

en
7DEOHRIFRQWHQWV
>HQ@
,QVWUXFWLRQPDQXDO0LFURZDYHFRPSDFWRYHQZLWKVWHDPIXQFWLRQ
8 ,QWHQGHGXVH
( ,PSRUWDQWVDIHW\LQIRUPDWLRQ
*HQHUDOLQIRUPDWLRQ
0LFURZDYH
6WHDP
] &DXVHVRIGDPDJH
*HQHUDOLQIRUPDWLRQ
0LFURZDYH
6WHDP
7 (QYLURQPHQWDOSURWHFWLRQ
6DYLQJHQHUJ\
(QYLURQPHQWDOO\IULHQGO\GLVSRVDO
* *HWWLQJWRNQRZ\RXUDSSOLDQFH
)XQFWLRQVHOHFWRU
7RXFKILHOGVDQGGLVSOD\
5RWDU\VHOHFWRU
2SHUDWLQJPRGHV
6WHDP
*ULOO
0LFURZDYH
&RRNLQJFRPSDUWPHQW
7DQNFRYHU
:DWHUWDQN
'ULSWUD\
_ $FFHVVRULHV
$FFHVVRULHVLQFOXGHG
$GGLWLRQDODFFHVVRULHV
6SHFLDODFFHVVRULHV
,QVHUWLQJDFFHVVRULHV
K %HIRUHXVLQJIRUWKHILUVWWLPH
,QLWLDOXVH
6HWWKHZDWHUKDUGQHVVUDQJH
&OHDQLQJWKHFRRNLQJFRPSDUWPHQWDQGDFFHVVRULHV
1 2SHUDWLQJWKHDSSOLDQFH
6ZLWFKLQJWKHDSSOLDQFHRQDQGRII
6HWWLQJDQRSHUDWLQJPRGH
$XWRPDWLFVDIHW\VZLWFKRIIIXQFWLRQ
^ 0LFURZDYH
&RRNZDUH
0LFURZDYHSRZHUVHWWLQJV
6HWWLQJWKHPLFURZDYH
6HWWLQJWKHPLFURZDYHWRFRPELQHGRSHUDWLRQ
d *ULOOLQJ
*ULOOIXQFWLRQV
*ULOOVHWWLQJV
6HWWLQJWKHJULOO
` 6WHDP
1RLVH
&RRNLQJZLWKVWHDP
6HWWLQJWKHVWHDPFRPELQDWLRQ
)LOOLQJWKHZDWHUWDQN
5HILOOLQJWKHZDWHUWDQN
$IWHUHYHU\VWHDPRSHUDWLRQ
P $XWRPDWLFSURJUDPPHV
6HWWLQJDSURJUDPPH
3URJUDPPHWDEOH
O 6HWWLQJWKHWLPHVHWWLQJRSWLRQV
&KHFNLQJWKHWLPHVHWWLQJV
6HWWLQJWKHWLPHU
6HWWLQJWKHFRRNLQJWLPH
6HWWLQJWKHWLPH
&KDQJLQJWKHWLPHRQWKHFORFN
A &KLOGSURRIORFN
$FWLYDWLQJDQGGHDFWLYDWLQJ
Q %DVLFVHWWLQJV
&KDQJLQJWKHEDVLFVHWWLQJV
/LVWRIEDVLFVHWWLQJV
D &OHDQLQJ
6XLWDEOHFOHDQLQJDJHQWV
.HHSLQJWKHDSSOLDQFHFOHDQ
. &OHDQLQJIXQFWLRQ
'HVFDOLQJ
5LQVLQJ
6XEVHTXHQWFOHDQLQJ
(PSW\LQJWKHGULSWUD\
3 7URXEOHVKRRWLQJ
4 &XVWRPHUVHUYLFH
(QXPEHUDQG)'QXPEHU
7HFKQLFDOVSHFLILFDWLRQV

en ,QWHQGHGXVH
J 7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR
*HQHUDOLQIRUPDWLRQ
'HIURVWLQJ
+HDWLQJIUR]HQIRRG
:DUPLQJ
&DNHVVPDOOEDNHGLWHPVDQGEUHDG
3RXOWU\PHDWDQGILVK
9HJHWDEOHVDQGVLGHGLVKHV
'HVVHUWV
$FU\ODPLGHLQIRRGVWXIIV
7HVWGLVKHV
3URGXNWLQIR
$GGLWLRQDOLQIRUPDWLRQRQSURGXFWVDFFHVVRULHV
UHSODFHPHQWSDUWVDQGVHUYLFHVFDQEHIRXQGDW
ZZZERVFKKRPHFRPDQGLQWKHRQOLQHVKRS
ZZZERVFKHVKRSFRP
8,QWHQGHGXVH
,QWHQGHG XVH
5HDG WKHVH LQVWUXFWLRQV FDUHIXOO\ 2QO\ WKHQ ZLOO
\RXEHDEOHWRRSHUDWH\RXUDSSOLDQFHVDIHO\
DQG FRUUHFWO\ 5HWDLQ WKH LQVWUXFWLRQ PDQXDO DQG
LQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KLVDSSOLDQFHLVRQO\LQWHQGHGWREHIXOO\ILWWHG
LQDNLWFKHQ2EVHUYHWKHVSHFLDOLQVWDOODWLRQ
LQVWUXFWLRQV
&KHFNWKHDSSOLDQFHIRUGDPDJHDIWHU
XQSDFNLQJLW'RQRWFRQQHFWWKHDSSOLDQFHLILW
KDVEHHQGDPDJHGLQWUDQVSRUW
7KLVDSSOLDQFHLVLQWHQGHGIRUGRPHVWLFXVH
RQO\7KHDSSOLDQFHPXVWRQO\EHXVHGIRUWKH
SUHSDUDWLRQRIIRRGDQGGULQN7KHDSSOLDQFH
PXVWEHVXSHUYLVHGGXULQJRSHUDWLRQ2QO\XVH
WKLVDSSOLDQFHLQGRRUV
7KLVDSSOLDQFHLVLQWHQGHGIRUXVHXSWRD
PD[LPXPKHLJKWRI PHWUHVDERYHVHD
OHYHO
7KLV DSSOLDQFH PD\ EH XVHG E\ FKLOGUHQ RYHU WKH
DJH RI \HDUV ROG DQG E\ SHUVRQV ZLWK UHGXFHG
SK\VLFDOVHQVRU\RUPHQWDOFDSDELOLWLHVRUE\
SHUVRQV ZLWK D ODFN RI H[SHULHQFH RU NQRZOHGJH
LIWKH\DUHVXSHUYLVHGRUDUHLQVWUXFWHGE\D
SHUVRQUHVSRQVLEOHIRUWKHLUVDIHW\KRZWRXVH
WKHDSSOLDQFHVDIHO\DQGKDYHXQGHUVWRRGWKH
DVVRFLDWHGKD]DUGV
&KLOGUHQPXVWQRWSOD\ZLWKRQRUDURXQGWKH
DSSOLDQFH&KLOGUHQPXVWQRWFOHDQWKH
DSSOLDQFHRUFDUU\RXWJHQHUDOPDLQWHQDQFH
XQOHVVWKH\DUHDWOHDVW \HDUVROGDQGDUH
EHLQJVXSHUYLVHG
.HHSFKLOGUHQEHORZWKHDJHRI \HDUVROGDWD
VDIHGLVWDQFHIURPWKHDSSOLDQFHDQGSRZHU
FDEOH

,PSRUWDQWVDIHW\LQIRUPDWLRQ HQ
(,PSRUWDQWVDIHW\
LQIRUPDWLRQ
,PSRUWDQW VDIHW\ LQ IRUPDWLRQ
*HQHUDOLQIRUPDWLRQ
::DUQLQJ² 5LVNRIILUH
■ 7KHDSSOLDQFHEHFRPHVYHU\KRW,IWKH
DSSOLDQFHLVLQVWDOOHGLQDILWWHGXQLWZLWKD
GHFRUDWLYHGRRUKHDWZLOODFFXPXODWHZKHQ
WKHGHFRUDWLYHGRRULVFORVHG2QO\RSHUDWH
WKHDSSOLDQFHZKHQWKHGHFRUDWLYHGRRULV
RSHQ
5LVNRIILUH
■ &RPEXVWLEOHLWHPVVWRUHGLQWKHFRRNLQJ
FRPSDUWPHQWPD\FDWFKILUH1HYHUVWRUH
FRPEXVWLEOHLWHPVLQWKHFRRNLQJ
FRPSDUWPHQW 1HYHU RSHQ WKH DSSOLDQFH GRRU
LIWKHUHLVVPRNHLQVLGH6ZLWFKRIIWKH
DSSOLDQFHDQGXQSOXJLWIURPWKHPDLQVRU
VZLWFKRIIWKHFLUFXLWEUHDNHULQWKHIXVHER[
5LVNRIILUH
■ /RRVHIRRGUHPQDQWVIDWDQGPHDWMXLFHV
PD\FDWFKILUH%HIRUHXVLQJWKHDSSOLDQFH
UHPRYHWKHZRUVWRIWKHIRRGUHPQDQWVIURP
WKHFRRNLQJFRPSDUWPHQWKHDWLQJHOHPHQWV
DQGDFFHVVRULHV
5LVNRIILUH
■ $ GUDXJKW LV FUHDWHG ZKHQ WKH DSSOLDQFH GRRU
LV RSHQHG *UHDVHSURRI SDSHU PD\ FRPH LQWR
FRQWDFWZLWKWKHKHDWLQJHOHPHQWDQGFDWFK
ILUH'RQRWSODFHJUHDVHSURRISDSHUORRVHO\
RYHUDFFHVVRULHVGXULQJSUHKHDWLQJ$OZD\V
ZHLJKWGRZQWKHJUHDVHSURRISDSHUZLWKD
GLVKRUDEDNLQJWLQ2QO\FRYHUWKHVXUIDFH
UHTXLUHGZLWKJUHDVHSURRISDSHU
*UHDVHSURRISDSHUPXVWQRWSURWUXGHRYHU
WKHDFFHVVRULHV
::DUQLQJ² 5LVNRIEXUQV
■ 7KHDSSOLDQFHEHFRPHVYHU\KRW1HYHU
WRXFKWKHLQWHULRUVXUIDFHVRIWKHFRRNLQJ
FRPSDUWPHQWRUWKHKHDWLQJHOHPHQWV
$OZD\VDOORZWKHDSSOLDQFHWRFRROGRZQ
.HHSFKLOGUHQDWDVDIHGLVWDQFH
5LVNRIVHULRXVEXUQV
■ $FFHVVRULHV DQG RYHQZDUH EHFRPH YHU\ KRW
$OZD\VXVHRYHQJORYHVWRUHPRYH
DFFHVVRULHVRURYHQZDUHIURPWKHFRRNLQJ
FRPSDUWPHQW
5LVNRIEXUQV
■ $OFRKROLFYDSRXUVPD\FDWFKILUHLQWKHKRW
FRRNLQJFRPSDUWPHQW1HYHUSUHSDUHIRRG
FRQWDLQLQJODUJHTXDQWLWLHVRIGULQNVZLWKD
KLJKDOFRKROFRQWHQW2QO\XVHVPDOO
TXDQWLWLHVRIGULQNVZLWKDKLJKDOFRKRO
FRQWHQW2SHQWKHDSSOLDQFHGRRUZLWKFDUH
::DUQLQJ² 5LVNRIVFDOGLQJ
■ 7KHDFFHVVLEOHSDUWVEHFRPHKRWGXULQJ
RSHUDWLRQ1HYHUWRXFKWKHKRWSDUWV.HHS
FKLOGUHQDWDVDIHGLVWDQFH
5LVNRIVFDOGLQJ
■ :KHQ\RXRSHQWKHDSSOLDQFHGRRUKRW
VWHDP FDQ HVFDSH 6WHDP PD\ QRW EH YLVLEOH
GHSHQGLQJRQLWVWHPSHUDWXUH:KHQ
RSHQLQJGRQRWVWDQGWRRFORVHWRWKH
DSSOLDQFH 2SHQ WKH DSSOLDQFH GRRU FDUHIXOO\
.HHSFKLOGUHQDZD\
5LVNRIVFDOGLQJ
■ :DWHULQDKRWFRRNLQJFRPSDUWPHQWPD\
FUHDWHKRWVWHDP1HYHUSRXUZDWHULQWRWKH
FRRNLQJFRPSDUWPHQWZKHQWKHFRRNLQJ
FRPSDUWPHQWLVKRW
::DUQLQJ² 5LVNRILQMXU\
6FUDWFKHGJODVVLQWKHDSSOLDQFHGRRUPD\
GHYHORSLQWRDFUDFN'RQRWXVHDJODVV
VFUDSHUVKDUSRUDEUDVLYHFOHDQLQJDLGVRU
GHWHUJHQWV
::DUQLQJ² 5LVNRIHOHFWULFVKRFN
■ ,QFRUUHFW UHSDLUV DUH GDQJHURXV 5HSDLUV PD\
RQO\EHFDUULHGRXWDQGGDPDJHGSRZHU
FDEOHVUHSODFHGE\RQHRIRXUWUDLQHGDIWHU
VDOHVWHFKQLFLDQV,IWKHDSSOLDQFHLV
GHIHFWLYHXQSOXJWKHDSSOLDQFHIURPWKH
PDLQVRUVZLWFKRIIWKHFLUFXLWEUHDNHULQWKH
IXVHER[&RQWDFWWKHDIWHUVDOHVVHUYLFH
5LVNRIHOHFWULFVKRFNDQGVHULRXVLQMXU\
■ 7KHFDEOHLQVXODWLRQRQHOHFWULFDODSSOLDQFHV
PD\PHOWZKHQWRXFKLQJKRWSDUWVRIWKH
DSSOLDQFH1HYHUEULQJHOHFWULFDODSSOLDQFH
FDEOHVLQWRFRQWDFWZLWKKRWSDUWVRIWKH
DSSOLDQFH
5LVNRIHOHFWULFVKRFN
■ 'RQRWXVHDQ\KLJKSUHVVXUHFOHDQHUVRU
VWHDPFOHDQHUVZKLFKFDQUHVXOWLQDQ
HOHFWULFVKRFN
5LVNRIHOHFWULFVKRFN
■ 3HQHWUDWLQJPRLVWXUHPD\FDXVHHOHFWULF
VKRFN 1HYHU VXEMHFW WKH DSSOLDQFH WR LQWHQVH
KHDWRUKXPLGLW\2QO\XVHWKLVDSSOLDQFH
LQGRRUV
5LVNRIHOHFWULFVKRFN
■ $GHIHFWLYHDSSOLDQFHPD\FDXVHHOHFWULF
VKRFN 1HYHU VZLWFK RQ D GHIHFWLYH DSSOLDQFH
8QSOXJWKHDSSOLDQFHIURPWKHPDLQVRU
VZLWFKRIIWKHFLUFXLWEUHDNHULQWKHIXVHER[
&RQWDFWWKHDIWHUVDOHVVHUYLFH
5LVNRIHOHFWULFVKRFN
■ :KHQUHSODFLQJWKHFRRNLQJFRPSDUWPHQW
EXOE WKH EXOE VRFNHW FRQWDFWV DUH OLYH %HIRUH
UHSODFLQJ WKH EXOE XQSOXJ WKH DSSOLDQFH IURP
WKHPDLQVRUVZLWFKRIIWKHFLUFXLWEUHDNHULQ
WKHIXVHER[
::DUQLQJ² +D]DUGGXHWRPDJQHWLVP
3HUPDQHQWPDJQHWVDUHXVHGLQWKHFRQWURO
SDQHORULQWKHFRQWUROHOHPHQWV7KH\PD\
DIIHFWHOHFWURQLFLPSODQWVHJKHDUW
SDFHPDNHUVRULQVXOLQSXPSV:HDUHUVRI
HOHFWURQLFLPSODQWVPXVWVWD\DWOHDVWĂFP
DZD\IURPWKHFRQWUROSDQHO

en ,PSRUWDQWVDIHW\LQIRUPDWLRQ
0LFURZDYH
::DUQLQJ² 5LVNRIEXUQV
■ 8VLQJWKHDSSOLDQFHIRUDQ\WKLQJRWKHUWKDQ
LWVLQWHQGHGSXUSRVHLVGDQJHURXV
<RXDUHQRWSHUPLWWHGWRXVHLWWRGU\IRRGRU
FORWKLQJRUWRZDUPVOLSSHUVJUDLQRUFHUHDO
SLOORZV VSRQJHV GDPS FOHDQLQJ FORWKV RU WKH
OLNH
7KLVLVEHFDXVHIRULQVWDQFHRYHUKHDWHG
VOLSSHUV JUDLQ RU FHUHDO SLOORZV VSRQJHV DQG
GDPSFOHDQLQJFORWKVHWFPD\FDXVHEXUQV
WRWKHVNLQ
5LVNRIILUH
■ )RRGPD\FDWFKILUH1HYHUKHDWIRRGLQKHDW
UHWDLQLQJSDFNDJHV
'RQRWOHDYHIRRGKHDWLQJXQDWWHQGHGLQ
FRQWDLQHUVPDGHRISODVWLFSDSHURURWKHU
FRPEXVWLEOHPDWHULDOV
'RQRWVHOHFWDPLFURZDYHSRZHURUWLPH
VHWWLQJWKDWLVKLJKHUWKDQQHFHVVDU\)ROORZ
WKHLQIRUPDWLRQSURYLGHGLQWKLVLQVWUXFWLRQ
PDQXDO
1HYHUXVHWKHPLFURZDYHWRGU\IRRG
1HYHUGHIURVWRUKHDWIRRGZLWKDORZZDWHU
FRQWHQWHJEUHDGDWWRRKLJKDPLFURZDYH
SRZHURUIRUWRRORQJ
5LVNRIILUH
■ &RRNLQJRLOPD\FDWFKILUH1HYHUXVHWKH
PLFURZDYHWRKHDWFRRNLQJRLORQLWVRZQ
::DUQLQJ² 5LVNRIH[SORVLRQ
/LTXLGVDQGRWKHUIRRGPD\H[SORGHZKHQLQ
FRQWDLQHUVWKDWKDYHEHHQWLJKWO\VHDOHG1HYHU
KHDW OLTXLGV RU RWKHU IRRG LQ FRQWDLQHUV WKDW KDYH
EHHQWLJKWO\VHDOHG
::DUQLQJ² 5LVNRIEXUQV
■ )RRGV ZLWK SHHO RU VNLQ PD\ EXUVW RU H[SORGH
GXULQJRUHYHQDIWHUKHDWLQJ1HYHUFRRN
HJJVLQWKHLUVKHOOVRUUHKHDWKDUGERLOHG
HJJV1HYHUFRRNVKHOOILVKRUFUXVWDFHDQV
$OZD\VSULFNWKH\RONZKHQEDNLQJRU
SRDFKLQJ HJJV 7KH VNLQ RI IRRGV WKDW KDYH D
SHHORUVNLQVXFKDVDSSOHVWRPDWRHV
SRWDWRHVDQGVDXVDJHVPD\EXUVW%HIRUH
KHDWLQJSULFNWKHSHHORUVNLQ
5LVNRIEXUQV
■ +HDWLVQRWGLVWULEXWHGHYHQO\WKURXJKEDE\
IRRG1HYHUKHDWEDE\IRRGLQFORVHG
FRQWDLQHUV $OZD\V UHPRYH WKH OLG RU WHDW 6WLU
RU VKDNH ZHOO DIWHU WKH IRRG KDV EHHQ KHDWHG
&KHFN WKH WHPSHUDWXUH RI WKH IRRG EHIRUH LW LV
JLYHQWRWKHFKLOG
5LVNRIEXUQV
■ +HDWHGIRRGJLYHVRIIKHDW7KHRYHQZDUH
PD\EHFRPHKRW$OZD\VXVHRYHQJORYHVWR
UHPRYHRYHQZDUHRUDFFHVVRULHVIURPWKH
FRRNLQJFRPSDUWPHQW
5LVNRIEXUQV
■ $LUWLJKWSDFNDJLQJPD\EXUVWZKHQIRRGLV
KHDWHG$OZD\VREVHUYHWKHLQVWUXFWLRQVRQ
WKHSDFNDJLQJ$OZD\VXVHRYHQJORYHVWR
UHPRYHGLVKHVIURPWKHFRRNLQJ
FRPSDUWPHQW
5LVNRIEXUQV
■ 7KHDFFHVVLEOHSDUWVEHFRPHYHU\KRWZKHQ
LQRSHUDWLRQ1HYHUWRXFKKRWSDUWV.HHS
FKLOGUHQDWDVDIHGLVWDQFH
5LVNRIEXUQV
■ 8VLQJWKHDSSOLDQFHIRUDQ\WKLQJRWKHUWKDQ
LWVLQWHQGHGSXUSRVHLVGDQJHURXV
<RXDUHQRWSHUPLWWHGWRXVHLWWRGU\IRRGRU
FORWKLQJRUWRZDUPVOLSSHUVJUDLQRUFHUHDO
SLOORZV VSRQJHV GDPS FOHDQLQJ FORWKV RU WKH
OLNH
7KLVLVEHFDXVHIRULQVWDQFHRYHUKHDWHG
VOLSSHUV JUDLQ RU FHUHDO SLOORZV VSRQJHV DQG
GDPSFOHDQLQJFORWKVHWFPD\FDXVHEXUQV
WRWKHVNLQ
::DUQLQJ² 5LVNRIVFDOGLQJ
■ 7KHUHLVDSRVVLELOLW\RIGHOD\HGERLOLQJZKHQ
DOLTXLGLVKHDWHG7KLVPHDQVWKDWWKHOLTXLG
UHDFKHV ERLOLQJ WHPSHUDWXUH ZLWKRXW WKH XVXDO
VWHDPEXEEOHVULVLQJWRWKHVXUIDFH(YHQLI
WKHFRQWDLQHURQO\YLEUDWHVDOLWWOHWKHKRW
OLTXLGPD\VXGGHQO\ERLORYHUDQGVSDWWHU
:KHQKHDWLQJDOZD\VSODFHDVSRRQLQWKH
FRQWDLQHU7KLVZLOOSUHYHQWGHOD\HGERLOLQJ
::DUQLQJ² 5LVNRILQMXU\
■ 8QVXLWDEOH RYHQZDUH PD\ FUDFN 3RUFHODLQ RU
FHUDPLFRYHQZDUHFDQKDYHVPDOO
SHUIRUDWLRQVLQWKHKDQGOHVRUOLGV7KHVH
SHUIRUDWLRQVFRQFHDODFDYLW\EHORZ$Q\
PRLVWXUHWKDWSHQHWUDWHVWKLVFDYLW\FRXOG
FDXVHWKHRYHQZDUHWRFUDFN2QO\XVH
PLFURZDYHVDIHRYHQZDUH
5LVNRILQMXU\
■ ,IXVLQJWKHDSSOLDQFHLQPLFURZDYHPRGH
RQO\SODFLQJFRRNZDUHDQGFRQWDLQHUVPDGH
RI PHWDO RU IHDWXULQJ PHWDO GHWDLOLQJ LQVLGH WKH
DSSOLDQFHPD\FDXVHVSDUNVZKHQWKH
DSSOLDQFH LV RSHUDWLQJ 7KLV PD\ GDPDJH WKH
DSSOLDQFH1HYHUXVHPHWDOFRQWDLQHUVZKHQ
XVLQJWKHDSSOLDQFHLQPLFURZDYHPRGHRQO\
::DUQLQJ² 5LVNRIHOHFWULFVKRFN
7KHDSSOLDQFHLVDKLJKYROWDJHDSSOLDQFH
1HYHUUHPRYHWKHFDVLQJ

&DXVHVRIGDPDJH HQ
::DUQLQJ² 5LVNRIVHULRXVGDPDJHWR
KHDOWK
■ 7KHVXUIDFHRIWKHDSSOLDQFHPD\EHFRPH
GDPDJHGLILWLVQRWFOHDQHGSURSHUO\
0LFURZDYHHQHUJ\PD\HVFDSH&OHDQWKH
DSSOLDQFH RQ D UHJXODU EDVLV DQG UHPRYH DQ\
IRRGUHVLGXHLPPHGLDWHO\$OZD\VNHHSWKH
FRRNLQJFRPSDUWPHQWGRRUVHDOGRRUDQG
GRRUVWRSFOHDQ ~ &OHDQLQJRQ SDJH
5LVNRIVHULRXVGDPDJHWRKHDOWK
■ 0LFURZDYH HQHUJ\ PD\ HVFDSH LI WKH FRRNLQJ
FRPSDUWPHQWGRRURUWKHGRRUVHDOLV
GDPDJHG1HYHUXVHWKHDSSOLDQFHLIWKH
FRRNLQJFRPSDUWPHQWGRRUWKHGRRUVHDORU
WKHSODVWLFGRRUIUDPHLVGDPDJHG&DOOWKH
DIWHUVDOHVVHUYLFH
5LVNRIVHULRXVGDPDJHWRKHDOWK
■ 0LFURZDYHHQHUJ\ZLOOHVFDSHIURP
DSSOLDQFHVWKDWGRQRWKDYHDQ\FDVLQJ
1HYHUUHPRYHWKHFDVLQJ)RUDQ\
PDLQWHQDQFH RU UHSDLU ZRUN FRQWDFW WKH DIWHU
VDOHVVHUYLFH
6WHDP
::DUQLQJ² 5LVNRIVFDOGLQJ
■ 7KH ZDWHU LQ WKH ZDWHU WDQN PD\ EHFRPH YHU\
KRWLI\RXFRQWLQXHWRRSHUDWHWKHDSSOLDQFH
(PSW\WKHZDWHUWDQNDIWHUHYHU\RSHUDWLRQ
ZLWKVWHDP
5LVNRIVFDOGLQJ
■ +RWVWHDPLVJHQHUDWHGLQWKHFRRNLQJ
FRPSDUWPHQW'RQRWUHDFKLQWRWKHFRRNLQJ
FRPSDUWPHQWGXULQJDQ\RSHUDWLRQZLWK
VWHDP
5LVNRIVFDOGLQJ
■ +RWOLTXLGPD\VSLOORYHUWKHVLGHVRIWKH
DFFHVVRU\ZKHQLWLVUHPRYHGIURPWKH
FRRNLQJFRPSDUWPHQW5HPRYHKRW
DFFHVVRULHVZLWKFDUHDQGDOZD\VZHDURYHQ
JORYHV
::DUQLQJ² 5LVNRILQMXU\DQGULVNRIILUH
)ODPPDEOHOLTXLGVFDQFDWFKILUHLQWKHFRRNLQJ
FRPSDUWPHQWZKHQLWLVKRWH[SORVLRQ'RQRW
ILOO WKH ZDWHU WDQN ZLWK DQ\ IODPPDEOH IOXLGV HJ
DOFRKROLFGULQNV2QO\ILOOWKHZDWHUWDQNZLWK
ZDWHURUZLWKWKHGHVFDOLQJVROXWLRQWKDWLV
UHFRPPHQGHGE\XV
]&DXVHVRIGDPDJH
&DXVHV R I GDPDJH
*HQHUDOLQIRUPDWLRQ
&DXWLRQ
■ :DWHULQWKHKRWFRRNLQJFRPSDUWPHQW 1HYHUSRXU
ZDWHULQWRWKHKRWFRRNLQJFRPSDUWPHQW7KLVZLOO
FDXVHVWHDP7KHWHPSHUDWXUHFKDQJHFDQFDXVH
GDPDJH
■ 0RLVWXUHLQWKHFRRNLQJFRPSDUWPHQW2YHUDQ
H[WHQGHGSHULRGRIWLPHPRLVWXUHLQWKHFRRNLQJ
FRPSDUWPHQW PD\ OHDG WR FRUURVLRQ $OORZ WKH FRRNLQJ
FRPSDUWPHQWWRGU\DIWHUXVH'RQRWNHHSPRLVWIRRG
LQWKHFORVHGFRRNLQJFRPSDUWPHQWIRUH[WHQGHG
SHULRGVRIWLPH'RQRWVWRUHIRRGLQWKHFRRNLQJ
FRPSDUWPHQW
■ &RROLQJZLWKWKHDSSOLDQFHGRRURSHQ)ROORZLQJ
RSHUDWLRQ DW KLJK WHPSHUDWXUHV RQO\ DOORZ WKH FRRNLQJ
FRPSDUWPHQWWRFRROGRZQZLWKWKHGRRUFORVHG'R
QRWWUDSDQ\WKLQJLQWKHDSSOLDQFHGRRU(YHQLIWKH
GRRULVRQO\OHIWRSHQDFUDFNWKHIURQWRIQHDUE\
IXUQLWXUHPD\EHFRPHGDPDJHGRYHUWLPH
2QO\OHDYHWKHFRRNLQJFRPSDUWPHQWWRGU\ZLWKWKH
GRRURSHQLIDORWRIPRLVWXUHZDVSURGXFHGZKLOVWWKH
RYHQZDVRSHUDWLQJ
■ ([WUHPHO\GLUW\VHDO,IWKHVHDOLVYHU\GLUW\WKH
DSSOLDQFHGRRUZLOOQRORQJHUFORVHSURSHUO\GXULQJ
RSHUDWLRQ7KHIURQWVRIDGMDFHQWXQLWVFRXOGEH
GDPDJHG$OZD\VNHHSWKHVHDOFOHDQ1HYHURSHUDWH
WKHDSSOLDQFHLIWKHVHDOLVGDPDJHGRUPLVVLQJ
~ &OHDQLQJRQ SDJH
■ $SSOLDQFHGRRUDVDVHDWVKHOIRUZRUNWRS'RQRWVLW
RQ WKH DSSOLDQFH GRRU RU SODFH RU KDQJ DQ\WKLQJ RQ LW
'RQRWSODFHDQ\FRRNZDUHRUDFFHVVRULHVRQWKH
DSSOLDQFHGRRU
■ ,QVHUWLQJDFFHVVRULHVGHSHQGLQJRQWKHDSSOLDQFH
PRGHODFFHVVRULHVFDQVFUDWFKWKHGRRUSDQHOZKHQ
FORVLQJWKHDSSOLDQFHGRRU$OZD\VLQVHUWWKH
DFFHVVRULHVLQWRWKHFRRNLQJFRPSDUWPHQWDVIDUDV
WKH\ZLOOJR
■ &DUU\LQJWKHDSSOLDQFHGRQRWFDUU\RUKROGWKH
DSSOLDQFH E\ WKH GRRU KDQGOH 7KH GRRU KDQGOH FDQQRW
VXSSRUWWKHZHLJKWRIWKHDSSOLDQFHDQGFRXOGEUHDN
0LFURZDYH
&DXWLRQ
■ $OXPLQLXPIRLO$OXPLQLXPIRLOLQWKHFRRNLQJ
FRPSDUWPHQW PXVW QRW FRPH LQWR FRQWDFW ZLWK WKH GRRU
JODVV7KLVFRXOGFDXVHSHUPDQHQWGLVFRORXUDWLRQRI
WKHGRRUJODVV
■ &UHDWLRQRIVSDUNV0HWDO²HJDVSRRQLQDJODVV²
PXVWEHNHSWDWOHDVWĂFPIURPWKHFRRNLQJ
FRPSDUWPHQWZDOOVDQGWKHLQVLGHRIWKHGRRU6SDUNV
FDQLUUHSDUDEO\GDPDJHWKHJODVVRQWKHLQVLGHRIWKH
GRRU
■ 0LFURZDYHDQGPLFURZDYHFRPELQDWLRQPRGH7KH
ZLUHUDFNLVQRWVXLWDEOHIRUXVHLQPLFURZDYHPRGHRU
PLFURZDYHPRGHFRPELQHGZLWKDW\SHRIKHDWLQJ,I
\RXXVHHLWKHURIWKHVHWKLVPD\FUHDWHVSDUNVZKLFK
PD\GDPDJHWKHFRRNLQJFRPSDUWPHQW

en (QYLURQPHQWDOSURWHFWLRQ
■ )RLOFRQWDLQHUV'RQRWXVHIRLOFRQWDLQHUVLQWKH
DSSOLDQFH7KH\GDPDJHWKHDSSOLDQFHE\SURGXFLQJ
VSDUNV
■ 2SHUDWLQJWKHPLFURZDYHZLWKRXWIRRG2SHUDWLQJWKH
DSSOLDQFHZLWKRXWIRRGLQWKHFRRNLQJFRPSDUWPHQW
PD\OHDGWRRYHUORDGLQJ1HYHUVZLWFKRQWKH
PLFURZDYHXQOHVVWKHUHLVIRRGLQVLGH7KHVKRUW
FURFNHU\WHVWLVWKHH[FHSWLRQWRWKLVUXOH
~ 0LFURZDYHRQ SDJH
■ 0LFURZDYHSRSFRUQ 1HYHU VHW WKH PLFURZDYH SRZHU
WRRKLJK7KHGRRUSDQHOPD\FUDFNLIRYHUORDGHG8VH
DSRZHUVHWWLQJQRKLJKHUWKDQĂZDWWV$OZD\V
SODFHWKHSRSFRUQEDJRQDJODVVSODWH
6WHDP
&DXWLRQ
■ $SSOLDQFHFDUH<RXUDSSOLDQFHVFRRNLQJ
FRPSDUWPHQW LV PDGH IURP KLJKTXDOLW\ VWDLQOHVV VWHHO
,PSURSHUFDUHPD\OHDGWRFRUURVLRQLQWKHFRRNLQJ
FRPSDUWPHQW)ROORZWKHFDUHDQGFOHDQLQJ
LQVWUXFWLRQVLQWKHLQVWUXFWLRQPDQXDO5HPRYHIRRG
UHPQDQWVIURPWKHFRRNLQJFRPSDUWPHQWVXUIDFHVDV
VRRQDVWKHDSSOLDQFHKDVFRROHGGRZQ
■ %DNLQJWLQV2YHQZDUHPXVWEHKHDWDQGVWHDP
UHVLVWDQW6LOLFRQHEDNLQJWLQVDUHQRWVXLWDEOHIRU
FRPELQHGRSHUDWLRQZLWKVWHDP
■ 2YHQZDUH ZLWK DUHDV RI UXVW 'R QRW XVH DQ\ RYHQZDUH
ZKLFKGLVSOD\VDUHDVRIUXVW(YHQWKHVPDOOHVWVSRWV
RIUXVWFDQOHDGWRFRUURVLRQLQWKHFRRNLQJ
FRPSDUWPHQW
■ 'ULSSLQJ OLTXLGV 'XULQJ VWHDPLQJ LQVHUW WKH JODVV WUD\
LQWRVKHOISRVLWLRQĂDQGSODFHWKHVWHDPFRQWDLQHU
RQWR WKH JODVV WUD\ $Q\ GULSSLQJ OLTXLG LV FDXJKW LQ WKH
JODVVWUD\
■ +RW ZDWHU LQ WKH ZDWHU WDQN +RW ZDWHU FDQ GDPDJH WKH
SXPS'RQRWSRXUKRWZDWHULQWRWKHZDWHUWDQN
■ 5LVNRIGDPDJHWRWKHFRRNLQJFRPSDUWPHQW'RQRW
XVHWKHDSSOLDQFHLIWKHUHLVZDWHURQWKHFRRNLQJ
FRPSDUWPHQWIORRU%HIRUHXVLQJWKHDSSOLDQFHZLSH
DZD\WKHZDWHUIURPWKHFRRNLQJFRPSDUWPHQWIORRU
■ 'HVFDOLQJ VROXWLRQ 'R QRW DOORZ DQ\ GHVFDOLQJ VROXWLRQ
WRFRPHLQWRFRQWDFWZLWKWKHFRQWUROSDQHORURWKHU
VXUIDFHV RQ WKH DSSOLDQFH 7KLV GDPDJHV WKH VXUIDFHV
,IWKLVGRHVKDSSHQUHPRYHWKHGHVFDOLQJVROXWLRQ
LPPHGLDWHO\ZLWKZDWHU
■ &OHDQLQJ WKH ZDWHU WDQN 'R QRW FOHDQ WKH ZDWHU WDQN LQ
WKHGLVKZDVKHU2WKHUZLVHWKHZDWHUWDQNZLOOEH
GDPDJHG&OHDQWKHZDWHUWDQNZLWKDVRIWFORWKDQG
VWDQGDUGZDVKLQJXSOLTXLG
■ )URVWSURWHFWLRQ7RSUHYHQWIURVWGDPDJHGXULQJ
WUDQVSRUWDWLRQDQGVWRUDJHWKHDSSOLDQFHPXVWEH
FRPSOHWHO\HPSWLHGEHIRUHKDQG
7(QYLURQPHQWDOSURWHFWLRQ
(QYLURQPHQWDO SURWHFWLRQ
<RXUQHZDSSOLDQFHLVSDUWLFXODUO\HQHUJ\HIILFLHQW+HUH
\RX FDQ ILQG WLSV RQ KRZ WR VDYH HYHQ PRUH HQHUJ\ ZKHQ
XVLQJ WKH DSSOLDQFH DQG KRZ WR GLVSRVH RI \RXU DSSOLDQFH
SURSHUO\
6DYLQJHQHUJ\
■ 2QO\SUHKHDWWKHDSSOLDQFHLIWKLVLVVSHFLILHGLQWKH
UHFLSHRULQWKHWDEOHVLQWKHRSHUDWLQJLQVWUXFWLRQV
■ 8VH GDUN EODFN ODFTXHUHG RU HQDPHOOHG EDNLQJ WLQV IRU
EDNLQJ7KHVHDEVRUEWKHKHDWSDUWLFXODUO\ZHOO
■ 5HPRYH DOO XQQHFHVVDU\ DFFHVVRU\ DQG WDEOHZDUH RXW
RIWKHFRRNLQJFRPSDUWPHQW
■ 'RQRWRSHQWKHDSSOLDQFHGRRUGXULQJRSHUDWLRQ
■ ,W LV EHVW WR EDNH VHYHUDO FDNHV RQH DIWHU WKH RWKHU 7KH
FRRNLQJFRPSDUWPHQWLVVWLOOZDUP7KLVUHGXFHVWKH
EDNLQJWLPHIRUWKHVHFRQGFDNH<RXFDQSODFHWZR
FDNHWLQVQH[WWRHDFKRWKHULQWKHFRRNLQJ
FRPSDUWPHQW
■ )RU ORQJHU FRRNLQJ WLPHV \RX FDQ VZLWFK WKH DSSOLDQFH
RII PLQXWHVEHIRUHWKHHQGRIWKHFRRNLQJWLPHDQG
XVHWKHUHVLGXDOKHDWWRILQLVKFRRNLQJ
(QYLURQPHQWDOO\IULHQGO\GLVSRVDO
'LVSRVHRISDFNDJLQJLQDQHQYLURQPHQWDOO\IULHQGO\
PDQQHU
7KLVDSSOLDQFHLVODEHOOHGLQDFFRUGDQFHZLWK
(XURSHDQ 'LUHFWLYH (8 FRQFHUQLQJ XVHG
HOHFWULFDODQGHOHFWURQLFDSSOLDQFHVZDVWH
HOHFWULFDO DQG HOHFWURQLF HTXLSPHQW :((( 7KH
JXLGHOLQH GHWHUPLQHV WKH IUDPHZRUN IRU WKH UHWXUQ
DQGUHF\FOLQJRIXVHGDSSOLDQFHVDVDSSOLFDEOH
WKURXJKRXWWKH(8

*HWWLQJWRNQRZ\RXUDSSOLDQFH HQ
**HWWLQJWRNQRZ\RXU
DSSOLDQFH
*HWWLQJ WR NQRZ \RXU DSSOLDQFH
,QWKLVVHFWLRQZHH[SODLQWKHGLVSOD\DQGFRQWUROV<RX
ZLOODOVRILQGRXWDERXWWKHYDULRXVIXQFWLRQVRI\RXU
DSSOLDQFH
1RWH 'HSHQGLQJRQWKHDSSOLDQFHPRGHOLQGLYLGXDO
GHWDLOVDQGFRORXUVPD\GLIIHU
1RWHV
■ 2QVRPHDSSOLDQFHVWKHIXQFWLRQRUURWDU\VHOHFWRU
FDQ EH UHWUDFWHG 7R SRS WKH IXQFWLRQ RU URWDU\ VHOHFWRU
LQRURXWSXVKLWLQLQWKH2IISRVLWLRQ
■ ,IWKHIXQFWLRQVHOHFWRULVLQWKH2IISRVLWLRQHQHUJ\
VDYLQJPRGHDQGDIXQFWLRQLVVHOHFWHGLWZLOOWDNHD
IHZVHFRQGVEHIRUHWKHIXQFWLRQEHFRPHVDYDLODEOH
HJWKHPLFURZDYH
)XQFWLRQVHOHFWRU
8VHWKHIXQFWLRQVHOHFWRUWRVHWWKHRSHUDWLQJPRGHVDQG
RWKHUIXQFWLRQV
7R PDNH VXUH \RX DOZD\V XVH WKH ULJKW RSHUDWLQJ PRGH WR
FRRN\RXUIRRGZHKDYHH[SODLQHGWKHGLIIHUHQFHVDQG
DSSOLFDWLRQVEHORZ
7RXFKILHOGVDQGGLVSOD\
<RXFDQXVHWKHWRXFKILHOGVWRVHWYDULRXVDGGLWLRQDO
IXQFWLRQVIRU\RXUDSSOLDQFH<RXFDQVHHWKHYDOXHVIRU
WKHVHLQWKHGLVSOD\
7RXFKILHOGV
+HUH\RXFDQILQGDVKRUWH[SODQDWLRQRIWKHYDULRXV
EXWWRQVDQGWRXFKILHOGV
#
( )XQFWLRQVHOHFWRU
8VHWKHIXQFWLRQVHOHFWRUWRVHWWKHW\SHRIKHDWLQJ
RURWKHUIXQFWLRQV
<RXFDQWXUQWKHIXQFWLRQVHOHFWRUFORFNZLVHRUDQWL
FORFNZLVHIURPWKH2IISRVLWLRQ
0 7RXFKILHOGV
7KHUHDUHVHQVRUVEHKLQGWKHWRXFKILHOGV6LPSO\
WRXFKDV\PEROWRVHOHFWWKHIXQFWLRQ
8 'LVSOD\
7KH GLVSOD\ VKRZV V\PEROV IRU DFWLYH IXQFWLRQV DQG
WKHWLPHVHWWLQJRSWLRQV
@ 5RWDU\VHOHFWRU
8VHWKHURWDU\VHOHFWRUWRVHWWKHWHPSHUDWXUHIRU
WKHKHDWLQJW\SHRUVHOHFWWKHVHWWLQJIRURWKHU
IXQFWLRQV
<RXFDQWXUQWKHURWDU\VHOHFWRUFORFNZLVHDQGDQWL
FORFNZLVH
3RVLWLRQ 8VH
Û 2IISRVLWLRQ ,QWKLVSRVLWLRQWKHDSSOLDQFHLV
VZLWFKHGRIIDQGLVLQHQHUJ\VDY
LQJPRGH
!
0LFURZDYH 6HOHFWPLFURZDYHPRGH
"
6WHDP +RWVWHDPLVIHGLQWRWKHFRRNLQJ
FRPSDUWPHQW
(
)XOOVXUIDFHJULOO 7KHZKROHDUHDEHORZWKHJULOOHOH
PHQWEHFRPHVKRW
*
&HQWUHDUHDJULOO 7KH FHQWUH SDUW RI WKH JULOO HOHPHQW
EHFRPHVKRW
Ê
'HVFDOLQJ 8VHG WR GHVFDOH WKH HYDSRUDWRU DQG
NHHSLWRSHUDWLRQDO
!
5LQVH 7KLV IXQFWLRQ ULQVHV WKH SLSHV LQ WKH
VWHDPXQLWZLWKZDWHU,WLVUHFRP
PHQGHGWRFDUU\RXWWKHULQVHIXQF
WLRQDIWHUHDFKVWHDPRSHUDWLRQ
%
3URJUDPPHV 7KLVJLYHV\RXDFFHVVWRSUHSUR
JUDPPHGVHWWLQJVIRUPDQ\GLVKHV
c
,QWHULRUOLJKWLQJ 6ZLWFKHVWKHLQWHULRUOLJKWLQJRQ
7KHDSSOLDQFHLVQRWKHDWLQJ
6\PERO 0HDQLQJ
!
0LFURZDYH 6HOHFWWKHPLFURZDYHSRZHUOHYHOV
RUVZLWFKRQWKHPLFURZDYHIXQF
WLRQIRUJULOOLQJRUVWHDPLQJ
"
6WHDP 6HOHFWDVWHDPOHYHORUVZLWFKRQ
WKHVWHDPIXQFWLRQIRUDW\SHRI
KHDWLQJ
%
3URJUDPPHV &DOOXSWKHSURJUDPPHVHOHFWLRQ
XVH WKH URWDU\ VHOHFWRU WR VHOHFW WKH
SURJUDPPHQXPEHU
0 7LPHVHWWLQJ
RSWLRQV
6HOHFWWKH7LPHVHWWLQJRSWLRQV
V\PERODQGXVHWKHURWDU\VHOHFWRU
WRVHWWKHWLPHVHWWLQJRSWLRQV\RX
UHTXLUH

en *HWWLQJWRNQRZ\RXUDSSOLDQFH
'LVSOD\
7KHGLVSOD\LVVWUXFWXUHGVRWKDWWKHLQIRUPDWLRQFDQEH
UHDGDWDJODQFHLQDQ\VLWXDWLRQ
7KHYDOXHWKDW\RXFDQFXUUHQWO\VHWLVKLJKOLJKWHG,WLV
KLJKOLJKWHGE\DUHGEDUGLVSOD\HGXQGHUWKHVHWYDOXH
7KHYDOXHWKDWLVKLJKOLJKWHGFDQEHFKDQJHGGLUHFWO\
XVLQJWKHURWDU\VHOHFWRU
'LVSOD\HOHPHQWV
+HUH\RXFDQILQGDVKRUWH[SODQDWLRQRIWKHYDULRXV
GLVSOD\HOHPHQWV
'ULSWUD\DQGZDWHUWDQNVWDWXVGLVSOD\
7KH VWDWXV GLVSOD\ RQO\ OLJKWV XS ZKHQ WKH ULS WUD\ RU ZDWHU
WDQNLVUHTXLUHGIRUWKHVHOHFWHGRSHUDWLQJPRGH,WFDQ
GLVSOD\ YDULRXV VWDWXVHV DQG LQIRUPV WKH XVHU ZKHQ DFWLRQ
LVUHTXLUHG
:DWHUWDQNVWDWXVGLVSOD\
'ULSWUD\VWDWXVGLVSOD\
7HPSHUDWXUHLQGLFDWRU
7KHUHGEDUDWWKHERWWRPRIWKHGLVSOD\VKRZVWKDWWKH
DSSOLDQFHLVKHDWLQJXS
,I\RXDUHXVLQJWKHJULOORUVWHDPPRGHWKHHQWLUHEDU
OLJKWVXSUHGLPPHGLDWHO\
7KH EDU GRHV QRW OLJKW XS ZKHQ WKH PLFURZDYH IXQFWLRQ LV
LQXVH
1LJKWPRGH
7RVDYHHQHUJ\WKHGLVSOD\EULJKWQHVVLVDXWRPDWLFDOO\
UHGXFHGWRDORZHUOHYHOEHWZHHQĂSPDQGĂDP
5RWDU\VHOHFWRU
8VHWKHURWDU\VHOHFWRUWRFKDQJHWKHDGMXVWPHQWYDOXHV
WKDWDUHVKRZQLQWKHGLVSOD\DQGKLJKOLJKWHG
,Q PRVW VHOHFWLRQ OLVWV HJ SURJUDPPHV WKH ILUVW VHOHFWLRQ
IROORZVWKHODVW
)RUYDOXHVHJZHLJKW\RXKDYHWRWXUQWKHURWDU\
VHOHFWRU EDFN WKH RWKHU ZD\ ZKHQ \RX UHDFK WKH PLQLPXP
RUPD[LPXPYDOXH
D &KLOGSURRIORFN 7RXFKDQGKROGWRDFWLYDWHGHDFWL
YDWHWKHFKLOGSURRIORFN
~
h
7HPSHUDWXUH
ZHLJKW
6HOHFWDQGVHWWKHWHPSHUDWXUH
ZHLJKWXVLQJWKHURWDU\VHOHFWRU
㙇
l
㉴
6WDUWVWRS 6WDUWVRUSDXVHVWKHRSHUDWLRQ
1RWH 3UHVVLQJ DQG KROGLQJ HQGV
WKH FXUUHQW RSHUDWLRQ DQG WKH VHW
WLQJV IRU WKH RSHUDWLQJ PRGH VHOHFW
HGDUHUHVHWWRWKHGHIDXOWYDOXHV
6\PERO 0HDQLQJ
t
7LPHU ,IWKHV\PEROLVKLJKOLJKWHGWKH
WLPHUZLOODSSHDURQWKHGLVSOD\
y
&RRNLQJWLPH ,IWKHV\PEROLVKLJKOLJKWHGWKH
FRRNLQJ WLPH ZLOO DSSHDU RQ WKH GLV
SOD\
0 &ORFN ,IWKHV\PEROLVKLJKOLJKWHGWKH
FORFNZLOODSSHDURQWKHGLVSOD\
KPLQ +RXUVPLQXWHV &RRNLQJWLPHLQKRXUVDQGPLQXWHV
PLQVHF 0LQXWHVVHFRQGV &RRNLQJWLPHLQPLQXWHVDQGVHF
RQGV
D &KLOGSURRIORFN ,IWKLVV\PEROOLJKWVXSWKHFKLOG
SURRIORFNLVDFWLYDWHG
#
'ULSWUD\ 'ULSWUD\VWDWXVGLVSOD\
$
:DWHUWDQN :DWHUWDQNVWDWXVGLVSOD\
Ê
'HVFDOLQJ ,IWKHV\PEROOLJKWVXSWKHDSSOL
DQFHPXVWEHGHVFDOHG
6\PERO 0HDQLQJ
$
6\PEROOLJKWV
XSDUURZ
IODVKHV
:DWHUWDQNLVLQWKHWDQNUHFHVV
DQGQHHGVILOOLQJ
6\PEROZLWKRXW
DUURZIODVKHV
:DWHUWDQNLVQRWLQWKHWDQN
UHFHVVDQGQHHGVILWWLQJLQSODFH
6\PEROZLWKRXW
DUURZOLJKWVXS
:DWHUWDQNLVLQWKHWDQNUHFHVV
1RIXUWKHUDFWLRQQHFHVVDU\
6\PERO 0HDQLQJ
#
6\PEROOLJKWV
XSDUURZ
IODVKHV
'ULS WUD\ LV LQ WKH WDQN UHFHVV DQG
QHHGVHPSW\LQJ
6\PEROZLWKRXW
DUURZIODVKHV
'ULS WUD\ LV QRW LQ WKH WDQN UHFHVV
,QVHUWWKHGULSWUD\LQWRWKHWDQN
UHFHVV
6\PEROZLWKRXW
DUURZOLJKWVXS
'ULSWUD\LVLQWKHWDQNUHFHVV1R
IXUWKHUDFWLRQQHFHVVDU\

*HWWLQJWRNQRZ\RXUDSSOLDQFH HQ
2SHUDWLQJPRGHV
<RXU DSSOLDQFH KDV YDULRXV RSHUDWLQJ PRGHV ZKLFK PDNH
\RXUDSSOLDQFHHDVLHUWRXVH
<RXFDQILQGPRUHSUHFLVHGHVFULSWLRQVRIWKHVHLQWKH
FRUUHVSRQGLQJVHFWLRQV
6WHDP
<RXFDQXVHWKHVWHDPIXQFWLRQRQLWVRZQRULQ
FRPELQDWLRQZLWKDOOW\SHVRIKHDWLQJDQGWKHPLFURZDYH
IXQFWLRQ
7R HQVXUH RSWLPXP XVH RI WKH VWHDP IXQFWLRQ UHPRYH WKH
ZLUHUDFN,QVHUWWKHJODVVWUD\DWVKHOISRVLWLRQĂDQG
LQVHUWWKHVWHDPFRQWDLQHULQWRWKHJODVVWUD\
6WHDPOHYHOV
'LIIHUHQWLQWHQVLW\OHYHOVDUHDYDLODEOHZKHQXVLQJWKH
VWHDPIXQFWLRQ7KHVWHDPOHYHOVFDQEHVHOHFWHGE\
WRXFKLQJ "7KHVHOHFWHGVWHDPOHYHOLVVKRZQLQWKH
GLVSOD\
,WLVVXJJHVWHGWRXVHPHGLXPVWHDPLQWHQVLW\WRVWHDP
GXPSOLQJVDQGEXQV+LJKVWHDPLQWHQVLW\PD\GU\RXW
GXPSOLQJVDQGEXQVWRRTXLFNO\
*ULOO
*ULOO
<RXFDQEURZQ\RXUIRRGQLFHO\XVLQJWKHJULOO
<RX FDQ XVH WKH JULOO IXQFWLRQ RQ LWV RZQ RU LQ FRPELQDWLRQ
ZLWKWKHPLFURZDYHDQGVWHDPIXQFWLRQV
7R PDNH WKH PRVW RI WKH JULOO IXQFWLRQ LQVHUW WKH ZLUH UDFN
LQVKHOISRVLWLRQĂRU
*ULOOVHWWLQJV
7KHUHLVDFKRLFHRIWKUHHLQWHQVLWLHVIRUWKHIXOOVXUIDFH
JULOOIXQFWLRQ
■ 6HWWLQJ/RZ
■ 6HWWLQJ0HGLXP
■ 6HWWLQJ+LJK
0LFURZDYH
7RHQVXUHWKDW\RXDOZD\VXVHWKHFRUUHFWPLFURZDYH
SRZHUVHWWLQJZHKDYHSURYLGHGDJHQHUDORYHUYLHZRI
ZKDWWKHGLIIHUHQWSRZHUVHWWLQJVFDQEHXVHGIRUEHORZ
7KHPLFURZDYHSRZHUVHWWLQJVDUHOHYHOVDQGGRQRW
DOZD\V FRUUHVSRQG WR WKH H[DFW ZDWWDJH WKDW WKH DSSOLDQFH
XVHV
2SHUDWLQJPRGH 8VH
0LFURZDYH
~ 0LFURZDYHRQ SDJH
<RXFDQXVHWKHPLFURZDYHWR
FRRNKHDWXSRUGHIURVW\RXU
GLVKHVPRUHTXLFNO\
6WHDP
~ 6WHDPRQ SDJH
7KHUHDUHYDULRXVILQHO\WXQHG
VWHDPOHYHOVIRUWKHRSWLPDOSUHSD
UDWLRQRI\RXUIRRG
)XOOVXUIDFHJULOO
~ *ULOORQ SDJH
)RUJULOOLQJIODWLWHPVVXFKDV
VWHDNVRUVDXVDJHVIRUPDNLQJ
WRDVWDQGIRUDXJUDWLQGLVKHV
&HQWUHDUHDJULOO
~ *ULOORQ SDJH
)RU JULOOLQJ VPDOO DPRXQWV RI VWHDN
VDXVDJHV WRDVW DQG SLHFHV RI ILVK
0LFURZDYH FRPELQHG RSHUD
WLRQ
~ 6HWWLQJWKHPLFURZDYH
WRFRPELQHGRSHUDWLRQ
RQ SDJH
7KLVDOORZV\RXWRVZLWFKRQWKH
PLFURZDYH IXQFWLRQ ZKHQ VWHDPLQJ
RUJULOOLQJIRRG
6WHDPFRPELQDWLRQ
~ 6HWWLQJWKHVWHDP
FRPELQDWLRQRQ SDJH
7KLVDOORZV\RXWRVZLWFKRQWKH
VWHDPIXQFWLRQZKHQPLFURZDYLQJ
RUJULOOLQJIRRG
&OHDQLQJ
~ &OHDQLQJIXQFWLRQ
RQ SDJH
'LIIHUHQWFOHDQLQJIXQFWLRQVDUH
DYDLODEOH'HVFDOLQJDQGULQVLQJ
%DVLFVHWWLQJV
~ %DVLFVHWWLQJV
RQ SDJH
<RXFDQFKDQJH\RXUDSSOLDQFHV
EDVLFVHWWLQJVWRVXLW\RXUQHHGV
/HYHO ,QWHQVLW\ 8VH 'LVSOD\LQGLFDWRU
ORZ )RUGHIURVWLQJYHJHWD
EOHVPHDWILVKDQG
IUXLW
PHGLXP )RUSUHSDULQJGHV
VHUWVILVKVDXVDJHV
GXPSOLQJVEXQVDQG
RWKHUVRIWVNLQQHG
IRRGV
KLJK )RUFRRNLQJYHJHWD
EOHV ILVK VLGH GLVKHV
IRUH[WUDFWLQJMXLFH
IURPIUXLWDQGIRU
EODQFKLQJ
0LFUR
ZDYHVHW
WLQJ
0D[LPXPFRRNLQJ
WLPH
8VH
ĂKRXUĂPLQV )RUGHIURVWLQJIRRGWKDWGHWH
ULRUDWHVHDVLO\LQWHUPVRI
TXDOLW\
ĂKRXUĂPLQV )RUGHIURVWLQJDQGFRQWLQXHG
FRRNLQJ
ĂKRXUĂPLQV )RUFRRNLQJPHDWDQGIRU
KHDWLQJ IRRG WKDW GHWHULRUDWHV
HDVLO\LQWHUPVRITXDOLW\
ĂKRXUĂPLQV )RUKHDWLQJDQGFRRNLQJIRRG
ĂPLQXWHV )RUKHDWLQJOLTXLGV

en *HWWLQJWRNQRZ\RXUDSSOLDQFH
6HWWLQJWKHPLFURZDYHWRFRPELQHGRSHUDWLRQ
6HWWLQJ WKH PLFURZDYH WR FRPELQHG RSHUDWLRQ
<RXFDQFRPELQHWKHPLFURZDYHIXQFWLRQZLWKDOOW\SHV
RI KHDWLQJ DQG WKH VWHDP IXQFWLRQ 7KH DSSOLDQFH KHDWV XS
DQGWKHPLFURZDYHLVVZLWFKHGRQDWWKHVDPHWLPH$VD
UHVXOWWKHIRRGLVUHDG\LQDPXFKVKRUWHUWLPH
<RXFDQVZLWFKRQDOOPLFURZDYHSRZHUVHWWLQJV
([FHSWLRQĂZDWWV
&RRNLQJFRPSDUWPHQW
9DULRXVIXQFWLRQVLQWKHFRRNLQJFRPSDUWPHQWPDNH\RXU
DSSOLDQFHHDVLHUWRXVH)RUH[DPSOHWKHFRRNLQJ
FRPSDUWPHQWLVZHOOOLWDQGDFRROLQJIDQSUHYHQWVWKH
DSSOLDQFHIURPRYHUKHDWLQJ
2SHQLQJWKHDSSOLDQFHGRRU
,I\RXRSHQWKHDSSOLDQFHGRRUGXULQJDQRSHUDWLRQWKH
RSHUDWLRQLVSDXVHG&ORVHWKHGRRUDQGWRXFKWKH
㙇 l ㉴ ILHOGWRFRQWLQXHWKHRSHUDWLRQ
,QWHULRUOLJKWLQJ
7KHLQWHULRUOLJKWLQJOLJKWVXSZKLOHWKHDSSOLDQFHLV
RSHUDWLQJ2QFHWKHRYHQKDVILQLVKHGFRRNLQJWKHIRRG
WKHOLJKWLQJJRHVRXW
7KHLQWHULRUOLJKWLQJVZLWFKHVRQZKHQWKHDSSOLDQFHGRRU
LVRSHQHG7KLVPDNHVLWHDVLHUWRFOHDQ\RXUDSSOLDQFH
IRUH[DPSOH$IWHUDSSUR[LPDWHO\ PLQXWHVWKHLQWHULRU
OLJKWLQJDXWRPDWLFDOO\VZLWFKHVLWVHOIRII
&RROLQJIDQ
<RXUDSSOLDQFHKDVDFRROLQJIDQ7KHFRROLQJIDQ
VZLWFKHVRQGXULQJRSHUDWLRQ7KHKRWDLUHVFDSHVDERYH
WKHGRRU
7KHFRROLQJIDQFRQWLQXHVWRUXQIRUDFHUWDLQWLPHDIWHU
RSHUDWLRQ
&DXWLRQ
'RQRWFRYHUWKHYHQWLODWLRQVORWV2WKHUZLVHWKH
DSSOLDQFHPD\RYHUKHDW
1RWHV
■ 7KHDSSOLDQFHUHPDLQVFRROGXULQJPLFURZDYH
RSHUDWLRQ'HVSLWHWKLVWKHFRROLQJIDQZLOOVWLOOVZLWFK
RQ7KHIDQPD\UXQRQHYHQZKHQPLFURZDYH
RSHUDWLRQKDVHQGHG
■ &RQGHQVDWLRQPD\IRUPRQWKHGRRUZLQGRZLQWHULRU
ZDOOVDQGIORRU7KLVLVQRUPDODQGGRHVQRWDGYHUVHO\
DIIHFWDSSOLDQFHRSHUDWLRQ:LSHDZD\WKH
FRQGHQVDWLRQDIWHUFRRNLQJ
7DQNFRYHU
7KHWDQNFRYHULVORFDWHGEHORZWKHDSSOLDQFHGRRUDQG
DOORZVIRUDFFHVVWRWKHGULSWUD\DQGZDWHUWDQN%RWKRI
WKHVHDUHORFDWHGEHKLQGWKHWDQNFRYHU3URFHHGDV
IROORZVWRRSHQDQGFORVHWKHWDQNFRYHU
%ULHIO\SUHVVRQWKHFHQWUHRIWKHWDQNFRYHUWRRSHQLW
7KHWDQNFRYHUIROGVXSZDUGV
7RFORVHWKHWDQNFRYHUIROGLWGRZQZDUGVDQGEULHIO\
SUHVVWKHFHQWUHRIWKHWDQNFRYHU7KHWDQNFRYHULV
ORFNHG
:DWHUWDQN
7KHDSSOLDQFHLVHTXLSSHGZLWKDZDWHUWDQN7KHZDWHU
WDQNLVORFDWHGWRWKHULJKWEHKLQGWKHWDQNFRYHU)LOOWKH
ZDWHUWDQNZLWKZDWHUWRRSHUDWHWKHDSSOLDQFHXVLQJ
VWHDPPRGHV ~ )LOOLQJWKHZDWHUWDQNRQ SDJH
,IWKHDUURZRIWKHZDWHUWDQNV\PERO $IODVKHVRQWKH
GLVSOD\WKHZDWHULQWKHZDWHUWDQNQHHGVUHSODFLQJ
'ULSWUD\
7KH DSSOLDQFH LV HTXLSSHG ZLWK D GULS WUD\ 7KH GULS WUD\ LV
ORFDWHGWRWKHOHIWEHKLQGWKHWDQNFRYHU(PSW\WKHGULS
WUD\EHIRUHDQGDIWHUFDUU\LQJRXWWKHFOHDQLQJ
IXQFWLRQV~ &OHDQLQJIXQFWLRQRQ SDJH
,IWKHDUURZRIWKHGULSWUD\V\PERO #IODVKHVRQWKH
GLVSOD\WKHGULSWUD\QHHGVHPSW\LQJ
( +DQGOHIRUUHPRYLQJDQGLQVHUWLQJWKHZDWHUWDQN
0 2SHQLQJIRUILOOLQJ
8 7DQNFRYHU
( +DQGOHIRUUHPRYLQJDQGLQVHUWLQJWKHZDWHUWDQN
0 &ROOHFWLRQRSHQLQJ
8 7DQNFRYHU
1
2

$FFHVVRULHV HQ
_$FFHVVRULHV
$FFHVVRULHV
<RXUDSSOLDQFHLVDFFRPSDQLHGE\DUDQJHRI
DFFHVVRULHV+HUH\RXFDQILQGDQRYHUYLHZRIWKH
DFFHVVRULHV LQFOXGHG DQG LQIRUPDWLRQ RQ KRZ WR XVH WKHP
FRUUHFWO\
$FFHVVRULHVLQFOXGHG
<RXUDSSOLDQFHLVHTXLSSHGZLWKWKHIROORZLQJ
DFFHVVRULHV
2QO\XVHRULJLQDODFFHVVRULHVSURYLGHGE\\RXUDSSOLDQFH
PDQXIDFWXUHU7KH\DUHVSHFLDOO\DGDSWHGIRU\RXU
DSSOLDQFH
<RX FDQ EX\ DFFHVVRULHV IURP RXU FXVWRPHU VHUYLFH IURP
VSHFLDOLVWUHWDLOHUVRURQOLQH
$GGLWLRQDODFFHVVRULHV
$GGLWLRQDODFFHVVRULHVPD\EHHQFORVHGGHSHQGLQJRQ
WKHDSSOLDQFHPRGHO
6SHFLDODFFHVVRULHV
<RXFDQREWDLQIXUWKHUDFFHVVRULHVIURPWKHDIWHUVDOHV
VHUYLFHRUIURPVSHFLDOLVWUHWDLOHUV
,QVHUWLQJDFFHVVRULHV
7KHFRRNLQJFRPSDUWPHQWKDVIRXUVKHOISRVLWLRQV7KH
VKHOISRVLWLRQVDUHFRXQWHGIURPWKHERWWRPXS
,QVHUWWKHDFFHVVRU\LQWRWKHJXLGHDQGVOLGHLWLQIXOO\
1RWH 7KHFRRNLQJFRPSDUWPHQWSRVLWLRQLV
SDUWLFXODUO\VXLWDEOHIRUPLFURZDYHRSHUDWLRQDVWKLVLV
ZKHUHWKHPLFURZDYHSRZHULVRSWLPXP2QO\XVH
FRRNZDUHWKDWLVVXLWDEOHIRUXVHLQPLFURZDYHV
:LUHUDFN
8VH DV D VXUIDFH IRU VHWWLQJ GRZQ
EDNLQJWLQVRUIRUJULOOLQJDQG
EURZQLQJ
8VHWKHZLUHUDFNIRUJULOOLQJDW
VKHOISRVLWLRQVĂDQG
7KHZLUHUDFNLVQRWVXLWDEOHIRU
XVHZKHQWKHDSSOLDQFHLV
RSHUDWLQJHLWKHULQPLFURZDYH
RQO\PRGHRULQVWHDPRQO\
PRGH
0DNHVXUHWKDW\RXLQVHUWWKH
ZLUHUDFNLQGLUHFWLRQ D
*ODVVWUD\
7KHJODVVWUD\FDQEHXVHGIRU
FRRNLQJLQDOORSHUDWLQJPRGHV
LQFOXGLQJFRPELQDWLRQPRGH,Q
DGGLWLRQ LW DFWV DV D VSODVK JXDUG
LI\RXDUHJULOOLQJIRRGGLUHFWO\RQ
WKHZLUHUDFN
$OORZWKHJODVVWUD\WRFRRO
EHIRUH\RXFOHDQLWRUSODFHLWLQ
FROGZDWHUDVWKLVPD\GDPDJH
WKHJODVV
6WHDPFRQWDLQHU
7KHVWHDPFRQWDLQHULVSODFHG
LQWRWKHJODVVWUD\LQRUGHUWR
FRRNZLWKWKH6WHDPRU6WHDP
ZLWKPLFURZDYHRSHUDWLQJ
PRGHV7KHJODVVWUD\PXVWEH
LQVHUWHGLQVKHOISRVLWLRQĂIRU
WKLV7KHIRRGFDQEHSODFHG
GLUHFWO\ RQWR WKH VWHDP FRQWDLQHU
7KHVWHDPFRQWDLQHULV
GLVKZDVKHUVDIH
'RQRWXVHWKHVWHDPFRQWDLQHU
LQ VWDQGDUG PLFURZDYH RSHUDWLRQ
RUGXULQJJULOOLQJ
³
:LUHLQVHUW
)RUIU\LQJ,QVHUWWKHZLUHLQVHUW
LQWRWKHJODVVWUD\ZLWKLWVIHHWWR
WKHERWWRP7KLVHQVXUHVWKDW
GULSSLQJJUHDVHDQGPHDWMXLFHV
FDQEHFROOHFWHG7KHZLUHLQVHUW
LVQRWVXLWDEOHIRUXVHLQ
PLFURZDYHRSHUDWLRQRUVWHDP
PRGH
6SHFLDODFFHVVRULHV
*ODVVURDVWLQJGLVK
)RUSRWURDVWVDQGEDNHVWKDW\RXSUHSDUHLQWKHRYHQ

en %HIRUHXVLQJIRUWKHILUVWWLPH
K%HIRUHXVLQJIRUWKHILUVW
WLPH
%HIRUHXVLQJIRUWKHILUVWWLPH
%HIRUH\RXFDQXVH\RXUQHZDSSOLDQFH\RXPXVWPDNH
VRPHVHWWLQJV<RXPXVWDOVRFOHDQWKHFRRNLQJ
FRPSDUWPHQWDQGDFFHVVRULHV
7KH DSSOLDQFH PXVW EH IXOO\ LQVWDOOHG DQG FRQQHFWHG WR WKH
PDLQV
,QLWLDOXVH
$IWHU FRQQHFWLQJ WKH HOHFWULFLW\ VXSSO\ RU DIWHU D SRZHU FXW
WKH GLVSOD\ SURPSWV \RX WR VHW WKH WLPH ,W PD\ WDNH D IHZ
VHFRQGVIRUWKHLQVWUXFWLRQWRDSSHDU
6HWWLQJWKHWLPH
'XULQJLQLWLDOXVHWKHWLPHGLVSOD\LVKLJKOLJKWHG
7KH‚ƒ‹‹ YDOXH IODVKHV LQ WKH GLVSOD\ DQG WKH 0 V\PERO
OLJKWVXS6HWWKHWLPH
8VHWKHURWDU\VHOHFWRUWRVHWWKHWLPH
7RXFK 0
7KHWLPHKDVQRZEHHQVHW
&KDQJLQJWKHWLPHRQWKHFORFN
1RWH 7RFKDQJHWKHWLPHRQWKHFORFN\RXZLOOQHHGWR
VZLWFKRIIWKHDSSOLDQFH
7RXFKWKH 0 EXWWRQWZLFH
7KH 0 V\PERODQGWKHFORFNWLPHZLOODSSHDURQWKH
GLVSOD\
6HWWKHFORFNXVLQJWKHURWDU\VHOHFWRU
7RXFKWKH 0 EXWWRQ
7KHWLPHKDVQRZEHHQVHW
1RWHV
■ ,I \RX GR QRW WRXFK WKH 0 EXWWRQ DIWHU VHWWLQJ WKH WLPH
WKHVHWYDOXHLVDXWRPDWLFDOO\DGRSWHGDIWHUDIHZ
VHFRQGV
■ ,IWKHIXQFWLRQVHOHFWRUKDVEHHQPRYHGWRFRQILJXUH
WKHVHWWLQJVLWPXVWEHUHWXUQHGWRWKH2IISRVLWLRQ
RQFH\RXKDYHILQLVKHG2QO\WKHQFDQWKHDSSOLDQFH
EHXVHG
■ ,QRUGHUWRUHGXFHWKHHQHUJ\FRQVXPSWLRQRI\RXU
DSSOLDQFHLQVWDQGE\\RXFDQKLGHWKHFORFN
6HWWKHZDWHUKDUGQHVVUDQJH
6HWWLQJ WKH ZDWHU KDUGQ HVV UDQJH
6RWKDWWKHDSSOLDQFHFDQUHOLDEO\UHPLQG\RXWRGHVFDOH
LW ZKHQ UHTXLUHG \RX PXVW VHW \RXU ZDWHU KDUGQHVV UDQJH
FRUUHFWO\
7KHZDWHUKDUGQHVVUDQJHLVVHWWRĂYHU\KDUGH[
ZRUNV
&DXWLRQ
7KHDSSOLDQFHPD\EHFRPHGDPDJHGGXHWRWKHXVHRI
XQVXLWDEOHOLTXLGV
'RQRWXVHGLVWLOOHGZDWHUKLJKO\FKORULQDWHGWDSZDWHU
!ĂPJORURWKHUOLTXLGV
2QO\XVHIUHVKFROGQRQFDUERQDWHGWDSZDWHURU
VRIWHQHGZDWHU
1RWHV
■ ,I \RXU ZDWHU LV YHU\ KDUG ZH UHFRPPHQG WKDW \RX XVH
VRIWHQHGZDWHU
■ ,I\RXRQO\XVHVRIWHQHGZDWHU\RXFDQVHWWKHZDWHU
KDUGQHVVUDQJHWRVRIWHQHGLQWKLVFDVH
■ ,I \RX XVH PLQHUDO ZDWHU VHW WKH ZDWHU KDUGQHVV UDQJH
WRĂYHU\KDUG
■ ,I\RXXVHPLQHUDOZDWHU\RXPXVWRQO\XVHQRQ
FDUERQDWHGPLQHUDOZDWHU
<RXFDQFKDQJHWKHZDWHUKDUGQHVVLQWKHEDVLF
VHWWLQJV~ %DVLFVHWWLQJVRQ SDJH
&OHDQLQJWKHFRRNLQJFRPSDUWPHQWDQG
DFFHVVRULHV
%HIRUHXVLQJWKHDSSOLDQFHWRSUHSDUHIRRGIRUWKHILUVW
WLPH\RXPXVWFOHDQWKHFRRNLQJFRPSDUWPHQWDQG
DFFHVVRULHV
&OHDQLQJWKHFRRNLQJFRPSDUWPHQW
7R HOLPLQDWH WKH QHZDSSOLDQFH VPHOO KHDW XS WKH FRRNLQJ
FRPSDUWPHQWZKHQLWLVHPSW\DQGZLWKWKHRYHQGRRU
FORVHG$QKRXUDWJULOOOHYHOĂLVLGHDOIRUWKLVSXUSRVH
0DNH VXUH WKDW WKHUH DUH QR UHPQDQWV RI SDFNDJLQJ LQ WKH
FRRNLQJFRPSDUWPHQW
8VHWKHIXQFWLRQVHOHFWRUWRVHW)XOOVXUIDFHJULOO (
6HWWRJULOOOHYHOĂXVLQJWKHURWDU\VHOHFWRU
7RXFK㙇 l ㉴
7KHDSSOLDQFHEHJLQVWRKHDWXS
6ZLWFKRIIWKHDSSOLDQFHDIWHURQHKRXU7RGRVRWRXFK
㙇 l ㉴DQGWKHQWXUQWKHIXQFWLRQVHOHFWRUWRWKHRII
SRVLWLRQ
&OHDQLQJWKHDFFHVVRULHV
%HIRUH\RXXVHWKHDFFHVVRULHVIRUWKHILUVWWLPHFOHDQ
WKHPWKRURXJKO\ZLWKKRWVRDS\ZDWHUDQGDVRIWGLVK
FORWK
:DWHUKDUGQHVVUDQJH 6HWWLQJ
ĂVRIWHQHG
ĂXSWR PPROO ĂVRIW
ĂĂ PPROO ĂPHGLXP
ĂĂ PPROO ĂKDUG
ĂDERYH PPROO ĂYHU\KDUG

2SHUDWLQJWKHDSSOLDQFH HQ
12SHUDWLQJWKHDSSOLDQFH
2SHUDWLQJ WKH DSSOLDQFH
<RX KDYH DOUHDG\ OHDUQW DERXW WKH FRQWUROV DQG KRZ WKH\
ZRUN 1RZ ZH ZLOO H[SODLQ KRZ WR VHW \RXU DSSOLDQFH <RX
ZLOOOHDUQDERXWZKDWKDSSHQVZKHQ\RXVZLWFKWKH
DSSOLDQFHRQDQGRIIDQGKRZWRVHOHFWWKHRSHUDWLQJ
PRGH
6ZLWFKLQJWKHDSSOLDQFHRQDQGRII
%HIRUH \RX DUH DEOH WR VHW WKH DSSOLDQFH \RX PXVW VZLWFK
LWRQ
1RWH 7KH FKLOGSURRI ORFN FDQ RQO\ EH VHW LI WKH DSSOLDQFH
LVVZLWFKHGRII6RPHGLVSOD\VDOVRUHPDLQYLVLEOHLQWKH
GLVSOD\ZKHQWKHDSSOLDQFHKDVEHHQVZLWFKHGRII
6ZLWFKRII\RXUDSSOLDQFHZKHQLWLVQRWEHLQJXVHG,IQR
VHWWLQJVDUHDSSOLHGIRUDORQJWLPHWKHDSSOLDQFH
VZLWFKHVLWVHOIRIIDXWRPDWLFDOO\
6ZLWFKLQJRQWKHDSSOLDQFH
7XUQWKHIXQFWLRQVHOHFWRUWRVZLWFKRQWKHDSSOLDQFH
$VWDQGDUGYDOXHLVKLJKOLJKWHGLQWKHGLVSOD\7KH
DSSOLDQFHLVUHDG\WRXVH
<RX FDQ ILQG RXW KRZ WR VHOHFW WKH RSHUDWLQJ PRGHV LQ WKH
LQGLYLGXDOFKDSWHUV
6ZLWFKLQJRIIWKHDSSOLDQFH
7XUQWKHIXQFWLRQVHOHFWRUWRWKHRIISRVLWLRQ
$Q\IXQFWLRQVWKDWPD\EHUXQQLQJDUHFDQFHOOHG
7KHWLPHDSSHDUVLQWKHGLVSOD\
1RWH <RX FDQ VHW ZKHWKHU WKH FORFN VKRXOG EH GLVSOD\HG
ZKHQWKHGHYLFHLVVZLWFKHGRIILQWKHEDVLFVHWWLQJV
6HWWLQJDQRSHUDWLQJPRGH
$IWHUVHOHFWLQJDQRSHUDWLQJPRGHGHIDXOWYDOXHVDUH
VKRZQLQWKHGLVSOD\<RXFDQVWDUWWKLVVHWWLQJ
LPPHGLDWHO\
7KHIROORZLQJDOZD\VDSSOLHV
8VH WKH IXQFWLRQ VHOHFWRU WR VHOHFW WKH RSHUDWLQJ PRGH
,IQHFHVVDU\DSSO\RWKHUVHWWLQJV
7RGRWKLVWRXFKWKHDSSURSULDWHILHOGDQGXVHWKH
URWDU\VHOHFWRUWRFKDQJHWKHYDOXH
7RXFK㙇 l ㉴
7KHDSSOLDQFHVWDUWVWKHRSHUDWLRQ
6HWWLQJWKHFRRNLQJWLPH
6HWWKHRSHUDWLQJPRGH
7RXFK 0XQWLOWKH y V\PEROLVKLJKOLJKWHG
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGFRRNLQJ
WLPH
7RXFK㙇 l ㉴
7KHDSSOLDQFHEHJLQVWRKHDWXS7KH㙇 l ㉴ /('
OLJKWVXS7KHFRRNLQJWLPHVWDUWVFRXQWLQJGRZQ
3DXVLQJWKHRSHUDWLRQ
7RXFKWKH㙇 l ㉴ ILHOGRURSHQWKHDSSOLDQFHGRRU
7KHRSHUDWLRQLVVXVSHQGHGDQGWKH㙇 l ㉴ /('
IODVKHV
&ORVHWKHDSSOLDQFHGRRU
7RXFKWKH㙇 l ㉴ ILHOG
7KHRSHUDWLRQLVFRQWLQXHGDQGWKH㙇 l ㉴ /('OLJKWV
XS
6WRSSLQJWKHDSSOLDQFHIURPKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKH2IISRVLWLRQ
7KH DSSOLDQFH ZLOO VWRS KHDWLQJ DQG DOO WKH VHWWLQJV ZLOO EH
FOHDUHG
1RWH 7KH IDQ PD\ FRQWLQXH WR UXQ DIWHU WKH DSSOLDQFH KDV
EHHQSDXVHGRUVWRSSHG
$XWRPDWLFVDIHW\VZLWFKRIIIXQFWLRQ
7KHDXWRPDWLFVDIHW\VZLWFKRIIIXQFWLRQLVDFWLYDWHGLI
\RXU DSSOLDQFH LV RSHUDWLQJ IRU D ORQJ WLPH ZLWK QR FRRNLQJ
WLPHKDYLQJEHHQVHW
7KHDSSOLDQFHDXWRPDWLFDOO\VZLWFKHVRIIDIWHUQLQHKRXUV

en 0LFURZDYH
^0LFURZDYH
0LFU RZDY H
<RXFDQXVHWKHPLFURZDYHWRFRRNKHDWXSRUGHIURVW
IRRGTXLFNO\<RXFDQXVHWKHPLFURZDYHRQLWVRZQRULQ
FRPELQDWLRQZLWKWKHJULOORUVWHDPIXQFWLRQ
7R HQVXUH RSWLPXP XVH RI WKH PLFURZDYH SOHDVH REVHUYH
WKHQRWHVRQFRRNZDUHDQGIDPLOLDULVH\RXUVHOIZLWKWKH
GDWDLQWKHDSSOLFDWLRQWDEOHVDWWKHHQGRIWKHLQVWUXFWLRQ
PDQXDO
7RHQVXUHRSWLPXPXVHRIWKHPLFURZDYHSODFH\RXU
FRRNZDUH RQ WKH FRRNLQJ FRPSDUWPHQW IORRU 5HPRYH WKH
ZLUHUDFN2EVHUYHWKHLQVWUXFWLRQVRQWKHFRRNZDUH
&RRNZDUH
1RWDOOFRRNZDUHLVPLFURZDYDEOH6RWKDW\RXUIRRGLV
KHDWHGDQGWKHDSSOLDQFHLVQRWGDPDJHGRQO\XVH
PLFURZDYDEOHFRRNZDUH
6XLWDEOHFRRNZDUH
+HDWUHVLVWDQWFRRNZDUHPDGHRIJODVVJODVVFHUDPLF
SRUFHODLQFHUDPLFRUKHDWUHVLVWDQWSODVWLFDUHVXLWDEOH
7KHVHPDWHULDOVDOORZPLFURZDYHVWRSDVVWKURXJK
<RXFDQDOVRXVHVHUYLQJGLVKHV7KLVVDYHV\RXKDYLQJ
WR WUDQVIHU IRRG IURP RQH GLVK WR DQRWKHU <RX VKRXOG RQO\
XVHFRRNZDUHZLWKGHFRUDWLYHJROGRUVLOYHUWULPLIWKH
PDQXIDFWXUHUJXDUDQWHHVWKDWWKH\DUHVXLWDEOHIRUXVHLQ
PLFURZDYHV
8QVXLWDEOHFRRNZDUH
0HWDOFRRNZDUHLVXQVXLWDEOH0HWDOGRHVQRWDOORZ
PLFURZDYHVWRSDVVWKURXJK)RRGLQFRYHUHGPHWDO
FRQWDLQHUVZLOOUHPDLQFROG
&DXWLRQ
&UHDWLRQ RI VSDUNV 0HWDO ² HJ D VSRRQ LQ D JODVV ² PXVW
EH NHSW DW OHDVW ĂFP IURP WKH FRRNLQJ FRPSDUWPHQW ZDOOV
DQG WKH LQVLGH RI WKH GRRU 6SDUNV FDQ LUUHSDUDEO\ GDPDJH
WKHJODVVRQWKHLQVLGHRIWKHGRRU
&RRNZDUHWHVW
1HYHUVZLWFKRQWKHPLFURZDYHXQOHVVWKHUHLVIRRG
LQVLGH7KHVKRUWFRRNZDUHWHVWLVWKHRQO\H[FHSWLRQWR
WKLVUXOH
3HUIRUPWKHIROORZLQJWHVWLI\RXDUHXQVXUHZKHWKHU\RXU
FRRNZDUHLVVXLWDEOHIRUXVHLQWKHPLFURZDYH
+HDWWKHHPSW\FRRNZDUHDWPD[LPXPSRZHUIRUôWR
ĂPLQXWH
&KHFNWKHWHPSHUDWXUHRIWKHFRRNZDUHGXULQJWKLV
WLPH
7KHFRRNZDUHVKRXOGUHPDLQFROGRUZDUPWRWKHWRXFK
7KH FRRNZDUH LV XQVXLWDEOH LI LW EHFRPHV KRW RU VSDUNV DUH
JHQHUDWHG
,QWKLVFDVHVWRSWKHWHVW
::DUQLQJ² 5LVNRIEXUQV
7KH DFFHVVLEOH SDUWV EHFRPH YHU\ KRW ZKHQ LQ RSHUDWLRQ
1HYHUWRXFKKRWSDUWV.HHSFKLOGUHQDWDVDIHGLVWDQFH
0LFURZDYHSRZHUVHWWLQJV
7KHPLFURZDYHSRZHUVHWWLQJVDUHOHYHOVDQGGRQRW
DOZD\V FRUUHVSRQG WR WKH H[DFW ZDWWDJH WKDW WKH DSSOLDQFH
XVHV
7KHIROORZLQJPLFURZDYHSRZHUVHWWLQJVDUHDYDLODEOH
'HIDXOWVHWWLQJV
7KHDSSOLDQFHVXJJHVWVDFRRNLQJWLPHIRUHDFK
PLFURZDYH OHYHO <RX FDQ DFFHSW WKLV YDOXH RU FKDQJH LW LQ
WKHUHOHYDQWDUHD
7KH PD[LPXP VHWWLQJ LV GHVLJQHG IRU KHDWLQJ OLTXLGV RQO\
LWLVQRWGHVLJQHGIRUKHDWLQJIRRG$IWHUDFHUWDLQSHULRG
WKHPLFURZDYHVPD[LPXPSRZHULVJUDGXDOO\UHGXFHGWR
Ă:WRSURWHFWWKHDSSOLDQFH)XOOSRZHULVPDGH
DYDLODEOHDJDLQDIWHUDFRROLQJSHULRG
7LPHVHWWLQJLQWHUYDOV
7KH LQWHUYDO IRU VHWWLQJ WKH FRRNLQJ WLPH FKDQJHV ZLWK WKH
OHQJWKRIWKHFRRNLQJWLPH
6HWWLQJWKHPLFURZDYH
([DPSOH0LFURZDYHVHWWLQJ :FRRNLQJWLPH
PLQXWHV
8VHWKHIXQFWLRQVHOHFWRUWRVHOHFWWKHPLFURZDYH
IXQFWLRQ !
7KHDSSOLDQFHLVUHDG\WRXVH7KHPD[LPXP
PLFURZDYHSRZHURXWSXW !ZLOOEHGLVSOD\HGDVWKH
GHIDXOWYDOXHRQWKHGLVSOD\<RXFDQFKDQJHWKLVDW
DQ\WLPH
0LFUR
ZDYHVHW
WLQJ
0D[LPXPFRRNLQJ
WLPH
8VH
ĂKRXUĂPLQV )RUGHIURVWLQJIRRGWKDWGHWH
ULRUDWHVHDVLO\LQWHUPVRI
TXDOLW\
ĂKRXUĂPLQV )RUGHIURVWLQJDQGFRQWLQXHG
FRRNLQJ
ĂKRXUĂPLQV )RUFRRNLQJPHDWDQGIRU
KHDWLQJ IRRG WKDW GHWHULRUDWHV
HDVLO\LQWHUPVRITXDOLW\
ĂKRXUĂPLQV )RUKHDWLQJDQGFRRNLQJIRRG
ĂPLQXWHV )RUKHDWLQJOLTXLGV
&RRNLQJWLPH ,QWHUYDO
PLQXWH ĂVHFRQGV
PLQXWHV VHFRQGV
PLQXWHV VHFRQGV
PLQXWHV KRXU PLQXWH
KRXU KRXU PLQXWHV PLQXWHV

0LFURZDYH HQ
7RXFK WKH PLFURZDYH VHWWLQJ WRXFK EXWWRQ WR VHOHFW WKH
SRZHUVHWWLQJ\RXUHTXLUH
7KH PLFURZDYH VHWWLQJ ZLOO EH KLJKOLJKWHG DQG D GHIDXOW
FRRNLQJWLPHZLOOEHVKRZQRQWKHGLVSOD\
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGFRRNLQJ
WLPH
1RWH <RX FDQ DOVR VHW WKH FRRNLQJ WLPH ILUVW DQG WKHQ
WKHPLFURZDYHVHWWLQJ
7RXFKWKH㙇 l ㉴ EXWWRQ
7KH WLPH UHPDLQLQJ ZLOO FRXQW GRZQ RQ WKH GLVSOD\ 7KH
㙇 l ㉴ /('ZLOOEHOLW
7KHFRRNLQJWLPHKDVHODSVHG
$QDXGLEOHVLJQDOVRXQGV2SHQWKHDSSOLDQFHGRRURU
WRXFKDQ\ILHOG
&KDQJLQJWKHFRRNLQJWLPH
8VH WKH URWDU\ VHOHFWRU WR FKDQJH WKH FRRNLQJ WLPH $IWHU D
IHZVHFRQGVWKHFKDQJHLVDSSOLHG
&KDQJLQJWKHPLFURZDYHSRZHURXWSXW
7RXFK ! XQWLO WKH UHTXLUHG OHYHO LV VHOHFWHG LQ WKH GLVSOD\
1RWHV
■ 7RXFKLQJLWVHYHUDOWLPHVVZLWFKHVWKHSRZHUOHYHOV
IURPWKHKLJKHVWWRWKHORZHVWOHYHO
■ ,IWKHPLFURZDYHIXQFWLRQLVRQO\DGGHGDIWHUWKHVWDUW
WKHDSSOLDQFHSDXVHV3UHVV㙇 l ㉴WRVWDUWRSHUDWLRQ
3DXVLQJWKHRSHUDWLRQ
7RXFKWKH㙇 l ㉴ ILHOGRURSHQWKHDSSOLDQFHGRRU
7KHRSHUDWLRQLVVXVSHQGHGDQGWKH㙇 l ㉴ /('
IODVKHV
&ORVHWKHDSSOLDQFHGRRU
7RXFKWKH㙇 l ㉴ ILHOG
7KHRSHUDWLRQLVFRQWLQXHGDQGWKH㙇 l ㉴ /('OLJKWV
XS
6WRSSLQJWKHDSSOLDQFHIURPKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKH2IISRVLWLRQ
7KH DSSOLDQFH ZLOO VWRS KHDWLQJ DQG DOO WKH VHWWLQJV ZLOO EH
FOHDUHG
1RWH 7KH IDQ PD\ FRQWLQXH WR UXQ DIWHU WKH DSSOLDQFH KDV
EHHQSDXVHGRUVWRSSHG
6HWWLQJWKHPLFURZDYHWRFRPELQHG
RSHUDWLRQ
6HWWLQJ WKH PLFURZDYH WR FRPELQHG RSHUDWLRQ
<RXFDQFRPELQHWKHPLFURZDYHIXQFWLRQZLWKWKHJULOO
DQGVWHDPIXQFWLRQ7KHDSSOLDQFHKHDWVXSDQGWKH
PLFURZDYHLVVZLWFKHGRQDWWKHVDPHWLPH$VDUHVXOW
WKHIRRGLVUHDG\LQDPXFKVKRUWHUWLPH
&RPELQDWLRQRSWLRQV
■ "6WHDP
■ (*ULOO
([FHSWLRQ
!0LFURZDYHVHWWLQJĂ:
6HWWLQJFRPELQHGRSHUDWLRQ
([DPSOHLQWKHSLFWXUH)XOOVXUIDFHJULOO (DWOHYHOĂZLWK
PLFURZDYHDWĂ:ĂPLQXWHV
8VH WKH IXQFWLRQ VHOHFWRU WR VHW WKH )XOOVXUIDFH JULOO (
/HYHOĂDSSHDUVLQWKHGLVSOD\DVDGHIDXOWYDOXH
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGOHYHO
7RXFKWKHPLFURZDYHSRZHURXWSXWILHOG !XQWLOWKH
UHTXLUHGOHYHOLVVHOHFWHGLQWKHGLVSOD\
$GHIDXOWFRRNLQJWLPHDSSHDUV
6HWWKHFRRNLQJWLPHXVLQJWKHURWDU\VHOHFWRU
7RXFK㙇 l ㉴
7KHRSHUDWLRQVWDUWVDQGWKH㙇 l ㉴ /('OLJKWVXS
7KHFRRNLQJWLPHVWDUWVFRXQWLQJGRZQ
7KHFRRNLQJWLPHKDVHODSVHG
$ VLJQDO VRXQGV DQG WKH 㙇 l ㉴ V\PERO VWRSV OLJKWLQJ XS
&RPELQDWLRQPRGHKDVILQLVKHG7RXFKDQ\ILHOGWRHQG
WKHDFRXVWLFVLJQDO
&KDQJLQJWKHPLFURZDYHSRZHURXWSXW
7RXFK ! XQWLO WKH UHTXLUHG OHYHO LV VHOHFWHG LQ WKH GLVSOD\
1RWHV
■ 7RXFKLQJLWVHYHUDOWLPHVVZLWFKHVWKHSRZHUOHYHOV
IURPWKHKLJKHVWWRWKHORZHVWOHYHO
■ ,IWKHPLFURZDYHIXQFWLRQLVRQO\DGGHGDIWHUWKHVWDUW
WKHDSSOLDQFHSDXVHV3UHVV㙇 l ㉴WRVWDUWRSHUDWLRQ

en *ULOOLQJ
3DXVLQJWKHRSHUDWLRQ
7RXFKWKH㙇 l ㉴ ILHOGRURSHQWKHDSSOLDQFHGRRU
7KHRSHUDWLRQLVVXVSHQGHGDQGWKH㙇 l ㉴ /('
IODVKHV
&ORVHWKHDSSOLDQFHGRRU
7RXFKWKH㙇 l ㉴ ILHOG
7KHRSHUDWLRQLVFRQWLQXHGDQGWKH㙇 l ㉴ /('OLJKWV
XS
6WRSSLQJWKHDSSOLDQFHIURPKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKH2IISRVLWLRQ
7KH DSSOLDQFH ZLOO VWRS KHDWLQJ DQG DOO WKH VHWWLQJV ZLOO EH
FOHDUHG
1RWH 7KH IDQ PD\ FRQWLQXH WR UXQ DIWHU WKH DSSOLDQFH KDV
EHHQSDXVHGRUVWRSSHG
'U\LQJWKHFRRNLQJFRPSDUWPHQW
'U\WKHFRRNLQJFRPSDUWPHQWDIWHURSHUDWLRQWRHQVXUH
WKDWQRPRLVWXUHUHPDLQV
+HDWLQJXSWKHFRRNLQJFRPSDUWPHQW
7RGU\WKHFRRNLQJFRPSDUWPHQWLWLVKHDWHGXSVRWKDW
WKH PRLVWXUH LQ WKH FRRNLQJ FRPSDUWPHQW HYDSRUDWHV <RX
ZLOOWKHQQHHGWRRSHQWKHDSSOLDQFHGRRUWRDOORZWKH
VWHDPWRHVFDSHIURPWKHFRRNLQJFRPSDUWPHQW
$OORZWKHDSSOLDQFHWRFRROGRZQ
5HPRYHWKHZRUVWGLUWIURPWKHFRRNLQJFRPSDUWPHQW
LPPHGLDWHO\ DQG ZLSH DZD\ PRLVWXUH IURP WKH FRRNLQJ
FRPSDUWPHQWIORRU
8VHWKHIXQFWLRQVHOHFWRUWRVHW)XOOVXUIDFHJULOO (
7RXFK 0WZLFH
7KHFRRNLQJWLPHV\PERO yLVKLJKOLJKWHGLQWKH
GLVSOD\
8VHWKHURWDU\VHOHFWRUWRVHWDFRRNLQJWLPHRI
ĂPLQXWHV
3UHVV㙇 l ㉴WRVWDUWWKHRSHUDWLRQ
7KH GU\LQJ IXQFWLRQ VWDUWV DQG HQGV DXWRPDWLFDOO\ DIWHU
ĂPLQXWHV
2SHQWKHDSSOLDQFHGRRUDQGOHDYHLWRSHQIRUĂWR
ĂPLQXWHVVRWKDWWKHPRLVWXUHLQWKHFRRNLQJ
FRPSDUWPHQWFDQHVFDSH
'U\LQJWKHFRRNLQJFRPSDUWPHQWE\KDQG
$OORZWKHDSSOLDQFHWRFRROGRZQ
5HPRYHDQ\IRRGUHPQDQWVIURPWKHZDOOVRIWKH
FRRNLQJFRPSDUWPHQW
'U\WKHFRRNLQJFRPSDUWPHQWZLWKDVSRQJH
/HDYHWKHDSSOLDQFHGRRURSHQIRUĂKRXUVRWKDWWKH
FRRNLQJFRPSDUWPHQWGULHVFRPSOHWHO\
d*ULOOLQJ
*ULOOL QJ
<RXFDQEURZQ\RXUIRRGQLFHO\XVLQJWKHJULOO
<RX FDQ XVH WKH JULOO IXQFWLRQ RQ LWV RZQ RU LQ FRPELQDWLRQ
ZLWKWKHPLFURZDYHDQGVWHDPIXQFWLRQV
7R PDNH WKH PRVW RI WKH JULOO IXQFWLRQ LQVHUW WKH ZLUH UDFN
LQVKHOISRVLWLRQĂRU
*ULOOIXQFWLRQV
<RXFDQFKRRVHEHWZHHQWZRGLIIHUHQWJULOOIXQFWLRQV
GHSHQGLQJRQWKHW\SHDQGDPRXQWRIIRRG
*ULOOVHWWLQJV
7KH IROORZLQJ JULOO VHWWLQJV DUH DYDLODEOH IRU WKH IXOOVXUIDFH
JULOOIXQFWLRQ
6HWWLQJWKHJULOO
([DPSOHLQWKHSLFWXUH)XOOVXUIDFHJULOO (DWVHWWLQJ
FRRNLQJWLPHĂPLQXWHV
8VHWKHIXQFWLRQVHOHFWRUWRVHWWKHIXOOVXUIDFHJULOO (
PRGH
8VHWKHURWDU\VHOHFWRUWRVHOHFWVHWWLQJ
7KHJULOOVHWWLQJZLOOEHVKRZQRQWKHGLVSOD\
)XQFWLRQ )RRG
)XOOVXUIDFHJULOO 8VHWKHIXOOVXUIDFHJULOOWRJULOOODUJHSLHFHV
RIPHDWDQGEUHDGRUWREURZQEDNHV
&HQWUHDUHDJULOO 8VHWKHFHQWUHDUHDJULOOWRJULOOVPDOO
DPRXQWVRIIRRG2QO\WKHFHQWUHSDUWRIWKH
JULOOHOHPHQWEHFRPHVKRWZLWKWKLVIXQFWLRQ
6HWWLQJ )RRG
)XOOVXUIDFH
JULOO
6HWWLQJĂORZ 6RXIIOpVDQGGHHSEDNHV
6HWWLQJ
ĂPHGLXP
6KDOORZEDNHVDQGILVK
6HWWLQJĂKLJK 6WHDNVVDXVDJHVDQGWRDVW
&HQWUHDUHD
JULOO
6HWWLQJĂORZ )RUVPDOOVRXIIOpVDQGGHHS
EDNHV

6WHDP HQ
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGFRRNLQJ
WLPH
7RXFK 㙇 l ㉴
7KHDSSOLDQFHZLOOVWDUWKHDWLQJ7KHWHPSHUDWXUH
LQGLFDWRUZLOOEHOLWFRPSOHWHO\
1RWH 2QFHWKHDSSOLDQFHKDVKHDWHGXSVOLJKW
IOXFWXDWLRQVLQWHPSHUDWXUHDUHQRUPDO
7KHFRRNLQJWLPHKDVHODSVHG
$QDXGLEOHVLJQDOVRXQGV2SHQWKHDSSOLDQFHGRRURU
WRXFKDQ\ILHOG
6HWWLQJWKHFRRNLQJWLPH
6HWWKHRSHUDWLQJPRGH
7RXFK 0XQWLOWKH y V\PEROLVKLJKOLJKWHG
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGFRRNLQJ
WLPH
7RXFK㙇 l ㉴
7KHDSSOLDQFHEHJLQVWRKHDWXS7KH㙇 l ㉴ /('
OLJKWVXS7KHFRRNLQJWLPHVWDUWVFRXQWLQJGRZQ
&KDQJLQJWKHJULOOVHWWLQJ
2QFHWKHJULOOIXQFWLRQKDVEHHQVHOHFWHGRUWKHJULOOKDV
EHHQVWDUWHG\RXFDQVWLOOFKDQJHWKHJULOOVHWWLQJDWDQ\
SRLQWXVLQJWKHURWDU\VHOHFWRU
7KHFRRNLQJWLPHUHPDLQVXQFKDQJHG
3DXVLQJWKHRSHUDWLRQ
7RXFKWKH㙇 l ㉴ ILHOGRURSHQWKHDSSOLDQFHGRRU
7KHRSHUDWLRQLVVXVSHQGHGDQGWKH㙇 l ㉴ /('
IODVKHV
&ORVHWKHDSSOLDQFHGRRU
7RXFKWKH㙇 l ㉴ ILHOG
7KHRSHUDWLRQLVFRQWLQXHGDQGWKH㙇 l ㉴ /('OLJKWV
XS
6WRSSLQJWKHDSSOLDQFHIURPKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKH2IISRVLWLRQ
7KH DSSOLDQFH ZLOO VWRS KHDWLQJ DQG DOO WKH VHWWLQJV ZLOO EH
FOHDUHG
1RWH 7KH IDQ PD\ FRQWLQXH WR UXQ DIWHU WKH DSSOLDQFH KDV
EHHQSDXVHGRUVWRSSHG
`6WHDP
6WHDP
<RXFDQXVHWKHVWHDPIXQFWLRQRQLWVRZQRULQ
FRPELQDWLRQZLWKWKHJULOODQGPLFURZDYHIXQFWLRQ
7R HQVXUH RSWLPXP XVH RI WKH VWHDP IXQFWLRQ UHPRYH WKH
ZLUHUDFN,QVHUWWKHJODVVWUD\LQVKHOISRVLWLRQĂDQG
LQVHUWWKHVWHDPFRQWDLQHULQWRWKHJODVVWUD\
::DUQLQJ² 5LVNRIVFDOGLQJ
:KHQ\RXRSHQWKHDSSOLDQFHGRRUKRWVWHDPFDQ
HVFDSH6WHDPPD\QRWEHYLVLEOHGHSHQGLQJRQLWV
WHPSHUDWXUH :KHQ RSHQLQJ GR QRW VWDQG WRR FORVH WR WKH
DSSOLDQFH2SHQWKHDSSOLDQFHGRRUFDUHIXOO\.HHS
FKLOGUHQDZD\
1RLVH
3XPS
<RXZLOOKHDUDKXPPLQJQRLVHGXULQJRSHUDWLRQ7KLV
QRLVHLVFDXVHGE\WKHSXPS,WLVDQRUPDORSHUDWLQJ
QRLVH
&RRNLQJZLWKVWHDP
6WHDPOHYHOV
'LIIHUHQWLQWHQVLW\OHYHOVDUHDYDLODEOHZKHQXVLQJWKH
VWHDPIXQFWLRQ7KHVWHDPOHYHOVFDQEHVHOHFWHGE\
WRXFKLQJ "7KHVHOHFWHGVWHDPOHYHOLVVKRZQLQWKH
GLVSOD\
/HYHO ,QWHQVLW\ 8VH 'LVSOD\LQGLFDWRU
ORZ )RUGHIURVWLQJYHJHWD
EOHVPHDWILVKDQG
IUXLW
PHGLXP )RUSUHSDULQJGHV
VHUWVILVKDQGVDX
VDJHV
KLJK )RUFRRNLQJYHJHWD
EOHV ILVK VLGH GLVKHV
IRUH[WUDFWLQJMXLFH
IURPIUXLWDQGIRU
EODQFKLQJ

en 6WHDP
6HWWLQJWKHVWHDP
1RWH ,I WKH DSSOLDQFH KDV QRW EHHQ XVHG IRU DQ H[WHQGHG
SHULRGVWDUWE\UXQQLQJDULQVHF\FOH ! ~ &OHDQLQJ
IXQFWLRQRQ SDJH
([DPSOH6WHDPVHWWLQJ0HGLXPFRRNLQJWLPH
PLQXWHV
8VHWKHIXQFWLRQVHOHFWRUWRVHOHFWWKHVWHDP
IXQFWLRQ "
7KHDSSOLDQFHLVUHDG\WRXVH7KHPD[LPXPVWHDP
VHWWLQJ DQG D FRRNLQJ WLPH RI ĂPLQXWHV DUH VHW DV WKH
GHIDXOW YDOXHV 7KH DUURZ RI WKH ZDWHU WDQN V\PERO $
IODVKHV
5HPRYHWKHZDWHUWDQNILOOZLWKIUHVKZDWHUXSWRWKH
PD[PDUNDQGLQVHUWIXOO\LQWKHWDQN
UHFHVV~ )LOOLQJWKHZDWHUWDQNRQ SDJH
7RXFKDQGKROGWKH " EXWWRQXQWLO\RXUHDFKWKH
UHTXLUHGVHWWLQJ
7KHVHOHFWHGVWHDPVHWWLQJZLOOEHVKRZQRQWKH
GLVSOD\
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGFRRNLQJ
WLPH
1RWH <RXFDQDOVRDGMXVWWKHFRRNLQJWLPHILUVWDQG
WKHQWKHVWHDPVHWWLQJ
7RXFKWKH㙇 l ㉴ EXWWRQ
7KHDUURZRIWKHZDWHUWDQNV\PERO $ZLOOJRRXWDQG
WKHZDWHUWDQNV\PERO (ZLOOEHOLW7KHDSSOLDQFHZLOO
VWDUW 7KH 㙇 l ㉴ /(' ZLOO EH OLW 7KH FRRNLQJ WLPH ZLOO
FRXQWGRZQRQWKHGLVSOD\7KHDPRXQWRIWLPHD
WDQNIXO RI ZDWHU ZLOO ODVW YDULHV GHSHQGLQJ RQ WKH VWHDP
VHWWLQJ,IWKHZDWHUWDQNUXQVRXWRIZDWHUZKLOHWKH
DSSOLDQFHLVLQRSHUDWLRQWKHDSSOLDQFHLVSDXVHGDQG
WKHDUURZRIWKHZDWHUWDQNV\PERO $IODVKHV)LOOWKH
ZDWHUWDQNZLWKIUHVKZDWHUXSWRWKHPD[PDUNDQG
WRXFKWKH㙇 l ㉴ EXWWRQWRUHVXPHRSHUDWLRQ
1RWHV
■ 7KHVWHDPVHWWLQJFDQEHFKDQJHGDWDQ\WLPHZKHQ
WKH DSSOLDQFH LV LQ RSHUDWLRQ E\ SUHVVLQJ WKH " EXWWRQ
■ $IWHUFRRNLQJZLWKVWHDPZLSHRXWWKHGULSFKDQQHO
DQGWKHFRRNLQJFRPSDUWPHQW ~ $IWHUHYHU\VWHDP
RSHUDWLRQRQ SDJH
6HWWLQJWKHVWHDPFRPELQDWLRQ
6HWWLQJ WKH VW HDP FR PELQDWLRQ
:LWK VRPH W\SHV RI KHDWLQJ \RX FDQ VZLWFK RQ WKH VWHDP
IXQFWLRQ
:KHQ\RXFRRNZLWKVWHDPDVVLVWDQFHVWHDPLV
LQWURGXFHGLQWRWKHFRRNLQJFRPSDUWPHQWDWYDULRXV
LQWHUYDOVDQGZLWKYDU\LQJGHJUHHVRILQWHQVLW\7KLVJLYHV
\RXDEHWWHUFRRNLQJUHVXOW
<RXUIRRG
■ %HFRPHVFULVS\RQWKHRXWVLGH
■ $FKLHYHVDJORVV\VXUIDFH
■ ,VVXFFXOHQWDQGWHQGHURQWKHLQVLGH
■ 2QO\XQGHUJRHVDPLQLPXPUHGXFWLRQLQYROXPH
6XLWDEOHW\SHVRIKHDWLQJ
■ !0LFURZDYH
■ (*ULOO
6HWWLQJFRPELQDWLRQPRGH
([DPSOH)XOOVXUIDFHJULOO (DWVHWWLQJĂDQGVWHDP
VHWWLQJ
8VHWKHIXQFWLRQVHOHFWRUWRVHWJULOOPRGH
6HWWLQJĂZLOODSSHDUDVWKHGHIDXOWYDOXHRQWKH
GLVSOD\
8VHWKHURWDU\VHOHFWRUWRVHWWKHUHTXLUHGVHWWLQJ
7RXFKWKH6WHDPEXWWRQ "XQWLOWKHUHTXLUHGVHWWLQJ
KDVEHHQVHOHFWHGRQWKHGLVSOD\
7KHZDWHUWDQNV\PERO $ZLOODSSHDURQWKHGLVSOD\
5HILOOZDWHUWDQN
7RXFKWKH㙇 l ㉴ EXWWRQ
7KHDSSOLDQFHZLOOVWDUWDQGWKH㙇 l ㉴ /('ZLOOEH
OLW7KHFRRNLQJWLPHZLOOVWDUWFRXQWLQJGRZQ
1RWH ,IWKHZDWHUWDQNUXQVRXWRIZDWHUGXULQJFRRNLQJ
WKHDSSOLDQFHZLOOFRQWLQXHFRRNLQJEXWZLWKRXWVWHDP
DVVLVWDQFH1RLQGLFDWRUZLOODSSHDURQWKHGLVSOD\
7KHFRRNLQJWLPHKDVHODSVHG
$ VLJQDO VRXQGV DQG WKH 㙇 l ㉴ V\PERO VWRSV OLJKWLQJ XS
&RPELQDWLRQPRGHKDVILQLVKHG7RXFKDQ\ILHOGWRHQG
WKHDFRXVWLFVLJQDO

6WHDP HQ
&KDQJLQJWKHVWHDPOHYHO
7RXFK WKH " ILHOG XQWLO WKH UHTXLUHG OHYHO LV VHOHFWHG LQ WKH
GLVSOD\
1RWH 7RXFK WKH ILHOG PXOWLSOH WLPHV VZLWFKHV WKURXJK WKH
OHYHOV IURP WKH KLJKHVW WR WKH ORZHVW OHYHO $IWHU WKH ORZHVW
OHYHOWKHVWHDPIXQFWLRQLVGHDFWLYDWHG7RXFKLQJDJDLQ
DFWLYDWHVWKHVWHDPIXQFWLRQVWDUWLQJZLWKWKHKLJKHVW
OHYHO
3DXVLQJWKHRSHUDWLRQ
7RXFKWKH㙇 l ㉴ ILHOGRURSHQWKHDSSOLDQFHGRRU
7KHRSHUDWLRQLVVXVSHQGHGDQGWKH㙇 l ㉴ /('
IODVKHV
&ORVHWKHDSSOLDQFHGRRU
7RXFKWKH㙇 l ㉴ ILHOG
7KHRSHUDWLRQLVFRQWLQXHGDQGWKH㙇 l ㉴ /('OLJKWV
XS
6WRSSLQJWKHDSSOLDQFHIURPKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKH2IISRVLWLRQ
7KH DSSOLDQFH ZLOO VWRS KHDWLQJ DQG DOO WKH VHWWLQJV ZLOO EH
FOHDUHG
1RWH 7KH IDQ PD\ FRQWLQXH WR UXQ DIWHU WKH DSSOLDQFH KDV
EHHQSDXVHGRUVWRSSHG
)LOOLQJWKHZDWHUWDQN
)LOOLQJ WKH ZDWHU WDQN
7KHZDWHUWDQNLVORFDWHGWRWKHULJKWEHKLQGWKHWDQN
FRYHUEHORZWKHDSSOLDQFHGRRU%HIRUHVWDUWLQJDQ
RSHUDWLRQZLWKVWHDPRSHQWKHWDQNFRYHUDQGILOOWKH
ZDWHUWDQNZLWKZDWHU
(QVXUHWKDWWKHZDWHUKDUGQHVVUDQJHKDVEHHQVHW
FRUUHFWO\ ~ %DVLFVHWWLQJVRQ SDJH
::DUQLQJ² 5LVNRILQMXU\DQGILUH
2QO\ILOOWKHZDWHUWDQNZLWKZDWHU'RQRWSRXUDQ\
IODPPDEOHOLTXLGVHJDOFRKROLFGULQNVLQWRWKHZDWHU
WDQN 'XH WR KRW VXUIDFHV YDSRXUV IURP IODPPDEOH OLTXLGV
PD\FDWFKILUHLQWKHFRRNLQJFRPSDUWPHQWH[SORVLRQ
7KHDSSOLDQFHGRRUPD\VSULQJRSHQ+RWVWHDPDQGMHWV
RIIODPHPD\HVFDSH
&DXWLRQ
7KHDSSOLDQFHPD\EHFRPHGDPDJHGGXHWRWKHXVHRI
XQVXLWDEOHOLTXLGV
'RQRWXVHGLVWLOOHGZDWHUKLJKO\FKORULQDWHGWDSZDWHU
!ĂPJORURWKHUOLTXLGV
2QO\XVHIUHVKFROGQRQFDUERQDWHGWDSZDWHURU
VRIWHQHGZDWHU
1RWHV
■ ,I \RXU ZDWHU LV YHU\ KDUG ZH UHFRPPHQG WKDW \RX XVH
VRIWHQHGZDWHU
■ ,I\RXXVHRQO\VRIWHQHGZDWHU\RXFDQVHW\RXU
DSSOLDQFHWRWKHVRIWHQHGZDWHUKDUGQHVVUDQJH
%ULHIO\SUHVVRQWKHFHQWUHRIWKHWDQNFRYHU
7KH WDQN FRYHU ZLOO RSHQ 7KH GULS WUD\ OHIW DQG ZDWHU
WDQNULJKWFDQQRZEHDFFHVVHG
5HPRYHWKHZDWHUWDQNIURPWKHWDQNUHFHVV
)LOOWKHZDWHUWDQNZLWKFROGZDWHUXSWRWKHPD[
PDUN
3ODFHWKHZDWHUWDQNEDFNLQWRWKHWDQNUHFHVVDQG
VOLGHLWLQIXOO\
&ORVHWKHWDQNFRYHU
7KHVWHDPIXQFWLRQLVUHDG\WRXVH
5HILOOLQJWKHZDWHUWDQN
7KH ZD\ WKH DSSOLDQFH UHVSRQGV LI WKH ZDWHU WDQN UXQV GU\
ZKHQWKHDSSOLDQFHLVLQRSHUDWLRQGHSHQGVRQZKDW
RSHUDWLQJPRGHLWLVLQ
■ 6WHDPPRGH7KHDSSOLDQFHLVVWRSSHGDQGD
PHVVDJHDSSHDUVRQWKHGLVSOD\$WWKHKLJKHVWVWHDP
VHWWLQJDWDQNIXORIZDWHUZLOOODVWDSSUR[
PLQXWHVDWWKHORZHUVWHDPVHWWLQJVLWZLOOODVW
PXFKORQJHU
■ 6WHDPZLWKPLFURZDYH7KHDSSOLDQFHLVVWRSSHG$
WDQNIXORIZDWHUZLOOODVWDSSUR[ PLQXWHV
■ *ULOO ZLWK VWHDP 7KH DSSOLDQFH FRQWLQXHV WR UXQ LQ JULOO
PRGHQRPHVVDJHDSSHDUVRQWKHGLVSOD\$WWKH
KLJKHVWVWHDPVHWWLQJDWDQNIXORIZDWHUZLOOODVW
DSSUR[ KRXUV DW WKH ORZHU VWHDP VHWWLQJV LW ZLOO ODVW
PXFKORQJHU
1RWH $FWXDOWLPHVPD\YDU\IURPWKRVHVSHFLILHG
1 2

en 6WHDP
5HILOOWKHZDWHUWDQNXSWRWKH0$;PDUN
2SHQWKHFRQWUROSDQHO
5HPRYHDQGUHILOOWKHZDWHUWDQN
,QVHUWWKHILOOHGZDWHUWDQNDQGFORVHWKHFRQWUROSDQHO
$IWHUHYHU\VWHDPRSHUDWLRQ
0RLVWXUHUHPDLQVLQWKHFRRNLQJFRPSDUWPHQW&DUHIXOO\
ZLSHRXWWKHGULSFKDQQHODQGWKHFRRNLQJFRPSDUWPHQW
(DFK WLPH \RX FRRN XVLQJ VWHDP ZH UHFRPPHQG WKDW \RX
UXQWKH5LQVHFOHDQLQJIXQFWLRQ !DIWHUZDUGV7KHQ
HPSW\DQGGU\WKHZDWHUWDQNDQGGULSWUD\
1RWH 5HPRYHOLPHVFDOHPDUNVZLWKDFORWKVRDNHGLQ
YLQHJDUWKHQZLSHZLWKFOHDQZDWHUDQGGU\ZLWKDVRIW
FORWK
(PSW\LQJWKHZDWHUWDQN
%ULHIO\SUHVVRQWKHFHQWUHRIWKHWDQNFRYHU
7KHWDQNFRYHUIROGVXSZDUGV
5HPRYHWKHZDWHUWDQN
&DUHIXOO\UHPRYHWKHOLGIRUWKHZDWHUWDQN
(PSW\ WKH ZDWHU WDQN FOHDQ LW ZLWK GHWHUJHQW DQG WKHQ
ULQVHLWWKRURXJKO\ZLWKFOHDQZDWHU
'U\DOOSDUWVZLWKDVRIWFORWK
5XEWKHVHDORQWKHOLGXQWLOGU\
$OORZWKHZDWHUWDQNWRGU\ZLWKWKHOLGRSHQ
3ODFHWKHOLGRQWKHZDWHUWDQNDQGSXVKGRZQRQLW
6OLGHWKHZDWHUWDQNLQIXOO\
&ORVH WKH WDQN FRYHU DQG EULHIO\ SUHVV RQ WKH FHQWUH RI
LW
7KHWDQNFRYHULVORFNHG
&DXWLRQ
■ 'RQRWGU\WKHZDWHUWDQNLQWKHKRWFRRNLQJ
FRPSDUWPHQW7KLVZLOOGDPDJHWKHZDWHUWDQN
■ 'R QRW FOHDQ WKH ZDWHU WDQN LQ WKH GLVKZDVKHU 7KLV ZLOO
GDPDJHWKHZDWHUWDQN
&OHDQLQJWKHGULSWURXJK
$OORZWKHDSSOLDQFHWRFRROGRZQ
2SHQWKHWDQNFRYHU
5HPRYHWKHZDWHUWDQNDQGGULSWUD\
:LSH DURXQG WKH GULS WURXJK ‚ XQGHUQHDWK WKH FRRNLQJ
FRPSDUWPHQWZLWKDVSRQJHFORWKILJ !
'U\LQJWKHFRRNLQJFRPSDUWPHQW
'U\WKHFRRNLQJFRPSDUWPHQWDIWHURSHUDWLRQWRHQVXUH
WKDWQRPRLVWXUHUHPDLQV
+HDWLQJXSWKHFRRNLQJFRPSDUWPHQW
7RGU\WKHFRRNLQJFRPSDUWPHQWLWLVKHDWHGXSVRWKDW
WKH PRLVWXUH LQ WKH FRRNLQJ FRPSDUWPHQW HYDSRUDWHV <RX
ZLOOWKHQQHHGWRRSHQWKHDSSOLDQFHGRRUWRDOORZWKH
VWHDPWRHVFDSHIURPWKHFRRNLQJFRPSDUWPHQW
$OORZWKHDSSOLDQFHWRFRROGRZQ
5HPRYHWKHZRUVWGLUWIURPWKHFRRNLQJFRPSDUWPHQW
LPPHGLDWHO\ DQG ZLSH DZD\ PRLVWXUH IURP WKH FRRNLQJ
FRPSDUWPHQWIORRU
8VHWKHIXQFWLRQVHOHFWRUWRVHW)XOOVXUIDFHJULOO (
7RXFK 0WZLFH
7KHFRRNLQJWLPHV\PERO yLVKLJKOLJKWHGLQWKH
GLVSOD\
8VHWKHURWDU\VHOHFWRUWRVHWDFRRNLQJWLPHRI
ĂPLQXWHV
3UHVV㙇 l ㉴WRVWDUWWKHRSHUDWLRQ
7KH GU\LQJ IXQFWLRQ VWDUWV DQG HQGV DXWRPDWLFDOO\ DIWHU
ĂPLQXWHV
2SHQWKHDSSOLDQFHGRRUDQGOHDYHLWRSHQIRUĂWR
ĂPLQXWHVVRWKDWWKHPRLVWXUHLQWKHFRRNLQJ
FRPSDUWPHQWFDQHVFDSH
'U\LQJWKHFRRNLQJFRPSDUWPHQWE\KDQG
$OORZWKHDSSOLDQFHWRFRROGRZQ
5HPRYHDQ\IRRGUHPQDQWVIURPWKHZDOOVRIWKH
FRRNLQJFRPSDUWPHQW
'U\WKHFRRNLQJFRPSDUWPHQWZLWKDVSRQJH
/HDYHWKHDSSOLDQFHGRRURSHQIRUĂKRXUVRWKDWWKH
FRRNLQJFRPSDUWPHQWGULHVFRPSOHWHO\
D
1

$XWRPDWLFSURJUDPPHV HQ
P$XWRPDWLFSURJUDPPHV
$XWRPDWLF SURJUDPPHV
<RXFDQSUHSDUHIRRGUHDOO\HDVLO\XVLQJWKHDXWRPDWLF
SURJUDPPHV<RXVHOHFWWKHSURJUDPPHDQGHQWHUWKH
ZHLJKWRI\RXUIRRG7KHDXWRPDWLFSURJUDPPHWKHQ
DSSOLHV WKH PRVW VXLWDEOH VHWWLQJV <RX FDQ VHOHFW IURP
SURJUDPPHV
1RWHV
■ 7DNHWKHIRRGRXWRILWVSDFNDJLQJDQGZHLJKLW,ILWLV
QRWSRVVLEOHWRHQWHUWKHH[DFWZHLJKW\RXVKRXOG
URXQGLWXSRUGRZQ
■ 3ODFHWKHIRRGLQWKHFROGFRRNLQJFRPSDUWPHQW
■ )RUWKHSURJUDPPHVDOZD\VXVHPLFURZDYHDEOH
KHDWUHVLVWDQW FRRNZDUH IRU H[DPSOH PDGH RI JODVV RU
FHUDPLF2EVHUYHWKHDFFHVVRULHVWLSVLQWKH
SURJUDPPHWDEOH
■ )RUDQRSWLPDOFRRNLQJUHVXOWXVHIRRGWKDWLVLQJRRG
FRQGLWLRQDQGFKLOOHGPHDWRQO\)RUIUR]HQIRRGXVH
IRRGVWUDLJKWRXWRIWKHIUHH]HURQO\
6HWWLQJDSURJUDPPH
([DPSOHLQGLDJUDP3URJUDPPHĂZLWKDZHLJKWRIĂNJ
6HWWKHIXQFWLRQVHOHFWRUWR % DXWRPDWLFSURJUDPPHV
7KHILUVWSURJUDPPHQXPEHUDQGZHLJKWVXJJHVWLRQ
DUHVKRZQLQWKHGLVSOD\
8VH WKH URWDU\ VHOHFWRU WR VHOHFW SURJUDPPH QXPEHU
7RXFK h
7KHZHLJKWVHWWLQJLVKLJKOLJKWHGLQWKHGLVSOD\
8VHWKHURWDU\VHOHFWRUWRVHWWKHZHLJKWWRĂNJ
7KH DSSOLDQFH DXWRPDWLFDOO\ VHWV WKH ULJKW FRRNLQJ WLPH
IRUWKDWZHLJKW
7RXFK㙇 l ㉴
7KH SURJUDPPH ZLOO VWDUW 7KH FRRNLQJ WLPH YLVLEO\ FRXQWV
GRZQDQGWKHWHPSHUDWXUHEDUDQGWKH㙇 l ㉴ /('OLJKW
XS
1RWHV
■ %HIRUHVWDUWLQJ\RXFDQXVH %DQG ~hWRVZLWFK
EHWZHHQSURJUDPPHVDQGZHLJKW
■ 2QFH\RXKDYHVWDUWHGWKHSURJUDPPHWKH
SURJUDPPHQXPEHUDQGZHLJKWFDQQRWEHFKDQJHG
<RXFDQFKHFNWKHVHWZHLJKWE\WRXFKLQJ ~h
7KHSURJUDPPHKDVHQGHG
$QDXGLEOHVLJQDOVRXQGV7KHSURJUDPPHKDVILQLVKHG
WKHDSSOLDQFHVWRSVKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKHRIISRVLWLRQ
&KDQJLQJWKHSURJUDPPH
7RXFKWKH㙇 l ㉴ ILHOGIRUDSSUR[IRXU VHFRQGV
7KHSURJUDPPHLVUHVHW
6HOHFWDQHZSURJUDPPH
3DXVLQJWKHRSHUDWLRQ
7RXFKWKH㙇 l ㉴ ILHOGRURSHQWKHDSSOLDQFHGRRU
7KHRSHUDWLRQLVVXVSHQGHGDQGWKH㙇 l ㉴ /('
IODVKHV
&ORVHWKHDSSOLDQFHGRRU
7RXFKWKH㙇 l ㉴ ILHOG
7KHRSHUDWLRQLVFRQWLQXHGDQGWKH㙇 l ㉴ /('OLJKWV
XS
6WRSSLQJWKHDSSOLDQFHIURPKHDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKH2IISRVLWLRQ
7KH DSSOLDQFH ZLOO VWRS KHDWLQJ DQG DOO WKH VHWWLQJV ZLOO EH
FOHDUHG
1RWH 7KH IDQ PD\ FRQWLQXH WR UXQ DIWHU WKH DSSOLDQFH KDV
EHHQSDXVHGRUVWRSSHG

en $XWRPDWLFSURJUDPPHV
3URJUDPPHWDEOH
3UR
JUDPPH
0HDO :HLJKWLQNJ &RRNZDUHDFFHVVRULHV VKHOI
KHLJKW
1RWH 6SHFLILFGHWDLOV
'HIURVW
LQJ
3 0LQFHGPHDW Ă )ODW VKDOORZ FRRNZDUH ZLWKRXW
OLG
&RRNLQJFRPSDUWPHQWIORRU
8VHPLFURZDYH
VDIHFRRNZDUH
RQO\
0LQFHGEHHIODPESRUNDIWHUWXUQLQJ
UHPRYHDQ\PLQFHGPHDWWKDWKDV
DOUHDG\GHIURVWHG
3 'HIURVWULEV Ă )ODW VKDOORZ FRRNZDUH ZLWKRXW
OLG
&RRNLQJFRPSDUWPHQWIORRU
8VHPLFURZDYH
VDIHFRRNZDUH
RQO\
8VHPLFURZDYHVDIHFRRNZDUHRQO\
3 'HIURVWFKLFNHQ
SRUWLRQVRQWKH
ERQH
Ă )ODW VKDOORZ FRRNZDUH ZLWKRXW
OLG
8VHPLFURZDYH
VDIHFRRNZDUH
RQO\
6NLQVLGHGRZQ
3 'HIURVWZKROH
FKLFNHQ
Ă 6KDOORZFRRNZDUHZLWKRXWOLG 8VHPLFURZDYH
VDIHFRRNZDUH
RQO\
%UHDVWVLGHGRZQ
3 'HIURVWILVKILOOHW Ă )ODW VKDOORZ FRRNZDUH ZLWKRXW
OLG
&RRNLQJFRPSDUWPHQWIORRU
8VHPLFURZDYH
VDIHFRRNZDUH
RQO\
)LOOHWRISLNHFRGRFHDQSHUFKSRO
ORFNSLNHSHUFK
3RXOWU\0HDW)LVK
3 :KROHILVKIUHVK Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN 'UL]]OHWKHLQVLGHZLWKOHPRQMXLFH
3 )LVKILOOHWIUHVK Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN
9HJHWDEOHVDQGVLGHGLVKHV
3 %URFFROLIUHVK Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN
3 6OLFHGFDUURWV
IUHVK
Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN 7KHWKLFNHUWKHVOLFHVWKHILUPHUWKH
UHVXOW,I\RXZRXOGOLNHLWPRUHZHOO
GRQHHQWHUDKLJKHUZHLJKWLQWRWKH
DXWRPDWLFSURJUDP7KLVH[WHQGVWKH
SURJUDPGXUDWLRQ
3 8QSHHOHGERLOHG
SRWDWRHV
Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN %DE\ SRWDWRHV RU VWDQGDUG SRWDWRHV LQ
VOLFHVDSSUR[ FPWKLFN
3 (JJVVRIWERLOHG [Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN +HQVHJJVFKLOOHG
3 5LFH Ă &RRNZDUHZLWKOLG&RRNZDUH
RQWKHERWWRPRIWKHFRRNLQJ
FRPSDUWPHQWVKHOISRVLWLRQ
8VHPLFURZDYH
VDIHFRRNZDUH
RQO\
8VHPLFURZDYHIXQFWLRQWRFRRNULFH
/RQJJUDLQULFHGRQRWXVHERLOLQWKH
EDJULFH$GGWZRWKUHHSDUWVZDWHUWR
RQHSDUWULFH$OORZWRVWDQGIRU
ĂPLQXWHVDIWHUWKHSURJUDPPHKDV
HQGHG
3 6WHDP EUHDG UROOV Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN 0HGLXPVL]H
3 6WHDPEUHDG
UROOVIUR]HQ
Ă 6WHDPLQJWUD\JODVVWUD\
3RVLWLRQ
)LOOWKHZDWHUWDQN 0D[ĂJSHUEUHDGUROO
&RQYHQLHQFH
3 5HKHDWSODWHG
PHDOFKLOOHG
Ă 6KDOORZFRRNZDUHRQJODVV
WUD\
3RVLWLRQ
8VHPLFURZDYH
VDIHFRRNZDUH
RQO\)LOOWKHZDWHU
WDQN
7XUQZKHQWKHWXUQVLJQDOSURPSWV\RX6WLUZKHQWKHVWLUVLJQDOSURPSWV\RX

6HWWLQJWKHWLPHVHWWLQJRSWLRQV HQ
O6HWWLQJWKHWLPHVHWWLQJ
RSWLRQV
6HWWLQJ WKH WLPHVHWWLQJ RSWLRQV
<RXU DSSOLDQFH KDV YDULRXV WLPHVHWWLQJ RSWLRQV <RX FDQ
XVHWKH 0 WRXFKILHOGWRFDOOXSWKHPHQXDQGVZLWFK
EHWZHHQWKHLQGLYLGXDOIXQFWLRQV7KHV\PEROVIRUWKH
DYDLODEOH IXQFWLRQV OLJKW XS LQ WKH GLVSOD\ DQG WKH IXQFWLRQ
WKDW\RXMXVWVHOHFWHGLVKLJKOLJKWHG
<RXFDQRQO\FDOOXSWKHFRRNLQJWLPHXVLQJWKH 0 ILHOG
DIWHU VHWWLQJ D W\SH RI KHDWLQJ 7KH WLPHU FDQ EH VHW DW DQ\
WLPH
$QDXGLEOHVLJQDOVRXQGVRQFHWKHFRRNLQJWLPHRUWLPHU
GXUDWLRQKDVHODSVHG<RXFDQFDQFHOWKHVLJQDOHDUO\E\
WRXFKLQJWKH 0 ILHOG
1RWH <RXFDQFKDQJHKRZORQJWKHDXGLEOHVLJQDO
VRXQGVIRULQWKHEDVLFVHWWLQJV ~ %DVLFVHWWLQJV
RQ SDJH
&KHFNLQJWKHWLPHVHWWLQJV
,IVHYHUDOWLPHVHWWLQJRSWLRQVDUHVHWWKHFRUUHVSRQGLQJ
V\PEROVOLJKWXSLQWKHGLVSOD\7KHFRRNLQJWLPHVWDUWV
FRXQWLQJGRZQ
7R FKHFN WKH WLPHU t FRRNLQJ WLPH y RU WLPH 0 WRXFK 0
UHSHDWHGO\ XQWLO WKH UHOHYDQW V\PERO LV KLJKOLJKWHG 'XULQJ
RSHUDWLRQRQO\WKHWLPHUDQGFRRNLQJWLPHDUHDYDLODEOH
,QVWDQGE\RQO\WKHWLPHUDQGWLPHDUHDYDLODEOH7KH
YDOXHIRUWKLVDSSHDUVLQWKHGLVSOD\IRUDIHZVHFRQGV
6HWWLQJWKHWLPHU
<RXFDQXVHWKHWLPHUDVDNLWFKHQWLPHU,WUXQV
LQGHSHQGHQWO\RIWKHDSSOLDQFH7KHWLPHUKDVLWVRZQ
DXGLEOHVLJQDO,QWKLVZD\\RXFDQWHOOZKHWKHULWLVWKH
WLPHURUDFRRNLQJWLPHZKLFKKDVHODSVHG
7RXFKWKH 0 ILHOG
7KH t V\PERODQGWKHWLPHV\PEROVOLJKWXSDJDLQ
8VHWKHURWDU\VHOHFWRUWRVHWWKHWLPHUGXUDWLRQ
$IWHU D IHZ VHFRQGV WKH WLPH VHWWLQJ LV DGRSWHG 7KH WLPHU
VWDUWV 7KH t V\PERO OLJKWV XS LQ WKH GLVSOD\ DQG WKH WLPHU
FRXQWVGRZQ7KHRWKHUWLPHV\PEROVJRRXW
7KHWLPHUGXUDWLRQKDVHODSVHG
$QDXGLEOHVLJQDOVRXQGV LVVKRZQLQWKHGLVSOD\
7RXFKDQ\ILHOGWRVZLWFKRIIWKHWLPHU
&KDQJLQJWKHWLPHUGXUDWLRQ
8VHWKHURWDU\VHOHFWRUWRFKDQJHWKHWLPHUGXUDWLRQ7KH
FKDQJHLVDSSOLHGDIWHUDIHZVHFRQGV
&DQFHOOLQJWKHWLPHUGXUDWLRQ
8VHWKHURWDU\VHOHFWRUWRUHVHWWKHWLPHUGXUDWLRQWR
7KH FKDQJH LV DSSOLHG DIWHU D IHZ VHFRQGV 7KH WLPHU LV
QRZVZLWFKHGRII
6HWWLQJWKHFRRNLQJWLPH
<RXFDQVHWWKHFRRNLQJWLPHIRU\RXUIRRGRQWKH
DSSOLDQFH2QFHWKHFRRNLQJWLPHKDVHODSVHGWKH
DSSOLDQFHZLOODXWRPDWLFDOO\VZLWFKLWVHOIRII7KHFRRNLQJ
WLPHFDQQRWEHDFFLGHQWDOO\H[FHHGHG
([DPSOHLQWKHSLFWXUH)XOOVXUIDFHJULOOIXQFWLRQJULOO
VHWWLQJFRRNLQJWLPHĂPLQXWHV
8VHWKHIXQFWLRQVHOHFWRUWRVHWWKHIXOOVXUIDFHJULOO
IXQFWLRQ
8VHWKHURWDU\VHOHFWRUWRVHOHFWJULOOVHWWLQJ
7RXFKWKH 0 EXWWRQWZLFH
ZLOOEHVKRZQRQWKHGLVSOD\DQGWKHWLPH
V\PEROVZLOOEHOLW
1RWH 'HSHQGLQJRQWKHKHDWLQJIXQFWLRQDGLIIHUHQW
GHIDXOWYDOXHPD\EHGLVSOD\HG
8VHWKHURWDU\VHOHFWRUWRVHWDFRRNLQJWLPHRI
ĂPLQXWHV
7RXFKWKH㙇 l ㉴ EXWWRQ
7KHRYHQZLOOVWDUW7KHFRRNLQJWLPHZLOOFRXQWGRZQRQ
WKHGLVSOD\DQGWKH㙇 l ㉴ /('ZLOOEHOLW7KHRWKHUWLPH
V\PEROVZLOOJRRXW
7KHFRRNLQJWLPHKDVHODSVHG
$Q DXGLEOH VLJQDO VRXQGV 7KH DSSOLDQFH VWRSV KHDWLQJ
LVVKRZQLQWKHGLVSOD\
7RXFKWKH 0 ILHOG
7KHDXGLEOHVLJQDOVWRSV
7XUQWKHIXQFWLRQVHOHFWRUWRWKHRIISRVLWLRQ
7KHDSSOLDQFHLVVZLWFKHGRII
&KDQJLQJWKHFRRNLQJWLPH
8VH WKH URWDU\ VHOHFWRU WR FKDQJH WKH FRRNLQJ WLPH $IWHU D
IHZVHFRQGVWKHFKDQJHLVDSSOLHG
7LPHVHWWLQJRS
WLRQ
8VH
t
7LPHU 7KHWLPHUIXQFWLRQVOLNHDQHJJWLPHU,W
UXQVLQGHSHQGHQWO\RIWKHDSSOLDQFHZKHQ
LWLVKHDWLQJDQGRIRWKHUWLPHVHWWLQJ
RSWLRQVDQGGRHVQRWDIIHFWWKHDSSOLDQFH
y
&RRNLQJWLPH 2QFHWKHVHWFRRNLQJWLPHKDVHODSVHG
WKHDSSOLDQFHDXWRPDWLFDOO\VWRSVKHDWLQJ
0 7LPH :KHQQRRWKHUIXQFWLRQLVUXQQLQJLQWKH
IRUHJURXQGWKHDSSOLDQFHVKRZV\RXWKH
WLPHRIGD\LQWKHGLVSOD\

en &KLOGSURRIORFN
&DQFHOOLQJWKHFRRNLQJWLPH
,I WKH WLPHU IXQFWLRQ KDV EHHQ VHW ILUVW WRXFK WKH 0 EXWWRQ
<RXZLOOQRZEHDEOHWRDGMXVWWKHFRRNLQJWLPH
8VHWKHURWDU\VHOHFWRUWRUHVHWWKHFRRNLQJWLPHWR
$IWHUDIHZVHFRQGVWKHFKDQJHZLOOEHDSSOLHG
6HWWLQJWKHWLPH
'XULQJLQLWLDOXVHWKHWLPHGLVSOD\LVKLJKOLJKWHG
7KH‚ƒ‹‹ YDOXH IODVKHV LQ WKH GLVSOD\ DQG WKH 0 V\PERO
OLJKWVXS6HWWKHWLPH
8VHWKHURWDU\VHOHFWRUWRVHWWKHWLPH
7RXFK 0
7KHWLPHKDVQRZEHHQVHW
&KDQJLQJWKHWLPHRQWKHFORFN
1RWH 7RFKDQJHWKHWLPHRQWKHFORFN\RXZLOOQHHGWR
VZLWFKRIIWKHDSSOLDQFH
7RXFKWKH 0 EXWWRQWZLFH
7KH 0 V\PERODQGWKHFORFNWLPHZLOODSSHDURQWKH
GLVSOD\
6HWWKHFORFNXVLQJWKHURWDU\VHOHFWRU
7RXFKWKH 0 EXWWRQ
7KHWLPHKDVQRZEHHQVHW
1RWHV
■ ,I \RX GR QRW WRXFK WKH 0 EXWWRQ DIWHU VHWWLQJ WKH WLPH
WKHVHWYDOXHLVDXWRPDWLFDOO\DGRSWHGDIWHUDIHZ
VHFRQGV
■ ,IWKHIXQFWLRQVHOHFWRUKDVEHHQPRYHGWRFRQILJXUH
WKHVHWWLQJVLWPXVWEHUHWXUQHGWRWKH2IISRVLWLRQ
RQFH\RXKDYHILQLVKHG2QO\WKHQFDQWKHDSSOLDQFH
EHXVHG
■ ,QRUGHUWRUHGXFHWKHHQHUJ\FRQVXPSWLRQRI\RXU
DSSOLDQFHLQVWDQGE\\RXFDQKLGHWKHFORFN
A&KLOGSURRIORFN
&KLOGS URRI ORF N
<RXUDSSOLDQFHLVHTXLSSHGZLWKDFKLOGSURRIORFNVRWKDW
FKLOGUHQFDQQRWVZLWFKLWRQDFFLGHQWDOO\RUFKDQJHDQ\
VHWWLQJV
$FWLYDWLQJDQGGHDFWLYDWLQJ
7XUQWKHIXQFWLRQVHOHFWRUWRWKHRIISRVLWLRQ
7RXFK ]IRUDSSUR[ VHFRQGV
7KH D V\PEROZLOODSSHDURQWKHGLVSOD\7KHFKLOGSURRI
ORFNLVDFWLYDWHGRUGHDFWLYDWHG
1RWHV
■ ,IDWLPHUGXUDWLRQ tKDVEHHQVHWWKLVZLOOFRQWLQXHWR
FRXQWGRZQ:KLOHWKHFKLOGSURRIORFNLVDFWLYHWKH
WLPHUGXUDWLRQFDQQRWEHFKDQJHG
■ $FRXVWLFVLJQDOVHJRQFHWKHWLPHUGXUDWLRQKDV
HODSVHGFDQEHHQGHGE\WRXFKLQJDQ\ILHOG

%DVLFVHWWLQJV HQ
Q%DVLFVHWWLQJV
%DVLF V HWWLQJV
7KHUHDUHYDULRXVVHWWLQJVDYDLODEOHWR\RXLQRUGHUWR
KHOSXVH\RXUDSSOLDQFHHIIHFWLYHO\DQGVLPSO\<RXFDQ
FKDQJHWKHVHVHWWLQJVDVUHTXLUHG
&KDQJLQJWKHEDVLFVHWWLQJV
7KHDSSOLDQFHPXVWEHVZLWFKHGRII
7RXFKWKH 0 EXWWRQIRUDIHZVHFRQGV
7KHILUVWEDVLFVHWWLQJZLOODSSHDURQWKHGLVSOD\
8VHWKHURWDU\VHOHFWRUWRFKDQJHWKHEDVLFVHWWLQJ
7RXFKWKH 0 EXWWRQ
7KHQH[WEDVLFVHWWLQJZLOODSSHDURQWKHGLVSOD\<RX
FDQJRWKURXJKDOORIWKHEDVLFVHWWLQJVXVLQJWKH
0 EXWWRQDQGPDNHFKDQJHVXVLQJWKHURWDU\VHOHFWRU
7RXFKWKH 0 EXWWRQIRUDIHZVHFRQGV
7KLVDSSOLHVDOOWKHVHWWLQJV
,IWKHDSSOLDQFHLVLQVWDQGE\PRGH\RXFDQFKDQJHWKH
VHWWLQJVDWDQ\WLPH
&DQFHOOLQJ
,I\RXGRQRWZDQWWRVDYHWKHFKDQJHVWXUQWKHIXQFWLRQ
VHOHFWRU7KHEDVLFVHWWLQJVDUHHQGHGZLWKRXWEHLQJ
VDYHG
/LVWRIEDVLFVHWWLQJV
7KHFKDQJHLVDSSOLHGLPPHGLDWHO\
%DVLFVHWWLQJ 2SWLRQV ([SODQDWLRQ
™‹‚ $XGLEOHVLJQDO
GXUDWLRQ
ƒ PHGLXP
ĂVHFRQGV
‚ VKRUW
ĂVHFRQGV
„ ORQJ
ĂPLQXWHV
$XGLEOHVLJQDO
VRXQGVDIWHUDVHW
FRRNLQJWLPHRU
GXUDWLRQHODSVHVRU
ZKHQWKHWLPHU
UHDFKHV]HUR
™‹ƒ %XWWRQWRQH
‚ 2Q
‹ 2II 7RQH ZKHQ WRXFKLQJ
WRXFKILHOGV
™‹„ 'LVSOD\EULJKW
QHVV
ƒ PHGLXP
‚ ORZ
„ KLJK
$OORZV\RXWRVHW
WKHGLVSOD\EULJKW
QHVV
™‹… 7LPHGLVSOD\
‚ 2Q
‹ 2II $OORZV\RXWRGLV
SOD\WKHFORFNWLPH
™‹† ,QWHULRUOLJKWLQJ
‚ 2Q
‹ 2II $OORZV\RXWR
VZLWFKWKHLQWHULRU
OLJKWLQJRQRURII
™‹‡ :DWHUKDUGQHVV
… YHU\KDUG
‹ VRIWHQHG
‚ VRIW
ƒ PHGLXP
„ KDUG
7KHZDWHUKDUG
QHVVDIIHFWVWKH
DSSOLDQFHVFOHDQ
LQJF\FOHV
™‹ˆ )DFWRU\VHWWLQJ
‹ 2II
‚ 2Q $OORZV\RXWRUHVHW
DSSOLDQFHIDFWRU\
VHWWLQJV
™‹‰ 'HPRPRGH
‹ 2II
‚ 2Q $OORZV\RXWR
VZLWFKGHPRPRGH
RQDQGRII
1RWH 'HPR PRGH
LV RQO\ YLVLEOH LQ WKH
ILUVW ĂPLQXWHV DIWHU
FRQQHFWLQJ WKH DS
SOLDQFH WR WKH
PDLQV

en &OHDQLQJ
D&OHDQLQJ
&OHDQLQJ
:LWK JRRG FDUH DQG FOHDQLQJ \RXU DSSOLDQFH ZLOO UHWDLQ LWV
DSSHDUDQFH DQG UHPDLQ IXOO\ IXQFWLRQLQJ IRU D ORQJ WLPH WR
FRPH :H ZLOO H[SODLQ KHUH KRZ \RX VKRXOG FRUUHFWO\ FDUH
IRUDQGFOHDQ\RXUDSSOLDQFH
::DUQLQJ² 5LVNRIEXUQV
7KH DSSOLDQFH EHFRPHV YHU\ KRW 1HYHU WRXFK WKH LQWHULRU
VXUIDFHVRIWKHFRRNLQJFRPSDUWPHQWRUWKHKHDWLQJ
HOHPHQWV $OZD\V DOORZ WKH DSSOLDQFH WR FRRO GRZQ .HHS
FKLOGUHQDWDVDIHGLVWDQFH
::DUQLQJ² 5LVNRIHOHFWULFVKRFN
'R QRW XVH DQ\ KLJKSUHVVXUH FOHDQHUV RU VWHDP FOHDQHUV
ZKLFKFDQUHVXOWLQDQHOHFWULFVKRFN
::DUQLQJ² 5LVNRILQMXU\
6FUDWFKHG JODVV LQ WKH DSSOLDQFH GRRU PD\ GHYHORS LQWR D
FUDFN'RQRWXVHDJODVVVFUDSHUVKDUSRUDEUDVLYH
FOHDQLQJDLGVRUGHWHUJHQWV
1RWH 8QSOHDVDQW RGRXUV IRU H[DPSOH DIWHU ILVK KDV EHHQ
SUHSDUHG FDQ EH UHPRYHG YHU\ HDVLO\ $GG D IHZ GURSV RI
OHPRQ MXLFH WR D FXS RI ZDWHU $OZD\V SODFH D VSRRQ LQ WKH
FRQWDLQHUWRSUHYHQWGHOD\HGERLOLQJ+HDWWKHZDWHUIRU
ĂWRĂPLQXWHVDWPD[LPXPPLFURZDYHRXWSXW
6XLWDEOHFOHDQLQJDJHQWV
7R HQVXUH WKDW WKH GLIIHUHQW VXUIDFHV DUH QRW GDPDJHG E\
XVLQJWKHZURQJFOHDQLQJDJHQWREVHUYHWKHLQIRUPDWLRQ
LQ WKH WDEOH 'HSHQGLQJ RQ WKH DSSOLDQFH PRGHO QRW DOO RI
WKHDUHDVOLVWHGPD\EHRQLQ\RXUDSSOLDQFH
<RXFDQEX\RWKHUDFFHVVRULHVIRU\RXUDSSOLDQFHIURP
RXU FXVWRPHU VHUYLFH 3OHDVH VSHFLI\ WKH UHOHYDQW SURGXFW
QXPEHU
1HZVSRQJHFORWKVPD\FRQWDLQVDOWV6DOWVFDQFDXVH
UXVWILOPRQVWDLQOHVVVWHHOVRFORWKVPXVWDOZD\VEH
ZDVKHGRXWWKRURXJKO\EHIRUHXVH
0LFURILEUHFORWK
7KHPLFURILEUHFORWKLVHVSHFLDOO\VXLWDEOHIRUFOHDQLQJ
HDVLO\GDPDJHGVXUIDFHVVXFKDVJODVVJODVVFHUDPLF
VWDLQOHVV VWHHO RU DOXPLQLXP ,W UHPRYHV OLTXLG DQG JUHDV\
GHSRVLWVLQRQHJR
2UGHUQR
&RQGLWLRQLQJFORWKIRUVWDLQOHVVVWHHOVXUIDFHV
<RXFDQWUHDWVXUIDFHVZLWKDWHVWHGUHFRPPHQGHGRLO
LPSUHJQDWHGFRQGLWLRQLQJFORWKDYDLODEOHIURPXVZKLFK
ZLOOPDNHWKHVXUIDFHPRUHUHVLVWDQWWRILQJHUSULQWVDQG
VFUDWFKHV
2UGHUQR
&RQGLWLRQLQJRLOIRUPRGHUQVWDLQOHVVVWHHOVXUIDFHV
7KLV LV WKH VDPH FRQGLWLRQLQJ RLO WKDW LV XVHG LQ WKH FORWKV
DQGFDQEHRUGHUHGIURPXVLQDERWWOH
2UGHUQR
'HJUHDVHU
)RULQWHQVLYHUHPRYDORIVWXEERUQJUHDVHGHSRVLWVIURP
VXUIDFHV
2UGHUQR
'HVFDOLQJDJHQW
7RHQVXUHWKDW\RXUDSSOLDQFHFRQWLQXHVWRRSHUDWH
FRUUHFWO\LWPXVWEHGHVFDOHGUHJXODUO\2QO\XVHD
UHFRPPHQGHG GHVFDOLQJ DJHQW WR GR WKLV 2WKHU GHVFDOLQJ
DJHQWVPD\GDPDJHWKHDSSOLDQFH
'HVFDOLQJWDEOHWV2UGHUQR
&DXWLRQ
6XUIDFHGDPDJH
'RQRWXVHDQ\
■ KDUVKRUDEUDVLYHFOHDQLQJDJHQWV
■ FOHDQLQJDJHQWVZLWKDKLJKDOFRKROFRQWHQW
■ KDUGVFRXULQJSDGVRUFOHDQLQJVSRQJHV
■ KLJKSUHVVXUHFOHDQHUVRUVWHDPFOHDQHUV
■ VSHFLDOFOHDQHUVIRUFOHDQLQJWKHDSSOLDQFHZKLOHLWLV
KRW
$UHD &OHDQLQJ
$SSOLDQFHH[WHULRU
6WDLQOHVVVWHHOIURQW +RWVRDS\ZDWHU
&OHDQ ZLWK D GLVK FORWK DQG WKHQ GU\ ZLWK D
VRIWFORWK
5HPRYH IOHFNV RI OLPHVFDOH JUHDVH VWDUFK
DQGDOEXPLQHJHJJZKLWHLPPHGLDWHO\
&RUURVLRQFDQIRUPXQGHUVXFKIOHFNV
6SHFLDOVWDLQOHVVVWHHOFOHDQLQJSURGXFWV
VXLWDEOH IRU KRW VXUIDFHV DUH DYDLODEOH IURP
RXUDIWHUVDOHVVHUYLFHRUIURPVSHFLDOLVW
UHWDLOHUV$SSO\DYHU\WKLQOD\HURIWKH
FOHDQLQJSURGXFWZLWKDVRIWFORWK
&RQWUROSDQHO +RWVRDS\ZDWHU
&OHDQ ZLWK D GLVK FORWK DQG WKHQ GU\ ZLWK D
VRIWFORWK
'RQRWXVHJODVVFOHDQHURUDJODVV
VFUDSHU
'RRUSDQHOV +RWVRDS\ZDWHU
&OHDQ ZLWK D GLVK FORWK DQG WKHQ GU\ ZLWK D
VRIWFORWK
'RQRWXVHDJODVVVFUDSHURUDVWDLQOHVV
VWHHOVFRXULQJSDG
'RRUKDQGOH +RWVRDS\ZDWHU
&OHDQ ZLWK D GLVK FORWK DQG WKHQ GU\ ZLWK D
VRIWFORWK
,IGHVFDOHUFRPHVLQWRFRQWDFWZLWKWKH
GRRUKDQGOHZLSHLWRIILPPHGLDWHO\2WK
HUZLVHDQ\VWDLQVZLOOQRWEHDEOHWREH
UHPRYHG
$SSOLDQFHLQWHULRU
,QVLGHRIWKHGRRU
DQGGRRUVHDO
+RWVRDS\ZDWHU
&OHDQZLWKDGLVKFORWK
'RQRWUHPRYHWKHGRRUVHDO
'RQRWVFRXU
&KHFNWKHSRVLWLRQRIWKHGRRUVHDODIWHU
FOHDQLQJLW
6WDLQOHVVVWHHOVXU
IDFHV
+RWVRDS\ZDWHU
&OHDQZLWKDGLVKFORWK
'RQRWVFRXU
&KHFNWKHSRVLWLRQRIWKHGRRUVHDODIWHU
FOHDQLQJLW

&OHDQLQJIXQFWLRQ HQ
1RWHV
■ 6OLJKWGLIIHUHQFHVLQFRORXURQWKHIURQWRIWKH
DSSOLDQFH DUH FDXVHG E\ WKH XVH RI GLIIHUHQW PDWHULDOV
VXFKDVJODVVSODVWLFDQGPHWDO
■ 6KDGRZVRQWKHGRRUSDQHOVZKLFKORRNOLNHVWUHDNV
DUHFDXVHGE\UHIOHFWLRQVPDGHE\WKHLQWHULRUOLJKWLQJ
.HHSLQJWKHDSSOLDQFHFOHDQ
$OZD\VNHHSWKHDSSOLDQFHFOHDQDQGUHPRYHGLUW
LPPHGLDWHO\VRWKDWVWXEERUQGHSRVLWVRIGLUWGRQRWEXLOG
XS
7LSV
■ &OHDQWKHFRRNLQJFRPSDUWPHQWDIWHUHDFKXVH7KLV
ZLOOHQVXUHWKDWGLUWFDQQRWEHEDNHGRQ
■ $OZD\V UHPRYH IOHFNV RI OLPHVFDOH JUHDVH VWDUFK DQG
DOEXPLQHJHJJZKLWHLPPHGLDWHO\
■ 8VHWKHJODVVWUD\IRUEDNLQJYHU\PRLVWFDNHV
■ 8VHVXLWDEOHFRRNZDUHIRUURDVWLQJHJDURDVWLQJ
GLVK
.&OHDQLQJIXQFWLRQ
&OHDQLQJ IXQFWLRQ
'HVFDOLQJ
7RHQVXUHWKDW\RXUDSSOLDQFHFRQWLQXHVWRRSHUDWH
FRUUHFWO\LWPXVWEHGHVFDOHGUHJXODUO\
&DXWLRQ
■ 5LVNRIGDPDJHWRWKHDSSOLDQFH2QO\XVHWKH
GHVFDOHUUHFRPPHQGHGE\XVIRUGHVFDOLQJHLWKHULQ
OLTXLG RU WDEOHW IRUP7KH WLPH WKH GHVFDOHU QHHGV WR EH
OHIWWRZRUNGHSHQGVRQWKHSURGXFWXVHG2WKHU
GHVFDOHUVPD\GDPDJHWKHDSSOLDQFH<RXFDQRUGHU
GHVFDOHUIURPRXUDIWHUVDOHVVHUYLFH
'HVFDOLQJWDEOHWV2UGHUQR
■ 'HVFDOLQJ VROXWLRQ 'R QRW DOORZ DQ\ GHVFDOLQJ VROXWLRQ
RU GHVFDOHU WR FRPH LQWR FRQWDFW ZLWK WKH FRQWURO SDQHO
RURWKHUVXUIDFHVRQWKHDSSOLDQFH7KLVPD\GDPDJH
WKHVXUIDFHV,IWKLVGRHVKDSSHQUHPRYHWKH
GHVFDOLQJVROXWLRQLPPHGLDWHO\ZLWKZDWHU
'HVFDOLQJFRQVLVWVRIWZRDXWRPDWHGVWHSV)RUK\JLHQH
UHDVRQVWKHGHVFDOLQJSURJUDPPXVWEHUXQWKURXJK
FRPSOHWHO\EHIRUHWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ
DJDLQ'HVFDOLQJZLOOWDNHDURXQG PLQXWHVLQWRWDO
■ 'HVFDOHWKHDSSOLDQFHDSSUR[ PLQXWHVWKHQ
HPSW\WKHGULSWUD\DQGILOOWKHZDWHUWDQNZLWKIUHVK
ZDWHU
■ 5XQDULQVHF\FOHDIWHUGHVFDOLQJWKHDSSOLDQFH
DSSUR[ PLQXWHWKHQHPSW\WKHGULSWUD\
,IGHVFDOLQJLVLQWHUUXSWHGHJGXHWRDSRZHUIDLOXUH
EHFDXVHWKHDSSOLDQFHLVVZLWFKHGRIIRUEHFDXVHWKH
GHVFDOLQJSURFHVVLVFDQFHOOHG\RXZLOOEHSURPSWHGWR
UXQDULQVHF\FOHRQFHWKHDSSOLDQFHLVVZLWFKHGEDFN
RQ7KHDSSOLDQFHFDQQRWEHXVHGXQWLOWKHULQVHF\FOH
FRPHVWRDQHQG
7KH IUHTXHQF\ ZLWK ZKLFK WKH DSSOLDQFH PXVW EH GHVFDOHG
GHSHQGVRQWKHKDUGQHVVRIWKHZDWHUXVHG:KHQRQO\
ILYHPRUHVWHDPDVVLVWHGRSHUDWLRQVDUHSRVVLEOHRU
IHZHUWKH ÊV\PERODSSHDUVRQWKHDSSOLDQFHGLVSOD\
UHPLQGLQJ \RX WR GHVFDOH LW <RX FDQ WKHUHIRUH SUHSDUH IRU
WKHGHVFDOLQJLQJRRGWLPH
7KH VWHDP PRGH LV WKHQ RQO\ SRVVLEOH DIWHU WKH GHVFDOLQJ
SURFHVVKDVEHHQFRPSOHWHG
6WDUWLQJ
8VHWKHIXQFWLRQVHOHFWRUWRVHOHFW'HVFDOH Ê
7KHGXUDWLRQRIWKHGHVFDOLQJSURFHVVZLOOEH
GLVSOD\HG,WFDQQRWEHFKDQJHG
2SHQWKHWDQNFRYHU
5HPRYHDQGHPSW\WKHGULSWUD\
6OLGHWKHHPSW\GULSWUD\LQIXOO\
5HPRYHWKHZDWHUWDQN
0L[ZDWHUDQGGHVFDOHUWRFUHDWHDGHVFDOLQJVROXWLRQ
1RWH 2EVHUYHWKHPL[LQJUDWLRRIWKHGHVFDOLQJDJHQW
'HVFDOLQJWDEOHWV2UGHUQR$GGKDOID
GHVFDOLQJWDEOHWJWRPOZDWHUDQGOHWGLVVROYH
IRUILYHPLQXWHV
3RXUWKHGHVFDOLQJVROXWLRQLQWRWKHZDWHUWDQNDQG
VOLGHWKHZDWHUWDQNLQIXOO\
&ORVHWKHWDQNFRYHU
$FFHVVRULHV +RWVRDS\ZDWHU
6RDNDQGFOHDQZLWKDGLVKFORWKRUEUXVK
'ULSWUD\DQGZDWHU
WDQN
+RWVRDS\ZDWHU
&OHDQZLWKDGLVKFORWKDQGULQVHWKRU
RXJKO\ ZLWK FOHDQ ZDWHU WR UHPRYH UHVLGXDO
GHWHUJHQW
'U\ ZLWK D VRIW FORWK /HDYH WR GU\ ZLWK WKH
OLGRSHQ5XEWKHVHDORQWKHOLGXQWLOGU\
'RQRWFOHDQLQWKHGLVKZDVKHU
7DQNUHFHVV 5XEGU\DIWHUHYHU\XVH
6WHDPRXWOHWLQ
FRRNLQJFRPSDUW
PHQW
+RWVRDS\ZDWHU8VHDFOHDQLQJVSRQJH
RUDVRIWZDVKLQJXSEUXVK

en &OHDQLQJIXQFWLRQ
7RXFKWKH㙇 l ㉴ EXWWRQ
7KHDSSOLDQFHZLOOQRZEHGHVFDOHG7KHUHPDLQLQJ
WLPH FRXQWV GRZQ RQ WKH GLVSOD\ $Q DXGLEOH VLJQDO ZLOO
VRXQGRQFHGHVFDOLQJKDVILQLVKHG7KHDSSOLDQFH
SDXVHV
2SHQWKHWDQNFRYHU
5HPRYHWKHGULSWUD\HPSW\LWDQGVOLGHLWEDFNLQ
5HPRYHWKHZDWHUWDQNULQVHLWWKRURXJKO\ILOOLWZLWK
IUHVKZDWHUDQGVOLGHLWEDFNLQ
&ORVHWKHWDQNFRYHU
7RXFKWKH㙇 l ㉴ EXWWRQ
7KHDSSOLDQFHZLOOQRZEHULQVHGWZLFHDXWRPDWLFDOO\
$Q DXGLEOH VLJQDO ZLOO VRXQG RQFH WKH ULQVH F\FOHV KDYH
ILQLVKHG(PSW\WKHGULSWUD\
5LQVLQJ
7R HQVXUH WKDW \RXU DSSOLDQFH VWD\V FOHDQ \RX FDQ SXPS
ZDWHU WKURXJK WKH SLSH V\VWHP 7KH ZDWHU LV WKHQ GUDLQHG
WRWKHGULSWUD\
1RWH $IWHUULQVLQJWKHUHFDQEHGLVVROYHGOLPHSDUWLFOHV
LQWKHGULSWUD\7KLVLVQRUPDODQGGRHVQRWDIIHFW
RSHUDWLRQ
6WDUWLQJ
8VHWKHIXQFWLRQVHOHFWRUWRVHOHFWWKHULQVHF\FOH !
7KHGXUDWLRQRIWKHSURJUDPPHZLOOEHGLVSOD\HG,W
FDQQRWEHFKDQJHG
2SHQWKHWDQNFRYHU
5HPRYHDQGHPSW\WKHGULSWUD\
6OLGHWKHHPSW\GULSWUD\LQIXOO\
5HPRYHZDWHUWDQNDQGGUDLQDQ\UHVLGXDOZDWHU
5LQVHRXWZDWHUWDQNWKRURXJKO\DQGILOOZLWKIUHVK
ZDWHU
6OLGHWKHZDWHUWDQNLQIXOO\
&ORVHWKHWDQNFRYHU
7RXFKWKH㙇 l ㉴ EXWWRQ
:DWHULVSXPSHGWKURXJKWKHSLSHV7KHWLPH
UHPDLQLQJZLOOFRXQWGRZQRQWKHGLVSOD\$QDXGLEOH
VLJQDOZLOOVRXQGRQFHWKLVWLPHKDVHODSVHG(PSW\
WKHGULSWUD\
6XEVHTXHQWFOHDQLQJ
&DUU\RXWWKHIROORZLQJVWHSVDIWHUHYHU\GHVFDOLQJ
SURJUDPPHRUULQVHF\FOH
2SHQWKHWDQNFRYHU
(PSW\FOHDQDQGGU\WKHGULSWUD\DQGZDWHUWDQN
7XUQWKHIXQFWLRQVHOHFWRUWRWKHRIISRVLWLRQ
7KH SURFHVV LV FRPSOHWH DQG WKH DSSOLDQFH LV UHDG\ IRU
XVHDJDLQ
(PSW\LQJWKHGULSWUD\
:LWK WKH FOHDQLQJ IXQFWLRQV WKH UHVLGXDO ZDWHU LV FROOHFWHG
LQWKHGULSWUD\7KHQHPSW\DQGGU\WKHGULSWUD\
&DXWLRQ
■ 'RQRWGU\WKHGULSWUD\LQWKHKRWFRRNLQJ
FRPSDUWPHQW7KLVZLOOGDPDJHWKHGULSWUD\
■ 'RQRWFOHDQWKHGULSWUD\LQWKHGLVKZDVKHU7KLVZLOO
GDPDJHWKHGULSWUD\
%ULHIO\SUHVVRQWKHFHQWUHRIWKHWDQNFRYHU
7KHWDQNFRYHURSHQV7KHGULSWUD\DQGZDWHUWDQN
FDQQRZEHDFFHVVHG
5HPRYHWKHGULSWUD\IURPWKHWDQNUHFHVV
2SHQWKHOLGIRUWKHGULSWUD\
(PSW\WKHGULSWUD\
,QVHUWWKHGULSWUD\EDFNLQWRWKHWDQNUHFHVVDQGVOLGH
LWLQIXOO\
&ORVHWKHWDQNFRYHU
7KHDSSOLDQFHLVUHDG\WRXVH
1 2
I
I

7URXEOHVKRRWLQJ HQ
37URXEOHVKRRWLQJ
7URXEOH VKRRWLQJ
,IDIDXOWRFFXUVWKHUHLVRIWHQDVLPSOHH[SODQDWLRQ
%HIRUHFDOOLQJWKHDIWHUVDOHVVHUYLFHSOHDVHUHIHUWRWKH
IDXOWWDEOHDQGDWWHPSWWRFRUUHFWWKHIDXOW\RXUVHOI
::DUQLQJ² 5LVNRIHOHFWULFVKRFN
,QFRUUHFWUHSDLUVDUHGDQJHURXV5HSDLUVPD\RQO\EH
FDUULHGRXWDQGGDPDJHGSRZHUFDEOHVUHSODFHGE\RQH
RIRXUWUDLQHGDIWHUVDOHVWHFKQLFLDQV,IWKHDSSOLDQFHLV
GHIHFWLYHXQSOXJWKHDSSOLDQFHIURPWKHPDLQVRUVZLWFK
RIIWKHFLUFXLWEUHDNHULQWKHIXVHER[&RQWDFWWKHDIWHU
VDOHVVHUYLFH
<RXFDQWDNHUHPHGLDODFWLRQ\RXUVHOIIRUVRPHHUURU
PHVVDJHV
7URXEOHVKRRWLQJ
(UURUPHVVDJH 3RVVLEOHFDXVH 5HPHG\1RWH
7KHDSSOLDQFHGRHVQRWZRUN 7KHSOXJLVQRWSOXJJHGLQWRWKHPDLQV 3OXJWKHSOXJLQ
3RZHUIDLOXUH &KHFNZKHWKHUWKHNLWFKHQOLJKWZRUNV
7KHIXVHLVIDXOW\ &KHFNLQWKHIXVHER[WRPDNHVXUHWKDWWKHIXVH
IRUWKHDSSOLDQFHLV2.
)DXOW\RSHUDWLRQ 6ZLWFKRIIWKHIXVHLQWKHIXVHER[6ZLWFKLWEDFN
RQDIWHUDSSUR[ĂVHFRQGV
$OWKRXJKWKHDSSOLDQFHLVVZLWFKHGRQ
LW FDQQRW EH RSHUDWHG WKH D V\PERO LV
LQWKHGLVSOD\
7KHFKLOGSURRIORFNLVDFWLYDWHG 3UHVVDQGKROG
]
XQWLOWKH DV\PEROJRHVRXW
7KHLQWHULRUOLJKWLQJKDVIDLOHG 7KH/('EXOELVGHIHFWLYH &DOORXUFXVWRPHUVHUYLFH
‚ƒ‹‹IODVKHVLQWKHGLVSOD\DQGWKH
0 V\PEROOLJKWVXS
3RZHUIDLOXUH 5HVHWWKHFORFN
7KHDSSOLDQFHLVQRWRSHUDWLQJ$FRRN
LQJWLPHLVVKRZQLQWKHGLVSOD\
㙇 l ㉴ZDVQRWWRXFKHGDIWHUWKHVHWWLQJZDV
PDGH
7RXFK㙇 l ㉴RUGHOHWHWKHVHWWLQJE\XVLQJWKH
IXQFWLRQVHOHFWRUWRVHOHFWDQRWKHUIXQFWLRQ
7KHPLFURZDYHLVQRWZRUNLQJ 7KHGRRUKDVQRWEHHQSURSHUO\FORVHG &KHFN ZKHWKHU IRRG UHVLGXH RU GHEULV LV WUDSSHG LQ
WKHGRRU
㙇 l ㉴ZDVQRWWRXFKHG 7RXFK㙇 l ㉴
,W LV WDNLQJ ORQJHU WKDQ XVXDO IRU IRRG WR
KHDWXS
7KH PLFURZDYH SRZHU RXWSXW KDV EHHQ VHW WRR
ORZ
6HOHFWDKLJKHUPLFURZDYHSRZHURXWSXW
$ODUJHUDPRXQWRIIRRGWKDQXVXDOKDVEHHQ
SODFHGLQWKHDSSOLDQFH
'RXEOHWKHDPRXQW²GRXEOHWKHWLPH
7KHIRRGZDVFROGHUWKDQXVXDO 6WLURUWXUQWKHIRRGGXULQJFRRNLQJ
0LFURZDYHRSHUDWLRQKDVEHHQFDQ
FHOOHGIRUQRDSSDUHQWUHDVRQ
7KHPLFURZDYHKDVDIDXOW ,IWKLVIDXOWUHFXUVFDOORXUFXVWRPHUVHUYLFH
7KH DSSOLDQFH FDQ EH VHW EXW GRHV QRW
KHDWXS7KHFRORQIODVKHV
7KHDSSOLDQFHLVLQGHPRPRGH 'HDFWLYDWHGHPRPRGHLQWKHEDVLFVHWWLQJV
1RWH 'HPR PRGH LV RQO\ YLVLEOH LQ WKH ILUVW ĂPLQ
XWHVDIWHUFRQQHFWLQJWKHDSSOLDQFHWRWKHPDLQV
7KHZDWHUWDQNDQGGULSWUD\V\PEROV
DUHIODVKLQJFRQWLQXRXVO\
7HFKQLFDOSUREOHP 0DNHVXUHWKDWWKHZDWHUWDQNDQGGULSWUD\DUH
IXOO\LQVHUWHGLQWKHUHOHYDQWWDQNUHFHVV
,I WKH V\PEROV FRQWLQXH WR IODVK FDOO RXU FXVWRPHU
VHUYLFH
<RX PD\ FRQWLQXH WR XVH WKH DSSOLDQFH H[FHSW IRU
WKHVWHDPIXQFWLRQ
“‹†„ƒ 'LUWRQWKHFRQWUROSDQHOLVFUHDWLQJDWRXFK
ILHOGWKDWLVSHUPDQHQWO\DFWLYH
6ZLWFKRIIWKHDSSOLDQFHDQGFOHDQWKHFRQWURO
SDQHO6ZLWFKWKHDSSOLDQFHRQDJDLQ
,I WKLV IDXOW UHFXUV LPPHGLDWHO\ DIWHU VZLWFKLQJ EDFN
RQFDOORXUFXVWRPHUVHUYLFH
“†‹‹† 7KHVWHDPIXQFWLRQKDVEHHQDFWLYDWHGPXOWL
SOHWLPHVZLWKDQHPSW\ZDWHUWDQN
%HIRUHQH[WXVHPDNHVXUHWKDWWKHZDWHUWDQNLV
ILOOHGZLWKFROGZDWHUDQGIXOO\LQVHUWHGLQWKHWDQN
UHFHVV
,IWKLVIDXOWUHFXUVFDOORXUFXVWRPHUVHUYLFH

en &XVWRPHUVHUYLFH
4&XVWRPHUVHUYLFH
&XVWRPHU VHUYLFH
2XUDIWHUVDOHVVHUYLFHLVWKHUHIRU\RXLI\RXUDSSOLDQFH
QHHGVWREHUHSDLUHG:HZLOODOZD\VILQGDQDSSURSULDWH
VROXWLRQDOVRLQRUGHUWRDYRLGDIWHUVDOHVSHUVRQQHO
KDYLQJWRPDNHXQQHFHVVDU\YLVLWV
(QXPEHUDQG)'QXPEHU
:KHQFDOOLQJXVSOHDVHJLYHWKHSURGXFWQXPEHU(QR
DQGWKHSURGXFWLRQQXPEHU)'QRVRWKDWZHFDQ
SURYLGH\RXZLWKWKHFRUUHFWDGYLFH7KHUDWLQJSODWH
EHDULQJWKHVHQXPEHUVFDQEHIRXQGRQWKHULJKWKDQG
VLGHZKHQ\RXRSHQWKHDSSOLDQFHGRRU7RVDYHWLPH
\RX FDQ PDNH D QRWH RI WKH QXPEHU RI \RXU DSSOLDQFH DQG
WKHWHOHSKRQHQXPEHURIWKHDIWHUVDOHVVHUYLFHLQWKH
VSDFHEHORZVKRXOGLWEHUHTXLUHG
3OHDVH QRWH WKDW WKHUH ZLOO EH D IHH IRU D YLVLW E\ D VHUYLFH
WHFKQLFLDQLQWKHHYHQWRIDPDOIXQFWLRQHYHQGXULQJWKH
ZDUUDQW\SHULRG
3OHDVHILQGWKHFRQWDFWGDWDRIDOOFRXQWULHVLQWKH
HQFORVHGFXVWRPHUVHUYLFHOLVW
7RERRNDQHQJLQHHUYLVLWDQGSURGXFWDGYLFH
5HO\ RQ WKH SURIHVVLRQDOLVP RI WKH PDQXIDFWXUHU <RX FDQ
WKHUHIRUHEHVXUHWKDWWKHUHSDLULVFDUULHGRXWE\WUDLQHG
VHUYLFH WHFKQLFLDQV ZKR FDUU\ RULJLQDO VSDUH SDUWV IRU \RXU
DSSOLDQFHV
7KLVDSSOLDQFHFRUUHVSRQGVWRWKHVWDQGDUGV(1
ĂDQG&,635,WLVD*URXS&ODVV%SURGXFW
*URXSĂPHDQVWKDWPLFURZDYHVDUHSURGXFHGIRUWKH
SXUSRVH RI KHDWLQJ IRRG &ODVV % VWDWHV WKDW WKH DSSOLDQFH
LVVXLWDEOHIRUSULYDWHKRXVHKROGV
0DQXIDFWXUHULQIRUPDWLRQ
0DQXIDFWXUHU%6++RPH$SSOLDQFHV&KLQD&R/WG
$GGUHVV))&1,QWHUQDWLRQDO0DQVLRQ1R
Ă=KRQJVKDQ5RDG1DQMLQJ
6WDQGDUGVFRQIRUPWR
*%Ă
6DIHW\RIKRXVHKROGDQGVLPLODUHOHFWULFDODSSOLDQFHV
*HQHUDOUHTXLUHPHQWV
*%
6DIHW\RIKRXVHKROGDQGVLPLODUHOHFWULFDODSSOLDQFHV
3DUWLFXODUUHTXLUHPHQWVIRUPLFURZDYHRYHQVLQFOXGLQJ
FRPELQHGPLFURZDYHRYHQV
*%Ă
6DIHW\RIKRXVHKROGDQGVLPLODUHOHFWULFDODSSOLDQFHV
3DUWLFXODUUHTXLUHPHQWVIRUVWDWLRQHGVWRYHVVWRYHV
RYHQVDQGVLPLODUDSSOLDQFHV
*%Ă
1RLVHOLPLWVIRUKRXVHKROGDQGVLPLODUHOHFWULFDO
DSSOLDQFHV
7HFKQLFDOVSHFLILFDWLRQV
(QR )'QR
$IWHUVDOHVVHUYLFH O
&1 ĂĂ
&DOOUDWHVGHSHQGRQWKHQHWZRUNXVHG
3RZHUVXSSO\ 9ஞ +]
0D[WRWDOFRQQHFWHGORDG :
1RLVHOHYHO GE
0LFURZDYHRXWSXWSRZHU :,(&
0LFURZDYHLQSXWSRZHU :
0LFURZDYHIUHTXHQF\ 0+]
0D[VWHDPRXWSXWSRZHU :
0D[JULOORXWSXWSRZHU :

7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR HQ
J7HVWHGIRU\RXLQRXU
FRRNLQJVWXGLR
7HVWHG IRU \RX LQ RXU FRRNLQ J VWXGL R
+HUH\RXFDQILQGDVHOHFWLRQRIGLVKHVDQGWKHLGHDO
VHWWLQJV IRU WKHP :H ZLOO VKRZ \RX ZKLFK W\SH RI KHDWLQJ
DQG WHPSHUDWXUH DUH EHVW VXLWHG WR \RXU GLVK <RX ZLOO JHW
LQIRUPDWLRQRQVXLWDEOHFRRNLQJDFFHVVRULHVDQGWKH
KHLJKWDWZKLFKWKH\VKRXOGEHSODFHGLQWKHRYHQ<RX
ZLOODOVRJHWWLSVDERXWFRRNZDUHDQGSUHSDUDWLRQ
PHWKRGV
1RWH $ORWRIVWHDPFDQEXLOGXSLQWKHFRRNLQJ
FRPSDUWPHQWZKHQFRRNLQJIRRG
<RXUDSSOLDQFHLVYHU\HQHUJ\HIILFLHQWDQGUDGLDWHVYHU\
OLWWOHKHDWWRLWVVXUURXQGLQJVGXULQJRSHUDWLRQ'XHWRWKH
KLJKGLIIHUHQFHLQWHPSHUDWXUHEHWZHHQWKHDSSOLDQFH
LQWHULRUDQGWKHH[WHUQDOSDUWVRIWKHDSSOLDQFH
FRQGHQVDWLRQPD\EXLOGXSRQWKHGRRUFRQWUROSDQHORU
DGMDFHQW NLWFKHQ FDELQHW SDQHOV 7KLV LV D QRUPDO SK\VLFDO
SKHQRPHQRQ&RQGHQVDWLRQFDQEHUHGXFHGE\
SUHKHDWLQJWKHRYHQRURSHQLQJWKHGRRUFDUHIXOO\
:KHQVWHDPLQJRUGXULQJRSHUDWLRQZLWKVWHDP
DVVLVWDQFHLWLVGHVLUDEOHWKDWWKHUHLVDVLJQLILFDQWEXLOG
XSRIVWHDPLQWKHFRRNLQJFRPSDUWPHQW:LSHWKH
FRRNLQJFRPSDUWPHQWFOHDQDIWHUFRRNLQJRQFHLWKDV
FRROHGRII
*HQHUDOLQIRUPDWLRQ
5HFRPPHQGHGVHWWLQJYDOXHV
7KHWDEOHOLVWVWKHRSWLPXPIXQFWLRQIRUYDULRXVW\SHVRI
IRRG7KHWHPSHUDWXUHVHWWLQJVDQGGXUDWLRQGHSHQGRQ
WKHFRRNZDUHXVHGDQGWKHTXDQWLW\TXDOLW\WHPSHUDWXUH
DQG FRQVLVWHQF\ RI WKH IRRG 6HWWLQJV UDQJHV DUH LQGLFDWHG
IRUWKLVUHDVRQ7U\XVLQJWKHORZHUYDOXHVWRVWDUWZLWK
<RXFDQXVHDKLJKHUVHWWLQJQH[WWLPHLIQHFHVVDU\
:KHQXVLQJWKHPLFURZDYHDOZD\VVHWWKHORQJHVW
VSHFLILHGWLPHEXWFKHFN\RXUPHDODIWHUWKHVKRUWHVW
VSHFLILHGWLPH
%HIRUHFRRNLQJZLWKVWHDPHQVXUHWKDWWKHZDWHUWDQNLV
IXOO
,WPD\EHWKDW\RXKDYHGLIIHUHQWTXDQWLWLHVIURPWKRVH
VSHFLILHGLQWKHWDEOHV7KHUHLVDUXOHRIWKXPEIRU
RSHUDWLQJ WKH PLFURZDYH RQ LWV RZQ 'RXEOH WKH DPRXQW
DOPRVWGRXEOHWKHWLPHKDOIWKHDPRXQW KDOIWKHWLPH
7KHVHWWLQJYDOXHVDSSO\WRIRRGWKDWLVSODFHGLQWRDFROG
FRRNLQJFRPSDUWPHQW
,I\RXZLVKWRIROORZRQHRI\RXURZQUHFLSHV\RXVKRXOG
XVHWKHVHWWLQJVOLVWHGLQWKHWDEOHIRUVLPLODUIRRGDV
UHIHUHQFH$GGLWLRQDOLQIRUPDWLRQFDQEHIRXQGLQWKH
EDNLQJWLSVOLVWHGDIWHUWKHVHWWLQJVWDEOHV
5HPRYH DQ\ DFFHVVRULHV WKDW DUH QRW EHLQJ XVHG IURP WKH
FRRNLQJFRPSDUWPHQW
$FFHVVRULHV
2QO\XVHJHQXLQHDFFHVVRULHVIRU\RXUDSSOLDQFH7KHVH
KDYHEHHQWDLORUHGWRWKHFRRNLQJFRPSDUWPHQWDQGWKH
RSHUDWLQJPRGHVRI\RXUDSSOLDQFH
(QVXUHWKDW\RXDOZD\VXVHVXLWDEOHFRRNZDUHDQG
DFFHVVRULHV DQG WKDW WKH\ DUH SODFHG LQ WKH RYHQ WKH ULJKW
ZD\DURXQG
$OVRREVHUYHWKHQRWHVRQXVLQJFRRNZDUHVXLWDEOHIRU
PLFURZDYHFRRNLQJDQGFRRNLQJZLWKVWHDPLQWKH
UHOHYDQW VHFWLRQV~ 0LFURZDYH RQ SDJH ~ 6WHDP
RQ SDJH
$OZD\V XVH DQ RYHQ FORWK RU RYHQ JORYHV ZKHQ WDNLQJ KRW
DFFHVVRULHV RU FRRNZDUH RXW RI WKH FRRNLQJ FRPSDUWPHQW
%DNLQJWLQVDQGFRRNZDUH
)RURSWLPDOFRRNLQJUHVXOWVZHUHFRPPHQGXVLQJJODVV
EDNLQJWLQV
,I\RXZRXOGOLNHWRXVHVLOLFRQHPRXOGVFKHFNWKH
PDQXIDFWXUHUVVSHFLILFDWLRQVUHJDUGLQJWKHVXLWDELOLW\IRU
XVHZLWKVWHDPDQGPLFURZDYHVDQGIROORZWKH
PDQXIDFWXUHUVVSHFLILFDWLRQVDQGUHFLSHV
6LOLFRQH PRXOGV DUH RIWHQ VPDOOHU WKDQ QRUPDO EDNLQJ WLQV
4XDQWLW\DQGUHFLSHVSHFLILFDWLRQVPD\YDU\
7KHIROORZLQJDSSOLHVLQJHQHUDO
■ *ULOO RQ WKH ZLUH UDFN DW VKHOI SRVLWLRQ ĂRU ,QVHUW WKH
JODVVWUD\XQGHUQHDWK
■ 0LFURZDYHRQO\PRGH&RRNZDUHRQWKHEDVHRIWKH
FRRNLQJFRPSDUWPHQWVKHOISRVLWLRQ
■ 6WHDPRQO\PRGH*ODVVWUD\ZLWKVWHDPLQJWUD\DW
VKHOISRVLWLRQ
'HIURVWLQJ
3ODFHWKHIUR]HQIRRGLQDQXQFRYHUHGFRQWDLQHURQWKH
ERWWRPRIWKHFRRNLQJFRPSDUWPHQW
'HOLFDWHSDUWVVXFKDVWKHGUXPVWLFNVDQGZLQJVRI
FKLFNHQ RU IDWW\ RXWHU OD\HUV RI URDVWV FDQ EH FRYHUHG ZLWK
VPDOO SLHFHV RI DOXPLQLXP IRLO 7KH IRLO PXVW QRW WRXFK WKH
ZDOOVRIWKHDSSOLDQFH<RXFDQUHPRYHWKHIRLOKDOIZD\
WKURXJKWKHGHIURVWLQJWLPH
/LTXLGZLOOEHSURGXFHGZKHQGHIURVWLQJPHDWRUSRXOWU\
'UDLQRIIWKLVOLTXLGZKHQWXUQLQJPHDWDQGSRXOWU\DQG
XQGHU QR FLUFXPVWDQFHV XVH LW IRU RWKHU SXUSRVHV RU DOORZ
LWWRFRPHLQWRFRQWDFWZLWKRWKHUIRRGV
7XUQRUVWLUWKHIRRGRQFHRUWZLFHGXULQJWKHSURFHVV
/DUJHSLHFHVRIIRRGVKRXOGEHWXUQHGVHYHUDOWLPHV
/HDYH GHIURVWHG LWHPV WR VWDQG DW URRP WHPSHUDWXUH IRU D
IXUWKHUĂWRĂPLQXWHVVRWKDWWKHWHPSHUDWXUHFDQ
VWDELOLVH<RXFDQUHPRYHWKHJLEOHWVIURPSRXOWU\DWWKLV
SRLQW
7KH PHDW FDQ DOVR EH SURFHVVHG IXUWKHU ZKHQ D VPDOO SDUW
RIWKHFRUHLVIUR]HQ
1RWHV
■ 8VHDQXQFRYHUHGLWHPRIFRRNZDUHDQGSODFHLWRQ
WKHERWWRPRIWKHFRRNLQJFRPSDUWPHQW
■ 3OHDVHQRWHWKDWDVHWWLQJFDQFRPSULVHVHYHUDOVWHSV
■ $OZD\V VHW WKH PD[LPXP VSHFLILHG WLPH EXW FKHFN \RXU
PHDODIWHUWKHPLQLPXPVSHFLILHGWLPH

en 7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR
'LVK &RRN
ZDUH
6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
:HLJKW 6WHSV 0LFURZDYH
VHWWLQJ
&RRNLQJWLPH
LQPLQ
1RWHV
:KROHSLHFHVRIEHHI
SRUNRUYHDORQWKH
ERQHRUERQHG
&RRN
ZDUH
XQFRYHUHG
!
J
Ă
Ă
7XUQIUHTXHQWO\
J
Ă
J
Ă
0HDWLQSLHFHVRU
VOLFHVRIEHHIYHDORU
SRUN
&RRN
ZDUH
XQFRYHUHG
!
J
Ă
7XUQGXULQJFRRNLQJ
6HSDUDWHDQ\GHIURVWHG
SDUWV
J
Ă
J
Ă
0LQFHGPHDWPL[HG &RRN
ZDUH
XQFRYHUHG
!
J )UHH]HIRRGIODWLISRVVL
EOH7XUQIUHTXHQWO\GXU
LQJGHIURVWLQJDQG
UHPRYH DQ\ PLQFHG PHDW
WKDWKDVDOUHDG\
GHIURVWHG
J
Ă
J
Ă
3RXOWU\RUSRXOWU\
SLHFHV
&RRN
ZDUH
XQFRYHUHG
!
J
Ă
7XUQGXULQJFRRNLQJ
J
Ă
Ă
'XFN &RRN
ZDUH
XQFRYHUHG
!
J
Ă
Ă
7XUQVHYHUDOWLPHV
*RRVH &RRN
ZDUH
XQFRYHUHG
!
J
Ă
7XUQHYHU\ĂPLQXWHV
5HPRYHDQ\OLTXLGWKDW
UHVXOWVIURPGHIURVWLQJ
)LVK ILOOHW ILVK VWHDN RU
VOLFHV
&RRN
ZDUH
XQFRYHUHG
!
J
Ă
7XUQGXULQJFRRNLQJ
6HSDUDWHDQ\GHIURVWHG
SDUWV
:KROHILVK &RRN
ZDUH
XQFRYHUHG
!
J
Ă
7XUQVHYHUDOWLPHV
J
Ă
9HJHWDEOHVHJSHDV &RRN
ZDUH
XQFRYHUHG
!
J Ă 6WLUGXULQJFRRNLQJ
J
Ă
)UXLWHJUDVSEHUULHV &RRN
ZDUH
XQFRYHUHG
!
J Ă 6WLUVHYHUDOWLPHV6HS
HUDWHDQ\GHIURVWHG
SDUWV
J
Ă
%XWWHUGHIURVWLQJ &RRN
ZDUH
XQFRYHUHG
!
J Ă 5HPRYHDOOSDFNDJLQJ
J
Ă
%UHDGORDI &RRN
ZDUH
XQFRYHUHG
!
J
Ă
7XUQGXULQJFRRNLQJ
J
Ă
&DNHVSODLQHJ
VSRQJHFDNH
&RRN
ZDUH
XQFRYHUHG
!
J Ă 2QO\IRUFDNHVZLWKRXW
LFLQJZKLSSHGFUHDPRU
FUqPHSkWLVVLqUHVHSHU
DWHWKHSLHFHVRIFDNH
J
Ă

7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR HQ
+HDWLQJIUR]HQIRRG
7DNH UHDG\ PHDOV RXW RI WKH SDFNDJLQJ 7KH\ ZLOO KHDW XS
PRUH TXLFNO\ DQG HYHQO\ LQ PLFURZDYHDEOH FRRNZDUH 7KH
VSHHGDWZKLFKGLIIHUHQWFRPSRQHQWVRIWKHPHDOKHDWXS
PD\YDU\
)RRG ZKLFK OLHV IODW ZLOO FRRN PRUH TXLFNO\ WKDQ IRRG ZKLFK
LVSLOHGKLJK<RXVKRXOGWKHUHIRUHGLVWULEXWHWKHIRRGVR
WKDWLWLVDVIODWDVSRVVLEOHLQWKHFRRNZDUH)RRGVKRXOG
QRWEHSODFHGLQOD\HUVRQWRSRIRQHDQRWKHU
6WLURUWXUQWKHIRRGĂRUĂWLPHVGXULQJWKHSURFHVV
$IWHUKHDWLQJOHDYHWKHIRRGWRVWDQGIRUDIXUWKHUĂWR
PLQXWHVWRDOORZWKHWHPSHUDWXUHWRVWDELOLVH
$OZD\VZHDURYHQJORYHVRUXVHDSRWKROGHUZKHQ
UHPRYLQJFRRNZDUHIURPWKHDSSOLDQFH
1RWHV
■ 3ODFHWKHFRRNZDUHRQWKHERWWRPRIWKHFRRNLQJ
FRPSDUWPHQW
■ $OZD\VFRYHUWKHIRRG,I\RXGRQRWKDYHDGHGLFDWHG
OLG IRU \RXU FRRNZDUH XVH D SODWH RU VSHFLDO PLFURZDYH
ILOP
■ $OZD\V VHW WKH PD[LPXP VSHFLILHG WLPH EXW FKHFN \RXU
PHDODIWHUWKHPLQLPXPVSHFLILHGWLPH
:DUPLQJ
::DUQLQJ² 5LVNRIVFDOGLQJ
■ 7KHUH LV D SRVVLELOLW\ RI GHOD\HG ERLOLQJ ZKHQ D OLTXLG LV
KHDWHG7KLVPHDQVWKDWWKHOLTXLGUHDFKHVERLOLQJ
WHPSHUDWXUHZLWKRXWWKHXVXDOVWHDPEXEEOHVULVLQJWR
WKHVXUIDFH(YHQLIWKHFRQWDLQHURQO\YLEUDWHVDOLWWOH
WKHKRWOLTXLGPD\VXGGHQO\ERLORYHUDQGVSDWWHU
:KHQKHDWLQJDOZD\VSODFHDVSRRQLQWKHFRQWDLQHU
7KLVZLOOSUHYHQWGHOD\HGERLOLQJ
&DXWLRQ
0HWDO HJ D VSRRQ LQ D JODVV PXVW EH NHSW DW OHDVW FP
IURPWKHRYHQZDOOVDQGWKHLQVLGHRIWKHGRRU6SDUNV
FRXOGLUUHSDUDEO\GDPDJHWKHJODVVRQWKHLQVLGHRIWKH
GRRU
&DNHV PRLVW HJ IUXLW
IODQFKHHVHFDNH
&RRN
ZDUH
XQFRYHUHG
!
J
Ă
2QO\IRUFDNHVZLWKRXW
LFLQJZKLSSHGFUHDPRU
JHODWLQH
J
Ă
'LVK &RRN
ZDUH
6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
:HLJKW 6WHSV 0LFURZDYH
VHWWLQJ
&RRNLQJWLPH
LQPLQ
1RWHV
'LVK &RRNZDUH 6KHOI SRVL
WLRQ
+HDWLQJ
IXQFWLRQ
:HLJKW 0LFURZDYH
VHWWLQJ
&RRNLQJWLPH
LQPLQ
1RWHV
6RXSIUR]HQ &RRNZDUH
FRYHUHG
!
J Ă
6WHZIUR]HQ &RRNZDUH
FRYHUHG
!
J Ă
J Ă
0HQXSODWHGPHDOUHDG\
PHDOĂFRPSRQHQWVIUR
]HQ
&RRNZDUH
FRYHUHG
!
Ă J Ă
6OLFHVRUSLHFHVRIPHDWLQ
VDXFHHJJRXODVKIUR]HQ
&RRNZDUH
FRYHUHG
!
J Ă 6HSDUDWH WKH SLHFHV RI
PHDWZKHQVWLUULQJ
J Ă
%DNHV HJ ODVDJQH FDQQHO
ORQLIUR]HQ
&RRNZDUH
FRYHUHG
!
J Ă
6LGH GLVKHV HJ ULFH SDVWD
IUR]HQ
&RRNZDUH
FRYHUHG
!
J Ă $GGOLTXLG
J Ă
9HJHWDEOHVHJSHDVEURF
FROLFDUURWVIUR]HQ
&RRNZDUH
FRYHUHG
!
J Ă $GGHQRXJKZDWHUWR
FRYHUWKHEDVH
J Ă
&UHDPHGVSLQDFKIUR]HQ &RRNZDUH
FRYHUHG
!
J Ă &RRNZLWKRXWDGGLQJ
ZDWHUVWLURFFDVLRQ
DOO\

en 7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR
1RWHV
■ 7DNH UHDG\ PHDOV RXW RI WKH SDFNDJLQJ 7KH\ ZLOO KHDW
XSPRUHTXLFNO\DQGHYHQO\LQPLFURZDYHDEOH
FRRNZDUH 7KH VSHHG DW ZKLFK GLIIHUHQW FRPSRQHQWV RI
WKHPHDOKHDWXSPD\YDU\
■ 6WLURUWXUQWKHIRRGIUHTXHQWO\GXULQJWKHSURFHVV
&KHFNWKHWHPSHUDWXUH
■ $IWHUKHDWLQJOHDYHWKHIRRGWRVWDQGIRUDIXUWKHUĂWR
PLQXWHVWRDOORZWKHWHPSHUDWXUHWRVWDELOLVH
■ $OZD\VZHDURYHQJORYHVRUXVHDSRWKROGHUZKHQ
UHPRYLQJFRRNZDUHIURPWKHDSSOLDQFH
■ &RYHU WKH IRRG LI WKLV LV VSHFLILHG LQ WKH WDEOH 3ODFH WKH
FRRNZDUHRQWKHERWWRPRIWKHFRRNLQJFRPSDUWPHQW
,I\RXZRXOGOLNHWRDFWLYDWHWKHVWHDPIXQFWLRQSODFH
\RXU FRRNZDUH RQ WKH JODVV WUD\ LQ VKHOI SRVLWLRQ )LOO
WKHZDWHUWDQN
0LFURZDYHWLSV
'LVK &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
:HLJKW
TXDQWLW\
0LFURZDYH
VHWWLQJ
6WHDP
VHWWLQJ
&RRNLQJWLPH
LQPLQ
1RWHV
%DE\IRRGHJEDE\
ERWWOHV
&RRNZDUH
XQFRYHUHG
!
PO 1RWHDWVRUOLGV
$OZD\VVKDNHZHOO
DIWHUKHDWLQJ$OZD\V
FKHFNWKHWHPSHUD
WXUH
%HYHUDJHV &RRNZDUH
XQFRYHUHG
!
PO 3ODFHDVSRRQLQWKH
JODVVGRQRWRYHU
KHDW DOFRKROLF GULQNV
FKHFNRFFDVLRQDOO\
PO
6RXSĂFXSV J
HDFK
&RRNZDUH
XQFRYHUHG
!
J
6RXSĂFXSV J
HDFK
&RRNZDUH
XQFRYHUHG
!
J
0HDW RU SLHFHV RI PHDW
LQVDXFH
&RRNZDUH
FRYHUHG
!
J 6HSDUDWH WKH VOLFHV RI
PHDW
0HQXSODWHGPHDO
UHDG\PHDOĂFRP
SRQHQWV
&RRNZDUH
XQFRYHUHG
!
"
J
6WHZ &RRNZDUH
FRYHUHG
!
J
J
9HJHWDEOHV &RRNZDUH
XQFRYHUHG
!
"
J
&RRNZDUH
XQFRYHUHG
!
"
J
<RXFDQQRWILQGDQ\LQIRUPDWLRQDERXWWKHVHWWLQJVIRUWKH
TXDQWLW\RIIRRG\RXKDYHSUHSDUHG
/HQJWKHQRUVKRUWHQWKHFRRNLQJWLPHDFFRUGLQJWRWKHIROORZLQJUXOHRI
WKXPE'RXEOHWKHDPRXQW GRXEOHWKHWLPHKDOIWKHDPRXQW KDOIWKH
WLPH
7KHIRRGKDVEHFRPHWRRGU\ 1H[WWLPHVHWDVKRUWHUFRRNLQJWLPHRUVHOHFWDORZHUPLFURZDYHSRZHU
VHWWLQJ&RYHUWKHIRRGDQGDGGPRUHOLTXLG
7KHWLPHKDVHODSVHGEXWWKHIRRGLVQRWGHIURVWHGQRWKRW
RUQRWFRRNHG
6HWDORQJHUWLPH/DUJHTXDQWLWLHVDQGIRRGZKLFKLVSLOHGKLJKUHTXLUH
ORQJHUWLPHV
7LPH KDV HODSVHG DQG WKH IRRG LV RYHUKHDWHG DW WKH HGJH EXW
QRWGRQHLQWKHPLGGOH
6WLU LW RFFDVLRQDOO\ DQG QH[W WLPH VHOHFW D ORZHU PLFURZDYH SRZHU VHWWLQJ
DQGDORQJHUFRRNLQJWLPH
$IWHUGHIURVWLQJWKHSRXOWU\RUPHDWLVFRRNHGRQWKHRXW
VLGHEXWQRWGHIURVWHGLQWKHPLGGOH
1H[W WLPH VHOHFW D ORZHU PLFURZDYH SRZHU VHWWLQJ ,I \RX DUH GHIURVWLQJ D
ODUJHTXDQWLW\RIIRRGWXUQLWIUHTXHQWO\

7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR HQ
&DNHVVPDOOEDNHGLWHPVDQGEUHDG
<RXFDQILQGWKHLGHDOVHWWLQJVIRUPDQ\EDNHGLWHPVLQ
WKHVHWWLQJVWDEOHV
)UR]HQ৹SURGXFWV
&DUHIXOO\WDNHWKHIRRGRXWRIWKHSDFNDJLQJ'RQRWXVH
IUR]HQSURGXFWVWKDWDUHFRYHUHGZLWKDWKLFNOD\HURILFH
5HPRYHDQ\LFHRQWKHIRRG
6RPHIUR]HQSURGXFWVPD\EHXQHYHQO\SUHEDNHG
8QHYHQEURZQLQJPD\UHPDLQHYHQDIWHUEDNLQJ
%UHDGDQGUROOV
3RXOWU\PHDWDQGILVK
<RXUDSSOLDQFHRIIHUVGLIIHUHQWPHWKRGVRIFRRNLQJ
SRXOWU\PHDWDQGILVK7KHVHWWLQJVWDEOHVOLVWWKH
RSWLPXPVHWWLQJVIRUQXPHURXVPHDOV6RPHGLVKHVWXUQ
RXWEHVWLIWKH\DUHFRRNHGLQPXOWLSOHVWDJHV7KHVHDUH
LQGLFDWHGLQWKHWDEOH
&RRNLQJLQWKHFRRNZDUH
::DUQLQJ² 5LVNRILQMXU\GXHWRVKDWWHULQJJODVV
3ODFHKRWJODVVFRRNZDUHRQDGU\PDWDIWHUFRRNLQJ,I
WKHVXUIDFHLVGDPSRUFROGWKHJODVVPD\FUDFN
2QO\XVHFRRNZDUHZKLFKLVVXLWDEOHIRUWKHSXUSRVH\RX
LQWHQGWRXVHLWIRU*ODVVFRRNZDUHLVEHVW&KHFN
ZKHWKHUWKHFRRNZDUHILWVLQWKHFRRNLQJFRPSDUWPHQW
3ROLVKHGURDVWLQJGLVKHVPDGHRIVWDLQOHVVVWHHORU
DOXPLQLXPDUHQRWVXLWDEOHIRUXVHLQDPLFURZDYH
2EVHUYHWKHPDQXIDFWXUHUVLQVWUXFWLRQVIRU\RXUURDVWLQJ
FRRNZDUH
8QFRYHUHGFRRNZDUH
7RFRRNSRXOWU\PHDWDQGILVKLWLVEHVWWRXVHDGHHS
URDVWLQJWLQ3ODFHWKHWLQRQWKHERWWRPRIWKHFRRNLQJ
FRPSDUWPHQW,I\RXZRXOGOLNHWRXVHVWHDPDVVLVWHG
FRRNLQJXVHDQXQFRYHUHGLWHPRIFRRNZDUH,I\RXGR
QRWKDYHDQ\VXLWDEOHFRRNZDUHXVHWKHJODVVWUD\
&RYHUHGFRRNZDUH
(QVXUH WKDW WKH OLG ILWV ZHOO DQG FORVHV SURSHUO\ 3ODFH WKH
FRRNZDUHRQWRWKHZLUHUDFN
::DUQLQJ² 5LVNRIVFDOGLQJ
9HU\KRWVWHDPPD\HVFDSHZKHQRSHQLQJWKHOLGDIWHU
FRRNLQJ/LIWWKHOLGDWWKHUHDUVRWKDWWKHKRWVWHDPFDQ
HVFDSHDZD\IURP\RX
&RRNLQJLQFRPELQDWLRQZLWKDPLFURZDYH
7KLVFRQVLGHUDEO\UHGXFHVWKHFRRNLQJWLPH8QOLNHLQ
FRQYHQWLRQDO RSHUDWLRQ ZKHQ URDVWLQJ LQ FRPELQDWLRQ ZLWK
DPLFURZDYHWKHFRRNLQJWLPHLVEDVHGRQWKHWRWDO
ZHLJKW
1RWH ,I \RX KDYH GLIIHUHQW TXDQWLWLHV WR WKRVH LQGLFDWHG LQ
WKH VHWWLQJV WDEOHV WKH IROORZLQJ EDVLF UXOH DSSOLHV GRXEOH
WKHTXDQWLW\HTXDWHVWRURXJKO\GRXEOHWKHFRRNLQJWLPH
$OZD\VXVHKHDWUHVLVWDQWFRRNZDUHWKDWLVVXLWDEOHIRU
PLFURZDYHXVH0HWDOURDVWLQJGLVKHVRUHDUWKHQZDUH
SRWVDUHRQO\VXLWDEOHIRUURDVWLQJZLWKRXWXVLQJWKH
PLFURZDYH2EVHUYHWKHQRWHVRQFRRNZDUHVXLWDEOHIRU
PLFURZDYHV~ 0LFURZDYHRQ SDJH
6WHDPDVVLVWHGFRRNLQJ
&HUWDLQIRRGVWXIIVZLOOEHFRPHFULVSLHUGXULQJVWHDP
DVVLVWHG FRRNLQJ7KHLU VXUIDFH EHFRPHV JORVVLHU DQG WKH\
GU\RXWOHVV
8VH FRRNZDUH ZLWKRXW D OLG &RRNZDUH PXVW EH KHDW DQG
VWHDPUHVLVWDQW8VHVWHDPDVVLVWHGFRRNLQJLILWLV
LQGLFDWHGLQWKHVHWWLQJVWDEOH)LOOWKHZDWHUWDQNXSWR
PD[PDUN,IWKHDSSOLDQFHUXQVRXWRIZDWHULWZLOO
FRQWLQXHWRFRRN\RXUPHDOZLWKWKHVHOHFWHGKHDWLQJ
IXQFWLRQEXWZLWKRXWDGGLQJVWHDP
6WHDPLQJXVLQJWKHVWHDPLQJWUD\
,QFRQWUDVWWRVWHDPDVVLVWHGFRRNLQJWKHVWHDPLQJ
IXQFWLRQFRRNVWKHPHDWSDUWLFXODUO\JHQWO\EXWLWGRHVQRW
EHFRPHFULVS\RQWKHRXWVLGH,WUHPDLQVYHU\VXFFXOHQW
<RX FDQ DOVR VHDU SLHFHV RI PHDW EHIRUH VWHDPLQJ ZKLFK
ZLOOUHGXFHWKHLUFRRNLQJWLPHDQGJLYHWKHPDVOLJKWO\
GLIIHUHQWIODYRXU/DUJHUSLHFHVUHTXLUHDORQJHUFRRNLQJ
WLPH3LHFHVRIPHDWGRQRWQHHGWREHWXUQHG
7RVWHDPSRXOWU\PHDWRUILVKSODFHWKHLWHPWREH
FRRNHGLQWKHVWHDPLQJWUD\LQWKHJODVVWUD\DQGWKHQ
SODFHWKLVLQWKHFRRNLQJFRPSDUWPHQWDWVKHOISRVLWLRQ
)LOOWKHZDWHUWDQNXSWRPD[PDUN,IWKHZDWHUWDQN
UXQVRXWRIZDWHUZKLOHWKHDSSOLDQFHLVLQRSHUDWLRQWKH
DSSOLDQFHLVSDXVHG<RXZLOOEHDOHUWHGWRWKLVE\D
PHVVDJHRQWKHGLVSOD\
*ULOOLQJ
.HHSWKHDSSOLDQFHGRRUFORVHGZKHQXVLQJWKHJULOO
1HYHUJULOOZLWKWKHDSSOLDQFHGRRURSHQ
0HDO &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
6WHSV *ULOO
VHWWLQJ
0LFURZDYH
VHWWLQJ
6WHDP
OHYHO
'XUDWLRQ
LQPLQ
1RWHV
%UHDGIRUWRDVWLQJ
ĂVOLFHV
:LUHUDFN
(
Ă
Ă
%UHDGIRUWRDVWLQJ
ĂVOLFHV
:LUHUDFN
*
3ODFH WKH VOLFHV RI
EUHDG QH[W WR HDFK
RWKHU LQ WKH FHQWUH
RIWKHZLUHUDFN
7RDVWZLWKWRSSLQJ
ĂVOLFHV
:LUHUDFN
JODVVWUD\
(

en 7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR
3ODFHWKHIRRGWREHJULOOHGRQWKHZLUHUDFN3ODFHWKH
JODVV WUD\ XQGHUQHDWK WKH ZLUH UDFN WR FROOHFW DQ\ GULSSLQJ
IDW
7U\WRXVHSLHFHVRIIRRGRIDVLPLODUWKLFNQHVVDQG
ZHLJKW7KLVZLOODOORZWKHPWREURZQHYHQO\DQGUHPDLQ
VXFFXOHQWDQGMXLF\3ODFHWKHIRRGWREHJULOOHGGLUHFWO\
RQWRWKHZLUHUDFN
8VH WRQJV WR WXUQ WKH SLHFHV RI IRRG \RX DUH JULOOLQJ ,I \RX
SLHUFHWKHPHDWZLWKDIRUNWKHMXLFHVZLOOUXQRXWDQGLW
ZLOOEHFRPHGU\
'RQRWDGGVDOWWRWKHPHDWXQWLOLWKDVEHHQJULOOHG6DOW
GUDZVZDWHUIURPWKHPHDW
1RWHV
■ 7KHJULOOHOHPHQWVFRQWLQXRXVO\VZLWFKRQDQGRIIWKLV
LVQRUPDO7KHJULOOVHWWLQJGHWHUPLQHVKRZIUHTXHQWO\
WKLVRFFXUV
■ 6PRNHPD\EHSURGXFHGZKHQJULOOLQJ
5HFRPPHQGHGVHWWLQJV
7KH VHWWLQJV DUH EDVHG RQ WKH DVVXPSWLRQ WKDW XQVWXIIHG
FKLOOHG UHDG\WRURDVW SRXOWU\ PHDW RU ILVK LV SODFHG LQWR D
FROGFRRNLQJFRPSDUWPHQW
7KHWDEOHOLVWVVSHFLILFDWLRQVIRUSRXOWU\PHDWDQGILVK
ZLWKGHIDXOWYDOXHVIRUWKHZHLJKW,I\RXZLVKWRSUHSDUH
KHDYLHUSRXOWU\PHDWRUILVKDOZD\VXVHWKHORZHU
WHPSHUDWXUH,IFRRNLQJPRUHWKDQRQHSLHFHXVHWKH
ZHLJKW RI WKH KHDYLHVW SLHFH DV D EDVLV IRU GHWHUPLQLQJ WKH
FRRNLQJWLPH7KHLQGLYLGXDOSLHFHVVKRXOGEH
DSSUR[LPDWHO\WKHVDPHVL]H
7KH ODUJHU WKH SRXOWU\ PHDW RU ILVK WKH ORZHU WKH FRRNLQJ
WHPSHUDWXUHDQGWKHORQJHUWKHFRRNLQJWLPH
7XUQSRXOWU\PHDWDQGILVKLIVSHFLILHGLQWKHVHWWLQJV
WDEOH
3RXOWU\
,IFRRNLQJGXFNEUHDVWVFRUHWKHVNLQ'RQRWWXUQGXFN
EUHDVWV
:KHQ\RXWXUQSRXOWU\HQVXUHWKDWWKHEUHDVWVLGHRUWKH
VNLQVLGHLVXQGHUQHDWKDWILUVW
)LVK
:KROH ILVK GRHV QRW QHHG WR EH WXUQHG <RX FDQ WHOO ZKHQ
WKH ILVK LV FRRNHG EHFDXVH WKH GRUVDO ILQ FDQ EH UHPRYHG
HDVLO\
,I\RXZRXOGOLNHWRFRRNILVKRQWKHZLUHUDFNFRDWWKH
ZLUHUDFNZLWKDOLWWOHRLOEHIRUHKDQGDVWKLVZLOOPDNHLW
HDVLHUWRUHPRYHWKHILVKODWHU
3RXOWU\
0HDW
)LVK
'LVK &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
7HPSHUD
WXUH
*ULOO
VHWWLQJ
0LFURZDYH
VHWWLQJ
6WHDP
VHWWLQJ
&RRNLQJ
WLPHLQPLQ
1RWHV
&KLFNHQZKROH
NJERLO
&RRNZDUH
FRYHUHG
!
7XUQKDOIZD\
WKURXJK
'XFNEUHDVW J :LUHUDFN
JODVVWUD\
(
!
"
3ODFHZLWKWKH
VNLQVLGHXS'R
QRWWXUQ
*RRVH EUHDVW JRRVH
OHJV J
&RRNZDUH
XQFRYHUHG
(
!
'HHSFRRNZDUH
ZLWKRXWDOLG'R
QRWWXUQ
0HDO &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
6WHSV *ULOOVHWWLQJ 0LFURZDYH
VHWWLQJ
6WHDP
OHYHO
'XUDWLRQLQPLQ
%HHIVWHDNV FP
WKLFN SLHFHV
JHDFK
:LUH UDFN JODVV
WUD\
(
Ă
3RUNQHFNVWHDNV
FPWKLFN
ĂSLHFHV JHDFK
:LUH UDFN JODVV
WUD\
(
Ă
%DUEHFXHVDXVDJHV
ĂSLHFHVRI J
:LUH UDFN JODVV
WUD\
(
Ă
'LVK &RRNZDUH 6KHOISRVL
WLRQ
+HDWLQJ
IXQFWLRQ
7HPSHUDWXUH
LQ &
*ULOO
VHWWLQJ
0LFURZDYH
VHWWLQJ
6WHDP
VHWWLQJ
&RRNLQJWLPH
LQPLQ
)LVK ILOOHW IUHVK J *ODVV WUD\ VWHDP
LQJWUD\
"
)LVKILOOHWSLHFHVIUR
]HQ J
&RRNZDUHFRYHUHG
"
)LVKILOOHWSLHFHVIUR
]HQ J
*ODVV WUD\ VWHDP
LQJWUD\
"

7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR HQ
9HJHWDEOHVDQGVLGHGLVKHV
+HUH\RXFDQILQGLQIRUPDWLRQDERXWKRZEHVWWRFRRN
GLIIHUHQWW\SHVRIYHJHWDEOHVULFHSRWDWRHVDQGIUR]HQ
SRWDWRSURGXFWVTXLFNO\
0LFURZDYH
$OZD\VFRRNYHJHWDEOHVLQDVXLWDEOHLWHPRIFRRNZDUH
DQG NHHS WKHP FRYHUHG &RRN ULFH LQ D GHHS SRW ZLWK D OLG
DQGDGGWKHTXDQWLW\RIOLTXLGLQGLFDWHGLQWKHWDEOH
6WHDPLQJ
8VHWKHJODVVWUD\DQGWKHVWHDPLQJWUD\WRVWHDPIRRG
8VHWKHSRUWLRQVL]HVOLVWHGLQWKHVHWWLQJVWDEOH/DUJHU
SLHFHVZLOOWDNHORQJHUWRFRRNDQGVPDOOHURQHVZLOOFRRN
PRUHTXLFNO\7KHFRRNLQJWLPHDOVRGHSHQGVRQWKH
TXDOLW\DQGWKHULSHQHVVRIWKHIRRG7KHVHWWLQJV
LQGLFDWHGDUHWKHUHIRUHLQWHQGHGDVDJXLGHRQO\
$OZD\VGLVWULEXWHWKHIRRGHYHQO\LQWKHFRRNZDUH,WZLOO
QRWFRRNHYHQO\LIWKHIRRGLVSLOHGXSWRYDU\LQJ
KHLJKWV'RQRWVWDFNSUHVVXUHVHQVLWLYHIRRGWRRKLJKLQ
WKHVWHDPLQJWUD\
)LOO WKH ZDWHU WDQN XS WR WKH PD[ PDUN ,I WKH ZDWHU WDQN
UXQVRXWRIZDWHUZKLOHWKHDSSOLDQFHLVLQRSHUDWLRQWKH
DSSOLDQFHLVSDXVHG<RXZLOOEHDOHUWHGWRWKLVE\D
PHVVDJHRQWKHGLVSOD\
)LVKILOOHWDXJUDWLQ
J
&RRNZDUHXQFRY
HUHG
(
!
)LVKVWHDNV[
JHDFK
:LUHUDFNJODVV
WUD\
(
Ă Ă
)LVK ZKROH HJ WURXW
[ JHDFK
*ODVV WUD\ VWHDP
LQJWUD\
"
'LVK &RRNZDUH 6KHOISRVL
WLRQ
+HDWLQJ
IXQFWLRQ
7HPSHUDWXUH
LQ &
*ULOO
VHWWLQJ
0LFURZDYH
VHWWLQJ
6WHDP
VHWWLQJ
&RRNLQJWLPH
LQPLQ
'LVK &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
6WHSV 7HPSHUD
WXUH
0LFURZDYH
VHWWLQJ
6WHDP
VHWWLQJ
&RRNLQJWLPH
LQPLQ
(JJSODQWLQSLHFHV
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
3XPSNLQLQFXEHV
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
6SLQDFK OHDYHV IUHVK
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
&DXOLIORZHUZKROH
IUHVK
*ODVV WUD\ VWHDPLQJ
WUD\
"
%URFFROL ZKROH IUHVK
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
%URFFROLIORUHWVIUR
]HQ J
*ODVV WUD\ VWHDPLQJ
WUD\
"
9HJHWDEOHVIUHVK
J
&RRNZDUHFRYHUHG
!
9HJHWDEOHVIUHVK
J
&RRNZDUHFRYHUHG
!
0L[HGYHJHWDEOHVIUR
]HQ J
*ODVV WUD\ VWHDPLQJ
WUD\
"
&DUURWVLQVOLFHVJ *ODVV WUD\ VWHDPLQJ
WUD\
"
*UHHQEHDQVIUHVK
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
$VSDUDJXVJUHHQ
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
&RXUJHWWHVLQVOLFHV
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
3RWDWRHVTXDUWHUHG
J
*ODVV WUD\ VWHDPLQJ
WUD\
"
6WLURFFDVLRQDOO\
:DWHUWDQNPD\QHHGWREHUHILOOHGGXULQJFRRNLQJ

en 7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR
'HVVHUWV
<RXFDQXVH\RXUDSSOLDQFHWRTXLFNO\SUHSDUHGHOLFLRXV
GHVVHUWV
2EVHUYHWKHQRWHVLQWKHVHWWLQJVWDEOH
5LFHSXGGLQJ
$GG PLON LQ WKH LQGLFDWHG UDWLR )RU H[DPSOH ZLWK D UDWLR RI
XVH PORIPLONIRUHYHU\ PORISXGGLQJULFH
$FU\ODPLGHLQIRRGVWXIIV
:KLFKIRRGVDUHDIIHFWHG"
$FU\ODPLGHLVPDLQO\SURGXFHGLQJUDLQDQGSRWDWR
SURGXFWVWKDWDUHKHDWHGWRKLJKWHPSHUDWXUHVVXFKDV
FULVSVFKLSVWRDVWEUHDGUROOVEUHDGILQHEDNHGJRRGV
ELVFXLWVJLQJHUEUHDGFRRNLHV
3RWDWRHVTXDUWHUHG
J
*ODVVWUD\VWHDPLQJ
WUD\
"
3RWDWRHVTXDUWHUHG
J
*ODVVWUD\VWHDPLQJ
WUD\
"
JULFH PO
ZDWHU
&RRNZDUHFRYHUHG
!
JULFH PO
ZDWHU
&RRNZDUHFRYHUHG
!
'LVK &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
6WHSV 7HPSHUD
WXUH
0LFURZDYH
VHWWLQJ
6WHDP
VHWWLQJ
&RRNLQJWLPH
LQPLQ
6WLURFFDVLRQDOO\
:DWHUWDQNPD\QHHGWREHUHILOOHGGXULQJFRRNLQJ
'LVK &RRNZDUH 6KHOISRVLWLRQ +HDWLQJ
IXQFWLRQ
0LFURZDYH
VHWWLQJ
6WHDPVHWWLQJ &RRNLQJWLPH
LQPLQ
&UqPHFDUDPHO *ODVVWUD\6RXIIOp
GLVKHV
"
<HDVWGXPSOLQJV *ODVVWUD\
"
5LFHSXGGLQJ *ODVVWUD\
"
)UXLWFRPSRWH J *ODVVWUD\
"
0LFURZDYHSRSFRUQĂ[
JEDJ
&RRNZDUHFRYHUHG
!
'HVVHUWVHJEODQFPDQJH
LQVWDQW PO
&RRNZDUHFRYHUHG
!
6WLURFFDVLRQDOO\
7LSVIRUNHHSLQJDFU\ODPLGHWRDPLQLPXPZKHQSUHSDULQJIRRG
*HQHUDO .HHSFRRNLQJWLPHVDVVKRUWDVSRVVLEOH&RRNIRRGXQWLOLWLVJROGHQEURZQEXWQRWWRRGDUN/DUJHWKLFN
SLHFHVRIIRRGFRQWDLQOHVVDFU\ODPLGH
%DNLQJ 8VHKRWDLUDWQRKLJKHUWKDQ &HJJRUHJJ\RONUHGXFHVWKHSURGXFWLRQRIDFU\ODPLGH
%LVFXLWV 8VHKRWDLUDWQRKLJKHUWKDQ &HJJRUHJJ\RONUHGXFHVWKHSURGXFWLRQRIDFU\ODPLGH
2YHQFKLSV 6SUHDGRXWDVLQJOHOD\HUHYHQO\RQWKHDFFHVVRU\&RRNDWOHDVWĂJHDFKWLPHVRWKDWWKHFKLSVGRQRWGU\
RXW

7HVWHGIRU\RXLQRXUFRRNLQJVWXGLR HQ
7HVWGLVKHV
7KHVHWDEOHVKDYHEHHQSURGXFHGIRUWHVWLQVWLWXWHVWR
IDFLOLWDWHLQVSHFWLRQRIWKHDSSOLDQFH
,QDFFRUGDQFHZLWK,(&ĂDQG,(&
3UHSDULQJIRRGZLWKDPLFURZDYH
:KHQSUHSDULQJIRRGLQDPLFURZDYHDOZD\VXVHKHDW
UHVLVWDQWFRRNZDUHWKDWLVVXLWDEOHIRUPLFURZDYHXVH
2EVHUYHWKHQRWHVRQFRRNZDUHVXLWDEOHIRU
PLFURZDYHV~ 0LFURZDYHRQ SDJH
0LFURZDYHGHIURVWLQJ
0LFURZDYHFRRNLQJ
&RPELQHGPLFURZDYHFRRNLQJ
6WHDPLQJ
3ODFH WKH JODVV WUD\ ZLWK VWHDPHU EDVNHW RQ VKHOI SRVLWLRQ
*ULOOLQJ
3ODFH WKH JODVV WUD\ XQGHUQHDWK WKH ZLUH UDFN WR FDWFK WKH
OLTXLGDQGNHHSWKHFRRNLQJFRPSDUWPHQWFOHDQHU
7KHYDOXHVLQWKHWDEOHDSSO\WRIRRGSODFHGLQDFROG
RYHQ
'LVK &RRNZDUH 6KHOISR
VLWLRQ
+HDWLQJ
IXQFWLRQ
:HLJKW 6WHSV 0LFURZDYHVHW
WLQJ
&RRNLQJWLPH
LQPLQ
'HIURVWLQJPHDW &RRNZDUHXQFRY
HUHG
!
J
Ă
'LVK &RRNZDUH 6KHOISRVLWLRQ +HDWLQJ
IXQFWLRQ
:HLJKW 6WHSV 0LFURZDYHVHW
WLQJ
&RRNLQJWLPH
LQPLQ
&XVWDUG &RRNZDUHXQFRY
HUHG
!
J
6SRQJHFDNH &RRNZDUHXQFRY
HUHG
!
J
0HDWEDOOV &RRNZDUHXQFRY
HUHG
!
J
'LVK &RRNZDUH 6KHOISRVLWLRQ +HDWLQJ
IXQFWLRQ
*ULOOVHW
WLQJ
0LFURZDYHVHWWLQJ 'XUDWLRQLQPLQ
3RWDWRJUDWLQ &RRNZDUHXQFRYHUHG
(
!
Ă
'LVK &RRNZDUH 6KHOI SRVL
WLRQ
+HDWLQJ
IXQFWLRQ
6WHDPVHW
WLQJ
&RRNLQJWLPH
LQPLQ
1RWHV
3HDVIUR]HQĂJ *ODVVWUD\
VWHDPLQJWUD\
"
7KHWHVWLVFRPSOHWHRQFHWKHFROG
HVWDUHDKDVUHDFKHG &
%URFFROLIUHVKĂJ *ODVVWUD\
VWHDPLQJWUD\
"
Ă
%URFFROLIUHVKRQHFRQ
WDLQHU
*ODVVWUD\
VWHDPLQJWUD\
"
Ă
'LVK &RRNZDUH 6KHOI SRVL
WLRQ
+HDWLQJ
IXQFWLRQ
*ULOOVHWWLQJ &RRNLQJ WLPH
LQPLQ
1RWHV
7RDVWLQJEUHDG :LUHUDFN
(
%HHIEXUJHUV[ :LUHUDFNJODVV
WUD\
(
7XUQKDOIZD\WKURXJK

6

6

5IBOLZPVGPSCVZJOHB
#PTDI)PNF"QQMJBODF
3FHJTUFSZPVSOFXEFWJDFPO.Z#PTDIOPXBOEQSPGJUEJSFDUMZGSPN
t&YQFSUUJQTUSJDLTGPSZPVSBQQMJBODF
t8BSSBOUZFYUFOTJPOPQUJPOT
t%JTDPVOUTGPSBDDFTTPSJFTTQBSFQBSUT
t%JHJUBMNBOVBMBOEBMMBQQMJBODFEBUBBUIBOE
t&BTZBDDFTTUP#PTDI)PNF"QQMJBODFT4FSWJDF
'SFFBOEFBTZSFHJTUSBUJPOoBMTPPONPCJMFQIPOFT
XXXCPTDIIPNFDPNXFMDPNF
-PPLJOHGPSIFMQ
:PV}MMGJOEJUIFSF
&YQFSUBEWJDFGPSZPVS#PTDIIPNFBQQMJBODFTOFFEIFMQXJUIQSPCMFNT
PSBSFQBJSGSPN#PTDIFYQFSUT
'JOEPVUFWFSZUIJOHBCPVUUIFNBOZXBZT#PTDIDBOTVQQPSUZPV
XXXCPTDIIPNFDPNTFSWJDF
$POUBDUEBUBPGBMMDPVOUSJFTBSFMJTUFEJOUIFBUUBDIFETFSWJDFEJSFDUPSZ
3PCFSU#PTDI)BVTHFSÉUF(NC)
$BSM8FSZ4USBF
.ßODIFO
(FSNBOZ
XXXCPTDIIPNFDPN
*9001470234*
9001470234
990925


