You are on page 1of 30



5LWH3XEOLVKLQJ3UHVHQWV

QG/HYHO6SHOOV


6RUFHUHU6XSUHPH 'HVLJQHU 6WHYHQ'5XVVHOO


0HGGOLQJ$UFKPDJHV $GGLWLRQDO'HVLJQ 
-LP*URYHVDQG%HQ0F)DUODQG
6SHOOERRN6FULEH (GLWRU 'DYLG3DXO
0DVWHU,OOXVLRQLVW
0DVWHU,OOXVLRQLVW &RYHU$UWLVW 6KDPDQ6WRFN$UW
7UDQVPXWHUV ,QWHULRU$UWZRUN -RH&DONLQV
5LFN+HUVKH\DQG6KDPDQ6WRFN$UW
'LYLQHUV 3URRILQJ %HQ0F)DUODQGDQG'DYH3DXO
/RZO\$SSUHQWLFH /D\RXW 6WHYHQ'5XVVHOO
/RZO\$SSUHQWLFH


'HGLFDWLRQ7R7KH&RPSDQLRQVRIWKH%DUJHZULJKW,QQ
$SDUDGLJPVKLIWLQJDPLQJ


6SHFLDO7KDQNVWRWKHVXEVFULEHUV%HQ$VDUR&KULV0DWWVRQ&UDLJ
-RKQVRQ)LOLSH6LOYD-DQL9DDUD-HIIHU\6SHQFHU0DUN*HGDN
0LFKDHO:HOKDP2OLYHU6SUHFNHOVHQ3DXO:DWVRQ

&RPSDWLELOLW\ZLWKWKH3DWKILQGHU5ROHSOD\LQJ*DPHUHTXLUHVWKH3DWKILQGHU5ROHSOD\LQJ*DPHIURP3DL]R3XEOLVKLQJ//&
6HHKWWSSDL]RFRPSDWKILQGHU53*IRUPRUHLQIRUPDWLRQRQWKH3DWKILQGHU5ROHSOD\LQJ*DPH3DL]R3XEOLVKLQJ//&GRHVQRW
JXDUDQWHHFRPSDWLELOLW\DQGGRHVQRWHQGRUVHWKLVSURGXFW

QGOHYHOVSHOOV6WHYHQ'5XVVHOO2SHQ*DPLQJ/LFHQVH&RS\ULJKW
:L]DUGVRIWKH&RDVW$OOULJKWVUHVHUYHG3DWKILQGHULVDUHJLVWHUHGWUDGHPDUNRI3DL]R3XEOLVKLQJ//&DQGWKH3DWKILQGHU
5ROHSOD\LQJ*DPHDQGWKH3DWKILQGHU5ROHSOD\LQJ*DPH&RPSDWLELOLW\/RJRDUHWUDGHPDUNVRI3DL]R3XEOLVKLQJ//&DQGDUHXVHG
XQGHUWKH3DWKILQGHU5ROHSOD\LQJ*DPH&RPSDWLELOLW\/LFHQVH6HHKWWSSDL]RFRPSDWKILQGHU53*FRPSDWLELOLW\IRUPRUH
LQIRUPDWLRQRQWKHFRPSDWLELOLW\OLFHQVH 

QG
QG/HYHO
/HYHO%DUG6SHOOV
%DUG6SHOOV

QG
QG/HYHO
/HYHO&OHULF6SHOOV
OHULF6SHOOV

%HJXLOH7DUJHWWDNHVDSHQDOW\RQVDYHVDJDLQVW
HQFKDQWPHQWDQGLOOXVLRQVSHOOVDQGLVGD]]OHG 0RYH 
%UHDN2EMHFW,QIOLFWVGDPDJHDQGEURNHQFRQGLWLRQ
RQDVLQJOHREMHFWRUGDPDJHVDFRQVWUXFWFUHDWXUH
%ULJKWPDWWHU6WLFN\SKRVSKRUHVFHQWPDVVVKHGV
OLJKWZKHUHLWVDWWDFKHG
&RQWLQJHQW/LJKW+HDOLQJ7DUJHWWKDWWDNHVRU
PRUHGDPDJHLQVWDQWO\KHDOVGKLWSRLQWV
&XUVHRI3UHYDULFDWLRQ6XEMHFWFDQQRWWHOOWKHWUXWK
'DPDJH/RLQV7DUJHWWDNHVGGDPDJHOHYHOV
PRYHVDWKDOIVSHHGEHFRPHVVLFNHQHGIRUGURXQGV
'HDWKFKDQW&KDQWLQJVDSVWKHOLIHIURPOLYLQJFUHDWXUHV
'HOXGH'LYLQDWLRQ'LYLQDWLRQDWWHPSWVDJDLQVW
WDUJHWPD\IDLODQGSURGXFHUDQGRPUHVXOWV
'LPHQVLRQ+RS<RXWRXFKHGREMHFWVDQG\RXU
IDPLOLDURUFRPSDQLRQWHOHSRUWWRDQ\VSRWZLWKLQ
FORVHUDQJH
'LVJXLVH:RXQGV<RXFDXVHWKHVXEMHFWWRDSSHDU
UHVLOLHQWWRYDULRXVIRUPVRIGDPDJH
'LVWRUWLRQ)LHOG*UDQWVWRWDOFRQFHDOPHQWDJDLQVW
EOLQGVLJKWDQGWUHPRUVHQVH
(XSKRULD7DUJHWKDVDWWLWXGHLPSURYHGE\RQHVWHS
DQGVXIIHUVDSHQDOW\RQVDYHVDJDLQVW\RXU
HQFKDQWPHQWVSHOOV
([KDXVWLRQ7DUJHWEHFRPHVH[KDXVWHG
([SHGLWLRXV&KDUJH<RXWHPSRUDULO\DUHIDVWHU
DQGPRUHDJLOH
)LWRI3LTXH)RUFHWDUJHWWRDWWDFNLWVDOO\
)OH[DUPRU<RXUHGXFHWKHDUPRUFKHFNSHQDOW\DQG
DUFDQHVSHOOIDLOXUHFKDQFHIRUDVLQJOHVHWRIDUPRURU
DVKLHOG
)ULJLG6ORZQHVV&DXVHVGOHYHOSRLQWVRIFROG
GDPDJH PD[G DQGWKHWDUJHWLVVORZHG
+HVLWDWH2QHVXEMHFWSHUOHYHOJRHVODVWLQWKH
LQLWLDWLYHRUGHUDQGGRHVQRWWDNHLWVILUVWDWWDFNRI
RSSRUWXQLW\HDFKURXQG
,QVRPQLD6XEMHFWLVXQDEOHWRVOHHSVXIIHUVIURP
IDWLJXHDQGLVXQDEOHWRKHDOQDWXUDOO\
/LIHFKDQW<RXUFKDQWLQJUHQHZVOLYLQJFUHDWXUHV
0HPRU\&U\VWDO3HUPDQHQWO\VWRUHDPHPRU\LQD
FU\VWDORUJHP
0XWH6XEMHFWFDQQRWSURGXFHVRXQGVIURPLWVPRXWK
1LJKWVQDUH<RXFDXVHDYHU\GHHSYHU\VKRUWVOHHS
WRIDOOXSRQDWDUJHW
2DWKELQG:LOOLQJSDUWLFLSDQWVLPPHGLDWHO\JDLQ
DZDUHQHVVWKDWDQRWKHUSDUW\KDVYLRODWHGWKHWHUPVRI
DZULWWHQFRQWUDFW
2EVFXUH7H[W:ULWLQJDSSHDUVLOOHJLEOH
6FRXWV+LNH7DUJHWUHFHLYHVWR'H[WR
6WHDOWKFKHFNVDQGEDVHODQGVSHHGLQFUHDVHVE\IHHW
6KDGRZ6HQWU\$VKDGRZ\ZDUULRUJXDUGVSDWUROV
RUDWWDFNVRQ\RXUFRPPDQG
6LOHQW5D\<RXHPLWDEHDPRIVXSHUVRQLF
YLEUDWLRQVFDXVLQJGSHUOHYHOXQKHDUGVRQLF
GDPDJHWRRQHWDUJHW
7RUQ0XVFOH2QHOLYLQJFUHDWXUHLVIODWIRRWHG
FDQQRWUXQDQGVXIIHUVDSHQDOW\WRDWWDFNVVNLOOV
DQGDELOLW\FKHFNV
9HUWLJR<RXFDXVHFUHDWXUHVWREHFRPHGL]]\WRWKH
SRLQWRIEHLQJVLFNHQHGDQGSHUKDSVIDOOSURQH


$QJU\:RXQG7RXFKGHDOVGGDPDJHHDFKURXQG
$XJPHQW3RLVRQ&KDQJHVDSRLVRQV'&DGGV
WRDELOLW\GDPDJHDQGDGGVURXQGWRLWVGXUDWLRQ
%HDUV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR&RQ
%UHDN2EMHFW,QIOLFWVGDPDJHDQGEURNHQFRQGLWLRQ
RQDVLQJOHREMHFWRUGDPDJHVDFRQVWUXFWFUHDWXUH
%ULJKWPDWWHU6WLFN\SKRVSKRUHVFHQWPDVVVKHGV
OLJKWZKHUHLWVDWWDFKHG
%XOOV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR6WU
&DWV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR'H[
&RGH6NLOO*LYHVDFRQVWUXFWUDQNVLQDVLQJOHVNLOO
&RQWLQJHQW/LJKW+HDOLQJ7DUJHWWKDWWDNHVRU
PRUHGDPDJHLQVWDQWO\KHDOVGKLWSRLQWV
&XUVHRI3UHYDULFDWLRQ6XEMHFWFDQWWHOOWKHWUXWK
'DPDJH/RLQV7DUJHWWDNHVGGDPDJHOHYHOV
PRYHVDWKDOIVSHHGEHFRPHVVLFNHQHGIRUGURXQGV
'HVWDELOL]H0DJLF7KHVDYH'&VLQDVSHFLILHGDUHD
DUHUDQGRPL]HG
(DJOHV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR&KD
(QYHQRPHG6NLQ7KHFDVWHUVVNLQEHFRPHV
PRWWOHGZLWKSRLVRQILOOHGSXVWXOHVWKDWFDQEXUVWLQD
IWUDGLXV
([DPLQH&RIILQ$OORZVWKHFDVWHUWRSUREHWKH
FRQWHQWVRIDVHDOHGFRIILQ
)OH[DUPRU<RXUHGXFHWKHDUPRUFKHFNSHQDOW\DQG
DUFDQHVSHOOIDLOXUHFKDQFHIRUDVLQJOHVHWRIDUPRURU
DVKLHOG
)RROV/XFN7RXFKHGFUHDWXUHLVEULHIO\OXFNLHU
DJDLQVWWUDSVKD]DUGVSRLVRQVDQGGLVHDVHV
)R[V&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR,QW
)XWXUHV%RRQ2QDGUROODFOHULFZLWKWKHOXFN
GRPDLQUROOVWZRGLFHDQGWDNHVWKHEHWWHUUHVXOW
+H[RI&KDRV$UDQGRPFXUVHHYHU\URXQG
1LJKWVQDUH<RXFDXVHDYHU\GHHSYHU\VKRUWVOHHS
WRIDOOXSRQDWDUJHW
2DWKELQG:LOOLQJSDUWLFLSDQWVLPPHGLDWHO\JDLQ
DZDUHQHVVWKDWDQRWKHUSDUW\KDVYLRODWHGWKHWHUPVRI
DZULWWHQFRQWUDFW
2ZOV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR:LV
3URJUDP)HDW*LYHVRQHFRQVWUXFWWKHEHQHILWVRID
VLQJOHIHDW
6KRRWLQJ6WDU<RXFDXVHDILHU\VWRQHWRIDOOIURP
WKHVN\GRLQJGSHUOHYHOGDPDJHWRDVLQJOHWDUJHW
6KXQW3ODFHWDUJHWLQWRWKH(WKHUHDOIRUURXQG
7KLHI:DUG6OHLJKWRI+DQGDQG6WHDOWKFKHFNVDUH
PDGHDWDSHQDOW\
:HE6KHOWHU<RXFUHDWHDVPDOOEXWUHODWLYHO\
VHFXUHVKHOWHURXWRIVWLFN\ZHEV
:HOWHULQJ:DYH,QDIRRWUDGLXVVSUHDG\RX
FDXVHFKDRWLFHQHUJLHVWRVKDNHDQGGLVRULHQWWDUJHWV







QG
QG/HYHO
/HYHO'UXLG6SHOOV
'UXLG6SHOOV
$UERUHDO$UFKHU<RXJUDQWLQWHOOLJHQFHWRDSODQW
HQDEOLQJLWWRKXUOPLVVLOHVDWDGHVLJQDWHGWDUJHW
$XJPHQW3RLVRQ&KDQJHVDSRLVRQV'&DGGV
WRDELOLW\GDPDJHDQGDGGVURXQGWRLWVGXUDWLRQ
%UHDN2EMHFW,QIOLFWVGDPDJHDQGEURNHQFRQGLWLRQ
RQDVLQJOHREMHFWRUGDPDJHVDFRQVWUXFWFUHDWXUH
%ULJKWPDWWHU6WLFN\SKRVSKRUHVFHQWPDVVVKHGV
OLJKWZKHUHLWVDWWDFKHG
&KLOOLQJ0LVW,F\YDSRUJUDQWVFRQFHDOPHQWDQG
GHDOVGGDPDJHSHUURXQGRIQRQOHWKDOGDPDJH
&RQWLQJHQW/LJKW+HDOLQJ7DUJHWWKDWWDNHVRU
PRUHGDPDJHLQVWDQWO\KHDOVGKLWSRLQWV
'LUH)RUP$QLPDOVRUPDJLFDOEHDVWVEHFRPHIHUDO
DQGPRUHSRZHUIXO
'XVW:DOO&XUWDLQRIDLUERUQHGXVWJUDQWVVRIW
FRYHUEOLQGVOLYLQJFUHDWXUHV
(DUWKPDZ*DSLQJPDZLQWKHJURXQGELWHVWR
JUDSSOHDQGVZDOORZDQ\FUHDWXUHLQLWVVSDFH
(DUWKVNLQ*DLQ'5PDJLFIRUPLQOHYHORU
XQWLOGLVFKDUJHG
(QYHQRPHG6NLQ7KHFDVWHUVVNLQEHFRPHV
PRWWOHGZLWKSRLVRQILOOHGSXVWXOHVWKDWFDQEXUVWLQD
IWUDGLXV
)OH[DUPRU<RXUHGXFHWKHDUPRUFKHFNSHQDOW\DQG
DUFDQHVSHOOIDLOXUHFKDQFHIRUDVLQJOHVHWRIDUPRURU
DVKLHOG
)RROV/XFN7RXFKHGFUHDWXUHLVEULHIO\OXFNLHU
DJDLQVWWUDSVKD]DUGVSRLVRQVDQGGLVHDVHV
/XFNZLQJ6XPPRQVDIWORQJEXWWHUIO\FDVWHU
FDQVHHKHDUDQGIHHOHYHU\WKLQJWKHEXWWHUIO\GRHV
0LUHRI6WRQHDQG(DUWK(DUWKHQWDQJOHIRHV
1DXVHDWLQJ3ROOHQ<RXFRQMXUHDFORXGRISROOHQ
WKDWLQIOLFWVWKHQDXVHDWHGFRQGLWLRQ
5LGH:LQGV)DOOVDIHO\OHYLWDWHRUIO\E\IORDWLQJ
RQWKHDLU
5ROOLQJ%RXOGHU%RXOGHUNQRFNLQJFUHDWXUHV
SURQHGHDOLQJGEOXGJHRQLQJGDPDJH
6FRXWV+LNH6XEMHFWJDLQVWR'H[WR6WHDOWK
FKHFNVDQGEDVHODQGVSHHGLQFUHDVHVE\IHHW
6KRRWLQJ6WDU<RXFDXVHDILHU\VWRQHWRIDOOIURP
WKHVN\GRLQJGSHUOHYHOGDPDJHWRDVLQJOHWDUJHW
6OLPH+DUGHQ<RXFDXVHWKHRXWHUVXUIDFHRIDQRR]HWR
KDUGHQQHJDWLQJLWVHQJXOIDQGVSOLWVSHFLDODELOLWLHV
6WRQHEXUVW7KURZQREMHFWH[SORGHVIRUGILUHGDPDJH
6WRQHILVW6WRQ\VKHOOHQFDVHV\RXUKDQGJUDQWV
ERQXVHVRQXQDUPHGVWULNHV
6WRUP&HOODU<RXFUHDWHDQH[WUDGLPHQVLRQDOVSDFH
LQWKHJURXQG
:DWHU-HW+LJKSUHVVXUHZDWHUH[WLQJXLVKHVILUHV
GHDOVGOHYHOGDPDJH PD[G FDQNQRFN
FUHDWXUHVEDFN
:HE6KHOWHU<RXFUHDWHDVPDOOEXWUHODWLYHO\
VHFXUHVKHOWHURXWRIVWLFN\ZHEV
:LOGKHDUW7DUJHWJDLQVSK\VLFDODELOLW\DQG
VSHHGERQXVHV


QG
QG/HYHO
/HYHO3DODGLQ6SHOOV
3DODGLQ6SHOOV
&RQIURQW2XWVLGHU<RXUHYHDOWKHSUHVHQFHRIDQ
RXWVLGHUDQGOHDUQLWVQDPH



&RQWLQJHQW/LJKW+HDOLQJ7DUJHWWKDWWDNHVRU
PRUHGDPDJHLQVWDQWO\KHDOVGKLWSRLQWV
&RZDUGV%DQH<RXJDLQDERQXVSHUOHYHOVWR
DWWDFNDQGGDPDJHDJDLQVWGLVKRQRUDEOHIRHV
)OH[DUPRU<RXUHGXFHWKHDUPRUFKHFNSHQDOW\DQG
DUFDQHVSHOOIDLOXUHFKDQFHIRUDVLQJOHVHWRIDUPRURU
DVKLHOG
)RROV/XFN7RXFKHGFUHDWXUHLVEULHIO\OXFNLHU
DJDLQVWWUDSVKD]DUGVSRLVRQVDQGGLVHDVHV
,QWHUFHSW$WWDFN<RXVXIIHUDOOGDPDJHPHDQWIRU
DQDGMDFHQWDOO\ ,PPHGLDWH 
3HDFH%RQGLQJ&UHDWXUHVZLWKLQDQDUHDPXVW
VKHDWKHDQGPD\QRWXQVKHDWKHWKHLUZHDSRQV
5LJKWHRXV$UPRU<RXVWRUHRUVXPPRQ\RXU
DUPRUIURPDQH[WUDGLPHQVLRQDOVSDFH ,PPHGLDWH 
6WDQG<RXU*URXQG<RXJDLQDERQXVSHU
OHYHOVWR&0'DQGLJQRUHWKHEORZQDZD\FRQIXVHG
FRZHULQJGD]HGIULJKWHQHGNQRFNHGGRZQSDQLFNHG
SURQHDQGVORZHGFRQGLWLRQV
7DNH0\+DQG<RXSUHYHQWDQDGMDFHQWDOO\IURP
IDOOLQJ ,PPHGLDWH 
7KLHI:DUG6OHLJKWRI+DQGDQG6WHDOWKFKHFNVDUH
PDGHDWDSHQDOW\
7R7KH5HVFXH<RXDQG\RXUERQGHGPRXQW
H[FKDQJHSODFHVZLWKDKHOSOHVVFUHDWXUH ,PPHGLDWH 
8QVHHQ*XDUGLDQ&UHDWHVPDJLFDOVHQVRUWKDW
DOHUWV\RXWRGDQJHU
8WWHU'HWHUPLQDWLRQ)RUURXQGV\RXLJQRUHWKH
GHDGGLVDEOHGG\LQJVWDJJHUHGDQGRU
XQFRQVFLRXVFRQGLWLRQV


QG
QG/HYHO
/HYHO5DQJHU6SHOOV
5DQJHU6SHOOV
$UERUHDO$UFKHU<RXJUDQWOLPLWHGLQWHOOLJHQFHWRD
SODQWHQDEOLQJLWWRKXUOPLVVLOHVDWDGHVLJQDWHGWDUJHW
$XJPHQW3RLVRQ&KDQJHVDSRLVRQV'&DGGV
WRDELOLW\GDPDJHDQGDGGVURXQGWRLWVGXUDWLRQ
&RQWLQJHQW/LJKW+HDOLQJ7DUJHWWKDWWDNHVRU
PRUHGDPDJHLQVWDQWO\KHDOVGKLWSRLQWV
'LUH)RUP$QLPDOVRUPDJLFDOEHDVWVEHFRPHIHUDO
DQGPRUHSRZHUIXO
'XVW:DOO&XUWDLQRIDLUERUQHGXVWJUDQWVVRIW
FRYHUEOLQGVOLYLQJFUHDWXUHV
(QYHQRPHG6NLQ7KHFDVWHUVVNLQEHFRPHV
PRWWOHGZLWKSRLVRQILOOHGSXVWXOHVWKDWFDQEXUVWLQD
IWUDGLXV
)OH[DUPRU<RXUHGXFHWKHDUPRUFKHFNSHQDOW\DQG
DUFDQHVSHOOIDLOXUHFKDQFHIRUDVLQJOHVHWRIDUPRURU
DVKLHOG
)RROV/XFN7RXFKHGFUHDWXUHLVEULHIO\OXFNLHU
DJDLQVWWUDSVKD]DUGVSRLVRQVDQGGLVHDVHV
/XFNZLQJ6XPPRQVDIWORQJEXWWHUIO\FDVWHU
FDQVHHKHDUDQGIHHOHYHU\WKLQJWKHEXWWHUIO\GRHV
0LUHRI6WRQHDQG(DUWK(DUWKHQWDQJOHIRHV
1DXVHDWLQJ3ROOHQ<RXFRQMXUHDFORXGRISROOHQ
WKDWLQIOLFWVWKHQDXVHDWHGFRQGLWLRQ
6FRXWV+LNH6XEMHFWJDLQVWR'H[WR6WHDOWK
FKHFNVDQGEDVHODQGVSHHGLQFUHDVHVE\IHHW
8QVHHQ*XDUGLDQ&UHDWHVPDJLFDOVHQVRUWKDW
DOHUWV\RXWRGDQJHU
:HE6KHOWHU<RXFUHDWHDVPDOOEXWUHODWLYHO\
VHFXUHVKHOWHURXWRIVWLFN\ZHEV
:LOGKHDUW7DUJHWJDLQVSK\VLFDODELOLW\DQG
VSHHGERQXVHV

8WWHU)DLOXUH7DUJHWWDNHVRQQH[WDWWDFNUROO
DXWRPDWLFDOO\PLVVHVFRQFHDOHGWDUJHWV


QG
QG/HYHO
/HYHO6RUFHUHU:L]DUG6SHOOV
6RUFHUHU:L]DUG6SHOOV


$EMXUDWLRQ
$EMXUDWLRQ
DWLRQ

(YRFDWLRQ
DWLRQ
(YRF
DWLRQ

$UFDQH6HDO/HVVHU0DJLFVHDOSURWHFWVGRRURU
RWKHUFORVXUHFDQGHDOHQHUJ\GDPDJHLIEURNHQ
(DUWKVNLQ*DLQ'5PDJLFIRUPLQOHYHORUXQWLO
GLVFKDUJHG
,FH$HJLV*DLQGHIOHFWLRQERQXVDQGILUHUHVLVWDQFH
6KLIW$LP7DUJHWEHFRPHVGLIILFXOWWRVXFFHVVIXOO\
WDUJHWZLWKUDQJHGDWWDFNVDQGVSHOODWWDFNVFDVWDW
UDQJH
7KLHI:DUG6OHLJKWRI+DQGDQG6WHDOWKFKHFNVDUH
PDGHDWDSHQDOW\


'LVWRUWLRQ)LHOG*UDQWVWRWDOFRQFHDOPHQWDJDLQVW
EOLQGVLJKWDQGWUHPRUVHQVH
'XVW:DOO&XUWDLQRIDLUERUQHGXVWJUDQWVVRIW
FRYHUEOLQGVOLYLQJFUHDWXUHV
)RUFH&OXE<RXFUHDWHDQGFDQSURILFLHQWO\ZLHOGD
FOXEPDGHRIIRUFHHQHUJ\
5HFLSURFLW\<RXVLJQLILFDQWO\GDPDJHDQRWKHUEXW
WDNHKDOIRIWKDWGDPDJH\RXUVHOI
5ROOLQJ%RXOGHU%RXOGHUPRYHVWKURXJKEDWWOHILHOG
NQRFNLQJFUHDWXUHVSURQHGHDOLQJGEOXGJHRQLQJ
GDPDJH
6WDIIVWULNH/HVVHU6KRFNZDYHVIURP\RXUVWDII
GHDOEOXGJHRQLQJDQGVRQLFGDPDJHDQGGHDIHQ
FUHDWXUHVZKHQ\RXVODP\RXUVWDII
6WRQHILVW6WRQ\VKHOOHQFDVHV\RXUKDQGJUDQWV
ERQXVHVRQXQDUPHGVWULNHV
6XEGXLQJ5D\<RXVKRRWXSWRUD\VRIQRQOHWKDO
IRUFHFDXVLQJGQRQOHWKDOGDPDJHHDFK
:DWHU-HW+LJKSUHVVXUHZDWHUH[WLQJXLVKHVILUHV
GHDOVGOHYHOGDPDJH PD[G FDQNQRFN
FUHDWXUHVEDFN


&RQMXUDWLRQ
XUDWLRQ
&RQM
XUDWLRQ
$PEHU*OREHV8SWRILYHJOREHVRIHQHUJ\GHDOG
HOHFWULFLW\GDPDJHWRWDO PD[G DVVSODVK
ZHDSRQVRUFDQEHGHWRQDWHGUHPRWHO\
%ULJKWPDWWHU6WLFN\SKRVSKRUHVFHQWPDVVVKHGV
OLJKWZKHUHLWVDWWDFKHG
&KDRWLF%ROW2QHRUPRUHHQHUJ\EROWVFDXVHG
GDPDJHRIUDQGRPHQHUJ\W\SH
&KLOOLQJ0LVW,F\YDSRUJUDQWVFRQFHDOPHQWDQG
GHDOVGGDPDJHSHUURXQGRIQRQOHWKDOGDPDJH
'LPHQVLRQ+RS<RXWRXFKHGREMHFWVDQG\RXU
IDPLOLDURUFRPSDQLRQWHOHSRUWWRDQ\VSRWZLWKLQ
FORVHUDQJH
*XDUGLDQ%HDVW$EVRUEVGOHYHORIGDPDJH PD[
G IURPWKHILUVWDWWDFN
6KRRWLQJ6WDU<RXFDXVHDILHU\KRWVWRQHWRIDOO
IURPWKHVN\GRLQJGSHUOHYHOGDPDJHWRDVLQJOH
WDUJHW
6KXQW3ODFHWDUJHWLQWRWKH(WKHUHDO3ODQHIRU
URXQG
6XSSRUW%HDP<RXLQVWDQWO\FRQMXUHDFOXVWHURI
SLOODUVWKDWWHPSRUDULO\VXSSRUWVDFROODSVLQJFHLOLQJ


,OOXVLRQ
LRQ
,OOXV
LRQ
'HOXGH'LYLQDWLRQ'LYLQDWLRQDWWHPSWVDJDLQVW
WDUJHWPD\IDLODQGSURGXFHUDQGRPUHVXOWV
'LVJXLVH:RXQGV<RXFDXVHWKHVXEMHFWWRDSSHDU
UHVLOLHQWWRYDULRXVIRUPVRIGDPDJH
2EVFXUH7H[W0DJLFDORUPXQGDQHZULWLQJDSSHDUV
LOOHJLEOH
3KDQWDVPDO)RH)HDUVRPHLOOXVLRQLQIOLFWV
FRZHULQJRUVKDNHQFRQGLWLRQRQVXEMHFW
3KDQWDVPDO3LW)HDUVRPHLOOXVLRQLQIOLFWVSURQH
DQGRUVWXQQHGFRQGLWLRQRQVXEMHFW
3KDQWDVPDO6ZDUP)HDUVRPHLOOXVLRQLQIOLFWV
QDXVHDWHGRUVLFNHQHGFRQGLWLRQRQVXEMHFW
3KDQWRP)DPLOLDU<RXDOWHUWKHDSSHDUDQFHRI
\RXUIDPLOLDU
6KDGRZ5LEERQV5DQJHGWRXFKDWWDFNLQIOLFWV
HQWDQJOHGFRQGLWLRQUD\IRXUOHYHOV PD[ 
6KDGRZ6HQWU\$VKDGRZ\ZDUULRUJXDUGVSDWUROV
RUDWWDFNVRQ\RXUFRPPDQG
9HUWLJR<RXFDXVHFUHDWXUHVWREHFRPHGL]]\WRWKH
SRLQWRIEHLQJVLFNHQHGDQGSHUKDSVIDOOSURQH
:DOORI6KDGRZ:DOOEORFNVOLQHRIVLJKWJUDQWV
FRQFHDOPHQWDQGWRWDOFRQFHDOPHQWSDVVLQJWKURXJK
WKHZDOOHQWDQJOHVVXEMHFWV


'LYLQDWLRQ
LQDWLRQ
'LY
LQDWLRQ
([DPLQH&RIILQ$OORZVWKHFDVWHUWRSUREHWKH
FRQWHQWVRIDVHDOHGFRIILQ
0HPRU\&U\VWDO3HUPDQHQWO\VWRUHDPHPRU\LQD
FU\VWDORUJHP
2DWKELQG:LOOLQJSDUWLFLSDQWVLPPHGLDWHO\JDLQ
DZDUHQHVVWKDWDQRWKHUSDUW\KDVYLRODWHGWKHWHUPVRI
DZULWWHQFRQWUDFW
6SHDNZLWK2EMHFWV<RXFRPPXQLFDWH
WHOHSDWKLFDOO\ZLWKPDQXIDFWXUHGREMHFWV
7UXH&DVWLQJ7KHVDYH'&RI\RXUVSHOOVLPSURYH
FRQVHFXWLYHO\XQWLO\RXUWDUJHWIDLOVDVDYH


1HFURPDQF\
PDQF\
1HFUR
PDQF\

(QFKDQWPHQW
DQWPHQW
(QFK
DQWPHQW

$QJU\:RXQG7RXFKGHDOVGGDPDJHHDFK
URXQG
%HDUV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR&RQ
%XOOV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR6WU
&DWV&XUVH6XEMHFWVXIIHUVDSHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR'H[

&XUVHRI3UHYDULFDWLRQ6XEMHFWFDQQRWWHOOWKH
WUXWK
)LWRI3LTXH)RUFHWDUJHWWRDWWDFNLWVDOO\
+HVLWDWH2QHVXEMHFWSHUOHYHOJRHVODVWLQWKH
LQLWLDWLYHRUGHUDQGGRHVQRWWDNHLWVILUVWDWWDFNRI
RSSRUWXQLW\HDFKURXQG
,QVRPQLD6XEMHFWLVXQDEOHWRVOHHSVXIIHUVIURP
IDWLJXHDQGLVXQDEOHWRKHDOQDWXUDOO\



'DPDJH/RLQV
7DUJHWWDNHVG
GDPDJHOHYHOVPRYHV
DWKDOIVSHHGEHFRPHV
VLFNHQHGIRUG
URXQGV
(DJOHV&XUVH
6XEMHFWVXIIHUVD
SHUPDQHQWRU
FLUFXPVWDQFHSHQDOW\WR
&KD
([KDXVWLRQ7DUJHW
EHFRPHVH[KDXVWHG
)R[V&XUVH6XEMHFW
VXIIHUVDSHUPDQHQW
RUFLUFXPVWDQFH
SHQDOW\WR,QW
)ULJLG6ORZQHVV
&DXVHVGOHYHOSRLQWV
RIFROGGDPDJH PD[
G DQGWKHWDUJHWLV
VORZHG
+H[RI&KDRV7DUJHW
VXIIHUVDUDQGRPFXUVH
HYHU\URXQG
/DQJXRU7RXFKDWWDFN
LQIOLFWVRQHWHPSRUDU\
QHJDWLYHOHYHO
0XWH6XEMHFWFDQQRW
SURGXFHVRXQGVIURPLWV
PRXWK
1HFURSKDJH3DOH
\HOORZVOLPHGHYRXUV
WKHIOHVKRIDQXQGHDG
WDUJHW
2ZOV&XUVH6XEMHFW
VXIIHUVDSHUPDQHQW
RUFLUFXPVWDQFH
SHQDOW\WR:LV
7RUQ0XVFOH2QH
OLYLQJFUHDWXUHLVIODW
IRRWHGFDQQRWUXQDQG
VXIIHUVDSHQDOW\WR
DWWDFNVVNLOOVDQG
DELOLW\FKHFNV



DGGLWLRQDOIRUFHGDPDJH
)DOO8S<RXUHYHUVHJUDYLW\IRU\RXUVHOI
)OH[DUPRU<RXUHGXFHWKHDUPRUFKHFNSHQDOW\DQG
DUFDQHVSHOOIDLOXUHFKDQFHIRUDVLQJOHVHWRIDUPRURU
DVKLHOG
)RROV/XFN7RXFKHGFUHDWXUHLVEULHIO\OXFNLHU
DJDLQVWWUDSVKD]DUGVSRLVRQVDQGGLVHDVHV
*LDQW%RXOGHU0DJLFDOVWRQHVDUHKXUOHGDQGVWULNH
WDUJHWVDVERXOGHUV
3URJUDP)HDW*LYHVRQHFRQVWUXFWWKHEHQHILWVRID
VLQJOHIHDW
5LGH:LQGV)DOOVDIHO\OHYLWDWHRUIO\E\IORDWLQJ
RQWKHDLU
6FRXWV+LNH7DUJHWUHFHLYHVWR'H[WR
6WHDOWKFKHFNVDQGEDVHODQGVSHHGLQFUHDVHVE\
IHHW

7UDQVPXDWLRQ
7UDQVPXDWLRQ
$XJPHQW3RLVRQ&KDQJHVDSRLVRQV'&DGGV
WRDELOLW\GDPDJHDQGDGGVURXQGWRLWVGXUDWLRQ
%UHDN2EMHFW,QIOLFWVGDPDJHDQGEURNHQFRQGLWLRQ
RQDVLQJOHREMHFWRUGDPDJHVDFRQVWUXFWFUHDWXUH
&RGH6NLOO*LYHVDFRQVWUXFWUDQNVLQDVLQJOHVNLOO
'LUH)RUP$QLPDOVRUPDJLFDOEHDVWVEHFRPHIHUDO
DQGPRUHSRZHUIXO
(DUWKPDZ*DSLQJPDZLQWKHJURXQGELWHVWR
JUDSSOHDQGVZDOORZDQ\FUHDWXUHLQLWVVSDFH
(QYHQRPHG6NLQ7KHFDVWHUVVNLQEHFRPHV
PRWWOHGZLWKSRLVRQILOOHGSXVWXOHVWKDWFDQEXUVWLQD
IWUDGLXV
([SHGLWLRXV&KDUJH<RXWHPSRUDULO\DUHIDVWHU
DQGPRUHDJLOH
([SORGLQJ&ULWLFDO$ZHDSRQVFULWLFDOVGHDO



$PEHU*OREHV
$PEHU*OREHV

&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJWUHHRUVKUXE VHHWH[W 
'XUDWLRQ&RQFHQWUDWLRQURXQGVXSWR
PLQXWHOHYHO ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXLPEXHOLPLWHGLQWHOOLJHQFHWRRQHQRQVHQWLHQW
WUHHRUVKUXEQROHVVWKDQIHHWWDOODOORZLQJ\RXWR
WHOHSDWKLFDOO\FRPPXQLFDWHVLPSOHLQVWUXFWLRQVWRWKH
WUHH2Q\RXUFRPPDQGWKHWUHHSXOOVEDFNLWV
EUDQFKHVDQGILUHVDYROOH\RIDFRUQVEUDQFKHVRU
RWKHUGHEULVDWDQ\WDUJHWWKDW\RXGHVLJQDWH7KHWUHH
UHFHLYHVRQHUDQJHGDWWDFNSHUURXQGDQGLWV%$%
HTXDOV\RXUFDVWHUOHYHOSOXV\RXU'H[WHULW\PRGLILHU
,WVDWWDFNGHDOVGSRLQWVRIGDPDJHSOXVRQHSRLQWRI
GDPDJHSHUWKUHHFDVWHUOHYHOVDQGKDVDUDQJH
LQFUHPHQWRIIHHW7KHWUHHLVLPPRELOHKDVDQ$&
RIDQGKLWSRLQWV7KHWUHHLVLQFDSDEOHRI
GHIHQGLQJLWVHOILWRQO\DWWDFNVZKHQGLUHFWHG7KH
VSHOOHQGVWZRURXQGVDIWHU\RXFHDVHFRQFHQWUDWLRQRU
WKHWUHHVXVWDLQVRUPRUHSRLQWVRIGDPDJH

6FKRRO&RQMXUDWLRQ &UHDWLRQ >(OHFWULFLW\@


/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 RQHDPEHUEHDGSHUJOREH 
5DQJH7RXFK
(IIHFW2QHJOREHRIHOHFWULFLW\HQHUJ\OHYHOV
'XUDWLRQPLQOHYHORUXQWLOH[SHQGHG
6DYLQJ7KURZ1RQHRU5HIOH[KDOIVHHWH[W
6SHOO5HVLVWDQFH1R
<RXFUHDWHXSWRILYHJOREHVRIHOHFWULFLW\HQHUJ\DERXW
WKHVL]HRIDFRUQVZKLFKFDQEHKXUOHGDWWDUJHWVE\
\RXRUDQRWKHUFUHDWXUHRUFDQEHGHWRQDWHGRQ
FRPPDQG(DFKJOREHLVFDSDEOHRIGHDOLQJGSRLQWV
RIHOHFWULFLW\GDPDJH\RXFDQKXUOWKHPVLQJO\RUDV
PXOWLSOHDWWDFNV(DFKJOREHLVDVSODVKZHDSRQZLWKD
UDQJHLQFUHPHQWRIIHHWDQGUHTXLUHVDUDQJHG
WRXFKDWWDFNWRKLW7KURZLQJDVLQJOHJOREHLVDQ
DWWDFNDFWLRQ WKDWFDQEHPDGHDVSDUWRIFDVWLQJWKH
VSHOO ZKLOHWKURZLQJDOOWKHJOREHVDWVLQJOHWDUJHWLV
DVWDQGDUGDFWLRQ RUDIXOOURXQGDFWLRQPDGHDVSDUW
RIFDVWLQJWKHVSHOO *OREHVQRWWKURZQGXULQJWKH
URXQGLQZKLFK\RXFDVWWKHVSHOOFDQEHKHOGIRU
WKURZLQJLQDVXEVHTXHQWURXQGRUFDQEHKDQGHGWR
RWKHUFKDUDFWHUVDVDVWDQGDUGDFWLRQ(DFKJOREH
H[SORGHVXSRQVWULNLQJDQ\KDUGVXUIDFHDQGLQ
DGGLWLRQWRGHDOLQJLWVUHJXODUHOHFWULFLW\GDPDJHWR
WKHWDUJHWGHDOVSRLQWVRIVSODVKGDPDJH DOVR
HOHFWULFLW\GDPDJH SHUJOREHLQDOODGMDFHQWVTXDUHV
&UHDWXUHVZLWKLQWKHVSODVKDUHDWKDWPDNHD
VXFFHVVIXO5HIOH[VDYHWDNHRQO\KDOIWKHVSODVK
GDPDJHEXWFUHDWXUHVVWUXFNGLUHFWO\DUHQRWDOORZHG
DVDYLQJWKURZDJDLQVWWKHJOREHVSULPDU\GDPDJH
$OWHUQDWLYHO\\RXFDQJHQWO\WRVVRUSODFHDJOREH
ZLWKLQIHHWRI\RXVRWKDWLWGRHVQRWH[SORGHRQ
FRQWDFW2QFHLQSODFH\RXFDQFDXVHRQHRUPRUH
JOREHVWRGHWRQDWHE\VSHDNLQJDFRPPDQGZRUGDVD
VWDQGDUGDFWLRQLI\RXDUHZLWKLQIHHW:KHQLW
GHWRQDWHVWKHJOREHGHDOVLWVHOHFWULFLW\GDPDJHWRDOO
WDUJHWVZLWKLQDIRRWEXUVW&UHDWXUHVLQWKHDUHD
WKDWPDNHDVXFFHVVIXO5HIOH[VDYHWDNHRQO\KDOIGDPDJH

$UFDQH
$UFDQH6HDO
6HDO/HVVHU
/HVVHU
6FKRRO$EMXUDWLRQ/HYHO6RU:L]
&DVWLQJ7LPHPLQXWH
&RPSRQHQWV960 VHDOLQJZD[JHPGXVWZRUWK
JS 
5DQJH7RXFK
7DUJHW2QHPDJLFVHDOSODFHGRQDQREMHFW
'XUDWLRQ3HUPDQHQWXQWLOGLVFKDUJHG ' 
6DYLQJ7KURZ1RQHRU5HIOH[KDOI
6SHOO5HVLVWDQFH<HV
<RXFUHDWHDPDJLFVHDOWKDWEHDUV\RXUYLVLEOHDUFDQH
PDUN DQGWKRXJK\RXGRQRWKDYHWRFDVWDUFDQH
PDUNWRFDVWOHVVHUDUFDQHVHDOLWPXVWEHDVSHOO\RX
NQRZ 7KHVHDO\RXFUHDWHUHVHPEOHVWKHZD[VHDORQH
VHHVRQOHWWHUVDQGGRFXPHQWVDQGFDQUDQJHIURP
WRLQFKHVDFURVV
$OHVVHUDUFDQHVHDOLVH[FHHGLQJO\WRXJKKDYLQJD
KDUGQHVVRIKLWSRLQWVDQGDEUHDN'&RI
:KHQSODFHGRQDGRRURURWKHUFORVXUH DFKHVW
ZLQGRZDQGVRIRUWK WKHOHVVHUDUFDQHVHDOJUDQWV
WKHSRUWDOLWVEUHDN'&RUDGGVWRWKHSRUWDOV
H[LVWLQJEUHDN'& ZKLFKHYHULVKLJKHU 7KHVHDOLV
XQDIIHFWHGE\NQRFNVSHOOVXQOHVVWKHFDVWHUPDNHVD
FDVWHUOHYHOFKHFN '&\RXUFDVWHUOHYHO $URJXH
RURWKHUFKDUDFWHUZLWKWKHWUDSILQGLQJFODVVIHDWXUH
FDQEUHDNWKHVHDOZLWKD'&'LVDEOH'HYLFHFKHFN
$W\RXURSWLRQ\RXFDQDOVRLPEXHWKHVHDOZLWK
PDJLFDOHQHUJ\VRWKDWDQ\FUHDWXUHEUHDNLQJLW
WDNHVGSRLQWVSOXVSRLQWSHUFDVWHUOHYHO
PD[LPXP RIDFLGFROGHOHFWULFLW\ILUHRUVRQLF
GDPDJH
(DFKNLQGRIGDPDJLQJVHDODOVRKDVDSDUWLFXODU
HIIHFW
$FLG$OHVVHUDFLGVHDOOHDYHVDSDWFKRIDFLGRQ
WKHYLFWLPLILWIDLOVD5HIOH[VDYHGHDOLQJSRLQW
RIFRQWLQXLQJDFLGGDPDJHHDFKURXQGIRUG
URXQGV7KHDIIHFWHGFUHDWXUHFDQPDNHDQRWKHU
5HIOH[VDYHDVDIXOOURXQGDFWLRQWRQHXWUDOL]H
WKHDFLG DVVXPLQJQRRWKHUPHDQVWRGRVRLV
DYDLODEOH 

$QJU\:RXQG
$QJU\:RXQG
6FKRRO1HFURPDQF\>(YLO@/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') SLHFHRIEURNHQJODVV 
5DQJH7RXFK
7DUJHW/LYLQJFUHDWXUHWRXFKHG
'XUDWLRQURXQGOHYHO ' VHHWH[W
6DYLQJ7KURZ6HHWH[W6SHOO5HVLVWDQFH<HV
8SRQFRQFOXGLQJWKHGUHDGIXOLQFDQWDWLRQ\RX
EHFRPHIXHOHGZLWKDZIXOSRZHU\RXUWRXFKFDXVHV
IOHVKWREXUVWDQGZHHSIUHHO\:LWKDWRXFK\RXRSHQ
DQXJO\ZRXQGRQDOLYLQJFUHDWXUHGHDOLQJGSRLQWV
RIGDPDJH QRVDYH (DFKURXQGWKHUHDIWHUWKHWDUJHW
PXVWVXFFHHGRQD)RUWLWXGHVDYHRUWDNHDQDGGLWLRQDO
GSRLQWVRIGDPDJHDVLWVIOHVKEXUVWVDQG
VXSSXUDWHV,IWKHWDUJHWVXFFHHGVRQWZRFRQVHFXWLYH
VDYHVWKHHIIHFWHQGV


$UERUHDO$UFKHU
$UERUHDO$UFKHU
6FKRRO7UDQVPXWDWLRQ/HYHO'UG5JU



&ROG$OHVVHUFROGVHDOVORZVWKHYLFWLP DVWKH
VSHOO IRUGURXQGVRQDIDLOHGVDYH
(OHFWULFLW\$OHVVHUHOHFWULFLW\VHDOOHDYHVWKH
YLFWLPGD]HGIRUURXQGRQDIDLOHGVDYH
)LUH$OHVVHUILUHVHDOOHDYHVWKHYLFWLPGD]]OHG
IRUGURXQGVRQDIDLOHGVDYH
6RQLF$OHVVHUVRQLFVHDOSURGXFHVDQDXGLEOH
ZDLOIRUURXQGZKHQEURNHQDXGLEOHWRDQ\RQH
ZLWKLQIHHW
5HGXFHWKHGLVWDQFHE\IHHWIRUHDFK
LQWHUSRVLQJFORVHGGRRUDQGE\IHHWIRUHDFK
VXEVWDQWLDOLQWHUSRVLQJZDOOWKHQWULSOHWKHUHVXOW
IRUTXLHWFRQGLWLRQV WRDPD[LPXPRIIHHW 
:KHQ\RXDGGDGDPDJLQJHIIHFWWRWKHVHDO\RX
PXVWDGGDGGLWLRQDOUXQHVWRWKHVHDO$Q\RQHFDQ
UHDGWKHVHUXQHVDQGGLVFRYHUWKHVHDOVHIIHFW
ZLWKD'&6SHOOFUDIWFKHFN
<RXFDQGLVDEOHDOHVVHUDUFDQHVHDOVLPSO\E\
WRXFKLQJLWDQGXVLQJDVWDQGDUGDFWLRQWRGLVPLVVWKH
VSHOO$WWKHWLPH\RXFUHDWHWKHVHDO\RXFDQVSHFLI\D
SDVVZRUGRUSKUDVHWKDWDOORZVRWKHUFUHDWXUHVWR
EUHDNWKHVHDOZLWKQRGLIILFXOW\DQGZLWKRXW
WULJJHULQJDQ\GDPDJLQJHIIHFWV


%HDUV&XUVH
%HDUV&XUVH
6FKRRO1HFURPDQF\/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXSODFHDFXUVHRQWKHVXEMHFWWKDWLPSRVHVD
FLUFXPVWDQFHSHQDOW\WR&RQVWLWXWLRQXSRQD
VXFFHVVIXOVDYHWKLVSHQDOW\LVUHGXFHGWR7KLV
UHVXOWVLQWKHXVXDOSHQDOWLHVWRKLWSRLQWV)RUWLWXGH
VDYHV&RQVWLWXWLRQFKHFNVDQGVRIRUWK+LWSRLQWV
UHWXUQZKHQWKHVXEMHFW
V&RQVWLWXWLRQUHWXUQVWR
QRUPDO
7KHFXUVHEHVWRZHGE\WKLVVSHOOFDQQRWEHGLVSHOOHG
EXWLWFDQDOVREHUHPRYHGZLWKDEHDUVHQGXUDQFH
EUHDNHQFKDQWPHQWOLPLWHGZLVKPLUDFOHUHPRYH
FXUVHRUZLVKVSHOO
%HDUVFXUVHFRXQWHUVEHDUVHQGXUDQFH


$XJPHQW3RLVRQ
$XJPHQW3RLVRQ
6FKRRO7UDQVPXWDWLRQ
/HYHO&OU'UG5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH7RXFK
7DUJHWQRQPDJLFDOSRLVRQGRVHOHYHOV
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVVREMHFW 
6SHOO5HVLVWDQFH\HV KDUPOHVVREMHFW 
7KLVVSHOOPDNHVSRLVRQPRUHSRWHQWDQGWR[LF$Q\
GRVHRISRLVRQDIIHFWHGE\WKHVSHOOKDVLWV)RUWLWXGH
'&FKDQJHGWR FDVWHUOHYHOVSHOOFDVWLQJ
DELOLW\PRGLILHU )XUWKHUPRUHDQ\DELOLW\GDPDJH
FDXVHGE\WKHSRLVRQGRHVRQHDGGLWLRQDOSRLQWRI
GDPDJHHDFKURXQGDQGLWVGXUDWLRQLVLQFUHDVHGE\
URXQG)RUH[DPSOHLI\RXKDGRQHGRVHRIVWDQGDUG
Z\YHUQSRLVRQLQMXU\VDYH'&IUHTXHQF\URXQG
IRUURXQGVHIIHFWG&RQVWLWXWLRQGDPDJHFXUH
FRQVHFXWLYHVDYHVDQGLWZHUHDXJPHQWHGE\DWK
OHYHOZL]DUGZLWKD,QWHOOLJHQFHVFRUHRILWZRXOG
EHFRPHDXJPHQWHGZ\YHUQSRLVRQLQMXU\VDYH'&
IUHTXHQF\URXQGIRUURXQGVHIIHFWG
&RQVWLWXWLRQGDPDJHFXUHFRQVHFXWLYHVDYHV
,IWKHGXUDWLRQRIWKHVSHOOH[SLUHVWKHDXJPHQWHG
HIIHFWHQGVLPPHGLDWHO\7KXVLIDSHUVRQKDVVXIIHUHG
URXQGVRIWKHDXJPHQWHGZ\YHUQSRLVRQDQGWKH
VSHOOHQGVEHIRUHWKHWKURXQGLWZRXOGQRWGHDO
GDPDJHRQWKHVHYHQWKURXQG
7KLVVSHOORQO\DIIHFWVGLVFUHWHGRVHVRISRLVRQWKRXJK
WKH\PD\DOUHDG\EHSODFHGRQDZHDSRQWUDSRU
RWKHULWHP7KXVLIWKHVSHOOZHUHFDVWRQDJDOORQ
YDWRIZ\YHUQSRLVRQLWZRXOGKDYHQRHIIHFW
$GRVHRISRLVRQXQGHUWKHHIIHFWRIWKLVVSHOOLV
FRQVLGHUHGDPDJLFDOO\PRGLILHGSRLVRQDQGGRHV
UDGLDWHPDJLF


%HJXLOH
%HJXLOH
6FKRRO(QFKDQWPHQW &KDUP >0LQG$IIHFWLQJ@
/HYHO%UG
&DVWLQJ7LPHPRYHDFWLRQ
&RPSRQHQWV9
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHKXPDQRLGFUHDWXUH
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXFORXGWKHPLQGRIWKHWDUJHWFUHDWXUHPDNLQJKLP
PRUHVXVFHSWLEOHWRFKDUPVDQGLOOXVLRQV7KHVXEMHFW
LVGD]]OHGDQGWDNHVDFLUFXPVWDQFHSHQDOW\RQDOO
VDYLQJWKURZVDJDLQVWHQFKDQWPHQWDQGLOOXVLRQVSHOOV
DQGHIIHFWV$VXFFHVVIXO:LOOVDYHQHJDWHVWKHGD]]OHG
FRQGLWLRQDQGWKHWDUJHWVXIIHUVRQO\D
FLUFXPVWDQFHSHQDOW\RQDOOVDYLQJWKURZVDJDLQVW
HQFKDQWPHQWDQGLOOXVLRQVSHOOVDQGHIIHFWV


%UHDN2EMHFW
%UHDN2EMHFW
6FKRRO7UDQVPXWDWLRQ/HYHO%UG&OU'UG
6RU:L]



XVXDOSHQDOWLHVWRPHOHHDWWDFNUROOVPHOHHGDPDJH
UROOVDQGRWKHUXVHVRIWKH6WUHQJWKPRGLILHU
7KHFXUVHEHVWRZHGE\WKLVVSHOOFDQQRWEHGLVSHOOHG
EXWLWFDQDOVREHUHPRYHGZLWKDEUHDNHQFKDQWPHQW
EXOOVVWUHQJWKOLPLWHGZLVKPLUDFOHUHPRYHFXUVH
RUZLVKVSHOO
%XOOVFXUVHFRXQWHUVEXOOVVWUHQJWK


&DVWLQJ7LPHURXQG
&RPSRQHQWV96
5DQJHIW
7DUJHW2QHREMHFWRIXSWRFXIWOHYHORURQH
FRQVWUXFWFUHDWXUH
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ:LOOQHJDWHV REMHFW 6SHOO
5HVLVWDQFH<HV REMHFW DQGVHHWH[W
7KLVVSHOOGDPDJHVREMHFWVUHGXFLQJWKHREMHFWVKLW
SRLQWWRWDOWRRQHKLWSRLQWEHORZKDOILWVPD[LPXPKLW
SRLQWWRWDO WKHREMHFWFDQQRWEHUHSDLUHGRUJDLQKLW
SRLQWVXVLQJWKLVVSHOO 7KLVDOVRFDXVHVWKHREMHFWWR
JDLQWKHEURNHQFRQGLWLRQWKLVFRQGLWLRQLVUHPRYHGLI
WKHREMHFWLVUHVWRUHGWRDWOHDVWKDOILWVRULJLQDOKLW
SRLQWV0DJLFLWHPVFDQEHEURNHQE\WKLVVSHOOEXW
\RXPXVWKDYHDFDVWHUOHYHOHTXDOWRRUKLJKHUWKDQ
WKHFDVWHUOHYHORIWKHREMHFW
7KLVVSHOODOVRGHDOVGSRLQWVRIGDPDJHSHUOHYHO
ZKHQFDVWRQDFRQVWUXFWFUHDWXUH PD[LPXPG EXW
LWFDQQRWUHGXFHWKHFRQVWUXFWVWRWDOKLWSRLQWWRWDOWR
RQHKLWSRLQWEHORZKDOILWVPD[LPXPKLWSRLQWWRWDO
:KHQEUHDNREMHFWLVXVHGRQDFRQVWUXFWFUHDWXUHWKH
VSHOOE\SDVVHVDQ\LPPXQLW\WRPDJLFDVLIWKHVSHOO
GLGQRWDOORZVSHOOUHVLVWDQFH


&DWV&XUVH
&DWV&XUVH
UVH
6FKRRO1HFURPDQF\/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXSODFHDFXUVHRQWKHVXEMHFWWKDWLPSRVHVD
FLUFXPVWDQFHSHQDOW\WR'H[WHULW\XSRQDVXFFHVVIXO
VDYHWKLVSHQDOW\LVUHGXFHGWR7KHUHVXOWVLQWKH
XVXDOSHQDOWLHVWR$&5HIOH[VDYHVUDQJHGDWWDFN
UROOVLQLWLDWLYHFKHFNVDQGRWKHUXVHVRIWKH'H[WHULW\
PRGLILHU
7KHFXUVHEHVWRZHGE\WKLVVSHOOFDQQRWEHGLVSHOOHG
EXWLWFDQDOVREHUHPRYHGZLWKDEUHDNHQFKDQWPHQW
FDWVJUDFHOLPLWHGZLVKPLUDFOHUHPRYHFXUVHRU
ZLVKVSHOO
&DWVFXUVHFRXQWHUVFDWVJUDFH


%ULJKWPDWWHU
%ULJKWPDWWHU
WPDWWHU
6FKRRO&RQMXUDWLRQ &UHDWLRQ >/LJKW@/HYHO%UG
&OU'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 OLYHILUHIO\ 
5DQJH&ORVH IWIWOHYHOV 
(IIHFW%ORERISKRVSKRUHVFHQWPDWWHU
'XUDWLRQKRXUOHYHO ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXFUHDWHDOXPLQRXVPDVVRIHFWRSODVPWKDW
JHQHUDWHVEULJKWOLJKWLQDIRRWUDGLXVDQGVKDGRZ\
OLJKWLQDIRRWUDGLXV7KHPDVVLVVWLFN\DQG
SOLDEOHDQGFDQDGKHUHWRLQDQLPDWHREMHFWVZDOOV
FHLOLQJVIORRUVDQGVRRQ<RXFDQGLYLGHWKH
EULJKWPDWWHULQWRVPDOOHUVHSDUDWHSLHFHVEXWGRLQJ
VRUHGXFHVWKHDPRXQWRIOLJKWWKDWHDFKSLHFHVKHGV
3LHFHV
%ULJKW
6KDGRZ\
SLHFH
IW
IW
SLHFHV
IW
IW
SLHFHV
IW
IW
SLHFHV
IW
IW
SLHFHV

IW

%ULJKWPDWWHUGRHVQRWJHQHUDWHKHDW


&KDRWLF%ROW
&KDRWLF%ROW
6FKRRO&RQMXUDWLRQ &UHDWLRQ >&KDRV@/HYHO
6RU:L]
&RPSRQHQWV960 SLQFKRIUDZHDUWK )
FURVVERZEROW 
&DVWLQJ7LPHVWDQGDUGDFWLRQ
5DQJH/RQJ IWIWOHYHO 
(IIHFW2QHEROWRIUDQGRPHQHUJ\
'XUDWLRQURXQGURXQGOHYHOV
6DYLQJ7KURZ1R6SHOO5HVLVWDQFH1R
$EROWRIWKHFKDRWLFHQHUJLHVRIFUHDWLRQVSULQJVIURP
\RXUKDQGDQGVSHHGVWRLWVWDUJHW<RXPXVWVXFFHHG
RQDUDQJHGWRXFKDWWDFNWRKLW\RXUWDUJHW7KHEROW
GHDOVGSRLQWVRIGDPDJHRIDUDQGRPW\SHZLWKQR
VSODVKGDPDJH)RUHYHU\WKUHHFDVWHUOHYHOV\RX
SRVVHVVWKHHQHUJ\XQOHVVQHXWUDOL]HGODVWVIRU
DQRWKHUURXQG WRDPD[LPXPRIDGGLWLRQDOURXQGV
DWWKOHYHO GHDOLQJDQRWKHUGSRLQWVRIGDPDJH
LQHDFKURXQG(DFKURXQGUROORQWKHFKDUWWR
GHWHUPLQHWKHGDPDJHW\SH

G (QHUJ\7\SH
 $FLG
 &ROG
 (OHFWULFLW\
 )LUH
 6RQLF


%XOOV&XUVH
%XOOV&XUVH
6FKRRO1HFURPDQF\/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXSODFHDFXUVHRQWKHVXEMHFWWKDWLPSRVHVD
FLUFXPVWDQFHSHQDOW\WR6WUHQJWKXSRQDVXFFHVVIXO
VDYHWKLVSHQDOW\LVUHGXFHGWR7KLVUHVXOWVLQWKH

&KLOOLQJ0LVW
&KLOOLQJ0LVW
6FKRRO&RQMXUDWLRQ &UHDWLRQ /HYHO'UG
6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 DGURSRIVQRZPHOW 



5DQJH&ORVH IWIWOHYHOV 
(IIHFW)RJLQDIWUDGLXVVSUHDGIWKLJK
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ)RUWLWXGHSDUWLDO6SHOO
5HVLVWDQFH<HVVHHWH[W
<RXFDXVHDVWDWLRQDU\FORXGRILF\YDSRUWRULVHDOO
DURXQG\RX7KHYDSRUSDUWLDOO\REVFXUHVVLJKW
LQFOXGLQJGDUNYLVLRQEH\RQGIHHW2EVFXUHG
FUHDWXUHVDQGREMHFWVJDLQFRQFHDOPHQW DWWDFNVKDYH
DPLVVFKDQFH ,QDGGLWLRQDOOFUHDWXUHVWDNHG
SRLQWVRIQRQOHWKDOGDPDJH WUHDWDVFROGGDPDJHIRU
WKHSXUSRVHRIUHVLVWDQFH HDFKURXQGWKH\UHPDLQLQ
WKHPLVW&UHDWXUHVDUHHQWLWOHGWRD)RUWLWXGHVDYH
HDFKURXQGWRKDOYHWKHGDPDJH
$PRGHUDWHZLQG PSK VXFKDVIURPDJXVWRI
ZLQGVSHOOGLVSHUVHVWKHPLVWLQURXQG$ILUHEDOO
IODPHVWULNHRUVLPLODUVSHOOEXUQVDZD\WKHIRJLQWKH
H[SORVLYHRUILHU\VSHOOVDUHD$ZDOORIILUHEXUQV
DZD\WKHIRJLQWKHDUHDLQWRZKLFKLWGHDOVGDPDJH
7KLVVSHOOGRHVQRWIXQFWLRQXQGHUZDWHU


&RGH6NLOO
&RGH6NLOO

&RQIURQW2XWVLGHU
&RQIURQW2XWVLGHU

5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQPLQOHYHO ' RUXQWLOGLVFKDUJHG
6DYLQJ7KURZ:LOOKDOI KDUPOHVV VHHWH[W6SHOO
5HVLVWDQFH<HV KDUPOHVV VHHWH[W
<RXEHVWRZDVPDOOEOHVVLQJRQDWDUJHWFUHDWXUH
:KHQHYHUWKHFUHDWXUHWDNHVRUPRUHSRLQWVRI
GDPDJHWKHVSHOOGLVFKDUJHVVXIIXVLQJWKHFUHDWXUH
ZLWKSRVLWLYHHQHUJ\WKDWFXUHVGSRLQWVRIGDPDJH
,IXVHGDJDLQVWXQGHDGWKLVVSHOOLVWULJJHUHGLQRQHRI
WZRZD\VGHDOLQJGSRLQWVRIDGGLWLRQDOGDPDJH
HLWKHUWKHQH[WWLPHWKHXQGHDGWDUJHWWDNHVQRUPDO
GDPDJHRUWKHQH[WWLPHWKHXQGHDGWDUJHWLVKHDOHG
E\WDNLQJQHJDWLYHHQHUJ\GDPDJH$QXQGHDG
FUHDWXUHFDQDSSO\VSHOOUHVLVWDQFHDQGFDQDWWHPSWD
:LOOVDYHWRWDNHKDOIGDPDJH$FUHDWXUHPD\RQO\EH
XQGHUWKHHIIHFWRIRQHFRQWLQJHQWKHDOLQJVSHOO RI
DQ\VRUW DWDWLPH


6FKRRO7UDQVPXWDWLRQ/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH7RXFK
7DUJHW2QHFUHDWXUHDQGRQHFRQVWUXFWWRXFKHG
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 6SHOO
5HVLVWDQFH\HV KDUPOHVV 
&RGHVNLOOJLYHVDFRQVWUXFWDQXPEHURIUDQNVLQD
VLQJOHVNLOOHTXDOWRWKRVHSRVVHVVHGE\DQRWKHU
FUHDWXUHWKHFDVWHULVWRXFKLQJZKHQWKHVSHOOLVFDVW$
QRQLQWHOOLJHQWFRQVWUXFWFDQQRWJDLQWKHEHQHILWVRI
,QWHOOLJHQFHRU&KDULVPDEDVHGVNLOOV7KHPD[LPXP
QXPEHURIUDQNVDFRQVWUXFWFDQJDLQE\FRGHVNLOOLV
HTXDOWRLWV+LW'LFH


&RQIURQW2XWVLGHU
&RQIURQW2XWVLGHU
6FKRRO$EMXUDWLRQ/HYHO3DO
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') KRO\ZDWHU 
5DQJH&ORVH IWIWOHYHOV 
7DUJHWV8SWR+'OHYHORIRXWVLGHUVQRWZRRI
ZKLFKFDQEHPRUHWKDQIWDSDUW
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH1R
<RXFDXVHRXWVLGHUVZLWKLQUDQJHWRORVHDQ\EHQHILWV
RIFRQFHDOPHQWDQG\RXJDLQDFLUFXPVWDQFHERQXV
HTXDOWR\RXUFDVWHUOHYHOWR3HUFHSWLRQFKHFNVWR
QRWLFHDKLGGHQRUGLVJXLVHGRXWVLGHU2QDIDLOHG
VDYHRXWVLGHUVPXVWUHYHDOWKHLUWUXHQDPHJUDQWLQJ
\RXDVDFUHGERQXVWRDWWDFNDQGGDPDJHDJDLQVWHYLO
RXWVLGHUVHTXDOWRRQHWKLUG\RXFDVWHUOHYHO
PD[LPXP 


&RZDUGV
&RZDUGV%DQH
%DQH
6FKRRO7UDQVPXWDWLRQ/HYHO3DO
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQPLQOHYHO ' 
<RXJDLQDVDFUHGERQXVWR\RXUDWWDFNDQGGDPDJH
UROOVHTXDOWRRQHWKLUG\RXUFDVWHUOHYHODJDLQVW
GLVKRQRUDEOHRSSRQHQWV PD[LPXP 7KLV
RSSRQHQWPXVWLQWKHFXUUHQWHQFRXQWHUKDYH
DWWHPSWHGDGLVKRQRUDEOHDWWDFN'LVKRQRUDEOH
DWWDFNVLQFOXGHDOOUDQJHGDWWDFNVVQHDNDWWDFNV
DPEXVKHVSRLVRQXVHVXEWOHPDJLFDODWWDFNV VXEMHFW
WR*0DGMXGLFDWLRQ RUDWWHPSWHGDQDWWDFNZKLOH\RX
DUHKHOSOHVVVXUSULVHGRUPDVVLYHO\DQGREYLRXVO\
RXWFODVVHG &5LVRUJUHDWHUWKDQ\RXUFXUUHQW
FKDUDFWHUOHYHOHWF 


&RQWLQJHQW/LJKW+HDOLQJ
&RQWLQJHQW/LJKW+HDOLQJ
6FKRRO&RQMXUDWLRQ +HDOLQJ /HYHO%UG&OU
'UG3DO5JU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') GURSRIVDFUHGRLO 



&XUVHRI3UHYDULFDWLRQ
&XUVHRI3UHYDULFDWLRQ

7DUJHW2QHFUHDWXUHRUREMHFWXSWRDIWFXEHLQ
VL]H
'XUDWLRQKRXUOHYHO
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
'LYLQDWLRQVFDVWRQWKHWDUJHWDUHVFUDPEOHGJLYLQJ
UDQGRPUHVXOWVWRHIIHFWVWKDWGHWHFWDXUDV GHWHFW
HYLOGHWHFWPDJLFGLVFHUQOLHVDQGWKHOLNH ,ID
GLYLQDWLRQLVDWWHPSWHGDJDLQVWWKHZDUGHGFUHDWXUHRU
LWHPWKHFDVWHURIWKHGLYLQDWLRQPXVWVXFFHHGRQD
FDVWHUOHYHOFKHFN GFDVWHUOHYHO DJDLQVWD'&RI
WKHFDVWHUOHYHORIWKHVSHOOFDVWHUZKRFDVWWKH
GHOXGHGLYLQDWLRQ,IVXFFHVVIXOWKHGLYLQDWLRQZRUNV
QRUPDOO\IRULWVGXUDWLRQ2WKHUZLVHWKHGLYLQDWLRQLV
QXOOLILHGJLYLQJUDQGRPUHVXOWVHDFKPLQXWH
)RUVSHOOVWKDWGHWHFWSUHVHQFHRUDEVHQFHWKHUHLVD
FKDQFHIRUHLWKHUSRVVLELOLW\UROOHGHDFKPLQXWH
WKDWWKHGLYLQDWLRQLVIRFXVHGRQWKHWDUJHW)RUVSHOOV
WKDWGHWHUPLQHLQWHQVLW\UROOG

G
,QGLFDWHGUHVXOW

1RQH[LVWHQW

'LP RU)DLQWLIWKLVFDWHJRU\GRHVQRW
QRUPDOO\H[LVWIRUWKHGLYLQDWLRQ 

)DLQW

0RGHUDWH

6WURQJ

2YHUZKHOPLQJ

7KLVVSHOOGRHVQRWDIIHFWRWKHUW\SHVRIGLYLQDWLRQ
PDJLF DXJXU\GHWHFWWKRXJKWV
FODLUDXGLHQFHFODLUYR\DQFHDQGWKHOLNH 


6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG


$IIHFWLQJ@/HYHO%UG&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 DWRRWKRIDOLDU 
5DQJH7RXFK
7DUJHW2QHFUHDWXUH
'XUDWLRQGD\OHYHO
6DYLQJ7KURZ:LOOQHJDWHV6SHOO5HVLVWDQFH
<HV
7KHYLFWLPRIWKLVFXUVHLVXQDEOHWRWHOOWKHWUXWK
:KLOHXQGHULWVHIIHFWVWKHVXEMHFWPXVWVSHDNWKH
RSSRVLWHRIDQ\WUXWKIXOSKUDVHVLWLQWHQGHG,WFDQ
FKRRVHQRWWRVSHDNEXWQRWKLQJLWVD\VFDQEHWUXH
&XUVHRISUHYDULFDWLRQFRXQWHUVDQGGLVSHOVFXUVHRI
WUXWK


'DPDJH/RLQV
'DPDJH/RLQV
6FKRRO1HFURPDQF\>(YLO@/HYHO%UG&OU
6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJKXPDQRLGFUHDWXUH
'XUDWLRQ,QVWDQWDQHRXVVHHWH[W
6DYLQJ7KURZ)RUWLWXGHQHJDWHV6SHOO
5HVLVWDQFH<HV
<RXDIIOLFWDWDUJHWFUHDWXUHZLWKDSDLQIXOFRQWXVLRQ
RIWKHJURLQ7KHWDUJHWWDNHVGSRLQWVRIGDPDJH
SHUWZRFDVWHUOHYHOV PD[LPXPG PD\RQO\PRYH
DWKDOIVSHHGDQGEHFRPHVVLFNHQHGIRUGURXQGV


'HVWDELOL]H0DJLF
'HVWDELOL]H0DJLF

'HDWKFKDQW
'HDWKFKDQW

6FKRRO(YRFDWLRQ>&KDRV@/HYHO&OU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') DERWWOHRIZLQHDQG
JSZRUWKRIFROGLURQGXVWDOORIZKLFKPXVWEH
VSULQNOHGDURXQGWKHDUHD 
5DQJH&ORVH IWIWOHYHOV 
$UHDIWUDGLXVHPDQDWLRQ
'XUDWLRQKRXUVOHYHO
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV
7KLVVSHOOLPEXHVDQDUHDZLWKFKDRWLFHQHUJLHV7KH
VDYH'&WRUHVLVWVSHOOVVSHOOOLNHDQGVXSHUQDWXUDO
DELOLWLHVZLWKLQWKHDUHDRIWKLVVSHOOVXIIHUD
GHVWDELOL]LQJSHQDOW\DQGWKHQDGGDG
GHVWDELOL]LQJERQXVWRWKHLU'&6RIRUH[DPSOHLID
ZL]DUGVILUHEDOODGHPRQVVSHOOOLNHFRQHRIFROG
DQGDJUHHQGUDJRQVEUHDWKZHDSRQDOOKDYHDQRUPDO
5HIOH['&RIZLWKLQWKHDUHDRIWKLVVSHOOWKDW
5HIOH['&ZRXOGEHG6SHOOVRUHIIHFWVZLWKRXW
6DYH'&VDUHQRWDIIHFWHGE\WKLVVSHOO


6FKRRO1HFURPDQF\/HYHO%UG
&DVWLQJ7LPHURXQG
&RPSRQHQWV960 PLQLDWXUHNQLIH 
5DQJH&ORVH IWIWOHYHOV 
(IIHFWIWUDGLXVVSUHDG
'XUDWLRQ&RQFHQWUDWLRQURXQGV ' VHHWH[W
6DYLQJ7KURZ:LOOQHJDWHVVHHWH[W6SHOO
5HVLVWDQFH<HV
<RXUFKDQWLQJFUHDWHVDZDYHRIQHJDWLYHHQHUJ\WKDW
VSUHDGVRXWIURP\RXGHDOLQJSRLQWRIGDPDJHSHU
WZRFDVWHUOHYHOV PD[LPXPSRLQWV HDFKURXQGWR
DOOOLYLQJFUHDWXUHVLQWKHDUHDRIHIIHFW,IDFUHDWXUH
PDNHVDVXFFHVVIXOVDYHLWLVLPPXQHWRWKHHIIHFWVRI
WKDWSDUWLFXODUFDVWLQJRIWKHVSHOO HYHQLILWOHDYHVWKH
HIIHFWEXWODWHUHQWHUVLWDJDLQ $FUHDWXUHWKDWIDLOVD
VDYHVWRSVWDNLQJGDPDJHLILWOHDYHVWKHDUHDEXW
UHVXPHVWDNLQJGDPDJHLILWHQWHUVDJDLQODWHU
%HFDXVHXQGHDGDUHSRZHUHGE\QHJDWLYHHQHUJ\WKLV
VSHOOFXUHVVXFKFUHDWXUHVRIDOLNHDPRXQWRIGDPDJH
UDWKHUWKDQKDUPLQJWKHP


'LPHQVLRQ+RS
'LPHQVLRQ+RS
6FKRRO&RQMXUDWLRQ 7HOHSRUWDWLRQ 
/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 ORRSRIWZLVWHGSDUFKPHQW 
5DQJH&ORVH IWIWOHYHOV 
7DUJHW<RX\RXUIDPLOLDUFRKRUWRUFRPSDQLRQDQG
WRXFKHGREMHFWVRURWKHUWRXFKHGZLOOLQJFUHDWXUHV

'HOXGH'LYLQDWLRQ
'HOXGH'LYLQDWLRQ
6FKRRO,OOXVLRQ *ODPHU >&KDRV@
/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 



'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQHDQG:LOOQHJDWHV REMHFW 
6SHOO5HVLVWDQFH1RDQG\HV REMHFW 
<RXLQVWDQWO\KRSIURP\RXUFXUUHQWORFDWLRQWRDQ\
RWKHUVSRWZLWKLQUDQJH,IWKHVSRW\RXFKRRVHLV
ZLWKLQ\RXUOLQHRIVLJKW\RXDUULYHWKHUHXQHUULQJO\
DQGFDQWDNHDPRYHDFWLRQLI\RXKDYHRQHDYDLODEOH
WR\RX,I\RXUGHVWLQDWLRQLVQRWLQOLQHRIVLJKW\RX
PXVWEHDEOHWRYLVXDOL]HWKHVSRWRUVWDWHWKHGLUHFWLRQ
DQGGLVWDQFHWRLWEXW\RXUKRSKDVDFKDQFHRID
PLVKDSDQG\RXFDQQRWWDNHDQ\IXUWKHUDFWLRQVXQWLO
\RXUQH[WWXUQ1RPDWWHUZKDW\RXUGHVWLQDWLRQ\RX
FDQWUDQVSRUWRQO\\RXUVHOIDQGDPD[LPXPOE
RU\RXUPD[LPXPORDGZKLFKHYHULVOHVV RIREMHFWV
\RXFDUU\RUWRXFK<RXFDQQRWWUDQVSRUWDQ\FUHDWXUH
H[FHSWIRU\RXUIDPLOLDURUDQDQLPDOFRPSDQLRQRU
FRKRUWRIXSWR7LQ\VL]H ZKRVHZHLJKWFRXQWVDJDLQVW
\RXUORDGOLPLW 
,I\RXVXIIHUDPLVKDSRUDUULYHLQDSODFHDOUHDG\
RFFXSLHGE\DVROLGERG\\RXDQGDQ\FUHDWXUHVZLWK
\RXWDNHGSRLQWVRIGDPDJHDQGDUHVKXQWHGWRD
UDQGRPRSHQVSDFHRQDVXLWDEOHVXUIDFHZLWKLQ
IHHWRIWKHLQWHQGHGORFDWLRQ,IWKHUHLVQRIUHHVSDFH
ZLWKLQIHHW\RXWDNHDQDGGLWLRQDOGSRLQWVRI
GDPDJHDQGDUHVKXQWHGWRDIUHHVSDFHZLWKLQ
IHHW,IWKHUHLVQRIUHHVSDFHZLWKLQIHHW\RX
WDNHDQDGGLWLRQDOGSRLQWVRIGDPDJHDQGDUH
VKXQWHGWRWKH$VWUDO3ODQH


'LUH)RUP
'LUH)RUP

7DUJHW<RXRUDFUHDWXUHRUREMHFWZHLJKLQJQRPRUH
WKDQOEVOHYHO
'XUDWLRQPLQOHYHO ' 
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV KDUPOHVV 
7KHFDVWHURIWKLVVSHOOFDQJLYHWRWKHVXEMHFWWKH
YLVXDODQGDXGLWRU\LOOXVLRQRIDQ\FRPELQDWLRQRI
GDPDJHUHGXFWLRQUHVLVWDQFHLPPXQLW\WRGDPDJH
IDVWKHDOLQJRUUHJHQHUDWLRQ7KHQDWXUHRIWKHLOOXVLRQ
LVFKRVHQDWWKHWLPHRIFDVWLQJDQGFDQQRWEH
FKDQJHG$FUHDWXUHWKDWLQWHUDFWVZLWKWKHJODPHU
PD\DWWHPSWWRGLVEHOLHYHWKHLOOXVLRQ


'LUH)RUP
'LUH)RUP
6FKRRO7UDQVPXWDWLRQ
/HYHO'UG5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') DKDLUIURPDGLUH
FUHDWXUH 
5DQJH&ORVH IWIWOHYHOV 
7DUJHWV2QHDQLPDORUPDJLFDOEHDVW
'XUDWLRQPLQXWHOHYHO
6DYLQJ7KURZ)RUWLWXGHQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV KDUPOHVV 
'LUHIRUPFDXVHVDUHJXODUDQLPDORUPDJLFDOEHDVWWR
FKDQJHLQWRDPRUHIHUDOPRUHSRZHUIXOIRUP7KH
WDUJHWDQLPDORUPDJLFDOEHDVWZKLFKPXVWQRWKDYH
PRUHKLWGLFHWKDQ\RXJDLQVDHQKDQFHPHQW
ERQXVWR6WUHQJWKDHQKDQFHPHQWERQXVWR
&RQVWLWXWLRQDQGDHQKDQFHPHQWERQXVWRQDWXUDO
DUPRU$OORIWKHWDUJHWVQDWXUDOZHDSRQVLPSURYHDV
LILWSRVVHVVHGWKH,PSURYHG1DWXUDO$WWDFNIHDW 7KH
HIIHFWRIWKLVVSHOOVWDFNVZLWKWKHDFWXDOIHDWEXWQRW
RWKHUPDJLFDOVRXUFHV 7KLVVSHOOGRHVQRWSURYLGH
\RXZLWKDQ\DGGLWLRQDOZD\RIFRQWUROOLQJWKHDQLPDOV
DIIHFWHGDQGLQGHHGLWWHQGVWRPDNHWKHPPRUH
DJJUHVVLYH LQFUHDVH$QLPDO(PSDWK\'&E\DQGLW
JDLQVDVHFRQGFKDQFHWREUHDNDQ\FKDUPRU
FRPSXOVLRQHIIHFWV 

'LVWRUWLRQ)LHOG
'LVWRUWLRQ)LHOG
6FKRRO(YRFDWLRQ>6RQLF@/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV
'LVWRUWLRQILHOGFRQVWDQWO\HPLWVIOXFWXDWLQJ
XOWUDVRQLFSXOVHVRIVRXQGDQGYLEUDWLRQGHVLJQHGWR
FRQIXVHFUHDWXUHVWKDWUHO\XSRQEOLQGVLJKWRU
WUHPRUVHQVHWRJDWKHUVHQVRU\LQIRUPDWLRQIURPWKHLU
LPPHGLDWHYLFLQLW\6XFKFUHDWXUHVVWLOOGRQRWQHHGWR
PDNH3HUFHSWLRQFKHFNVWRSLQSRLQWWKHORFDWLRQRID
FUHDWXUHZLWKLQUDQJHRILWVEOLQGVLJKWRUWUHPRUVHQVH
DELOLW\+RZHYHUDQ\RSSRQHQWWKHFUHDWXUHFDQQRW
VHHVWLOOKDVWRWDOFRQFHDOPHQWDJDLQVWLWDQGLWVWLOO
KDVWKHQRUPDOPLVVFKDQFHZKHQDWWDFNLQJIRHVWKDW
KDYHFRQFHDOPHQW&UHDWXUHVZLWKEOLQGVLJKW EXWQRW
WUHPRUVHQVH DIIHFWHGE\GLVWRUWLRQILHOGDUHDIIHFWHG
E\YLVLELOLW\FRQGLWLRQVDQGZLOOEHLPSDFWHG
DFFRUGLQJO\ VXFKDVQRWEHLQJDEOHWRQDYLJDWH
UHOLDEO\LQWKHGDUNHWF $FUHDWXUHZLWKEOLQGVLJKWRU

'LVJXLVH:RXQGV
'LVJXLVH:RXQGV
6FKRRO,OOXVLRQ *ODPHU /HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') DQH\HODVKHQFDVHGLQ
JXPDUDELF 
5DQJH3HUVRQDORUWRXFK




6DYLQJ7KURZ1RQHVHHWH[W
6SHOO5HVLVWDQFH<HV
<RXWUDQVPXWHDVHFWLRQRIWKHJURXQGLQWRDJDSLQJ
PDZ7KHVSHOODIIHFWVQRUPDOHDUWKVXFKDVVDQG
FOD\RUVWRQHEXWQRWZRRGRUPHWDO7KHPDZWULHVWR
ELWHDQ\FUHDWXUHVWDQGLQJRQRUVWHSSLQJLQWRWKH
VTXDUHZKHUH\RXFUHDWHLW LQFOXGLQJ\RXRU\RXU
DOOLHV DWWDFNLQJE\PDNLQJD&0%JUDSSOHFKHFN
&0%HTXDOWR\RXUFDVWHUOHYHOSOXV\RXUFDVWHU
DELOLW\PRGLILHU ,WDXWRPDWLFDOO\JUDEVDQGWULHVWR
HVWDEOLVKDKROG,IWKHPDZVXFFHVVIXOO\HVWDEOLVKHVRU
PDLQWDLQVDKROGLWGHDOVGSRLQWVRIEOXGJHRQLQJ
GDPDJHSOXV\RXUFDVWHUDELOLW\PRGLILHUERQXV OHWKDO
RUQRQOHWKDOGDPDJHDW\RXURSWLRQFKRVHQGXULQJ
FDVWLQJ 
7KHPDZFDQJUDERUKROGRQO\RQHFUHDWXUHDWDWLPH
EXWLWPDNHVDQHZ&0%FKHFNHDFKURXQGLQ\RXU
WXUQRQFHLWKDVVHL]HGDFUHDWXUH,ILWVXFFHHGVZLWKD
VHFRQG&0%FKHFNDJDLQVWD0HGLXPRUVPDOOHU
FUHDWXUHWKHPDZVZDOORZVLWGHDOLQJDQRWKHUG
SRLQWVRIEOXGJHRQLQJGDPDJH7KHUHLVQRDLULQVLGH
WKHPDZDQGDVZDOORZHGFUHDWXUHDOVRDXWRPDWLFDOO\
WDNHVGSRLQWVRIEOXGJHRQLQJGDPDJHHDFKURXQG
XQWLOWKHVSHOOHQGVRULWPDQDJHVWRHVFDSH EXWLVVWLOO
JUDSSOHGHYHQLILWVXFFHHGV 7KHPDZFDQKROGRQH
0HGLXPWZR6PDOOIRXU7LQ\HLJKW'LPLQXWLYHRU
VL[WHHQ)LQHFUHDWXUHVDQGFDQJUDSSOH EXWQRW
VZDOORZ RWKHUFUHDWXUHVHYHQZKHQLWLVIXOO
&UHDWXUHVVWLOOLQWKHPDZZKHQWKHVSHOOHQGVDUH
H[SHOOHGIURPWKHHDUWKWDNLQJGSRLQWVRIGDPDJH
7KHPDZLWVHOILVLPSHUYLRXVWRGDPDJHEXWDQ\WKLQJ
WKDWGHVWUR\VWKHIRRWFXEHRIHDUWKHQGVWKHVSHOO
DQGIUHHVDQ\FUHDWXUHKHOGLQVLGH$VWRQHVKDSH
FRXQWHUVDQGGLVSHOVHDUWKPDZDQGDWUDQVPXWH
URFNWRPXGHIIHFWFDVWRQWKHHDUWKPDZVVTXDUH
HQGVWKHVSHOOEXWOHDYHVDQ\IRUPHUO\WUDSSHG
FUHDWXUHVVXEPHUJHGLQWKHPXG


WUHPRUVHQVHDIIHFWHGE\GLVWRUWLRQILHOGLVGHQLHGLWV
'H[WHULW\ERQXVWR$UPRU&ODVVDJDLQVWDWWDFNVIURP
FUHDWXUHVLWFDQQRWVHH


'XVW:DOO
'XVW:DOO
6FKRRO(YRFDWLRQ>(DUWK@
/HYHO'UG5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') DSLQFKRIGLUWRUVDQG 
5DQJH&ORVH IWIWOHYHOV 
(IIHFW:DOOXSWRIWOHYHOORQJDQGIWOHYHOKLJK
6 
'XUDWLRQURXQGOHYHO ' 
6DYLQJ7KURZ1RQHRU)RUWLWXGHSDUWLDOVHHWH[W
6SHOO5HVLVWDQFH<HV
<RXUDLVHDURLOLQJFXUWDLQRIDLUERUQHGXVWDERXWD
IRRWWKLFN/LYLQJFUHDWXUHVSDVVLQJWKURXJKWKHZDOO
PXVWPDNHDVXFFHVVIXO)RUWLWXGHVDYHRUEHEOLQGHG
IRUURXQG7KHZDOOLVVHPLVROLGDQGGRHVQRWEORFN
OLQHRIVLJKWRUOLQHRIHIIHFWEXWSURYLGHVVRIWFRYHU
$& WRDQ\RQHEHKLQGLW7KHVTXDUHVFRQWDLQLQJ
WKHZDOODUHGLIILFXOWWHUUDLQ HDFKVTXDUHPRYHG
FRXQWVDVWZRVTXDUHVRIPRYHPHQWZLWKHDFK
GLDJRQDOFRXQWLQJDVWKUHHVTXDUHV 7KHZDOOPXVW
DOZD\VVWDQGRQWKHJURXQGDQG\RXFDQPDNHLW
WZLFHDVORQJE\PDNLQJLWKDOIDVKLJK IWOHYHO
ORQJDQGIWKLJK $VDPRYHDFWLRQ\RXFDQGLUHFWLW
WRPRYHDORQJWKHJURXQGDWXSWRIHHWHDFKURXQG


(DJOHV&XUVH
(DJOHV&XUVH
6FKRRO1HFURPDQF\/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXSODFHDFXUVHRQWKHVXEMHFWWKDWLPSRVHVD
FLUFXPVWDQFHSHQDOW\WR&KDULVPDXSRQDVXFFHVVIXO
VDYHWKLVSHQDOW\LVUHGXFHGWR7KLVUHVXOWVLQWKH
XVXDOSHQDOWLHVWR&KDULVPDEDVHGVNLOOFKHFNVDQG
RWKHUXVHVRIWKH&KDULVPDPRGLILHU%DUGVSDODGLQV
DQGVRUFHUHUV DQGRWKHUVSHOOFDVWHUVZKRUHO\RQ
&KDULVPD DIIHFWHGE\WKLVVSHOOGRQRWORVHDQ\ERQXV
VSHOOVIRUWKHGHFUHDVHG&KDULVPDEXWWKHVDYH'&V
IRUVSHOOVWKH\FDVWZKLOHXQGHUWKLVVSHOO
VHIIHFWGR
GHFUHDVH
7KHFXUVHEHVWRZHGE\WKLVVSHOOFDQQRWEHGLVSHOOHG
EXWLWFDQDOVREHUHPRYHGZLWKDEUHDNHQFKDQWPHQW
HDJOHVVSOHQGRUOLPLWHGZLVKPLUDFOHUHPRYHFXUVH
RUZLVKVSHOO
(DJOHVFXUVHFRXQWHUVHDJOHVVSOHQGRU


(DUWKVNLQ
(DUWKVNLQ
6FKRRO$EMXUDWLRQ/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQPLQOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV KDUPOHVV 
7KHZDUGHGFUHDWXUHJDLQVUHVLVWDQFHWREORZVFXWV
VWDEVDQGVODVKHV7KHVXEMHFWJDLQV'5PDJLF,W
LJQRUHVWKHILUVWSRLQWVRIGDPDJHHDFKWLPHLWWDNHV
GDPDJHIURPDZHDSRQWKRXJKDPDJLFZHDSRQ
E\SDVVHVWKHUHGXFWLRQ2QFHWKHVSHOOKDVSUHYHQWHGD
WRWDORISRLQWVRIGDPDJHSHUFDVWHUOHYHO PD[LPXP
SRLQWV LWLVGLVFKDUJHG


(DUWKPDZ
(DUWKPDZ

(QYHQRPHG6NLQ
(QYHQRPHG6NLQ

6FKRRO7UDQVPXWDWLRQ>(DUWK@
/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') DSLQFKRIGLUWRUVDQG 
5DQJH&ORVH IWIWOHYHOV 
(IIHFW(DUWKHQPDZWKDWILOOVDIRRWFXEH
'XUDWLRQURXQGOHYHO ' 

6FKRRO7UDQVPXWDWLRQ
/HYHO&OU'UG5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') DIURJ 
5DQJH3HUVRQDO




7DUJHW<RX
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ1RQH VHHWH[W 
6SHOO5HVLVWDQFH1R
7KHFDVWHUVVNLQEHFRPHVPRWWOHGZLWKYLROHWSRLVRQ
ILOOHGSXVWXOHV$Q\WLPHWKHFDVWHUVXIIHUVSK\VLFDO
GDPDJH EXWQRWHQHUJ\GDPDJH WKHUHLVD
FKDQFHWKDWRQHRUPRUHRIWKHSXVWXOHVZLOOUXSWXUH
VSHZLQJIRUWKDSRLVRQ$Q\RQHZLWKLQIHHWPXVW
PDNHD5HIOH[VDYHRUEHVWUXFNE\WKHPDJLFDOO\
FUHDWHGSRLVRQ7KHVDYHIRUWKHSRLVRQLWVHOILVD
)RUWLWXGHVDYHRIWKHVDPH'&DVHQYHQRPHGVNLQ
3RLVRQFRQWDFWVDYH'&RIVSHOOIUHTXHQF\URXQG
IRUURXQGVHIIHFWG'H[WHULW\GDPDJHFXUHVDYH
$VDVWDQGDUGDFWLRQWKHFDVWHUFDQYROXQWDULO\
UXSWXUHDSXVWXOHZKLFKKDVWKHVDPHHIIHFW
7KHHIIHFWRIWKHVSHOOLQFXUVDFLUFXPVWDQFHSHQDOW\
RQDOO&KDULVPDEDVHGFKHFNVH[FHSWWKDWLWFRQIHUVD
FLUFXPVWDQFHERQXVRQDOO'LVJXLVHFKHFNV


(XSKRULD
(XSKRULD
6FKRRO(QFKDQWPHQW &KDUP >0LQG$IIHFWLQJ@
/HYHO%UG
&DVWLQJ7LPHPRYHDFWLRQ
&RPSRQHQWV9
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHKXPDQRLGFUHDWXUH
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
<RXUYRLFHILOOVWKHWDUJHWZLWKIHHOLQJVRISOHDVXUHDQG
MR\$WDUJHW13&ZKRIDLOKLVVDYHKDVKLVDWWLWXGH
LPSURYHGE\RQHVWHS WRDPD[LPXPRIKHOSIXO ,Q
DGGLWLRQWKHWDUJHWWDNHVDSHQDOW\RQDOOVDYLQJ
WKURZVDJDLQVWHQFKDQWPHQWVSHOOVDQGHIIHFWVFDVWE\
\RXIRUWKHGXUDWLRQRIHXSKRULD5HJDUGOHVVRIWKH
VXFFHVVRUIDLOXUHRIWKHVDYHWKHWDUJHWLVXQDZDUH
WKDWDVSHOOKDVEHHQFDVW


([DPLQH&RIILQ
([DPLQH&RIILQ
6FKRRO'LYLQDWLRQ 6FU\LQJ 
/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96)') DVPDOOJODVVOHQV 
5DQJH7RXFK
7DUJHWV&RIILQVDUFRSKDJXVRUEXULDOQLFKHWRXFKHG
'XUDWLRQURXQGOHYHO ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
([DPLQHFRIILQDOORZVWKHFDVWHUWRWRXFKDQ\VHDOHG
EXULDOUHFHSWDFOHDQGVHHLWVFRQWHQWV7KHVSHOO
PDJLFDOO\LOOXPLQDWHVWKHFRIILQVLQWHULRUDOWKRXJKLW
GRHVQRWHQDEOHWKHFDVWHUWRVHHWKURXJKPDJLFDO
GDUNQHVVRUWRYLHZWKHLQVLGHRIDFDVNHWSURWHFWHGE\
PDJLFDOPHDQVRUOHDGVKHHWLQJ8SRQWRXFKLQJWKH
FRIILQWKHFDVWHUUHFHLYHVDFXUVRU\YLHZRIWKHFRIILQV
LQWHULRUWKDWUHYHDOVQRKLGGHQREMHFWVRUSUHFLVH
GHWDLOV2QWKHVXEVHTXHQWURXQGWKHFDVWHUPD\
DWWHPSWD3HUFHSWLRQFKHFNWRORFDWHDQ\REMHFWVQRWLQ
SODLQYLHZRUJDWKHUDGGLWLRQDOGHWDLOVEXWKHVWLOO
FDQQRWVHHREMHFWVFRQFHDOHGE\DQLQWHUYHQLQJ
EDUULHUVXFKDVWKHERG\LWVHOIRUDIDOVHERWWRP

([DPLQH&RIILQ
([DPLQH&RIILQ

9LHZLQJWKHFRIILQVLQWHULRULQWKHIRUPHUPDQQHU
RQO\UHTXLUHVDVWDQGDUGDFWLRQZKLOHFRQGXFWLQJD
PRUHWKRURXJKH[DPLQDWLRQQHFHVVLWDWHVDIXOOURXQG
DFWLRQ7KHFDVWHUPD\WRXFKDQGH[DPLQHPXOWLSOH
FRIILQVXQWLOWKHVSHOOH[SLUHV




([KDXVWLRQ
([KDXVWLRQ

HWF <RXPD\DFWQRUPDOO\XSVLGHGRZQ$Q\LWHPV
WKDWOHDYH\RXUSRVVHVVLRQDUHDIIHFWHGE\JUDYLW\
QRUPDOO\DQGDQ\LWHPWKDWHQWHUV\RXUSRVVHVVLRQ
KDVLWVJUDYLW\UHYHUVHG2QFHWKHGXUDWLRQRIWKHVSHOO
HQGV\RXIDOOJHQWO\DWDUDWHRIIHHWIRURQHURXQG
DQGVXIIHUQRGDPDJHLI\RXUHDFKWKHJURXQG$IWHU
WKDW\RXIDOOQRUPDOO\


6FKRRO1HFURPDQF\/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ)RUWLWXGHQHJDWHV
6SHOO5HVLVWDQFH<HV
7KHVXEMHFWRIWKLVVSHOOEHFRPHVH[KDXVWHG$Q
H[KDXVWHGFKDUDFWHUPRYHVDWKDOIQRUPDOVSHHGDQG
VXIIHUVDSHQDOW\WR6WUHQJWKDQG'H[WHULW\$IWHU
RQHKRXURIFRPSOHWHUHVWDQH[KDXVWHGFKDUDFWHU
EHFRPHVIDWLJXHG6LQFHWKLVVSHOOLVLQVWDQWDQHRXV
WKHHIIHFWFDQQRWEHGLVSHOOHG6SHOOVWKDWUHOLHYH
H[KDXVWLRQZLOOZRUNQRUPDOO\RQWKHVXEMHFW


)LWRI
)LWRI3LTXH
3LTXH
6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG$IIHFWLQJ@
/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQURXQG
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
<RXUZRUGVFDXVH\RXUWDUJHWVIDFHWRWZLVWDQG
FRQWRUWDVKHWXUQVWRYHQWKLVZUDWKRQKLVDOO\<RX
IRUFHDWDUJHWWRDWWDFNLWVQHDUHVWDOO\7KLVDWWDFNFDQ
EHRIDQ\VRUWEXWLWPXVWEHDQDWWDFNWKDWWRWKH
FUHDWXUHVNQRZOHGJHGHDOVGDPDJHDQGLVWKHPRVW
HIIHFWLYHIRUPRIDWWDFNLQWKHWDUJHWVDUVHQDO,IWKH
FUHDWXUHKDVQRDOO\RULIDOOLWVDOOLHVDUHRXWRIDWWDFN
UDQJHLWWDNHVQRDFWLRQVEXWGHIHQGVLWVHOIQRUPDOO\


([SHGLWLRXV&KDUJH
([SHGLWLRXV&KDUJH
6FKRRO7UDQVPXWDWLRQ/HYHO%UG6RU:L]
&DVWLQJ7LPHVZLIWDFWLRQ
&RPSRQHQWV96
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQURXQG
<RXJDLQWKHDELOLWLHVWRPRYHTXLFNO\DQGWREHWWHU
PRYHSDVWHQHPLHV<RXUEDVHODQGVSHHGLQFUHDVHVE\
IHHW WKLVFRXQWVDVDQHQKDQFHPHQWERQXV <RX
DOVRJDLQDFRPSHWHQFHERQXVWR$FUREDWLFV
FKHFNVDQGDGRGJHERQXVWR$&DJDLQVWDWWDFNVRI
RSSRUWXQLW\SURYRNHGE\SDVVLQJWKURXJKDQRWKHU
FUHDWXUHVWKUHDWDUHD


)OH[DUPRU

6FKRRO7UDQVPXWDWLRQ/HYHO%UG&OU'UG
3DO5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9
5DQJH7RXFK
7DUJHW$UPRURUVKLHOGWRXFKHG
'XUDWLRQPLQXWHOHYHO
6DYLQJ7KURZ:LOOQHJDWHV REMHFWKDUPOHVV 
6SHOO5HVLVWDQFH<HV REMHFWKDUPOHVV 
)OH[DUPRUFDXVHVDVLQJOHVHWRIDUPRURUDVKLHOGWR
EHFRPHPRUHPDOOHDEOHDQGOHVVUHVWULFWLYH7KH
WDUJHWVDUPRUFKHFNSHQDOW\LVUHGXFHGE\IRU
HYHU\ILYHFDVWHUOHYHOV PD[LPXPRIDWOHYHO 
,WVPD[LPXP'H[WHULW\ERQXVLVLQFUHDVHGE\IRU
HYHU\ILYHFDVWHUOHYHOV PD[LPXPLQFUHDVHRIDW
OHYHO 7KHDUFDQHVSHOOIDLOXUHFKDQFHLVGHFUHDVHG
E\IRUHYHU\ILYHFDVWHUOHYHOV PD[LPXP
GHFUHDVHRIDWOHYHO 7KLVVSHOOFDQQRWUHGXFH
WKHDUPRUFKHFNSHQDOW\RUVSHOOIDLOXUHFKDQFHEHORZ



([SORGLQJ&ULWLFDO
([SORGLQJ&ULWLFDO
6FKRRO7UDQVPXWDWLRQ>)RUFH@/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV6
5DQJH7RXFK
7DUJHW:HDSRQWRXFKHG
'XUDWLRQPLQXWHVOHYHO ' 
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVVREMHFW 
6SHOO5HVLVWDQFH<HV KDUPOHVVREMHFW 
7KLVVSHOOLQVWLOOVWKHWDUJHWZHDSRQZLWKDKLGGHQ
SRWHQWLDO:KHQHYHUWKHZHDSRQGHDOVDVXFFHVVIXO
FULWLFDOKLWLWGHDOVDQDGGLWLRQDOGSRLQWVRIIRUFH
GDPDJH,IWKHZHDSRQKDVDFULWLFDOPRGLILHURI[LW
LQVWHDGGHDOVGDQGLIWKHPRGLILHULV[LWGHDOV
G(YHQFUHDWXUHVLPPXQHWRFULWLFDOKLWVVXIIHUWKLV
GDPDJH


)RROV/XFN
)RROV/XFN
ROV/XFN

)DOO8S
)DOO8S

6FKRRO7UDQVPXWDWLRQ/HYHO&OU'UG3DO
5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 6SHOO
5HVLVWDQFH<HV
7KHWUDQVPXWHGFUHDWXUHEHFRPHVOXFNLHUZLWKUHVSHFW
WRWUDSVDQGKD]DUGV7KHVSHOOJUDQWVDOXFNERQXV

6FKRRO7UDQVPXWDWLRQ/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQPLQXWHOHYHO ' 
$IWHUFDVWLQJWKLVVSHOOJUDYLW\UHYHUVHVIRU\RXDQGDOO
RI\RXUHTXLSPHQW<RXIDOOXSZDUGVDWWKHQRUPDO
UDWH<RXFRQWLQXHWRIDOOXQWLOWKHGXUDWLRQHQGVRU
VRPHWKLQJVWRSV\RXUIDOO VXFKDVDFHLOLQJURSHV




5HVLVWDQFH<HV
<RXFDOOXSRQWKHSRZHUVRIXQOLIHGHDOLQJDQ
LQVWDQWDQHRXVGSRLQWVRIFROGGDPDJHSHUFDVWHU
OHYHO PD[LPXPG DQGWKHWDUJHWLV6WDJJHUHGIRU
URXQGOHYHO$VXFFHVVIXO)RUWLWXGHVDYHUHVXOWVLQ
KDOIGDPDJHDQGQHJDWHVWKH6WDJJHUHGFRQGLWLRQ


WRDOOVDYHVDJDLQVWWUDSVKD]DUGVGLVHDVHVDQG
SRLVRQV7KHVXEMHFWDOVRJDLQVDOXFNERQXVWR
3HUFHSWLRQDQG'LVDEOH'HYLFHFKHFNV:KLOHVXEMHFW
WRIRROVOXFNDQ\GDPDJHGHDOWE\WUDSVRUKD]DUGVLV
UHGXFHGE\SRLQWV


)RUFH&OXE
)RUFH&OXE
&OXE

)XWXUHV%RRQ
)XWXUHV%RRQ

6FKRRO(YRFDWLRQ>)RUFH@/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
(IIHFW&OXERIIRUFH
'XUDWLRQPLQXWHOHYHO ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV
<RXFUHDWHDVKLPPHULQJFOXERISXUHIRUFHHQHUJ\WR
DSSHDULQ\RXUKDQGRULQWKHKDQGRIDQ\RQH
FUHDWXUH\RXWRXFK7KLVZHDSRQLVZLHOGHGDVDFOXE
VLPSOHZHDSRQ ,WGHDOVGSRLQWRIGDPDJHSHU
WZRFDVWHUOHYHOV PD[LPXP SOXVWKHZLHOGHUV
6WUHQJWKPRGLILHU,IWKHZLHOGHUHYHUUHOLQTXLVKHV
KROGRIWKHFOXELWGHPDWHULDOL]HVDQGFDQQRWEH
UHIRUPHG7KHILUVWWLPHLWVWULNHVDFUHDWXUHZLWKVSHOO
UHVLVWDQFH\RXPDNHDFDVWHUOHYHOFKHFN,I\RX
RYHUFRPHWKHUHVLVWDQFHWKHIRUFHFOXEZRUNVDJDLQVW
WKDWFUHDWXUHIRUWKHGXUDWLRQRIWKHVSHOO,ILWIDLOV
WKHEHDWVWLFNGHPDWHULDOL]HV$VDIRUFHHIIHFWWKLV
VSHOOFDQDIIHFWHWKHUHDODQGLQFRUSRUHDOFUHDWXUHV


6FKRRO'LYLQDWLRQ/HYHO&OU VHHWH[W 
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQKRXUOHYHORUXQWLOGLVFKDUJHG
2QO\FOHULFVZLWKWKHOXFNGRPDLQJDLQDFFHVVWRWKLV
VSHOO<RXPD\PDNHDQ\RQHGUROO W\SLFDOO\D
FKHFNRUDWWDFNUROO WZLFHWKHQWDNHWKHEHWWHURIWKH
WZRUHVXOWV7KHVXEMHFWPXVWFKRRVHZKLFKGLHUROOWR
DIIHFWEHIRUHWKHUROOLVPDGHDWZKLFKSRLQWWKHVSHOO
GLVFKDUJHV<RXPD\RQO\EHXQGHUWKHHIIHFWRIRQH
IXWXUHVERRQDWDWLPH


*LDQW%RXOGHU
*LDQW%RXOGHU
6FKRRO7UDQVPXWDWLRQ/HYHO&OU6RU:L]
&RPSRQHQWV960 VWUDQGRIJLDQWKDLU 
&DVWLQJ7LPHVWDQGDUGDFWLRQ
5DQJH7RXFK
7DUJHWVWRQHOHYHO PD[VWRQHV 
'XUDWLRQPLQXWHVOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
:LWKWKLVVSHOO\RXPDJLFDOO\HQKDQFHVWRQHVVXFK
WKDWZKHQ\RXWKURZWKHPWKH\WUDQVIRUPLQWRJLDQW
ERXOGHUVVLPLODUWRWKRVHKXUOHGE\VWRQHJLDQWV<RX
WUHDWWKHVHDVOLJKWWKURZQZHDSRQVZLWKZKLFK\RX
DUHSURILFLHQW7KHVHERXOGHUVGHDOGSRLQWVRI
EOXGJHRQLQJGDPDJHSOXV\RXUFDVWHUDELOLW\PRGLILHU
7KHERXOGHUVKDYHDUDQJHLQFUHPHQWRIIHHWDQG
FDQEHWKURZQXSWRUDQJHLQFUHPHQWV7KHERXOGHUV
VWULNHDVEOXGJHRQLQJZHDSRQVUDWKHUWKDQVSHOOVDQG
DUHFRQVLGHUHGPDJLFZHDSRQVIRUSXUSRVHVRI
GDPDJHUHGXFWLRQ7KHVWRQHVFDQEHHQKDQFHGZLWK
VSHOOVDVWKRXJKWKH\ZHUHSURMHFWLOHV2QFHDVWRQH
VWULNHV RUPLVVHV LWVWDUJHWWKHPDJLFZLWKLQLWLV
GLVFKDUJHGDQGWKHVWRQHUHYHUWVWRQRUPDO


)R[V&XUVH
)R[V&XUVH
6FKRRO1HFURPDQF\/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXSODFHDFXUVHRQWKHVXEMHFWWKDWLPSRVHVD
FLUFXPVWDQFHSHQDOW\WR,QWHOOLJHQFHXSRQD
VXFFHVVIXOVDYHWKLVSHQDOW\LVUHGXFHGWR7KLV
UHVXOWVLQWKHXVXDOSHQDOWLHVWR,QWHOOLJHQFHEDVHG
VNLOOFKHFNVDQGRWKHUXVHVRIWKH,QWHOOLJHQFH
PRGLILHU:L]DUGV DQGRWKHUVSHOOFDVWHUVZKRUHO\RQ
,QWHOOLJHQFH DIIHFWHGE\WKLVVSHOOGRQRWORVHDQ\
DGGLWLRQDOERQXVVSHOOVIRUWKHUHGXFHG,QWHOOLJHQFH
EXWWKHVDYH'&VIRUVSHOOVWKH\FDVWZKLOHXQGHUWKLV
VSHOO
VHIIHFWGRGHFUHDVH7KLVVSHOOGRHVQ
WUHGXFHDQ\
VNLOOUDQNV
7KHFXUVHEHVWRZHGE\WKLVVSHOOFDQQRWEHGLVSHOOHG
EXWLWFDQDOVREHUHPRYHGZLWKDEUHDNHQFKDQWPHQW
IR[VFXQQLQJOLPLWHGZLVKPLUDFOHUHPRYHFXUVHRU
ZLVKVSHOO
)R[VFXUVHFRXQWHUVIR[VFXQQLQJ


*XDUGLDQ%HDVW
*XDUGLDQ%HDVW
6FKRRO&RQMXUDWLRQ &UHDWLRQ /HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 WKHKDLURIWUDLQHGJXDUG
DQLPDO 
5DQJH&ORVH IWIWOHYHOV 
(IIHFW3KDQWRPJXDUGLDQEHDVW
'XUDWLRQKRXUFDVWHUOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXFDOOLQWRH[LVWHQFHDYDJXHO\VKDSHGVKDGRZ\
EHDVWWKDWVWDQGVDERXWNQHHKLJK7KHEHDVWLVVLOHQW
DPRUSKRXVLQVKDSHFDQVSUHDGLWVHOIRXWOLNHDFORDN
RUVDLOWRFRYHUDODUJHDUHDDQGOHDSWRLQWHUSRVH
DWWDFNVIURPDERYH,WSODFHVLWVHOIEHWZHHQWKHFDVWHU
DQGWKHPRVWDSSDUHQWGDQJHUHYHQZKHQWKUHDWHQHG
E\LQYLVLEOHIODQNLQJRURWKHUZLVHXQVHHQDWWDFNHUV

)ULJLG6ORZQHVV
)ULJLG6ORZQHVV
6FKRRO1HFURPDQF\/HYHO%UG&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQ6HHWH[W
6DYLQJ7KURZ)RUWLWXGHSDUWLDO6SHOO




+H[RI&KDRV
+H[RI&KDRV
6FKRRO1HFURPDQF\>&KDRV@
/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQURXQGOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
7KLVVSHOOLQIOLFWVDQHZUDQGRPFXUVHRQWKHWDUJHW
HDFKURXQG5ROORQWKHIROORZLQJWDEOHDWWKHVWDUWRI
WKHWDUJHW
VWXUQHDFKURXQGWRVHHZKDWWKHHIIHFWRI
WKHFXUVHLVXQWLOWKHGXUDWLRQHQGVRULWLVGLVFKDUJHG

G (IIHFW

$ELOLW\GDPDJHSRLQWWR6WU'H[&RQ,QW
:LVRU&KD UROOGWRGHWHUPLQH$ELOLW\
6FRUHGLVFKDUJHV@ 

%OLQGHG 3HUPDQHQW>GLVFKDUJHV@ 

'D]HG

'HDIHQHG 3HUPDQHQW>GLVFKDUJHV@ 

'LPLQXWLRQ DVSHUUHGXFHSHUVRQ
>GLVFKDUJHV@ 

)DVFLQDWHG

)ULJKWHQHG

*UDSSOHG EUHDNIUHHE\PDNLQJDFRPEDW
PDQHXYHUFKHFNRU(VFDSH$UWLVWFKHFNDVD
VWDQGDUGDFWLRQDJDLQVWWKH'&RIWKLVVSHOO
>GLVFKDUJHV@ 

1DXVHDWHG

3RLVRQHG )RUWLWXGH'&HTXDOWRVSHOO'&
IUHTXHQF\URXQGIRUURXQGVHIIHFWG
6WUHQJWKGDPDJHFXUHVDYH>GLVFKDUJHV@ 

3DUDO\]HG

SHQDOW\WR6WU'H[&RQ,QW:LVRU&KD
UROOGWRGHWHUPLQH$ELOLW\6FRUHFDQQRW
EHUHGXFHGEHORZ 


6RDUGOHYHOFDVWHUFRXOGFDXVHSHUPDQHQWEOLQGQHVV
SRLVRQRUFDXVHGLPLQXWLRQIRURQO\URXQGVLID
FUHDWXUHLVLPPXQHWRDQHIIHFWRUWKHHIIHFWLVQRW
DSSOLFDEOHDQGWKHVSHOOGRHVQRWGLVFKDUJHFRQWLQXH
WRUROODJDLQWKHQH[WURXQG


+H[RI&KDRV
+H[RI&KDRV

\RXDUHXQDZDUHRIDQGFDQQRWEHIRROHGRUPDJLFDOO\
FRQWDFWHG
7KLVPDJLFDOJXDUGLDQEHDVWEORFNVGDPDJHIURPWKH
QH[WVXFFHVVIXODWWDFNPDGHDJDLQVW\RXDEVRUELQJ
GSRLQWVRIGDPDJHSHUFDVWHUOHYHO PD[LPXPRI
G 1RPDWWHUKRZPXFKRUKRZOLWWOHGDPDJHLV
DFWXDOO\LQIOLFWHGE\WKHDWWDFNWKHJXDUGLDQEHDVW
ZLQNVRXWRIH[LVWHQFHDVVRRQDVLWSUHYHQWVGDPDJH
IURPRQHDWWDFNDQ\H[FHVVGDPDJHLVVWLOOWDNHQE\
WKHFDVWHU7KHHIIHFWDOVRRQO\SUHYHQWVGDPDJHDQ\
DGGLWLRQDOHIIHFWVRIDQDWWDFNDUHQRWSUHYHQWHG IRU
H[DPSOHWKHHIIHFWRIDYRUSDOZHDSRQ 
$JXDUGLDQEHDVWFDQQRWSUHYHQWGDPDJHGHDOWE\DUHD
HIIHFWVSHOOVRUVLPLODUHIIHFWV)RUH[DPSOHLWFDQ
SUHYHQWGDPDJHIURPDVLQJOHPDJLFPLVVLOHEXWQRW
PXOWLSOHVRUIURPDILUHEDOO


+HVLWDWH
+HVLWDWH
6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG$IIHFWLQJ@
/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 DVQDLO 
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHFUHDWXUHOHYHOQRWZRRIZKLFKFDQEH
PRUHWKDQIWDSDUW
'XUDWLRQURXQG
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
+HVLWDWHFDXVHVDQXPEHURIFUHDWXUHVLQWKHDUHDWR
KHVLWDWHDQGVHFRQGJXHVVWKHLUDFWLRQV
$IIHFWHGFUHDWXUHVJRODVWLQWKHLQLWLDWLYHRUGHUDQG
LJQRUHWKHILUVWDWWDFNRIRSSRUWXQLW\WKH\FRXOGWDNH
LQHDFKURXQG,IPRUHWKDQRQHFUHDWXUHLVDIIHFWHGE\
KHVLWDWHWKHLUUHODWLYHLQLWLDWLYHRUGHUUHPDLQVWKH
VDPHUHODWLYHWRRQHDQRWKHUHYHQWKRXJKDVDJURXS
WKH\DUHPRYHGWRWKHHQGRIWKHRUGHU


,FH$HJLV
,FH$HJLV
6FKRRO$EMXUDWLRQ/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQPLQOHYHORUXQWLOGLVFKDUJHG ' 
7KLVVSHOOVKHDWKHV\RXLQWKLQOD\HUPDGHHQWLUHO\RI
LFH7KLVLFHUDGLDWHVQRFROGDQGGRHVQRWKDUP\RX
HYHQDVLWJUDQWV\RXDGHIOHFWLRQERQXVDQGILUH
UHVLVWDQFH(YHU\SRLQWVRIILUHGDPDJH
SUHYHQWHGE\WKHVSHOOUHGXFHVWKHVSHOOVGHIOHFWLRQ
ERQXVE\:KHQWKHGHIOHFWLRQERQXVGURSVWRWKH
VSHOOLVGLVFKDUJHG





,QVRPQLD
,QVRPQLD

/LIHFKDQW
/LIHFKDQW

6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG


$IIHFWLQJ@/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
<RXVWHDODZD\DFUHDWXUHVDELOLW\WRUHVWRUVOHHS7KH
WDUJHWRIWKLVVSHOOFDQQRWVOHHSDFFUXLQJSHQDOWLHVIRU
IDWLJXHLQDGGLWLRQWREHLQJXQDEOHWRKHDOQDWXUDOO\
(YHQFUHDWXUHVVXFKDVHOYHVWKDWQRUPDOO\GRQRW
VOHHSDUHXQDEOHWRJHWDSURSHUUHVWZLWKZKLFKWRUH
HQHUJL]HWRJDLQVSHOOVRUKHDOQDWXUDOO\7KLVVSHOOFDQ
EHFRXQWHUHGE\DVOHHSVSHOODQGLWFDQEHXVHGWR
FRXQWHUDVOHHSVSHOORURWKHUPDJLFDOPHDQVRI
LQGXFLQJVOHHS


6FKRRO&RQMXUDWLRQ +HDOLQJ /HYHO%UG


&DVWLQJ7LPHURXQG
&RPSRQHQWV960 PLQLDWXUHNQLIH 
5DQJH&ORVH IWIWOHYHOV 
(IIHFWIWUDGLXVVSUHDG
'XUDWLRQ&RQFHQWUDWLRQURXQGV ' VHHWH[W
6DYLQJ7KURZ:LOOQHJDWHVVHHWH[W
6SHOO5HVLVWDQFH<HV
<RXUFKDQWLQJFUHDWHVDZDYHRISRVLWLYHHQHUJ\WKDW
VSUHDGVRXWIURP\RXFXULQJSRLQWRIGDPDJHSHU
WZRFDVWHUOHYHOV PD[LPXPSRLQWV HDFKURXQGWR
DOOOLYLQJFUHDWXUHVLQWKHDUHDRIHIIHFW%HFDXVH
XQGHDGDUHSRZHUHGE\QHJDWLYHHQHUJ\WKLVVSHOO
GHDOVVXFKFUHDWXUHVDOLNHDPRXQWRIGDPDJHUDWKHU
WKDQFXULQJWKHP,IDQXQGHDGFUHDWXUHPDNHVD
VXFFHVVIXOVDYHLWLVLPPXQHWRWKHHIIHFWVRIWKDW
SDUWLFXODUFDVWLQJRIWKHVSHOO HYHQLILWOHDYHVWKH
HPDQDWLRQEXWODWHUHQWHUVLWDJDLQ 8QGHDGWKDWIDLO
WKHLUVDYHVVWRSWDNLQJGDPDJHLIWKH\OHDYHWKHDUHD
EXWUHVXPHWDNLQJGDPDJHLIWKH\HQWHULWDJDLQODWHU


,QWHUFHSW
,QWHUFHSW$WWDFN
$WWDFN
6FKRRO$EMXUDWLRQ/HYHO3DO
&DVWLQJ7LPHLPPHGLDWHDFWLRQ
&RPSRQHQWV9
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQ,QVWDQWDQHRXV
,IWKHUHLVDQDOO\DGMDFHQWWR\RXWKLVVSHOOZDUGVWKH
DOO\DQGFUHDWHVDP\VWLFFRQQHFWLRQVRWKDWDOORILWV
ZRXQGVWUDQVIHUWR\RX7KHDOO\WDNHVQRGDPDJH
IURPDVLQJXODUDWWDFN LQFOXGLQJWKRVHGHDOWE\
VSHFLDODELOLWLHV WKDWGHDOKLWSRLQWGDPDJHDELOLW\
GDPDJHDELOLW\GUDLQOHYHOGUDLQRUGHDWKHIIHFWV7KH
DPRXQWRIGDPDJHQRWWDNHQE\WKHZDUGHGFUHDWXUHLV
WDNHQE\\RX)RUPVRIKDUPWKDWGRQRWGHDOWKH
W\SHVOLVWHGDERYHVXFKDVEORZQDZD\FKDUP
FRPSXOVLRQDQGNQRFNHGGRZQFRQGLWLRQVDQG
HIIHFWVDUHQRWDIIHFWHG


/XFNZLQJ
/XFNZLQJ
6FKRRO&RQMXUDWLRQ 6XPPRQLQJ 
/HYHO'UG5JU
&DVWLQJ7LPHURXQG
&RPSRQHQWV960') RQHGHDGEXWWHUIO\ 
5DQJH&ORVH IWIWOHYHOV 
(IIHFW2QHJROGHQEXWWHUIO\
'XUDWLRQPLQOHYHO ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
&DVWLQJWKLVVSHOOFUHDWHVDRQHIRRWORQJJROGHQ
EXWWHUIO\ XVHVWDWVIRUDVWLUJHH[FHSWLWGRHVQRW
SRVVHVVLWVPHOHHDWWDFNVFHQWDELOLW\RULWVVSHFLDO
DELOLWLHV 7KLVEXWWHUIO\LVXQGHU\RXUFRPSOHWH
FRQWURODQG\RXDUHHPSRZHUHGWRVHHKHDUDQGIHHO
HYHU\WKLQJWKHEXWWHUIO\GRHV7KHEXWWHUIO\WULJJHUV
DQ\WUDSVDQGVXIIHUVDQ\GDPDJHDQRUPDOVWLUJH
ZRXOG


/DQJXRU
/DQJXRU

0HPRU\
0HPRU\&U\VWDO
&U\VWDO

6FKRRO1HFURPDQF\/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ,QVWDQWDQHRXV VHHWH[W 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV
<RXFDXVHDEODFNDXUDRIQHJDWLYHHQHUJ\WRIRUPRQ
\RXUKDQGWKDWVXSSUHVVHVWKHOLIHIRUFHRIDQ\OLYLQJ
FUHDWXUH\RXWRXFK<RXPXVWPDNHDWRXFKDWWDFNWR
KLW,I\RXKLWWKHVXEMHFWJDLQVQHJDWLYHOHYHO
$VVXPLQJWKHVXEMHFWVXUYLYHVLWUHJDLQVWKHORVWOHYHO
DIWHUDQXPEHURIPLQXWHVHTXDOWR\RXUFDVWHUOHYHO
PD[LPXPPLQXWHV 8VXDOO\QHJDWLYHOHYHOVKDYH
DFKDQFHRIEHFRPLQJSHUPDQHQWEXWWKHQHJDWLYH
OHYHOVIURPODQJXRUGRQ
WODVWORQJHQRXJKWRGRVR
$QXQGHDGFUHDWXUHWRXFKHGE\WKHVSHOOJDLQV
WHPSRUDU\KLWSRLQWVIRUKRXU


6FKRRO'LYLQDWLRQ/HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 FU\VWDORUJHPZRUWKJS 
5DQJH7RXFK
7DUJHWFU\VWDORUJHPWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXVWRUHSHUVRQDOPHPRULHVLQWRDVPDOOFU\VWDORU
JHP7KHPHPRU\PXVWEHRQHWKDW\RXH[SHULHQFHG
RUVDZILUVWKDQG ZKLFKPHDQV\RXVWRUHWKHPHPRU\
RIKHDULQJDWDOHWROGWR\RXWKDW\RXGLGQW
H[SHULHQFHEXWQRWRIWKHWDOHLWVHOI 7KHVWRUHG
PHPRU\FDQODVWQRORQJHUWKDQWHQPLQXWHVEXWFDQ
KROGRQO\RQHPHPRU\
<RXFDQUHFDOOWKHPHPRU\DWDQ\WLPH7KHUHFDOOHG
PHPRU\WDNHVWKHIRUPRIDPHQWDOSLFWXUHRIWKH
PHPRU\YLHZHGLQIURQWRI\RXDVWKRXJKOLWHUDOO\
WKURXJK\RXUH\HV$VDUHVXOWRIWKLVRWKHUVQHDU\RX
FDQDOVRSRVVLEO\VHHWKHPHPRU\





,QRUGHUWRUHFDOODPHPRU\IURPDPHPRU\FU\VWDO
WKDWZDVQRWFUHDWHGE\WKHSHUVRQDWWHPSWLQJWKH
UHFDOOWKHFKDUDFWHUPXVWPDNHD6SHOOFUDIWFKHFN '&
WKHFUHDWRUVFDVWHUOHYHO 
7KHFDVWHURIWKHPHPRU\FU\VWDOFDQGLVSHOWKH
PHPRU\IURPWKHJHPDWZLOOPDNLQJLWDQRUPDO
FU\VWDORUJHPDJDLQ WKLVLVDIUHHDFWLRQ <RXFDQSXW
DQHZPHPRU\LQWRWKHFU\VWDORUJHPDWWKDWWLPHE\
FDVWLQJWKLVVSHOODJDLQ WKLVHUDVHVWKHIRUPHU
PHPRU\ 2WKHUVPXVWXVHDGLVSHOPDJLFVSHOO
WDUJHWHGRQWKHPHPRU\FU\VWDOLQRUGHUWRGHVWUR\
WKHPHPRULHVVWRUHGZLWKLQ


1HFURSKDJH
1HFURSKDJH

$UHD&UHDWXUHVDQGREMHFWVZLWKLQIWUDGLXV
VSUHDG
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ)RUWQHJDWHV VHHWH[W 
6SHOO5HVLVWDQFH1R
$FORXGRIYLVLEOHDQGLQYLVLEOHDLUERUQHSROOHQ
SDUWLFOHVFRYHUVHYHU\RQHDQGHYHU\WKLQJLQWKHDUHD
FDXVLQJOLYLQJEUHDWKLQJFUHDWXUHVWRVXIIHUWKH
QDXVHDWHGFRQGLWLRQIRUWKHGXUDWLRQRIWKHVSHOO


0LUHRI6WRQHDQG(DUWK
0LUHRI6WRQHDQG(DUWK
6FKRRO7UDQVPXWDWLRQ/HYHO'UG5JU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH/RQJ IWIWOHYHO 
$UHD(DUWKRUVWRQHLQDIWUDGLXVVSUHDG
'XUDWLRQPLQOHYHO ' 
6DYLQJ7KURZ5HIOH[SDUWLDOVHHWH[W
6SHOO5HVLVWDQFH1R
7KHYHU\HDUWKWZLVWVDQGZULWKHVFUHDWXUHVWKDWIDLO
WKHLUVDYHJDLQWKHHQWDQJOHGFRQGLWLRQ&UHDWXUHVWKDW
PDNHWKHLUVDYHPRYHDWRQO\KDOIWKHLUEDVHVSHHGLQ
WKHDUHD7KRVHWKDWUHPDLQLQWKHDUHDPXVWVDYH
DJDLQDWWKHHQGRI\RXUWXUQ&UHDWXUHVWKDWPRYH
LQWRWKHDUHDPXVWVDYHLPPHGLDWHO\7KRVHWKDWIDLO
PXVWHQGWKHLUPRYHPHQWDQGJDLQWKHHQWDQJOHG
FRQGLWLRQ(QWDQJOHGFUHDWXUHVFDQDWWHPSWWREUHDN
IUHHDVDPRYHDFWLRQPDNLQJD6WUHQJWKRU(VFDSH
$UWLVWFKHFN7KH'&IRUWKLVFKHFNLVHTXDOWRWKH'&
RIWKHVSHOO7KHHQWLUHDUHDRIHIIHFWLVFRQVLGHUHG
GLIILFXOWWHUUDLQZKLOHWKHHIIHFWODVWV
&UHDWXUHVZLWKEXUURZVSHHGVDUHLPPXQHWRWKH
HIIHFWVRIPLUHRIVWRQHDQGHDUWK


1HFURSKDJH
1HFURSKDJH
6FKRRO1HFURPDQF\/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 DPDJJRWDOLYHRUGHDG 
5DQJH&ORVH IWIWOHYHOV 
7DUJHWV2QHFRUSRUHDOXQGHDGFUHDWXUHRUFRUSVH
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ)RUWLWXGHSDUWLDO
6SHOO5HVLVWDQFH<HV
<RXFUHDWHDSDOH\HOORZVOLPHRQWKHWDUJHW7KHVOLPH
EHJLQVWRGHYRXUWKHWDUJHWVIOHVKUDSLGO\FDXVLQJG
SRLQWVRIGDPDJHSHUURXQG$QXQGHDGFUHDWXUHPD\
DWWHPSWD)RUWLWXGHVDYHLQWKHILUVWURXQGRIWKHVSHOO
WRUHGXFHDOOGDPDJHFDXVHGE\WKHVOLPHE\KDOI7KH
DSSOLFDWLRQRIRQHIODVNRIVWURQJDOFRKRORUDQDWWDFN
WKDWGHDOVDWOHDVWSRLQWVRIILUHGDPDJHWRWKHWDUJHW
QHJDWHVDQ\IXUWKHUGDPDJHIURPWKHVSHOO$VPDOORU
VPDOOHUFRUSVHLVGHVWUR\HGLQURXQGDPHGLXPRQH
LQURXQGVDODUJHRQHLQURXQGIRUHDFKVL]H
FDWHJRU\DERYHODUJHDGGURXQGVWRWKHWLPHLWWDNHV
WRGHVWUR\LW


0XWH
0XWH
6FKRRO1HFURPDQF\/HYHO%UG&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHFUHDWXUH
'XUDWLRQPLQXWHOHYHO ' 
6DYLQJ7KURZ)RUWLWXGHQHJDWHV
6SHOO5HVLVWDQFH<HV
7KLVVSHOOUHQGHUVLWVWDUJHWLQFDSDEOHRIVSHHFK,WLV
QRWSK\VLRORJLFDOVRPXFKDVDORFDOL]HGDUHDDURXQG
WKHWDUJHWVPRXWK RUPRXWKV IURPZKLFKQRVRXQG
LVDEOHWREHHPLWWHG7KXVWKHWDUJHWFDQQRWJUXQWRU
RWKHUZLVHSURGXFHYHUEDOVRXQGVRIDQ\VRUWDOWKRXJK
LWVWLOOPD\PDNHVRXQGVVXFKDVZDONLQJVQDSSLQJ
ILQJHUVRUFODSSLQJ7KLVSUHYHQWVDQ\VRUWRI
VSHOOFDVWLQJWKDWUHTXLUHVYHUEDOFRPSRQHQWV


1LJKWVQDUH
1LJKWVQDUH
6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG$IIHFWLQJ@
/HYHO%UG&OU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 WLQ\IUXLWWDUWVDQGDIHDWKHU 
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHOLYLQJKXPDQRLGFUHDWXUH
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
<RXVSLQDZHERISDOHGUHDP\OLJKWFDXVLQJD
FRPDWRVHVOXPEHUWRFRPHXSRQWKHWDUJHW ZKLFK
PD\LQFOXGHFDXVLQJWKHVXEMHFWWRIDOOSURQHDQ\
GDPDJHIURPZKLFKGRHVQRWDZDNHQWKHYLFWLP $
YLFWLPRIQLJKWVQDUHLVKHOSOHVV(DFKURXQGRQLWV
WXUQWKHVXEMHFWPD\DWWHPSWDQHZVDYHWRHQGWKH
HIIHFW6ODSSLQJRUZRXQGLQJWKHWDUJHWURXVHVWKH

1DXVHDWLQJ3ROOHQ
1DXVHDWLQJ3ROOHQ
6FKRRO&RQMXUDWLRQ &UHDWLRQ /HYHO'UG5JU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 JURXQGPLFD 
5DQJH0HGLXP IWIWOHYHO 





LQGLYLGXDOLPPHGLDWHO\EXWQRUPDOQRLVHGRHVQRW
5RXVLQJDVOHHSHUZLWKVODSVRUZRXQGVUHTXLUHVDQ
DWWDFNDFWLRQWKDWGRHVQRWSURYRNHDQDWWDFNRI
RSSRUWXQLW\7KHVOHHSHUURXVHVDXWRPDWLFDOO\ZKHQ
WKHGXUDWLRQRIQLJKWVQDUHHQGV


2DWKELQG
2DWKELQG
6FKRRO'LYLQDWLRQ/HYHO%UG&OU6RU:L]
&DVWLQJ7LPHURXQG
&RPSRQHQWV960') DGURSRIHDFK
SDUWLFLSDQWVEORRG 
5DQJH6HHWH[W
7DUJHW6HHWH[W
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ1RQH VHHWH[W 6SHOO5HVLVWDQFH1R
:KHQHYHUWZRRUPRUHSDUWLHVHQWHULQWRDELQGLQJ
ZULWWHQFRQWUDFWWKLVVSHOOHQDEOHVDOORIWKHSDUWLHVWR
LQVWDQWDQHRXVO\EHFRPHDZDUHRIDEUHDFKLQWKDW
FRQWUDFWDVORQJDVWKHRIIHQGHUDQGWKHDIIHFWHG
SDUWLHVDUHRQWKHVDPHSODQHRIH[LVWHQFH7KHVSHOO
RQO\DIIHFWVZLOOLQJSDUWLFLSDQWVWKDWKDYHVLJQHGWKH
FRQWUDFWDQGLVW\SLFDOO\HPSOR\HGDVDPHDQVRI
HQVXULQJWUXVWZRUWKLQHVVUDWKHUWKDQHQIRUFLQJWKH
WHUPVRIWKHFRQWUDFW$WWKHWLPHRIWKHFDVWLQJDOORI
WKHZLOOLQJSDUWLFLSDQWVWKDWVLJQHGWKHFRQWUDFWPXVW
EHZLWKLQWKHVDPHHQFORVHGVSDFHDVWKHFRQWUDFW
7KHH[FOXVLRQRIXQZLOOLQJSDUWLFLSDQWVGRHVQRW
QHJDWHWKHVSHOO )URPWKDWSRLQWIRUZDUGDOORIWKH
VSHOOVUHFLSLHQWVUHFHLYHDEULHIYLVXDOLPDJHVKRZLQJ
WKHLQGLYLGXDOWKDWEURNHWKHWHUPVRIWKHFRQWUDFW
DQGKRZKHYLRODWHGWKHWHUPVRIWKHDJUHHPHQW
$OWHUQDWLYHO\DUHFLSLHQWFDQGLVPLVVWKHVSHOOVHIIHFWV
XSRQKLPDWDQ\WLPHDOWKRXJKDOORIWKHUHPDLQLQJ
UHFLSLHQWVEHFRPHDZDUHRIKLVDFWLRQDVLIKHYLRODWHG
WKHFRQWUDFW7KH*0KDVVROHGLVFUHWLRQZKHQ
GHWHUPLQLQJLIWKHVSHOOVFRQGLWLRQVKDYHEHHQPHW
DQGWKHSUHFLVHQDWXUHRIWKHLQIRUPDWLRQSURYLGHGE\
WKHVSHOO


2EVFXUH7H[W
2EVFXUH7H[W

WKH6SHOOFUDIW'&WRGHFLSKHUWKHZULWLQJE\SHU
FDVWHUOHYHO
3ODFLQJWKLVVSHOORQDVFULEHGPDJLFDOZDUGGRHVQRW
GLVUXSWWKHZDUGVIXQFWLRQEXWPLJKWSUHYHQWLWIURP
EHLQJUHFRJQL]HG)RUH[DPSOHH[SORVLYHUXQHVZLWK
DQREVFXUHWH[WVSHOODSSOLHGVWLOOGHWRQDWHVZKHQDQ
DWWHPSWWRUHDGWKHPLVPDGHEXWWKHDWWHPSWZRQW
UHYHDOWKHUXQHVPHDQLQJ LIDQ\ /LNHZLVHDQ
LOOXVRU\VFULSWZLWKDQREVFXUHWH[WVSHOODSSOLHGVWLOO
LPSODQWVLWVVXJJHVWLRQLQWKHPLQGVRIXQDXWKRUL]HG
UHDGHUV7KH6SHOOFUDIW'&WRLGHQWLI\DZDUGXQGHU
WKHHIIHFWVRIREVFXUHVFULSWLQFUHDVHVE\SHUFDVWHU
OHYHOEXWQRWHWKDWSODFLQJWKLVVSHOORQDZDUG
WULJJHUHGE\WRXFKDFWLYDWHVWKHZDUGXQOHVV\RX
VXFFHHGRQDFDVWHUOHYHOFKHFN '&WKHZDUGV
FDVWHUOHYHO 
2EVFXUHWH[WLVGLIILFXOWWRGLVSHODGGLQJDERQXV
WRLWVGLVSHOFKHFN'&


2ZOV&XUVH
2ZOV&XUVH
6FKRRO1HFURPDQF\/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ:LOOSDUWLDO6SHOO5HVLVWDQFH<HV
<RXSODFHDFXUVHRQWKHVXEMHFWWKDWLPSRVHVD
FLUFXPVWDQFHSHQDOW\WR:LVGRPXSRQDVXFFHVVIXO
VDYHWKLVSHQDOW\LVUHGXFHGWR7KLVUHVXOWVLQWKH
XVXDOSHQDOWLHVWR:LVGRPUHODWHGVNLOOV&OHULFV
GUXLGVDQGUDQJHUV DQGRWKHU:LVGRPEDVHG
VSHOOFDVWHUV ZKRUHFHLYHRZO
VZLVGRPGRQRWORVH
DQ\DGGLWLRQDOERQXVVSHOOVIRUWKHGHFUHDVHG
:LVGRPEXWWKHVDYH'&VIRUWKHLUVSHOOVGHFUHDVH
7KHFXUVHEHVWRZHGE\WKLVVSHOOFDQQRWEHGLVSHOOHG
EXWLWFDQDOVREHUHPRYHGZLWKDEUHDNHQFKDQWPHQW
OLPLWHGZLVKPLUDFOHRZOVZLVGRPUHPRYHFXUVHRU
ZLVKVSHOO
2ZOVFXUVHFRXQWHUVRZOVZLVGRP


6FKRRO,OOXVLRQ *ODPHU /HYHO%UG6RU:L]


&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 JROGGXVWZRUWKJS 
5DQJH7RXFK
7DUJHW7H[WWRXFKHGXSWRSDJHRUVTXDUH
IRRWOHYHO
'XUDWLRQ2QHGD\/HYHO ' 
6DYLQJ7KURZ:LOOQHJDWHV REMHFW VHHWH[W
6SHOO5HVLVWDQFH<HV
7KLVVSHOOFDXVHVZULWLQJVLQVFULSWLRQVDQGHYHQ
PDJLFDOV\PEROVDQGJO\SKVWREHFRPHWHPSRUDULO\
XQLQWHOOLJLEOH7KHZULWLQJORRNVQRUPDOWRWKHFDVXDO
YLHZHUEXWVHHPVPHDQLQJOHVVZKHQHYHUDQ\RQHWULHV
WRDFWLYHO\UHDGLW
:KHQWKLVVSHOOLVDSSOLHGWRQRQPDJLFDOZULWLQJ
FKDUDFWHUVZLWKWKH/LQJXLVWLFVVNLOOFDQDWWHPSWWR
SLHFHWRJHWKHUWKHPHDQLQJDGGWKLVVSHOOVFDVWHU
OHYHOWRWKHQRUPDO/LQJXLVWLFV'& IRUZULWLQJWKDW
ZRXOGEHUHDGDEOHQRUPDOO\ 3ODFLQJWKLVVSHOORQ
PDJLFDOZULWLQJVXFKDVDVFUROORUVSHOOERRNLQFUHDVHV

3HDFH%RQGLQJ
3HDFH%RQGLQJ
6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG
$IIHFWLQJ@/HYHO3DO
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
$UHDIWUDGLXVHPDQDWLRQ
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
&UHDWXUHVZLWKLQWKHHPDQDWLRQDUHD RUWKRVHZKR
HQWHULW VKHDWKRUVHFXUHWKHLUPDQXIDFWXUHGZHDSRQV
DQGFDQ
WXQVKHDWKHRUXQVHFXUHWKHP(DFK
SRWHQWLDOO\DIIHFWHGFUHDWXUHLVDOORZHGDVDYHWRDYRLG
WKHHIIHFWVZKHQWKHVSHOOLVFDVWRUZKHQWKHFUHDWXUH
ILUVWHQWHUVWKHHPDQDWLRQDUHD$IIHFWHGFUHDWXUHVDUH
DZDUHRIWKLVHQFKDQWPHQW7KHUHIRUHWKH\PD\
FKRRVHWRSUHSDUHXQDUPHGDWWDFNVVSHOOVRUQDWXUDO
ZHDSRQV&UHDWXUHVZKROHDYHWKHDUHDDUHIUHHWRXVH
ZHDSRQVDVWKH\FKRRVHVXFKDVUDQJHGZHDSRQV





3KDQWRP)DPLOLDU
3KDQWRP)DPLOLDU
6FKRRO,OOXVLRQ *ODPHU /HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 VSHFLDOGXVWZRUWKJS 
5DQJH7RXFK
7DUJHW<RXUIDPLOLDU
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ1RQH VHHWH[W 
6SHOO5HVLVWDQFH1R
<RXPDNH\RXUIDPLOLDULQFOXGLQJFORWKLQJDUPRU
ZHDSRQVDQGHTXLSPHQWORRNGLIIHUHQW,WFDQVHHP
IRRWVKRUWHURUWDOOHUWKLQIDWRULQEHWZHHQ<RX
FDQFKDQJHLWVDSSDUHQWFUHDWXUHW\SHWRDQ\PDJLFDO
EHDVWRUDQLPDO2WKHUZLVHWKHH[WHQWRIWKHDSSDUHQW
FKDQJHLVXSWR\RX<RXFRXOGDGGRUREVFXUHDPLQRU
IHDWXUHRUKDYHLWORRNOLNHDQHQWLUHO\GLIIHUHQW
FUHDWXUH<RXFDQFKDQJHWKLVDSSHDUDQFHDVD
VWDQGDUGDFWLRQ
7KHVSHOOGRHVQRWSURYLGHWKHDELOLWLHVRUPDQQHULVPV
RIWKHFKRVHQIRUPQRUGRHVLWDOWHUWKHSHUFHLYHG
WDFWLOHRUDXGLEOHSURSHUWLHVRILWRULWVHTXLSPHQW,I
\RXXVHWKLVVSHOOWRFUHDWHDGLVJXLVHWKHIDPLOLDUJHWV
DERQXVWRLWV'LVJXLVHFKHFN$FUHDWXUHWKDW
LQWHUDFWVZLWKWKHJODPHUJHWVD:LOOVDYHWRUHFRJQL]H
LWDVDQLOOXVLRQ


3KDQWDVPDO)RH
3KDQWDVPDO)RH

3KDQWDVPDO)RH
3KDQWDVPDO)RH
6FKRRO,OOXVLRQ 3KDQWDVP >)HDU0LQG$IIHFWLQJ@
/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQURXQGOHYHORURQHURXQG
6DYLQJ7KURZ:LOOGLVEHOLHIWKHQ:LOOSDUWLDOVHHWH[W
6SHOO5HVLVWDQFH<HV
<RXFUHDWHDSKDQWDVPDOLPDJHRIDQHQHP\RIWKH
VXEMHFWVLPSO\E\IRUPLQJWKHWKRXJKWVRIWKH
VXEMHFW
VVXEFRQVFLRXVPLQGLQWRVRPHWKLQJWKDWLWV
FRQVFLRXVPLQGFDQYLVXDOL]HWKLVHQHP\2QO\WKH
VSHOO
VVXEMHFWFDQVHHWKHSKDQWDVPDOIRH<RXVHH
RQO\DYDJXHVKDSH7KHWDUJHWILUVWJHWVD:LOOVDYHWR
UHFRJQL]HWKHLPDJHDVXQUHDO,IWKDWVDYHIDLOVWKH
SKDQWDVPWRXFKHVWKHVXEMHFWDQGWKHVXEMHFWPXVW
VXFFHHGRQDVHFRQG:LOOVDYHRULVDIIOLFWHGZLWKWKH
FRZHULQJFRQGLWLRQIURPIHDU(YHQLIWKH:LOOVDYHLV
VXFFHVVIXOWKHVXEMHFWLVVXEMHFWWRWKHVKDNHQ
FRQGLWLRQIRURQHURXQG
,IWKHVXEMHFWRISKDQWDVPDOIRHVXFFHHGVLQ
GLVEHOLHYLQJDQGSRVVHVVHVWHOHSDWK\RULVZHDULQJD
KHOPRIWHOHSDWK\WKHIRHFDQEHWXUQHGXSRQ\RX
<RXPXVWWKHQGLVEHOLHYHLWRUEHFRPHVXEMHFWWRLWV
IHDUDWWDFN



3KDQWDVPDO3LW
3KDQWDVPDO3LW
6FKRRO,OOXVLRQ 3KDQWDVP >)HDU0LQG$IIHFWLQJ@
/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH0HGLXP IWIWOHYHO 





7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQURXQGOHYHORURQHURXQG
6DYLQJ7KURZ:LOOGLVEHOLHIWKHQ)RUWLWXGHSDUWLDO
VHHWH[W6SHOO5HVLVWDQFH\HV
<RXFUHDWHDSKDQWDVPDOLPDJHRIDSLWVLPSO\E\
IRUPLQJWKHWKRXJKWVRIWKHVXEMHFW
VVXEFRQVFLRXV
PLQGLQWRVRPHWKLQJWKDWLWVFRQVFLRXVPLQGFDQ
YLVXDOL]HDQLQILQLWHSLW2QO\WKHVSHOO
VVXEMHFWFDQ
VHQVHWKHSKDQWDVPDOSLW<RXVHHRQO\DYDJXHVKDSH
RQWKHJURXQG7KHWDUJHWILUVWJHWVD:LOOVDYHWR
UHFRJQL]HWKHVHQVDWLRQDVXQUHDO,IWKDWVDYHIDLOVWKH
VXEMHFWEHOLHYHVLWLVIDOOLQJDQGIDOOVSURQH7KH
VXEMHFWWKHQPXVWVXFFHHGRQDVHFRQG:LOOVDYHRULV
DIIOLFWHGZLWKWKHVWXQQHGFRQGLWLRQIURPIHDU
,IWKHVXEMHFWRISKDQWDVPDOSLWVXFFHHGVLQ
GLVEHOLHYLQJDQGSRVVHVVHVWHOHSDWK\RULVZHDULQJD
KHOPRIWHOHSDWK\WKHIHDURIWKHSLWFDQEHWXUQHG
XSRQ\RX<RXPXVWWKHQGLVEHOLHYHLWRUEHFRPH
VXEMHFWWREHOLHYLQJ\RXUHIDOOLQJIDOOSURQHDQG
VXFFHHGRQ\RXUVHFRQG:LOOVDYHRUEHVWXQQHG


3KDQWDVPDO6ZDUP
3KDQWDVPDO6ZDUP
6FKRRO,OOXVLRQ 3KDQWDVP >)HDU0LQG$IIHFWLQJ@
/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQURXQGOHYHORURQHURXQG
6DYLQJ7KURZ:LOOGLVEHOLHIWKHQ)RUWLWXGHSDUWLDO
6SHOO5HVLVWDQFH<HV
<RXFUHDWHDSKDQWDVPDOLPDJHRIDVZDUPVLPSO\E\
IRUPLQJWKHWKRXJKWVRIWKHVXEMHFW
VVXEFRQVFLRXV
PLQGLQWRVRPHWKLQJWKDWLWVFRQVFLRXVPLQGFDQ
YLVXDOL]HWKLVVZDUP2QO\WKHVSHOO
VVXEMHFWFDQVHH
WKHSKDQWDVPDOVZDUP<RXVHHRQO\DYDJXHVKDSH
7KHWDUJHWILUVWJHWVD:LOOVDYHWRUHFRJQL]HWKHLPDJH
DVXQUHDO,IWKDWVDYHIDLOVWKHSKDQWDVPWRXFKHVWKH
VXEMHFWDQGWKHVXEMHFWPXVWVXFFHHGRQDVHFRQG:LOO

&DOP<RXFDQQRWIO\RUOHYLWDWHEXW\RXFDQIDOO
RUMXPSGRZQDGLVWDQFHRIIHHWRUOHVVDVD
PRYHDFWLRQSURYLGHG\RXFDUU\RQO\DOLJKWORDG
/LJKW:LQG<RXFDQOHYLWDWHLI\RXFDUU\QR
PRUHWKDQDOLJKWORDGGHVFHQGLQJXSWRIHHW
RUDVFHQGLQJXSWRIHHWDVDPRYHDFWLRQRU
VLPSO\KRYHULQJLQSODFH$OWHUQDWLYHO\\RXFDQ
IDOOVDIHO\ DVDERYH ZKLOHFDUU\LQJXSWRD
PHGLXPORDG
0RGHUDWH:LQG<RXFDQIO\DWDVSHHGRI
IHHWZLWKJRRGPDQHXYHUDELOLW\VRORQJDV\RX
FDUU\QRPRUHWKDQDOLJKWORDG,I\RXFDUU\QR
PRUHWKDQDPHGLXPORDG\RXFDQOHYLWDWH DV
DERYH RUFDQIDOOVDIHO\LI\RXFDUU\DKHDY\ORDG
6HYHUHRU0RUH3RZHUIXO:LQG$VPRGHUDWH
ZLQG<RXDUHVWLOOVXVFHSWLEOHWRVSHFLDOZLQG
HIIHFWV VXFKDVEHLQJEORZQDZD\RUNQRFNHG
GRZQ EXWZLQGDIIHFWV\RXDVWKRXJK\RXDUH
IO\LQJHYHQLI\RXDUHQW

VDYHRULVDIIOLFWHGZLWKWKHQDXVHDWHGFRQGLWLRQIURP
IHDU(YHQLIWKH:LOOVDYHLVVXFFHVVIXOWKHVXEMHFWLV
VXEMHFWWRWKHVLFNHQHGFRQGLWLRQIRURQHURXQG
,IWKHVXEMHFWRISKDQWDVPDOVZDUPVXFFHHGVLQ
GLVEHOLHYLQJDQGSRVVHVVHVWHOHSDWK\RULVZHDULQJD
KHOPRIWHOHSDWK\WKHIRHFDQEHWXUQHGXSRQ\RX
<RXPXVWWKHQGLVEHOLHYHLWRUEHFRPHVXEMHFWWRLWV
IHDUDWWDFN


3URJUDP)HDW
3URJUDP)HDW
6FKRRO7UDQVPXWDWLRQ/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH7RXFK
7DUJHW2QHFUHDWXUHDQGRQHFRQVWUXFWWRXFKHG
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV KDUPOHVV 
3URJUDPIHDWJLYHVDFRQVWUXFWWKHEHQHILWVRIDVLQJOH
IHDWSRVVHVVHGE\DQRWKHUFUHDWXUHWKHFDVWHULV
WRXFKLQJZKHQWKHVSHOOLVFDVW7KHFRQVWUXFWPXVW
PHHWDOOWKHSUHUHTXLVLWHVRIWKHIHDW7KHIHDWPXVWEH
SDVVLYHDQGUHTXLUHQRWKRXJKWWRDFWLYHIRUDQRQ
LQWHOOLJHQWFRQVWUXFWWRJDLQWKHEHQHILWIURPLW )RU
H[DPSOH:HDSRQ)RFXVZRXOGZRUNEXW3RZHU
$WWDFNZRXOGQRW 


5LJKWHRXV$UPRU
5LJKWHRXV$UPRU
6FKRRO&RQMXUDWLRQ 7HOHSRUWDWLRQ /HYHO3DO
&DVWLQJ7LPHLPPHGLDWHDFWLRQ
&RPSRQHQWV9
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQ,QVWDQWDQHRXV
<RXVHQGWKHDUPRU\RXDUHZHDULQJWRDQ
H[WUDGLPHQVLRQDOVSDFHRU\RXFDQVXPPRQWKH
DUPRUIURPLWVH[WUDGLPHQVLRQDOVSDFH


5HFLSURFLW\
5HFLSURFLW\
6FKRRO(YRFDWLRQ/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHFUHDWXUH
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV
:KHQFDVWWKLVVSHOOFUHDWHVDQDUFRISXUHPDJLFDO
HQHUJ\EHWZHHQ\RXDQGWKHWDUJHW7KHVSHOOGHDOVG
SRLQWVRIGDPDJHSHUOHYHO PD[LPXPG WRWKH
WDUJHWEXWLWDOVRGHDOVKDOIWKDWDPRXQWRIGDPDJHWR
\RX7KHGDPDJHGHDOWWR\RXFDQQRWEHQHJDWHGRU
UHGXFHGE\DQ\PHDQVEXWWKHGDPDJHWRWKHWDUJHW
FDQQHJDWHGE\DQ\PHDQVWKDWZRXOGQRUPDOO\GRVR
VXFKDVWKHLQFRUSRUHDOPLVVFKDQFHRUVSHOO
UHVLVWDQFH


5ROOLQJ%RXOGHU
5ROOLQJ%RXOGHU
6FKRRO(YRFDWLRQ>(DUWK@/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') VPRRWKVSKHULFDOSHEEOH 
5DQJH0HGLXP IWIWOHYHO 
(IIHFWIWGLDPHWHUVSKHUH
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ5HIOH[QHJDWHV6SHOO5HVLVWDQFH
<HV
$VSKHULFDOERXOGHURIHOHPHQWDOHDUWKUROOVDURXQG
WKHEDWWOHILHOGXQGHU\RXUFRQWURO,WPRYHVXSWR
IHHWLQDVWUDLJKWOLQHHYHU\URXQG OHVVLILWVWULNHVDQ
LPPRYDEOHREMHFW LQDGLUHFWLRQRI\RXUFKRLFH
ERZOLQJRYHUFUHDWXUHVLQLWVSDWK&UHDWXUHVVWUXFNE\
WKHERXOGHUPXVWPDNHDVXFFHVVIXOVDYHRUEH
NQRFNHGSURQHWDNLQJGSRLQWVRIEOXGJHRQLQJ
GDPDJHDVWKHERXOGHUUROOVRYHUWKHP
7KHERXOGHUKDVKDUGQHVVDQGKLWSRLQWV


5LGH
5LGH:LQGV
:LQGV
6FKRRO7UDQVPXWDWLRQ/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') IOLJKWIHDWKHUIURPDQ
HDJOH 
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQURXQGOHYHO ' 
7KLVVSHOOJUDQWV\RXWKHDELOLW\WRIORDWRQWKHDLUIRUD
VKRUWWLPHDOORZLQJ\RXWRIDOOVDIHO\WROHYLWDWHRU
HYHQWRIO\GHSHQGLQJRQWKHIRUFHRIWKHZLQG,Q
DGGLWLRQWRJDLQLQJDFLUFXPVWDQFHERQXVWRDOO
$FUREDWLFVFKHFNVZKLOHWKHVSHOOLVLQHIIHFW\RXJDLQ
WKHIROORZLQJDELOLWLHVGHSHQGLQJRQZLQGW\SHDQG
WKHORDG\RXFDUU\

6FRXWV+LNH
6FRXWV+LNH
6FKRRO7UDQVPXWDWLRQ
/HYHO%UG'UG5JU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960 GLUWIURPDIUHVKWUDLO 
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV




7KHWDUJHWFUHDWXUHJDLQVDHQKDQFHPHQWERQXVWR
'H[WHULW\DFRPSHWHQFHERQXVWR6WHDOWKFKHFNV
DQGLQFUHDVHVLWVEDVHODQGVSHHGE\IHHW,WKDVQR
HIIHFWRQRWKHUPRGHVRIPRYHPHQWVXFKDVEXUURZ
FOLPEIO\RUVZLP


6KDGRZ5LEERQV
6KDGRZ5LEERQV
6FKRRO,OOXVLRQ 6KDGRZ /HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 
(IIHFW2QHRUPRUHUD\V
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV
<RXEODVW\RXUHQHPLHVZLWKFOLQJLQJULEERQVRI
VKDGRZ<RXPD\ILUHRQHUD\SOXVRQHDGGLWLRQDOUD\
IRUHYHU\IRXUOHYHOVEH\RQGUG WRDPD[LPXPRI
WKUHHUD\VDWWKOHYHO (DFKUD\UHTXLUHVDUDQJHG
WRXFKDWWDFNWRKLWDQGLQIOLFWVWKHHQWDQJOHG
FRQGLWLRQ(QWDQJOHGFUHDWXUHVFDQDWWHPSWWREUHDN
IUHHDVDPRYHDFWLRQPDNLQJD6WUHQJWKRU(VFDSH
$UWLVWFKHFN7KH'&IRUWKLVFKHFNLVHTXDOWRWKH'&
RIWKHVSHOO7KHUD\VPD\EHILUHGDWWKHVDPHRU
GLIIHUHQWWDUJHWVEXWDOOUD\VPXVWEHDLPHGDWWDUJHWV
ZLWKLQIHHWRIHDFKRWKHUDQGILUHGVLPXOWDQHRXVO\


6KDGRZ6HQWU\
6KDGRZ6HQWU\
6FKRRO,OOXVLRQ 6KDGRZ /HYHO%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96)') DWLQ\UHSOLFDVZRUGPDGH
RIRQ\[ZRUWKJS 
5DQJH&ORVH IWIWOHYHOV 
(IIHFW2QHVKDGRZ\JXDUG VHHWH[W 
'XUDWLRQKRXUOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
6KDGRZVHQWU\FUHDWHVHLWKHUDVKDGRZ\RUIDFHOHVV
KXPDQRLGZDUULRU $& XQGHU\RXUFRPPDQG7KH
VHQWU\PD\EHFRPPDQGHGWRJXDUGZKHUHLWVKRXWV
DQDODUPLILWQRWLFHVDQ\RQHDSSURDFKZLWKLQIW
XVLQJWKHFDVWHU
V3HUFHSWLRQVFRUH SDWUROZKHUHLW
IROORZVDURXWHILUVWZDONHGE\WKHFDVWHUDQGFDOOVDQ
DODUPLILWQRWLFHVDQ\RQHDSSURDFKZLWKLQIHHW
DQGDWWDFNZKHUHLWDWWDFNVZLWKLWVVKDGRZ\VZRUG
GGDPDJHSRLQWOHYHOV 7KHVHQWU\KDVD
%$%HTXDOWRWKHFDVWHU
VOHYHODQGDGGVWKHFDVWHU
V
DVVRFLDWHGVWDWERQXV $WKOHYHOVRUFHUHUZLWKD
&KDULVPDRIFUHDWHVDVHQWU\ZLWKD%$%RIDQG
DQDWWDFNRI,WLQIOLFWVGGDPDJH 7KHVHQWU\
PD\SURYLGHDQDOO\DIODQNLQJERQXVEXWGRHVQRW
EHQHILWIURPRQH7KHVHQWU\LVGLVFKDUJHGDIWHUEHLQJ
VXFFHVVIXOO\VWUXFNIRUDQ\GDPDJH


6KDGRZ6HQWU\
6KDGRZ6HQWU\

6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 6SHOO
5HVLVWDQFH<HV KDUPOHVV 
7KHWDUJHWRIWKLVVSHOOLVSURWHFWHGE\LQWHQVH
IOXFWXDWLRQVLQWKHVSDFHDURXQGKLP7KLVGLVWRUWLRQ
SURWHFWVDJDLQVWDOOIRUPVRILQGLYLGXDOO\WDUJHWHG
PLVVLOHDWWDFNVLQFOXGLQJVSHOOVDQGVSHOOOLNHDELOLWLHV
WKDWUHTXLUHDQDWWDFNUROO:KHQHYHUDQLQGLYLGXDO
PLVVLOHDWWDFNLVGLUHFWHGDWWKHWDUJHWHGFUHDWXUHWKH
DWWDFNVDFWXDOWDUJHWLVGHWHUPLQHGUDQGRPO\DPRQJ
DOOFUHDWXUHVZLWKLQIHHWRIWKHFUHDWXUHLQFOXGLQJ
WKHFUHDWXUHSURWHFWHG,QPLGIOLJKWWKHPLVVLOH
FKDQJHVFRXUVHWRZDUGLWVQHZWDUJHWZLWKQRUPDO
FKDQFHVWRKLW7KHDWWDFNUROOVKRXOGEHUROOHGEHIRUH
WKHWDUJHWLVGHWHUPLQHG
,IWKHSURWHFWHGFUHDWXUHLVVWUXFNE\DQLQGLYLGXDO
PLVVLOHDWWDFNWKHVSHOOLVGLVFKDUJHG,IVHYHUDO
SHRSOHDUHSURWHFWHGE\VKLIWDLPVSHOOVWKHPLVVLOH
RQO\FKDQJHVFRXUVHRQFHEXWFDQDIIHFWWKHHQWLUH
SURWHFWHGDUHD


6KRRWLQJ
6KRRWLQJ6WDU
6WDU

6KLIW$LP
6KLIW$LP

6FKRRO&RQMXUDWLRQ &UHDWLRQ >)LUH@


/HYHO&OU'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96) JSRIPHWHRULWLFLURQ 
5DQJH/RQJ IWIWOHYHO 
7DUJHW2QHFUHDWXUHRUREMHFW
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV

6FKRRO$EMXUDWLRQ>&KDRV@/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96) DSLHFHRIPRVVIRXQGRQD
WUHH 
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQKRXUOHYHORUXQWLOGLVFKDUJHG





DQGUHFHLYHDQVZHUVIURPREMHFWV$QLQDQLPDWH
REMHFWVVHQVHRILWVVXUURXQGLQJVLVOLPLWHGVRLWZRQW
EHDEOHWRJLYHRUUHFRJQL]HGHWDLOHGGHVFULSWLRQVRI
FUHDWXUHVRUDQVZHUTXHVWLRQVDERXWHYHQWVRXWVLGHLWV
LPPHGLDWHYLFLQLW\7KHVSHOOGRHVQWPDNHDQLPDWHG
REMHFWVRUFRQVWUXFWVDQ\PRUHIULHQGO\RUFRRSHUDWLYH
WKDQQRUPDO)XUWKHUPRUHWKH\DUHOLNHO\WRPDNH
LQDQHFRPPHQWV,IDQDQLPDWHGREMHFWRUFRQVWUXFWLV
IULHQGO\WRZDUGWKHFDVWHULWPD\GRVRPHIDYRURU
VHUYLFHIRUWKHFDVWHU DVGHWHUPLQHGE\WKH*0 


$ILHU\VWRQ\PDVVIDOOVIURPWKLQDLUWUDFLQJDUHGKRW
VWUHDNRQWRDGHVLJQDWHGWDUJHW<RXPDNHDUDQJHG
DWWDFN QRWDWRXFKDWWDFN WRVWULNHWKHWDUJHW7KH
VKRRWLQJVWDUGHDOVGSRLQWVRIEOXGJHRQLQJGDPDJH
DQGGSRLQWVRIILUHGDPDJHSHUWZRFDVWHUOHYHOV
PD[LPXPWRWDORIGGDWWKOHYHO 


6KXQW
6KXQW
6FKRRO&RQMXUDWLRQ 7HOHSRUWDWLRQ 
/HYHO&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHFUHDWXUH
'XUDWLRQURXQG
6DYLQJ7KURZ:LOOQHJDWHV6SHOO5HVLVWDQFH<HV
6KXQWEULHIO\DQGIRUFLEO\SXVKHVDWDUJHWFUHDWXUH
ZLWKLQUDQJHLQWRWKH(WKHUHDO3ODQHIRUURXQG,I
FDVWZKLOHRQWKH(WKHUHDO3ODQHWKLVVSHOOIXQFWLRQV
LQUHYHUVHIRUFLQJDFUHDWXUHRQWRWKH0DWHULDO3ODQH
IRUURXQG


6WDQG<RXU*URXQG
6WDQG<RXU*URXQG
6FKRRO7UDQVPXWDWLRQ/HYHO3DO
&DVWLQJ7LPHPRYHDFWLRQ
&RPSRQHQWV96')
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQPLQOHYHO ' 
<RXJDLQDVDFUHGERQXVWR\RXU&0'HTXDOWRRQH
WKLUG\RXUFDVWHUOHYHO\RXDOVRLJQRUHWKHHIIHFWVRI
WKHEORZQDZD\FRQIXVHGFRZHULQJGD]HG
IULJKWHQHGNQRFNHGGRZQSDQLFNHGSURQHDQG
VORZHGFRQGLWLRQVIRUWKHGXUDWLRQRIWKHVSHOOVRORQJ
DV\RXGRQRWPRYHIURP\RXFXUUHQWORFDWLRQ


6LOHQW5D\
6LOHQW5D\
6FKRRO(YRFDWLRQ>6RQLF@/HYHO%UG
&DVWLQJ7LPHPRYHDFWLRQ
&RPSRQHQWV9
5DQJH&ORVH IWIWOHYHOV 
(IIHFW5D\
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV
<RXUYRLFHPDJLFDOO\FUHDWHVDIRFXVHGEHDPRIVRQLF
HQHUJ\WRRVKULOOWRKHDU:LWKWKLVUD\\RXPD\PDNH
DUDQJHGWRXFKDWWDFNUROO2QDKLW\RXLQIOLFWG
SRLQWVRIVRQLFGDPDJHSHUFDVWHUOHYHO G
PD[LPXP 


6WDIIVWULNH/HVVHU
6WDIIVWULNH/HVVHU
6FKRRO(YRFDWLRQ>6RQLF@/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96)TXDUWHUVWDIIPDJLFVWDIIRU
ZDONLQJVWLFN
5DQJHIW
$UHD&RQHVKDSHGEXUVW
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ)RUWLWXGHSDUWLDO
6SHOO5HVLVWDQFH<HV
6ODPPLQJ\RXUVWDIIRQWKHJURXQG\RXVHQGIRUWK
VKRFNZDYHVGHDOLQJGSRLQWVRIEOXGJHRQLQJ
GDPDJHDQGGSRLQWVRIVRQLFGDPDJHWRDOO
FUHDWXUHVDQGREMHFWVZLWKLQWKHDUHD/LYLQJFUHDWXUHV
DUHGHDIHQHGIRUGURXQGVDVXFFHVVIXO)RUWLWXGH
VDYHQHJDWHGWKHGHDIQHVVDQGUHGXFHVWKHGDPDJHE\
KDOI


6OLPH
6OLPH+DUGHQ
+DUGHQ
6FKRRO7UDQVPXWDWLRQ/HYHO'UG
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHRR]H
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ)RUWLWXGHQHJDWHV
6SHOO5HVLVWDQFH<HV
<RXFDXVHWKHRXWHUVXUIDFHRIWKHWDUJHWRR]HWR
KDUGHQJUDQWLQJLWDFLUFXPVWDQFHERQXVWR$UPRU
&ODVVEXWFDXVLQJWREHFRPHVORZHG6OLPHKDUGHQ
DOVRQHJDWHVDQRR]HVHQJXOIDQGVSOLWVSHFLDODELOLWLHV


6WRQHEXUVW
6WRQHEXUVW
6FKRRO(YRFDWLRQ>)LUH@/HYHO'UG
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW2QHQRQPDJLFDOVWRQHREMHFWOHYHOWRXFKHG
'XUDWLRQPLQOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
7KLVVSHOOLPEXHVVPDOOVWRQHREMHFWV RIDVL]HDQG
VKDSHWKHFDVWHUFDQHDVLO\WKURZ ZLWKH[SORVLYH
IRUFH(DFKREMHFWGHWRQDWHVRQLPSDFWGHDOLQJG
SRLQWVRIILUHGDPDJHLQDGGLWLRQWRLWVQRUPDOGDPDJH
ZKHQWKURZQ LIDQ\ 


6SHDNZLWK2EMHFWV
6SHDNZLWK2EMHFWV
DNZLWK2EMHFWV
6FKRRO'LYLQDWLRQ/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQPLQOHYHO
<RXFDQFRPSUHKHQGDQGFRPPXQLFDWHWHOHSDWKLFDOO\
ZLWKPDQXIDFWXUHGREMHFWVLQFOXGLQJDQLPDWHG
REMHFWVDQGFRQVWUXFWV<RXDUHDEOHWRDVNTXHVWLRQV

6WRQHILVW
6WRQHILVW
6FKRRO(YRFDWLRQ>(DUWK@/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ




&RPSRQHQWV960') VPDOOVWRQHVFXOSWXUHRID
FOHQFKHGILVW 
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQPLQOHYHO ' 
2QHRI\RXUHPSW\KDQGV \RXUFKRLFH EHFRPHV
HQFDVHGLQDVWRQ\VKHOO<RXFDQQRWKROGDQ\WKLQJLQ
WKHDIIHFWHGKDQGZKLOHWKHVSHOOODVWVEXW\RXFDQXVH
WKHKDQGWRPDNHXQDUPHGVWULNHVWKDWGRQWSURYRNH
DWWDFNVRIRSSRUWXQLW\<RXGHDOGSRLQWVRIGDPDJH
ZKHQ\RXVWULNHZLWKWKHVWRQHILVWSOXV\RXJDLQD
ERQXVRQ\RXUDWWDFNDQGGDPDJHUROOVLQFUHDVLQJE\
IRUHYHU\WKUHHFDVWHUOHYHOVDERYHUG WRD
PD[LPXPRIDWFDVWHUOHYHOWK $Q\IHDWVRUFODVV
DELOLWLHV\RXKDYHWKDWDIIHFW\RXUXQDUPHGVWULNHV
DSSO\WRDWWDFNV\RXPDNHZLWKWKHKDQGDQGDPRQN
XVLQJWKLVVSHOOFDQDWWDFNZLWKWKHKDQGDVWKRXJKLW
ZDVDVSHFLDOPRQNZHDSRQ:KHQ\RXVWULNHDQ
XQDWWHQGHGREMHFWZLWKWKHKDQG\RXUGDPDJHLV
GRXEOHG


6XSSRUW%HDP
6XSSRUW%HDP

<RXEODVW\RXUHQHPLHVZLWKDEHDPRIQRQOHWKDO
IRUFH<RXPD\ILUHRQHUD\SOXVRQHDGGLWLRQDOUD\IRU
HYHU\IRXUOHYHOVEH\RQGUG WRDPD[LPXPRIWKUHH
UD\VDWWKOHYHO (DFKUD\UHTXLUHVDUDQJHGWRXFK
DWWDFNWRKLWDQGGHDOVGSRLQWVRIQRQOHWKDO
GDPDJH7KHUD\VPD\EHILUHGDWWKHVDPHRU
GLIIHUHQWWDUJHWVEXWDOOUD\VPXVWEHDLPHGDWWDUJHWV
ZLWKLQIHHWRIHDFKRWKHUDQGILUHGVLPXOWDQHRXVO\


6WRUP
6WRUP&HOODU
&HOODU
6FKRRO7UDQVPXWDWLRQ/HYHO'UG
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH7RXFK
7DUJHW2QHVTXDUHIRRWDUHDURXJKO\HTXLYDOHQW
WRWKHVL]HRIDQRUPDOGRRU
'XUDWLRQKRXUOHYHO ' 
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
:KHQ\RXFDVWWKLVVSHOODVWXUG\WUDSGRRUDSSHDUVDW
WKHLQWHQGHGORFDWLRQRSHQLQJLQWRDQ
H[WUDGLPHQVLRQDOVSDFHEHQHDWKWKHJURXQG$ODGGHU
GHVFHQGVIHHWLQWRDVPDOOFKDPEHUFDSDEOHRI
VKHOWHULQJWKHFDVWHUDQGXSWRVHYHQRWKHUFUHDWXUHV
7KHVKHOWHUH[LVWVRXWVLGHRIQRUPDOVSDFHWKHUHIRUH
VSHOOVDQGHIIHFWVHPDQDWLQJRUDIIHFWLQJRQHVLGHRI
WKHGRRUH[HUWQRLQIOXHQFHRQWKHRWKHUVLGHRIWKH
GRRU6WRUPFHOODUSURYLGHVSURWHFWLRQIURPQDWXUDO
KD]DUGVVXFKDVIRUHVWILUHVWRUQDGRHVKXUULFDQHV
IDOOLQJWUHHVWKXQGHUVWRUPVDQGEOL]]DUGV2IFRXUVH
LIDWUHHIDOOVRQWRSRIWKHGRRUWKHURRPVRFFXSDQWV
PXVWFRQWHQGZLWKLWZKHQWKH\OHDYHWKHFHOODU
&UHDWXUHVZLWKLQWKHH[WUDGLPHQVLRQDOVSDFHFDQVHH
WKURXJKWKHGRRUDOWKRXJKFUHDWXUHVRQWKHRWKHUVLGH
RIWKHGRRUFDQQRWORRNLQWRWKHURRP+RZHYHU
FUHDWXUHVRQWKHRXWVLGHFDQIRUFHRSHQWKHGRRUZLWK
D6WUHQJWKFKHFN '& RUEUHDNLW KDUGQHVVRI
KS &DVWLQJRWKHUVSHOOVWKDWFUHDWH
H[WUDGLPHQVLRQDOVSDFHVRUXVLQJH[WUDGLPHQVLRQDO
LWHPVVXFKDVDEDJRIKROGLQJZKLOHZLWKLQWKHFHOODU
LVH[WUHPHO\GDQJHURXV


6XSSRUW%HDP
6XSSRUW%HDP
6FKRRO&RQMXUDWLRQ &UHDWLRQ /HYHO6RU:L]
&DVWLQJ7LPHLPPHGLDWHDFWLRQ
&RPSRQHQWV9
5DQJH&ORVH IWIWOHYHOV 
$UHDIWUDGLXV
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXLQVWDQWDQHRXVO\FRQMXUHDFOXVWHURIWKLQ
PDJLFDOO\UHLQIRUFHGLURQSLOODUVFDSDEOHRIVXSSRUWLQJ
DQ\W\SHRIFHLOLQJLQWKHHYHQWRIDFDYHLQRUFROODSVH
LQDGGLWLRQLWVWRSVWUDSVVXFKDVGHDGIDOOVDQG
FUXVKLQJFHLOLQJVDQGIORRUV EXWQRWZDOOV &UHDWXUHV
DQGREMHFWVZLWKLQWKHVSHOOVDUHDRIHIIHFWVXIIHUQR
GDPDJHIURPIDOOLQJGHEULVRUFUXVKLQJURRPVZKLOH
DGMDFHQWVSDFHVRXWVLGHRIWKLVDUHDVWLOOH[SHULHQFH
WKHFDYHLQFROODSVHRUWUDSVIXOOHIIHFWV&UHDWXUHV
SURWHFWHGE\WKHVSHOOPXVWVWLOOILQGDZD\RXWE\
GLJJLQJWKURXJKWKHVXUURXQGLQJUXEEOHRUYLDRWKHU
PHDQV
6XSSRUWEHDPRQO\SURYLGHVSURWHFWLRQDJDLQVWFDYH
LQVIDOOLQJREMHFWVFROODSVLQJQDWXUDORUPDJLFDO
FHLOLQJVLWJUDQWVQRVSHFLDOEHQHILWVDJDLQVWIO\LQJRU
IDOOLQJFUHDWXUHV:KHQWKHVSHOOVGXUDWLRQH[SLUHV
WKHFHLOLQJFROODSVHVUDLQLQJGHEULVRQDQ\FUHDWXUHVRU
REMHFWVVWLOOZLWKLQLWVDUHDRIHIIHFW


6XEGXLQJ5D\
6XEGXLQJ5D\
6FKRRO(YRFDWLRQ>)RUFH@/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 
7DUJHW2QHRUPRUHUD\V
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH<HV

7DNH
7DNH0\
0\+DQG
+DQG
6FKRRO7UDQVPXWDWLRQ/HYHO3DO
&DVWLQJ7LPHLPPHGLDWHDFWLRQ
&RPSRQHQWV9
5DQJH3HUVRQDO
7DUJHW<RX




'XUDWLRQ,QVWDQWDQHRXV
,IWKHUHLVDQDOO\DGMDFHQWWR\RXZKRLVDERXWWRIDOO
\RXFDQJUDEKROGRIWKDWDOO\DQGDWWHPSWWRVWRSKLV
IDOO,IWKHFKDUDFWHUZHLJKVPRUHWKDQ\RXUPD[LPXP
ORDGDQGRUD6WUHQJWKFKHFNLVUHTXLUHG VXEMHFWWR
*0$GMXGLFDWLRQ \RXJDLQDVDFUHGERQXVWRWKH
6WUHQJWKFKHFNHTXDOWRRQHWKLUG\RXUFDVWHUOHYHO
PD[LPXP 


7KLHI:DUG
7KLHI:DUG
6FKRRO$EMXUDWLRQ/HYHO&OU3DO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') VPDOOPDJQLI\LQJJODVV 
5DQJH&ORVH IWIWOHYHOV 
$UHDIWUDGLXVHPDQDWLRQ
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
7KLHIZDUGFUHDWHVDQDUHDZKHUHVRXQGVDUH
PDJQLILHGVKDGRZVOHVVHQHGDQGGHWDLOVEULJKWHQHG
$OO6OHLJKWRI+DQGDQG6WHDOWKFKHFNVPDGHZLWKLQ
WKHDUHDVXIIHUDSHQDOW\


7R7KH5HVFXH
7R7KH5HVFXH
6FKRRO&RQMXUDWLRQ 7HOHSRUWDWLRQ /HYHO3DO
&DVWLQJ7LPHLPPHGLDWHDFWLRQ
&RPSRQHQWV9
5DQJH3HUVRQDODQGORQJ IWIWOHYHO 
7DUJHW<RXDQGKHOSOHVVFUHDWXUH
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXLQVWDQWO\H[FKDQJHORFDWLRQVZLWKDQRWKHU
KHOSOHVVFUHDWXUHZLWKLQUDQJHDQGOLQHRIVLJKW<RX
FDQEULQJDORQJXQDWWHQGHGREMHFWVDVORQJDVWKHLU
ZHLJKWGRHVQ
WH[FHHG\RXUPD[LPXPORDG<RXPD\
DOVREULQJ\RXUERQGHGPRXQW FDUU\LQJJHDURU
REMHFWVXSWRLWVPD[LPXPORDG <RXDQG\RXU
ERQGHGPRXQWWREHWUDQVSRUWHGPXVWEHLQFRQWDFW
ZLWKRQHDQRWKHU


7R7KH5HVFXH
7R7KH5HVFXH

5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQ6HHWH[W
<RXJDLQWHPSRUDU\LQWXLWLYHLQVLJKWLQWRWKH
LPPHGLDWHIXWXUHWKDWDVVLVWVZLWK\RXUVSHOOFDVWLQJ
DJDLQVWDVLQJXODURSSRQHQW<RXUQH[WVSHOOWKDW
WDUJHWVDVLQJOHFUHDWXUH LILWLVPDGHEHIRUHWKHHQGRI
WKHQH[WURXQG JDLQVDLQVLJKWERQXVWRWKHVDYH
'&,IWKDWFUHDWXUHVXFFHVVIXOO\VDYHV\RXUQH[WVSHOO
WKDWWDUJHWVWKDWVDPHFUHDWXUHDQGRQO\WKDWFUHDWXUH
LILWLVPDGHEHIRUHWKHHQGRIWKHIROORZLQJURXQG 
JDLQVDLQVLJKWERQXVWRWKHVDYH'&7KLVSURFHVV
FRQWLQXHVXQWLO\RXULQVLJKWERQXVUHDFKHVLWV
PD[LPXPRI\RXIDLOWRFDVWDVSHOOWDUJHWLQJWKH
VDPHVLQJXODUFUHDWXUHLQHDFKIROORZLQJURXQGRUWKH
WDUJHWFUHDWXUHIDLOVDVDYLQJWKURZ


7RUQ
7RUQ0XVFOH
0XVFOH
6FKRRO1HFURPDQF\/HYHO%UG&OU6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9
5DQJH0HGLXP IWIWOHYHO 
7DUJHW2QHOLYLQJFUHDWXUH
'XUDWLRQ3HUPDQHQW ' 
6DYLQJ7KURZ)RUWLWXGHQHJDWHV
6SHOO5HVLVWDQFH<HV
7KHWDUJHWLPPHGLDWHO\JHWVDVKDUSFUDPSLQKLV
FKHVWEDFNRUVLGHDQGEHFRPHVVKRUWRIEUHDWK
LPSRVLQJDSHQDOW\RQDWWDFNUROOVVNLOOFKHFNV
DQGDELOLW\FKHFNV0RUHLPSRUWDQWO\WKHFUHDWXUHLV
IODWIRRWHGDQGFDQQRWUXQ$FRQMXUDWLRQ KHDOLQJ 
VSHOORIQGOHYHORUKLJKHUQHJDWHVWKHHIIHFWVRIWKLV
VSHOODVGRIDVWKHDOLQJDQGUHJHQHUDWLRQ


8QVHHQ
8QVHHQ*XDUGLDQ
*XDUGLDQ
6FKRRO'LYLQDWLRQ 6FU\LQJ /HYHO3DO5JU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
(IIHFW0DJLFDOVHQVRU
'XUDWLRQKRXUOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R
<RXFUHDWHDQLPPRELOHPDJLFDOVHQVRUWKDW
FRQWLQXDOO\VFDQVWKHDUHDDURXQGLWORRNLQJIRU\RXU
HQHPLHV7KHVHQVRUKDVORZOLJKWYLVLRQGDUNYLVLRQ
WRDUDQJHRIIHHWDQGWKHVFHQWDELOLW\ VHHWKH
3DWKILQGHU%HVWLDU\ WRDUDQJHRIIHHW7KHVHQVRU
FDQPDNH3HUFHSWLRQFKHFNV ZLWKDERQXVHTXDOWR
\RXUFDVWHUOHYHOSOXVFDVWHUDELOLW\PRGLILHU WRQRWH
KLGGHQRULQYLVLEOHFUHDWXUHV,IWKHVHQVRUVHHVRU

7UXH&DVWLQJ
6FKRRO'LYLQDWLRQ/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9




VPHOOVDQ\FUHDWXUHWKDWSUHVHQWVDSRWHQWLDOWKUHDW
IURPLQWHOOLJHQWFUHDWXUHVVQHDNLQJXSRQ\RXWR
DQLPDOVZKLFKPLJKWSRWHQWLDOO\DWWDFNLIWKH\VWXPEOH
XSRQ\RXE\DFFLGHQW LWDOHUWV\RXPHQWDOO\SURYLGHG
\RXDUHZLWKLQIHHWDQGLVWKHQGLVFKDUJHG


WKDQKDOIWKHLUVSHHGPXVWPDNHDQDGGLWLRQDO:LOO
VDYHRUIDOOSURQH
$ZL]DUGRUVRUFHUHUQHHGQRWXWWHUDVRXQGWRFDVW
WKLVVSHOOEXWDEDUGPXVWSHUIRUPDVDYHUEDO
FRPSRQHQW


8WWHU
8WWHU'HWHUPLQDWLRQ
'HWHUPLQDWLRQ

:DOORI6KDGRZ
:DOORI6KDGRZ

6FKRRO$EMXUDWLRQ/HYHO3DO
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH3HUVRQDO
7DUJHW<RX
'XUDWLRQURXQGV
<RXLJQRUHWKHGHDGGLVDEOHGG\LQJVWDJJHUHG
DQGRUXQFRQVFLRXVFRQGLWLRQV<RXDUHDOVRLPPXQH
WRDOOKHDOLQJVSHOOVDQGHIIHFWVVXFKDVFRQMXUDWLRQ
KHDOLQJ VSHOOVIDVWKHDOLQJUHJHQHUDWLRQDQGHYHQ
WHPSRUDU\KLWSRLQWV,QFUHDVHVWR\RXU&RQVWLWXWLRQ
VFRUHZKLOHWKLVVSHOOLVLQHIIHFWGRQRLQFUHDVH\RXU
KLWSRLQWVDWWKHHQGRIWKLVVSHOOVGXUDWLRQ\RX
VXIIHUWKHHIIHFWVRIDOOWKHFRQGLWLRQV\RXZHUH
LJQRULQJ


6FKRRO,OOXVLRQ 6KDGRZ /HYHO6RU:L]


&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH&ORVH IWIWOHYHOV 
(IIHFW:DOOXSWRIWOHYHOORQJDQGIWOHYHOKLJK 6 
'XUDWLRQURXQGOHYHO
6DYLQJ7KURZ1RQH
6SHOO5HVLVWDQFH1R VHHWH[W 
$YHUWLFDOFXUWDLQRIVKDGRZDSSHDUV,WLVIHHWWKLFN
DQGFRQVLGHUDEO\RSDTXH,WEORFNVOLQHRIVLJKWDQG
FUHDWXUHVZLWKLQRIWKHRWKHUVLGHRIWKHZDOOKDYH
FRQFHDOPHQW  ZKLOHFUHDWXUHVEH\RQGKDYH
WRWDOFRQFHDOPHQW  3DVVLQJWKURXJKWKHZDOO
UHVXOWVLQVKDGRZVWXIIFOLQJLQJWRWKHFUHDWXUHRU
REMHFWDQGLQIOLFWVWKHHQWDQJOHGFRQGLWLRQ VSHOO
UHVLVWDQFHDSSOLHV (QWDQJOHGFUHDWXUHVFDQDWWHPSW
WREUHDNIUHHDVDPRYHDFWLRQPDNLQJD6WUHQJWKRU
(VFDSH$UWLVWFKHFN7KH'&IRUWKLVFKHFNLVHTXDOWR
WKH'&RIWKHVSHOO



8WWHU)DLOXUH
8WWHU)DLOXUH
6FKRRO(QFKDQWPHQW &RPSXOVLRQ >0LQG$IIHFWLQJ@
/HYHO6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96
5DQJH7RXFK
7DUJHW/LYLQJFUHDWXUHWRXFKHG
'XUDWLRQPLQOHYHORUXQWLOGLVFKDUJHG
6DYLQJ7KURZ:LOOQHJDWHV
6SHOO5HVLVWDQFH<HV
<RXUWRXFKILOOVDWDUJHWFUHDWXUHZLWKPHODQFKRO\
IHHOLQJVRILQIHULRULW\WDNLQJDSHQDOW\RQLWVQH[W
DWWDFNUROO$GGLWLRQDOO\WKHWDUJHWDXWRPDWLFDOO\
PLVVHVLILWVQH[WDWWDFNLVDJDLQVWDWDUJHWZLWK
FRQFHDOPHQWRUWRWDOFRQFHDOPHQW7KHVSHOO
GLVFKDUJHVLPPHGLDWHO\DIWHUHLWKHUHIIHFW



:DWHU
:DWHU-HW
-HW
6FKRRO(YRFDWLRQ>$LU@/HYHO'UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') EODGGHUILOOHGZLWKZDWHU 
5DQJHIW
(IIHFW/LQHVKDSHGEODVWRIZDWHUHPDQDWLQJRXW
IURP\RXWRWKHH[WUHPHRIWKHUDQJH
'XUDWLRQ,QVWDQWDQHRXV
6DYLQJ7KURZ5HIOH[SDUWLDOVHHWH[W
6SHOO5HVLVWDQFH<HV
$VWUHDPRIKLJKSUHVVXUHZDWHUHUXSWVIURP\RXU
KDQGH[WLQJXLVKLQJQRQPDJLFDOILUHVRI0HGLXPVL]H
RUVPDOOHU FDQGOHVWRUFKHVFDPSILUHVDQGRWKHU
H[SRVHGIODPHV DQGGHDOLQJGSRLQWVRI
EOXGJHRQLQJGDPDJHSHUFDVWHUOHYHO PD[LPXPG 
$5HIOH[VDYHUHGXFHVGDPDJHE\KDOIEXWFUHDWXUHVLQ
WKHMHWPD\EHNQRFNHGGRZQRUSXVKHGEDFNLIWKH\
IDLOWKHLUVDYHV$7LQ\RUVPDOOHUFUHDWXUHRU
XQVHFXUHGREMHFWRQWKHJURXQGLVNQRFNHGSURQHDQG
EORZQDZD\WRWKHHQGRIWKHMHWVUDQJH6PDOO
FUHDWXUHVRUREMHFWVDUHNQRFNHGSURQHDQGEORZQ
DZD\G[IHHW G[IHHWLIIO\LQJ ZKLOH
0HGLXPFUHDWXUHVDUHNQRFNHGSURQHE\WKHIRUFHRI
WKHZDWHURUEORZQDZD\G[IHHWLIIO\LQJ$
/DUJHRUODUJHUFUHDWXUHVXIIHUVQRDGGLWLRQDOHIIHFWV
IURPDIDLOHGVDYH$Q\WKLQJUROOHGDORQJWKHJURXQG
E\WKHMHWWDNHVDQDGGLWLRQDOGSRLQWVRIQRQOHWKDO
GDPDJHSHUIHHWPRYHGZKLOHIO\LQJFUHDWXUHV
EORZQDZD\WDNHRQO\GSRLQWVRIQRQOHWKDOGDPDJH



9HUWLJR
6FKRRO,OOXVLRQ 3DWWHUQ >0LQG$IIHFWLQJ@/HYHO
%UG6RU:L]
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV9 EDUGRQO\ 6
5DQJH0HGLXP IWIWOHYHO 
(IIHFW$SDWWHUQRIGLVWRUWLRQLQDIWUDGLXV
VSUHDG
'XUDWLRQ&RQFHQWUDWLRQURXQGV
6DYLQJ7KURZ:LOOQHJDWHV VHHWH[W 
6SHOO5HVLVWDQFH<HV
$WZLVWLQJGLVWRUWLRQRISHUFHSWLRQVRFFXUVVLFNHQLQJ
FUHDWXUHVZLWKLQLW5ROOGDQGDGG\RXUFDVWHUOHYHO
PD[LPXP WRGHWHUPLQHWKHWRWDOQXPEHURI+'
RIFUHDWXUHVDIIHFWHG&UHDWXUHVZLWKWKHIHZHVW+'
DUHDIIHFWHGILUVWDQGDPRQJFUHDWXUHVZLWKHTXDO
+'WKRVHZKRDUHFORVHVWWRWKHVSHOO
VSRLQWRIRULJLQ
DUHDIIHFWHGILUVW+'WKDWDUHQRWVXIILFLHQWWRDIIHFWD
FUHDWXUHDUHZDVWHG$IIHFWHGFUHDWXUHVEHFRPH
VLFNHQHGE\WKHGLVWRUWLRQFUHDWXUHVWKDWPRYHPRUH




:HE
:HE6KHOWHU
6KHOWHU
6FKRRO&RQMXUDWLRQ &UHDWLRQ /HYHO&OU'UG5JU
&DVWLQJ7LPHPLQXWH
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
(IIHFW6KHOWHUPDGHRIZHEELQJ
'XUDWLRQKRXUOHYHO
6DYLQJ7KURZ1RQH6SHOO5HVLVWDQFH1R 

<RXFUHDWHDVKHOWHURIVOLJKWO\VWLFN\ZHEELQJ<RX
PD\FUHDWHDKHPLVSKHUHZLWKDGLDPHWHURIEHWZHHQ
DQGIHHWRUDVSKHUHZLWKDGLDPHWHURIEHWZHHQ
DQGIHHW7KHVKHOWHUKDVDKLQJHGGRRUODUJH
HQRXJKWRDFFRPPRGDWHD0HGLXPFUHDWXUH7KH
RSDTXHZDOOVRIWKHVKHOWHUPHDVXUHLQFKWKLFNDQG
SURYLGHWRWDOFRYHUWRDQ\RQHZLWKLQLW
&UHDWXUHVRWKHUWKDQWKHFDVWHUDQGWKRVHGHVLJQDWHG
E\KHUDWWKHWLPHRIWKHFDVWLQJWRXFKLQJWKHZHE
VKHOWHUEHFRPHJUDSSOHGE\WKHVWLFN\ILEHUVDQGPXVW
PDNHD&RPEDW0DQHXYHUFKHFNRU(VFDSH$UWLVW
FKHFNDVSDUWRIWKHLUPRYHDFWLRQZLWKD'&HTXDOWR
WKHVSHOO
V'&RUUHPDLQJUDSSOHG
7KHVKHOWHULVZDWHUWLJKWDQGLQVXODWHGZLWKWKHGRRU
FORVHG,WVVXUIDFHKDVDKDUGQHVVRIDQGKLWSRLQWV
IRUHYHU\IRRWVTXDUHRIZHEVXUIDFHDUHD,WWDNHV
QRUPDOGDPDJHIURPILUH QRWKDOIGDPDJHOLNHPRVW
REMHFWV DQGEXUQVDVHDVLO\DVZRRG:KHQWKHVSHOO
HQGVWKHZHEELQJGHFD\VUDSLGO\DQGGLVDSSHDUV


:HOWHULQJ:DYH
:HOWHULQJ:DYH

:LOGKHDUW
:LOGKHDUW

6FKRRO(YRFDWLRQ>&KDRV)RUFH@/HYHO&OU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV96')
5DQJH&ORVH IWIWOHYHOV 
$UHDIWUDGLXVVSUHDG
'XUDWLRQGURXQGV
6DYLQJ7KURZ5HIOH[SDUWLDO
6SHOO5HVLVWDQFH<HV
<RXFDXVHFKDRWLFHQHUJLHVWRYLROHQWO\VKDNHDQG
GLVRULHQWWKHWDUJHWVRIWKLVVSHOO7KRVHLQWKHDUHD
DIIHFWHGDUHVKDNHQ PRUDOHSHQDOW\RQDWWDFNUROOV
ZHDSRQGDPDJHUROOVDQGVDYLQJWKURZV IRUURXQG
DQGPXVWPDNH5HIOH[VDYHVRUIDOOSURQHWKH5HIOH[
VDYHLVUHTXLUHGHDFKURXQGDFUHDWXUHLVLQWKHDUHDRI
HIIHFW


:LOGKHDUW
:LOGKHDUW
6FKRRO7UDQVPXWDWLRQ/HYHO'UG5JU
&DVWLQJ7LPHVWDQGDUGDFWLRQ
&RPSRQHQWV960') FKDUUHGRUWRUQOHDI 
5DQJH7RXFK
7DUJHW&UHDWXUHWRXFKHG
'XUDWLRQPLQOHYHO
6DYLQJ7KURZ:LOOQHJDWHV KDUPOHVV 
6SHOO5HVLVWDQFH<HV KDUPOHVV 
<RXDUHDEOHWRWDSLQWRWKHDQFLHQWWHUULEOHPLJKWRI
QDWXUHJUDQWLQJWKHVXEMHFWRIWKHVSHOOD
HQKDQFHPHQWERQXVWR6WUHQJWK'H[WHULW\DQG
&RQVWLWXWLRQ,WDOVRJDLQVDQLQFUHDVHRIIHHWWR
EDVHVSHHGIRUDOOLWVQDWXUDOPRYHPHQWPRGHV EXW
QRWWKRVHJUDQWHGE\DVSHOORUHIIHFWVXFKDVIO\ 




23(1*$0(/,&(16(9HUVLRQD
7KHIROORZLQJWH[WLVWKHSURSHUW\RI:L]DUGVRIWKH&RDVW,QFDQGLV&RS\ULJKW
:L]DUGVRIWKH&RDVW,QF :L]DUGV $OO5LJKWV5HVHUYHG
'HILQLWLRQV D &RQWULEXWRUVPHDQVWKHFRS\ULJKWDQGRUWUDGHPDUNRZQHUVZKR
KDYHFRQWULEXWHG2SHQ*DPH&RQWHQW E 'HULYDWLYH0DWHULDOPHDQVFRS\ULJKWHG
PDWHULDOLQFOXGLQJGHULYDWLYHZRUNVDQGWUDQVODWLRQV LQFOXGLQJLQWRRWKHUFRPSXWHU
ODQJXDJHV SRWDWLRQPRGLILFDWLRQFRUUHFWLRQDGGLWLRQH[WHQVLRQXSJUDGH
LPSURYHPHQWFRPSLODWLRQDEULGJPHQWRURWKHUIRUPLQZKLFKDQH[LVWLQJZRUNPD\
EHUHFDVWWUDQVIRUPHGRUDGDSWHG F 'LVWULEXWHPHDQVWRUHSURGXFHOLFHQVHUHQW
OHDVHVHOOEURDGFDVWSXEOLFO\GLVSOD\WUDQVPLWRURWKHUZLVHGLVWULEXWH G 2SHQ
*DPH&RQWHQWPHDQVWKHJDPHPHFKDQLFDQGLQFOXGHVWKHPHWKRGVSURFHGXUHV
SURFHVVHVDQGURXWLQHVWRWKHH[WHQWVXFKFRQWHQWGRHVQRWHPERG\WKH3URGXFW
,GHQWLW\DQGLVDQHQKDQFHPHQWRYHUWKHSULRUDUWDQGDQ\DGGLWLRQDOFRQWHQWFOHDUO\
LGHQWLILHGDV2SHQ*DPH&RQWHQWE\WKH&RQWULEXWRUDQGPHDQVDQ\ZRUNFRYHUHGE\
WKLV/LFHQVHLQFOXGLQJWUDQVODWLRQVDQGGHULYDWLYHZRUNVXQGHUFRS\ULJKWODZEXW
VSHFLILFDOO\H[FOXGHV3URGXFW,GHQWLW\ H 3URGXFW,GHQWLW\PHDQVSURGXFWDQG
SURGXFWOLQHQDPHVORJRVDQGLGHQWLI\LQJPDUNVLQFOXGLQJWUDGHGUHVVDUWLIDFWV
FUHDWXUHVFKDUDFWHUVVWRULHVVWRU\OLQHVSORWVWKHPDWLFHOHPHQWVGLDORJXHLQFLGHQWV
ODQJXDJHDUWZRUNV\PEROVGHVLJQVGHSLFWLRQVOLNHQHVVHVIRUPDWVSRVHVFRQFHSWV
WKHPHVDQGJUDSKLFSKRWRJUDSKLFDQGRWKHUYLVXDORUDXGLRUHSUHVHQWDWLRQVQDPHV
DQGGHVFULSWLRQVRIFKDUDFWHUVVSHOOVHQFKDQWPHQWVSHUVRQDOLWLHVWHDPVSHUVRQDV
OLNHQHVVHVDQGVSHFLDODELOLWLHVSODFHVORFDWLRQVHQYLURQPHQWVFUHDWXUHVHTXLSPHQW
PDJLFDORUVXSHUQDWXUDODELOLWLHVRUHIIHFWVORJRVV\PEROVRUJUDSKLFGHVLJQVDQGDQ\
RWKHUWUDGHPDUNRUUHJLVWHUHGWUDGHPDUNFOHDUO\LGHQWLILHGDV3URGXFWLGHQWLW\E\WKH
RZQHURIWKH3URGXFW,GHQWLW\DQGZKLFKVSHFLILFDOO\H[FOXGHVWKH2SHQ*DPH
&RQWHQW I 7UDGHPDUNPHDQVWKHORJRVQDPHVPDUNVLJQPRWWRGHVLJQVWKDWDUH
XVHGE\D&RQWULEXWRUWRLGHQWLI\LWVHOIRULWVSURGXFWVRUWKHDVVRFLDWHGSURGXFWV
FRQWULEXWHGWRWKH2SHQ*DPH/LFHQVHE\WKH&RQWULEXWRU J 8VH8VHGRU8VLQJ
PHDQVWRXVH'LVWULEXWHFRS\HGLWIRUPDWPRGLI\WUDQVODWHDQGRWKHUZLVHFUHDWH
'HULYDWLYH0DWHULDORI2SHQ*DPH&RQWHQW K <RXRU<RXUPHDQVWKHOLFHQVHHLQ
WHUPVRIWKLVDJUHHPHQW
7KH/LFHQVH7KLV/LFHQVHDSSOLHVWRDQ\2SHQ*DPH&RQWHQWWKDWFRQWDLQVDQRWLFH
LQGLFDWLQJWKDWWKH2SHQ*DPH&RQWHQWPD\RQO\EH8VHGXQGHUDQGLQWHUPVRIWKLV
/LFHQVH<RXPXVWDIIL[VXFKDQRWLFHWRDQ\2SHQ*DPH&RQWHQWWKDW\RX8VH1R
WHUPVPD\EHDGGHGWRRUVXEWUDFWHGIURPWKLV/LFHQVHH[FHSWDVGHVFULEHGE\WKH
/LFHQVHLWVHOI1RRWKHUWHUPVRUFRQGLWLRQVPD\EHDSSOLHGWRDQ\2SHQ*DPH&RQWHQW
GLVWULEXWHGXVLQJWKLV/LFHQVH
2IIHUDQG$FFHSWDQFH%\8VLQJWKH2SHQ*DPH&RQWHQW<RXLQGLFDWH<RXU
DFFHSWDQFHRIWKHWHUPVRIWKLV/LFHQVH
*UDQWDQG&RQVLGHUDWLRQ,QFRQVLGHUDWLRQIRUDJUHHLQJWRXVHWKLV/LFHQVHWKH
&RQWULEXWRUVJUDQW<RXDSHUSHWXDOZRUOGZLGHUR\DOW\IUHHQRQH[FOXVLYHOLFHQVH
ZLWKWKHH[DFWWHUPVRIWKLV/LFHQVHWR8VHWKH2SHQ*DPH&RQWHQW
5HSUHVHQWDWLRQRI$XWKRULW\WR&RQWULEXWH,I<RXDUHFRQWULEXWLQJRULJLQDOPDWHULDO
DV2SHQ*DPH&RQWHQW<RXUHSUHVHQWWKDW<RXU&RQWULEXWLRQVDUH<RXURULJLQDO
FUHDWLRQDQGRU<RXKDYHVXIILFLHQWULJKWVWRJUDQWWKHULJKWVFRQYH\HGE\WKLV/LFHQVH
1RWLFHRI/LFHQVH&RS\ULJKW<RXPXVWXSGDWHWKH&23<5,*+7127,&(SRUWLRQRI
WKLV/LFHQVHWRLQFOXGHWKHH[DFWWH[WRIWKH&23<5,*+7127,&(RIDQ\2SHQ*DPH
&RQWHQW<RXDUHFRS\LQJPRGLI\LQJRUGLVWULEXWLQJDQG<RXPXVWDGGWKHWLWOHWKH
FRS\ULJKWGDWHDQGWKHFRS\ULJKWKROGHU
VQDPHWRWKH&23<5,*+7127,&(RIDQ\
RULJLQDO2SHQ*DPH&RQWHQW\RX'LVWULEXWH
8VHRI3URGXFW,GHQWLW\<RXDJUHHQRWWR8VHDQ\3URGXFW,GHQWLW\LQFOXGLQJDVDQ
LQGLFDWLRQDVWRFRPSDWLELOLW\H[FHSWDVH[SUHVVO\OLFHQVHGLQDQRWKHULQGHSHQGHQW
$JUHHPHQWZLWKWKHRZQHURIHDFKHOHPHQWRIWKDW3URGXFW,GHQWLW\<RXDJUHHQRWWR
LQGLFDWHFRPSDWLELOLW\RUFRDGDSWDELOLW\ZLWKDQ\7UDGHPDUNRU5HJLVWHUHG7UDGHPDUN
LQFRQMXQFWLRQZLWKDZRUNFRQWDLQLQJ2SHQ*DPH&RQWHQWH[FHSWDVH[SUHVVO\
OLFHQVHGLQDQRWKHULQGHSHQGHQW$JUHHPHQWZLWKWKHRZQHURIVXFK7UDGHPDUNRU
5HJLVWHUHG7UDGHPDUN7KHXVHRIDQ\3URGXFW,GHQWLW\LQ2SHQ*DPH&RQWHQWGRHV
QRWFRQVWLWXWHDFKDOOHQJHWRWKH 
RZQHUVKLSRIWKDW3URGXFW,GHQWLW\7KHRZQHURIDQ\3URGXFW,GHQWLW\XVHGLQ2SHQ
*DPH&RQWHQWVKDOOUHWDLQDOOULJKWVWLWOHDQGLQWHUHVWLQDQGWRWKDW3URGXFW,GHQWLW\

,GHQWLILFDWLRQ,I\RXGLVWULEXWH2SHQ*DPH&RQWHQW<RXPXVWFOHDUO\LQGLFDWHZKLFK
SRUWLRQVRIWKHZRUNWKDW\RXDUHGLVWULEXWLQJDUH2SHQ*DPH&RQWHQW 

$OO/RJRV%RRN7LWOHV,QWURGXFWLRQWH[WDQG,PDJHVDUHSURGXFWLGHQWLW\DOORWKHU
FRQWHQWLVRSHQJDPLQJFRQWHQW 

2SHQ&RQWHQWLVWKHGHVLJQDWHGDVIROORZV6SHOO/LVWLQJVDQG6SHOO'HVFULSWLRQV
LQFOXGHDOOWKHQDPHVRIWKHVSHOOV 

8SGDWLQJWKH/LFHQVH:L]DUGVRULWVGHVLJQDWHG$JHQWVPD\SXEOLVKXSGDWHG
YHUVLRQVRIWKLV/LFHQVH<RXPD\XVHDQ\DXWKRUL]HGYHUVLRQRIWKLV/LFHQVHWRFRS\
PRGLI\DQGGLVWULEXWHDQ\2SHQ*DPH&RQWHQWRULJLQDOO\GLVWULEXWHGXQGHUDQ\
YHUVLRQRIWKLV/LFHQVH
&RS\RIWKLV/LFHQVH<RX0867LQFOXGHDFRS\RIWKLV/LFHQVHZLWKHYHU\FRS\RI
WKH2SHQ*DPH&RQWHQW<RX'LVWULEXWH
8VHRI&RQWULEXWRU&UHGLWV<RXPD\QRWPDUNHWRUDGYHUWLVHWKH2SHQ*DPH
&RQWHQWXVLQJWKHQDPHRIDQ\&RQWULEXWRUXQOHVV<RXKDYHZULWWHQSHUPLVVLRQIURP
WKH&RQWULEXWRUWRGRVR
,QDELOLW\WR&RPSO\,ILWLVLPSRVVLEOHIRU<RXWRFRPSO\ZLWKDQ\RIWKHWHUPVRI
WKLV/LFHQVHZLWKUHVSHFWWRVRPHRUDOORIWKH2SHQ*DPH&RQWHQWGXHWRVWDWXWH
MXGLFLDORUGHURUJRYHUQPHQWDOUHJXODWLRQWKHQ<RXPD\QRW8VHDQ\2SHQ*DPH
0DWHULDOVRDIIHFWHG
7HUPLQDWLRQ7KLV/LFHQVHZLOOWHUPLQDWHDXWRPDWLFDOO\LI<RXIDLOWRFRPSO\ZLWKDOO
WHUPVKHUHLQDQGIDLOWRFXUHVXFKEUHDFKZLWKLQGD\VRIEHFRPLQJDZDUHRIWKH
EUHDFK$OOVXEOLFHQVHVVKDOOVXUYLYHWKHWHUPLQDWLRQRIWKLV/LFHQVH
5HIRUPDWLRQ,IDQ\SURYLVLRQRIWKLV/LFHQVHLVKHOGWREHXQHQIRUFHDEOHVXFK
SURYLVLRQVKDOOEHUHIRUPHGRQO\WRWKHH[WHQWQHFHVVDU\WRPDNHLWHQIRUFHDEOH
&23<5,*+7127,&(
2SHQ*DPH/LFHQVHYD&RS\ULJKW:L]DUGVRIWKH&RDVW,QFG
6\VWHP5HIHUHQFH'RFXPHQW&RS\ULJKW
:L]DUGVRIWKH&RDVW,QFDXWKRUV-RQDWKDQ7ZHHW0RQWH&RRN6NLS
:LOOLDPV5LFK%DNHU$QG\&ROOLQV'DYLG
1RRQDQ5LFK5HGPDQDQG%UXFH5&RUGHOOEDVHGRQRULJLQDOPDWHULDOE\(*DU\
*\JD[DQG'DYH$UQHVRQ

3DWKILQGHU53*&RUH5XOHERRN&RS\ULJKW3DL]R3XEOLVKLQJ//&$XWKRU
-DVRQ%XOPDKQEDVHGRQPDWHULDOE\-RQDWKDQ7ZHHW0RQWH&RRNDQG6NLS
:LOOLDPV
7KH%RRNRI([SHULPHQWDO0LJKW&RS\ULJKW0RQWH-&RRN$OOULJKWVUHVHUYHG
7RPHRI+RUURUV&RS\ULJKW1HFURPDQFHU*DPHV,QF$XWKRUV6FRWW*UHHQH
ZLWK&ODUN3HWHUVRQ(ULFD%DOVOH\.HYLQ%DDVH&DVH\&KULVWRIIHUVRQ/DQFH
+DZYHUPDOH7UDYLV+DZYHUPDOH3DWULFN/DZLQJHUDQG%LOO:HEE%DVHGRQRULJLQDO
FRQWHQWIURP765
0RQWH&RRNV$UFDQD(YROYHG&RS\ULJKW0RQWH-&RRN
0RQWH&RRNV$UFDQD8QHDUWKHG'0V6FUHHQDQG3OD\HUV*XLGH&RS\ULJKW
0RQWH-&RRN
7KH'LDPRQG7KURQH&RS\ULJKW0RQWH-&RRN
0RQWH&RRNV$UFDQD8QHDUWKHG&RS\ULJKW0RQWH-&RRN
/HJDF\RIWKH'UDJRQV&RS\ULJKW0RQWH-&RRN
0\VWLF6HFUHWV7KH/RUHRI:RUGDQG5XQH&RS\ULJKW0RQWH-&RRN
$NDVKLF1RGHV7KH+RPHRI0HPRU\&RS\ULJKW-XVWLQ'-DFREVRQ
:LOG6SHOOFUDIW&RS\ULJKW(1:RUOG
&DVWOHPRXUQ&DPSDLJQ6HWWLQJ&RS\ULJKW0DUJDUHW:HLV3URGXFWLRQV/WG
(1*XLOG0RQVWHU+XQWHUV*XLOG&RS\ULJKW(13XEOLVKLQJ$XWKRU$HU\Q
5XGHO
'\QDVWLHVDQG'HPDJRJXHV&RS\ULJKW7ULGHQW,QFGED$WODV*DPHV$XWKRU
&KULV$\ORWW
2FFXOW/RUH&RS\ULJKW7ULGHQW,QFGED$WODV*DPHV$XWKRUV.HLWK%DNHU
$GDP%DQN&KULV-RQHV6FRWW5HHYHVDQG(OWRQ5REE
&ULPHDQG3XQLVKPHQW&RS\ULJKW7ULGHQW,QFGED$WODV*DPHVDXWKRU.HLWK
%DNHU
)DGLQJ6XQV'&RS\ULJKW+ROLVWLF'HVLJQ,QF$XWKRUV%LOO%ULGJHVDQG
$QG\+DUPRQ
'0RGHUQ6\VWHP5HIHUHQFH'RFXPHQW&RS\ULJKW:L]DUGVRIWKH&RDVW
,QF$XWKRUV%LOO6ODYLFVHN-HII*UXEE5LFK5HGPDQ&KDUOHV5\DQEDVHGRQ
PDWHULDOE\-RQDWKDQ7ZHHW0RQWH&RRN6NLS:LOOLDPV5LFKDUG%DNHU3HWHU
$GNLVRQ%UXFH5&RUGHOO-RKQ7\QHV$QG\&ROOLQVDQG-':LNHU
7UDSVDQG7UHDFKHU\&RS\ULJKW)DQWDV\)OLJKW,QF$XWKRUV*UHJ%HQDJH.XUW
%URZQ0DUN&KDQFH%ULDQ)HUUHQ]/L]DUG'DYLG/\RQV%ULDQ3DWWHUVRQ6FRWW
6WRHFNHU:LO8SFKXUFK
/RYHDQG:DU&RS\ULJKW7ULGHQW,QFGED$WODV*DPHV$XWKRU'DYLG&KDUW
0RQWH&RRNV$UFDQD8QHDUWKHG&RS\ULJKW
0RQWH-&RRN
3RLVRQFUDIW7KH'DUN$UW&RS\ULJKW
-XVWLQ'-DFREVRQ
6NUH\QV5HJLVWHU7KH%RQGVRI0DJLF9RO
&DEDODQG6NUH\QV5HJLVWHU7KH%RQGVRI0DJLF9RO7KH)DLWKIXO&RS\ULJKW
6HDQ.5H\QROGV$OOULJKWVUHVHUYHG
7KH%RRNRI(OGULWFK0LJKW%RRNRI(OGULWFK0LJKW,,6RQJVDQG6RXOVRI3RZHUDQG
%RRNRI(OGULWFK0LJKW,,,7KH1H[XV&RS\ULJKW0RQWH-&RRN$OOULJKWV
UHVHUYHG
1HZ:D\VWRWXUQWKLQJVLQWRRWKHUWKLQJV7UDQVPXWDWLRQ
FRS\ULJKW6LOYHQ3XEOLVKLQJDQG0DWWKHZ-+DQVRQ
1HZ:D\VWR%ORZ7KLQJV8S(YRFDWLRQFRS\ULJKW6LOYHQ
3XEOLVKLQJDQG0DWWKHZ-+DQVRQ
&XUVHV&RS\ULJKW.RVDOD8ED\DVHNDUD$OO5LJKWV5HVHUYHG
$XWKRU(\WDQ%HUQVWHLQ
(QF\FORSHGLD$UFDQH1HFURPDQF\%H\RQGWKH*UDYH&RS\ULJKW0RQJRRVH
3XEOLVKLQJ
7KH&RPSOHDW/LEUXPRI*DU8GRNV1HFURPDQWLF$UWHV&RS\ULJKW$PELHQW
,QF$XWKRUV0-DVRQ3DUHQW'HQLVH5RELQVRQ&KHVWHU'RXJODV,,
(QF\FORSDHGLD$UFDQH1HFURPDQF\%H\RQGWKH*UDYH&RS\ULJKW0RQJRRVH
3XEOLVKLQJ
6SHOOV 6SHOOFUDIW&RS\ULJKW)DQWDV\)OLJKW,QF
-RHV%RRNRI(QFKDQWPHQW&RS\ULJKW-RVHSK0XFFKLHOOR-U3XEOLVKHGE\
7KURZLQJ'LFH*DPHV
3OH[XV3RWHQW3RUWDOV&RS\ULJKW0DUN$OH[DQGHU&ORYHU3OH[XV2SHQ6SHOOV
&ROOHFWLRQ&RS\ULJKW0DUN$OH[DQGHU&ORYHU
,QWHUOXGHV%ULHI([SHGLWLRQVWR%OXIIVLGH&RS\ULJKW
7KXQGHUKHDG*DPHV,QFDQG0\VWLF(\H*DPHV//&
%OXIIVLGH&LW\RQWKH(GJH&RS\ULJKW7KXQGHUKHDG*DPHV,QFDQG0\VWLF(\H
*DPHV//&
2ULJLQDO6SHOO1DPH&RPSHQGLXP&RS\ULJKW&ODUN3HWHUVRQEDVHGRQ
13&QDPHGVSHOOVIURPWKH3OD\HUV+DQGERRNWKDWZHUHUHQDPHGLQWKH6\VWHP
5HIHUHQFH'RFXPHQW7KH&RPSHQGLXPFDQEHIRXQGRQWKHOHJDOSDJHRI
ZZZQHFURPDQFHUJDPHVFRP
(OGULWFK6RUFHU\&RS\ULJKW1HFURPDQFHU*DPHV,QF$XWKRUV3DWULFN
/DZLQJHU6FRWW*UHHQHDQG'DYLG0DQQHVZLWK(ULFD%DOVOH\&KULV%HUQKDUGW&DVH\
:&KULVWRIIHUVRQ%LOO&ROOLQV-LP&ROOXUD&KDG&RXOWHU3DWULFN*RXODK6NHHWHU
*UHHQ-HII+DUNQHVV/DQFH+DZYHUPDOH7UDYLV+DZYHUPDOH5LFKDUG+XJKHV
5REHUW+XQWHU$O.URPEDFK5RE0DVRQ0DWW0F*HH&ODUN3HWHUVRQ0LFKDHO
3URWHDX*UHJ5DJODQG*DU\6FKRWWHU-RH:DOPVOH\DQG%LOO:HEE
2DWKERXQG0\VWHULHVRI$UHQD&RS\ULJKW%DVWLRQ3UHVV
:LOGZRRG&RS\ULJKW%DVWLRQ3UHVV,QF
0LQLRQV)HDUVRPH)RHV&RS\ULJKW%DVWLRQ3UHVV
2DWKERXQG'RPDLQVRIWKH)RUJH&RS\ULJKW%DVWLRQ3UHVV
2DWKERXQG$UHQD&RS\ULJKW%DVWLRQ3UHVV
2DWKERXQG:UDFN 5XLQ&RS\ULJKW%DVWLRQ3UHVV

QG/HYHOVSHOOVFRS\ULJKW6WHYHQ'5XVVHOO$XWKRU6WHYHQ'5XVVHOO

O
le

Sa
Ju
ly
15

th
!

You might also like