
')
8VHU0DQXDO
)ULGJH
)UHH]HU
%UXJVDQYLVQಣ
LQJ
.ºOHIU\VHಣ
VNDE
%UXNVDQYLVQಣ
LQJ
.RPELVNDS

&217(176
6DIHW\LQIRUPDWLRQ
6DIHW\LQVWUXFWLRQV
,QVWDOODWLRQ
&RQWUROSDQHO
'DLO\XVH
+LQWVDQGWLSV
&DUHDQGFOHDQLQJ
7URXEOHVKRRWLQJ
1RLVHV
7HFKQLFDOGDWD
,QIRUPDWLRQIRUWHVWLQVWLWXWHV
&86720(5&$5($1'6(59,&(
$OZD\VXVHRULJLQDOVSDUHSDUWV
:KHQFRQWDFWLQJRXU$XWKRULVHG6HUYLFH&HQWUHHQVXUHWKDW\RXKDYHWKHIROORZLQJ
GDWDDYDLODEOH0RGHO6HULDO1XPEHU
7KHLQIRUPDWLRQFDQEHIRXQGRQWKHUDWLQJSODWH
:DUQLQJ&DXWLRQ6DIHW\LQIRUPDWLRQ
*HQHUDOLQIRUPDWLRQDQGWLSV
(QYLURQPHQWDOLQIRUPDWLRQ
9,6,7285:(%6,7(72
*HWXVDJHDGYLFHEURFKXUHVWURXEOHVKRRWHUVHUYLFHDQGUHSDLULQIRUPDWLRQ
ZZZVPHJFRPVHUYLFHVFXVWRPHUVHUYLFH
6XEMHFWWRFKDQJHZLWKRXWQRWLFH
6$)(7<,1)250$7,21
%HIRUHWKHLQVWDOODWLRQDQGXVHRIWKHDSSOLDQFHFDUHIXOO\
UHDGWKHVXSSOLHGLQVWUXFWLRQV7KHPDQXIDFWXUHULVQRW
UHVSRQVLEOHIRUDQ\LQMXULHVRUGDPDJHWKDWDUHWKHUHVXOWRI
LQFRUUHFWLQVWDOODWLRQRUXVDJH$OZD\VNHHSWKHLQVWUXFWLRQV
LQDVDIHDQGDFFHVVLEOHORFDWLRQIRUIXWXUHUHIHUHQFH
&KLOGUHQDQGYXOQHUDEOHSHRSOHVDIHW\
ವ 7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP\HDUV
DQGDERYHDQGSHUVRQVZLWKUHGXFHGSK\VLFDOVHQVRU\RU
PHQWDOFDSDELOLWLHVRUODFNRIH[SHULHQFHDQGNQRZOHGJHLI
WKH\KDYHEHHQJLYHQVXSHUYLVLRQRULQVWUXFWLRQFRQFHUQLQJ
WKHXVHRIWKHDSSOLDQFHLQDVDIHZD\DQGXQGHUVWDQGWKH
KD]DUGVLQYROYHG

ವ &KLOGUHQDJHGIURPWR\HDUVDUHDOORZHGWRORDGDQG
XQORDGWKHDSSOLDQFHSURYLGHGWKDWWKH\KDYHEHHQ
SURSHUO\LQVWUXFWHG
ವ 7KLVDSSOLDQFHPD\EHXVHGE\SHUVRQVZLWKYHU\
H[WHQVLYHDQGFRPSOH[GLVDELOLWLHVSURYLGHGWKDWWKH\KDYH
EHHQSURSHUO\LQVWUXFWHG
ವ &KLOGUHQRIOHVVWKDQ\HDUVRIDJHVKRXOGEHNHSWDZD\
IURPWKHDSSOLDQFHXQOHVVFRQWLQXRXVO\VXSHUYLVHG
ವ 'RQRWOHWFKLOGUHQSOD\ZLWKWKHDSSOLDQFH
ವ &KLOGUHQVKDOOQRWFDUU\RXWFOHDQLQJDQGXVHUPDLQWHQDQFH
RIWKHDSSOLDQFHZLWKRXWVXSHUYLVLRQ
ವ .HHSDOOSDFNDJLQJDZD\IURPFKLOGUHQDQGGLVSRVHRILW
DSSURSULDWHO\
*HQHUDO6DIHW\
ವ 7KLVDSSOLDQFHLVLQWHQGHGWREHXVHGLQKRXVHKROGDQG
VLPLODUDSSOLFDWLRQVVXFKDV
ದ )DUPKRXVHVVWDIINLWFKHQDUHDVLQVKRSVRIILFHVDQG
RWKHUZRUNLQJHQYLURQPHQWV
ದ %\FOLHQWVLQKRWHOVPRWHOVEHGDQGEUHDNIDVWDQGRWKHU
UHVLGHQWLDOW\SHHQYLURQPHQWV
ವ 7RDYRLGFRQWDPLQDWLRQRIIRRGUHVSHFWWKHIROORZLQJ
LQVWUXFWLRQV
ದ GRQRWRSHQWKHGRRUIRUORQJSHULRGV
ದ FOHDQUHJXODUO\VXUIDFHVWKDWFDQFRPHLQFRQWDFWZLWK
IRRGDQGDFFHVVLEOHGUDLQDJHV\VWHPV
ದ VWRUHUDZPHDWDQGILVKLQVXLWDEOHFRQWDLQHUVLQWKH
UHIULJHUDWRUVRWKDWLWLVQRWLQFRQWDFWZLWKRUGULSRQWR
RWKHUIRRG
ವ :$51,1*.HHSYHQWLODWLRQRSHQLQJVLQWKHDSSOLDQFH
HQFORVXUHRULQWKHEXLOWLQVWUXFWXUHFOHDURIREVWUXFWLRQ
ವ :$51,1*'RQRWXVHPHFKDQLFDOGHYLFHVRURWKHU
PHDQVWRDFFHOHUDWHWKHGHIURVWLQJSURFHVVRWKHUWKDQ
WKRVHUHFRPPHQGHGE\WKHPDQXIDFWXUHU
ವ :$51,1*'RQRWGDPDJHWKHUHIULJHUDQWFLUFXLW

ವ :$51,1*'RQRWXVHHOHFWULFDODSSOLDQFHVLQVLGHWKH
IRRGVWRUDJHFRPSDUWPHQWVRIWKHDSSOLDQFHXQOHVVWKH\
DUHRIWKHW\SHUHFRPPHQGHGE\WKHPDQXIDFWXUHU
ವ 'RQRWXVHZDWHUVSUD\DQGVWHDPWRFOHDQWKHDSSOLDQFH
ವ &OHDQWKHDSSOLDQFHZLWKDPRLVWVRIWFORWK2QO\XVH
QHXWUDOGHWHUJHQWV'RQRWXVHDEUDVLYHSURGXFWVDEUDVLYH
FOHDQLQJSDGVVROYHQWVRUPHWDOREMHFWV
ವ :KHQWKHDSSOLDQFHLVHPSW\IRUORQJSHULRGVZLWFKLWRII
GHIURVWFOHDQGU\DQGOHDYHWKHGRRURSHQWRSUHYHQW
PRXOGIURPGHYHORSLQJZLWKLQWKHDSSOLDQFH
ವ 'RQRWVWRUHH[SORVLYHVXEVWDQFHVVXFKDVDHURVROFDQV
ZLWKDIODPPDEOHSURSHOODQWLQWKLVDSSOLDQFH
ವ ,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHGE\WKH
PDQXIDFWXUHULWV$XWKRULVHG6HUYLFH&HQWUHRUVLPLODUO\
TXDOLILHGSHUVRQVLQRUGHUWRDYRLGDKD]DUG
6$)(7<,16758&7,216
,QVWDOODWLRQ
:$51,1*2QO\DTXDOLILHG
SHUVRQPXVWLQVWDOOWKLV
DSSOLDQFH
ವ 5HPRYHDOOWKHSDFNDJLQJ
ವ 'RQRWLQVWDOORUXVHDGDPDJHG
DSSOLDQFH
ವ 'RQRWXVHWKHDSSOLDQFHEHIRUH
LQVWDOOLQJLWLQWKHEXLOWLQVWUXFWXUHGXH
WRVDIHW\PDQQHU
ವ )ROORZWKHLQVWDOODWLRQLQVWUXFWLRQV
VXSSOLHGZLWKWKHDSSOLDQFH
ವ $OZD\VWDNHFDUHZKHQPRYLQJWKH
DSSOLDQFHDVLWLVKHDY\$OZD\VXVH
VDIHW\JORYHVDQGHQFORVHGIRRWZHDU
ವ 0DNHVXUHWKHDLUFDQFLUFXODWHDURXQG
WKHDSSOLDQFH
ವ $WILUVWLQVWDOODWLRQRUDIWHUUHYHUVLQJWKH
GRRUZDLWDWOHDVWKRXUVEHIRUH
FRQQHFWLQJWKHDSSOLDQFHWRWKHSRZHU
VXSSO\7KLVLVWRDOORZWKHRLOWRIORZ
EDFNLQWKHFRPSUHVVRU
ವ %HIRUHFDUU\LQJRXWDQ\RSHUDWLRQVRQ
WKHDSSOLDQFHHJUHYHUVLQJWKHGRRU
UHPRYHWKHSOXJIURPWKHSRZHUVRFNHW
ವ 'RQRWLQVWDOOWKHDSSOLDQFHFORVHWR
UDGLDWRUVRUFRRNHUVRYHQVRUKREV
ವ 'RQRWH[SRVHWKHDSSOLDQFHWRWKH
UDLQ
ವ 'RQRWLQVWDOOWKHDSSOLDQFHZKHUHWKHUH
LVGLUHFWVXQOLJKW
ವ 'RQRWLQVWDOOWKLVDSSOLDQFHLQDUHDV
WKDWDUHWRRKXPLGRUWRRFROG
ವ :KHQ\RXPRYHWKHDSSOLDQFHOLIWLWE\
WKHIURQWHGJHWRDYRLGVFUDWFKLQJWKH
IORRU
ವ 7KHDSSOLDQFHFRQWDLQVDEDJRI
GHVLFFDQW7KLVLVQRWDWR\7KLVLVQRW
IRRG3OHDVHGLVSRVHRILWLPPHGLDWHO\
(OHFWULFDOFRQQHFWLRQ
:$51,1*5LVNRIILUHDQG
HOHFWULFVKRFN
:$51,1*:KHQSRVLWLRQLQJ
WKHDSSOLDQFHHQVXUHWKH
VXSSO\FRUGLVQRWWUDSSHGRU
GDPDJHG
:$51,1*'RQRWXVHPXOWL
SOXJDGDSWHUVDQGH[WHQVLRQ
FDEOHV

ವ 7KHDSSOLDQFHPXVWEHHDUWKHG
ವ 0DNHVXUHWKDWWKHSDUDPHWHUVRQWKH
UDWLQJSODWHDUHFRPSDWLEOHZLWKWKH
HOHFWULFDOUDWLQJVRIWKHPDLQVSRZHU
VXSSO\
ವ $OZD\VXVHDFRUUHFWO\LQVWDOOHG
VKRFNSURRIVRFNHW
ವ 0DNHVXUHQRWWRFDXVHGDPDJHWRWKH
HOHFWULFDOFRPSRQHQWVHJPDLQVSOXJ
PDLQVFDEOHFRPSUHVVRU&RQWDFWWKH
$XWKRULVHG6HUYLFH&HQWUHRUDQ
HOHFWULFLDQWRFKDQJHWKHHOHFWULFDO
FRPSRQHQWV
ವ 7KHPDLQVFDEOHPXVWVWD\EHORZWKH
OHYHORIWKHPDLQVSOXJ
ವ &RQQHFWWKHPDLQVSOXJWRWKHPDLQV
VRFNHWRQO\DWWKHHQGRIWKH
LQVWDOODWLRQ0DNHVXUHWKDWWKHUHLV
DFFHVVWRWKHPDLQVSOXJDIWHUWKH
LQVWDOODWLRQ
ವ 'RQRWSXOOWKHPDLQVFDEOHWR
GLVFRQQHFWWKHDSSOLDQFH$OZD\VSXOO
WKHPDLQVSOXJ
8VH
:$51,1*5LVNRILQMXU\
EXUQVHOHFWULFVKRFNRUILUH
7KHDSSOLDQFHFRQWDLQVIODPPDEOH
JDVLVREXWDQH5DDQDWXUDOJDVZLWK
DKLJKOHYHORIHQYLURQPHQWDOFRPSDWLELOLW\
%HFDUHIXOQRWWRFDXVHGDPDJHWRWKH
UHIULJHUDQWFLUFXLWFRQWDLQLQJLVREXWDQH
ವ 'RQRWFKDQJHWKHVSHFLILFDWLRQRIWKLV
DSSOLDQFH
ವ 'RQRWSXWHOHFWULFDODSSOLDQFHVHJ
LFHFUHDPPDNHUVLQWKHDSSOLDQFH
XQOHVVWKH\DUHVWDWHGDSSOLFDEOHE\WKH
PDQXIDFWXUHU
ವ ,IGDPDJHRFFXUVWRWKHUHIULJHUDQW
FLUFXLWPDNHVXUHWKDWWKHUHDUHQR
IODPHVDQGVRXUFHVRILJQLWLRQLQWKH
URRP9HQWLODWHWKHURRP
ವ 'RQRWOHWKRWLWHPVWRWRXFKWKHSODVWLF
SDUWVRIWKHDSSOLDQFH
ವ 'RQRWVWRUHIODPPDEOHJDVDQGOLTXLG
LQWKHDSSOLDQFH
ವ 'RQRWSXWIODPPDEOHSURGXFWVRULWHPV
WKDWDUHZHWZLWKIODPPDEOHSURGXFWV
LQQHDURURQWKHDSSOLDQFH
ವ 'RQRWWRXFKWKHFRPSUHVVRURUWKH
FRQGHQVHU7KH\DUHKRW
,QWHUQDOOLJKWLQJ
:$51,1*5LVNRIHOHFWULF
VKRFN
ವ &RQFHUQLQJWKHODPSVLQVLGHWKLV
SURGXFWDQGVSDUHSDUWODPSVVROG
VHSDUDWHO\7KHVHODPSVDUHLQWHQGHG
WRZLWKVWDQGH[WUHPHSK\VLFDO
FRQGLWLRQVLQKRXVHKROGDSSOLDQFHV
VXFKDVWHPSHUDWXUHYLEUDWLRQ
KXPLGLW\RUDUHLQWHQGHGWRVLJQDO
LQIRUPDWLRQDERXWWKHRSHUDWLRQDOVWDWXV
RIWKHDSSOLDQFH7KH\DUHQRWLQWHQGHG
WREHXVHGLQRWKHUDSSOLFDWLRQVDQGDUH
QRWVXLWDEOHIRUKRXVHKROGURRP
LOOXPLQDWLRQ
&DUHDQGFOHDQLQJ
:$51,1*5LVNRILQMXU\RU
GDPDJHWRWKHDSSOLDQFH
ವ %HIRUHPDLQWHQDQFHGHDFWLYDWHWKH
DSSOLDQFHDQGGLVFRQQHFWWKHPDLQV
SOXJIURPWKHPDLQVVRFNHW
ವ 7KLVDSSOLDQFHFRQWDLQVK\GURFDUERQV
LQWKHFRROLQJXQLW2QO\DTXDOLILHG
SHUVRQPXVWGRWKHPDLQWHQDQFHDQG
WKHUHFKDUJLQJRIWKHXQLW
ವ 5HJXODUO\H[DPLQHWKHGUDLQRIWKH
DSSOLDQFHDQGLIQHFHVVDU\FOHDQLW,I
WKHGUDLQLVEORFNHGGHIURVWHGZDWHU
FROOHFWVLQWKHERWWRPRIWKHDSSOLDQFH
6HUYLFH
ವ 7RUHSDLUWKHDSSOLDQFHFRQWDFWWKH
$XWKRULVHG6HUYLFH&HQWUH8VHRULJLQDO
VSDUHSDUWVRQO\
ವ 3OHDVHQRWHWKDWVHOIUHSDLURUQRQ
SURIHVVLRQDOUHSDLUFDQKDYHVDIHW\
FRQVHTXHQFHVDQGPLJKWYRLGWKH
JXDUDQWHH
ವ 7KHIROORZLQJVSDUHSDUWVZLOOEH
DYDLODEOHIRU\HDUVDIWHUWKHPRGHO
KDVEHHQGLVFRQWLQXHGWKHUPRVWDWV

WHPSHUDWXUHVHQVRUVSULQWHGFLUFXLW
ERDUGVOLJKWVRXUFHVGRRUKDQGOHV
GRRUKLQJHVWUD\VDQGEDVNHWV3OHDVH
QRWHWKDWVRPHRIWKHVHVSDUHSDUWVDUH
RQO\DYDLODEOHWRSURIHVVLRQDOUHSDLUHUV
DQGWKDWQRWDOOVSDUHSDUWVDUHUHOHYDQW
IRUDOOPRGHOV
ವ 'RRUJDVNHWVZLOOEHDYDLODEOHIRU
\HDUVDIWHUWKHPRGHOKDVEHHQ
GLVFRQWLQXHG
'LVSRVDO
:$51,1*5LVNRILQMXU\RU
VXIIRFDWLRQ
ವ 'LVFRQQHFWWKHDSSOLDQFHIURPWKH
PDLQVVXSSO\
ವ &XWRIIWKHPDLQVFDEOHDQGGLVFDUGLW
ವ 5HPRYHWKHGRRUWRSUHYHQWFKLOGUHQ
DQGSHWVWREHFORVHGLQVLGHRIWKH
DSSOLDQFH
ವ 7KHUHIULJHUDQWFLUFXLWDQGWKHLQVXODWLRQ
PDWHULDOVRIWKLVDSSOLDQFHDUHR]RQH
IULHQGO\
ವ 7KHLQVXODWLRQIRDPFRQWDLQV
IODPPDEOHJDV&RQWDFW\RXUPXQLFLSDO
DXWKRULW\IRULQIRUPDWLRQRQKRZWR
GLVFDUGWKHDSSOLDQFHFRUUHFWO\
ವ 'RQRWFDXVHGDPDJHWRWKHSDUWRIWKH
FRROLQJXQLWWKDWLVQHDUWKHKHDW
H[FKDQJHU
,167$//$7,21
:$51,1*5HIHUWR6DIHW\
FKDSWHUV
:$51,1*5HIHUWR
LQVWDOODWLRQLQVWUXFWLRQ
GRFXPHQWWRLQVWDOO\RXU
DSSOLDQFH
:$51,1*)L[WKHDSSOLDQFH
LQDFFRUGDQFHZLWKLQVWDOODWLRQ
LQVWUXFWLRQGRFXPHQWWRDYRLGD
ULVNRILQVWDELOLW\RIWKH
DSSOLDQFH

'LPHQVLRQV
B
A
H1
W1
D1
W2
D2
W3
D3
90°
2YHUDOOGLPHQVLRQV{
+ PP
: PP
' PP
{WKHKHLJKWZLGWKDQGGHSWKRIWKH
DSSOLDQFHZLWKRXWWKHKDQGOHDQGIHHW
6SDFHUHTXLUHGLQXVHt
+$% PP
: PP
' PP
$ PP
6SDFHUHTXLUHGLQXVHt
%PP
tWKHKHLJKWZLGWKDQGGHSWKRIWKH
DSSOLDQFHLQFOXGLQJWKHKDQGOHSOXVWKH
VSDFHQHFHVVDU\IRUIUHHFLUFXODWLRQRIWKH
FRROLQJDLU
2YHUDOOVSDFHUHTXLUHGLQXVHu
+$% PP
: PP
' PP
uWKHKHLJKWZLGWKDQGGHSWKRIWKH
DSSOLDQFHLQFOXGLQJWKHKDQGOHSOXVWKH
VSDFHQHFHVVDU\IRUIUHHFLUFXODWLRQRIWKH
FRROLQJDLUSOXVWKHVSDFHQHFHVVDU\WR

DOORZGRRURSHQLQJWRWKHPLQLPXPDQJOH
SHUPLWWLQJUHPRYDORIDOOLQWHUQDO
HTXLSPHQW
/RFDWLRQ
7RHQVXUHDSSOLDQFHVEHVWIXQFWLRQDOLW\
\RXVKRXOGQRWLQVWDOOWKHDSSOLDQFHLQWKH
QHDUE\RIWKHKHDWVRXUFHRYHQVWRYHV
UDGLDWRUVFRRNHUVRUKREVRULQDSODFH
ZLWKGLUHFWVXQOLJKW0DNHVXUHWKDWDLUFDQ
FLUFXODWHIUHHO\DURXQGWKHEDFNRIWKH
FDELQHW
7KLVDSSOLDQFHVKRXOGEHLQVWDOOHGLQDGU\
ZHOOYHQWLODWHGLQGRRUSRVLWLRQ
7KLVDSSOLDQFHLVLQWHQGHGWREHXVHGDW
DPELHQWWHPSHUDWXUHUDQJLQJIURPr&WR
r&
7KHFRUUHFWRSHUDWLRQRIWKH
DSSOLDQFHFDQRQO\EH
JXDUDQWHHGZLWKLQWKHVSHFLILHG
WHPSHUDWXUHUDQJH
,I\RXKDYHDQ\GRXEWV
UHJDUGLQJZKHUHWRLQVWDOOWKH
DSSOLDQFHSOHDVHWXUQWRWKH
YHQGRUWRRXUFXVWRPHUVHUYLFH
RUWRWKHQHDUHVW$XWKRULVHG
6HUYLFH&HQWUH
,WPXVWEHSRVVLEOHWR
GLVFRQQHFWWKHDSSOLDQFHIURP
WKHPDLQVSRZHUVXSSO\7KH
SOXJPXVWWKHUHIRUHEHHDVLO\
DFFHVVLEOHDIWHULQVWDOODWLRQ
(OHFWULFDOFRQQHFWLRQ
ವ %HIRUHSOXJJLQJLQHQVXUHWKDWWKH
YROWDJHDQGIUHTXHQF\VKRZQRQWKH
UDWLQJSODWHFRUUHVSRQGWR\RXU
GRPHVWLFSRZHUVXSSO\
ವ 7KHDSSOLDQFHPXVWEHHDUWKHG7KH
SRZHUVXSSO\FDEOHSOXJLVSURYLGHG
ZLWKDFRQWDFWIRUWKLVSXUSRVH,IWKH
GRPHVWLFSRZHUVXSSO\VRFNHWLVQRW
HDUWKHGFRQQHFWWKHDSSOLDQFHWRD
VHSDUDWHHDUWKLQFRPSOLDQFHZLWK
FXUUHQWUHJXODWLRQVFRQVXOWLQJD
TXDOLILHGHOHFWULFLDQ
ವ 7KHPDQXIDFWXUHUGHFOLQHVDOO
UHVSRQVLELOLW\LIWKHDERYHVDIHW\
SUHFDXWLRQVDUHQRWREVHUYHG
ವ 7KLVDSSOLDQFHFRPSOLHVZLWKWKH((&
'LUHFWLYHV
9HQWLODWLRQUHTXLUHPHQWV
7KHDLUIORZEHKLQGWKHDSSOLDQFHPXVWEH
VXIILFLHQW
5 cm
min.
200 cm
2
min.
200 cm
2
&$87,215HIHUWRWKH
LQVWDOODWLRQLQVWUXFWLRQVIRUWKH
LQVWDOODWLRQ
'RRUUHYHUVLELOLW\
3OHDVHUHIHUWRWKHVHSDUDWHGRFXPHQW
ZLWKLQVWUXFWLRQVRQLQVWDOODWLRQDQGGRRU
UHYHUVDO
&$87,21$WHYHU\VWDJHRI
UHYHUVLQJWKHGRRUSURWHFWWKH
IORRUIURPVFUDWFKLQJZLWKD
GXUDEOHPDWHULDO

&21752/3$1(/
1 2
4 3
2 5242321
7 6
)ULGJHWHPSHUDWXUHLQGLFDWRU/('
)UHH]HUWHPSHUDWXUHLQGLFDWRU/('
)DVW)UHH]HLQGLFDWRU
)UHH]HUFRPSDUWPHQWLQGLFDWRU
)ULGJHFRPSDUWPHQWLQGLFDWRU
212))EXWWRQ
&RPSDUWPHQWVHOHFWLRQEXWWRQ
)DVW)UHH]HEXWWRQ
7HPSHUDWXUHUHJXODWRU
6ZLWFKLQJRQ
,QVHUWWKHSOXJLQWRWKHZDOOVRFNHW
7RXFKWKH212))EXWWRQLIDOO
/('LQGLFDWRUVDUHRII
6ZLWFKLQJRII
.HHSWRXFKLQJWKH212))EXWWRQIRU
VHFRQGV
$OOLQGLFDWRUVOLJKWRII
7HPSHUDWXUHUHJXODWLRQ
%HIRUHUHJXODWLQJWKHWHPSHUDWXUHLWLV
QHFHVVDU\WRVHOHFWWKHFRPSDUWPHQW
IULGJHRUIUHH]HU
7KHXSSHURUORZHUFDYLW\LVVHOHFWHGE\
WKHFRPSDUWPHQWVHOHFWLRQEXWWRQ
7RVHOHFWWKHIUHH]HUFRPSDUWPHQWWRXFK
WKHFRPSDUWPHQWVHOHFWLRQEXWWRQXQWLO
/('FRUUHVSRQGLQJWRWKHXSSHUFDYLW\
OLJKWVXS
7KHWHPSHUDWXUH/('LQGLFDWRUVKRZVWKH
ODWHVWVHWWHPSHUDWXUH5HFRPPHQGHG
VHWWLQJLVr&
7RVHOHFWWKHIULGJHFRPSDUWPHQWWRXFK
WKHFRPSDUWPHQWVHOHFWLRQEXWWRQXQWLO
/('FRUUHVSRQGLQJWRWKHORZHUFDYLW\
OLJKWVXS
7KHWHPSHUDWXUH/('LQGLFDWRUVKRZVWKH
ODWHVWVHWWHPSHUDWXUH5HFRPPHQGHG
VHWWLQJLVr&
7RVHWWHPSHUDWXUH
7RXFKWHPSHUDWXUHUHJXODWRUEXWWRQ
&XUUHQWWHPSHUDWXUHLQGLFDWRUEOLQNV
$Q\WLPH\RXWRXFKWKHWHPSHUDWXUH
UHJXODWRUEXWWRQWKHVHWWLQJPRYHV
E\RQHSRVLWLRQ:KHQ\RXVHOHFWD
WHPSHUDWXUHWKH/('FRUUHVSRQGLQJWR
VHOHFWHGWHPSHUDWXUHYDOXHEOLQNVIRUD
ZKLOHDQGWKHVHWWLQJLVIL[HG
7KHVHWWHPSHUDWXUHZLOOEH
UHDFKHGZLWKLQKRXUV$IWHU
DSRZHUIDLOXUHWKHVHW
WHPSHUDWXUHUHPDLQVVWRUHG
)DVW)UHH]HIXQFWLRQ
7KH)DVW)UHH]HIXQFWLRQLVXVHGWR
SHUIRUPSUHIUHH]LQJDQGIDVWIUHH]LQJLQ
VHTXHQFHLQWKHIUHH]HUFRPSDUWPHQW
7KLVIXQFWLRQDFFHOHUDWHVWKHIUHH]LQJRI
IUHVKIRRGDQGDWWKHVDPHWLPHSURWHFWV
IRRGSURGXFWVDOUHDG\VWRUHGLQWKHIUHH]HU
FRPSDUWPHQWIURPXQGHVLUDEOHZDUPLQJ
7RIUHH]HIUHVKIRRGDFWLYDWH
WKH)DVW)UHH]HIXQFWLRQDWOHDVW
KRXUVEHIRUHSODFLQJWKH
IRRGWRFRPSOHWHSUHIUHH]LQJ
7RDFWLYDWH)DVW)UHH]HIXQFWLRQSUHVVWKH
)DVW)UHH]HEXWWRQIRUVHFRQGV7KH
)DVW)UHH]HLQGLFDWRUVZLWFKHVRQ
7KLVIXQFWLRQVWRSV
DXWRPDWLFDOO\DIWHUKRXUV
,WLVSRVVLEOHWRGHDFWLYDWHWKHIXQFWLRQDW
DQ\WLPHE\SUHVVLQJ)DVW)UHH]HEXWWRQ

IRUVHFRQGVDJDLQ7KH)DVW)UHH]H
LQGLFDWRUVZLWFKHVRII
'RRURSHQDODUP
,IWKHIULGJHGRRULVOHIWRSHQIRU
DSSUR[LPDWHO\PLQXWHVWKHIULGJH
FRPSDUWPHQWLQGLFDWRUIODVKHVDQGWKH
VRXQGLVRQ
'XULQJWKHDODUPWKHVRXQGFDQEHPXWHG
E\SUHVVLQJDQ\EXWWRQ7KHVRXQG
VZLWFKHVRIIDXWRPDWLFDOO\DIWHUDURXQG
RQHKRXUWRDYRLGGLVWXUELQJ
7KHDODUPGHDFWLYDWHVDIWHUFORVLQJWKH
GRRU
'$,/<86(
3RVLWLRQLQJWKHGRRUVKHOYHV
7RSHUPLWVWRUDJHRIIRRGSDFNDJHVRI
YDULRXVVL]HVWKHGRRUVKHOYHVFDQEH
SODFHGDWGLIIHUHQWKHLJKWV
*UDGXDOO\SXOOWKHVKHOIXSXQWLOLW
FRPHVIUHH
5HSRVLWLRQDVUHTXLUHG
0RYDEOHVKHOYHV
7KHZDOOVRIWKHUHIULJHUDWRUDUHHTXLSSHG
ZLWKDVHULHVRIUXQQHUVVRWKDWWKH
VKHOYHVFDQEHSRVLWLRQHGDVGHVLUHG
'RQRWPRYHWKHJODVVVKHOI
DERYHWKHYHJHWDEOHGUDZHUWR
HQVXUHFRUUHFWDLUFLUFXODWLRQ
9HJHWDEOHGUDZHU
7KHUHLVDVSHFLDOGUDZHULQWKHERWWRP
SDUWRIWKHDSSOLDQFHVXLWDEOHIRUVWRUDJH
RIIUXLWVDQGYHJHWDEOHV
7HPSHUDWXUHLQGLFDWRU
)RUSURSHUVWRUDJHRIIRRGWKHUHIULJHUDWRU
LVHTXLSSHGZLWKWKHWHPSHUDWXUHLQGLFDWRU
7KHV\PERORQWKHVLGHZDOORIWKH
DSSOLDQFHLQGLFDWHVWKHFROGHVWDUHDLQWKH
UHIULJHUDWRU
,I2.LVGLVSOD\HG$SXWIUHVKIRRGLQWR
DUHDLQGLFDWHGE\V\PEROLIQRW%ZDLWDW
OHDVWKRXUVDQGFKHFNLILWLV2.$
,ILWLVVWLOOQRW2.%DGMXVWWKHVHWWLQJ
FRQWUROWRDFROGHUVHWWLQJ
OK
OK
A
B

)UHH]LQJIUHVKIRRG
7KHIUHH]HUFRPSDUWPHQWLVVXLWDEOHIRU
IUHH]LQJIUHVKIRRGDQGVWRULQJIUR]HQDQG
GHHSIUR]HQIRRGIRUDORQJWLPH
7RIUHH]HIUHVKIRRGDFWLYDWHWKH
)DVW)UHH]HIXQFWLRQDWOHDVWKRXUV
EHIRUHSODFLQJWKHIRRGWREHIUR]HQLQWKH
IUHH]HUFRPSDUWPHQW
6WRUHWKHIUHVKIRRGHYHQO\GLVWULEXWHGLQ
WKHERWWRPSDUWRIWKHIUHH]HU
FRPSDUWPHQW
7KHPD[LPXPDPRXQWRIIRRGWKDWFDQEH
IUR]HQZLWKRXWDGGLQJRWKHUIUHVKIRRG
GXULQJKRXUVLVVSHFLILHGRQWKHUDWLQJ
SODWHDODEHOORFDWHGLQVLGHWKH
DSSOLDQFH
6WRUDJHRIIUR]HQIRRG
:KHQDFWLYDWLQJDQDSSOLDQFHIRUWKHILUVW
WLPHRUDIWHUDSHULRGRXWRIXVHEHIRUH
SXWWLQJWKHSURGXFWVLQWKHFRPSDUWPHQW
OHWWKHDSSOLDQFHUXQDWOHDVWKRXUVZLWK
WKH)DVW)UHH]HIXQFWLRQVZLWFKHGRQ
.HHSWKHIRRGQRFORVHUWKDQPPIURP
WKHGRRU
&$87,21,QWKHHYHQWRI
DFFLGHQWDOGHIURVWLQJIRU
H[DPSOHGXHWRDSRZHUIDLOXUH
LIWKHSRZHUKDVEHHQRIIIRU
ORQJHUWKDQWKHYDOXHVKRZQRQ
UDWLQJSODWHXQGHUULVLQJWLPH
WKHGHIURVWHGIRRGPXVWEH
FRQVXPHGTXLFNO\RUFRRNHG
LPPHGLDWHO\WKHQFRROHGDQG
WKHQUHIUR]HQ
7KDZLQJ
'HHSIUR]HQRUIUR]HQIRRGSULRUWREHLQJ
FRQVXPHGFDQEHWKDZHGLQWKH
UHIULJHUDWRURULQVLGHDSODVWLFEDJXQGHU
FROGZDWHU
7KLVRSHUDWLRQGHSHQGVRQWKHWLPH
DYDLODEOHDQGRQWKHW\SHRIIRRG6PDOO
SLHFHVPD\HYHQEHFRRNHGVWLOOIUR]HQ
,FHFXEHSURGXFWLRQ
7KLVDSSOLDQFHLVHTXLSSHGZLWKRQHRU
PRUHWUD\VIRUWKHSURGXFWLRQRILFHFXEHV
'RQRWXVHPHWDOOLFLQVWUXPHQWV
WRUHPRYHWKHWUD\VIURPWKH
IUHH]HU
)LOOWKHVHWUD\VZLWKZDWHU
3XWWKHLFHWUD\VLQWKHIUHH]HU
FRPSDUWPHQW
+,176$1'7,36
+LQWVIRUHQHUJ\VDYLQJ
ವ )UHH]HU7KHLQWHUQDOFRQILJXUDWLRQRI
WKHDSSOLDQFHLVWKHRQHWKDWHQVXUHV
WKHPRVWHIILFLHQWXVHRIHQHUJ\
ವ )ULGJH0RVWHIILFLHQWXVHRIHQHUJ\LV
HQVXUHGLQWKHFRQILJXUDWLRQZLWKWKH
GUDZHUVLQWKHERWWRPSDUWRIWKH
DSSOLDQFHDQGVKHOYHVHYHQO\
GLVWULEXWHG3RVLWLRQRIWKHGRRUELQV
GRHVQRWDIIHFWHQHUJ\FRQVXPSWLRQ
ವ 'RQRWRSHQWKHGRRUIUHTXHQWO\RU
OHDYHLWRSHQORQJHUWKDQQHFHVVDU\
ವ )UHH]HU7KHFROGHUWKHWHPSHUDWXUH
VHWWLQJWKHKLJKHUWKHHQHUJ\
FRQVXPSWLRQ
ವ )ULGJH'RQRWVHWWRRKLJKWHPSHUDWXUH
WRVDYHHQHUJ\XQOHVVLWLVUHTXLUHGE\
WKHFKDUDFWHULVWLFVRIWKHIRRG

ವ ,IWKHDPELHQWWHPSHUDWXUHLVKLJKDQG
WKHWHPSHUDWXUHFRQWUROLVVHWWRORZ
WHPSHUDWXUHDQGWKHDSSOLDQFHLVIXOO\
ORDGHGWKHFRPSUHVVRUPD\UXQ
FRQWLQXRXVO\FDXVLQJIURVWRULFH
IRUPDWLRQRQWKHHYDSRUDWRU,QWKLV
FDVHVHWWKHWHPSHUDWXUHFRQWURO
WRZDUGKLJKHUWHPSHUDWXUHWRDOORZ
DXWRPDWLFGHIURVWLQJDQGWRVDYH
HQHUJ\WKLVZD\
ವ (QVXUHDJRRGYHQWLODWLRQ'RQRWFRYHU
WKHYHQWLODWLRQJULOOHVRUKROHV
+LQWVIRUIUHH]LQJ
ವ $FWLYDWH)DVW)UHH]HIXQFWLRQDWOHDVW
KRXUVEHIRUHSODFLQJWKHIRRGLQVLGHWKH
IUHH]HUFRPSDUWPHQW
ವ %HIRUHIUHH]LQJZUDSDQGVHDOIUHVK
IRRGLQDOXPLQLXPIRLOSODVWLFILOPRU
EDJVDLUWLJKWFRQWDLQHUVZLWKOLG
ವ )RUPRUHHIILFLHQWIUHH]LQJDQGWKDZLQJ
GLYLGHIRRGLQWRVPDOOSRUWLRQV
ವ ,WLVUHFRPPHQGHGWRSXWODEHOVDQG
GDWHVRQDOO\RXUIUR]HQIRRG7KLVZLOO
KHOSWRLGHQWLI\IRRGVDQGWRNQRZZKHQ
WKH\VKRXOGEHXVHGEHIRUHWKHLU
GHWHULRUDWLRQ
ವ 7KHIRRGVKRXOGEHIUHVKZKHQEHLQJ
IUR]HQWRSUHVHUYHJRRGTXDOLW\
(VSHFLDOO\IUXLWVDQGYHJHWDEOHVVKRXOG
EHIUR]HQDIWHUWKHKDUYHVWWRSUHVHUYH
DOORIWKHLUQXWULHQWV
ವ 'RQRWIUHH]HERWWOHVRUFDQVZLWK
OLTXLGVLQSDUWLFXODUGULQNVFRQWDLQLQJ
FDUERQGLR[LGHWKH\PD\H[SORGH
GXULQJIUHH]LQJ
ವ 'RQRWSXWKRWIRRGLQWKHIUHH]HU
FRPSDUWPHQW&RROLWGRZQDWURRP
WHPSHUDWXUHEHIRUHSODFLQJLWLQVLGHWKH
FRPSDUWPHQW
ವ 7RDYRLGLQFUHDVHLQWHPSHUDWXUHRI
DOUHDG\IUR]HQIRRGGRQRWSODFHIUHVK
XQIUR]HQIRRGGLUHFWO\QH[WWRLW3ODFH
IRRGDWURRPWHPSHUDWXUHLQWKHSDUWRI
WKHIUHH]HUFRPSDUWPHQWZKHUHWKHUHLV
QRIUR]HQIRRG
ವ 'RQRWHDWLFHFXEHVZDWHULFHVRULFH
OROOLHVLPPHGLDWHO\DIWHUWDNLQJWKHPRXW
RIWKHIUHH]HU5LVNRIIURVWELWHV
ವ 'RQRWUHIUHH]HGHIURVWHGIRRG,IWKH
IRRGKDVGHIURVWHGFRRNLWFRROLWGRZQ
DQGWKHQIUHH]HLW
+LQWVIRUVWRUDJHRIIUR]HQIRRG
ವ )UHH]HUFRPSDUWPHQWLVWKHRQH
PDUNHGZLWK
ವ +LJKHUWHPSHUDWXUHVHWWLQJLQVLGHWKH
DSSOLDQFHPD\OHDGWRVKRUWHUVKHOIOLIH
ವ 7KHZKROHIUHH]HUFRPSDUWPHQWLV
VXLWDEOHIRUVWRUDJHRIIUR]HQIRRG
SURGXFWV
ವ /HDYHHQRXJKVSDFHDURXQGWKHIRRG
WRDOORZDLUWRFLUFXODWHIUHHO\
ವ )RUDGHTXDWHVWRUDJHUHIHUWRIRRG
SDFNDJLQJODEHOWRVHHWKHVKHOIOLIHRI
IRRG
ವ ,WLVLPSRUWDQWWRZUDSWKHIRRGLQVXFK
DZD\WKDWSUHYHQWVZDWHUKXPLGLW\RU
FRQGHQVDWLRQIURPJHWWLQJLQVLGH
6KRSSLQJWLSV
$IWHUJURFHU\VKRSSLQJ
ವ (QVXUHWKDWWKHSDFNDJLQJLVQRW
GDPDJHGWKHIRRGFRXOGEH
GHWHULRUDWHG,IWKHSDFNDJHLVVZROOHQ
RUZHWLWPLJKWKDYHQRWEHHQVWRUHGLQ
WKHRSWLPDOFRQGLWLRQVDQGGHIURVWLQJ
PD\KDYHDOUHDG\VWDUWHG
ವ 7ROLPLWWKHGHIURVWLQJSURFHVVEX\
IUR]HQJRRGVDWWKHHQGRI\RXUJURFHU\
VKRSSLQJDQGWUDQVSRUWWKHPLQD
WKHUPDODQGLQVXODWHGFRROEDJ
ವ 3ODFHWKHIUR]HQIRRGVLPPHGLDWHO\LQ
WKHIUHH]HUDIWHUFRPLQJEDFNIURPWKH
VKRS
ವ ,IIRRGKDVGHIURVWHGHYHQSDUWLDOO\GR
QRWUHIUHH]HLW&RQVXPHLWDVVRRQDV
SRVVLEOH
ವ 5HVSHFWWKHH[SLU\GDWHDQGWKH
VWRUDJHLQIRUPDWLRQRQWKHSDFNDJH

6KHOIOLIHIRUIUHH]HUFRPSDUWPHQW
7\SHRIIRRG 6KHOIOLIHPRQWKV
%UHDG
)UXLWVH[FHSWFLWUXV
9HJHWDEOHV
/HIWRYHUVZLWKRXWPHDW
'DLU\IRRG
%XWWHU
6RIWFKHHVHHJPR]]DUHOOD
+DUGFKHHVHHJSDUPHVDQFKHGGDU
6HDIRRG
)DWW\ILVKHJVDOPRQPDFNHUHO
/HDQILVKHJFRGIORXQGHU
6KULPSV
6KXFNHGFODPVDQGPXVVHOV
&RRNHGILVK
0HDW
3RXOWU\
%HHI
3RUN
/DPE
6DXVDJH
+DP
/HIWRYHUVZLWKPHDW
+LQWVIRUIUHVKIRRGUHIULJHUDWLRQ
ವ +LJKHUWHPSHUDWXUHVHWWLQJLQVLGHWKH
DSSOLDQFHPD\OHDGWRVKRUWHUVKHOIOLIH
RIIRRG
ವ &RYHUWKHIRRGZLWKSDFNDJLQJWR
SUHVHUYHLWVIUHVKQHVVDQGDURPD
ವ $OZD\VXVHFORVHGFRQWDLQHUVIRU
OLTXLGVDQGIRUIRRGWRDYRLGIODYRXUVRU
RGRXUVLQWKHFRPSDUWPHQW
ವ 7RDYRLGWKHFURVVFRQWDPLQDWLRQ
EHWZHHQFRRNHGDQGUDZIRRGFRYHU
WKHFRRNHGIRRGDQGVHSDUDWHLWIURP
WKHUDZRQH
ವ ,WLVUHFRPPHQGHGWRGHIURVWWKHIRRG
LQVLGHWKHIULGJH
ವ 'RQRWLQVHUWKRWIRRGLQVLGHWKH
DSSOLDQFH0DNHVXUHLWKDVFRROHG
GRZQDWURRPWHPSHUDWXUHEHIRUH
LQVHUWLQJLW
ವ 7RSUHYHQWIRRGZDVWHWKHQHZVWRFNRI
IRRGVKRXOGDOZD\VEHSODFHGEHKLQG
WKHROGRQH
+LQWVIRUIRRGUHIULJHUDWLRQ
ವ )UHVKIRRGFRPSDUWPHQWLVWKHRQH
PDUNHGRQWKHUDWLQJSODWHZLWK
ವ 0HDWDOOW\SHVZUDSLQDVXLWDEOH
SDFNDJLQJDQGSODFHLWRQWKHJODVV
VKHOIDERYHWKHYHJHWDEOHGUDZHU
6WRUHPHDWIRUDWPRVWGD\V
ವ )UXLWDQGYHJHWDEOHVFOHDQWKRURXJKO\
HOLPLQDWHWKHVRLODQGSODFHLQD
VSHFLDOGUDZHUYHJHWDEOHGUDZHU
ವ ,WLVDGYLVDEOHQRWWRNHHSWKHH[RWLF
IUXLWVOLNHEDQDQDVPDQJRVSDSD\DV
HWFLQWKHUHIULJHUDWRU

ವ 9HJHWDEOHVOLNHWRPDWRHVSRWDWRHV
RQLRQVDQGJDUOLFVKRXOGQRWEHNHSWLQ
WKHUHIULJHUDWRU
ವ %XWWHUDQGFKHHVHSODFHLQDQDLUWLJKW
FRQWDLQHURUZUDSLQDQDOXPLQLXPIRLO
RUDSRO\WKHQHEDJWRH[FOXGHDVPXFK
DLUDVSRVVLEOH
ವ %RWWOHVFORVHWKHPZLWKDFDSDQG
SODFHWKHPRQWKHGRRUERWWOHVKHOIRU
LIDYDLODEOHRQWKHERWWOHUDFN
ವ $OZD\VUHIHUWRWKHH[SLU\GDWHRIWKH
SURGXFWVWRNQRZKRZORQJWRNHHS
WKHP
&$5($1'&/($1,1*
:$51,1*5HIHUWR6DIHW\
FKDSWHUV
&OHDQLQJWKHLQWHULRU
%HIRUHXVLQJWKHDSSOLDQFHIRUWKHILUVW
WLPHWKHLQWHULRUDQGDOOLQWHUQDO
DFFHVVRULHVVKRXOGEHZDVKHGZLWK
OXNHZDUPZDWHUDQGVRPHQHXWUDOVRDSWR
UHPRYHWKHW\SLFDOVPHOORIDEUDQGQHZ
SURGXFWWKHQGULHGWKRURXJKO\
&$87,21'RQRWXVH
GHWHUJHQWVDEUDVLYHSRZGHUV
FKORULQHRURLOEDVHGFOHDQHUV
DVWKH\ZLOOGDPDJHWKHILQLVK
&$87,217KHDFFHVVRULHV
DQGSDUWVRIWKHDSSOLDQFHDUH
QRWVXLWDEOHIRUZDVKLQJLQD
GLVKZDVKHU
3HULRGLFFOHDQLQJ
7KHHTXLSPHQWKDVWREHFOHDQHG
UHJXODUO\
&OHDQWKHLQVLGHDQGDFFHVVRULHVZLWK
OXNHZDUPZDWHUDQGVRPHQHXWUDO
VRDS
5HJXODUO\FKHFNWKHGRRUVHDOVDQG
ZLSHWKHPFOHDQWRHQVXUHWKH\DUH
FOHDQDQGIUHHIURPGHEULV
5LQVHDQGGU\WKRURXJKO\
'HIURVWLQJRIWKHUHIULJHUDWRU
)URVWLVDXWRPDWLFDOO\HOLPLQDWHGIURPWKH
HYDSRUDWRURIWKHUHIULJHUDWRUFRPSDUWPHQW
GXULQJQRUPDOXVH7KHGHIURVWZDWHU
GUDLQVRXWWKURXJKDWURXJKLQWRDVSHFLDO
FRQWDLQHUDWWKHEDFNRIWKHDSSOLDQFH
RYHUWKHPRWRUFRPSUHVVRUZKHUHLW
HYDSRUDWHV
,WLVLPSRUWDQWWRSHULRGLFDOO\FOHDQWKH
GHIURVWZDWHUGUDLQKROHLQWKHPLGGOHRI
WKHUHIULJHUDWRUFRPSDUWPHQWFKDQQHOWR
SUHYHQWWKHZDWHURYHUIORZLQJDQGGULSSLQJ
RQWRWKHIRRGLQVLGH
)RUWKLVSXUSRVHXVHWKHWXEHFOHDQHU
SURYLGHGZLWKWKHDSSOLDQFH
'HIURVWLQJRIWKHIUHH]HU
&$87,211HYHUXVHVKDUS
PHWDOWRROVWRVFUDSHRIIIURVW
IURPWKHHYDSRUDWRUDV\RX
FRXOGGDPDJHLW
'RQRWXVHDPHFKDQLFDO
GHYLFHRUDQ\DUWLILFLDOPHDQVWR
VSHHGXSWKHWKDZLQJSURFHVV
RWKHUWKDQWKRVHUHFRPPHQGHG
E\WKHPDQXIDFWXUHU
$ERXWKRXUVSULRUWR
GHIURVWLQJVHWDORZHU
WHPSHUDWXUHLQRUGHUWREXLOGXS
VXIILFLHQWFKLOOUHVHUYHLQFDVH
RIDQ\LQWHUUXSWLRQLQRSHUDWLRQ

$FHUWDLQDPRXQWRIIURVWZLOODOZD\VIRUP
RQWKHIUHH]HUVKHOYHVDQGDURXQGWKHWRS
FRPSDUWPHQW
'HIURVWWKHIUHH]HUZKHQWKHIURVWOD\HU
UHDFKHVDWKLFNQHVVRIDERXWPP
6ZLWFKRIIWKHDSSOLDQFHRUSXOORXW
HOHFWULFDOSOXJIURPWKHZDOOVRFNHW
5HPRYHDQ\VWRUHGIRRGDQGSXWLWLQD
FRROSODFH
&$87,21$WHPSHUDWXUH
ULVHRIWKHIUR]HQIRRG
SDFNVGXULQJGHIURVWLQJ
PD\VKRUWHQWKHLUVDIH
VWRUDJHOLIH
'RQRWWRXFKIUR]HQJRRGV
ZLWKZHWKDQGV+DQGVFDQ
IUHH]HWRWKHJRRGV
/HDYHWKHGRRURSHQ3URWHFWWKHIORRU
IURPWKHGHIURVWLQJZDWHUHJZLWKD
FORWKRUDIODWYHVVHO
,QRUGHUWRVSHHGXSWKHGHIURVWLQJ
SURFHVVSODFHDSRWRIZDUPZDWHULQ
WKHIUHH]HUFRPSDUWPHQW,QDGGLWLRQ
UHPRYHSLHFHVRILFHWKDWEUHDNDZD\
EHIRUHGHIURVWLQJLVFRPSOHWH8VHWKH
VXSSOLHGLFHVFUDSHUIRUWKLVSXUSRVH
:KHQGHIURVWLQJLVFRPSOHWHGU\WKH
LQWHULRUWKRURXJKO\.HHSWKHLFH
VFUDSHUIRUWKHIXWXUHXVH
6ZLWFKRQWKHDSSOLDQFHDQGFORVHWKH
GRRU
6HWWKHWHPSHUDWXUHUHJXODWRUWRREWDLQ
WKHPD[LPXPFROGQHVVDQGUXQWKH
DSSOLDQFHIRUDWOHDVWKRXUVXVLQJ
WKLVVHWWLQJ
2QO\DIWHUWKLVWLPHSXWWKHIRRGEDFNLQWR
WKHIUHH]HUFRPSDUWPHQW
3HULRGRIQRQRSHUDWLRQ
:KHQWKHDSSOLDQFHLVQRWLQXVHIRUORQJ
SHULRGWDNHWKHIROORZLQJSUHFDXWLRQV
'LVFRQQHFWWKHDSSOLDQFHIURP
HOHFWULFLW\VXSSO\
5HPRYHDOOIRRG
'HIURVWWKHDSSOLDQFH
&OHDQWKHDSSOLDQFHDQGDOO
DFFHVVRULHV
/HDYHWKHGRRUVRSHQWRSUHYHQW
XQSOHDVDQWVPHOOV
7528%/(6+227,1*
:$51,1*5HIHUWR6DIHW\
FKDSWHUV
:KDWWRGRLI
3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
7KHDSSOLDQFHGRHVQRWRSಣ
HUDWH
7KHDSSOLDQFHLVVZLWFKHG
RII
6ZLWFKRQWKHDSSOLDQFH
7KHPDLQVSOXJLVQRWFRQಣ
QHFWHGWRWKHPDLQVVRFNHW
FRUUHFWO\
&RQQHFWWKHPDLQVSOXJWR
WKHPDLQVVRFNHWFRUUHFWO\
7KHUHLVQRYROWDJHLQWKH
PDLQVVRFNHW
&RQQHFWDGLIIHUHQWHOHFWULFDO
DSSOLDQFHWRWKHPDLQVVRFNಣ
HW&RQWDFWDTXDOLILHGHOHFಣ
WULFLDQ
7KHDSSOLDQFHLVQRLV\ 7KHDSSOLDQFHLVQRWVXSSRUಣ
WHGSURSHUO\
&KHFNLIWKHDSSOLDQFH
VWDQGVVWDEOH

3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
$FRXVWLFRUYLVXDODODUPLV
RQ
7KHFDELQHWKDVEHHQUHಣ
FHQWO\VZLWFKHGRQ
5HIHUWR'RRU2SHQ$ODUP
RU+LJK7HPSHUDWXUH
$ODUP
7KHWHPSHUDWXUHLQWKHDSಣ
SOLDQFHLVWRRKLJK
5HIHUWR'RRU2SHQ$ODUP
RU+LJK7HPSHUDWXUH
$ODUP
7KHGRRULVOHIWRSHQ &ORVHWKHGRRU
7KHFRPSUHVVRURSHUDWHV
FRQWLQXDOO\
7HPSHUDWXUHLVVHWLQFRUಣ
UHFWO\
5HIHUWR&RQWURO3DQHO
FKDSWHU
0DQ\IRRGSURGXFWVZHUH
SXWLQDWWKHVDPHWLPH
:DLWDIHZKRXUVDQGWKHQ
FKHFNWKHWHPSHUDWXUH
DJDLQ
7KHURRPWHPSHUDWXUHLVWRR
KLJK
5HIHUWR,QVWDOODWLRQFKDSಣ
WHU
)RRGSURGXFWVSODFHGLQWKH
DSSOLDQFHZHUHWRRZDUP
$OORZIRRGSURGXFWVWRFRRO
WRURRPWHPSHUDWXUHEHIRUH
VWRULQJ
7KHGRRULVQRWFORVHGFRUಣ
UHFWO\
5HIHUWR&ORVLQJWKHGRRU
VHFWLRQ
7KH)DVW)UHH]HIXQFWLRQLV
VZLWFKHGRQ
5HIHUWR)DVW)UHH]HIXQFಣ
WLRQVHFWLRQ
7KHFRPSUHVVRUGRHVQRW
VWDUWLPPHGLDWHO\DIWHU
SUHVVLQJWKH)DVW)UHH]H
RUDIWHUFKDQJLQJWKHWHPಣ
SHUDWXUH
7KHFRPSUHVVRUVWDUWVDIWHU
DSHULRGRIWLPH
7KLVLVQRUPDOQRHUURUKDV
RFFXUUHG
'RRULVPLVDOLJQHGRULQWHUಣ
IHUHVZLWKYHQWLODWLRQJULOO
7KHDSSOLDQFHLVQRWOHYHOಣ
OHG
5HIHUWRLQVWDOODWLRQLQVWUXFಣ
WLRQV
'RRUGRHVQRWRSHQHDVLO\ <RXDWWHPSWHGWRUHRSHQ
WKHGRRULPPHGLDWHO\DIWHU
FORVLQJ
:DLWDIHZVHFRQGVEHWZHHQ
FORVLQJDQGUHRSHQLQJRI
WKHGRRU
7KHODPSGRHVQRWZRUN 7KHODPSLVLQVWDQGE\
PRGH
&ORVHDQGRSHQWKHGRRU
7KHODPSLVGHIHFWLYH &RQWDFWWKHQHDUHVW$XWKRUಣ
L]HG6HUYLFH&HQWUH
7KHUHLVWRRPXFKIURVWDQG
LFH
7KHGRRULVQRWFORVHGFRUಣ
UHFWO\
5HIHUWR&ORVLQJWKHGRRU
VHFWLRQ
7KHJDVNHWLVGHIRUPHGRU
GLUW\
5HIHUWR&ORVLQJWKHGRRU
VHFWLRQ

3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
)RRGSURGXFWVDUHQRWZUDSಣ
SHGSURSHUO\
:UDSWKHIRRGSURGXFWVEHWಣ
WHU
7HPSHUDWXUHLVVHWLQFRUಣ
UHFWO\
5HIHUWR&RQWURO3DQHO
FKDSWHU
$SSOLDQFHLVIXOO\ORDGHGDQG
LVVHWWRWKHORZHVWWHPSHUDಣ
WXUH
6HWDKLJKHUWHPSHUDWXUH
5HIHUWR&RQWURO3DQHO
FKDSWHU
7HPSHUDWXUHVHWLQWKHDSಣ
SOLDQFHLVWRRORZDQGWKH
DPELHQWWHPSHUDWXUHLVWRR
KLJK
6HWDKLJKHUWHPSHUDWXUH
5HIHUWR&RQWURO3DQHO
FKDSWHU
:DWHUIORZVRQWKHUHDUSODWH
RIWKHUHIULJHUDWRU
'XULQJWKHDXWRPDWLFGHಣ
IURVWLQJSURFHVVIURVWPHOWV
RQWKHUHDUSODWH
7KLVLVFRUUHFW
7KHUHLVWRRPXFKFRQಣ
GHQVHGZDWHURQWKHUHDU
ZDOORIWKHUHIULJHUDWRU
'RRUZDVRSHQHGWRRIUHಣ
TXHQWO\
2SHQWKHGRRURQO\ZKHQ
QHFHVVDU\
'RRUZDVQRWFORVHGFRPಣ
SOHWHO\
0DNHVXUHWKHGRRULV
FORVHGFRPSOHWHO\
6WRUHGIRRGZDVQRWZUDSಣ
SHG
:UDSIRRGLQVXLWDEOHSDFNಣ
DJLQJEHIRUHVWRULQJLWLQWKH
DSSOLDQFH
:DWHUIORZVLQVLGHWKHUHIULJಣ
HUDWRU
)RRGSURGXFWVSUHYHQWWKH
ZDWHUIURPIORZLQJLQWRWKH
ZDWHUFROOHFWRU
0DNHVXUHWKDWIRRGSURGಣ
XFWVGRQRWWRXFKWKHUHDU
SODWH
7KHZDWHURXWOHWLVFORJJHG &OHDQWKHZDWHURXWOHW
:DWHUIORZVRQWKHIORRU 7KHPHOWLQJZDWHURXWOHWLV
QRWFRQQHFWHGWRWKHHYDSRಣ
UDWLYHWUD\DERYHWKHFRPಣ
SUHVVRU
$WWDFKWKHPHOWLQJZDWHURXWಣ
OHWWRWKHHYDSRUDWLYHWUD\
7HPSHUDWXUHFDQQRWEHVHW 7KH)DVW)UHH]HIXQFWLRQLV
VZLWFKHGRQ
6ZLWFKRII)DVW)UHH]HIXQFಣ
WLRQPDQXDOO\RUZDLWXQWLO
WKHIXQFWLRQGHDFWLYDWHVDXಣ
WRPDWLFDOO\WRVHWWKHWHPಣ
SHUDWXUH5HIHUWR)DVWಣ
)UHH]HIXQFWLRQVHFWLRQ
7KHWHPSHUDWXUHLQWKHDSಣ
SOLDQFHLVWRRORZWRRKLJK
7KHWHPSHUDWXUHLVQRWVHW
FRUUHFWO\
6HWDKLJKHUORZHUWHPSHUDಣ
WXUH
7KHGRRULVQRWFORVHGFRUಣ
UHFWO\
5HIHUWR&ORVLQJWKHGRRU
VHFWLRQ

3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
7KHIRRGSURGXFWVWHPSHUDಣ
WXUHLVWRRKLJK
/HWWKHIRRGSURGXFWVWHPಣ
SHUDWXUHGHFUHDVHWRURRP
WHPSHUDWXUHEHIRUHVWRUDJH
0DQ\IRRGSURGXFWVDUH
VWRUHGDWWKHVDPHWLPH
6WRUHOHVVIRRGSURGXFWVDW
WKHVDPHWLPH
7KHWKLFNQHVVRIWKHIURVWLV
JUHDWHUWKDQPP
'HIURVWWKHDSSOLDQFH
7KHGRRUKDVEHHQRSHQHG
RIWHQ
2SHQWKHGRRURQO\LIQHFHVಣ
VDU\
7KH)DVW)UHH]HIXQFWLRQLV
VZLWFKHGRQ
5HIHUWR)DVW)UHH]HIXQFಣ
WLRQVHFWLRQ
,IWKHDGYLFHGRHVQRWOHDGWR
WKHGHVLUHGUHVXOWFDOOWKH
QHDUHVW$XWKRUL]HG6HUYLFH
&HQWUH
5HSODFLQJWKHODPS
7KHDSSOLDQFHLVHTXLSSHGZLWKDORQJOLIH
/('LQWHULRUOLJKW
2QO\VHUYLFHLVDOORZHGWRUHSODFHWKH
OLJKWLQJGHYLFH&RQWDFW\RXU$XWKRULVHG
6HUYLFH&HQWUH
&ORVLQJWKHGRRU
&OHDQWKHGRRUJDVNHWV
,IQHFHVVDU\DGMXVWWKHGRRU5HIHUWR
LQVWDOODWLRQLQVWUXFWLRQV
,IQHFHVVDU\UHSODFHWKHGHIHFWLYH
GRRUJDVNHWV&RQWDFWWKH$XWKRULVHG
6HUYLFH&HQWUH

12,6(6
SSSRRR!
CLICK!
HISSS!
BRRR!
BLUBB!
7(&+1,&$/'$7$
7KHWHFKQLFDOLQIRUPDWLRQLVVLWXDWHGLQWKH
UDWLQJSODWHRQWKHLQWHUQDOVLGHRIWKH
DSSOLDQFHDQGRQWKHHQHUJ\ODEHO
7KH45FRGHRQWKHHQHUJ\ODEHOVXSSOLHG
ZLWKWKHDSSOLDQFHSURYLGHVDZHEOLQNWR
WKHLQIRUPDWLRQUHODWHGWRWKHSHUIRUPDQFH
RIWKHDSSOLDQFHLQWKH(8(35(/
GDWDEDVH.HHSWKHHQHUJ\ODEHOIRU
UHIHUHQFHWRJHWKHUZLWKWKHXVHUPDQXDO
DQGDOORWKHUGRFXPHQWVSURYLGHGZLWKWKLV
DSSOLDQFH
,WLVDOVRSRVVLEOHWRILQGWKHVDPH
LQIRUPDWLRQLQ(35(/XVLQJWKHOLQN
KWWSVHSUHOHFHXURSDHX
DQGWKHPRGHO
QDPHDQGSURGXFWQXPEHUWKDW\RXILQGRQ
WKHUDWLQJSODWHRIWKHDSSOLDQFH
6HHWKHOLQN
ZZZWKHHQHUJ\ODEHOHX
IRU
GHWDLOHGLQIRUPDWLRQDERXWWKHHQHUJ\
ODEHO
,1)250$7,21)257(67,167,787(6
,QVWDOODWLRQDQGSUHSDUDWLRQRIWKH
DSSOLDQFHIRUDQ\(FR'HVLJQYHULILFDWLRQ
VKDOOEHFRPSOLDQWZLWK(1
9HQWLODWLRQUHTXLUHPHQWVUHFHVV
GLPHQVLRQVDQGPLQLPXPUHDUFOHDUDQFHV
VKDOOEHDVVWDWHGLQWKLV8VHU0DQXDODW
&KDSWHU3OHDVHFRQWDFWWKH
PDQXIDFWXUHUIRUDQ\RWKHUIXUWKHU
LQIRUPDWLRQLQFOXGLQJORDGLQJSODQV

(19,5210(17$/&21&(516
5HF\FOHPDWHULDOVZLWKWKHV\PERO 3XW
WKHSDFNDJLQJLQUHOHYDQWFRQWDLQHUVWR
UHF\FOHLW+HOSSURWHFWWKHHQYLURQPHQW
DQGKXPDQKHDOWKE\UHF\FOLQJZDVWHRI
HOHFWULFDODQGHOHFWURQLFDSSOLDQFHV'R
QRWGLVSRVHRIDSSOLDQFHVPDUNHGZLWKWKH
V\PERO
ZLWKWKHKRXVHKROGZDVWH
5HWXUQWKHSURGXFWWR\RXUORFDOUHF\FOLQJ
IDFLOLW\RUFRQWDFW\RXUPXQLFLSDORIILFH
