
PMS 419
POLARIS ACE 900 XC
™
Owner's Manual
for Maintenance and Safety

WARNING
Read, understand, and follow all of the instructions and safety
precautions in this manual and on all product labels.
Failure to follow the safety precautions
could result in serious injury or death.
WARNING
The engine exhaust from this product contains chemicals
known to the State of California to cause cancer, birth defects
or other reproductive harm.
For videos and more information
about a safe riding experience with
your Polaris vehicle, scan this QR
code with your smartphone.

$&(;&
2ZQHU¶V0DQXDO

32/$5,6DQG$&(DUHWUDGHPDUNVRI32/$5,6,QGXVWULHV,QF
&RS\ULJKW3RODULV,QGXVWULHV,QF$OOLQIRUPDWLRQFRQWDLQHGZLWKLQWKLV
SXEOLFDWLRQLVEDVHGRQWKHODWHVWSURGXFWLQIRUPDWLRQDWWKHWLPHRI
SXEOLFDWLRQ'XHWRFRQVWDQWLPSURYHPHQWVLQWKHGHVLJQDQGTXDOLW\RI
SURGXFWLRQFRPSRQHQWVVRPHPLQRUGLVFUHSDQFLHVPD\UHVXOWEHWZHHQWKH
DFWXDOYHKLFOHDQGWKHLQIRUPDWLRQSUHVHQWHGLQWKLVSXEOLFDWLRQ'HSLFWLRQV
DQGRUSURFHGXUHVLQWKLVSXEOLFDWLRQDUHLQWHQGHGIRUUHIHUHQFHXVHRQO\1R
OLDELOLW\FDQEHDFFHSWHGIRURPLVVLRQVRULQDFFXUDFLHV$Q\UHSULQWLQJRU
UHXVHRIWKHGHSLFWLRQVDQGRUSURFHGXUHVFRQWDLQHGZLWKLQZKHWKHUZKROHRU
LQSDUWLVH[SUHVVO\SURKLELWHG
7KHRULJLQDOLQVWUXFWLRQVIRUWKLVYHKLFOHDUHLQ(QJOLVK2WKHUODQJXDJHVDUH
SURYLGHGDVWUDQVODWLRQVRIWKHRULJLQDOLQVWUXFWLRQV
3ULQWHGLQ86$
$&(;&2ZQHU¶V0DQXDO

7KDQN\RXIRUSXUFKDVLQJD32/$5,6YHKLFOHDQGZHOFRPHWRRXUZRUOGZLGH
IDPLO\RI32/$5,6HQWKXVLDVWV%HVXUHWRYLVLWXVRQOLQHDWZZZSRODULVFRPIRU
WKHODWHVWQHZVQHZSURGXFWLQWURGXFWLRQVXSFRPLQJHYHQWVFDUHHU
RSSRUWXQLWLHVDQGPRUH
+HUHDW32/$5,6ZHSURXGO\SURGXFHDQH[FLWLQJOLQHRIXWLOLW\DQGUHFUHDWLRQDO
SURGXFWV
6QRZPRELOHV
$OOWHUUDLQYHKLFOHV$79V
/RZHPLVVLRQYHKLFOHV/(9V
5$1*(5XWLOLW\YHKLFOHV
%58786ZRUNYHKLFOHV
6/,1*6+27WKUHHZKHHO
PRWRUF\FOHV
5=5VSRUWYHKLFOHV
*(0YHKLFOHV
9,&725<PRWRUF\FOHV
,1',$1PRWRUF\FOHV
32/$5,632:(5JHQHUDWRUV
32/$5,6'()(16(FRPEDW
YHKLFOHV
:HEHOLHYH32/$5,6VHWVDVWDQGDUGRIH[FHOOHQFHIRUDOOXWLOLW\DQGUHFUHDWLRQDO
YHKLFOHVPDQXIDFWXUHGLQWKHZRUOGWRGD\0DQ\\HDUVRIH[SHULHQFHKDYHJRQH
LQWRWKHHQJLQHHULQJGHVLJQDQGGHYHORSPHQWRI\RXU32/$5,6YHKLFOH
PDNLQJLWWKHILQHVWPDFKLQHZH¶YHHYHUSURGXFHG
)RUVDIHDQGHQMR\DEOHRSHUDWLRQRI\RXUYHKLFOHEHVXUHWRIROORZWKH
LQVWUXFWLRQVDQGUHFRPPHQGDWLRQVLQWKLVRZQHU¶VPDQXDO5HYLHZWKHVDIHW\
'9'WKDWFDPHZLWK\RXUYHKLFOH32/$5,6DOVRUHFRPPHQGVWKDWDOOGULYHUV
WDNHWKH52+9$VDIHW\HFRXUVHDQGD52+9$KDQGVRQVDIHW\WUDLQLQJFRXUVH
9LVLWZZZURKYDRUJRUFDOO
<RXUPDQXDOFRQWDLQVLQVWUXFWLRQVIRUPLQRUPDLQWHQDQFHEXWLQIRUPDWLRQDERXW
PDMRUUHSDLUVLVRXWOLQHGLQWKH32/$5,66HUYLFH0DQXDODQGFDQEHSHUIRUPHG
E\DIDFWRU\FHUWLILHG0DVWHU6HUYLFH'HDOHU06'7HFKQLFLDQ
<RXU32/$5,6GHDOHUNQRZV\RXUYHKLFOHEHVWDQGLVLQWHUHVWHGLQ\RXUWRWDO
VDWLVIDFWLRQ<RXU32/$5,6GHDOHUVKLSFDQSHUIRUPDOORI\RXUVHUYLFHQHHGV
GXULQJDQGDIWHUWKHZDUUDQW\SHULRG
:(/&20(

:(/&20(

,QWURGXFWLRQ
6DIHW\
)HDWXUHVDQG&RQWUROV
2SHUDWLRQ
:LQFK*XLGH
(PLVVLRQ&RQWURO6\VWHPV
0DLQWHQDQFH
6SHFLILFDWLRQV
32/$5,63URGXFWV
7URXEOHVKRRWLQJ
:DUUDQW\
0DLQWHQDQFH/RJ


,1752'8&7,21
7KLV32/$5,6YHKLFOHLVDQRIIURDGYHKLFOH)DPLOLDUL]H\RXUVHOIZLWKDOOODZV
DQGUHJXODWLRQVFRQFHUQLQJWKHRSHUDWLRQRIWKLVYHKLFOHLQ\RXUDUHD
7KHIROORZLQJVLJQDOZRUGVDQGV\PEROVDSSHDUWKURXJKRXWWKLVPDQXDODQGRQ
\RXUYHKLFOH<RXUVDIHW\LVLQYROYHGZKHQWKHVHZRUGVDQGV\PEROVDUHXVHG
%HFRPHIDPLOLDUZLWKWKHLUPHDQLQJVEHIRUHUHDGLQJWKHPDQXDO
:$51,1*
:$51,1*LQGLFDWHVDKD]DUGRXVVLWXDWLRQWKDWLIQRWDYRLGHGPD\ UHVXOWLQ
GHDWKWRWKHRSHUDWRUE\VWDQGHUVRUSHUVRQVLQVSHFWLQJRUVHUYLFLQJWKH
YHKLFOH
&$87,21
&$87,21LQGLFDWHVVSHFLDOSUHFDXWLRQVWKDWPXVWEHWDNHQWRDYRLGYHKLFOH
GDPDJHRUSURSHUW\GDPDJH
&$87,21
6$)(7<$/(57&$87,21LQGLFDWHVDSRWHQWLDOKD]DUGWKDWPD\UHVXOWLQ
PLQRUSHUVRQDOLQMXU\RUGDPDJHWRWKHYHKLFOH
,03257$17
,03257$17SURYLGHVNH\UHPLQGHUVGXULQJGLVDVVHPEO\DVVHPEO\DQG
LQVSHFWLRQRIFRPSRQHQWV
127,&(
127,&(SURYLGHVNH\LQIRUPDWLRQE\FODULI\LQJLQVWUXFWLRQV
7KH3URKLELWLRQ6DIHW\6LJQLQGLFDWHVDQDFWLRQ127WR
WDNHLQRUGHUWRDYRLGDKD]DUG
7KH0DQGDWRU\$FWLRQ6LJQLQGLFDWHVDQDFWLRQWKDW
1(('6WREHWDNHQWRDYRLGDKD]DUG
,1752'8&7,21

:$51,1*
)DLOXUHWRKHHGWKHZDUQLQJVDQGVDIHW\SUHFDXWLRQVFRQWDLQHGLQWKLVPDQXDO
FDQUHVXOWLQVHYHUHLQMXU\RUGHDWK<RXU32/$5,6YHKLFOHLVQRWDWR\DQGFDQ
EHKD]DUGRXVWRRSHUDWH7KLVYHKLFOHKDQGOHVGLIIHUHQWO\WKDQFDUVWUXFNVRU
RWKHURIIURDGYHKLFOHV$FROOLVLRQRUUROORYHUFDQRFFXUTXLFNO\HYHQGXULQJ
URXWLQHPDQHXYHUVOLNHWXUQLQJRUGULYLQJRQKLOOVRURYHUREVWDFOHVLI\RXIDLOWR
WDNHSURSHUSUHFDXWLRQV
5HDGWKLVRZQHU¶VPDQXDODQGUHYLHZWKHVDIHW\'9'WKDWFDPHZLWK\RXU
YHKLFOH$IUHHH[WUDFRS\RIWKH'9'FDQEHREWDLQHGE\FRQWDFWLQJ\RXU
ORFDO32/$5,6GHDOHU8QGHUVWDQGDOOVDIHW\ZDUQLQJVSUHFDXWLRQVDQG
RSHUDWLQJSURFHGXUHVEHIRUHRSHUDWLQJWKHYHKLFOH.HHSWKLVPDQXDOZLWK
WKHYHKLFOH
1HYHURSHUDWHWKLVYHKLFOHZLWKRXWSURSHULQVWUXFWLRQ7DNHDQDXWKRUL]HG
WUDLQLQJFRXUVH9LVLWZZZURKYDRUJRUFDOO
7KLVYHKLFOHLVDQ$'8/79(+,&/(21/<<RX0867EHDWOHDVWDJH
DQGKDYHDYDOLGGULYHU¶VOLFHQVHWRRSHUDWHWKLVYHKLFOH
$OZD\VXVHWKHFDEQHWVRUGRRUVZKLOHULGLQJLQWKLVYHKLFOH$OZD\VNHHS
KDQGVIHHWDQGDOORWKHUERG\SDUWVLQVLGHWKHYHKLFOHDWDOOWLPHV
$OZD\VZHDUDKHOPHWH\HSURWHFWLRQJORYHVORQJVOHHYHVKLUWORQJSDQWV
DQGRYHUWKHDQNOHERRWV
1HYHUXVHWKLVYHKLFOHZLWKGUXJVRUDOFRKRODVWKHVHFRQGLWLRQVLPSDLU
MXGJPHQWDQGUHGXFHRSHUDWRUUHDFWLRQWLPH
&RPSOHWHWKH1HZ2SHUDWRU'ULYLQJ3URFHGXUHVRXWOLQHGRQSDJH1HYHU
DOORZDJXHVWWRRSHUDWHWKLVYHKLFOHXQWLOWKHJXHVWKDVFRPSOHWHGWKH1HZ
2SHUDWRU'ULYLQJ3URFHGXUHV
1HYHUSHUPLWDJXHVWWRRSHUDWHWKLVYHKLFOHXQOHVVWKHJXHVWKDVUHYLHZHG
WKHRZQHU¶VPDQXDODQGDOOVDIHW\ODEHOVDQGKDVFRPSOHWHGDVDIHW\WUDLQLQJ
(8523($19,%5$7,21$1'12,6(
7KHGULYHUSHUFHLYHGQRLVHDQGKDQGDUPDQGZKROHERG\YLEUDWLRQOHYHOVRIWKLV
PDFKLQHU\LVPHDVXUHGSHUSU(1
7KHRSHUDWLQJFRQGLWLRQVRIWKHPDFKLQHU\GXULQJWHVWLQJ
7KHYHKLFOHVZHUHLQOLNHQHZFRQGLWLRQ7KHHQYLURQPHQWZDVFRQWUROOHGDV
LQGLFDWHGE\WKHWHVWSURFHGXUHV
7KHXQFHUWDLQW\RIYLEUDWLRQH[SRVXUHPHDVXUHPHQWLVGHSHQGHQWRQPDQ\
IDFWRUVLQFOXGLQJ
,QVWUXPHQWDQGFDOLEUDWLRQXQFHUWDLQW\
9DULDWLRQVLQWKHPDFKLQHVXFKDVZHDURIFRPSRQHQWV
9DULDWLRQRIPDFKLQHRSHUDWRUVVXFKDVH[SHULHQFHRUSK\VLTXH
$ELOLW\RIWKHZRUNHUWRUHSURGXFHW\SLFDOZRUNGXULQJPHDVXUHPHQWV
(QYLURQPHQWDOIDFWRUVVXFKDVDPELHQWQRLVHRUWHPSHUDWXUH
,1752'8&7,21

9(+,&/(,'(17,),&$7,21180%(56
5HFRUG\RXUYHKLFOHVLGHQWLILFDWLRQQXPEHUVDQGNH\QXPEHULQWKHVSDFHV
SURYLGHG5HPRYHWKHVSDUHNH\DQGVWRUHLWLQDVDIHSODFH$QLJQLWLRQNH\FDQ
EHGXSOLFDWHGRQO\E\RUGHULQJD32/$5,6NH\EODQNXVLQJ\RXUNH\QXPEHU
DQGPDWLQJLWZLWKRQHRI\RXUH[LVWLQJNH\V7KHLJQLWLRQVZLWFKPXVWEH
UHSODFHGLIDOONH\VDUHORVW
q
9HKLFOH,GHQWLILFDWLRQ1XPEHU
9,1
w
(QJLQH6HULDO1XPEHU
9HKLFOH0RGHO1XPEHU
9HKLFOH,GHQWLILFDWLRQ1XPEHU9,1
(QJLQH6HULDO1XPEHU
.H\1XPEHU
,1752'8&7,21


6$)(7<
6$)(7<75$,1,1*
6DIHW\WUDLQLQJLVDWRSSULRULW\IRU32/$5,632/$5,6VWURQJO\HQFRXUDJHV\RX
DQGDQ\IDPLO\PHPEHUVZKRZLOOEHULGLQJWKLVYHKLFOHWRWDNHDWUDLQLQJFRXUVH
52+9$5HFUHDWLRQDO2II+LJKZD\9HKLFOH$VVRFLDWLRQSURYLGHVERWKDQRQOLQH
VDIHW\HFRXUVHDQGDKDQGVRQVDIHW\FRXUVH9LVLWZZZURKYDRUJRUFDOO
<RXU32/$5,6YHKLFOHLVFRQVLGHUHGDQRIIURDGYHKLFOH)DPLOLDUL]H\RXUVHOI
ZLWKDOOODZVDQGUHJXODWLRQVFRQFHUQLQJWKHRSHUDWLRQRIWKLVYHKLFOHLQ\RXU
DUHD
:HVWURQJO\DGYLVH\RXWRVWULFWO\IROORZWKHUHFRPPHQGHGPDLQWHQDQFH
SURJUDPRXWOLQHGLQ\RXURZQHUVPDQXDO7KLVSUHYHQWLYHPDLQWHQDQFHSURJUDP
LVGHVLJQHGWRHQVXUHWKDWDOOFULWLFDOFRPSRQHQWVRQ\RXUYHKLFOHDUHWKRURXJKO\
LQVSHFWHGDWVSHFLILFLQWHUYDOV
)RUPRUHLQIRUPDWLRQDERXWUHFUHDWLRQDORIIURDGYHKLFOHVDIHW\LQWKH
8QLWHG6WDWHVYLVLWZZZURKYDRUJFDOORUFDOO32/$5,6DW
6$)(7<

6$)(5,',1**($5
$OZD\VZHDUKHOPHWH\HSURWHFWLRQJORYHVORQJVOHHYHVKLUWORQJSDQWVRYHU
WKHDQNOHERRWVDQGVHDWEHOWDWDOOWLPHV3URWHFWLYHJHDUUHGXFHVWKHFKDQFHRI
LQMXU\
+(/0(7
:HDULQJDKHOPHWFDQSUHYHQWDVHYHUHKHDGLQMXU\:KHQHYHUULGLQJWKLV
32/$5,6YHKLFOHDOZD\VZHDUDKHOPHWWKDWPHHWVRUH[FHHGVHVWDEOLVKHG
VDIHW\VWDQGDUGV
$SSURYHGKHOPHWVLQWKH86$DQG&DQDGDEHDUD86
'HSDUWPHQWRI7UDQVSRUWDWLRQ'27ODEHO
$SSURYHGKHOPHWVLQ(XURSH$VLDDQG2FHDQLDEHDUWKH(&(
ODEHO7KH(&(PDUNFRQVLVWVRIDFLUFOHVXUURXQGLQJWKH
OHWWHU(IROORZHGE\WKHGLVWLQJXLVKLQJQXPEHURIWKHFRXQWU\
ZKLFKKDVJUDQWHGDSSURYDO7KHDSSURYDOQXPEHUDQGVHULDO
QXPEHUZLOODOVREHGLVSOD\HGRQWKHODEHO
(<(3527(&7,21
'RQRWGHSHQGRQH\HJODVVHVRUVXQJODVVHVIRUH\HSURWHFWLRQ:KHQHYHUULGLQJ
WKLV32/$5,6YHKLFOHDOZD\VZHDUVKDWWHUSURRIJRJJOHVRUXVHDVKDWWHUSURRI
KHOPHWIDFHVKLHOG32/$5,6UHFRPPHQGVZHDULQJDSSURYHG3HUVRQDO
3URWHFWLYH(TXLSPHQW33(EHDULQJPDUNLQJVVXFKDV9(6&9=RU
&(0DNHVXUHSURWHFWLYHH\HZHDULVNHSWFOHDQ
*/29(6
:HDUJORYHVIRUFRPIRUWDQGIRUSURWHFWLRQIURPVXQFROGZHDWKHUDQGRWKHU
HOHPHQWV
%2276
:HDUVWXUG\RYHUWKHDQNOHERRWVIRUVXSSRUWDQGSURWHFWLRQ1HYHUULGHD
32/$5,6YHKLFOHZLWKEDUHIHHWRUVDQGDOV
&/27+,1*
:HDUORQJVOHHYHVDQGORQJSDQWVWRSURWHFWDUPVDQGOHJV
5,'(5&20)257
8QGHUFHUWDLQRSHUDWLQJFRQGLWLRQVKHDWJHQHUDWHGE\WKHHQJLQHDQGH[KDXVW
V\VWHPFDQHOHYDWHWHPSHUDWXUHVLQWKHULGHUFDEDUHD7KHFRQGLWLRQRFFXUV
PRVWIUHTXHQWO\ZKHQDYHKLFOHLVEHLQJRSHUDWHGLQKLJKDPELHQWWHPSHUDWXUHV
DWORZVSHHGVDQGRUKLJKORDGFRQGLWLRQVIRUDQH[WHQGHGSHULRGRIWLPH7KH
XVHRIFHUWDLQZLQGVKLHOGURRIDQGRUFDEV\VWHPVPD\FRQWULEXWHWRWKLV
FRQGLWLRQE\UHVWULFWLQJDLUIORZ$Q\GLVFRPIRUWGXHWRKHDWEXLOGXSLQWKLVDUHD
FDQEHPLQLPL]HGE\ZHDULQJSURSHUULGLQJDSSDUHODQGE\YDU\LQJVSHHGVWR
LQFUHDVHDLUIORZ
6$)(7<

q
+HOPHW
r
*ORYHV
w
(\H3URWHFWLRQ
t
/RQJ3DQWV
e
/RQJ6OHHYHV
y
2YHUWKH$QNOH%RRWV
6$)(7<

6$)(7</$%(/6$1'/2&$7,216
:DUQLQJODEHOVKDYHEHHQSODFHGRQWKHYHKLFOHIRU\RXUSURWHFWLRQ5HDGDQG
IROORZWKHLQVWUXFWLRQVRIWKHODEHOVRQWKHYHKLFOHFDUHIXOO\,IDQ\RIWKHODEHOV
GHSLFWHGLQWKLVPDQXDOGLIIHUIURPWKHODEHOVRQ\RXUYHKLFOHDOZD\VUHDGDQG
IROORZWKHLQVWUXFWLRQVRIWKHODEHOVRQWKHYHKLFOH
,IDQLQIRUPDWLRQDORUJUDSKLFODEHOEHFRPHVLOOHJLEOHRUFRPHVRIIFRQWDFW\RXU
32/$5,6GHDOHUWRSXUFKDVHDUHSODFHPHQW5HSODFHPHQWVDIHW\ODEHOVDUH
SURYLGHGE\32/$5,6DWQRFKDUJH7KHSDUWQXPEHULVSULQWHGRQWKHODEHO
q
6HDW%HOW'ULYHU:DUQLQJ
e
0D[LPXP3D\ORDG:DUQLQJ
w
3URSHU8VH:DUQLQJ
6$)(7<

6($7%(/7'5,9(5:$51,1*
:$51,1*
,PSURSHUYHKLFOHXVHFDQUHVXOWLQ6(9(5(,1-85<RU'($7+
%H3UHSDUHG
)DVWHQVHDWEHOW
:HDUDQDSSURYHGKHOPHWDQGSURWHFWLYHJHDU
$/:$<6XVHYHKLFOHFDEQHWVDQGRUGRRUV
'ULYHUPXVWEHDEOHWRVLWZLWKEDFNDJDLQVWVHDWIHHWIODWRQWKHIORRUDQG
KDQGVRQVWHHULQJZKHHO6WD\FRPSOHWHO\LQVLGHWKHYHKLFOH
'ULYH5HVSRQVLEO\
$YRLGORVVRIFRQWURODQGUROORYHUV
$YRLGDEUXSWPDQHXYHUVVLGHZD\VVOLGLQJ
VNLGGLQJRUILVKWDLOLQJDQGQHYHUGRGRQXWV
6ORZGRZQEHIRUHHQWHULQJDWXUQ
$YRLGKDUGDFFHOHUDWLRQZKHQWXUQLQJHYHQIURP
DVWRS
3ODQIRUKLOOVURXJKWHUUDLQUXWVDQGRWKHU
FKDQJHVLQWUDFWLRQDQGWHUUDLQ
$YRLGSDYHGVXUIDFHV
$YRLGVLGHKLOOLQJULGLQJDFURVVVORSHV
5ROORYHUVKDYHFDXVHG
VHYHUHLQMXULHVDQG
GHDWKHYHQRQIODWRSHQ
DUHDV
%H6XUHWR3D\$WWHQWLRQDQG3ODQ$KHDG
,I\RXWKLQNRUIHHOWKHYHKLFOHPD\WLSRUUROOUHGXFH\RXUULVNRILQMXU\
.HHSDILUPJULSRQWKHVWHHULQJZKHHODQGEUDFH\RXUVHOI
'RQRWSXWDQ\SDUWRI\RXUERG\RXWVLGHRIWKHYHKLFOHIRUDQ\UHDVRQ
6$)(7<

3523(586(:$51,1*
:$51,1*
5HTXLUH3URSHU8VHRI<RXU9HKLFOH
'R\RXUSDUWWRSUHYHQWLQMXULHV
'RQRWDOORZFDUHOHVVRUUHFNOHVVGULYLQJ
0DNHVXUHRSHUDWRUVDUHRUROGHUZLWKDYDOLG
GULYHU¶VOLFHQVH
'RQRWOHWSHRSOHGULYHDIWHUXVLQJDOFRKRORU
GUXJV
'RQRWDOORZRSHUDWLRQRQSXEOLFURDGVXQOHVV
GHVLJQDWHGIRURIIKLJKZD\YHKLFOHDFFHVV
FROOLVLRQVZLWKFDUVDQGWUXFNVFDQRFFXU
'RQRWH[FHHGVHDWLQJFDSDFLW\RFFXSDQW
0$;,0803$</2$':$51,1*
:$51,1*
1HYHUH[FHHG03+NPKLIWRWDOSD\ORDGH[FHHGVOEVNJ
6$)(7<

/2$'3$66(1*(57,5(35(6685(:$51,1*
:$51,1*
1HYHUFDUU\SDVVHQJHUVLQFDUJRER[
3DVVHQJHUVFDQEHWKURZQRII7KLVFDQFDXVHVHULRXVLQMXU\RUGHDWK
:$51,1*
,03523(57,5(35(6685(2529(5/2$',1*&$1&$86(/2662)
&21752/5(68/7,1*,16(5,286,1-85<25'($7+
5HGXFHVSHHGDQGDOORZJUHDWHUGLVWDQFHIRUEUDNLQJZKHQFDUU\LQJFDUJR
2YHUORDGLQJRUFDUU\LQJWDOORIIFHQWHURUXQVHFXUHGORDGVZLOOLQFUHDVH\RXU
ULVNRIORVLQJFRQWURO/RDGVVKRXOGEHFHQWHUHGDQGFDUULHGDVORZDVSRVVLEOH
LQER[
)RUVWDELOLW\RQURXJKRUKLOO\WHUUDLQUHGXFHVSHHGDQGFDUJR
$&(
0$;,080&$5*2%2;/2$' OEV
NJ
7,5(35(6685(,136,.3D )5217
5($5
0$;,080:(,*+7&$3$&,7<
,1&/8'(6:(,*+72)
23(5$725&$5*2$1'
$&&(6625,(6
OEV
NJ
5HDG2SHUDWLRQDQG0DLQWHQDQFH0DQXDOIRUPRUHGHWDLOHGORDGLQJ
LQIRUPDWLRQ
6$)(7<

+,7&+/$%(/
72:,1*,61275(&200(1'('217+,602'(/
)8(/75$163257:$51,1*
:$51,1*
%HIRUHWUDQVSRUWLQJIODPPDEOHOLTXLGVLQWKLVYHKLFOH
$/:$<6UHDG\RXU2ZQHU¶V0DQXDO
$OZD\VXVHFRQWDLQHUVGHVLJQHGIRURIIURDG
YHKLFOHV
,QVSHFWFRQWDLQHUVIRUZHDUFUDFNVDQGOHDNV
EHIRUHHDFKULGH
$OZD\VPDNHVXUHFRQWDLQHUVDUHILUPO\VHFXUHG
WRDYRLGVSLOOVDQGGDPDJH
)DLOXUHWRIROORZSURSHULQVWUXFWLRQVFRXOGOHDGWREXUQLQMXU\DQGRWKHUSRWHQWLDO
ILUHKD]DUGV
6$)(7<

3976<67(0:$51,1*
:$51,1*
,PSURSHUVHUYLFHRUPDLQWHQDQFHRIWKLV397
V\VWHPFDQUHVXOWLQYHKLFOHGDPDJH
6(9(5(,1-85<RU'($7+
$OZD\VORRNIRUDQGUHPRYHGHEULVLQVLGH
DQGDURXQGFOXWFKDQGYHQWV\VWHPZKHQ
UHSODFLQJEHOW
5HDGRZQHUVPDQXDORUVHHDXWKRUL]HG
3RODULVGHDOHU
q
3976\VWHP:DUQLQJ
$,5%2;&$87,21
&$87,21
8VHD3RODULVDSSURYHGDLUILOWHU7KHXVHRI
DQRQ3RODULVDSSURYHGDLUILOWHUPD\FDXVH
HQJLQHGDPDJH%HIRUHLQVWDOOLQJILOWHU
HQVXUHWKHUHLVQRGLUWRUGHEULVLQWKHFOHDQ
VLGHRIWKHLQWDNHWXEH7KHDLUILOWHUPXVWEH
SURSHUO\VHDWHGEHIRUHWKHOLGLVUHLQVWDOOHG
3OHDVHUHIHUHQFH\RXURZQHU¶VPDQXDOIRU
DGGLWLRQDOLQIRUPDWLRQUHJDUGLQJDLUILOWHU
VHUYLFH
w
$LU%R[&DXWLRQ
6$)(7<

6$)(7<:$51,1*6
:$51,1*
)DLOXUHWRRSHUDWHWKLVYHKLFOHSURSHUO\FDQUHVXOWLQDFROOLVLRQORVVRIFRQWURO
DFFLGHQWRUUROORYHUZKLFKPD\UHVXOWLQVHULRXVLQMXU\RUGHDWK+HHGDOOVDIHW\
ZDUQLQJVRXWOLQHGLQWKLVVHFWLRQRIWKHRZQHU¶VPDQXDODQGLQWKHVDIHW\'9'
SURYLGHGZLWK\RXUYHKLFOH6HHWKH23(5$7,21VHFWLRQRIWKHRZQHU¶V
PDQXDOIRUSURSHURSHUDWLQJSURFHGXUHV
23(5$7,1*:,7+287,16758&7,21
2SHUDWLQJWKLVYHKLFOHZLWKRXWSURSHULQVWUXFWLRQ
LQFUHDVHVWKHULVNRIDQDFFLGHQW7KHRSHUDWRUPXVW
XQGHUVWDQGKRZWRRSHUDWHWKHYHKLFOHSURSHUO\LQ
GLIIHUHQWVLWXDWLRQVDQGRQGLIIHUHQWW\SHVRIWHUUDLQ
&RPSOHWHWKH1HZ2SHUDWRU'ULYLQJ3URFHGXUHV
RXWOLQHGRQSDJH
$OORSHUDWRUVPXVWUHDGDQGXQGHUVWDQGWKHRZQHUV
PDQXDODQGDOOZDUQLQJDQGLQVWUXFWLRQODEHOVEHIRUH
RSHUDWLQJWKHYHKLFOH1HYHUDOORZDJXHVWWR
RSHUDWHWKLVYHKLFOHXQWLOWKHJXHVWKDVFRPSOHWHG
WKH1HZ2SHUDWRU'ULYLQJ3URFHGXUHVRXWOLQHGRQ
SDJH
$*(5(675,&7,216
7KLVYHKLFOHLVDQ$'8/79(+,&/(21/<
2SHUDWLRQLVSURKLELWHGIRUDQ\RQHXQGHU\HDUVRI
DJHRUDQ\RQHZLWKRXWDYDOLGGULYHU¶VOLFHQVH
7KHRSHUDWRUPXVWEHWDOOHQRXJKWRVLWZLWKEDFN
DJDLQVWWKHVHDWERWKIHHWIODWRQWKHIORRUDQGERWK
KDQGVRQWKHVWHHULQJZKHHO
6$)(7<

86,1*$/&2+2/25'58*6
2SHUDWLQJWKLVYHKLFOHDIWHUFRQVXPLQJDOFRKRORU
GUXJVFRXOGDGYHUVHO\DIIHFWRSHUDWRUMXGJPHQW
UHDFWLRQWLPHEDODQFHDQGSHUFHSWLRQ
1HYHUFRQVXPHDOFRKRORUGUXJVEHIRUHRUZKLOH
RSHUDWLQJWKLVYHKLFOH
)$,/85(72,163(&7%()25(23(5$7,1*
)DLOXUHWRLQVSHFWDQGYHULI\WKDWWKHYHKLFOHLVLQ
VDIHRSHUDWLQJFRQGLWLRQEHIRUHRSHUDWLQJLQFUHDVHV
WKHULVNRIDQDFFLGHQW
$OZD\VSHUIRUPWKHSUHULGHLQVSHFWLRQEHIRUHHDFK
XVHRI\RXUYHKLFOHWRPDNHVXUHLWVLQVDIH
RSHUDWLQJFRQGLWLRQ6HHSDJH
$OZD\VIROORZWKHLQVSHFWLRQDQGPDLQWHQDQFH
SURFHGXUHVDQGVFKHGXOHVGHVFULEHGLQWKLVRZQHU¶V
PDQXDO6HHSDJH
3527(&7,9($33$5(/
5LGLQJLQWKLVYHKLFOHZLWKRXWZHDULQJDQDSSURYHG
KHOPHWDQGSURWHFWLYHH\HZHDULQFUHDVHVWKHULVNRI
DVHULRXVLQMXULHVLQWKHHYHQWRIDQDFFLGHQW
$OZD\VZHDUDKHOPHWH\HSURWHFWLRQJORYHVORQJ
VOHHYHVKLUWORQJSDQWVDQGRYHUWKHDQNOHERRWV
6$)(7<

6($7%(/76
5LGLQJLQWKLVYHKLFOHZLWKRXWZHDULQJWKHVHDWEHOWLQFUHDVHVWKHULVNRIVHULRXV
LQMXU\LQWKHHYHQWRIUROORYHUORVVRIFRQWURORWKHUDFFLGHQWRUVXGGHQVWRS6HDW
EHOWVPD\UHGXFHWKHVHYHULW\RILQMXU\LQWKHVHFLUFXPVWDQFHV
7KHRSHUDWRU0867ZHDUWKHVHDWEHOWDWDOOWLPHV
&$%'2256
5LGLQJLQWKLVYHKLFOHZLWKRXWFORVHGDQGODWFKHGFDEGRRUVLQFUHDVHVWKHULVNRI
VHULRXVLQMXU\RUGHDWKLQWKHHYHQWRIDQDFFLGHQWRUUROORYHU$OZD\VPDNHVXUH
DOOFDEGRRUVDUHFORVHGDQGODWFKHGZKLOHULGLQJLQWKLVYHKLFOH&DEGRRUVDUH
127LQWHQGHGWREHXVHGDVDUPUHVWV$OZD\VNHHSKDQGVDQGIHHWLQVLGHWKH
YHKLFOHDWDOOWLPHV
&$55<,1*$3$66(1*(5
7KLV32/$5,6YHKLFOHLVDVLQJOHULGHUYHKLFOH
&DUU\LQJDSDVVHQJHUJUHDWO\UHGXFHVWKHRSHUDWRUV
DELOLW\WRFRQWUROWKHYHKLFOHZKLFKPD\UHVXOWLQDQ
DFFLGHQWRUUROORYHU&DUU\LQJDSDVVHQJHULQWKH
FDUJRER[FRXOGUHVXOWLQDIDOOIURPWKHYHKLFOHRU
FRQWDFWZLWKPRYLQJFRPSRQHQWV1HYHUFDUU\D
SDVVHQJHURQWKLVYHKLFOH
6$)(7<

23(5$7,1*:,7+$/2$'217+(9(+,&/(
7KHZHLJKWRIERWKFDUJRDQGRSHUDWRULPSDFWVYHKLFOHRSHUDWLRQDQGVWDELOLW\
)RU\RXUVDIHW\DQGWKHVDIHW\RIRWKHUVFDUHIXOO\FRQVLGHUKRZ\RXUYHKLFOHLV
ORDGHGDQGKRZWRVDIHO\RSHUDWHWKHYHKLFOH)ROORZWKHLQVWUXFWLRQVLQWKLV
PDQXDOIRUORDGLQJWLUHSUHVVXUHJHDUVHOHFWLRQDQGVSHHG
'RQRWH[FHHGYHKLFOHZHLJKWFDSDFLWLHV7KHYHKLFOH¶VPD[LPXPZHLJKW
FDSDFLW\LVOLVWHGLQWKHVSHFLILFDWLRQVVHFWLRQRIWKLVPDQXDODQGRQDODEHORQ
WKHYHKLFOH:KHQGHWHUPLQLQJWKHZHLJKW\RXDUHDGGLQJWRWKHYHKLFOH
LQFOXGHWKHZHLJKWRIWKHRSHUDWRUDFFHVVRULHVORDGVLQWKHUDFNRUER[DQG
WKHORDGRQWKHWUDLOHUWRQJXH7KHFRPELQHGZHLJKWRIWKHVHLWHPVPXVWQRW
H[FHHGWKHPD[LPXPZHLJKWFDSDFLW\
7KHUHFRPPHQGHGWLUHSUHVVXUHVDUHOLVWHGLQWKHVSHFLILFDWLRQVVHFWLRQRIWKLV
PDQXDODQGRQDODEHORQWKHYHKLFOH
$OZD\VIROORZWKHVHJXLGHOLQHV
81'(5$1<2)7+(6(
&21',7,216
'2$//2)7+(6(67(36
2SHUDWRUDQGRUFDUJRH[FHHGVKDOI
WKHPD[LPXPZHLJKWFDSDFLW\
6ORZGRZQ
9HULI\WLUHSUHVVXUH
8VHH[WUDFDXWLRQZKHQ
RSHUDWLQJ
2SHUDWLQJLQURXJKWHUUDLQ
2SHUDWLQJRYHUREVWDFOHV
&OLPELQJDQLQFOLQH
7RZLQJ
6$)(7<

,03523(57,5(0$,17(1$1&(
2SHUDWLQJWKLVYHKLFOHZLWKLPSURSHUWLUHVRUZLWK
LPSURSHURUXQHYHQWLUHSUHVVXUHFRXOGFDXVHORVV
RIFRQWURORUDFFLGHQW
$OZD\VXVHWKHVL]HDQGW\SHRIWLUHVVSHFLILHGIRU
\RXUYHKLFOH
$OZD\VPDLQWDLQSURSHUWLUHSUHVVXUHDVGHVFULEHG
LQWKHRZQHUVPDQXDODQGRQVDIHW\
23(5$7,1*213$9(0(17
7KLVYHKLFOHVWLUHVDUHGHVLJQHGIRURIIURDGXVH
RQO\QRWIRUXVHRQSDYHPHQW2SHUDWLQJWKLV
YHKLFOHRQSDYHGVXUIDFHVLQFOXGLQJVLGHZDONV
SDWKVSDUNLQJORWVDQGGULYHZD\VPD\DGYHUVHO\
DIIHFWWKHKDQGOLQJRIWKHYHKLFOHDQGPD\LQFUHDVH
WKHULVNRIORVVRIFRQWURODQGDFFLGHQWRUUROORYHU
$YRLGRSHUDWLQJWKHYHKLFOHRQSDYHPHQW,ILWV
XQDYRLGDEOHWUDYHOVORZO\WUDYHOVKRUWGLVWDQFHV
DQGDYRLGVXGGHQWXUQVRUVWRSV
23(5$7,1*2138%/,&52$'6
2SHUDWLQJWKLVYHKLFOHRQSXEOLFVWUHHWVURDGVRU
KLJKZD\VFRXOGUHVXOWLQDFROOLVLRQZLWKDQRWKHU
YHKLFOH1HYHURSHUDWHWKLVYHKLFOHRQDQ\SXEOLF
VWUHHWURDGRUKLJKZD\LQFOXGLQJGLUWDQGJUDYHO
URDGVXQOHVVGHVLJQDWHGIRURIIKLJKZD\XVH
6$)(7<

23(5$7,1*$7(;&(66,9(63(('6
2SHUDWLQJWKLVYHKLFOHDWH[FHVVLYHVSHHGV
LQFUHDVHVWKHRSHUDWRUVULVNRIORVLQJFRQWURO
$OZD\VRSHUDWHDWDVSHHGWKDWVDSSURSULDWHIRUWKH
WHUUDLQWKHYLVLELOLW\DQGRSHUDWLQJFRQGLWLRQVDQG
\RXUVNLOOVDQGH[SHULHQFH
7851,1*,03523(5/<
7XUQLQJLPSURSHUO\FRXOGFDXVHORVVRIWUDFWLRQORVVRIFRQWURODFFLGHQWRU
UROORYHU$OZD\VIROORZSURSHUSURFHGXUHVIRUWXUQLQJDVGHVFULEHGLQWKLVRZQHU¶V
PDQXDO
$YRLGVKDUSWXUQV1HYHUWXUQZKLOHDSSO\LQJKHDY\WKURWWOH1HYHUPDNHDEUXSW
VWHHULQJPDQHXYHUV3UDFWLFHWXUQLQJDWVORZVSHHGVEHIRUHDWWHPSWLQJWRWXUQDW
IDVWHUVSHHGV
-8036$1'678176
([KLELWLRQGULYLQJLQFUHDVHVWKHULVNRIDQDFFLGHQW
RUUROORYHU'2127GRSRZHUVOLGHV³GRQXWV´
MXPSVRURWKHUGULYLQJVWXQWV$YRLGH[KLELWLRQ
GULYLQJ
6$)(7<

,03523(5+,//&/,0%,1*
,PSURSHUKLOOFOLPELQJFRXOGFDXVHORVVRIFRQWURORU
UROORYHU8VHH[WUHPHFDXWLRQZKHQRSHUDWLQJRQ
KLOOV$OZD\VIROORZSURSHUSURFHGXUHVIRUKLOO
FOLPELQJDVGHVFULEHGLQWKLVRZQHUVPDQXDO6HH
SDJH
'(6&(1',1*+,//6,03523(5/<
,PSURSHUO\GHVFHQGLQJDKLOOFRXOGFDXVHORVVRI
FRQWURORUUROORYHU$OZD\VIROORZSURSHUSURFHGXUHV
IRUWUDYHOLQJGRZQKLOOVDVGHVFULEHGLQWKLVRZQHU¶V
PDQXDO6HHSDJH
&5266,1*+,//6,'(6
'ULYLQJRQDVLGHKLOOLVQRWUHFRPPHQGHG,PSURSHU
SURFHGXUHFRXOGFDXVHORVVRIFRQWURORUUROORYHU
$YRLGFURVVLQJWKHVLGHRIDQ\KLOOXQOHVVDEVROXWHO\
QHFHVVDU\
,IFURVVLQJDKLOOVLGHLVXQDYRLGDEOHDOZD\VIROORZ
SURSHUSURFHGXUHVDVGHVFULEHGLQWKLVRZQHUV
PDQXDO6HHSDJH
6$)(7<

67$//,1*:+,/(&/,0%,1*$+,//
6WDOOLQJRUUROOLQJEDFNZDUGVZKLOHFOLPELQJDKLOO
FRXOGFDXVHDUROORYHU0DLQWDLQDVWHDG\VSHHG
ZKHQFOLPELQJDKLOO
,I\RXORVHDOOIRUZDUGVSHHG
$SSO\WKHEUDNHVJUDGXDOO\XQWLOWKHYHKLFOHLVIXOO\
VWRSSHG3ODFHWKHWUDQVPLVVLRQLQUHYHUVHDQG
VORZO\DOORZWKHYHKLFOHWRUROOVWUDLJKWGRZQKLOOZKLOH
DSSO\LQJOLJKWEUDNHSUHVVXUHWRFRQWUROVSHHG
23(5$7,1*,181)$0,/,$57(55$,1
)DLOXUHWRXVHH[WUDFDXWLRQZKHQRSHUDWLQJRQ
XQIDPLOLDUWHUUDLQFRXOGUHVXOWLQDQDFFLGHQWRU
UROORYHU
8QIDPLOLDUWHUUDLQPD\FRQWDLQKLGGHQURFNVEXPSV
RUKROHVWKDWFRXOGFDXVHORVVRIFRQWURORUUROORYHU
7UDYHOVORZO\DQGXVHH[WUDFDXWLRQZKHQRSHUDWLQJ
RQXQIDPLOLDUWHUUDLQ$OZD\VEHDOHUWWRFKDQJLQJ
WHUUDLQFRQGLWLRQV
23(5$7,1*,03523(5/<,15(9(56(
,PSURSHUO\RSHUDWLQJLQUHYHUVHFRXOGUHVXOWLQD
FROOLVLRQZLWKDQREVWDFOHRUSHUVRQ$OZD\VIROORZ
SURSHURSHUDWLQJSURFHGXUHVDVRXWOLQHGLQWKLV
PDQXDO6HHSDJH
%HIRUHVKLIWLQJLQWRUHYHUVHJHDUDOZD\VFKHFNIRU
REVWDFOHVRUSHRSOHEHKLQGWKHYHKLFOH:KHQLWV
VDIHWRSURFHHGEDFNVORZO\
6$)(7<

6.,'',1*256/,',1*
)DLOXUHWRXVHH[WUDFDXWLRQZKHQRSHUDWLQJRQ
H[FHVVLYHO\URXJKVOLSSHU\RUORRVHWHUUDLQFRXOG
FDXVHORVVRIWUDFWLRQORVVRIFRQWURODFFLGHQWRU
UROORYHU'RQRWRSHUDWHRQH[FHVVLYHO\VOLSSHU\
VXUIDFHV$OZD\VVORZGRZQDQGXVHDGGLWLRQDO
FDXWLRQZKHQRSHUDWLQJRQVOLSSHU\VXUIDFHV
6NLGGLQJRUVOLGLQJGXHWRORVVRIWUDFWLRQFDQFDXVH
ORVVRIFRQWURORUUROORYHULIWLUHVUHJDLQWUDFWLRQ
XQH[SHFWHGO\$OZD\VIROORZSURSHUSURFHGXUHVIRU
RSHUDWLQJRQVOLSSHU\VXUIDFHVDVGHVFULEHGLQWKLV
RZQHUVPDQXDO6HHSDJH
23(5$7,1*29(52%67$&/(6
,PSURSHUO\RSHUDWLQJRYHUREVWDFOHVFRXOGFDXVH
ORVVRIFRQWURORUUROORYHU
%HIRUHRSHUDWLQJLQDQHZDUHDFKHFNIRUREVWDFOHV
$YRLGRSHUDWLQJRYHUODUJHREVWDFOHVVXFKDVODUJH
URFNVDQGIDOOHQWUHHV$OZD\VIROORZWKHSURSHU
SURFHGXUHVRXWOLQHGLQWKLVPDQXDOZKHQRSHUDWLQJ
RYHUREVWDFOHV6HHSDJH
23(5$7,1*7+528*+:$7(5
2SHUDWLQJWKURXJKGHHSRUIDVWIORZLQJZDWHUFDQ
FDXVHORVVRIWUDFWLRQORVVRIFRQWUROUROORYHURU
DFFLGHQW1HYHURSHUDWHLQIDVWIORZLQJZDWHURULQ
ZDWHUWKDWH[FHHGVWKHIORRUOHYHORIWKHYHKLFOH
$OZD\VIROORZSURSHUSURFHGXUHVIRURSHUDWLQJLQ
ZDWHUDVGHVFULEHGLQWKLVRZQHU¶VPDQXDO6HH
SDJH
:HWEUDNHVPD\KDYHUHGXFHGVWRSSLQJDELOLW\$IWHU
OHDYLQJZDWHUWHVWWKHEUDNHV$SSO\WKHPOLJKWO\
VHYHUDOWLPHVZKLOHGULYLQJVORZO\7KHIULFWLRQZLOO
KHOSGU\RXWWKHSDGV
6$)(7<

23(5$7,1*21)52=(1%2',(62):$7(5
6HYHUHLQMXU\RUGHDWKFDQUHVXOWLIWKHYHKLFOHDQG
RUWKHRSHUDWRUIDOOWKURXJKWKHLFH1HYHURSHUDWH
WKHYHKLFOHRQDIUR]HQERG\RIZDWHUXQOHVV\RX
KDYHILUVWYHULILHGWKDWWKHLFHLVVXIILFLHQWO\WKLFNWR
VXSSRUWWKHZHLJKWDQGPRYLQJIRUFHRIWKHYHKLFOH
\RXDQG\RXUFDUJRWRJHWKHUZLWKDQ\RWKHUYHKLFOHV
LQ\RXUSDUW\
$OZD\VFKHFNZLWKORFDODXWKRULWLHVDQGUHVLGHQWVWR
FRQILUPLFHFRQGLWLRQVDQGWKLFNQHVVRYHU\RXU
HQWLUHURXWH9HKLFOHRSHUDWRUVDVVXPHDOOULVN
DVVRFLDWHGZLWKLFHFRQGLWLRQVRQIUR]HQERGLHVRI
ZDWHU
23(5$7,1*$'$0$*('9(+,&/(
2SHUDWLQJDGDPDJHGYHKLFOHFDQUHVXOWLQDQDFFLGHQW$IWHUDQ\UROORYHURU
RWKHUDFFLGHQWKDYHDTXDOLILHGVHUYLFHGHDOHULQVSHFWWKHHQWLUHPDFKLQHIRU
SRVVLEOHGDPDJHLQFOXGLQJEXWQRWOLPLWHGWRVHDWEHOWVUROORYHUSURWHFWLRQ
GHYLFHVEUDNHVWKURWWOHDQGVWHHULQJV\VWHPV
6$)(7<

,03523(5&$5*2/2$',1*
2YHUORDGLQJWKHYHKLFOHRUFDUU\LQJWRZLQJFDUJRLPSURSHUO\PD\FDXVHFKDQJHV
LQVWDELOLW\DQGKDQGOLQJZKLFKFRXOGFDXVHORVVRIFRQWURORUDQDFFLGHQW
$OZD\VIROORZWKHLQVWUXFWLRQVLQWKLVRZQHU¶VPDQXDOIRUFDUU\LQJFDUJR6HH
SDJH
1HYHUH[FHHGWKHVWDWHGORDGFDSDFLW\IRUWKLVYHKLFOH6HHSDJH
&DUJRVKRXOGEHSURSHUO\GLVWULEXWHGDQGVHFXUHO\DWWDFKHG6HHSDJH
5HGXFHVSHHGZKHQFDUU\LQJFDUJRRUSXOOLQJDWUDLOHU$OORZDJUHDWHU
GLVWDQFHIRUEUDNLQJ
32259,6,%,/,7<
2SHUDWLQJWKLVYHKLFOHLQGDUNQHVVRULQFOHPHQWZHDWKHUFRXOGUHVXOWLQD
FROOLVLRQRUDFFLGHQWHVSHFLDOO\LIRSHUDWLQJRQDURDGRUVWUHHW7KLVYHKLFOHLV
QRWHTXLSSHGZLWKKLJKZD\DSSURYHGOLJKWV2SHUDWHWKLVYHKLFOHRIIURDGRQO\
8VHFDXWLRQDQGGULYHDWUHGXFHGVSHHGVLQFRQGLWLRQVRIUHGXFHGYLVLELOLW\VXFK
DVIRJUDLQDQGGDUNQHVV&OHDQKHDGOLJKWVIUHTXHQWO\DQGUHSODFHEXUQHGRXW
KHDGODPSVSURPSWO\
5()8(/,1*
*DVROLQHLVKLJKO\IODPPDEOHDQGH[SORVLYHXQGHUFHUWDLQFRQGLWLRQV
$OZD\VH[HUFLVHH[WUHPHFDXWLRQZKHQHYHUKDQGOLQJJDVROLQH
$OZD\VWXUQRIIWKHHQJLQHZKHQUHIXHOLQJ
$OZD\VUHIXHORXWGRRUVRULQDZHOOYHQWLODWHGDUHDIUHHRIDQ\VRXUFHRIIODPH
RUVSDUNV
$OZD\VXVHDQDSSURYHGJDVROLQHFRQWDLQHUWRVWRUHIXHODQGUHPRYHWKH
FRQWDLQHUIURPWKHYHKLFOHEHIRUHILOOLQJWRDYRLGIXHOLJQLWLRQGXHWRHOHFWULFDO
VWDWLFGLVFKDUJH
'RQRWVPRNHRUDOORZRSHQIODPHVRUVSDUNVLQRUQHDUWKHDUHDZKHUH
UHIXHOLQJLVSHUIRUPHGRUZKHUHJDVROLQHLVVWRUHG
'RQRWRYHUILOOWKHWDQN'RQRWILOOWKHWDQNQHFN
,IJDVROLQHVSLOOVRQ\RXUVNLQRUFORWKLQJLPPHGLDWHO\ZDVKLWRIIZLWKVRDS
DQGZDWHUDQGFKDQJHFORWKLQJ
6$)(7<

(;32685(72(;+$867
(QJLQHH[KDXVWIXPHVDUHSRLVRQRXVDQGFDQFDXVHORVVRIFRQVFLRXVQHVVRU
GHDWKLQDVKRUWWLPH1HYHUVWDUWWKHHQJLQHRUOHWLWUXQLQDQHQFORVHGDUHD
2SHUDWHWKLVYHKLFOHRQO\RXWGRRUVRULQZHOOYHQWLODWHGDUHDV
+27(;+$8676<67(06
([KDXVWV\VWHPFRPSRQHQWVDUHYHU\KRWGXULQJDQGDIWHUXVHRIWKHYHKLFOH
+RWFRPSRQHQWVFDQFDXVHEXUQVDQGILUH'RQRWWRXFKKRWH[KDXVWV\VWHP
FRPSRQHQWV$OZD\VNHHSFRPEXVWLEOHPDWHULDOVDZD\IURPWKHH[KDXVW
V\VWHP8VHFDXWLRQZKHQWUDYHOLQJWKURXJKWDOOJUDVVHVSHFLDOO\GU\JUDVVWR
DYRLGGHEULVEXLOGXSDURXQGWKHH[KDXVWV\VWHP
81$87+25,=('86(2)7+(9(+,&/(
/HDYLQJWKHNH\VLQWKHLJQLWLRQFDQOHDGWRXQDXWKRUL]HGXVHRIWKHYHKLFOHE\
VRPHRQHXQGHUWKHDJHRIZLWKRXWDGULYHUVOLFHQVHRUZLWKRXWSURSHU
WUDLQLQJ7KLVFRXOGUHVXOWLQDQDFFLGHQWRUUROORYHU$OZD\VUHPRYHWKHLJQLWLRQ
NH\ZKHQWKHYHKLFOHLVQRWLQXVH
(48,30(1702',),&$7,216
<RXU32/$5,6YHKLFOHLVGHVLJQHGWRSURYLGHVDIHRSHUDWLRQZKHQXVHGDV
GLUHFWHG0RGLILFDWLRQVWR\RXUYHKLFOHPD\QHJDWLYHO\LPSDFWYHKLFOHVWDELOLW\
)DLOXUHRIFULWLFDOPDFKLQHFRPSRQHQWVPD\UHVXOWIURPRSHUDWLRQZLWKDQ\
PRGLILFDWLRQVHVSHFLDOO\WKRVHWKDWLQFUHDVHVSHHGRUSRZHU7KLVYHKLFOHPD\
EHFRPHOHVVVWDEOHDWVSHHGVKLJKHUWKDQWKRVHIRUZKLFKLWLVGHVLJQHG/RVVRI
FRQWUROPD\RFFXUDWKLJKHUVSHHGV
'RQRWLQVWDOODQ\QRQ32/$5,6DSSURYHGDFFHVVRU\RUPRGLI\WKHYHKLFOHIRU
WKHSXUSRVHRILQFUHDVLQJVSHHGRUSRZHU$Q\PRGLILFDWLRQVRULQVWDOODWLRQRI
QRQ32/$5,6DSSURYHGDFFHVVRULHVFRXOGFUHDWHDVXEVWDQWLDOVDIHW\KD]DUG
DQGLQFUHDVHWKHULVNRIERGLO\LQMXU\
7KH32/$5,6OLPLWHGZDUUDQW\RQ\RXU32/$5,6YHKLFOHZLOOEHWHUPLQDWHGLI
DQ\QRQ32/$5,6DSSURYHGHTXLSPHQWDQGRUPRGLILFDWLRQVKDYHEHHQDGGHG
WRWKHYHKLFOHWKDWLQFUHDVHVSHHGRUSRZHU
7KHDGGLWLRQRIFHUWDLQDFFHVVRULHVLQFOXGLQJEXWQRWOLPLWHGWRPRZHUV
EODGHVWLUHVVSUD\HUVRUODUJHUDFNVPD\FKDQJHWKHKDQGOLQJFKDUDFWHULVWLFV
RIWKHYHKLFOH8VHRQO\32/$5,6DSSURYHGDFFHVVRULHVDQGIDPLOLDUL]H
\RXUVHOIZLWKWKHLUIXQFWLRQDQGHIIHFWRQWKHYHKLFOH
)25025(,1)250$7,21$%2876$)(7<
FDOO32/$5,6DW
6$)(7<


)($785(6$1'&21752/6
&20321(17/2&$7,216
q
5236)UDPH
u
+HDGOLJKWV
w
&DUJR%R[
i
5DGLDWRU
e
7DLO/LJKWV
o
397,QWDNH3UH)LOWHU
r
6LQJOH5LGHU6HDW
a
(QJLQH,QWDNH3UH)LOWHU
t
6WHHULQJ:KHHO
s
&DE'RRUV
y
)URQW%R[&RYHU
)($785(6$1'&21752/6

6(59,&($&&(663$1(/6
$FFHVVVHUYLFHDEOHHQJLQHFRPSRQHQWVWKURXJKWKHHQJLQHDFFHVVSDQHO
q
EHKLQGWKHVHDW5HPRYHWKHVHDWDQGUHOHDVHWKHDFFHVVSDQHOODWFKHVWR
UHPRYHWKHDFFHVVSDQHO
5HPRYHWKHUHDUDFFHVVSDQHO
w
WRDFFHVVWKHDLUER[RLOILOOFDSDQGVSDUN
SOXJV7KHUHDUDFFHVVSDQHOLVORFDWHGLQWKHEHGRIWKHFDUJRER[3XOOWKHUHDU
HGJHRIWKHDFFHVVSDQHOXSZDUGWRUHPRYHLW
5$',$725$&&(66%803(55(029$/
7KHUDGLDWRUDFFHVVSDQHOFDQEHRSHQHGRUWKHIURQWEXPSHUFDQEHUHPRYHG
WRFOHDQGHEULVIURPWKHUDGLDWRU
5DGLDWRU$FFHVV
8QODWFKWKHWDEVWRRSHQWKH
UDGLDWRUDFFHVVSDQHO
%XPSHU5HPRYDO
5HPRYHWKHWZRSODVWLFULYHWV
q
DQGIRXUWRU[VFUHZV
w
/LIWWKHIURQWEXPSHUWRUHPRYHLW
IURPWKHYHKLFOH
)($785(6$1'&21752/6

67((5,1*:+((/
7KHVWHHULQJZKHHOFDQEHWLOWHG
XSZDUGRUGRZQZDUGIRUULGHU
SUHIHUHQFH
/LIWDQGKROGWKHVWHHULQJZKHHO
DGMXVWPHQWOHYHU
q
ZKLOHPRYLQJWKH
VWHHULQJZKHHOXSZDUGRUGRZQZDUG
5HOHDVHWKHOHYHUZKHQWKHVWHHULQJ
ZKHHOLVDWWKHGHVLUHGSRVLWLRQ
$OZD\VPDNHVXUHWKHVWHHULQJZKHHOSRVLWLRQGRHVQRWLPSHGHSURSHURSHUDWLRQ
RIWKHEUDNHSHGDOWKURWWOHSHGDODQGDOORWKHUFRQWUROV
)5217%2;&29(5
2SHQWKHIURQWER[FRYHUDQGUHPRYH
WKHDFFHVVSDQHOWRDFFHVVWKH
UDGLDWRUFDSFRRODQWRYHUIORZERWWOH
DQGEUDNHPDVWHUF\OLQGHUUHVHUYRLU
7XUQWKHER[FRYHUIDVWHQHUV
q
WXUQ
/LIWWKHUHDUHGJHRIWKHER[FRYHU
8VLQJWKHSOLHUVSURYLGHGLQWKHWRRO
NLWUHPRYHWKHSXVKGDUWV
w
IURP
WKHDFFHVVSDQHO
5HPRYHWKHSDQHO
)($785(6$1'&21752/6

&$%'2256
7KLVYHKLFOHLVHTXLSSHGZLWKFDEGRRUV5LGLQJLQWKLVYHKLFOHZLWKRXWFORVHGDQG
ODWFKHGFDEGRRUVLQFUHDVHVWKHULVNRIVHULRXVLQMXU\RUGHDWKLQWKHHYHQWRIDQ
DFFLGHQWRUUROORYHU$OZD\VPDNHVXUHDOOFDEGRRUVDUHFORVHGDQGODWFKHG
ZKHQULGLQJLQWKLVYHKLFOH
$OZD\VLQVSHFWGRRUVDQGODWFKHVIRUZHDUDQGGDPDJHEHIRUHHDFKXVHRIWKH
YHKLFOH
3URPSWO\UHSODFHDQ\ZRUQRUGDPDJHGSDUWVZLWKQHZSDUWV<RXU32/$5,6
GHDOHUFDQDVVLVW
(;75(0(86(%$77(5<
$QRSWLRQDOH[WUHPHXVHEDWWHU\PD\EHDYDLODEOHIRU\RXUPRGHO,IWKH
SHUIRUPDQFHRIWKHIDFWRU\LQVWDOOHGEDWWHU\LVLQDGHTXDWHGXHWRRSHUDWLRQLQ
H[WUHPHFROGRUGXHWRH[WHQGHGXVHRIPXOWLSOHHOHFWULFDODFFHVVRULHV\RXU
32/$5,6GHDOHUFDQDVVLVW<RXUGHDOHUFDQSURYLGHDQ\LQVWDOODWLRQSURFHGXUHV
WKDWPD\GLIIHUIRUDQH[WUHPHXVHEDWWHU\
(/(&7521,&32:(567((5,1*(36
(OHFWURQLFSRZHUVWHHULQJ(36LIHTXLSSHGHQJDJHVZKHQWKHLJQLWLRQNH\LV
WXUQHGWRWKH21SRVLWLRQ(36UHPDLQVHQJDJHGZKHWKHUWKHYHKLFOHLVPRYLQJ
RULGOH6HHSDJH IRU(36:DUQLQJ,QGLFDWRULQIRUPDWLRQ
)8(/&$3
7KHIXHOWDQNILOOHUFDS
q
LVORFDWHGRQ
WKHULJKWVLGHRIWKHYHKLFOHQHDUWKH
VHDW8VHRQO\XQOHDGHGJDVROLQHZLWK
DPLQLPXPSXPSRFWDQHQXPEHURI
50RFWDQH8QOHDGHGIXHOEOHQGV
ZLWKXSWRHWKDQROFDQEHXVHG
127,&(
1HYHUXVHIXHOEOHQGVZLWKPRUHWKDQ
HWKDQRO(QJLQHGDPDJHFRXOG
RFFXU
)($785(6$1'&21752/6

6($7
6($7$'-8670(176
$OZD\VPDNHVXUHWKHVHDWSRVLWLRQ
DOORZVIRUSURSHUDFFHVVDQGRSHUDWLRQ
RIWKHEUDNHSHGDOWKURWWOHSHGDODQG
DOORWKHUFRQWUROV
7KHVHDWUHOHDVHOHYHU
q
LVORFDWHGDW
WKHOHIWVLGHRIWKHVHDW3XVKWKH
UHOHDVHOHYHUGRZQZDUGDQGVOLGHWKH
VHDWIRUZDUGRUUHDUZDUGWRWKHGHVLUHG
SRVLWLRQ5HOHDVHWKHOHYHU7KHVHDW
ZLOOORFNLQWRWKHQHZSRVLWLRQ
6($75(029$/
3XVKWKHVHDWUHOHDVHOHYHUGRZQZDUGDQGVOLGHWKHVHDWIRUZDUGXQWLOLW
VOLGHVRIIWKHIUDPH
/LIWWKHVHDWDZD\IURPWKHYHKLFOH
5HYHUVHWKHSURFHGXUHWRUHLQVWDOOWKHVHDW
6($7%(/7
7KLV32/$5,6YHKLFOHLVHTXLSSHGZLWKWKUHHSRLQWODSDQGGLDJRQDOVHDWEHOWV
$OZD\VVHFXUHWKHVHDWEHOWEHIRUHULGLQJ
7RZHDUWKHVHDWEHOWSURSHUO\IROORZWKLVSURFHGXUH
3XOOWKHVHDWEHOWODWFKGRZQZDUGDQGDFURVV\RXUFKHVWWRZDUGWKHEXFNOHDW
WKHLQQHUHGJHRIWKHVHDW7KHEHOWVKRXOGILWVQXJO\DFURVV\RXUKLSVDQG
GLDJRQDOO\DFURVV\RXUFKHVW0DNHVXUHWKHEHOWLVQRWWZLVWHG
3XVKWKHODWFKSODWHLQWRWKHEXFNOHXQWLOLWFOLFNV
5HOHDVHWKHVWUDSLWZLOOVHOIWLJKWHQ
3UHVVWKHUHGUHOHDVHODWFKRQWKHEXFNOHWRUHOHDVHWKHVHDWEHOW
)($785(6$1'&21752/6

6($7%(/7,163(&7,21
,QVSHFWDOOVHDWEHOWVIRUSURSHURSHUDWLRQEHIRUHHDFKXVHRIWKHYHKLFOH
3XVKWKHODWFKSODWH
q
LQWRWKH
EXFNOHXQWLOLWFOLFNV7KHODWFKSODWH
PXVWVOLGHVPRRWKO\LQWRWKH
EXFNOH$FOLFNLQGLFDWHVWKDWLWV
VHFXUHO\ODWFKHG
3XVKWKHUHGUHOHDVHODWFK
w
LQWKH
PLGGOHRIWKHEXFNOHWRPDNHVXUHLW
UHOHDVHVIUHHO\
3XOOHDFKVHDWEHOWFRPSOHWHO\RXW
DQGLQVSHFWWKHIXOOOHQJWKIRUDQ\
GDPDJHLQFOXGLQJFXWVZHDU
IUD\LQJRUVWLIIQHVV,IDQ\GDPDJH
LVIRXQGRULIWKHVHDWEHOWGRHVQRW
RSHUDWHSURSHUO\KDYHWKHVHDWEHOW
V\VWHPFKHFNHGDQGRUUHSODFHG
E\DQDXWKRUL]HG32/$5,6GHDOHU
7RFOHDQGLUWRUGHEULVIURPWKHVHDW
EHOWVVSRQJHWKHVWUDSVZLWKPLOG
VRDSDQGZDWHU'RQRWXVHEOHDFK
G\HRUKRXVHKROGGHWHUJHQWV8VH
DJDUGHQKRVHWRIOXVKRXWWKH
UHWUDFWRU
e
DQGODWFKKRXVLQJ
w
UHJXODUO\
)($785(6$1'&21752/6

6:,7&+(6
q
,QVWUXPHQW&OXVWHU
e
'ULYH0RGH$:'6ZLWFK
w
,JQLWLRQ6ZLWFK/LJKW6ZLWFK
r
9$FFHVVRU\2XWOHW
)($785(6$1'&21752/6

,*1,7,216:,7&+/,*+76:,7&+
8VHWKHLJQLWLRQVZLWFKWRVWDUWWKHHQJLQHDQGWRWXUQWKHOLJKWVRQRURII7KHNH\
FDQEHUHPRYHGIURPWKHVZLWFKZKHQLWLVLQWKH2))SRVLWLRQ
2))
7XUQWKHNH\WRWKH2))
SRVLWLRQWRVWRSWKHHQJLQH
(OHFWULFDOFLUFXLWVDUHRII
/,*+7621
7KHOLJKWVDUHRQ(OHFWULFDO
FLUFXLWVDUHRQ(OHFWULFDO
HTXLSPHQWFDQEHXVHG
/,*+762))
7KHOLJKWVDUHRII(OHFWULFDO
FLUFXLWVDUHRQ(OHFWULFDO
HTXLSPHQWFDQEHXVHG
67$57
7XUQWKHNH\WRWKH67$57
SRVLWLRQWRHQJDJHWKH
HOHFWULFVWDUWHU6HHSDJH
IRUVWDUWLQJSURFHGXUHV
'5,9(02'($:'6:,7&+
7KHGULYHPRGHVZLWFKFRQWUROVWKH$OO:KHHO
'ULYH$:';V\VWHP8VHWKLVVZLWFKWR
HQJDJH$:';RU;7KHYHKLFOH
DXWRPDWLFDOO\HQJDJHV;ZKHQRSHUDWLQJLQ
UHYHUVHLIWKHGULYHPRGHLVVHWWR$:';
6HHSDJH IRUGULYHPRGH$:'RSHUDWLQJ
LQVWUXFWLRQV
$:'
:'
$8;,/,$5<287/(7
7KHYHKLFOHLVHTXLSSHGZLWKDYROWDFFHVVRU\RXWOHWRQWKHGDVK8VHWKH
RXWOHWWRSRZHUDQDX[LOLDU\OLJKWRURWKHURSWLRQDODFFHVVRULHVRUOLJKWV)RU
VHUYLFHWKHGDVKRXWOHWFRQQHFWLRQLVXQGHUWKHGDVK
)($785(6$1'&21752/6

*($56(/(&725
7RFKDQJHJHDUVVWRSWKHYHKLFOHDQGZLWKWKHHQJLQHLGOLQJPRYHWKHOHYHU
q
WRWKHGHVLUHGJHDU'RQRWDWWHPSWWRVKLIWJHDUVZLWKHQJLQHVSHHGDERYHLGOHRU
ZKLOHWKHYHKLFOHLVPRYLQJ
33DUN
55HYHUVH
11HXWUDO
//RZ*HDU
++LJK*HDU
127,&(
'RQRWDWWHPSWWRVKLIWWKHWUDQVPLVVLRQZKLOHWKHYHKLFOHLVPRYLQJRUGDPDJH
WRWKHWUDQVPLVVLRQFRXOGUHVXOW$OZD\VVKLIWZKHQWKHYHKLFOHLVVWDWLRQDU\DQG
WKHHQJLQHLVDWLGOH
86,1*/2:5$1*(
$OZD\VVKLIWLQWRORZJHDUIRUDQ\RIWKHIROORZLQJFRQGLWLRQV
2SHUDWLQJLQURXJKWHUUDLQRURYHU
REVWDFOHV
/RDGLQJWKHYHKLFOHRQWRDWUDLOHU
7RZLQJKHDY\ORDGV
2SHUDWLQJFRQVLVWHQWO\DWVSHHGV
EHORZ03+NP
)($785(6$1'&21752/6

%5$.(3('$/
'HSUHVVWKHEUDNHSHGDO
q
WRVORZRU
VWRSWKHYHKLFOH$SSO\WKHEUDNHV
ZKLOHVWDUWLQJWKHHQJLQH
:KHQWKHEUDNHSHGDOLVGHSUHVVHG
WKHEUDNHOLJKWFRPHVRQ&KHFNWKH
EUDNHOLJKWEHIRUHHDFKULGH
7XUQWKHLJQLWLRQVZLWFKWRWKH
/,*+7621SRVLWLRQ
$SSO\WKHEUDNHV7KHEUDNHOLJKW
VKRXOGFRPHRQDIWHUDERXWPP
LQRISHGDOWUDYHO
7+5277/(3('$/
3XVKWKHSHGDOGRZQWRLQFUHDVHHQJLQHVSHHG6SULQJSUHVVXUHUHWXUQVWKH
SHGDOWRWKHUHVWSRVLWLRQZKHQUHOHDVHG$OZD\VFKHFNWKDWWKHWKURWWOHSHGDO
w
UHWXUQVQRUPDOO\EHIRUHVWDUWLQJWKHHQJLQH
7,3
,IWKHWKURWWOHSHGDODQGEUDNHSHGDODUHDSSOLHGVLPXOWDQHRXVO\HQJLQHSRZHU
PD\EHOLPLWHG
:$51,1*
1HYHUVWDUWRURSHUDWHWKLVYHKLFOHLILWKDVDVWLFNLQJRULPSURSHUO\RSHUDWLQJ
WKURWWOHSHGDO,PPHGLDWHO\FRQWDFW\RXU32/$5,6GHDOHURURWKHUTXDOLILHG
SHUVRQIRUVHUYLFHLIWKURWWOHSUREOHPVDULVH
)($785(6$1'&21752/6

52//29(53527(&7,9(6758&785(5236
7KH5ROORYHU3URWHFWLYH6WUXFWXUH
5236RQWKLVYHKLFOHPHHWV26+$
UROORYHUSHUIRUPDQFH
UHTXLUHPHQWV$OZD\VKDYH\RXU
DXWKRUL]HG32/$5,6GHDOHU
WKRURXJKO\LQVSHFWWKH5236LILWHYHU
EHFRPHVGDPDJHGLQDQ\ZD\
1RGHYLFHFDQDVVXUHRFFXSDQW
SURWHFWLRQLQWKHHYHQWRIDUROORYHU
:KHQXVHGZLWKVHDWEHOWVDQGFDE
QHWVRUGRRUVWKH5236KHOSV
SUHYHQWRFFXSDQWVIURPEHLQJHMHFWHG
IURPWKHYHKLFOH$OZD\VIROORZDOOVDIH
RSHUDWLQJSUDFWLFHVRXWOLQHGLQWKLV
PDQXDOWRDYRLGYHKLFOHUROORYHU
:$51,1*
9HKLFOHUROORYHUFRXOGFDXVHVHYHUHLQMXU\RUGHDWK$OZD\VDYRLGRSHUDWLQJLQ
DPDQQHUWKDWFRXOGUHVXOWLQYHKLFOHUROORYHU
)($785(6$1'&21752/6

$//:+((/'5,9($:'6<67(0
7KHGULYHPRGHVZLWFKFRQWUROVWKH$OO
:KHHO'ULYH$:';V\VWHP
3UHVVDQGUHOHDVHWKHWRSRIWKHVZLWFKWR
WRJJOHWKURXJKWKHGULYHPRGHRSWLRQV
ZKLFKGLVSOD\LQWKHLQIRUPDWLRQFHQWHURI
WKHJDXJHIRUVHYHUDOVHFRQGV
3UHVVDQGUHOHDVHWKHERWWRPRIWKH
VZLWFKWRWRJJOHWRDSUHYLRXVRSWLRQ
:KHQWKHVZLWFKLVUHOHDVHGWKHGULYH
PRGHGLVSOD\HGLQWKHLQIRUPDWLRQFHQWHU
LVWKHDFWLYHGULYHPRGH
:KHQLQ$:'WKHGHPDQGGULYHXQLWZLOO
DXWRPDWLFDOO\HQJDJHDQ\WLPHWKHUHDU
ZKHHOVORVHWUDFWLRQ:KHQWKHUHDUZKHHOV
UHJDLQWUDFWLRQWKHGHPDQGGULYHXQLWZLOO
DXWRPDWLFDOO\GLVHQJDJH
7KHUHLVQROLPLWWRWKHOHQJWKRIWLPHWKH
YHKLFOHPD\UHPDLQLQ$:'
$:'
:'
)($785(6$1'&21752/6

(1*$*,1*$:'
$:'FDQEHHQJDJHGRUGLVHQJDJHGZKLOHWKHYHKLFOHLVPRYLQJ,QLWLDOO\WKH
YHKLFOH¶VHOHFWURQLFV\VWHPZLOOQRWHQDEOHWKH$:'XQWLOWKHHQJLQH530LV
EHORZ2QFHHQDEOHGWKH$:'UHPDLQVHQDEOHGXQWLOGLVDEOHGZLWKWKH
GULYHPRGHVZLWFK
(QJDJH$:'EHIRUHJHWWLQJLQWRFRQGLWLRQVZKHUHIURQWZKHHOGULYHPD\EH
QHHGHG,IWKHUHDUZKHHOVDUHVSLQQLQJUHOHDVHWKHWKURWWOHEHIRUHVZLWFKLQJWR
$:'
127,&(
6ZLWFKLQJWR$:'ZKLOHWKHUHDUZKHHOVDUHVSLQQLQJRUVOLSSLQJPD\FDXVH
VHYHUHGULYHVKDIWDQGJHDUFDVHGDPDJH$OZD\VVZLWFKWR$:'ZKLOHWKHUHDU
ZKHHOVKDYHWUDFWLRQRUDUHDWUHVW
)($785(6$1'&21752/6

,167580(17&/867(5
29(59,(:
7KHLQVWUXPHQWFOXVWHUGLVSOD\VFULWLFDOYHKLFOHLQIRUPDWLRQWRWKHXVHU
5HIHUHQFHWKHIROORZLQJSDJHIRUGLVSOD\IXQFWLRQVDQGGHVFULSWLRQV
127(
6RPHIHDWXUHVDUHQRWDSSOLFDEOHWRDOOPRGHOV7KHXVHRIDKLJKSUHVVXUH
ZDVKHUPD\GDPDJHWKHLQVWUXPHQWFOXVWHU:DVKWKHYHKLFOHE\KDQGRUZLWK
DJDUGHQKRVHXVLQJPLOGVRDS&HUWDLQSURGXFWVLQFOXGLQJLQVHFWUHSHOOHQWV
DQGFKHPLFDOVZLOOGDPDJHWKHLQVWUXPHQWFOXVWHUOHQV'RQRWXVHDOFRKROWR
FOHDQWKHLQVWUXPHQWFOXVWHU'RQRWDOORZLQVHFWVSUD\VWRFRQWDFWWKHOHQV
,PPHGLDWHO\FOHDQRIIDQ\JDVROLQHWKDWVSODVKHVRQWKHLQVWUXPHQWFOXVWHU
)($785(6$1'&21752/6

q
*HDU,QGLFDWRU
7KLVLQGLFDWRUGLVSOD\VJHDUVKLIWHUSRVLWLRQ
+ +LJK*HDU
/ /RZ*HDU
1 1HXWUDO
5 5HYHUVH*HDU
3 3DUN
± *HDU6LJQDO(UURURUVKLIWHUEHWZHHQJHDUV
w
'LVSOD\$UHD
7KLVDUHDGLVSOD\VRGRPHWHUWULSPHWHUWULSPHWHU
YROWDJHHQJLQHWHPSHUDWXUHHQJLQHKRXUPHWHU
SURJUDPPDEOHVHUYLFHKRXULQWHUYDOJURXQG
VSHHGRUHQJLQH530
e
'LVSOD\$UHD
7KLVDUHDGLVSOD\VHQJLQH530JURXQGVSHHGRU
FRRODQWWHPSHUDWXUH
r
)XHO*DXJH
7KHVHJPHQWVRIWKHIXHOJDXJHVKRZWKHOHYHORI
IXHOLQWKHIXHOWDQN:KHQWKHODVWVHJPHQWFOHDUV
DORZIXHOZDUQLQJLVDFWLYDWHG$OOVHJPHQWV
LQFOXGLQJWKHIXHOLFRQZLOOIODVK5HIXHO
LPPHGLDWHO\
t
6HUYLFH,QGLFDWRU
$IODVKLQJZUHQFKV\PERODOHUWVWKHRSHUDWRUWKDW
WKHSUHVHWVHUYLFHLQWHUYDOKDVEHHQUHDFKHG<RXU
32/$5,6GHDOHUFDQSURYLGHVFKHGXOHG
PDLQWHQDQFH6HHSDJH IRUPRUHLQIRUPDWLRQ
y
&ORFN
7KHFORFNGLVSOD\VWLPHLQDKRXURUKRXU
IRUPDW6HHSDJH IRUPRUHLQIRUPDWLRQ
u
$:',QGLFDWRU
6HJPHQWVRIWKHLQGLFDWRULOOXPLQDWHEDVHGRQ
GULYHPRGHHQJDJHG
)($785(6$1'&21752/6

,1',&$725/$036
)($785(6$1'&21752/6

q
&KHFN(QJLQH
7KLVLQGLFDWRUDSSHDUVLIDQ(),
UHODWHGIDXOWRFFXUV'RQRWRSHUDWH
WKHYHKLFOHLIWKLVZDUQLQJDSSHDUV
6HULRXVHQJLQHGDPDJHFRXOGUHVXOW
<RXUDXWKRUL]HG32/$5,6GHDOHUFDQ
DVVLVW
w
(36:DUQLQJ
LIHTXLSSHG
7KLVLQGLFDWRULOOXPLQDWHVZKHQDIDXOW
KDVRFFXUUHGLQWKH(36V\VWHP
<RXUDXWKRUL]HG32/$5,6GHDOHUFDQ
DVVLVW(36RSHUDWLRQLVSRVVLEOHZLWK
NH\RQHQJLQHRIIIRUXSWRPLQXWHV
e
(QJLQH+RW
7KLVODPSLOOXPLQDWHVWRLQGLFDWHDQ
RYHUKHDWHGHQJLQH,IWKHLQGLFDWRU
IODVKHVDVHYHUHRYHUKHDWLQJ
FRQGLWLRQH[LVWV
r
1HXWUDO
7KLVODPSLOOXPLQDWHVZKHQWKH
WUDQVPLVVLRQLVLQQHXWUDODQGWKH
LJQLWLRQNH\LVLQWKH21SRVLWLRQ
t
+HOPHW6HDW
%HOW
7KLVODPSIODVKHVIRUVHYHUDO
VHFRQGVZKHQWKHNH\LVWXUQHGWR
WKH21SRVLWLRQ7KHODPSLVD
UHPLQGHUWRZHDUKHOPHWDQGVHDW
EHOWEHIRUHRSHUDWLQJ
y
+LJK%HDP
7KLVODPSLOOXPLQDWHVZKHQWKH
KHDGODPSVZLWFKLVVHWWRKLJKEHDP
u
&KDVVLV)DXOW
,IDSSOLFDEOH
i
3HUIRUPDQFH
/LPLWHG
,IDSSOLFDEOH
)($785(6$1'&21752/6

',63/$<$5($
3UHVVLQJWKH02'(EXWWRQZLOOFKDQJHWKHLQIRUPDWLRQGLVSOD\HGLQ$UHD
q
6SHHG
(QJLQH
7HPSHUDWXUH
530
$PELHQW
7HPSHUDWXUH
2SWLRQDO
)($785(6$1'&21752/6

',63/$<$5($
7RJJOHWKH8S'RZQEXWWRQVWRFKDQJHWKHLQIRUPDWLRQGLVSOD\HGLQ$UHD
w
2GRPHWHU
(QJLQH
7HPSHUDWXUH
7ULS
$PELHQW
7HPSHUDWXUH
2SWLRQDO
7ULS
530
)($785(6$1'&21752/6

9ROWDJH
6SHHG
(QJLQH+RXUV
6HUYLFH+RXUV
)($785(6$1'&21752/6

237,2160(18
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
237,2160(18 127(6
'LDJQRVWLF&RGHV 2QO\LIIDXOWFRGHVDUHSUHVHQWRU
VWRUHG
8QLWV'LVWDQFH
8QLWV7HPS
&ORFN
%DFNOLJKW&RORU
%DFNOLJKW/HYHO
6HUYLFH+RXUV
([LW0HQX
)($785(6$1'&21752/6

81,76(/(&7,21',67$1&(
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³8QLWV'LVWDQFH´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(
EXWWRQ
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
3UHVVWKH02'(EXWWRQ
w
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV03+RU.3+
e
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLWDQGUHWXUQWRWKH2SWLRQV0HQX
7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6

81,76(/(&7,217(03(5$785(
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³8QLWV7HPS´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(EXWWRQ
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
3UHVVWKH02'(EXWWRQ
w
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV)RU&
e
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLWDQGUHWXUQWRWKH2SWLRQV0HQX
7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6

&/2&.
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³&ORFN´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(EXWWRQ
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
3UHVVWKH02'(EXWWRQ
w
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV+RU+
e
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLW
r
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV&\FOHV+RXUV
t
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLW
y
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV&\FOHVVRI
0LQXWHV
u
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLW
i
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV&\FOHVVRI
0LQXWHV
o
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLWDQGUHWXUQWRWKH2SWLRQV0HQX
)($785(6$1'&21752/6

7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6

%$&./,*+7&2/25
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³%DFNOLJKW&RORU´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(
EXWWRQ
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
3UHVVWKH02'(EXWWRQ
w
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV%OXHRU5HG
e
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLWDQGUHWXUQWRWKH2SWLRQV0HQX
7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6

%$&./,*+7/(9(/
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³%DFNOLJKW/HYHO´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(
EXWWRQ
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
3UHVVWKH02'(EXWWRQ
w
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV,QFUHDVHRU'H
FUHDVH/HYHO
e
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLWDQGUHWXUQWRWKH2SWLRQV0HQX
7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6

6(59,&(+2856
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³6HUYLFH+RXUV´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(EXWWRQ
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
3UHVVWKH02'(EXWWRQ
w
7RJJOHWKH8S'RZQ%XWWRQVWRFKDQJHWKHXQLWV
e
:LWKWKHFRUUHFWXQLWGLVSOD\HG3UHVVWKHPRGHEXWWRQZKLFKZLOOVHW
WKHXQLWDQGUHWXUQWRWKH2SWLRQV0HQX
127(
7RUHVHWVHUYLFHKRXUVDIWHUWKH\KDYHFRXQWHGGRZQWRUHVHOHFWWKH
H[LVWLQJVHWSRLQWRUVHOHFWDQHZVHUYLFHKRXUYDOXH
7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6

',$*1267,&&2'(
127(
'LDJQRVWLF&RGH6FUHHQZLOOVKRZDYDLODEOH0,/WKDWKDVFRPHRQGXULQJWKDW
LJQLWLRQF\FOH
3UHVVDQGKROGWKH02'(EXWWRQWRHQWHUWKH2SWLRQV0HQX
127(
³237,216´ZLOOGLVSOD\RQWKHVFUHHQIRUVHFRQGVEHIRUHVKRZLQJILUVWPHQX
LWHP
6HOHFW³'LDJQRVWLF&RGHV´IURPWKH2SWLRQV0HQXE\SUHVVLQJWKH02'(
EXWWRQ
7RJJOHWKH8S'RZQ%XWWRQVWRF\FOHWKURXJK&RGHV
127(
7KLVRSWLRQZLOORQO\EHDYDLODEOHLIDIDXOWFRGHZDVVHWRULVDFWLYHGXULQJWKH
FXUUHQWLJQLWLRQNH\RQF\FOH7XUQLQJRIIWKHLJQLWLRQZLOOFOHDUDQ\VDYHIDXOW
FRGHVIURPWKHJDXJH
5HIHUHQFHWKHLPDJHVKRZQDERYH
q
$UHD$ZLOO'LVSOD\)0,;;
w
$UHD%ZLOO'LVSOD\631;;;;;;
e
&ORFN$UHDZLOO'LVSOD\&RXQW;;;
7RH[LWWKH2SWLRQV0HQXWKHXVHUFDQVHOHFW([LW0HQXIXQFWLRQIURP
2SWLRQV0HQXFDQKROG0RGH%XWWRQDQGH[LWRXWRI2SWLRQV0HQXRUQRW
SUHVVDQ\EXWWRQIRUVHFRQGVZKLFKZLOOH[LWRXWRIWKH2SWLRQV0HQX
)($785(6$1'&21752/6


23(5$7,21
:$51,1*
)DLOXUHWRRSHUDWHWKHYHKLFOHSURSHUO\FDQUHVXOWLQDFROOLVLRQORVVRIFRQWURO
DFFLGHQWRUUROORYHUZKLFKPD\UHVXOWLQVHULRXVLQMXU\RUGHDWK5HDGDQG
XQGHUVWDQGDOOVDIHW\ZDUQLQJVRXWOLQHGLQWKHVDIHW\VHFWLRQRIWKLVRZQHU¶V
PDQXDO
9(+,&/(%5($.,13(5,2'
7KHEUHDNLQSHULRGIRU\RXUQHZ32/$5,6YHKLFOHLVWKHILUVWKRXUVRI
RSHUDWLRQRUWKHWLPHLWWDNHVWRXVHWKHILUVWWZRWDQNVIXOORIJDVROLQH1RVLQJOH
DFWLRQRQ\RXUSDUWLVDVLPSRUWDQWDVDSURSHUEUHDNLQSHULRG&DUHIXOWUHDWPHQW
RIDQHZHQJLQHDQGGULYHFRPSRQHQWVZLOOUHVXOWLQPRUHHIILFLHQWSHUIRUPDQFH
DQGORQJHUOLIHIRUWKHVHFRPSRQHQWV3HUIRUPWKHIROORZLQJSURFHGXUHV
FDUHIXOO\
127,&(
([FHVVLYHKHDWEXLOGXSGXULQJWKHILUVWWKUHHKRXUVRIRSHUDWLRQZLOOGDPDJH
FORVHILWWHGHQJLQHSDUWVDQGGULYHFRPSRQHQWV'RQRWRSHUDWHDWIXOOWKURWWOH
RUKLJKVSHHGVGXULQJWKHILUVWWKUHHKRXUVRIXVH
8VHRIDQ\LPSURSHURLOVPD\FDXVHVHULRXVHQJLQHGDPDJH32/$5,636
)XOO6\QWKHWLF:&\FOH2LOLVVSHFLILFDOO\IRUPXODWHGIRU\RXUF\FOH
HQJLQH
23(5$7,21

(1*,1($1''5,9(75$,1%5($.,1
)LOOWKHIXHOWDQNZLWKJDVROLQH6HHSDJH$OZD\VH[HUFLVHH[WUHPH
FDXWLRQZKHQHYHUKDQGOLQJJDVROLQH
&KHFNWKHRLOOHYHO6HHSDJH$GGWKHUHFRPPHQGHGRLODVQHHGHGWR
PDLQWDLQWKHRLOOHYHOLQWKHVDIHRSHUDWLQJUDQJH
&RPSOHWHWKH1HZ2SHUDWRU'ULYLQJ3URFHGXUHVRXWOLQHGRQSDJH
$YRLGDJJUHVVLYHXVHRIWKHEUDNHV
9DU\WKURWWOHSRVLWLRQV'RQRWRSHUDWHDWVXVWDLQHGLGOH
3XOORQO\OLJKWORDGV
3HUIRUPUHJXODUFKHFNVRQIOXLGOHYHOVFRQWUROVDQGDUHDVRXWOLQHGRQWKH
GDLO\SUHULGHLQVSHFWLRQFKHFNOLVW6HHSDJH
'XULQJWKHEUHDNLQSHULRGFKDQJHERWKWKHRLODQGWKHILOWHUDWKRXUVRU
RQHPRQWK
&KHFNIOXLGOHYHOVRIWUDQVPLVVLRQDQGDOOJHDUFDVHVDIWHUWKHILUVWKRXUVRI
RSHUDWLRQDQGHYHU\KRXUVWKHUHDIWHU
%5$.(6<67(0%5($.,1
$SSO\RQO\PRGHUDWHEUDNLQJIRUFHIRUWKHILUVWVWRSV$JJUHVVLYHRURYHUO\
IRUFHIXOEUDNLQJZKHQWKHEUDNHV\VWHPLVQHZFRXOGGDPDJHEUDNHSDGVDQG
URWRUV
397%5($.,1&/87&+(6%(/7
$SURSHUEUHDNLQRIWKHFOXWFKHVDQGGULYHEHOWZLOOHQVXUHDORQJHUOLIHDQG
EHWWHUSHUIRUPDQFH%UHDNLQWKHFOXWFKHVDQGEHOWE\RSHUDWLQJDWVORZHU
VSHHGVGXULQJWKHEUHDNLQSHULRGDVUHFRPPHQGHG3XOORQO\OLJKWORDGV$YRLG
DJJUHVVLYHDFFHOHUDWLRQDQGKLJKVSHHGRSHUDWLRQGXULQJWKHEUHDNLQSHULRG
,IDEHOWIDLOVDOZD\VFOHDQDQ\GHEULVIURPWKH397LQWDNHDQGRXWOHWGXFWDQG
IURPWKHFOXWFKDQGHQJLQHFRPSDUWPHQWVZKHQUHSODFLQJWKHEHOW
23(5$7,21

35(5,'(,163(&7,21
)DLOXUHWRLQVSHFWDQGYHULI\WKDWWKHYHKLFOHLVLQVDIHRSHUDWLQJFRQGLWLRQEHIRUH
RSHUDWLQJLQFUHDVHVWKHULVNRIDQDFFLGHQW$OZD\VLQVSHFWWKHYHKLFOHEHIRUH
HDFKXVHWRPDNHVXUHLWVLQVDIHRSHUDWLQJFRQGLWLRQ
,7(0 5(0$5.6 3$*(
%UDNHV\VWHPSHGDOWUDYHO (QVXUHSURSHURSHUDWLRQ SDJH
SDJH
%UDNHIOXLG (QVXUHSURSHUOHYHO SDJH
)URQWVXVSHQVLRQ ,QVSHFWOXEULFDWHLIQHFHVVDU\ SDJH
5HDUVXVSHQVLRQ ,QVSHFWOXEULFDWHLIQHFHVVDU\ SDJH
6WHHULQJ (QVXUHIUHHRSHUDWLRQ SDJH
7LUHV ,QVSHFWFRQGLWLRQDQGSUHVVXUH
SDJH
:KHHOVIDVWHQHUV ,QVSHFWHQVXUHIDVWHQHUWLJKWQHVV SDJH
)UDPHQXWVEROWV
IDVWHQHUV
,QVSHFWHQVXUHWLJKWQHVV
)XHODQGRLO (QVXUHSURSHUOHYHOV SDJH
SDJH
&RRODQWOHYHO (QVXUHSURSHUOHYHO SDJH
&RRODQWKRVHV ,QVSHFWIRUOHDNV
7KURWWOH (QVXUHSURSHURSHUDWLRQ SDJH
,QGLFDWRUOLJKWVVZLWFKHV (QVXUHSURSHURSHUDWLRQ SDJH
,QWDNHSUHILOWHUV ,QVSHFWFOHDQ
+HDGODPSV &KHFNRSHUDWLRQDSSO\32/$5,6
GLHOHFWULFJUHDVHZKHQODPSLVUHSODFHG
SDJH
%UDNHOLJKWWDLOODPSV &KHFNRSHUDWLRQ
6HDW/DWFK 3XVKGRZQRQWKHVHDWEDFNWRHQVXUHWKH
ODWFKLVVHFXUH
SDJH
6HDW%HOW &KHFNOHQJWKRIEHOWIRUGDPDJHFKHFN
ODWFKHVIRUSURSHURSHUDWLRQ
SDJH
&DE'RRUV,IHTXLSSHG &KHFNGRRUVDQGODWFKHVIRUZHDURU
GDPDJH
23(5$7,21

6$)(23(5$7,2135$&7,&(6
9LVLWWKH5HFUHDWLRQDO2II+LJKZD\9HKLFOH$VVRFLDWLRQZHEVLWHDQGWDNHWKH
IUHHRQOLQHWUDLQLQJFRXUVH&RPSOHWHWKHUHFRPPHQGHGVDIHW\WUDLQLQJ
EHIRUHRSHUDWLQJWKLVYHKLFOH9LVLWZZZURKYDRUJRUFDOO
'RQRWDOORZDQ\RQHXQGHU\HDUVRIDJHRUZLWKRXWDYDOLGGULYHU¶VOLFHQVH
WRRSHUDWHWKLVYHKLFOH
1HYHUFDUU\DSDVVHQJHURQWKLVYHKLFOH
(QJLQHH[KDXVWIXPHVDUHSRLVRQRXV1HYHUVWDUWWKHHQJLQHRUOHWLWUXQLQ
DQHQFORVHGDUHD
1HYHURSHUDWHZLWKDFFHVVRULHVQRWDSSURYHGE\32/$5,6IRUXVHRQWKLV
YHKLFOH
2SHUDWHWKLVYHKLFOHRIIURDGRQO\1HYHURSHUDWHWKLVYHKLFOHRQDQ\SXEOLF
VWUHHWURDGRUKLJKZD\LQFOXGLQJGLUWDQGJUDYHOURDGVXQOHVVGHVLJQDWHGIRU
RIIKLJKZD\XVH
8VHFDXWLRQDQGGULYHDWUHGXFHGVSHHGVLQFRQGLWLRQVRIUHGXFHGYLVLELOLW\
VXFKDVIRJUDLQDQGGDUNQHVV&OHDQKHDGOLJKWVIUHTXHQWO\DQGUHSODFH
EXUQHGRXWKHDGODPSVSURPSWO\
$OZD\VRSHUDWHDWDVSHHGWKDWVDSSURSULDWHIRUWKHWHUUDLQWKHYLVLELOLW\DQG
RSHUDWLQJFRQGLWLRQVDQG\RXUVNLOOVDQGH[SHULHQFH1HYHURSHUDWHDW
H[FHVVLYHVSHHGV1HYHUDWWHPSWZKHHOLHVMXPSVRURWKHUVWXQWV.HHS
ERWKKDQGVRQWKHVWHHULQJZKHHOGXULQJRSHUDWLRQ
1HYHUFRQVXPHDOFRKRORUGUXJVEHIRUHRUZKLOHRSHUDWLQJWKLVYHKLFOH
$OZD\VXVHWKHVL]HDQGW\SHRIWLUHVVSHFLILHGIRU\RXUYHKLFOH$OZD\V
PDLQWDLQSURSHUWLUHSUHVVXUH
1HYHURSHUDWHDGDPDJHGYHKLFOH$IWHUDQ\UROORYHURUDFFLGHQWKDYHD
TXDOLILHGVHUYLFHGHDOHULQVSHFWWKHHQWLUHPDFKLQHIRUSRVVLEOHGDPDJH
1HYHURSHUDWHWKHYHKLFOHRQDIUR]HQERG\RIZDWHUXQOHVV\RXKDYHILUVW
YHULILHGWKDWWKHLFHLVVXIILFLHQWO\WKLFNWRVXSSRUWWKHZHLJKWDQGPRYLQJIRUFH
RIWKHYHKLFOH\RXDQG\RXUFDUJRWRJHWKHUZLWKDQ\RWKHUYHKLFOHVLQ\RXU
SDUW\
'RQRWWRXFKKRWH[KDXVWV\VWHPFRPSRQHQWV$OZD\VNHHSFRPEXVWLEOH
PDWHULDOVDZD\IURPWKHH[KDXVWV\VWHP
$OZD\VUHPRYHWKHLJQLWLRQNH\ZKHQWKHYHKLFOHLVQRWLQXVHWRSUHYHQW
XQDXWKRUL]HGXVH
23(5$7,21

.12:<2855,',1*$5($75($'/,*+7/<
)DPLOLDUL]H\RXUVHOIZLWKDOOODZVDQGUHJXODWLRQVFRQFHUQLQJWKHRSHUDWLRQRIWKLV
YHKLFOHLQ\RXUDUHD5HVSHFWWKHHQYLURQPHQWLQZKLFK\RXULGH\RXUYHKLFOH
)LQGRXWZKHUHWKHGHVLJQDWHGULGLQJDUHDVDUHE\FRQWDFWLQJ\RXU32/$5,6
GHDOHUDORFDOULGLQJFOXERUORFDORIILFLDOV
+HOSNHHSRXUWUDLOVRSHQIRUUHFUHDWLRQDOYHKLFOHXVH$VDQRIIURDGHQWKXVLDVW
\RXUHSUHVHQWWKHVSRUWDQGFDQVHWDJRRGH[DPSOHRUDSRRUH[DPSOHIRU
RWKHUVWRIROORZ7UHDGOLJKWO\2SHUDWHZLWKUHVSHFWIRUWKHWHUUDLQDYRLGOLWWHULQJ
DQGDOZD\VVWD\RQWKHGHVLJQDWHGWUDLOV
75$,/(7,48(77(
$OZD\VSUDFWLFHJRRGHWLTXHWWHZKHQULGLQJ$OORZDVDIHGLVWDQFHEHWZHHQ\RXU
YHKLFOHDQGRWKHUYHKLFOHVRSHUDWLQJLQWKHVDPHDUHD&RPPXQLFDWHWR
RQFRPLQJRSHUDWRUVE\VLJQDOLQJWKHQXPEHURIYHKLFOHVLQ\RXUJURXS:KHQ
VWRSSLQJPRYH\RXUYHKLFOHWRWKHHGJHRIWKHWUDLODVIDUDVSRVVLEOHWRDOORZ
RWKHUVWRSDVVVDIHO\
23(5$7,21

67$57,1*7+((1*,1(
3RVLWLRQWKHYHKLFOHRQDOHYHOVXUIDFHRXWGRRUV
RULQDZHOOYHQWLODWHGDUHD
6LWLQWKHGULYHUVVHDWDQGIDVWHQWKHVHDWEHOW
6HFXUHWKHFDEQHWV
3ODFHWKHWUDQVPLVVLRQLQ3$5.
$SSO\WKHEUDNHV'RQRWSUHVVWKHWKURWWOHSHGDO
ZKLOHVWDUWLQJWKHHQJLQH
7XUQWKHLJQLWLRQNH\WRWKH67$57SRVLWLRQ
(QJDJHWKHVWDUWHUIRUDPD[LPXPRIILYH
VHFRQGV5HOHDVHWKHNH\ZKHQWKHHQJLQH
VWDUWV7XUQWKHNH\WRHLWKHU/,*+7621RU
/,*+762))
,IWKHHQJLQHGRHVQRWVWDUWZLWKLQILYHVHFRQGV
UHWXUQWKHLJQLWLRQVZLWFKWRWKH2))SRVLWLRQDQG
ZDLWILYHVHFRQGV5HSHDWVWHSVDQGXQWLOWKH
HQJLQHVWDUWV
9DU\WKHHQJLQH530VOLJKWO\ZLWKWKHWKURWWOHWR
DLGLQZDUPXSXQWLOWKHHQJLQHLGOHVVPRRWKO\
127,&(
2SHUDWLQJWKHYHKLFOHLPPHGLDWHO\DIWHUVWDUWLQJFRXOGFDXVHHQJLQHGDPDJH
$OORZWKHHQJLQHWRZDUPXSIRUVHYHUDOPLQXWHVEHIRUHRSHUDWLQJWKHYHKLFOH
&2/':($7+(523(5$7,21
,IWKHYHKLFOHLVXVHG\HDUURXQGFKHFNWKHRLOOHYHOIUHTXHQWO\$ULVLQJRLOOHYHO
FRXOGLQGLFDWHWKHDFFXPXODWLRQRIFRQWDPLQDWHVVXFKDVZDWHURUH[FHVVIXHOLQ
WKHERWWRPRIWKHFUDQNFDVH:DWHULQWKHERWWRPRIWKHFUDQNFDVHFDQOHDGWR
HQJLQHGDPDJHDQGPXVWEHGUDLQHG:DWHUDFFXPXODWLRQLQFUHDVHVDVRXWVLGH
WHPSHUDWXUHGHFUHDVHV
23(5$7,21

67233,1*7+((1*,1(
5HOHDVHWKHWKURWWOHSHGDOFRPSOHWHO\DQGEUDNHWRDFRPSOHWHVWRS
3ODFHWKHWUDQVPLVVLRQLQ3$5.
7XUQWKHHQJLQHRII
6ORZO\UHOHDVHWKHEUDNHSHGDODQGPDNHVXUHWKHWUDQVPLVVLRQLVLQ3$5.
EHIRUHH[LWLQJWKHYHKLFOH
%5$.,1*
5HOHDVHWKHWKURWWOHSHGDOFRPSOHWHO\:KHQWKHWKURWWOHSHGDOLVUHOHDVHG
FRPSOHWHO\DQGHQJLQHVSHHGVORZVWRQHDULGOHWKHYHKLFOHKDVQRHQJLQH
EUDNLQJ
3UHVVRQWKHEUDNHSHGDOHYHQO\DQGILUPO\3UDFWLFHVWDUWLQJDQGVWRSSLQJ
XVLQJWKHEUDNHVXQWLO\RXUHIDPLOLDUZLWKWKHFRQWUROV
7,3
,IWKHWKURWWOHSHGDODQGEUDNHSHGDODUHDSSOLHGVLPXOWDQHRXVO\HQJLQHSRZHU
PD\EHOLPLWHG
3$5.,1*7+(9(+,&/(
6WRSWKHYHKLFOHRQDOHYHOVXUIDFH:KHQSDUNLQJLQVLGHDJDUDJHRURWKHU
VWUXFWXUHEHVXUHWKDWWKHVWUXFWXUHLVZHOOYHQWLODWHGDQGWKDWWKHYHKLFOHLV
QRWFORVHWRDQ\VRXUFHRIIODPHRUVSDUNVLQFOXGLQJDQ\DSSOLDQFHZLWKSLORW
OLJKWV
3ODFHWKHWUDQVPLVVLRQLQ3$5.
7XUQWKHHQJLQHRII
6ORZO\UHOHDVHWKHEUDNHSHGDODQGPDNHVXUHWKHWUDQVPLVVLRQLVLQ3$5.
EHIRUHH[LWLQJWKHYHKLFOH
5HPRYHWKHLJQLWLRQNH\WRSUHYHQWXQDXWKRUL]HGXVH
23(5$7,21

'5,9,1*352&('85(6
127(
'HSLFWLRQVRIWKHYHKLFOHVKRZQLQWKH³'ULYLQJ3URFHGXUHV´VHFWLRQUHSUHVHQW
WKHHQWLUH$&(SURGXFWOLQH7KHYHKLFOHVKRZQPD\QRWWKHGHSLFWWKHPRGHO
\RXSXUFKDVHGDQGDUHLQWHQGHGIRUUHIHUHQFHXVHRQO\
1(:23(5$725'5,9,1*352&('85(6
5HDGDQGXQGHUVWDQGWKHRZQHUVPDQXDODQGDOOZDUQLQJDQGLQVWUXFWLRQ
ODEHOVEHIRUHRSHUDWLQJWKLVYHKLFOH
9LVLWWKH5HFUHDWLRQDO2II+LJKZD\9HKLFOH$VVRFLDWLRQZHEVLWHDQGWDNHWKH
IUHHRQOLQHWUDLQLQJFRXUVH9LVLWZZZURKYDRUJRUFDOO
+DQGVRQWUDLQLQJLVDOVRDYDLODEOHWKURXJK52+9$
3HUIRUPWKHSUHULGHLQVSHFWLRQ6HHSDJH
'RQRWWRZRUFDUU\FDUJRGXULQJWKLVSHULRG
6HOHFWDQRSHQDUHDWKDWDOORZVURRPWRIDPLOLDUL]H\RXUVHOIZLWKYHKLFOH
RSHUDWLRQDQGKDQGOLQJ
7KHGULYHUPXVWZHDUKHOPHWH\HSURWHFWLRQJORYHVORQJVOHHYHVKLUWORQJ
SDQWVRYHUWKHDQNOHERRWVDQGVHDWEHOWDWDOOWLPHV
6LWLQWKHGULYHUVVHDWDQGIDVWHQWKHVHDWEHOW
$OZD\VPDNHVXUHDOOFDEGRRUVDUHFORVHGDQGODWFKHGZKHQULGLQJLQWKLV
YHKLFOH
3ODFHWKHWUDQVPLVVLRQLQ3$5.
23(5$7,21

6WDUWWKHHQJLQH
$SSO\WKHEUDNHVDQGVKLIWLQWRORZJHDU
&KHFN\RXUVXUURXQGLQJVDQGGHWHUPLQH\RXUSDWKRIWUDYHO
.HHSLQJERWKKDQGVRQWKHVWHHULQJZKHHOVORZO\UHOHDVHWKHEUDNHVDQG
GHSUHVVWKHWKURWWOHZLWK\RXUULJKWIRRWWREHJLQGULYLQJ
'ULYHVORZO\DWILUVW2QOHYHOVXUIDFHVSUDFWLFHVWDUWLQJVWRSSLQJWXUQLQJ
PDQHXYHULQJXVLQJWKHWKURWWOHDQGEUDNHVDQGGULYLQJLQUHYHUVH/HDUQKRZ
WKHYHKLFOHKDQGOHVZKHQPDNLQJERWKOHIWDQGULJKWWXUQVDWDVORZVSHHG
:$51,1*
2SHUDWLQJLQ785)PRGHLIHTXLSSHGZKHQRQVORSHGXQHYHQRUORRVH
WHUUDLQFRXOGFDXVHORVVRIFRQWURODQGUHVXOWLQVHULRXVLQMXU\RUGHDWK2QH
UHDUZKHHOPD\VOLSDQGORVHWUDFWLRQRUPD\OLIWXSDQGJUDEZKHQLWWRXFKHV
WKHJURXQGDJDLQ
,QFUHDVHVSHHGRQO\DIWHUPDVWHULQJDOOPDQHXYHUVDWDVORZVSHHG
$IWHU\RXEHFRPHVNLOOHGDWPDNLQJWXUQVDQGEHJLQWRRSHUDWHDWIDVWHU
VSHHGVIROORZWKHVHSUHFDXWLRQV
$YRLGVKDUSWXUQV
1HYHUWXUQZKLOHDSSO\LQJKHDY\WKURWWOH
1HYHUPDNHDEUXSWVWHHULQJPDQHXYHUV
2SHUDWHDWVSHHGVDSSURSULDWHIRU\RXUVNLOOVWKHFRQGLWLRQVDQGWKH
WHUUDLQ
'2127GRSRZHUVOLGHV³GRQXWV´MXPSVRURWKHUGULYLQJVWXQWV
7851,1*7+(9(+,&/(
<RXUYHKLFOHLVHTXLSSHGZLWKDVROLGUHDUD[OHZKLFKGULYHVERWKUHDUZKHHOV
HTXDOO\DWDOOWLPHV7KLVPHDQVWKDWWKHZKHHORQWKHRXWVLGHRIWKHWXUQPXVW
WUDYHODJUHDWHUGLVWDQFHWKDQWKHLQVLGHZKHHOZKHQWXUQLQJDQGWKHLQVLGHWLUH
PXVWVOLSWUDFWLRQVOLJKWO\
7RWXUQWKHYHKLFOHURWDWHWKHVWHHULQJZKHHOLQWKHGLUHFWLRQRIWKHWXUQ
3UDFWLFHPDNLQJWXUQVDWVORZVSHHGVEHIRUHDWWHPSWLQJWRWXUQDWIDVWHUVSHHGV
:$51,1*
7XUQLQJLPSURSHUO\FDQUHVXOWLQYHKLFOHUROORYHU1HYHUWXUQDEUXSWO\RUDWVKDUS
DQJOHV1HYHUWXUQDWKLJKVSHHGV
23(5$7,21

'5,9,1*216/,33(5<685)$&(6
:KHQGULYLQJRQVOLSSHU\VXUIDFHVVXFKDVZHWWUDLOVORRVHJUDYHORULFHEH
DOHUWIRUWKHSRVVLELOLW\RIVNLGGLQJDQGVOLGLQJ)ROORZWKHVHSUHFDXWLRQVZKHQ
HQFRXQWHULQJVOLSSHU\FRQGLWLRQV
'RQRWRSHUDWHRQH[FHVVLYHO\URXJKVOLSSHU\RUORRVHWHUUDLQ
6ORZGRZQEHIRUHHQWHULQJVOLSSHU\DUHDV
0DLQWDLQDKLJKOHYHORIDOHUWQHVVUHDGLQJWKHWUDLODQGDYRLGLQJTXLFNVKDUS
WXUQVZKLFKFDQFDXVHVNLGV
(QJDJHDOOZKHHOGULYHEHIRUHZKHHOVEHJLQWRORVHWUDFWLRQ
127,&(
6HYHUHGDPDJHWRWKHGULYHWUDLQPD\RFFXULIWKH$:'LVHQJDJHGZKLOHWKH
ZKHHOVDUHVSLQQLQJ$OZD\VDOORZWKHZKHHOVWRVWRSVSLQQLQJEHIRUHHQJDJLQJ
$:'
&RUUHFWDVNLGE\WXUQLQJWKHVWHHULQJZKHHOLQWKHGLUHFWLRQRIWKHVNLG1HYHU
DSSO\WKHEUDNHVGXULQJDVNLG
23(5$7,21

'5,9,1*83+,//
:KHQHYHUWUDYHOLQJXSKLOOIROORZWKHVHSUHFDXWLRQV
$OZD\VFKHFNWKHWHUUDLQFDUHIXOO\EHIRUHDVFHQGLQJDQ\KLOO1HYHUGULYHRQ
KLOOVZLWKH[FHVVLYHO\VOLSSHU\RUORRVHVXUIDFHV
1HYHURSHUDWHLQ785)PRGHLIHTXLSSHGZKLOHRSHUDWLQJRQDKLOORURWKHU
LUUHJXODUWHUUDLQ$OZD\VVZLWFKWR$:'EHIRUHDVFHQGLQJRUGHVFHQGLQJD
KLOO
$YRLGH[FHVVLYHO\VWHHSKLOOV,IDVFHQGLQJDVWHHSHUJUDGHLVXQDYRLGDEOH
HQJDJHDOOZKHHOGULYHEHIRUHDVFHQGLQJ
'ULYHVWUDLJKWXSKLOO
3URFHHGDWDVWHDG\UDWHRIVSHHGDQGWKURWWOHRSHQLQJ1HYHURSHQWKH
WKURWWOHVXGGHQO\
$YRLGXQQHFHVVDU\FKDQJHVLQVSHHGRUGLUHFWLRQ
1HYHUJRRYHUWKHFUHVWRIDKLOODWKLJKVSHHG$QREVWDFOHDVKDUSGURSRU
DQRWKHUYHKLFOHRUSHUVRQFRXOGEHRQWKHRWKHUVLGHRIWKHKLOO
,IWKHYHKLFOHVWDOOVZKLOHFOLPELQJDKLOODSSO\WKHEUDNHV3ODFHWKH
WUDQVPLVVLRQLQUHYHUVHDQGVORZO\DOORZWKHYHKLFOHWRUROOVWUDLJKWGRZQKLOO
ZKLOHDSSO\LQJOLJKWEUDNHSUHVVXUHWRFRQWUROVSHHG
23(5$7,21

'5,9,1*21$6,'(+,//6,'(+,//,1*
'ULYLQJRQDVLGHKLOOLVQRWUHFRPPHQGHG,PSURSHUSURFHGXUHFRXOGFDXVHORVV
RIFRQWURORUUROORYHU$YRLGFURVVLQJWKHVLGHRIDQ\KLOOXQOHVVDEVROXWHO\
QHFHVVDU\
,IFURVVLQJDKLOOLVXQDYRLGDEOHIROORZWKHVHSUHFDXWLRQV
(QJDJHDOOZKHHOGULYH
1HYHURSHUDWHLQ785)PRGHLIHTXLSSHGZKLOHRSHUDWLQJRQDKLOORURWKHU
LUUHJXODUWHUUDLQ$OZD\VVZLWFKWR$:'EHIRUHDVFHQGLQJRUGHVFHQGLQJD
KLOO
'ULYHVORZO\DQGXVHH[WUHPHFDXWLRQ
,IWKHYHKLFOHEHJLQVWRRYHUWXUQRULILWIHHOVDVLILWPD\RYHUWXUQLPPHGLDWHO\
WXUQGRZQKLOO
$YRLGREVWDFOHVDQGFKDQJHVLQWHUUDLQWKDWPD\ORZHURUUDLVHRQHVLGHRI
WKHYHKLFOHRUFDXVHWKHYHKLFOHWRVOLGH
,IWKHYHKLFOHEHJLQVWRVOLGHGRZQKLOOLPPHGLDWHO\WXUQGRZQKLOOWRVWRSWKH
VOLGHRUVWRSWKHYHKLFOHDQGPDQHXYHUVORZO\DQGFDUHIXOO\XQWLOWKHYHKLFOH
FDQEHGULYHQVWUDLJKWGRZQKLOO
23(5$7,21

'5,9,1*'2:1+,//
:KHQHYHUGHVFHQGLQJDKLOOIROORZWKHVHSUHFDXWLRQV
$YRLGH[FHVVLYHO\VWHHSKLOOV
1HYHURSHUDWHLQ785)PRGHLIHTXLSSHGZKLOHRSHUDWLQJRQDKLOORURWKHU
LUUHJXODUWHUUDLQ$OZD\VVZLWFKWR$:'EHIRUHDVFHQGLQJRUGHVFHQGLQJD
KLOO
6ORZGRZQ1HYHUWUDYHOGRZQDKLOODWKLJKVSHHG
$OZD\VFKHFNWKHWHUUDLQFDUHIXOO\EHIRUHGHVFHQGLQJDKLOO1HYHUGULYHRQ
KLOOVZLWKH[FHVVLYHO\VOLSSHU\RUORRVHVXUIDFHV
$OZD\VGHVFHQGDKLOOZLWKWKHWUDQVPLVVLRQLQIRUZDUGJHDU1HYHUGHVFHQG
DKLOOZLWKWKHWUDQVPLVVLRQLQQHXWUDO
$YRLGWUDYHOLQJGRZQDKLOODWDQDQJOHZKLFKZRXOGFDXVHWKHYHKLFOHWROHDQ
VKDUSO\WRRQHVLGH7UDYHOVWUDLJKWGRZQKLOO
$SSO\WKHEUDNHVOLJKWO\WRDLGLQVORZLQJ
23(5$7,21

'5,9,1*7+528*+:$7(5
<RXUYHKLFOHFDQRSHUDWHWKURXJKZDWHUZLWKDPD[LPXPUHFRPPHQGHGGHSWK
HTXDOWRIORRUOHYHO)ROORZWKHVHSUHFDXWLRQVZKHQRSHUDWLQJWKURXJKZDWHU
'HWHUPLQHZDWHUGHSWKDQGFXUUHQWEHIRUHHQWHULQJZDWHU
&KRRVHDFURVVLQJZKHUHWKHZDWHUOHYHOLVORZHVWDQGZKHUHERWKEDQNV
KDYHJUDGXDOLQFOLQHV1HYHURSHUDWHLQZDWHUWKDWH[FHHGVWKHPD[LPXP
UHFRPPHQGHGGHSWK
:$51,1*
7KHODUJHWLUHVRQ\RXUYHKLFOHPD\FDXVHWKHYHKLFOHWRIORDWLQGHHSRUIDVW
IORZLQJZDWHUZKLFKFRXOGUHVXOWLQORVVRIWUDFWLRQORVVRIFRQWUROUROORYHURU
DFFLGHQW
:HWEUDNHVPD\KDYHUHGXFHGVWRSSLQJDELOLW\$IWHUOHDYLQJZDWHUWHVWWKH
EUDNHV$SSO\WKHPOLJKWO\VHYHUDOWLPHVZKLOHGULYLQJVORZO\7KHIULFWLRQZLOO
KHOSGU\RXWWKHSDGV
127,&(
0DMRUHQJLQHGDPDJHFDQUHVXOWLIWKHYHKLFOHLVQRWWKRURXJKO\LQVSHFWHGDIWHU
RSHUDWLRQLQZDWHU3HUIRUPWKHVHUYLFHVRXWOLQHGLQWKHPDLQWHQDQFHFKDUW6HH
SDJH*LYHVSHFLDODWWHQWLRQWRHQJLQHRLOWUDQVPLVVLRQRLOGHPDQGGULYH
IOXLGUHDUJHDUFDVHRLOLIHTXLSSHGDQGDOOJUHDVHILWWLQJV
,I\RXUYHKLFOHEHFRPHVLPPHUVHGRULVRSHUDWHGLQZDWHUWKDWH[FHHGVWKH
IORRUOHYHOVHUYLFHLVUHTXLUHGEHIRUHVWDUWLQJWKHHQJLQH<RXU32/$5,6GHDOHU
FDQSURYLGHWKLVVHUYLFH,ILWVLPSRVVLEOHWREULQJWKHYHKLFOHLQEHIRUHVWDUWLQJ
WKHHQJLQHSHUIRUPWKHVHUYLFHRXWOLQHGRQSDJHDQGWDNHWKHYHKLFOHLQ
IRUVHUYLFHDWWKHILUVWRSSRUWXQLW\
23(5$7,21

'5,9,1*29(52%67$&/(6
)ROORZWKHVHSUHFDXWLRQVZKHQRSHUDWLQJRYHUREVWDFOHV
$OZD\VFKHFNIRUREVWDFOHVEHIRUHRSHUDWLQJLQDQHZDUHD
/RRNDKHDGDQGOHDUQWRUHDGWKHWHUUDLQ%HFRQVWDQWO\DOHUWIRUKD]DUGV
VXFKDVORJVURFNVDQGORZKDQJLQJEUDQFKHV
7UDYHOVORZO\DQGXVHH[WUDFDXWLRQZKHQRSHUDWLQJRQXQIDPLOLDUWHUUDLQ1RW
DOOREVWDFOHVDUHLPPHGLDWHO\YLVLEOH
$YRLGRSHUDWLQJRYHUODUJHREVWDFOHVVXFKDVODUJHURFNVDQGIDOOHQWUHHV,I
XQDYRLGDEOHXVHH[WUHPHFDXWLRQDQGRSHUDWHVORZO\
23(5$7,21

'5,9,1*,15(9(56(
)ROORZWKHVHSUHFDXWLRQVZKHQRSHUDWLQJLQUHYHUVH
$OZD\VFKHFNIRUREVWDFOHVRUSHRSOHEHKLQGWKHYHKLFOH
$SSO\WKHWKURWWOHOLJKWO\1HYHUDSSO\WKURWWOHVXGGHQO\
%DFNVORZO\
$SSO\WKHEUDNHVOLJKWO\IRUVWRSSLQJ
$YRLGPDNLQJVKDUSWXUQV
23(5$7,21

3$5.,1*21$1,1&/,1(
$UROOLQJYHKLFOHFDQUHVXOWLQVHULRXVLQMXU\$YRLGSDUNLQJRQDQLQFOLQH,I
SDUNLQJRQDQLQFOLQHLVXQDYRLGDEOHIROORZWKHVHSUHFDXWLRQV
3ODFHWKHWUDQVPLVVLRQLQ3$5.
7XUQWKHHQJLQHRII
6ORZO\UHOHDVHWKHEUDNHSHGDODQGPDNHVXUHWKHWUDQVPLVVLRQLVLQ3$5.
EHIRUHH[LWLQJWKHYHKLFOH
%ORFNWKHUHDUZKHHOVRQWKHGRZQKLOOVLGHRUSDUNWKHYHKLFOHLQDVLGHKLOO
SRVLWLRQLQVWHDG
23(5$7,21

+$8/,1*&$5*2
:$51,1*
2YHUORDGLQJWKHYHKLFOHRUFDUU\LQJRUWRZLQJFDUJRLPSURSHUO\FDQDOWHUYHKLFOH
KDQGOLQJDQGPD\FDXVHORVVRIFRQWURORUEUDNHLQVWDELOLW\$OZD\VIROORZWKHVH
SUHFDXWLRQVZKHQKDXOLQJFDUJR
1HYHUH[FHHGWKHVWDWHGORDGFDSDFLW\IRUWKLVYHKLFOH
5('8&(63(('$1'$//2:*5($7(5',67$1&(6)25%5$.,1*:+(1
+$8/,1*&$5*2
1(9(5(;&(('7+(0$;,080:(,*+7&$3$&,7<RIWKHYHKLFOH:KHQ
GHWHUPLQLQJWKHZHLJKW\RXDUHDGGLQJWRWKHYHKLFOHLQFOXGHWKHZHLJKWRIWKH
RSHUDWRUDFFHVVRULHVORDGVLQWKHUDFNRUER[DQGWKHORDGRQWKHWUDLOHUWRQJXH
7KHFRPELQHGZHLJKWRIWKHVHLWHPVPXVWQRWH[FHHGWKHPD[LPXPZHLJKW
FDSDFLW\
$OZD\VORDGWKHFDUJRER[ZLWKWKHORDGDVIDUIRUZDUGDQGDVORZDVSRVVLEOH
:KHQRSHUDWLQJRYHUURXJKRUKLOO\WHUUDLQUHGXFHVSHHGDQGFDUJRWRPDLQWDLQ
VWDEOHGULYLQJFRQGLWLRQV
$OZD\VRSHUDWHWKHYHKLFOHZLWKH[WUHPHFDUHZKHQKDXOLQJRUWRZLQJORDGV
6ORZGRZQDQGGULYHLQWKHORZHVWJHDUDYDLODEOH
6(&85($///2$'6%()25(23(5$7,1*8QVHFXUHGORDGVFDQFUHDWH
XQVWDEOHRSHUDWLQJFRQGLWLRQVZKLFKFRXOGUHVXOWLQORVVRIFRQWURORIWKHYHKLFOH
23(5$7(21/<:,7+67$%/($1'6$)(/<$55$1*('/2$'6:KHQ
KDQGOLQJRIIFHQWHUHGORDGVWKDWFDQQRWEHFHQWHUHGVHFXUHO\IDVWHQWKHORDG
DQGRSHUDWHZLWKH[WUDFDXWLRQ$OZD\VDWWDFKWKHWRZORDGWRWKHKLWFKSRLQW
GHVLJQDWHGIRU\RXUYHKLFOH
+($9</2$'6&$1&$86(%5$.,1*$1'&21752/352%/(068VH
H[WUHPHFDXWLRQZKHQDSSO\LQJEUDNHVZLWKDORDGHGYHKLFOH$YRLGWHUUDLQRU
VLWXDWLRQVWKDWPD\UHTXLUHEDFNLQJGRZQKLOO
86((;75(0(&$87,21ZKHQRSHUDWLQJZLWKORDGVWKDWH[WHQGRYHUWKHUDFN
VLGHV6WDELOLW\DQGPDQHXYHUDELOLW\PD\EHDGYHUVHO\DIIHFWHGFDXVLQJYHKLFOH
UROORYHU
'212775$9(/)$67(57+$17+(5(&200(1'('63(('69HKLFOH
VKRXOGQHYHUH[FHHG03+NPKZKLOHWRZLQJDORDGRQDOHYHOJUDVV
VXUIDFH9HKLFOHVSHHGVKRXOGQHYHUH[FHHG03+NPKZKHQWRZLQJORDGV
LQURXJKWHUUDLQZKLOHFRUQHULQJRUZKLOHDVFHQGLQJRUGHVFHQGLQJDKLOO
1HYHUH[FHHG03+NPKLIWRWDOSD\ORDGH[FHHGVOEVNJ
&DUU\LQJDSDVVHQJHULQWKHFDUJRER[FRXOGUHVXOW
LQDIDOOIURPWKHYHKLFOHRUFRQWDFWZLWKPRYLQJ
FRPSRQHQWV1HYHUDOORZDSDVVHQJHUWRULGHLQWKH
FDUJRER[
23(5$7,21

+$8/,1*&$5*2
<RXU32/$5,6YHKLFOHKDVEHHQGHVLJQHGWRFDUU\RUWRZVSHFLILFFDSDFLWLHV
5HGXFHVSHHGDQGDOORZDJUHDWHUGLVWDQFHIRUEUDNLQJZKHQFDUU\LQJFDUJR
/RDGVVKRXOGEHFHQWHUHGDQGFDUULHGDVORZDVSRVVLEOHLQWKHER[)RUVWDELOLW\
RQURXJKRUKLOO\WHUUDLQUHGXFHERWKVSHHGDQGFDUJR([HUFLVHFDXWLRQLIWKH
FDUJRORDGH[WHQGVRYHUWKHVLGHRIWKHER[
$OZD\VUHDGDQGXQGHUVWDQGWKHORDGGLVWULEXWLRQZDUQLQJVOLVWHGRQZDUQLQJ
ODEHOVDQGLQWKLVPDQXDO1HYHUH[FHHGWKHPD[LPXPFDSDFLWLHVVSHFLILHGIRU
\RXUYHKLFOH6HH
%(/7/,)(
7RH[WHQGEHOWOLIHXVHORZJHDUZKHQKDXOLQJRUWRZLQJKHDY\FDUJR
23(5$7,21


:,1&+*8,'(
7KHVHVDIHW\ZDUQLQJVDQGLQVWUXFWLRQVDSSO\LI\RXUYHKLFOHFDPHHTXLSSHGZLWK
DZLQFKRULI\RXFKRRVHWRDGGDQDFFHVVRU\ZLQFKWR\RXUYHKLFOH
:$51,1*
,PSURSHUZLQFKXVHFDQUHVXOWLQ6(9(5(,1-85<RU'($7+$OZD\VIROORZ
DOOZLQFKLQVWUXFWLRQVDQGZDUQLQJVLQWKLVPDQXDO
<RXUZLQFKPD\KDYHDFDEOHPDGHRIHLWKHUZLUHURSHRUVSHFLDOO\GHVLJQHG
V\QWKHWLFURSH7KHWHUP³ZLQFKFDEOH´ZLOOEHXVHGIRUHLWKHUXQOHVVQRWHG
RWKHUZLVH
:,1&+6$)(7<35(&$87,216
5HDGDOOVHFWLRQVRIWKLVPDQXDO
1HYHUXVHDOFRKRORUGUXJVEHIRUHRUZKLOHRSHUDWLQJWKHZLQFK
1HYHUDOORZFKLOGUHQXQGHU\HDUVRIDJHWRRSHUDWHWKHZLQFK
$OZD\VZHDUH\HSURWHFWLRQDQGKHDY\JORYHVZKHQRSHUDWLQJWKHZLQFK
$OZD\VNHHSERG\KDLUFORWKLQJDQGMHZHOU\FOHDURIWKHZLQFKFDEOHIDLUOHDG
DQGKRRNZKHQRSHUDWLQJZLQFK
1HYHUDWWHPSWWR³MHUN´DORDGDWWDFKHGWRWKHZLQFKZLWKDPRYLQJYHKLFOH
6HHWKH6KRFN/RDGLQJVHFWLRQRQSDJH
$OZD\VNHHSWKHDUHDDURXQGWKHYHKLFOHZLQFKZLQFKFDEOHDQGORDGFOHDU
RISHRSOHHVSHFLDOO\FKLOGUHQDQGGLVWUDFWLRQVZKLOHRSHUDWLQJWKHZLQFK
$OZD\VWXUQWKHYHKLFOHLJQLWLRQSRZHU2))ZKHQLWDQGWKHZLQFKDUHQRW
EHLQJXVHG
$OZD\VEHVXUHWKDWDWOHDVWILYHIXOOWXUQVRIZLQFKFDEOHDUHZUDSSHG
DURXQGWKHZLQFKGUXPDWDOOWLPHV7KHIULFWLRQSURYLGHGE\WKLVZUDSSHG
FDEOHDOORZVWKHGUXPWRSXOORQWKHZLQFKFDEOHDQGPRYHWKHORDG
$OZD\VDSSO\\RXUYHKLFOH¶VSDUNEUDNHDQGRUSDUNPHFKDQLVPWRKROGWKH
YHKLFOHLQSODFHGXULQJZLQFKLQJ8VHZKHHOFKRFNVLIQHHGHG
$OZD\VDOLJQWKHYHKLFOHDQGZLQFKZLWKWKHORDGGLUHFWO\LQIURQWRIWKH
YHKLFOHDVPXFKDVSRVVLEOH$YRLGZLQFKLQJZLWKWKHZLQFKFDEOHDWDQDQJOH
WRWKHZLQFKLQJYHKLFOH¶VFHQWHUOLQHZKHQHYHUSRVVLEOH
:,1&+*8,'(

,IZLQFKLQJDWDQDQJOHLVXQDYRLGDEOHIROORZWKHVHSUHFDXWLRQV
D /RRNDWWKHZLQFKGUXPRFFDVLRQDOO\1HYHUOHWWKHZLQFKFDEOH³VWDFN´RU
DFFXPXODWHDWRQHHQGRIWKHZLQFKGUXP7RRPXFKZLQFKFDEOHDWRQH
HQGRIWKHZLQFKGUXPFDQGDPDJHWKHZLQFKDQGWKHZLQFKFDEOH
E ,IVWDFNLQJRFFXUVVWRSZLQFKLQJ)ROORZVWHSRQSDJH WRIHHGDQG
UHZLQGWKHFDEOHHYHQO\EHIRUHFRQWLQXLQJWKHZLQFKRSHUDWLRQ
1HYHUZLQFKXSRUGRZQDWVKDUSDQJOHV7KLVFDQGHVWDELOL]HWKHZLQFKLQJ
YHKLFOHDQGSRVVLEO\FDXVHLWWRPRYHZLWKRXWZDUQLQJ
1HYHUDWWHPSWWRZLQFKORDGVWKDWZHLJKPRUHWKDQWKHZLQFK¶VUDWHG
FDSDFLW\
7KHZLQFKPRWRUPD\EHFRPHKRWGXULQJZLQFKXVH,I\RXZLQFKIRUPRUH
WKDQVHFRQGVRULIWKHZLQFKVWDOOVGXULQJRSHUDWLRQVWRSZLQFKLQJDQG
SHUPLWWKHZLQFKWRFRROGRZQIRUPLQXWHVEHIRUHXVLQJLWDJDLQ
1HYHUWRXFKSXVKSXOORUVWUDGGOHWKHZLQFKFDEOHZKLOHZLQFKLQJDORDG
1HYHUOHWWKHZLQFKFDEOHUXQWKURXJK\RXUKDQGVHYHQLIZHDULQJKHDY\
JORYHV
1HYHUUHOHDVHWKHFOXWFKRQWKHZLQFKZKHQWKHZLQFKFDEOHLVXQGHUORDG
1HYHUXVHWKHZLQFKIRUOLIWLQJRUWUDQVSRUWLQJSHRSOH
1HYHUXVHWKHZLQFKWRKRLVWRUVXVSHQGDYHUWLFDOORDG
1HYHULPPHUVHRUVXEPHUVH\RXUZLQFKLQZDWHU<RXUGHDOHUFDQSURYLGH
VHUYLFHRQ\RXUZLQFKLIWKLVRFFXUV
$OZD\VLQVSHFW\RXUZLQFKDQGZLQFKFDEOHEHIRUHHDFKXVH
1HYHUZLQFKWKHKRRNIXOO\LQWRWKHZLQFK7KLVFDQFDXVHGDPDJHWRZLQFK
FRPSRQHQWV
8QSOXJWKHUHPRWHFRQWUROIURPWKHYHKLFOHZKHQWKHZLQFKLVQRWLQXVHWR
SUHYHQWLQDGYHUWHQWDFWLYDWLRQDQGXVHE\XQDXWKRUL]HGSHUVRQV
1HYHUJUHDVHRURLOWKHZLQFKFDEOH7KLVZLOOFDXVHWKHZLQFKFDEOHWRFROOHFW
GHEULVWKDWZLOOVKRUWHQWKHOLIHRIWKHFDEOH
:,1&+*8,'(

:,1&+23(5$7,21
5HDGWKH:LQFK6DIHW\3UHFDXWLRQVLQWKHSUHFHGLQJSDJHVEHIRUHXVLQJ\RXU
ZLQFK
7,3
&RQVLGHUSUDFWLFLQJWKHRSHUDWLRQDQGXVHRI\RXUZLQFKEHIRUH\RXDFWXDOO\
QHHGWRXVHLWLQWKHILHOG
:$51,1*
,PSURSHUZLQFKXVHFDQUHVXOWLQ6(9(5(,1-85<RU'($7+$OZD\VIROORZ
DOOZLQFKLQVWUXFWLRQVDQGZDUQLQJVLQWKLVPDQXDO
(DFKZLQFKLQJVLWXDWLRQLVXQLTXH
7DNH\RXUWLPHWRWKLQNWKURXJKWKHZLQFKLQJ\RXDUHDERXWWRGR
3URFHHGVORZO\DQGGHOLEHUDWHO\
1HYHUKXUU\RUUXVKGXULQJZLQFKLQJ
$OZD\VSD\DWWHQWLRQWR\RXUVXUURXQGLQJV
<RXPD\QHHGWRFKDQJH\RXUZLQFKLQJVWUDWHJ\LILWLVQRWZRUNLQJ
$OZD\VUHPHPEHUWKDW\RXUZLQFKLVYHU\SRZHUIXO
7KHUHDUHVLPSO\VRPHVLWXDWLRQVWKDW\RXDQG\RXUZLQFKZLOOQRWEHDEOHWR
GHDOZLWK'RQRWEHDIUDLGWRDVNRWKHUVWRKHOSZKHQWKLVKDSSHQV
$OZD\VLQVSHFWWKHYHKLFOHZLQFKZLQFKFDEOHDQGZLQFKFRQWUROVIRUDQ\
VLJQVRIGDPDJHRUSDUWVLQQHHGRIUHSDLURUUHSODFHPHQWEHIRUHHDFKXVH
3D\SDUWLFXODUDWWHQWLRQWRWKHILUVWIHHWPHWHURIZLQFKFDEOHLIWKHZLQFK
LVEHLQJXVHGRUKDVEHHQXVHGIRUOLIWLQJDQDFFHVVRU\SORZDVVHPEO\
3URPSWO\UHSODFHDQ\ZRUQRUGDPDJHGFDEOH
1HYHURSHUDWHDZLQFKRUDYHKLFOHLQQHHGRIUHSDLURUVHUYLFH
$OZD\VDSSO\\RXUYHKLFOH¶VSDUNEUDNHDQGRUSDUNPHFKDQLVPWRKROGWKH
YHKLFOHLQSODFHGXULQJZLQFKLQJ8VHZKHHOFKRFNVLIQHHGHG
:,1&+*8,'(

$OZD\VXVHWKHKRRNVWUDSZKHQKDQGOLQJWKHKRRN
:$51,1*
1HYHUSXW\RXUILQJHUVLQWRWKHKRRN7KLVFRXOGOHDGWR6(9(5(,1-85<
$WWDFKWKHKRRNLWVHOIRQWRWKHORDGRUXVHDWRZVWUDSRUFKDLQWRVHFXUH
WKHORDGWRWKHZLQFKFDEOH
1R <HV
7,3
$³WRZVWUDS´LV127LQWHQGHGWRVWUHWFK$³UHFRYHU\VWUDS´LVGHVLJQHGWR
VWUHWFK
:$51,1*
1HYHUXVHDUHFRYHU\VWUDSZKHQZLQFKLQJGXHWRWKHH[FHVVLYHHQHUJ\WKDW
FDQEHUHOHDVHGLIWKHZLQFKFDEOHEUHDNV7KLVFDQUHVXOWLQ6(9(5(,1-85<
RU'($7+6HHWKH6KRFN/RDGLQJ VHFWLRQRQSDJH
1HYHUKRRNWKHZLQFKFDEOHEDFNRQWRLWVHOI7KLVZLOOGDPDJHWKHZLQFK
FDEOHDQGPD\UHVXOWLQZLQFKFDEOHIDLOXUH
:,1&+*8,'(

:$51,1*
5HSODFHWKHZLQFKFDEOHDWWKHILUVWVLJQRIGDPDJHWRSUHYHQW6(9(5(
,1-85<RU'($7+LQWKHHYHQWRIIDLOXUH)RU\RXUVDIHW\DOZD\VUHSODFH
32/$5,6ZLQFKSDUWVLQFOXGLQJWKHFDEOHZLWKJHQXLQH32/$5,6
UHSODFHPHQWSDUWVDYDLODEOHDW\RXUDXWKRUL]HG32/$5,6GHDOHU
,ISRVVLEOHNHHSWKHZLQFKFDEOHDOLJQHGZLWKWKHFHQWHUOLQHRIWKH
ZLQFKLQJYHKLFOH7KLVZLOOKHOSWKHVSRROLQJRIWKHZLQFKFDEOHDQG
UHGXFHWKHORDGRQWKHIDLUOHDG
,IIUHHLQJDVWXFNYHKLFOHE\DWWDFKLQJWRDWUHHXVHDQLWHPVXFKDVD
WRZVWUDSWRDYRLGGDPDJLQJWKHWUHHGXULQJZLQFKRSHUDWLRQ6KDUS
FDEOHVDQGFKDLQVFDQGDPDJHDQGHYHQNLOOWUHHV3OHDVHUHPHPEHUWR
7UHDG/LJKWO\WUHDGOLJKWO\RUJ
%HIRUHRSHUDWLQJWKHZLQFKEHVXUHWKDWWKHVDIHW\ODWFKRQWKHZLQFK
FDEOHKRRNLVIXOO\VHDWHGZKHQWKHORDGLVDWWDFKHG
1HYHURSHUDWH\RXUZLQFKZLWKDGDPDJHGKRRNRUODWFK$OZD\V
UHSODFHGDPDJHGSDUWVEHIRUHXVLQJWKHZLQFK
<HV 1R
1HYHUUHPRYHWKHKRRNVWUDSIURPWKHKRRN
5HOHDVHWKHZLQFKFOXWFKDQGSXOORXWWKHZLQFKFDEOH
:,1&+*8,'(

3XOOLQJRXWDVPXFKFDEOHDVSRVVLEOHPD[LPL]HVWKHZLQFK¶VSXOOLQJ
FDSDFLW\$OZD\VEHVXUHWKDWDWOHDVWILYHIXOOWXUQVRIZLQFKFDEOHDUH
ZUDSSHGDURXQGWKHZLQFKGUXPDWDOOWLPHV7KHIULFWLRQSURYLGHGE\WKLV
ZUDSSHGFDEOHDOORZVWKHGUXPWRSXOORQWKHZLQFKFDEOHDQGPRYHWKHORDG
5HDGDQGDGKHUHWRWKHIROORZLQJLQIRUPDWLRQIRUZLQFKGDPSLQJWRHQVXUH
VDIHZLQFKXVH
D ,QRUGHUWRDEVRUEHQHUJ\WKDWFRXOGEHUHOHDVHGE\DZLQFKFDEOHIDLOXUH
DOZD\VSODFHD³GDPSHU´RQWKHZLQFKFDEOH$GDPSHUFDQEHKHDY\
MDFNHWWDUSRURWKHUVRIWGHQVHREMHFW$GDPSHUFDQDEVRUEPXFKRIWKH
HQHUJ\UHOHDVHGLIDZLQFKFDEOHEUHDNVZKHQZLQFKLQJ(YHQDWUHHOLPE
FDQKHOSDVDGDPSHULIQRRWKHULWHPVDUHDYDLODEOHWR\RX
E /D\WKHGDPSHURQWRSRIWKHPLGSRLQWRIWKHZLQFKFDEOHOHQJWKWKDWLV
VSRROHGRXW
F 2QDORQJSXOOLWPD\EHQHFHVVDU\WRVWRSZLQFKLQJVRWKDWWKHGDPSHU
FDQEHUHSRVLWLRQHGWRWKHQHZPLGSRLQWRIWKHZLQFKFDEOH$OZD\V
UHOHDVHWKHWHQVLRQRQWKHZLQFKFDEOHEHIRUHUHSRVLWLRQLQJWKHGDPSHU
G $YRLGEHLQJGLUHFWO\LQOLQHZLWKWKHZLQFKFDEOHZKHQHYHUSRVVLEOH$OVR
QHYHUSHUPLWRWKHUVWRVWDQGQHDURULQOLQHZLWKWKHZLQFKFDEOHGXULQJ
ZLQFKRSHUDWLRQ
1HYHUKRRNWKHZLQFKFDEOHEDFNRQWRLWVHOI7KLVZLOOGDPDJHWKHZLQFK
FDEOHDQGPD\UHVXOWLQZLQFKFDEOHIDLOXUH
1HYHUXVHVWUDSVFKDLQVRURWKHUULJJLQJLWHPVWKDWDUHGDPDJHGRUZRUQ
:,1&+*8,'(

7KH21/<WLPHDZLQFKHTXLSSHGYHKLFOHVKRXOGEHPRYLQJZKHQXVLQJWKH
ZLQFKLVZKHQWKDWYHKLFOHLWVHOILVVWXFN7KHZLQFKHTXLSSHGYHKLFOHVKRXOG
1(9(5EHLQPRWLRQWR³VKRFN´ORDGWKHZLQFKFDEOHLQDQDWWHPSWWRPRYHD
VHFRQGVWXFNYHKLFOH6HHWKH6KRFN/RDGLQJVHFWLRQRQSDJH)RU\RXU
VDIHW\DOZD\VIROORZWKHVHJXLGHOLQHVZKHQZLQFKLQJDYHKLFOHIUHH
D 5HOHDVHWKHZLQFKFOXWFKDQGVSRRORXWWKHQHFHVVDU\OHQJWKRIZLQFK
FDEOH
E $OLJQWKHZLQFKFDEOHDVFORVHDVSRVVLEOHWRWKHZLQFKLQJYHKLFOH¶V
FHQWHUOLQH
F $WWDFKWKHZLQFKFDEOHKRRNWRWKHDQFKRUSRLQWRUWKHVWXFNYHKLFOH¶V
IUDPHIROORZLQJLQVWUXFWLRQVLQWKLVPDQXDO
G 5HHQJDJHWKHFOXWFKRQWKHZLQFK
H 6ORZO\ZLQFKLQWKHVODFNLQWKHZLQFKFDEOH
I 6HOHFWWKHSURSHUYHKLFOHJHDUWRSURSHOWKHVWXFNYHKLFOHLQWKHGLUHFWLRQ
RIZLQFKLQJ
J 6KLIWWRWKHORZHVWJHDUDYDLODEOHRQWKHVWXFNYHKLFOH
K 6ORZO\DQGFDUHIXOO\DSSO\YHKLFOHWKURWWOHDQGZLQFKWRJHWKHUWRIUHHWKH
YHKLFOH
L 6WRSZLQFKLQJDVVRRQDVWKHVWXFNYHKLFOHLVDEOHWRSURSHOLWVHOIZLWKRXW
WKHKHOSRIWKHZLQFK
M 'HWDFKWKHZLQFKFDEOHKRRN
N 5HZLQGWKHZLQFKFDEOHHYHQO\EDFNRQWRWKHZLQFKGUXPIROORZLQJWKH
LQVWUXFWLRQVLQWKLVPDQXDO
:,1&+*8,'(

1HYHUDWWHPSWWRZLQFKDQRWKHUVWXFNYHKLFOHE\DWWDFKLQJWKHZLQFKFDEOHWR
DVXVSHQVLRQFRPSRQHQWEUXVKJXDUGEXPSHURUFDUJRUDFN9HKLFOH
GDPDJHPD\UHVXOW,QVWHDGDWWDFKWKHZLQFKWRDVWURQJSRUWLRQRIWKH
YHKLFOHIUDPHRUKLWFK
([WHQVLYHZLQFKLQJZLOOUXQGRZQWKHEDWWHU\RQWKHZLQFKLQJYHKLFOH/HWWKH
ZLQFKLQJYHKLFOH¶VHQJLQHUXQZKLOHRSHUDWLQJWKHZLQFKWRSUHYHQWWKH
EDWWHU\IURPUXQQLQJORZLIZLQFKLQJIRUORQJSHULRGV
7KHZLQFKPRWRUPD\EHFRPHKRWGXULQJZLQFKXVH,I\RXZLQFKIRUPRUH
WKDQVHFRQGVRULIWKHZLQFKVWDOOVGXULQJRSHUDWLRQVWRSZLQFKLQJDQG
SHUPLWWKHZLQFKWRFRROGRZQIRUPLQXWHVEHIRUHXVLQJLWDJDLQ
$IWHUZLQFKLQJLVFRPSOHWHHVSHFLDOO\LIZLQFKLQJDWDQDQJOHLWPD\EH
QHFHVVDU\WRUHGLVWULEXWHWKHZLQFKFDEOHDFURVVWKHZLQFKGUXP<RXZLOO
QHHGDQDVVLVWDQWWRSHUIRUPWKLVWDVN
D 5HOHDVHWKHFOXWFKRQWKHZLQFK
E )HHGRXWWKHZLQFKFDEOHWKDWLVXQHYHQO\EXQFKHGXSLQRQHDUHD
F 5HHQJDJHWKHZLQFKFOXWFK
G +DYHDQDVVLVWDQWSXOOWKHZLQFKFDEOHWLJKWO\ZLWKDERXWOEVNJ
RIWHQVLRQXVLQJWKHKRRNVWUDS
H 6ORZO\ZLQFKWKHFDEOHLQZKLOH\RXUDVVLVWDQWPRYHVWKHHQGRIWKHZLQFK
FDEOHEDFNDQGIRUWKKRUL]RQWDOO\WRHYHQO\GLVWULEXWHWKHZLQFKFDEOHRQ
WKHGUXP
I 'RLQJWKLVUHGXFHVWKHFKDQFHVRIWKHZLQFKFDEOH³ZHGJLQJ´LWVHOI
EHWZHHQORZHUOD\HUVRIZLQFKFDEOH
:,1&+*8,'(

:,1&+&$%/(&$5(
)RU\RXUVDIHW\DOZD\VUHSODFH32/$5,6ZLQFKSDUWVLQFOXGLQJWKHFDEOHZLWK
JHQXLQH32/$5,6UHSODFHPHQWSDUWVDYDLODEOHDW\RXUDXWKRUL]HG32/$5,6
GHDOHU
:$51,1*
8VHRIZRUQRUGDPDJHGFDEOHFRXOGOHDGWRVXGGHQIDLOXUHDQG6(9(5(
,1-85<
$OZD\VLQVSHFW\RXUZLQFKEHIRUHHDFKXVH,QVSHFWIRUZRUQRUORRVHSDUWV
LQFOXGLQJPRXQWLQJKDUGZDUH1HYHUXVHWKHZLQFKLIDQ\SDUWQHHGVUHSDLURU
UHSODFHPHQW
$OZD\VLQVSHFW\RXUZLQFKFDEOHEHIRUHHDFKXVH,QVSHFWIRUZRUQRUNLQNHG
ZLQFKFDEOH
$NLQNHGZLQFKFDEOHPDGHRIZLUH
URSHLVVKRZQDWULJKW(YHQDIWHU
EHLQJ³VWUDLJKWHQHGRXW´WKLVFDEOHKDV
DOUHDG\EHHQSHUPDQHQWO\DQG
VHYHUHO\GDPDJHG3URPSWO\
GLVFRQWLQXHXVHRIDZLQFKFDEOHLQWKLV
FRQGLWLRQ
$NLQNHGZLQFKFDEOHPDGHRIZLUH
URSHWKDWKDVEHHQ³VWUDLJKWHQHGRXW´
LVVKRZQDWULJKW(YHQWKRXJKLWPD\
ORRNXVDEOHWKHFDEOHKDVEHHQ
SHUPDQHQWO\DQGVHYHUHO\GDPDJHG,W
FDQQRORQJHUWUDQVPLWWKHORDGWKDWLW
FRXOGSULRUWRNLQNLQJ3URPSWO\
GLVFRQWLQXHXVHRIDZLQFKFDEOHLQWKLV
FRQGLWLRQ
$ZLQFKFDEOHPDGHRIV\QWKHWLFURSH
VKRXOGEHLQVSHFWHGIRUVLJQVRI
IUD\LQJ5HSODFHWKHFDEOHLIIUD\LQJLV
REVHUYHGVKRZQDWULJKW3URPSWO\
GLVFRQWLQXHXVHRIDZLQFKFDEOHLQWKLV
FRQGLWLRQ
$OVRUHSODFHWKHZLQFKFDEOHLIWKHUHDUHIXVHGRUPHOWHGILEHUV6XFKDQDUHD
RIWKHV\QWKHWLFURSHZLOOEHVWLIIDQGDSSHDUVPRRWKRUJOD]HG3URPSWO\
GLVFRQWLQXHXVHRIDZLQFKFDEOHLQWKLVFRQGLWLRQ
:,1&+*8,'(

6+2&./2$',1*
:$51,1*
<RXUZLQFKFDEOHLVYHU\VWURQJEXWLWLV127GHVLJQHGIRUG\QDPLFRU³VKRFN´
ORDGLQJ6KRFNORDGLQJPD\WHQVLRQDZLQFKFDEOHEH\RQGLWVVWUHQJWKDQG
FDXVHWKHFDEOHWREUHDN7KHHQGRIDEURNHQZLQFKFDEOHXQGHUVXFKKLJK
ORDGLQJFDQFDXVH6(9(5(,1-85<RU'($7+WR\RXDQGRWKHUE\VWDQGHUV
:LQFKFDEOHVDUHGHVLJQHGWR127DEVRUEHQHUJ\7KLVLVWUXHRIERWKZLUHURSH
DQGV\QWKHWLFURSHZLQFKFDEOHV
1HYHUDWWHPSWWR³MHUN´DORDGZLWKWKHZLQFK)RUH[DPSOHQHYHUWDNHXS
VODFNLQWKHZLQFKFDEOHE\PRYLQJWKHZLQFKLQJYHKLFOHLQDQDWWHPSWWR
PRYHDQREMHFW7KLVLVDGDQJHURXVSUDFWLFH,WJHQHUDWHVKLJKZLQFKFDEOH
ORDGVWKDWPD\H[FHHGWKHVWUHQJWKRIWKHFDEOH(YHQDVORZO\PRYLQJ
YHKLFOHFDQFUHDWHODUJHVKRFNORDGVLQDZLQFKFDEOH
:$51,1*
6(9(5(,1-85<RU'($7+FDQUHVXOWIURPDEURNHQZLQFKFDEOH
1HYHUTXLFNO\WXUQWKHZLQFK21DQG2))UHSHDWHGO\³MRJJLQJ´7KLVSXWV
H[WUDORDGRQWKHZLQFKZLQFKFDEOHDQGJHQHUDWHVH[FHVVLYHKHDWIURPWKH
PRWRU7KLVLVDIRUPRIVKRFNORDGLQJ
1HYHUWRZDYHKLFOHRURWKHUREMHFWZLWK\RXUZLQFK7RZLQJDQREMHFWZLWKD
ZLQFKSURGXFHVVKRFNORDGLQJRIWKHFDEOHHYHQZKHQWRZLQJDWVORZ
VSHHGV7RZLQJIURPDZLQFKDOVRSRVLWLRQVWKHWRZLQJIRUFHKLJKRQWKH
YHKLFOH7KLVFDQFDXVHLQVWDELOLW\RIWKHYHKLFOHDQGSRVVLEO\OHDGWRDQ
DFFLGHQW
1HYHUXVHUHFRYHU\VWUDSVZLWK\RXUZLQFK5HFRYHU\VWUDSVDUHGHVLJQHGWR
VWUHWFKDQGFDQVWRUHHQHUJ\7KLVVWRUHGHQHUJ\LQWKHUHFRYHU\VWUDSLV
UHOHDVHGLIDZLQFKFDEOHIDLOVPDNLQJWKHHYHQWHYHQPRUHKD]DUGRXV
6LPLODUO\QHYHUXVHHODVWLF³EXQJLH´FRUGVIRUZLQFKLQJ
1HYHUXVHWKHZLQFKWRWLHGRZQDYHKLFOHWRDWUDLOHURURWKHUWUDQVSRUWDWLRQ
YHKLFOH7KLVW\SHRIXVHDOVRFDXVHVVKRFNORDGLQJWKDWFDQFDXVHGDPDJH
WRWKHZLQFKZLQFKFDEOHRUYHKLFOHVXVHG
<RXUZLQFKFDEOHLVGHVLJQHGDQGWHVWHGWRZLWKVWDQGWKHORDGVSURGXFHG
E\WKHZLQFKPRWRUZKHQRSHUDWHGIURPDVWDWLRQDU\YHKLFOH$OZD\V
UHPHPEHUWKDWWKHZLQFKDQGZLQFKFDEOHDUH127GHVLJQHGIRUVKRFN
ORDGLQJ
:,1&+*8,'(

:,1&+0$,17(1$1&($1'6(59,&(6$)(7<
:$51,1*
,PSURSHURUODFNRIZLQFKPDLQWHQDQFHDQGVHUYLFHFRXOGOHDGWR6(9(5(
,1-85<RU'($7+$OZD\VIROORZDOOZLQFKLQVWUXFWLRQVDQGZDUQLQJVLQWKLV
PDQXDO
$OZD\VLQVSHFW\RXUZLQFKEHIRUHHDFKXVH,QVSHFWIRUZRUQRUNLQNHGZLQFK
FDEOH$OVRLQVSHFWIRUZRUQRUORRVHSDUWVLQFOXGLQJPRXQWLQJKDUGZDUH
3HUPLW\RXUZLQFKPRWRUWRFRROGRZQSULRUWRVHUYLFLQJ\RXUZLQFK
1HYHUZRUNRQ\RXUZLQFKZLWKRXWILUVWGLVFRQQHFWLQJWKHEDWWHU\FRQQHFWLRQV
WRSUHYHQWDFFLGHQWDODFWLYDWLRQRIWKHZLQFK
)RU\RXUVDIHW\DOZD\VUHSODFH32/$5,6ZLQFKSDUWVLQFOXGLQJWKHFDEOH
ZLWKJHQXLQH32/$5,6UHSODFHPHQWSDUWVDYDLODEOHDW\RXUDXWKRUL]HG
32/$5,6GHDOHU
6RPHZLQFKPRGHOVXVHZLUHURSHDVWKHZLQFKFDEOH2WKHUZLQFKHVXVHD
VSHFLDOO\GHVLJQHGV\QWKHWLFURSHDVWKHZLQFKFDEOH
1HYHUUHSODFHDV\QWKHWLFURSHZLQFKFDEOHZLWKDFRQVXPHUJUDGHSRO\PHU
URSHVXFKDVFDQEHSXUFKDVHGLQDKDUGZDUHVWRUH$OWKRXJKWKH\PD\ORRN
VLPLODUWKH\DUH127DOLNH$SRO\PHUURSHQRWGHVLJQHGIRUZLQFKXVHZLOO
VWUHWFKDQGVWRUHH[FHVVLYHHQHUJ\ZKHQZLQFKLQJ
:$51,1*
)DLOXUHRIDVWUHWFKHGURSHXQGHUZLQFKLQJFRQGLWLRQVZLOOUHOHDVHDOORIWKH
VWRUHGHQHUJ\7KLVZLOOLQFUHDVHWKHFKDQFHVRI6(9(5(,1-85<RU'($7+
:,1&+*8,'(


(0,66,21&21752/6<67(06
12,6((0,66,21&21752/6<67(0
'RQRWPRGLI\WKHHQJLQHLQWDNHRUH[KDXVWFRPSRQHQWVDVGRLQJVRPD\DIIHFW
FRPSOLDQFHZLWK86$(3$QRLVHFRQWUROUHTXLUHPHQWV&)5DQGORFDO
QRLVHOHYHOUHTXLUHPHQWV
23(5$7,212138%/,&/$1'6,17+(86$
<RXU32/$5,6YHKLFOHKDVDVSDUNDUUHVWHUWKDWZDVWHVWHGDQGTXDOLILHGWREHLQ
DFFRUGDQFHZLWKWKH86)6VWDQGDUG&)HGHUDOODZUHTXLUHVWKDWWKLV
VSDUNDUUHVWHUEHLQVWDOOHGDQGIXQFWLRQDOZKHQWKHYHKLFOHLVRSHUDWHGRQSXEOLF
ODQGV
2SHUDWLRQRIRIIURDGYHKLFOHVRQSXEOLFODQGVLQWKH86$LVUHJXODWHGE\
&)59LRODWLRQVDUHVXEMHFWWRPRQHWDU\SHQDOWLHV)HGHUDOUHJXODWLRQVFDQ
EHYLHZHGRQOLQHDWZZZJSRDFFHVVJRYHFIU
&5$1.&$6((0,66,21&21752/6<67(0
7KLVHQJLQHLVHTXLSSHGZLWKDFORVHGFUDQNFDVHV\VWHP%ORZE\JDVHVDUH
IRUFHGEDFNWRWKHFRPEXVWLRQFKDPEHUE\WKHLQWDNHV\VWHP$OOH[KDXVWJDVHV
H[LWWKURXJKWKHH[KDXVWV\VWHP
(;+$867(0,66,21&21752/6<67(0
([KDXVWHPLVVLRQVDUHFRQWUROOHGE\HQJLQHGHVLJQ$QHOHFWURQLFIXHOLQMHFWLRQ
(),V\VWHPFRQWUROVIXHOGHOLYHU\7KHHQJLQHDQG(),FRPSRQHQWVDUHVHWDW
WKHIDFWRU\IRURSWLPDOSHUIRUPDQFHDQGDUHQRWDGMXVWDEOH
7KHHPLVVLRQVODEHOLVORFDWHGRQWKHLQVLGHRIWKHORZHUOHIWIUDPHWXEHEHORZ
GULYHU¶VIRRWDUHD
(/(&7520$*1(7,&,17(5)(5(1&(
7KLVVSDUNLJQLWLRQV\VWHPFRPSOLHVZLWK&DQDGLDQ,&(6
7KLVYHKLFOHFRPSOLHVZLWKWKH(0&UHTXLUHPHQWVRI(XURSHDQGLUHFWLYHV
(&DQG(&
1RQLRQL]LQJ5DGLDWLRQ7KLVYHKLFOHHPLWVVRPHHOHFWURPDJQHWLFHQHUJ\
3HRSOHZLWKDFWLYHRUQRQDFWLYHLPSODQWDEOHPHGLFDOGHYLFHVVXFKDVKHDUW
PRQLWRULQJRUFRQWUROOLQJGHYLFHVVKRXOGUHYLHZWKHOLPLWDWLRQVRIWKHLUGHYLFH
DQGWKHDSSOLFDEOHHOHFWURPDJQHWLFVWDQGDUGVDQGGLUHFWLYHVWKDWDSSO\WRWKLV
YHKLFOH
(0,66,21&21752/6<67(06


0$,17(1$1&(
3(5,2',&0$,17(1$1&(&+$57
$Q\TXDOLILHGUHSDLUVKRSRUSHUVRQPD\PDLQWDLQUHSODFHRUUHSDLUWKHHPLVVLRQ
FRQWUROGHYLFHVRUV\VWHPVRQ\RXUYHKLFOH$QDXWKRUL]HG32/$5,6GHDOHUFDQ
SHUIRUPDQ\VHUYLFHWKDWPD\EHQHFHVVDU\IRU\RXUYHKLFOH32/$5,6DOVR
UHFRPPHQGV32/$5,6SDUWVIRUHPLVVLRQVUHODWHGVHUYLFHKRZHYHUHTXLYDOHQW
SDUWVFDQEHXVHG
,WLVDSRWHQWLDOYLRODWLRQRIWKH&OHDQ$LU$FWLIDSDUWVXSSOLHGE\DQDIWHUPDUNHW
SDUWVPDQXIDFWXUHUUHGXFHVWKHHIIHFWLYHQHVVRIWKHYHKLFOH¶VHPLVVLRQFRQWUROV
7DPSHULQJZLWKHPLVVLRQFRQWUROVLVSURKLELWHGE\IHGHUDOODZ
2ZQHUVDUHUHVSRQVLEOHIRUSHUIRUPLQJWKHVFKHGXOHGPDLQWHQDQFHLGHQWLILHGLQ
WKLVRZQHU¶VPDQXDO
&DUHIXOSHULRGLFPDLQWHQDQFHZLOOKHOSNHHS\RXUYHKLFOHLQWKHVDIHVWPRVW
UHOLDEOHFRQGLWLRQ,QVSHFWLRQDGMXVWPHQWDQGOXEULFDWLRQRILPSRUWDQW
FRPSRQHQWVDUHH[SODLQHGLQWKHSHULRGLFPDLQWHQDQFHFKDUW
,QVSHFWFOHDQOXEULFDWHDGMXVWDQGUHSODFHSDUWVDVQHFHVVDU\:KHQ
LQVSHFWLRQUHYHDOVWKHQHHGIRUUHSODFHPHQWSDUWVJHQXLQH32/$5,6SDUWVDUH
DYDLODEOHIURP\RXU32/$5,6GHDOHU(TXLYDOHQWSDUWVPD\EHXVHGIRU
HPLVVLRQVUHODWHGVHUYLFH
6HUYLFHDQGDGMXVWPHQWVDUHLPSRUWDQWIRUSURSHUYHKLFOHRSHUDWLRQ,I\RX¶UHQRW
IDPLOLDUZLWKVDIHVHUYLFHDQGDGMXVWPHQWSURFHGXUHVDTXDOLILHGGHDOHUFDQ
SHUIRUPWKHVHRSHUDWLRQV
9HKLFOHVVXEMHFWHGWRKHDY\RUVHYHUHXVHSDWWHUQVPXVWEHLQVSHFWHGDQG
VHUYLFHGPRUHIUHTXHQWO\
6(9(5(86('(),1,7,21
)UHTXHQWLPPHUVLRQLQPXGZDWHURUVDQG
)UHTXHQWRUSURORQJHGRSHUDWLRQLQGXVW\HQYLURQPHQWV
5DFLQJRUUDFHVW\OHKLJK530XVH
3URORQJHGORZVSHHGKHDY\ORDGRSHUDWLRQ
([WHQGHGLGOH
6KRUWWULSFROGZHDWKHURSHUDWLRQ
3D\VSHFLDODWWHQWLRQWRWKHRLOOHYHO$ULVHLQRLOOHYHOGXULQJFROGZHDWKHUFDQ
LQGLFDWHFRQWDPLQDQWVFROOHFWLQJLQWKHRLOVXPSRUFUDQNFDVH&KDQJHRLO
LPPHGLDWHO\LIWKHRLOOHYHOEHJLQVWRULVH0RQLWRUWKHRLOOHYHODQGLILWFRQWLQXHV
WRULVHGLVFRQWLQXHXVHDQGGHWHUPLQHWKHFDXVH<RXU32/$5,6GHDOHUFDQ
DVVLVW
0$,17(1$1&(

0$,17(1$1&(&+$57.(<
6<0%2/ '(6&5,37,21
Ⴇ 3HUIRUPWKHVHSURFHGXUHVPRUHRIWHQIRUYHKLFOHVVXEMHFWHGWRVHYHUHXVH
' +DYHDQDXWKRUL]HG3RODULVGHDOHURURWKHUTXDOLILHGSHUVRQSHUIRUPWKHVHVHUYLFHV
:$51,1*
,PSURSHUO\SHUIRUPLQJWKHSURFHGXUHVPDUNHGZLWKD' FRXOGUHVXOWLQ
FRPSRQHQWIDLOXUHDQGOHDGWRVHULRXVLQMXU\RUGHDWK+DYHDQDXWKRUL]HG
32/$5,6GHDOHURURWKHUTXDOLILHGSHUVRQSHUIRUPWKHVHVHUYLFHV
3HUIRUPDOOVHUYLFHVDWZKLFKHYHUPDLQWHQDQFHLQWHUYDOLVUHDFKHGILUVW5HFRUG
PDLQWHQDQFHDQGVHUYLFHLQWKH0DLQWHQDQFH/RJ
,7(0
0$,17(1$1&(,17(59$/
:+,&+(9(5&20(6),567
5(0$5.6+2856 &$/(1'$5
0,/(6
.0
6WHHULQJ
3UH5LGH
,QVSHFWDQGPDNHDGMXVWPHQWVDV
QHHGHG
6HHSDJH
)URQW6XVSHQVLRQ
5HDU6XVSHQVLRQ
7LUHV
%UDNH)OXLG/HYHO
%UDNH/HYHU7UDYHO
%UDNH6\VWHP
:KHHOV)DVWHQHUV
)UDPH)DVWHQHUV
(QJLQH2LO/HYHO
,QWDNHSUHILOWHUV
&RRODQW
'DLO\
&KHFNOHYHOGDLO\FKDQJHFRRODQW
HYHU\WZR\HDUV
+HDG/LJKWV7DLO
/LJKWV
'DLO\
&KHFNRSHUDWLRQDSSO\GLHOHFWULF
JUHDVHLIUHSODFLQJ
3RZHU6WHHULQJXQLW
,IHTXLSSHG
'DLO\ ,QVSHFWGDLO\FOHDQRIWHQ
Ⴇ
$LU)LOWHUPDLQ
HOHPHQW
:HHNO\
,QVSHFWUHSODFHDVQHHGHG
Ⴇ
'
%UDNH3DG:HDU +
0RQWKO\
,QVSHFWSHULRGLFDOO\
Ⴇ
(QJLQH%UHDWKHU
+
0RQWKO\
,QVSHFWFOHDQUHSODFHLIQHFHVVDU\
%DWWHU\
+
0RQWKO\
&KHFNWHUPLQDOVFOHDQWHVW
0$,17(1$1&(

,7(0
0$,17(1$1&(,17(59$/
:+,&+(9(5&20(6),567
5(0$5.6+2856 &$/(1'$5
0,/(6
.0
Ⴇ
(QJLQH2LO&KDQJH
+ 0
%UHDNLQRLODQGILOWHUFKDQJH
Ⴇ
)URQW*HDUFDVH
)OXLG
+ 0 %UHDNLQIOXLGOHYHOFKHFN
Ⴇ 7UDQVPLVVLRQ)OXLG + 0
%UHDNLQIOXLGOHYHOFKHFN
)XHO6\VWHP
+ 0
,QVSHFWF\FOHNH\WRSUHVVXUL]HIXHO
SXPSFKHFNOLQHVDQGILWWLQJVIRUOHDNV
DQGDEUDVLRQ
Ⴇ *HQHUDO/XEULFDWLRQ + 0
/XEULFDWHDOOILWWLQJVSLYRWVFDEOHVHWF
6KLIW/LQNDJH
+ 0
,QVSHFW
'
6WHHULQJ
+ 0
/XEULFDWH
Ⴇ
)URQW5HDU
6XVSHQVLRQ
+ 0
/XEULFDWH
Ⴇ 7KURWWOH&DEOH + 0
,QVSHFWDGMXVWOXEULFDWHUHSODFHLI
QHFHVVDU\
7KURWWOH%RG\,QWDNH
'XFW
+ 0
,QVSHFWGXFWVIRUSURSHUVHDOLQJDLU
OHDNV
Ⴇ
(QJLQH2LO&KDQJH
+ 0
&KDQJHWKHRLODQGILOWHU
Ⴇ
)URQW*HDUFDVH
)OXLG
+ 0
&KDQJHIOXLG
Ⴇ 7UDQVPLVVLRQ)OXLG + 0
&KDQJHIOXLG
Ⴇ
'
)XHO6\VWHP
+ 0
&\FOHNH\WRSUHVVXUL]HIXHOSXPS
FKHFNIRUOHDNVDWILOOFDSIXHOOLQHVUDLO
DQGIXHOSXPSUHSODFHOLQHVHYHU\WZR
\HDUV
Ⴇ
(QJLQH0RXQWV
+ 0
,QVSHFW
([KDXVW3LSH
6LOHQFHU
+ 0
,QVSHFW
Ⴇ
6SDUN3OXJ
+ 0
,QVSHFWUHSODFHDVQHHGHG
Ⴇ 5DGLDWRU + 0
,QVSHFWFOHDQH[WHUQDOVXUIDFHV
&RROLQJ6\VWHP
+ 0
,QVSHFWFRRODQWVWUHQJWKVHDVRQDOO\
SUHVVXUHWHVWV\VWHP\HDUO\
Ⴇ
&RROLQJ+RVHV
+ 0
,QVSHFWIRUOHDNV
Ⴇ
:LULQJ
+ 0
,QVSHFWIRUZHDUURXWLQJVHFXULW\
DSSO\GLHOHFWULFJUHDVHWRFRQQHFWRUV
VXEMHFWHGWRZDWHUPXGHWF
0$,17(1$1&(

,7(0
0$,17(1$1&(,17(59$/
:+,&+(9(5&20(6),567
5(0$5.6+2856 &$/(1'$5
0,/(6
.0
'ULYHEHOW + 0
,QVSHFWUHSODFHDVQHHGHG
'
&OXWFKHV'ULYH
'ULYHQ
+ 0
,QVSHFWFOHDQUHSODFHZRUQSDUWV
'
)URQW:KHHO
%HDULQJV
+ 0
,QVSHFWUHSODFHDVQHHGHG
'
%UDNH)OXLG + 0
&KDQJHHYHU\WZR\HDUV
6SDUN$UUHVWRU
+ 0
&OHDQRXWRUUHPRYHFOHDQRXWSOXJ
Ⴇ &RRODQW 0
5HSODFHFRRODQW([WHQGHG/LIH
&RRODQW
Ⴇ 9DOYH&OHDUDQFH +
,QVSHFWDGMXVWDVQHHGHG
'
7RH$GMXVWPHQW
,QVSHFWSHULRGLFDOO\DGMXVWDVQHHGHG
+HDGOLJKW$LP
$GMXVWDVQHHGHG
Ⴇ3HUIRUPWKHVHSURFHGXUHVPRUHRIWHQIRUYHKLFOHVVXEMHFWHGWRVHYHUHXVH
'+DYHDQDXWKRUL]HG3RODULVGHDOHURURWKHUTXDOLILHGSHUVRQSHUIRUPWKHVH
VHUYLFHV
0$,17(1$1&(

/8%5,&$7,215(&200(1'$7,216
&KHFNDQGOXEULFDWHDOOFRPSRQHQWVDWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJHRUPRUHRIWHQXQGHUVHYHUHXVHVXFK
DVZHWRUGXVW\FRQGLWLRQV,WHPVQRWOLVWHGLQWKHFKDUWVKRXOGEHOXEULFDWHGDW
WKHJHQHUDOOXEULFDWLRQLQWHUYDO
,7(0 /8%( 0(7+2'
(QJLQH2LO 36:&\FOH2LO $GGWRSURSHUOHYHORQGLSVWLFN
6HHSDJH
%UDNH)OXLG '27%UDNH)OXLG 0DLQWDLQOHYHOEHWZHHQILOO
OLQHV
6HHSDJH
7UDQVPLVVLRQ2LO
0DLQ*HDUFDVH
$*/*HDUFDVH/XEULFDQW
7UDQVPLVVLRQ)OXLG
6HHSDJH
'HPDQG'ULYH)OXLG
)URQW*HDUFDVH
'HPDQG'ULYH)OXLG 6HHSDJH
3URS6KDIW
q
8-RLQW*UHDVH /RFDWHILWWLQJVDQGJUHDVH
5HDU&RQWURO$UP3LYRW
%XVKLQJV
e
$OO6HDVRQ*UHDVHRUJUHDVH
FRQIRUPLQJWR1/*,1R
/RFDWHILWWLQJVDQGJUHDVH
6WDELOL]HU%DU%XVKLQJV
w
r
7LH5RG%XVKLQJV%DOO-RLQW
%RRWV
$OO6HDVRQ*UHDVHRUJUHDVH
FRQIRUPLQJWR1/*,1R
/RFDWHILWWLQJVDQGJUHDVH
35236+$)7/8%5,&$7,21
0$,17(1$1&(

)52176863(16,21/8%5,&$7,21
5($56863(16,21/8%5,&$7,21
0$,17(1$1&(

(1*,1(2,/
$OZD\VFKHFNDQGFKDQJHWKHRLODWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH$OZD\VXVHWKHUHFRPPHQGHGHQJLQH
RLO$OZD\VFKDQJHWKHRLOILOWHUZKHQHYHUFKDQJLQJRLO
:$51,1*
9HKLFOHRSHUDWLRQZLWKLQVXIILFLHQWGHWHULRUDWHGRUFRQWDPLQDWHGHQJLQHRLOZLOO
FDXVHDFFHOHUDWHGZHDUDQGPD\UHVXOWLQHQJLQHVHL]XUHDFFLGHQWDQGLQMXU\
$OZD\VSHUIRUPWKHPDLQWHQDQFHSURFHGXUHVDVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUW
2,/5(&200(1'$7,216
32/$5,6UHFRPPHQGVWKHXVHRI32/$5,636:&\FOH2LORUD
VLPLODURLO5HIHUWRWKHVSHFLILFDWLRQVVHFWLRQEHJLQQLQJRQ IRUFDSDFLWLHV
2LOPD\QHHGWREHFKDQJHGPRUHIUHTXHQWO\LI32/$5,636HQJLQHRLOLVQRW
XVHG)ROORZWKHPDQXIDFWXUHUVUHFRPPHQGDWLRQVIRUDPELHQWWHPSHUDWXUH
RSHUDWLRQ6HHSDJH IRUWKHSDUWQXPEHUVRI32/$5,6SURGXFWV
127,&(
0L[LQJEUDQGVRUXVLQJDQRQUHFRPPHQGHGRLOPD\FDXVHVHULRXVHQJLQH
GDPDJH$OZD\VXVHWKHUHFRPPHQGHGRLO1HYHUVXEVWLWXWHRUPL[RLOEUDQGV
0$,17(1$1&(

2,/&+(&.
$OZD\VFKHFNWKHRLOZKHQWKHHQJLQHLVFROG,IWKHHQJLQHLVKRWZKHQWKHRLOLV
FKHFNHGWKHOHYHOZLOODSSHDUWREHRYHUIXOO0DLQWDLQWKHRLOOHYHOLQWKHVDIH
UDQJHEHWZHHQWKH)8//DQG$''PDUNVRQWKHGLSVWLFN
$FFHVVWKHRLOGLSVWLFN
q
DQGRLOILOWHUWKURXJKWKHHQJLQHDFFHVVSDQHOEHKLQG
WKHVHDW$FFHVVWKHRLOILOOFDS
w
WKURXJKWKHUHDUDFFHVVSDQHOLQWKHFDUJR
ER[
3RVLWLRQWKHYHKLFOHRQDOHYHO
VXUIDFH
3ODFHWKHWUDQVPLVVLRQLQ3$5.
6WRSWKHHQJLQH
5HPRYHWKHVHDW5HPRYHWKH
DFFHVVSDQHO
127(
$OZD\VFOHDQDZD\DOOGLUWDQGGHEULV
IURPWKHGLSVWLFNDUHDEHIRUH
UHPRYLQJWKHGLSVWLFN
5HPRYHWKHGLSVWLFN:LSHLWGU\
ZLWKDFOHDQFORWK
5HLQVWDOOWKHGLSVWLFNIXOO\WKHQ
UHPRYHWKHGLSVWLFNDQGFKHFNWKH
RLOOHYHORQWKHGLSVWLFN
5HPRYHWKHRLOILOOFDSDQGDGGWKH
UHFRPPHQGHGIOXLGDVQHHGHG'R
QRWRYHUILOO
5HLQVWDOOWKHILOOFDS
5HLQVWDOOWKHGLSVWLFN
0$,17(1$1&(

2,/$1'),/7(5&+$1*(
$OZD\VFKHFNDQGFKDQJHWKHRLODWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH$OZD\VFKDQJHWKHRLOILOWHUZKHQHYHU
FKDQJLQJRLO
7KHHQJLQHGUDLQSOXJ
q
LVORFDWHGRQWKHERWWRPRIWKHFUDQNFDVH
3RVLWLRQWKHYHKLFOHRQDOHYHOVXUIDFH3ODFHWKHWUDQVPLVVLRQLQ3$5.6WRS
WKHHQJLQH
&OHDQWKHDUHDDURXQGWKHGUDLQSOXJ
&$87,21
+RWRLOFDQFDXVHEXUQVWRVNLQ'RQRWDOORZKRWRLOWRFRQWDFWVNLQ
3ODFHDGUDLQSDQXQGHUWKHHQJLQHFUDQNFDVHDQGUHPRYHWKHGUDLQSOXJ
$OORZWKHRLOWRGUDLQFRPSOHWHO\
8VLQJDQRLOILOWHUZUHQFKWXUQWKHILOWHU
w
FRXQWHUFORFNZLVHWRUHPRYHLW
8VLQJDFOHDQGU\FORWKFOHDQWKHILOWHUVHDOLQJVXUIDFHRQWKHFUDQNFDVH
/XEULFDWHWKHRULQJRQWKHQHZILOWHUZLWKDILOPRIIUHVKHQJLQHRLO&KHFNWR
PDNHVXUHWKHRULQJLVLQJRRGFRQGLWLRQ
,QVWDOOWKHQHZILOWHUDQGWXUQE\KDQGXQWLOWKHILOWHUJDVNHWFRQWDFWVWKH
VHDOLQJVXUIDFHWKHQWXUQDQDGGLWLRQDOWXUQ
7,3
7KHVHDOLQJVXUIDFHVRQGUDLQSOXJDQGFUDQNFDVHVKRXOGEHFOHDQDQGIUHHRI
EXUUVQLFNVRUVFUDWFKHV
5HLQVWDOOWKHGUDLQSOXJ7RUTXHWRVSHFLILFDWLRQ
72548(
'UDLQ3OXJ
IWOEV1P
0$,17(1$1&(

5HPRYHWKHRLOILOOFDS
w
DQGDGGTXDUWVORIUHFRPPHQGHGRLO
5HLQVWDOOWKHILOOFDS
)/8,'&$3$&,7<
&DSDFLW\TXDUWVO
0DNHVXUHWKHWUDQVPLVVLRQLVLQ3$5.$SSO\WKHEUDNHV
6WDUWWKHHQJLQHDQGFKHFNIRUOHDNV
6WRSWKHHQJLQHDQGZDLWVHFRQGVEHIRUHUHPRYLQJWKHGLSVWLFN
5HPRYHWKHGLSVWLFN:LSHLWGU\ZLWKDFOHDQFORWK
5HLQVWDOOWKHGLSVWLFNIXOO\WKHQUHPRYHWKHGLSVWLFNDQGFKHFNWKHRLOOHYHORQ
WKHGLSVWLFN
5HPRYHWKHRLOILOOFDSDQGDGGRLODVQHHGHGWREULQJWKHOHYHOWRWKHXSSHU
PDUNRQWKHGLSVWLFN'RQRWRYHUILOO
5HLQVWDOOWKHILOOFDS
5HLQVWDOOWKHGLSVWLFN
'LVSRVHRIXVHGILOWHUDQGRLOSURSHUO\
0$,17(1$1&(

'(0$1''5,9(81,7)5217*($5&$6(
$OZD\VFKHFNDQGFKDQJHWKHIOXLGDWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH5HIHUWRWKH*HDUFDVH6SHFLILFDWLRQV
&KDUWRQSDJH IRUUHFRPPHQGHGOXEULFDQWVFDSDFLWLHVDQGWRUTXH
VSHFLILFDWLRQV
)/8,'&+(&.
7KHILOOSOXJ
q
LVORFDWHGRQWKHERWWRPULJKWVLGHRIWKHGHPDQGGULYHXQLW
$FFHVVWKHILOOSOXJWKURXJKWKHULJKWIURQWZKHHOZHOO0DLQWDLQWKHIOXLGOHYHO
HYHQZLWKWKHERWWRPWKUHDGRIWKHILOOSOXJKROH
3RVLWLRQWKHYHKLFOHRQDOHYHO
VXUIDFH
5HPRYHWKHILOOSOXJ&KHFNWKH
IOXLGOHYHO
$GGWKHUHFRPPHQGHGIOXLGWRWKH
ERWWRPWKUHDGRIWKHILOOSOXJKROH
5HLQVWDOOWKHILOOSOXJ7RUTXHWR
VSHFLILFDWLRQ
)/8,'&+$1*(
7KHGUDLQSOXJ
w
LVORFDWHGRQWKHERWWRPRIWKHJHDUFDVH
5HPRYHWKHILOOSOXJ
3ODFHDGUDLQSDQXQGHUWKHGUDLQSOXJ
5HPRYHWKHGUDLQSOXJ$OORZWKHIOXLGWRGUDLQFRPSOHWHO\
&OHDQWKHGUDLQSOXJ,IWKHRULQJLVGDPDJHGLQVWDOODQHZRULQJ
5HLQVWDOOWKHGUDLQSOXJ7RUTXHWRVSHFLILFDWLRQ
$GGWKHUHFRPPHQGHGIOXLGWRWKHERWWRPWKUHDGRIWKHILOOSOXJKROH
5HLQVWDOOWKHILOOSOXJ7RUTXHWRVSHFLILFDWLRQ
&KHFNIRUOHDNV'LVFDUGXVHGIOXLGSURSHUO\
0$,17(1$1&(

75$160,66,210$,1*($5&$6(
$OZD\VFKHFNDQGFKDQJHWKHIOXLGDWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH5HIHUWRWKH*HDUFDVH6SHFLILFDWLRQV
&KDUWRQSDJH IRUUHFRPPHQGHGOXEULFDQWVFDSDFLWLHVDQGWRUTXH
VSHFLILFDWLRQV
)/8,'&+(&.
7KHILOOSOXJ
q
LVORFDWHGRQWKHUHDURIWKHJHDUFDVH0DLQWDLQWKHIOXLGOHYHODW
WKHERWWRPRIWKHILOOSOXJKROH
3RVLWLRQWKHYHKLFOHRQDOHYHO
VXUIDFH
5HPRYHWKHILOOSOXJ&KHFNWKH
IOXLGOHYHO
$GGWKHUHFRPPHQGHGIOXLGWRWKH
ERWWRPRIWKHILOOSOXJKROH'RQRW
RYHUILOO
5HLQVWDOOWKHILOOSOXJ7RUTXHWR
VSHFLILFDWLRQ
)/8,'&+$1*(
7KHGUDLQSOXJ
w
LVORFDWHGRQWKHERWWRPRIWKHJHDUFDVHEHWZHHQWKHUHDU
WLUHV$FFHVVWKHGUDLQSOXJWKURXJKWKHGUDLQKROHLQWKHVNLGSODWH
5HPRYHWKHILOOSOXJ
3ODFHDGUDLQSDQXQGHUWKHGUDLQSOXJ5HPRYHWKHGUDLQSOXJ$OORZWKH
IOXLGWRGUDLQFRPSOHWHO\
&OHDQWKHGUDLQSOXJ5HLQVWDOOWKHGUDLQSOXJZLWKDQHZRULQJ7RUTXHWR
VSHFLILFDWLRQ
$GGWKHUHFRPPHQGHGIOXLGWRWKHERWWRPRIWKHILOOSOXJKROH'RQRWRYHUILOO
5HLQVWDOOWKHILOOSOXJ7RUTXHWRVSHFLILFDWLRQ
&KHFNIRUOHDNV'LVFDUGXVHGIOXLGSURSHUO\
0$,17(1$1&(

*($5&$6(63(&,),&$7,21&+$57
8VHRIRWKHUIOXLGVPD\UHVXOWLQLPSURSHURSHUDWLRQRIFRPSRQHQWV6HHSDJH
IRUWKHSDUWQXPEHUVRI32/$5,6SURGXFWV
*($5&$6( /8%5,&$17 &$3$&,7< ),//3/8*
72548(
'5$,1
3/8*
/(9(/
&+(&.
3/8*
72548(
7UDQVPLVVLRQ
0DLQ
*HDUFDVH
$*/
*HDUFDVH
/XEULFDQW
7UDQVPLVVLRQ
)OXLG
R]
PO
IWOEV
1P
IWOEV
1P
'HPDQG
'ULYH8QLW
)URQW
*HDUFDVH
'HPDQG
'ULYH)OXLG
R]
PO
IWOEV
1P
IWOEV
1P
0$,17(1$1&(

63$5.3/8*6
63$5.3/8*5(&200(1'$7,216
5HIHUWRWKHVSHFLILFDWLRQVVHFWLRQEHJLQQLQJRQ IRUWKHUHFRPPHQGHGVSDUN
SOXJW\SHIRU\RXUYHKLFOH$OZD\VWRUTXHVSDUNSOXJVWRVSHFLILFDWLRQ
127,&(
8VLQJQRQUHFRPPHQGHGVSDUNSOXJVFDQUHVXOWLQVHULRXVHQJLQHGDPDJH
$OZD\VXVH32/$5,6UHFRPPHQGHGVSDUNSOXJVRUWKHLUHTXLYDOHQW
63$5.3/8**$372548(
(/(&752'(*$3 1(:3/8*72548( 86('3/8*72548(
PP IWOEV1P IWOEV1P
1250$/3/8*
7KHQRUPDOLQVXODWRUWLSLVJUD\WDQRUOLJKWEURZQ7KHUHZLOOEHIHZFRPEXVWLRQ
GHSRVLWV7KHHOHFWURGHVDUHQRWEXUQHGRUHURGHG7KLVLQGLFDWHVWKHSURSHU
W\SHDQGKHDWUDQJHIRUWKHHQJLQHDQGWKHVHUYLFH
7KHWLSVKRXOGQRWEHZKLWH$ZKLWHLQVXODWRUWLSLQGLFDWHVRYHUKHDWLQJFDXVHG
E\XVHRIDQLPSURSHUVSDUNSOXJRULQFRUUHFWWKURWWOHERG\DGMXVWPHQWV
:(7)28/('3/8*
7KHZHWIRXOHGLQVXODWRUWLSLVEODFN$GDPSRLOILOPFRYHUVWKHILULQJHQG7KHUH
PD\EHDFDUERQOD\HURYHUWKHHQWLUHQRVH*HQHUDOO\WKHHOHFWURGHVDUHQRW
ZRUQ*HQHUDOFDXVHVRIIRXOLQJDUHH[FHVVLYHRLOXVHRIQRQUHFRPPHQGHGRLO
RUSRRUIXHOTXDOLW\
0$,17(1$1&(

63$5.3/8*,163(&7,21
6SDUNSOXJFRQGLWLRQLVLQGLFDWLYHRIHQJLQHRSHUDWLRQ7KHVSDUNSOXJILULQJHQG
FRQGLWLRQVKRXOGEHUHDGDIWHUWKHHQJLQHLVZDUPHGXSDQGWKHYHKLFOHLVGULYHQ
DWKLJKHUVSHHGV,PPHGLDWHO\FKHFNWKHVSDUNSOXJVIRUFRUUHFWFRORU6HHSDJH
&$87,21
$KRWH[KDXVWV\VWHPDQGHQJLQHFDQFDXVHEXUQV:HDUSURWHFWLYHJORYHV
ZKHQUHPRYLQJDVSDUNSOXJIRULQVSHFWLRQ
5HPRYHWKHFDUJRER[DFFHVV
SDQHO
5HPRYHWKHDLUER[FRYHU
5HPRYHWKHVSDUNSOXJFDSV
q
8VLQJWKHVSDUNSOXJZUHQFK
SURYLGHGLQWKHWRRONLWUHPRYHD
SOXJE\URWDWLQJLWFRXQWHU
FORFNZLVH
5HYHUVHWKHSURFHGXUHIRUVSDUN
SOXJLQVWDOODWLRQ$SSO\DQWLVHL]H
FRPSRXQGWRWKHVSDUNSOXJ
WKUHDGV
7RUTXHWRVSHFLILFDWLRQ6HHSDJH
0$,17(1$1&(

)86(6
,IWKHHQJLQHVWRSVRUZLOOQRWVWDUWRULI\RXH[SHULHQFHRWKHUHOHFWULFDOIDLOXUHVD
IXVHPD\QHHGUHSODFHPHQW/RFDWHDQGFRUUHFWDQ\VKRUWFLUFXLWVWKDWPD\KDYH
FDXVHGWKHEORZQIXVHWKHQUHSODFHWKHIXVH
0$,1)86( )($785(6833257('
$ %UDNH
$ /LJKWV+HDGOLJKWV7DLOOLJKWV
$ 'ULYH$:'
$ $FFHVVRU\:LQFK6ZLWFK93RZHU
5HFHSWDFOH
$ )XHO3XPS
$ (),
$ (OHFWURQLF(QJLQH&RQWURO6WDUWLQJ
$ (QJLQH&RQWURO
$ (362SWLRQDO
$ &RQVWDQW9HKLFOH3RZHU
$ )DQ&LUFXLW%UDNHU$XWR5HVHW
7KHIXVHER[
q
LVORFDWHGXQGHUWKHVHDW6SDUHIXVHVDUHSURYLGHGLQWKHIXVH
ER[
0$,17(1$1&(

)86(%2;
5HPRYHWKHVHDWWRDFFHVVWKH
IXVHER[
6TXHH]HWKHFRYHUUHOHDVHWDEV
q
LQZDUGDQGUHPRYHWKHIXVHER[
FRYHU
5HPRYHWKHVXVSHFWIXVHIURPWKH
IXVHSDQHO,IWKHIXVHLVEORZQ
LQVWDOODQHZIXVHZLWKWKHVDPH
DPSHUDJHUDWLQJ
5HLQVWDOOWKHIXVHER[FRYHU
5HLQVWDOOWKHVHDW
32:(567((5,1*81,7
,I\RXUPRGHOLVHTXLSSHGZLWKSRZHUVWHHULQJIUHTXHQWO\FOHDQWKHDUHDVDURXQG
DQGRQWKHSRZHUVWHHULQJXQLWWRDOORZSURSHUFRROLQJ&OHDQWKHVHDUHDV
WKRURXJKO\
0$,17(1$1&(

&22/,1*6<67(0
23(5$7,21
7KHHQJLQHFRRODQWOHYHOLVFRQWUROOHGRUPDLQWDLQHGE\WKHUHFRYHU\V\VWHP7KH
UHFRYHU\V\VWHPFRPSRQHQWVDUHWKHRYHUIORZERWWOHUDGLDWRUILOOHUQHFNUDGLDWRU
SUHVVXUHFDSDQGFRQQHFWLQJKRVH
$VFRRODQWRSHUDWLQJWHPSHUDWXUHLQFUHDVHVWKHH[SDQGLQJKHDWHGH[FHVV
FRRODQWLVIRUFHGRXWRIWKHUDGLDWRUSDVWWKHSUHVVXUHFDSDQGLQWRWKHRYHUIORZ
ERWWOH$VHQJLQHFRRODQWWHPSHUDWXUHGHFUHDVHVWKHFRQWUDFWLQJFRROHG
FRRODQWLVGUDZQEDFNXSIURPWKHWDQNSDVWWKHSUHVVXUHFDSDQGLQWRWKH
UDGLDWRU
7,3
6RPHFRRODQWOHYHOGURSRQQHZYHKLFOHVLVQRUPDODVWKHV\VWHPLVSXUJLQJ
LWVHOIRIWUDSSHGDLU2EVHUYHFRRODQWOHYHOVDQGPDLQWDLQDVUHFRPPHQGHGE\
DGGLQJFRRODQWWRWKHRYHUIORZERWWOH
$'',1*25&+$1*,1*&22/$17
32/$5,6UHFRPPHQGVWKHXVHRI32/$5,6$QWLIUHH]H3UHPL[7KLV
DQWLIUHH]HLVDOUHDG\SUHPL[HGDQGUHDG\WRXVH'RQRWGLOXWHZLWKZDWHU6HH
SDJH IRUWKHSDUWQXPEHUVRI32/$5,6SURGXFWV
7RHQVXUHWKDWWKHFRRODQWPDLQWDLQVLWVDELOLW\WRSURWHFWWKHHQJLQHZH
UHFRPPHQGWKDWWKHV\VWHPEHFRPSOHWHO\GUDLQHGHYHU\ILYH\HDUVDQGIUHVK
$QWLIUHH]H3UHPL[DGGHG
$Q\WLPHWKHFRROLQJV\VWHPKDVEHHQGUDLQHGIRUPDLQWHQDQFHRUUHSDLU
UHSODFHWKHFRRODQWZLWKIUHVK$QWLIUHH]H3UHPL[
5$',$725$1'&22/,1*)$1
$OZD\VFKHFNDQGFOHDQWKHVFUHHQDQGUDGLDWRUILQVDWWKHLQWHUYDOVRXWOLQHGLQ
WKH3HULRGLF0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH'RQRWREVWUXFWRUGHIOHFW
DLUIORZWKURXJKWKHUDGLDWRUE\LQVWDOOLQJXQDXWKRUL]HGDFFHVVRULHVLQIURQWRIWKH
UDGLDWRURUEHKLQGWKHFRROLQJIDQ,QWHUIHUHQFHZLWKWKHUDGLDWRUDLUIORZFDQOHDG
WRRYHUKHDWLQJDQGFRQVHTXHQWHQJLQHGDPDJH
127,&(
:DVKLQJWKHYHKLFOHZLWKDKLJKSUHVVXUHKRVHFRXOGGDPDJHWKHUDGLDWRUILQV
DQGLPSDLUWKHUDGLDWRUVHIIHFWLYHQHVV8VLQJDKLJKSUHVVXUHV\VWHPLVQRW
UHFRPPHQGHG
0$,17(1$1&(

5$',$725&22/$17/(9(/
7KLVSURFHGXUHLVUHTXLUHGRQO\LIWKHFRROLQJV\VWHPKDVEHHQGUDLQHGIRU
PDLQWHQDQFHDQGRUUHSDLU%XWLIWKHRYHUIORZERWWOH
q
KDVUXQGU\WKHOHYHOLQ
WKHUDGLDWRUVKRXOGDOVREHLQVSHFWHG
&$87,21
(VFDSLQJVWHDPFDQFDXVHEXUQV1HYHUUHPRYHWKHSUHVVXUHFDSZKLOHWKH
HQJLQHLVZDUPRUKRW$OZD\VDOORZWKHHQJLQHWRFRROEHIRUHUHPRYLQJWKH
SUHVVXUHFDS
2SHQWKHIURQWER[FRYHUDQGUHPRYHWKHVWRUDJHELQ6HHSDJH
6ORZO\UHPRYHWKHUDGLDWRUFDS
w
9LHZWKHFRRODQWOHYHOWKURXJKWKHRSHQLQJ
8VHDIXQQHODQGVORZO\DGGFRRODQWDVQHHGHG
7,3
8VHRIDQRQVWDQGDUGSUHVVXUHFDSZLOOQRWDOORZWKHUHFRYHU\V\VWHPWR
IXQFWLRQSURSHUO\<RXU32/$5,6GHDOHUFDQSURYLGHWKHFRUUHFWUHSODFHPHQW
SDUW
0$,17(1$1&(

&22/$17/(9(/
$OZD\VFKHFNDQGFKDQJHWKHFRRODQWDWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH
0DLQWDLQWKHFRRODQWOHYHOEHWZHHQWKHPLQLPXPDQGPD[LPXPPDUNVRQWKH
ERWWOHZKHQWKHIOXLGLVFRRO7KHFRRODQWOHYHOLQWKHERWWOHFDQEHYLHZHG
WKURXJKWKHOHIWIURQWZKHHOZHOORULQWKHFRPSDUWPHQWLQWKHIURQWER[
3RVLWLRQWKHYHKLFOHRQDOHYHO
VXUIDFH
9LHZWKHFRRODQWOHYHOLQWKH
RYHUIORZERWWOH
q
,IWKHFRRODQWOHYHOLVEHORZWKHVDIH
RSHUDWLQJUDQJHUHPRYHWKHFDS
DQGXVHDIXQQHOWRDGGFRRODQW
WKURXJKWKHRSHQLQJ5HLQVWDOOWKH
FDS
7,3
,IFRRODQWPXVWEHDGGHGRIWHQRULI
WKHRYHUIORZERWWOHUXQVFRPSOHWHO\
GU\WKHUHPD\EHDOHDNLQWKH
V\VWHP<RXU32/$5,6GHDOHUFDQ
LQVSHFWWKHFRROLQJV\VWHP
0$,17(1$1&(

32/$5,69$5,$%/(75$160,66,213976<67(0
:$51,1*
)DLOXUHWRFRPSO\ZLWKWKHLQVWUXFWLRQVLQWKLVZDUQLQJFDQUHVXOWLQVHYHUHLQMXU\
RUGHDWK
'RQRWPRGLI\DQ\FRPSRQHQWRIWKH397V\VWHP'RLQJVRPD\UHGXFHLWV
VWUHQJWKVRWKDWDIDLOXUHPD\RFFXUDWDKLJKVSHHG7KH397V\VWHPKDVEHHQ
SUHFLVLRQEDODQFHG$Q\PRGLILFDWLRQZLOOFDXVHWKHV\VWHPWREHRXWRI
EDODQFHFUHDWLQJYLEUDWLRQDQGDGGLWLRQDOORDGVRQFRPSRQHQWV
7KH397V\VWHPURWDWHVDWKLJKVSHHGVFUHDWLQJODUJHDPRXQWVRIIRUFHRQ
FOXWFKFRPSRQHQWV$VWKHRZQHU\RXKDYHWKHIROORZLQJUHVSRQVLELOLWLHVIRU
\RXURZQVDIHW\DQGWKHVDIHW\RIRWKHUV
$OZD\VIROORZDOOUHFRPPHQGHGPDLQWHQDQFHSURFHGXUHV$OZD\VORRNIRU
DQGUHPRYHGHEULVLQVLGHDQGDURXQGWKHFOXWFKDQGYHQWV\VWHPZKHQ
UHSODFLQJWKHEHOW
6HH\RXU32/$5,6GHDOHURURWKHUTXDOLILHGSHUVRQIRUVHUYLFHDQGUHSDLU
DVVLVWDQFH
7KLV397V\VWHPLVLQWHQGHGIRUXVHRQ32/$5,6SURGXFWVRQO\'RQRW
LQVWDOOLWLQDQ\RWKHUSURGXFW
$OZD\VPDNHVXUHWKH397KRXVLQJLVVHFXUHO\LQSODFHGXULQJRSHUDWLRQ
0$,17(1$1&(

%(/75(3/$&(0(17'(%5,65(029$/
,IDEHOWIDLOVDOZD\VFOHDQDQ\GHEULVIURPWKH397LQWDNHDQGRXWOHWGXFWDQG
IURPWKHFOXWFKDQGHQJLQHFRPSDUWPHQWVZKHQUHSODFLQJWKHEHOW
:$51,1*
)DLOXUHWRUHPRYH$//GHEULVZKHQUHSODFLQJWKHEHOWFRXOGUHVXOWLQYHKLFOH
GDPDJHORVVRIFRQWURODQGVHYHUHLQMXU\RUGHDWK
$OORZKRWFRPSRQHQWVWRFRROEHIRUHSHUIRUPLQJWKLVSURFHGXUH
5HPRYHWKHFOXWFKFRYHUVFUHZVDQGRSHQWKHFOXWFKFRYHU5HPRYHDOO
GHEULVZUDSSHGLQDQGDURXQGWKH397V\VWHP
5HPRYHDOOGHEULVIURPWKHHQWLUHFOXWFKDLUGXFWSDVVDJH
&KHFNIRUVLJQVRIGDPDJHWRVHDOVRQWKHWUDQVPLVVLRQDQGHQJLQH,IDQ\
VHDOVDSSHDUWREHGDPDJHG\RXUYHKLFOHUHTXLUHVSURPSWVHUYLFHWKDW\RXU
32/$5,6GHDOHUFDQSURYLGH
7,3
%HOWVOLSLVUHVSRQVLEOHIRUFUHDWLQJH[FHVVLYHKHDWWKDWGHVWUR\VEHOWVZHDUV
FOXWFKFRPSRQHQWVDQGFDXVHVRXWHUFOXWFKFRYHUVWRIDLO6ZLWFKWRORZUDQJH
ZKLOHRSHUDWLQJDWVORZHUVSHHGVWRH[WHQGWKHOLIHRIWKH397FRPSRQHQWV
EHOWFRYHUHWF
0$,17(1$1&(

397'5<,1*
7KHUHPD\EHVRPHLQVWDQFHVZKHQZDWHULVDFFLGHQWO\LQJHVWHGLQWRWKH397
V\VWHP8VHWKHIROORZLQJLQVWUXFWLRQVWRGU\LWRXWEHIRUHRSHUDWLQJ
127,&(
:KHQZDVKLQJWKHYHKLFOHDOZD\VDYRLGVSUD\LQJZDWHUGLUHFWO\WRZDUGWKH
397LQWDNHGXFW6HHSDJHSDJH IRUUHFRPPHQGHGZDVKLQJSURFHGXUHV
5HPRYHWKHGUDLQSOXJ
q
IURPWKH
ERWWRPRIWKHFOXWFKER[$OORZWKH
ZDWHUWRGUDLQ5HLQVWDOOWKHGUDLQ
SOXJVHFXUHO\
3ODFHWKHWUDQVPLVVLRQLQ3$5.
$SSO\WKHEUDNHV6WDUWWKHHQJLQH
$SSO\YDU\LQJWKURWWOHIRUVHFRQGV
WRH[SHOWKHPRLVWXUHDQGDLUGU\
WKHEHOWDQGFOXWFKHV'RQRWKROG
WKHWKURWWOHZLGHRSHQIRUPRUH
WKDQVHFRQGV
$OORZWKHHQJLQH530WRVHWWOHWR
LGOHVSHHG$SSO\WKHEUDNHV6KLIW
WKHWUDQVPLVVLRQWRWKHORZHVW
DYDLODEOHUDQJH
7HVWIRUEHOWVOLSSDJH,IWKHEHOW
VOLSVUHSHDWWKHSURFHVV
<RXUYHKLFOHUHTXLUHVVHUYLFHDV
VRRQDVSRVVLEOHZKLFK\RXU
32/$5,6GHDOHUFDQSURYLGH
0$,17(1$1&(

$,5),/7(5
$OZD\VFOHDQDOOGLUWDQGGHEULVDZD\IURPWKHDLUER[DUHDEHIRUHVHUYLFLQJWKH
DLUILOWHU$OZD\VFKDQJHWKHDLUILOWHUDWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH
5HPRYHWKHFDUJRER[DFFHVVSDQHO
&OHDQDOOGLUWDQGGHEULVIURPWKHDLUER[DUHD
8QODWFKWKHWZRDLUER[FRYHUVWUDSV
q
DQGFDUHIXOO\UHPRYHWKHDLUER[
FRYHU
,QVSHFWWKHDLUILOWHUDQGDLUER[IRUGLUWGHEULVRUZDWHU
7RUHPRYHWKHILOWHU
w
VOLGHWKHILOWHUWRZDUGWKHSDVVHQJHUVVLGHRIWKH
YHKLFOH
:LWKWKHILOWHUUHPRYHGFOHDQWKHLQWDNHWXEHDQGDLUER[WKRURXJKO\:LSH
ZHOOZLWKDFOHDQGU\FORWK
127,&(
'LUWRUGHEULVLQWKHLQWDNHWXEHFRXOGUHVXOWLQVHYHUHHQJLQHGDPDJH$OZD\V
FOHDQDOOGLUWDQGGHEULVIURPWKHLQWDNHWXEHEHIRUHLQVWDOOLQJWKHILOWHU
5HLQVWDOOWKHDLUILOWHULIFOHDQRULQVWDOODQHZDLUILOWHULIVRLOHG'RQRW
DWWHPSWWRFOHDQWKHDLUILOWHU
127,&(
8VHRIDQRQ32/$5,6DSSURYHGDLUILOWHUPD\FDXVHHQJLQHGDPDJH
5HSODFHPHQWILOWHUVDUHDYDLODEOHDW\RXU32/$5,6GHDOHUVKLS
0DNHVXUHWKDWWKHUHDUHQRJDSVEHWZHHQWKHILOWHUDQGWKHOHIWVLGHRIWKHDLU
ER[
5HLQVWDOOWKHDLUER[FRYHU0DNHVXUHWKHWDEVDUHSURSHUO\SRVLWLRQHGLQWR
WKHKLQJH
6HFXUHWKHFRYHUVWUDSV5HLQVWDOOWKHFDUJRER[DFFHVVSDQHO
0$,17(1$1&(

%5($7+(5+26(,163(&7,21
5HPRYHWKHEUHDWKHUKRVHFODPSDWWKHHQJLQHQHDUWKHH[KDXVWRXWOHW
3XOOWKHRWKHUHQGRIWKHEUHDWKHUKRVHDVVHPEO\DZD\IURPWKHDLUER[
5HPRYHWKHEUHDWKHUKRVHDVVHPEO\IURPWKHYHKLFOH
,QVSHFWWKHKRVHVIRUGHEULV%ORZJHQWO\WKURXJKWKHKRVHVWRFKHFNIRU
FORJJLQJ5HSODFHDGDPDJHGRUFORJJHGKRVH
&KHFNKRVHVIRUFUDFNVGHWHULRUDWLRQDEUDVLRQVRUOHDNV5HSODFHDV
QHHGHG
5HLQVWDOOWKHKRVHDVVHPEO\DQGVHFXUHWKHFODPSDWWKHHQJLQH3XVKWKH
RWKHUHQGRIWKHKRVHILUPO\LQWRWKHDLUER[ILWWLQJ
127,&(
2SHUDWLRQRIWKHYHKLFOHZLWKRXWEUHDWKHUKRVHVFDQFDXVHHQJLQHGDPDJH
$OZD\VUHLQVWDOODEUHDWKHUKRVHDIWHUUHPRYLQJLWIRUVHUYLFH
0$,17(1$1&(

,17$.(35(),/7(56
7KHHQJLQHLQWDNHSUHILOWHU
w
LVORFDWHGRQWKHULJKWVLGHRIWKHFDUJRER[7KH
397LQWDNHSUHILOWHU
q
LVORFDWHGRQWKHOHIWVLGHRIWKHFDUJRER[
,QVSHFWERWKSUHILOWHUVEHIRUHHDFKXVHRIWKHYHKLFOHWRHQVXUHDGHTXDWHDLU
IORZ,IQHFHVVDU\UHPRYHWKHSUHILOWHUVDQGFOHDQZLWKVRDS\ZDWHU'U\ZLWK
ORZSUHVVXUHFRPSUHVVHGDLU
127,&(
:KHQZDVKLQJWKHYHKLFOHDOZD\VDYRLGVSUD\LQJZDWHUGLUHFWO\WRZDUGWKH
397LQWDNHGXFW6HHSDJHSDJH IRUUHFRPPHQGHGZDVKLQJSURFHGXUHV
0$,17(1$1&(

9(+,&/(,00(56,21
127,&(
,I\RXUYHKLFOHEHFRPHVLPPHUVHGPDMRUHQJLQHGDPDJHFDQUHVXOWLIWKH
PDFKLQHLVQRWWKRURXJKO\LQVSHFWHG7DNHWKHYHKLFOHLQIRUVHUYLFHEHIRUH
VWDUWLQJWKHHQJLQH<RXU32/$5,6GHDOHUFDQSURYLGHWKLVVHUYLFH
,ILW¶VLPSRVVLEOHWRWDNH\RXUYHKLFOHWRDGHDOHUEHIRUHVWDUWLQJLWIROORZWKH
VWHSVRXWOLQHGEHORZ
0RYHWKHYHKLFOHWRGU\ODQG
&KHFNWKHDLUER[,IZDWHULVSUHVHQWGU\WKHDLUER[DQGUHSODFHWKHILOWHU
ZLWKDQHZILOWHU
'U\WKHVSDUNSOXJZHOOVZLWKDFOHDQFORWKWKHQUHPRYHWKHVSDUNSOXJV
7XUQWKHHQJLQHRYHUVHYHUDOWLPHV
'U\WKHVSDUNSOXJVDQGUHLQVWDOOWKHPRULQVWDOOQHZSOXJV
$WWHPSWWRVWDUWWKHHQJLQH,IQHFHVVDU\UHSHDWWKHGU\LQJSURFHGXUH
7DNHWKHYHKLFOHLQIRUVHUYLFHDVVRRQDVSRVVLEOHZKHWKHU\RXVXFFHHGLQ
VWDUWLQJLWRUQRW<RXU32/$5,6GHDOHUFDQSURYLGHWKHUHTXLUHGVHUYLFH
,IZDWHUKDVEHHQLQJHVWHGLQWRWKH397IROORZWKHSURFHGXUHRQSDJH IRU
GU\LQJ
0$,17(1$1&(

63$5.$55(67(5
:$51,1*
)DLOXUHWRKHHGWKHIROORZLQJZDUQLQJVZKLOHVHUYLFLQJWKHVSDUNDUUHVWHUFRXOG
UHVXOWLQVHULRXVLQMXU\RUGHDWK
'RQRWSHUIRUPFOHDQRXWLPPHGLDWHO\DIWHUWKHHQJLQHKDVEHHQUXQDVWKH
H[KDXVWV\VWHPEHFRPHVYHU\KRW6HULRXVEXUQVFRXOGUHVXOWIURPFRQWDFW
ZLWKWKHH[KDXVWFRPSRQHQWV$OORZFRPSRQHQWVWRFRROVXIILFLHQWO\EHIRUH
SURFHHGLQJ
:HDUH\HSURWHFWLRQDQGJORYHV
1HYHURSHUDWHZLWKRXWWKHVSDUNDUUHVWHU
1HYHUUXQWKHHQJLQHLQDQHQFORVHGDUHD([KDXVWFRQWDLQVSRLVRQRXV
FDUERQPRQR[LGHJDVWKDWFDQFDXVHORVVRIFRQVFLRXVQHVVRUGHDWKLQD
YHU\VKRUW
3HULRGLFDOO\FOHDQWKHVSDUNDUUHVWHUWRUHPRYHDFFXPXODWHGFDUERQ$SOXJJHG
VSDUNDUUHVWHUZLOODIIHFWHQJLQHSHUIRUPDQFH&OHDQGDLO\ZKHQGULYLQJLQPXG
DQGZDWHU5HSODFHDFUDFNHGRUGDPDJHGDUUHVWHUEHIRUHRSHUDWLQJ
5HPRYHWKHDUUHVWHUUHWDLQLQJEROW
q
DQGQXW
w
5HPRYHWKHDUUHVWHU
e
IURPWKH
HQGRIWKHPXIIOHU
8VHDQRQV\QWKHWLFEUXVKWRFOHDQ
WKHDUUHVWHUVFUHHQ$V\QWKHWLF
EUXVKPD\PHOWLIFRPSRQHQWVDUH
ZDUP,IQHFHVVDU\EORZGHEULV
IURPWKHVFUHHQZLWKFRPSUHVVHG
DLU
,QVSHFWWKHVFUHHQIRUZHDUDQG
GDPDJH5HSODFHDZRUQRU
GDPDJHGVFUHHQ
5HLQVWDOOWKHDUUHVWHU7RUTXHEROW
WRVSHFLILFDWLRQ
72548(
6SDUN$UUHVWHU)DVWHQHU
IWOEV1P
0$,17(1$1&(

%5$.(6
7KHIURQWDQGUHDUEUDNHVDUHK\GUDXOLFGLVFW\SHEUDNHVDFWLYDWHGE\WKHEUDNH
SHGDO6HHSDJH
$OZD\VFKHFNEUDNHSHGDOWUDYHODQGWKHEUDNHIOXLGUHVHUYRLUOHYHOEHIRUHHDFK
XVHRIWKHYHKLFOH:KHQDSSOLHGWKHEUDNHSHGDOVKRXOGIHHOILUP$Q\
VSRQJLQHVVZRXOGLQGLFDWHDSRVVLEOHIOXLGOHDNRUORZEUDNHIOXLGOHYHOZKLFK
PXVWEHFRUUHFWHGEHIRUHULGLQJ3URFHHGWRWKHQH[WSDJHIRUEUDNHIOXLG
LQIRUPDWLRQ
,I\RXGLVFRYHUDQ\LUUHJXODULWLHVLQEUDNHV\VWHPRSHUDWLRQLQFOXGLQJH[FHVVLYH
SHGDOWUDYHOFRQWDFW\RXU32/$5,6GHDOHUIRUSURSHUGLDJQRVLVDQGUHSDLUV
:$51,1*
2SHUDWLQJWKHYHKLFOHZLWKDVSRQJ\EUDNHSHGDOFDQUHVXOWLQORVVRIEUDNLQJ
ZKLFKFRXOGFDXVHDQDFFLGHQWUHVXOWLQJLQVHYHUHLQMXU\RUGHDWK1HYHU
RSHUDWHWKHYHKLFOHZLWKDVSRQJ\IHHOLQJEUDNHSHGDO
0$,17(1$1&(

%5$.()/8,'
,QVSHFWWKHOHYHORIWKHEUDNHIOXLGEHIRUHHDFKRSHUDWLRQ,IWKHIOXLGOHYHOLVORZ
DGG'27EUDNHIOXLGRQO\6HHSDJH IRUWKHSDUWQXPEHUVRI32/$5,6
SURGXFWV
:$51,1*
$IWHURSHQLQJDERWWOHRIEUDNHIOXLGDOZD\VGLVFDUGDQ\XQXVHGSRUWLRQ1HYHU
VWRUHRUXVHDSDUWLDOERWWOH%UDNHIOXLGLVK\JURVFRSLFPHDQLQJLWUDSLGO\
DEVRUEVPRLVWXUHIURPWKHDLU7KHPRLVWXUHFDXVHVWKHERLOLQJWHPSHUDWXUHRI
WKHEUDNHIOXLGWRGURSZKLFKFDQOHDGWRHDUO\EUDNHIDGHDQGWKHSRVVLELOLW\RI
DFFLGHQWRUVHYHUHLQMXU\
&KDQJHWKHEUDNHIOXLGHYHU\WZR
\HDUVDQGDQ\WLPHWKHIOXLGEHFRPHV
FRQWDPLQDWHGWKHIOXLGOHYHOLVEHORZ
WKHPLQLPXPRULIWKHW\SHDQGEUDQG
RIWKHIOXLGLQWKHUHVHUYRLUDUH
XQNQRZQ
3RVLWLRQWKHYHKLFOHRQDOHYHO
VXUIDFH
3ODFHWKHWUDQVPLVVLRQLQ3$5.
2SHQWKHIURQWER[FRYHUDQG
UHPRYHWKHDFFHVVSDQHO6HH
SDJH
9LHZWKHEUDNHIOXLGOHYHOLQWKH
UHVHUYRLU
q
7KHOHYHOVKRXOGEH
EHWZHHQWKHPD[LPXP
w
DQG
PLQLPXP
e
OHYHOOLQHV
,IWKHIOXLGOHYHOLVORZHUWKDQWKH
ORZHUOHYHOOLQHDGGEUDNHIOXLGWR
WKHXSSHUOLQH
$SSO\WKHEUDNHIRUFHIXOO\IRUIHZ
VHFRQGVDQGFKHFNIRUIOXLG
OHDNDJHDURXQGWKHILWWLQJV
0$,17(1$1&(

%5$.(,163(&7,21
&KHFNWKHEUDNHV\VWHPIRUIOXLG
OHDNV
&KHFNWKHEUDNHSHGDOIRU
H[FHVVLYHWUDYHORUDVSRQJ\IHHO
&KHFNWKHIULFWLRQSDGVIRUZHDU
GDPDJHDQGORRVHQHVV
&KHFNEUDNHGLVFVIRUVLJQVRI
FUDFNVH[FHVVLYHFRUURVLRQ
ZDUSLQJRURWKHUGDPDJH&OHDQ
DQ\JUHDVHXVLQJDQDSSURYHG
EUDNHFOHDQHURUDOFRKRO
:$51,1*
'RQRWDSSO\:'RUDQ\
SHWUROHXPSURGXFWWREUDNHGLVFV
7KHVHW\SHVRISURGXFWVDUH
IODPPDEOHDQGPD\DOVRUHGXFHWKH
IULFWLRQEHWZHHQWKHEUDNHSDGDQG
FDOLSHU
,QVSHFWWKHEUDNHGLVFVSOLQHDQG
SDGZHDUVXUIDFHIRUH[FHVVLYH
ZHDU&KDQJHSDGVZKHQZRUQWR
PP
67((5,1*:+((/,163(&7,21
&KHFNWKHVWHHULQJZKHHOIRUVSHFLILHGIUHHSOD\DQGVPRRWKRSHUDWLRQDWWKH
LQWHUYDOVRXWOLQHGLQWKH3HULRGLF0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH
3RVLWLRQWKHYHKLFOHRQOHYHOJURXQG
/LJKWO\WXUQWKHVWHHULQJZKHHOOHIWDQGULJKW
7KHUHVKRXOGEHPPRIIUHHSOD\
,IWKHUHLVH[FHVVLYHIUHHSOD\RUVWUDQJHQRLVHVRUWKHVWHHULQJIHHOVURXJKRU
³FDWFK\´KDYHWKHVWHHULQJV\VWHPLQVSHFWHGE\DQDXWKRUL]HG32/$5,6
GHDOHU
0$,17(1$1&(

6863(16,216(77,1*6
:$/.(5(9$16)52175($5635,1*35(/2$'
7KHIDFWRU\VHWWLQJLVDSSURSULDWHIRUQHDUO\DOOULGLQJFRQGLWLRQV,IGHVLUHGWKH
VXVSHQVLRQPD\EHDGMXVWHGWRPDLQWDLQYHKLFOHFOHDUDQFHKHLJKWZKHQFDUU\LQJ
ORDGV
)URQW6KRFN3UHORDG0HDVXUHPHQW 5HDU6KRFN3UHORDG0HDVXUHPHQW
)$&725<35(/2$'6(77,1*6
/2&$7,21 0($685(0(17
)URQW LQFP
5HDU LQFP
127(
7KHVKRFNPXVWEHUHPRYHGIURPWKHYHKLFOHIRUDFFXUDWHPHDVXUHPHQW
0$,17(1$1&(

:$/.(5(9$166+2&.35(/2$'$'-8670(17
)ROORZWKHVHJXLGHOLQHVLI\RXPDNHDGMXVWPHQWVWRWKLVVXVSHQVLRQ
$OZD\VUHWXUQWKHVXVSHQVLRQWRWKHIDFWRU\VHWWLQJDIWHUWKHORDGLVUHPRYHG
IURPWKHYHKLFOH7KHLQFUHDVHGVXVSHQVLRQKHLJKWZLOOQHJDWLYHO\LPSDFW
YHKLFOHVWDELOLW\ZKHQRSHUDWLQJZLWKRXWDORDG
$OZD\VDSSO\WKHVDPHDGMXVWPHQWVHWWLQJWRDOOIRXUZKHHOV
'RQRWLQFUHDVHWKHVSULQJSUHORDGE\PRUHWKDQRQHLQFKPPRYHUWKH
IDFWRU\VHWWLQJ
(OHYDWHWKHYHKLFOHWRDOORZWKHVXVSHQVLRQWRIXOO\H[WHQG
7XUQWKHDGMXVWLQJULQJ
q
WRWKHOHIWWRLQFUHDVHSUHORDGIRUDKLJKHUULGH
KHLJKW7XUQWKHDGMXVWLQJULQJWRWKHULJKWWRGHFUHDVHSUHORDGIRUDORZHUULGH
KHLJKW
:$51,1*
8QHYHQDGMXVWPHQWPD\FDXVHSRRUKDQGOLQJRIWKHYHKLFOHZKLFKFRXOGUHVXOW
LQDQDFFLGHQW$OZD\VDGMXVWERWKWKHOHIWDQGULJKWVSULQJSUHORDGVHTXDOO\RU
KDYH\RXU32/$5,6GHDOHUSHUIRUPWKHDGMXVWPHQWV
)URQW6KRFN 5HDU6KRFN
0$,17(1$1&(

:$/.(5(9$16)52175($56+2&.&2035(66,21
7KHFRPSUHVVLRQGDPSLQJFOLFNHUNQRE
q
LVORFDWHGDWWKHWRSRIWKHVKRFN
UHVHUYRLU:KHQWKHNQRELVWXUQHGFORFNZLVHXQWLOLWVWRSVWKHGDPSLQJLVLQWKH
IXOO\FORVHGSRVLWLRQ:KHQWXUQHGFRXQWHUFORFNZLVHXQWLOLWVWRSVWKHGDPSLQJ
LVLQWKHIXOO\RSHQSRVLWLRQ
7XUQWKHFOLFNHUFORFNZLVHWRLQFUHDVHFRPSUHVVLRQGDPSLQJ
7XUQWKHFOLFNHUFRXQWHUFORFNZLVHWRGHFUHDVHFRPSUHVVLRQGDPSLQJ
)URQW6KRFN 5HDU6KRFN
:$/.(5(9$166+2&.6
6(77,1* &2035(66,21'$03,1*
6RIWHVW
&OLFNHUNQRELQIXOO\RSHQSRVLWLRQ
)DFWRU\
)URQWFOLFNVIURPIXOO\RSHQSRVLWLRQ
5HDUFOLFNVIURPIXOO\RSHQSRVLWLRQ
)LUPHVW FOLFNIURPFORVHG
0$,17(1$1&(

7,5(6
:$51,1*
2SHUDWLQJ\RXUYHKLFOHZLWKZRUQWLUHVZLOOLQFUHDVHWKHSRVVLELOLW\RIVNLGGLQJ
ORVVRIFRQWURODQGDQDFFLGHQWZKLFKFRXOGUHVXOWLQVHULRXVLQMXU\RUGHDWK
$OZD\VUHSODFHWLUHVZKHQWKHWUHDGGHSWKPHDVXUHV´PPRUOHVV
,PSURSHUWLUHLQIODWLRQRUWKHXVHRIQRQVWDQGDUGVL]HRUW\SHRIWLUHVPD\
DGYHUVHO\DIIHFWYHKLFOHKDQGOLQJZKLFKFRXOGUHVXOWLQYHKLFOHGDPDJHRU
SHUVRQDOLQMXU\$OZD\VPDLQWDLQSURSHUWLUHSUHVVXUH$OZD\VXVH32/$5,6
DSSURYHGVL]HDQGW\SHRIWLUHVIRUWKLVYHKLFOHZKHQUHSODFLQJWLUHV
7,5(75($''(37+
$OZD\VUHSODFHWLUHVZKHQWUHDGGHSWK
LVZRUQWR´PPRUOHVV
$;/($1':+((/18772548(63(&,),&$7,216
,QVSHFWWKHIROORZLQJLWHPVRFFDVLRQDOO\IRUWLJKWQHVVDQGLIWKH\YHEHHQ
ORRVHQHGIRUPDLQWHQDQFHVHUYLFH'RQRWOXEULFDWHWKHVWXGRUWKHOXJQXW
/XJ1XW
$OXPLQXP
:KHHOV
)URQWDQG5HDU
IWOEV
1P3/86
7851RU
GHJUHHV
3LHFH)ODQJH
1XW
6WHHO:KHHOV
)URQWDQG5HDU
IWOEV
1P
+XE5HWDLQLQJ1XW
)URQWDQG5HDU
IWOEV
1P
0$,17(1$1&(

:+((/5(029$/
3RVLWLRQWKHYHKLFOHRQDOHYHOVXUIDFH
3ODFHWKHWUDQVPLVVLRQLQ3$5.6WRSWKHHQJLQH
/RRVHQWKHZKHHOQXWVVOLJKWO\
(OHYDWHWKHVLGHRIWKHYHKLFOHE\SODFLQJDVXLWDEOHVWDQGXQGHUWKHIUDPH
5HPRYHWKHZKHHOQXWVDQGZDVKHUV5HPRYHWKHZKHHO
:+((/,167$//$7,21
3ODFHWKHWUDQVPLVVLRQLQ3$5.
3ODFHWKHZKHHORQWKHKXEZLWKWKHYDOYHVWHPWRZDUGWKHRXWVLGHDQG
URWDWLRQDUURZVRQWKHWLUHSRLQWLQJWRZDUGIRUZDUGURWDWLRQ
:$51,1*
,PSURSHUO\LQVWDOOHGZKHHOVFDQDGYHUVHO\DIIHFWWLUHZHDUDQGYHKLFOH
KDQGOLQJZKLFKFDQUHVXOWLQVHULRXVLQMXU\RUGHDWK$OZD\VHQVXUHWKDWDOO
QXWVDUHWRUTXHGWRVSHFLILFDWLRQ'RQRWVHUYLFHD[OHQXWVWKDWKDYHDFRWWHUSLQ
LQVWDOOHG<RXU32/$5,6GHDOHUFDQDVVLVW
$WWDFKWKHZKHHOQXWVDQGZDVKHUVDQGILQJHUWLJKWHQ
&DUHIXOO\ORZHUWKHYHKLFOHWRWKHJURXQG
7RUTXHWKHZKHHOQXWVWRVSHFLILFDWLRQ6HHSDJH
0$,17(1$1&(

/,*+76
+HDGOLJKWDQGWDLOOLJKWOHQVHVEHFRPHGLUW\GXULQJQRUPDORSHUDWLRQ&OHDQDOO
OLJKWVIUHTXHQWO\WRHQVXUHDFOHDUILHOGRIYLVLRQDVZHOODVYLVLELOLW\WRRWKHU
YHKLFOHV
+($'/,*+7%($0$'-8670(17
3ODFHWKHYHKLFOHRQDOHYHOVXUIDFH
ZLWKWKHKHDGOLJKWDSSUR[LPDWHO\
IWPIURPDZDOO3ODFHWKH
WUDQVPLVVLRQLQ3$5.
0HDVXUHWKHGLVWDQFHIURPWKHIORRU
WRWKHFHQWHURIWKHKHDGOLJKWDQG
PDNHDPDUNRQWKHZDOODWWKH
VDPHKHLJKW
$SSO\WKHEUDNHV7XUQWKHLJQLWLRQ
VZLWFKWRWKH/,*+7621SRVLWLRQ
2EVHUYHWKHKHDGOLJKWDLP7KH
PRVWLQWHQVHSDUWRIWKHKHDGOLJKW
EHDPVKRXOGEHDLPHGFP
EHORZWKHPDUNSODFHGRQWKHZDOO
LQVWHS,QFOXGHWKHZHLJKWRID
ULGHURQWKHVHDWZKLOHSHUIRUPLQJ
WKLVVWHS
,IDGMXVWPHQWLVQHFHVVDU\WXUQWKH
KHDGOLJKWDGMXVWPHQWVFUHZ
q
WR
DGMXVWWKHEHDP
5HSHDWVWHSVXQWLOWKHEHDPLV
SURSHUO\DGMXVWHG
0$,17(1$1&(

/('+($'/$036
,IDKHDGOLJKWEHFRPHVGDPDJHGRU
LQRSHUDEOHWKHHQWLUHKHDGOLJKW
DVVHPEO\PXVWEHUHSODFHG'RQRW
RSHUDWHWKHYHKLFOHDWQLJKWRULQORZ
OLJKWFRQGLWLRQVZLWKRXWSURSHUO\
ZRUNLQJKHDGOLJKWV
7,3
,IDQ/('KHDGODPSKDVPRLVWXUHRU
IRJJLQJLQVLGHGLVFRQQHFWWKHZLULQJ
KDUQHVV
q
IURPWKHKHDGODPSVIRU
DIHZGD\VWRDOORZWKHPRLVWXUHWR
FOHDURXW
7$,//,*+7%5$.(/,*+75(3/$&(0(17
7KHWDLOOLJKWDVVHPEO\LVQRWVHUYLFHDEOH,IWKHWDLOOLJKWRUEUDNHOLJKWIDLOVWR
RSHUDWHSURSHUO\UHSODFHWKHHQWLUHWDLOOLJKWDVVHPEO\
0$,17(1$1&(

%$77(5<
:$51,1*
%DWWHU\HOHFWURO\WHLVSRLVRQRXV,WFRQWDLQVVXOIXULFDFLG6HULRXVEXUQVFDQ
UHVXOWIURPFRQWDFWZLWKVNLQH\HVRUFORWKLQJ
$QWLGRWH
([WHUQDO)OXVKZLWKZDWHU
,QWHUQDO 'ULQNODUJHTXDQWLWLHVRIZDWHURUPLON)ROORZZLWKPLONRIPDJQHVLD
EHDWHQHJJRUYHJHWDEOHRLO&DOOSK\VLFLDQLPPHGLDWHO\
(\HV)OXVKZLWKZDWHUIRUPLQXWHVDQGJHWSURPSWPHGLFDODWWHQWLRQ
%DWWHULHVSURGXFHH[SORVLYHJDVHV.HHSVSDUNVIODPHFLJDUHWWHVHWFDZD\
9HQWLODWHZKHQFKDUJLQJRUXVLQJLQDQHQFORVHGVSDFH$OZD\VVKLHOGH\HV
ZKHQZRUNLQJQHDUEDWWHULHV.((32872)5($&+2)&+,/'5(1
<RXUYHKLFOHPD\KDYHHLWKHUDVHDOHGEDWWHU\ZKLFKUHTXLUHVOLWWOHPDLQWHQDQFH
RUDFRQYHQWLRQDOEDWWHU\$VHDOHGEDWWHU\FDQEHLGHQWLILHGE\LWVIODWFRYHUVRQ
WKHWRSRIWKHEDWWHU\$FRQYHQWLRQDOEDWWHU\KDVVL[ILOOHUFDSVRQWKHWRSRIWKH
EDWWHU\
$OZD\VNHHSEDWWHU\WHUPLQDOVDQGFRQQHFWLRQVIUHHRIFRUURVLRQ,IFOHDQLQJLV
QHFHVVDU\UHPRYHWKHFRUURVLRQZLWKDVWLIIZLUHEUXVK:DVKZLWKDVROXWLRQRI
RQHWDEOHVSRRQEDNLQJVRGDDQGRQHFXSZDWHU5LQVHZHOOZLWKWDSZDWHUDQG
GU\RIIZLWKFOHDQVKRSWRZHOV&RDWWKHWHUPLQDOVZLWKGLHOHFWULFJUHDVHRU
SHWUROHXPMHOO\%HFDUHIXOQRWWRDOORZFOHDQLQJVROXWLRQRUWDSZDWHULQWRD
FRQYHQWLRQDOEDWWHU\
:$51,1*
,PSURSHUO\FRQQHFWLQJRUGLVFRQQHFWLQJEDWWHU\FDEOHVFDQUHVXOWLQDQ
H[SORVLRQDQGFDXVHVHULRXVLQMXU\RUGHDWK:KHQUHPRYLQJWKHEDWWHU\
DOZD\VGLVFRQQHFWWKHQHJDWLYHEODFNFDEOHILUVW:KHQUHLQVWDOOLQJWKH
EDWWHU\DOZD\VFRQQHFWWKHQHJDWLYHEODFNFDEOHODVW
0$,17(1$1&(

%$77(5<5(029$/
5HPRYHWKHVHDW6HHSDJH
5HPRYHWKHWKUHHEROWV
q
VHFXULQJWKHFXSKROGHUSDQHOWRWKHIUDPH/LIW
WKHSDQHOWRDFFHVVWKHEDWWHU\
5HPRYHWKHEDWWHU\KROGGRZQVWUDSVFUHZVDQGUHPRYHWKHVWUDS
w
2QFRQYHQWLRQDOEDWWHULHVUHPRYHWKHEDWWHU\YHQWWXEH
'LVFRQQHFWWKHEODFNQHJDWLYHEDWWHU\FDEOHILUVW
'LVFRQQHFWWKHUHGSRVLWLYHEDWWHU\FDEOHODVW
/LIWWKHEDWWHU\
e
RXWRIWKHYHKLFOH%HFDUHIXOQRWWRWLSDFRQYHQWLRQDO
EDWWHU\VLGHZD\VZKLFKFRXOGVSLOOHOHFWURO\WH
127,&(
,IHOHFWURO\WHVSLOOVLPPHGLDWHO\ZDVKLWRIIZLWKDVROXWLRQRIRQHWDEOHVSRRQ
EDNLQJVRGDDQGRQHFXSZDWHUWRSUHYHQWGDPDJHWRWKHYHKLFOH
0$,17(1$1&(

%$77(5<,167$//$7,21
8VLQJDQHZEDWWHU\WKDWKDVQRWEHHQIXOO\FKDUJHGFDQGDPDJHWKHEDWWHU\DQG
UHVXOWLQDVKRUWHUOLIH,WFDQDOVRKLQGHUYHKLFOHSHUIRUPDQFH)ROORZWKHEDWWHU\
FKDUJLQJLQVWUXFWLRQVRQSDJH EHIRUHLQVWDOOLQJWKHEDWWHU\
$QRSWLRQDOH[WUHPHXVHEDWWHU\PD\EHDYDLODEOHIRU\RXUPRGHO,IWKH
SHUIRUPDQFHRIWKHIDFWRU\LQVWDOOHGEDWWHU\LVLQDGHTXDWHGXHWRRSHUDWLRQLQ
H[WUHPHFROGRUGXHWRH[WHQGHGXVHRIPXOWLSOHHOHFWULFDODFFHVVRULHV\RXU
32/$5,6GHDOHUFDQDVVLVW<RXUGHDOHUFDQSURYLGHDQ\LQVWDOODWLRQSURFHGXUHV
WKDWPD\GLIIHUIRUDQH[WUHPHXVHEDWWHU\
(QVXUHWKDWWKHEDWWHU\LVIXOO\FKDUJHG
3ODFHWKHEDWWHU\LQWKHEDWWHU\KROGHU
2QFRQYHQWLRQDOEDWWHULHVLQVWDOOWKHEDWWHU\YHQWWXEHVHDOHGEDWWHULHVGR
QRWKDYHDYHQWWXEH7KHYHQWWXEHPXVWEHIUHHRIREVWUXFWLRQVDQG
VHFXUHO\LQVWDOOHG5RXWHWKHWXEHDZD\IURPWKHIUDPHDQGYHKLFOHERG\WR
SUHYHQWFRQWDFWZLWKHOHFWURO\WH
:$51,1*
%DWWHU\JDVHVFRXOGDFFXPXODWHLQDQLPSURSHUO\LQVWDOOHGYHQWWXEHDQGFDXVH
DQH[SORVLRQUHVXOWLQJLQVHULRXVLQMXU\RUGHDWK$OZD\VHQVXUHWKDWWKHYHQW
WXEHLVIUHHRIREVWUXFWLRQVDQGLVVHFXUHO\LQVWDOOHGDVUHFRPPHQGHG
&RDWWKHWHUPLQDOVZLWKGLHOHFWULFJUHDVHRUSHWUROHXPMHOO\
&RQQHFWDQGWLJKWHQWKHUHGSRVLWLYHFDEOHILUVW
&RQQHFWDQGWLJKWHQWKHEODFNQHJDWLYHFDEOHODVW
,QVWDOOWKHEDWWHU\KROGGRZQVWUDSDQGWLJKWHQWKHVFUHZV
9HULI\WKDWFDEOHVDUHSURSHUO\URXWHG
5HLQVWDOOWKHFXSKROGHUSDQHO7LJKWHQWKHEROWV
5HLQVWDOOWKHVHDW
0$,17(1$1&(

%$77(5<6725$*(
:KHQHYHUWKHYHKLFOHLVQRWXVHGIRUDSHULRGRIWKUHHPRQWKVRUPRUHUHPRYH
WKHEDWWHU\IURPWKHYHKLFOHHQVXUHWKDWLWVIXOO\FKDUJHGDQGVWRUHLWRXWRIWKH
VXQLQDFRROGU\SODFH&KHFNEDWWHU\YROWDJHHDFKPRQWKGXULQJVWRUDJHDQG
UHFKDUJHDVQHHGHGWRPDLQWDLQDIXOOFKDUJH6HHSDJH
7,3
%DWWHU\FKDUJHFDQEHPDLQWDLQHGE\XVLQJD32/$5,6%DWWHU\7HQGHUFKDUJHU
RUE\FKDUJLQJDERXWRQFHDPRQWKWRPDNHXSIRUQRUPDOVHOIGLVFKDUJH
%DWWHU\7HQGHUFDQEHOHIWFRQQHFWHGGXULQJWKHVWRUDJHSHULRGDQGZLOO
DXWRPDWLFDOO\FKDUJHWKHEDWWHU\LIWKHYROWDJHGURSVEHORZDSUHGHWHUPLQHG
SRLQW6HHSDJH IRUWKHSDUWQXPEHUVRI32/$5,6SURGXFWV
%$77(5<)/8,'&219(17,21$/%$77(5<
$SRRUO\PDLQWDLQHGEDWWHU\ZLOOGHWHULRUDWHUDSLGO\&KHFNWKHEDWWHU\IOXLGOHYHO
RIWHQ0DLQWDLQWKHIOXLGOHYHOEHWZHHQWKHXSSHU
q
DQGORZHUOHYHO
w
PDUNV
$GGRQO\GLVWLOOHGZDWHU7DSZDWHUFRQWDLQVPLQHUDOVWKDWDUHKDUPIXOWRD
EDWWHU\
0$,17(1$1&(

%$77(5<&+$5*,1*&219(17,21$/%$77(5<
5HPRYHWKHEDWWHU\IURPWKHYHKLFOHWRSUHYHQWGDPDJHIURPOHDNLQJRU
VSLOOHGHOHFWURO\WHGXULQJFKDUJLQJ6HHSDJH
&KDUJHWKHEDWWHU\ZLWKDFKDUJLQJRXWSXWQRODUJHUWKDQRIWKHEDWWHU\¶V
DPSKUUDWLQJ&KDUJHDVQHHGHGWRUDLVHWKHVSHFLILFJUDYLW\WRRU
JUHDWHU
5HLQVWDOOWKHEDWWHU\6HHSDJH0DNHVXUHWKHSRVLWLYHWHUPLQDOLV
WRZDUGWKHIURQWRIWKHYHKLFOH
%$77(5<&+$5*,1*6($/('%$77(5<
7KHIROORZLQJEDWWHU\FKDUJLQJLQVWUXFWLRQVDSSO\RQO\WRWKHLQVWDOODWLRQRID
VHDOHGEDWWHU\5HDGDOOLQVWUXFWLRQVEHIRUHSURFHHGLQJZLWKWKHLQVWDOODWLRQRI
WKLVEDWWHU\
7KHVHDOHGEDWWHU\LVDOUHDG\ILOOHGZLWKHOHFWURO\WHDQGKDVEHHQVHDOHGDQGIXOO\
FKDUJHGDWWKHIDFWRU\1HYHUSU\WKHVHDOLQJVWULSRIIRUDGGDQ\RWKHUIOXLGWRWKLV
EDWWHU\
7KHVLQJOHPRVWLPSRUWDQWWKLQJDERXWPDLQWDLQLQJDVHDOHGEDWWHU\LVWRNHHSLW
IXOO\FKDUJHG6LQFHWKHEDWWHU\LVVHDOHGDQGWKHVHDOLQJVWULSFDQQRWEH
UHPRYHG\RXPXVWXVHDYROWPHWHURUPXOWLPHWHUWRPHDVXUH'&YROWDJH
:$51,1*
$QRYHUKHDWHGEDWWHU\PD\H[SORGHFDXVLQJVHYHUHLQMXU\RUGHDWK$OZD\V
ZDWFKFKDUJLQJWLPHVFDUHIXOO\6WRSFKDUJLQJLIWKHEDWWHU\EHFRPHVYHU\
ZDUPWRWKHWRXFK$OORZLWWRFRROEHIRUHUHVXPLQJFKDUJLQJ
)RUDUHIUHVKFKDUJHIROORZDOOLQVWUXFWLRQVFDUHIXOO\
&KHFNWKHEDWWHU\YROWDJHZLWKDYROWPHWHURUPXOWLPHWHU$IXOO\FKDUJHG
EDWWHU\ZLOOUHJLVWHU9RUKLJKHU
,IWKHYROWDJHLVOHVVWKDQYROWVUHFKDUJHWKHEDWWHU\DWDPSVRUOHVV
XQWLOEDWWHU\YROWDJHLVRUJUHDWHU
7,3
:KHQXVLQJDQDXWRPDWLFFKDUJHUUHIHUWRWKHFKDUJHUPDQXIDFWXUHUV
LQVWUXFWLRQVIRUUHFKDUJLQJ:KHQXVLQJDFRQVWDQWFXUUHQWFKDUJHUXVHWKH
JXLGHOLQHVRQWKHQH[WSDJHIRUUHFKDUJLQJ
0$,17(1$1&(

$OZD\VYHULI\EDWWHU\FRQGLWLRQEHIRUHDQGKRXUVDIWHUWKHHQGRIFKDUJLQJ
67$7(2)
&+$5*(
92/7$*( $&7,21 &+$5*(7,0(
86,1*&2167$17&855(17&+$5*(5#67$1'$5'$03663(&,),('21
7232)%$77(5<
YROWV 1RQHFKHFNDW
PRVIURPGDWHRI
PDQXIDFWXUH
1RQHUHTXLUHG
YROWV 0D\QHHGVOLJKW
FKDUJHLIQR
FKDUJHJLYHQ
FKHFNLQ
PRQWKV
KRXUV
YROWV 1HHGVFKDUJH KRXUV
YROWV 1HHGVFKDUJH $WOHDVWKRXUV
YHULI\VWDWHRI
FKDUJH
YROWVRUOHVV 1HHGVFKDUJH
ZLWKGHVXOIDWLQJ
FKDUJHU
$WOHDVWKRXUV
0$,17(1$1&(

&/($1,1*$1'6725$*(
:$6+,1*7+(9(+,&/(
.HHSLQJ\RXU32/$5,6YHKLFOHFOHDQZLOOQRWRQO\LPSURYHLWVDSSHDUDQFHEXWLW
FDQDOVRH[WHQGWKHOLIHRIYDULRXVFRPSRQHQWV
127,&(
:DWHULQWKH397V\VWHPFRXOGFDXVHWKHGULYHEHOWWREHFRPHZHWDQGVOLSLQ
WKHFOXWFKHV$OZD\VDYRLGVSUD\LQJZDWHUGLUHFWO\WRZDUGDQ\LQWDNHSUHILOWHUV
q
w
127,&(
+LJKZDWHUSUHVVXUHPD\GDPDJHWKHUDGLDWRUILQVDQGLPSDLUWKHUDGLDWRU¶V
HIIHFWLYHQHVV+LJKSUHVVXUHPD\DOVRGDPDJHRWKHUYHKLFOHFRPSRQHQWV
&HUWDLQSURGXFWVLQFOXGLQJLQVHFWUHSHOOHQWVDQGFKHPLFDOVZLOOGDPDJH
SODVWLFVXUIDFHV'RQRWDOORZWKHVHW\SHVRISURGXFWVWRFRQWDFWWKHYHKLFOH
7KHEHVWDQGVDIHVWZD\WRFOHDQ\RXU32/$5,6YHKLFOHLVZLWKDJDUGHQKRVH
DQGDSDLORIPLOGVRDSDQGZDWHU
8VHDSURIHVVLRQDOW\SHZDVKLQJFORWKFOHDQLQJWKHXSSHUERG\ILUVWDQGWKH
ORZHUSDUWVODVW
5LQVHZLWKFOHDQZDWHUIUHTXHQWO\
'U\VXUIDFHVZLWKDFKDPRLVWRSUHYHQWZDWHUVSRWV
:$6+,1*7,36
$YRLGWKHXVHRIKDUVKFOHDQHUVZKLFKFDQVFUDWFKWKHILQLVK
'RQRWXVHDSRZHUZDVKHUWRFOHDQWKHYHKLFOH
'RQRWXVHPHGLXPWRKHDY\GXW\FRPSRXQGVRQWKHILQLVK
$OZD\VXVHFOHDQFORWKVDQGSDGVIRUFOHDQLQJDQGSROLVKLQJ2OGRUUHXVHG
FORWKVDQGSDGVPD\FRQWDLQGLUWSDUWLFOHVWKDWZLOOVFUDWFKWKH
0$,17(1$1&(

,IDKLJKSUHVVXUHZDWHUV\VWHPLVXVHGIRUFOHDQLQJQRWUHFRPPHQGHG
H[HUFLVHH[WUHPHFDXWLRQ7KHZDWHUPD\GDPDJHFRPSRQHQWVDQGFRXOG
UHPRYHSDLQWDQGODEHOV$YRLGGLUHFWLQJWKHZDWHUVWUHDPDWWKHIROORZLQJLWHPV
:KHHOEHDULQJV
5DGLDWRU
7UDQVPLVVLRQVHDOV
%UDNHV
&DEDQGERG\SDQHOV
/DEHOVDQGGHFDOV
(OHFWULFDOFRPSRQHQWVDQGZLULQJ
$LULQWDNHFRPSRQHQWV
,IZDUQLQJDQGVDIHW\ODEHOVDUHGDPDJHGFRQWDFW\RXU32/$5,6GHDOHUIRUIUHH
UHSODFHPHQW
*UHDVHDOO]HUNILWWLQJVLPPHGLDWHO\DIWHUZDVKLQJ$OORZWKHHQJLQHWRUXQIRUD
ZKLOHWRHYDSRUDWHDQ\ZDWHUWKDWPD\KDYHHQWHUHGWKHHQJLQHRUH[KDXVW
V\VWHP
32/,6+,1*7+(9(+,&/(
32/$5,6UHFRPPHQGVWKHXVHRIFRPPRQKRXVHKROGDHURVROIXUQLWXUHSROLVK
IRUSROLVKLQJWKHILQLVKRQ\RXU32/$5,6YHKLFOH)ROORZWKHLQVWUXFWLRQVRQWKH
FRQWDLQHU
32/,6+,1*7,36
$YRLGWKHXVHRIDXWRPRWLYHSURGXFWVVRPHRIZKLFKFDQVFUDWFKWKHILQLVKRI
\RXUYHKLFOH
$OZD\VXVHFOHDQFORWKVDQGSDGVIRUFOHDQLQJDQGSROLVKLQJ2OGRUUHXVHG
FORWKVDQGSDGVPD\FRQWDLQGLUWSDUWLFOHVWKDWZLOOVFUDWFKWKH
0$,17(1$1&(

6725$*(7,36
127,&(
6WDUWLQJWKHHQJLQHGXULQJWKHVWRUDJHSHULRGZLOOGLVWXUEWKHSURWHFWLYHILOP
FUHDWHGE\IRJJLQJDQGGDPDJHFRXOGRFFXU1HYHUVWDUWWKHHQJLQHGXULQJWKH
VWRUDJHSHULRG
&/($17+((;7(5,25
0DNHDQ\QHFHVVDU\UHSDLUVDQGFOHDQWKHYHKLFOHDVUHFRPPHQGHG6HHSDJH
67$%,/,=(7+()8(/
)LOOWKHIXHOWDQN
$GG32/$5,6&DUERQ&OHDQ)XHO7UHDWPHQWRU32/$5,6)XHO6WDELOL]HURU
HTXLYDOHQWIXHOWUHDWPHQWVRUVWDELOL]HUV)ROORZWKHLQVWUXFWLRQVRQWKH
FRQWDLQHUIRUWKHUHFRPPHQGHGDPRXQW&DUERQ&OHDQUHPRYHVZDWHUIURP
IXHOV\VWHPVVWDELOL]HVIXHODQGUHPRYHVFDUERQGHSRVLWVIURPSLVWRQV
ULQJVYDOYHVDQGH[KDXVWV\VWHPV
$OORZWKHHQJLQHWRUXQIRUPLQXWHVWRDOORZWKHVWDELOL]HUWRGLVSHUVH
WKURXJKWKHHQWLUHIXHOGHOLYHU\V\VWHP
2,/$1'),/7(5
&KDQJHWKHRLODQGILOWHU6HHSDJH
$,5),/7(5$,5%2;
5HSODFHWKHDLUILOWHU6HH0DLQWHQDQFH&KDSWHU&OHDQWKHDLUER[
)/8,'/(9(/6
,QVSHFWWKHIOXLGOHYHOV$GGRUFKDQJHIOXLGVDVUHFRPPHQGHGLQWKH3HULRGLF
0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH
'HPDQGGULYHIOXLGIURQWJHDUFDVH
5HDUJHDUFDVHIOXLGLIHTXLSSHG
7UDQVPLVVLRQIOXLG
%UDNHIOXLGFKDQJHHYHU\WZR\HDUVDQGDQ\WLPHWKHIOXLGORRNVGDUNRU
FRQWDPLQDWHG
&RRODQWWHVWVWUHQJWKILOO
0$,17(1$1&(

,163(&7$1'/8%5,&$7(
,QVSHFWDOOFDEOHVDQGOXEULFDWHDOODUHDVRIWKHYHKLFOHDVUHFRPPHQGHGLQWKH
3HULRGLF0DLQWHQDQFH&KDUWEHJLQQLQJRQSDJH
)2*7+((1*,1(
7UHDWWKHIXHOV\VWHPZLWK32/$5,6&DUERQ&OHDQRURWKHUHTXLYDOHQWIXHO
WUHDWPHQW)ROORZWKHLQVWUXFWLRQVRQWKHFRQWDLQHU6WDUWWKHHQJLQH$OORZLW
WRLGOHIRUVHYHUDOPLQXWHVVRWKH&DUERQ&OHDQUHDFKHVWKHLQMHFWRUV6WRS
WKHHQJLQH
5HPRYHWKHVSDUNSOXJVDQGDGGWDEOHVSRRQVRIHQJLQHRLO7RDFFHVV
WKHSOXJKROHVXVHDVHFWLRQRIFOHDU´KRVHDQGDVPDOOSODVWLFVTXHH]H
ERWWOHILOOHGZLWKWKHSUHPHDVXUHGDPRXQWRIRLO'RWKLVFDUHIXOO\,I\RXPLVV
WKHSOXJKROHVRLOZLOOGUDLQIURPWKHVSDUNSOXJFDYLWLHVLQWRWKHKROHDWWKH
IURQWRIWKHF\OLQGHUKHDGDQGDSSHDUWREHDQRLOOHDN
5HLQVWDOOWKHVSDUNSOXJV7RUTXHWRVSHFLILFDWLRQ6HHSDJH
$SSO\GLHOHFWULFJUHDVHWRWKHLQVLGHRIHDFKVSDUNSOXJFDS'RQRWUHLQVWDOO
WKHFDSRQWRWKHSOXJDWWKLVVWHS
7XUQWKHHQJLQHRYHUVHYHUDOWLPHV2LOZLOOEHIRUFHGLQDQGDURXQGWKH
SLVWRQULQJVDQGULQJODQGVFRDWLQJWKHF\OLQGHUZLWKDSURWHFWLYHILOPRIIUHVK
RLO
5HLQVWDOOWKHVSDUNSOXJFDSV
,I32/$5,6IXHOV\VWHPDGGLWLYHLVQRWXVHGIXHOWDQNIXHOOLQHVDQG
LQMHFWRUVVKRXOGEHFRPSOHWHO\GUDLQHGRIJDVROLQH
%$77(5<0$,17(1$1&(
6HHSDJH DQGSDJH IRUVWRUDJHDQGFKDUJLQJSURFHGXUHV
6725$*($5($&29(56
%HVXUHWKHVWRUDJHDUHDLVZHOOYHQWLODWHG&RYHUWKHYHKLFOHZLWKDJHQXLQH
32/$5,6FRYHU'RQRWXVHSODVWLFRUFRDWHGPDWHULDOV7KH\GRQRWDOORZ
HQRXJKYHQWLODWLRQWRSUHYHQWFRQGHQVDWLRQDQGPD\SURPRWHFRUURVLRQDQG
R[LGDWLRQ
0$,17(1$1&(

5(029$/)5206725$*(
&KHFNWKHEDWWHU\HOHFWURO\WHOHYHODQGFKDUJHWKHEDWWHU\LIQHFHVVDU\,QVWDOO
LWLQWKHYHKLFOH0DNHVXUHWKHEDWWHU\YHQWKRVHLVURXWHGSURSHUO\DQGWKDW
LWVQRWSLQFKHGRUUHVWULFWHGLQDQ\ZD\
0DNHVXUHVSDUNSOXJVDUHWLJKW
)LOOWKHIXHOWDQNZLWKIXHO
&KHFNDOOWKHSRLQWVOLVWHGLQWKH'DLO\3UH5LGH,QVSHFWLRQVHFWLRQRQSDJH
7LJKWQHVVRIWKHEROWVQXWVDQGRWKHUIDVWHQHUVVKRXOGEHFKHFNHGE\DQ
DXWKRUL]HG32/$5,6GHDOHURURWKHUTXDOLILHGVHUYLFHIDFLOLW\
/XEULFDWHDWWKHLQWHUYDOVRXWOLQHGLQWKH3HULRGLF0DLQWHQDQFH&KDUW
EHJLQQLQJRQSDJH
:$51,1*
(QJLQHH[KDXVWFRQWDLQVSRLVRQRXVFDUERQPRQR[LGHDQGFDQFDXVHORVVRI
FRQVFLRXVQHVVRUGHDWK1HYHUUXQDQHQJLQHLQDQHQFORVHGDUHD
75$163257,1*7+(9(+,&/(
)ROORZWKHVHSURFHGXUHVZKHQWUDQVSRUWLQJWKHYHKLFOH
3ODFHWKHWUDQVPLVVLRQLQ3$5.6WRSWKHHQJLQH
6ORZO\UHOHDVHWKHEUDNHSHGDODQGPDNHVXUHWKHWUDQVPLVVLRQLVLQ3$5.
EHIRUHH[LWLQJWKHYHKLFOH
5HPRYHWKHNH\WRSUHYHQWORVVGXULQJWUDQVSRUWLQJ
6HFXUHWKHIXHOFDSDQGVHDW(QVXUHWKDWWKHVHDWLVDWWDFKHGFRUUHFWO\DQG
LVQRWORRVH
:$51,1*
&DUJRDQGRWKHUORRVHYHKLFOHSDUWVPD\IO\RIIZKLOHWUDQVSRUWLQJWKLVYHKLFOH
6HFXUHRUUHPRYHDOOFDUJRDQGLQVSHFWWKHXQLWIRUORRVHSDUWVSULRUWR
WUDQVSRUW
$OZD\VWLHWKHIUDPHRIWKH32/$5,6YHKLFOHWRWKHWUDQVSRUWLQJXQLWVHFXUHO\
ZLWKVXLWDEOHVWUDSVRUURSH'RQRWDWWDFKWLHVWUDSVWRWKHIURQWFRQWURODUP
EROWSRFNHWV
0$,17(1$1&(


63(&,),&$7,216
$&(;&
32/$5,6$&(;&
*URVV9HKLFOH:HLJKW OEVNJ
'U\:HLJKW OEVNJ
7HVW*9:5ROORYHU3URWHFWLRQ6\VWHP5236 OEVNJSHU26+$&)5
)URQW5DFN%R[&DSDFLW\ OEVNJ
5HDU5DFN%R[&DSDFLW\ OEVNJ
0D[LPXP:HLJKW&DSDFLW\3D\ORDG OEVNJRSHUDWRUFDUJRDFFHVVRULHV
)XHO&DSDFLW\ JDOO
(QJLQH2LO&DSDFLW\ TWVO
&RRODQW6\VWHP&DSDFLW\ R]OH[FOXGLQJFRRODQWERWWOH
&RRODQW%RWWOH&DSDFLW\ R]PO
'HPDQG'ULYH)OXLG&DSDFLW\ ±R]±PO
7UDQVPLVVLRQ2LO&DSDFLW\ R]PO
2YHUDOO/HQJWK:LGWK+HLJKW LQFP
:KHHOEDVH LQFP
*URXQG&OHDUDQFH LQFP
(QJLQH 6WURNH'2+&7ZLQ&\OLQGHU
'LVSODFHPHQW FF
%RUH[6WURNH PP[PP
$OWHUQDWRU2XWSXW :#530
&RPSUHVVLRQ5DWLR
6WDUWLQJ6\VWHP (OHFWULF
)XHO6\VWHP (OHFWURQLFIXHOLQMHFWLRQ
7KURWWOH%RG\6L]H PP
,JQLWLRQ6\VWHP 'LJLWDO&',
,JQLWLRQ7LPLQJ (&8&RQWUROOHG
6SDUN3OXJ*DS 05)PP
63(&,),&$7,216

32/$5,6$&(;&
)URQW6XVSHQVLRQ 'XDO$DUPDQWLVZD\EDUZLWKLQ
FPWUDYHO
5HDU6XVSHQVLRQ 'XDO$DUPDQWLVZD\EDUZLWKLQFP
WUDYHO
/XEULFDWLRQ6\VWHP :HW6XPS
(QJLQH2LO 36:
'ULYLQJ6\VWHP7\SH $XWRPDWLF32/$5,69DULDEOH7UDQVPLVVLRQ
6KLIW7\SH 6LGH/HYHU+/153
*HDU5HGXFWLRQ/RZ
*HDU5HGXFWLRQ5HYHUVH
*HDU5HGXFWLRQ+LJK KLJK
'ULYH5DWLR)URQW
7LUH6L]H)URQW [
7LUH6L]H5HDU [
7LUH3UHVVXUH
)URQWSVLN3D
5HDUSVLN3D
%UDNHV3DUN 3DUNLQ7UDQVPLVVLRQ
%UDNHV)URQW5HDU )RRW$FWLYDWHGZKHHOK\GUDXOLFGLVF
+HDGOLJKWV VLQJOHEHDP:KDORJHQ
7DLOOLJKWV VLQJOHEHDP:
%UDNH/LJKWV VLQJOHEHDP:
,QVWUXPHQW&OXVWHU /&'
$X[LOLDU\'&2XWOHW 9
63(&,),&$7,216

&/87&+,1*
$/7,78'( 6+,)7:(,*+7 '5,9(635,1*
'5,9(1
635,1*
0HWHUV
)HHW
%ODFN5HG
%ODFN
63(&,),&$7,216


32/$5,6352'8&76
/8%5,&$1766(59,&(352'8&76
352'8&7 6,=(48$17,7< 3$57180%(5
)RJJLQJ2LO
R]DHURVRO
TW
36
TW
TW
JDO
36([WUHPH'XW\
TW
TW
JDO
$*/
TW
JDO
3XPSIRU*DOORQ-XJ O
'HPDQG'ULYH
TW
JDO
$QWLIUHH]H&RRODQW
TW
JDO
*UHDVH*XQ.LW3UHPLXP$OO
6HDVRQ
²
$OO6HDVRQ*UHDVH
)RXUR]SDFNV
R]FDUWULGJH
3UHPLXP6WDUWHU*UHDVH ²
8-RLQW*UHDVH
R]WXEH
R]FDUWULGJH
'LHOHFWULF*UHDVH1\RJHO
²
&DUERQ&OHDQ
R]ERWWOH
)XHO6WDELOL]HU
R]
JDO
'27%UDNH)OXLG ²
/RFWLWH7KUHDG6HDODQW ²
32/$5,6%DWWHU\7HQGHU
&KDUJHU
²
32/$5,6352'8&76


7528%/(6+227,1*
'5,9(%(/7:($5%851
3266,%/(&$86( 62/87,21
'ULYLQJRQWRDSLFNXSRUWDOO
WUDLOHULQKLJKUDQJH
8VHORZUDQJHGXULQJORDGLQJ
6WDUWLQJRXWJRLQJXSDVWHHS
LQFOLQH
8VHORZUDQJH6HHZDUQLQJVRQSDJH
'ULYLQJDWORZ530RUJURXQG
VSHHG03+
'ULYHDWDKLJKHUVSHHGRUXVHORZUDQJHPRUHIUHTXHQWO\
,QVXIILFLHQWZDUPXSDWORZ
DPELHQWWHPSHUDWXUHV
:DUPWKHHQJLQHDWOHDVWPLQXWHV:LWKWKHWUDQVPLVVLRQLQ
QHXWUDODGYDQFHWKHWKURWWOHWRDERXWWKURWWOHLQVKRUWEXUVWV
WRWLPHV7KHEHOWZLOOEHFRPHPRUHIOH[LEOHDQGSUHYHQWEHOW
EXUQLQJ
6ORZHDV\FOXWFKHQJDJHPHQW 8VHWKHWKURWWOHTXLFNO\DQGHIIHFWLYHO\
7RZLQJSXVKLQJDWORZ530
ORZJURXQGVSHHG
8VHORZUDQJHRQO\
8WLOLW\XVHSORZLQJ 8VHORZUDQJHRQO\
6WXFNLQPXGRUVQRZ
6KLIWWKHWUDQVPLVVLRQWRORZUDQJHDQGFDUHIXOO\XVHIDVW
DJJUHVVLYHWKURWWOHDSSOLFDWLRQWRHQJDJHFOXWFK
:$51,1*([FHVVLYHWKURWWOHPD\FDXVHORVVRIFRQWURODQG
YHKLFOHUROORYHU
&OLPELQJRYHUODUJHREMHFWV
IURPDVWRSSHGSRVLWLRQ
6KLIWWKHWUDQVPLVVLRQWRORZUDQJHDQGFDUHIXOO\XVHIDVWEULHI
DJJUHVVLYHWKURWWOHDSSOLFDWLRQWRHQJDJHFOXWFK
:$51,1*([FHVVLYHWKURWWOHPD\FDXVHORVVRIFRQWURODQG
YHKLFOHUROORYHU
%HOWVOLSSDJHIURPZDWHURU
VQRZLQJHVWLRQLQWRWKH397
V\VWHP
'U\RXWWKH397VHHSDJH3UHYHQWZDWHUIURPHQWHULQJWKH
397LQWDNHGXFW6HH,QWDNH3UH)LOWHUVIRUPRUHLQIRUPDWLRQ
,QVSHFWFOXWFKVHDOVIRUGDPDJHLIUHSHDWHGOHDNLQJRFFXUV
&OXWFKPDOIXQFWLRQ <RXU32/$5,6GHDOHUFDQDVVLVW
3RRUHQJLQHSHUIRUPDQFH
&KHFNIRUIRXOHGSOXJRUIRUHLJQPDWHULDOLQJDVWDQNRUIXHOOLQHV
<RXU32/$5,6GHDOHUFDQDVVLVW
6OLSSDJHIURPIDLOXUHWRZDUP
XSEHOW
$OZD\VZDUPXSWKHEHOWE\RSHUDWLQJEHORZPSKIRURQHPLOH
PLOHVRUPRUHZKHQWHPSHUDWXUHLVEHORZIUHH]LQJ
:URQJRUPLVVLQJEHOW
,QVWDOOWKHUHFRPPHQGHGEHOW
,PSURSHUEUHDNLQ $OZD\VEUHDNLQDQHZEHOWDQGRUFOXWFK6HHSDJH
7528%/(6+227,1*

(1*,1('2(617785129(5
3266,%/(&$86( 62/87,21
/RZEDWWHU\YROWDJH 5HFKDUJHWKHEDWWHU\WR9'&
/RRVHEDWWHU\FRQQHFWLRQV &KHFNDOOFRQQHFWLRQVDQGWLJKWHQ
/RRVHVROHQRLGFRQQHFWLRQV &KHFNDOOFRQQHFWLRQVDQGWLJKWHQ
/RRVHHOHFWURQLFFRQWUROER[
FRQQHFWLRQV
,QVSHFWFOHDQUHLQVWDOOFRQQHFWRUV
(1*,1(7851629(5)$,/67267$57
3266,%/(&$86( 62/87,21
2XWRIIXHO 5HIXHO
:DWHULVSUHVHQWLQIXHO 'UDLQWKHIXHOV\VWHPDQGUHIXHO
2OGRUQRQUHFRPPHQGHGIXHO 5HSODFHZLWKIUHVKUHFRPPHQGHGIXHO
)RXOHGRUGHIHFWLYHVSDUNSOXJ ,QVSHFWSOXJDQGUHSODFHLIQHFHVVDU\
1RVSDUNWRVSDUNSOXJ ,QVSHFWSOXJDQGUHSODFHLIQHFHVVDU\
:DWHURUIXHOLQFUDQNFDVH <RXU32/$5,6GHDOHUFDQDVVLVW
/RZEDWWHU\YROWDJH 5HFKDUJHWKHEDWWHU\WR9'&
0HFKDQLFDOIDLOXUH <RXU32/$5,6GHDOHUFDQDVVLVW
(1*,1(%$&.),5(6
3266,%/(&$86( 62/87,21
:HDNVSDUNIURPVSDUNSOXJ ,QVSHFWFOHDQDQGRUUHSODFHVSDUNSOXJ
,QFRUUHFWVSDUNSOXJJDSRU
KHDWUDQJH
6HWJDSWRVSHFVRUUHSODFHSOXJ
2OGRUQRQUHFRPPHQGHGIXHO 5HSODFHZLWKIUHVKUHFRPPHQGHGIXHO
,QFRUUHFWO\LQVWDOOHGVSDUNSOXJ
ZLUHV
<RXU32/$5,6GHDOHUFDQDVVLVW
0HFKDQLFDOIDLOXUH <RXU32/$5,6GHDOHUFDQDVVLVW
/RRVHLJQLWLRQFRQQHFWLRQV &KHFNDOOFRQQHFWLRQVDQGWLJKWHQ
:DWHUSUHVHQWLQIXHO 5HSODFHZLWKIUHVKUHFRPPHQGHGIXHO
7528%/(6+227,1*

(1*,1(3,1*625.12&.6
3266,%/(&$86( 62/87,21
3RRUTXDOLW\RUORZRFWDQHIXHO 5HSODFHZLWKUHFRPPHQGHGIXHO
,QFRUUHFWVSDUNSOXJJDSRU
KHDWUDQJH
6HWJDSWRVSHFVRUUHSODFHSOXJ
(1*,1(5816,55(*8/$5/<67$//6250,6),5(6
3266,%/(&$86( 62/87,21
)RXOHGRUGHIHFWLYHVSDUNSOXJ ,QVSHFWFOHDQDQGRUUHSODFHVSDUNSOXJ
:RUQRUGHIHFWLYHVSDUNSOXJ
ZLUHV
<RXU32/$5,6GHDOHUFDQDVVLVW
,QFRUUHFWVSDUNSOXJJDSRU
KHDWUDQJH
6HWJDSWRVSHFVRUUHSODFHSOXJ
/RRVHLJQLWLRQFRQQHFWLRQV &KHFNDOOFRQQHFWLRQVDQGWLJKWHQ
:DWHUSUHVHQWLQIXHO 5HSODFHZLWKQHZIXHO
/RZEDWWHU\YROWDJH 5HFKDUJHEDWWHU\WR9'&
,QFRUUHFWIXHO 5HSODFHZLWKUHFRPPHQGHGIXHO
&ORJJHGDLUILOWHU ,QVSHFWDQGFOHDQRUUHSODFH
&ORJJHGLQWDNHSUHILOWHU ,QVSHFWDQGFOHDQZLWKVRDS\ZDWHURUUHSODFH
2WKHUPHFKDQLFDOIDLOXUH <RXU32/$5,6GHDOHUFDQDVVLVW
7528%/(6+227,1*

(1*,1(6723625/26(632:(5
3266,%/(&$86( 62/87,21
2XWRIIXHO 5HIXHO
.LQNHGRUSOXJJHGIXHOYHQW
OLQH
,QVSHFWDQGUHSODFH
:DWHULVSUHVHQWLQIXHO 5HSODFHZLWKQHZIXHO
)RXOHGRUGHIHFWLYHVSDUNSOXJ ,QVSHFWFOHDQDQGRUUHSODFHVSDUNSOXJ
:RUQRUGHIHFWLYHVSDUNSOXJ
ZLUHV
<RXU32/$5,6GHDOHUFDQDVVLVW
,QFRUUHFWVSDUNSOXJJDSRU
KHDWUDQJH
6HWJDSWRVSHFVRUUHSODFHSOXJ
/RRVHLJQLWLRQFRQQHFWLRQV &KHFNDOOFRQQHFWLRQVDQGWLJKWHQ
/RZEDWWHU\YROWDJH 5HFKDUJHWKHEDWWHU\WR9'&
,QFRUUHFWIXHO 5HSODFHZLWKIUHVKUHFRPPHQGHGIXHO
&ORJJHGDLUILOWHU ,QVSHFWDQGFOHDQRUUHSODFH
&ORJJHGLQWDNHSUHILOWHU ,QVSHFWDQGFOHDQZLWKVRDS\ZDWHURUUHSODFH
2WKHUPHFKDQLFDOIDLOXUH <RXU32/$5,6GHDOHUFDQDVVLVW
2YHUKHDWHGHQJLQH &OHDQUDGLDWRUVFUHHQDQGFRUHFOHDQHQJLQHH[WHULRU<RXU
32/$5,6GHDOHUFDQDVVLVW
7528%/(6+227,1*

:$55$17<
/,0,7(':$55$17<
32/$5,6,QGXVWULHV,QF+LJKZD\0HGLQD0132/$5,6
JLYHVD6,;0217+/,0,7(':$55$17<RQDOOFRPSRQHQWVRI\RXU32/$5,6
YHKLFOHDJDLQVWGHIHFWVLQPDWHULDORUZRUNPDQVKLS32/$5,6IXUWKHUZDUUDQWV
WKDWWKHVSDUNDUUHVWHULQWKLVSURGXFWZLOOPHHWWKHHIILFLHQF\UHTXLUHPHQWVRI
86)6VWDQGDUG&IRUDWOHDVWKRXUVZKHQVXEMHFWHGWRQRUPDOXVH
DQGZKHQPDLQWHQDQFHDQGLQVWDOODWLRQDUHLQDFFRUGDQFHZLWK32/$5,6
UHFRPPHQGDWLRQV
7KLVZDUUDQW\FRYHUVSDUWVDQGODERUFKDUJHVIRUUHSDLURUUHSODFHPHQWRI
GHIHFWLYHSDUWVDQGEHJLQVRQWKHGDWHRISXUFKDVHE\WKHRULJLQDOUHWDLO
SXUFKDVHU7KLVZDUUDQW\LVWUDQVIHUDEOHWRDQRWKHURZQHUGXULQJWKHZDUUDQW\
SHULRGWKURXJKD32/$5,6GHDOHUEXWDQ\VXFKWUDQVIHUZLOOQRWH[WHQGWKH
RULJLQDOWHUPRIWKHZDUUDQW\7KHGXUDWLRQRIWKLVZDUUDQW\PD\YDU\E\
LQWHUQDWLRQDOUHJLRQEDVHGXSRQORFDOODZVDQGUHJXODWLRQV
5(*,675$7,21
$WWKHWLPHRIVDOHWKH:DUUDQW\5HJLVWUDWLRQ)RUPPXVWEHFRPSOHWHGE\\RXU
GHDOHUDQGVXEPLWWHGWR32/$5,6ZLWKLQWHQGD\VRISXUFKDVH8SRQUHFHLSWRI
WKLVUHJLVWUDWLRQ32/$5,6ZLOOUHFRUGWKHUHJLVWUDWLRQIRUZDUUDQW\1R
YHULILFDWLRQRIUHJLVWUDWLRQZLOOEHVHQWWRWKHSXUFKDVHUDVWKHFRS\RIWKH
:DUUDQW\5HJLVWUDWLRQ)RUPZLOOEH\RXUSURRIRIZDUUDQW\FRYHUDJH,I\RXKDYH
QRWVLJQHGWKHRULJLQDOUHJLVWUDWLRQDQGUHFHLYHGWKHFXVWRPHUFRS\SOHDVH
FRQWDFW\RXUGHDOHULPPHGLDWHO\12:$55$17<&29(5$*(:,//%(
$//2:('81/(66<2859(+,&/(,65(*,67(5(':,7+32/$5,6,QLWLDO
GHDOHUSUHSDUDWLRQDQGVHWXSRI\RXUYHKLFOHLVYHU\LPSRUWDQWLQHQVXULQJ
WURXEOHIUHHRSHUDWLRQ3XUFKDVLQJDPDFKLQHLQWKHFUDWHRUZLWKRXWSURSHU
GHDOHUVHWXSZLOOYRLG\RXUZDUUDQW\FRYHUDJH
:$55$17<

:$55$17<&29(5$*($1'(;&/86,216
/,0,7$7,2162):$55$17,(6$1'5(0(',(6
7KLV32/$5,6OLPLWHGZDUUDQW\H[FOXGHVDQ\IDLOXUHVWKDWDUHQRWFDXVHGE\D
GHIHFWLQPDWHULDORUZRUNPDQVKLS7+,6:$55$17<'2(6127&29(5
&/$,062)'()(&7,9('(6,*17KLVZDUUDQW\DOVRGRHVQRWFRYHUDFWVRI
*RGDFFLGHQWDOGDPDJHQRUPDOZHDUDQGWHDUDEXVHRULPSURSHUKDQGOLQJ
7KLVZDUUDQW\DOVRGRHVQRWFRYHUDQ\YHKLFOHFRPSRQHQWRUSDUWWKDWKDVEHHQ
DOWHUHGVWUXFWXUDOO\PRGLILHGQHJOHFWHGLPSURSHUO\PDLQWDLQHGRUXVHGIRU
UDFLQJFRPSHWLWLRQRUSXUSRVHVRWKHUWKDQIRUZKLFKLWZDVGHVLJQHG
7KLVZDUUDQW\H[FOXGHVGDPDJHVRUIDLOXUHVUHVXOWLQJIURPLPSURSHUOXEULFDWLRQ
LPSURSHUHQJLQHWLPLQJLPSURSHUIXHOVXUIDFHLPSHUIHFWLRQVFDXVHGE\H[WHUQDO
VWUHVVKHDWFROGRUFRQWDPLQDWLRQRSHUDWRUHUURURUDEXVHLPSURSHU
FRPSRQHQWDOLJQPHQWWHQVLRQDGMXVWPHQWRUDOWLWXGHFRPSHQVDWLRQVQRZ
ZDWHUGLUWRURWKHUIRUHLJQVXEVWDQFHLQJHVWLRQFRQWDPLQDWLRQLPSURSHU
PDLQWHQDQFHPRGLILHGFRPSRQHQWVXVHRIDIWHUPDUNHWRUXQDSSURYHG
FRPSRQHQWVDFFHVVRULHVRUDWWDFKPHQWVXQDXWKRUL]HGUHSDLUVRUUHSDLUV
PDGHDIWHUWKHZDUUDQW\SHULRGH[SLUHVRUE\DQXQDXWKRUL]HGUHSDLUFHQWHU
7KLVZDUUDQW\H[FOXGHVGDPDJHVRUIDLOXUHVFDXVHGE\DEXVHDFFLGHQWILUHRU
DQ\RWKHUFDXVHRWKHUWKDQDGHIHFWLQPDWHULDOVRUZRUNPDQVKLSDQGSURYLGHV
QRFRYHUDJHIRUFRQVXPDEOHFRPSRQHQWVJHQHUDOZHDULWHPVRUDQ\SDUWV
H[SRVHGWRIULFWLRQVXUIDFHVVWUHVVHVHQYLURQPHQWDOFRQGLWLRQVDQGRU
FRQWDPLQDWLRQIRUZKLFKWKH\ZHUHQRWGHVLJQHGRUQRWLQWHQGHGLQFOXGLQJEXW
QRWOLPLWHGWRWKHIROORZLQJLWHPV
:KHHOVDQGWLUHV
6XVSHQVLRQFRPSRQHQWV
%UDNHFRPSRQHQWV
6HDWFRPSRQHQWV
&OXWFKHVDQGFRPSRQHQWV
6WHHULQJFRPSRQHQWV
%DWWHULHV
/LJKWEXOEV6HDOHGEHDPODPSV
)LOWHUV
/XEULFDQWV
%XVKLQJV
)LQLVKHGDQGXQILQLVKHGVXUIDFHV
&DUEXUHWRU7KURWWOHERG\
FRPSRQHQWV
(QJLQHFRPSRQHQWV
'ULYHEHOWV
+\GUDXOLFFRPSRQHQWVDQGIOXLGV
&LUFXLWEUHDNHUV)XVHV
(OHFWURQLFFRPSRQHQWV
6SDUNSOXJV
6HDODQWV
&RRODQWV
%HDULQJV
:$55$17<

/8%5,&$176$1')/8,'6
0L[LQJRLOEUDQGVRUXVLQJQRQUHFRPPHQGHGRLOPD\FDXVHHQJLQHGDPDJH
:HUHFRPPHQGWKHXVHRI32/$5,6HQJLQHRLO
'DPDJHRUIDLOXUHUHVXOWLQJIURPWKHXVHRIQRQUHFRPPHQGHGOXEULFDQWVRU
IOXLGVLVQRWFRYHUHGE\WKLVZDUUDQW\
7KLVZDUUDQW\SURYLGHVQRFRYHUDJHIRUSHUVRQDOORVVRUH[SHQVHLQFOXGLQJ
PLOHDJHWUDQVSRUWDWLRQFRVWVKRWHOVPHDOVVKLSSLQJRUKDQGOLQJIHHVSURGXFW
SLFNXSRUGHOLYHU\UHSODFHPHQWUHQWDOVORVVRISURGXFWXVHORVVRISURILWVRU
ORVVRIYDFDWLRQRUSHUVRQDOWLPH
7+((;&/86,9(5(0('<)25%5($&+2)7+,6:$55$17<6+$//%(
$732/$5,6237,215(3$,5255(3/$&(0(172)$1<'()(&7,9(
0$7(5,$/6&20321(17625352'8&767+(5(0(',(66(7)257+
,17+,6:$55$17<$5(7+(21/<5(0(',(6$9$,/$%/(72$1<
3(5621)25%5($&+2)7+,6:$55$17<32/$5,66+$//+$9(12
/,$%,/,7<72$1<3(5621)25,1&,'(17$/&216(48(17,$/25
63(&,$/'$0$*(62)$1<'(6&5,37,21:+(7+(5$5,6,1*2872)
(;35(6625,03/,(':$55$17<25$1<27+(5&2175$&7
1(*/,*(1&(2527+(572572527+(5:,6(7+,6(;&/86,212)
&216(48(17,$/,1&,'(17$/$1'63(&,$/'$0$*(6,6
,1'(3(1'(17)520$1'6+$//6859,9($1<),1',1*7+$77+(
(;&/86,9(5(0('<)$,/('2),76(66(17,$/385326(
7+(,03/,(':$55$17<2)),71(66)25$3$57,&8/$5385326(,6
(;&/8'(')5207+,6/,0,7(':$55$17<$//27+(5,03/,('
:$55$17,(6,1&/8',1*%87127/,0,7('727+(,03/,('
:$55$17<2)0(5&+$17$%,/,7<$5(/,0,7(',1'85$7,21727+(
$%29(6,;0217+:$55$17<3(5,2'32/$5,6',6&/$,06$//
(;35(66:$55$17,(612767$7(',17+,6:$55$17<620(67$7(6
'21273(50,77+((;&/86,2125/,0,7$7,212),1&,'(17$/25
&216(48(17,$/'$0$*(625$//2:/,0,7$7,216217+('85$7,21
2),03/,(':$55$17,(6627+($%29(/,0,7$7,2160$<127$33/<
72<28,),1&216,67(17:,7+&21752//,1*67$7(/$:
:$55$17<

+2:722%7$,1:$55$17<6(59,&(
,I\RXUYHKLFOHUHTXLUHVZDUUDQW\VHUYLFH\RXPXVWWDNHLWWRD32/$5,6
6HUYLFLQJ'HDOHU:KHQUHTXHVWLQJZDUUDQW\VHUYLFH\RXPXVWSUHVHQW\RXUFRS\
RIWKH:DUUDQW\5HJLVWUDWLRQ)RUPWRWKHGHDOHU7+(&2672)
75$163257$7,2172$1')5207+('($/(5,6<285
5(63216,%,/,7<32/$5,6VXJJHVWVWKDW\RXXVH\RXURULJLQDOVHOOLQJGHDOHU
KRZHYHU\RXPD\XVHDQ\32/$5,66HUYLFLQJ'HDOHUWRSHUIRUPZDUUDQW\
VHUYLFH
,17+(&28175<:+(5(<285352'8&7:$6
385&+$6('
:DUUDQW\RU6HUYLFH%XOOHWLQUHSDLUVPXVWEHGRQHE\DQDXWKRUL]HG32/$5,6
GHDOHU,I\RXPRYHRUDUHWUDYHOLQJZLWKLQWKHFRXQWU\ZKHUH\RXUSURGXFWZDV
SXUFKDVHG:DUUDQW\DQG6HUYLFH%XOOHWLQUHSDLUVPD\EHUHTXHVWHGIURPDQ\
DXWKRUL]HG32/$5,6GHDOHUWKDWVHOOVWKHVDPHOLQHDV\RXUSURGXFW
2876,'(7+(&28175<:+(5(<285352'8&7:$6
385&+$6('
,I\RXDUHWUDYHOLQJWHPSRUDULO\RXWVLGHWKHFRXQWU\ZKHUH\RXUSURGXFWZDV
SXUFKDVHG\RXVKRXOGWDNH\RXUSURGXFWWRDQDXWKRUL]HG32/$5,6GHDOHU<RX
PXVWVKRZWKHGHDOHUSKRWRLGHQWLILFDWLRQIURPWKHFRXQWU\RIWKHVHOOLQJGHDOHUV
DXWKRUL]HGORFDWLRQDVSURRIRIUHVLGHQFH8SRQUHVLGHQFHYHULILFDWLRQWKH
VHUYLFLQJGHDOHUZLOOEHDXWKRUL]HGWRSHUIRUPWKHZDUUDQW\UHSDLU
,)<28029(
,I\RXPRYHWRDQRWKHUFRXQWU\EHVXUHWRFRQWDFW32/$5,6&XVWRPHU
$VVLVWDQFHDQGWKHFXVWRPVGHSDUWPHQWRIWKHGHVWLQDWLRQFRXQWU\EHIRUH\RX
PRYH3URGXFWLPSRUWDWLRQUXOHVYDU\FRQVLGHUDEO\IURPFRXQWU\WRFRXQWU\<RX
PD\EHUHTXLUHGWRSUHVHQWGRFXPHQWDWLRQRI\RXUPRYHWR32/$5,6LQRUGHUWR
FRQWLQXH\RXUZDUUDQW\FRYHUDJH<RXPD\DOVREHUHTXLUHGWRREWDLQ
GRFXPHQWDWLRQIURP32/$5,6LQRUGHUWRUHJLVWHU\RXUSURGXFWLQ\RXUQHZ
FRXQWU\<RXVKRXOGZDUUDQW\UHJLVWHU\RXUSURGXFWDWDORFDO32/$5,6GHDOHULQ
\RXUQHZFRXQWU\LPPHGLDWHO\DIWHU\RXPRYHWRFRQWLQXH\RXUZDUUDQW\
FRYHUDJHDQGWRHQVXUHWKDW\RXUHFHLYHLQIRUPDWLRQDQGQRWLFHVUHJDUGLQJ\RXU
YHKLFOH
,)<28385&+$6()520$35,9$7(3$57<
,I\RXSXUFKDVHD32/$5,6SURGXFWIURPDSULYDWHSDUW\WREHNHSWDQGXVHG
RXWVLGHRIWKHFRXQWU\LQZKLFKWKHSURGXFWZDVRULJLQDOO\SXUFKDVHGDOOZDUUDQW\
FRYHUDJHZLOOEHGHQLHG<RXPXVWQRQHWKHOHVVUHJLVWHU\RXUSURGXFWXQGHU\RXU
QDPHDQGDGGUHVVZLWKDORFDO32/$5,6GHDOHULQ\RXUFRXQWU\WRHQVXUHWKDW
\RXUHFHLYHVDIHW\LQIRUPDWLRQDQGQRWLFHVUHJDUGLQJ\RXUSURGXFW
:$55$17<

(;3257('352'8&76
(;&(37:+(5(63(&,),&$//<5(48,5('%</$:7+(5(,612
:$55$17<256(59,&(%8//(7,1&29(5$*(217+,6352'8&7,),7
,662/'2876,'(7+(&28175<2)7+(6(//,1*'($/(56
$87+25,=('/2&$7,217KLVSROLF\GRHVQRWDSSO\WRSURGXFWVWKDWKDYH
UHFHLYHGDXWKRUL]DWLRQIRUH[SRUWIURP32/$5,6'HDOHUVPD\QRWJLYH
DXWKRUL]DWLRQIRUH[SRUW<RXVKRXOGFRQVXOWDQDXWKRUL]HGGHDOHUWRGHWHUPLQH
WKLVSURGXFWVZDUUDQW\RUVHUYLFHFRYHUDJHLI\RXKDYHDQ\TXHVWLRQV7KLV
SROLF\GRHVQRWDSSO\WRSURGXFWVUHJLVWHUHGWRJRYHUQPHQWRIILFLDOVRUPLOLWDU\
SHUVRQQHORQDVVLJQPHQWRXWVLGHWKHFRXQWU\RIWKHVHOOLQJGHDOHUVDXWKRUL]HG
ORFDWLRQ7KLVSROLF\GRHVQRWDSSO\WR6DIHW\%XOOHWLQV
127,&(
,I\RXUSURGXFWLVUHJLVWHUHGRXWVLGHRIWKHFRXQWU\ZKHUHLWZDVSXUFKDVHGDQG
\RXKDYHQRWIROORZHGWKHSURFHGXUHVHWDERYH\RXUSURGXFWZLOOQRORQJHUEH
HOLJLEOHIRUZDUUDQW\RUVHUYLFHEXOOHWLQFRYHUDJHRIDQ\NLQGRWKHUWKDQVDIHW\
EXOOHWLQV3URGXFWVUHJLVWHUHGWRJRYHUQPHQWRIILFLDOVRUPLOLWDU\SHUVRQQHORQ
DVVLJQPHQWRXWVLGHRIWKHFRXQWU\ZKHUHWKHSURGXFWZDVSXUFKDVHGZLOO
FRQWLQXHWREHFRYHUHGE\WKH/LPLWHG:DUUDQW\
3OHDVHZRUNZLWK\RXUGHDOHUWRUHVROYHDQ\ZDUUDQW\LVVXHV6KRXOG\RXUGHDOHU
UHTXLUHDQ\DGGLWLRQDODVVLVWDQFHWKH\ZLOOFRQWDFWWKHDSSURSULDWHSHUVRQDW
32/$5,6
7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWV
ZKLFKYDU\IURPVWDWHWRVWDWHRULQGLIIHUHQWFRXQWULHV,IDQ\RIWKHDERYHWHUPV
DUHYRLGEHFDXVHRIIHGHUDOVWDWHORFDOODZDOORWKHUZDUUDQW\WHUPVZLOOUHPDLQ
LQHIIHFW
)RUTXHVWLRQVFDOO32/$5,6&XVWRPHU$VVLVWDQFH
8QLWHG6WDWHV&DQDGD32/$5,6
)UHQFK
:$55$17<

86$(3$(0,66,216/,0,7(':$55$17<
7KLVHPLVVLRQVOLPLWHGZDUUDQW\LVLQDGGLWLRQWRWKH32/$5,6VWDQGDUGOLPLWHG
ZDUUDQW\IRU\RXUYHKLFOH32/$5,6,QGXVWULHV,QFZDUUDQWVWKDWDWWKHWLPHLWLV
ILUVWSXUFKDVHGWKLVHPLVVLRQVFHUWLILHGYHKLFOHLVGHVLJQHGEXLOWDQGHTXLSSHG
VRLWFRQIRUPVZLWKDSSOLFDEOH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\HPLVVLRQ
UHJXODWLRQV32/$5,6ZDUUDQWVWKDWWKHYHKLFOHLVIUHHIURPGHIHFWVLQPDWHULDOV
DQGZRUNPDQVKLSWKDWZRXOGFDXVHLWWRIDLOWRPHHWWKHVHUHJXODWLRQV
7KHZDUUDQW\SHULRGIRURIIURDGYHKLFOHVFFRUJUHDWHUHPLVVLRQVFHUWLILHG
YHKLFOHVVWDUWVRQWKHGDWHRISXUFKDVHE\RULJLQDOUHWDLOSXUFKDVHUDQGFRQWLQXHV
IRUDSHULRGRIKRXUVRIHQJLQHRSHUDWLRQNLORPHWHUVPLOHVRI
YHKLFOHWUDYHORUFDOHQGDUPRQWKVIURPWKHGDWHRISXUFKDVHZKLFKHYHU
FRPHVILUVW7KHZDUUDQW\SHULRGIRU$79VOHVVWKDQFFHPLVVLRQVFHUWLILHG
YHKLFOHVVWDUWVRQWKHGDWHRISXUFKDVHE\RULJLQDOUHWDLOSXUFKDVHUDQGFRQWLQXHV
IRUDSHULRGRIKRXUVRIHQJLQHRSHUDWLRQNLORPHWHUVPLOHVRI
YHKLFOHWUDYHORUFDOHQGDUPRQWKVIURPWKHGDWHRISXUFKDVHZKLFKHYHU
FRPHVILUVW7KLV(3$HPLVVLRQVZDUUDQW\SHULRGLVH[WHQGHGIRUDWOHDVWDVORQJ
DVWKHVWDQGDUGIDFWRU\ZDUUDQW\WKDW3RODULVSURYLGHVRQWKHYHKLFOHDVDZKROH
7KH(3$HPLVVLRQVZDUUDQW\SHULRGGRHVQRWIXUWKHUH[WHQGLI\RXSXUFKDVH
DGGLWLRQDOZDUUDQW\FRYHUDJHLQWKHIRUPRIDVHUYLFHFRQWUDFWRURWKHUSDLG
ZDUUDQW\H[WHQVLRQEXWHPLVVLRQUHODWHGSDUWVPD\EHFRYHUHGVXEMHFWWRWKH
WHUPVRIDQ\VXFKSDLGVHUYLFHFRQWUDFWRUSDLGZDUUDQW\H[WHQVLRQ
7KLVHPLVVLRQVOLPLWHGZDUUDQW\FRYHUVFRPSRQHQWVZKRVHIDLOXUHLQFUHDVHVWKH
YHKLFOHVUHJXODWHGHPLVVLRQVDQGLWFRYHUVFRPSRQHQWVRIV\VWHPVZKRVHRQO\
SXUSRVHLVWRFRQWUROHPLVVLRQV5HSDLULQJRUUHSODFLQJRWKHUFRPSRQHQWVQRW
FRYHUHGE\WKLVZDUUDQW\LVWKHUHVSRQVLELOLW\RIWKHYHKLFOHRZQHU7KLV
HPLVVLRQVOLPLWHGZDUUDQW\GRHVQRWFRYHUFRPSRQHQWVZKRVHIDLOXUHGRHVQRW
LQFUHDVHWKHYHKLFOHVUHJXODWHGHPLVVLRQV
)RUH[KDXVWHPLVVLRQVHPLVVLRQUHODWHGFRPSRQHQWVLQFOXGHDQ\HQJLQHSDUWV
UHODWHGWRWKHIROORZLQJV\VWHPV
$LULQGXFWLRQV\VWHP
)XHOV\VWHP
,JQLWLRQV\VWHP
([KDXVWJDVUHFLUFXODWLRQV\VWHPV
7KHIROORZLQJSDUWVDUHDOVRFRQVLGHUHGHPLVVLRQUHODWHGFRPSRQHQWVIRU
H[KDXVWHPLVVLRQV
$IWHUWUHDWPHQWGHYLFHV
&UDQNFDVHYHQWLODWLRQYDOYHV
6HQVRUV
(OHFWURQLFFRQWUROXQLWV
:$55$17<

7KHIROORZLQJSDUWVDUHFRQVLGHUHGHPLVVLRQUHODWHGFRPSRQHQWVIRUHYDSRUDWLYH
HPLVVLRQV
)XHO7DQN
)XHO&DS
)XHO/LQH
)XHO/LQH)LWWLQJV
&ODPSV
3UHVVXUH5HOLHI9DOYHV
&RQWURO9DOYHV
&RQWURO6ROHQRLGV
(OHFWURQLF&RQWUROV
9DFXXP&RQWURO'LDSKUDJPV
&RQWURO&DEOHV
&RQWURO/LQNDJHV
3XUJH9DOYHV
9DSRU+RVHV
/LTXLG9DSRU6HSDUDWRU
&DUERQ&DQLVWHU
&DQLVWHU0RXQWLQJ%UDFNHWV
&DUEXUHWRU3XUJH3RUW&RQQHFWRU
$VUHODWHGWRWKHHYDSRUDWLYHHPLVVLRQFRQWUROV\VWHP
(PLVVLRQUHODWHGFRPSRQHQWVDOVRLQFOXGHDQ\RWKHUSDUWZKRVHRQO\SXUSRVHLV
WRUHGXFHHPLVVLRQVRUZKRVHIDLOXUHZLOOLQFUHDVHHPLVVLRQVZLWKRXWVLJQLILFDQWO\
GHJUDGLQJHQJLQHHTXLSPHQWSHUIRUPDQFH7KHH[FOXVLYHUHPHG\IRUEUHDFKRI
WKLVOLPLWHGZDUUDQW\VKDOOEHDWWKHH[FOXVLYHRSWLRQRI32/$5,6UHSDLURU
UHSODFHPHQWRIDQ\GHIHFWLYHPDWHULDOVFRPSRQHQWVRUSURGXFWV7+(
5(0(',(66(7)257+,17+,6/,0,7(':$55$17<$5(7+(21/<
5(0(',(6$9$,/$%/(72$1<3(5621)25%5($&+2)7+,6
:$55$17<32/$5,66+$//+$9(12/,$%,/,7<72$1<3(5621)25
,1&,'(17$/&216(48(17,$/2563(&,$/'$0$*(62)$1<
'(6&5,37,21:+(7+(5$5,6,1*2872)(;35(6625,03/,('
:$55$17<25$1<27+(5&2175$&71(*/,*(1&(2527+(57257
2527+(5:,6(7+,6(;&/86,212)&216(48(17,$/,1&,'(17$/
$1'63(&,$/'$0$*(6,6,1'(3(1'(17)520$1'6+$//6859,9(
$1<),1',1*7+$77+((;&/86,9(5(0('<)$,/('2),76(66(17,$/
385326(
$//,03/,(':$55$17,(6,1&/8',1*%87127/,0,7('72$1<
,03/,(':$55$17,(62)0(5&+$17$%,/,7<$1'),71(66)25$
3$57,&8/$5385326($5(/,0,7(',1'85$7,21727+(:$55$17<
3(5,2''(6&5,%('+(5(,132/$5,6',6&/$,06$//(;35(66
:$55$17,(612767$7(',17+,6:$55$17<6RPHVWDWHVGRQRWDOORZ
OLPLWDWLRQVRQKRZORQJDQLPSOLHGZDUUDQW\ODVWVVRWKHDERYHOLPLWDWLRQPD\
QRWDSSO\LILWLVLQFRQVLVWHQWZLWKWKHFRQWUROOLQJVWDWHODZ
7KLVOLPLWHGZDUUDQW\H[FOXGHVIDLOXUHVQRWFDXVHGE\DGHIHFWLQPDWHULDORU
ZRUNPDQVKLS7KLVOLPLWHGZDUUDQW\GRHVQRWFRYHUGDPDJHGXHWRDFFLGHQWV
DEXVHRULPSURSHUKDQGOLQJPDLQWHQDQFHRUXVH7KLVOLPLWHGZDUUDQW\DOVR
GRHVQRWFRYHUDQ\HQJLQHWKDWKDVEHHQVWUXFWXUDOO\DOWHUHGRUZKHQWKHYHKLFOH
KDVEHHQXVHGLQUDFLQJFRPSHWLWLRQ7KLVOLPLWHGZDUUDQW\DOVRGRHVQRWFRYHU
SK\VLFDOGDPDJHFRUURVLRQRUGHIHFWVFDXVHGE\ILUHH[SORVLRQVRURWKHUVLPLODU
FDXVHVEH\RQGWKHFRQWURORI32/$5,6
:$55$17<

2ZQHUVDUHUHVSRQVLEOHIRUSHUIRUPLQJWKHVFKHGXOHGPDLQWHQDQFHLGHQWLILHGLQ
WKHRZQHUVPDQXDO32/$5,6PD\GHQ\ZDUUDQW\FODLPVIRUIDLOXUHVWKDWKDYH
EHHQFDXVHGE\WKHRZQHUVRURSHUDWRUVLPSURSHUPDLQWHQDQFHRUXVHE\
DFFLGHQWVIRUZKLFK32/$5,6KDVQRUHVSRQVLELOLW\RUE\DFWVRI*RG
$Q\TXDOLILHGUHSDLUVKRSRUSHUVRQPD\PDLQWDLQUHSODFHRUUHSDLUWKH
HPLVVLRQFRQWUROGHYLFHVRUV\VWHPVRQ\RXUYHKLFOH$QDXWKRUL]HG32/$5,6
GHDOHUFDQSHUIRUPDQ\VHUYLFHWKDWPD\EHQHFHVVDU\IRU\RXUYHKLFOH
32/$5,6DOVRUHFRPPHQGV32/$5,6SDUWVKRZHYHUHTXLYDOHQWSDUWVPD\EH
XVHGIRUVXFKVHUYLFH,WLVDSRWHQWLDOYLRODWLRQRIWKH&OHDQ$LU$FWLIDSDUW
VXSSOLHGE\DQDIWHUPDUNHWSDUWVPDQXIDFWXUHUUHGXFHVWKHHIIHFWLYHQHVVRIWKH
YHKLFOHVHPLVVLRQFRQWUROV7DPSHULQJZLWKHPLVVLRQFRQWUROVLVSURKLELWHGE\
IHGHUDOODZ
&$/,)251,$5(6,'(176
&HUWDLQ32/$5,62II5RDG9HKLFOHVDUHDYDLODEOHLQVWDWHDQGVWDWH
YHUVLRQV2QO\WKHVWDWHPRGHOVDUHFHUWLILHGIRUVDOHLQ&DOLIRUQLD7KH
VWDWHPRGHOVDYDLODEOHIRUVDOHLQ&DOLIRUQLDDUHLGHQWLILHGE\WKHOHWWHU³%´LQWKH
QLQWKSRVLWLRQRIWKHPRGHOQXPEHUHJ557(%7KH32/$5,6VWDWH
PRGHOVDUHGHVLJQHGDQGEXLOWZLWKIHDWXUHVVXFKDVDUHGXFHGFDUJRER[
FDSDFLW\$Q\PRGLILFDWLRQVWRWKHVHIHDWXUHVPD\EHDYLRODWLRQRIWKHDSSOLFDEOH
&DOLIRUQLDUHJXODWLRQVDQGPD\YRLGWKLVOLPLWHGHPLVVLRQVZDUUDQW\RIIHUHGE\
WKHPDQXIDFWXUHU
,I\RXKDYHDQ\TXHVWLRQVUHJDUGLQJ\RXUZDUUDQW\ULJKWVDQGUHVSRQVLELOLWLHV
SOHDVHFRQWDFW32/$5,6&XVWRPHU$VVLVWDQFH
8QLWHG6WDWHV&DQDGD32/$5,6
)UHQFK
:$55$17<

0$,17(1$1&(/2*
8VHWKHIROORZLQJFKDUWWRUHFRUGSHULRGLFPDLQWHQDQFH
'$7( 0,/(6.0
25+2856
7(&+1,&,$1 6(59,&(3(5)250('
&200(176
0$,17(1$1&(/2*


$
$&(;&
$&(;&&OXWFKLQJ
$GGLQJRU&KDQJLQJ&RRODQW
$JH5HVWULFWLRQV
$LU%R[&DXWLRQ
$LU)LOWHU
$LU)LOWHU$LU%R[
$OO:KHHO'ULYH$:'6\VWHP
$X[LOLDU\2XWOHW
$[OHDQG:KHHO1XW7RUTXH
6SHFLILFDWLRQV
%
%DWWHU\
%DWWHU\&KDUJLQJ&RQYHQWLRQDO
%DWWHU\
%DWWHU\&KDUJLQJ6HDOHG
%DWWHU\
%DWWHU\)OXLG&RQYHQWLRQDO
%DWWHU\
%DWWHU\,QVWDOODWLRQ
%DWWHU\0DLQWHQDQFH
%DWWHU\5HPRYDO
%DWWHU\6WRUDJH
%HOW/LIH
%HOW5HSODFHPHQW'HEULV
5HPRYDO
%UDNH)OXLG
%UDNH,QVSHFWLRQ
%UDNH3HGDO
%UDNH6\VWHP%UHDNLQ
%UDNHV
%UDNLQJ
%UHDWKHU+RVH,QVSHFWLRQ
&
&DE'RRUV
&DOLIRUQLD5HVLGHQWV
&DUU\LQJD3DVVHQJHU
&OHDQWKH([WHULRU
&ROG:HDWKHU2SHUDWLRQ
&RPSRQHQW/RFDWLRQV
&RRODQW/HYHO
&UDQNFDVH(PLVVLRQ&RQWURO
6\VWHP
&URVVLQJ+LOOVLGHV
'
'HPDQG'ULYH8QLW)URQW
*HDUFDVH
'HVFHQGLQJ+LOOV,PSURSHUO\
'ULYH%HOW:HDU%XUQ
'ULYH0RGH$:'6ZLWFK
'ULYLQJ'RZQKLOO
'ULYLQJLQ5HYHUVH
'ULYLQJRQD6LGHKLOO6LGHKLOOLQJ
'ULYLQJRQ6OLSSHU\6XUIDFHV
'ULYLQJ2YHU2EVWDFOHV
'ULYLQJ7KURXJK:DWHU
'ULYLQJ8SKLOO
(
(OHFWURPDJQHWLF,QWHUIHUHQFH
(OHFWURQLF3RZHU6WHHULQJ(36
(QJDJLQJ$:'
(QJLQHDQG'ULYHWUDLQ%UHDNLQ
(QJLQH%DFNILUHV
(QJLQH'RHVQW7XUQ2YHU
(QJLQH2LO
(QJLQH3LQJVRU.QRFNV
(QJLQH5XQV,UUHJXODUO\6WDOOV
RU0LVILUHV
(QJLQH6WRSVRU/RVHV3RZHU
(QJLQH7XUQV2YHU)DLOVWR
6WDUW
(TXLSPHQW0RGLILFDWLRQV
(XURSHDQ9LEUDWLRQDQG1RLVH
([KDXVW(PLVVLRQ&RQWURO
6\VWHP
([SRUWHG3URGXFWV
([SRVXUHWR([KDXVW
([WUHPH8VH%DWWHU\

)
)DLOXUHWR,QVSHFW%HIRUH
2SHUDWLQJ
)OXLG&KDQJH ±
)OXLG&KHFN ±
)OXLG/HYHOV
)RJWKH(QJLQH
)URQW%R[&RYHU
)URQW5HDU6KRFN
&RPSUHVVLRQ
)URQW5HDU6SULQJ3UHORDG
)XHO&DS
)XHO7UDQVSRUW:DUQLQJ
)XVH%R[
)XVHV
*
*HDU6HOHFWRU
*HDUFDVH6SHFLILFDWLRQ&KDUW
+
+DXOLQJ&DUJR ±
+HDGOLJKW%HDP$GMXVWPHQW
+LWFK/DEHO
+RW([KDXVW6\VWHPV
+RZ7R2EWDLQ:DUUDQW\
6HUYLFH
,
,JQLWLRQ6ZLWFK/LJKW6ZLWFK
,PSURSHU&DUJR/RDGLQJ
,PSURSHU+LOO&OLPELQJ
,PSURSHU7LUH0DLQWHQDQFH
,QVSHFWDQG/XEULFDWH
,QVWUXPHQW&OXVWHU
%DFN/LJKW&RORU
%DFN/LJKW/HYHO
&ORFN
'LDJQRVWLF&RGH
'LVSOD\$UHD
'LVSOD\$UHD
,QGLFDWRU/DPSV
2SWLRQV0HQX
2YHUYLHZ
6HUYLFH+RXUV
8QLW6HOHFWLRQ'LVWDQFH
8QLW6HOHFWLRQ7HPSHUDWXUH
,QWDNH3UH)LOWHUV
-
-XPSVDQG6WXQWV
.
.QRZ<RXU5LGLQJ$UHD7UHDG
/LJKWO\
/
/('+HDGODPSV
/LJKWV
/LPLWHG:DUUDQW\
/RDG3DVVHQJHU7LUH3UHVVXUH
:DUQLQJ
/XEULFDQWV6HUYLFH3URGXFWV
/XEULFDWLRQ5HFRPPHQGDWLRQV
)URQW6XVSHQVLRQ
/XEULFDWLRQ
3URS6KDIW/XEULFDWLRQ
5HDU6XVSHQVLRQ/XEULFDWLRQ
0
0DLQWHQDQFH&KDUW.H\
0DLQWHQDQFH/RJ
0D[LPXP3D\ORDG:DUQLQJ
1
1HZ2SHUDWRU'ULYLQJ
3URFHGXUHV
1RLVH(PLVVLRQ&RQWURO6\VWHP
1RUPDO3OXJ
1RWLFH

2
2LODQG)LOWHU
2LODQG)LOWHU&KDQJH
2LO&KHFN
2LO5HFRPPHQGDWLRQV
2SHUDWLQJD'DPDJHG9HKLFOH
2SHUDWLQJDW([FHVVLYH6SHHGV
2SHUDWLQJ,PSURSHUO\LQ5HYHUVH
2SHUDWLQJLQ8QIDPLOLDU7HUUDLQ
2SHUDWLQJRQ)UR]HQ%RGLHVRI
:DWHU
2SHUDWLQJRQ3DYHPHQW
2SHUDWLQJRQ3XEOLF5RDGV
2SHUDWLQJ2YHU2EVWDFOHV
2SHUDWLQJ7KURXJK:DWHU
2SHUDWLQJ:LWKD/RDGRQWKH
9HKLFOH
2SHUDWLQJ:LWKRXW,QVWUXFWLRQ
2SHUDWLRQ
2SHUDWLRQRQ3XEOLF/DQGVLQ
WKH86$
3
3DUNLQJRQDQ,QFOLQH
3DUNLQJWKH9HKLFOH
3HULRGLF0DLQWHQDQFH&KDUW
32/$5,69DULDEOH
7UDQVPLVVLRQ3976\VWHP
3ROLVKLQJWKH9HKLFOH
3ROLVKLQJ7LSV
3RRU9LVLELOLW\
3RZHU6WHHULQJ8QLW
3UH5LGH,QVSHFWLRQ
3URSHU8VH:DUQLQJ
3URWHFWLYH$SSDUHO
397%UHDNLQ&OXWFKHV%HOW
397'U\LQJ
3976\VWHP:DUQLQJ
5
5DGLDWRU$FFHVV%XPSHU
5HPRYDO
5DGLDWRUDQG&RROLQJ)DQ
5DGLDWRU&RRODQW/HYHO
5HIXHOLQJ
5HJLVWUDWLRQ
5HPRYDOIURP6WRUDJH
5ROORYHU3URWHFWLYH6WUXFWXUH
5236
6
6DIH2SHUDWLRQ3UDFWLFHV
6DIH5LGLQJ*HDU
%RRWV
&ORWKLQJ
(\H3URWHFWLRQ
*ORYHV
+HOPHW
5LGHU&RPIRUW
6DIHW\/DEHOVDQG/RFDWLRQV
6DIHW\7UDLQLQJ
6DIHW\:DUQLQJV
6HDW$GMXVWPHQWV
6HDW%HOW
6HDW%HOW'ULYHU:DUQLQJ
6HDW%HOW,QVSHFWLRQ
6HDW%HOWV
6HDW5HPRYDO
6HUYLFH$FFHVV3DQHOV
6HYHUH8VH'HILQLWLRQ
6KRFN/RDGLQJ
6NLGGLQJRU6OLGLQJ
6SDUN$UUHVWHU
6SDUN3OXJ*DS7RUTXH
6SDUN3OXJ,QVSHFWLRQ
6SDUN3OXJ5HFRPPHQGDWLRQV
6WDELOL]HWKH)XHO
6WDOOLQJ:KLOH&OLPELQJD+LOO
6WDUWLQJWKH(QJLQH
6WHHULQJ:KHHO
6WHHULQJ:KHHO,QVSHFWLRQ
6WRSSLQJWKH(QJLQH
6WRUDJH$UHD&RYHUV
6WRUDJH7LSV
6ZLWFKHV

7
7DLOOLJKW%UDNH/LJKW
5HSODFHPHQW
7KURWWOH3HGDO
7LUH7UHDG'HSWK
7LUHV
7UDLO(WLTXHWWH
7UDQVPLVVLRQ0DLQ*HDUFDVH
7UDQVSRUWLQJWKH9HKLFOH
7XUQLQJ,PSURSHUO\
7XUQLQJWKH9HKLFOH
8
86$(3$(PLVVLRQV/LPLWHG
:DUUDQW\
8QDXWKRUL]HG8VHRIWKH9HKLFOH
8VLQJ$OFRKRORU'UXJV
8VLQJ/RZ5DQJH
9
9HKLFOH%UHDNLQ3HULRG
9HKLFOH,GHQWLILFDWLRQ1XPEHUV
9HKLFOH,PPHUVLRQ
:
:DONHU(YDQV6KRFN3UHORDG
$GMXVWPHQW
:DUUDQW\&RYHUDJH$QG
([FOXVLRQV
/LPLWDWLRQV2I:DUUDQWLHV$QG
5HPHGLHV
/XEULFDQWVDQG)OXLGV
:DVKLQJWKH9HKLFOH
:DVKLQJ7LSV
:HW)RXOHG3OXJ
:KHHO,QVWDOODWLRQ
:KHHO5HPRYDO
:LQFK&DEOH&DUH
:LQFK0DLQWHQDQFHDQG
6HUYLFH6DIHW\
:LQFK2SHUDWLRQ
:LQFK6DIHW\3UHFDXWLRQV


PMS 419
WARNING
Improper vehicle use can result in SEVERE INJURY or DEATH
NEVER Operate:
•
Without first viewing safety video and taking a ROHVA training course at
www.rohva.org.
• If you are under age 16 and without a valid driver’s license.
• On excessively steep hills.
• On public roads (unless designated for off-road use).
ALWAYS:
• Secure cab nets or doors and keep hands and feet inside vehicle at all times.
• Wear a helmet, eye protection, gloves, long-sleeve shirt, long pants and
over-the-ankle
boots.
• Wear your seat belt. Vehicle rollover can cause severe injury or death.
• Avoid sharp turns or turns while applying heavy throttle.
•
Operate slowly in reverse - avoid sharp turns or sudden braking.
• On paved surfaces - pavement may seriously affect handling and control.
• With non-Polaris approved accessories - they may seriously affect stability.
For your nearest Polaris dealer,
call 1-800-POLARIS (765-2747)
or visit www.polaris.com
Polaris Industries Inc.
2100 Highway 55
Medina, MN 55340
Part No. 9926883 Rev 02
Printed in USA
RIDER MUST WEAR AN APPROVED HELMET AND PROTECTIVE GEAR.
RIDER MUST WEAR SEAT BELT.
NEVER USE ON PUBLIC ROADS.
NEVER USE WITH DRUGS OR ALCOHOL.
READ OWNER’S MANUAL. FOLLOW ALL INSTRUCTIONS AND WARNINGS.

