIZDWHUFRQVXPSWLRQ
ZKHUHWKHYROXPHRIWUDGHHIIOXHQW
)8//&267
)8//&267
)8//&26725%<$*5((0(17
)8//&26725%<$*5((0(17
)8//&267
F$XGLWRILQGXVWU\DVGHHPHGQHFHVVDU\LQWHUPVRIQHZILYH\HDUWUDGHHIIOXHQW
SHUPLW
)8//&267
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
E$GGLWLRQDOFRQWURODQGUHJXODWRU\PRQLWRULQJDVGHHPHGQHFHVVDU\E\DQ
DXWKRULVHGRIILFHU
LYH[FHHGV¬NLOROLWUHPRQWKPRQWKO\WDULII
LLLH[FHHGV¬NLOROLWUHPRQWKEXWGRHVQRWH[FHHG¬NLOROLWUHPRQWK
PRQWKO\WDULII
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
3
"
&KHPLFDO2[\JHQ'HPDQG&2'
&KORULGH
&RORXU+D]HQ
&RQGXFWLYLW\
&RUURVLYLW\
&\DQLGHWHVWNLW
'LVVROYHGRUJDQLFFDUERQ'2&
'LVVROYHG2[\JHQ'2
)DOORXWGXVW
)OXRULGH
)UHH&KORULQH
/HDGLQVPRNH
0LQHUDO9HJHWDEOHRLOV
1LWUDWHV
1LWUDWHV1LWULWHV
1LWULWHV
2UJDQLFVROLGV
2UWKRSKRVSKDWH
S+
3KHQRO
392[\JHQDEVRUEHG
6DOLQLW\
6HWWOHDEOH6ROLGV
6OXGJHYROXPHLQGH[
6PRNH
6RGLXPDEVRUSWLRQUDWLR
6XJDUV
6XOSKDWH
6XOSKLGH
6XOSKXU'LR[LGH
6XVSHQGHG6ROLGV
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
!
178
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
3
"
7'6
7RWDO&KORULQH
7RWDO+DUGQHVV
7RWDO.MHOGDKO1LWURJHQ
7RWDO1LWURJHQ
7RWDO3KRVSKDWH
7RWDO6ROLGV
7ULKDORPHWKDQH3URILOH
7XUELGLW\
9RODWLOHDFLGV
9RODWLOH2UJDQLF&RPSRXQGV
:DYHOHQJWKVFDQ²QP
$OXPLQLXP
$UVHQLF
&DGPLXP
&DOFLXP
&KURPH
&RSSHU
,URQ
,URQTXDOLWDWLYH
/HDG
0DJQHVLXP
0DQJDQHVH
0HUFXU\
1LFNHO
3RWDVVLXP
6HOHQLXP
6LOLFRQ
6LOYHU
6RGLXP
7LQ
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
!
179
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
3
"
!
180
I(PSW\LQJRIVHSWLFDQGFRQVHUYDQF\WDQNV3HUORDGRUSDUWWKHUHRIVHUYLFH
VXEMHFWWRDYDLODELOLW\RIWDQNHUVDQGDFFHVVLELOLW\RIVLWH
HWUDGHHIIOXHQWFRQWURODQGPRQLWRULQJRIFRQVXPHUVZKRGLVSRVHWUDGHHIIOXHQWLQWRD
VHZDJHGLVSRVDOV\VWHPQRWYHVWHGLQWKH&RXQFLO
=LQF
$VFDULV
&KORURSK\OO
&ROLSKDJHV
(QWHURFRFFXV
(VFKHULFKLDFROLIRUP
3VHXGRPRQDV
6DOPRQHOOD
6$66
6OXGJH²0LFURVFRS\5SHUKRXU
6WDSK\ORFRFFXV
7RWDO&ROLIRUP
7RWDO2UJDQLVPV
7R[LFLW\
9LEULRFKROHUDH
<HDVWVDQG0RXOGV
'LOXWLRQRI6DPSOH
'LJHVWLRQRI6DPSOH
7&/3RI6OXGJH
6DPSOHFROOHFWLRQ5KRXU
,QWHUSUHWDWLRQRI/DERUDWRU\5HVXOWV
%DVLFSRWDEOH
%DVLFVHHSDJH
%DVLFVHHSDJHPLFURELRORJ\
EGHVLJQGUDZLQJVFUXWLQ\DQGVSHFLDOLVWDGYLFH
FVDOHRIQRQSRWDEOHZDWHU
GVDOHRIFRPSRVWDQGJURZLQJPHGLXP
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
%<$*5((0(17
)8//&267
%<$*5((0(17
%<$*5((0(17
%<$*5((0(17
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
3
"
!
181
LSHUHPSW\LQJRISLWODWULQHH[FOXGLQJGXDORUGRXEOHSLW9,3ODWULQHVRQFHLQ
\HDUVLQWHUPVRIWKHF\FOLFDO\HDUHPSW\LQJSURJUDPPH
E&KDUJHLQUHVSHFWRIFOHDUDQFHRISLWODWULQH
D&KDUJHLQUHVSHFWRIWKHFOHDULQJDQGREVWUXFWLRQLQDSULYDWHLQWHUQDOZDWHUERUQH
VHZDUDJHLQVWDOODWLRQVHUYLFHVXEMHFWWRDFFHVVDELOLW\RIVLWH
L,VOHVVWKDQDQGHTXDOWRNOGD\PRQWKO\WDULII
LLH[FHHGVNOGD\EXWGRHVQRWH[FHHGNOGD\PRQWKO\WDULII
LLLH[FHHGVNOGD\EXWGRHVQRWH[FHHGNOGD\PRQWKO\WDULII
LYH[FHHGVNOGD\EXWOHVVWKDQNOGD\PRQWKO\WDULII
N$GGLWLRQDO5HJXODWRU\DQG0RQLWRULQJFRVWVIRU
L1HZDQGH[LVWLQJSODQWVWRHQVXUHFRPSOLDQFH
LL&RVWVIRUSODQWVZLWK:DWHU6HUYLFHV3URYLGHUDJUHHPHQWVPRQWKO\WDULII
O$GGLWLRQDO7DULIIIRU0HWDO)LQLVKLQJ,QGXVWU\
L)RULQGXVWU\ZLWKRXWOHDGDQGF\DQLGH7(3HUVDPSOH
LL)RULQGXVWU\ZLWKOHDGDQGF\DQLGH7(3HUVDPSOH
7% '%()./8
M$GGLWLRQDO5HJXODWRU\DQG0RQLWRULQJFRVWVIRUSODQWVZLWKEDQNJXDUDQWHHVZKHUHWKH
WUHDWHGFDSDFLW\RIWKHSODQW
12&+$5*(
)8//&267
12&+$5*(
12&+$5*(
%<$*5((0(1725)8//&267
%<$*5((0(17
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
L,VOHVVWKDQDQGHTXDOWRNOGD\PRQWKO\WDULII
LLH[FHHGVNOGD\EXWGRHVQRWH[FHHGNOGD\PRQWKO\WDULII
LLLH[FHHGVNOGD\EXWGRHVQRWH[FHHGNOGD\PRQWKO\WDULII
LYH[FHHGVNOGD\EXWOHVVWKDQNOGD\PRQWKO\WDULII
L$FKDUJHIRUUHFRYHU\RIFRVWVLQFXUUHGE\WKH&RXQFLOIRUWKHFRQWURODQGPRQLWRULQJRIWKH
RSHUDWLRQRISULYDWHO\RZQHGVHZDJHWUHDWPHQWSODQWVZKHUHWKHWUHDWHGHIIOXHQWLV
GLVFKDUJHGGLUHFWO\WRDQDWXUDOZDWHUFRXUVHRUWKURXJKVXUIDFHLUULJDWLRQ5HJXODWRU\DQG
PRQLWRULQJZKHUHWKHWUHDWHGFDSDFLW\RIWKHSODQW
K$FKDUJHSD\DEOHE\DQ\SHUVRQIRUDQ\VHUYLFHUHQGHUHGRUJRRGVVROGIRUZKLFK
WKHUHLVQRDSSOLFDEOHSUHVFULEHGWDULIIUDWH
J3XEOLFDZDUHQHVVHGXFDWLRQDQGFRPPXQLFDWLRQVHUYLFHV
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
3
"
182
LSHUHPSW\LQJRIXULQHGLYHUVLRQWRLOHWVRQFHLQ\HDUVLQWHUPVRIWKHF\FOLFDO\HDU
HPSW\LQJSURJUDPPH
G&KDUJHLQUHVSHFWRIFOHDUDQFHRI8ULQHGLYHUVLRQWRLOHWV
F,QVSHFWLRQDQGWHVWLQJRIWKHGUDLQDJHLQVWDOODWLRQRQWKHZULWWHQDSSOLFDWLRQRIWKH
RZQHURIWKHSUHPLVHVRUDVGHHPHGQHFHVVDU\E\DQDXWKRULVHGRIILFHU
LLLSHUHPSW\LQJRIRQHVLQJOHSLWODWULQHH[FOXGLQJGXDORUGRXEOHSLW9,3ODWULQHV
DIWHUIUHHSURJUDPVHUYLFHDQGEHIRUHWKHQH[WSURJUDP6HUYLFHVXEMHFWWR
DFFHVVLELOLW\RIVLWHDQGDYDLODELOLW\RISODQW
12&+$5*(
)8//&267
$ 4" " " "
&
&
4"&
&
&
*+,-./+,-01
*+,-0/+,-21
*+,-5/+,-61
*+,-6/+,-.1
*+,-6/+,-.1
!
LLSHUHPSW\LQJRISLWODWULQHH[FOXGLQJGXDORUGRXEOHSLW9,3ODWULQHVSULRUWRWKH
ILUVWHPSW\LQJRIWKHSLWDVSDUWRIWKH\HDUF\FOLFDOHPSW\LQJSURJUDPPH6HUYLFH
VXEMHFWWRDFFHVVLELOLW\RIVLWHDQGDYDLODELOLW\RISODQW
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"#
*
H0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVSHUNO
F0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVXSWRNOVPRQWKSHUNO
G0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVXSWRNOVPRQWKSHUNO
H0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVXSWRNOVPRQWKSHUNO
182
E0RQWKO\FRQVXPSWLRQXSWRNOVSHUNOIRUSURSHUW\UDWHDEOHYDOXHV
JUHDWHUWKDQ5
D0RQWKO\FRQVXPSWLRQXSWRNOVSHUNOIRUSURSHUW\UDWHDEOHYDOXHVOHVV
WKDQRUHTXDOWR5
)RUH[FOXVLYHGRPHVWLFFRQVXPSWLRQZKHUHDOORUSDUWRIWKHZDWHUWKURXJKD
FRQQHFWLRQLVVXSSOLHGZLWKRXWWKHLQWHUYHQWLRQRILQGLYLGXDOEUHDNSUHVVXUH
WDQNVVXSSOLHGE\WKHH7KHNZLQL0XQLFLSDOLW\SHUGZHOOLQJXQLWFDOFXODWHGRQD
GDLO\EDVLV
G0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVXSWRSHUNO
1LO
1LO
1LO
1LO
1LO
1LO
1LO
1LO
1LO
1LO
- . . !"#$%&"#$'(
!"#$'&"#$)(
!"#$/&"#$0(
!"#$0&"#$%(
!"#$0&"#$%(
F0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVXSWRSHUNO
E0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVXSWRNOVSHUNO
D0RQWKO\FRQVXPSWLRQXSWRNOVSHUPRQWKSHUNO
)RUH[FOXVLYHGRPHVWLFFRQVXPSWLRQZKHUHDOOZDWHULVFRQVXPHGWKURXJKD
EUHDNSUHVVXUHWDQNVXSSOLHGE\WKHH7KHNZLQL0XQLFLSDOLW\SHUFRQQHFWLRQ
FDOFXODWHGRQDGDLO\EDVLV
+,
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 *
D/HVVWKDQRUHTXDOWRPP
E*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
F*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
G*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
H*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
I*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
J*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
K*UHDWHUWKDQPP
183
LL0RQWKO\IL[HGFKDUJHFDOFXODWHGRQDGDLO\EDVLVEDVHGRQFRQQHFWLRQVL]H
PP
L&RQVXPSWLRQSHUNLOROLWUH
)RUDOORWKHUFODVVHVRIFRQVXPHURWKHUWKDQGRPHVWLFFRQVXPHUV
I0RQWKO\FRQVXPSWLRQJUHDWHUWKDQNOVSHUPRQWKSHUNO
+,
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 - . . !"#$%&"#$'(
!"#$'&"#$)(
!"#$/&"#$0(
!"#$0&"#$%(
!"#$0&"#$%(
* &/867(5
81,7
!
"#$%1'#$%&)
!
"#$%&'#$%()
SHUFHQWRI SHUFHQWRI SHUFHQWRI SHUFHQWRI SHUFHQWRI
WKHFRPELQHG
WKHFRPELQHG
WKHFRPELQHG
WKHFRPELQHG
WKHFRPELQHG
GHSRVLWIRU
GHSRVLWIRU
GHSRVLWIRU
GHSRVLWIRU
GHSRVLWIRU
HOHFWULFLW\DQG
HOHFWULFLW\DQG
HOHFWULFLW\DQG
HOHFWULFLW\DQG
HOHFWULFLW\DQG
ZDWHUDV
ZDWHUDV
ZDWHUDV
ZDWHUDV
ZDWHUDV
GHWHUPLQHGE\ GHWHUPLQHGE\ GHWHUPLQHGE\ GHWHUPLQHGE\ GHWHUPLQHGE\
WKH&)2
WKH&)2
WKH&)2
WKH&)2
WKH&)2
IRUDGRPHVWLFVHPLSUHVVXUHZDWHUVXSSO\WHQDQW
IRUDQRQGRPHVWLFIXOOSUHVVXUHZDWHUVXSSO\
PP
PP
PP
PP
&RQQHFWLRQFKDUJHEDVHGRQFRQQHFWLRQVL]H
IRUDGRPHVWLFVHPLSUHVVXUHZDWHUVXSSO\RZQHU
)RUDGRPHVWLFIXOOSUHVVXUHZDWHUVXSSO\WHQDQW
!
"#$%0'#$%1)
184
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
)RUDGRPHVWLFIXOOSUHVVXUHZDWHUVXSSO\RZQHU
,QLWLDOGHSRVLWIRUWKHVXSSO\RIZDWHURQHDQGDKDOIPRQWK
VHVWLPDWHG
FRQVXPSWLRQIRUFRQVXPHUVZKRRZQSUHPLVHVDQGVL[PRQWK
VHVWLPDWHG
FRQVXPSWLRQIRUFRQVXPHUVZKRDUHWHQDQWVPXOWLSOLHGE\WKHDSSURSULDWH
WDULII
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
* &/867(5
81,7
5HORFDWLRQFKDUJHGRPHVWLFWDQN
185
'XHWRQRQSD\PHQWRUSD\PHQWLUUHJXODULW\VXFKSD\PHQWWREHUHIXQGHG
VXEMHFWWRDOOPRQLHVRXWVWDQGLQJEHLQJSDLGRQWKHVDPHGD\DVWKH
GLVFRQQHFWLRQDQGSURYLGHGWKHVXSSO\KDVQRWEHHQVLPLODUO\GLVFRQQHFWHG
GXULQJWKHSUHYLRXVWKUHHPRQWKV
&XWWLQJRIIRUUHVWULFWLRQRIWKHZDWHUVXSSO\
5HVWULFWHGVWDQGSLSHFRQQHFWLRQ
1RWH2Q&RXQFLODXWKRULVHGWKH+HDG:DWHUDQG6DQLWDWLRQWR
ZDLYHWKH'RPHVWLF*URXQG7DQNFRQQHFWLRQIHHVZLWKLQWKHYDULRXV5XUDO
DQG,QIRUPDO6HWWOHPHQWZDWHUSURMHFWVZKLFKDUHFXUUHQWO\LQSURJUHVVDQG
ZKLFKZLOOEHXQGHUWDNHQLQWKHIXWXUH
&RQQHFWLRQFKDUJHGRPHVWLFWDQN
)XOO&RVW
6HPLSUHVVXUHFRQQHFWLRQ
)XOO&RVW
0RUHWKDQPP
)XOO&RVW
VXUFKDUJH
)XOO&RVW
PP
)XOO&RVW
&RQQHFWLRQLQH[FHVVRIPIRUHYHU\PRUSDUWWKHUHRISURYLGHGWKDW
LQDQ\0XQLFLSDO+RXVLQJVFKHPHWKHFRQQHFWLRQIHHPD\DWWKHGLVFUHWLRQRI VXUFKDUJH
WKHDXWKRULVHGGHOHJDWHEHFKDUJHGDWIXOOFRVW
)XOO&RVW
PP
)XOO&RVW
)XOO&RVW
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
PP
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
VXUFKDUJH
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
!
"#$%0'#$%1)
VXUFKDUJH
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
!
"#$%1'#$%&)
VXUFKDUJH
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
!
"#$%&'#$%()
* &/867(5
81,7
$VSHU,WHP
&KDUJHIRUXSVL]LQJRIFRQQHFWLRQEDVHGRQFRQQHFWLRQVL]H
1LO
1LO
(DFKFRPPXQLFDWLRQSLSH
(DFKPHWHU
186
1LO
&KDQJHLQVL]HRIPHWHUDWDXWKRULVHGGHOHJDWH
VGLVFUHWLRQ
:DWHUDYDLODELOLW\FKDUJH
1LO
1LO
$IWHUFXWWLQJRIIGXHWRQRQSD\PHQWRIPRQLHVGXHWKHZDWHUVXSSO\
EHLQJUHLQVWDWHGRQWKHGD\IROORZLQJWKDWRQZKLFKSD\PHQWLVPDGH
$IWHUFXWWLQJRIIGXHWRQRQSD\PHQWRIPRQLHVGXHVXFKPRQLHVKDYLQJ
EHHQSDLGRQWKHVDPHGD\DVWKHGLVFRQQHFWLRQZDVHIIHFWHGSURYLGHGWKDW
WKHVXSSO\KDVQRWEHHQVLPLODUO\GLVFRQQHFWHGGXULQJWKHSUHYLRXVPRQWKV
$IWHUFXWWLQJRIIRUUHVWULFWLRQGXHWRFRQWUDYHQWLRQRIZDWHUUHVWULFWLRQ
QRWLFH
$IWHUGLVFRQQHFWLRQDWFRQVXPHU
VUHTXHVW
5HVWRUDWLRQRUUHLQVWDWHPHQWRIZDWHUVXSSO\
6XEMHFWWRLWHPDQGDIWHUFXWWLQJRIIRUUHVWULFWLRQGXHWRQRQ
SD\PHQWRIPRQLHVGXHRUEUHDFKRI%\ODZV
1LO
1LO
$VSHU,WHP
1LO
1LO
1LO
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
'XHWRLOOHJDOUHFRQQHFWLRQRIZDWHUVXSSO\
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
1LO
1LO
$VSHU,WHP
1LO
1LO
1LO
!
"#$%0'#$%1)
1LO
1LO
$VSHU,WHP
1LO
1LO
1LO
!
"#$%1'#$%&)
1LO
1LO
$VSHU,WHP
1LO
1LO
1LO
!
"#$%&'#$%()
8VHRIK\GUDQWPHWHUSHUKRXU
:$76&&
PP0HWDO
PP0HWDO
PP0HWDO
PP0HWDO
PP0HWDO
PP0HWDO
PP
PP0HWDO
PP3ODVWLF
187
6XSHUYLVLRQRIK\GUDQWPHWHUSHUKRXURUSDUWWKHUHRI
:$76&&
7HVWLQJRIZDWHUPHWHUV
PP
1LO
PP
1LO
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
'HSRVLWIRUK\GUDQWPHWHU&DS
Q7DSZKLFKLVUHIXQGDEOHXSRQUHWXUQRIWKH
PHWHU
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
PP
* &/867(5
81,7
1LO
!
"#$%0'#$%1)
1LO
!
"#$%1'#$%&)
1LO
!
"#$%&'#$%()
188
1LO
$GGLWLRQVWRH[LVWLQJLQVWDOODWLRQV
PP
0RQWKO\GLVWULEXWLRQFKDUJHSD\DEOHSHUVXEPHWHU
([WHQVLRQRIYDOLGLW\RIDSSURYDORILQVWDOODWLRQZRUNSHU\HDU
3HUPLVVLRQIRUSULYDWHSHUVRQVWRFDUU\RXWLQVWDOODWLRQZRUN
5HJLVWUDWLRQRIFRQWUDFWRU
5HQHZDORIFRQWUDFWRU
VUHJLVWUDWLRQ
:$76&&
:$76&&
:$76&&
&KDUJHIRUWKHLQVWDOODWLRQRIDZDWHUPHWHULQDZDWHULQVWDOODWLRQ
1LO
1LO
1LO
1LO
1LO
)XOOFRVW
)XOOFRVW
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
$OWHUDWLRQVWRH[LVWLQJLQVWDOODWLRQV
0XOWLSOHGZHOOLQJXQLWVDQGRWKHULQVWDOODWLRQV
6LQJOHGZHOOLQJXQLW
$SSURYDORILQVWDOODWLRQZRUN
,QWKRVHLQVWDQFHVZKHUHWKHPHWHULVIRXQGWREHGHIHFWLYHWKHPHWHUWHVWIHH
SDLGE\WKHFRQVXPHUZLOOEHUHIXQGHGLQIXOO
*UHDWHUWKDQPP
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
DQGPP
:$76&&
* &/867(5
81,7
1LO
1LO
1LO
)XOOFRVW
!
"#$%0'#$%1)
1LO
1LO
1LO
)XOOFRVW
!
"#$%1'#$%&)
1LO
1LO
1LO
)XOOFRVW
!
"#$%&'#$%()
189
6XSSO\RI6FKHGXOHRIDFFHSWHGSLSHVDQGZDWHUILWWLQJV
:$76&&
3UHVVXUHDQGIORZWHVW
2XWVLGHQRUPDOZRUNLQJKRXUVDWFRQVXPHU
VUHTXHVW
'XULQJQRUPDOZRUNLQJKRXUV
/RFDWLQJDFRQVXPHU
VSLSHDQGWUDFLQJOHDNVDWWKHGLVFUHWLRQRIWKH
+HDG:DWHUDQG6DQLWDWLRQ
&KDQJHRIPHWHURXWVLGHQRUPDOZRUNLQJKRXUVDWFRQVXPHU
VUHTXHVW
1LO
GD\SUHVVXUHUHFRUGLQJ
5HSODFHPHQWRIEURNHQK\GUDQWVHDO
KRXUSUHVVXUHUHFRUGLQJ
3UHVVXUH7HVWV
1LO
5HQHZDORIDSSURYDORIILWWLQJV
:$76&&
1LO
5HLQVSHFWLRQDIWHUGLVLQIHFWLRQDQGWHVWLQJ
$SSOLFDWLRQIRUDSSURYDORIILWWLQJV
5HSODFHPHQWRIFHUWLILFDWHVRIUHJLVWUDWLRQ
:$76&&
:$76&&
5HQHZDORIUHVSRQVLEOHSOXPEHU
VUHJLVWUDWLRQ
:$76&&
1LO
1LO
1LO
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
5HJLVWUDWLRQRIUHVSRQVLEOHSOXPEHU
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
:$76&&
* &/867(5
81,7
1LO
1LO
1LO
!
"#$%0'#$%1)
1LO
1LO
1LO
!
"#$%1'#$%&)
1LO
1LO
1LO
!
"#$%&'#$%()
* &/867(5
81,7
190
)XOO&RVW
'LVWDQFHH[FHHGLQJPLQFOXGLQJWKHUHORFDWLRQRIWKHK\GUDQWWHH
DPP
EPP
FPP
GPP
HPP
IPP
'LVWDQFHQRWH[FHHGLQJPIRUPHWHUVL]H
5HVLWLQJRIZDWHUPHWHULQFOXGLQJGRZQVL]LQJRIPHWHU
)XOO&RVW
'LVWDQFHQRWH[FHHGLQJP
'DPDJHGILUHK\GUDQW
'LVWDQFHH[FHHGLQJPLQFOXGLQJWKHUHORFDWLRQRIWKHK\GUDQWWHH
)XOO&RVW
)XOO&RVW
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
'LVWDQFHQRWH[FHHGLQJP
5HVLWLQJRIILUHK\GUDQW
,QWKRVHLQVWDQFHVZKHUHWKHZDWHUOHDNLVIRXQGWREHIURPD&RXQFLO
LQVWDOODWLRQWKHQWKHIHHSDLGE\WKHFRQVXPHUZLOOEHUHIXQGHGLQIXOO
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
)XOO&RVW
)XOO&RVW
!
"#$%0'#$%1)
)XOO&RVW
)XOO&RVW
!
"#$%1'#$%&)
)XOO&RVW
)XOO&RVW
!
"#$%&'#$%()
:$76&&
* &/867(5
81,7
PPLQFOXGLQJSURWHFWRUER[DQGUHVWULFWRU
PP
3HQDOW\IRUFRQVXPHU
VSLSLQJQRWEHLQJLQRUGHUIRUFRQQHFWLRQWR&RXQFLO
ZDWHUPDLQRQGDWHUHTXHVWHG
PPLQFOXGLQJSURWHFWRUER[
PPLQFOXGLQJSURWHFWRUER[DQGUHVWULFWRU
PP
PP
191
5HSODFHPHQWRIVWROHQRUGDPDJHGZDWHUPHWHU
)XOO&RVW
)XOO&RVW
!
"#$%0'#$%1)
)XOO&RVW
!
"#$%1'#$%&)
)XOO&RVW
!
"#$%&'#$%()
7KHWDULIIIRUD
7KHWDULIIIRUD
7KHWDULIIIRUD
7KHWDULIIIRUD
7KHWDULIIIRUD
QHZFRQQHFWLRQ QHZFRQQHFWLRQ QHZFRQQHFWLRQ QHZFRQQHFWLRQ QHZFRQQHFWLRQ
ZLOODSSO\
ZLOODSSO\
ZLOODSSO\
ZLOODSSO\
ZLOODSSO\
)XOO&RVW
PPLQFOXGLQJSURWHFWRUER[
5HSDLULQJRIGDPDJHGZDWHUFRQQHFWLRQHTXDOWRRUOHVVWKDQPPQRPLQDO
GLDPHWHU
'LVWDQFHH[FHHGLQJP
L2YHUPP
KPP
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
JPP
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
* &/867(5
81,7
PP
)XOO3UHVVXUH
192
6HPL3UHVVXUH
5HPRYDODQGUHLQVWDWHPHQWRIIORZOLPLWHUEDVHGRQDSSOLFDWLRQVXSSRUWHGE\
DOHWWHUIURPWKH:DUG35&RXQFLOORULQWKHHYHQWRIDIXQHUDORURWKHUIXQFWLRQ
DVVRFLDWHGZLWKWKHGHDWKRIDIDPLO\PHPEHURUDIDPLO\ZHGGLQJIRUD
VSHFLILFSHULRGRIXSWRVHYHQGD\VRQO\
,QVSHFWLRQUHFWLILFDWLRQRUUHSODFHPHQWRIDQXQDXWKRULVHGGRPHVWLFZDWHU
FRQQHFWLRQGHWHFWHGE\H7KHNZLQL:DWHU6HUYLFHVDIWHUDQGZKHUH
LWFDQEHSURYHQWKDWWKHFRQQHFWLRQH[LVWHGSULRUWRDQGLVQRW
FRQQHFWHGWRDZDWHUPDLQODLGE\H7KHNZLQL0XQLFLSDOLW\
)XOO&RVW
5HPRYDORIIORZOLPLWHURQIXOOSD\PHQWRIRXWVWDQGLQJDFFRXQW
)XOO&RVW
PP
*UHDWHUWKDQPP
PP
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
PP
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
)XOO&RVW
!
"#$%0'#$%1)
)XOO&RVW
!
"#$%1'#$%&)
)XOO&RVW
!
"#$%&'#$%()
* &/867(5
81,7
$1REDFNGURS3ULQWVIURP*,6SHUSULQW
$1REDFNGURS3ULQWVIURP*,6SHUSULQW
$1REDFNGURS3ULQWVIURP*,6SHUSULQW
$1REDFNGURS3ULQWVIURP*,6SHUSULQW
$:LWKEDFNGURS3ULQWVIURP*,6SHUSULQW
$:LWKEDFNGURS3ULQWVIURP*,6SHUSULQW
$:LWKEDFNGURS3ULQWVIURP*,6SHUSULQW
$:LWKEDFNGURS3ULQWVIURP*,6SHUSULQW
$:LWKEDFNGURS3ULQWVIURP*,6SHUSULQW
$&RS\RIRULJLQDOSHUSULQW
193
$1REDFNGURS3ULQWVIURP*,6SHUSULQW
5HTXHVWIRU*,6LQIRUPDWLRQ
&DOO2XW)HH
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
5HSDLULQJOHDNVLQZDWHULQVWDOODWLRQVRQWKHSURSHUW\RIGRPHVWLFFXVWRPHUV
ZKHUHWKHZDWHUDFFRXQWLVPRUHWKDQVL[W\GD\VLQDUUHDUVDQGZKHUHWKH
DYHUDJHGDLO\ZDWHUFRQVXPSWLRQH[FHHGVWZRNLOROLWUHVSHUGD\DVDUHVXOWRI
ZDWHUOHDNV
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
!
"#$%0'#$%1)
!
"#$%1'#$%&)
!
"#$%&'#$%()
* &/867(5
81,7
3KRWRFRSLHV$SHUSULQW
3KRWRFRSLHV$SHUSULQW
0LFURILOPWRSDSHUFRSLHVSHUFRS\
3DSHUWRPLFURILOPFRSLHVSHUFRS\
6WDQGDUGGUDZLQJVSHUVHW
6WDQGDUGGUDZLQJVSHUVKHHW
6WDQGDUGGUDZLQJRQ&',IDYDLODEOH
%ODQN&''LJLWDO'DWD5HTXHVW
.LORE\WHV'LJLWDO'DWD5HTXHVW
0HJVSHU0HJ'LJLWDO'DWD5HTXHVW
0RUHWKDQ0HJVSHU0HJ'LJLWDO'DWD5HTXHVW
$6WUHHW0DS%RRN8QLFLW\3HU&RS\
$:DWHU5HWLFXODWLRQ0DS%RRN3HU&RS\SHU8QLW8QLWVLQ([LVWHQFH
3URYLVLRQ3ULQWLQJ3RVWLQJRIFRS\ZDWHUDFFRXQWVSHUDFFRXQW
194
$&RS\RIRULJLQDOSHUSULQW
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
$&RS\RIRULJLQDOSHUSULQW
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
!
"#$%0'#$%1)
!
"#$%1'#$%&)
!
"#$%&'#$%()
+RXUVRUSDUWWKHUHRI
:$7)&&
195
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRQD6XQGD\RUD3XEOLF
+ROLGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJHWDULIIDERYHLQDQGD
:$7)&& IXUWKHUWDULIISHUKRXURUSDUWWKHUHRILVOHYLHG
+LUHRI,QDQGD%
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRXWVLGHQRUPDOZRUNLQJ
KRXUVRQDZHHNGD\RURQD6DWXUGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJH
:$7)&& WDULIIDERYHLQDQGDIXUWKHUWDULIISHUSHUKRXURUSDUWWKHUHRILVOHYLHG
+RXUVRUSDUWWKHUHRI
:$7)&&
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRQD6XQGD\RUD3XEOLF
+ROLGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJHWDULIIDERYHLQDQGD
:$7)&& IXUWKHUWDULIISHUKRXURUSDUWWKHUHRILVOHYLHG
+LUHRI,QDQGD$
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRXWVLGHQRUPDOZRUNLQJ
KRXUVRQDZHHNGD\RURQD6DWXUGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJH
:$7)&& WDULIIDERYHLQDQGDIXUWKHUWDULIISHUSHUKRXURUSDUWWKHUHRILVOHYLHG
+RXUVRUSDUWWKHUHRI
:$7)&&
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
+RXUVRUSDUWWKHUHRI
+LUHRI1DJOH%RDUGURRP
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
:$7)&&
* &/867(5
81,7
!
"#$%0'#$%1)
!
"#$%1'#$%&)
!
"#$%&'#$%()
+RXUVRUSDUWWKHUHRI
:$7)&&
:$7)&&
+RXUVRUSDUWWKHUHRI
196
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRQD6XQGD\RUD3XEOLF
+ROLGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJHWDULIIDERYHLQDQGD
:$7)&& IXUWKHUWDULIISHUKRXURUSDUWWKHUHRILVOHYLHG
+LUHRI6KRQJZHQL
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRXWVLGHQRUPDOZRUNLQJ
KRXUVRQDZHHNGD\RURQD6DWXUGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJH
:$7)&& WDULIIDERYHLQDQGDIXUWKHUWDULIISHUSHUKRXURUSDUWWKHUHRILVOHYLHG
+RXUVRUSDUWWKHUHRI
:$7)&&
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRQD6XQGD\RUD3XEOLF
+ROLGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJHWDULIIDERYHLQDQGD
:$7)&& IXUWKHUWDULIISHUKRXURUSDUWWKHUHRILVOHYLHG
+LUHRI,QDQGD$%
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRXWVLGHQRUPDOZRUNLQJ
KRXUVRQDZHHNGD\RURQD6DWXUGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJH
:$7)&& WDULIIDERYHLQDQGDIXUWKHUWDULIISHUSHUKRXURUSDUWWKHUHRILVOHYLHG
+RXUVRUSDUWWKHUHRI
:$7)&&
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
+RXUVRUSDUWWKHUHRI
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
:$7)&&
* &/867(5
81,7
!
"#$%0'#$%1)
!
"#$%1'#$%&)
!
"#$%&'#$%()
+RXUVRUSDUWWKHUHRI
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
+RXUVRUSDUWWKHUHRI
:$7)&&
197
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRQD6XQGD\RUD3XEOLF
+ROLGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJHWDULIIDERYHLQDQGD
:$7)&& IXUWKHUWDULIISHUKRXURUSDUWWKHUHRILVOHYLHG
'HSRVLW
$UHIXQGDEOHGHSRVLWSD\DEOHE\DOO+LUHUVH[FHSWLQJGHSDUWPHQWVRIWKH
H7KHNZLQL0XQLFLSDOLW\
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRXWVLGHQRUPDOZRUNLQJ
KRXUVRQDZHHNGD\RURQD6DWXUGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJH
:$7)&& WDULIIDERYHLQDQGDIXUWKHUWDULIISHUSHUKRXURUSDUWWKHUHRILVOHYLHG
+RXUVRUSDUWWKHUHRI
:$7)&&
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRQD6XQGD\RUD3XEOLF
+ROLGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJHWDULIIDERYHLQDQGD
:$7)&& IXUWKHUWDULIISHUKRXURUSDUWWKHUHRILVOHYLHG
+LUHRI+D]HOPHUH
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
,QWKHHYHQWWKDWWKH7UDLQLQJ5RRPLVUHTXLUHGRXWVLGHQRUPDOZRUNLQJ
KRXUVRQDZHHNGD\RURQD6DWXUGD\WKHQLQDGGLWLRQWRWKHKLUHFKDUJH
:$7)&& WDULIIDERYHLQDQGDIXUWKHUWDULIISHUSHUKRXURUSDUWWKHUHRILVOHYLHG
:$7)&&
* &/867(5
81,7
!
"#$%0'#$%1)
!
"#$%1'#$%&)
!
"#$%&'#$%()
* &/867(5
81,7
)RUDQ\RWKHUVHUYLFHZKHUHDWDULIILVQRWVSHFLILHG
+LUHRI7UDLQLQJ6FKRROIDFLOLWLHV
+,-
+XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
198
!
"#$%0'#$%1)
!
"#$%1'#$%&)
!
"#$%&'#$%()
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
)XOO&RVW
:LWKUHIHUHQFHWR :LWKUHIHUHQFHWR :LWKUHIHUHQFHWR :LWKUHIHUHQFHWR :LWKUHIHUHQFHWR
LWHPVWRLI LWHPVWRLI LWHPVWRLI LWHPVWRLI LWHPVWRLI
DERRNLQJLV
DERRNLQJLV
DERRNLQJLV
DERRNLQJLV
DERRNLQJLV
PDGHIRUPRUH PDGHIRUPRUH PDGHIRUPRUH PDGHIRUPRUH PDGHIRUPRUH
WKDQILYH
WKDQILYH
WKDQILYH
WKDQILYH
WKDQILYH
FRQWLQXRXV
FRQWLQXRXV
FRQWLQXRXV
FRQWLQXRXV
FRQWLQXRXV
ZRUNLQJGD\VRU ZRUNLQJGD\VRU ZRUNLQJGD\VRU ZRUNLQJGD\VRU ZRUNLQJGD\VRU
PRUHWKDQWKUHH PRUHWKDQWKUHH PRUHWKDQWKUHH PRUHWKDQWKUHH PRUHWKDQWKUHH
GLIIHUHQWKLUH
GLIIHUHQWKLUH
GLIIHUHQWKLUH
GLIIHUHQWKLUH
GLIIHUHQWKLUH
SHULRGVRIWZR
SHULRGVRIWZR
SHULRGVRIWZR
SHULRGVRIWZR
SHULRGVRIWZR
GD\VRUPRUHLQD GD\VRUPRUHLQD GD\VRUPRUHLQD GD\VRUPRUHLQD GD\VRUPRUHLQD
FDOHQGDUPRQWK FDOHQGDUPRQWK FDOHQGDUPRQWK FDOHQGDUPRQWK FDOHQGDUPRQWK
WKHQDGLVFRXQW WKHQDGLVFRXQW WKHQDGLVFRXQW WKHQDGLVFRXQW WKHQDGLVFRXQW
RIPD\EH RIPD\EH RIPD\EH RIPD\EH RIPD\EH
RIIHUHG
RIIHUHG
RIIHUHG
RIIHUHG
RIIHUHG
. !
"#$%0'#$%1)
,
. !
"#$%/'#$%0)
"
#
!
LY0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOXSWRNOSHUNORI
VWDQGDUGGRPHVWLFHIIOXHQWGLVFKDUJHG
Y0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOSHUNORIVWDQGDUG
GRPHVWLFHIIOXHQWGLVFKDUJHG
LLL0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOXSWRNOSHUSHUNORI
VWDQGDUGGRPHVWLFHIIOXHQWGLVFKDUJHG
199
LL0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQXSWRNOSHUNORIVWDQGDUGGRPHVWLF
HIIOXHQWGLVFKDUJHGIRUSURSHUW\UDWHDEOHYDOXHVJUHDWHUWKDQ5
L0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQXSWRNOSHUNORIVWDQGDUGGRPHVWLF
HIIOXHQWGLVFKDUJHGIRUSURSHUW\UDWHDEOHYDOXHVOHVVWKDQRUHTXDOWR5
1LO
'LVSRVDORI6WDQGDUG'RPHVWLF(IIOXHQWZKHUHZDWHULVSURYLGHGIRUH[FOXVLYHGRPHVWLF
FRQVXPSWLRQZLWKRXWWKHLQWHUYHQWLRQRILQGLYLGXDOEUHDNSUHVVXUHWDQNVFDOFXODWHGRQD
GDLO\EDVLV
LLL0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOXSWRNOSHUNORI
VWDQGDUGGRPHVWLFHIIOXHQWGLVFKDUJHG
1LO
1LO
1LO
1LO
1LO
1LO
1LO
1LO
1LO
$ %# # # #
%#&
&
&
&
&
'()*+,()*-.
'()*-,()*/.
'()*-,()*/.
'()*/,()*0.
'()*0,()*1.
LL0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOXSWRNOSHUNORI
VWDQGDUGGRPHVWLFHIIOXHQWGLVFKDUJHG
L0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQXSWRNOSHUNORIVWDQGDUGGRPHVWLF
HIIOXHQWGLVFKDUJHG
'LVSRVDORI6WDQGDUG'RPHVWLF(IIOXHQWZKHUHZDWHULVSURYLGHGIRUH[FOXVLYHGRPHVWLF
FRQVXPSWLRQWKURXJKDEUHDNSUHVVXUHWDQNFDOFXODWHGRQDGDLO\EDVLV
!## &/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"
"
#
200
'LVSRVDORI7UDGH(IIOXHQWWRWKHVHZDJHGLVSRVDOV\VWHPH[FOXGLQJGLUHFWGLVFKDUJHWRD
VHDRXWIDOOSHUNLOROLWUHRIWUDGHHIIOXHQWGLVFKDUJHG
!#
2"##3"2#4!
5""#4#53%!""4%#"6
L3HUNORIVWDQGDUGGRPHVLFHIIOXHQWGLVFKDUJHG
D/HVVWKDQRUHTXDOWRPP
E*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
F*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
G*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
H*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
I*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
J*UHDWHUWKDQPPEXWOHVVWKDQRUHTXDOWRPP
K*UHDWHUWKDQPP
YL0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOSHUNORIVWDQGDUG
GRPHVWLFHIIOXHQWGLVFKDUJHG
'LVSRVDORI6WDQGDUG'RPHVWLF(IIOXHQWZKHUHZDWHULVSURYLGHGIRUDOORWKHUFODVVHVRI
FRQVXPHURWKHUWKDQGRPHVWLFFRQVXPHUV
Y0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOXSWRNOSHUNORI
VWDQGDUGGRPHVWLFHIIOXHQWGLVFKDUJHG
$ %# # # #
%#&
&
&
&
&
'()*+,()*-.
'()*-,()*/.
'()*-,()*/.
'()*/,()*0.
'()*0,()*1.
!
LY0RQWKO\ZDWHUFRQVXPSWLRQSHUFRQQHFWLRQJUHDWHUWKDQNOXSWRNOSHUNORI
VWDQGDUGGRPHVWLFHIIOXHQWGLVFKDUJHG
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"
"
#
!
201
)RUGZHOOLQJKRXVHVDQGXQLWVZLWKLQDVHFWLRQDOWLWOHRUVKDUHEORFNGHYHORSPHQWZKHUHWKH
GHYHORSPHQWGRHVQRWH[FHHGVWRULHVLQKHLJKWZKHUHZDWHULVSURYLGHGIRUH[FOXVLYH
GRPHVWLFFRQVXPSWLRQ
!#"### !
3#!
'LVSRVDORI7UDGH(IIOXHQWZKHUHWKHWUDGHHIIOXHQWLVGLVFKDUJHGGLUHFWO\WRDVHDRXWIDOO
0LQLPXPYROXPHFKDUJHIRUKLJKVWUHQJWKVHZDJHDSSOLHVZKHQYROXPHRIKLJKVWUHQJWK
VHZDJHGRHVQRWH[FHHGVSHFLILHGPLQLPXPYROXPH
$GGLWLRQDOFKDUJHVIRUGLVSRVDORIKLJKVWUHQJWKVHZDJHWR6HZDJH'LVSRVDO6\VWHP
+DPPDUVGDOHDUHD
D$OODUHDVH[FOXGLQJWKHHUVWZKLOHORFDODXWKRULW\DUHDRI+DPPDUVGDOH
LLL&KHPLFDOR[\JHQ'HPDQG9DOXH5
LY6HWWOHDEOHVROLGVYDOXH6
L7UHDWPHQWFRVW9
D$OODUHDVH[FOXGLQJWKHHUVWZKLOHORFDODXWKRULW\DUHDRI+DPPDUVGDOH
LL7UHDWPHQWFRVW=
$GGLWLRQDOFKDUJHVIRUKLJKVWUHQJWKVHZDJHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHIRUPXOD
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"
)DFWRU
)DFWRU
)DFWRU
)DFWRU
7REHQHJRWLDWHGZLWKLQGLYLGXDOFRPSDQLHV
.LOROLWUHVSHUPRQWK
7REHQHJRWLDWHGZLWKLQGLYLGXDOFRPSDQLHV
)DFWRU
)DFWRU
)DFWRU
)DFWRU
)DFWRU
)DFWRU
$ %# # # #
%#&
&
&
&
&
'()*+,()*-.
'()*-,()*/.
'()*-,()*/.
'()*/,()*0.
'()*0,()*1.
"
#
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
LL0RQWKO\ZDWHUFRQVXPSWLRQJUHDWHUWKDQNOXSWRNOV
LLL0RQWKO\ZDWHUFRQVXPSWLRQJUHDWHUWKDQNOVXSWRNOV
LY0RQWKO\ZDWHUFRQVXPSWLRQJUHDWHUWKDQNOVXSWRNOV
Y0RQWKO\ZDWHUFRQVXPSWLRQJUHDWHUWKDQNOV
)RUDOOXQLWVZLWKLQDVHFWLRQDOWLWOHRUVKDUHEORFNGHYHORSPHQWZKLFKH[FHHGVVWRULHVLQ
KHLJKWZKHUHZDWHULVSURYLGHGIRUH[FOXVLYHGRPHVWLFFRQVXPSWLRQ
:KHUHZDWHULVSURYLGHGIRUDOORWKHUFODVVHVRIFRQVXPHURWKHUWKDQGRPHVWLFFRQVXPHUV
202
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
RUE\
DJUHHPHQW
$ %# # # #
%#&
&
&
&
&
'()*+,()*-.
'()*-,()*/.
'()*-,()*/.
'()*/,()*0.
'()*0,()*1.
RUE\
DJUHHPHQW
!
L0RQWKO\ZDWHUFRQVXPSWLRQXSWRNOSHUPRQWK
&/867(5 +XPDQ6HWWOHPHQWV,QIUDVWUXFWXUH
81,7 !"
© Copyright 2026 Paperzz